TCREUR_Public/080107.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

             Monday, January 7, 2008, Vol. 9, No. 4

                            Headlines




A U S T R I A

ACTION AGENCY: Administrator Declares Insufficient Assets
B.N. HANDEL: Estate Administrator Declares Insufficient Assets
BERGMANN LLC: Creditors' Meeting Slated for Jan. 11
CHRISTIAN MOSER: Creditors' Meeting Slated for January 22
DOX.AT SOFTWAREMARKETING: Administrator Says Insufficient Assets

KOMARO BAU: Creditors' Meeting Slated for Jan. 14
KRAINER-HAUS: Creditors' Meeting Slated for Jan. 10
TAG – BAU: Creditors' Meeting Slated for Jan. 10
TEFIX LLC: Korneuburg Court Orders Business Shutdown
W.MRAS PROJEKTABWICKLUNG: Creditors' Meeting Set for Jan. 14


B E L G I U M

URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program


D E N M A R K

POLYONE CORP: Completes Acquisition of GLS Corporation


F R A N C E

DELPHI CORP: Completes US$40 Mil. Sale of North American Brake
DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106 Mln
DELPHI CORP: IUE-CWA Objects to Employee Compensation Programs
GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments
GROUPE RENCAST: Undergoes Compulsory Administration

MTI TECHNOLOGY: Wants to Hire CMA Business as Auctioneer
POLYMER GROUP: Brings-In Robert Kocourek as Vice President
SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan


G E R M A N Y

3D GENERALBAU: Claims Registration Ends January 22
ALPHA DIENSTLEISTUNGS: Claims Registration Ends January 25
ARNOLD KOLODZIK: Claims Registration Ends January 24
B & M ART: Claims Registration Period Ends January 25
BACKEREI AM SOLLING: Creditors' Meeting Slated for Jan. 10

BESTPHAGO GMBH: Claims Registration Period Ends Jan. 18
BLEYER GARTEN: Claims Registration Ends January 23
BUCH- & OFFSETDRUCKEREI: Claims Registration Ends Jan. 21
CASTELL CONTAINERDIENST: Claims Registration Period Ends Jan. 18
DELTA WOHNBAU: Claims Registration Period Ends Jan. 18

GOLFTECH SERVICES: Claims Registration Period Ends Jan. 21
HAUSTECHNIK GOLLNOW: Claims Registration Period Ends Jan. 25
HAUTMANN + BINNER: Claims Registration Period Ends Jan. 17
HEM GMBH: Claims Registration Period Ends January 24
HOEFA WOHNUNGSBAU: Claims Registration Period Ends January 17

HUETTINGER INTERNATIONALE: Claims Registration Ends January 18
HWT HAUSTECHNIK: Claims Registration Period Ends Jan. 25
KOEHN WINTERGARTENSYSTEME: Claims Period Ends January 23
KSS 2000: Claims Registration Ends January 24
PIN GROUP: Three Units File for Insolvency

R-ESTATE GERMANY-6: Fitch Rates EUR90 Mln. Class G Notes at BB
RED HAT: Says LatAm Ops Account for Up to 5% of Global Revenues
WKT TRANSPORTE: Claims Registration Period Ends Jan. 21


H U N G A R Y

SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces


I R E L A N D

EUROCONNECT 2007: Fitch Rates EUR37.1 Mln class C Notes at BB
SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces


I T A L Y

ALITALIA SPA: Italian Politicians Hit Air France Selection
DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property
IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims
TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake
XEROX CORPORATION: Eyes Boost in Mexican IT Investments


K A Z A K H S T A N

ARMAN-XXI LLP: Proof of Claim Deadline Slated for February 5
EMP-1 LLP: Creditors Must File Claims by February 5
GRADSTROYPROJECT LLP: Claims Filing Period Ends February 1
INTA-A JSC: Creditors' Claims Due on February 1
QUARTSEVY ZAVOD: Claims Registration Ends February 1

SAU LLP: Proof of Claim Deadline Slated for February 5
TSESNABANK: Fitch Affirms B- IDR on Worsening Profitability
ZAVOD IMENI: Creditors Must File Claims by February 1


K Y R G Y Z S T A N

TECHNO TRADE: Creditors Must File Claims by January 26


N O R W A Y

CLEAR CHANNEL: Donald Perry to Quit as President & CEO
CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes


P O L A N D

PRIMA CHARTER: Claims May Cue Court to Declare Firm Bankrupt


R U S S I A

BMK-ELECTROSTEEL: Court Starts Bankruptcy Supervision Procedure
CENTROCREDIT BANK: Fitch Affirms B- on Niche Franchise
ELECTRODE PLANT: Bankruptcy Hearing Slated for March 5
GAZPROM NEFT: Creates Joint Venture with OAO Lukoil
LIVNYSTROY OJSC: Asset Sale Slated for January 31

MOSTRANSAVTO: S&P Junks Ratings on Weak Liquidity
MOSTRANSAVTO-FINANCE: S&P Junks RUR7.5 Billion Debut Bond
MORTGAGE CORPORATION: S&P Assigns B- Ratings on Debt Policies
PERVOMAISKY LOGGING: Asset Sale Slated for January 15
PMK BIRSKAYA-1: Creditors Must File Claims by February 15

PROBUSINESSBANK: Fitch Affirms IDR at B- on Flexible Capital
PUSHKINOGORSKY FOOD: Asset Sale Slated for January 18
SOSNOVOBORSKY CORRUGATED: Bankruptcy Hearing Slated for March 17
TATNEFT OAO: Mulls Joint Bitumen Oil Production with Chevron
TUIMAZINSKY BREEDING: Creditors Must File Claims by Feb. 15

YUKOS OIL: Dutch Appeal Court Says Receiver May Ignore Ruling
ZAPADNODVINSKOE MILK: Creditors Must File Claims by Feb. 15


S P A I N

SANTANDER FINANCIACION 2: Fitch Junks EUR21.8 Mln. Class F Notes


S W E D E N

AVNET INC: Acquires YEL Electronics


S W I T Z E R L A N D

ANDRES & FREY: Creditors' Liquidation Claims Due by January 9
BOSCOMBE COMMERCIAL: Creditors Must File Claims by January 9
DANI REINIGUNGS: Creditors' Liquidation Claims Due by January 9
FRARI LLC: Basel-Country Court Starts Bankruptcy Proceedings
GERBER JSC: Creditors' Liquidation Claims Due by January 9

HANF-CENTER: Basel-Country Court Starts Bankruptcy Proceedings
INTERNATIONAL COMMODITY: Creditors Must File Claims by January 9
MISCHOL BAUINGENIEURE: Creditors Must File Claims by January 9
MOBEL THEMA: Creditors' Liquidation Claims Due by January 9
OPABAU JSC: Zurich Court Starts Bankruptcy Proceedings

REDLAND COMMERCIAL: Creditors Must File Claims by January 9
SPARTACUS JSC: Zurich Court Starts Bankruptcy Proceedings
SWISS-ENTRY CONSULTING: Creditors Must File Claims by January 9


U K R A I N E

AIR CLIMATE: Creditors Must File Claims January 8
ALAN LLC: Creditors Must File Claims January 8
BON-GI LTD: Creditors Must File Claims January 8
CAPITAL CENTER: Creditors Must File Claims January 9
CAPITAL SOUTH: Creditors Must File Claims January 9

D. I.-TRADE: Creditors Must File Claims January 8
IKVA LLC: Creditors Must File Claims January 8
SELTEKS LLC: Creditors Must File Claims January 8
SERVICE-K LLC: Creditors Must File Claims January 8
SINKLIT LLC: Creditors Must File Claims January 8

SUMY LIFT: Creditors Must File Claims January 8
UNIVERSAL TRADING: Creditors Must File Claims January 8
VINBOS LLC: Creditors Must File Claims January 8


U N I T E D   K I N G D O M

ALTURA EXTRUSIONS: A. Clifton Leads Liquidation Procedure
BAYAGENT GLOBAL: Claims Filing Period Ends January 26
EUROPEAN BAKERIES: Joint Liquidators Take Over Operations
FORNAX PLC: Fitch Affirms GBP8 Million Class G Notes
GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007

GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units
LEIGH CONCRETE: Taps Liquidators from BDO Stoy Hayward
MIDLAND POTATO: Brings In Liquidators from PKF
NOVA FINANCE 4: S&P Rates EUR17.5 Million Class E Notes at BB-
OSA LTD: Appoints P. D. Masters as Liquidator

PURPLE PATCH: Calls In Liquidators from Tenon Recovery
REMY WORLDWIDE: Court Issues Final Decree Closing 27 Cases
SEEN IT ON TV: Taps Liquidators from Grant Thornton
SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion

* BOND PRICING: For the Week Dec. 31, 2007 to Jan. 4, 2008


                            *********


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


ACTION AGENCY: Administrator Declares Insufficient Assets
---------------------------------------------------------
Dr. Wolfgang Gerhard Zorn, the court-appointed estate
administrator for LLC Action Agency (FN 230253h), declared
Nov. 19, 2007, that the Debtor's property is insufficient to
cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 5, 2007 (Bankr. Case No. 4 S 128/07m).  Dominik Baurecht
represents Dr. Zorn in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Wolfgang Gerhard Zorn
         c/o  Mag. Dominik Baurecht
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61
         Fax: 533 66 61-92
         E-mail: office@gnbz.at


B.N. HANDEL: Estate Administrator Declares Insufficient Assets
--------------------------------------------------------------
Dr. Klemens Dallinger, the court-appointed estate administrator
for LLC B.N. Handel (FN 279725k), declared Nov. 16, 2007, that
the Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 23, 2007 (Bankr. Case No. 2 S 144/07z).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.

The estate administrator can be reached at:

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


BERGMANN LLC: Creditors' Meeting Slated for Jan. 11
---------------------------------------------------
Creditors owed money by LLC Bergmann (FN 87678p) are encouraged
to attend the creditors' meeting at 10:30 a.m. on Jan. 11.

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. 16, 2007 (28 S 135/07t).  Andrea Simma serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at


CHRISTIAN MOSER: Creditors' Meeting Slated for January 22
---------------------------------------------------------
Creditors owed money by LLC Christian Moser (FN 244288y) are
encouraged to attend the creditors' meeting at 11:50 a.m. on
Jan. 22.

The creditors' meeting will be held at:

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

Headquartered in Kogl/Sieghartskirchen, Austria, the Debtor
declared bankruptcy on Nov. 20, 2007 (14 S 192/07m).  Christian
Lind serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Christian Lind
         Kremser Gasse 4
         3100 St. Poelten
         Austria
         Tel: 02742/35 15 50
         Fax: 02742/351550/5
         E-mail: office.st.poelten@ulsr.at


DOX.AT SOFTWAREMARKETING: Administrator Says Insufficient Assets
----------------------------------------------------------------
Dr. Peter Zens, the court-appointed estate administrator for
LLC Dox.at Softwaremarketing und Vertrieb (FN 200028i), declared
Nov. 16, 2007, that the Debtor's property is insufficient to
cover creditors' claim.

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

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

The estate administrator can be reached at:

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


KOMARO BAU: Creditors' Meeting Slated for Jan. 14
-------------------------------------------------
Creditors owed money by LLC KOMARO Bau und Baustoffhandels (FN
291755b) are encouraged to attend the creditors' meeting at 9:45
a.m. on Jan. 14.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 16, 2007 (3 S 148/07w). Gerhard Stauder serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. Gerhard Stauder
         c/o  Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna
         Austria
         Tel: 523 47 91
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at


KRAINER-HAUS: Creditors' Meeting Slated for Jan. 10
---------------------------------------------------
Creditors owed money by LLC Krainer-Haus (FN 268853y) are
encouraged to attend the creditors' meeting at 10:20 a.m. on
Jan. 10.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Gleisdorf, Austria, the Debtor declared
bankruptcy on Nov. 16, 2007 (26 S 101/07h).  Wolfgang Dlaska
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Mag. Wolfgang Dlaska
         Joanneumring 11/4
         8010 Graz
         Austria
         Tel: 0316/825580
         Fax: 0316/825580-10
         E-mail: office@dlaska.at


TAG – BAU: Creditors' Meeting Slated for Jan. 10
------------------------------------------------
Creditors owed money by LLC TAG - Bau GmbH (FN 85567i) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Jan. 10.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Sollenau, Austria, the Debtor declared
bankruptcy on Nov. 16 (10 S 112/07k).  Martin Schober serves as
the court-appointed estate administrator of the bankrupt's
estate.  Georg Schober represents Dr. Schober in the bankruptcy
proceedings.

The estate administrator can be reached at:

         Dr. Martin Schober
         c/o  Dr Georg Schober
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228
         Fax: 02622/23228-26
         E-mail: m.schober@schober.at


TEFIX LLC: Korneuburg Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Korneuburg entered Nov. 19, 2007, an order
shutting down the business of LLC TEFIX (FN 279311b.).

Court-appointed estate administrator Nikolaus Vogt 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. Nikolaus Vogt
         c/o  Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01 33
         Fax: 01/402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at

Headquartered in Bruck an der Leitha, Austria, the Debtor
declared bankruptcy on Nov. 7, 2007 (Bankr. Case No 36 S
131/07t).  Eva Riess represents Mag. Vogt in the bankruptcy
proceedings.


W.MRAS PROJEKTABWICKLUNG: Creditors' Meeting Set for Jan. 14
------------------------------------------------------------
Creditors owed money by LLC W.MRAS Projektabwicklung (FN
291238t) are encouraged to attend the creditors' meeting at
10:00 a.m. on Jan. 14.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 16 (FN 291238t).

Erwin Senoner serves as the court-appointed estate administrator
of the bankrupt's estate.  Georg Freimueller represents Dr.
Senoner in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Erwin Senoner
         c/o  Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


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


URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program
----------------------------------------------------------------
URS Corporation's EG&G Division has been awarded an indefinite
delivery/indefinite quantity contract to provide engineering and
program management services for the Joint Unmanned Aircraft
Systems Center of Excellence at Creech Air Force Base, Nevada.
The three-year contract has a maximum value of US$60 million to
URS.

Under the terms of the contract, URS can be assigned task orders
for a variety of engineering and program management services,
including logistics, test and evaluation management, modeling
and simulation, as well as administrative, contract, financial,
data and security management.

Commenting on the contract, Randall A. Wotring, President of the
EG&G Division, said: "We are very pleased with this award, which
underscores the Company's position as a leader in providing
advanced engineering, logistics and program management services
to the U.S. Department of Defense.  URS has been providing
Predator Maintenance Support services at the Creech Air Force
Base since 2005, and we are excited to have the opportunity to
expand our work at the base."

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service has downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.


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


POLYONE CORP: Completes Acquisition of GLS Corporation
------------------------------------------------------
PolyOne Corporation has completed its acquisition of GLS
Corporation, the North American provider of specialty
thermoplastic elastomer compounds for consumer and medical
applications.

As reported in the Troubled Company Reporter on Nov. 16, 2007,
PolyOne signed a definitive agreement to acquire GLS.  Terms of
the pending transaction were not disclosed.  However, PolyOne
expects that the acquisition will be slightly accretive to
earnings in the first year.

The company related that the acquisition will complement
PolyOne's Engineered Materials business portfolio and
accelerates the company's shift to specialization.  The
combination of GLS's specialty TPE technology, compounding
expertise and brand, along with PolyOne's infrastructure and
commercial presence offers customers:

   -- enhanced technologies;
   -- a broader range of products, services and solutions; and
   -- expanded access to specialized, high-growth markets
      around the globe.

The GLS senior management team will remain and lead the TPE
business unit, retaining the GLS name and brand.

                      About GLS Corporation

Headquartered in McHenry, Illinois, GLS Corporation --
http://www.glscorp.com/-- is a privately-held company owned by
the Dehmlow family that provides specialty thermoplastic
elastomer compounds for consumer and medical applications.  The
company serves more than 1,200 customers worldwide.  With
approximately 200 employees, GLS supports its customers with
manufacturing facilities in Illinois and Suzhou, China.

                       About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/-- is a provider of    specialized
polymer materials, services and solutions.  The company
maintains operations in China, Colombia, Thailand, Singapore,
Belgium, Denmark, France, the United Kingdom, among others.

                          *     *     *

Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long term corporate family and probability of
default ratings at 'B1' in July 2007.  The ratings still hold to
date with a stable outlook.


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


DELPHI CORP: Completes US$40 Mil. Sale of North American Brake
--------------------------------------------------------------
Delphi Corporation has completed the purchase agreement entered
with TRW Automotive Holdings Corp.'s subsidiary, pursuant to TRW
Integrated Chassis Systems LLC acquiring Delphi Corp.'s North
American brake component machining and module assembly assets,
including production inventory, for approximately US$40 million.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Delphi Corporation and TRW Automotive's subsidiary signed an
agreement in relation to the purchase of a portion of its North
American brake component machining and module assembly assets.

In addition to the asset purchase, the company has leased a
portion of Delphi's former brake manufacturing facility in
Saginaw, Michigan and commenced employment of hourly and
salaried employees at the site.

In conjunction with the asset purchase, TRW is supplying General
Motors with a portion of the business, predominantly braking
modules, formerly supplied by Delphi at the Saginaw facility.

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.

                        About Delphi Corp.

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 CORP: Court Approves Unit's Sale to Inteva for US$106 Mln
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved the sale of Delphi Corp. and its debtor-affiliates'
Interiors and Closures Businesses to Inteva Products, LLC, and
its affiliates for about US$106 million, pursuant to the Master
Sale and Purchase Agreement, dated October 15, 2007.

The Debtors told the Court at the Jan. 25, 2007, sale hearing
that no higher and better offers have been made.

The Court notes that the entry of the Sale Order will not modify
the terms and conditions applicable to the parts designated in
the agreements to be assumed and assigned to Inteva.  Siemens
VDO Automotive AG, Siemens VDO Automotive Corp., Siemens
Electric Ltd, and Siemens VDO Automotive Inc., now known as
Siemens VDO Automotive Canada Inc., each, as applicable,
expressly reserve its rights and defenses in this regard.

In connection with the sale, the Debtors are authorized, but not
directed, to enter into and perform under the sixth amendment of
lease, dated Sept. 28, 2007, by and between DAS LLC and 1401
Troy Associates Limited Partnership, covering certain premises
located at 1401 Crooks Road, Troy, Michigan.

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: IUE-CWA Objects to Employee Compensation Programs
--------------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers-Communications Workers of America
does not object to the confirmation of Delphi Corp. and its
debtor-affiliates' Joint Plan of Reorganization, but objects to:

   (i) the Management Compensation Plan, which was attached to
       the Plan, and

  (ii) the Salaried Employee Compensation Program, which was
       described in the Disclosure Statement with respect to the
       Plan.

Thomas M. Kennedy, Esq., at Kennedy, Jennik & Murray, P.C.,
notes that through the duration of the Chapter 11 cases, the
Debtors' management employees have continued to receive their
salaries and benefits as well as overly generous performance
awards through an annual incentive program.  On the other hand,
Delphi's union members have made deep and irreversible
sacrifices to ensure the survival of the companies, he points
out.

The Debtors, on Oct. 13, 2005, sought the Court's approval of a
Key Employee Compensation Program, which included enhanced
income to the Debtors' management during the Chapter 11 process
through the implementation of the AIP.  The KECP Motion also
included a forward looking proposal to grant, upon emergence
from Chapter 11, an emergence bonus plan consisting of both cash
and equity.  The KECP had three parts: the annual incentive
program, an emergence bonus plan, and a prepetition severance
plan.

Mr. Kennedy notes that the current proposed MCP/SECP contains
similar elements, with a short-term incentive plan, long-term
incentive plan, and a Chapter 11 Effective Date Executive
Payment program -- formerly the Emergence Cash Plan.

The AIP is the only part of the KECP, which has been approved by
the Court.  The Debtors, Mr. Kennedy points out, acknowledge in
the Disclosure Statement that the longer term elements of the
originally proposed compensation program, i.e., cash payments on
the Effective Date and long-term equity grants for post-
emergence periods, were deferred to the plan confirmation
process.

Thus, Debtors are estopped from arguing that the initial
proposal established reliance interests which would justify
inequitable and excessive executive compensation, Mr. Kennedy
asserts.

The Debtors may not establish binding plan elements before the
creation and introduction of the Plan, Mr. Kennedy avers.  He
notes that motions made under Section 363 of the Bankruptcy Code
are not available "to short circuit the requirements of a
reorganization plan by establishing the terms of the plan sub
rosa in connection with a proposed transaction."

The Debtors' proposal for emergence cash and equity grants in
the initial KECP Motion -- which was never granted by the Court
-- can not now be used to dictate terms to the Court or the
creditors, Mr. Kennedy argues.  "It is now the appropriate
moment for the Court to determine whether the Debtors' proposal
regarding executive compensation is equitable."

Mr. Kennedy points out that the purposes of the KECP -- to
retain and incentivize employees during the restructuring period
-- have been met through the implementation of the AIPs.  He
contends that the proposed MCP/SECP is an unreasonable transfer
of wealth directly from the creditors, and at the expense of the
workers, and in its current form it is manifestly inequitable.

"The Court should independently weigh the equity of delivering
to the executives a platinum compensation plan where the
survival of the companies is due to the sacrifices of its
workers."

While the initial KECP proposal was overreaching and greeted
with scorn, the final proposed MCP/SECP, rather than recognizing
the need and equity of a shared sacrifice, includes new
provisions causing it to be even more inequitable, Mr. Kennedy
points out.  "The proposed MCP/SECP should be rejected in its
current form."

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)


GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments
---------------------------------------------------------
The Goodyear Tire & Rubber Company's board of directors have
decided that the firm won't pay dividends.

Radio Jamaica relates that the board made the decision during a
meeting on Dec. 13.  Radio Jamaica says the reasons for the
decision was not disclosed.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                       *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  These ratings still apply as
of Dec. 4, 2007.


GROUPE RENCAST: Undergoes Compulsory Administration
---------------------------------------------------
The commercial court in Lyon has placed cast aluminum
manufacturer Groupe Rencast under compulsory administration, The
Financial Times says citing a Les Echos report.

Les Echos suggests Rencast might recover from bankruptcy since
the French car market is expected to pick up in 2008.

Headquartered in Bron, France, Groupe Rencast --
http://www.rencast.com/-- manufactures more than 18 million car
parts annualy representing 35,000 tons of light alloys
processed.  Rencast employs 1,200 persons in several sites and
has EUR166 million in annual revenues.


MTI TECHNOLOGY: Wants to Hire CMA Business as Auctioneer
--------------------------------------------------------
MTI Technology Corporation asks the Honorable Erithe A. Smith of
the United States Bankruptcy Court for the Central District of
California for permission to employ CMA Business Credit Services
as its auctioneer.

CMA Business is expected to auction accumulated items from the
Debtor's various office location at its headquarters at 15641
Red Hill Avenue, Suite 200 in Tustin, California.

In addition, the firm will provide a copy of its surety bond and
increase certificate and auctioneer report defining the sales,
amount and respective buyer and as required by the U.S. Trustee
guidelines.

The Debtor tells the Court that the auction value of the assets
is approximately US$50,000 to US$60,000.

The Debtor says that it agreed to pay to the firm 12.5% buyer's
premium on the gross sale of the auctionl and US$4,750 for
advertising costs.

Charles G. Klaus, an employee of the firm, assures the Court
that the firm is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serves as the Debtor's claim,
noticing and balloting agent.  The U.S. Trustee for Region 16
appointed nine creditors to serve on an Official Committee of
Unsecured Creditors in the Debtor's case.  As of July 7, 2007,
the Debtor had total assets of US$64,002,000 and total debts of
US$58,840,000.


POLYMER GROUP: Brings-In Robert Kocourek as Vice President
----------------------------------------------------------
Polymer Group, Inc. has appointed Robert (Bob) Kocourek as vice
president and chief accounting officer.

Mr. Kocourek assumes the responsibilities of the principal
accounting officer, which were previously performed by Willis C.
Moore III, the company's chief financial officer.  Such
responsibilities include the development of global financial
accounting policies, interpretations of accounting literature
and ensuring that the company's financial statements are
prepared in accordance with generally accepted accounting
principles on a global basis.  Mr. Kocourek will continue to
report to Moore, who remains chief financial officer.

Mr. Kocourek previously served as vice president, corporate
finance and treasurer since he joined the company in May 2006.
Prior to joining the company, Mr. Kocourek assisted the company
in its Sarbanes-Oxley implementation efforts and other financial
accounting and reporting projects as a consultant and gained
extensive financial and accounting experience working with Ernst
& Young, LLC and Coopers and Lybrand earlier in his career.

"I am very pleased that Bob has agreed to take this position and
believe it will further our on-going efforts to achieve best in
class accuracy and transparency of our global financial
reporting," said Mr. Moore.

Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC
Bulletin Board: POLGA/POLGB) develops, manufactures and markets
engineered materials.  The company operates 22 manufacturing
facilities in 10 countries throughout the world.  The company
has manufacturing offices in Argentina, China and France, among
others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services has affirmed
its ratings on Polymer Group Inc., including its 'BB-' corporate
credit rating.  S&P said the outlook is negative.


SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan
---------------------------------------------------------
The court of appeal in Besancon rejected the recovery plan
presented by MGA Entertainment Inc. for Smoby Majorette on
Dec. 28, 2008, Gregory Viscusi writes for Les Echos.

The appeal court also gave interested parties until at latest
Jan. 20 to submit offers for Smoby, Les Echos relates.  Around
30 parties have sought information on Smoby or its units.

The appeal court's ruling upheld the decision of the
Commercial Court of Lons-le-Saunier to place Smoby under
receivership on Oct. 9, 2007, ending the company's bankruptcy
protection.

According to the report, the court ruled that Smoby is still
unable to make all its payments and therefore MGA must share
management with court appointed administrators.

As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt
restructuring negotiation with Smoby's creditor banks fell
through and it failed to pay the EUR11 million it pledged to
invest in Smoby.

                           About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.


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


3D GENERALBAU: Claims Registration Ends January 22
--------------------------------------------------
Creditors of 3D Generalbau GmbH have until Jan. 22 to register
their claims with court-appointed insolvency manager Ulrich
Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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:

         Ulrich Nehrig
         Koenigsbrücker Str. 33
         01099 Dresden
         Germany
         Web site: www.raheumann.de

The District Court of Dresden opened bankruptcy proceedings
against 3D Generalbau GmbH on Dec. 30, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         3D Generalbau GmbH
         Oskar-Pletsch-Str. 15
         01324 Dresden
         Germany

         Christiane Oehls-Hermann
         geboren 1965
         Lene-Glatzer-Str. 12
         01309 Dresden
         Germany


ALPHA DIENSTLEISTUNGS: Claims Registration Ends January 25
----------------------------------------------------------
Creditors of Alpha Dienstleistungs- & Handels GmbH have until
Jan. 25 to register their claims with court-appointed insolvency
manager Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Feb. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Alpha Dienstleistungs- & Handels GmbH on Dec. 13, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Alpha Dienstleistungs- & Handels GmbH
         Paul-Gerhardt-Str. 25
         33104 Paderborn
         Germany

         Attn: Henning Heinz Wende, Manager
         Detmolder Str. 128
         33100 Paderborn
         Germany


ARNOLD KOLODZIK: Claims Registration Ends January 24
----------------------------------------------------
Creditors of Arnold Kolodzik Heizungsbaugesellschaft mbH have
until Jan. 24 to register their claims with court-appointed
insolvency manager Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Knut Thomas Hofheinz
         Markte 13
         30159 Hannover
         Germany
         Tel: 0511-357721-0
         Fax: 0511-357721-40
         E-Mail: hannover@hofheinz-mittendorff.de
         Web site: www.hofheinz-mittendorff.de

The District Court of Hameln opened bankruptcy proceedings
against Arnold Kolodzik Heizungsbaugesellschaft mbH on Dec. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Arnold Kolodzik Heizungsbaugesellschaft mbH
         Attn: Arnold Kolodzik, Manager
         Domeierstrasse 6
         31785 Hameln
         Germany


B & M ART: Claims Registration Period Ends January 25
-----------------------------------------------------
Creditors of B & M Art Dental GmbH have until Jan. 25 to
register their claims with court-appointed insolvency manager
Christoph Henningsmeier.

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

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         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:

         Christoph Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040 8078810
         Fax: 040 807881-20

The District Court of Cuxhaven opened bankruptcy proceedings
against B & M Art Dental GmbH on Dec. 11, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         B & M Art Dental GmbH
         Attn: Stefan Moeller, Manager
         Rohdestr. 5
         27472 Cuxhaven
         Germany


BACKEREI AM SOLLING: Creditors' Meeting Slated for Jan. 10
----------------------------------------------------------
The court-appointed insolvency manager for Backerei am Solling
GmbH, Andreas Mittendorff will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Jan. 10.

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

         The District Court of Holzminden
         Hall 14
         Hauptgebaude
         Karlstrasse 15
         37601 Holzminden
         Germany

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

Creditors have until Jan. 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Andreas Mittendorff
         Markte 13
         30159 Hannover
         Germany
         Tel: 05 11/357721-0
         Fax: 05 11/35 77 21 50
         E-mail: hannover@hofheinz-mittendorff.de

The District Court of Holzminden opened bankruptcy proceedings
against Backerei am Solling GmbH on Dec. 5, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Backerei am Solling GmbH
         Attn: Stephan Ernst, Manager
         Sollingstrasse 42
         37603 Holzminden
         Germany


BESTPHAGO GMBH: Claims Registration Period Ends Jan. 18
-------------------------------------------------------
Creditors of BestPhago GmbH & Co. KG have until Jan. 18 to
register their claims with court-appointed insolvency manager
Reinhard Buchholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 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 Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         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:

         Reinhard Buchholz
         Herzog-Otto-Str. 104
         D 67105 Schifferstadt
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against BestPhago GmbH & Co. KG on Dec. 14, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BestPhago GmbH & Co. KG
         Alter Postweg 1
         67346 Speyer
         Germany


BLEYER GARTEN: Claims Registration Ends January 23
--------------------------------------------------
Creditors of Bleyer Garten- und Landschaftsbau GmbH have until
Jan. 23 to register their claims with court-appointed insolvency
manager Carsten Morgenstern.

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 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:

         Carsten Morgenstern
         Michaelstrasse 71
         09116 Chemnitz
         Germany
         Tel:(0371) 381770
         Fax:(0371) 3817730
         E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against Bleyer Garten- und Landschaftsbau GmbH on Dec. 13, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bleyer Garten- und Landschaftsbau GmbH
         Attn: Robert Bleyer, Manager
         Zwickauer Strasse 554
         09117 Chemnitz
         Germany


BUCH- & OFFSETDRUCKEREI: Claims Registration Ends Jan. 21
---------------------------------------------------------
Creditors of Buch- & Offsetdruckerei Daemisch Mohr Verwaltungs
GmbH have until Jan. 21 to register their claims with court-
appointed insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         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. Biner Bahr
          Bundeskanzlerplatz 2-10
          53113 Bonn
          Germany
          Tel: 0228-9727121
               0211-540680-192
          Fax: 02289727122
               0211-540680199

The District Court of Bonn opened bankruptcy proceedings against
Buch- & Offsetdruckerei Daemisch Mohr Verwaltungs GmbH on
Dec. 3, 2007.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Buch- & Offsetdruckerei Daemisch Mohr Verwaltungs GmbH
          Lindenstr. 78
          53721 Siegburg
          Germany


CASTELL CONTAINERDIENST: Claims Registration Period Ends Jan. 18
----------------------------------------------------------------
Creditors of Castell Containerdienst und Demontagearbeiten GmbH
have until Jan. 18 to register their claims with court-appointed
insolvency manager Christoph Wienen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 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 Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         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:

         Christoph Wienen
         Maudacher Strasse 162
         67065 Ludwigshafen
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Castell Containerdienst und
Demontagearbeiten GmbH on Dec. 13, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Castell Containerdienst und Demontagearbeiten GmbH
         Achtmorgenstrasse 24
         67065 Ludwigshafen
         Germany


DELTA WOHNBAU: Claims Registration Period Ends Jan. 18
------------------------------------------------------
Creditors of Delta Wohnbau GmbH have until Jan. 18 to register
their claims with court-appointed insolvency manager Gerhard
Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany
         Tel: 07071/945661
         Fax: 07071/945668

The District Court of Tuebingen opened bankruptcy proceedings
against Delta Wohnbau GmbH on Dec. 17, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Delta Wohnbau GmbH
         Attn:  Murat Koc, Manager
         Hauptstr. 39
         72149 Neustetten
         Germany


GOLFTECH SERVICES: Claims Registration Period Ends Jan. 21
----------------------------------------------------------
Creditors of GolfTech Services FairGreen GmbH have until Jan. 21
to register their claims with court-appointed insolvency manager
Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 21, 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         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:

          Ulrich Kuehn
          Riehler Str. 26
          50668 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against GolfTech Services FairGreen GmbH on Dec. 4, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          GolfTech Services FairGreen GmbH
          Niederkasseler Str. 33
          51147 Cologne
          Germany


HAUSTECHNIK GOLLNOW: Claims Registration Period Ends Jan. 25
------------------------------------------------------------
Creditors of Haustechnik Gollnow GmbH Heizung und Sanitaer have
until Jan. 25 to register their claims with court-appointed
insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         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:

         Jana Dettmer
         In der Suerst 3
         53111 Bonn
         Germany
         Tel: 0228/85080-21
         Fax: 02288508020

The District Court of Bonn opened bankruptcy proceedings against
Haustechnik Gollnow GmbH Heizung und Sanitaer on Dec. 13, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haustechnik Gollnow GmbH Heizung und Sanitaer
         Josef-Kitz-Str. 26b
         53840 Troisdorf
         Germany

         Attn: Thomas Gollnow, Manager
         Kirchstr. 17
         53840 Troisdorf
         Germany


HAUTMANN + BINNER: Claims Registration Period Ends Jan. 17
----------------------------------------------------------
Creditors of Hautmann + Binner Planungsbuero GmbH have until
Jan. 17 to register their claims with court-appointed insolvency
manager Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Dresden
         Hall D132
         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:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against Hautmann + Binner Planungsbuero GmbH on Dec. 12, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hautmann + Binner Planungsbuero GmbH
         Attn: Oskar Hautmann, Manager
         Foerstereistr. 40
         01099 Dresden
         Germany


HEM GMBH: Claims Registration Period Ends January 24
----------------------------------------------------
Creditors of HEM GmbH & Co. Transport und Logistik KG have until
Jan. 24 to register their claims with court-appointed insolvency
manager Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Feb. 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against HEM GmbH & Co. Transport und Logistik KG on
Dec. 18, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         HEM GmbH & Co. Transport und Logistik KG
         Wismarer Weg 5
         17335 Strasburg
         Germany


HOEFA WOHNUNGSBAU: Claims Registration Period Ends January 17
-------------------------------------------------------------
Creditors of HoeFa Wohnungsbau GmbH have until Jan. 17 to
register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         HoeFa Wohnungsbau GmbH
         Attn: Joachim Faasch, Manager
         Sagewerk 5
         40885 Ratingen
         Germany


HUETTINGER INTERNATIONALE: Claims Registration Ends January 18
--------------------------------------------------------------
Creditors of Huettinger Internationale Spedition GmbH have until
Jan. 18 to register their claims with court-appointed insolvency
manager Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 3, 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

          Peter Depre
          O4, 13-16
          68161 Mannheim
          Germany
          Tel: 0621/120780

The District Court of Mannheim opened bankruptcy proceedings
against Huettinger Internationale Spedition GmbH on Dec.
14,2007.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Huettinger Internationale Spedition GmbH
         Attn: Wilhelm Heinrich Born
         Pfalzer Ring 6
         68766 Hockenheim
         Germany


HWT HAUSTECHNIK: Claims Registration Period Ends Jan. 25
--------------------------------------------------------
Creditors of HWT Haustechnik GmbH have until Jan. 25 to register
their claims with court-appointed insolvency manager Andreas
Pantlen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         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 Pantlen
         Reutherstr. 1a-c
         53773 Hennef
         Germany
         Tel: 02242-9019781
         Fax: 0211/8606810

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

The Debtor can be reached at:

         HWT Haustechnik GmbH
         Bergstr. 44a
         53773 Hennef
         Germany

         Attn: Dietmar Dresbach, Manager
         Kurhausstr. 34a
         53773 Hennef
         Germany


KOEHN WINTERGARTENSYSTEME: Claims Period Ends January 23
--------------------------------------------------------
Creditors of Koehn Wintergartensysteme GmbH have until Jan. 23
to register their claims with court-appointed insolvency manager
Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Michael W. Scholz
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Koehn Wintergartensysteme GmbH on Dec. 17, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Koehn Wintergartensysteme GmbH
         Attn: Stefan Koehn, Manager
         Garstedter Weg 281
         22455 Hamburg
         Germany


KSS 2000: Claims Registration Ends January 24
---------------------------------------------
Creditors of KSS 2000 Komplettbau GmbH have until Jan. 24 to
register their claims with court-appointed insolvency manager
Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 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 Chemnitz
         Hall 28
         Fuerstenstr. 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. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany
         Tel:(03 51) 260 60 60
         Fax:(03 51) 260 60 66
         E-mail: dresden@junker-kollegen.de

The District Court of Chemnitz opened bankruptcy proceedings
against KSS 2000 Komplettbau GmbH on Dec. 17, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KSS 2000 Komplettbau GmbH
         Attn: Susann Thiele, Manager
         B 101 Nr.7
         09603 Grossschirma
         Germany


PIN GROUP: Three Units File for Insolvency
----------------------------------------------
Three Pin Group AG units filed for insolvency in an attempt to
boosts the group's recovery, the Financial Times reports, citing
Die Welt as its source.

According to FT, the three latest insolvencies will affect 340
employees.

As previously reported in the TCR-Europe on Dec. 28, 2007,
seven PIN Group companies have filed for insolvency at a
Cologne court, saying they lack funds to pay social insurance
contributions.

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

Springer argued the minimum wage curbs competition and gives
market leader Deutsche Post AG a monopoly.

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

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

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

                     About PIN Group AG

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

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

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


R-ESTATE GERMANY-6: Fitch Rates EUR90 Mln. Class G Notes at BB
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to R-ESTATE Germany-6
GmbH's floating-rate notes due January 2056:

   -- EUR500,000 Class A+ (ISIN: XS0338062135): 'AAA'; Outlook
      Stable

   -- EUR687.6 million Class A (ISIN: XS0338054629): 'AAA';
      Outlook Stable

   -- EUR180 million Class B (ISIN: XS0338057648): 'AA'; Outlook
      Stable

   -- EUR147.7 million Class C (ISIN: XS0338058372): 'A';
      Outlook Stable

   -- EUR152.3 million Class D (ISIN: XS0338059933): 'BBB';
      Outlook Stable

   -- EUR90 million Class E (ISIN: XS0338060436): 'BB'; Outlook
      Stable

   -- EUR64.6 million Class F (ISIN: XS0338060949): 'B'; Outlook
      Stable

   -- EUR62.3 million Class G (ISIN: XS0338061590): not rated

This transaction is a partially funded synthetic securitization
of commercial mortgage loans originated by Hypo Real Estate Bank
AG (HRE, rated 'A'/'F1'/Rating Watch Positive) and its
predecessors, as well as Wurttembergische Hypothekenbank AG.

The ratings reflect the characteristics of the reference
portfolio and the integrity of the legal and financial
structures.  They also address the timely payment of interest on
the notes and the ultimate repayment of principal by final legal
maturity in January 2057.

As of the cut-off date (Sept.30, 2007), the portfolio consisted
of 5,727 mortgage loans to 867 borrowers with a total
outstanding principal amount of EUR4.6 billion.  The loans are
secured by first- and/or subordinate-ranking mortgages on 4,322
properties located in Germany.  Approximately 70.7% of the
properties by mortgage lending value refer to multi-family
houses, 10.4% to office, 8.3% to retail, and 10.6% to other use
types (including clinics (3.2%), nursing homes (2.7%) and hotels
(1%).  At cut-off, 88.3% of the aggregate balance were annuity
loans; 6.1% were fixed installment loans; and 5.4%% were bullet
loans.  The WA seasoning of the portfolio is 9.7 years and the
WA remaining loan term is 23.5 years.

The transaction structure is similar to the well-established
residential mortgage-backed PROVIDE program of Kreditanstalt
fuer Wiederaufbau (rated 'AAA'/'F1+'/Outlook Stable).  HRE buys
credit protection on the reference portfolio from KfW under a
bank swap.  KfW will, in turn, hedge its exposure by entering
into a senior credit default swap and by issuing certificates of
indebtedness that will be purchased by R-ESTATE Germany-6 GmbH
at closing.  R-ESTATE Germany-6 GmbH will, in turn, place its
assumed risk by issuing the Class A+ to G credit linked notes.


RED HAT: Says LatAm Ops Account for Up to 5% of Global Revenues
---------------------------------------------------------------
Red Hat Inc.'s executive vice president and chief financial
officer Charles Peters said in a conference call that the
company's Latin American operations would represent up to 5% of
the firm's global revenues in the third quarter of fiscal year
2008, ended Nov. 30.

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Red Hat Inc. reported US$20.3 million of net income for the
third fiscal quarter ended Nov. 30, 2007, compared with US$18.2
million for the prior quarter and US$14.6 million for the same
period in 2006.  Red Hat's current fiscal year will end Feb. 29,
2008.

Business News Americas relates that Red Hat's third quarter 2008
global revenues were US$135 million.

Mr. Peters told BNamericas that Latin America had very strong
sales in the third quarter 2008 and in the previous year,
especially considering Red Hat launched direct operations in the
region almost a year ago.

BNamericas notes that "Latin America saw Red Hat's first US$1-
million deal in the Americas as a whole, helping a large energy
company move from a free Linux environment" without any help to
a platform where the firm pays for and gets support from Red Hat
for "its mission-critical infrastructure."

Mr. Peters commented to BNamericas, "We are pleased with the
traction we are seeing in Latin America, which grew 52%
sequentially [in terms of new contracts].  We have a solid
management team there recruiting seasoned talent for the
organization, beginning penetration in large enterprise accounts
and the public sector with a full range of our solutions,
setting the foundation for this to be 3 to 5% of our overall
business."

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

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

                       *     *     *

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


WKT TRANSPORTE: Claims Registration Period Ends Jan. 21
-------------------------------------------------------
Creditors of WKT Transporte GmbH have until Jan. 21 to register
their claims with court-appointed insolvency manager Thomas
Lissner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Thomas Lissner
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: (0541) 33 8500
         Fax: (0541) 33 850-50

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

The Debtor can be reached at:

         WKT Transporte GmbH
         Grosse Str. 27
         49134 Wallenhorst
         Germany

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


SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces
------------------------------------------------------------
Sun Microsystems' Argentine general manager Alejandro Raffaele
told news daily La Nacion that it wants to expand into the
provinces through new distribution channels.

Sun Microsystems believes that there is potential for sales in
the agribusiness sector so it must expand the scope of its
channels, Business News Americas relates, citing Mr. Raffaele.

Mr. Raffaele thinks there are opportunities in the public sector
this year.  The public sector didn't invest as much in
information technology last year as expected due to presidential
elections.  Other industries with potential are the banking and
telecoms sectors, BNamericas states.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                       *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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


EUROCONNECT 2007: Fitch Rates EUR37.1 Mln class C Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to EUR80.35 million of
EuroConnect Issuer SME 2007 Limited's issue of EUR216.30 million
floating-rate notes due 2030:

   -- EUR43.25 million Class B secured floating-rate notes:
      'BBB'

   -- EUR37.1 million Class C secured floating-rate notes: 'BB'

The transaction is a partially funded synthetic collateralized
debt obligation referencing a mainly German and Austrian
portfolio totaling EUR3.09 billion of senior payment obligations
of small, middle and large corporate entities arising from
loans, guarantees and letters of credit.

The ratings of the notes are based on the available credit
enhancement, the credit quality of the combined reference
portfolio and available collateral, the strength of the
guarantee counterparties and the sound financial and legal
structure of the transaction.  Credit enhancement of the Class B
notes totaling 4.45% is provided by the Class C notes (1.2%),
the unrated Class D notes (3.25%) and synthetic excess spread.
SXS is available in an amount of 0.24% per annum based on the
performing balance of the combined reference pool and can be
trapped up to an amount of EUR5.56 million.

The reference portfolio comprises two sub-portfolios originated
or acquired by Bayerische Hypo- und Vereinsbank AG (rated
'A'/'F1'/Outlook Positive) and Bank Austria Creditanstalt AG (BA
CA, rated 'A'/'F1'/Outlook Positive).  At closing, HVB and BA-CA
has each entered into a junior loss guarantee with the issuer
for the reimbursement of realized losses on the respective
originator's reference portfolio, each a sub portfolio.  The
issuer, in turn, will seek credit protection against realized
losses from the EUR3.09 billion combined reference portfolio for
up to EUR216.3 million by issuing the notes.

The transaction features a 6.5-year replenishment period,
subject to the eligibility and replenishment criteria.
Replenishment is limited by a master amortization schedule
providing for an amortization amount of 1% per quarter until and
including May 2012 and thereafter 3.5% until and including the
payment date in May 2014 of the combined reference portfolio's
initial notional balance during the replenishment period.
Replenishments will be subject to the Fitch VECTOR test and
certain replenishment conditions.  Upon a downgrade of any
classes of the rated notes, no further replenishments will be
allowed.

For its analysis, the agency applied enhanced correlation
stresses as well as obligor concentration stresses.  Recovery
rates were derived from historical data, based on collateral
percentage and quality.

EuroConnect Issuer SME 2007 Limited is a bankruptcy-remote
special purpose vehicle incorporated in Ireland and domiciled in
Dublin.  The ratings address the ultimate repayment of principal
at maturity and timely payment of interest according to the
terms and conditions of the notes.


SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces
------------------------------------------------------------
Sun Microsystems' Argentine general manager Alejandro Raffaele
told news daily La Nacion that it wants to expand into the
provinces through new distribution channels.

Sun Microsystems believes that there is potential for sales in
the agribusiness sector so it must expand the scope of its
channels, Business News Americas relates, citing Mr. Raffaele.

Mr. Raffaele thinks there are opportunities in the public sector
this year.  The public sector didn't invest as much in
information technology last year as expected due to presidential
elections.  Other industries with potential are the banking and
telecoms sectors, BNamericas states.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                       *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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


ALITALIA SPA: Italian Politicians Hit Air France Selection
----------------------------------------------------------
Italian politicians and unions have criticized the government's
decision to commence exclusive talks with Air-France KLM Group
on the sale of its 49.9% stake in Alitalia S.p.A., Andrew Davis
writes for Bloomberg News.

The Northern League party said the government's decision will
start "the mother of all battles," adding that "the governor has
chosen Air France and has decided to sell out the country and
the north of Italy."

"Well, if they want a war they will get a war," senior Northern
League official Roberto Calderoli was quoted by Bloomberg News
as saying.

Roberto Formigoni, head of the Lombardia regional government,
called the government's decision "shameful."

"We will not shy away from a political and civil battle to
defend the economic and social interests of our people," Mr.
Formigoni said.

Alitalia's pilots unions, while supporting Air France,
criticized the government for exluding them in the decision-
making process.  The unions threatened strikes if the government
cannot get job guarantees in the talks with Air France.

Meanwhile, AirOne S.p.A., the losing bidder for Alitalia,
denounced Italy's decision to select Air France as "surrender."

"Italy and the air transport industry, a strategic national
sector, can't surrender in this way to a large international
group that is making off with rich pieces of our market," AirOne
chairman Carlo Toto said in an e-mailed statement to Bloomberg
News.

The Italian government commenced exclusive talks with Air
France-KLM Group on Jan. 2, 2008.

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

Alitalia noted that Air-France's proposal:

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

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

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

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

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

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

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

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

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

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

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

                       About Alitalia

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

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

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


DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property
----------------------------------------------------------
Plaza Tire Service Inc. won the bidding for the industrial
building that formerly housed Dana Corp.'s production facility
in
Cape Girardeau, the Southeast Missourian reports, citing Plaza
Tire Service's vice president Scott Rhodes.

As reported in the Troubled Company Reporter on Dec. 18, 2007,
Rhodes Development Company, LLC, had expressed interest in
purchasing the Cape Girardeau property at a purchase price
higher than that of Schaefer's Power Panels, Inc., hence, it had
asked the Debtors to consider its offer.

As previously reported, the Debtors had asked authority from the
U.S. Bankruptcy Court for the Southern District of New York the
to sell a 15-acre parcel of real estate and a 150,000 square-
foot building located at 2075 Corporate Circle in Cape
Girardeau, Missouri, to Schaefer's Power Panels, Inc., for
US$2,841,750.

According to the Southeast Missourian, Plaza Tire edged out an
offer from Schaefer's Electrical Enclosures, which had strong
support from city and economic development leaders.  Bidders
submitted their best price to the U.S. Bankruptcy Court for the
Southern District of New York, and the Dana court deemed Plaza's
bid the best offer, Southeast Missourian's Rudi Keller reports.

The facility will house corporate offices and a distribution
center for Plaza Tire's 49 stores in Missouri and Illinois,
according to Southeast Missourian.

Details of the transaction were not immediately available,
Southeast Missourian notes.

Plaza Tire Service consists of 49 tire stores and is listed as
the 28th largest independently owned tire retailer in North
American by Tire Business' magazine, according to information
posted on the company's Web site.

                          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).


IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims
----------------------------------------------------------
IMAX Corporation said it received on Dec. 21, 2007, summons and
complaint from the trustee under the indenture governing the
company's senior notes.  The indenture trustee sought a
declaratory judgment confirming IMAX's position that The
Catalyst Fund Limited Partnership II has no basis for its legal
claims against IMAX under the indenture.

The trustee, U.S. Bank National Association said that despite
Catalyst's repeated claims to the contrary, absent a finding of
bad faith:

   (1) no event of default existed under the indenture as of
       Nov. 6, 2007;

   (2) the maturity of the company's US$160 million of 9-5/8%
       senior notes due Dec. 1, 2010, was not accelerated as of
       Nov. 6, 2007; and

   (3) Catalyst has no basis for legal action under the
       indenture.

On Oct. 29, 2007, IMAX received a letter from Catalyst, advising
the company that it had instructed the Depository Trust Company,
through its nominee Cede & Co., to issue immediately a notice of
acceleration to the company, pursuant to the indenture, to
accelerate the maturity of the principal amount of the Senior
Notes and any accrued interest.

The company had previously received seven purported notices of
default from Catalyst, who unsuccessfully opposed the company's
consent solicitation in April 2007.  The seven notices allege
that IMAX breached the financial reporting covenant and related
provisions under the indenture and that breaches constitute
defaults under the terms of the indenture.

On Sept. 7, 2007, Catalyst brought an action in the Ontario
Superior Court of Justice, seeking, among other things, a ruling
that IMAX is in default under the indenture.

According to the trustee, it is the company's position that no
default or event of default has occurred or is continuing under
the indenture, and accordingly no bondholder has the right to
deliver an acceleration notice and the purported acceleration
notice delivered by Catalyst is of no force or effect.  The
Trustee's complaint seeks a declaration confirming this
position.

                     About IMAX Corporation

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Standard & Poor's Ratings Services revised its outlook on IMAX
Corp. to stable from positive.  S&P also affirmed the ratings on
the company, including the 'CCC+' corporate credit rating.  S&P
also lowered the rating on the US$160 million unsecured notes
due 2010 to 'CCC' from 'CCC+' based on its expectation of
increased borrowings under the senior secured facility, which
would diminish recovery prospects of unsecured debt holders.


TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake
---------------------------------------------------------------
TRW Integrated Chassis Systems LLC, a subsidiary of TRW
Automotive Holdings Corp., has completed the purchase of a
portion of
Delphi Corporation's North American brake component machining
and module assembly assets, including production inventory, for
approximately US$40 million.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
TRW Automotive said that one of its subsidiaries has signed an
agreement with Delphi Corporation to purchase a portion of its
North American brake component machining and module assembly
assets.

In addition to the asset purchase, the company has leased a
portion of Delphi's former brake manufacturing facility in
Saginaw, Michigan and commenced employment of hourly and
salaried employees at the site.

In conjunction with the asset purchase, TRW is supplying General
Motors with a portion of the business, predominantly braking
modules, formerly supplied by Delphi at the Saginaw facility.

                        About Delphi Corp.

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.

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Fitch Ratings has affirmed its BB issuer default rating on TRW
Automotive Holdings Corp.


XEROX CORPORATION: Eyes Boost in Mexican IT Investments
-------------------------------------------------------
Xerox Corp.'s information technology investments in Mexico would
increase significantly this year as public entities start to
understand more "the rationale behind the austerity decree" the
federal government authorized last month, news daily El Norte
reports.

Business News Americas relates that the austerity decree was
implemented to cut public spending.  It states that government
entities should lease information technology products and
services instead of purchasing them.

Government officials have become more familiar with the
austerity law, BNamericas says, citing Xerox Mexico's president
and general director Didier Arnaud.

"[The law] has a focus on investments in IT [information
technology] services and allows public entities to work with IT
companies with mid-term contracts of three years, instead of
one," Mr. Arnaud told El Norte.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2007, Fitch upgraded Xerox Corp.'s and its subsidiary's
debt as:

-- Issuer Default Rating to 'BBB' from 'BBB-';
-- Senior unsecured credit facility to 'BBB' from 'BBB-';
-- Senior unsecured debt to 'BBB' from 'BBB-';
-- Trust preferred securities to 'BBB-' from 'BB'.

Approximately US$9.1 billion of securities, including the US$2
billion credit facility, are affected by Fitch's action.  Fitch
says the rating outlook is stable.


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


ARMAN-XXI LLP: Proof of Claim Deadline Slated for February 5
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Arman-XXI insolvent.

Creditors have until Feb. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Janadilov Str. 32
         Kyzylorda
         Kazakhstan
         Tel: 7 777 340 40-50


EMP-1 LLP: Creditors Must File Claims by February 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Emp-1 insolvent.

Creditors have until Feb. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Janadilov Str. 32
         Kyzylorda
         Kazakhstan
         Tel: 7 777 340 40-50


GRADSTROYPROJECT LLP: Claims Filing Period Ends February 1
----------------------------------------------------------
LLP Firm Gradstroyproject has declared insolvency.  Creditors
have until Feb. 1 to submit written proofs of claims to:

         LLP Firm Gradstroyproject
         Mendeleev Str. 10
         Boraldai
         Ilyisky district
         Almaty
         Kazakhstan


INTA-A JSC: Creditors' Claims Due on February 1
-----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of JSC Inta-A (RNN 600900517379).

Creditors have until Feb. 1 to submit written proofs of claims
to:

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


QUARTSEVY ZAVOD: Claims Registration Ends February 1
----------------------------------------------------
LLP Quartsevy Zavod has declared insolvency.  Creditors have
until Feb. 1 to submit written proofs of claims to:

         LLP Quartsevy Zavod
         Ablaihan Str. 373
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 7 701 228 14-71


SAU LLP: Proof of Claim Deadline Slated for February 5
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Avia Company Sau insolvent.

Creditors have until Feb. 5 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny Polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TSESNABANK: Fitch Affirms B- IDR on Worsening Profitability
-----------------------------------------------------------
Fitch Ratings has affirmed Tsesnabank's ratings at Long-term
Issuer Default rating 'B-', Short-term IDR 'B', Support '5',
Support Rating Floor 'No Floor' and Individual 'D/E'.  The
Outlook for the Long-term IDR is Stable.

The ratings reflect TSB's relatively small asset size, very
rapid recent growth, weakening asset quality and worsening
profitability, and Fitch Ratings' concerns about a deterioration
in the operating environment in Kazakhstan.  At the same time,
the ratings also take into account TSB's significant regional
franchise, currently reasonable capitalization, satisfactory
liquidity position to date and the improved diversification on
both sides of the balance sheet.

Fitch believes that in the long-term TSB could benefit from its
enhanced branch network, widened customer base, the recent
modernization efforts and the improved risk management
practices, but in the near term growth will be hampered by the
sharp contraction in access to wholesale funding for Kazakhstani
financial institutions overall.

Fitch notes increasing levels of loan impairment.  "Asset-
quality measures have been on a negative trend in 2006 and 2007
and the portfolio is still unseasoned", says Maxim Miller,
Analyst at Fitch's Financial Institutions group in Moscow.  "At
the same time, loans overdue by more than 90 days were still a
manageable 2.7% at end-November 2007 and covered by impairment
reserves."

TSB's liquidity position is satisfactory at present, with about
19% of total assets invested in relatively liquid instruments at
end-November 2007, and immediate refinancing needs being modest.
Some concerns arise from the noticeable outflow from the bank's
corporate current accounts in October-November.  However, these
outflows have so far been manageable in volume, and, in contrast
with some other Kazkahstani banks, TSB's deposit base (including
retail accounts) had been stable in August-September.

"The current ratings incorporate our expectations of further
moderate deterioration in asset quality and significant slowdown
(if not contraction) in asset growth due to more difficult
funding access", says Mr. Miller, "nonetheless Fitch will
continue to monitor the bank's performance in the coming months,
and large losses on its loan book or more substantial deposit
outflow could put downward pressure on the ratings".

TSB is the 11th largest bank in Kazakhtstan, providing banking
services to corporate and retail customers.  Almost half of its
operations are concentrated in the capital city of Astana.


ZAVOD IMENI: Creditors Must File Claims by February 1
-----------------------------------------------------
LLP Zavod Imeni Parhomenko has declared insolvency.  Creditors
have until Feb. 1 to submit written proofs of claims to:

         LLP Zavod Imeni Parhomenko
         Akmolinskaya Str. 6
         Astana
         Kazakhstan
         Tel: 7 701 439 95-53


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


TECHNO TRADE: Creditors Must File Claims by January 26
------------------------------------------------------
LLC Techno Trade Com Service has declared insolvency.  Creditors
have until Jan. 26 to submit written proofs of claim to:

         LLC Techno Trade Com Service
         Baitik baatyr Str. 5v-16
         Bishkek
         Kyrgyzstan
         Tel: (+ 996 312) 42-36-85


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


CLEAR CHANNEL: Donald Perry to Quit as President & CEO
------------------------------------------------------
Clear Channel Communications reported that Donald D. Perry,
president and chief executive officer of Clear Channel
Television, will depart the company to pursue the next phase of
his broadcast career.  Craig Millar, Senior Vice President,
Southern Region will assume Mr. Perry's duties on an interim
basis until a new president and chief executive officer is
named.

"Don has made significant contributions to Clear Channel, to
CCTV, and to the television industry during his long tenure with
our company," said Mark Mays, president and CEO of Clear Channel
Communications, to whom Perry reports.  "He's a seasoned
executive and we anticipate that his high standards and
professionalism will ensure continued industry contributions.
We sincerely thank him and wish him well in his future
endeavors."

Mr. Perry was named to his current position in January 2006, and
had served as executive vice president and chief operating
officer of the division since 2005.  He has also served as vice
president and general manager of WOAI-TV since 1996, and as
Southwest regional vice president of Clear Channel.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.


CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes
--------------------------------------------------------------
Clear Channel Communications, Inc. has received tenders and
consents representing a majority of its outstanding 7.65% Senior
Notes due 2010 (CUSIP No. 184502AK8).

The company also announced that its subsidiary, AMFM Operating
Inc., has received tenders and consents representing a majority
of its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), all pursuant to the previously announced cash tender
offers and consent solicitations for the CCU Notes and the AMFM
Notes.

As of 5:00 p.m., New York City time, on Dec. 31, 2007, the
company had received tenders and consents in respect of
US$710,729,000 of the outstanding principal amount of CCU Notes
(or approximately 94.76% of the aggregate principal amount), and
AMFM had received tenders and consents in respect of
US$555,582,000 of the outstanding principal amount of AMFM Notes
(or approximately 86.16% of the aggregate principal amount).

As a result of the receipt of the requisite consents for the CCU
Notes, the company expects to enter promptly into a supplemental
indenture incorporating the Clear Channel proposed amendments,
which eliminate substantially all of the restrictive covenants
and the covenants regarding mergers and consolidations
contained in the CCU Notes and in the indenture governing the
CCU Notes applicable to the CCU Notes, eliminate certain events
of default, and modify or eliminate certain other provisions,
including certain provisions relating to defeasance, contained
in the CCU Notes and in the indenture governing the CCU Notes
applicable to the CCU Notes.

As a result of the receipt of the requisite consents for the
AMFM Notes, AMFM expects to enter promptly into a supplemental
indenture incorporating the AMFM proposed amendments, which
eliminate substantially all of the restrictive covenants and the
covenants regarding mergers and consolidations contained in the
AMFM Notes and in the indenture governing the AMFM Notes,
eliminate certain events of default, and modify or eliminate
certain other provisions, including certain provisions relating
to defeasance and providing for guarantees, contained in the
AMFM Notes and in the indenture governing the AMFM Notes.  Each
supplemental indenture will become operative upon acceptance and
payment of the tendered notes by AMFM or Clear Channel, as
applicable.

The company and AMFM have decided to extend the consent payment
deadlines in connection with the tender offers and the consent
solicitations.  The new consent payment deadline for each series
of Notes is 8:00 a.m. EST on Jan. 16, 2007, which is the same
time as each tender offer expiration date.  Each of the consent
payment deadline and the tender offer expiration date is subject
to extension by AMFM, with respect to the AMFM Notes, and Clear
Channel, with respect to the CCU Notes, in their sole
discretion.  As a result of the extension of the consent
payment deadlines, all holders that validly tender their notes
in each tender offer will be eligible to receive the applicable
total consideration offered, including the applicable consent
payment.

In each case, holders whose Notes are accepted for payment in
the tender offers will receive accrued and unpaid interest in
respect of such purchased Notes to, but not including, the
applicable settlement date.

The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.  The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated Dec. 17, 2007, and the
related Letter of Transmittal and Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the transaction should
be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-
6106 (collect).  Requests for documentation should be directed
to Global Bondholder Services Corporation at (212)430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.


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


PRIMA CHARTER: Claims May Cue Court to Declare Firm Bankrupt
------------------------------------------------------------
A court may declare Prima Charter bankrupt after investors
demand reimbursement following the Polish charter airline's
three unsuccessful attempts to raise equity, Poland A.M.
reports, citing Puls Biznesu as its source.

According to Adam Wychowaniec, management board member of PCh,
the company is willing to pay off the debt, saying it is already
in talks with the proxies of the investors.

However, Sebastian Bogusz, proxy of an anonymous creditor who
filed the bankruptcy motion, said PCh should be declared
bankrupt, adding it has an incompetent management board.  He
also denied holding any talks with the company, Poland A.M.
relates.

A Puls Biznesu source told Poland A.M. that "the company needs
cash urgently and it does not have it."

On Jan. 2, a court supervisor has been appointed to PCh, who is
tasked to prepare a report on the company's financial condition.

In the nine months of 2007, the company recorded PLN120 million
in revenue while losses stood at PLN20 million, Polish News
Bulletin reveals.

Prima Charter -- http://www.primacharter.com/-- is a Polish
charter airline, previously known as Fischer Air Polska.


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


BMK-ELECTROSTEEL: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure against OJSC BMK-Electrosteel after
finding it insolvent on April 16, 2007.  The case is docketed
under Case No. A07-24376/06-G-GIA.

The Interim Manager is:

         Yu. N. Parshin
         P.O. Box 174
         Ufa
         450098 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:

         OJSC BMK-Electrosteel
         Blyukhera Str. 1
         Beloretsk
         Beloretsky Raion
         Bashkortostan
         Russia


CENTROCREDIT BANK: Fitch Affirms B- on Niche Franchise
------------------------------------------------------
Fitch Ratings has affirmed Russia-based CentroCredit Bank's
ratings at Long-term Issuer Default 'B-', Short-term IDR 'B',
Support '5', Individual 'D' and National Long-term 'BB(rus)'.
The Support Rating Floor is also affirmed at 'No Floor'.  The
Outlooks for the Long-term IDR and National Long-term rating
remain Stable.

The ratings reflect CCB's niche franchise, high, although
reducing, exposure to market risk, volatility of earnings,
concentrated balance sheet and short-term funding base.  At the
same time, they reflect sound capital levels, high profitability
and the generally positive, long track record in managing market
risk.

In line with the bank's historical focus on operations with
securities, exposure to capital markets, both direct and
indirect (via reverse repurchase transactions), remains
significant (nearly 46% of total assets at end of third quarter
of 2007).  That said, the bank has a fairly liquid profile of
fixed-income instruments, largely matching the CBR's list of
securities eligible for refinancing (rated 'B+' and above).

The bank plans to diversify more actively into lending
operations in 2008-09, although the concentration levels (top 20
borrowers/loans ratio of about 50% at end of third quarter of
2007) are likely to remain high given the focus on selected
clients and segments.  Asset quality has been satisfactorily
managed so far (loans of more than one day overdue accounted for
less than 2% of the gross portfolio at end of third quarter of
2007), although this was partly the result of a sale of
defaulted loans in September 2007.

The bank has continuously demonstrated good operating results,
helped by securities trading gains, although the latter have
proved to be rather volatile.  The cost base is low, reflective
of the small network and staff numbers.

The funding base remains cheap, but is very short-term, with the
majority on demand.  Client accounts are concentrated, thus,
potentially putting pressure on short-term liquidity.  The
latter is supported, to a significant degree, through inter-bank
borrowings, largely in the form of repurchase transactions (32%
of liabilities at end of third quarter of 2007) given the
sizeable securities book.

Rating upside is limited given the current funding profile, but
positives for the credit profile would be greater
diversification of franchise and reduction of market risk
exposures.  Downward pressure could arise from a substantial
weakening of asset quality, as a result of loan growth or due to
turbulence on Russian capital and money markets, or should the
bank's liquidity come under pressure.

CCB was established in 1989 in Moscow.  At end of third quarter
of 2007, it was the 113th-largest bank by asset size in Russia
and had two offices in Moscow and around 20 cash service
outlets.  Operations with securities have been CCB's core
business line, though it also aims at expanding lending and
deposit-taking activities in the next year.  CCB is ultimately
controlled by several individuals; none of them currently have a
controlling stake, although the CEO, Andrey Tarasov, may
consolidate majority ownership in 2008.


ELECTRODE PLANT: Bankruptcy Hearing Slated for March 5
------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad
will convene at 9:40 a.m. on March 5 to hear the bankruptcy
supervision procedure against CJSC Electrode Plant after finding
it insolvent on Nov. 7, 2007.  The case is docketed under Case
No. A56-25229/2007.

The Interim Manager is:

         A. S. Zapryagaev
         P.O. Box 36
         394055 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Electrode Plant
         Litovskaya Str. 17a
         St. Petersburg
         Russia
         Web site: http://www.elz.spb.ru/


GAZPROM NEFT: Creates Joint Venture with OAO Lukoil
---------------------------------------------------
OAO Gazprom Neft and OAO Lukoil have established a joint
venture, OOO Oil and Gas Co. Regional Development.

Vagit Alekperov, President of Lukoil, and Alexander Dyukov,
President of Gazprom Neft signed the relevant documents.

Lukoil owns a 49% stake in the authorized capital of the joint
venture, Gazprom Neft has a 51% stake.  The authorized capital
of the enterprise will be comprised of monetary contributions.
The joint venture will be managed on a parity basis.

The joint venture will focus on acquiring rights for subsurface
use, geological survey of subsurface areas, exploration and
production of hydrocarbons, field development, implementation of
infrastructure-related projects, transportation and marketing of
produced hydrocarbon materials.

"The joint venture of Gazprom Neft and Lukoil is an efficient
tool of mutually beneficial cooperation between Russia's major
oil companies which possess a great production and financial
potential required for implementing major projects," Mr.
Alekperov said.

"Cooperation between Dyukov within the joint venture framework
is going to expand the areas of both companies' presence and
enhance the efficiency of new field development," Mr. Dyukov
said.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                       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.

                          *     *     *

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.

Ratings apply to date.


LIVNYSTROY OJSC: Asset Sale Slated for January 31
-------------------------------------------------
The competitive proceedings manager of OJSC Livnystroy, will
open a public auction for the company's properties at noon on
Jan. 31 at:

         OJSC Livnystroy
         Gor'kogo Str. 18
         Livny
         Orel
         Russia

The company has set a RUR22,425,800 starting price for the
assets on auction.

Interested participants have until Jan. 9 to deposit an amount
equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         OJSC Livnystroy
         Gor'kogo Str. 18
         Livny
         Orel
         Russia
         Tel/fax: (4862) 40-21-71

The Debtor can be reached at:

         OJSC Livnystroy
         Gor'kogo Str. 18
         Livny
         Orel
         Russia


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

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

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


MOSTRANSAVTO-FINANCE: S&P Junks RUR7.5 Billion Debut Bond
---------------------------------------------------------
Standard & Poor's Ratings Services assigned 'CCC+' and 'ruBB+'
senior unsecured debt ratings to the proposed RUR7.5 billion
debut bond issue to be placed by 100% subsidiary OOO
Mostransavto-Finance on Dec. 25, 2007.  The five-year bond will
have 10 coupon payments and a six-month put option guaranteed by
Moscow Regional Investment Trust Co. OJSC (B/Positive/--;
Russia national scale 'ruA-').

The bond will also have an amortizing schedule, with 13% of the
principal redeemed in one year, 11% in two years, 20% in three
years, 13% in four years, and the remaining 43% at the maturity
date.  The oblast is expected to cover the repayment of the
installments by an allocation in the oblast's budget, as the
company does not have sufficient funds on its own to repay these
maturities.  This bond will be used to refinance some
outstanding obligations from the company (mostly budget loans
and financial leases).

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

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

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

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


MORTGAGE CORPORATION: S&P Assigns B- Ratings on Debt Policies
-------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B-' long-term
ratings and 'ruBBB' national scale rating to the financial and
construction company Mortgage Corporation of Moscow Region OJSC.
The outlook is stable.

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

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

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


PERVOMAISKY LOGGING: Asset Sale Slated for January 15
-----------------------------------------------------
The competitive proceedings manager of OJSC Pervomaisky Logging
Enterprise, will open a public auction for the company's
properties on Jan. 15 at:

         OJSC Pervomaisky Logging Enterprise
         Pervomaika Settlement
         Kostroma
         Russia

The company has set a RUR21,644,000 starting price for the
assets on auction.  Deposit required is 10% of the starting
price.

Interested participants have until 4:00 p.m. on Jan. 15 to
submit their bidding documents to:

         The Competitive Proceedings Manager
         Galichskaya Str. 126A
         Kostroma
         Russia
         Tel:  8-916-578-15-74

The Debtor can be reached at:

         OJSC Pervomaisky Logging Enterprise
         Pervomaika Settlement
         Kostroma
         Russia


PMK BIRSKAYA-1: Creditors Must File Claims by February 15
---------------------------------------------------------
Creditors of OJSC PMK Birskaya-1 have until Feb. 15 to submit
proofs of claim to:

         E. N. Knyazev
         Competitive Proceedings Manager
         Gafuri Str. 19
         Birsk
         452451 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
Nov. 28, 2007.  The case is docketed under Case No. A07-6209/
07-G-NLV.

The Court is located at:

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

The Debtor can be reached at:

         OJSC PMK Birskaya-1
         Burnovskaya Str. 5)
         Birsk
         452451 Bashkortostan
         Russia


PROBUSINESSBANK: Fitch Affirms IDR at B- on Flexible Capital
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Russia's
Probusinessbank at Long-term Issuer Default rating 'B-', Long-
term local currency IDR 'B-', National Long-term 'BB+(rus)',
Short-term IDR 'B', Individual 'D', Support '5' and Support
Rating Floor 'No Floor'.  At the same time, the Outlooks for the
Long-term IDR, Long-term local currency IDR and National Long-
term rating have been revised to Positive from Stable.

The Positive Outlooks reflect PBB's greater capital flexibility,
strengthened shareholder oversight and more focused management
following the attraction of new portfolio equity investors at
end-2006.  The Outlooks also consider the ongoing strengthening
of the bank's retail franchise and a reduction in loan
concentrations.  In addition, the ratings are supported by low
levels of corporate loan impairment and currently adequate
liquidity.

However, the ratings also take into account rapid asset growth,
weak performance, significant impairment in the retail loan book
(albeit adequately compensated by rates and covered by reserves,
to date) and a tougher funding environment, which may make it
harder for PBB to further strengthen its franchise and achieve
greater economies of scale.

PBB'a Long-term IDRs and National Long-term rating could be
upgraded if the equity injection planned for first half of 2008
is forthcoming, performance (and therefore internal capital
generation) improves and the bank is able to grow its franchise,
maintain margins and successfully manage refinancing risk in the
currently challenging funding environment. Should the equity
injection be significantly delayed, asset quality deteriorate,
performance remain weak or funding constraints start to have a
greater impact on business development and margins, then the
Outlooks could be revised back to Stable.

PBB is a medium-sized Russian bank, with consolidated
(unaudited) assets of RUR53.5 billion (US$2.1 billion) at end of
third quarter of 20307.  The bank services corporate, SME and
retail customers.  Headquartered in Moscow, the bank has built a
good retail franchise in the Volga region through its
subsidiary, Express-Volga Bank.  PBB is 65.5%-owned by senior
management and 34.5%-owned by private equity funds.


PUSHKINOGORSKY FOOD: Asset Sale Slated for January 18
-----------------------------------------------------
D. N. Gryaznov, the competitive proceedings manager of
Pushkinogorsky Food Integrated Plant LLC, will open a public
auction for the company's properties at 11:00 a.m. on Jan. 18
at:

         D. N. Gryaznov
         Builing 1
         Planetnaya Str. 29
         Moscow
         Russia
         Tel: (495) 9564890

The company has set a RUR7,793,200 starting price for the assets
on auction.  Deposit required is 10% of the starting price.

Interested participants have until Jan. 17 to submit their
bidding documents to:

         D. N. Gryaznov
         Builing 1
         Planetnaya Str. 29
         Moscow
         Russia
         Tel: (495) 9564890

The Debtor can be reached at:

         Pushkinogorsky Food Integrated Plant LLC
         Novorzhevskaya Str. 3
         Pushkinky Gory Settlement
         181370 Pskov
         Russia


SOSNOVOBORSKY CORRUGATED: Bankruptcy Hearing Slated for March 17
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad
will convene at 10:10 a.m. on March 17 to hear the bankruptcy
supervision procedure against CJSC Sosnovoborsky Corrugated
Board after finding it insolvent on Nov. 13, 2007.  The case is
docketed under Case No. A56-25229/2007.

The Interim Manager is:

         A. S. Zapryagaev
         P.O. Box 36
         394055 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Sosnovoborsky Corrugated Board
         Proezd Vokzal'ny 1
         Sosnovy Bor
         Leningrad
         Russia


TATNEFT OAO: Mulls Joint Bitumen Oil Production with Chevron
------------------------------------------------------------
OAO Tatneft is considering a strategic partnership agreement
with Chevron Corp. to develop and produce bitumen oil, RIA
Novosti reports.

"[Tatneft] agreed with Chevron to meet in Kazan where the
company specialists will talk about their technology and the
possibility of using it at our deposits," General Director
Shafagat Takhautdinov was quoted by RIA Novosti as saying.

M. Takhautdinov added Tatneft's wells in Volga Republic yields
35 million-40 million metric tons of bitumen oil saily.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


TUIMAZINSKY BREEDING: Creditors Must File Claims by Feb. 15
-----------------------------------------------------------
Creditors of OJSC Tuimazinsky Breeding Farm have until Feb. 15
to submit proofs of claim to:

         B. V. Evstratov
         Competitive Proceedings Manager
         P.O. Box 41
         Ufa
         450075 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
Nov. 19, 2007.  The case is docketed under Case No. A07-17221/
06-G-GPA.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tuimazinsky Breeding Farm
         Shkol'naya Str. 1
         Duslyk Settlement
         Tuimazinsky Raion
         Bashkortostan
         Russia


YUKOS OIL: Dutch Appeal Court Says Receiver May Ignore Ruling
-------------------------------------------------------------
A court of appeal in Netherlands has ruled that Eduard Rebgun,
OAO Yukos Oil Co.'s bankruptcy receiver, may ignore a Dutch
court's decision that he has no power to decide over the
matters of Yukos Finance B.V., Bloombeg News reports.

"Yukos Finance hasn't made clear which decisions that were taken
by Rebgun have to be reversed," the Amsterdam court said in an
e-mailed statement to Bloomberg News.

As reported in the TCR-Europe on Dec. 28, 2007, Yukos Finance
has asked the court Mr. Rebgun to adhere to its Oct. 31, 2007,
ruling, that the sale of Yukos Finance was illegal under Dutch
law.

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

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

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

Yukos Finance's main assets include:

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

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

                        About Yukos Oil

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

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

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

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

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

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

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

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


ZAPADNODVINSKOE MILK: Creditors Must File Claims by Feb. 15
-----------------------------------------------------------
Creditors of Zapadnodvinskoe Milk Municipal Unitary
Enterprise have until Feb. 15 to submit proofs of claim to:

         Yu. N. Smirnov
         Competitive Proceedings Manager
         P.O. Box 177
         70000 Tver'
         Russia

The Arbitration Court of Tver' commenced competitive
proceedings against the company after finding it insolvent on
Nov. 29, 2007.  The case is docketed under Case No. A66-350/
2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         Zapadnodvinskoe Milk Municipal Unitary Enterprise
         Shkol'naya Str. 56
         Zapadnaya Dvina
         Tver'
         Russia


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


SANTANDER FINANCIACION 2: Fitch Junks EUR21.8 Mln. Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Fondo de Titulizacion de Activos,
Santander Financiacion 2's notes totaling EUR1.472 billion due
in August 2035:

   -- EUR1.254 billion Class A: 'AAA'; Outlook Stable
   -- EUR58 million Class B: 'AA'; Outlook Stable
   -- EUR44.9 million Class C: 'A'; Outlook Stable
   -- EUR29 million Class D: 'BBB'; Outlook Stable
   -- EUR63.8 million Class E: 'BB'; Outlook Stable
   -- EUR21.8 million Class F: 'CCC'; Outlook Stable

This transaction is a cash-flow securitization of a EUR1.45
billion static pool of consumer and auto loans granted by Banco
Santander ('AA' /'F1+'/ Outlook Stable) to individuals in Spain.
The final ratings are based on the quality of the collateral,
underwriting and servicing of the underlying loans, available
credit enhancement, integrity of the transaction's legal and
financial structure, and Santander de Titulizacion S.G.F.T,
S.A's administrative capabilities.

Initial CE for the Class A to E notes is provided by
subordination and a reserve fund, which has been funded at
closing using the proceeds of the Class F notes.  The Class F
notes are not collateralized by consumer or auto receivables,
but will benefit from excess spread.

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

The underlying collateral refers to consumer and auto loans
granted to individuals resident in Spain for different personal
purposes.  All the loans have been originated following Banco
Santander guidelines in the course of its normal business.  It
should be noted that 24% of the loans have been originated via
brokers.  The remaining loans have been originated directly via
the Santander branch network.

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


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


AVNET INC: Acquires YEL Electronics
-----------------------------------
Avnet Inc. has acquired YEL Electronics Hong Kong Ltd, a leading
distributor of interconnect, passive, electromechanical and
limited semiconductor components in the Asia region,
representing over 30 franchised suppliers.

YEL generated approximately US$200 million of revenue in the
twelve months ended December 2007 with over 80 percent coming
from IP&E products.  With the acquisition, Avnet gains a well-
established team of talented and knowledgeable employees serving
over 2000 customers in eight countries across Asia Pacific.  The
acquisition also expands Avnet Electronics Marketing's
franchised line card with new IP&E suppliers in the region.

Harley Feldberg, president of Avnet Electronics Marketing
global, noted that the acquisition is another significant step
in Electronics Marketing's strategy to accelerate growth: "The
IP&E distribution industry in Asia is highly fragmented
and Avnet intends to actively participate in its consolidation.
The acquisition of YEL provides an excellent opportunity to
supplement our organic growth initiatives by adding a well-
respected regional distributor with a management team that
shares our focus on profitable growth and superior customer
service.  With this acquisition, we have increased our IP&E
business in Asia by over 50% and become the largest IP&E
distributor in the region."

Avnet YEL will operate as a specialist division to maintain its
focus on IP&E profitable growth.  The combined customer base
will also provide additional opportunities for cross selling as
our sales organizations will have an expanded line card
supported by Avnet's world-class supply chain management and
logistics capabilities.  The transaction is expected to be
immediately accretive to earnings, excluding minimal integration
charges, and supports Avnet's long-term return on capital goals.

Stephen Wong, President of Avnet Electronics Marketing Asia
added, "The acquisition of YEL is a clear demonstration of
Avnet's commitment to invest in the high growth Asia components
market.  With a larger team of talented people, a broadened
account base and an expanded line card, Avnet Electronics
Marketing Asia will have additional opportunities to accelerate
organic growth while leveraging our scale and scope advantages
to deliver superior value to our trading partners."

In addition to distributing an industry-leading line card
comprised of the world's leading suppliers of semiconductor and
IP&E products, Avnet Electronics Marketing Asia also offers a
wide portfolio of value added services -- from design, demand
creation and technical support to leading supply chain and
logistic services.  This acquisition further validates Avnet's
desire and ability to continue investing in this high growth
region.

                         About Avnet Inc.

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

                          *     *     *

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


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


ANDRES & FREY: Creditors' Liquidation Claims Due by January 9
-------------------------------------------------------------
Creditors of JSC Andres & Frey have until Jan. 9 to submit their
claims to:

         Roger Frey
         Liquidator
         Wallenmattstrasse 9
         5742 Kolliken
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         JSC Andres & Frey
         Wiliberg
         Zofingen AG
         Switzerland


BOSCOMBE COMMERCIAL: Creditors Must File Claims by January 9
------------------------------------------------------------
Creditors of JSC Boscombe Commercial have until Jan. 9 to submit
their claims to:

         Dr. Kurt Zwyssig
         Liquidator
         Brisenstrasse 9
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Boscombe Commercial
         Stans NW
         Switzerland


DANI REINIGUNGS: Creditors' Liquidation Claims Due by January 9
---------------------------------------------------------------
Creditors of LLC Dani Reinigungs Services have until Jan. 9 to
submit their claims to:

         Sulemani Ramadan
         Liquidator
         Florastr. 23
         8952 Schlieren ZH
         Switzerland

The Debtor can be reached at:

         LLC Dani Reinigungs Services
         Schlieren ZH
         Switzerland


FRARI LLC: Basel-Country Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country commenced
bankruptcy proceedings against LLC FRARI on Nov. 6, 2007.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC FRARI
         Hauptstr. 39
         4142 Munchenstein
         Arlesheim BL
         Switzerland


GERBER JSC: Creditors' Liquidation Claims Due by January 9
----------------------------------------------------------
Creditors of JSC Gerber have until Jan. 9 to submit their claims
to:

         Hans Peter Gerber
         Liquidator
         Seestrasse 35
         3654 Gunten BE
         Switzerland

The Debtor can be reached at:

         JSC Gerber
         Basel BS
         Switzerland


HANF-CENTER: Basel-Country Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Laufen in Basel-Country commenced
bankruptcy proceedings against LLC Hanf-Center Laufen on Oct.
26, 2007.

The Bankruptcy Service of Laufen can be reached at:

         Bankruptcy Service of Laufen
         4242 Laufen BL
         Switzerland

The Debtor can be reached at:

         LLC Hanf-Center Laufen
         Delsbergstrasse 12
         4242 Laufen BL
         Switzerland



INTERNATIONAL COMMODITY: Creditors Must File Claims by January 9
----------------------------------------------------------------
Creditors of JSC International Commodity Resources have until
Jan. 9 to submit their claims to:

         Dr. Kurt Zwyssig
         Liquidator
         Brisenstrasse 9
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC International Commodity Resources
         Stans NW
         Switzerland


MISCHOL BAUINGENIEURE: Creditors Must File Claims by January 9
--------------------------------------------------------------
Creditors of JSC Mischol Bauingenieure have until Jan. 9 to
submit their claims to:

         Ludvic Mischol
         Liquidator
         Schiltweid 12
         6363 Furigen NW
         Switzerland

The Debtor can be reached at:

         JSC Mischol Bauingenieure
         Herigswil NW
         Switzerland


MOBEL THEMA: Creditors' Liquidation Claims Due by January 9
-----------------------------------------------------------
Creditors of JSC Mobel Thema have until Jan. 9 to submit their
claims to:

         JSC Zanoni + Aegerter
         Zurcherstrasse 82
         8640 Rapperswil ZH
         Switzerland

The Debtor can be reached at:

         JSC Mobel Thema
         Hinwil ZH
         Switzerland


OPABAU JSC: Zurich Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Altstetten-Zurich commenced bankruptcy
proceedings against JSC OPABAU on Oct. 31, 2007.

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

         Bankruptcy Service of Altstetten-Zurich
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         JSC OPABAU
         Wydlerweg 27
         8047 Zurich
         Switzerland


REDLAND COMMERCIAL: Creditors Must File Claims by January 9
-----------------------------------------------------------
Creditors of JSC Redland Commercial have until Jan. 9 to submit
their claims to:

         Dr. Kurt Zwyssig
         Liquidator
         Brisenstrasse 9
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Redland Commercial
         Stans NW
         Switzerland


SPARTACUS JSC: Zurich Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Winterthur-Altstadt in Zurich
commenced bankruptcy proceedings against JSC Spartacus on
Nov. 27, 2007.

The Bankruptcy Service of Winterthur-Altstadt can be reached at:

         Bankruptcy Service of Winterthur-Altstadt
         8401 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Spartacus
         Zurcherstr. 42
         8400 Winterthur ZH
         Switzerland


SWISS-ENTRY CONSULTING: Creditors Must File Claims by January 9
---------------------------------------------------------------
Creditors of LLC Swiss-Entry Consulting have until Jan. 9 to
submit their claims to:

         LLC Swiss-Entry Consulting
         Im Straler 25
         8047 Zurich
         Switzerland


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


AIR CLIMATE: Creditors Must File Claims January 8
-------------------------------------------------
Creditors of LLC Air Climate Market (code EDRPOU 31056561) have
until Jan. 8 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.
24/322-b.

The Debtor can be reached at:

         LLC Air Climate Market
         Motorny Lane 17
         03083 Kiev
         Ukraine


ALAN LLC: Creditors Must File Claims January 8
----------------------------------------------
Creditors of LLC Alan (code EDRPOU 16283075) have until Jan. 8
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.
15/651-b.

The Debtor can be reached at:

         LLC Alan
         Tarasovskaya Str. 18
         01033 Kiev
         Ukraine


BON-GI LTD: Creditors Must File Claims January 8
------------------------------------------------
Creditors of LLC Bon-Gi Ltd. (code EDRPOU 19352351) have until
Jan. 8 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.
15/820-b.

The Debtor can be reached at:

         LLC Bon-Gi Ltd.
         40 Years of October Str. 17-b
         03039 Kiev
         Ukraine


CAPITAL CENTER: Creditors Must File Claims January 9
----------------------------------------------------
Creditors of LLC Ukrainian Group Capital Subsidiary Capital
Center (code EDRPOU 33208969) have until Jan. 9 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. 5/556-
07.

The Debtor can be reached at:

         LLC Ukrainian Group Capital Subsidiary Capital Center
         600 Years Str. 66-A
         21021 Vinnica
         Ukraine


CAPITAL SOUTH: Creditors Must File Claims January 9
---------------------------------------------------
Creditors of LLC Capital South (code EDRPOU 34213498) have until
Jan. 9 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. 5/559-
07.

The Debtor can be reached at:

         LLC Capital South
         Yunost Avenue 18
         21021 Vinnica
         Ukraine


D. I.-TRADE: Creditors Must File Claims January 8
-------------------------------------------------
Creditors of LLC D. I.-Trade (code EDRPOU 32303495) have until
Jan. 8 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.
24/321-b.

The Debtor can be reached at:

         LLC D. I.-Trade
         40 Years of October Str. 120
         03039 Kiev
         Ukraine


IKVA LLC: Creditors Must File Claims January 8
----------------------------------------------
Creditors of Agricultural LLC Ikva (code EDRPOU 31328938) have
until Jan. 8 to submit written proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ikva
         Staroconstantinov District Verkhniaki
         Hmelnitskij
         Ukraine


SELTEKS LLC: Creditors Must File Claims January 8
-------------------------------------------------
Creditors of LLC Selteks (code EDRPOU 32104851) have until
Jan. 8 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.
15/779-b.

The Debtor can be reached at:

         LLC Selteks
         Nauka Avenue 61/2
         03083 Kiev
         Ukraine


SERVICE-K LLC: Creditors Must File Claims January 8
---------------------------------------------------
Creditors of LLC Trade Service-K (code EDRPOU 34183359) have
until Jan. 8 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.
49/207-b.

The Debtor can be reached at:

         LLC Trade Service-K
         Krasnogvardeyskaya Str. 2-A
         02094 Kiev
         Ukraine


SINKLIT LLC: Creditors Must File Claims January 8
-------------------------------------------------
Creditors of LLC Sinklit (code EDRPOU 31745809) have until
Jan. 8 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.
15/665-b.

The Debtor can be reached at:

         LLC Sinklit
         Cruiser Aurora Str. 1
         03191 Kiev
         Ukraine


SUMY LIFT: Creditors Must File Claims January 8
-----------------------------------------------
Creditors of LLC Sumy Lift (code EDRPOU 14021201) have until
Jan. 8 to submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 8/210-
07.

The Debtor can be reached at:

         LLC Sumy Lift
         Grazhdansky Lane 7
         40021 Sumy
         Ukraine


UNIVERSAL TRADING: Creditors Must File Claims January 8
-------------------------------------------------------
Creditors of LLC Universal Trading Group (code EDRPOU 32104804)
have until Jan. 8 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.
15/777-b.

The Debtor can be reached at:

         LLC Universal Trading Group
         40 Years of October Str. 120
         03127 Kiev
         Ukraine


VINBOS LLC: Creditors Must File Claims January 8
------------------------------------------------
Creditors of LLC Vinbos (code EDRPOU 30632556) have until Jan. 8
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.
15/653-b.

The Debtor can be reached at:

         LLC Vinbos
         40 Years of October Str. 48a
         03039 Kiev
         Ukraine


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


ALTURA EXTRUSIONS: A. Clifton Leads Liquidation Procedure
---------------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed liquidator of
Altura Extrusions Ltd. on Dec. 21, 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


BAYAGENT GLOBAL: Claims Filing Period Ends January 26
-----------------------------------------------------
Creditors of Bayagent Global Ltd. have until Jan. 26 to send in
their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Steven P. Ross
         Joint Liquidator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of the company on Dec. 21, 2007, by
resolutions of members and creditors.


EUROPEAN BAKERIES: Joint Liquidators Take Over Operations
---------------------------------------------------------
Kevin Anthony Murphy and Richard Howard Toone of Chantrey
Vellacott DFK LLP were appointed joint liquidators of European
Bakeries (U.K.) Ltd. on Dec. 12, 2007, for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England


FORNAX PLC: Fitch Affirms GBP8 Million Class G Notes
----------------------------------------------------
Fitch Ratings has upgraded Fornax (Eclipse 2006-2) plc's notes
due February 2019:

   -- GBP102.54 million class A (XS0267553443): affirmed at
      'AAA'; Outlook Stable

   -- GBP121.03 million class B (XS0267554334): affirmed at
      'AAA'; Outlook Stable

   -- GBP34.24 million class C (XS0267554508): affirmed at
      'AAA'; Outlook Stable

   -- GBP0.02 million class X (XS0267557196): affirmed at 'AAA';
      Outlook Stable

   -- GBP21.33 million class D (XS0267554920): upgraded to 'AA+'
      from 'AA'; Outlook Stable

   -- GBP26.60 million class E (XS0267555570): affirmed at 'A';
      Outlook Stable

   -- GBP18.05 million class F (XS0267555737): affirmed at
      'BBB'; Outlook Stable

   -- GBP8 million class G (XS0267556032): affirmed at 'BB';
      Outlook Stable

At close, this was a securitziation of 18 commercial mortgage
backed loans and one VAT loan originated by Barclays Bank Plc.
Much of the portfolio was secured on properties in Germany and
France, with a smaller proportion of properties located in
Austria, Belgium, Italy and Spain.

There have been a number of loan prepayments since closing.
Only 13 of the 19 loans are outstanding.  This has had
significant impact on the weighted average loan-to-value ratios
of the total portfolio. The most recent prepayments, in the
quarter to November 2007, were the CRIPA loan (mixed use
properties with a focus on multi-family residential properties
in Germany) and the Pomezia loan (two properties in Italy.)
These loans are relatively small proportions of the outstanding
pool at 5.91% and 3.02%, respectively.  The CRIPA loan had a
relatively high LTV at 78.81%, while the Pomezia loan had a low
LTV at 60.78%.  However, the vacancy rate on the Pomezia loan
was very high.; one of the properties had been vacant since
inception.

The prepayment funds and final redemption funds of the CRIPA and
Pomezia loans were allocated 50% pro rata, with the remaining
funds applied sequentially. The allocation of funds is dependent
on loan categories.  Category 1 loans are to be paid out to the
class A noteholders only.  This aims at limiting the likelihood
of the available funds caps being triggered. Prepayment funds
from the category 2 loans, subject to the class G lock-out, are
applied 50% pro rata and 50% sequentially to the B through to G
notes, while prepayment funds from the category 3 loans will be
applied fully pro rata to classes B to G.  No payments will be
made to the class G notes while the ATU Germany, ATU Austria,
Cassina Plaza and Kingbu loans are outstanding (class G lock-
out).

The largest loan, Flora Park accounting for 22% of the
portfolio, prepaid in the quarter to August 2007 along with the
German Supermarket loan.  Flora Park prepayment funds were
allocated 100% pro rata, while the latter was 50% pro rata and
50% sequential. Consequently, the credit enhancement levels for
the class A noteholders is decreasing, since the outstanding
balance has remained the same since the French VAT loan
prepayment in February 2007.  As a result of these loan
prepayments in August, the LTV improved to 67.66% from 71.73%.

The weighted average interest cover ratio has consistently been
above 2x since close, and, at the November interest payment date
is currently at 2.04x, according to the latest data available to
the agency.

Seven of the remaining loans outstanding have no amortization
schedule, so unless previously prepaid, the loans will be
required to be repaid by the relevant borrower in full on the
relevant loan maturity date.


GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007
---------------------------------------------------------
General Motors Corp. dealers in the United States delivered
323,453 vehicles in December, down 5% compared with a year ago.
With 257,469 retail vehicle deliveries, retail sales for the
month were up 1.5%.

GM delivered 3.87 million vehicles in 2007, down 6% compared
with 2006.  GM's retail market share is anticipated to be flat
for the year, with daily rental share down significantly, as
planned.

"We've executed our Go-to-Market strategy throughout the year,
and the results show stabilized retail share and net price,
reduced daily rentals, improved residual values, smaller
inventories and outstanding launch vehicle performance," Mark
LaNeve, GM North America vice president, Vehicle Sales, Service
and Marketing, said.  "Growing our share in key car segments is
integral to our strategy.  The retail performance of the new
Chevrolet Malibu and Cadillac CTS, Saturn AURA, Pontiac G6 and
the fuel-efficient Chevrolet Aveo, Cobalt and Pontiac G5,
demonstrates the enthusiasm customers have for these outstanding
vehicles."

                 December Performance Highlights

   * Chevrolet, Pontiac, Buick, GMC and Saturn divisions saw
     retail increases year-over-year;

   * GM's retail car deliveries increased 15% based on the
     strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS
     and fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5 and
     G6. Aveo sales were up 82%;

   * Chevrolet Impala and Malibu combined were 24,000 retail
     sales, the best Chevrolet mid-car month since July 2006;

   * Enclave, OUTLOOK and Acadia crossovers exceeded 14,000
     retail sales; GM's mid-utility crossover segment was up
     275%.  Enclave had a record month.

   * Chevrolet Silverado, Avalanche and GMC Sierra full-size
     pickups built retail market share with more than 69,000
     vehicles sold;

   * Retail vehicles, as a percent of total deliveries,
     increased more than 5 percentage points to 80%; and

   * Dealer inventories were down 147,000 vehicles year-over-
     year.

"The Malibu, CTS and Enclave have some of the fastest turn rates
in the industry and we've seen Malibu retail sales increase
nearly 100% compared with a year ago," Mr. LaNeve added.  "I was
particularly encouraged to see that even though we doubled
Malibu sales and basically sold them as soon as they hit dealer
lots, the Impala also had a terrific month.  More and more
customers are realizing that the best mid-car values are no
longer at an import dealership."

                   2007 Performance Highlights

   * Dealer inventories were at their lowest level going into
     January in 13 years;

   * GMC and Saturn divisions had total and retail increases for
     the year;

   * Enclave, OUTLOOK and Acadia crossovers exceeded 122,000
     retail sales; GM's mid-utility crossover segment was up
     333% retail;

   * Daily rental sales were reduced 108,000 vehicles; GM was at
     its lowest level of daily rental sales in 9 years (about
     596,000 vehicles), while significantly boosting content and
     resale value.  Commercial/government fleet sales were up
     about 5,000 vehicles

   * Anticipated retail share stabilized at about 21%; and

   * Retail vehicles, as a percentage of total deliveries,
     increased 1 percentage point to 74%.

"The Chevrolet Tahoe Hybrid and Malibu, Buick Enclave and
Cadillac CTS have been named finalists in the North America Car
and Truck of the Year Awards, so our vehicles are being
recognized as world-class," Mr. LaNeve said.  "While we've seen
a challenging market in 2007, we are offering shoppers the best
products and value available. A shining example is Saturn's
roughly 12% retail increase in 2007, being driven by the AURA,
SKY, VUE and OUTLOOK. We believe the industry will be much more
resilient than many forecasts and look forward to 2008."

                            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 U.S. auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

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


GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units
------------------------------------------------------------
For the 2007 calendar year, General Motors of Canada maintained
its sales leadership position in Canada delivering 403,410
units.

"For 2007, GM continued to stay the course with our strategy to
focus on the quality and durability of our vehicles and
strategically manage our daily rental sales volume," said Marc
Comeau, GM of Canada's vice-president of sales, service, and
marketing.  "While this strategy has resulted in some overall
sales declines we are experiencing good retail sales
performance, higher residual values and solid sales from our
recently introduced cars and trucks."

Mr. Comeau continued, "We are seeing strong customer acceptance
for the new Cadillac CTS and Chevrolet Malibu and Malibu hybrid
and Saturn Astra will lead the new generation of Saturn
vehicles.  GM will also continue to offer more green choices for
Canadians offering three additional hybrids in 2008, the
Cadillac Escalade and the Oshawa-built Chevrolet Silverado and
GMC Sierra pickups."

Four GM vehicles were recently recognized by the Automobile
Journalists Association of Canada from best small car (Saturn
Astra) to best small crossover (Saturn Vue) to best luxury
crossover (Buick Enclave) to best pickup truck (Chevrolet
Silverado).  This comes on the heels Motor Trend Magazine Car of
the Year for the Cadillac CTS and Green Car of Year for the
Chevrolet Tahoe hybrid SUV from Green Car Journal.

                        Sales Highlights

   * the recently launched Chevrolet Malibu saw retail sales
     jump 8.9% in December.

   * the all-new Cadillac CTS and Saab 9-3 were up 4.5% and
     56.8%, respectively, for the month.

   * GM's crossover line-up -– including the GMC Acadia, Saturn
     Outlook and Buick Enclave -- drove a 67.7% increase in the
     mid utility segment for the month.

   * Pontiac Vibe continues to perform well -– up 29.5% for the
     month and 12.9% for the year, driven by strong retail
     sales.

   * Saturn posted a 23% increase in 2007 as a result of a
     strong vehicle line-up including the Aura and Aura Hybrid
     sedans, the Vue and Vue Hybrid small utility and all new
     Outlook crossover utility.

   * GM large pickup sales grew 7.5% in 2007, with gains from
     the Chevrolet Silverado and GMC Sierra extended cab pickups
     (up 10.2% and 9.2%, respectively), as well as strong
     performance from the 1500 Series Crew Cabs with Chevrolet
     up 50.5% and GMC up 38.9%.

                          GM Canada Sales
                         Month of December

                             2007     2006  % CHG
                             ----      ----      ----
       Total Cars           9,678   16,741    -42.4%
       Total Trucks    16,412   19,517    -15.9%
       Total Vehicles    26,090   36,258    -28.0%

                    Year Ended Dec. 31, 2007

                             2007     2006  % CHG
                             ----      ----      ----
       Total Cars         185,952  202,949  -8.4%
       Total Trucks   217,760  218,350  -0.3%
       Total Vehicles   403,712  421,299  -4.2%

                  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 U.S. auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

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


LEIGH CONCRETE: Taps Liquidators from BDO Stoy Hayward
------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of Leigh Concrete Ltd. on
Dec. 14, 2007, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


MIDLAND POTATO: Brings In Liquidators from PKF
----------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF (U.K.) LLP were appointed
joint liquidators of Midland Potato Co. Ltd. (formerly Edima
Distribution Ltd.) on Dec. 19, 2007, for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         B3 2LX
         England


NOVA FINANCE 4: S&P Rates EUR17.5 Million Class E Notes at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the asset-backed and nonasset-backed notes issued by NOVA
Finance No. 4 Ltd., a Special Purpose Entity.

The collateral comprises unsecured amortizing personal loans
originated by Banco Comercial Português, S.A. (A/Stable/A-1.

This is the fourth personal loan ABS transaction issued by
Millenium BCP to be rated by Standard & Poor's, and the 11th
securitization originated by Millenium BCP.

                          Ratings List

NOVA Finance No. 4 Ltd.
   EUR700.00 Million Asset-Backed Floating-Rate,
   EUR32.35 Million Nonasset-Backed Floating-Rate, And
   EUR0.25 Million Nonasset-Backed Notes

         Class          Rating         Amount (Mln. EUR)
         -----          ------         ----------------
          A              AAA               644.00
          B              AA+                14.00
          C              A                  17.50
          D              BBB                24.50
          E(1)           BB-                17.50
          F(1)           NR                 14.85
          G(1)           NR                  0.25


         (1) The class E, F, and G notes are not asset-backed.
          The E and F notes were used to finance the reserve
          fund.  The unrated class G notes were issued (and
          bought by the originator), and used to pay the
          upfront expenses of the issuer.

          NR -- Not rated.


OSA LTD: Appoints P. D. Masters as Liquidator
---------------------------------------------
P. D. Masters of DTE Leonard Curtis was appointed liquidator of
OSA (U.K.) Ltd. on Dec. 21, 2007, for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         Regent House
         Bath Avenue
         Wolverhampton
         WV1 4EG
         England


PURPLE PATCH: Calls In Liquidators from Tenon Recovery
------------------------------------------------------
Ian William Kings and Steven P. Ross of Tenon Recovery were
appointed joint liquidators of Purple Patch Ltd. on Dec. 20,
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


REMY WORLDWIDE: Court Issues Final Decree Closing 27 Cases
----------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware issued a final decree closing the
Chapter 11 cases of 27 Reorganized Debtors:

    Entity                                         Case No.
    ------                                         --------
    Ballantrae Corporation                         07-11482
    HSG I, Inc.                                    07-11483
    HSG II, Inc.                                   07-11484
    International Fuel Systems, Inc.               07-11485
    iPower Technologies, Inc.                      07-11486
    M. & M. Knopf Auto Parts, L.L.C.               07-11487
    Marine Corporation of America                  07-11488
    NABCO, Inc.                                    07-11489
    Power Investments Marine, Inc.                 07-11490
    Power Investments, Inc.                        07-11491
    Powrbilt Products, Inc.                        07-11492
    Publitech, Inc.                                07-11493
    Reman Holdings, L.L.C.                         07-11494
    Remy Alternators, Inc.                         07-11495
    Remy India Holdings, Inc.                      07-11496
    Remy International Holdings, Inc.              07-11498
    Remy Korea Holdings, LLC                       07-11499
    Remy Logistics, L.L.C.                         07-11500
    Remy Powertrain, L.P.                          07-11501
    Remy Reman, L.L.C.                             07-11502
    Remy Sales, Inc.                               07-11503
    Remy, Inc.                                     07-11504
    Unit Parts Company                             07-11505
    Western Reman Industrial , Inc.                07-11506
    Western Reman Industrial, LLC                  07-11507
    World Wide Automotive, L.L.C.                  07-11508
    World Wide Automotive Distributors, Inc.       07-11509

The 27 Reorganized Debtors will complete all remaining quarterly
reports and pay all quarterly fees due and owing to the U.S.
Trustee by Jan. 20, 2008.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy  has operations in the United Kingdom,
Mexico and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SEEN IT ON TV: Taps Liquidators from Grant Thornton
---------------------------------------------------
James Earp and Nick Wood of Grant Thornton were appointed joint
liquidators of Seen It on TV Ltd. on Dec. 19, 2007, for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton House
         Melton Street
         London
         NW1 2EP
         England

The company can be reached at:

         Seen It on TV Ltd.
         Trafalgar House
         Grenville Place
         Mill Hill
         London
         NW7 3SA
         England


SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion
------------------------------------------------------------
The Shaw Group Inc. has received notification from the U.S.
Securities and Exchange Commission that the SEC's Division of
Enforcement has completed its informal inquiry, which the
company announced in June 2004, and that the Division of
Enforcement does not intend to recommend any enforcement action.

                        About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


* BOND PRICING: For the Week Dec. 31, 2007 to Jan. 4, 2008
----------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      64.12
                          0.250    10/14/26     CDN      39.30
Republic of Austria       4.000    06/22/22     EUR      72.56
                          0.396    08/04/25     EUR      63.66
                          5.243    10/10/25     EUR      62.49

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.60
                          0.500    04/26/13     AUD      71.01
                          1.000    11/21/16     NZD      58.32
                          1.000    10/30/17     AUD      57.51
                          0.500    09/24/20     CDN      60.12
                          0.250    06/28/40     CDN      20.32

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      15.05
Altran Technologies S.A.  3.750    01/01/09     EUR      12.02
BNP Paribas               0.250    12/20/14     US$      74.42
Calyon                    6.000    06/18/47     EUR      49.97
CAP Gemini S.A.           2.500    01/01/10     EUR      53.34
                          1.000    01/01/12     EUR      47.82
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.41
                          4.375    11/01/10     EUR      50.04
Groupe Vial S.A.          2.500    01/01/14     EUR      42.63
Havas S.A.                4.000    01/01/09     EUR      10.65
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      21.46
Maurel & Prom             3.500    01/01/10     EUR      21.78
Publicis Group            0.750    07/17/08     EUR      29.01
                          1.000    01/18/18     EUR      42.20
Rhodia S.A.               0.500    01/01/14     EUR      43.66
Scor S.A.                 4.125    01/01/10     EUR       2.16
Soc Air France            2.750    04/01/20     EUR      26.92
Soitec                    4.625    12/20/09     EUR       7.59
Theolia S.A.              2.000    01/01/14     EUR      22.37
Valeo                     2.375    01/01/11     EUR      44.34
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.84
Wavecom S.A.              1.750    01/01/14     EUR      24310
Wendel Invest S.A.        2.000    06/19/09     EUR      46.27

GERMANY
-------
Callahan NRH             14.000    07/15/10     US$       0.27
Deutche Bank AG London    5.030    11/15/20     EUR      71.76
HSH Nordbank AG           4.625    10/21/15     EUR     100.74
KfW Bankengruppe          0.500    10/30/13     AUD      67.73
                          0.500    12/19/17     EUR      67.56
                          5.000    05/23/20     EUR      75.04
                          1.250    07/07/20     EUR      73.43
                          1.250    07/29/20     EUR      73.99
                          6.000    07/21/25     EUR      68.80
                          5.000    09/01/25     EUR      70.28
                          8.000    08/10/30     EUR      65.03
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.06
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.73

GREECE
------
Hellenic Republic         6.000    07/13/20     EUR      65.72

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      51.61

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.99
                          0.250    07/08/33     CDN      27.69
Magnolia Finance IV Plc   1.050    12/20/45     US$      31.00

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      69.32


NETHERLANDS
-----------
ALB Finance B.V.          7.880    02/01/12     EUR      74.42
BK Ned Gemeenten          0.500    06/27/18     CDN      64.96
                          0.500    02/24/25     CDN      49.03
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.14
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.630    08/16/21     EUR      64.16
Hypo Real ES Finance      5.500    08/20/08     EUR      74.78
Kazkommerts Int'l B.V.    6.880    02/13/17     EUR      76.40
KBC Ifima N.V.            3.500    02/07/25     US$      74.03
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      65.61
                          7.000    05/17/35     EUR      58.38
                          7.250    10/05/35     EUR      57.13
                          6.000    11/02/35     EUR      56.84
Ned Waterschapbk          6.000    06/01/35     EUR      70.73
                          6.500    08/15/35     EUR      62.99
                          6.000    06/30/45     EUR      68.60
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.29
                          6.000    02/22/35     EUR      66.49
                          7.000    03/23/35     EUR      64.12
                          6.000    05/09/35     EUR      69.49

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.29

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.33

SWITZERLAND
-----------
UBS AG                    1.000     03/28/12    NZD      73.58
                          1.000     06/28/12    NZD      72.51
                          1.000     07/30/12    NZD      72.73

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      55.28
Bank of Scotland          6.000     02/07/35    EUR      63.85
National Grid Gas Plc     1.754     10/17/36    GBP      45.20
                          1.771     03/30/37    GBP      43.12
Northern Rock Plc         5.630     01/13/15    GBP      64.46
Wessex Water Finance Plc  1.369     07/31/57    GBP      28.68


                            *********

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

                            *********


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

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

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *