TCREUR_Public/080109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, January 9, 2008, Vol. 9, No. 6

                            Headlines




A U S T R I A

F.T.K. OBJEKTBETREUUNG: Vienna Court Orders Business Shutdown
FERROCO MASCHINENHANDEL: Vienna Court Orders Business Shutdown
FREIZEIT- UND ERLEBNISCENTER: Salzburg Court Orders Shutdown
FSF SPENGLEREI: Vienna Court Orders Business Shutdown
JOSEF RABL: Creditors' Meeting Slated for Jan. 22

KOPI METALLBEARBEITUNG: Creditors' Meeting Slated for Jan. 23
LINU LLC: Creditors' Meeting Slated for Jan. 21
LUDWIG PFEFFER: Salzburg Court Orders Business Shutdown
S.D. INSTALLATION: Creditors' Meeting Slated for Jan. 22


B E L G I U M

CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says


F R A N C E

ALCATEL-LUCENT SA: Names Remi Thomas as Investor Relations VP
BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business
DELPHI CORP: Court Approves Downer and Co. as Financial Advisor
DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee
DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30

MTI TECHNOLOGY: Asks Court to Set April 4 as Claim Bar Date


G E R M A N Y

ADO BAU: Claims Registration Ends February 1
B.A.M.S. GMBH: Claims Registration Ends February 1
BAUUNTERNEHMEN RIEKSCHNIETZ: Claims Period Ends Jan. 25
BED COMPANY: Claims Registration Ends February 1
BOECKENHOLT GMBH: Claims Registration Ends February 1

CAPITAL RAISING: Fitch Downgrades EUR200 Million Notes to B-
COMPLETT BLOCKHAUS: Claims Registration Period Ends Jan. 18
CWF- CHEMIE FRANKFURT: Claims Registration Ends February 1
DOEMER STAHL: Claims Registration Period Ends Jan. 25
ENTWICKLUNGS UND PRODUKTIONSZENTRUM: Claims Bar Date on Feb. 1

FUTURA GMBH: Claims Registration Period Ends Jan. 29
H & B REINIGUNGSZENTRUM: Claims Registration Period Ends Feb. 1
HANSA-FRUCHT: Claims Registration Period Ends Feb. 2
HARTMUT KROENING: Claims Registration Period Ends Feb. 2
HAUS DER BRAUT: Claims Registration Period Ends Feb. 1

HYBRID RAISING: Fitch Downgrades EUR200 Million Notes to B-
IKB DEUTSCHE: Fitch Upgrades Individual Ratings to E
IKB FUNDING I: Fitch Cuts EUR75 Million Trust's Ratings to B
IKB FUNDING II: Fitch Cuts EUR400 Million Trust's Rating to B
IKB INTERNATIONAL: Fitch Downgrades EUR170 Million Loan to B

YUSUN DOENERPRODUKTION: Claims Registration Period Ends Jan. 24


I T A L Y

SAGRANTINO ITALY: Fitch Rates EUR32.7 Mln. Class E Notes at BB
TISCALI SPA: Management&Capitali Subscribes Bond to Shares


K A Z A K H S T A N

AGROFOOD LLP: Proof of Claim Deadline Slated for Feb. 5
BEISAL COMPANY: Creditors Must File Claims by Feb. 1
BERATEX LLP: Claims Filing Period Ends Feb. 1
BINDJARAI LLP: Creditors' Claims Due on Feb. 5
CENTURY 2030: Claims Registration Ends Feb. 1

OLIVER STONE: Proof of Claim Deadline Slated for Feb. 1
POWER COMPANY: Creditors Must File Claims by Feb. 1
SIB-KAZ-GAS LLP: Claims Filing Period Ends Feb. 1
SKIF LLP: Creditors' Claims Due on Feb. 5


K Y R G Y Z S T A N

BUUDAN HOLOD: Creditors Must File Claims by January 30


L U X E M B O U R G

EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires


N E T H E R L A N D S

ELEKTROWNIA TUROW: Amended Terms Cue Fitch's B+ Ratings Upgrade


R U S S I A

ASTRADAMOVSKIJ PROMKOMBINAT: Court Hearing Slated for April 21
BALTAIAGRIPROMCHEMIYA: Bankruptcy Hearing Slated for March 11
ELECTRICAL DEVICE: Creditors Must File Claims by Feb. 22
EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires
KAVMINKURORTROZLIV LLC: Bankruptcy Hearing Slated for Feb. 7

KUSHNARENKOVSKIJ BUTTER: Creditors Must File Claims by Jan. 22
MEGAFON OAO: Fitch Affirms IDR at BB+ with Stable Outlook
NOVOSANZHAROVSKIJ OJSC: Creditors Must File Claims by Jan. 22
SEVERSTAL OAO: Confirms North American Unit Furnace Accident
SISTEMA-HALS: Signs Long-Term Joint Venture with Apsys

SISTEMA-HALS: Partners with Saraya on Kamelia Venture
TUKZ LLC: Bankruptcy Hearing Slated for Feb. 14
ZERNOGRADSKY PIG: Creditors Must File Claims by Feb. 22


S W I T Z E R L A N D

1 CONNECT: Zug Court Closes Bankruptcy Proceedings
CRANDON JSC: Schaffhausen Court Closes Bankruptcy Proceedings
DOLCEORO LLC: Creditors' Liquidation Claims Due by January 25
ETC SERVICES: Creditors' Liquidation Claims Due by January 10
FINNLA LLC: Creditors' Liquidation Claims Due by January 11

FLASH BARBETRIEB: Creditors' Liquidation Claims Due by Jan. 18
FONTANA LAGERTECHNIK: Thurgau Court Closes Bankruptcy Process
GEON JSC: St. Gallen Court Starts Bankruptcy Proceedings
KUWAIT PETROLEUM: Creditors Must File Claims by January 10
LANICA JSC: Creditors' Liquidation Claims Due by January 11

MORTEZAWI BUILDING: Zug Court Closes Bankruptcy Proceedings
NOALCE LLC: Creditors' Liquidation Claims Due by January 11
RHEINTAL BACKEREI: St. Gallen Court Starts Bankruptcy Process
RISTORANTE BELLA: Creditors Must File Claims by January 11
SEESTERN: Creditors' Liquidation Claims Due by January 23

STENA METALL: Creditors' Liquidation Claims Due by January 11


T U R K E Y

OYAK BANK: Fitch Lifts Rating to BB on Change of Ownership


U K R A I N E

DEKOL LLC: Proofs of Claim Filing Deadline Set January 11
DRUGSTORE 301: Creditors Must File Claims by January 11
INTERNATIONAL CENTER: Creditors Must File Claims by January 11
KHMELNIK AGRICULTURAL: Claims Filing Deadline Set January 11
KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO

KRIVOY ROG: Proofs of Claim Filing Deadline Set January 11
MIROLIT ACCENT: Creditors Must File Claims by January 11
MONOLIT PROFILE: Creditors Must File Claims by January 11
MULTI CJSC: Proofs of Claim Filing Deadline Set January 11
NAFTOGAZ UKRAINY: Special Committee Eyed to Prevent Bankruptcy

OCTOBER DISTILLERY: Claims Filing Deadline Set January 11
PROGRESS LLC: Creditors Must File Claims by January 11
STAR-AUTO LLC: Proofs of Claim Filing Deadline Set January 11
TRADING HOUSE: Creditors Must File Claims by January 11


U N I T E D   K I N G D O M

BERRY PLASTICS: Inks US$500MM Merger Deal with Captive Holdings
BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt
BRITISH AIRWAYS: Traffic Figures Up 1% in December 2007
BRITISH AIRWAYS: U.K. Government Lifts One-Bag Restriction
CABLE & WIRELESS: Workers Strike After Failed Wage Talks

FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands
FORD MOTOR: To Equip Vehicles w/ Fuel-Efficient EcoBoost Engine
GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles
JACOBY & JACOBY: Brings In Liquidators form BDO Stoy Hayward
NORTHERN ROCK: Treasury Scrambles for Private-Sector Sale

PROPART FUNDING: Fitch Cuts EUR150 Million Loan Rating to B+
SCO GROUP: Wants Until May 11 to File Chapter 11 Plan
SIMPLY CREDIT: J. M. Titley Leads Liquidation Procedure
TATA MOTORS: May Tap Senior Ford Exec to Head Two Brands
TATA MOTORS: Bond Risk Rises on Jaguar & Rover Bids

WALKER TAXIS: Claims Filing Period Ends February 12

* Ernst & Young Appoints 17 New U.K. Partners




                            *********


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


F.T.K. OBJEKTBETREUUNG: Vienna Court Orders Business Shutdown
-------------------------------------------------------------
The Trade Court of Vienna entered Nov. 21, 2007, an order
shutting down the business of LLC F.T.K. Objektbetreuung (FN
257352i).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8, 2007 (Bankr. Case No 4 S 131/07b).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


FERROCO MASCHINENHANDEL: Vienna Court Orders Business Shutdown
--------------------------------------------------------------
The Trade Court of Vienna entered Nov. 19, 2007, an order
shutting down the business of LLC Ferroco Maschinenhandel Ing.
Rudolf Ferro (FN 119678y).

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

The estate administrator can be reached at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 740
         Fax: 313 74 80
         E-mail: office@ksw.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 2, 2007 (Bankr. Case No 4 S 127/07i).


FREIZEIT- UND ERLEBNISCENTER: Salzburg Court Orders Shutdown
------------------------------------------------------------
The Land Court of Salzburg entered Nov. 22, 2007, an order
shutting down the business of LLC Freizeit- und Erlebniscenter
Wolfgangsee (FN 173850m).

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

The estate administrator can be reached at:

          Dr. Rudolf Woeran
         Dr. Franz-Rehrl-Platz 2
         5020 Salzburg
         Austria
         Tel: 0662/64 00 83
         Fax: 0662/642912-24
         E-mail: office@woeran.at  

Headquartered in Abersee, Austria, the Debtor declared
bankruptcy on Nov. 5, 2007 (Bankr. Case No 23 S 75/07k).


FSF SPENGLEREI: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Nov. 21, 2007, an order
shutting down the business of LLC FSF Spenglerei Dachdeckerei
(FN 255193i).

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

The estate administrator can be reached at:

         Dr. Raoul Wagner
         Rathausstrasse 15/4
         1010 Vienna
         Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8, 2007 (Bankr. Case No 4 S 130/07f).


JOSEF RABL: Creditors' Meeting Slated for Jan. 22
-------------------------------------------------
Creditors owed money by LLC Josef Rabl (FN 115128g) are
encouraged to attend the creditors' meeting at 12:15 p.m. on
Jan. 22.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2007 (6 S 151/07h).

Hannelore Pitzal serves as the court-appointed estate
administrator of the bankrupt's estate.  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.

The estate administrator can be reached at:

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


KOPI METALLBEARBEITUNG: Creditors' Meeting Slated for Jan. 23
-------------------------------------------------------------
Creditors owed money by LLC KOPI Metallbearbeitung (FN 223407s)
are encouraged to attend the creditors' meeting at 10:15 a.m. on
Jan. 23.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Thalheim an der Mur, Austria, the Debtor
declared bankruptcy on Nov. 20, 2007 (17 S 98/07s).

Norbert Scherbaum serves as the court-appointed estate
administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Norbert Scherbaum
         Einspinnergasse 3
         8010 Graz
         Austria
         Tel: 0316-832460
         Fax: 0316-832460-10
         E-mail: office@scherbaum-seebacher.at  


LINU LLC: Creditors' Meeting Slated for Jan. 21
-----------------------------------------------
Creditors owed money by LLC LINU (FN 274667y) are encouraged to
attend the creditors' meeting at 9:30 a.m. on Jan. 21.

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. 20, 2007 (3 S 149/07t).

Wolfgang Winkler serves as the court-appointed estate
administrator of the bankrupt's estate.  Maximilian Schludermann
represents Mag. Winkler in the bankruptcy proceedings.

The estate administrator can be reached at:

         Mag. Wolfgang Winkler
         c/o Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at  


LUDWIG PFEFFER: Salzburg Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Salzburg entered Nov. 16, 2007, an order
shutting down the business of LLC Ludwig Pfeffer (FN 66260t).

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

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Nov. 14, 2007 (Bankr. Case No 44 S 38/07y).


S.D. INSTALLATION: Creditors' Meeting Slated for Jan. 22
--------------------------------------------------------
Creditors owed money by LLC S.D. Installation (FN 262895k) are
encouraged to attend the creditors' meeting at noon on Jan. 22.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2007 (6 S 152/07f).

Johanna Abel-Winkler serves as the court-appointed estate
administrator of the bankrupt's estate.  Norbert Abel represents
Mag. Abel-Winkler in the bankruptcy proceedings.

The estate administrator can be reached at:

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


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


CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says
----------------------------------------------------------------
Chiquita Brands International Inc.'s Director of Corporate
Communications, Michael Mitchell, disclosed that the grape
harvest has slowed down in the Chilean regions, Fresh Plaza
reports.

Mr. Mitchell asserted that the season started off the second and
third weeks of November, adding that the quality is good.

"We expect a good supply of grapes in terms of volume and
quality as the harvest gets stronger.  The volume will be steady
and good temperature and no rains are improving the quality of
the fruits.  There has been some hail, but this caused no
significant damage to our crops," Fresh Plaza relates, citing
Michael Mitchell.

Fresh Plaza adds that the company had exported products by which
20% of all of Chiquita's volume goes to Europe.

Report shows that the Chilean grape season will last until
April 2008.

Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE:
CQB) -- http://www.chiquita.com/-- markets and distributes
fresh food products including bananas and nutritious blends of
green salads.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Belgium, Columbia,
Germany, Panama, Philippines, among others.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


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


ALCATEL-LUCENT SA: Names Remi Thomas as Investor Relations VP
-------------------------------------------------------------
Alcatel-Lucent S.A. disclosed that Remi Thomas will join
Alcatel-Lucent as Vice President, Investor Relations,
responsible for communication with the investment community,
including financial analysts, institutional investors and retail
shareholders.

M. Thomas will report to Hubert de Pesquidoux, Alcatel-Lucent's
Chief Financial Officer.  This appointment becomes effective
January 21.

Since 2005, Mr. Thomas has served as deputy research director at
CA Cheuvreux.  He joined CA Cheuvreux in 1996 as a financial
analyst, and has lead the firm's Technology sector (telecom
equipment providers, semiconductors, consumer electronics),
including Alcatel-Lucent and French telecom operators.  Prior to
that he focused on the capital goods sector.  From 1992 to 1995,
Remi Thomas was financial analyst at Cholet Dupont (Credit
Lyonnais).

"We are pleased to welcome Remi Thomas, one of the most
respected financial analysts covering the telecom industry, to
Alcatel-Lucent," said Alcatel-Lucent CFO Hubert de Pesquidoux.  

"Remi's comprehensive knowledge of our industry combined with
his first-hand experience and understanding of the financial
community and its needs will be a clear asset for our company."

Remi Thomas holds a MBA from Warwick University, GB, and is a
graduate from the ESC business school in Toulouse, France.  He
is a member of the French financial analysts society (Societe
fran‡aise des analystes financiers).

                       About Alcatel-Lucent

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

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

                          *     *     *

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

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


BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business
---------------------------------------------------------------
Boston Scientific Corporation has completed the sale of
the controlling interests in its auditory business and drug pump
development program to former principals and shareholders of
Advanced Bionics.  

As part of a new schedule of consolidated, fixed earnout
payments, Boston Scientific has paid former Advanced Bionics
shareholders US$650 million.  A final payment of US$500 million
will be paid in March 2009.  

The former Advanced Bionics principals and shareholders have
paid Boston Scientific US$150 million for the controlling
interests in the auditory business and drug pump development
program.

Under the amended merger agreement, Boston Scientific obtains
sole management control of the Pain Management business,
including the emerging indications program.  The Pain Management
business includes spinal cord stimulation technologies, as well
as emerging technologies such as a variety of applications of
the bion(R) microstimulator.

The Pain Management business and emerging indications program
will operate as Boston Scientific Neuromodulation under the
leadership of Michael Onuscheck, currently head of the Pain
Management business.  The business will continue to be
headquartered in Valencia, California.

As part of the transactions, the parties have agreed to dismiss
pending litigation between Boston Scientific and former Advanced
Bionics shareholders.

Boston Scientific acquired Advanced Bionics in 2004.  The sale
coincides with the closing of the amended merger agreement with
Advanced Bionics disclosed on Aug. 9, 2007.

                     About Advanced Bionics

Headquartered in Sylmar, California, Advanced Bionics --
http://www.advancedbionics.com/-- makes the HiResolution Bionic  
Ear System, which includes a cochlear implant, sound processor,
and other equipment that together can restore hearing to the
deaf.  The company also makes the Precision spinal cord
stimulator, which can block pain signals.  

                    About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--              
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


DELPHI CORP: Court Approves Downer and Co. as Financial Advisor
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the Southern District of New York
to employ independent middle market advisory firm Downer &
Company LLC as their financial advisor and investment banker
with regard to the divestiture or other strategic alternatives
relating to their power products business.  The Debtors propose
to hire Downer & Company nunc pro tunc to Aug. 27, 2007.

The Debtors' Power Products Business involve the engineering,
manufacturing, or selling of power sliding door systems, power
liftgate systems, power deck lid systems, internal cinching
latches, advanced development power cinching latches, and
advanced development power cinching strikers.

Pursuant to the parties' Oct. 26, 2007 letter agreement, Downer
& Company is expected to:

   -- assist in the review and analysis of the assets and the
      operating and financial strategies of the Power Products
      Business;

   -- assist in the definition of objectives related to the
      value and terms of divestiture;

   -- assist in the market examination for potential purchasers
      and identification of a universe of parties who should be
      contacted in relation to the proposed transaction;

   -- at the Debtors' direction, contact a priority list of
      parties agreed in common with the Debtors as part of a
      pre-marketing strategy;

   -- assist in the collection and analysis of information
      relevant to the market and the proposed transaction;

   -- prepare and review with the Debtors the valuation of the
      Power Products Business;

   -- define procedures concerning the divestiture process at
      its different stages, and implementing them with the
      potential purchasers at the Debtors' direction and on its         
      behalf;

   -- assist in the organization and coordination of datarooms,
      management presentations, and due diligence sessions;

   -- review, analyze, and advise on the value and terms of the
      offers received and on appropriate negotiating strategies
      in relation to the various potential purchasers in
      connection with the proposed transaction or other
      transactions;

   -- assist in the negotiation of binding contractual
      documentation in conjunction with the Debtors' legal
      advisors; and

   -- render other financial advisory and investment banking
      services as may be reasonably requested by the Debtors in
      connection with the disposition of the Power Products
      Business.

The services to be provided by Downer & Company will not
duplicate the services of the Debtors' other professionals,
Delphi Corp. vice president and chief restructuring officer John
D. Sheehan assured the Court.

In exchange for Downer & Company's services, the Debtors will
pay the firm non-refundable work fees totaling US$100,000:

   * US$25,000 upon approval of the Employment Application;

   * US$25,000 upon completion and delivery of a pre-marketing
     report;

   * US$25,000 upon receipt of the first round offers; and

   * US$25,000 upon receipt of the final offers in the form of a
     marked-up term sheet.

The Debtors will also pay Downer & Company a Transaction Fee
equal to US$600,000 plus:

   * 2.5% of the Transaction Value, as defined in the Engagement
     Letter, between US$35,000,000 and US$45,000,000; and

   * 3.25% of the Transaction Value in excess of US$45,000,000.

The Transaction Fee may be reduced by the total amount of work
fees paid if certain conditions are met as defined in the
Engagement Letter, Mr. Sheehan related.

Further more, the Debtors will reimburse Downer & Company for
all reasonable out-of-pocket expenses incurred in connection
with the performance of its duties under the Engagement Letter,
including transportation, telephone, lodging, meals, research,
postage, courier services, and interest fees.

Downer & Company's services are necessary to enable the Debtors
to maximize the value of their estates, Mr. Sheehan told the
Court.  The Debtors aver that Downer is well-qualified and able
to represent them in a cost-effective, efficient, and timely
manner.

Arthur G. Gottlieb, a managing director at Downer & Company,
LLC, assured the Honorable Robert Drain that Downer & Company
has no connection with, and holds no interests adverse to, the
Debtors, their creditors, or any other party-in-interest in the
matters for which it is proposed to be retained.  Downer &
Company, Mr. Gottlieb adds, is a "disinterested person," as that
term is defined in Section 101(14) of the Bankruptcy Code.

                       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 Bankruptcy News, Issue No. 103; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee
-----------------------------------------------------------
The Ad Hoc Trade Committee's withdrawal of its objection to the
Dec. 3, 2007 Amendment to the New Equity and Purchase Agreement
between Delphi Corp., its debtor-affiliates and the Plan
Investors, led by Appaloosa Management L.P., is part of a
settlement reached between the Debtors and the Trade Committee.

In addition to the EPCA, the parties agreed to resolve their
disputes with respect to the Debtors' Joint Plan of
Reorganization.

"This is in full settlement of any and all objections of the ad
hoc trade committee to the disclosure and plan confirmation
process, including without limitation, the disclosure statement,
the proposed investment agreement amendment and the plan of
reorganization, including plan confirmation matters," John
Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, said at the Dec. 6, 2007 hearing.

The parties also agreed that:

   -- they will use commercially reasonable efforts to
      reconcile, if agreed, allow on or before the confirmation
]     date trade claims held by members of the Ad Hoc Trade           
      Committee; and

   -- the Debtors will reimburse the Trade Committee up to
      US$750,000 for reasonable and documented professional fees
      and expenses, provided, however, the Committee will file
      with the Court an application for the reimbursement.

Mr. Butler, however, said that the Trade Committee may still
object to the Plan if the Debtors propose modifications that
have a material adverse affect on the treatment of general
unsecured creditors.

The Debtors told the Court that they resolved majority of the
objections to the Amendment to the Investment Agreement.  In to
the Trade Committee, representatives of the Securities Lead
Plaintiffs, IUE-CWA, and the Official Committee of the Equity
Security Holders confirmed that their objections have been
resolved.  The Equity Committee agreed to withdraw its
objections following clarification on, among other things, the
preservation of its legal, equitable, and contractual rights in
connection with the Investment Agreement.

"In light of the consideration that's being offered to the
Equity Committee under the Plan, we're in support of the Plan
and the third-party release therein," said Debra Torres, Esq. at  
Fried  Frank Harris Shriver & Jacobson, LLP, in New York, on
behalf of the Equity Committee.

                       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 Bankruptcy News, Issue No. 104; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30
---------------------------------------------------------------

                   Delphi Corporation, et al.
              Unaudited Consolidated Balance Sheet
                    As of November 30, 2007
                         (In Millions)

                             ASSETS

Current assets:
  Cash and cash equivalents                                $13
  Restricted cash                                          124
  Accounts receivable, net:
     General Motors and affiliates                       1,482
     Other third parties                                   949
     Non-Debtor affiliates                                 232
  Notes receivable from non-Debtor affiliates              286
  Inventories, net:
     Productive material, work-in-process & supplies       794
     Finished goods                                        215
  Other current assets                                     357
                                                      --------
     TOTAL CURRENT ASSETS                                4,452

Long-term assets:
  Property, net                                          1,756
  Investment in affiliates                                 380
  Investments in non-Debtor affiliates                   4,046
  Goodwill                                                 152
  Other intangible assets                                   25
  Other                                                    534
                                                      --------
     TOTAL LONG-TERM ASSETS                              6,893
                                                      --------
TOTAL ASSETS                                          US$11,345

             LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
  Debtor-in-possession financing                      US$3,301
  Accounts payable                                       1,279
  Accounts payable to non-Debtor affiliates                525
  Accrued liabilities                                    1,362
  Notes payable to non-Debtor affiliates                    66
                                                      --------
  TOTAL CURRENT LIABILITIES                              6,533

Long-term liabilities not subject to compromise:
  Employee benefit plan obligations and other            1,143

Liabilities subject to compromise                        17,008
                                                      --------
  TOTAL LIABILITIES                                     24,684

Stockholders' deficit:
  TOTAL STOCKHOLDERS' DEFICIT                          (13,339)
                                                      --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT           US$11,345

                   Delphi Corporation, et al.
         Unaudited Consolidated Statement of Operations
                 Month Ended November 30, 2007
                         (In Millions)

Net sales:
  General Motors and affiliates                         US$660
  Other customers                                          431
  Non-Debtor affiliates                                     54
                                                      --------
Total net sales                                           1,145
                                                      --------
Operating expenses:
  Cost of sales                                          1,023
  U.S. employee workforce transition program charges        41
  Long-lived asset impairment charges                        -
  Depreciation and amortization                             46
  Selling, general and administrative                       85
  Securities & ERISA litigation charge                       -
                                                      --------
Total operating expenses                                  1,195
                                                      --------
Operating loss                                              (50)

Interest expense                                            (41)
Loss on extinguishment of debt                               (4)
Other (expense) income, net                                  12
                                                      --------
Loss before reorganization items, income
  tax expense, and equity income                           (83)
Reorganization items                                        (13)
Income tax benefit (expense)                                 (1)
Equity income from non-consolidated affiliates                4
Equity income from non-Debtor affiliates                   (138)
                                                      --------
NET LOSS                                                (US$231)

                   Delphi Corporation, et al.
         Unaudited Consolidated Statement of Cash Flows
                 Month Ended November 30, 2007
                         (In Millions)

Cash flows from operating activities:
  Net loss                                             (US$231)
  Adjustments to reconcile net loss
   to net cash provided by operating activities:
   Depreciation and amortization                            46
   Deferred income taxes                                    (1)
   Pension and other postretirement benefit expenses        68
   Equity income from unconsolidated affiliates             (4)
   Equity income from non-Debtor affiliates                138
   Reorganization items                                     13
   U.S. employee workforce transition program charges       41
   Loss on extinguishment of debt                            4
  Changes in operating assets and liabilities:
   Accounts receivable, net                                 55
   Inventories, net                                         69
   Other assets                                              3
   Accounts payable, accrued and other long-term debt     (138)
   Other                                                    17
U.S. employee workforce transition program payments       (37)
   Other postretirement benefit payments                   (20)
   Pension contributions                                    (2)
   Payments for reorganization items                       (14)
                                                      --------
Net cash used in operating activities                         7

Cash flows from investing activities:
  Capital expenditures                                     (37)
  Proceeds from divestitures                                20
  Increase in restricted cash                                2
                                                      --------
Net cash used in investing activities                       (15)

Cash flows from financing activities:
  Net proceeds from DIP facility                            22
  Repayments on borrowings from non-Debtor affiliates       (1)
                                                      --------
Net cash used in financing activities                        21
                                                      --------
Decrease in cash and cash equivalents                        13
Cash and cash equivalents at beginning of period              -
                                                      --------
Cash and cash equivalents at end of period                US$13

                       *     *     *

Reuters notes that Delphi's net loss of US$231,000,000 for
November has pushed the company's loss through the first 11
months of 2007 to US$2,782,000,000.

Reuters also notes that sales to General Motors Corp., Delphi's
former parent, totaling $660,000,000, accounted for 58% of the
auto-parts supplier's net revenues for November.  According to
Delphi's Monthly Operating Report, sales to General Motors and
its affiliates accounted for US$8,298,000,000 out of the
company's net sales of US$14,351,000,000 from January through
November.

Crain's Detroit Business says Delphi ranks second on the
Automotive News list of the top 100 global suppliers with
original equipment automotive parts sales of US$24,400,000,000
in 2006.

                 About Delphi Corporation

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.

On Sept. 6, 2007, the Debtors filed their chapter 11 plan of
reorganization and a disclosure statement explaining that plan.
They submitted an amended reorganization plan and disclosure
statement on Dec. 10, 2007.  The Debtors' exclusive plan-filing
period expires on March 31, 2008.  The Court has scheduled a
confirmation hearing on Jan. 17, 2008.  (Delphi Bankruptcy News,
Issue No. 104; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MTI TECHNOLOGY: Asks Court to Set April 4 as Claim Bar Date
-----------------------------------------------------------
MTI Technology Corporation asks the United States Bankruptcy
Court for the Central District of California to establish
April 4, 2008, as deadline for creditors to file their proof of
claims.

The Debtor proposes that all proofs of claims be filed, by hand
delivery or mail, with the Court at 411 West Fourth Street in
Santa Ana, California.

According to the Debtor, the April 4 deadline will provide
enough time to creditors to file necessary interest and will
provide more time for confirmation and implementation of a
Chapter 11 plan.

The Debtor has yet to set a claims filing deadline for
governmental units.

The Debtor proposes to fix May 30, 2008, as claims objection
deadline.

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.


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


ADO BAU: Claims Registration Ends February 1
--------------------------------------------
Creditors of ADO BAU GmbH have until Feb. 1 to register their
claims with court-appointed insolvency manager Dr. Olaf
Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 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 Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against ADO BAU GmbH on Dec. 11, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ADO BAU GmbH
         Attn: Jorge Manuel Maciel Pereira, Manager
         Georg-Wilhelm-Strasse 305
         21107 Hamburg
         Germany


B.A.M.S. GMBH: Claims Registration Ends February 1
--------------------------------------------------
Creditors of B.A.M.S. GmbH have until Feb. 1 to register their
claims with court-appointed insolvency manager Dr. Joerg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 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:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germany
         Tel: 0221-2726120
         Fax: +4922127261299

The District Court of Cologne opened bankruptcy proceedings
against B.A.M.S. GmbH on Nov. 29, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         B.A.M.S. GmbH
         Attn: Adolf Oppermann, Manager
         Goethestr. 32
         42929 Wermelskirchen
         Germany


BAUUNTERNEHMEN RIEKSCHNIETZ: Claims Period Ends Jan. 25
-------------------------------------------------------
Creditors of Bauunternehmen Riekschnietz GmbH have until Jan. 25
to register their claims with court-appointed insolvency manager
Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Feb. 15, 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 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:

         Sandra Bitter
         Busdorfwall 22
         33098 Paderborn
         Germany

The District Court of Paderborn opened bankruptcy proceedings
against Bauunternehmen Riekschnietz GmbH on Dec. 20, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauunternehmen Riekschnietz GmbH
         Attn: Johannes Riekschnietz, Manager
         Wittmundstr. 15
         33129 Delbrueck
         Germany


BED COMPANY: Claims Registration Ends February 1
------------------------------------------------
Creditors of The Bed Company GmbH have until Feb. 1 to register
their claims with court-appointed insolvency manager Dr.
Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

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

The Debtor can be reached at:

         The Bed Company GmbH
         Rumfordstrasse 34
         80469 Munich
         Germany

         Attn: Michael Feldhorst, Manager
         Rosental 9
         80331 Munich
         Germany


BOECKENHOLT GMBH: Claims Registration Ends February 1
-----------------------------------------------------
Creditors of Boeckenholt GmbH have until Feb. 1 to register
their claims with court-appointed insolvency manager Dr. Stephan
Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Ludgeristr. 54
         48143  Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

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

The Debtor can be reached at:

         Boeckenholt GmbH
         Attn: Klaus Boeckenholt, Manager
         Kiebitzpohl 76
         48291 Telgte
         Germany


CAPITAL RAISING: Fitch Downgrades EUR200 Million Notes to B-
------------------------------------------------------------
Fitch Ratings has downgraded EUR200 million Capital Raising
GmbH's perpetual non-cumulative notes linked to a silent
participation in IKB to 'B-', moved off watch.  Fitch assigned a
recovery rating of RR2 as it expects the security to get 81-90%
recovery during its lifetime.  Potential write-downs in
principal could lead to no coupon payment for more than one
year.


COMPLETT BLOCKHAUS: Claims Registration Period Ends Jan. 18
-----------------------------------------------------------
Creditors of Complett Blockhaus GmbH have until Jan. 18 to
register their claims with court-appointed insolvency manager
Dr. Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Complett Blockhaus GmbH on Dec. 27, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Complett Blockhaus GmbH
         Attn: Mario Rozal und
               Dr. Matthias Thiel, Managers
         Merkurring 33-35
         22143 Hamburg
         Germany


CWF- CHEMIE FRANKFURT: Claims Registration Ends February 1
----------------------------------------------------------
Creditors of CWF- Chemie Frankfurt GmbH have until Feb. 1 to
register their claims with court-appointed insolvency manager
Petra Fuchs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 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 Hanau
         Hall 111
         Engelhardstrasse 21
         63450 Hanau
         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:

         Petra Fuchs
         Schafergasse 17, D
         60313 Frankfurt
         Germany
         Tel: 069/138107-0
         Fax: 069/138107-10

The District Court of Hanau opened bankruptcy proceedings
against CWF- Chemie Frankfurt GmbH on Dec. 5, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CWF- Chemie Frankfurt GmbH
         Eichenheege 18-20
         63477 Maintal
         Germay

         Attn: Gerd Kappes, Manager
         Schweizer Strasse 34-36
         60594 Frankfurt
         Germany


DOEMER STAHL: Claims Registration Period Ends Jan. 25
-----------------------------------------------------
Creditors of DSM Doemer Stahl- und Metallbau GmbH have until
Jan. 25 to register their claims with court-appointed insolvency
manager Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

The District Court of Muenster opened bankruptcy proceedings
against DSM Doemer Stahl- und Metallbau GmbH on Dec. 21, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DSM Doemer Stahl- und Metallbau GmbH
         Attn: Reinhold Doemer, Manager
         Kuhlmannstrasse 3
         48282 Emsdetten
         Germany


ENTWICKLUNGS UND PRODUKTIONSZENTRUM: Claims Bar Date on Feb. 1
--------------------------------------------------------------
Creditors of Entwicklungs- und Produktionszentrum GmbH have
until Feb. 1 to register their claims with court-appointed
insolvency manager Thomas Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 28, 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 Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         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. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Entwicklungs- und Produktionszentrum GmbH on Dec. 1,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Entwicklungs- und Produktionszentrum GmbH
         Bierweg 2
         99310 Arnstadt
         Germany


FUTURA GMBH: Claims Registration Period Ends Jan. 29
----------------------------------------------------
Creditors of Futura GmbH have until Jan. 29 to register their
claims with court-appointed insolvency manager Martin Mucha.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 29, 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 Esslingen
         Hall One
         First Floor
         Ritterstr.5 (Eingang Strohstrasse)
         Esslingen
         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:

         Martin Mucha
         Humboldtstr. 16
         70178 Stuttgart
         Germany
         Tel: 0711/96689-0
         Fax: 0711/96689-19

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

The Debtor can be reached at:

         Futura GmbH
         Attn: Johann Schaub, Manager
         Falkenweg 6
         73240 Wendlingen
         Germany


H & B REINIGUNGSZENTRUM: Claims Registration Period Ends Feb. 1
---------------------------------------------------------------
Creditors of H & B Reinigungszentrum GmbH have until Feb. 1 to
register their claims with court-appointed insolvency manager
Juergen Wallner.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall 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:

         Dr. Juergen Wallner
         Unterer Kreuzweg 1
         01097 Dresden
         Germany
         Web site: http://www.wallnerweiss.info/

The District Court of Dresden opened bankruptcy proceedings
against H & B Reinigungszentrum GmbH on Dec. 11, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         H & B Reinigungszentrum GmbH
         Kipsdorfer Strasse 99
         01277 Dresden
         Germany


HANSA-FRUCHT: Claims Registration Period Ends Feb. 2
----------------------------------------------------
Creditors of Hansa-Frucht GmbH have until Feb. 2 to register
their claims with court-appointed insolvency manager Goetz
Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on March 18, 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Goetz Lautenbach
         Zeilweg 42
         60439 Frankfurt (Main)
         Germany
         Tel: 069/963761-0
         Fax: 069/963761145

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Hansa-Frucht GmbH on Nov. 30, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hansa-Frucht GmbH
         Joseph-Eicher-Strasse 10
         60437 Frankfurt (Main)
         Germany


HARTMUT KROENING: Claims Registration Period Ends Feb. 2
--------------------------------------------------------
Creditors of Hartmut Kroening GmbH have until Feb. 2 to register
their claims with court-appointed insolvency manager Heinrich
Stellmach.

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

The meeting of creditors will be held at:

         The District Court of Bersenbrueck
         Meeting Hall E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         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:

         Heinrich Stellmach
         Kollegienwall 3 - 4
         49074 Osnabrueck
         Germany
         Tel: 0541/1817-0
         Fax: 0541/1817-210

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

The Debtor can be reached at:

         Hartmut Kroening GmbH
         Tesselweg 33
         49635 Badbergen
         Germany


HAUS DER BRAUT: Claims Registration Period Ends Feb. 1
------------------------------------------------------
Creditors of Haus der Braut GmbH have until Feb. 1 to register
their claims with court-appointed insolvency manager Fatma
Kreft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 4, 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 Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Fatma Kreft
         Neue Mainzer Str. 84
         60311 Frankfurt (Main)
         Germany
         Tel: 069/677 3677-0
         Fax: 069/677 3677-20

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Haus der Braut GmbH on Dec. 1, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haus der Braut GmbH
         Berliner Strasse 4
         60311 Frankfurt (Main)
         Germany


HYBRID RAISING: Fitch Downgrades EUR200 Million Notes to B-
-----------------------------------------------------------
Fitch Ratings has downgraded EUR200 million Hybrid Raising
GmbH's perpetual non-cumulative capital notes linked to a silent
participation in IKB to 'B-', moved off watch.  Fitch assigned a
recovery rating of RR2 as it expects the security to get 81-90%
recovery during its lifetime due to its non-cumulative nature.  
Potential write-downs in principal could lead to no coupon
payment for more than one year.


IKB DEUTSCHE: Fitch Upgrades Individual Ratings to E
----------------------------------------------------
Fitch Ratings has upgraded IKB Deutsche Industriebank AG's
Individual rating to 'E' from 'F'.  IKB's Long-term Issuer
Default of 'A+' and Short-term IDR of 'F1' are both placed on
Rating Watch Evolving.  Its Support Rating is affirmed at '1'.
Its senior-unsecured issues are rated 'A+', the commercial
papers F1 and its subordinated debt issues are rated 'A', all
placed on RWE.

"IKB is still in such a fragile financial position that the
likelihood for it requiring additional support is significant",
says Sabine Bauer, Associate Director in Fitch's Financial
Institutions Group.

The RWE reflects KfW's planned sale of its 38% stake.  The Watch
will be resolved upon completion of the planned sale.  On
balance, Fitch considers it more likely that the Rating Watch
would resolve in a downgrade.  For an upgrade it would most
likely require a 'AA' - rated bank gaining majority ownership
and strongly integrating IKB.

Despite having received the rescue measures at end-July and end-
November, IKB's stand-alone financial profile remains very weak.
Its capital ratios are very thin, especially on an un-
consolidated basis as some of IKB's hybrid securities only
benefit its consolidated ratios.  Funding is mainly available on
a secured basis, either as repos or by issuing promissory notes.
However, Fitch has been informed that the bank's liquidity is
covered until end of April 2008 with a buffer under relatively
conservative assumptions.


IKB FUNDING I: Fitch Cuts EUR75 Million Trust's Ratings to B
------------------------------------------------------------
Fitch Ratings has downgraded EUR75 million IKB Funding Trust I's
perpetual non-cumulative trust preferred securities to 'B',
moved off watch.  Fitch assigned a recovery rating of RR1 as it
expects the security to get 91-95% recovery during its lifetime
due to its non-cumulative nature.


IKB FUNDING II: Fitch Cuts EUR400 Million Trust's Rating to B
-------------------------------------------------------------
Fitch Ratings has downgraded EUR400 million IKB Funding Trust
II's perpetual non-cumulative trust preferred securities to 'B',
moved off watch.  Fitch assigned a recovery rating of RR1 as it
expects the security to get 91-95% recovery during its lifetime
due to its non-cumulative nature.


IKB INTERNATIONAL: Fitch Downgrades EUR170 Million Loan to B
------------------------------------------------------------
Fitch Ratings has downgraded EUR70 million IKB International
SA's non-cumulative capital contribution certificates maturing
in 2010 to 'B' and assigned a RR1.  

Fitch currently expects the securities to get 91-95% recovery
during their lifetime due to their non-cumulative nature.  Both
ratings are on RWN as some uncertainty remains on the recovery.  
Fitch considers a principal write-down unlikely at this stage.  
However, if it were to occur, it could a lead to a multi notch
downgrade due to the short remaining lifetime.

EUR100 million IKB International SA's non-cumulative capital
contribution certificates maturing in 2009 are downgraded to 'B'
and assigned a RR1.  Fitch currently expects the security to get
91-95% recovery during its lifetime due to its non-cumulative
nature.  Both ratings are on RWN as some uncertainty remains on
the recovery.  Fitch considers a principal write-down unlikely
at this stage.  However, if it were to occur, it could lead to a
multi notch downgrade due to the short remaining lifetime.


YUSUN DOENERPRODUKTION: Claims Registration Period Ends Jan. 24
--------------------------------------------------------------
Creditors of Yusun Doenerproduktion GmbH have until Jan. 24 to
register their claims with court-appointed insolvency manager
Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.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 Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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:

         Yvo Dengs
         Am Sandtorkai 62
         20457 Hamburg
         Germany

The District Court of Itzehoe opened bankruptcy proceedings
against Yusun Doenerproduktion GmbH on Dec. 27, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Yusun Doenerproduktion GmbH
         Attn: Haydar Yusun, Manager
         Jahnplatz 1
         25566 Lagerdorf
         Germany


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


SAGRANTINO ITALY: Fitch Rates EUR32.7 Mln. Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings has assigned ratings to Sagrantino Italy S.r.l.'s
floating- and fixed-rate notes due July 2025:

   -- EUR285 million Class A floating-rate notes: 'AAA'; Outlook
      Stable

   -- EUR86.5 million Class B floating-rate notes: 'AA'; Outlook
      Stable

   -- EUR48 million Class C floating-rate notes: 'A'; Outlook
      Stable

   -- EUR24.5 million Class D floating-rate notes: 'BBB';
      Outlook Stable

   -- EUR32.7 million Class E fixed-rate notes: 'BB'; Outlook
      Stable

The ratings reflect the credit enhancement provided by way of
subordination, the recovery proceeds from the underlying
collateral, the expected timing of their receipt, and the
integrity of the legal and financial structures.  The ratings
address the repayment of principal by legal final maturity in
July 2025 as well as payment of interest on the notes in
accordance with legal documentation, subject to an interest
subordination mechanism on Class E.  Should a subordination
event occur, interest on Class E may not be received for some
time, but will be received by legal final maturity.  The rated
notes equate to an advance rate of 18.5% and 21.1% against gross
book value and property market value, respectively.

This transaction is a securitization of 11 portfolios of non-
performing loans originated in Italy by a number of banks and
financial institutions, most of which have been already
securitized under public as well as private deals, with the bulk
of the claims previously being the underlying collateral of some
International Credit Recovery transactions.  In 2006 those
residual NPL portfolios were acquired by Sagrantino Italy
S.r.l., which financed the purchase through the proceeds of some
bridge facilities.  At closing, the net issuance proceeds were
used by Sagrantino to repay its bridge loans.

The aggregate portfolio is made up of secured and unsecured NPLs
comprising, as at June 30, 2007, 19,222 business plan credit
lines for a total GBV, as of Nov. 30, 2006, of EUR2.577 billion.  
The collateral consists mainly of secured NPLs (72% of GBV).  
Recoveries from the secured pool represent almost 100% of the
total expected gross proceeds under the initial business plan
from second half of 2007 onwards.

Pirelli RE Credit Servicing S.p.A. (rated 'RSS2+IT'/'CSS2+IT')
acts as special servicer for the deal.  The servicer is already
acquainted with most claims in the portfolio after having
serviced the ICR portfolios, representing 87% of total GBV,
since inception.

The issuer benefits from a EUR40 million liquidity facility
(representing 9% of total investment-grade note issuance), which
can be drawn to make payments of interest on the Class A, B, C
and D notes as well as payment of senior costs.

Interest and principal on the notes will be paid semi-annually
in arrears on a sequential basis.  However, an interest
component may be paid on Class E and on the unrated notes before
full redemption of the Class A to D notes, subject to a number
of performance targets being simultaneously met.


TISCALI SPA: Management&Capitali Subscribes Bond to Shares
----------------------------------------------------------
Management&Capitali S.p.A. has subscribed EUR60 million
subordinated bonds convertible into Tiscali S.p.A. shares, due
2012, which carries an annual interest rate of 6.75%.  The
conversion price is set at EUR2.7 per share.

As reported in the TCR-Europe on Nov. 21, 2007, Tiscali signed
an agreement whereby Management&Capitali S.p.A. will underwrite
EUR60 million of subordinated bonds convertible into Tiscali new
shares.  The bonds will be issued by a Luxembourg company
controlled by Tiscali S.p.A., which will also guarantee the
bonds.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.


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


AGROFOOD LLP: Proof of Claim Deadline Slated for Feb. 5
-------------------------------------------------------
LLP Trade House Agrofood has declared insolvency.  Creditors
have until Feb. 5 to submit written proofs of claims to:

         LLP Trade House Agrofood
         Tsetkin Str. 5
         Shymkent
         South Kazakhstan
         Kazakhstan


BEISAL COMPANY: Creditors Must File Claims by Feb. 1
----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Beisal Company (RNN 090400213875).

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


BERATEX LLP: Claims Filing Period Ends Feb. 1
---------------------------------------------
LLP Beratex has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claims to:

         LLP Beratex
         Abai ave. 10a
         Almaty
         Kazakhstan


BINDJARAI LLP: Creditors' Claims Due on Feb. 5
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Bindjarai insolvent.

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

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


CENTURY 2030: Claims Registration Ends Feb. 1
---------------------------------------------
LLP Century 2030 has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claims to:

         LLP Century 2030
         Polejayev Str. 92a
         050050, Almaty
         Kazakhstan  
         Tel: 8 (3272) 23-30-01


OLIVER STONE: Proof of Claim Deadline Slated for Feb. 1
-------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Oliver Stone (RNN 090400216924).

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


POWER COMPANY: Creditors Must File Claims by Feb. 1
---------------------------------------------------
LLP Power Company has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claims to:

         LLP Power Company
         Baizakov Str. 49/309
         050090, Almaty
         Kazakhstan


SIB-KAZ-GAS LLP: Claims Filing Period Ends Feb. 1
-------------------------------------------------
LLP Sib-Kaz-Gas has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claims to:

         LLP Sib-Kaz-Gas
         Jabayev Str. 247
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


SKIF LLP: Creditors' Claims Due on Feb. 5
-----------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Skif insolvent.

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

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


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


BUUDAN HOLOD: Creditors Must File Claims by January 30
------------------------------------------------------
LLC Buudan Holod Service has declared insolvency.  Creditors
have until Jan. 30 to submit written proofs of claim to:

         LLC Buudan Holod Service
         Micro District 10, 21-5
         Bishkek
         Kyrgyzstan
         Tel: (+ 996 312) 69-95-98


===================
L U X E M B O U R G
===================


EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires
---------------------------------------------------------------
Evraz Group S.A. disclosed that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to
its tender offer, through its wholly owned subsidiary Titan
Acquisition Sub Inc., to purchase all of the outstanding shares
of common stock of Claymont Steel Holdings, Inc. (Nasdaq: PLTE)
has expired.

The tender offer will expire at 12:00 midnight, New York City
time, on Jan. 16, unless extended in accordance with the merger
agreement and the applicable rules and regulations of the U.S.
Securities and Exchange Commission.

The offer remains subject to other customary conditions,
including the acquisition by Evraz of a majority of Claymont
Steel's shares on a fully diluted basis.

As reported in the TCR-Europe on Dec. 20, 2007, Evraz commenced
a cash tender offer to purchase all outstanding shares of common
stock of Claymont Steel Holdings Inc.

The tender offer is being made pursuant to a previously
announced definitive agreement among Evraz, Titan Acquisition
Sub, Inc. and Claymont Steel dated Dec. 9, 2007.  Upon the
successful closing of the tender offer, Claymont Steel
stockholders will receive US$23.50 in cash for each share of
Claymont Steel common stock tendered in the offer, less any
applicable stock transfer taxes and withholding taxes.  
Following the purchase of shares in the tender offer, Claymont
Steel will become a subsidiary of Evraz.

Headquartered in Claymont, Delaware Claymont Steel --
http://www.claymontsteel.com/-- manufactures and sells custom
discrete steel plate in North America.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


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


ELEKTROWNIA TUROW: Amended Terms Cue Fitch's B+ Ratings Upgrade
---------------------------------------------------------------
Fitch Ratings has upgraded Elektrownia Turow BV's EUR270 million
guaranteed bonds maturing in 2011 to 'B+' from 'B'.  The bonds
are guaranteed by Poland-based BOT Elektrownia Turow S.A.  At
the same time, Fitch has upgraded ET's senior secured debt
rating to 'B+' from 'B'.  The Outlook for ET's senior secured
debt rating has been removed in line with the agency's Issuer
Default Ratings and Recovery Ratings methodology.

The rating upgrade reflects recent amendments to Elektrownia
Turow BV bonds' terms and conditions, which will enable ET to
terminate its power purchase agreement early and receive cash
compensation for stranded costs.  It also reflects the continued
reduction of ET's debt and the company's debt restructuring
thanks to inter-company loans obtained from ET's parent, state-
owned PGE Polska Grupa Energetyczna S.A.

On Dec. 27, 2007, bondholders amended Elektrownia Turow BV
bonds' terms and conditions by removing all references to the
PPA between ET and PGE (previously Polskie Sieci
Elektroenergetyczne S.A.), which was the security for the bonds.  
Under the previous version of the bonds' terms and conditions,
PPA cancellation would trigger an event of default.  As a result
of these amendments, ET is now able to terminate its PPA with
PGE and receive cash compensation in line with the enacted law
on termination of the long-term PPAs.  The consent of the
company's creditors secured on revenues from the PPA was
required to terminate ET's PPA.  Following PPA termination
(expected by end-2007), ET will receive cash compensation of up
to PLN2.6 billion (EUR710 million) in quarterly installments by
2016 to cover its stranded costs.

The rating upgrade also reflects a reduction of ET's debt in
2007, as the company had no major capital expenditure having
completed the power plant's modernization in 2005.  
Nevertheless, Fitch views ET's financial leverage as high and
its debt service coverage ratio as low for the business profile.  
In addition, the company, which until end-2007 was selling
virtually all its power under the PPA, will now be now exposed
to market risk.  This risk will be partly mitigated by the
company's operations in the vertically-integrated PGE group, as
well as by an expected increase in electricity prices in Poland
in the medium-term on the back of a tighter electricity supply-
demand balance.

ET is restructuring its debt secured by receivables under the
PPA, which at end-September 2007 accounted for almost 80% of
total debt.  The company has repaid early the majority of its
PPA-secured bank debt ahead of the PPA cancellation.  Debt
repayment was funded by the proceeds obtained from intra-group
unsecured bonds of PLN2.54 billion issued by ET to its parent
PGE.  The company also plans to redeem all outstanding
Elektrownia Turow BV's bonds by end-2007.  Once ET completes its
debt restructuring, the company's debt will be comprised of
primarily unsecured bonds to PGE, which will effectively replace
most of the PPA-secured debt. Debt restructuring will reduce
ET's interest expenses, as the bonds issued to PGE have a lower
interest rate than the PPA-secured debt.  At end-September 2007,
ET's debt stood at PLN3 billion, down from PLN3.3 billion at end
of 2006.  At end of September 2007, ET had cash of PLN379
million.


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


ASTRADAMOVSKIJ PROMKOMBINAT: Court Hearing Slated for April 21
--------------------------------------------------------------
The Arbitration Court of Ulyanovsk will convene at 11:00 a.m. on
April 21 to hear the bankruptcy supervision procedure against
OJSC Astradamovskij Promkombinat after finding it insolvent on
Oct. 29, 2007.  The case is docketed under Case No. A72-6857/
07-29/50-B.

Creditors of the company must submit their proofs of claim to:

         T. A. Nazarova
         Interim Manager
         Moscow Shosse Str. 36A
         432042 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Astradamovskij Promkombinat
         Red Square 22-24
         Astradamovka Settlement
         Surskij Raion
         Ulyanovsk
         Russia


BALTAIAGRIPROMCHEMIYA: Bankruptcy Hearing Slated for March 11
-------------------------------------------------------------
The Arbitration Court of Saratov will convene at 2:40 p.m. on
March 11 to hear the bankruptcy supervision procedure against
OJSC Baltaiagripromchemiya after finding it insolvent on
Oct. 25, 2007.  The case is docketed under Case No. A-9243/
07-23.

The Interim Manager is:

         A. Yu. Alexandrov
         Sovetskaya Str. 57/1
         410600 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Baltaiagripromchemiya
         Rabochaya Str. 15
         Baltai Settlement
         Baltaiskij raion
         412630 Saratov
         Russia


ELECTRICAL DEVICE: Creditors Must File Claims by Feb. 22
---------------------------------------------------
Creditors of Electrical Device LLC have until Feb. 22 to submit
proofs of claim to:

         A. G. Nikitin
         Competitive Proceedings Manager
         Gor'kogo Str. 57
         Kudymkar
         619000 Perm' krai
         Russia
         Tel/fax: (34260) 4-58-91

The Arbitration Court of Perm' krai commenced competitive
proceedings against the company after finding it insolvent on
Dec. 5, 2007.  The case is docketed under Case No.  A50P-
488/2007.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         Electrical Device LLC
         Kuznetsova str., 42?
         Kudymkar
         619000 Perm' krai
         Russia


EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires
---------------------------------------------------------------
Evraz Group S.A. disclosed that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to
its tender offer, through its wholly owned subsidiary Titan
Acquisition Sub Inc., to purchase all of the outstanding shares
of common stock of Claymont Steel Holdings, Inc. (Nasdaq: PLTE)
has expired.

The tender offer will expire at 12:00 midnight, New York City
time, on Jan. 16, unless extended in accordance with the merger
agreement and the applicable rules and regulations of the
Securities and Exchange Commission.

The offer remains subject to other customary conditions,
including the acquisition by Evraz of a majority of Claymont
Steel's shares on a fully diluted basis.

As reported in the TCR-Europe on Dec. 20, 2007, Evraz commenced
a cash tender offer to purchase all outstanding shares of common
stock of Claymont Steel Holdings Inc.

The tender offer is being made pursuant to a previously
announced definitive agreement among Evraz, Titan Acquisition
Sub, Inc. and Claymont Steel dated Dec. 9, 2007.  Upon the
successful closing of the tender offer, Claymont Steel
stockholders will receive US$23.50 in cash for each share of
Claymont Steel common stock tendered in the offer, less any
applicable stock transfer taxes and withholding taxes.  
Following the purchase of shares in the tender offer, Claymont
Steel will become a subsidiary of Evraz.

Headquartered in Claymont, Delaware Claymont Steel --
http://www.claymontsteel.com/-- manufactures and sells custom
discrete steel plate in North America.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


KAVMINKURORTROZLIV LLC: Bankruptcy Hearing Slated for Feb. 7
---------------------------------------------------
The Arbitration Court of Stavropol' Krai will convene at
10:30 a.m. on Feb. 7 to hear the bankruptcy supervision
procedure against Plant Kavminkurortrozliv LLC after finding it
insolvent on Nov. 8, 2007.  The case is docketed under Case No.
A63-11804/2007-C5-23.

The Interim Manager is :

         V. N. Kasimov
         Sportivnaya Str. 26
         357201 Mineral'nye Vody
         Russia


KUSHNARENKOVSKIJ BUTTER: Creditors Must File Claims by Jan. 22
---------------------------------------------------------------
Creditors of Kushnarenkovskij Butter Plant Subsidiary LLC
(affiliated with CJSC Meleuzovskij Canned Milk Integrated Plant)
have until Jan. 22 to submit proofs of claim to:

         R. M. Latypo
         Interim Manager
         Kutueva Str. 40
         Kushnarenkovo Settle
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on April 2   
to hear the company's bankruptcy supervision procedure after
finding it insolvent on Oct.  8, 2007.  The case is docketed
under Case No. A07-12110/07-G-HLB.

The Court is located at:

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

The Debtor can be reached at:

         Kushnarenkovskij Butter Plant Subsidiary LLC
         (affiliated with CJSC Meleuzovskij Canned Milk          
         Integrated Plant)
         Zarechnaya Str. 1
         Kushnarenkovo settlement
         452230 Bashkortostan  
         Russia


MEGAFON OAO: Fitch Affirms IDR at BB+ with Stable Outlook
---------------------------------------------------------
Fitch Ratings has affirmed OAO MegaFon's Long-term Issuer
Default rating and senior unsecured rating at 'BB+'.  The other
ratings are affirmed at Short-term IDR 'B' and National Long-
term 'AA(rus)'.  The Outlooks for the Long-term IDR and the
National rating remain Stable.  MegaFon S.A.'s US$375 million
eurobond maturing in December 2009, which is guaranteed by
Megafon, is affirmed at 'BB+'.

The ratings take into account Megafon's position as an
established mobile operator in Russia.  As the company's
subscriber market share further improved to 20.5% at third
quarter of 2007 from 19% in third quarter of 2006, its revenue
market share of the 'Big Three' domestic operators strengthened
to approximately 31.5% at third quarter of 2007 from 29.4% in
third quarter of 2006.  Revenue growth was strong, at 42.3% for
September 2007 on ruble basis (55.8% in US dollars) and 56.3%
for 2006 (in US dollars) due to Russia's rapidly increasing
mobile penetration.

Consequently, Megafon's EBITDA margin is at to 51.6% in
September 2007.  With the country's mobile penetration at 114%,
Fitch expects long-term greenfield growth opportunities to be
healthy, but more limited.  However, Fitch believes that as the
third-largest operator by subscribers, Megafon is best
positioned to grow its market share at the expense of its
competitors.

Average Revenue Per User is at US$15 at third quarter of 2007,
up significantly from US$11.8 at year ending 2006 due to a
number of factors, such as increased usage in MoU terms, APPM
stabilization, the interconnect impact and ruble appreciation.  

Megafon reports the highest ARPU of the 'Big Three' Russian
operators, a result of its focus on a value-for-money marketing
concept and conservative definition of active subscribers.  
Fitch believes that the company is likely to find it difficult
to maintain a strong ARPU premium against its peers given the
keen competition and the fact that its competitors are also
starting to adopt the same conservative churn policy.

Despite the end of litigation between IPOC and Altimo (formerly
Alfa Telecom, a company affiliated with the Alfa Group), Fitch
notes that corporate governance concerns remain a credit
constraint due to the complex shareholding structure of the
company.  However, Fitch maintains its stance that shareholders
fighting for management control are unlikely to take actions
that could destroy their value in the company.  

Fitch also notes that excessive shareholder distributions or a
weak controlling shareholder that may emerge out of the
shareholder conflict would be negative for the rating.  On the
other hand, clarification to the shareholder structure that
would enhance the transparency of the company and, consequently,
improvements in corporate governance would be positive for the
rating.

The company is now in a free cash generative stage in its
business cycle since 2006.  Thus, Fitch views it highly likely
that shareholders will seek dividend payments in the short- to
mid-term.

The company has more than ample liquidity in the form of
US$1.34 billion in cash on hand, as well as total untapped lines
of credit from various banks that total US$394.  Megafon's
leverage significantly eased in 2006-07 due to the company's
impressive FCF generation capability even in the face of higher
than expected capex.  At end of third quarter of 2007, Megafon's
net debt to EBITDA ratio declined to 0.3x on a last-12-months
basis, from 0.8x at end of third quarter of 2006, that is strong
for its rating category.


NOVOSANZHAROVSKIJ OJSC: Creditors Must File Claims by Jan. 22
-------------------------------------------------------------
Creditors of OJSC Agricomplex Novosanzharovskij have until
Jan. 22 to submit proofs of claim to:

         S. S. Sibichenko
         Interim Manager
         Office 1
         5th Army 4
         644122 Omsk
         Russia

The Arbitration Court of Omsk will convene on March 4 to hear
the company's bankruptcy supervision procedure after finding it
insolvent on Nov. 20, 2007.  The case is docketed under Case No.
A46-8136/2007.

The Debtor can be reached at:

         OJSC Agricomplex Novosanzharovskij
         Lenina Str. 12
         Novosanzharovskij Settlement
         Russko-Polyanskij Raion
         646780 Omsk
         Russia


SEVERSTAL OAO: Confirms North American Unit Furnace Accident
------------------------------------------------------------
Severstal North America Inc., a unit of OAO Sevestal, confirms
accident at its Blast Furnace B on Jan. 5, 2008.

As a result of an accident, Blast Furnace B, SNA has halted
production at this facility pending a comprehensive damage
assessment a company investigation into the cause.

Blast Furnace B was in regular operation when eruption   
breached the furnace and, regrettably, injured a passing on-site
contractor.

Blast Furnace B is the smaller of SNA's two furnaces and is used
to produce pig iron for subsequent conversion into steel.  B
Furnace's daily production is 1 800 tons.  SNA's primary C Blast
Furnace, a newly rebuilt state-of-the-art facility, was
completely unaffected by the accident at Blast Furnace B, but is
likely  to be temporarily suspended as part of the overall
investigation.

                        About Severstal

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

                         *     *     *

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

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

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


SISTEMA-HALS: Signs Long-Term Joint Venture with Apsys
------------------------------------------------------
Sistema-Hals OJSC and Apsys, a leading European developer and
asset manager specialized in the real estate retail industry,
announced Jan. 2, the signing of a long term strategic
partnership agreement to co-develop and manage retail projects
in Russia.

Pursuant to the agreement, Apsys and Sistema-Hals will each
control 50% of a joint venture, which will carry out retail
development projects jointly selected by the parties.

The joint venture's first investment is the acquisition from
Sistema-Hals of 100% of the shares of the company holding Leto
City, in St. Petersburg.

"This partnership will contribute to the high-grade growth of
the retail activity, through a combination of Apsys' recognized
expertise in the development, leasing and management of retail
properties, and the strong track record of Sistema-Hals as a
leader in the Russian real estate development market," Felix  
Evtushenkov, Sistema-Hals president disclosed.

"This partnership is our first investment in Russia, and we are
happy that this important step is made with Sistema-Hals.  We
believe that the complementary nature of the strengths of our
two companies will ensure the success of this joint venture and
will enable it to build a leading retail portfolio in Russia,"
Maurice Bansay, president of Apsys added.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                         *      *      *

Moody's Investors Services assigned long-term corporate family
rating of B1 to Sistema-Hals.  The probability of default is at
B1.  Moody's said the outlook on the ratings are stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.

Ratings still apply to date.


SISTEMA-HALS: Partners with Saraya on Kamelia Venture
-----------------------------------------------------
Sistema-Hals OJSC announced on Jan. 2, 2008, its strategic
partnership with Saraya, a real estate development and asset
management company investing in travel and tourism, to invest in
Kamelia Investment Company to develop a Saraya branded project
at the Black Sea in Sochi.

Sistema-Hals sold Saraya a 50% stake in Kamelia Investment, a
project company that owns the Kamelia Health Spa.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                         *      *      *

Moody's Investors Services assigned long-term corporate family
rating of B1 to Sistema-Hals.  The probability of default is at
B1.  Moody's said the outlook on the ratings is stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.

These ratings still apply to date.


TUKZ LLC: Bankruptcy Hearing Slated for Feb. 14
-----------------------------------------------
The Arbitration Court of Tula will convene on Feb. 14 to hear
the bankruptcy supervision procedure against Metal Product Plant
TuKZ LLC after finding it insolvent on Oct. 15, 2007.  The case
is docketed under Case No. A68-6561/07-329/B.

The Interim Manager is:

         O. I. Brakorenko
         Apartment 72
         9th May Str. 1
         300028 Tula
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         Metal Product Plant TuKZ LLC
         Schvelovskaya Zaseka Str. 31
         300004 Tula
         Russia


ZERNOGRADSKY PIG: Creditors Must File Claims by Feb. 22
-------------------------------------------------------
Creditors of OJSC Zernogradsky Pig Farm have until Feb. 22 to
submit proofs of claim to:

         A. A. Nazarenko
         Competitive Proceedings Manager
         P.O. Box 3825
         344022 Rostov-on-Don
         Russia

The Arbitration Court of Rostov will convene at 11:30 a.m. on
March 18 to hear the company's competitive proceedings after
finding it insovlent on Dec. 4, 2007.  The case is docketed
under Case No. A53-1645/07-C1-33.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Zernogradsky Pig Farm
         Stepnaya Str. 56
         Sorgovy Settlement
         Zernogradsky Raion
         Rostov
         Russia


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


1 CONNECT: Zug Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug entered Nov. 30, 2007, an order
closing the bankruptcy proceedings of 1 Connect Ltd.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland
         
The Debtor can be reached at:

         1 Connect Ltd
         Bahnhofstrasse 14
         6340 Baar
         Switzerland


CRANDON JSC: Schaffhausen Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Schaffhausen entered Nov. 29, 2007, an
order closing the bankruptcy proceedings of JSC Crandon.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland
         
The Debtor can be reached at:

         JSC Crandon
         Fronhof 16
         8260 Stein am Rhein SH
         Switzerland


DOLCEORO LLC: Creditors' Liquidation Claims Due by January 25
-------------------------------------------------------------
Creditors of LLC Dolceoro have until Jan. 25 to submit their
claims to:

         Willi Saladin
         Hofweg 7a
         2540 Grenchen
         Lebern SO
         Switzerland

The Debtor can be reached at:

         LLC Dolceoro
         Grenchen
         Lebern SO
         Switzerland


ETC SERVICES: Creditors' Liquidation Claims Due by January 10
-------------------------------------------------------------
Creditors of LLC ETC Services F&B have until Jan. 10 to submit
their claims to:

         LLC ETC Services F&B
         Grafenauweg 7
         6300 Zug
         Switzerland


FINNLA LLC: Creditors' Liquidation Claims Due by January 11
-----------------------------------------------------------
Creditors of LLC Finnla have until Jan. 11 to submit their
claims to:

         Thomas Saxer
         Sagenbachstrasse 1
         6280 Hochdorf LU
         Switzerland

The Debtor can be reached at:

         LLC Finnla
         Steinhausen ZG
         Switzerland


FLASH BARBETRIEB: Creditors' Liquidation Claims Due by Jan. 18
--------------------------------------------------------------
Creditors of LLC Flash Barbetrieb have until Jan. 18 to submit
their claims to:

         Jurg Akeret
         JSC A-Z Treuhand
         Reitweg 2
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Flash Barbetrieb
         Winterthur ZH
         Switzerland


FONTANA LAGERTECHNIK: Thurgau Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Thurgau entered Nov. 27, 2007, an
order closing the bankruptcy proceedings of JSC Fontana
Lagertechnik.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland
         
The Debtor can be reached at:

         JSC Fontana Lagertechnik
         Wangistrasse 32
         8355 Aadorf
         Frauenfeld TG
         Switzerland


GEON JSC: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC Geon on Nov. 22, 2007.

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

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

The Debtor can be reached at:

         JSC Geon
         Obergasse 4
         8730 Uznach
         See-Gaster SG
         Switzerland


KUWAIT PETROLEUM: Creditors Must File Claims by January 10
----------------------------------------------------------
Creditors of JSC Kuwait Petroleum Aviation (Switzerland) have
until Jan. 10 to submit their claims to:

         Dr. Peter M. Belser
         Liquidator
         Dufourstrasse 56
         Mail box: 1285
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Kuwait Petroleum Aviation (Switzerland)
         Zurich
         Switzerland


LANICA JSC: Creditors' Liquidation Claims Due by January 11
-----------------------------------------------------------
Creditors of JSC Lanica have until Jan. 11 to submit their
claims to:

         Charlotte Frieden-Lanz
         Oertli 29
         3654 Gunten BE
         Switzerland

The Debtor can be reached at:

         JSC Lanica
         Oberhofen am Thunersee
         Thun BE
         Switzerland


MORTEZAWI BUILDING: Zug Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zug entered Nov. 27, 2007, an order
closing the bankruptcy proceedings of Mortezawi Building Systems
Ltd.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland
         
The Debtor can be reached at:

         Mortezawi Building Systems Ltd
         Baarerstrasse 75
         6300 Zug
         Switzerland


NOALCE LLC: Creditors' Liquidation Claims Due by January 11
-----------------------------------------------------------
Creditors of LLC Noalce have until Jan. 11 to submit their
claims to:

         Alfonso Cedro
         Holeestrasse 43
         4054 Basel
         Switzerland

The Debtor can be reached at:

         LLC Noalce
         Basel
         Switzerland


RHEINTAL BACKEREI: St. Gallen Court Starts Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC Rheintal Backerei on Nov. 29, 2007.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs, Urs Hartmann
         9471 Buchs SG
         Switzerland

The Debtor can be reached at:

         LLC Rheintal Backerei
         Spengelgasse 1
         9467 Frumsen SG
         Switzerland


RISTORANTE BELLA: Creditors Must File Claims by January 11
----------------------------------------------------------
Creditors of LLC Ristorante Bella Vista zur Fahre have until
Jan. 11 to submit their claims to:

         Forte Angela
         Liquidator
         Holzmattstr. 9
         5200 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Ristorante Bella Vista zur Fahre
         Trimbach
         Gosgen SO
         Switzerland


SEESTERN: Creditors' Liquidation Claims Due by January 23
---------------------------------------------------------
Creditors of JSC Seestern Versicherungs-Service have until
Jan. 23 to submit their claims to:

         JSC Refidar Moore Stephens
         Europastrasse 13
         Mail box: 962
         8152 Glattbrugg ZH
         Switzerland

The Debtor can be reached at:

         JSC Seestern Versicherungs-Service
         Stansstad NW
         Switzerland


STENA METALL: Creditors' Liquidation Claims Due by January 11
-------------------------------------------------------------
Creditors of JSC Stena Metall have until Jan. 11 to submit their
claims to:

         Dr. Patrick Umbach
         Liquidator
         Wiederkehr Forster Rechtsanwalte
         Bahnhofstrasse 46
         Mail box: 1130
         8021 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Stena Metall
         Zurich
         Switzerland


===========
T U R K E Y
===========


OYAK BANK: Fitch Lifts Rating to BB on Change of Ownership
----------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Oyak Bank's Long-term
foreign currency Issuer Default to 'BB' from 'BB-', Long-term
local currency IDR to 'BBB-' from 'BB' and National Long-term
rating to 'AAA(tur)' from 'AA+(tur)'.  These ratings are removed
from Rating Watch Positive and have been assigned a Stable
Outlook.

The agency has also upgraded the Short-term LC IDR to 'F3' from
'B'. Oyak Bank's other ratings are affirmed at Short-term FC IDR
'B', Individual 'C/D' and Support '3'.

These rating actions follow the acquisition of a 100% stake in
the bank by the Netherlands-based ING Bank NV (rated
'AA'/'F1+'/Stable Outlook) on Dec. 24, 2007.  The Long-term
IDRs, Short-term local currency IDR and National rating reflect
the high probability of support that Oyak Bank could expect from
its new shareholder ING Bank NV.

Oyak Bank, is a mid-sized bank focusing on retail and small
business banking.  At end of September 2007 the bank was the
tenth-largest Turkish bank with a 2.31% share of total banking
assets, and had 365 domestic branches.


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


DEKOL LLC: Proofs of Claim Filing Deadline Set January 11
---------------------------------------------------------
Creditors of LLC Dekol (code EDRPOU 32851731) have until Jan. 11
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 the bankruptcy supervision
procedure on the company on Nov. 5, 2007. The case is docketed
under Case No. 15/811-b.

The Debtor can be reached at:

         LLC Dekol
         Mechnikov Str. 16
         01023 Kiev
         Ukraine


DRUGSTORE 301: Creditors Must File Claims by January 11
-------------------------------------------------------
Creditors of LLC Drugstore 301 (code EDRPOU 22655919) have until
Jan. 11 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/203-07.

The Debtor can be reached at:

         LLC Drugstore 301
         Sumskaya Str. 23/24
         61057 Kharkov
         Ukraine


INTERNATIONAL CENTER: Creditors Must File Claims by January 11
--------------------------------------------------------------
Creditors of LLC International Center of Assistance to
Reformation of Health Safety (code EDRPOU 32850832) have until
Jan. 11 to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/475-b.

The Debtor can be reached at:

         LLC International Center of Assistance to
         Reformation of Health Safety
         Chigirin Str. 18
         01042 Kiev
         Ukraine


KHMELNIK AGRICULTURAL: Claims Filing Deadline Set January 11
------------------------------------------------------------
Creditors of OJSC Khmelnik Agricultural Machine (code EDRPOU
30067876) have until Jan. 11 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/587-07.

The Debtor can be reached at:

         OJSC Khmelnik Agricultural Machine
         Lenin Str. 56
         Khmelnik
         22000 Vinnica
         Ukraine


KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO
--------------------------------------------------------------
Krispy Kreme Doughnuts Inc., Krispy Kreme Doughnut Corporation
and Daryl G. Brewster mutually determined to terminate their
employment relationship.

Mr. Brewster resigned, effective Jan. 6, 2008, the positions of
president, chief executive officer and director of the company
as well as all other director and officer positions with the
company's subsidiaries and affiliates.  He will cease to be an
employee on Jan. 31, 2008.

James H. Morgan, chairman of the board of directors, has been
elected to replace Mr. Brewster as president and chief executive
officer.  Mr. Morgan, 60, has been a director of the company
since July 2000 and was elected chairman of the board in January
2005.  Since 2001, Mr. Morgan has served as chairman and chief
investment officer of Covenant Capital LLC, an investment
management firm which he founded.

                    Agreement with Mr. Brewster

The company and Mr. Brewster have entered into an agreement and
release, dated as of Jan. 6, 2008.  The agreement, except as
otherwise provided, supersedes the employment agreement, dated
as of March 6, 2006, between the company and Mr. Brewster.

The agreement provides that Mr. Brewster will receive an amount
equal to one year's base salary under the employment agreement
or US$700,000 in cash over the year following the separation
date and that the company will grant to Mr. Brewster restricted
share units under the company's 2000 stock incentive plan with
respect to a number of shares of common stock of the company
having an aggregate fair market value (based on the closing
share price on Jan. 4, 2008) equal to US$1,190,000 (equivalent
to one year's base salary and target bonus under the employment
agreement), and the shares subject to the RSUs will be
distributed to Mr. Brewster on the third trading day after
fiscal year 2008 earnings are released, but no later than April
15, 2008.  Accordingly, Mr. Brewster will receive an aggregate
of 420,495 shares of common stock.  The employment agreement had
provided for two years of base salary payable in cash over the
two years following a not-for-cause termination of employment
and for two years of target bonus payable in cash over the two
years following such a termination.  Further, in the event of a
not-for-cause termination of employment, the employment
agreement had provided for an amount equal to a pro rated target
bonus for the year of termination.

Mr. Brewster also will be entitled to an additional pension
make-whole in the amount of US$319,552, payable Aug. 1, 2008,
which represents 24 months of additional vesting under the
pension make-whole, which is equivalent to what is provided for
in the employment agreement in the event of a not-for-cause
termination.

As of the agreement date, Mr. Brewster had 241,145 shares of
unvested restricted common stock which, under the terms of the
employment agreement, would have vested upon a not-for-cause
termination of employment.  Under the agreement, it is provided
that 120,573 of these shares will vest, and Mr. Brewster has
agreed that 120,572 of these shares will be forfeited.  In
addition, as of the agreement date, Mr. Brewster held unvested
options to purchase 333,333 shares of common stock of KKDI at an
exercise price of US$6.39 per share and unvested options to
purchase 201,399 shares at an exercise price of US$3.41 per
share, all of which would have vested upon a not-for-cause
termination of employment under the employment agreement.  He
also held vested options to purchase 166,667 shares of common
stock at an exercise price of US$6.39 per share.  In the
agreement, it is provided that the US$3.41 options will vest,
and Mr. Brewster has agreed that the US$6.39 options, both
unvested and vested, will be forfeited.

Under the terms of the agreement, Mr. Brewster releases the
company and its affiliates from all claims, including claims
relating to his employment with the company and the termination
of such employment.  Certain provisions of the employment
agreement, including the confidentiality provisions, the
noncompetition provisions, the nonsolicitation provisions and
the indemnification provisions, survive the termination of the
employment agreement.  The company has similarly released Mr.
Brewster from all claims, including claims relating to his
employment with the company.

                       About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates, and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 17, 2007,
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.


KRIVOY ROG: Proofs of Claim Filing Deadline Set January 11
----------------------------------------------------------
Creditors of OJSC Krivoy Rog Building Transport (code EDRPOU
01236354) have until Jan. 11 to submit written proofs of claim
to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 28/128-07.

The Debtor can be reached at:

         OJSC Krivoy Rog Building Transport
         Borodich Str. 7
         Krivoy Rog
         Dnipropetrovsk
         Ukraine


MIROLIT ACCENT: Creditors Must File Claims by January 11
--------------------------------------------------------
Creditors of LLC Science-Production Enterprise Mirolit Accent
(code EDRPOU 34492919) have until Jan. 11 to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/471-b.

The Debtor can be reached at:

         LLC Science-Production Enterprise Mirolit Accent
         Pavel Pestel Str. 11
         01135 Kiev
         Ukraine


MONOLIT PROFILE: Creditors Must File Claims by January 11
---------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/470-b.

Creditors of LLC Trading-Building Company Monolit Profile (code
EDRPOU 33946181) have until Jan. 11 to submit written proofs of
claim to:

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

The Debtor can be reached at:

         LLC Trading-Building Company Monolit Profile
         Pavel Pestel Str. 11
         01135 Kiev
         Ukraine


MULTI CJSC: Proofs of Claim Filing Deadline Set January 11
----------------------------------------------------------
Creditors of CJSC Company Multi (code EDRPOU 32620207) have
until Jan. 11 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 the bankruptcy supervision
procedure on the company on Nov. 20, 2007. The case is docketed
under Case No. 23/480-b.

The Debtor can be reached at:

         CJSC Company Multi
         Chumak Str. 5
         03065 Kiev
         Ukraine


NAFTOGAZ UKRAINY: Special Committee Eyed to Prevent Bankruptcy
--------------------------------------------------------------
The Ukrainian government will create a special committee to
prevent NAK Naftogaz Ukrainy from succumbing to bankruptcy,
Interfax News reports citing Prime Minister Yulia Tymoshenko.

"It is difficult to imagine that the country's key energy
company has been brought to such a situation that it is
necessary to form a government commission with emergency powers.
. . to try and put its finances in order," Ms. Tymoshenko was
quoted by Interfax as saying.

"We will prevent any irregularity and will be doing everything
to prevent any instability being felt either in Europe or
Ukraine," Ms. Tymoshenko added.

Ms. Tymoshenko met with Naftogaz chairman Oleg Dubina to discuss
the company's falling finances, Interfax News relates.  Naftogaz
is expected to report US$1 billion in losses for 2007.

Ms. Tymoshenko said her cabinet has included several financial
measures in the draft state budget to boost the Naftogaz's
finances, BBC News reports.

As previously report in the TCR-Europe, Nafotgaz announced a
delay in the publication of its 2006 IFRS financial report,
pending amendments to the Ukrainian state budget law.

"The publication of Naftogaz Ukrainy's IFRS financial report for
2006 is being delayed because the auditors are expecting
amendments to be made to the 2007 state budget to provide the
company with 2.4 billion hryvni in subsidies that are envisioned
in the government-approved financial plan of Naftogaz Ukrainy
and the main indicators of the consolidated movement of the
company's funds as confirmation of the government ensuring the
company's uninterrupted activities," a Naftogaz spokesman said.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.  

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable outlook.


OCTOBER DISTILLERY: Claims Filing Deadline Set January 11
---------------------------------------------------------
Creditors of State Enterprise October Distillery (code EDRPOU
00374829) have until Jan. 11 to submit written proofs of claim
to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
18/175.

The Debtor can be reached at:

         State Enterprise October Distillery
         Poltavskaya Str. 3
         Karlovka
         39503 Poltava
         Ukraine


PROGRESS LLC: Creditors Must File Claims by January 11
------------------------------------------------------
Creditors of Agricultural Llc Progress (code EDRPOU 30808679)
have until Jan. 11 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 after finding it insolvent.  The case is
docketed under Case No. 5/581-07.

The Debtor can be reached at:

         Agricultural LLC Progress
         Lenin Str. 1
         Tchetchelnik
         24800 Vinnica
         Ukraine


STAR-AUTO LLC: Proofs of Claim Filing Deadline Set January 11
-------------------------------------------------------------
Creditors of LLC Star-Auto (code EDRPOU 31085220) have until
Jan. 11 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 the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
28/469-b.

The Debtor can be reached at:

         LLC Star-Auto
         1st May Str. 1-a
         02088 Kiev
         Ukraine


TRADING HOUSE: Creditors Must File Claims by January 11
-------------------------------------------------------
Creditors of LLC Trading House City (code EDRPOU 34830205) have
until Jan. 11 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/275/07.

The Debtor can be reached at:

         LLC Trading House City
         40 years of Soviet Ukraine Str. 45
         69037 Zaporozhje
         Ukraine


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


BERRY PLASTICS: Inks US$500MM Merger Deal with Captive Holdings
---------------------------------------------------------------
Berry Plastics Corporation, an Apollo Management LP and Graham
Partners portfolio company, entered into an agreement to acquire
100% of the outstanding common stock of Captive Holdings Inc.,
the parent company of Captive Plastics Inc., a First Atlantic
Capital Ltd. portfolio company.

Pursuant to the acquisition agreement, Berry will pay US$500
million for Captive, subject to certain customary adjustments.
Berry has obtained financing commitments to finance the
transaction.  The transaction will close in the first quarter of
2008 and is subject to customary closing conditions.

"The acquisition of Captive is another step in our quest to be a
total solution provider of plastic packaging with the Captive
product line significantly enhancing our abilities to better
serve our customers," Ira Boots, chairman and CEO of Berry
Plastics Corporation, stated.

"We are excited about the skill sets that the Captive employees
bring to Berry for the benefit of all of our customers,
employees and investors.  Captive has a history of strong growth
and fits in perfectly with our existing product lines," Mr.
Boots added.

"We are very pleased with the success of Captive over the past
three years and believe the business is well positioned for
future growth as part of Berry Plastics," Roberto Buaron,
chairman of First Atlantic Capital, said.  "Our strategy of
expanding Captive through internal investment and add-on
acquisitions has built a very strong company and generated an
excellent outcome for our investors."

"Captive is an excellent fit with Berry Plastics and, together,
we will offer a more integrated product line with the ability
and scale to serve the growing plastic packaging needs of our
customers," Peter Martin, president and CEO of Captive, said.
"We look forward to joining the Berry family."

The Captive disclosure is the second acquisition declared by
Berry in the last few days.  On Dec. 19, 2007, Berry divulged
the acquisition of MAC Closures Inc.

            About Berry Plastics Corporation

Headquartered in Evansville, Nebraska, Berry Plastics
Corporation -- http://www.berryplastics.com/ -- is a
manufacturer and supplier of a diverse mix of rigid plastics
packaging products focusing on the open top container, closure,
aerosol overcap, drink cup and housewares markets.  The company
sells a broad product line to over 12,000 customers.  Berry
Plastics concentrates on manufacturing high quality, value-added
products sold to marketers of institutional and consumer
products.  In 2004, the company created its international
division as a separate operating and reporting division to
increase sales and improve service to international customers
utilizing existing resources.  The international segment
includes the company's foreign facilities and business from
domestic facilities that is shipped or billed to foreign
locations.  The company has manufacturing facilities in the
United States, Mexico, Canada, Italy, United Kingdom, and China.


BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its first- and second-
lien senior secured debt ratings on Berry Plastics Holding Corp.
on CreditWatch with negative implications.  At the same time,
S&P affirmed its 'B' corporate credit ratings on Berry Plastics
Holding Corp. and its parent Berry Plastics Group Inc. as well
as its 'CCC+' senior unsecured and subordinated debt ratings.
The outlooks remain negative.

These rating actions follow Berry's announcement that it has
agreed to acquire privately held Captive Holdings Inc., parent
of Captive Plastics Inc., for about US$500 million in cash.
Captive manufactures blow-molded bottles and injection-molded
closures for the food, health care, spirits, and personal care
markets at 13 plants across the U.S.  Although Berry has not
released details regarding financing for the transaction, it has
announced that it has obtained financing commitments and expects
the transaction to close in the first quarter of 2008, subject
to customary closing conditions.

"The CreditWatch placement indicates that we could lower or
affirm the ratings on the first- and second-lien debt, depending
on financing for the acquisition and the implications for
recovery prospects for these instruments in the post-acquisition
capital structure," said Standard & Poor's credit analyst
Cynthia Werneth.  "Recovery prospects could deteriorate if Berry
finances the acquisition with additional secured debt."

The affirmation of the corporate credit rating reflects S&P's
view that even if the transaction is all debt-financed, it's
unlikely to materially worsen Berry's already very aggressive
debt leverage.  As of Sept. 29, 2007, total debt (adjusted to
capitalize operating leases) was about US$3.4 billion, and total
adjusted debt to EBITDA pro forma for recent acquisitions and
expected synergies was close to 7x.  S&P expects liquidity to
remain sufficient to meet all near-term operating and financing
needs.

The affirmation of the ratings on the senior unsecured and
subordinated debt, which are both rated 'CCC+', two notches
below the corporate credit rating, indicates S&P's expectation
that these ratings will remain unchanged following completion of
the Captive transaction.

The negative outlook associated with the corporate credit rating
points to the risk of a downgrade if operating problems,
difficulty integrating recent acquisitions, or market factors
such as rapidly rising resin costs or demand weakness forestall
strengthening of Berry's financial profile or cause it to weaken
further.  S&P could also lower the ratings if liquidity
unexpectedly deteriorates.


BRITISH AIRWAYS: Traffic Figures Up 1% in December 2007
-------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
December 2007.

In December 2007, passenger capacity, measured in Available-
Seat-Kilometers, was 2% above December 2006.  Traffic, measured
in Revenue-Passenger-Kilometers, rose 1%.  This resulted in a
passenger load factor down 0.7 points versus last year, to
73.5%.  The increase in traffic comprised a 6.5 %increase in
premium traffic and a 0.1 %rise in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, rose by 9.1 %.

For the first nine months of the financial year, ASKs rose
0.9%, with RPKs rising by 0.1%.  This resulted in a passenger
load factor down 0.6 points to 77%.  The change in RPKs
comprised a 4.2% rise in premium traffic and 0.6 %fall in non-
premium traffic.  CTKs for the period were rose 1.3%.

                           Market Conditions

Longhaul premium markets remain strong, while shorthaul premium
traffic is weak.  The airline's guidance on revenue of a 3-3.5%
increase for the year remains unchanged.

                        Strategic Developments

The Department for Transport announced the lifting of the one
bag restriction on hand baggage for passengers flying in and out
of the U.K. from Jan. 7, subject to airports meeting security
criteria.

BA was awarded "World's Leading Airline, 2007" at the World
Traveller Awards which recognise outstanding achievement within
the global travel industry.

The airline announced a New Year sale with up to 25 %off
flights, accommodation and car hire.  There are 64 routes on
offer including Australia, Bermuda, the Caribbean, Far East,
Mauritius, Middle East, North and South Africa, North America
and South America and selected European destinations.  The sale
runs from Dec. 27, 2007 until midnight on Jan. 22 for selected
travel dates during 2008.

A GBP5 million new extension to BA' interiors plant in South
Wales was formally opened by Welsh First Minister Rhodri Morgan.

BA featured Terminal 5 for the first time in the airline's
Christmas advertising in outdoor, press and online sites with
the tagline "Come together this Christmas". The terminal opens
in 82 days' time.

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

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

                        *     *     *

As of Jan. 2, 2008, British Airways plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


BRITISH AIRWAYS: U.K. Government Lifts One-Bag Restriction
----------------------------------------------------------
British Airways plc's customers flying through and out of
Heathrow will be able to take two pieces of free hand baggage on
board from Jan. 7 following the U.K. government's decision to
lift the restrictions.

But the one bag limit is still in place at Gatwick.

"This is great news for our customers at Heathrow and it's
something we've been lobbying for over the last year, Robert
Boyle, British Airways' commercial director, said.  "It was a
serious inconvenience for passengers and didn't make sense
because the U.K. was the only country to impose the
restrictions."

"Now we want to see the restrictions lifted at Gatwick in line
with other major U.K. airports as quickly as possible.  We are
working closely with the BAA and the DfT towards lifting the
one-bag restriction as soon as possibly," Mr. Boyle added.

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

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

                        *     *     *

As of Jan. 2, 2008, British Airways plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CABLE & WIRELESS: Workers Strike After Failed Wage Talks
--------------------------------------------------------
Cable & Wireless' workers in Barbados have launched
demonstrations against the firm after negotiations over wages,
retroactive payments and other "protracted issues" failed, Radio
Jamaica reports.

"The company's offer of 10.5% over two years was made up of 6%
in year one and 4.5% in year two across all categories of staff.
For some workers, the offer would eventually equate to as high
as a 30% wage hike," The Nation Newspaper notes, citing Cable &
Wireless's head Donald Austin.  These employees would benefit
from "movement in scales of 4% and a proposed retro payment of
around 4% -- translating to an increase of about 15% over two
years on an ongoing basis."

Mr. Austin commented to The Nation Newspaper, "No company and
certainly not government has paid out in excess of 20% over two
years and even the company's offer on the table will put extreme
cost pressure on the business which will not be sustainable."

The Nation reports that the union wants nine and a half in the
first year and two and a half in the second.

The Nation Newspaper relates that most of Cable & Wireless'
employees joined the Barbados Workers' Union in the protest.

According to Radio Jamaica, the protest closed down Cable &
Wireless retail outlets in Barbados.  Only the company's bmobile
store at Carlisle House in Bridgetown continued doing business
during the strike.

Sir Roy Trotman -- general secretary of the Barbados Workers
Union, which represents 750 of Cable & Wireless' 825 workers --
told Radio Jamaica that the employees planned the picket at the
headquarters on a 24-hour basis until a resolution to the issues
is reached.

The union would continue the protest outside Cable & Wireless'
Windsor Lodge complex and its offices at Carlisle House,
Bridgetown, where the firm transacts most of its customer
services, The Nation Newspaper says, citing the union's senior
assistant general secretary Orlando "Gabby" Scott.

The Nation Newspaper says the protest would affect Cable &
Wireless' operations due to delays and disruptions of the
business.

The labor ministry has advised the two parties to reconsider
their positions and return to the negotiating table, Radio
Jamaica says, citing Mr. Roy.

Mr. Austin said in a press statement that the company is ready
to continue negotiations over wages for its employees at any
time.

Cable & Wireless told The Nation Newspaper that it never stopped
negotiating with the union over the new wages contract.  It
believed an accord would be reached.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                       *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                         Projected
                       Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands
------------------------------------------------------------
After being chosen as preferred bidder for Ford Motor Co.'s
Jaguar and Land Rover brands, Tata Motors Ltd, according to
media reports, is expected to name a Ford senior executive to
head the two brands.

Last week, Ford disclosed that it has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signaling that the Indian carmaker has become the preferred
bidder.

Even if there is no deal yet and nothing is final, the Press
Trust of India quoted The Sunday Times, citing unnamed senior
industry sources, as reporting that Tata was likely to name a
top Ford executive in Europe as chief executive of the Jaguar-
Land Rover group.  Presently, the group's chief executive is
Geoff Polities, an Australian, PTI notes.

                          About Tata

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

Tata Motors has operations in Russia and the United Kingdom.

                          About Ford

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

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

                          *     *     *

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


FORD MOTOR: To Equip Vehicles w/ Fuel-Efficient EcoBoost Engine
---------------------------------------------------------------
Ford Motor Company is introducing a new engine technology called
EcoBoost that will deliver up to 20% better fuel economy on half
a million Ford, Lincoln and Mercury vehicles annually in North
America during the next five years.

The EcoBoost family of 4-cylinder and 6-cylinder engines feature
turbocharging and direct injection technology.  Compared with
more expensive hybrids and diesel engines, EcoBoost builds upon
today's affordable gasoline engine and improves it, providing
more customers with a way to improve fuel economy and emissions
without compromising driving performance.

"EcoBoost is meaningful because it can be applied across a wide
variety of engine types in a range of vehicles, from small cars
to large trucks -- and it's affordable," Derrick Kuzak, Ford's
group vice president of Global Product Development, said.  
"Compared with the current cost of diesel and hybrid
technologies, customers in North America can expect to recoup
their initial investment in a 4-cylinder EcoBoost engine through
fuel savings in approximately 30 months.  A diesel in North
America will take an average of seven and one-half years, while
the cost of a hybrid will take nearly 12 years to recoup --
given equivalent miles driven per year and fuel costs."

Ford will introduce EcoBoost on the new Lincoln MKS flagship in
2009, followed by the Ford Flex and other vehicles.  By 2013,
Ford will have more than half a million EcoBoost-powered
vehicles on the road annually in North America.

In 2009, Ford first will introduce EcoBoost on the Lincoln MKS
featuring a 3.5-liter twin-turbocharged V-6.  It will produce
the power and torque of a V-8 engine with the fuel efficiency of
a V-6.  In fact, with an estimated 340-horsepower and more than
340 lb.-ft. of torque, the Lincoln MKS will be the most powerful
and fuel-efficient all-wheel-drive luxury sedan in the market.

                         More With Less

EcoBoost's combination of direct injection and turbocharging
mitigates the traditional disadvantages of downsizing and
boosting 4- and 6-cylinder engines, giving customers both
superior performance as well as fuel economy.

With direct injection, fuel is injected into each cylinder of an
engine in small, precise amounts. Compared to conventional port
injection, direct injection produces a cooler, denser charge,
delivering higher fuel economy and performance.

                        Explorer America

To help explain its vehicle sustainability strategy, Ford has
created the Explorer America concept for the 2008 North American
International Auto Show.

The Explorer America concept delivers an approximately 20% to
30% fuel-economy improvement -- depending on engine selection --
while providing room for six and their gear, along with moderate
towing and off-roading capabilities.

The concept aims to highlight for customers and auto show
attendees a number of innovations tied to Ford's systems
approach, including:

   * A powertrain lineup that includes a 4-cylinder 2-liter
     engine with EcoBoost technology delivering 275 hp and 280  
     lb.-ft. of torque or, as a premium engine, a 3.5-liter V-6
     delivering about 340 hp.  Depending on engine selection,
     fuel-efficiency will improve by 20 to 30 percent versus
     today's V-6 Explorer;

   * Migration from current body-on-frame to unibody
     construction, reducing weight and delivering superior
     driving dynamics;

   * A fuel-efficient 6-speed transmission with auto shift
     control, allowing the driver to select  and hold a lower
     gear with just the turn of a dial when conditions warrant
     it;

   * A weight reduction of 150 pounds for the V-6 version thanks
     to its downsized -- yet superior performing -- engine, as
     well as more lightweight materials, suspension and chassis
     components;

   * Fuel-saving electric power assisted steering and other
     engine actions that deliver a fuel savings benefit of about
     5%.  Between 80% to 90% of Ford, Lincoln and Mercury
     vehicles will have EPAS by 2012;

   * Aerodynamic and other parasitic improvements that add up to
     a 5% fuel economy gain.

The production model of the Explorer changed the landscape when
it arrived on the scene in 1990 as a 1991 model, delivering an
experience as unique as the owners who would eventually shape
the design of the Explorer America concept.

Today's Explorer leads the mid-size SUV segment in sales.  Since
its introduction 18 years ago, Explorer has sold more than 6.5
million vehicles.

For 2008, Explorer adds several new features, including Ford's
award-winning SYNC system that it developed with Microsoft.  
SYNC connects people and their favorite portable devices while
in the vehicle, including media players and Bluetooth-enabled
mobile phones.  In addition, Explorer receives Ford's EasyFuel
capless refueling system, which is fitted as standard and new
available 20-inch polished aluminum wheels.

Ford Explorer received 5-star ratings in the National Highway
Traffic Safety Administration's frontal and side-impact crash
tests for the second year in a row.  Explorer comes standard
with six air bags, including front seat and side-curtain air
bags and AdvanceTrac with class-exclusive Roll Stability
Control, an electronic stability enhancement system that
actually measures what other manufacturers' systems ignore or
can only estimate.

                          About Ford

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

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

                          *     *     *

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


GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles
---------------------------------------------------------------
General Motors Corp. Certified Used Vehicles disclosed a new
nationwide GMAC rate incentive program on select GM Certified
Used Vehicles, including GMC Envoy, Chevrolet Malibu, Impala and
Trailblazer models.

The new rate incentive offer, effective Jan. 3, 2008, through
March 31, 2008, provides well-qualified GM Certified Used
Vehicles buyers with 2.9% APR financing for terms up to 48
months or 3.9% APR financing for terms up to 60 months from GMAC
Financial Services on 2003-2008 models of Chevrolet Malibu,
Impala and Trailblazer and GMC Envoy purchased from
participating GM Certified Used Vehicles dealers.

Or well-qualified customers can receive GMAC 4.9% APR financing
for terms up to 60 months on 2003-2008 models of Chevrolet Tahoe
and Suburban, GMC Yukon, Pontiac Grand Prix and Buick LaCrosse
vehicles at participating GM Certified dealers.

A monthly payment at 2.9% APR financing for 48 months is
US$22.09 for every US$1,000 financed.  Average example down
payment is 10%. A monthly payment at 3.9% APR financing for 60
months is US$18.37 for every US$1,000 financed.  Average example
down payment is 10%. A monthly payment at 4.9% APR financing for
60 months is US$18.83 for every US$1,000 financed.  Some
customers will not qualify.  Not available with other offers.  
Customers must take delivery from a participating GM Certified
Used Vehicles dealer by March 31, 2008.

"These incentives on some of our most popular models offer great
value for customers, who have the opportunity to purchase a
high-quality, low-mileage, like-new vehicle at affordable
finance rates," Paul Pejza, manager, GM Certified Used Vehicles,
said.

                 About GM Certified Used Vehicles

GM Certified Used Vehicles -- http://www.gmcertified.com/-- are  
high-quality, reconditioned vehicles, available at participating
Buick, Chevrolet, Pontiac and GMC dealers.  All models are six
years old or newer, have 60,000 miles or less, are reconditioned
to stringent GM Certified Used Vehicles quality standards and
must undergo a rigorous 117-point inspection and reconditioning
process.

                           About GM

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

                         *     *     *

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

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


JACOBY & JACOBY: Brings In Liquidators form BDO Stoy Hayward
------------------------------------------------------------
Antony David Nygate and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint liquidators of Jacoby & Jacoby Ltd. on
Dec. 20, 2007 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England


NORTHERN ROCK: Treasury Scrambles for Private-Sector Sale
---------------------------------------------------------
The British government and its advisers are working double time
to secure a private-sector solution for Northern Rock Plc ahead
of an extraordinary shareholders' meeting on Tuesday, so as to
avoid nationalizing the bank, Katherine Griffiths writes for
Telegraph.co.uk.

Goldman Sachs, which is advising the Treasury, will reportedly
meet with the Government and the bank's board later this week to
unveil a proposal for the troubled mortgage lender, Ms.
Griffiths says.  Speculations suggest that Goldman is looking
into another financing group to the consortium of banks that
could provide up to GBP15 billion in loans to one of the bank's
bidders, the Telegraph continues.

As reported in the Troubled Company Reporter-Europe on Jan. 3,
2008, Rab Capital and fellow hedge fund SRM Global, Northern
Rock's largest shareholders, have forced a special shareholder
meeting for Jan. 15 to decide on the bank's future.

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

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

RAB increased its stake in Northern Bank to 7.59%, while SRM
hiked its stake in the troubled mortgage lender to 10 percent in
December 2007.

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

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

                     About Northern Rock plc

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

                          *     *     *

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

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

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


PROPART FUNDING: Fitch Cuts EUR150 Million Loan Rating to B+
------------------------------------------------------------
Fitch Ratings has downgraded EUR150 million Propart Funding
Ltd's cumulative profit participation certificates, maturing
Aug. 3, 2015 to Long-term 'B+', moved off watch.  Fitch assigned
a recovery rating of RR1 as it is likely that creditors will get
100% recovery during the security's lifetime due to its
cumulative nature.  Fitch expects potential losses in interest
and principal to be temporary only.


SCO GROUP: Wants Until May 11 to File Chapter 11 Plan
-----------------------------------------------------
The SCO Group Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to futher
extend their exclusive periods to:

   a) file a Chapter 11 plan until May 11, 2008; and

   b) solicit acceptances of that plan until July 11, 2008.

The Debtors' exclusive period to file a plan expires on
Saturday, Jan. 12, 2008.

The Debtors tell the Court that they need more time to resolve
an issue regarding Novell Inc.'s rights in connection with the
sale of the Unix business.  The Debtor said that Novell objected
to the sale of that business and that the asset was a threshold
issue that must be determined before any sale.

Accordingly, the Debtors say that they have decided to allow the
dispute to narrow before they file a Chapter 11 plan.

The Debtors remind the Court that Novell obtained permission to
prosecute its counterclaim against the Debtor in the United
States Bankruptcy Court for the District of Utah.

A hearing on Feb. 5, 2008, at 10:00 a.m., has been set to
consider approval on the Debtors' request.  Objections to the
approval are due Jan. 29, 2008.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

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


SIMPLY CREDIT: J. M. Titley Leads Liquidation Procedure
-------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Simply Credit Ltd. on Dec. 13, 2007 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St Johns
         Blackburn
         BB1 8AF
         England


TATA MOTORS: May Tap Senior Ford Exec to Head Two Brands
--------------------------------------------------------
After being chosen as preferred bidder for Ford Motor Co.'s
Jaguar and Land Rover brands, Tata Motors Ltd, according to
media reports, is expected to name a Ford senior executive to
head the two brands.

Last week, Ford disclosed that it has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signaling that the Indian carmaker has become the preferred
bidder.

Even if there is no deal yet and nothing is final, the Press
Trust of India quoted The Sunday Times, citing unnamed senior
industry sources, as reporting that Tata was likely to name a
top Ford executive in Europe as chief executive of the Jaguar-
Land Rover group.  Presently, the group's chief executive is
Geoff Polities, an Australian, PTI notes.

                          About Ford

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

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

                          About Tata

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA MOTORS: Bond Risk Rises on Jaguar & Rover Bids
---------------------------------------------------
Tata Motors Ltd bond risk rose to a record with credit-default
swaps on the company reaching 325 basis points on Tuesday
morning from 300 basis points last week, The Economic Times
reports.  According to the report, the increase of the risk of
Tata Motors defaulting on its bonds was brought about by the
concern that it will borrow to fund its acquisition of Ford
Motor Co's Jaguar and Land Rover brands.

Last week, Ford disclosed that it has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signaling that the Indian carmaker has become the preferred
bidder for the two brands.

"It may not be a good time for Tata to enter into such a deal
given the state of the credit market," ET quotes Aaron Low, a
principal in Singapore at hedge fund Lumen Advisers, as saying.

The Ford negotiations cued rating agencies to place Tata Motors
credit ratings on negative watch.

Moody's Investors Service has placed the Ba1 Corporate Family
Rating of the company on review for possible downgrade.  Should
Tata proceed with the transaction and acquire the two
businesses, it will face considerable execution and integration
challenges, Moody's Vice President/Senior Analyst Elizabeth
Allen said.

Standard & Poor's Ratings Services, on Jan. 7, 2008, placed on
CreditWatch with negative implications its:

   -- 'BB+' long-term corporate credit ratings on Tata Motors;
      and

   -- 'BB+' foreign currency rating on all of Tata Motor's rated
      debt issues.

Standard & Poor's Credit Analyst Anshukant Taneja said Tata's
acquisition of the brands could potentially have a negative
impact on the corporate credit ratings on the company,
especially if it is heavily funded by debt.

India's rating agencies, ICRA and CRISIL also placed the
carmaker's ratings on rating watch with negative implications.

According to CRISIL, if the acquisition involves a high level of
debt, the transaction would have an adverse impact on Tata
Motors' financial risk profile over the short to medium term.  
It would also pose challenges to Tata Motors' business risk
profile, since a significant proportion of the consolidated
revenues will be driven by the acquired businesses where Tata
Motors has yet to build and demonstrate its capabilities, CRISIL
adds.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


WALKER TAXIS: Claims Filing Period Ends February 12
---------------------------------------------------
Creditors of Walker Taxis Ltd. have until Feb. 12 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:

         Ian W. Kings
         Joint Liquidator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of the company on Dec. 18, 2007 by
resolutions of members and creditors.


* Ernst & Young Appoints 17 New U.K. Partners
---------------------------------------------
Ernst & Young has appointed 17 new partners to the U.K. firm
with immediate effect taking the total number of partners we
have admitted over the last six months to 29.

The appointments are across the firm in all service lines and
industry sectors as well as up and down the U.K.

"We are very confident in the future growth prospects of our
firm: Ernst & Young in the U.K. has grown by nearly 50% in the
last three years and across the NEMIA area growth has been
exceptional with India, South Africa and the Middle East
increasing revenues by more than 40% in 2007 alone," Mark Otty,
chairman of Ernst & Young in the U.K./ and managing partner
Northern Europe Middle East, India and Africa (NEMIA), said.

"Our global strategy of twinning more mature markets with
emerging ones and our unique NEMIA operating model are widely
acknowledged as a powerful approach and have cemented our
reputation for providing exceptional services to clients.

"Ernst & Young in the U.K. is differentiating itself in the
market place through our distinctive values campaign which has
received a favorable response from our people, our clients and
other stakeholders.  We have recruited record numbers of staff
at all levels and are committed to continued investment in new
partners to drive our business forward.

"Not only do we have the most international and diverse
leadership of any major professional services firm in the U.K.
but we have the highest number of female partners amongst the
top six firms.

"As well as promoting from within we have also made a major
investment in direct entry partners. The firm has built itself a
deserved reputation for not only promoting quality candidates
internally but attracting the brightest and the best from the
external market place.  We expect to make plenty more of these
appointments throughout 2008."

The new appointees include:
    
    * Adrian Nicholls
    * Alex Gaunt
    * Andy Bates
    * Annie Graham
    * Clive Martin
    * David Scourfield
    * Graham Farquhar
    * Giles Capon
    * Ian Scott
    * Kevin McAuley
    * Mark Wesley
    * Matt Maltz
    * Matthew Evans
    * Pamela Spence
    * Stuart Gregory
    * Taylor Dewar
    * Tom Lukic

                         About E&Y

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *