TCREUR_Public/080104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, January 4, 2008, Vol. 8, No. 3

                            Headlines




A U S T R I A

BREZINA AUFZUEGE: Claims Registration Period Ends Jan. 18
COMPACT BUILDING: Creditors' Meeting Slated for Jan. 16
HUBER ANDREAS: Creditors' Meeting Slated for Jan. 7
IBRAHIM AGGUEN: Creditors' Meeting Slated for Jan. 18
JUWELIER SCHATZL: St. Poelten Court Orders Business Shutdown

LUDWIG PFEFFER: Creditors' Meeting Slated for Jan. 18
LUNO INNENAUSBAU: Claims Registration Period Ends Jan. 15
PROHOLZ HANDEL: Creditors' Meeting Slated for Jan. 15
RAFAC - BETEILIGUNG: Creditors' Meeting Slated for Jan. 15
WITH US: Claims Registration Period Ends Jan. 10


B E L G I U M

POPE & TALBOT: Court Approves KPMG LLP as Independent Auditor
POPE & TALBOT: Canada Court OKs Bid Procedures for Pulp Business
POPE & TALBOT: Bid Protocol for Remaining Wood Business Approved


D E N M A R K

ANGIOTECH PHARMACEUTICALS: S&P Holds B- Corporate Credit Rating


F R A N C E

BALLY TECHNOLOGIES: Earns US$21.2 Mln in Quarter Ended Sept. 30
DELPHI CORP: Court Approves Sale of Steering Biz for US$447 Mln
DELPHI CORP: Court Moves Excl. Plan-Filing Period to March 31
INTERMEC TECH: Hires David Yung as Asia Pacific Vice President


G E R M A N Y

AUTOHAUS WETZLAR: Claims Registration Ends January 15
BAU- UND DIENSTLEISTUNGS: Claims Period Ends Jan. 9
BERGER BETEILIGUNGS: Claims Registration Ends January 15
CHRYSLER LLC: U.S. Sales Increases 1 Percent in December
CIM-TECHNOLOGIE ORGANISATIONS: Claims Registration Ends Jan. 17

DESS-BAU BAU: Claims Registration Period Ends Jan. 22
EURO TRUCK: Claims Registration Period Ends Jan. 11
FOTEC INDUSTRIETECHNIK: Claims Registration Period Ends Jan. 8
GISMO SPORTSWEAR: Claims Registration Period Ends Jan. 9
HANSEATISCHE INVESTITIONS: Claims Period Ends Jan. 23

HATEGA HAUS-TERRASSE-GARTEN: Claims Registration Ends Jan. 15
HOCHBAU MITTELELBE: Claims Registration Period Ends Jan. 10
HOCKEY SCHNEIDWAREN: Claims Registration Ends January 15
IBL GESELLSCHAFT: Files for Insolvency at Hamburg Court
JOSEF FLECK: Claims Registration Period Ends Jan. 11

K & T EXPRESS: Claims Registration Period Ends Jan. 14
NOVEMBER AG: Files for Insolvency at Fuerth Court
PENTAGON DESIGN: Claims Registration Period Ends Jan. 6
PROMISE XXS: Fitch Rates EUR73.8 Million Class E Notes at BB
RIEMA KONZEPTBAU: Claims Registration Period Ends Jan. 14

RONO SYSTEMTECHNIK: Claims Registration Period Ends Jan. 10
ST. GABRIEL RESIDENZEN: Claims Registration Period Ends Jan. 10
WFI VERTRIEBSGESELLSCHAFT: Claims Registration Ends Jan. 14
XOXO-TRENDSTUDIO GMBH: Claims Registration Period Ends Jan. 21


H U N G A R Y

FLEXTRONICS INT'L: Eyes Plant Closure & 7,000 Job Cuts Worldwide


I R E L A N D

WR GRACE: Charleston City Wants Stay Lifted to Seize Property
WR GRACE: Wants to Settle Environmental Claims for US$44 Million


I T A L Y

DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares


K A Z A K H S T A N

AKSAI SPETSSTROY: Creditors Must File Claims by Jan. 25
ARMAN LLP: Proof of Claim Deadline Slated for Jan. 25
ASTANA FINANCE: Fitch Affirms BB+ Ratings with Stable Outlook
EMEN LTD: Claims Filing Period Ends Jan. 25
MADIN KAZAKHSTAN: Creditors' Claims Due on Jan. 25

MERSHAIR LLP: Claims Registration Ends Jan. 25
N-SERVICE LLP: Proof of Claim Deadline Slated for Jan. 25
PELYM LLP: Creditors Must File Claims by Jan. 25
SUYUMBAI LLP: Claims Filing Period Ends Jan. 25
VALENTINA LLP: Creditors' Claims Due on Jan. 25

VOSTOCHNY EXPRESS: Claims Registration Ends Jan. 25


K Y R G Y Z S T A N

IMOTU PRODUCTION: Creditors Must File Claims by January 26


N E T H E R L A N D S

LANCELOT 2006: Fitch Rates EUR12 Million Class E Notes at BB
SMILE 2005: Fitch Rates EUR108 Million Class E Notes at BB-


P O L A N D

NETIA SA: Warsaw Court Dismisses Minority Shareholders' Claims


P O R T U G A L

COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007


R U S S I A

ALMAZ CJSC: Creditors Must File Claims by Jan. 15
ARLANSKY PLANT: Court Starts Competitive Proceedings
CHEMVOLOKNO LLC: Creditors Must File Claims by Feb. 15
GAZPROM NEFT: Closes 50% Tomskneft Stake Acquisition
IGLINSKOYE ANIMAL: Creditors Must File Claims by Feb. 15

MORSHANSKAYA CLOTHES: Asset Sale Slated for Jan. 18
PERVOMAISKY CREAMERY: Creditors Must File Claims by Jan. 15
ROSBANK OJSC: S&P Lifts Ratings to BB+ on SocGen Majority Share
ROSNEFT OIL: Completes 50% Tomskneft Stake Sale to Gazprom Neft
ROSNEFT OIL: New Assets Seen to Hike Output by 10.8% in 2008

RUSSIAN SKY: Creditors Must File Claims by Jan. 15
SEVERSTAL OAO: Names James Hrusovsky as SeverCorr CEO
SEVERSTAL OAO: Shareholders Approve RUR2.50 Per Share Dividend
VOSTOKKVARTSSAMOTSVETY: Creditors Must File Claims by Jan. 15

* Standard & Poor's Assigns BB+ Ratings to Krasnoyarsk Krai
* Standard & Poor's Lifts Volgograd Oblast's Ratings to BB-


S W E D E N

MAZDA MOTOR: Announces Organizational & Personnel Changes
MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3%
MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year


U K R A I N E

ALTERNATIVE-2000 LLC: Creditors Must File Claims January 6
AMADIS SERVICE: Creditors Must File Claims January 6
BEAU MONDE: Creditors Must File Claims January 6
CAPITAL KHARKOV: Creditors Must File Claims January 6
CAPITAL KRYM: Creditors Must File Claims January 6

ISA-AGRO LLC: Creditors Must File Claims January 6
ITD LLC: Creditors Must File Claims January 6
MAYAK LLC: Proofs of Claim Filing Due January 6
METIZ MACHINERY: Creditors Must File Claims January 6
NEW DEAL: Creditors Must File Claims January 6

UKRAINIAN PETROLEUM: Creditors Must File Claims January 6
UKRATEND-LINE LLC: Creditors Must File Claims January 6
ZARIA LLC: Creditors Must File Claims January 6


U N I T E D   K I N G D O M

BRIAN LIVESEY: Brings In Begbies Traynor as Administrators
CHEYNE FINANCE: Receivers Struck Deal on Refinancing
COSI LTD: Names KPMG LLP as Joint Administrators
D & C SATELLITE: Claims Filing Period Ends February 10
ELITE PROPERTY: Taps Tenon Recovery as Joint Administrators

EMAP PLC: Possible Asset Sale Cues S&P to Cut Ratings to B
ENTRY FUNDING 1: Fitch Rates EUR5 Million Class F Notes at B
ERINACEOUS: Settles Legal Action Over Mount Street Acquisition
FGX INT'L: Moody's Withdraws All Ratings After Debt Refinancing
FIREMASTER EXTINGUISHER: Appoints Administrators from Tenon

FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million
FORD MOTOR: Overall Sales in Canada Drops 11.8% to 15,163 Units
FORD MOTOR: Singles Out Jaguar & Land Rover Bidder Tata Motors
GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario
K.W. BEARD: Lloyds TSB Taps BDO Stoy as Receivers

LADBROKES PLC: Inks Five-Year Deal with Turf TV
OPTIMISTIC MEDIA: Claims Filing Period Ends February 12
RAPID 903: Brings In Liquidators from Vantis
TATA MOTORS: Set to Launch World's Cheapest Car on Jan. 10
THOMPSONS FLOORING: Taps Liquidators from Tenon Recovery

TRIONIC INSTALLATION: A. Clifton Leads Liquidation Procedure

* BOOK REVIEW: A Legal History of Money in the United States




                            *********


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


BREZINA AUFZUEGE: Claims Registration Period Ends Jan. 18
---------------------------------------------------------
Creditors owed money by OEG BREZINA Aufzuege (FN 29494z) have
until Jan. 18 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: mailto:schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14, 2007 (Bankr. Case No. 28 S 133/07y).


COMPACT BUILDING: Creditors' Meeting Slated for Jan. 16
-------------------------------------------------------
Creditors owed money by Compact Building Limited (FN 243485t)
are encouraged to attend the creditors' meeting at 9:50 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 155/07t).  Ulla Reisch serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         E-mail: office.wien@ulsr.at


HUBER ANDREAS: Creditors' Meeting Slated for Jan. 7
---------------------------------------------------
Creditors owed money by OEG Huber Andreas (FN 170213p) are
encouraged to attend the creditors' meeting at 2:00 p.m. on
Jan. 7.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Room 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Nov. 16, 2007 (19 S 112/07d). Thomas Obholzer
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Thomas Obholzer
         Dr. Otto Stolzstrasse 15
         6060 Hall/Tirol
         Austria
         Tel: 05223/56 2 76
         Fax: 05223/52 0 42
         E-mail: dr.obholzer@aon.at


IBRAHIM AGGUEN: Creditors' Meeting Slated for Jan. 18
-----------------------------------------------------
Creditors owed money by IBRAHIM AGGUEN KEG TRANSPORT (FN
231127v) are encouraged to attend the creditors' meeting at 9:45
a.m. on Jan. 18.

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. 14, 2007 (28 S 132/07a).  Georg Freimueller serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

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


JUWELIER SCHATZL: St. Poelten Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of St. Poelten entered Nov. 13, 2007, an order
shutting down the business of LLC Juwelier Schatzl (FN 261545a).

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

The estate administrator can be reached at:

         Mag. Friedrich Kuehleitner
         Markt 7
         5620 Schwarzach/Pongau
         Austria
         Tel: 06415/58 58
         Fax: 06415/5858-5
         E-mail: kuehleitner@rechtsanwaelte-schwarzach.com

Headquartered in St. Johann im Pongau, Austria, the Debtor
declared bankruptcy on Nov. 7, 2007 (Bankr. Case No 44 S
35/07g).


LUDWIG PFEFFER: Creditors' Meeting Slated for Jan. 18
-----------------------------------------------------
Creditors owed money by LLC Ludwig Pfeffer (FN 66260t) are
encouraged to attend the creditors' meeting at 8:30 a.m. on
Jan. 18.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Nov. 14, 2007 (44 S 38/07y).  Rainer Hessenberger
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Mag. Rainer Hessenberger
         Alter Markt 7/2
         5020 Salzburg
         Austria
         Tel: 0662/84 11 41
         Fax: 0662/84 84 15
         E-mail: hessenberger@aon.at


LUNO INNENAUSBAU: Claims Registration Period Ends Jan. 15
---------------------------------------------------------
Creditors owed money by LLC LUNO Innenausbau  (FN 231335z) have
until Jan. 15 to file written proofs of claim to court-appointed
estate administrator Martin Koroschetz at:

         Dr. Martin Koroschetz
         Hauptstrasse 8
         2540 Bad Voeslau
         Austria
         Tel: 02252/251 251
         Fax: 02252/251251-5
         E-mail: Dr.Koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 29 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Guenselsdorf, Austria, the Debtor declared
bankruptcy on Nov. 13, 2007 (Bankr. Case No. 11 S 115/07h).


PROHOLZ HANDEL: Creditors' Meeting Slated for Jan. 15
-----------------------------------------------------
Creditors owed money by LLC PROHOLZ Handel (FN 277940k) are
encouraged to attend the creditors' meeting at 12:30 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. 14, 2007 (6 S 147/07w).  Leopold Riess serves as the
court-appointed estate administrator of the bankrupt's estate.
Eva Riess represents Dr. Riess in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Leopold Riess
         c/o Dr. Eva Riess
         Zeltgasse 3/12
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at


RAFAC - BETEILIGUNG: Creditors' Meeting Slated for Jan. 15
----------------------------------------------------------
Creditors owed money by LLC Rafac - Beteiligung (FN 127505h) are
encouraged to attend the creditors' meeting at 12:45 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. 14, 2007 (6 S 145/07a).

Klemens Dallinger serves as the court-appointed estate
administrator of the bankrupt's estate. Katharina Widhalm-Budak
represents Dr. Dallinger in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Klemens Dallinger
         c/o  Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at


WITH US: Claims Registration Period Ends Jan. 10
------------------------------------------------
Creditors owed money by LLC With us (FN 212441p) have until
Jan. 10 to file written proofs of claim to court-appointed
estate administrator Johannes Leon at:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: offce@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2007 (Bankr. Case No. 5 S 123/07h).


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


POPE & TALBOT: Court Approves KPMG LLP as Independent Auditor
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has granted Pope & Talbot Inc. and its debtor-affiliates
permission to employ KPMG LLP as their independent auditor,
effective as of Nov. 19, 2007.

The Hon. Christopher S. Sontchi held that KPMG will not retain
any third parties, including affiliates, without approval of the
Court.

As reported in the Troubled Company Reporter on Dec. 5, 2007,
the Debtors told the Court that that KPMG's diverse experience
and extensive knowledge in the field of accounting will be of
much help to their restructuring plans.

As the Debtors' financial advisors, KPMG will:

   -- audit the Debtors' consolidated financial statements and
      internal control over financial reporting;

   -- review the Debtors' condensed consolidated balance sheets
      and related condensed consolidated statements of
      operations and cash flows as well as selected quarterly
      financial data;

   -- perform procedures required by the standards of the Public
      Company Accounting Oversight Board (United States),
      including reading information incorporated by reference in
      the Debtors' previously filed registration statements and
      performing subsequent event procedures;

   -- audit the Debtors' Pension Plan and Tax Deferred Savings
      Plan; and

   -- perform additional audit services that may be requested by
      the Debtors from time to time during the pendency of their
      Chapter 11 cases.

The Debtors will pay for KPMG's general auditing services
according to the firm's customary hourly rates:

             Professional                Hourly Rate
             ------------                -----------
             Partners                       US$360
             Managers                       US$270
             Senior Associates              US$200
             Staff                          US$120
             Assistant                      US$100

KPMG will be paid these amounts with respect to auditing
services related to the Debtors' pension and tax deferred
savings plans:

             Professional                Hourly Rate
             ------------                -----------
             Partners                       US$300
             Managers                       US$200
             Senior Associates              US$150
             Staff/Assistant                US$110

Timothy McCann, a certified public accountant at KPMG, 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: Canada Court OKs Bid Procedures for Pulp Business
----------------------------------------------------------------
The British Columbia Supreme Court has approved Pope & Talbot
Inc. and its debtor-affiliates' proposed bidding procedures for
their pulp business assets, and authorized the Debtors to
schedule an auction, if necessary.

The Canadian Court held that the Bidding Procedures will govern
the Auction, which is intended to solicit bids for the Debtors'
Pulp Business.

As reported in the Troubled Company Reporter on Dec. 14, 2007,
the Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware had earlier approved in all
respects the Debtors' bidding and sale procedures with respect
to the sale of their pulp business assets, including:

   (1) the submission, consideration, qualification and
       acceptance of Qualified Overbids submitted to the
       Debtors;

   (2) the Auction; and

   (3) the identification and determination of the Successful
       Bid and the Back-Up Bid.

                       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: Bid Protocol for Remaining Wood Business Approved
----------------------------------------------------------------
The British Columbia Supreme Court has approved Pope & Talbot
Inc. and its debtor-affiliates' proposed bidding procedures for
the sale of their remaining wood products business.

The Canadian Court likewise authorized the Debtors to schedule
an auction, if necessary, to solicit bids for their Remaining
Wood Products Business.

As reported in the Troubled Company Reporter on Dec. 14, 2007,
the United States Bankruptcy Court for the District of Delaware
had earlier approved in all respects the Debtor's bidding and
sale procedures with respect to the sale of certain wood
products assets not contemplated to be sold to International
Forest Products and the assumption of related liabilities,
including:

   (1) the submission, consideration, qualification and
       acceptance of Qualified Overbids submitted to the
       Debtors;

   (2) the Auction; and

   (3) the identification and determination of the Successful
       Bid and the Back-Up Bid.

                      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).


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


ANGIOTECH PHARMACEUTICALS: S&P Holds B- Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings,
including the 'B-' long-term corporate credit rating, on
Vancouver-based Angiotech Pharmaceuticals Inc. and removed them
from CreditWatch with negative implications, where they were
placed Oct. 22, 2007.  The outlook is negative.

"The affirmation reflects our expectation that the company has
sufficient cash to support its operations in the medium term,
even if revenue growth is stagnant," said Standard & Poor's
credit analyst Maude Tremblay.

The ratings on Angiotech reflect its continued high dependence
on the challenged drug-eluting stent (DES) market for its
operating performance, uncertainty regarding the timing and
extent of revenue growth from new products, as well as expected
negative free cash flow generation in the medium term.  The
company's leading position within the DES market, a pipeline of
products that have the potential to improve and diversity the
company's revenue stream, and sufficient liquidity to meet its
obligations in the medium term partially offset these factors.

Angiotech is a specialty pharmaceutical company whose core
strength is adding pharmaceutical compounds to medical devices
used by surgeons.  A licensing agreement with Boston Scientific
Corp. for the Taxus DES, from which Angiotech receives royalty
revenues, is the company's most important revenue generator.
Due to recent demand decline, Taxus royalties now represent
about 40% of the company's last 12 months revenues (at Sept. 30,
2007).  The medical products segment, resulting mostly from the
American Medical Instruments Inc. acquisition in March 2006,
manufactures and markets a wide range of single-use specialty
medical products directly to end-users.  The company is also
investing to research and develop new products linked to
surgical procedures; however, these have yet to provide material
revenue contribution.

Third-quarter royalty payments from BSX declined by 41% year-
over-year to US$24.9 million, and S&P expects them to contract
by about 20% in fourth-quarter 2007 compared with the same
period in 2006. Increased competition could cause a further
decrease in Taxus royalties of double digits annually in the
medium term.  The medical products segment underperformed
management's expectations during third-quarter 2007: products
acquired from AMI generated stable revenues; however, new
products have yet to make material contributions.  As a result,
lease-adjusted EBITDA declined to US$63.3 million for the 12
months ended Sept. 30, 2007, compared with US$99.0 million for
the 12 months ended Dec. 31, 2006.

The company's ability to generate free cash flow is under severe
constraints, given the deterioration of the operating
performance and interest expense of about US$50 million
annually.   Funds from operations were only US$3.1 million year-
to-date at Sept. 30, 2007, which was sufficient to cover the
company's limited investments in working capital and long-term
assets in that period.  However S&P expects free operating cash
flow to become negative during fourth-quarter 2007.

The negative outlook reflects S&P's expectation that Angiotech
will remain free cash flow negative for several quarters.  S&P
could lower the rating if weakening market conditions for DES or
setbacks in the product pipeline lead to a cash burn in excess
of US$25 million annually.  Conversely, S&P could revise the
outlook to stable if contribution from new products or
divestment of assets leads to an improvement in free cash flow
generation.


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


BALLY TECHNOLOGIES: Earns US$21.2 Mln in Quarter Ended Sept. 30
---------------------------------------------------------------
Bally Technologies, Inc. financial results for the fiscal
quarter ended Sept. 30, 2007.

Net income increased to US$21.2 million, or 11% of total
revenue, compared with a net loss of US$225,000 in the same
period last year, as a result of improved margin and cost
leverage.

Total revenues increased 23% to US$189.0 million as compared
with US$153.7 million for the same period last year.

"We are very pleased with our continued improvement in both
business momentum and margins in all the key parts of our
business," Richard M. Haddrill, the Company's Chief Executive
Officer, said.

Cash and cash equivalents increased to around US$51.6 million at
Sept. 30, 2007 as compared with approximately US$40.8 million at
June 30, 2007.

Selling, general and administrative expenses increased 6% to
US$52.3 million and declined to 28% of total revenue from 32% as
compared with the same period last year.

Adjusted EBITDA was US$58.5 million, a 122% increase as compared
with the same period last year.

The company made an unscheduled US$15.0 million payment on its
term loan during the first quarter of fiscal 2008.

"In addition to improving our margins, the quarterly results
also reflect our improving operating leverage," Robert C.
Caller, the Company's Chief Financial Officer, said.  "Our SG&A
and R&D expenses were favorably impacted by better control over
costs and savings from our India Development Centers."

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$871.0 million and total liabilities of
US$647.2 million, resulting in US$222.5 million stockholders'
equity.  Equity, at June 30, 2007, was US$199.4 million.

                  About Bally Technologies Inc.

Headquartered in Las Vegas, Nevada, Bally Technologies Inc.
(NYSE:BYI) - http://www.ballytech.com/-- is engaged in the
design, manufacture, assembly and distribution of technology
based products to commercial gaming markets.  The company's
business consists of two business units: the Bally Gaming and
Systems business unit and the Rainbow Casino (Rainbow) business
unit.  The Bally Gaming and Systems unit consists of three
primary sub-groups: Gaming Equipment, which includes the sale of
gaming devices; Gaming Operations, which includes the rent and
lease of gaming devices, and Systems, which includes the sale
and support of gaming systems. It also owns and operates the
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Fitch Ratings upgraded Bally Technologies' Issuer Default Rating
and senior secured bank debt ratings as: IDR to 'B' from 'B-'
and Secured bank credit facilities to 'BB/RR1' from 'B/RR3'.


DELPHI CORP: Court Approves Sale of Steering Biz for US$447 Mln
---------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York has authorized Delphi Corp. and
its debtor-affiliates to auction off their global steering and
halfshaft businesses, in accordance with the proposed bidding
procedures.

Pursuant to a Master Sale And Purchase Agreement dated Dec. 10,
2007, the Debtors have agreed to sell their steering business to
Steering Solutions Corp. for US$447 million, subject to higher
and better offers.

Judge Drain agreed to to the Debtors' request to grant a break-
up
fee and an expense reimbursement for Steering Solutions, noting
that the bidder was unwilling to commit to hold open its offer
for the Steering Business absent bid protections.  The Court,
however, held that, pursuant to an agreement by the Official
Committee of Unsecured Creditors, the Debtors, and Steering
Solutions,

   (i) the break-up fee will be reduced from US$6 million to
       US$5.5 million and

  (ii) Steering Solutions retain the right to seek an expense
       reimbursement in an amount up to US$6 million if a break-
       up fee is not paid.

The Court denied Steering Holding, LLC's objection to the
proposed bid procedures.  Steering Holding had asked the Court
not to approve the Debtors' selection of Steering Solutions as
the stalking horse bidder on grounds that it intends to submit
an alternative bid, which would raise the cash portion of the
purchase price from US$1 million to US$10 million and would
reduce the break-up fees and expense reimbursements by US$4
million.

The Court will convene a hearing on Feb. 21, 2008, at 10:00
a.m., Eastern time, to confirm the results of the auction, if
any, and approve the sale.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 104; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Court Moves Excl. Plan-Filing Period to March 31
-------------------------------------------------------------
The Honorable Robert Drain extends Delphi Corp. and its debtor-
affiliates':

   (a) exclusive period for filing a plan of reorganization
       through and including March 31, 2008; and

   (b) exclusive period for soliciting acceptance of that plan
       through and including May 31, 2008.

The Debtors' current Exclusive Plan Proposal Period expired on
Dec. 31, 2007.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
the Debtors' good-faith progress towards reorganization,
according to John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, is most
convincingly demonstrated by the filing of the Joint Plan of
Reorganization and Disclosure Statement on Sept. 6, 2007.

The Debtors sought an extension of the Exclusive Periods to give
them sufficient time to complete the Plan solicitation and
confirmation processes in a timeframe that will allow them to
emerge from bankruptcy in the first quarter of 2008.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 102; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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

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

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

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

                     About Intermec Inc.

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

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

                       *     *     *

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


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


AUTOHAUS WETZLAR: Claims Registration Ends January 15
-----------------------------------------------------
Creditors of Autohaus Wetzlar GmbH & Co. KG have until Jan. 15
to register their claims with court-appointed insolvency manager
Bernd Ache.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Floor
         Wetherstr. 1
         35578 Wetzlar
         Germany

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

The insolvency manager can be reached at:

         Bernd Ache, GF: 44
         Karl-Kellner-Ring 23
         35576 Wetzlar
         Germany
         Tel: 06441/94240
         Fax: 06441/42843
         E-mail: info@kanzlei-unuetzer.de

The District Court of Wetzlar opened bankruptcy proceedings
against Autohaus Wetzlar GmbH & Co. KG on Dec. 6, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Wetzlar GmbH & Co. KG
         Hermannsteiner Strasse 46
         35576 Wetzlar
         Germany

         Attn: Peter Schmidt, Manager
         Adalbert-Stifter-Strasse 20
         35394 Giessen
         Germany


BAU- UND DIENSTLEISTUNGS: Claims Period Ends Jan. 9
---------------------------------------------------
Creditors of Bau- und Dienstleistungs GmbH Stassfurt have until
Jan. 9 to register their claims with court-appointed insolvency
manager Kaufmann Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Feb. 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Kaufmann Andre Schirrmeister
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/2308811
         Fax: 0345/ 2311199

The District Court of Magdeburg opened bankruptcy proceedings
against Bau- und Dienstleistungs GmbH Stassfurt on Dec. 18,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Bau- und Dienstleistungs GmbH Stassfurt
         Attn: Helgo Koerber, Manager
         Bernburger Str. 10 c
         39418 Stassfurt
         Germany


BERGER BETEILIGUNGS: Claims Registration Ends January 15
--------------------------------------------------------
Creditors of Berger Beteiligungs GmbH have until Jan. 15 to
register their claims with court-appointed insolvency manager
Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Feb. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Germany
         Tel: 0212/22172-0
         Fax: 0212/22172-18

The District Court of Wuppertal opened bankruptcy proceedings
against Berger Beteiligungs GmbH on Dec. 4, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Berger Beteiligungs GmbH
         Blumenstr. 111
         42655 Solingen
         Germany

         Attn: Frank Berger, Manager
         Klauberger Str. 30
         42651 Solingen
         Germany


CHRYSLER LLC: U.S. Sales Increases 1 Percent in December
--------------------------------------------------------
Chrysler posted a 1% rise in December sales to 191,423 units, up
from 190,415 in December the previous year.

We talked to Steven Landry, Executive Vice President of North
American Sales, about the results.

"December is always a little unpredictable," Mr. Landry said.
"We're very happy with our sales being up 1%. I will also add
inside that 1% sales, our fleet was down and our retail number
was up, so it's all going in the right direction.  In the month
of December, it looks like we will gain market share."

Not all automakers have posted results yet, precise market share
figures are not available.  "Our forecast estimate is that we
will pick up half a point of market in the month of December,"
he said.

Mr. Landry said that Chrysler has momentum going into January,
and the new "Zero Plus" incentive program should help.  Under
that program, qualified customers can choose 0% APR financing
for 36 months or 3.9% APR financing for 60 months PLUS consumer
cash allowance amounts of up to $2,500.  The program runs
through Feb. 29, 2008.

"We're providing the opportunity for some consumers to have that
down payment, that elusive down payment, that is important for
consumers to get a deal done today," Mr. Landry said.  "With the
banks and the financial institutions the way they are today,
they like to see a bigger down payment, it makes it easier for
them to do financing."

The all-new Chrysler Town & Country and Dodge Grand Caravan
minivans recorded strong results in December, which also gives
Mr. Landry confidence for 2008.

                       About Chrysler LLC

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

                          *     *     *

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


CIM-TECHNOLOGIE ORGANISATIONS: Claims Registration Ends Jan. 17
---------------------------------------------------------------
Creditors of CIM-Technologie Organisationsberatung und Software
GmbH have until Jan. 17 to register their claims with court-
appointed insolvency manager Prof. Dr. Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf a. Inn
         Germany

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

The insolvency manager can be reached at:

         Prof. Dr. Klaus Reischl
         Residenzplatz 10
         94032 Passau
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against CIM-Technologie Organisationsberatung und
Software GmbH on Dec. 14, 2007.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CIM-Technologie Organisationsberatung und Software GmbH
         Roman Krause
         Goellstrasse 10
         84524 Neuoetting
         Germany


DESS-BAU BAU: Claims Registration Period Ends Jan. 22
-----------------------------------------------------
Creditors of dess-bau Bau- und Bausanierungsgesellschaft mbH
have until Jan. 22 to register their claims with court-appointed
insolvency manager Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Feb. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Dr. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau opened bankruptcy proceedings
against dess-bau Bau- und Bausanierungsgesellschaft mbH on
Dec. 18, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         dess-bau Bau- und Bausanierungsgesellschaft mbH
         Attn: Angela Schlosser, Manager
         Waldweg 56
         06844 Dessau-Rosslau
         Germany


EURO TRUCK: Claims Registration Period Ends Jan. 11
---------------------------------------------------
Creditors of Euro Truck Mobil GmbH have until Jan. 11 to
register their claims with court-appointed insolvency manager
Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Feb. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

          Andreas Kienast
          Lennestr. 10
          39112 Magdeburg
          Germany
          Tel: 0391/5973322
          Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against Euro Truck Mobil GmbH on Dec. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Euro Truck Mobil GmbH
          vormals Wittenberger Str. 45 (Haus 3)
          Nils-Bohr-Str. 45
          39106 Magdeburg
          Germany


FOTEC INDUSTRIETECHNIK: Claims Registration Period Ends Jan. 8
--------------------------------------------------------------
Creditors of FOTEC Industrietechnik GmbH have until Jan. 8 to
register their claims with court-appointed insolvency manager
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against FOTEC Industrietechnik GmbH on Dec. 13, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FOTEC Industrietechnik GmbH
         Attn: Oleg Morunov, Manager
         Neefestr. 80 a
         09119 Chemnitz
         Germany


GISMO SPORTSWEAR: Claims Registration Period Ends Jan. 9
--------------------------------------------------------
Creditors of Gismo Sportswear GmbH have until Jan. 9 to register
their claims with court-appointed insolvency manager Carl-
Heinrich Klek.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Carl-Heinrich Klek
         Berliner Str. 2
         D 63065 Offenbach am Main
         Tel: 069/8290000
         Fax: 810403
         E-mail: klek@klek-offenbach.de

The District Court of Offenbach am Main opened bankruptcy
proceedings against Gismo Sportswear GmbH on Dec. 12, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gismo Sportswear GmbH
         Attn: Hayrettin Cakir, Manager
         Werner-von-Braun-Strasse 6
         63303 Dreieich
         Germany


HANSEATISCHE INVESTITIONS: Claims Period Ends Jan. 23
-----------------------------------------------------
Creditors of E.M.V. Hanseatische Investitions- und
Baugesellschaft mbH Rostock have until Jan. 23 to register their
claims with court-appointed insolvency manager Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Lange Strasse 1a
         Haus der Schiffahrt
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against E.M.V. Hanseatische Investitions- und Baugesellschaft
mbH Rostock on Dec. 12, 2007.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         E.M.V. Hanseatische Investitions- und
         Baugesellschaft mbH Rostock
         Attn: Claus Weinberg, Manager
         Lohgerberstrasse 12
         18055 Rostock
         Germany


HATEGA HAUS-TERRASSE-GARTEN: Claims Registration Ends Jan. 15
-------------------------------------------------------------
Creditors of HaTeGa Haus-Terrasse-Garten Service- u.
Vertriebsgesellschaft mbH have until Jan. 15 to register their
claims with court-appointed insolvency manager Berthold
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

          Berthold Brinkmann
          Sechslingspforte 2
          22087 Hamburg
          Germany

The District Court of Reinbek opened bankruptcy proceedings
against HaTeGa Haus-Terrasse-Garten Service- u.
Vertriebsgesellschaft mbH on Dec. 5, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HaTeGa Haus-Terrasse-Garten Service-
         u. Vertriebsgesellschaft mbH
         Attn: Joerg Mestmacher, Manager
         Dorfstr. 55
         22113 Oststeinbek
         Germany


HOCHBAU MITTELELBE: Claims Registration Period Ends Jan. 10
-----------------------------------------------------------
Creditors of Hochbau Mittelelbe GmbH have until Jan. 10 to
register their claims with court-appointed insolvency manager
Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de

The District Court of Magdeburg opened bankruptcy proceedings
against Hochbau Mittelelbe GmbH on Dec. 13, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hochbau Mittelelbe GmbH
         Attn: Erhard Breier, Manager
         Goethestr. 7
         39108 Magdeburg
         Germany


HOCKEY SCHNEIDWAREN: Claims Registration Ends January 15
--------------------------------------------------------
Creditors of Hockey Schneidwaren GmbH & Co. KG have until
Jan. 15 to register their claims with court-appointed insolvency
manager Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

          Stefan Conrads
          Mankhauser Str. 7a
          42699 Solingen
          Germany
          Tel: 0212/22172-0
          Fax: 0212/22172-18

The District Court of Wuppertal opened bankruptcy proceedings
against Hockey Schneidwaren GmbH & Co. KG on Dec. 4, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hockey Schneidwaren GmbH & Co. KG
         Blumenstr. 111
         42655 Solingen
         Germany

         Attn: Frank Berger, Manager
         Klauberger Str. 30
         42651 Solingen
         Germany


IBL GESELLSCHAFT: Files for Insolvency at Hamburg Court
-------------------------------------------------------
Hamburg-based IBL Gesellschaft fuer Immunchemie und
Immunbiologie mbH, a 100% subsidiary of november AG (ISIN
DE000A0S9N72), has filed for insolvency on Dec. 20, 2007, with
the local court of Hamburg.  The company cited illiquidity and
over-indebtedness on its balance sheet.

This is because the ongoing negotiations with different banks
relating to different loans could not be concluded in time
before the expiry of the insolvency deadline.


JOSEF FLECK: Claims Registration Period Ends Jan. 11
----------------------------------------------------
Creditors of Josef Fleck GmbH have until Jan. 11 to register
their claims with court-appointed insolvency manager Robert
Multrus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Jan. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Room 210
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Robert Multrus
         Rathausstr. 10
         83022 Rosenheim
         Germany
         Tel: 08031/8074790
         Fax: 08031/80747966

The District Court of Rosenheim opened bankruptcy proceedings
against Josef Fleck GmbH on Dec. 18, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Josef Fleck GmbH
         Erlenstrasse 5
         83052 Bruckmuehl
         Germany


K & T EXPRESS: Claims Registration Period Ends Jan. 14
------------------------------------------------------
Creditors of K & T Express GmbH + Co. KG have until Jan. 14 to
register their claims with court-appointed insolvency manager
Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel:(0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against K & T Express GmbH + Co. KG on Dec. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          K & T Express GmbH + Co. KG
          Attn:  Jens Tschiersch, Manager
          Hohe Str. 6
          08371 Glauchau
          Germany


NOVEMBER AG: Files for Insolvency at Fuerth Court
-------------------------------------------------
november AG (ISIN DE000A0S9N72) has filed for insolvency on
Dec. 21, 2007, with the local court of Fuerth because of
illiquidity and accounting insolvency.

Headquartered in Erlangen, Germany, november AG --
http://www.november.de/-- specializes in bio- and
nanotechnology.  It is engaged in the market and customer-
orientated transfer of product developments, as well as an
expansion of existing product and technology portfolios, through
cooperation agreements and financial stakes in other companies,
which return a high yield.


PENTAGON DESIGN: Claims Registration Period Ends Jan. 6
-------------------------------------------------------
Creditors of Pentagon Design GmbH have until Jan. 6 to register
their claims with court-appointed insolvency manager Gerd
Mensendiek.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Feb. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Gerd Mensendiek
         Detmolder Str. 43
         33604 Bielefeld
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Pentagon Design GmbH on Dec. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pentagon Design GmbH
         Attn: Hans Erik Biel-Nielsen, Manager
         Paulinenstr. 71
         32756 Detmold
         Germany


PROMISE XXS: Fitch Rates EUR73.8 Million Class E Notes at BB
------------------------------------------------------------
Fitch Ratings has affirmed PROMISE XXS 2006-1 GmbH notes due May
2024:

   -- EUR234,999 Class A+ (ISIN XS0277600663): affirmed at 'AAA'

   -- EUR168.7 million Class A (ISIN XS0277602016): affirmed at
      'AAA'

   -- EUR101.520 million Class B (ISIN XS0277606272): affirmed
      at 'AA'

   -- EUR73.79 million Class C (ISIN XS0277606512): affirmed at
      'A'

   -- EUR53.11 million Class D (ISIN XS0277606942): affirmed at
      'BBB'

   -- EUR73.790 million Class E (ISIN XS0277607320): affirmed at
      'BB'

Fitch has reviewed the performance of the PROMISE XXS 2006-1
GmbH notes and found that the current credit enhancement levels
of the Class A+ to Class E notes are sufficient to support the
current ratings, although the credit quality of the collateral
pool has deteriorated.

The portfolio quality was assessed by a mapping approach, in
line with Fitch's CDO rating methodology.  Since closing, the
portfolio equivalent rating has deteriorated but stayed within
the 'BB+'/'BB' range.  Current losses are covered by synthetic
excess spread.  The credit enhancement of the notes equals the
initial credit enhancement in accordance with the pro rata
amortization profile.  These levels are deemed sufficient to
support the current ratings, but Fitch will continue to
carefully monitor future portfolio developments.

This transaction is a synthetic securitization of debt
instruments of German and Austrian small- and medium-sized
enterprises.  The issuer of the notes, PROMISE XXS 2006-1 GmbH,
is a special purpose vehicle under German law.  The proceeds of
the notes were used to sell protection on a portfolio of loans.
The portfolio companies were selected by Bayerische Hypo- und
Vereinsbank AG in compliance with the transaction documents.
The portfolio is replenishing and the scheduled maturity of all
Classes of notes is November 2021, while the legal maturity is
May 2024.  All notes pay down pro rata until a sequential
trigger event occurs.


RIEMA KONZEPTBAU: Claims Registration Period Ends Jan. 14
---------------------------------------------------------
Creditors of RIEMA Konzeptbau GmbH have until Jan. 14 to
register their claims with court-appointed insolvency manager
Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Am Brauhaus 5
         01099 Dresden
         Germany
         Website: http://www.henningsmeier.de/

The District Court of Dresden opened bankruptcy proceedings
against RIEMA Konzeptbau GmbH on Dec. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          RIEMA Konzeptbau GmbH
          Basteistrasse 5
          01277 Dresden
          Germany

          Attn: Martin Riedel, Manager
          Geboren 1983
          Suedstrasse 9
          01156 Dresden
          Germany


RONO SYSTEMTECHNIK: Claims Registration Period Ends Jan. 10
-----------------------------------------------------------
Creditors of Rono Systemtechnik GmbH have until Jan. 10 to
register their claims with court-appointed insolvency manager
Andre Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630 o. 39
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The District Court of Magdeburg opened bankruptcy proceedings
against Rono Systemtechnik GmbH on Dec. 14, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rono Systemtechnik GmbH
         Attn: Matthias Goebel, Manager
         Brockenblick 12-13
         38871 Ilsenburg
         Germany


ST. GABRIEL RESIDENZEN: Claims Registration Period Ends Jan. 10
---------------------------------------------------------------
Creditors of St. Gabriel Residenzen GmbH have until Jan. 10 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Jan. 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Boardroom 22
         Eingang Friedenstr. 2
         Schweinfurt
         Germany

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

The insolvency manager can be reached at:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Schweinfurt opened bankruptcy proceedings
against St. Gabriel Residenzen GmbH on Dec. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          St. Gabriel Residenzen GmbH
          Blutenburgstr. 87
          80634 Munich
          Germany


WFI VERTRIEBSGESELLSCHAFT: Claims Registration Ends Jan. 14
-----------------------------------------------------------
Creditors of WFI Vertriebsgesellschaft mbH have until Jan. 14 to
register their claims with court-appointed insolvency manager
Axel Gerbers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Feb. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

          Axel Gerbers
          Soegestrasse 70
          28195 Bremen
          Germany
          Tel: 0421/178 99 80
          Fax: 0421/178 99 811

The District Court of Aurich opened bankruptcy proceedings
against WFI Vertriebsgesellschaft mbH on Dec. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         WFI Vertriebsgesellschaft mbH
         Dresdner Strasse 5a
         26506 Norden
         Germany


XOXO-TRENDSTUDIO GMBH: Claims Registration Period Ends Jan. 21
--------------------------------------------------------------
Creditors of XOXO-Trendstudio GmbH have until Jan. 21 to
register their claims with court-appointed insolvency manager
Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Dr. Mark Zeuner
         John-Brinckman-Strasse 9
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against XOXO-Trendstudio GmbH on Dec. 10, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         XOXO-Trendstudio GmbH
         Attn: Karsten Mett, Manager
         Am Kabutzenhof 24
         18057 Rostock
         Germany


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


FLEXTRONICS INT'L: Eyes Plant Closure & 7,000 Job Cuts Worldwide
----------------------------------------------------------------
Flextronics International Ltd. plans to close its Wilmington
manufacturing plant next month, eliminating more than 100 jobs,
Globe Newspaper Company reports citing a letter the company sent
to state officials.

The report recounts that Flextronics bought Solectron in October
for US$3.6 billion and decided to close the Wilmington plant as
part of the process of combining the companies.

Director of Compliance for Flextronics Grainne Blanchette was
quoted by the news agency as saying, "This was a difficult
decision to make and was reached only after analyzing the
options available."  The decision was needed to "achieve the
necessary reductions in costs" associated with the merger, he
added.

After completing the Solectron acquisition, the report relates,
the company planned to cut 7,000 jobs worldwide, close several
facilities, and record restructuring charges of US$430 million
to US$500 million over the next year.

The report says that according to the company's letter, dated
Nov. 5, the job cuts will occur between Jan. 17 and 31.

Federal law generally requires large employers to notify
employees and the government of a plant closing or major layoff
at least 60 days in advance, the report adds.

                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings: Issuer Default Rating at
'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.  The initial draw on the
term loan (US$1.1 billion) will finance the cash portion of the
merger consideration.


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


WR GRACE: Charleston City Wants Stay Lifted to Seize Property
-------------------------------------------------------------
The city of Charleston, South Carolina, asks the U.S. Bankruptcy
Court for the District of Delaware to lift the automatic stay to
allow it to exercise its power of eminent domain and seize
16.464 acres of real property owned by W.R. Grace & Co. and its
debtor-affiliates located in the City.

The Property, which was once a fertilizer manufacturing and
pesticide formulation facility, will be used by the City as a
relocation site of its public works and fire training facility,
Christina M. Thompson, Esq., at Connolly Bove Lodge & Hutz, LLP,
in Wilmington, Delaware, tells the Court.

The City has passed a resolution that authorized its counsel to
attempt to acquire the Property either by negotiated purchase or
by eminent domain.  However, discussions regarding the sale of
the Property through negotiated purchase have not progressed,
Ms. Thompson tells the Court.

Thus, in the absence of a negotiated agreement with the Debtors
to purchase the Property, the City wants to exercise its powers
of eminent domain against the Property and acquire it for public
use.

Ms. Thompson says relocation of the city's public works and fire
training facility to the Debtors' Property is part of a series
of economic development plans, which aim to enhance the City
residents' health, safety, and welfare.

The Property is estimated to be worth US$1,185,000 in December
2005, Ms. Thompson says.

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence,
Pennsylvania.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLC, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a
chapter 11 plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 146; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WR GRACE: Wants to Settle Environmental Claims for US$44 Million
----------------------------------------------------------------
W.R. Grace & Co., together with its debtor-affiliates, and the
United States Government, on behalf of certain federal agencies
including the Environmental Protection Agency and the Department
of Agriculture Forest Services, have agreed to a settlement to
avoid protracted claims litigation and resolve their liabilities
in connection with environmentally damage sites owned by the
Debtors.  The Debtors agree that the Government is entitled to a
US$2,294,279 allowed administrative claim and a US$34,065,813
allowed general unsecured claim.  The Debtors agree that the
PRPs are entitled to allowed general unsecured claims
aggregating US$7,707,336.

The Government, had filed Claim Nos. 9634 and 9635 against the
Debtors seeking recovery of past and future environmental
response costs incurred by the federal agencies in the course of
responding to releases of hazardous substances in 32 Debtor-
owned and operated sites around the United States.  The
Government also sought recovery for natural resource damages.

In addition, certain potentially responsible parties had filed
claims against the Debtors for environmental response
contribution claims.

The allowed general unsecured claims are:

                                            Allowed General
   Claimant                                 Unsecured Claim
   --------                                 ---------------
   U.S. Government                            US$34,065,813
   Burlington Northern and Santa Fe Railway       2,952,761
   American Premier Underwriters, Inc.            1,763,492
   National Railroad Passenger Corporation        1,528,550
   Los Angeles County Metropolitan Authority        893,781
   Green River Site PRP Group Claimants             419,452
   Harrington Tools, Inc.                           112,547
   Central Chemical Site Participation Group         36,750

In addition, the Government will have a US$622,860 allowed
general unsecured claim in settlement for the costs incurred by
the Agency for Toxic Substances and Disease Registry in
investigating the asbestos contamination at the Debtors'
facilities that processed vermiculite.  The BNSF will also a
US$1,918,355 allowed general unsecured claim in settlement of
its claim relating to the Debtors' Libby, Montana, vermiculite
mine.

The settlement provides that the Debtors will pay US$672,574 of
the Administrative Claims immediately after the Court's approval
of the settlement.  The remaining Allowed Administrative Claims
and all of the Allowed General Unsecured Claims will be paid
pursuant to a confirmed plan of reorganization.  Allowed General
Unsecured Claims will be entitled to interest only if permitted
under a confirmed reorganization plan.

The settlement also provides that the settling federal agencies
will not file a civil action or take any administrative action
against the Debtors pursuant to the Comprehensive Environmental
Response, Compensation, and Liability Act with respect to each
of the sites covered by the settlement agreement.

The Sites covered by the settlement are:

    * Acton Plant Site, Massachusetts,
    * Amber Oil (Eco-Tech) Site, Wisconsin,
    * Aqua Tech Site, South Carolina,
    * Cambridge Plant Site, Massachusetts,
    * Casmalia Resources Site, California,
    * Central Chemical Site, Maryland,
    * Galaxy/Spectron Site, Maryland,
    * Green River Site, Kentucky,
    * Harrington Tools Site, California,
    * Intermountain Insulation Site, Utah,
    * IWI Site, Illinois,
    * Li Tungsten Site, New York,
    * Malone Services Co. Site, Texas,
    * N-Forcer Site, Michigan,
    * Operating Industries Site, California,
    * R&H Oil/Tropicana Site, Texas,
    * RAMP Industries Site, Colorado,
    * Reclamation Oil Site, Michigan,
    * Robinson Insulation Site, North Dakota,
    * Solvents Recovery Service Site, Connecticut,
    * Salt Lake Vermiculite Intermountain Site, Utah,
    * Spokane Vermiculite Northwest Site, Washington,
    * Wauconda Sand and Gravel Superfund Site, Illinois,
    * Watson Johnson Landfill Site, Pennsylvania,
    * Wells G&H Site, Massachusetts,
    * Western Minerals Processing Site, Colorado,
    * Western Minerals Products Site, Minnesota,
    * Ellwood Zonolite Site, Pennsylvania,
    * New Castle Zonolite Site, Pennsylvania,
    * Hamilton Zonolite Site, New Jersey,
    * Prince George Zonolite Site, Maryland, and
    * Wilder Zonolite Site, Kentucky.

A full-text copy of the Settlement is available for free at:

      http://bankrupt.com/misc/grace_EPASettlement.pdf

The Debtors' counsel, David M. Bernick, P.C., Esq. at Kirkland &
Ellis, LLP, in Chicago, Illinois, says the Government's claim
relating to the Debtors' site in Curtis Bay, Baltimore,
Maryland, will be resolved in accordance with a separate
settlement agreement still to be filed with the Court.

                     Government's Statement

"This settlement will make money available to substantially help
the cleanup of many Superfund sites around the country," Ronald
J. Tenpas, Assistant Attorney General for the DOJ's Environment
and Natural Resources Division, said in a public statement.
"This settlement is a good outcome for both the taxpayers and
the environment."

"Bankruptcy is not a safe haven to avoid environmental
responsibilities," Catherine McCabe, principal deputy assistant
administrator for EPA's Office of Enforcement and Compliance
Assurance, further said in a press release.  "EPA will keep
pursuing companies who pollute the environment."

The Government said it will use the settlement to reimburse EPA
for past costs and to pay for future costs associated with
cleaning up at hazardous waste sites in 18 states.  Superfund is
the federal program that investigates and cleans up the most
complex uncontrolled or abandoned hazardous waste sites in the
country.

The settlement agreement will be subject to court approval after
a 30-day public comment period.

                        About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence,
Pennsylvania.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLC, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 146; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates sought and obtained
permission from the U.S. Bankruptcy Court for the Southern
District of New York to file an Allocation Report, indicating
Participating Claims totaling more than US$1.5 billion that were
allocated 5.4 million shares of New Series B Preferred Stock on
a pro rata basis, under seal.

Dana entered into an Investment Agreement dated July 26, 2007,
with Centerbridge Capital Partners, L.P.; Centerbridge Capital
Partners Strategic, L.P., as successor by assignment from CBP
Parts Acquisition Co. LLC; Centerbridge Capital Partners SBS,
L.P., as successor by assignment from CBP Parts.

The Investment Agreement allows for US$790 million cash infusion
in the Reorganized Debtors.  Centerbridge will purchase US$250
million in aggregate liquidation preference of New Series A
Preferred Stock and qualified creditors of the Debtors who are
Qualified Investors will have an opportunity to purchase an
additional US$540 million in aggregate liquidation preference of
New Series B Preferred Stock on a pro rata basis.

To be permitted to invest to purchase a pro rata share of the
Series B Shares, the Investment Agreement required parties,
among other things, be a "Qualified Investor" under the
Investment Agreement and to deliver a duly executed Subscription
Agreement prior to 5:00 p.m. EST on Dec. 5, 2007.

To be a "Qualified Investor," a party was required, among other
things, to

   (a) beneficially own "Qualified Bond Claims," "Acquired Bond
       Claims" or "Qualified Trade Claims" in excess of
       US$25 million by certain dates and

   (b) timely execute and deliver a signature page to the Plan
       Support Agreement dated July 26, 2007, among Dana, United
       Steelworkers, International Union, UAW, Centerbridge
       Capital Partners, L.P. and certain Dana creditors.

The BMC Group, Inc., as Subscription Agent for the Debtors,
mailed subscription agreements and instructions for subscription
on Nov. 2, 2007, to all parties that the Debtors reasonably
believed might be entitled to participate in the subscription
based upon information available at that time.

Corinne Ball, Esq., at Jones Day in New York, reports that as of
Dec. 26, 2007, BMC has received, excluding duplicates, 106
Subscription Agreements from 96 entities constituting 24
investors -- if affiliated entities are counted as one investor.
BMC and the Debtors have since undertaken to reconcile the
information that was submitted in the subscription agreements.

The Debtors have reviewed the information received by BMC and
other relevant information, which has been shared with counsel
to the Ad Hoc Committee of Dana Noteholders and counsel to the
Official Committee of Unsecured Creditors, Ms. Ball says.  Based
on the information and other numerous meetings at which they
consulted with the Ad Hoc Committee and the Creditors'
Committee, the Debtors have determined and have prepared a
report setting forth:

   (a) which parties will purchase Series B Shares as part of
       the subscription process; and

   (b) the number of Series B Shares to be allocated to each
       Subscribing Investor for purchase.

The Debtors believe that the allocation of New Series B
Preferred Stock is commercially sensitive information to them.
Publicly disclosing the holdings of preferred shareholders is
confidential information that is not customarily disclosed
unless and until Securities Exchange Act of 1934 rules require
the shareholder to file with the Securities and Exchange
Commission after crossing a specified threshold of ownership
percentage (generally 5%).  The Debtors believe that publicly
publishing the individual allocations of New Series B Preferred
Stock would only serve to potentially cause delays in the
Debtors' ability to obtain the necessary funds.

In addition, counsel to the Ad Hoc Committee has advised the
Debtors that the Subscribing Investors prefer that their exact
holdings in New Series B Preferred Stock not be publicly
disclosed because such parties consider their individual
allocated holdings to be confidential commercial information.

A full-text copy of the redacted version of the Allocation
Report identifying each of the Subscribing Investors without
identifying the number of shares of New Series B Preferred Stock
being allocated to each party, is available at no charge at:

   http://bankrupt.com/misc/DANA_Subscribing_Investors.pdf

Ms. Ball relates the Debtors are providing individualized
notices to each Subscribing Investor of, among other things:

   (a) the number of shares of New Series B Preferred Stock
       allocated to them;

   (b) instructions for submitting payment for the shares by
       Dec. 28, 2007; and

   (c) information regarding additional documentation that must
       be completed prior to a Subscribing Investor's receipt of
       its allocated New Series B Preferred Stock.

                            About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.  (Dana Corporation Bankruptcy News, Issue No. 67;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


AKSAI SPETSSTROY: Creditors Must File Claims by Jan. 25
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Aksai Spetsstroy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Komsomolskaya Str. 82
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 51-45-29


ARMAN LLP: Proof of Claim Deadline Slated for Jan. 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Arman insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul, 138
         0050052, Almaty
         Kazakhstan
         Tel: 8 777 223 07-71


ASTANA FINANCE: Fitch Affirms BB+ Ratings with Stable Outlook
-------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Astana Finance's
Long-term foreign currency Issuer Default rating at 'BB+' but
revised the Outlook to Negative from Stable.

The agency has also affirmed AF's ratings at Long-term local
currency IDR 'BB+', senior unsecured debt 'BB+', Short-term
foreign currency IDR 'B', National Long-term 'A+(kaz)',
Individual 'D/E', Support '3' and Support Rating Floor 'BB+'.
The Outlooks for the Long-term local currency IDR and National
Long-term rating are Stable.

The rating action follows in respect of the Republic of
Kazakhstan's sovereign ratings, when the Outlooks for
Kazakhstan's Long-term foreign currency IDR ('BBB') and Long-
term local currency IDR ('BBB+') were revised to Negative from
Stable.  AF's Long-term IDRs and senior debt ratings ultimately
reflect the moderate potential for support from the Kazakhstan
authorities in the event of need.  The Outlooks for AF's Long-
term local currency IDR (currently three notches below the
Kazakhstan sovereign Long-term local currency IDR whereas the
Long-term foreign currency IDR is two notches lower) and
National rating remain Stable to reflect the anticipated change
in AF's 25% shareholder, which is expected to be finalized in
first quarter of 2008.

AF is currently 25%-owned by the municipality of Astana (rated
Long-term foreign currency and local currency IDRs 'BBB-'/
Outlook Stable).  In first quarter of 2008, the municipality's
stake is to be transferred to the state-owned Kazyna Fund for
Sustainable Development, which owns various development
organizations in Kazakhstan, including the Development Bank of
Kazakhstan (rated Long-term foreign currency IDR 'BBB'/Outlook
Negative).  The transfer will take place, along with an
injection of KZT25 billion of new equity, in first quarter of
2008.  When it takes over the municipality of Astana's stake,
Kazyna will issue a comfort letter in respect of AF's
obligations that is similar to existing, strongly worded letters
from the Municipality of Astana.

AF's Individual 'D/E' rating reflects its rapid growth,
substantial concentrations and very high leverage.  Its leverage
profile will improve significantly, once it receives the
KZT25 billion of new equity capital to accompany the shareholder
change in first quarter of 2008.

Near-term liquidity is satisfactory.  AF relies on the positive
structural mismatch of its balance sheet.  AF's predominantly
long-term funding is sourced mainly from the local and
international debt capital markets and banks.  As for other
financial institutions in the region, the willingness of the
international capital markets to take Kazakhstani financial
institution risk contracted sharply in second half of 2007, but
AF has relatively limited debt and loan repayments before first
quarter of 2009.

AF was created in 1997 by the Municipality of Astana to
facilitate development finance (loans, leasing and equity) for
Astana, the capital of Kazakhstan, and for the surrounding
Akmola region.  It has since diversified geographically and into
certain aspects of investment banking.


EMEN LTD: Claims Filing Period Ends Jan. 25
-------------------------------------------
LLP Emen Ltd has declared insolvency.  Creditors have until
Jan. 25 to submit written proofs of claims to:

         LLP Emen Ltd
         Karetnaya Str. 36-1
         Karaganda
         Kazakhstan


MADIN KAZAKHSTAN: Creditors' Claims Due on Jan. 25
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Madin Kazakhstan 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


MERSHAIR LLP: Claims Registration Ends Jan. 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Mershair insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-302
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


N-SERVICE LLP: Proof of Claim Deadline Slated for Jan. 25
---------------------------------------------------------
LLP N-Service has declared insolvency.  Creditors have until
Jan. 25 to submit written proofs of claims to:

         LLP N-Service
         Buhar Jyrau ave. 65a-12
         Almaty
         Kazakhstan
         Tel: 8 701 718 32-83


PELYM LLP: Creditors Must File Claims by Jan. 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Petropavlovsk Commercial Firm Pelym
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-302
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


SUYUMBAI LLP: Claims Filing Period Ends Jan. 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Suyumbai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul, 138
         0050052, Almaty
         Kazakhstan
         Tel: 8 777 223 07-71


VALENTINA LLP: Creditors' Claims Due on Jan. 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Valentina insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Komsomolskaya Str. 82
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 51-45-29


VOSTOCHNY EXPRESS: Claims Registration Ends Jan. 25
---------------------------------------------------
LLP Vostochny Express KZ has declared insolvency.  Creditors
have until Jan. 25 to submit written proofs of claims to:

         LLP Vostochny Express KZ
         Djandosov Str. 61a-6
         Almaty
         Kazakhstan


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


IMOTU PRODUCTION: Creditors Must File Claims by January 26
----------------------------------------------------------
LLC Imotu Production has declared insolvency.  Creditors have
until Jan. 26 to submit written proofs of claim to:

         LLC Imotu Production
         Toktonaliyev Str. 84-12
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 83-27-37


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


LANCELOT 2006: Fitch Rates EUR12 Million Class E Notes at BB
------------------------------------------------------------
Fitch Ratings has affirmed Lancelot 2006 B.V.'s notes following
a satisfactory performance review:

   -- EUR421.3 million Class A notes (ISIN: XS0275569225):
      affirmed at 'AAA'

   -- EUR21 million Class B notes (ISIN: XS0275579703): affirmed
      at 'AA'

   -- EUR19.5 million Class C notes (ISIN: XS0275581279):
      affirmed at 'A'

   -- EUR19.5 million Class D notes (ISIN: XS0275581949):
      affirmed at 'BBB'

   -- EUR12 million Class E notes (ISIN: XS0275582590): affirmed
      at 'BB'

The rating actions reflect the transaction's stable performance
and increased levels of credit enhancement.  As of the October
2007 report, there were no reported delinquencies or defaults.
The portfolio is currently composed of 143 performing loans, all
of which are secured by commercial real estate properties in the
Netherlands.  The collateral pool is highly concentrated, with
the largest ten mortgages representing 37.96% portfolio.  The
highest obligor concentration, 26.04% of the outstanding
collateral balance, is in Brabant area and 32.83% of the
collateral is linked to industrial properties.

The current credit enhancement for the senior notes is provided
by the Class B, C, D and E notes, as well as the reserve fund,
which has built up to 0.5% of initial note balance.

The transaction represents a cash-flow securitization of a
static portfolio of commercial mortgage loans granted by F. van
Lanschot Bankiers N.V. (rated 'A'/'F1') to small- and medium-
sized Dutch enterprises, private individuals and special purpose
vehicles established by SMEs or individuals in Netherlands.
Lancelot 2006 B.V is a public limited-liability company
incorporated under the laws of the Netherlands.


SMILE 2005: Fitch Rates EUR108 Million Class E Notes at BB-
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Smile 2005 Synthetic
B.V. following a performance review:

   -- EUR1.592 billion Class A1 Notes (ISIN XS0238920226):
      affirmed at 'AAA'

   -- 1EUR2 billion Class A2 Notes (ISIN NL0000081552): affirmed
      at 'AAA'

   -- EUR108.594 million Class B Notes (ISIN XS0238920499):
      affirmed at 'AA+'

   -- EUR80.44 million Class C Notes (ISIN XS0238920655):
      affirmed at 'AA-'

   -- EUR80.44 million Class D Notes (ISIN XS0238921034):
      affirmed at 'BBB+'

   -- EUR108.594 million Class E Notes (ISIN XS0238921380):
      affirmed at 'BB-'

The affirmation reflects the transaction's stable performance to
date and sufficient credit enhancement. As of the latest report
(October 2007), the cumulative defaults equal EUR38.2 million ,
representing approximately 0.57% of the original EUR6.75 billion
portfolio balance compared to 0.17% in October 2006.
Furthermore, the transaction benefits from an excess spread
trapping mechanism at 25 bps per annum (EUR22.2 million
currently) of the outstanding portfolio, which serves as first-
loss protection.  Credit enhancement has slightly increased due
to unscheduled payments, which are used to pay down the notes
sequentially, while scheduled payments are paid pro rata.

The transaction constitutes a synthetic securitization of loans
to small- and medium-sized enterprises in the Netherlands,
originated by ABN AMRO Bank N.V. (ABN AMRO, rated 'AA-' (AA
minus)/'F1+'/Rating Watch Positive).  The ratings of all the
above notes address ultimate repayment of principal at maturity
and timely payment of interest when due.  ABN AMRO, acting as
both swap provider and liquidity provider, must maintain a
Short-term Issuer Default rating of 'F1+'.


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


NETIA SA: Warsaw Court Dismisses Minority Shareholders' Claims
--------------------------------------------------------------
The Regional Court in Warsaw, XVI Commercial Division, dismissed
the claims of minority shareholders' submitted for joint review
and settlement, requesting the annulment of sections 10, 11 and
13 of Resolution No. 2 of Netia S.A.'s General Shareholders'
Meeting dated April 4, 2002, on the basis that the distribution
of the Subscription Warrants issued by Netia within the scope of
its financial restructuring was detrimental to the minority
shareholders and in breach of good custom.

The judgment is final and is not subject to appeal.

                          About Netia

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

                          *     *    *

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


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


COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007
---------------------------------------------------------------
Companhia Siderurgica Nacional is the most profitable stock in
the Bovespa stock exchange last year, Business News Americas
relates.

BNamericas relates that Companhia Siderurgica's stock would
"close out the year [2007] some 150% higher."

According to BNamericas, Companhia Siderurgica disclosed in
December plans to invest BRL9.50 billion into projects in Minas
Gerais  over the next six years, including:

       -- a new steel mill,
       -- an expansion at its Casa de Pedra iron ore mine, and
       -- installing cement operations.

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services revised its
outlook on Brazil-based steel maker Companhia Siderurgica
Nacional and related entity National Steel S.A. to positive from
stable.  At the same time, Standard & Poor's affirmed its 'BB'
corporate credit rating on CSN and its 'B+' rating on NatSteel.


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


ALMAZ CJSC: Creditors Must File Claims by Jan. 15
-------------------------------------------------
Creditors of CJSC Mining Partnership Almaz have until Jan. 15 to
submit proofs of claim to:

         O. A. Serkina
         Competitive Proceedings Manager
         Komsomol'skaya Str. 101
         680028 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk Krai commenced competitive
proceedings against the company after finding it insolvent as
the absent debtor on July 9, 2007.  The case is docketed under
Case No. A73-5319/2007-38.

The Debtor can be reached at:

         CJSC Mining Partnership Almaz
         Roschina Settlement
         Danilovsky Raion
         Yaroslavl'
         Russia


ARLANSKY PLANT: Court Starts Competitive Proceedings
----------------------------------------------------
The Arbitration Court of Bashkortostan commenced competitive
proceedings against Arlansky Plant of Ceramic Bricks LLC after
finding it insolvent on Nov. 27, 2007.  The case is docketed
under Case No. A07-17007/07-G-HJIB.

Creditors must submit their proofs of claim to:

         D. A. Mudarisov
         Competitive Proceedings Manager
         P.O. Box 126
         Neftekamsk
         452689 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Arlansky Plant of Ceramic Bricks LLC
         Socialisticheskaya Str. 57
         Neftekamsk
         452683 Bashkortostan
         Russia


CHEMVOLOKNO LLC: Creditors Must File Claims by Feb. 15
------------------------------------------------------
Creditors of Chemvolokno LLC have until Feb. 15 to submit proofs
of claim to:

         A. G. Kulakov
         Competitive Proceedings Manager
         Office 18
         Kuleva Str. 33
         634034 Tomsk
         Russia

The Arbitration Court of Tomsk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 2, 2007.  The case is docketed under Case No. A67-6961/06.

The Debtor can be reached at:

         Chemvolokno LLC
         Block 10
         Sosnovaya Str. 4
         Seversk
         Tomsk
         Russia


GAZPROM NEFT: Closes 50% Tomskneft Stake Acquisition
----------------------------------------------------
OAO Rosneft Oil Co. has completed the sale of its 50% stake in
OAO Tomskneft VNK to Gazprom Neft Finance LLC, a unit of OAO
Gazprom Neft.

According to the terms and conditions of the sale, Rosneft and
Gasprom Neft will jointly make managerial decisions regarding
Tomskneft development and the rotation of key managerial
positions.

Upon closing the sale, which Rosneft implemented through its
100% owned subsidiary Neft-Aktiv LLC, Rosneft will account for
Tomskneft in its US GAAP accounts on an equity basis.

As reported in the TCR-Europe on Dec. 28, 2007, The Federal
Antimonopoly Service has cleared Gazprom Neft to acquire a 50%
stake in OAO Tomskneft for US$3.66 million.

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

                         About Rosneft

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

                       About Gazprom Neft

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

                         *     *     *

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

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


IGLINSKOYE ANIMAL: Creditors Must File Claims by Feb. 15
--------------------------------------------------------
Creditors of OJSC Iglinskoye Animal Farm have until Feb. 15 to
submit proofs of claim to:

         R. A. Sattarov
         Competitive Proceedings Manager
         Initiativnaya Str. 12
         Kirillovo Village
         Ufimsky Raion
         450069 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
Nov. 12, 2007.  The case is docketed under Case No.
A07-6177-G-WAB.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Iglinskoye Animal Farm
         Simkaya Str. 24
         Ulu-Telyak Settlement
         Iglinsky Raion
         452425 Bashkortostan
         Russia


MORSHANSKAYA CLOTHES: Asset Sale Slated for Jan. 18
---------------------------------------------------
L. V. Vasil'ev, competitive proceedings manager of OJSC
Morshanskaya Clothes Factory, will open a public auction for the
company's properties at 11:00 a.m. on Jan. 18 at:

         L. V. Vasil'ev
         Office 325
         Sovetskaya Str. 106A
         392000 Tambov
         Russia
         Tel: 89027263582

The company has set a RUR9,872,650 starting price for the assets
on auction.

Interested participants have until Jan. 17 to deposit an amount
equivalent to 20% of the starting price.

Bidding documents must be submitted to:

         L. V. Vasil'ev
         Office 325
         Sovetskaya Str. 106A
         392000 Tambov
         Russia
         Tel: 89027263582

The Debtor can be reached at:

         OJSC Morshanskaya Clothes Factory
         Internationalnaya Str. 30
         393950 Morshansk
         Tambov
         Russia


PERVOMAISKY CREAMERY: Creditors Must File Claims by Jan. 15
-----------------------------------------------------------
Creditors of OJSC Pervomaisky Creamery have until Jan. 15 to
submit proofs of claim.

The Arbitration Court of Karachaevo-Cherkesskaya commenced
bankruptcy supervision procedure against the company after
finding it insolvent on Nov. 30, 2007.  The Court appointed
D. B. Kochkarov as interim manager.  The case is docketed under
Case No. A25 1410/07-9.

The Debtor can be reached at:

         OJSC Pervomaisky Creamery
         Shosseinaya Str. 102
         Pervomaiskoe Settlement
         Karachaevo-Cherkesskaya
         Russia


ROSBANK OJSC: S&P Lifts Ratings to BB+ on SocGen Majority Share
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Rosbank OJSC to 'BB+'
from 'BB-'.  The outlook is positive.  At the same time,
the 'B' short-term counterparty credit was affirmed, and the
Russian national scale ratings raised to 'ruAA+' from 'ruAA-'.

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

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

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

"The positive outlook reflects our expectation that Rosbank has
the potential to improve its stand-alone credit profile by
withstanding competitive pressure on profitability and
maintaining good asset quality," said Mr. Tarzimanov.

In addition, SocGen's operational and managerial support is
expected to increase significantly, positively affecting Rosbank
in areas such as risk management, corporate governance, and IT.
At the same time, S&P expects Rosbank to continue its rapid
expansion in line with strategic goals, bringing the challenges
of controlling new risks. Ratings downside might follow a
significant reduction in SocGen's support, the bank's inability
to control the quality of its rapidly growing loan portfolio, or
its failure to reap financial benefits from its network.


ROSNEFT OIL: Completes 50% Tomskneft Stake Sale to Gazprom Neft
---------------------------------------------------------------
OAO Rosneft Oil Co. has completed the sale of its 50% stake in
OAO Tomskneft VNK to Gazprom Neft Finance LLC, a unit of OAO
Gazprom Neft.

According to the terms and conditions of the sale, Rosneft and
Gasprom Neft will jointly make managerial decisions regarding
Tomskneft development and the rotation of key managerial
positions.

Upon closing the sale, which Rosneft implemented through its
100% owned subsidiary Neft-Aktiv LLC, Rosneft will account for
Tomskneft in its US GAAP accounts on an equity basis.

As reported in the TCR-Europe on Dec. 28, 2007, The Federal
Antimonopoly Service has cleared Gazprom Neft to acquire a 50%
stake in OAO Tomskneft for US$3.66 million.

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

                       About Gazprom Neft

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

                         About Rosneft

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

                         *     *     *

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


ROSNEFT OIL: New Assets Seen to Hike Output by 10.8% in 2008
------------------------------------------------------------
OAO Rosneft Oil Co.'s Board of Directors reviewed preliminary
results for 2007 and approved a business plan for 2008.

The Board particularly noted that Rosneft has demonstrated the
best operational performance in its entire history in all
principal areas of activity.  It was also noted that all key
indicators of this year's business plan will be further
exceeded.

                   Key Operational Indicators

                               2008         2007         2006
                           Business Plan  Expected      Actual

Oil and gas condensate
   production (kt)           111,927      100,935       80,772

Gas production
  (commodity gas)(mscm)       11,161       11,070       10,037

Oil refining
   including third-party
   refineries (kt)            49,093       40,163       23,925

Oil refining
   company refineries (kt)    49,093       34,074       10,954

Petroleum products
   output (kt)                46,808       38,102       22,578

Refining depth (%)                67%          65.6%        59%

Average number of
   operating stations          1,772        1,629          640

In 2007, Rosneft continued to increase oil production at
industry leading rates, with production for the year expected to
reach 100.9 million tons of crude oil, and represents a 25%
increase over 2006. Organic production growth (i.e. excluding
acquisitions) is expected to reach 6.3%.

Crude oil production growth rates were achieved primarily
through increased drilling, commissioning of new wells (up to
658 wells), improvement of well interventions and efficient
management of waterflooding at key subsidiaries, as well as
through acquisition of new assets -- Samaraneftegas and
Tomskneft-VNK.  Gas sales volumes in 2007 are expected to reach
more than 11 bcm, or 10% more than in 2006.

Throughput at the Company's refineries in 2007 will reach
40.2 mmt of oil, 67.9% more than in 2006. Petroleum products
output will increase by 68.8% vs. the previous year -- up to
38.1 mmt. Due to the acquisition of multiple refining assets in
2007, the variety of products has been expanded and refining
depth has grown from 59% in 2006 to 65.6% expected in 2007.

In 2007, the Company's retail network also materially increased:
the average number of operating stations increased to 1,629
stations from only 640 in 2006.  As a result, retail throughput
increased by 2.3 times to 2.789 million tons.

The approved business plan for 2008 assumes further growth of
oil production, refining volumes and sales via most profitable
distribution channels.

According to the plan, oil and gas condensate production in 2008
will grow by 10.9% to 111.9 mmt.  The most significant increases
of production are expected from RN-Yuganskneftegas (7.4%) and
Samaraneftegas (6.2%) and the Company's Vankor development,
which will launch commercial production towards the end of the
year.

Throughput at the Company's refineries in 2008 is planned at
49.1 mmt, which is 22% above the expected level of 2007. Product
output will reach 46.8 mmt, which is 23% above the expected
volume in 2007. Refining depth will increase to 67%.

One of the primary objectives in the area of cost control for
the Company in 2008 is the control of unit cost growth at
refineries through a number of initiatives including:

    * establishment of a centralized service provider for
      maintenance and repairs (RN-Service-Refining);

    * completion of the gas supply program for the Samara group
      of refineries;

    * conducting an energy audit to subsequently apply measures
      to reduce unit power consumption;

    * continuing efforts to establish a 2-year cycle between
      maintenance shut-downs;

    * reduction of process losses;

    * optimization of processes and increase of process units
      efficiency;

    * divestitures of auxiliary entities.

Further expansion of the Company's retail network and an
increase in average throughput per station are also planned for
2008, with the number of the retail stations targeted to reach
1,975 by the end of the year via opening of newbuilt stations
and acquisitions.

Volume growth, together with continuing emphasis on operating
and capital cost control, as well as improving sales efficiency
via new, more profitable distribution channels will provide
further momentum to the Company's objective to solidify its
position as the leader of the Russian oil industry both in terms
of operational and financial performance.

                         About Rosneft

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

                         *     *     *

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


RUSSIAN SKY: Creditors Must File Claims by Jan. 15
-------------------------------------------------
Creditors of CJSC Airline Russian Sky have until Jan. 15 to
submit proofs of claim to:

         V. Ya. Kryuchkov
         Interim Manager
         Office 2
         Pr. October 11
         Ufa
         450001 Bashkortostan
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
May 14 to hear the company's bankruptcy supervision procedure
after finding it insolvent on Oct. 19, 2007.  The case is
docketed under Case No. A41-K2-19390/07.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Pr-t Ac. Sakharova
         107996 Moscow
         Russia

The Debtor can be reached at:

         CJSC Airline Russian Sky
         Airport Domodedovo
         Domodedovo
         142015 Moscow
         Russia


SEVERSTAL OAO: Names James Hrusovsky as SeverCorr CEO
-----------------------------------------------------
OAO Severstal disclosed that John Correnti, CEO of SeverCorr,
and other founding senior managers of the next generation steel
mill located in Columbus, Mississippi, will transition executive
management of SeverCorr to Severstal.

This is following the company's previous disclosure that it will
consolidate SeverCorr as a Severstal company and that it intends
to purchase the ownership interests in SeverCorr held by John
Correnti and other members of the executive management team.

Severstal has appointed a new senior management team at
SeverCorr and will leverage its track record of operational
excellence and its experience in successfully acquiring and
integrating high-quality assets in both North America and Europe
to ensure long-term success at the mill.

James Hrusovsky has been appointed the new CEO of SeverCorr and
will be based in Columbus, Mississippi. He was formerly COO of
Severstal North America, Inc., the company's other U.S.
business, and has over 26 years of industry experience in both
strategic and operational roles.

Sergei Kuznetsov, CFO of SNA with twelve years of industry
experience, has been appointed the new CFO of SeverCorr.  He
will have financial management and reporting responsibilities
for both SeverCorr and SNA and will remain based in Dearborn,
Michigan.

"John Correnti and his team have been tremendous partners and we
wish them the very best in the future," Severstal CEO Alexey
Mordashov said.  "In a relatively short period, they built from
scratch one of the most technologically advanced mills in the
steel industry that is strategically located to serve the fast
growing Southern region of the U.S.

"Severstal remains committed to John's vision and to SeverCorr's
employees, customers, partners and the Golden Triangle region
and state of Mississippi. We are fully focused on delivering a
seamless and cooperative transition. With the new management
team in place, we are well positioned to lead SeverCorr into the
next stage of its development and deliver value to all
stakeholders."

The transition of the executive management team and anticipated
change of ownership structure is not expected to have any impact
on SeverCorr's operations.  Other senior operational management
of SeverCorr remains in place. SeverCorr will continue its
successful production ramp-up and the Phase II expansion, which
will more than double the mill's output to 3 million metric
tons, is on-track to be completed by late 2010.

John Correnti, said, "We're proud of what we've accomplished at
SeverCorr and I want to thank everyone who has helped make it
possible.  As SeverCorr moves from an entrepreneurial venture
into an operating steel mill, it made sense for me and other
founding senior managers to transition executive management
responsibilities. Severstal was a valuable partner in getting
this mill to where it is today."

SeverCorr is a unique mill in that it produces high-quality
steel by combining an electric arc furnace steel making process
using scrap metal with integrated finishing plant.  It is
located near a number of large steel customers, making the
distribution channels more efficient.  SeverCorr complements
Severstal's other U.S. business, SNA, which is based in
Dearborn, Michigan and primarily serves the manufacturing hub of
the Midwest U.S.

The U.S. currently contributes 16% to Severstal's total revenues
and is a priority market for the company.  Full consolidation of
SeverCorr financials will begin in first quarter 2008.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SEVERSTAL OAO: Shareholders Approve RUR2.50 Per Share Dividend
--------------------------------------------------------------
OAO Severstal disclosed the results of voting on the resolution
proposed at the Extraordinary General Meeting held on Dec. 20,
2007.

Severstal's shareholders approved the dividends for the nine
months of 2007 in the amount of RUR2.50 per common share and per
global depositary receipt payable before Feb. 18, 2008, to
shareholders on the share register record date of Nov. 14, 2007.

Holders of the Company's GDRs may contact Deutsche Bank Trust
Company Americas as depositary for the related GDRs record date
and payment date.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


VOSTOKKVARTSSAMOTSVETY: Creditors Must File Claims by Jan. 15
-------------------------------------------------------------
Creditors of State Geological-and-Industrial Enterprise
Vostokkvartssamotsvety have until Jan. 15 to submit proofs of
claim to:

         E. P. Popova
         Interim Manager
         P.O. Box 22
         677018 Yakutsk
         Russia

The Arbitration Court of Sakha commenced bankruptcy supervision
procedure against the company after finding it insolvent on
Dec. 3, 2007.  The case is docketed under Case No. A58-7809/07.

The Debtor can be reached at:

         State Geological-and-Industrial Enterprise
         Vostokkvartssamotsvety
         Bol'shoy Khatymi
         Neryungrinsky Raion
         Sakha
         Russia


* Standard & Poor's Assigns BB+ Ratings to Krasnoyarsk Krai
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' global
scale and 'ruAA+' Russia national scale ratings to Krasnoyarsk
Krai. The outlook is stable.  The krai is the second-largest
region in the Russian Federation (foreign currency
BBB+/Stable/A-2; local currency A-/Stable/A-2; Russia national
scale 'ruAAA'), and is located in Eastern Siberia.

"The ratings are constrained by low budget predictability and
flexibility due to high industrial and taxpayer concentration,
pressure on costs and infrastructure needs in such a remote
location, and federal regulation of the main budget parameters,"
said Standard & Poor's credit analyst Irina Pilman.

The krai's strong economy supports the ratings by generating
high revenue growth.  Anticipated massive investment and the
commitment to keep the debt burden low also strengthen the
krai's creditworthiness.

The krai plans to finance capital programs with borrowings. This
could bring direct debt to a moderate 25% of operating revenues
by 2010.

"We expect that revenue growth will continue, and that the krai
will implement its medium-term capital program without
deterioration of the currently strong operating performance, and
will keep the debt burden moderate," said Ms. Pilman.

Should the krai exceed the currently forecasted self funding
capacity and thus be able to accelerate the implementation of
its infrastructure projects, ratings could be positively
impacted.

Conversely, a sharp decrease in revenues, combined with a spike
in debt and deterioration of performance, could put pressure on
the ratings.


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

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

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

The ratings are supported by good budgetary performance,
commitment to maintain a moderate debt burden in the medium term
and improve debt structure, and the administration's efforts to
attract investment.

S&P expects revenue growth to outpace inflation in the medium
term.

The administration plans to increase debt to address highly
underfinanced infrastructure needs in the region, but the debt-
to-operating revenues ratio is expected to remain below 20% and
debt service should not exceed 5% of total revenues in the next
three years.

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

Stronger-than-planned economic and revenue growth, along with
institutionalization of the reserve policy, could strengthen the
ratings.

Deterioration of budgetary performance, and increased debt
service above anticipated levels -- which S&P considers unlikely
-- could pressure the ratings.


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


MAZDA MOTOR: Announces Organizational & Personnel Changes
---------------------------------------------------------
Mazda Motor Corporation has made some organizational and
personnel changes, which will take effect on Jan. 1, 2008.

The changes in the automaker's financial services area, aims to:

  * strengthen the control system for the financial reporting
    process in line with the introduction of the new Financial
    Instruments and Exchange Law in fiscal year 2008;

  * enhance the financial control system throughout the
    accounting and tax areas.  In addition, improve functions
    to respond to issues raised by the increasingly complex
    tax practices in Japan and overseas; and

  * rename the CAB Development Office because its development
    of business models for affiliates' accounting services
    and their operation have been established and are in place.

Some functions of the accounting department have been separated
and reorganized in order to newly establish the Financial
Internal Control Department and the CAB Development Office has
been renamed the Dealer Financial Services Department.

  * Kiyoshi Fujiwara, who is currently occupying the General
    Manager of Powertrain Development Division will also become
    the General Manager for the Powertrain Planning Department.

  * Yoshinobu Kido, who is now the General Manager of
    Powertrain System Development Dept. will be the Staff
    Manager of Powertrain Development Division by the start of
    2008.

  * Masamitsu Koike, currently the General Manager of
    Powertrain Planning Dept, will become the General Manager
    of Drivetrain Development Dept.

  * Toshiyuki Kikuchi, currently the General Manager of
    Drivetratin Development Dept., is appointed to be the
    General Manager of Powertrain System Development Dept.

  * Tetsuya Fujimoto, the General Manager of the Accounting
    Dept. will also be the Deputy General Manager.

  * Akihiko Nakajima, the Staff Manager of the Accounting
    Dept., will become the General Manager of Financial
    Internal Control Dept.

  * Naomitsu Morishima, Staff Manager of CAB Development
    Office, will be the General Manager of the Dealer Financial
    Services Dept.

                        About Mazda Motor

Headquartered in Hiroshima, Japan, Mazda Motor Corporation --
http://www.mazda.co.jp/-- together with its subsidiaries and
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Sweden, Columbia, New Zealand, Thailand, Indonesia and China.

                          *     *     *

In April 2007, Standard & Poor's Ratings Services raised Mazda
Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:

  * Corporate Credit Rating: BB /Stable/; and

  * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3%
-----------------------------------------------------
Mazda Motor Corporation reports that its domestic sales for
November 2007 climbed 2.3% with 18,799 units as compared to the
same month last year.

Domestic sales went up due to the sales boost coming from new
models such as the Mazda2, known as Demio overseas, and Mazda5
(Premacy), and steady sales of micro-mini models.

Demio's sales, from the previous year, surged 29.3% to 5,160
units, while Premacy sales for November 2007 increased to 2,017
units or an equivalent of 15.7%.  Micro-mini models totaled
4,415 units, a 33.1% increase.

Passenger cars domestic sales went up 3.4% to 15,607 units and
commercial vehicles went down 2.9% to 3,192 units.

Mazda's registered vehicle market share was 4.8%, down 0.5
points over the same period last year, with a 2.9% share of the
micro-mini segment (down 0.9 points) and a 4.2% total market
share (down 0.1 points).

Total export for November 2007 gained 9.8% to 73,519 units due
to an increase in exports of the steady-selling Mazda2 and
increased shipement of Mazda CX-7 models bound for regions other
than North America.

Mazda's export to Europe totaled 27,129 units, followed by North
America totaling 23,364 units while exports to Oceania and other
regions (the Middle Ease, Central and South America_ were
steady.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Sweden, Columbia, New Zealand,
Thailand, Indonesia and China.

                          *     *     *

In April 2007, Standard & Poor's Ratings Services raised Mazda
Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:

  * Corporate Credit Rating: BB /Stable/; and
  * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year
-------------------------------------------------------------
Mazda Motor Corporation posts a 6.6% year-on-year increase in
global production with 122,591 units for the month of November
2007.

Global production of passenger cars climbed 9.3% to 112,666
units as commercial vehicles slumped 16.7% to 9,925 units
compared to the same period last year.

Domestic production jumped 12.5% for November 2007 with 96,500
units due to increased production of the Mazda CX-7 and Mazda
CX-9 and added production of the Mazda2 (known as the Demio in
Japan) for the European market.  Mazda's CX-7 production surged
54.4% year-on-year with 8,414 units and Demio's 16,877 units, up
290.9% from last year.

Overseas production dipped 10.8% to 26,091 units as compared to
November 2006 output of 26,828 units.  Passenger cars production
is also down by 10.5% to 19,337 units, while commercial vehicles
decreased 11.4% to 6,754 units.  Although overseas production of
the Mazda6 and Mazda3 was steady, the overseas output decreased
due to a decrease caused by the Familia and Premacy production
in China being attributed to FAW Haima, which has established
its own brand.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Sweden, Columbia, New Zealand,
Thailand, Indonesia and China.

                          *     *     *

In April 2007, Standard & Poor's Ratings Services raised Mazda
Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:

  * Corporate Credit Rating: BB /Stable/; and
  * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


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


ALTERNATIVE-2000 LLC: Creditors Must File Claims January 6
----------------------------------------------------------
Creditors of LLC Alternative-2000 (code EDRPOU 31329780) have
until Jan. 6 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company.  The case is docketed under
Case No. B 24/421-07.

The Debtor can be reached at:

         LLC Alternative-2000
         Dnieprodzerzhynsk
         Shepetov Str. 6/34
         51900 Dnipropetrovsk
         Ukraine


AMADIS SERVICE: Creditors Must File Claims January 6
----------------------------------------------------
Creditors of LLC Amadis Service (code EDRPOU 34513095) have
until Jan. 6 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company.  The case is docketed under
Case No. B 15/320-07.

The Debtor can be reached at:

         LLC Amadis Service
         General Grushevsky Str. 14/62
         49000 Dnipropetrovsk
         Ukraine


BEAU MONDE: Creditors Must File Claims January 6
------------------------------------------------
Creditors of LLC Beau Monde (code EDRPOU 24237400) have until
Jan. 6 to submit written proofs of claim to:


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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company.  The case is docketed under
Case No. B 24/419-07.

The Debtor can be reached at:

         LLC Beau Monde
         Sachko Str. 17
         Dnieprodzerzhynsk
         51931 Dnipropetrovsk
         Ukraine


CAPITAL KHARKOV: Creditors Must File Claims January 6
-----------------------------------------------------
Creditors of LLC Capital Kharkov (code EDRPOU 34095196) have
until Jan. 6 to submit written proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 5/562-
07.

The Debtor can be reached at:

         LLC Capital Kharkov
         Yunost Avenue 18
         21021 Vinnica
         Ukraine


CAPITAL KRYM: Creditors Must File Claims January 6
--------------------------------------------------
Creditors of LLC Capital Krym (code EDRPOU 34095268) have until
Jan. 6 to submit written proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company.  The case is docketed under Case No.
5/558-07.

The Debtor can be reached at:

         LLC Capital Krym
         Yunost Avenue 18
         21021 Vinnica
         Ukraine


ISA-AGRO LLC: Creditors Must File Claims January 6
--------------------------------------------------
Creditors of LLC Isa-Agro (code EDRPOU 30172097) have until
Jan. 6 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.  The case is docketed under Case No. B
11/344-07.

The Debtor can be reached at:

         LLC Isa-Agro
         Shevchenko Str. 20
         Golovurov
         Borispol District
         Kiev Ukraine


ITD LLC: Creditors Must File Claims January 6
---------------------------------------------
Creditors of LLC ITD (code EDRPOU 32042146) have until Jan. 6 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.  The case is docketed under Case No.
15/652-b.

The Debtor can be reached at:

         LLC ITD
         40 Years of October Avenue 106/2
         03127 Kiev
         Ukraine


MAYAK LLC: Proofs of Claim Filing Due January 6
-----------------------------------------------
Creditors of LLC Mayak (code EDRPOU 00431935) have until Jan. 6
to submit written proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/254-07.

The Debtor can be reached at:

         LLC Mayak
         Riv
         Zhmerinka District
         23100 Vinnica
         Ukraine


METIZ MACHINERY: Creditors Must File Claims January 6
-----------------------------------------------------
Creditors of CJSC Metiz Machinery (code EDRPOU 31197484) have
until Jan. 6 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company.   The case is docketed under
Case No. B 24/420-07.

The Debtor can be reached at:

         CJSC Metiz Machinery
         Kirov Str. 16
         Dnieprodzerzhynsk
         51925 Dnipropetrovsk
         Ukraine


NEW DEAL: Creditors Must File Claims January 6
----------------------------------------------
Creditors of LLC New Deal (code EDRPOU 25594495) have until
Jan. 6 to submit written proofs of claim to:

         Liquidator 01033 Kiev Ukraine Zhylianskaya Str. 23

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 502-b.

The Debtor can be reached at:

         LLC New Deal
         Zhukovsky Lane 13/19
         03022 Kiev
         Ukraine


UKRAINIAN PETROLEUM: Creditors Must File Claims January 6
----------------------------------------------------------
Creditors of CJSC Ukrainian Petroleum Gas Technology (code
EDRPOU 24942422) have until Jan. 6 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.  The case is docketed under Case No.
23/245-b-43/529.

The Debtor can be reached at:

         CJSC Ukrainian Petroleum Gas Technology
         Electricians Str. 26
         Kiev
         Ukraine


UKRATEND-LINE LLC: Creditors Must File Claims January 6
-------------------------------------------------------
Creditors of LLC Ukratend-Line have until Jan. 6 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.  The case is docketed under Case No.
15/778-b.

The Debtor can be reached at:

         LLC Ukratend-Line
         40 Years of October Str. 120
         03127 Kiev
         Ukraine

ZARIA LLC: Creditors Must File Claims January 6
-----------------------------------------------
Creditors of LLC Zaria (code EDRPOU 31711895) have until Jan. 6
to submit written proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on Nov. 15, 2007.  The case is docketed
under Case No. 3/126-b.


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


BRIAN LIVESEY: Brings In Begbies Traynor as Administrators
----------------------------------------------------------
David Acland and Andrew Dick of Begbies Traynor LLP were
appointed joint administrators of Brian Livesey Ltd. (Company
Number 01074857) on Dec. 19, 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:

         Brian Livesey Ltd.
         Brierley Road
         Walton Summit Centre
         Bamber Bridge
         Preston
         Lancashire
         PR5 8AH
         England
         Tel: 01772 322 115
         Fax: 01772 627 367


CHEYNE FINANCE: Receivers Struck Deal on Refinancing
----------------------------------------------------
The receivers of Cheyne Finance Plc (nka SIV Portfolio Plc)
disclosed that they have reached agreement on non-binding heads
of terms for the sale of the entire investment portfolio held by
the Company to Goldman Sachs International and/or alternative
bidders.

Neville Kahn, Nick Edwards and Nicholas Dargan of Deloitte &
Touche LLP said the agreement followed detailed discussions with
a number of different bidders over the past few weeks and
consultation with the informal creditors' committees.  The heads
of terms envisage that certain reinvestment opportunities will
be offered to certain existing creditors of the Company.  All
parties continue to negotiate towards reaching a binding
agreement and finalizing documentation.

                       Enforcement Event

On Aug. 28, 2007, mark-to-market losses in the Investment
Portfolio of Cheyne Finance have caused a breach of the Major
Capital Loss Test and therefore triggered an Enforcement Event.

On Sept. 4, 2007, receivers have been appointed to Cheyne
Finance.  The appointment of a receiver is required under the
terms of the company's Security Trust Deed following the
occurrence of an Enforcement Event.  The appointment has been
duly made by The Bank of New York as Security Trustee.

                       Insolvency Event

On Oct. 17, 2007, the receivers of Cheyne Finance determined
that the structured investment vehicle is, or is about to
become, unable to pay its debts as they fall due to "Senior
Creditors" and any other persons whose claims against it are
required to be paid in priority thereto, as contemplated by
Section 123(1) of the United Kingdom Insolvency Act 1986.

Accordingly, the receivers have notified The Bank of New York,
as Security Trustee, that an "Insolvency Event" has occurred.

Cheyne Finance plc is a structured investment vehicle managed by
Cheyne Capital Management Ltd.


COSI LTD: Names KPMG LLP as Joint Administrators
------------------------------------------------
Allan Watson Graham and Jonathan Scott Pope of KPMG LLP were
appointed joint administrators of Cosi (Holdings) Ltd. (Company
Number 04228905) on Dec. 21, 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:

         Cosi (Holdings) Ltd.
         Watersmead Business Park
         Littlehampton
         West Sussex
         BN17 6LS
         England
         Tel: 01903 734 734
         Fax: 01903 844 552


D & C SATELLITE: Claims Filing Period Ends February 10
------------------------------------------------------
Creditors of D & C Satellite & Television Ltd. have until
Feb. 10 to send in their names and addresses, with particulars
of their debts or claims, to:

         Lindsey Cooper and Adrian Allen
         Joint Liquidators
         Baker Tilly Restructuring and Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England

Lindsey Cooper and Adrian Allen of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of the company on
Dec. 7, 2007 for the creditors' voluntary winding-up proceeding.


ELITE PROPERTY: Taps Tenon Recovery as Joint Administrators
-----------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of Elite Property Services (NE)
Ltd. (Company Number 04713513) on Dec. 19, 2007.

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

The company can be reached at:

         Elite Property Services (NE) Ltd.
         Riverside Industrial Estate
         Langley Park
         Durham
         County Durham
         DH7 9TT
         England
         Tel: 0191 373 5588


EMAP PLC: Possible Asset Sale Cues S&P to Cut Ratings to B
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. based
publisher and broadcaster EMAP PLC to 'B' from 'BBB-'.  At the
same time, the ratings remained on CreditWatch and the
CreditWatch implications were revised to developing from
negative.

The company was originally placed on CreditWatch on July 27,
2007, following the announcement that EMAP was to undertake a
strategic review, including a possible sale or demerger of some
or all of its constituent businesses.

A CreditWatch with a developing outlook indicates the
possibility that the ratings might be downgraded, affirmed, or
raised following the completion of various transactions.  The
downgrade to single 'B' category and the revision of the
CreditWatch follow EMAP's announcement that it has agreed to the
disposal of substantially all of its consumer business and radio
business for GBP1.14 billion, followed by its sale to a vehicle
named Eden Bidco Limited at 470 pence per share (about GBP1
billion).  Eden is controlled by Apax Partners Worldwide LLP and
by Guardian Media Group PLC.

The downgrade reflects the group's very aggressive financial
policy reflected in the disposal of its key assets, and ensuing
deterioration of its business risk profile, and our expectations
of the implementation of a highly leveraged capital structure
under the new ownership.  The CreditWatch developing placement
primarily reflects the uncertainty linked to the final capital
structure adopted and, consequently, to the possibility of a
partial or full repayment of the bonds.  The documentation of
the GBP250 million bonds contains a put event clause, which is
triggered in the event of a change of control and ratings
downgrade to a noninvestment grade credit rating or ratings
withdrawal within 120 days.  Should the bonds be repaid in part
or fully following the transaction, we still expect, however,
the corporate credit rating to remain within the 'B' category.

Apax and GMG are effectively buying EMAP's Business-to-Business
(B2B) media assets, which include professional publications,
conferences, trade exhibitions, and information products,
focusing on retail, construction, the public sector and
healthcare, the media and automotive.  This sale follows the
announcement at the beginning of December that EMAP had agreed
to sell its consumer publishing and radio station divisions to
Heinrich Bauer Verlag KG (Bauer) for GBP1.14 billion, with
approximately GBP1.0 billion of the proceeds returned to
shareholders in cash.  The proposed acquisition of EMAP by Eden
is dependent on the completion of the sale of the consumer
publishing and radio units.

Following the disposal of the consumer publishing and radio
units, if successful, EMAP will become a focused B2B publisher
with a portfolio of print titles, online assets, and
exhibitions.  Based on its track record, the continuing business
should have an annual EBITDA base of about GBP100 million.

As such, S&P expects EMAP to have a business risk profile
broadly at best compatible with the 'BB' rating category.  Even
though the various transactions are conditional on regulatory
and other approvals, we now believe that there is reasonable
certainty on the completion of the announced transactions.
While further details on the capital structure of EMAP after
disposals are awaited, it is likely to be very aggressively
leveraged and aligned with the 'B' category rating.

S&P shall resolve the CreditWatch placement once we receive more
information about the capital structure to be implemented at the
company after the completion of the various transactions and the
status of the outstanding bonds becomes clearer.


ENTRY FUNDING 1: Fitch Rates EUR5 Million Class F Notes at B
------------------------------------------------------------
Fitch Ratings has affirmed Entry Funding No. 1 plc's floating-
rate notes due 2013, following a satisfactory performance
review:

   -- EUR319.741 million Class A (ISIN: XS0277614532): affirmed
      at 'AAA'

   -- EUR8 million Class B (ISIN: XS0277614706): affirmed at
      'AA'

   -- EUR8 million Class C (ISIN: XS0277614888): affirmed at 'A'

   -- EUR10 million Class D (ISIN: XS0277614961): affirmed at
      'BBB'

   -- EUR11 million Class E (ISIN: XS0277615000): affirmed at
      'BB'

   -- EUR5 million Class F (ISIN: XS0277615265): affirmed at 'B'

Current information for the transaction is as of the September
2007 reporting date.  This transaction has experienced two
insolvencies totaling EUR1.25 million (0.3% of the initial
portfolio) since close.  The most senior outstanding notes, the
Class A notes, were paid down by this amount via excess spread
and the reserve account in the quarter ending June 2007.  Two
further loan receivables totaling EUR2.7 million (0.7% of
initial portfolio) were repurchased as they were identified as
non-eligible receivables.  As a result of these pay-downs as
well as scheduled and early principal repayments, the Class A
notes had amortized to 91.7% of its initial balance.  The
portfolio's balance is EUR361.7 million compared to
EUR400.5 million at close.

Credit enhancement for the Classes A to E notes is provided by
subordination, the reserve account and available excess spread.
Credit enhancement for the Class F notes is provided by the
reserve account and excess spread.  As a result of the Class A
notes' amortization and the increase in the reserve account,
credit enhancement for all classes of notes had increased since
close. Fitch deems the currently available credit enhancement to
be sufficient to support the current ratings.

The portfolio has a weighted average life of 2.9 years compared
to 3.6 years at close.  The average credit quality of the
portfolio has deteriorated to a rating of 'BB+'/'BB' compared to
'BBB-'/'BB+' at close.  The lowest-rated loan, rated 'CCC', had
been granted a principal and interest moratorium.  The
transaction's exposure to this loan is 0.5% of the current
portfolio.  There are four loans rated 'CCC+', totaling 1.2% of
the current portfolio.  The main risk to this transaction
continues to be a clustering of defaults within a short period
of time.

This transaction is a cash securitization of loans certified by
certificates of indebtedness ("Schuldscheindarlehen") to German
small and medium-size enterprises.  The transaction is the first
true-sale securitization of Landesbank Baden-Wurttemberg-
originated loans to SMEs.  The scheduled maturity of all Classes
of notes is September 2011, and the legal maturity is September
2013.  The portfolio comprises senior unsecured loan instruments
that are either amortizing or have a bullet maturity.  The loans
have been specifically designed to be refinanced via a
securitization and therefore contain standardized
characteristics.  The transaction is static and is expected to
amortize relatively quickly.  To assess the credit quality of
the portfolio, Fitch used a mapping approach to LBBW's internal
rating system.


ERINACEOUS: Settles Legal Action Over Mount Street Acquisition
--------------------------------------------------------------
Erinaceous Group plc and Regis have reached an amicable
settlement in their respective legal actions in connection with
the acquisition by Erinaceous of Mount Street Holdings.

Under the terms of the settlement, which does not involve any
cash consideration by either Erinaceous or Regis, both parties
have agreed to withdraw their separate claims.  All issues have
been fully resolved to both sides satisfaction.

Separately, the parties have entered into a new property
management agreement on normal commercial terms.

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

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

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


FGX INT'L: Moody's Withdraws All Ratings After Debt Refinancing
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings on FGX
International Limited for business reasons.  Moody's added that
the ratings were withdrawn because the company had no rated debt
outstanding following the completion of its IPO and debt
refinancing.

These ratings were withdrawn:

* Issuer: FGX International Limited

  -- Corporate Family Rating, Withdrawn, previously rated B2

  -- Probability of Default Rating, Withdrawn, previously rated
     B2

  -- Senior Secured Bank Credit Facility Due 2010, Withdrawn,
     previously rated B1 (LGD 3, 35%)

  -- Senior Secured Bank Credit Facility Due 2012, Withdrawn,
     previously rated B1 (LGD 3, 35%)

  -- Senior Secured Bank Credit Facility Due 2013, Withdrawn,
     previously rated Caa1 (LGD 5, 84%)

  -- Outlook, Changed To Rating Withdrawn From Stable

FGX International Limited, based in Smithfield, Rhode Island, is
a leading marketer and distributor of branded and private-label
eyewear and costume jewelry, particularly in the mass retail
channels and primarily under the FosterGrant and Magnivision
brands.  Net sales for the twelve-month period ending Sept. 30,
2007 were approximately US$248 million.   The company has
international locations in the United Kingdom, Canada, China and
Mexico.


FIREMASTER EXTINGUISHER: Appoints Administrators from Tenon
-----------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were
appointed joint administrators of Firemaster Extinguisher Ltd.
(Company Number 00599245) on Dec. 20, 2007.

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

The company can be reached at:

         Firemaster Extinguisher Ltd.
         Firex House 174 176
         Hither Green Lane
         Lewisham
         London
         SE13 6QB
         England
         Tel: 020 8852 8585
         Fax: 020 8297 8020
         Web site: http://www.firemaster.co.uk/


FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million
-------------------------------------------------------
Ford Motor Company's full-year 2007 sales totaled 2.57 million,
down 12% compared with a year ago.  Retail sales were down 10%
and fleet sales were down 18% (including a 32% reduction in
daily rental sales).  More than two thirds of Ford's sales
decline reflected discontinued products.

Ford's December sales totaled 212,094, down 9% compared with a
year ago.  Retail sales were down 13% and fleet sales were down
1%.

Led by two new and three redesigned models, Ford, Lincoln and
Mercury crossover utility vehicles paced the industry's fastest-
growing segment with a gain of 62% in 2007, more than triple the
industry-wide growth of 17%.  In its first full year, Ford Edge
sales were 130,125, exceeding Ford's original forecast by 30%.
In December, Edge capped off the year with its best-ever retail
sales month.

"Ford Edge is a great example of our plan to build products
people really want to buy," Jim Farley, Ford's group vice
president, Marketing and Communications, said.  "Demand is
growing at a fast pace beyond the nation's heartland, our
traditional region of strength."

Ford expects continued growth in crossovers in 2008 with the
mid-year introduction of the Ford Flex.

Lincoln achieved full-year sales of 131,487, a 9% increase
versus 2006.  The Lincoln MKX crossover was the largest
contributor to Lincoln's growth, but the MKZ sedan and Lincoln
Navigator also helped spur Lincoln's momentum, which began in
late 2006.  The next new Lincoln was revealed at the Los Angeles
Auto Show in November -- the MKS sedan that will debut this
summer.

Sales for the new Ford Focus were up 3% in December (9% at
retail).  Focus sales were up 18% in November, the first full
month for the new model.

Ford's F-Series truck was America's best-selling truck in 2007 -
- the 31st year in a row -- with full year sales of 690,589.
F-Series was also the best-selling vehicle, car or truck, for 26
years in a row.

                          2008 Outlook

Ford expects the economic environment to remain challenging in
2008.  Ford has said it expects the first half U.S. auto sales
rate to be in the range of 15.5 to 16.0 million in the first
half (light vehicle sales in the range of 15.2 to 15.7 million).

"We are restructuring our business to be profitable at lower
demand and changed mix and accelerating the development of new
products people want to buy," Mr. Farley said.  "We have more
work to do to reach our ultimate goal -- profitable growth for
all.  But we have made progress in a short amount of time in
several key areas."

                           About Ford

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

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

                          *     *     *

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



FORD MOTOR: Overall Sales in Canada Drops 11.8% to 15,163 Units
---------------------------------------------------------------
Making a connection with consumers is what it's all about and
the Ford Motor Company of Canada, Ltd. certainly saw success in
that area driven by its new crossover vehicles -- the Ford Edge
and Lincoln MKX -- as well as with the Ford F-Series, the best
selling vehicle in Canada for the fifth straight year and the
best selling pick-up truck in Canada for a record 42 consecutive
years.  Truck sales achieved a solid 6.6% increase for the year.
Although combined sales were down 2.2%, as compared to a strong
year in 2006, Ford's new and refreshed vehicles drove showroom
traffic -- the Ford Escape also being an excellent example as it
delivered a sales increase of 23.9%.

"We achieved two major goals in 2007 -- we promised to be a
major contender in the crossover revolution in this country and
continue to solidify our truck leadership. On both we certainly
delivered," Bill Osborne, president and CEO, Ford Motor Company
of Canada, Ltd. said.  "Looking ahead, watch for the crossover
momentum to grow as we launch our full size crossover, the Ford
Flex, later this year -- and for Lincoln's appeal to intensify
with the hot new 2009 MKS."

                       December Results

For December, Ford of Canada's overall sales decreased 11.8% to
15,163 units.  Although total truck sales were down 7.2% at
11,702 units, the Ford Edge, Ford Ranger, Lincoln MKX each saw
an increase in sales during the month.  Total car sales of 3,461
units mark a 24.5% decline compared to last December.

                         Vehicle Sales

                            2007         2006        Change
                            ----         ----        ------
    Total Vehicles
    --------------
    December              15,163       17,191        -11.8%
    January-December     224,356      229,316         -2.2%

    Total Cars
    ----------
    December               3,461        4,583        -24.5%
    January-December      56,147       71,557        -21.5%

    Total Trucks
    ------------
    December              11,702       12,608         -7.2%
    January-December     168,209      157,759         +6.6%

                           About Ford

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

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

                          *     *     *

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


FORD MOTOR: Singles Out Jaguar & Land Rover Bidder Tata Motors
--------------------------------------------------------------
Lewis Booth, executive vice president for Ford of Europe and
Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo
and Ford of Europe) issued a statement on the potential sale of
Fors Motor Co.'s Jaguar and Land Rover brands:

"Ford is committed to focused negotiations at a more detailed
level with Tata Motors Ltd. concerning the potential sale of the
combined Jaguar Land Rover business."

"There is still a considerable amount of work to do, and while
no final decision has been made, we will proceed with further
substantive discussions with Tata Motors over the forthcoming
weeks with a view to securing an agreement that is in the best
interests of all parties concerned."

                           About Ford

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

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

                          *     *     *

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


GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario
---------------------------------------------------------------
A components plant and an engine plant of General Motors of
Canada Ltd. in St. Catharines, Ontario, will be displacing 450
employees for the first two weeks in January, Don Fraser of the
St. Catharines Standard reports.  GM's St. Catharines
spokeswoman Virginia Lewis said the plants will be temporarily
shut down to adjust inventory.

The paper relates that 420 workers at the engine plant, which
assembles GM's famous Vortec brand of engines, will be laid off
starting Jan. 6 until Jan. 13.  Roughly 30 workers at the
components plant, which produces high precision transmission
components and automotive forgings for North America, have
already been displaced on Jan. 2.  They will come back to work
on Jan. 13.

The tentative shuttering is related to GM's truck manufacturing
operation in Oshawa, the source says.

As reported in the Troubled Company Reporter on Dec. 11, 2007,
GM Canada disclosed plans of temporarily closing its truck
assembly plant in Oshawa, Ontario, for two weeks in January
2008, cutting roughly 8,800 truck output.  The move is a result
of the slow sales of Chevrolet Silverados and GMC Sierras in the
United States.

                  About General Motors of Canada

Headquartered in Oshawa Ontario, General Motors of Canada Ltd.
manufactures vehicles, vehicle powertrains, and markets the full
range of General Motors vehicles and related services through
743 dealerships and retailers across Canada.  Vehicles sold
through this network include Chevrolet, Buick, Pontiac, GMC,
Saturn, Hummer, Saab and Cadillac.  GM of Canada employs more
than 19,000 people nationwide.

                            About GM

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

                         *     *     *

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

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


K.W. BEARD: Lloyds TSB Taps BDO Stoy as Receivers
-------------------------------------------------
Lloyds TSB Bank Plc appointed Randall and Simon Edward Jex
Girling of BDO Stoy Hayward LLP joint administrative receivers
of K.W. Beard Ltd. (Company Number 01487858) on Dec. 21, 2007.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         K.W. Beard Ltd.
         Valley Road
         Cinderford
         Gloucestershire
         GL14 2PD
         England
         Tel: 01594 823 031
         Fax: 01594 825 965


LADBROKES PLC: Inks Five-Year Deal with Turf TV
-----------------------------------------------
Ladbrokes plc has struck a five-year deal with Turf TV to be
able to show pictures from the channel's 31 British racecourses
in its 2,300 betting shops, published reports say.

According to the Daily Telegraph, the move came after Ladbrokes'
betting shops were left without pictures of the first two races
from Tuesday's Cheltenham meeting, which Turf has exclusive
rights to broadcast.

On Dec. 24, 2007, Amalgamated Racing, a joint venture company of
Alphameric, has signed a contract with Coral to show Turf in the
bookmaker's 1,560 betting offices.

Ladbrokes followed suit in a deal which is thought to have cost
the group about GBP12 million annually, the Daily Telegraph
relates.

Ladbrokes and Coral previously declined to sign up to Turf as
they control a rival service called SIS together with William
Hill and Betfred, Simon Goodlye writes for the Daily Telegraph.

                         About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

At June 30, 2007, Ladbrokes' consolidated balance sheet
showed GBP1 billion in total assets, GBP1.6 billion total
liabilities, and a GBP533.5 million stockholders' deficit.

The company's June 30 balance sheet also showed strained
liquidity with GBP186.4 million in total current assets
available to pay GBP454.1 million in total liabilities coming
due within the next 12 months.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors in April 2007,
the rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

As of Jan. 2, 2008, Ladbrokes' Long-Term Foreign and Local
Issuer Credit carry BB ratings from Standard & Poor's.


OPTIMISTIC MEDIA: Claims Filing Period Ends February 12
-------------------------------------------------------
Creditors of Optimistic Media Ltd. have until Feb. 12 to send in
their names and addresses, with particulars of their debts or
claims, to:

         Geoffrey Lambert Carton-Kelly
         Michael David Rollings
         Joint Liquidators
         Baker Tilly Restructuring and Recovery LLP
         5 Old Bailey
         London
         EC4M 7AF
         England

Geoffrey Lambert Carton-Kelly, and Michael David Rollings of
Baker Tilly Restructuring and Recovey LLP were appointed joint
liquidators of the company on Dec. 28, 2007 for the creditors'
voluntary winding-up proceeding.


RAPID 903: Brings In Liquidators from Vantis
--------------------------------------------
Frank Wessely and Peter Hughes-Holland of Vantis were appointed
joint liquidators of Rapid 903 Ltd. (formerly Viking Autos Ltd.)
on Dec. 21, 2007 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


TATA MOTORS: Set to Launch World's Cheapest Car on Jan. 10
----------------------------------------------------------
Tata Motors Ltd is scheduled to launch its INR1-lakh (around
US$2,500) car on Jan. 10, various reports say.

According to Agence France Presse, the car, touted as the
world's cheapest mass-produced car, is a pet project of Tata
Group Head Ratan Tata that he helped design.  The project is
reportedly aimed at getting India's masses off their motorbikes
and into cars.

Tata had in the past said that the car would be a gearless one
with a rear engine and meet all safety as well as emission
norms, the Press Trust of India relates.  While the initial plan
is to come out with a 660cc petrol engine, the company is also
planning to come up with the diesel variant, the news agency
adds.

Some analysts, AFP points, said that Tata's "People's Car,"
could revolutionize automobile costs worldwide.

With the price tag, rival car manufacturers are not convinced
about the safety and emission standards of the car, PTI said.
Reacting to this, Ratan Tata, as quoted by PTI, pointed out that
the INR1-lakh car will be no more polluting than a motorcycle.

Ratan Tata plans to refrain from taking active interest in the
day-to-day affairs of the group's companies once the INR1-lakh
car is launched successfully, according to media reports.

"In an ideal world, after the small car has been launched and is
successful, that would be a nice time for me to exit," PTI
quotes Mr. Tata as telling the Financial Times newspaper.

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

Tata Motors has operations in Russia and the United Kingdom.


THOMPSONS FLOORING: Taps Liquidators from Tenon Recovery
--------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Thompsons Flooring Specialists
Ltd. on Dec. 21, 2007 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


TRIONIC INSTALLATION: A. Clifton Leads Liquidation Procedure
------------------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed liquidator of
Trionic Installation & Maintenance Ltd. on Dec. 20, 2007 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham
         B3 2BB
         England


                          *     *     *

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

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


* BOOK REVIEW: A Legal History of Money in the United States
------------------------------------------------------------
Author: James Willard Hurst
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher

Order your personal copy today and one for a colleague at

http://amazon.com/exec/obidos/ASIN/1587980983/internetbankrupt

This book chronicles the legal elements of the history of the
system of money in the United States from 1774 to 1970.  It
originated as a series of lectures given by James Hurst at the
University of Nebraska in 1973.  Mr. Hurst is quick to say that
he , as a historian of the law, took care in this book not to
make his own judgments on matters outside the law.  Rather, he
conducted an exhaustive literature review of economics, economic
history, and banking to recount the development of law over the
operations of money.  He attempted to "borrow the opinions of
qualified specialists outside the law in order to provide a
meaningful context in which to appraise what the law has done or
failed to do."

Mr. Hurst define money, for the purposes of this books, as "a
distinct institutional instrument employed primarily in
allocating scarce economic resources, mainly through government
and market processes," and not shorthand for economic, social,
or political power held through command of economic assets."

From the beginning, public and legal policy in the U.S. centered
on the definition of legitimate uses of both law affecting
money, and allocation of power over money among official
agencies, both federal and state.  The foundations of monetary
policy were laid between 1774 and 1788.  Initially, individual
state legislatures and the Continental Congress issued paper
currency in the form of bills of credit.  The Constitutional
Convention later determined that ultimate control of the money
supply should be at the federal level.  Other issues were not
clearly defined and were left to be determined by events.

The author describes how law was used to create and maintain a
system of money capable of servicing the flow of resource
allocations in an economy of broadly dispersed public and
private decision making.  Law defined standard money units and
made those units acceptable for use in conducting transactions.
Over time, adjustment of the money supply was recognized as a
legitimate concern of law.  Private banks were delegated
expansive monetary action powers throughout the 1900s and
private markets for gold and silver were allowed to affect the
money supply until 1933-34.  Although the Federal Reserve Act
was not aimed clearly at managing money for goals of major
economic adjustment, it set precedents by devaluing the dollar
and restricting the use of gold.

Mr. Hurst devotes a large part of his book to key issues of
monetary policy involving the distribution of power over money
between the nation and the states, between legal and market
processes, and among major agencies of the government.  Until
about 1860, all major branches of government shared in making
monetary policy, with states playing a large role.  Between 1908
and 1970, monetary policy became firmly centralized at the
national level, and separation or powers questions arose between
the Federal Reserve Board, the White House (The Council of
Economic Advisors), and the Treasury.

The book was an enormous undertaking and its research
exhaustive.  It includes 18 pages of sources cited and 90 pages
of footnotes.  Each era of American legal history is treated
comprehensively.  The book makes fascinating reading for those
interested in the cause and effect relationship between legal
processes and economic processes and t hose concerned with
public administration and the separation of powers.

James Willard Hurst (1910-1997) is widely regarded as the
grandfather of American legal history.  He graduated from
Harvard Law School in 1935 and taught at the University of
Wisconsin-Madison for 44 years.


                            *********

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, Patrick Abing, Marites Claro and Kristina Godinez,
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 * * *