TCREUR_Public/080110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 10, 2008, Vol. 9, No. 7

                            Headlines




A U S T R I A

AMB BAU: Creditors' Meeting Slated for Jan. 22
ARIFOSKI KEG: Linz Court Orders Business Shutdown
BESSER SAUBER: Salzburg Court Orders Business Shutdown
DSH INTERNATIONAL: Leoben Court Orders Business Shutdown
GEOSPACE BECKEL: Salzburg Court Orders Business Shutdown

KOMARO BAU: Vienna Court Orders Business Shutdown
LINZER TANZZENTRUM: Creditors' Meeting Slated for Jan. 21
RE-HA REHABILITATIONS: Vienna Court Orders Business Shutdown
TAG-BAU LLC: Wiener Neustadt Court Orders Business Shutdown
TRELLIS AUTOMATISIERUNGS: Wiener Neustadt Court Orders Shutdown

WK-BAU LLC: Creditors' Meeting Slated for Jan. 23


B E L G I U M

AVNET INC: Selects Four New Corporate Vice Presidents


B U L G A R I A

FIRST INVESTMENT: Fitch Affirms BB- IDR with Stable Outlook


D E N M A R K

EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric


F R A N C E

BOSTON SCIENTIFIC: Completes US$750 Mln Sale of Surgery Business
DELPHI CORP: Court Rejects Intermet's Demand for Claims Payment
DELPHI CORP: Plans to Reduce US$6.8 Billion Exit Financing
DELPHI CORP: Committees Wants Participation in Exit Loan Process
DELPHI CORP: Expands Supply Contract with VaST Systems

EUTELSAT COMMS: Picks EADS Astium to Launch KA-Band Satellite
LAZARD LTD: Appoints John Rutherford as Managing Director
URS CORPORATION: Washington Unit Bags US$67-Million Task Order


G E R M A N Y

A. MERKELBACH: Claims Registration Period Ends Jan. 24
ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules
BAUGESCHAFT KLAUS: Claims Registration Period Ends Jan. 22
DRUCKEREI SIEBOLD: Claims Registration Period Ends Jan. 29
GASTRO ITALIA: Claims Registration Period Ends Jan. 31

HAVENROCK II: Fitch Junks Ratings on Junior Loans from IKB
HELMUT KOEHLER: Claims Registration Period Ends Jan. 28
IMMO BAU: Claims Registration Period Ends Jan. 28
KOSLOWSKI BEDACHUNGEN: Claims Registration Period Ends Jan. 31
LA LEITUNGSBAU: Claims Registration Period Ends Jan. 25

MINDQUARRY GMBH: Claims Registration Period Ends Jan. 30
NETWORX CONSULTING: Claims Registration Ends February 1
NTG GASTRO: Claims Registration Ends February 1
PIN GROUP: Horst Piepenburg Anticipates Financial Recovery
REGENERATIVE ENERGIE: Claims Registration Ends February 1

ROHRBERG MALERTEAM: Creditors' Meeting Slated for Feb. 1
SHV HAUS: Claims Registration Ends February 1
SPAN-TECH GMBH: Claims Registration Ends February 1


G R E E C E

ARMSTRONG WORLD: Nitram & Desseaux's Joint Plan Set Dec. 28


I R E L A N D

AFFILIATED COMPUTER: Inks Strategic Alliance Pact with Ingenix
EIRLES TWO: Moody's Cuts Rating to Ba2 on Series 129 Notes
SCOTTISH RE: Receives Non-Compliance Notice from NYSE


I T A L Y

DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30
DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating
EUROHOME MORTGAGES: Moody's Rates EUR10.3MM Class E Notes at B3


K A Z A K H S T A N

AKBAZJAN LLP: Proof of Claim Deadline Slated for Feb. 1
ASTANA BEL: Creditors Must File Claims by Feb. 1
BEGGON LLP: Claims Filing Period Ends Feb. 1
CEFIRA LLP: Creditors' Claims Due on Feb. 1
DALA TAU: Claims Registration Ends Feb. 1

FIRM ADS: Proof of Claim Deadline Slated for Feb. 1
NORD MASTER: Creditors Must File Claims by Feb. 1
PLAZMA LLP: Claims Filing Period Ends Feb. 5
UNDER GROUND: Creditors' Claims Due on Feb. 1


K Y R G Y Z S T A N

INTER TRADE: Creditors Must File Claims by January 30


N O R W A Y

BRIGHTPOINT INC: To Market Garmin Mobile Phone Products in US


P O L A N D

NETIA SA: Outlines 2008-2009 Growth Strategy Financing Options
ZLOMREX S.A.:  S&P Cuts Ratings to B- on Liquidity Risk


R U S S I A

CHAIBUKHA MUNICIPAL: Creditors Must File Claims by Jan. 22
KAUCHUK* CJSC: Asset Sale Slated for Jan. 21
KRIULINSKIJ AGRICULTURAL: Asset Sale Slated for Jan. 17
KURGANINSKIJ MILLING: Competitive Proceedings Slated for Nov. 25
KUZHENERSKOYE AGROPROMENERGO: Claims Filing Period Ends Feb. 22

LENINGRADSKIJ SHIPBUILDING: Claims Filing Period Ends Feb. 22
MAGCHERMET CJSC: Creditors Must File Claims by Jan. 22
PIK GROUP: Fitch Rates IDR BB- on Market Position
RA-KUBAN'OILMASH CJSC: Creditors Must File Claims by Jan. 22
SOS'VINSKY WOOD-WORKING: Asset Sale Slated for Jan. 25

TD KASLINSKIJ: Creditors Must File Claims by Jan. 22
UST'-ILIMSKIJ MILK: Asset Sale Slated for Jan. 30


S P A I N

FTA MADRID I: Fitch Rates Class E at BB+ with Stable Outlook


S W I T Z E R L A N D

F. SCHNEIDER TRANSPORTE: Claims Registration Period Ends Jan. 14
FREY CONCEPTS: Zug Court Closes Bankruptcy Proceedings
GISE LLC: Thurgau Court Closes Bankruptcy Proceedings
INTERCOM TRUST: Creditors' Liquidation Claims Due by January 14
LIFESTYLE&MORE LLC: Lucerne Court Starts Bankruptcy Proceedings

MMB METALLBAU: Claims Registration Period Ends January 14
PETERWEBER LLC: Creditors' Liquidation Claims Due by January 25
PFAFFLI PROJEKTLEITUNGEN: Creditors Must File Claims by Jan. 14
ROTTMANN: Basel-Country Court Starts Bankruptcy Proceedings
THOMA BACKEREI: Creditors' Liquidation Claims Due by January 14

VETSCH & PARTNER: Creditors' Liquidation Claims Due by Jan. 14


U K R A I N E

ADAPTER LLC: Proofs of Claim Deadline Set January 12
DRUZHBA LLC: Proofs of Claim Deadline Set January 12
CITY BUILDING: Creditors Must File Claims by January 12
ITEK LLC: Proofs of Claim Deadline Set January 12
METALINDUSTRY LLC: Proofs of Claim Deadline Set January 12

MYRONIVSKY HILBOPRODUCT: Fitch Affirms IDR at B
ODESSA-INDUSTRIAL COLD: Proofs of Claim Deadline Set January 12
PROJECT SERVICE: Proofs of Claim Deadline Set January 12
PROVINCE-SVIT LLC: Proofs of Claim Deadline Set January 12
SHYLOVKA CJSC: Proofs of Claim Deadline Set January 12

VIVAT LLC: Proofs of Claim Deadline Set January 12
WHOLESALE TRADE: Proofs of Claim Deadline Set January 12


U N I T E D   K I N G D O M

BALLY TOTAL: Court Okays Latham & Watkins' US$1.8 Million Fees
BOGACKI PROJECT: Brings In Begbies Traynor as Administrators
BRITISH AIRWAYS: Offers Alternative Travel to MAXjet Customers
CAMPIGOTTO RESTAURANTS: Taps Liquidators from Chantrey Vellacot
CARD WORLD: Taps KPMG LLP to Administer Assets

FORD MOTOR: Investing US$500 Million to Expand India Operations
ING RE UK LTD: Chapter 15 Petition Summary
ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter
MALACHITE 1: Appoints Joint Administrators from Ernst & Young
MAZDA MOTOR: Sees Further Growth in 2008

MONITOR OIL: Court Approves Dorsey & Whitney as Attorney
MONITOR OIL: Hires Akin Gump as Special Counsel
PROTON HOLDINGS: May Get Strategic Partner in 3 to 5 Years

* Chadbourne & Parke Adds 5 Partners in NY, Moscow & UK Offices

* Upcoming Meetings, Conferences and Seminars





                            *********


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A U S T R I A
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AMB BAU: Creditors' Meeting Slated for Jan. 22
----------------------------------------------
Creditors owed money by LLC AMB Bau (FN 69561x) are encouraged
to attend the creditors' meeting at 9:00 a.m. on Jan. 22.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 22, 2007 (40 S 34/07h).  Arno Lerchbaumer serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Arno Lerchbaumer
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/822244-0
         Fax: 0316/822244-22
         E-mail: office@lerchbaumer.co.at


ARIFOSKI KEG: Linz Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Linz entered Nov. 22, 2007, an order shutting
down the business of KEG ARIFOSKI (FN 279074d).

Court-appointed estate administrator Alexander Burkowski
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. Alexander Burkowski
         Graben 32
         4020 Linz
         Austria
         Tel: 0732/654556
         Fax: 0732/65455657
         E-mail: burkowski.keul@aon.at

Headquartered in Hoersching, Austria, the Debtor declared
bankruptcy on Nov. 19, 2007 (Bankr. Case No 38 S 61/07k).


BESSER SAUBER: Salzburg Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Salzburg entered Nov. 21, 2007, an order
shutting down the business of LLC besser sauber.at Vertrieb (FN
284037b).

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

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


DSH INTERNATIONAL: Leoben Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Leoben entered Nov. 28, 2007, an order
shutting down the business of DSH International Limited (FN
276449v).

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

Headquartered in Zeltweg, Austria, the Debtor declared
bankruptcy on Nov. 15, 2007 (Bankr. Case No 17 S 97/07v).


GEOSPACE BECKEL: Salzburg Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Salzburg entered Nov. 23, 2007, an order
shutting down the business of LLC GEOSPACE Beckel
Satellitenbilddaten (FN 107457a).

Court-appointed estate administrator Christoph Brandweiner
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. Christoph Brandweiner
         Reichenhaller Strasse 9
         5020 Salzburg
         Austria
         Tel: 0662/844450
         Fax: 0662-844450-31
         E-mail: kanzlei@dr-brandweiner.at

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 31, 2007 (Bankr. Case No 23 S 74/07p).


KOMARO BAU: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Nov. 27, 2007, an order
shutting down the business of LLC KOMARO Bau und Baustoffhandels
(FN 291755b).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 16, 2007 (Bankr. Case No 3 S 148/07w).  Georg Kahlig
represents Mag. Stauder in the bankruptcy proceedings.


LINZER TANZZENTRUM: Creditors' Meeting Slated for Jan. 21
---------------------------------------------------------
Creditors owed money by LLC Linzer Tanzzentrum Jakob (FN
198132x) are encouraged to attend the creditors' meeting at 9:00
a.m. on Jan. 21.

The creditors' meeting will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Nov. 21, 2007 (12 S 88/07i).  Peter Shamiyeh serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Peter Shamiyeh
         Hopfengasse 23
         4020 Linz
         Austria
         Tel: 0732/66 73 26
         Fax: 0732/66 73 20-942
         E-mail: p.shamiyeh@wildmoser-koch.com


RE-HA REHABILITATIONS: Vienna Court Orders Business Shutdown
------------------------------------------------------------
The Trade Court of Vienna entered Nov. 21, 2007, an order
shutting down the business of LLC re-ha Rehabilitations- und
medi- zinische Produkte (FN 69230i).

Court-appointed estate administrator Michael Ludwig Lang
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. Michael Ludwig Lang
         Maria-Theresien-Strasse 9/4
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60-9
         E-mail: lang@brandlang.com

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 19, 2007 (Bankr. Case No 28 S 136/07i).


TAG-BAU LLC: Wiener Neustadt Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Wiener Neustadt entered Nov. 26, 2007, an
order shutting down the business of LLC Tag - Bau (FN 85567i).

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

Headquartered in Sollenau, Austria, the Debtor declared
bankruptcy on Nov. 16, 2007 (Bankr. Case No 10 S 112/07k).
Georg Schober represents Dr. Schober in the bankruptcy
proceedings.


TRELLIS AUTOMATISIERUNGS: Wiener Neustadt Court Orders Shutdown
---------------------------------------------------------------
The Land Court of Wiener Neustadt entered Nov. 28, 2007, an
order shutting down the business of LLC TRELLIS
Automatisierungs- & Event-Technik (FN 272780y).

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

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on Nov. 14, 2007 (Bankr. Case No 10 S 111/07p).


WK-BAU LLC: Creditors' Meeting Slated for Jan. 23
-------------------------------------------------
Creditors owed money by LLC WK-Bau (FN 30476v) are encouraged to
attend the creditors' meeting at 10:00 a.m. on Jan. 23.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Maria Lanzendorf, Austria, the Debtor declared
bankruptcy on Nov. 21, 2007 (36 S 135/07f).  Ilse Korenjak
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at


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B E L G I U M
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AVNET INC: Selects Four New Corporate Vice Presidents
-----------------------------------------------------
Avnet Inc. has elected four new corporate officers and the
promoted two others.  John Paget, president, Avnet Technology
Solutions Global; Jim Smith, president, Avnet Logistics; and
K.P. Tang, president, Avnet Technology Solutions Asia Pacific,
have all been elected as new corporate vice presidents for
Avnet, Inc.  In addition, Jill Wysolmierski was elected chief
tax officer.  Phil Gallagher, president, Avnet Electronics
Marketing Americas, was promoted to corporate senior vice
president for Avnet, Inc., and Jun Li, assistant general
counsel, was promoted to secretary from assistant secretary.

"These promotions reflect the substantial contributions each of
these executives has made to the success of Avnet," said Roy
Vallee, chairman and CEO, Avnet, Inc.  "By demonstrating
exceptional performance in their respective areas of
responsibility, they have earned the respect of their peers,
both as leaders and colleagues, with a commitment to
excellence."

John Paget, president, Avnet Technology Solutions Global, joined
Avnet in 2007 and is responsible for leading Avnet's growing
US$6 billion computing business worldwide.  He came to Avnet
from Synnex Corporation, where he was president of the
Technology Solutions Division and had also served as president
of Synnex North America and chief operating officer.  Prior to
that position, he had worldwide responsibility for GE Technology
Financial Services as senior vice president and general manager.
He reports to Rick Hamada, chief operating officer for Avnet,
and is a member of the Avnet Executive Board.

Jim Smith was promoted to president of Avnet Logistics in 2006
after serving as senior vice president of Warehousing &
Distribution Worldwide for Avnet.  Mr. Smith oversees logistics
services globally and is a member of the Avnet Executive Board.
He joined Avnet in 2000 and was responsible for logistics
operations for Avnet Electronics Marketing in the Americas.
Prior to joining Avnet, he served in leadership positions with
Marshall Industries, Kierulff Electronics, Wyle Electronics
Marketing Group and Atlas Services North America.  He also
reports to Rick Hamada and is a member of the Avnet Executive
Board.

K.P. Tang, president, Avnet Technology Solutions Asia Pacific,
is responsible for the strategic direction and growth of Avnet
Technology Solutions' Asia Pacific region.  Mr. Tang joined
Avnet in 2005 and has had a distinguished career, most recently
serving as vice president of Asia Business and Development and
Sales for Celestica, Inc., a global provider of electronics
manufacturing services with operations in Asia, Europe and the
Americas.  His career also includes more than 30 years with IBM.
He reports to Mr. Paget.

Jill Wysolmierski, CPA, is vice president of Corporate Tax for
Avnet, Inc.  She has responsibility for managing all aspects of
global income tax matters.  Ms. Wysolmierski joined Avnet in
1998 and previously served in tax management positions with
AT&T, Hoke Incorporated and KPMG.  She reports to Ray Sadowski,
Avnet chief financial officer.

Phil Gallagher, president, Avnet Electronics Marketing Americas,
is responsible for leading Avnet Electronics Marketing in the
Americas, a position he has held since 2004.  He previously
served as senior vice president, global business development,
Avnet Electronics Marketing, where he was responsible for the
group's global supplier relationships.  He has been with Avnet
for more than 25 years, holding a series of progressively more
responsible positions.  He was first named a corporate officer
in November 1997 and reports to Harley Feldberg, president of
Avnet Electronics Marketing Global.

Jun Li, vice president and assistant general counsel, joined
Avnet in April 2005.  Mr. Li's responsibilities include managing
core entity information for the company's 200 plus subsidiaries
globally and counseling the Board of Directors and senior
management on corporate governance.  He joined Avnet in April
2005 as associate general counsel with primary responsibility
for providing legal support in the areas of securities law,
capital market transactions and corporate governance.  He first
became a corporate officer in 2006 and reports to David Birk,
Avnet general counsel.

                     About Avnet Inc.

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

                       *     *     *

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


===============
B U L G A R I A
===============


FIRST INVESTMENT: Fitch Affirms BB- IDR with Stable Outlook
-----------------------------------------------------------
Fitch Ratings has affirmed Bulgaria-based First Investment
Bank's Long-term Issuer Default rating at 'BB-' with a Positive
Outlook, Short-term IDR at 'B', Individual rating at 'D',
Support rating at '5' and Support Rating Floor at 'No Floor'.

FIB's ratings reflect the bank's growing franchise, improvements
in business diversification, capitalization and risk management
framework.  However, FIB's ratings still consider borrower
concentration, lower profitability than peers' and a small
capital base in absolute terms, which, despite the recent
increase which followed the floating of the bank, remains only
acceptable in relation to its risks.

An upgrade could result from a longer record in managing growth
while maintaining the current relatively low percentage of
impaired loans and adequate capitalization in a context of
increasing profitability and cost efficiency.  In addition,
improvements in liquidity and the funding franchise would also
benefit the bank's ratings.  Downgrade pressure could arise from
deterioration of capitalization or failure to manage credit and
operational risks that follow growth.

Profitability has been improving, with growing business volumes,
particularly in the higher-yielding, but higher-risk, retail and
SME sectors.  This has led to better net interest margin despite
intense competition in the Bulgarian banking sector.  Margins,
however, remain on the low side when compared with local peers'
that have a more extensive physical presence and benefit from
lower costs of funding from their international parents.

Asset quality ratios are sound, with NPLs constituting 1.6% of
gross loans at end of first half of 2007.  Loan impairment
allowances stood at a comfortable 160% of NPLs.  The recent
significant lending growth might be a cause for concern,
particularly in the retail sector as loan books season; however,
the proportion of retail lending to FIB's total lending is still
lower than at most Bulgarian banks rated by Fitch.  Borrower
concentration has been declining but remains high.

Market risks appear to be well controlled and the current
turmoil in the international financial markets has not had any
significant adverse impact on the bank.  While the majority of
its funding derives from customer deposits, the bank has
successfully diversified its funding sources through access to
international markets and is continuing to do so.  Liquidity is
tightening following growth.  Operational risk, although limited
to date, might be a cause of concern, given the bank's rapid
growth, particularly in the retail sector where it has less
experience.

Founded in 1993, FIB is currently the fifth-largest bank in
Bulgaria by assets.  At end of first half of 2007, FIB had
markets shares of 8% in terms of both loans and deposits.  The
bank remains orientated to corporate clients but continues to
actively expand retail lending.  The bank operated through a
network of 123 branches and 548 ATMs and had 2,002 employees as
at end-September 2007.  Ultimate control of the bank lies in the
hands of two individuals, its founding shareholders, who have
significant interests in the tourism and real estate sectors.
FIB was listed on the Sofia Stock Exchange in May 2007.  It
recently set up a subsidiary bank in Albania.


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D E N M A R K
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EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric
----------------------------------------------------------------
Eastman Kodak Company has entered into technology license
agreements with Matsushita Electric Industrial Company and with
Victor Company of Japan, Limited that will allow each company
access to the other's patent portfolio.

The license agreements, which provide significant benefits to
all companies, is royalty bearing to Kodak.  Additional
financial terms were not disclosed.

"We are pleased to have reached a mutually beneficial
arrangement that advances the interests of Kodak and of MEI and
JVC," said Laura G. Quatela, Chief Intellectual Property
Officer, and Vice President, Eastman Kodak.  "Each cross-license
agreement provides the companies with access to each other's
technology, and validates the strength of Kodak's intellectual
property portfolio."

                    About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


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F R A N C E
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BOSTON SCIENTIFIC: Completes US$750 Mln Sale of Surgery Business
----------------------------------------------------------------
Boston Scientific Corporation has completed the sale of
its Cardiac Surgery and Vascular Surgery businesses to the
Getinge Group of Sweden for US$750 million in cash.

As reported in the Troubled Company Reporter on Nov. 7, 2007,
Boston Scientific Corporation signed a definitive agreement for
the sale of its Cardiac Surgery and Vascular Surgery businesses
to the Getinge Group.

The company disclosed its intent to sell the Cardiac Surgery and
Vascular Surgery businesses on Aug. 16, as part of its plan to
divest non-strategic assets and increase shareholder value.

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.

The Cardiac Surgery business is a developer of medical
technologies designed for use in surgical cardiac procedures,
including beating-heart bypass surgery systems and endoscopic
vessel harvesting for coronary bypass surgery.  The business
employs approximately 450 people.

The company expects to record after-tax charges of approximately
US$240 million in connection with the transaction. These charges
will be recorded during the fourth quarter of 2007 and the first
quarter of 2008.

"We have now sold three of our five previously identified non-
strategic businesses, and we expect to close on the remaining
two -- Fluid Management and Venous Access -- this quarter," Jim
Tobin, president and chief executive officer of Boston
Scientific, said.  "These divestitures -- along with our ongoing
efforts to reduce expenses and simplify our operating model --
should help us achieve our overall goals of restoring profitable
growth, increasing shareholder value and strengthening Boston
Scientific for the future."

                     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 Rejects Intermet's Demand for Claims Payment
---------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York denies Intermet Corp.'s request
for US$417,200 administrative claim payment.

The Court finds that pursuant to a 2007 settlement agreement
between Intermet Corp. and the Debtors, Intermet released all
claims and rights related to the parties' Dec. 12, 2003
prepetition rebate agreement, and thereby released its right to
recover its US$417,200 Administrative Claim.

"Intermet has failed, in any event, to establish that it is
entitled to administrative expense priority under the Bankruptcy
Code," Judge Drain relates.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, emphasizes that Intermet's
purported administrative claim arose at the time:

   (1) the parties entered into the Prepetition Agreement; and

   (2) Intermet gave the Debtors consideration in the form of
       advanced rebate.

The Debtors' failure to meet minimum purchase obligations was
clearly contemplated under the Prepetition Agreement, Mr. Butler
points out.  Intermet's request for a refund, therefore, cannot
form the basis of an administrative expense claim.

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: Plans to Reduce US$6.8 Billion Exit Financing
----------------------------------------------------------
Delphi Corp. and its debtor-affiliates relayed, in a regulatory
filing with the U.S. Securities and Exchange Commission, their
intent to reduce the amount of the US$6.8 billion exit
financing.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan notes that during the second half of 2007, Delphi
generated cash flow in excess of the amount projected in its
revised business plan, ending the year with more cash available
than set forth in its First Amended Joint Plan of
Reorganization.

"As a result of a permanent improvement in liquidity, Delphi
will be reducing the amount of requested exit financing," Mr.
Sheehan relates.

Delphi did not disclose the amount of reduction.  As reported in
the Troubled Company Reporter on Nov. 19, 2007, the contemplated
exit financing comprised of:

   * a US$1.6 billion senior secured first lien asset-based
     revolving credit facility;

   * a US$3.7 billion senior secured first-lien term facility;
     and

   * a US$1.5 billion senior secured second-lien term facility,
     of which up to US$750 million will be in the form of a note
     issued to General Motors Corp. in connection with the
     distributions contemplated under the First Amended Joint
     Plan of Reorganization.

Delphi was expected to launch for syndication its proposed exit
financing on January 8, market sources told Reuters Loan Pricing
Corp.

                      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. 105; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Committees Wants Participation in Exit Loan Process
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to permit members of
the Official Committee of Unsecured Creditors and the Official
Committee of Equity Security Holders to participate in the
syndication of the Debtors' Exit Financing.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
the Debtors disclosed that they are in the process of arranging
for exit financing, comprised of:

   * a US$1.6 billion senior secured first lien asset-based
     revolving credit facility;

   * a US$3.7 billion senior secured first-lien term facility;
     and

   * a US$1.5 billion senior secured second-lien term facility,
     of which up to US$750 million will be in the form of a note
     issued to General Motors Corp. in connection with the
     distributions  contemplated under the First Amended Joint
     Plan of Reorganization.

The Court has authorized JPMorgan Securities Inc., JPMorgan
Chase Bank, N.A., and Citigroup Global Markets Inc., to assemble
a syndicate of lenders to provide the exit financing
arrangements.

At this stage of their bankruptcy cases, other than achieving
the necessary votes on their proposed Plan, the chief remaining
step that the Debtors must take before emerging from Chapter 11
is to obtain exit financing in what is a very turbulent
financing marketplace, according to John Wm. Butler, Jr., Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois.

The Debtors believe that they and the Exit Lenders should
continue their aggressive pursuit of exit financing from a
number of sources, including certain members of the Statutory
Committees.

Mr. Butler points out that the Court-approved Disclosure
Statement, which contains approximately 3,000 pages of financial
and other information about the Debtors, is in the hands of all
parties-in-interest and is readily available in the public
domain.  "The amount and nature of current financial and other
information available to Statutory Committee members and to
those who have not previously been privy to material nonpublic
information during the cases is now largely the same as a result
of the distribution of this disclosure to the public," he says.

With the Disclosure Statement now in the public domain, the
Debtors aver that there will not be any conflict if Statutory
Committee members were to participate in the syndication of the
Exit Financing.  "Nor is there any reason why a Statutory
Committee member should required to resign from either of the
Statutory Committees on account of participation in the Exit
Financing Syndication," Mr. Butler asserts.

The Debtors propose that the Court require any Statutory
Committee member who intends to participate in the Exit
Financing Syndication to, in advance of its participation, make
written disclosure of its intention to the Debtors, counsel to
each of the Statutory Committees, and the U.S. Trustee.

                      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. 105; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Expands Supply Contract with VaST Systems
------------------------------------------------------
Delphi Corp. has expanded its contract with VaST Systems to
supply virtualization solutions.

Delphi Electronics & Safety Division uses VaST's solutions to
help develop electronic control unit (ECU) software.  VaST helps
Delphi develop software without requiring hardware prototypes.
The use of VaST virtualization solutions can bring deeper
visibility and controllability to the software design process
helping to net higher quality products.

"Automotive electronic systems are experiencing exponential
growth in software complexity with the growing expectation of
improving product quality," said Frank Winters, Delphi
Electronics & Safety manager of design methodology. "VaST's
solutions help Delphi manage complexity."

"Delphi is a leader in automotive electronics and a key customer
in one of our most important market segments. Delphi's use of
VaST solutions is indicative of an industry trend toward
virtualized electronic system development.  We are extremely
pleased to provide Delphi with solutions that help them extend
their leadership by delivering superior, differentiated
products," said Jeff Roane, vice president of marketing at VaST.

                        About VaST

VaST Systems drives electronics virtualization.  With VaST
virtualization electronics companies develop software before
hardware, enable early software development by ecosystem
partners.

                    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 will expire on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  On Dec. 10, 2007, the Court entered an
order approving the Debtors' Disclosure Statement.  The hearing
to consider confirmation of the Plan is set for Jan. 17, 2008.


EUTELSAT COMMS: Picks EADS Astium to Launch KA-Band Satellite
-------------------------------------------------------------
Eutelsat Communications has selected EADS Astrium to deliver its
first satellite operating exclusively in KA-band frequencies.
The satellite will form the cornerstone of a major new satellite
infrastructure programme that will significantly expand capacity
for consumer broadband services across Europe and the
Mediterranean Basin, while providing new opportunities for local
and regional television markets.

Currently called KA-SAT and scheduled for launch in third
quarter 2010, the satellite will be configured with over 80
spotbeams, making it the most advanced multi-spot satellite
designed in the world to date.  A network of eight gateways
managed by Eutelsat, and which will provide access to KA-SAT and
deliver the full range of services to end users, will form an
integral part of the new infrastructure.

                New Capacity to Join Eutelsat's
                    Hot Bird(TM) Satellites

Eutelsat will locate KA-SAT at 13 degrees East where it will
join three large HOT BIRD(TM) Ku-band broadcasting satellites
that form the world's leading video neighbourhood.  This
collocation will enrich the range of consumer entertainment
services offered from the Group's prime neighbourhood by
enabling satellite homes to receive television in the Ku-band
and new rich media services in the Ka-band through a single
dual-frequency antenna.  In advance and in preparation of
KA-SAT, Eutelsat is using Ka-band capacity on its Hot Bird(TM) 6
satellite for a new consumer broadband service, launched in
Europe at the end of 2007, and called Tooway(TM).  The service
is operated by the Group's broadband subsidiary Skylogic, in
cooperation with ViaSat, a world-leader in powering
innovative satellite platforms.  Tooway(TM) uses ViaSat's well
established SurfBeam(R) Docsis(R) system.

               Uniting Technology Expertise
             and New Collaboration with ViaSat

KA-SAT is the European equivalent to ViaSat-1, a high-capacity
Ka-band broadband satellite ordered by ViaSat to serve the North
American market and planned to launch in 2011.  ViaSat and
Eutelsat are cooperating closely around ViaSat's Ka-band
SurfBeam(R) networking system and a similar wholesale business
model that works through ISPs, telecommunications companies and
pay-TV platforms to serve subscribers.  This collaboration
builds on a long-standing relationship that has enabled the
development and provision of groundbreaking broadband services
for enterprise, in-flight, maritime and high-speed rail markets
across Europe, the Middle East and Africa.

KA-SAT marks a material step forward in multi-spot satellites,
which are already demonstrating their efficiency for consumer
Internet access, HDTV and local television broadcasting in hard-
to-serve areas in North America.  In particular, first-
generation multi-spot satellites using ViaSat SurfBeam(R)
Docsis(R) technology and operated by WildBlue and Telesat have
already reached over 300,000 Internet subscribers since their
launch in 2005.  As a standard used by several tens of millions
of cable customers worldwide, Docsis, together with powerful new
Ka-band multi-spot satellites can facilitate important economies
of scale to enable satellite-based consumer Internet services to
achieve costs and bandwidth comparable to ADSL.

            Breaking New Barriers in Capacity

The amount of bandwidth provided by KA-SAT, coupled with
ViaSat's next generation SurfBeam(R) ground networking system,
will take satellite operations to new levels of efficiency and
capacity, delivering a total throughput of over 70 Gigabits per
second.  A watershed in satellite-based IP access, the new
satellite and associated gateways will dramatically increase the
number of addressable households to well beyond one million,
with end-user speeds comparable to ADSL.  This compares to
several tens of thousands of professional users served by
existing Ku-band satellites serving Europe.

On signing the contract for KA-SAT with EADS Astrium, Eutelsat
Chairperson and Chief Executive Officer, Giuliano Berretta said:
"With their high power and broad coverage, today's Ku-band
satellites are highly optimised for video broadcasting and
professional data networks and are the core component of
Eutelsat's satellite system.  Today, with the announcement of
our first full KA-band programme, we are crossing a new frontier
to a specifically designed infrastructure for interactive
consumer services.  And by combining this satellite
infrastructure at our Hot Bird(TM) neighbourhood with our Ku-
band satellites optimised for broadcasting, we are in a unique
position to expand the range of digital entertainment services
available from a single neighbourhood to homes across Europe."

Mr. Berretta added, "We will also leverage the substantial
capacity available in the Ka-band for new opportunities for
local and regional content.  KA-SAT is also uniquely designed
for transmitting new video applications requiring ultra high bit
rates such as HD digital cinema and 3D television."

"Through the satellite infrastructure programmes announced by
Eutelsat and ViaSat, and the collaboration between our two
companies, consumer satellite broadband is making exciting
progress in terms of efficiency and competitiveness and can have
a substantial impact in resolving the digital divide.  More than
15 million homes in Europe and as many in North America will
still be beyond range of terrestrial broadband networks in
2010," Mr. Berretta concludes.

             Procurement of the infrastructure

Based on the Eurostar E3000 platform, KA-SAT is the 17th
satellite commissioned by Eutelsat from EADS Astrium.  Designed
to operate for 15 years, it will have a launch mass of 5.8
tonnes and a payload consuming more than 11 kW of power.  Its
solar arrays will generate 15 kW of power.

The procurement of this satellite and associated ground system
forms part of the investment objective of Eutelsat
Communications announced in October 2007 on the occasion of the
Group's first quarter revenues for the 2007-2008 financial year.

                      About Eutelsat

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  One of its worldwide operations is located in
Brazil.  The Group is one of the world's three leading satellite
operators in terms of revenues.  Its satellites are used for
broadcasting nearly 1,800 TV and 900 radio stations to more than
120 million cable and satellite homes.  The Group also provides
TV contribution services, corporate networks, mobile positioning
and communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and in-flight applications.

                       *     *     *

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 sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.
Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                               Projected
                          Debt       LGD       Loss-Given
Debt Issue               Rating     Rating    Default
----------               -------    ------    ----------
Senior Unsecured
Bank Credit Facility      Ba3        LGD4       55%


LAZARD LTD: Appoints John Rutherford as Managing Director
---------------------------------------------------------
Lazard Ltd. disclosed that John R. Rutherford has joined the
firm as a Managing Director and Head of North American Energy
Investment Banking.  Based in Houston, Mr. Rutherford was most
recently a Managing Director and Partner at Simmons & Company
International, an independent investment bank serving the energy
industry.

Mr. Rutherford will be a senior member of Lazard's energy effort
working closely with Bruce Bilger, who was recently hired as
Chairman and Head of Global Energy, based in Houston.  He also
will work with George Bilicic, who heads the firm's Global Power
& Energy group, and with Lazard investment bankers in North
America, South America, Europe, Australia and Asia.

"I have known John for twenty years," said Bruce Wasserstein,
Chairman and CEO of Lazard.  "As we continue to add industry
depth to our financial advisory business, he will bring
tremendous expertise to our global energy effort and to our
Southwest regional business."

Lazard's global Power & Energy sector has broadened and deepened
its expertise over the past five years.  The firm has most
recently advised on such announced and completed transactions as
the acquisition of TXU by KKR and an investor group, Sempra
Energy in its joint venture with the Royal Bank of Scotland, ASM
Brescia in its merger with AEM Milano, TransCanada in its
acquisition of ANR Pipeline and Storage, Duke Energy in the
separation of its gas and power businesses, KeySpan in its sale
to National Grid and Gaz de France on its proposed merger with
Suez.  The firm has continued to bolster its teams in its Power
& Energy effort, with the addition of Skip Grow in alternative
energy, and now with Mr. Bilger and Mr. Rutherford.

"John is one of the most respected investment bankers in
energy," said Mr. Bilger.  "He will play a key role in providing
specialist skills and industry knowledge, which will be a great
complement to our teams in Houston and North America."

"Lazard has taken the concept of premium, financial advice to a
global platform, while still bringing sector focus to the
table," said Mr. Rutherford.  "This is the perfect next step for
me, and I look forward to working with the Lazard teams in
Houston, North America and worldwide."

Mr. Rutherford joins Lazard after ten years at Simmons, where he
played a leadership role in building its financial advisory
businesses in the mid-stream, downstream, and exploration and
production sectors.  He also expanded Simmons' efforts in public
oil-field services industry transactions.  During his tenure
there he advised clients on such transactions as mergers and
acquisitions, corporate restructurings and other strategic
advisory assignments.  Prior to Simmons, Mr. Rutherford was a
senior M&A banker at Lehman Brothers in Houston in its Natural
Resources Group and Mergers and Acquisitions Group, where he was
primarily responsible for originating and executing M&A
assignments and strategic advisory assignments.

In his earlier years, Mr. Rutherford opened the Houston office
for Wasserstein Perella & Co. and was a banker at First Boston.
He also spent two years as CFO and partner of Sandefer Offshore.
Mr. Rutherford earned a BBA in Petroleum Land Management and
Accounting from the University of Texas at Austin, and an MBA
with Distinction from the Wharton School of Business.

                     About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


URS CORPORATION: Washington Unit Bags US$67-Million Task Order
--------------------------------------------------------------
URS Corporation's Washington Division has been awarded a US$67
million task order by the U.S. Department of Energy to
deactivate and demolish the Separations Process Research Unit, a
former nuclear research facility in Niskayuna, New York.  SPRU,
which is located at the Knolls Atomic Power Laboratory, was
operated from 1950 to 1953 as a pilot plant to research
chemical processes to extract uranium and plutonium from
irradiated uranium.

URS was selected for the four-year task order from a pool of
pre-qualified contractors under an existing indefinite
delivery/indefinite quantity contract for a wide range of
environmental tasks for the DOE.  Under the terms of the task
order, URS will deactivate, demolish and remove process
facilities and nearby contaminated soil associated with the SPRU
operations.

"This award underscores the Washington Division's leadership
position in safely managing complex, high-hazard projects and
operations," said Stephen G. Hanks, President of URS' Washington
Division.  "For more than a half century, the Washington
Division has successfully performed similar work for the DOE,
its predecessor agencies and commercial nuclear companies."

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

                       *     *     *

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


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

A. MERKELBACH: Claims Registration Period Ends Jan. 24
------------------------------------------------------
Creditors of A. Merkelbach Winterberg GmbH have until Jan. 24 to
register their claims with court-appointed insolvency manager
Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Feb. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against A. Merkelbach Winterberg GmbH on Dec. 17, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         A. Merkelbach Winterberg GmbH
         Attn: Antonius Merkelbach, Manager
         Renau 1
         59955 Winterberg
         Germany


ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules
-----------------------------------------------------------
ASAT Holdings Limited received a letter from the Nasdaq Staff
stating that for the prior 30 consecutive business days, the bid
price of the company's American Depositary Shares had closed
below the minimum US$1 per ADS requirement for continued
inclusion on the Nasdaq Capital Market as set forth in Nasdaq
Marketplace Rule 4320(e)(2)(E)(ii).

Therefore, in accordance with the Rule, the company was provided
with 180 calendar days, until July 1, 2008, to regain compliance
with the Rule.  If at any time before July 1, 2008, the bid
price of the company's ADSs closes at US$1 per ADS or more for a
minimum of 10 consecutive business days, the Nasdaq Staff will
provide written notification that the company complies with the
Rule.

If compliance with the Rule cannot be demonstrated by July 1,
2008, the Nasdaq Staff will determine whether the company meets
the initial listing criteria for the Nasdaq Capital Market,
other than the bid price requirement.

If the company meets the initial listing criteria, the Nasdaq
Staff will notify the company that it has been granted an
additional 180 calendar day period to regain compliance with the
Rule.  If the company is not eligible for an additional
compliance period, the Nasdaq Staff will provide written
notification that the company's ADSs will be delisted, and,
at that time, the company may appeal the Nasdaq Staff's
determination to delist to a Listing Qualifications Panel.

In addition, on Jan. 3, 2008, the company received a letter from
the Nasdaq Staff stating that the value of its listed securities
has been below US$35,000,000 as required for inclusion by
Marketplace Rule 4320(e)(2)(B).  Therefore, in accordance with
Marketplace Rule 4320(e)(2)(D), the company will be provided 30
calendar days, or until Feb. 4, 2008, to regain
compliance.

If, at any time before Feb. 4, 2008, the market value of
listed securities of the company's ADSs is US$35,000,000 or more
for a minimum of 10 consecutive business days, the Nasdaq Staff
will determine if the company regains compliance.

If compliance cannot be demonstrated by Feb. 4, 2008, the Nasdaq
Staff will provide written notification that the company's
securities will be delisted.  At that time, the company may
appeal the Nasdaq Staff's determination to delist to a Listing
Qualification Panel.

The company was also notified by Nasdaq on Jan. 3, 2008 that it
does not comply with the minimum stockholders' equity of
US$2,500,000 or net income from continuing operations of
US$500,000 in the completed fiscal year or in two of the last
three completed fiscal years, which are requirements for
continued listing on the Nasdaq Capital Market.

                  About ASAT Holdings Limited

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BAUGESCHAFT KLAUS: Claims Registration Period Ends Jan. 22
----------------------------------------------------------
Creditors of Baugeschaft Klaus Pospischil GmbH have until
Jan. 22 to register their claims with court-appointed insolvency
manager Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 p.m. on Feb. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Dessau opened bankruptcy proceedings
against Baugeschaft Klaus Pospischil GmbH on Dec. 19, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baugeschaft Klaus Pospischil GmbH
         Attn: Klaus Pospischil, Manager
         Zoerbiger Strasse 18
         06794 Beyersdorf
         Germany


DRUCKEREI SIEBOLD: Claims Registration Period Ends Jan. 29
----------------------------------------------------------
Creditors of Druckerei Siebold GmbH & Co. Kommanditgesellschaft
have until Jan. 29 to register their claims with court-appointed
insolvency manager Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Druckerei Siebold GmbH & Co. Kommanditgesellschaft on
Dec. 28, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Druckerei Siebold GmbH & Co. Kommanditgesellschaft
         Dorstener Str. 469 a
         44653 Herne
         Germany

         Attn: Harry Petereit, Manager
         Gabelsberger Str. 6
         42853 Remscheid
         Germany

         and

         Wolfram Siebold, Manager
         Holthoffstr. 25
         45659 Recklinghausen
         Germany


GASTRO ITALIA: Claims Registration Period Ends Jan. 31
------------------------------------------------------
Creditors of Gastro Italia Verwaltungs GmbH have until Jan. 31
to register their claims with court-appointed insolvency manager
Friedrich Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Friedrich Neumann
         Ludwig-Eckert-Str. 5-7
         93049 Regensburg
         Germany
         Tel: 0941/25085/86
         Fax: 0941/28123

The District Court of Regensburg opened bankruptcy proceedings
against Gastro Italia Verwaltungs GmbH on Dec. 21, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gastro Italia Verwaltungs GmbH
         Komotauer Str. 12
         93073 Neutraubling
         Germany


HAVENROCK II: Fitch Junks Ratings on Junior Loans from IKB
----------------------------------------------------------
Fitch Ratings has taken rating action on the Distress Recovery
Ratings of the loan facilities provided by IKB Deutsche
Industriebank AG and IKB International S.A. to Havenrock II
Limited:

   -- US$165 million loan provided by IKB International:
      affirmed at 'CC/DR2'; Outlook Negative

   -- US$404.875 million facility C loan provided by IKB:
      affirmed at 'CC/DR2'; Outlook Negative

   -- US$43.75 million facility B loan provided by IKB:
      downgraded to 'CC/DR6' from 'CC/DR2'; Outlook Negative

   -- US$11.375 million facility A loan provided by IKB:
      downgraded to 'CC/DR6' from 'CC/DR2'; Outlook Negative

The 364-day committed facilities can be drawn on to cover
Havenrock II's obligations under a credit default swap.  The
rating actions are the result of rating migrations in the
underlying portfolio referenced by the credit default swaps.
The DRs reflect Fitch's opinion on the recovery prospects should
defaults occur.  To date there have been no defaults in the
underlying portfolio.  The above ratings have been assigned
using the Vector 3.2 model and current criteria for
collateralized debt obligations.


HELMUT KOEHLER: Claims Registration Period Ends Jan. 28
-------------------------------------------------------
Creditors of Helmut Koehler GmbH & Co. Kommanditgesellschaft
have until Jan. 28 to register their claims with court-appointed
insolvency manager Andreas Schoss.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 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 Hagen
         Meeting Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Andreas Schoss
         Alter Markt 9 - 13
         42275 Wuppertal
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Helmut Koehler GmbH & Co. Kommanditgesellschaft on Dec.
28, 2007.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Helmut Koehler GmbH & Co. Kommanditgesellschaft
         Zum Engelsknapp 5
         58642 Iserlohn
         Germany

         Attn: Wolfgang Koehler, Manager
         Am Liethbach 26
         58644 Iserlohn
         Germany


IMMO BAU: Claims Registration Period Ends Jan. 28
-------------------------------------------------
Creditors of Immo Bau GmbH have until Jan. 28 to register their
claims with court-appointed insolvency manager Dr. Sebastian
Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

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

The Debtor can be reached at:

         Immo Bau GmbH
         In der Beckuhl 28
         46569 Huenxe
         Germany

         Attn: Christian Spaete, Manager
         Maiblumenstr. 50
         47229 Duisburg
         Germany


KOSLOWSKI BEDACHUNGEN: Claims Registration Period Ends Jan. 31
--------------------------------------------------------------
Creditors of Koslowski Bedachungen GmbH have until Jan. 31 to
register their claims with court-appointed insolvency manager
Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on March 10, 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 Aachen
         Meeting Hall T 111/112
         First Floor
         Adalbertsteinweg 90
         52070 Aachen
         Germany

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

The insolvency manager can be reached at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

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

The Debtor can be reached at:

         Koslowski Bedachungen GmbH
         Attn: Dennis Koslowski, Manager
         Adolf Kolping Strasse 46
         52477 Alsdorf
         Germany


LA LEITUNGSBAU: Claims Registration Period Ends Jan. 25
-------------------------------------------------------
Creditors of LA Leitungsbau Franken GmbH have until Jan. 25 to
register their claims with court-appointed insolvency manager
Ralf-M. Doerr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         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:

         Ralf M. Doerr
         Merckstr. 5
         91522 Ansbach
         Germany
         Tel: 0981/9531960
         Fax: 0981/9531969

The District Court of Ansbach opened bankruptcy proceedings
against LA Leitungsbau Franken GmbH on Dec. 28, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LA Leitungsbau Franken GmbH
         Ringstr. 18a
         91732 Merkendorf
         Germany


MINDQUARRY GMBH: Claims Registration Period Ends Jan. 30
--------------------------------------------------------
Creditors of Mindquarry GmbH have until Jan. 30 to register
their claims with court-appointed insolvency manager Alexandra
Hermanns.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on March 12, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Alexandra Hermanns
         Kurfuerstendamm 26 a
         10179 Berlin
         Germany

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

The Debtor can be reached at:

         Mindquarry GmbH
         Attn: Stephan Voigt, Manager
         August-Bebel-Strasse 88
         14482 Potsdam
         Germany


NETWORX CONSULTING: Claims Registration Ends February 1
-------------------------------------------------------
Creditors of networx consulting GmbH have until Feb. 1 to
register their claims with court-appointed insolvency manager
Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Michael W. Scholz
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against networx consulting GmbH on Dec. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         networx consulting GmbH
         Attn: Mark Bose and Tjalf Nienaber, Managers
         Gilcherweg 74c
         22393 Hamburg
         Germany


NTG GASTRO: Claims Registration Ends February 1
-----------------------------------------------
Creditors of NTG Gastro GmbH have until Feb. 1 to register their
claims with court-appointed insolvency manager Justus
Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Justus Schneidewind
         Behlertstr. 28a
         14469 Postdam AZ: D4/8224
         Germany

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

The Debtor can be reached at:

         NTG Gastro GmbH
         Attn: Norbert Thams, Manager
         Milchstrasse 7
         20148 Hamburg
         Germany


PIN GROUP: Horst Piepenburg Anticipates Financial Recovery
----------------------------------------------------------
Horst Piepenburg, head of the management board at PIN Group, is
optimistic the company will bounce back from financial
difficulties, saying current restructuring looks promising, the
Financial Times reports, citing Borsen-Zeitung as its source.

Mr. Piepenburg is set to disclose more details on PIN's current
situation at the end of next week.  He is also expected to
announce a sales offensive, which according to Handelsblatt is
aimed at determining whether true competition with fair prices
can exist in the German postal sector.

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

Three more companies belonging to PIN followed suit in an
attempt to boost the group's recovery.

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

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

Meanwhile, a representative for rival Deutsche Post revealed 50
customers of PIN switched to the company in the past two to
three months, claiming quality problems as the reason for the
defection, Handelsblatt relates.

However, Thomas Schulz, a spokesman for PIN, denied reports on
the defection, adding the company has won new customers during
the said period.

                        About PIN Group AG

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

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

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


REGENERATIVE ENERGIE: Claims Registration Ends February 1
---------------------------------------------------------
Creditors of Regenerative Energie Systeme GmbH have until Feb. 1
to register their claims with court-appointed insolvency manager
Hanns Poellmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Hanns Poellmann
         Blankenburger Str. 3
         07318 Saalfeld
         Germany

The District Court of Gera opened bankruptcy proceedings against
Regenerative Energie Systeme GmbH on Dec. 21, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Regenerative Energie Systeme GmbH
         Attn: Hendrik Kolm, Manager
         Industriestrasse 10
         07318 Saalfeld
         Germany


ROHRBERG MALERTEAM: Creditors' Meeting Slated for Feb. 1
--------------------------------------------------------
The court-appointed insolvency manager for Rohrberg Malerteam
GmbH, Christian Willmer will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 8:45
a.m. on Feb. 1.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on April 4, at the same venue.

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against Rohrberg Malerteam GmbH on Dec. 21, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rohrberg Malerteam GmbH
         Attn:  Jochen Rohrberg, Manager
         Hauptstr. 10
         27299 Langwedel
         Germany


SHV HAUS: Claims Registration Ends February 1
---------------------------------------------
Creditors of SHV Haus GmbH & Co. KG have until Feb. 1 to
register their claims with court-appointed insolvency manager
Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18507 Rostock
         Germany

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

The insolvency manager can be reached at:

         Axel Raap
         Herrengraben 5
         20459 Hamburg
         Germany

The District Court of Rostock opened bankruptcy proceedings
against SHV Haus GmbH & Co. KG on Dec. 24, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SHV Haus GmbH & Co. KG
         Attn: Jan-Heinrich Gloee, Manager
         Ahornallee 10
         18236 Klein-Nienhagen
         Germany


SPAN-TECH GMBH: Claims Registration Ends February 1
---------------------------------------------------
Creditors of Span-TECH GmbH have until Feb. 1 to register their
claims with court-appointed insolvency manager Dr. Axel Kulas.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Feb. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hechingen
         Room 055
         Heiligkreuzstrasse 9
         Hechingen
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Fax: 0711/70707588

The District Court of Hechingen opened bankruptcy proceedings
against Span-TECH GmbH on Dec. 20, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Span-TECH GmbH
         Antonstrasse 10
         72466 Sigmaringen
         Germany


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


ARMSTRONG WORLD: Nitram & Desseaux's Joint Plan Set Dec. 28
-----------------------------------------------------------
Nitram Liquidators, Inc., and Desseaux Corporation of North
America relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007.

The First Amended Joint Plan of Liquidation was confirmed by
Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware on Dec. 17, 2007.

As a result of the occurrence of the Effective Date, all assets
and liabilities of Nitram and Desseaux are deemed merged solely
for purposes of the Plan.  Each claim filed or to be filed
against either Nitram and Desseaux in their Chapter 11 cases
will be treated as one claim filed against the consolidated
Debtors.

Furthermore, on the Effective Date, Armstrong World Industries,
Inc., the parent corporation of Nitram and Desseaux, transferred
US$200,000 in cash to the consolidated Debtors for the benefit
of holders of Allowed Claims.  The US$200,000 cash will become
property of Nitram and Desseaux's consolidated estates and will
be distributed pursuant to the Plan.

All requests for payment of an Administrative Claim against
Nitram and Desseaux must be filed with the Bankruptcy Court, so
as to be received on or before Jan. 28, 2008, at 4:00 p.m.,
Wilmington, Delaware time.

Pursuant to the confirmed Plan, the Initial Distribution Date is
set to occur on or before March 13, 2008, unless an unliquidated
Administrative Expense is filed with the Bankruptcy Court by the
Administrative Bar Date, Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, relates.  Nitram
and Desseaux will not be obliged to make further distributions
on account of Allowed Claims, if:

   (a) a distribution is returned to the consolidated Debtors as
       undeliverable, and after reasonable inquiry the
       consolidated Debtors are unable to locate a new address
       for the holder of the Allowed Claim; or

   (b) a check for Distribution under the confirmed Plan is not
       cashed within 10 days prior to the Distribution Date.

In the event of undeliverable or unclaimed distributions on
account of an Allowed Claim, the Claim will be treated as a
Disallowed Claim for all further distributions.  The funds set
aside for Distributions will be part of the Available Cash,
pursuant to the confirmed Plan.

As previously reported, all claims arising from the rejection or
termination of Nitram's and Desseaux's executory contracts or
unexpired leases prior to Dec. 17, 2007, must be filed with the
Bankruptcy Court and served on Nitram and Desseaux by Jan. 16,
2008.

Furthermore, all final requests for compensation or
reimbursement of the fees of any professional employed in Nitram
and Desseaux's Chapter 11 cases must be filed no later than
January 27, 2008, or 30 days after the Effective Date.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on
Sept. 20, 2007.

(Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


AFFILIATED COMPUTER: Inks Strategic Alliance Pact with Ingenix
--------------------------------------------------------------
Affiliated Computer Services Inc. and Ingenix, a UnitedHealth
Group Inc. subsidiary, have disclosed a strategic alliance to
provide Medicaid Management Information Systems decision support
solutions to state governments.

Under the terms of the alliance agreement, the two companies
will work with each other to supply decision support solutions
for Affiliated Computer's state Medicaid Systems initiatives.
Affiliated Computer will license its portfolio of federally
certified decision support technologies to Ingenix, which will
provide its Medicaid Systems clients with a broad array of
decision support methodologies, software applications, and
related consulting services.  Decision support systems analyze
data to help health administrators assess Medicaid program
status, analyze healthcare policy, monitor budget trends and
measure program performance.

"This partnership allows us to enhance our current systems and
deliver better service to our Medicaid clients," said Affiliated
Computer senior vice president and managing director, Government
Healthcare Solutions, Christopher T. Deelsnyder.  "Combining
Ingenix' innovative decision support capabilities with ACS'
technologies strengthens our ability to streamline and improve
the delivery of healthcare in Medicaid programs."

Impact Pro for Care Management is Ingenix' innovative platform
for helping state Medicaid programs better identify and manage
both chronic and acute health conditions.  This predictive
modeling and care management tool is currently being used by the
ACS-Ingenix alliance to support the State of Mississippi's
Division of Medicaid.

"This relationship brings together an unparalleled set of data,
technology and experience that will increase efficiency, reduce
costs and improve care outcomes for Medicaid recipients and the
state governments that manage their health services," said
Ingenix chief executive officer, Andy Slavitt.  "Together, we
will offer a unique set of solutions that will help us grow our
respective businesses by giving our clients a suite of services
that meet their expectations."

                         About Ingenix

Ingenix -- http://www.ingenix.com/-- a wholly owned subsidiary
of UnitedHealth Group Inc. (NYSE: UNH), transforms organizations
and improves health care through information and technology.
Organizations rely on its innovative products, services and
consulting to improve the delivery and operations of their
business.

                About Affiliated Computer Services

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/--
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Dallas, Texas-based Affiliated Computer
Services Inc., and removed it from CreditWatch, where it had
been placed with negative implications on March 20, 2007.   The
outlook is negative.


EIRLES TWO: Moody's Cuts Rating to Ba2 on Series 129 Notes
----------------------------------------------------------
Moody's Investors Service downgraded to Ba2 under review for
downgrade from Aaa the Series 129 US$4,673,478 Variable Interest
Limited Recourse Secured Notes due 2035 relating to the Class 2
AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset-
Backed Certificates Trust 2004-10, issued by Eirles Two Limited.

Moody's said the action follows the downgrade to Baa3 from Aaa
of the US$4,673,478 Puttable Floating Rate Notes due
Feb. 25, 2010 issued by the structured investment vehicle
Stanfield Victoria Finance Ltd which collateralize these Notes.
The rating action on the Stanfield Notes is as a result of the
steep decline in the market value of the vehicle's asset
portfolio.

The Notes are also credit-linked to the Aaa rated Class 2 AV-3
Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed
Certificates Trust 2004-10 and incorporate a swap agreement with
Deutsche Bank AG (London Branch), currently rated Aa1.  Moody's
rating is based on the credit quality of the Stanfield Notes,
the CWABS Certificates and the general structural integrity of
the transaction.  If the Stanfield Notes were accelerated, the
transaction may unwind and Noteholders would then receive the
liquidation proceeds from the Stanfield Notes plus or minus any
swap termination payment which would include the mark-to-market
gain or loss on the CWABS Certificates.  This additional source
of risk results in the lower rating of the Series 129 Notes
relative to the Stanfield Notes.

Eirles Two Limited is a special purpose company located in
Ireland and established for the purpose of repackaging debt
securities.


SCOTTISH RE: Receives Non-Compliance Notice from NYSE
-----------------------------------------------------
Scottish Re Group Limited has been notified, Jan. 2, 2008, by
the NYSE Regulation, Inc. that the company had fallen below one
of the quantitative criteria of the New York Stock Exchange's
continued listing standards related to maintaining a consecutive
thirty trading-day average closing stock price of over US$1.00
per ordinary share, as required by paragraph 802.01C of the NYSE
Listed Company Manual.  On Dec. 31, 2007, the company's thirty
trading-day average closing stock price was US$0.95 per ordinary
share and its absolute closing price was US$0.73 per ordinary
share.

The company has notified the NYSE that it intends to submit
plans to address the price deficiency within the required ten
business day period following the receipt of the notification.

Subject to ongoing reassessment by NYSE Regulation, the
notification has no effect on the listing of the company's
ordinary shares and 7.25% non-cumulative perpetual preferred
shares, and the ordinary and preferred shares will continue to
trade on the NYSE under the symbols "SCT" and "SCT-PB,"
respectively.  Under NYSE rules, at the end of the six month
period following receipt of the original notification, the
company must have brought its ordinary shares price and average
share price for a consecutive thirty trading-day period back
above US$1.00, or be subject to suspension and delisting
procedures.  In the interim, the NYSE will add the indicator
".BC" to the ticker symbol for the company's ordinary and
perpetual preferred shares to signify that the company remains
"below criteria" required by the NYSE for continued listings.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Moody's Investors Service has affirmed the
ratings of Scottish Re Group Limited's senior unsecured shelf of
(P)Ba3 and changed the outlook to negative from stable.


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


DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30
--------------------------------------------------------------
Dana Corp. and its debtor-affiliates submitted to the U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for November 2007, disclosing:

                          Dana Corporation
                 Unaudited Condensed Balance Sheet
                        At November 30, 2007

ASSETS

CURRENT ASSETS
Cash and cash equivalent assets              US$1,174,000,000
Accounts receivable
    Trade                                        1,407,000,000
    Other                                          293,000,000
Inventories                                       832,000,000
Assets of discontinued operations                  41,000,000
Other current assets                              154,000,000
                                                --------------
    Total current assets                         3,901,000,000

Investments and other assets                                  0
Investments in equity affiliates                    430,000,000
Net property, plant and equipment                 1,752,000,000
Other noncurrent assets                           1,048,000,000
                                                --------------
TOTAL ASSETS                                   US$7,131,000,000

LIABILITY AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
DIP Financing                                  US$900,000,000
Notes payable, including current portion
    of long-term debt                              177,000,000
Accounts payable                                1,115,000,000
Liabilities of discontinued operations             18,000,000
Other accrued liabilities                         847,000,000
                                                --------------
Total current liabilities                         3,057,000,000

Liabilities subject to compromise                 4,009,000,000
Deferred employee benefits and other
non-current liabilities                           487,000,000
Long-term debt                                       13,000,000
Minority interest in consolidated subsidiaries       99,000,000
Total liabilities                                 7,665,000,000
Shareholders' equity                               (534,000,000)
                                                --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     US$7,131,000,000

                          Dana Corporation
             Unaudited Condensed Statement of Operations
                For the Month Ended November 30, 2007

Net Sales                                        US$778,000,000
Costs and expenses
Costs of sales                                    745,000,000
Selling, general and administrative expenses       22,000,000
Realignment charges                                 5,000,000
Other income, net                                   6,000,000
                                                --------------
Income from operations                               12,000,000

Interest expense                                     10,000,000
Reorganization charges                                8,000,000
                                                --------------
Loss before income taxes                             (6,000,000)

Income tax (expense) benefit                          9,000,000
Minority interest                                     2,000,000
Equity in earnings of affiliates                              0
                                                --------------
Loss before continuing operations                   (17,000,000)

Loss from discontinued operations                   (12,000,000)
                                                --------------
Net loss                                         (US$29,000,000)

                          Dana Corporation
              Unaudited Condensed Statement of Cash Flow
                For the Month Ended November 30, 2007

OPERATING ACTIVITIES
Net loss                                         (US$29,000,000)
Depreciation and amortization                        24,000,000
Loss on sale of business                                      0
Non-cash portion of U.K. pension charge                       0
Increase in working capital                         (19,000,000)
Unremitted equity earnings in affiliates              3,000,000
Other                                                26,000,000
                                                --------------
Net cash flow provided by
(used for) operating activities                       5,000,000
                                                --------------
INVESTING ACTIVITIES
Purchases of property, plant and equipment          (24,000,000)
Proceeds from sale of assets                                  0
Other                                                         0

Net cash flow provided by
(used for) operating activities                     (24,000,000)
                                                --------------
FINANCING ACTIVITIES
Net change in short-term debt                        11,000,000
Proceeds from DIP facility                                    0
                                                --------------
Net cash flow provided by
(used for) financing activities                      11,000,000

Net increase (decrease) in cash equivalents          (8,000,000)

Cash and cash equivalents, beginning of period    1,182,000,000
                                                --------------
Cash and cash equivalents, end of period       US$1,174,000,000

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court confirmed the Debtor's Plan on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned prospective ratings to
the reorganized Dana Holding Corporation -- Corporate Family,
(P)B1; Probability of Default rating, (P)B1; senior secured
credit facilities, (P)Ba3, and Speculative Grade Liquidity
Rating, SGL-2.  The outlook is stable.

In assigning prospective ratings, Moody's notes that Dana
continues to pursue a planned emergence from Chapter 11
protection during January 2008, but that the effectiveness of
the new debt facilities remains subject to final court approval.
Absent any significant changes in the company's reorganization
plan or capital structure, Moody's will confirm the ratings and
remove the prospective designation upon completion of the
emergence from bankruptcy.

The (P)B1 Corporate Family rating reflects expectations that
Dana Corp. will emerge from bankruptcy protection with a
moderately leveraged capital structure that will be more readily
serviced with the earnings and cash flows generated by its
restructured operations.  During the reorganization process the
company negotiated long-term customer pricing increases that
will eliminate significant losses that the company had been
incurring on portions of its business.  At the same time, the
company was able to achieve important labor and wage savings,
including the elimination of post retirement benefits, the
freezing of pensions, and other labor contract savings that will
make the company more cost competitive going forward.  The
company has also begun to implement manufacturing footprint
improvements utilizing lower cost production facilities; and
other SG&A cost reductions that should enhance overall margins
beginning in 2008.  However, the full effect of some of these
initiatives will only be achieved with the passage of time.
Given the weakening economic outlook, Moody's believes that the
company's automotive and heavy duty truck end markets will
remain under significant pressure during 2008, which could
constrain the company's ability to fully achieve anticipated
operating improvements.  Nevertheless, Moody's believes that the
company should sustain strong single digit EBITDAR margins and
debt service metrics that are consistent with the B1 rating.

Dana Holding has entered into an agreement with Centerbridge
Partners, L.P. and certain of Dana Corp.'s existing bondholders,
the Preferred Equity Investors, whereby the Preferred Equity
Investors would provide an investment of US$790 million of
preferred equity to the reorganized Dana. The Exit Facilities
combined with the preferred equity investment and certain cash
on hand will be used to repay the company's existing debtor-in-
possession facilities, make one-time contributions to union and
non-union "voluntary employee benefit associations", retire
remaining Dana Credit Corporation liabilities, and pay
transaction related fees, expenses, settlements and convenience
class claims.  The company expects to emerge from Chapter 11 on
or about Jan. 31, 2008.

The stable outlook reflects the adequacy of Dana's credit
metrics within the assigned ratings combined with the expected
good level of liquidity over the near term.  The company's
diverse platform mix and broad geographic revenue base should
help to mitigate production pressures in North America.
EBIT/interest coverage is expected to approximate 2.2 and
debt/EBITDA would approximate 3.2 at year-end 2008.  In
addition, the company is expected to be free cash flow positive
in 2008 after restructuring expenses and dividends.

Dana is expected to have good liquidity upon emergence with
satisfactory borrowing base availability under its new US$650
million asset based revolving credit facility, after about
US$200 million of letters of credit.  Cash balances of
approximately US$900 million -- US$1 billion should be more than
sufficient to absorb negative quarterly cash flow swings.  Dana
is expected to be free cash flow positive for 2008.  Covenants
under the term loan are expected to be set with sufficient
cushions over the near-term.  Alternative liquidity is limited
as all of the company's domestic assets and 66% of the non-
domestic subsidiaries secure the revolving credit and term-loan.

Assigned Ratings:

  -- (P)B1, Corporate Family Rating;

  -- (P)B1, Probability of Default Rating;

  -- (P)Ba3 (LGD3, 35%) rating for the US$650 million senior
     secured asset based revolving credit facility;

  -- (P)Ba3 (LGD3, 35%) rating for the US$1.350 billion senior
     secured term loan;

  -- Speculative Grade Liquidity Rating, SGL-2

Future events that have potential to drive the company's outlook
or ratings higher include operating performance improvements
that result in EBIT/Interest coverage sustained at 2.2, or in
leverage being reduced to 3.0.

Future events that have potential to drive Dana outlook or
ratings lower include production volume declines at the
company's OEM customers, material increases in raw materials
costs that cannot be passed on to customers or mitigated by
restructuring efforts, or deteriorating liquidity. Consideration
for a lower outlook or rating could arise if any combination of
these factors were to increase leverage over 5.0, or result in
EBIT/Interest coverage below 1.8 times.

                         About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court confirmed the Debtors' Chapter 11 Plan on Dec. 26, 2007.
(Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


EUROHOME MORTGAGES: Moody's Rates EUR10.3MM Class E Notes at B3
---------------------------------------------------------------
Moody's Investors Service assigns definitive credit ratings to
these classes of Notes issued by Eurohome (Italy) Mortgages
S.r.l. on Dec. 21, 2007.

   -- Aaa to the EUR211,950,000 Class A Mortgage Backed Floating
      Rate Notes due November 2054;

   -- Aa2 to the EUR15,900,000 Class B Mortgage Backed Floating
      Rate Notes due November 2054;

   -- A1 to the EUR11,550,000 Class C Mortgage Backed Floating
      Rate Notes due November 2054;

   -- Baa2 to the EUR7,200,000 Class D Mortgage Backed Floating
      Rate Notes due November 2054;

   -- B3 to the EUR10,300,000 Class E Mortgage Backed Floating
      Rate Notes due November 2054.

The Class Z Mortgage Backed Fixed Rate and Variable Return Notes
are not rated

The transaction represents the securitization of Italian
residential mortgage loans originated by Deutsche Bank Mutui
S.p.A., a wholly owned subsidiary of Deutsche Bank S.p.A., which
is 94% owned by Deutsche Bank AG, rated Aa1/Prime-1.  The assets
supporting the Notes are prime mortgage loans secured on
residential properties located in Italy.  The portfolio will be
serviced by Deutsche Bank Mutui S.p.A.

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

A quite interesting feature for the Italian market is that for
around 26% of the mortgage loan receivables debt consolidation
is the purpose of the loan and for around 21% it is cash-
out/equity release (Liquidita).

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  Moody's ratings
address only the credit risk associated with the transaction.
Other non-credit risks have not been addressed but may have
significant effect on the yield to investors.


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


AKBAZJAN LLP: Proof of Claim Deadline Slated for Feb. 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Akbazjan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ASTANA BEL: Creditors Must File Claims by Feb. 1
------------------------------------------------
LLP Astana Bel Azservice has declared insolvency.  Creditors
have until Feb. 1 to submit written proofs of claims to:

         LLP Astana Bel Azservice
         Ermekov Str. 59
         Karaganda
         Kazakhstan


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

         LLP Beggon
         Micro District 3, 30-1
         Almaty district
         Astana
         Kazakhstan


CEFIRA LLP: Creditors' Claims Due on Feb. 1
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Cefira insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


DALA TAU: Claims Registration Ends Feb. 1
-----------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Dala Tau (RNN 090400215937).

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


FIRM ADS: Proof of Claim Deadline Slated for Feb. 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Firm Ads Limited insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


NORD MASTER: Creditors Must File Claims by Feb. 1
-------------------------------------------------
LLP Nord Master has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claims to:

         LLP Nord Master
         Alihanov Str. 37-101
         Karaganda
         Kazakhstan


PLAZMA LLP: Claims Filing Period Ends Feb. 5
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Firm Plazma insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


UNDER GROUND: Creditors' Claims Due on Feb. 1
---------------------------------------------
LLP Under Ground has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claims to:

         LLP Under Ground
         Industrialnaya Str. 1
         Taldykorgan
         Almaty
         Kazakhstan


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


INTER TRADE: Creditors Must File Claims by January 30
-----------------------------------------------------
LLC Investment Company Inter Trade has declared insolvency.
Creditors have until Jan. 30 to submit written proofs of claim
to:

         LLC Investment Company Inter Trade
         Ahunbayev Str. 111
         Bishkek
         Kyrgyzstan


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


BRIGHTPOINT INC: To Market Garmin Mobile Phone Products in US
-------------------------------------------------------------
Brightpoint Inc. will provide product distribution services for
Garmin International within the United States.  Brightpoint,
through its various distribution sales channels, will market and
distribute a range of Garmin's mobile phone products including
the Garmin Mobile for BlackBerrys, Garmin Mobile for
Smartphones, and Garmin Mobile XT in the U.S. Garmin Mobile
solutions are compatible with most BlackBerry, Palm, Windows
Mobile, and Symbian Smartphones.  All Garmin Mobile solutions
are bundled with access to Garmin's powerful Garmin Online
service, which includes real time traffic, weather, fuel prices
and hotel rates from Hotels.com.

                       About Garmin

Garmin International Inc. -- http://www.garmin.com/-- is a
member of the Garmin Ltd. Group of companies which designs,
manufactures, markets and sells navigation, communication and
information devices and applications -- most of which are
enabled by GPS technology.  Garmin is a leader in the consumer
and general aviation GPS markets and its products serve
aviation, marine, outdoor recreation, automotive, wireless and
OEM applications.  Garmin Ltd. is incorporated in the Cayman
Islands, and its principal subsidiaries are located in the
United States, Taiwan and the United Kingdom.  Garmin is a
registered trademark of Garmin Ltd. and Garmin Mobile, Garmin
Mobile XT and Garmin Online are trademarks of Garmin Ltd. or its
subsidiaries.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                       *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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


NETIA SA: Outlines 2008-2009 Growth Strategy Financing Options
--------------------------------------------------------------
Netia SA is considering its options to finance its growth
strategy during 2008-2009.  Having received an indicative
expression of interest to acquire Netia's minority stake in P4
Sp. z o., on Jan. 7, the Supervisory Board accepted Management's
proposal that a sale of Netia's equity interest in P4 be
considered as an alternative to issuing new equity as a means to
fund Netia's expansion plans.

The Company is getting ready to finance the further
implementation of its strategy into 2008 and 2009.  With more
than 216,000 broadband customers already acquired, clearly
establishing Netia as the leading altnet provider of broadband
services in Poland, Management has been assessing its different
financing options to increase the pace and further strengthen
its position as the fastest growing provider of broadband
Internet services.

In accordance with Netia's strategy announced on April 18, 2007,
the continued acceleration of broadband customer acquisition and
capital investment in the unbundling of the incumbent's local
loop during 2008 and 2009 requires additional capital to be
raised during 2008.  Management have concluded that an earlier,
profitable exit from the P4 investment as opposed to a new
equity issue to support expansion should be fully examined prior
to recommending the alternative of a share issue.  In this
regard, Netia has received an indicative expression of interest
in acquiring its minority stake in P4.

Netia's Management will conduct a thorough analysis of the
options between divesting its 23.4% stake in mobile operator P4,
thereby further intensifying its focus on its broadband
activities on the one hand, and raising additional equity
financing to support both broadband and P4 development in line
with the current strategy on the other.  In this latter case,
the decision to issue new shares will be taken at a shareholder
meeting likely to be held in the first quarter of 2008.

P4 is Poland's fourth mobile operator and commenced its
commercial operations on March 16, 2007.  On Dec. 3, 2007, P4
informed that they had surpassed 700,000 subscribers and were
well on the way to surpassing their full year guidance target of
750,000 subscribers.  Netia believes that its 23.4% stake in P4
is currently worth significantly in excess of the EUR79.5
million that Netia is committed to contributing to the project
and that value continues to build as customers are added and
P4's network is rolled out.  However, Netia expects that
significant additional equity contributions and extended
shareholder support will be necessary in order to secure debt
financing sufficient to fund P4 through to cash flow break-even.

Participation as a founding investor in P4 has delivered
important commercial agreements with P4 for Netia to provide
mobile telephony services over P4's network and for Netia to
provide data transmission services to P4.  These agreements
remain in force regardless of Netia's status as a P4 shareholder
and would remain important to the future development of Netia.

Any potential disposal of Netia's interest in P4 will be subject
to future formal consent of the Supervisory Board, while any
decision to issue new shares will require formal shareholders'
approval.

Supervisory Board Members affiliated with P4's majority
shareholder, Constantine Gonticas and Bruce McInroy, neither
participated in the Supervisory Board's discussions nor voted on
the resolution on this matter.

                        About Netia

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

                          *     *    *

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


ZLOMREX S.A.:  S&P Cuts Ratings to B- on Liquidity Risk
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Poland-based integrated steel group
Zlomrex S.A. to 'B-' from 'B', and placed it on CreditWatch with
negative implications.  At the same time, the 'B' short-term
rating was also placed on CreditWatch with negative
implications.

In addition, the senior secured debt rating on the
EUR170 million 8.5% callable bonds due 2014 issued by subsidiary
Zlomrex International Finance S.A., guaranteed by Zlomrex S.A.
was lowered to 'CCC+' from 'B-', and also placed on CreditWatch
with negative implications.

The rating action reflects a combination of heightened risks
from Zlomrex's persistently weak liquidity and very high short-
term debt, together with weak third-quarter results and
challenges to turn around recently acquired loss-making
businesses.  The heightened liquidity risk follows an
announcement by Zlomrex on Jan. 4, 2008, that a drawn
PLN76.6 million revolving credit facility, which has a maturity
date of Jan. 8, 2008, has only been extended to Feb. 11, 2008.

"While modest in size compared with the group's very high pro
forma short-term debt of about PLN463 million as of Nov. 30,
2007, this highlights the risk of a reduced willingness and the
ability of banks to increase, renew, or extend bank lines,
against a background of uncertain credit markets," said
Standard & Poor's credit analyst Alex Herbert.  Even if the
above mentioned facility is renewed, the company has a fragile
liquidity position, with very little headroom to cover
unexpected cash needs.

"Coupled with much weaker-than-expected third-quarter results,
negative free operating cash flow, the acquisition of loss-
making entities during the fourth quarter, and possible
financial covenant breaches, Zlomrex faces a heightened risk of
default," said Mr. Herbert.

In resolving the CreditWatch, Standard & Poor's will assess
Zlomrex's plans to: strengthen liquidity; turn round losses in
Stalexport and ZS; and improve results in core Polish operations
and overall 2008 performance.  A further downgrade is possible
if Zlomrex is unable to address its weak liquidity. We aim to
resolve the CreditWatch placement within 90 days.

The ratings on Zlomrex continue to be constrained by the group's
very limited liquidity, negative FOCF, volatile working capital,
and rising leverage.  An acquisitive growth strategy -- lately
of loss-making targets -- small size, and variable margins
further constrain the ratings.  The ratings are
supported by the group's integrated steel operations.


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


CHAIBUKHA MUNICIPAL: Creditors Must File Claims by Jan. 22
----------------------------------------------------------
Creditors of Airport Chaibukha Municipal Enterprise have until
Jan. 22 to submit proofs of claim to:

         The Arbitration Court of Magadan
         Karl Marks prospect 62
         685000 Magadan
         Russia

The Arbitration Court of Magadan commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Dec. 5, 2007.  The case is docketed under Case No.
A37-1928/2007-5B.

The Debtor can be reached at:

         Airport Chaibukha Municipal Enterprise
         Malaya Chaibukha Settlement
         686441 Magadan
         Russia


KAUCHUK* CJSC: Asset Sale Slated for Jan. 21
--------------------------------------------
E. N. Lysov, the competitive proceeding manager of CJSC
Kauchuk*, will set a repeated public auction for the company's
properties at noon on Jan. 21 at:

         E. N. Lysov
         Technicheskaya Str. 14
         Sterlitamak
         453110 Bashkortostan
         Russia

The company has set a RUR1,713,000 starting price for the assets
on auction.  Deposit required is 20% of the starting price.

Interested participants have until noon on Jan. 16 to submit
their bidding documents to:

         E. N. Lysov
         Technicheskaya Str. 14
         Sterlitamak
         453110 Bashkortostan
         Russia


KRIULINSKIJ AGRICULTURAL: Asset Sale Slated for Jan. 17
-------------------------------------------------------
E. A. Klochko, the competitive proceedings manager of
Kriulinskij Agricultural-Production Cooperative, will open a
public auction for the company's properties on Jan. 17 at:

         E. A. Klochko
         Office 1
         Opalikhinskaya 16
         Ekaterinburg
         Russia

The company has set starting prices for the assets on auction:

   -- Lot 1-33: RUR16,650,550;
   -- Lot 34-100: RUR2,462,767.24;
   -- Lot 101-122: RUR787,379; and
   -- Lot 123: RUR8,743,053.

Interested participants have until Jan. 16 to submit their
bidding documents to:

         E. A. Klochko
         Office 1
         Opalikhinskaya 16
         Ekaterinburg
         Russia
         Tel: 8 (343) 245-94-57
         Fax: 367-68-22

The Debtor can be reached at:

         Kriulinskij Agricultural-Production Cooperative
         Sovetskaya Str. 54
         Kriulino Settlement
         Krasnoufimskij Raion
         Sverdlovsk
         Russia


KURGANINSKIJ MILLING: Competitive Proceedings Slated for Nov. 25
----------------------------------------------------------------
The Arbitration Court of Krasnodar krai will convene on Nov. 25
to hear the competitive proceedings against Kurganinskij Milling
Plant, Subsidiary LLC after finding it insolvent on Nov. 28,
2007.  The case is docketed under Case No. A-32-6393/2006-1/
117-B.

The Competitive Proceedings Manager is:

         E. R. Leyliyan
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar Krai
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         Kurganinskij Milling Plant, Subsidiary LLC
         Markova Str. 351
         Armavir
         352900 Krasnodar Krai
         Russia


KUZHENERSKOYE AGROPROMENERGO: Claims Filing Period Ends Feb. 22
---------------------------------------------------------------
Creditors of OJSC Kuzhenerskoye Agropromenergo have until
Feb. 22 to submit proofs of claim to:

         S. V. Kitov
         Competitive Proceedings Manager
         P.O. Box 285
         424000 Joshkar-Ola
         Russia

The Arbitration Court of Marij-El commenced competitive
proceedings against the company after finding it insolvent on
Nov. 13, 2007.  The case is docketed under Case No. A-38-3414/
2007-11-113.

The Debtor can be reached at:

         OJSC Kuzhenerskoye Agropromenergo
         Stroiteley Str. 20
         Kuzhener Settlement
         425550 Marij-El
         Russia


LENINGRADSKIJ SHIPBUILDING: Claims Filing Period Ends Feb. 22
-------------------------------------------------------------
Creditors of Leningradskij Shipbuilding Plant LLC have until
Feb. 22 to submit proofs of claim to:

         K. G. Mikhailov
         Competitive Proceedings Manager
         P.O. Box 334
         197110 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and the Leningrad
declared the company insolvent on Dec. 12, 2007.  The case is
docketed under Case No. A56-13344/2007.

The Court is located at:

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

The Debtor can be reached at:

         Leningradskij Shipbuilding Plant LLC
         Elevatornaya Square 10
         198096 St. Petersburg
         Russia


MAGCHERMET CJSC: Creditors Must File Claims by Jan. 22
------------------------------------------------------
Creditors of CJSC Magchermet have until Jan. 22 to submit proofs
of claim to:

         S. A. Zaikin
         Interim Manager
         P.O. Box 84
         Kyshtym
         456870 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk will convene on
April 1 to hear the company's bankruptcy supervision procedure
after finding it insolvent on Dec. 5, 2007.  The case is
docketed under Case No. A76-20156/2007-48-328.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Magchermet
         Boris Ruchyov Str. 8A
         Magnitogorsk
         Chelyabinsk
         Russia


PIK GROUP: Fitch Rates IDR BB- on Market Position
-------------------------------------------------
Fitch Ratings has assigned Russia based OJSC PIK Group a Long-
term Issuer Default rating of 'BB-' and a Short-term IDR of 'B'.
The Outlook for the Long-term IDR is Stable.

The ratings reflect PIK Group's leading positions in the buoyant
Moscow and Moscow region housing construction markets.  Fitch
also notes that PIK Group was one of the first Moscow-based
housing construction companies to move outside the city and into
the Moscow region and other regions of Russia, thereby expanding
its project portfolio and enhancing revenue diversification.
Credit metrics considerably improved in fiscal year 2006, mainly
as a result of improvements in market conditions and strong
structural demand growth for housing in Russia.  It should be
noted, however, that fiscal year 2006 was the first year that
PIK Group credit metrics were in line with the rating category
detailed above.

The ratings are further supported by the fact that PIK Group has
built a project portfolio valued in March 2007 at around
US$8.8 billion , making it one of the largest among Russian
construction companies.  The ratings also reflect PIK Group's
integrated low cost production model, underpinned by the use of
pre-fabricated panels in the construction process.  Fitch notes
that PIK Group is aiming to adhere to best international
corporate governance standards, and is implementing practices
above average for Russian corporations.

However, the rating is constrained by limited geographic and
project diversification.  Currently, PIK Group is dependent on
two markets - the city of Moscow and the Moscow region.  In
Fitch's view, this dependence makes PIK Group sensitive to the
political, regulatory and economic environment in these markets.
In addition, a limited number of projects provide for a
substantial part of the PIK Group revenues.  Fitch also notes
that a considerable portion of the projects currently in PIK
Group's portfolio are at an early stage of development, which
increases the risks of future potential delays or stoppages of
the projects and also leaves PIK Group exposed to potential
medium-term downturns in demand and pricing.

In 2006, PIK Group reported revenues and operating EBITDAR of
RUB42 billion and RUB10  billion, respectively.  PIK Group is a
Russia-based vertically integrated residential developer
involved in construction and selling of mass-market apartments
in buildings made of pre-fabricated panels produced at three
concrete panel manufacturing plants controlled by PIK Group.  In
2006, PIK Group constructed over 1.2 million square meters of
residential space.  The majority shareholders of PIK Group are
two of its original founders, Mr. Kirill Pisarev (around 42%)
and Mr. Yury Zhukov (around 42%).  PIK Group is publicly traded
on the London Stock Exchange with a free float of around 16%.


RA-KUBAN'OILMASH CJSC: Creditors Must File Claims by Jan. 22
----------------------------------------------------------
Creditors of CJSC Ra-Kuban'oilmash have until Jan. 22 to submit
proofs of claim to:

         I. E. Yas'ko
         Competitive Proceedings Manager
         P.O. Box 5973
         350007 Krasnodar
         Russia

The Arbitration Court of Krasnodar Krai will convene on March 24
to hear the company's competitive proceedings after finding it
insolvent on Nov. 26, 2007.  The case is docketed under Case No.
A-32-9805/07-1/288-B.

The Court is located at:

         The Arbitration Court of Krasnodar Krai
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Ra-Kuban'oilmash
         Gor'kogo Str. 11
         Octyabr'skij settlement
         353244 Krasnodar Krai
         Russia


SOS'VINSKY WOOD-WORKING: Asset Sale Slated for Jan. 25
------------------------------------------------------
P. V. lazarev, the competitive proceedings manager of OJSC
Sos'vinsky Wood-Working Plant, will open a public auction for
the company's properties at noon on Jan. 25 at:

         P. V. lazarev
         Kominterna Str. 16
         Ekaterinburg
         Russia

The company has set starting prices for the assets on auction:

   -- Lot1: RUR13,881,400;
   -- Lot2: RUR1,163,900;
   -- Lot3: RUR7,380,100;
   -- Lot4: RUR471,900;
   -- Lot5: RUR4,102,900;
   -- Lot6: RUR3,524,200;
   -- Lot9: RUR3,391,000;
   -- Lot12: RUR7,743,023.

Interested participants have until Jan. 22 to submit their
bidding documents to:

         P. V. lazarev
         Kominterna Str. 16
         Ekaterinburg
         Russia
         Tel:(343) 356-51-26

The Debtor can be reached at:

         OJSC Sos'vinsky Wood-Working Plant
         Lenina Str. 1
         Sos'va Settlement
         Serovskij Raion
         624971 Sverdlovsk
         Russia


TD KASLINSKIJ: Creditors Must File Claims by Jan. 22
----------------------------------------------------
Creditors of TD Kaslinskij Foundry LLC have until Jan. 22 to
submit proofs of claim to:

         S. A. Galimova
         Competitive Proceedings Manager
         P.O. Box 5
         620033 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Nov. 15, 2007 as the absent debtor.  The case is
docketed under Case No. A76-18138/07-60-319.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         TD Kaslinskij Foundry LLC
         Sovetskaya Str. 68
         Kasli
         Chelyabinsk
         Russia


UST'-ILIMSKIJ MILK: Asset Sale Slated for Jan. 30
-------------------------------------------------
D. G. Slaikovskij, the competitive proceedings manager of CJSC
Ust'-Ilimskij Milk Plant, will open a public auction for the
company's properties at 2:00 p.m. on Jan. 30 at:

         CJSC UST'-Ilimskij Milk Plant
         Bratskaya Str. 34A
         Ust'-Ilimsk
         Irkutsk
         Russia

The company has set starting prices for the assets on auction:

   -- Lot 1: RUR16,678 620;
   -- Lot 2: RUR2,015 640.

Interested participants have until Jan. 27 to deposit an amount
equivalent to 20% of the starting price.

Bidding documents must be submitted to:

         D. G. Slaikovskij
         Kosmonavtov Str. 2
         Bratsk
         Irkutsk
         Russia
         Tel: (3953) 44-89-17

The Debtor can be reached at:

         CJSC UST'-Ilimskij Milk Plant
         Bratskaya Str. 34A
         Ust'-Ilimsk
         Irkutsk
         Russia


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


FTA MADRID I: Fitch Rates Class E at BB+ with Stable Outlook
------------------------------------------------------------
Fitch Ratings has affirmed eight tranches of the Madrid RMBS I
transaction, following a review of the performance.  The
collateral was originated by Caja de Ahorros y Monte de Piedad
de Madrid.  The rating actions are:

   -- Class A1 (ISIN ES0359091008): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0359091016): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0359091024): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN ES0359091032): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN ES0359091040): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN ES0359091057): affirmed at 'BB+'; Outlook
      Stable

The transaction closed only 11 months ago, so although the three
months plus arrears started an upward trend since closing
reaching 0.62% in October 2007, it is still far away from the
maximum arrears seen in the conforming Spanish market; but at
the time of seasoning they have been relatively high as in the
last two periods they have been double the Spanish index.

Defaults, which are defined as loans with six months or more in
arrears, are currently 0.22% and were 0.07% in the sixth period.
These default levels are high, but still in line with the
expected in different rating scenarios.  The arrears in the 3-4
months, 4-5 months and 5-6 months buckets stand at 0.32%, 0.20%,
and 0.10% respectively.  Although these loans in arrears are
still in an early stage and therefore the cure rate should be
quite high, they show the new defaults to come in the next 3
months.  The evolution of the arrears buckets, the cure rate and
consequently, new defaults, will be followed up by Fitch in the
next quarter.

Caja Madrid is the parent of Spain's fourth-largest banking
group by assets.  It activities are concentrated in Madrid.
Caja Madrid's 1,908 branches account for the origination of
47.2% of the securitized portfolio; a network of 2,602 real
estate agents account for the origination of 44.9% of the
securitized pool; and the 2,597 offices of the insurer Mapfre
Mutualidad account for the origination of 3.9% of Madrid's the
securitized pool.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes.


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


F. SCHNEIDER TRANSPORTE: Claims Registration Period Ends Jan. 14
----------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC F. Schneider Transporte on Sept. 10,
2007.

Creditors have until Jan. 14 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC F. Schneider Transporte
         Salzstrasse 16
         5330 Bad Zurzach
         Zurzach AG
         Switzerland


FREY CONCEPTS: Zug Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug entered Nov. 30, 2007, an order
closing the bankruptcy proceedings of LLC Frey Concepts.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Frey Concepts
         Hinterbergstrasse 26
         6312 Steinhausen ZG
         Switzerland


GISE LLC: Thurgau Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Thurgau entered Nov. 26, 2007, an
order closing the bankruptcy proceedings of LLC GISE.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC GISE
         Hauptstrasse 18
         8564 Engwilen TG
         Switzerland


INTERCOM TRUST: Creditors' Liquidation Claims Due by January 14
---------------------------------------------------------------
Creditors of LLC Intercom Trust & Management have until Jan. 14
to submit their claims to:

         Mario Biondi
         Morystrasse 53d
         4125 Riehen BS
         Switzerland

The Debtor can be reached at:

         LLC Intercom Trust & Management
         Maisprach
         Sissach BL
         Switzerland


LIFESTYLE&MORE LLC: Lucerne Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt in Lucerne commenced
bankruptcy proceedings against LLC Lifestyle&more on Nov. 15,
2007.

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         LLC Lifestyle&more
         Buttenenstrasse 18
         6006 Luzern
         Switzerland


MMB METALLBAU: Claims Registration Period Ends January 14
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC MMB Metallbau on Sept. 4, 2007.

Creditors have until Jan. 14 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden/WS
         Switzerland

The Debtor can be reached at:

         JSC MMB Metallbau
         Busslingen
         Ruggholzli 6
         5453 Remetschwil
         Baden AG
         Switzerland


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

         Peter Weber
         Engelberg 25
         6242 Wauwil
         Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC Peterweber
         Davos
         Prattigau/Davos GR
         Switzerland


PFAFFLI PROJEKTLEITUNGEN: Creditors Must File Claims by Jan. 14
---------------------------------------------------------------
Creditors of LLC Pfaffli Projektleitungen have until Jan. 14 to
submit their claims to:

         LLC Pfaffli Projektleitungen
         Kappelenstrasse 21
         3270 Aarberg BE
         Switzerland


ROTTMANN: Basel-Country Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country commenced
bankruptcy proceedings against LLC Rottmann Immobilien on
Oct. 23, 2007.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Rottmann Immobilien
         Traugott Meyer-Str. 17
         4147 Aesch BL
         Switzerland


THOMA BACKEREI: Creditors' Liquidation Claims Due by January 14
---------------------------------------------------------------
Creditors of JSC Thoma Backerei have until Jan. 14 to submit
their claims to:

         Josef Thoma
         Liquidator
         Dorf
         9633 Bachli SG
         Switzerland

The Debtor can be reached at:

         JSC Thoma Backerei
         Hemberg
         Toggenburg SG
         Switzerland


VETSCH & PARTNER: Creditors' Liquidation Claims Due by Jan. 14
--------------------------------------------------------------
Creditors of LLC Vetsch & Partner have until Jan. 14 to submit
their claims to:

         LLC Vetsch & Partner
         Lerchenweg 13a
         5616 Meisterschwanden
         Lenzburg AG
         Switzerland


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


ADAPTER LLC: Proofs of Claim Deadline Set January 12
----------------------------------------------------
Creditors of LLC Adapter (code EDRPOU 20251336) have until
Jan. 12 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/276-07.

The Debtor can be reached at:

         LLC Adapter
         Syrovets Str. 41/20
         Dnieprodzerzhynsk
         51931 Dnipropetrovsk
         Ukraine


DRUZHBA LLC: Proofs of Claim Deadline Set January 12
----------------------------------------------------
Creditors of LLC Agricultural Firm Druzhba (code EDRPOU
31092479) have until Jan. 12 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-24/154-07.

The Debtor can be reached at:

         LLC Agricultural Firm Druzhba
         Sovetskaya Str. 61
         Staroverovka
         Novaya Vodolaga District
         Kharkov
         Ukraine


CITY BUILDING: Creditors Must File Claims by January 12
-------------------------------------------------------
Creditors of CJSC Lugansk City Building (code EDRPOU 01240568)
have until Jan. 12 to submit written proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
12/538b.

The Debtor can be reached at:

         CJSC Lugansk City Building
         Fabrichnaya Str. 1
         91002 Lugansk
         Ukraine


ITEK LLC: Proofs of Claim Deadline Set January 12
-------------------------------------------------
Creditors of LLC Itek (code EDRPOU 31991005) have until Jan. 12
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. 15/864-b.

The Debtor can be reached at:

         LLC Itek
         Kikvidze Str. 13
         01010 Kiev
         Ukraine


METALINDUSTRY LLC: Proofs of Claim Deadline Set January 12
----------------------------------------------------------
Creditors of LLC Metalindustry (code EDRPOU 32609026) have until
Jan. 12 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/393-07.

The Debtor can be reached at:

         LLC Metalindustry
         Brotheres Trofimovy Str. 32/162
         49000 Dnipropetrovsk
         Ukraine


MYRONIVSKY HILBOPRODUCT: Fitch Affirms IDR at B
-----------------------------------------------
Fitch Ratings has affirmed the Ukraine-based OJSC Myronivsky
Hilboproduct's foreign and local currency Long-term Issuer
Default ratings at 'B'.  In addition, OJSC Myronivsky
Hilboproduct's National Long-term rating is affirmed at
'A(ukr)'.

Fitch has also assigned foreign and local currency Long-term
IDRs to the group's parent company MHP S.A., and affirmed the
rating of 'B' and Recovery Rating of 'RR4'on MHP's
US$250 million 10.25% senior notes maturing in 2011.
The notes benefit from upstream guarantees from subsidiary group
entities representing 73% of the group's EBITDA and 81% of its
assets as of mid-2007.  The Outlooks for the Long-term IDRs and
National Long-term rating are Stable.

The affirmations reflect the successful completion of phase one
of MHP's expansion program, strengthening its leading position
in the Ukranian poultry market.  The affirmations further
reflect MHP's strong operating margins and the expectation that
the company will substantially delever its balance sheet
beginning in 2008.  These factors are balanced against the risks
associated with managing the company's ambitious expansion
program, the cyclical nature of chicken prices, and sizable
foreign currency risk.

MHP's strong market position is supported by a high level of
vertical integration, from growing grains for fodder, producing
eggs, growing chickens, slaughtering and packaging, and
distributing through a unique network of dedicated franchised
stores.  These factors, along with government subsidies, enable
MHP to generate healthy EBITDA margins that have come off their
peak but are in excess of 30%.

MHP is in the midst of a rapid expansion program, having
completed phase one in June 2007, and now embarking on phase
two, to be completed in mid-2009.  In total, this expansion will
increase the company's capacity by over 150%.  Managing this
growth will present operational challenges, though it will
enable the company to preserve its position in the growing
Ukraine market.

Chicken prices have been under pressure for the past two years
from lower prices for competing meat products, such as pork, and
the strain on Ukrainian consumers from higher natural gas
prices.  The average domestic 2007 price for chicken is
estimated to be in line with 2006 levels, which were 4% below
2005 levels.  MHP's profitability was sharply lower in 2006 and
again in first half of 2007, reflecting not only lower chicken
prices but also start-up costs for phase one of the expansion,
higher corn and other input costs, and expenses related to the
introduction of a line of convenience foods.

Looking ahead, growth in EBITDA will be constrained in 2007 by
the weak chicken pricing environment, though 2008 will benefit
from sharply higher production volumes even after assuming flat
prices.  EBITDA margins, which were close to 40% in 2006, are
assumed to track closer to 30% going forward.

MHP's adjusted net debt/EBITDAR is expected to increase to
around 3-3.25x in 2007 before improving in 2008 to the low to
mid-2x region, which Fitch regards as a level more consistent
with the 'B' rating. Fiscal year 2007's peak in leverage is
understandable given the cyclicality of the company's business,
its aggressive expansion program, and sizable foreign exchange
risk.


ODESSA-INDUSTRIAL COLD: Proofs of Claim Deadline Set January 12
---------------------------------------------------------------
Creditors of LLC Trading-Industrial Company Odessa-Industrial
Cold (code EDRPOU 31846867) have until Jan. 12 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. 19/227/07.

The Debtor can be reached at:

         LLC Trading-Industrial Company Odessa-Industrial Cold
         Shevchenko Str. 116
         Zaporozhje
         Ukraine


PROJECT SERVICE: Proofs of Claim Deadline Set January 12
--------------------------------------------------------
Creditors of LLC Project Service (code EDRPOU 20077884) have
until Jan. 12 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. 23/545-b.

The Debtor can be reached at:

         LLC Project Service
         Dehniarevskaya Str. 50
         04112 Kiev
         Ukraine


PROVINCE-SVIT LLC: Proofs of Claim Deadline Set January 12
----------------------------------------------------------
Creditors of LLC Province-Svit (code EDRPOU 33553839) have until
Jan. 12 to submit written proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/129b.

The Debtor can be reached at:

         LLC Province-Svit
         Gagarin Str. 24
         Alchevsk
         94207 Lugansk
         Ukraine


SHYLOVKA CJSC: Proofs of Claim Deadline Set January 12
------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/36.

Creditors of CJSC Optim-Oil Subsidiary Company Agricultural Firm
Shylovka (code EDRPOU 21044154) have until Jan. 12 to submit
written proofs of claim to:

         ECONOMIC COURT OF POLTAVA
         36000 Poltava Ukraine Zigin Str. 1

The Debtor can be reached at:

         CJSC Optim-Oil Subsidiary Company
         Agricultural Firm Shylovka
         Shylovka
         Reshetilov District
         38430 Poltava
         Ukraine


VIVAT LLC: Proofs of Claim Deadline Set January 12
--------------------------------------------------
Creditors of LLC Vivat (code EDRPOU 32816079) have until Jan. 12
to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/278-07.

The Debtor can be reached at:

         LLC Vivat
         Metallurgov Str. 8/82
         Dnieprodzerzhynsk
         51940 Dnipropetrovsk
         Ukraine


WHOLESALE TRADE: Proofs of Claim Deadline Set January 12
--------------------------------------------------------
Creditors of LLC Wholesale Trade (code EDRPOU 34784793) have
until Jan. 12 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-39/204-07.

The Debtor can be reached at:

         LLC Wholesale Trade
         Kharkov Str. 3
         Rogan
         62481 Kharkov
         Ukraine


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


BALLY TOTAL: Court Okays Latham & Watkins' US$1.8 Million Fees
--------------------------------------------------------------
The Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York, signed, on Jan. 3, 2008, an
Omnibus Order granting the First and Final Applications of
Compensation and Reimbursement of Expenses of professionals
involved in the bankruptcy proceeding of Bally Total Fitness
Holding Corp. and its debtor-affiliates.

As previously reported in the Troubled Company Reporter, Bally
Total Fitness emerged from Chapter 11 on Oct. 1, 2007, as a
private company just over two months after filing for bankruptcy
protection on July 31, 2007.  The restructuring arrangements
funded by Harbinger Capital Partners Master Fund I, Ltd. and
Harbinger Capital Partners Special Situations Fund L.P. became
effective on the same date.  Harbinger invested approximately
US$233.6 million in exchange for 100% of the common equity of
reorganized Bally.

The fees approved are:

    Name of Firm            Fees Requested     Fees Awarded
    ------------            --------------     ------------
    Latham & watkins LLP    US$1,813,250.75    US$1,813,250.75

    Deloitte Financial      US$85,278.37       US$85,278.37
    Advisory Services LLP

    Deloitte Tax LLP        US$432,349.41      US$432,349.41

    Hilco Real Estate LLC   US$255,049.11      US$255,049.11

    KPMG LLP                US$1,419,751.05    US$1,419,751.05

    Jefferies & Company     US$300,000.00      US$300,000.00

    Kirkland & Ellis LLP    US$573,778.50      US$573,778.50

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, United Kingdom,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  Bally
Total and its affiliates filed for chapter 11 protection on
July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq., at Latham &
Watkins, L.L.P. represented the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BOGACKI PROJECT: Brings In Begbies Traynor as Administrators
------------------------------------------------------------
Peter Sargent and Michael E.G. Saville of Begbies Traynor were
appointed joint administrators of Bogacki Project Ltd. (Company
Number 04318752) on Dec. 21, 2007.

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

The company can be reached at:

         Bogacki Project Ltd.
         Albert Street
         Hebden Bridge
         West Yorkshire
         HX7 8AH
         England
         Tel: 01422 300 413
         Fax: 01422 300 401


BRITISH AIRWAYS: Offers Alternative Travel to MAXjet Customers
--------------------------------------------------------------
British Airways plc is offering passengers of the bankrupt
airline MAXjet Airways Inc. a special New Year's offer to help
them have a happier start to 2008.

The airline is offering customers of the U.S.-based airline
booked to travel after December 24 the opportunity to book Club
World (business class) return tickets from London Heathrow to
New York for 1,000 and London Heathrow to Los Angeles for 1,250.

The tickets are available for sale until Friday, Jan. 11, 2008,
for travel throughout 2008.

Steve Cassidy, GM long-haul sales, said: "We understand that
this may be an uncertain time for customers who were booked to
travel with MAXjet.  We are pleased to be able to offer them an
alternative with British Airways."

He continued, "Our special New Year offer is available to any
MAXjet customer who was due to travel after December 24, 2007.

"British Airways offers customers a truly upgraded experience
with our award-winning new Club World cabin, a superior network
and schedule and our frequent flyer programme, the Executive
Club, which rewards our most regular customers when they fly.

"British Airways' 100 million investment in its new Club World
is available on most British Airways flights between London
Heathrow and New York and all flights between London Heathrow
and Los Angeles."

   -- The British Airways offer is available for sale up to and
      including midnight on Jan. 11, 2008.

   -- Prices include all taxes, fees and charges.

   -- Customers can book with British Airways directly by
      calling 0870 850 9850 in the UK and 1-800-AIRWAYS in the
      U.S.A.

   -- Tickets are non-refundable and non-changeable and require
      a Saturday night stay.

   -- Travel is subject to availability throughout 2008.

   -- Proof of purchase of a MAXjet flight for travel after
      Dec. 24, 2007 is required to qualify for the special fare.

   -- British Airways flies to New York JFK and Newark airports
      from London Heathrow 11 times per day and once a day
      between Manchester and New York JFK.  The airline flies
      three times per day between London Heathrow and Los
      Angeles.

   -- British Airways' frequent flyer programme, the Executive
      Club rewards frequent travellers with - BA Miles that can
      be used for free flights and upgrades.

The 100 million investment in Club World includes:

   -- More comfortable six feet long fully-flat bed that is
      25% wider than the original flat bed.

   -- A new 'z' bed position that extends to six foot six
      inches and allows the body to assume a position similar to
      that in zero gravity, ideal for watching movies.

   -- Electronically operated privacy screens using an
      innovative opaque material, Lumisty.

   -- A laptop locker where customers can stow electronic items,
      a small bag and shoes.

   -- Standard 110v US style in-seat power socket that only
      needs a U.K./U.S.A. adaptor.

   -- An enhanced in-flight entertainment system that allows
      customers to pause, stop, fast-forward or rewind up to
      100 films and TV programmes, and play games on larger
      10-inch digital screens.

   -- An onboard Club Kitchen where customers can enjoy hot and
      cold snacks in between meals.

                       About MAXjet Airways

Dulles, Virginia-based MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl & Jones LLP represents the Debtor in its
restructuring efforts.  The Debtor listed assets between US$10
million and US$50 million and debts between US$50 million to
US$100 million when it filed for bankrutpcy.

                       About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
plc -- http://www.ba.com/-- and --
http://www.britishairways.com/-- operates international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The company also operates a worldwide air cargo
business with its scheduled passenger services.  The company
operates international scheduled airline route networks,
comprising some 147 destinations in 75 countries at March 31,
2007.  The British Airways group consists of British Airways plc
and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel Shops
Ltd.  BA has offices in India and Guatemala.  British Airways
has operations in the United States.

                           *     *     *

British Airways plc carries Ba1 senior unsecured debt rating
placed by Moody's Investors' Service on Aug. 14, 2007.  The
outlook is stable.


CAMPIGOTTO RESTAURANTS: Taps Liquidators from Chantrey Vellacot
---------------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint liquidators of Campigotto
Restaurants Ltd. (C Garden) on Dec. 21, 2007 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


CARD WORLD: Taps KPMG LLP to Administer Assets
----------------------------------------------
Jonathan Scott Pope and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Card World Ltd. (Company
Number 02504318) on Dec. 27, 2007.

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

The company can be reached at:

         Card World Ltd.
         Hadfield Road
         Cardiff
         South Glamorgan
         CF11 8AQ
         England
         Tel: 029 2066 6510


FORD MOTOR: Investing US$500 Million to Expand India Operations
---------------------------------------------------------------
Ford Motor Company disclosed plans to invest US$500 million to
expand its India operations, reaffirming its commitment to
developing and implementing an aggressive growth strategy in the
country.  The new investment will fund several new initiatives,
including the expansion of Ford India's current manufacturing
facility in Chennai to begin production of a new small car
within the next two years, and construction of a fully
integrated and flexible engine manufacturing plant that will go
online by 2010.

The new investment increases Ford's total financial commitment
in India to more than US$875 million, and underscores its plan
to elevate India as one of the strategic production hubs for
small cars in the company's Asia Pacific and Africa region.  In
2007, Ford reported a US$500 million investment to build small
cars in Thailand, just weeks after launching production of small
cars at a new US$510 million, state-of-the-art facility in
Nanjing, China.

"This new investment highlights the significance of India's role
in our continued expansion and overall strategy for the Asia
Pacific and Africa region," John Parker, executive vice
president, Asia Pacific and Africa, said.  "We've developed a
long-term and strategic plan for India that's anchored on a
substantial product program and new engine manufacturing
facility."

The overall investment plan for India has already commenced, and
will be implemented in phases over the next three years.  The
first phase currently underway includes the addition of a diesel
engine assembly plant at the Chennai site that will have an
initial annual capacity of 50,000 units.  The first engines are
scheduled to roll off the line in April, and will be used in the
local production of the Fiesta and Fusion to satisfy domestic
demand.

A significant part of the investment will be utilized for the
development of new product programs, primarily to expand the
Chennai plant and accommodate volume production of the new small
car. Production of the small car is scheduled to commence within
the next two years, increasing our overall annual production at
the expanded plant to 200,000 units by 2010.

"Ford India's small car will be a worthy addition to the already
successful and robust product mix that we offer to Indian
consumers, and will further strengthen our competitive position
in this increasingly dynamic market," Arvind Mathew, president
and managing director of Ford India, explained.

The second major component of the investment plan is a new,
state-of-the-art and fully-integrated engine manufacturing
facility to be constructed adjacent to the current vehicle
plant.  This new flexible facility will be capable of
manufacturing both petrol engines and Ford's next generation
diesel engine.  Initial annual production capacity is planned
for 250,000 units, with the first engines coming off line by
2010.  Production at the diesel assembly plant that's currently
being set up will be integrated into the new facility.

"Our investment plan clearly signals Ford's intent to implement
an aggressive and comprehensive growth strategy for the India
market.  Reaching volume production of vehicles and engines will
not only allow us to participate in the future growth of India's
auto industry, but really to help drive it, both in terms of
domestic sale and export potential," Mr. Mathew asserted.

The new facilities and capacity expansion will create more than
9,000 jobs -- including 1,500 direct and 7,500 indirect jobs --
as Ford India considerably increases its supplier base to meet
the expanded production volumes.  This, in turn, will compound
additional investment by its suppliers and vendors and
contribute to the overall growth of India's auto industry.

"We'll be significantly increasing our local sourcing to meet
the requirements of our expanded production," Mr. Mathew added.
"One of the factors in deciding this investment was Ford's
confidence in the international standards and capabilities of
India's supply base.  We're also committed to the ongoing
development of our own human resources, and we'll be providing
skills training for the additional work force."

Ford India added 20 new authorized dealers to its network in
2007, bringing the total to 130 locations throughout the
country.  The company plans to further expand its dealership
base to accommodate the planned rise in domestic sales.

Ford will continue to introduce world-class customer service
programs in India, such as the introduction of a 24-hour Ford
Roadside Assistance Program in 2007, as well as professional
service programs that include Ford's Quality Care, Brand@Retail
and Total Maintenance Plans.

                        About Ford India

Established in 1995, Ford India Pvt. Ltd., a wholly owned
subsidiary of Ford Motor Company, manufactures and distributes
automobiles made at its modern integrated manufacturing
facility, at Maraimalai Nagar, near Chennai.  With more than
2,000 employees, the company's models include the Ikon, Fusion,
Endeavour and Fiesta.  Ford India is in its eleventh year of
operations in the country.

                          About Ford Motor

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.


ING RE UK LTD: Chapter 15 Petition Summary
------------------------------------------
Petitioner: Michael Larry Emerson
            ING Re (U.K.) Ltd.
            Attention: The London Underwriting Centre
            3 Minster Court, Mincing Lane
            London EC3R 7DD
            United Kingdom

Debtor: ING Re (U.K.) Ltd.
        aka ReliaStar Reinsurance Group (UK) Ltd.
        Attention: The London Underwriting Centre
        3 Minster Court, Mincing Lane
        London EC3R 7DD
        United Kingdom

Case No.: 08-10018

Type of Business: The Debtor provided accident and health
                  reinsurance services and was also engaged in
                  the retrocession business in the U.K. since
                  1997.

                  The period of coverage for all its contracts
                  has expired.  See http://www.ing-re.co.uk/

                  The Debtor ceased its business and went into
                  run-off in 2002.  However, since it expected
                  the run-off of its business to continue for a
                  number of years, it had proposed a solvent
                  scheme of arrangement under Section 425 of the
                  U.K. Companies Act of 1985 (the "Scheme of
                  Arrangement") as the most efficient and
                  effective method of making full payment to its
                  creditors in the shortest practical time.

                  On September 21, 2007, the Debtor sought
                  permission from the High Court of Justice of
                  England and Wales in the U.K. to convene a
                  meeting with the creditors to allow them to
                  vote on the Scheme of Arrangement.

                  On October 31, 2007, the court gave the sought
                  permission.  On December 19, 2007, the meeting
                  between the Debtor and the creditors was
                  convened.

Chapter 15 Petition Date: January 4, 2008

Court: Southern District of New York

Judge: Robert E. Gerber

Petitioner's Counsel: Jennifer C. DeMarco, Esq.
                      Sara M. Tapinekis, Esq.
                      Clifford Chance, L.L.P.
                      31 West 52nd Street
                      New York, NY 10019
                      Tel: (212) 878-8569
                      Fax: (212) 878-8375

Financial Condition as of December 31, 2006:

Total Assets: $90,932,273

Total Debts:  $68,476,853


ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter
--------------------------------------------------------------
Itron Inc. reported a net loss of US$3.4 million for the third
quarter ended Sept. 30, 2007, compared with net income of
US$9.2 million in the same period in 2006.  The loss was
primarily due to the accelerated amortization of debt fees.

Total revenues for the third quarter of US$434 million were
US$269 million, or 164%, higher than 2006 third quarter revenues
of US$165 million.  Itron North America revenues for the third
quarter of US$153 million were about US$12 million, or 7%, lower
than the third quarter of 2006.  Actaris revenues of US$281
million were comprised of shipments to electric, gas and water
utilities of approximately 40%, 32% and 28%, respectively.

"Our results for the quarter were about in line with our
expectations," said LeRoy Nosbaum, chairman and chief executive
officer.  "We had our highest bookings ever at US$440 million
and Actaris operating results are showing the positive effect of
a more geographically diverse business model.  Although we have
experienced a pause in business in the US that we thought might
occur, we continue to drive revenue and EPS growth in the short-
term and believe that we are very well positioned for the long-
term."

Gross margin for the third quarter of 2007 was 33%.  This
compares with 41% in the third quarter of 2006.  Third quarter
2007 Itron North America gross margin of 40% was similar to the
third quarter of 2006.  Actaris gross margin of 30% was
comparable to the second quarter of 2007 without the effect of
the inventory charge.

Total operating expenses for the third quarter of 2007 were
US$116 million.  Itron North America operating expenses were
US$43 million, reflecting a US$2 million decrease over the third
quarter of 2006.  INA operating expenses as a percentage of
revenue were 28%, which was similar to 2006.  Actaris operating
expenses of US$64 million were 23% of revenue.

Corporate unallocated expenses were US$8.5 million for the
quarter, or about US$2.3 million higher than the third quarter
of 2006.  The increase was primarily attributable to higher
expenses for internal controls for financial reporting and
consulting services
for tax planning related to the Actaris acquisition.  Corporate
unallocated expenses also include an impairment charge for the
company's old corporate headquarters building.

Net interest expense of US$34 million in the third quarter of
2007 was substantially higher than the US$561,000 in the
comparable period in 2006, primarily due to the placement of
US$1.2 billion in senior secured bank debt for the Actaris
acquisition.  Debt fee amortization expense, which is included
in net interest expense, was US$9.2 million in the third
quarter.  Debt fee amortization
expense included US$6.6 million of accelerated amortization
related to the company's convertible subordinated debt becoming
subject to conversion.  Other expense of US$873,000 was
comprised primarily of foreign currency revaluation of trade
receivables and payables.

The company had a US$2.7 million GAAP income tax benefit for
the third quarter of 2007.  This compares with a GAAP income tax
provision of US$5.9 million in the third quarter of 2006.  The
benefit is due to the pre-tax GAAP loss and also includes a
benefit related to legislative reductions in tax rates in
Germany and the United Kingdom in the third quarter.

Non-GAAP operating income, which excludes amortization expense
related to intangible assets, was US$55 million, or 13% of
revenues, in the third quarter of 2007, compared with US$24
million, or 15% of revenues, in the third quarter of 2006.  Non-
GAAP net income, which also excludes amortization of debt fees,
was US$21 million in 2007 compared with US$15 million in the
2006 period.  Non-GAAP net income is higher in the third quarter
of 2007 primarily due to the Actaris acquisition.

Total revenues for the nine months ended Sept. 30, 2007, of
US$984 million were US$499 million or 103%, higher than 2006
nine-month revenues of US$484 million.  Itron North America
revenues for the first nine months of 2007 of US$453 million
were approximately US$31 million, or 6%, lower than the same
period in 2006.

GAAP net loss for the first nine months of 2007 was US$20
million,  compared with net income of US$26 million in the first
nine months of 2006.  The loss was primarily due to acquisition-
related charges for IPR&D and inventory and the accelerated
expensing of debt fees.

Net cash provided by operating activities was US$90 million for
the first nine months of 2007, compared with US$87 million in
the same period in 2006.  Adjusted earnings before interest,
taxes, depreciation and amortization in the third quarter of
2007, was US$67 million compared with US$28 million for the same
period in 2006. Adjusted EBITDA for the first nine months of
2007 was US$158 million, or more than US$72 million higher than
the first nine months of 2006, primarily due to the acquisition
of Actaris.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$3.04 billion in total assets, US$2.34 billion in total
liabilities, and US$697.5 million in total stockholders' equity.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$666.5 million in total current
assets available to pay US$728.9 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?26d9

                         About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions; as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                          *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


MALACHITE 1: Appoints Joint Administrators from Ernst & Young
-------------------------------------------------------------
Alan Hudson and Margaret Mills of Ernst & Young LLP were
appointed Dec. 31, 2007, joint administrators of

   -- Malachite 1 Ltd. (Company Number 05191736);
   -- Malachite 2 Ltd. (Company Number 05791757); and
   -- Malachite 3 Ltd. (Company Number 04941153).

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.

The companies can be reached at:

         Ty Rhondda
         Forest View Business Park
         Llantrisant
         Pontyclun
         Mid Glamorgan
         CF72 8LX
         Wales


MAZDA MOTOR: Sees Further Growth in 2008
----------------------------------------
Mazda Motor Corporation is committed to further growth for the
year 2008.

As the company held its first-product-shipment-of-the-year
annual celebration, Mazda's President and Chief Executive
Officer, Hisakazu Imaki says, "2008 will be the second year of
our mid-term Mazda Advancement Plan, and it will be extremely
important year for us. The automotive industry's operating
environment is tougher than ever, but we will confidently go
forward this year, taking steady steps in our operations toward
achieving our goals."

Mr. Imaki expressed that to achieve their goals, it must
improve brand value, strengthen business efficiency and improve
quality throughout the Mazda Group.

Among Mazda's mid-term plan was to reach 1.6 million units of
retail sales globally in fiscal year 2010.  In line with this,
Mazda, in its first year of plan, increased its production
capacity in Japan, started operations at new manufacturing
facilities in China and announced plans for a new passenger
vehicle plant at its AutoAlliance Thailand facility, making
solid progress toward achieving its goals.

                       About Mazda Motor

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

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

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

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


MONITOR OIL: Court Approves Dorsey & Whitney as Attorney
--------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates obtained authority
from the United States Bankruptcy Court for the Southern
District of New York to employ Dorsey & Whitney LLP as their
attorney.

Dorsey & Whitney is expected to:

   a) advise the Debtors of their rights, powers, and duties as
      debtors and debtors-in-possession under chapter 11 of the
      Bankruptcy Code;

   b) advise the Debtors with respect to, and to take necessary
      or appropriate actions on behalf of the Debtors with
      respect to, protecting and preserving the Debtors'
      estates, including the prosecution of actions on the
      Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of disputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

   c) advise the Debtors with respect to, and to prepare on
      behalf of the Debtors, all necessary or appropriate
      motions, applications, answers, orders, reports, and other
      papers in connection with the administration of the
      Debtors' estates;

   d) review all financial and other reports to be filed in
      these Chapter 11 cases;

   e) advise the Debtors concerning executory contract and
      unexpired lease assumptions, assignments, and rejections;

   f) provide advice, representation and preparation of
      necessary documentation and pleadings regarding debt
      restructuring, bankruptcy issues, postpetition financing,
      real estate, environmental, litigation, tax, compliance
      with the requirements of regulatory authorities, corporate
      governance, transactional, labor and employment, and other
      related general outside counsel matters;

   g) counsel the Debtors with respect to their rights and
      obligations as debtors-in-possession and their powers and
      duties in the continued management and operation of their
      businesses and properties;

   h) take necessary or appropriate actions in connection with a
      plan or plans of reorganization and related disclosure
      statements and all related documents, and such further
      actions as may be required in connection with the
      administration of the Debtors' estates;

   i) provide non-bankruptcy services for the Debtors to the
      extent requested by the Debtors; and

   j) act as general bankruptcy counsel for the Debtors and to
      perform all other necessary or appropriate legal services
      in connection with these Chapter 11 cases.

The Debtors disclose that they paid US$247,740 retaneir fee to
the firm before they filed for bankruptcy.

The firm's professionals and their compensation rates are:

   Professionals                Designations     Hourly Rates
   -------------                ------------     ------------
   Katherine Constantien, Esq.     Partner           US$710
   Michael Foreman, Esq.           Partner           US$640
   Steven Heim, Esq.               Partner           US$500
   Eric Lopez Schnabel, Esq.       Partner           US$450

Michael Foreman, Esq., an attorney of the firm, assures the
Court that the firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

Mr. Foreman can be reached at:

   Michael Foreman, Esq.
   Dorsey & Whitney LLP
   250 Park Avenue
   New York, New York 10177
   Tel: (212) 415-9200
   Fax: (212) 953-7201

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil and
gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors of the
Debtors' cases.  As of June 30, 2007, the company disclosed
total assets of US$130,000,000 and total debts of
US$247,800,000.


MONITOR OIL: Hires Akin Gump as Special Counsel
-----------------------------------------------
Monitor Oil PLC and its debtor-affiliates obtained authority
from the United States Bankruptcy Court for the Southern
District of New York to employ Akin Gump Straus Hauer & Feld LLP
as their special counsel.

Akin Gump is expected to:

   a) advise and represent the Debtors with respect to all
      aspects of general corporate, contract, securities,
      finance and other business matters;

   b) advise and represent the Debtors with respect to all
      aspects of assets sale and purchase, securitization,
      securities, debt financing and joint venture transactions
      including without limitation tax, environmental, contract,
      lease, finance, regulatory and post-closing transactions;

   c) advise and represent the Debtors with respect to all
      aspect of various pieces of litigation to which the
      Debtors are parties; and

   d) assist the Debtors' reorganization attorneys from time to
      time.

The firm's professionals and their compensation rates are:

   Professionals                  Hourly Rates
   -------------                  ------------
   Anthony J. Renzi, Jr., Esq.        US$695
   J. Eric Crupi, Esq.                US$470
   Shouye Hu                          US$190

   Designations                   Hourly Rates
   ------------                   ------------
   Attorneys                       US$175-US$1,050
   Paraprofessionals               US$105-US$250

Anthony J. Renzi, Jr., Esq., an attorney of the firm, assures
the Court that the firm does not hold any interest adverse to
the Debtors' estate and is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil and
gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors in the
Debtors' cases.  As of June 30, 2007, the company disclosed
total assets of US$130,000,000 and total debts of
US$247,800,000.


PROTON HOLDINGS: May Get Strategic Partner in 3 to 5 Years
----------------------------------------------------------
Proton Holdings Berhad will likely get a strategic partner in
three to five years' time, Reuters reports, citing second
finance minister Nor Mohamed Yakcop.

According to Reuters, The New Straits Times newspaper quotes
Mr. Yakcop as saying that ". . .whether the strategic partner
will be an equity partner or a technical partner (for Proton)
will have to be discussed and decided upon."

As reported by the Troubled Company Reporter-Asia Pacific on
November 21, 2007, alliance talks between Proton and Volkswagen
have collapsed.

The TCR-AP also noted that General Motors Corp. has not ruled
out interest in a possible tie-up with the company.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.


* Chadbourne & Parke Adds 5 Partners in NY, Moscow & UK Offices
---------------------------------------------------------------
The international law firm of Chadbourne & Parke LLP said that
attorneys Shane de Burca, Douglas Deutsch, Dmitry Gubarev, Julia
Romanova and Andrew Rosenblatt have been named as counsel in the
United States and the Russian Federation, and Stefan Unna, Esq.,
as partner in the London multinational partnership, effective
Jan. 1, 2008.

"These outstanding lawyers reflect the broad expertise and
geographic presence of Chadbourne," said Managing Partner
Charles O'Neill, Esq.  "They are helping to maintain the Firm's
fast pace in their practice areas and we congratulate them on
their new roles and responsibilities."

Mr. de Burca advises domestic and foreign clients and financial
institutions in corporate and securities matters.  His
securities experience includes the representation of numerous
underwriters and issuers in the sale of equity, debt and hybrid
securities in both public and private offerings.  Mr. de Burca
also has significant experience in insurance industry related
corporate work such as acquisitions, financial products and
securities offerings.  He graduated from University College,
Dublin, with a B.C.L., first class honors, in 1995, and he
received an LL.M. from Cornell Law School in 1997.

Mr. Deutsch's practice has involved representation of debtors,
secured and unsecured creditors and creditors' committees.  Mr.
Deutsch graduated with a B.S. in 1991 from Drew University, and
he earned a J.D. in 1996 from St. John's University School of
Law, where he was Editor-in-Chief of the American Bankruptcy
Institute Law Review.  He also received an LL.M. in 2001 from
St. John's University School of Law.  Mr. Deutsch served as a
law clerk to the Hon. Leif M. Clark, U.S. Bankruptcy Judge,
Western District of Texas in 1996-1997.

Mr. Gubarev specializes in issues relating to finance and
banking law and capital markets transactions, including
structured finance, project finance and derivatives.  His work
with Chadbourne has included advising multilateral lenders, as
well as Russian and western banks and companies on various
securitizations, syndicated loans, project finance transactions,
credit linked notes issues and other financings in Russia and
other CIS countries.  Mr. Gubarev received a law degree from
Lomonosov Moscow State University, Faculty of Law in 1998 and a
Doctor of Laws in 2002 from the Diplomatic Academy of the
Ministry of Foreign Affairs of the Russian Federation.

Ms. Romanova focuses her practice on litigation, arbitration,
corporate, bankruptcy and real estate matters.  She advises
clients with regard to Russian foreign investment legislation
and regulations.  Ms. Romanova has worked with international
multilateral lending institutions on recovery and restructuring
matters, including rendering advice in connection with
international arbitration proceedings.  She received a law
degree, with honors, in 1996 from Lomonosov Moscow State
University, Faculty of Law.

Mr. Rosenblatt has handled various bankruptcy issues, including
the representation of debtors in Chapter 11, advising borrowers
and lenders in out-of-court restructurings, secured and
unsecured lenders in Chapter 11 cases and foreign
representatives in cross-border ancillary proceedings.  He
received a B.S. in 1994 from the State University of New York,
Binghamton University and a J.D. in 1997 from Hofstra University
School of Law, where he graduated with distinction and was a
member of the Hofstra Law Review.

Mr. Unna has advised project lenders and developers in the
development and financing of power and other energy
infrastructure projects around the world including Jordan,
Nigeria, Pakistan, Poland, Uganda, Ukraine, the United States
and Yemen.  His development work includes the drafting and
negotiation of EPC contracts, power purchase agreements, fuel
supply agreements and maintenance arrangements for projects.
His financing experience includes extensive work with many
multilateral institutions and export credit development agencies
as well as commercial lenders.  Mr. Unna received a B.A. in 1990
from Columbia University's Columbia College and a J.D. in 1997
from the University of California, Los Angeles School of Law,
where he was Executive Editor of the UCLA Law Review.

                    About Chadbourne & Parke

Chadbourne & Parke LLP, -- http://www.chadbourne.com/-- an
international law firm headquartered in New York City, provides
a full range of legal services, including mergers and
acquisitions, securities, project finance, private funds,
corporate finance, energy, communications and technology,
commercial and products liability litigation, securities
litigation and regulatory enforcement, special investigations
and litigation, intellectual property, antitrust, domestic and
international tax, insurance and reinsurance, environmental,
real estate, bankruptcy and financial restructuring, employment
law and ERISA, trusts and estates and government contract
matters.  Major geographical areas of concentration include
Central and Eastern Europe, Russia and the CIS, the Middle East
and Latin America.  The Firm has offices in New York,
Washington, DC, Los Angeles, Houston, London (a multinational
partnership), Moscow, St. Petersburg, Warsaw (a Polish
partnership), Kyiv, Almaty, Dubai and Beijing.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Debt Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *