TCREUR_Public/080111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, January 11, 2008, Vol. 8, No. 8

                            Headlines




A U S T R I A

CALIMAX LLC: Creditors' Meeting Slated for Jan. 17
CMC - KACHELOFENBAU: Vienna Court Orders Business Shutdown
COMPACT BUILDING: Vienna Court Orders Business Shutdown
E. TRADING: Estate Administrator Declares Insufficient Assets
ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal

ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State
LOGIX TECHNOLOGIE: Creditors' Meeting Slated for Jan. 21
MASTER BAU: Creditors' Meeting Slated for Jan. 21
PROHOLZ HANDEL: Vienna Court Orders Business Shutdown
SCHUSTER IMMOBILIENTREUHAND: Creditors' Meeting Set for Jan. 17


B E L G I U M

NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace
NUANCE COMMS: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit
SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007


F R A N C E

ADEX AGRO: Sets Public Auction By February 7


F R A N C E

DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor
EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14
GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract
PETIT BOY: Asiatex Sells Firm to Unnamed Textile Company
SMOBY-MAJORETTE: Sells Blow Moulding Unit to RPC Group


G E R M A N Y

ALFORN DEUTSCHLAND: Claims Registration Ends February 5
ATIS GMBH: Claims Registration Period Ends Jan. 29
AUGUST SAUER: Claims Registration Period Ends Jan. 31
AUTOHAUS LEISTNER: Claims Registration Period Ends Feb. 1
BAUGESCHAFT SCHNEIDER: Claims Registration Period Ends Feb. 1

BAUSTUDIO NORD: Claims Registration Period Ends Jan. 25
BRUNK GASTRONOMIE: Claims Registration Period Ends Jan. 30
ERNST JOLITZ: Claims Registration Period Ends Jan. 24
FREE-BOX SALES: Claims Registration Period Ends Jan. 25
FRYE SPEDITION: Claims Registration Period Ends Feb. 1

GATEC WIRTSCHAFTSBERATUNGS: Claims Registration Ends Feb. 1
HAVENROCK II: Fitch Withdraws Junk Ratings on IKB Loans
HM-TEAM CONSULTING: Claims Registration Period Ends Feb. 1
INTERBAU GMBH: Claims Registration Period Ends Jan. 31
KFZ SERVICE: Claims Registration Period Ends Jan. 25

LM-TELEKOMMUNIKATIONS: Creditors' Meeting Slated for Jan. 31
MESLINA GMBH: Claims Registration Ends February 4
MH-BUEROSYSTEME: Claims Registration Period Ends Feb. 1
PANDATEL AG: Halts Operations; to Close Singapore Unit
TERRES-INVEST: Claims Registration Period Ends Feb. 2

ULM EINS: Claims Registration Ends February 4
WEMA PROJEKTENTWICKLUNG: Claims Registration Ends February 4


H U N G A R Y

PROPEX INC: Posts US$60.7 Mln Net Loss in Quarter Ended Sept. 30


I T A L Y

ALPI EAGLES: Court to Rule on ENAC License Suspension on Jan. 17
PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs
TISCALI SPA: To Launch Mobile Phone Service in the U.K.


K A Z A K H S T A N

ER-SNAB-7 LLP: Proof of Claim Deadline Slated for Feb. 6
FIRM ZEREN: Creditors Must File Claims by Feb. 5
JARDEM XXI: Claims Filing Period Ends Feb. 5
JASTYK LLP: Creditors' Claims Due on Feb. 6
JETYSAISKY PIVZAVOD: Claims Registration Ends Feb. 6

KORNELI LLP: Proof of Claim Deadline Slated for Feb. 6
SEHA STROY: Creditors Must File Claims by Feb. 6
SHANS LLP: Claims Filing Period Ends Feb. 6
SMARTTECH LLP: Creditors' Claims Due on Feb. 6
ZAVOD OKTABR: Claims Registration Ends Feb. 6


K Y R G Y Z S T A N

BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for Jan. 18
DELTA TOUR: Creditors Must File Claims by February 2


L U X E M B O U R G

PMI UNO: Fitch Rates EUR4.9 Million Class D Notes at BB
PMI 2 FINANCE: Fitch Rates EUR6.2 Million Class D Notes at BB


N E T H E R L A N D S

MARYLEBONE CBO III: Fitch Cuts Class A-3 Debt Ratings to BB


N O R W A Y

BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head


R U S S I A

CHEBARKUL'SKAYA PASTRY: Creditors Must File Claims by Feb. 22
CONSTRUCTION MATERIAL: Court Starts Competitive Proceedings
LESOZAVODSKY CENTER: Creditors Must File Claims by Feb. 22
NIZHNEYE CHULYMSKOYE: Asset Sale Slated for Jan. 24
NOGINSKY BREWERY: Creditors Must File Claims by Jan. 22

SAKHALIN-COAL-1: Creditors Must File Claims by Feb. 22
SHOVGENOVSKY HEMP: Creditors Must File Claims by Jan. 22
URALOILTECHNOSERVICE: Court Starts Bankruptcy Supervision


S P A I N

CAJA MURCIA I: Fitch Rates EUR6.1 Million Class D Notes at BB-


S W I T Z E R L A N D

ANTAG FUR ANTENNEN: Creditors' Liquidation Claims Due by Jan. 14
ATELIER-ALTSTADT: Creditors' Liquidation Claims Due by Jan. 14
AUTORK AG: Creditors' Liquidation Claims Due by January 14
BLM TRANSPORT: Bern Court Closes Bankruptcy Proceedings
BUR & PARTNER: Claims Registration Period Ends January 14

F. MANZ + PARTNER: Creditors' Liquidation Claims Due by Jan. 14
FOURMENTEC LLC: Creditors' Liquidation Claims Due by January 14
GTPI MEDIA: Creditors' Liquidation Claims Due by January 14
KRUSI BLECH: Appenzell Court Closes Bankruptcy Proceedings
MELETTA UND: Creditors' Liquidation Claims Due by January 14

PROMOBILIA LLC: Creditors' Liquidation Claims Due by January 14
REDLIPS LLC: Creditors' Liquidation Claims Due by January 14
RM MANAGEMENT: Creditors' Liquidation Claims Due by January 14
SKPARTNERS JSC: Creditors' Liquidation Claims Due by January 14
WILOZ LLC: Creditors' Liquidation Claims Due by January 15


U K R A I N E

DOBRA AGRICULTURAL: Proofs of Claim Deadline Set January 13
ELITINFORM LLC: Proofs of Claim Deadline Set January 13
GRIZ LLC: Proofs of Claim Deadline Set for January 13
INVEST-HOLDING CJSC: Proofs of Claim Deadline Set January 13
KERCH BUILDING: Proofs of Claim Deadline Set January 13

LIBERTY INTERNATIONAL: Proofs of Claim Deadline Set January 13
LUKOIL-KIEV CJSC: Proofs of Claim Deadline Set January 13
NADRA BANK: S&P Assigns B- Ratings on Vulnerable Liquidity
NOVOPSKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Jan. 13
PROJECTING-BUILDING-DESIGN: Proofs of Claim Deadline Set Jan. 13

OSTROVSKY AGRICULTURAL: Proofs of Claim Deadline Set January 13
TANSKOYE AGRICULTURAL: Proofs of Claim Deadline Set January 13
SAVINGS BANK: Moody's Rates Long-Term Foreign Currency at Ba2


U N I T E D   K I N G D O M

BRITISH AIRWAYS: To Launch US-EU "OpenSkies" Airline in June
BELMONT SYSTEMS: M. H. Abdulali Leads Liquidation Procedure
CARD RAX: Brings In Liquidators from Tenon Recovery
CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82 Mln
CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV

CONSTELLATION BRANDS: US$700MM Notes Exchange Offer Expires
CONSTELLATION BRANDS: Arm Buys 50% Stake in Planet 10 Project
COTT CORPORATION: Amends Existing Senior Secured Credit Debt
CUMMINS INC: Earns US$184 Million in 2007 Third Quarter
FEDERAL-MOGUL: Moody's Holds Low-B Ratings w/ Stable Outlook

GEMINI MOTOR: Calls In Liquidators from Moore Stephens
GLOBAL ASSET: Taps Liquidators from Wilkins Kennedy
GRADE ONE: Claims Filing Period Ends July 31
HYNIX SEMICON: Taps MunEDA to Integrate Tool Family Wicked
HYNIX SEMICON: Change in Personnel Attracts Attention

INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend
JOHNSON SERVICE: Banks Grant Waiver of Year-end Covenant Test
TATA MOTORS: December Sales Down 2% in December 2007
URSUS EPC: Fitch Rates GBP2.9 million Class E Notes at BB-
US ENERGY: Files for Chap. 11 Bankruptcy Protection in New York

US ENERGY: Case Summary & 40 Largest Unsecured Creditors
WITHINSCOPE LTD: Names Keith Aleric Stevens Liquidator

* BOOK REVIEW: Financial Planning for High Net Worth Individuals




                            *********


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


CALIMAX LLC: Creditors' Meeting Slated for Jan. 17
--------------------------------------------------
Creditors owed money by LLC calimax (FN 195573h) are encouraged
to attend the creditors' meeting at 9:40 a.m. on Jan. 17.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Meeting Room 45
         First Floor
         Feldkirch
         Austria

Headquartered in Roethis, Austria, the Debtor declared
bankruptcy on Nov. 27, 2007 (13 S 56/07a).

Andreas Oberbichler serves as the court-appointed estate
administrator of the bankrupt's estate.  Michael Kramer
represents Dr. Oberbichler in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Andreas Oberbichler
         c/o Dr. Michael Kramer
         Hirschgraben 37
         6800 Feldkirch
         Austria
         Tel: 05522/77501
         Fax: 05522/78350
         E-mail: oberbichler-kramer@cable.vol.at


CMC - KACHELOFENBAU: Vienna Court Orders Business Shutdown
----------------------------------------------------------
The Trade Court of Vienna entered Nov. 29, 2007, an order
shutting down the business of LLC CMC - Kachelofenbau (FN
67461h).

Court-appointed estate administrator Eva-Maria Bachmann-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:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14 (Bankr. Case No 2 S 152/07a).  Christian Bachmann
represents Dr. Bachmann-Lang in the bankruptcy proceedings.


COMPACT BUILDING: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered Nov. 22, 2007, an order
shutting down the business of Compact Building Limited (FN
243485t).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14, 2007 (Bankr. Case No 2 S 155/07t).


E. TRADING: Estate Administrator Declares Insufficient Assets
-------------------------------------------------------------
Dr. Felix Stortecky, the court-appointed estate administrator
for LLC E. Trading Group (FN 227879t), declared Nov. 26, 2007,
that the Debtor's property is insufficient to cover creditors'
claim.

The Land Court of Eisenstadt is yet to rule on the estate
administrator's claim.

Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on Nov. 22, 2007 (Bankr. Case No. 26 S 156/07d).

The estate administrator can be reached at:

         Dr. Felix Stortecky
         W.A. Mozartstrasse 4
         7093 Jois
         Austria
         Tel: 02160/71207
         Fax: 02160/71207-22
         E-mail: office@stortecky.at


ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal
----------------------------------------------------------------
Electronic Data System Corp. has been awarded a seven-year,
US$715 million information technology services contract to
deliver IT infrastructure services to Bristol-Myers Squibb.

"Leveraging EDS' expertise, scope and scale will allow the
company to improve productivity so Bristol-Myers Squibb can
remain focused on what it does best -- help patients prevail
over serious disease," said Bristol-Myers Squibb vice president
for Information Management Shared Services, Paul von Autenried.

The company will manage Bristol-Myers Squibb's IT environment,
which includes the company's critical operations data at
Bristol-Myers Squibb data centers around the world.  The
contract initially covers IT services in the Americas and Asia
Pacific regions, with the opportunity to include Europe, the
Middle East and Africa.  Additionally, the company will provide
computer capacity to Bristol-Myers Squibb from its data center
in Auburn Hills, Michigan.

The company will also provide multi-language field-level and
help desk support for the Bristol-Myers Squibb employees'
computing environment.  This includes the company's sales,
scientific and SAP systems and employee workstations in a number
of countries around the world.

The agility, flexibility and redundancy of Electronic Data's
Global Services Network offers cost savings while improving
global competitiveness with the ability to operate in a
leveraged and secure global environment.  It also provides the
ability to scale up or down based on business needs and
mitigates risk by spreading out computing power to multiple
locations.

"This biopharmaceutical pioneer is a significant addition to
EDS' healthcare customer base.  Our goal is to help Bristol-
Myers Squibb's global competitiveness by delivering innovative,
thought-leading IT services," said EDS Americas executive vice
president, Jeff Kelly.  "As a leader and important partner in
healthcare transformation, EDS helps healthcare organizations
worldwide address critical business challenges through IT,
allowing companies like Bristol-Myers Squibb to lead in the
fight against disease."

As part of this agreement, EDS Agility Alliance partners EMC,
Microsoft, Oracle and SAP will provide products and services to
Bristol-Myers Squibb, furthering efforts to increase
productivity, mitigate risk and lower costs.  The EDS Agility
Alliance is a coalition of companies globally recognized for
their quality, products and value to clients.  Its mission is to
innovate, develop and deliver the EDS Agile Enterprise Platform
-- the company' next-generation global delivery system.
Together, the company and its Agility Alliance partners
collaborate to design, build and run a market-leading services
platform and develop technology-based services to deliver
tangible client results.  EDS Agility Alliance partners include
Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox.

                     About Electronic Data

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/ -- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.  EDS
has locations in Argentina, Australia, Austria, Brazil, China,
Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto
Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom,
among others.

                          *     *     *

As of Jan. 10, 2008, EDS Corp. carries, Ba1 Corporate Family,
Senior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service.


ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State
---------------------------------------------------------------
Electronic Data System Corp., Indiana's Medicaid partner since
1991, has been awarded a US$209.9 million, six-and-a-half-year
contract to upgrade and continue to maintain the state's
Medicaid Management Information System.

The new contract will leverage Electronic Data's leading-edge
interChange Health System, which serves as an industry model and
is in operation or being implemented in more than a dozen
states, including Kansas, Oklahoma, Pennsylvania and Kentucky.
Among the upgrades are a Web-based tool that will enable health
care providers to electronically enroll in the Medicaid program
as well as a number of internal processes.

The company will continue as fiscal agent to the state and its
27,000 health care providers, who care for more than 800,000
recipients and comprise the nation's 17th-largest Medicaid
program.

The agreement includes a seven-month phase to design, develop,
test and implement the additional features followed by a six-
year management term.

The contract, which was signed in late December, extends a
16-year relationship between Electronic Data and Indiana state.

The Electronic Data solution will provide Indiana with enhanced
transparency as it implements Gov. Mitch Daniels' package of
Medicaid reforms such as the Healthy Indiana Plan, which
provides health coverage to previously uninsured Indiana
residents, and the movement of aged, blind and disabled
residents to a care management model.  It also will continue
claims processing coverage for other Indiana health programs.

"At the conclusion of the procurement process, it was evident
that EDS was able to bring great value and experience to the
taxpayers of Indiana," said Family and Social Services
Administration Secretary, Mitch Roob.  "The technology and
insight that EDS has to offer will be a tremendous asset as we
continue to make great strides in new, innovative programs, such
as the Healthy Indiana Plan."

"As Indiana's technology partner for more than a decade and a
half, EDS understands the Healthy Indiana Plan and the state's
goal to cover its uninsured residents," said EDS Global Health
Care vice president, Sean Kenny.  "Our continued relationship
will provide stability not only for the current Medicaid
program, but also for future reforms."

"Long relationships are reflections of earned trust and
understanding of cultures and goals," said EDS United States
Government Health Care vice president, Barbara Anderson.  "Over
the years, Indiana and EDS together have delivered program
efficiencies to enable reforms and help push forward vital new
programs to improve health outcomes for Hoosiers."

                 About Electronic Data System

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.  EDS
has locations in Argentina, Australia, Austria, Brazil, China,
Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto
Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom,
among others.

                        *     *     *

As of Jan. 10, 2008, EDS Corp. carries, Ba1 Corporate Family,
Senior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service.


LOGIX TECHNOLOGIE: Creditors' Meeting Slated for Jan. 21
--------------------------------------------------------
Creditors owed money by LLC logix Technologie und Beteiligung
(FN 136455w) are encouraged to attend the creditors' meeting at
10:00 a.m. on Jan. 21.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2007 (3 S 151/07m).

Stephan Riel serves as the court-appointed estate administrator
of the bankrupt's estate.  Johannes Jaksch represents Dr. Riel
in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Stephan Riel
         c/o  Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


MASTER BAU: Creditors' Meeting Slated for Jan. 21
-------------------------------------------------
Creditors owed money by LLC MASTER BAU (FN 270732k) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
Jan. 21.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 26, 2007 (3 S 150/07i).

Christof Stapf serves as the court-appointed estate
administrator of the bankrupt's estate.  Michael Neuhauser
represents Dr. Stapf in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Christof Stapf
         c/o Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333-44
         E-mail: wien@snwlaw.at


PROHOLZ HANDEL: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Nov. 28, 2007, an order
shutting down the business of LLC PROHOLZ Handel (FN 277940k).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14, 2007 (Bankr. Case No 6 S 147/07w).  Eva Riess
represents Dr. Riess in the bankruptcy proceedings.


SCHUSTER IMMOBILIENTREUHAND: Creditors' Meeting Set for Jan. 17
---------------------------------------------------------------
Creditors owed money by LLC Schuster Immobilientreuhand-
BauConsulting (FN 219514s) are encouraged to attend the
creditors' meeting at 2:55 p.m. on Jan. 17.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 227
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 29, 2007 (25 S 125/07f).  Georg Muhri serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Georg Muhri
         CGO Masseverwaltungsgesellschaft mbH v.d.
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at


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


NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace
----------------------------------------------------------------
Nuance Communications Inc., in connection with its recent
acquisition of Viecore, Inc., Tom Chisholm, formerly the Chief
Executive Officer of Viecore and now Senior Vice President,
Nuance Enterprise Services, was granted an inducement grant of
286,137 restricted stock units, fifty percent of which vest on
the first anniversary of the acquisition, one eighth of which
vest on the eighteen month anniversary of the acquisition, one
eight of which vest on the second anniversary of the acquisition
and twenty five percent of which vest, if at all, on the second
anniversary of the acquisition upon the achievement of certain
performance-based objectives.

The restricted stock units were approved by the compensation
committee of the company's board of directors and granted as an
inducement material to Mr. Chisholm's employment with Nuance in
accordance with NASDAQ Marketplace Rule 4350(i)(l)(A)(iv).

                   About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                          *     *     *

As of Jan. 10, 2008, Nuance Communications Inc. carries B1
Corporate Family, Bank Loan Debt and Probability-of-Default
ratings from Moody's Investor Service, which said the outlook is
stable.

The company also carries B+ Foreign and Local Issuer Credit
ratings from Standard & Poor's Ratings Services, which said the
outlook is positive.


NUANCE COMMS: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit
----------------------------------------------------------------
Nuance Communications Inc. has appointed Fumitaka Tezuka as a
vice president of Nuance Communications, Inc. and President of
the Nuance Communications Japan K.K.  Mr. Tezuka, formerly
president of Genesys Japan K.K., will be responsible for all
aspects of Nuance's commercial efforts in Japan.  He will be
based in the Nuance Communications Japan headquarters in Tokyo
and will report to Don Hunt, Nuance's president of worldwide
sales.

Japan is one of the most technologically sophisticated markets
in the global economy and a strong hub for innovation,
particularly in the mobile, automotive and consumer electronic
industries.  In recent years, Nuance has seen steady growth in
Japan and has established itself as the leading speech
solutions company in the Japanese market.  The company has built
several strong partnerships and grown its Japanese customer base
to include companies such as Sharp, Denso, GE Consumer Finance
and Mitsubishi UFJ Securities.  With the continued proliferation
of speech and Nuance's expanding efforts in the mobile and
enterprise markets, the company concluded a strong presence and
senior leadership would accelerate its next phase of growth.

"We are pleased to welcome an executive with the stature and
experience of Fumitaka Tezuka, extending the strong team we've
established at Nuance Communications Japan KK," said Don Hunt,
president, Worldwide Sales at Nuance.  "Throughout a successful
career, Tezuka-san has demonstrated an ability to understand and
meet customers' needs, and to grow relationships and businesses
by recognizing and creating new opportunities.  We look forward
to Tezuka-san's contributions as he leads the Nuance's expansion
in Japan and continues a heritage of providing innovative
solutions for its global customers and partners."

Mr. Tezuka, during the last 15 years, has served as president
and CEO at a number of technology companies in Japan including
Genesys Japan K.K.; TMSw Corp.; Red Brick Japan Co., Ltd.; and
Bay Networks K.K.  Most recently as president of Genesys Japan
K.K., Mr. Tezuka was responsible for delivering Genesys
solutions to three large telecommunications carriers, including
NTT, KDDI and Softbank Group, and other major enterprises and SI
partners in the region.

"It is my pleasure to join an industry leader such as Nuance,"
said Fumitaka Tezuka.  "Having worked in the software industry a
long time, I recognize and admire Nuance's reputation for market
leadership, customer excellence and technology innovation.
Speech automation is a technology that has an increasingly
pivotal role in mobile, as well as other industries and
applications, and I look forward to helping the company reach
its ambitious goals for its solutions."

In connection with the hiring of Fumitaka Tezuka, the
Compensation Committee approved the issuance of an inducement
grant of 75,000 stand-alone restricted stock units to
Mr. Tezuka, as an inducement that is material to his entering
into an employment arrangement with Nuance.  The restricted
stock units were granted in accordance with NASDAQ Marketplace
Rule 4350 and upon the approval of the Compensation Committee of
Nuance's Board of Directors.  50,000 of the restricted stock
units vest over a four year period and 25,000 of the restricted
stock units vest upon the achievement of certain performance-
based objectives.

                   About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                          *     *     *

As of Jan. 10, 2008, Nuance Communications Inc. carries B1
Corporate Family, Bank Loan Debt and Probability-of-Default
ratings from Moody's Investor Service, which said the outlook is
stable.

The company also carries B+ Foreign and Local Issuer Credit
ratings from Standard & Poor's Ratings Services, which said the
outlook is positive.


SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007
------------------------------------------------------------
                  Solutia Chapter 11 Debtors
             Unaudited Statement of Consolidated
                      Financial Position
                   As of November 30, 2007

                             ASSETS

Cash                                               US$3,000,000
Trade Receivables, net                              194,000,000
Account Receivables-Unconsolidated Subsidiaries      64,000,000
Inventories                                         176,000,000
Other Current Assets                                 81,000,000
Assets of Discontinued Operations                     6,000,000
                                                --------------
Total Current Assets                                524,000,000

Property, Plant and Equipment, net                  652,000,000
Investments in Subsidiaries and Affiliates          687,000,000
Intangible Assets, net                              106,000,000
Other Assets                                         67,000,000
                                                --------------
Total Assets                                   US$2,036,000,000

             LIABILITIES AND SHAREHOLDERS' DEFICIT

Accounts Payable                                 US$217,000,000
Short Term Debt                                     943,000,000
Other Current Liabilities                           172,000,000
Liabilities of Discontinued Operations                2,000,000
                                                --------------
Total Current Liabilities                         1,334,000,000

Long-Term Debt                                       19,000,000
Other Long-Term Liabilities                         175,000,000
                                                --------------
Total Liabilities not Subject to Compromise       1,528,000,000

Liabilities Subject to Compromise                 1,936,000,000

Shareholders' Deficit                            (1,428,000,000)
                                                --------------
Total Liabilities & Shareholders' Deficit      US$2,036,000,000

                  Solutia Chapter 11 Debtors
        Unaudited Consolidated Statement of Operations
             For the Month Ended November 30, 2007

Total Net Sales                                  US$199,000,000
Total Cost Of Goods Sold                            185,000,000
                                                --------------
Gross Profit                                         14,000,000

Total MAT Expense                                    17,000,000
                                                --------------
Operating Income (Loss)                              (3,000,000)

Equity Earnings from Affiliates                               0
Interest Expense, net                                (9,000,000)
Other Income, net                                     4,000,000

Reorganization Items:
Professional fees                                    (6,000,000)
Employee severance and retention costs               (1,000,000)
Adjustment to allowed claim amounts                           0
Settlements of prepetition claims                             0
                                                --------------
                                                    (7,000,000)
                                                --------------
Income from continuing operations before taxes      (15,000,000)

Income tax expense (benefit)                                  0

Income from discontinued operations                           0
                                                --------------
Net Loss                                         (US$15,000,000)

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, the Court confirmed the
Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No.
112; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.


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


ADEX AGRO: Sets Public Auction By February 7
--------------------------------------------
Adex Agro S.A. will auction its assets on Feb. 7, 2008, at a
starting price of CZK27 million, the Financial Times reports,
citing Pozitron Information Services.  The starting price is the
supposed actual market value of the company.

As reported in the TCR-Europe on Aug. 22, 2007, Adex Agro became
bankrupt as of August 2007 due to its excessive debts.  Adex
Agro has about 220 creditors and its CEK 200 million worth of
receivables have been acknowledge.

Headquartered in Tachova, Czech Republic, Adex Agro S.A. --
http://www.adex.cz/-- is the largest Czech turkey meat
processor, producing up to 8,000 tonnes of packed meat and 3,000
tonnes of meat products a year before its troubles began.  The
company processed 578 tonnes in January 2006, but the amount has
dropped to 337 tonnes in December 2006 and to 57 tonnes in
January 2007.

The company has been in the hands of the Agrokrocan association
of turkey breeders since July 2004.  Its predecessor, Adex
Tachov, went bankrupt because of debt worth CZK650 million in
1999.


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


DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor
--------------------------------------------------------------
Dresser-Rand Group Inc. will supply advanced turbomachinery for
a floating, production, storage and offloading vessel for the
Pazflor Field offshore Angola.

The award is approximately US$44 million.  Dresser-Rand will
supply gas compression packages.  The company will provide four
Datum(R) centrifugal compression trains.  Two trains will be
driven by gas turbines and two trains will be driven by electric
motors.  The company booked the order in December 2007.

"We are very excited about the floating production market which
is a strategically important market for Dresser-Rand", said
Dresser-Rand's executive vice president, New Equipment
Worldwide, Jesus Pacheco.  "This award is representative of the
value our technology brings to our clients.  Our DATUM(R)
technology adds value to Total by reducing the weight and
footprint of the compression system, as fewer casings are
required.  It also maximizes gas throughput compared to
competitor offerings as a result of the high efficiency of the
compressors.  We believe activity in the floating production
market will continue to be significant and that our market share
will remain strong."

Pazflor's floating production unit will operate in Block 17 and
will be designed to handle 200,000 barrels of oil per day and
will be able to store about 1.9 million barrels of crude.  First
oil production will be in 2011.

Total Group is one of the world's major oil and gas groups, with
activities in more than 130 countries.  Its 95,000 employees put
their expertise to work in every part of the industry --
exploration and production of oil and natural gas, refining and
marketing, gas trading and electricity.

                       About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                          *     *     *

As of Jan. 10, 2008, Dresser-Rand Group Inc. carries Ba3
Corporate Family and Probability-of-Default ratings from Moody's
Investor Service, which said the outlook is stable.  The company
also carries Ba1 Bank Loan Debt and B1 Senior Subordinated Debt
ratings.

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



EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14
--------------------------------------------------------------
Eutelsat Communications will release its earnings for its first
half-year ended Dec. 31, 2007, on Feb. 14, 2008, before the
opening of Euronext Paris.  An earnings presentation (in French)
will be held that same day at:

                Eutelsat Communications
                70, rue Balard - 75015 Paris
                Metro: Balard or Javel

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%


GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract
----------------------------------------------------------------
General Cable Corporation's subsidiary, Norddeutsche
Seekablewerke GmbH, has been awarded its first submarine power
contract by BARD Engineering GmbH, for more than US$30 million
related to the construction of BARD Offshore 1.  BARD Offshore 1
is a 400-megawatt wind farm consisting of 80 wind turbines that
will be located northwest of the Isle of Borkum in the North
Sea.

BARD Offshore 1 is the first commercial wind farm to be located
in the North Sea and is expected to be completed in 2010.  NSW
will produce approximately 66 miles of power cable for the
infield infrastructure portion of the project, which will
harness the electricity generated by the turbines for
transmission back to shore.  The field will be located in water
75 miles offshore with a depth of approximately 130 feet.  "We
believe that the North Sea will be an area of high growth for
wind power generation due to its ideal conditions of high
sustainability of wind and shallow waters, key factors allowing
for efficient use of the turbines and for anchoring the windmill
towers.  With its long history and experience in submarine
cabling systems, NSW is ideally positioned to take advantage of
this high growth opportunity," said Valentin Jug, Chairman of
NSW.

General Cable acquired NSW in April 2007 and began an investment
program to expand the capability of the facility to include
submarine power cables and repeatered submarine
telecommunications cable.  NSW is located on a tributary of the
North Sea, with its own deep-sea pier.  The Company believes
that once the expansion of NSW is completed, it will be well
positioned to address all aspects of submarine cable needs for
the expanding offshore wind farm market.

                         About NSW

Headquartered in Nordenham, Germany, Norddeutsche Seekablewerke
GmbH -- http://www.nsw.de/-- manufactures submarine fiber optic
communications and offshore power cables serving customers all
over the world.

                      About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed US$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


PETIT BOY: Asiatex Sells Firm to Unnamed Textile Company
--------------------------------------------------------
Asiatex SA sold Petit Boy LLC to an unidentified textile company
backed by a financial group, Financial Times Ltd. reports citing
Les Echos as its source.

According to Stuart Todd of just-style, Asiatex acquired Petit
Boy from receivership in 2006 and its restructuring over the
past 20 months has reduced its chain of stores to 68 from 90.

The company reported a net profit of EUR1 million from a
turnover of EUR12.6 million in 2007.

Headquartered in Chemin des Coteaux, France, Petit Boy --
http://www.petitboy.com/-- designs, produces and distributes
clothing for children, new born to sixteen.  It has operations
in France, Spain, Belgium and Holland.


SMOBY-MAJORETTE: Sells Blow Moulding Unit to RPC Group
------------------------------------------------------
RPC Group Plc bought Smoby-Majorette S.A.'s blow molding unit in
Moirans-en-Montagne for under US$2 million, Financial Times Ltd.
Reports citing Chemical Business Newsbase as its source.

According to the report, RPC bought the plant after Smoby
slashed its workforce to 52.  The facility was renamed to RPC
Emballages Moirans SA.

The unit made sales of around US$24 million until earlier in
2007, when its performance diminished under Smoby's financial
status.

As reported in the TCR-Europe on Jan. 8, 2008, the Court of
Appeal in Besancon rejected the recovery plan presented by MGA
Entertainment Inc. for Smoby-Majorette, maintaining the decision
of the Commercial Court of Lons-le-Saunier to place the company
under receivership on Oct. 9, 2007.

The appellate court gave interested parties until at latest
Jan. 20, 2007, to submit offers for Smoby.  Around 30 parties
have sought information on Smoby and its units.

                           About Smoby

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

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


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


ALFORN DEUTSCHLAND: Claims Registration Ends February 5
-------------------------------------------------------
Creditors of Alforn Deutschland GmbH have until Feb. 5 to
register their claims with court-appointed insolvency manager
Stephanie Pidun.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 18, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

          Stephanie Pidun
          Jungfernstieg 51
          20354 Hamburg
          Germany

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

The Debtor can be reached at:

         Alforn Deutschland GmbH
         Attn: Peter Olbinsky, Manager
         Biedenkamp 5a
         21509 Glinde
         Germany


ATIS GMBH: Claims Registration Period Ends Jan. 29
--------------------------------------------------
Creditors of ATIS GmbH Anlagen-Technik und Industrie-Service
have until Jan. 29 to register their claims with court-appointed
insolvency manager Wolfgang Folger.

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

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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:

         Wolfgang Folger
         C/o Ehler, Ermer und Partner
         Wrangelstrasse 17-19
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against ATIS GmbH Anlagen-Technik und Industrie-Service on
Jan. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ATIS GmbH Anlagen-Technik und Industrie-Service
         Attn: Thomas Bratz, Manager
         Vossberg 2
         24855 Bollingstedt
         Germany


AUGUST SAUER: Claims Registration Period Ends Jan. 31
-----------------------------------------------------
Creditors of August Sauer GmbH + Co. KG have until Jan. 31 to
register their claims with court-appointed insolvency manager
Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hagen
         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:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Hagen opened bankruptcy proceedings
against August Sauer GmbH + Co. KG on Dec. 28, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         August Sauer GmbH + Co. KG
         Schuetzenstr. 1-3
         58553 Halver
         Germany


AUTOHAUS LEISTNER: Claims Registration Period Ends Feb. 1
---------------------------------------------------------
Creditors of Autohaus Leistner GmbH have until Feb. 1 to
register their claims with court-appointed insolvency manager
Oliver Junghanel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Feb. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Oliver Junghanel
         Lessingstr. 25
         08058 Zwickau
         Germany

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

The Debtor can be reached at:

         Autohaus Leistner GmbH
         Triebeser Str. 15
         07937 Zeulenroda-Triebes
         Germany


BAUGESCHAFT SCHNEIDER: Claims Registration Period Ends Feb. 1
-------------------------------------------------------------
Creditors of Baugeschaft Schneider GmbH & Co.KG have until
Feb. 1 to register their claims with court-appointed insolvency
manager Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Bruno M. Kuebler
          Kassbergstrasse 24
          09112 Chemnitz
          Tel:(0371) 3133 73
          Fax: (0371) 3133 75
          E-mail: chemnitz@kuebler-gbr.de.

The District Court of Chemnitz opened bankruptcy proceedings
against Baugeschaft Schneider GmbH & Co.KG on Dec. 17, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baugeschaft Schneider GmbH & Co.KG
         Chemnitzer Strasse 15
         09366 Stollberg
         Germany


BAUSTUDIO NORD: Claims Registration Period Ends Jan. 25
-------------------------------------------------------
Creditors of BauStudio Nord GmbH have until Jan. 25 to register
their claims with court-appointed insolvency manager Dr.
Matthias Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Feb. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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. Matthias Fischer
         c/o hww Kiel
         Am Germaniahafen 2
         24143 Kiel
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against BauStudio Nord GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BauStudio Nord GmbH
         Attn: Wolfgang Peters, Manager
         Graf-Zeppelin-Strasse 22
         24941 Flensburg
         Germany


BRUNK GASTRONOMIE: Claims Registration Period Ends Jan. 30
----------------------------------------------------------
Creditors of Brunk Gastronomie GmbH have until Jan. 30 to
register their claims with court-appointed insolvency manager
Simone Gisdal.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Jan. 30, 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 Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Simone Gisdal
         Kapellenstr. 18
         66271 Kleinblittersdorf
         Germany
         Tel: 06805/9090
         Fax: 06805/909100

The District Court of Saarbruecken opened bankruptcy proceedings
against Brunk Gastronomie GmbH on Dec. 28, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Brunk Gastronomie GmbH
         Attn: Holger Brunk, Manager
         Bleichstr. 11-15
         66111 Saarbruecken
         Germany


ERNST JOLITZ: Claims Registration Period Ends Jan. 24
-----------------------------------------------------
Creditors of Ernst Jolitz und Sohne GmbH & Co. KG have until
Jan. 24 to register their claims with court-appointed insolvency
manager Herr Peter Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         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:

         Herr Peter Knoepfel
         Hallerstrasse 76
         20146 Hamburg
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Ernst Jolitz und Sohne GmbH & Co. KG on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ernst Jolitz und Sohne GmbH & Co. KG
         Attn: Frank Jolitz, Manager
         Sibeliusstrasse 2
         23556 Luebeck
         Germany


FREE-BOX SALES: Claims Registration Period Ends Jan. 25
-------------------------------------------------------
Creditors of free-box Sales GmbH have until Jan. 25 to register
their claims with court-appointed insolvency manager Ygglev
Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Feb. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against free-box Sales GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         free-box Sales GmbH
         Attn: Holger Freiesleben und
               Tord Kasten, Managers
         Neustadt 16
         24939 Flensburg
         Germany


FRYE SPEDITION: Claims Registration Period Ends Feb. 1
------------------------------------------------------
Creditors of Frye Spedition GmbH & Co. KG have until Feb. 1 to
register their claims with court-appointed insolvency manager
Stephan Michels.

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

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

          Stephan Michels
          c/o PLUTA Rechtsanwalts GmbH
          Ludgeristr. 54
          48143 Muester
          Germany
          Tel: 0251/162830
          Fax: 0251/16283-11
          E-mail: muenster@pluta.net

The District Court of Osnabrueck opened bankruptcy proceedings
against Frye Spedition GmbH & Co. KG on Dec. 27, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Frye Spedition GmbH & Co. KG
         Am Fledderbach 4
         49201 Dissen
         Germany


GATEC WIRTSCHAFTSBERATUNGS: Claims Registration Ends Feb. 1
-----------------------------------------------------------
Creditors of Gatec Wirtschaftsberatungsgesellschaft mbH have
until Feb. 1 to register their claims with court-appointed
insolvency manager Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         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:

          Karl-Heinz Blaha
          Bahnhofstr. 30 A
          29221 Celle
          Germany
          Tel: 05141/28011
          Fax: 05141/24722
          E-mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle opened bankruptcy proceedings
against Gatec Wirtschaftsberatungsgesellschaft mbH on Dec. 18,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Gatec Wirtschaftsberatungsgesellschaft mbH
         Wernerusstr. 33
         29227 Celle
         Germany


HAVENROCK II: Fitch Withdraws Junk Ratings on IKB Loans
-------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
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'; Rating withdrawn

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

   -- US$43.75 million facility B loan provided by IKB: affirmed
      at 'CC/DR6'; Rating withdrawn US$11,375,000 facility A
      loan provided by IKB: affirmed at 'CC/DR6'; Rating
      withdrawn

The 364-day committed facilities could be drawn on to cover
Havenrock II's obligations under a credit default swap.  The
withdrawal of the ratings follows notification from IKB on
Jan. 7, 2008, that Fitch would no longer be receiving
information on the loan facilities provided by IKB and IKB
International to Havenrock II.  Thus, Fitch will no longer be
able to provide ratings or analytical coverage of Havenrock II.


HM-TEAM CONSULTING: Claims Registration Period Ends Feb. 1
----------------------------------------------------------
Creditors of HM-Team Consulting GmbH Autohausberatung have until
Feb. 1 to register their claims with court-appointed insolvency
manager Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 089/2603966
         Fax: 089/2609204

The District Court of Munich opened bankruptcy proceedings
against HM-Team Consulting GmbH Autohausberatung on Dec. 17,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         HM-Team Consulting GmbH Autohausberatung
         Wernher-von-Braun Str. 10A
         85640 Putzbrunn
         Germany


INTERBAU GMBH: Claims Registration Period Ends Jan. 31
------------------------------------------------------
Creditors of Interbau GmbH & Co.KG have until Jan. 31 to
register their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 18, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings
against Interbau GmbH & Co.KG on Dec. 27, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Interbau GmbH & Co.KG
         Attn:  Danny Haufe, Manager
         Koenigsbruecker Str. 21
         01936 Gruengrabchen
         Germany


KFZ SERVICE: Claims Registration Period Ends Jan. 25
----------------------------------------------------
Creditors of KFZ Service Zech GmbH have until Jan. 25 to
register their claims with court-appointed insolvency manager
Dr. Marcus Goebel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Feb. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut

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. Marcus Goebel
         Marschallstr. 19
         84028 Landshut
         Germany
         Tel: 0871/430160
         Fax: 0871/4301699

The District Court of Landshut opened bankruptcy proceedings
against KFZ Service Zech GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KFZ Service Zech GmbH
         Am Kletthamer
         Feld 16
         85435 Erding
         Muenchen
         Germany


LM-TELEKOMMUNIKATIONS: Creditors' Meeting Slated for Jan. 31
------------------------------------------------------------
The court-appointed insolvency manager for LM-Telekommunikations
GmbH, Frank-Michael Rhode will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:30
a.m. on Jan. 31.

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

         The District Court of Bremen
         Hall 50
         Domsheide 16
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Feb. 28 at the same venue.

Creditors have until Feb. 5 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de
         Web site: http://www.rhode.de/

The District Court of Bremen opened bankruptcy proceedings
against LM-Telekommunikations GmbH on Dec. 4, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LM-Telekommunikations GmbH
         Hansa-Carre
         Pfalzburger Strasse 41
         28207 Bremen
         Germany

         Attn: Martin Luebbehuesen, Manager
         Alter Schulweg 10
         49685 Emstek
         Germany


MESLINA GMBH: Claims Registration Ends February 4
-------------------------------------------------
Creditors of Meslina GmbH have until Feb. 4 to register their
claims with court-appointed insolvency manager Christian Graf
Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 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:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strasse 36
         14469 Potsdam
         Germany

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

The Debtor can be reached at:

         Meslina GmbH
         Attn: Torsten Benke and Cengiz Tuerk, Managers
         Hegelallee 5
         14467 Potsdam
         Germany

MH-BUEROSYSTEME: Claims Registration Period Ends Feb. 1
-------------------------------------------------------
Creditors of MH-Buerosysteme GmbH have until Feb. 1 to register
their claims with court-appointed insolvency manager Dr. Peter
May.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Feb. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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. Peter May
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871/9432150

The District Court of Landshut opened bankruptcy proceedings
against MH-Buerosysteme GmbH on Dec. 13, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MH-Buerosysteme GmbH
         Seligenthalerstr. 37
         84034 Landshut
         Germany


PANDATEL AG: Halts Operations; to Close Singapore Unit
------------------------------------------------------
Pandatel AG has decided to discontinue its operational business
due to lack of personnel.

Toward the turn of the year 2007/2008, all employees of Pandatel
AG have gradually resigned voluntarily and they have taken job
offers from other local companies.  Only two employees still
remain.

In addition, the Singapore subsidiary, Pandatel Asia Pacific, is
in the process of being closed.  This measure does not affect
any employees.  Within the restructuring measures of 2006 and
2007 the number of employees had already been adjusted.

Arising expenses have been accounted for within liquidation
costs.

As previously reported in the TCR-Europe, Pandatel's
shareholders passed the resolution on application for the
company's liquidation as well as an application for special
audit with more than 90% of the respective capital stock
entitled to vote at a shareholders meeting on Aug. 14, 2007.

Dowslake Venture Ltd. filed its application for liquidation on
March 28, 2007.  Dowslake claims Pandatel can no longer operate
and be sustainably profitable on its own.  This way,
shareholders would at least receive part of the remaining
liquidity.

During the meeting, minor shareholders filed an application for
special audit, mainly referring to fiscal year 2006, which the
shareholders meeting's chairman admitted to voting.

Dowslake Microsystems and Pandatel have a joint sales and
marketing agreement in place providing Dowslake Microsystems
full right to continue to serve its full customer base.

Headquartered in Hanover, Germany, Pandatel AG --
http://www.pandatel.com/-- specializes in Ethernet
technologies.


TERRES-INVEST: Claims Registration Period Ends Feb. 2
-----------------------------------------------------
Creditors of Terres-Invest Projektentwicklungs GmbH have until
Feb. 2 to register their claims with court-appointed insolvency
manager Hubert Ampferl.

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

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

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Munich
         Germany
         Tel: 089/3090586-0
         Fax: 089/3090586-10

The District Court of Munich opened bankruptcy proceedings
against Terres-Invest Projektentwicklungs GmbH on Dec. 10, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Terres-Invest Projektentwicklungs GmbH
         Oldenbourgstr. 11
         81247 Munich
         Germany


ULM EINS: Claims Registration Ends February 4
---------------------------------------------
Creditors of "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH
have until Feb. 4 to register their claims with court-appointed
insolvency manager Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         First Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111

The District Court of Leipzig opened bankruptcy proceedings
against "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH on
Dec. 28, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH
         Antonienstrasse 20
         04229 Leipzig
         Germany


WEMA PROJEKTENTWICKLUNG: Claims Registration Ends February 4
------------------------------------------------------------
Creditors of WeMa Projektentwicklung GmbH have until Feb. 4 to
register their claims with court-appointed insolvency manager
Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Muehlenstrasse 4
         29221 Celle
         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:

         Karl-Heinz Blaha
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de

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

The Debtor can be reached at:

        WeMa Projektentwicklung GmbH
        Attn: Matthias Wede, Manager
        Nordfeld 9
        29336 Nienhagen
        Germany


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


PROPEX INC: Posts US$60.7 Mln Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------------
Propex Inc. reported its financial results for the three months
ended Sept. 30, 2007.

The company disclosed a net loss of US$60.7 million in three
months ended Sept. 30, 2007, compared to a net loss of US$6.5
million in the same period in 2006.

For the three months ended Sept. 30, 2007, total net revenue
decreased US$15.2 million, or 7.8%, to US$179.4 million from
US$194.6 million in the corresponding period of 2006.  The net
revenue decrease is due primarily to a decrease in North America
furnishings net revenue of US$24.2 million and a decrease in
North America industrial products net revenue of US$4.2 million.
The segment decreases were partially offset by an increase in
North America geosynthetics net revenue of US$5.4 million, an
increase in concrete fiber net revenue of US$2.4 million, an
increase in Europe net revenue of US$0.6 million and an increase
in Brazil net revenue of US$4.8 million from the corresponding
period in 2006.

For the nine months ended Sept. 30, 2007, total net revenue
decreased US$73.5 million, or 12.4%, to US$517.8 million from
US$591.3 million in the corresponding period of 2006.  This net
revenue decrease is due to a decrease in North America
furnishings net revenue of US$90.9 million and a decrease in
North America industrial products net revenue of US$11.3
million.  The segment decreases were partially offset by an
increase in North America geosynthetics net revenue of US$3.5
million, an increase in concrete fiber net revenue of US$9.8
million, an increase in Europe net revenue of US$3.5 million and
an increase in Brazil net revenue of US$11.9 million from the
corresponding period in 2006.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$585.7 million and total liabilities of US$527.4
million, resulting in a US$58.3 million stockholders' equity.

                      Covenant Default

At Sept. 30, 2007, the company disclosed that it was not in
compliance with the two leverage ratio covenants under the
Second Amendment to a Credit Agreement dated Jan. 26, 2007.  The
company is currently in default under the Credit Agreement and
in negotiations with its lenders in order to resolve the issue
of non-compliance.

The company has notified the Administrative Agent of its non-
compliance in accordance the Credit Agreement, and the
Administrative Agent and the lenders under the Credit Agreement
have indicated a willingness to work with the company to resolve
the issue of non-compliance.  To proactively address the issue
of non-compliance and to provide strategic advice related to its
indebtedness, on Oct. 23, 2007, the company engaged Houlihan
Lokey Howard & Zukin Capital, Inc. as its exclusive advisor.
Houlihan Lokey will assist the company as it negotiates with its
current lenders and will provide strategic and tactical
recommendations to successfully address the long-term financing
needs of the company.   No assurance of a successful resolution
of these matters can be given as of the date of this report.
The company has not been notified by the lenders of their intent
to exercise the right to accelerate the debt under the default
provisions of the Credit Agreement.

As a result of its default under the Credit Agreement, the
company is precluded from additional borrowings from the
revolving credit facility while in default.  In addition, the
terms of the Credit Agreement state that after the occurrence of
default, the company may not elect to have line of credit
borrowings be made or maintained as a LIBOR loan after
expiration of the interest period. As portions of its borrowings
under LIBOR interest rate agreements expire, these borrowings
will be at the base rate as defined by the Credit Agreement,
plus 2%.  If not for the event of default, in accordance with
our monthly borrowing base calculation, Propex Inc. would have
had US$22.6 million of availability, as of Sept. 30, 2007, under
its US$50 million revolving line of credit.

As of Sept. 30, 2007, the company had US$230.6 million of
borrowings outstanding under the Credit Agreement.  As a result
of its default, this amount has been classified as current on
the consolidated balance sheet.  If the lenders exercise their
right to accelerate the indebtedness or foreclose on collateral
under the Credit Agreement, it would have a material adverse
effect on the company.  At Sept. 30, 2007, the balance of
unamortized deferred financing costs that may be required to be
written-off in the event that a waiver or restructuring of terms
cannot be negotiated and the debt is accelerated or otherwise
extinguished, was US$3.8 million.

                        About Propex Inc.

Propex Inc. -- http://www.propexinc.com/-- manufactures primary
and secondary carpet backing.  The company also manufactures and
markets woven and non-woven polypropylene fabrics and fibers
used in geosynthetic and a variety of other industrial
applications.

Based in Gronau, Germany and Gyor, Hungary, Propex International
-- http://www.geotextile.com/europe/-- is recognized as an
internationally leading manufacturer of carpet backings,
geotextiles and composite sheets.  Strict manufacturing
specifications, quality control monitoring and laboratory
testing ensure our products consistently meet or exceed European
standards.

Propex Inc. -- http://www.propexinc.com/-- manufactures primary
and secondary carpet backing.  The company also manufactures and
markets woven and nonwoven polypropylene fabrics and fibers used
in geosynthetic and a variety of other industrial applications.


                           *     *     *

As reported in yesterday's Troubled Company Reporter, Standard &
Poor's Ratings Services lowered its ratings on Propex
Inc. by two notches, including its corporate credit rating to
'CCC' from 'B-'.  The ratings remain on CreditWatch with
negative implications where they were placed on Oct. 8, 2007.


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


ALPI EAGLES: Court to Rule on ENAC License Suspension on Jan. 17
----------------------------------------------------------------
The Regional Administrative Court of Lazio is set to decide on
Jan. 17 on whether Italian civil aviation body Ente Nazionale
per l'Aviazione Civile (ENAC) was justified in revoking the
operating license of Italian airline Alpi Eagles S.p.A., the
Financial Times reports, citing Il Sole 24 Ore as its source.

According to the report, ENAC suspended Alpi Eagles' activity
after it showed record levels of delays and cancellations.

Alpi Eagles, however, said in a press release that it "will
appeal to the competent legal authorities against the suspensive
measure of its activity by ENAC."

Meanwhile, Alpi Eagles remains grounded until a verdict is
reached, Claudio Pasqualetto writes for Il Sole 24 Ore.

The Italian airline's license expired on Dec. 31, 2007,
International Passenger Protection relates.

                       Bankruptcy Petition

The TCR-Europe cited FT on Nov. 26, 2007, that creditors of Alpi
Eagles had asked the Court of Padova to declare the regional
carrier insolvent.

The petition was filed by airport operators SAVE of Venice and
GESAC of Naples, Avionews says.  Alpi Eagles owes SAVE around
EUR3.8 million.

Paolo Sinigaglia, Alpi Eagles's president, on the other hand,
argued "Alpi Eagles is not in a state of insolvency, because it
is super-capitalized."

"I want stigmatize SAVE action, made by its President Enrico
Marchi, who long time plots to close our airline," Mr.
Sinigaglia told Avionews.

The court is scheduled to examine the bankruptcy petition on
Feb. 12.

Alpi Eagles ran into financial difficulties after a number of
local businessmen reduced their stakes in the company, Il Sole
24 Ore reveals.

Headquartered in Venice, Italy, Alpi Eagles S.p.A. --
http://www.alpieagles.com/-- operates scheduled passenger
services linking 15 domestic destinations, as well as
international services to Albania, Czech Republic, France,
Romania, Russia, Spain and Ukraine.

Alpi Eagle is currently operating under a provisional license
valid until Dec. 31, 2007, following an investigation by Ente
Nazionale per l'Aviazione Civile, the italian Civil Aviation
Authority, due to insufficient financial resources.

The company's management has submitted an emergency financial
recovery action plan to creditors.


PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs
----------------------------------------------------------------
Prosecutors in Parma, Italy, have asked a court to commence
trial for 10 executives at Citibank, a unit of Citigroup, for
abetting Parmalat S.p.A.'s financial collapse in December 2003,
Dow Jones reports citing Chief Prosecutor Gerardo La Guardia.

The court, however, has yet to arrange a preliminary hearing to
decide whether there is enough evidence to warrant indictments
and a full trial for the 10 bankers, Dow Jones said.

Citigroup, meanwhile, expressed confidence "that the examination
by the judge at the preliminary hearing will result in a finding
that its employees are wholly innocent of the charges being
brought."

"It will finally be proven in court that Citi is in fact a
victim of this fraud," Citigroup said.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


TISCALI SPA: To Launch Mobile Phone Service in the U.K.
-------------------------------------------------------
Tiscali S.p.A. plans to launch a mobile phone service in the
U.K. this year using its newly acquired ToucanMobile brand,
Juliette Garside writes for The Telegraph.

Tiscali U.K., the company's British unit, is holding talks with
all the mobile phone operators in the U.K. over renting space on
their networks to carry the service, the Telegraph says.

"The assessment is not if, it is who and when," Chief executive
Mary Turner told the Telegraph.  "The business case has already
been approved by the board."

The business, which is set for launch in fourth quarter 2008,
will provide SIM-only services, Telegraph relates.

The business will use the customer base of ToucanMobile, which
would be rebranded under the Tiscali banner, Ms. Turner told The
Telegraph.

ToucanMobile provides service to 7,000 customers and leases
space on T-Mobile's network.

                         About Tiscali

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

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


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


ER-SNAB-7 LLP: Proof of Claim Deadline Slated for Feb. 6
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Er-Snab-7 insolvent.

Creditors have until Feb. 6 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Iliyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


FIRM ZEREN: Creditors Must File Claims by Feb. 5
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Firm Zeren insolvent.

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

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


JARDEM XXI: Claims Filing Period Ends Feb. 5
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Jardem XXI insolvent.

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

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


JASTYK LLP: Creditors' Claims Due on Feb. 6
-------------------------------------------
LLP Agrocomplex Jastyk has declared insolvency.  Creditors have
until Feb. 6 to submit written proofs of claims to:

         LLP Agrocomplex Jastyk
         Neusypov Str. 7/1
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 51-07-46


JETYSAISKY PIVZAVOD: Claims Registration Ends Feb. 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Jetysaisky Pivzavod insolvent.

Creditors have until Feb. 6 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Iliyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


KORNELI LLP: Proof of Claim Deadline Slated for Feb. 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Korneli insolvent.

Creditors have until Feb. 6 to submit written proofs of claims
to:

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


SEHA STROY: Creditors Must File Claims by Feb. 6
------------------------------------------------
LLP Construction Company Seha Stroy has declared insolvency.
Creditors have until Feb. 6 to submit written proofs of claims
to:

         LLP Construction Company Seha Stroy
         Abylai han ave.3/3-71
         Almaty
         Astana
         Kazakhstan


SHANS LLP: Claims Filing Period Ends Feb. 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Shans insolvent.

Creditors have until Feb. 6 to submit written proofs of claims
to:

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


SMARTTECH LLP: Creditors' Claims Due on Feb. 6
----------------------------------------------
LLP Smarttech has declared insolvency.  Creditors have until
Feb. 6 to submit written proofs of claims to:

         LLP Smarttech
         Delegatskaya Str. 19/115
         Talgar
         Talgarsky
         Almaty
         Kazakhstan
         Tel: 8 (3272) 63-55-13


ZAVOD OKTABR: Claims Registration Ends Feb. 6
---------------------------------------------
LLP Zavod Oktabr has declared insolvency.  Creditors have until
Feb. 6 to submit written proofs of claims to:

         LLP Zavod Oktabr
         Lunacharsky Str. 6
         140000, Pavlodar
         Kazakhstan


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


BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for Jan. 18
-------------------------------------------------------------
Creditors of Utility Enterprise Bishkeksky Passajyrsky
Autocombinate will convene at 10:00 a.m. on Jan. 18 at:

         Leo Tolstoy Str. 20
         Bishkek
         Kyrgyzstan

Mr. Taalaibek Ashyrbaev has been appointed temporary insolvency
manager of the company on Nov. 29, 2007.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

The representatives of the creditors must have authorization to
vote.

The temporary insolvency can be reached at (+996 312) 93-94-96.


DELTA TOUR: Creditors Must File Claims by February 2
----------------------------------------------------
LLC Delta Tour Travel and Tourism Agency has declared
insolvency.  Creditors have until Feb. 2 to submit written
proofs of claim to:

         LLC Delta Tour Travel and Tourism Agency
         Mir Ave. 40
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 44-95-94, 44-95-52


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


PMI UNO: Fitch Rates EUR4.9 Million Class D Notes at BB
-------------------------------------------------------
Fitch Ratings has affirmed PMI Uno Finance S.r.l's asset-backed
floating-rate Class A, B and C notes and placed the Class D
notes on Rating Watch Negative:

   -- EUR26.8 million Class A floating-rate notes (ISIN:
      IT0003653414): affirmed at 'AAA'

   -- EUR10.7 million Class B floating-rate notes (ISIN:
      IT0003653422): affirmed at 'AA+'

   -- EUR8.3 million Class C floating-rate notes (ISIN:
      IT0003653430): affirmed at 'BBB+'

   -- EUR4.9 million Class D floating-rate notes (ISIN:
      IT0003653463): 'BB'; placed on RWN

The deal has benefited from significant deleveraging of the
Class A notes, which are now paid down to EUR26.8 million
(13.47% of the original outstanding amount).  In addition, the
underlying loans are due to mature in June 2008.  However, the
gross cumulative defaults as of the October 2007 report have
increased to EUR5.7 million (2.45% of initial pool), up from
EUR2.8 million (1.20% of initial pool) as of the October 2006
report.

Fitch's analysis indicates that the Class A to C notes have
sufficient credit enhancement to support their current ratings,
which is reflected in the ratings affirmation on those notes.

The credit enhancement for the Class D notes is 6.48%. However,
the delinquencies, with a total principal at risk of
EUR 4.7 million, represent 8.71% of the current portfolio and
thus are potentially sufficient to erode the Class D credit
enhancement, resulting in a loss for those notes. As a result,
the Class D notes are placed on RWN.

PMI UNO Finance S.r.l. is a static cash flow CDO of loans to
Italian SMEs.  The EUR232 million portfolio of senior unsecured
loans was originated by UniCredit Banca d'Impresa S.p.A., the
corporate banking unit of Unicredito Italiano S.p.A.


PMI 2 FINANCE: Fitch Rates EUR6.2 Million Class D Notes at BB
-------------------------------------------------------------
Fitch Ratings has affirmed PMI 2 Finance S.r.l's asset-backed
floating-rate Class A, B, C and D:

   -- EUR90.1 million Class A floating-rate notes (ISIN:
      IT0003766109): affirmed at 'AAA'

   -- EUR7 million Class B floating-rate notes (ISIN:
      IT0003766117): affirmed at 'AA+'

   -- EUR11.4 million Class C floating-rate notes (ISIN:
      IT0003766125): affirmed at 'BBB'

   -- EUR6.2 million Class D floating-rate notes (ISIN:
      IT0003766133): affirmed at 'BB'

The deal has benefited from deleveraging of the Class A notes,
which are now paid down to EUR90.1 million (33.25% of the
original outstanding amount).  In addition, the underlying loans
are due to mature in December 2008.  However, the gross
cumulative defaults as of the October 2007 report have increased
to EUR3.4 million (1.25% of initial pool), up from
EUR1.6 million (0.52% of initial pool) as of the October 2006
report.

Fitch's analysis indicates that the Class A to C notes have
sufficient credit enhancement to support their current ratings,
which is reflected in the ratings affirmation of those notes.

For the Class D notes, the credit enhancement is 6.01%. However,
the delinquencies, with a total principal at risk of
EUR8.5 million, represent 6.94% of the current portfolio and
thus are potentially sufficient to erode the Class D credit
enhancement, resulting in a loss for those notes.  Fitch's
opinion is that a significant portion of the delinquencies will
eventually become re-performing or have sufficient recoveries
that the Class D notes will not suffer a loss of principal.

PMI 2 Finance S.r.l. is a static cash flow CDO of loans to
Italian SMEs.  The EUR307.305 million portfolio of senior
unsecured loans was originated by UniCredit Banca d'Impresa
S.p.A., the corporate banking unit of Unicredito Italiano S.p.A.


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


MARYLEBONE CBO III: Fitch Cuts Class A-3 Debt Ratings to BB
-----------------------------------------------------------
Fitch has affirmed and downgraded Marylebone Road CBO III B.V.'s
(Marylebone) floating-rate notes due 2013:

   -- EUR38.25 million Class A-1 (XS0137285184): affirmed at
      'AA+'

   -- EUR21.25 million Class A-2 (XS0137285267): affirmed at
      'AA'

   -- EUR29.75 million Class A-3 (XS0137285697): downgraded to
      'BB' from 'BBB'

The rating actions reflect that, while no credit event occurred
since last review in December 2006, there has been negative
rating migration within the portfolio.  The weighted average
rating factor of the referenced portfolio is now 7.07 ('BBB-'
compared to 4.93 ('BBB'/'BBB-') in December 2006.  Since the
previous review, five assets have migrated below the investment
grade category.  Speculative-grade assets now constitute 26% of
the portfolio compared to 13% at the 2006 review.

Marylebone, which is a special purpose vehicle incorporated in
the Netherlands, entered into a credit default swap with
Deutsche Bank AG London.  DB also entered into a credit default
swap with Abbey National Financial Products for the
reimbursement of losses on a EUR850 million reference portfolio.
Marylebone issued several classes of notes, the proceeds of
which were used to purchase a portfolio of repo securities
(rated 'AAA') from ANFP.  The current reference portfolio
consists of 76 mainly investment-grade corporates and currently
stands at EUR515.83  million following commencement of
amortization.


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


BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head
---------------------------------------------------------------
Brightpoint Inc. has appointed Eric Hamburger as the President
of its Latin America operations.  Mr. Hamburger's appointment
reflects the company's continued commitment to Latin America and
its focus on growing and expanding its operations in this
strategically important region.

"Eric has developed strong wireless industry relationships and
deep industry knowledge in Latin America through his experiences
at Motorola and McKinsey," stated J. Mark Howell, Co-Chief
Operating Officer of Brightpoint, Inc. and President Brightpoint
Americas.  I look forward to working with Eric to leverage that
expertise with our existing operations and to develop new growth
opportunities as Brightpoint works to become the leading
provider of supply-chain solutions to the wireless industry in
Latin America."

Prior to his appointment as the President of the Company's Latin
America division, Mr. Hamburger had been Director, Strategy &
Business Development, for Motorola Latin America Mobile Devices
since 2003.  From 2001 to 2003, Mr. Hamburger was an Engagement
Manager for McKinsey & Company primarily focusing on developing
and implementing sales and distribution strategies for wireless
operators in Latin America.  Mr. Hamburger also worked with
Comcel, a leading wireless operator in Colombia, from 1996 to
1999 in a number of senior marketing and management roles.

                      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.


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


CHEBARKUL'SKAYA PASTRY: Creditors Must File Claims by Feb. 22
-------------------------------------------------------------
Creditors of OJSC Chebarkul'skaya Pastry Plant have until
Feb. 22 to submit proofs of claim to:

         V. N. Yusov
         Competitive Proceedings Manager
         P.O. Box 6426
         454071 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 22, 2007.  The case is docketed under Case No. A76-4691/
2007-60-55.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Chebarkul'skaya Pastry Plant
         Kuibysheva Str. 109
         Chebarkul'
         456440 Chelyabinsk
         Russia


CONSTRUCTION MATERIAL: Court Starts Competitive Proceedings
-----------------------------------------------------------
The Arbitration Court of Bashkortostan commenced one-year
competitive proceedings against Construction Material
Plant LLC after finding it insolvent on July 17, 2006.

The Court appointed A. F. Yusupov as competitive proceedings
manager.  The case is docketed under Case No. A07-23207/
05-B-XPM.

The Court is located at:

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

The Debtor can be reached at:

         Construction Material Plant LLC
         Ufa
         Bashkortostan
         Russia


LESOZAVODSKY CENTER: Creditors Must File Claims by Feb. 22
----------------------------------------------------------
Creditors of OJSC Lesozavodsky Center of Grain Production have
until Feb. 22 to submit proofs of claim to:

         K. A. Nikiforov
         Competitive Proceedings Manager
         Sibartseva Str. 76
         Lesozavodsk
         692042 Primorsky
         Russia

The Arbitration Court of Primorsky Krai commenced one-year
competitive proceedings against the company after finding it
insolvent on Nov. 21, 2007.  The case is docketed under Case No.
A51-4297/2007 15-50 B.

The Debtor can be reached at:

         OJSC Lesozavodsky Center of Grain Production
         Sibartseva Str. 76
         Lesozavodsk
         692042 Primorsky krai
         Russia


NIZHNEYE CHULYMSKOYE: Asset Sale Slated for Jan. 24
---------------------------------------------------
Ya. I. Gomerov, the competitive proceedings manager of CJSC
Nizhneye Chulymskoye, will open a public auction for the
company's properties at 11:00 a.m. on Jan. 24 at:

         Ya. I. Gomerov
         Apartment 4
         5th Microraion 2
         Krasnoobsk Settlement
         Krasnoobsk Settlement
         Novosibirsk
         Russia

The company has set a RUR23,404,430 starting price for the
assets on auction.

Interested participants have until Jan. 19 to deposit an amount
equivalent to 5% of the starting price.

Bidding documents must be submitted to:

         Ya. I. Gomerov
         Apartment 4
         5th Microraion 2
         Krasnoobsk Settlement
         Krasnoobsk Settlement
         Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Nizhneye Chulymskoye
         Nizhny Chulym
         Zdvinsky Raion
         Novosibirsk
         Russia


NOGINSKY BREWERY: Creditors Must File Claims by Jan. 22
-------------------------------------------------------
Creditors of CJSC Noginsky Brewery have until Jan. 22 to submit
proofs of claim to:

         A. V. Kravets
         Interim Manager
         Office 802
         Avtozavodskaya Str. 14/23
         115280 Moscow
         Russia

The Arbitration Court of Moscow will convene on March 13 to hear
the company's bankruptcy supervision procedure after finding it
insolvent on Dec. 10, 2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Noginsky Brewery
         Vozdushnykh Desantnikov Str. 10
         Noginsk
         Russia


SAKHALIN-COAL-1: Creditors Must File Claims by Feb. 22
------------------------------------------------------
Creditors of Sakhalin-Coal-1 LLC have until Feb. 22 to submit
proofs of claim to:

         V. E. Glik
         Competitive Proceedings Manager
         Apartment 24
         Pobedy Pr. 65
         Yuzhno-Sakhalinsk
         693008 Sakhalinsk
         Russia

The Arbitration Court of Sakhalin commenced one-year
competitive proceedings against the company after finding it
insolvent on Nov. 26, 2007.  The case is docketed under Case No.
A59-553/07-C4.


SHOVGENOVSKY HEMP: Creditors Must File Claims by Jan. 22
--------------------------------------------------------
Creditors of Shovgenovsky Hemp Plant LLC have until Jan. 22 to
submit proofs of claim to:

         Shovgenovsky Hemp Plant LLC
         Mira Str. 21
         Ul'sky Settlement
         Shovgenovsky Raion
         385283 Adygeya
         Russia

The Arbitration Court of Adygeya will convene at 11:00 a.m. on
March 5 to hear the company's bankruptcy supervision procedure
after finding it insolvent on Dec. 5, 2007.

The Court appointed R. Yu. Nekhai as the company's interim
manager.  The case is docketed under Case No. A01-B-3416/07-1.


URALOILTECHNOSERVICE: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure against CJSC Uraloiltechnoservice after
finding it insolvent on April 27, 2007.

The Interim Manager is:

         Yu. N. Parshin
         P.O. Box 174
         Ufa
         450098 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Uraloiltechnoservice
         Zavodskaya Str. 20
         Ufa
         450001 Bashkortostan
         Russia


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


CAJA MURCIA I: Fitch Rates EUR6.1 Million Class D Notes at BB-
--------------------------------------------------------------
Fitch has assigned AyT Colaterales Global Empresas FTA, Series
AyT Colaterales Global Empresas Caja Murcia I notes totaling
EUR405 million due in April 2037 final ratings:

   -- EUR371.6 million Class A: 'AAA'
   -- EUR19.2 million Class B: 'A'
   -- EUR8.1 million Class C: 'BBB-'
   -- EUR6.1 million Class D: 'BB-'

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B, Class C, and
Class D notes, as well as the repayment of principal by legal
maturity.  According to the AyT Colaterales Empresas transaction
documents, the legal final maturity date of the program and
therefore applicable to all the series of notes issued and to be
issued in the future, is defined as three years after the
longest scheduled maturity date of the program.

This transaction is a cash flow securitisation of a
EUR405 million static pool of secured and unsecured loans
granted by Caja de Ahorros de Murcia (rated 'A+'/'F1'/Outlook
Stable), a Spanish savings bank, to small- and medium-sized
Spanish enterprises.  The pool consists of around 1,800 loans to
SME companies with a strong concentration (approximately 73%) in
the region of Murcia, the bank's home region.

AyT Colaterales Caja Murcia I is the first SME securitization
transaction to be brought to the market by Caja Murcia, and it
is the first series issued by AyT Colaterales Empresas.  AyT
Colaterales Empresas is a securitization fund incorporated in
December 2007 to issue a number of independent series of notes
collateralised by SME loans by up to 37 different Spanish
financial institutions.  The maximum overall size of AyT
Colaterales Empresas is limited to EUR3 billion.  The issuer is
legally represented and managed by Ahorro y Titulizacion, S.A.,
S.G.F.T., a special-purpose management company with limited
liability incorporated under the laws of Spain.


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


ANTAG FUR ANTENNEN: Creditors' Liquidation Claims Due by Jan. 14
----------------------------------------------------------------
Creditors of JSC Antag fur Antennen- und Musikanlagen have until
Jan. 14 to submit their claims to:

         Ernst Poltera
         Liquidator
         Riedhofstr. 380
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Antag fur Antennen- und Musikanlagen
         Buchs ZH
         Switzerland


ATELIER-ALTSTADT: Creditors' Liquidation Claims Due by Jan. 14
--------------------------------------------------------------
Creditors of JSC Atelier-Altstadt 36 have until Jan. 14 to
submit their claims to:

         Markus Luder
         Gerechtigkeitsgasse 36
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Atelier-Altstadt 36
         Bern
         Switzerland


AUTORK AG: Creditors' Liquidation Claims Due by January 14
----------------------------------------------------------
Creditors of JSC autork ag have until Jan. 14 to submit their
claims to:

         Roland Schmid
         Elfenauweg 39
         3006 Bern
         Switzerland

The Debtor can be reached at:

         JSC autork ag
         Bern
         Switzerland


BLM TRANSPORT: Bern Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Dec. 3, 2007,
an order closing the bankruptcy proceedings of JSC BLM
Transport.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Amtsstelle Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC BLM Transport
         Weyermannshausstrasse 10
         3008 Bern
         Switzerland


BUR & PARTNER: Claims Registration Period Ends January 14
---------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Bur & Partner on Dec. 3, 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 Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Bur & Partner
         Tramstrasse 11
         5034 Suhr
         Aarau AG
         Switzerland


F. MANZ + PARTNER: Creditors' Liquidation Claims Due by Jan. 14
---------------------------------------------------------------
Creditors of JSC F. Manz + Partner Immobilien have until Jan. 14
to submit their claims to:

         JSC F. Manz + Partner Immobilien
         Bundesstrasse 3
         Mail Box 4028
         6304 Zug
         Switzerland


FOURMENTEC LLC: Creditors' Liquidation Claims Due by January 14
---------------------------------------------------------------
Creditors of LLC Fourmentec have until Jan. 14 to submit their
claims to:

         Marcel Loffel
         Liquidator
         Chasereiweg 5
         3114 Niederwichtrach
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         LLC Fourmentec
         Steffisburg
         Thun BE
         Switzerland


GTPI MEDIA: Creditors' Liquidation Claims Due by January 14
-----------------------------------------------------------
Creditors of JSC GTPI Media Europe have until Jan. 14 to submit
their claims to:

         Howard Rosen
         JSC Rosetrust
         Baarerstrasse 98
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC GTPI Media Europe
         Buchs ZH
         Switzerland


KRUSI BLECH: Appenzell Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Appenzell Ausserrhoden entered Dec. 6,
2007, an order closing the bankruptcy proceedings of JCS Krusi
Blech.

The Bankruptcy Service of Appenzell Ausserrhoden can be reached
at:

         Bankruptcy Service of Appenzell Ausserrhoden
         Branch Teufen
         9053 Teufen AR
         Switzerland

The Debtor can be reached at:

         JCS Krusi Blech
         Bohl 273
         9104 Waldstatt AR
         Switzerland


MELETTA UND: Creditors' Liquidation Claims Due by January 14
------------------------------------------------------------
Creditors of JSC Meletta und Hasenfratz have until Jan. 14 to
submit their claims to:

         Ester Hasenfratz
         Liquidator
         Am Luzerbach 12
         6043 Adligenswil LU
         Switzerland

The Debtor can be reached at:

         JSC Meletta und Hasenfratz
         Adligenswil LU
         Switzerland


PROMOBILIA LLC: Creditors' Liquidation Claims Due by January 14
---------------------------------------------------------------
Creditors of LLC Promobilia have until Jan. 14 to submit their
claims to:

         Walter Uhler
         Liquidator
         Gartenstrasse 6
         8807 Freienbach
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC Promobilia
         Freienbach
         Hofe SZ
         Switzerland


REDLIPS LLC: Creditors' Liquidation Claims Due by January 14
------------------------------------------------------------
Creditors of LLC Redlips have until Jan. 14 to submit their
claims to:

         Wechsler & Partner
         Grepperstrasse 23
         6403 Kussnacht am Rigi SZ
         Switzerland

The Debtor can be reached at:

         LLC Redlips
         Hergiswil NW
         Switzerland


RM MANAGEMENT: Creditors' Liquidation Claims Due by January 14
--------------------------------------------------------------
Creditors of LLC RM Management have until Jan. 14 to submit
their claims to:

         Frau Claudia Rohrer
         Liquidator
         Munchensteinerstrasse 85
         4002 Basel
         Switzerland

The Debtor can be reached at:

         LLC RM Management
         Basel
         Switzerland


SKPARTNERS JSC: Creditors' Liquidation Claims Due by January 14
---------------------------------------------------------------
Creditors of JSC SKPartners have until Jan. 14 to submit their
claims to:

         Roland Schmid
         Elfenauweg 39
         3006 Bern
         Switzerland

The Debtor can be reached at:

         JSC SKPartners
         Bern
         Switzerland


WILOZ LLC: Creditors' Liquidation Claims Due by January 15
----------------------------------------------------------
Creditors of LLC WILOZ have until Jan. 15 to submit their claims
to:

         Dr. W. Zwahlen
         Liquidator
         Grabackerstr. 31
         4441 Thurnen
         Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC WILOZ
         Thurnen
         Sissach BL
         Switzerland


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


DOBRA AGRICULTURAL: Proofs of Claim Deadline Set January 13
-----------------------------------------------------------
Creditors of Dobra Agricultural LLC (code EDRPOU 03791315) have
until Jan. 13 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/3057.

The Debtor can be reached at:

         Dobra Agricultural LLC
         Dobra
         Manki District
         20142 Cherkassy
         Ukraine


ELITINFORM LLC: Proofs of Claim Deadline Set January 13
-------------------------------------------------------
Creditors of LLC Elitinform (code EDRPOU 329824) have until
Jan. 13 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 Debtor can be reached at:

         LLC Elitinform
         Artem Str. 21
         04053 Kiev
         Ukraine


GRIZ LLC: Proofs of Claim Deadline Set for January 13
-----------------------------------------------------
Creditors of LLC Griz have until Jan. 13 to submit written
proofs of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kirovograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 11/92.

The Debtor can be reached at:

         LLC Griz
         Berezovka
         Maloviskovsky District
         26222 Kirovograd
         Ukraine


INVEST-HOLDING CJSC: Proofs of Claim Deadline Set January 13
------------------------------------------------------------
Creditors of CJSC Invest-Holding (code EDRPOU 31583374) have
until Jan. 13 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. B 11/367-07.

The Debtor can be reached at:

         CJSC Invest-Holding
         Kiev-Lugansk Highway 26th km
         Podgortsy
         Obukhov District
         Kiev
         Ukraine


KERCH BUILDING: Proofs of Claim Deadline Set January 13
-------------------------------------------------------
Creditors of OJSC Kerch Plant of Building Materials (code EDRPOU
00290848) have until Jan. 13 to submit written proofs of claim
to:
         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-6/17285-2006.

The Debtor can be reached at:

         OJSC Kerch Plant of Building Materials
         Kotovsky Str. 3
         Kerch
         AR Krym
         Ukraine


LIBERTY INTERNATIONAL: Proofs of Claim Deadline Set January 13
--------------------------------------------------------------
Creditors of LLC Liberty International (code EDRPOU 32662692)
have until Jan. 13 to submit written proofs of claim to:

         Constantine Levitsky
         Liquidator
         Apartment 55
         Lev Tolstoy Str. 11
         01004 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/878-b.

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

The Debtor can be reached at:

         LLC Liberty International
         Apartment 42
         Kharkov Highway 7
         02090 Kiev
         Ukraine


LUKOIL-KIEV CJSC: Proofs of Claim Deadline Set January 13
---------------------------------------------------------
Creditors of CJSC Trading House Lukoil-Kiev (code EDRPOU
23700438) have until Jan. 13 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.15/37-b.

The Debtor can be reached at:

         CJSC Trading House Lukoil-Kiev
         Cheshskaya Str. 1/22
         01030 Kiev
         Ukraine


NADRA BANK: S&P Assigns B- Ratings on Vulnerable Liquidity
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
rating to Ukraine-based Nadra Bank.  The outlook is stable.

"The rating reflects the bank's rapid business growth in a risky
operating environment, vulnerable liquidity position, and
moderate core profitability," said Standard & Poor's credit
analyst Ekaterina Trofimova.  "These negative factors are partly
mitigated by the bank's strong commercial dynamism and focused
strategy, moderate single-name concentrations, and improving
cost management."

The ratings reflect the bank's stand-alone credit quality and do
not include any uplift for extraordinary external support--
either from the owners or the government--due to the uncertainty
of such support.

"The stable outlook balances the bank's continued progress in
strengthening its commercial franchise, profitability, and risk
management with its structural weaknesses related to its
financial profile," said Ms. Trofimova.

Sustained commercial performance, as well as a stronger funding
and liquidity profile, better profitability, and improved
capitalization could lead to an upgrade. Although the potential
for a downgrade appears limited, a material deterioration in the
bank's financial profile, including its liquidity and capital
position, could trigger a negative rating action.


NOVOPSKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Jan. 13
---------------------------------------------------------------
Creditors of OJSC Novopskovsky Agricultural Technical Service
(code EDRPOU 03563028) have until Jan. 13 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. 10/121b.

The Debtor can be reached at:

         OJSC Novopskovsky Agricultural Technical Service
         Sholnaya Str. 1
         Pisarevka
         Novopskovsky District
         Lugansk
         Ukraine


PROJECTING-BUILDING-DESIGN: Proofs of Claim Deadline Set Jan. 13
----------------------------------------------------------------
Creditors of LLC Projecting-Building-Design (code EDRPOU
33634839) have until Jan. 13 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. 23/511-b.

The Debtor can be reached at:

         LLC Projecting-Building-Design
         M. Raskovaya Str. 11
         02125 Kiev
         Ukraine


OSTROVSKY AGRICULTURAL: Proofs of Claim Deadline Set January 13
---------------------------------------------------------------
Creditors of Ostrovsky Agricultural LLC (code EDRPOU 31898737)
have until Jan. 13 to submit written proofs of claim to:

         Sergey Smilianets
         Liquidator
         P.O. Box 803
         Sadovaya Str. 47
         Uman
         20308 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01-10/2147.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Ostrovsky Agricultural LLC
         Lenin Str. 15
         Manki District
         Ivanki
         Cherkassy
         Ukraine


TANSKOYE AGRICULTURAL: Proofs of Claim Deadline Set January 13
--------------------------------------------------------------
Creditors of Tanskoye Agricultural LLC (code EDRPOU 05533327)
have until Jan. 13 to submit written proofs of claim to:

         Sergey Smilianets
         Liquidator
         P.O. Box 803
         Sadovaya Str. 47
         Uman
         20308 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/2840.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Tanskoye Agricultural LLC
         Sverdlov Str. 1
         Tanskoye
         Uman District
         Cherkassy
         Ukraine


SAVINGS BANK: Moody's Rates Long-Term Foreign Currency at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency rating to Loan Participation Notes to be issued on a
limited recourse basis by Credit Suisse International for the
sole purpose of funding a loan to Savings Bank of Ukraine.  The
outlook for the rating is positive.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of Savings Bank to make payments
under the loan agreement.

Moody's rating is based on Savings Bank's Baa2 Global Local
Currency rating, which imputes a full systemic support that can
be expected to be provided to Savings Bank, as a fully
government-owned bank, in the event of distress.

The rating also reflects the probability of a sovereign default
implied by Ukraine's B1 (positive outlook) foreign currency bond
rating, and the likelihood that in the event of default the
Ukrainian government could impose moratorium on foreign currency
obligations.

The rating of the notes has pierced Ukraine's Ba3 (positive
outlook) foreign currency sovereign ceiling for bonds.

According to Moody's, the obligations of Savings Bank to make
payments under the loan agreement will rank at all times at
least pari-passu with the claims of all other unsubordinated
creditors of the borrower.

The underlying loan agreement contains a set of covenants such
as negative pledge, limitation on mergers and disposals as well
as on transactions with Savings Bank's affiliates. The
transaction also has an embedded put option whereby the Loan
Participation Notes may become payable in the event of change of
control.

Headquartered in Kiev, Ukraine, Savings Bank of Ukraine reported
total assets and shareholders' equity of US$2.2 billion and
US$285 million, respectively, under IFRS (audited) as at the end
of December 2006.


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


BRITISH AIRWAYS: To Launch US-EU "OpenSkies" Airline in June
------------------------------------------------------------
British Airways plc is planning to launch its new US-EU
subsidiary airline "OpenSkies" with daily flights from New York
to Brussels and Paris.

The airline will launch in June 2008 with one Boeing 757
aircraft that will operate from New York to either Brussels or
Paris Charles de Gaulle airports.  A second aircraft will be
added to the fleet later this year to fly to the other EU
destination.  The plan is to operate six 757s by the end of
2009, all of which will be sourced from the current British
Airways' fleet.

The aircraft will carry up to 82 passengers on Boeing 757
aircraft with three onboard cabins: business, premium economy
and economy.

"This is an exciting new venture for us and we're confident that
it will be a great success as we build on the strength of
British Airways' brand in the U.S. and Europe," Willie Walsh,
chief executive of British Airways, said.  "By naming the
airline OpenSkies, we're celebrating the first major step in 60
years towards a liberalized U.S./EU aviation market which means
we can fly between any U.S. and EU destination.  It also signals
our determination to lobby for further liberalization in this
market when talks between the EU and U.S. take place later this
year."

OpenSkies' business class cabin has 24 seats that convert into
6' flat beds.  There will be 28 premium economy seats with a 52"
seat pitch and 30 economy seats.

The 757s will have winglets retro-fitted on the aircraft.  These
will improve fuel efficiency, reduce the aircraft's CO2
emissions and increase the aircraft's operating range.

OpenSkies' managing director will be Dale Moss, British Airways'
former director of worldwide sales, and the airline is
registered in the U.K.  It will shortly file an application for
the necessary regulatory approval in the U.S. and U.K.

      Reaction of the British Airline Pilots' Association

"BALPA welcomes BA's decision to innovate and establish a wholly
owned subsidiary company to take advantage of the new open skies
agreement between the U.S. and EU but we have issues with BA on
how the new service should be structured," Jim McAuslan, general
secretary of the British Airline Pilots' Association, said.
"Having worked so hard to secure success for BA, Its pilots do
not want to see its brand or its safety record put at risk."

"We are in talks with BA and the next meeting will be on Monday
Jan. 14th.  The new subsidiary can only fly successfully with
the full support of BA's pilot force," Mr. McAuslan added.

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

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

                        *     *     *

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


BELMONT SYSTEMS: M. H. Abdulali Leads Liquidation Procedure
-----------------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
Belmont Systems Ltd. on Dec. 28, 2007, for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England


CARD RAX: Brings In Liquidators from Tenon Recovery
---------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were
appointed joint liquidators of Card Rax Ltd. on Jan. 3 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England


CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82 Mln
-------------------------------------------------------------
Constellation Brands, has reported diluted earnings per share on
a reported basis of US$0.55 for the quarter ended Nov. 30, 2007
(third quarter 2008), compared with US$0.45 for the prior year
third quarter.  On a comparable basis, third quarter 2008
diluted EPS totaled US$0.55 versus US$0.58 for the prior year.

"The company's third quarter performance was in line with our
expectations, and we are especially pleased with the
performances from our North American wine business and our
spirits business," said Constellation Brands president and chief
executive officer, Rob Sands.  "We're also delighted with the
addition of the Fortune Brands U.S. wine portfolio to
Constellation's U.S. wine business and the benefits we expect
from our expanded super-premium-plus offerings.  Also, we are
continuing our efforts in the U.K. to mitigate the impact of the
lingering Australian wine surplus in the marketplace and to
maximize profitability."

                     Net Sales Commentary

The reported consolidated net sales decrease of 27 percent
primarily reflects the impact of reporting the Crown Imports and
Matthew Clark wholesale business joint ventures under the equity
method, partially offset by the benefits of favorable foreign
currency, branded wine business growth and the SVEDKA Vodka
acquisition.  Organic net sales increased six percent on a
constant currency basis.

Branded wine net sales increased four percent on an organic
constant currency basis.  For North America, branded wine net
sales increased five percent on a constant currency basis,
reflecting solid growth in the United States.

"Our U.S. branded wine business turned in a solid third quarter
performance, with wines such as Woodbridge, Robert Mondavi
Private Selection, Blackstone, Estancia, Kim Crawford and Simi
leading the way with very healthy sales growth," explained Mr.
Sands.  "Growth of these brands is indicative of the trade-up
trends we've been seeing for the past several years, and we feel
that the growth trajectory for our premium and luxury brands
will continue due to consumer preferences for these wines."

Organic net sales for branded wine for Europe increased four
percent on a constant currency basis, primarily due to higher
sales of popular priced wine in mainland Europe, and a slight
increase in net sales for the U.K.  On a constant currency
basis, net sales for Australia/New Zealand branded wine were
even with the prior year.  The branded wine market in the U.K.
and Australia reflects ongoing competitive challenges and
continued pricing pressure.

Total spirits net sales increased 31 percent for the quarter,
primarily due to the March 2007 acquisition of SVEDKA Vodka,
with 12 percent growth in organic net sales reflecting higher
average selling prices and volume gains.

"SVEDKA's double-digit growth continues to prove that this is an
exceptional brand," stated Mr. Sands.  "We anticipate SVEDKA
will continue to be a growth engine in our spirits portfolio.
Additionally, focus on our premium offerings, including Black
Velvet, the 99 Schnapps line and Ridgemont Reserve 1792 has
bolstered our spirits portfolio performance."

     Operating Income, Net Income, Diluted EPS Commentary

The decrease in operating income and the increase in equity
earnings for third quarter 2008 were primarily due to the impact
of reporting US$62 million of equity earnings from the Crown
Imports joint venture under the equity method.

Wines segment operating income decreased US$12 million versus
the prior year.  This was primarily due to the impact of the
U.K. and Australia business performance, which was somewhat
offset by an increased contribution from the North American
business.  Spirits segment operating income increased US$4
million primarily due to the addition of SVEDKA Vodka and from
the increase in base business net sales, offset somewhat by
higher material costs.

For the third quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled US$3
million, compared with US$45 million for the prior year.  Net
income and diluted EPS were also impacted by interest expense,
which increased 13 percent to US$82 million for third quarter
2008, primarily due to the financing of the SVEDKA Vodka
acquisition and US$500 million of share repurchases completed
earlier this year.

On a year-to-date basis through November the company generated
free cash flow of US$173 million versus a usage of US$22 million
in the prior year.  The increase in free cash flow was primarily
driven by improved working capital, reduced tax payments and
lower capital spending.  As a result of the strong free cash
flow generated through the first three quarters of the fiscal
year, the company has increased its free cash flow guidance for
fiscal 2008 to a range of US$280 - US$300 million.

                Acquisition and Integration of
              Fortune Brands U.S. Wine Business

Constellation Brands completed the acquisition of the Fortune
Brands U.S. wine portfolio on Dec. 17, 2007, for a purchase
price of US$885 million, subject to closing adjustments.  The
company announced its plan for the integration of the acquired
business into the Constellation Wines U.S. business.  The
company intends to consolidate activities wherever it makes
business sense to do so, while maintaining an appropriate level
of expertise to maintain and grow the acquired business.

"This acquisition significantly advances our strategy for
expanding our presence in the growing high-end U.S. wine
business," stated Mr. Sands.  "To fully leverage the acquisition
we will realign the sales and marketing organization supporting
our U.S. wine business.  The sales and marketing teams will
focus on specific consumer segments that include luxury/fine
wine, premium wine and value/specialty wine.  In connection with
these actions, we are also rationalizing our U.S. wine product
portfolio, primarily related to our value products, which we
believe will generate efficiencies and enhance our focus on
higher growth, higher margin brands," Mr. Sands concluded.

The company expects the integration of the acquired wine
business, realignment of the U.S. wine sales and marketing teams
and portfolio rationalization to produce net cost savings of
approximately US$30 million annually by the end of fiscal 2010,
with approximately US$20 million anticipated as savings in
fiscal 2009.  The company expects to incur one-time cash charges
of US$22 million and one-time non-cash charges of US$23 million,
for a total of US$45 million in one-time charges.

Constellation Brands also expects to incur one-time cash costs
of approximately US$28 million that will be recorded in the
company's allocation of purchase price in connection with the
acquired wine business, including US$19 million for employee
termination costs and US$9 million for contract termination and
other costs that will be paid primarily in fiscal 2009.

Full-year fiscal 2008 guidance includes these current
assumptions, including the impact of the acquisition and
integration of the Fortune Brands U.S. wine business:

   -- Net sales: low single-digit growth in organic net sales
      and low single-digit incremental benefit from the
      acquisitions of Vincor International Inc., the SVEDKA
      Vodka brand and related business, and the U.S. wine
      business from Fortune Brands.  As a result of these
      increases, and the impact of reporting the Crown Imports
      joint venture and the joint venture for the Matthew Clark
      wholesale business under the equity method, reported net
      sales are expected to decrease 29 to 31 percent from net
      sales for fiscal year 2007

   -- Interest expense: approximately US$340 - US$350 million

   -- Stock compensation expense: approximately US$30 million

   -- Tax rate: approximately 39 percent on a reported basis,
      which includes a provision of approximately two
      percentage points related to the loss on disposal in
      connection with the company's contribution of its U.K.
      wholesale business to the Matthew Clark joint venture and
      the repatriation of proceeds associated with this
      transaction, or approximately 37 percent on a comparable
      basis

   -- Weighted average diluted shares outstanding:
      approximately 225 million

   -- Free cash flow: US$280 - US$300 million

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada,
Chile, U.K., Australia and New Zealand.  The company has more
than 250 brands in its portfolio, sales in 150 countries and
operates approximately 60 wineries, distilleries and
distribution facilities.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due Dec. 15,
2014.  Fitch said the rating outlook is negative.


CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV
---------------------------------------------------------------
Constellation Brands, Inc., has announced that its Chicago-based
spirits company, Barton Brands, has acquired the remaining 50
percent equity stake in its Planet 10 Spirits joint venture.
Terms of the transaction were not disclosed.

Planet 10 Spirits was formed in 2004 as an entrepreneurial
premium spirits brand development and marketing platform to
expand Constellation Brands' participation in the fast growing,
super premium imported vodka category.  Planet 10 Spirits'
leading product, Effen vodka from Holland, has achieved
widespread on- and off-premise distribution and consumer
acceptance resulting in a fivefold increase in Effen sales
volume since the formation of the joint venture.  In addition,
Effen has been successfully launched in key global spirits
markets such as the United Kingdom, Canada, Japan and Australia.

"Our participation in the Planet 10 Spirits joint venture has
given us invaluable insights into the high-end spirits
marketplace and has enabled us to shape a strategy for growing
this important piece of our business," said Barton Brands'
president, Marty Birkel.  "We are confident that our efforts to
expand our premium spirits portfolio will continue to provide
profitable growth and value creation for the long term.  The
addition of Planet 10 Spirits to the Barton organization will
provide us with a team of dedicated and successful on-premise
sales & marketing specialists who will continue to build Effen
and other select premium spirits brands within our portfolio."

                    About Barton Brands

Barton Brands, Ltd. is the spirits division of Constellation
Brands, Inc., a leading international producer and marketer of
beverage alcohol in the wine, spirits and imported beer
categories. Barton Brands is a major producer, importer and
exporter of a wide range of spirits products, including well-
known brands such as Black Velvet Canadian Whisky, Ridgemont
Reserve 1792 bourbon, and Effen vodka.

                 About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada,
Chile, U.K., Australia and New Zealand.  The company has more
than 250 brands in its portfolio, sales in 150 countries and
operates approximately 60 wineries, distilleries and
distribution facilities.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due
Dec. 15, 2014.  Fitch said the rating outlook is negative.


CONSTELLATION BRANDS: US$700MM Notes Exchange Offer Expires
-----------------------------------------------------------
Constellation Brands Inc. has extended its offer to exchange
US$700 million aggregate principal amount of its 7.25% Senior
Notes due 2017 for all US$700 million of its outstanding 7.25%
Senior Notes due 2017.

The exchange offer, which had been scheduled to expire on
Jan. 7, 2008 at 5:00 p.m., New York City time, will expire
today, Jan. 10, 2008, at 5:00 p.m., New York City time, unless
further extended by the company.

The extension of the exchange offer has been made to allow
holders of outstanding Original Notes who have not yet tendered
their Original Notes for exchange additional time to do so.  All
other terms, provisions and conditions of the exchange offer
will remain in full force and effect.

As of 5:00 p.m. New York City time, Jan. 7, 2008, US$697,499,000
in aggregate principal amount of the Original Notes had been
validly tendered and not withdrawn in the exchange offer,
representing approximately 99.6% of the outstanding principal
amount of the Original Notes.

Persons with questions regarding the exchange offer should
contact the exchange agent, The Bank of New York Trust Company,
N.A., at 212-815-2742.

The company will not receive any proceeds from the exchange
offer, nor will the company's debt level change as a result of
this exchange offer.  The terms of the Exchange Notes and the
Original Notes are substantially identical in all material
respects, except that the Exchange Notes have been registered
under the Securities Act.

A copy of the prospectus for the exchange offer, dated Dec. 6,
2007, and related letter of transmittal, which have been filed
with the United States Securities and Exchange Commission, may
be obtained by calling the exchange agent, The Bank of New York
Trust Company, N.A., at 212-815-2742.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


CONSTELLATION BRANDS: Arm Buys 50% Stake in Planet 10 Project
-------------------------------------------------------------
Constellation Brands Inc. disclosed that its Chicago-based
spirits company, Barton Brands, has acquired the remaining 50%
equity stake in its Planet 10 Spirits joint venture.  Terms of
the transaction were not disclosed.

Planet 10 Spirits was formed in 2004 as an entrepreneurial
premium spirits brand development and marketing platform to
expand Constellation's participation in the imported vodka
category.  Planet 10 Spirits' leading product, Effen vodka from
Holland, has achieved widespread on- and off-premise
distribution and consumer acceptance resulting in a fivefold
increase in Effen sales volume since the formation of the joint
venture.  In addition, Effen has been launched in key global
spirits markets such as the U.K., Canada, Japan and Australia.

"Our participation in the Planet 10 Spirits joint venture has
given us invaluable insights into the high-end spirits
marketplace and has enabled us to shape a strategy for growing
this important piece of our business,"  Marty Birkel, president
of Barton Brands, said.  "We are confident that our efforts to
expand our premium spirits portfolio will continue to provide
profitable growth and value creation for the long term.  The
addition of Planet 10 Spirits to the Barton organization will
provide us with a team of dedicated and successful on-premise
sales & marketing specialists who will continue to build Effen
and other select premium spirits brands within our
portfolio."

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


COTT CORPORATION: Amends Existing Senior Secured Credit Debt
------------------------------------------------------------
Cott Corporation has entered into an agreement to amend its
existing senior secured credit facility and has signed a non-
binding term sheet with a major financial institution to replace
this existing credit facility with a proposed asset-based
lending credit facility.

"We anticipate that the proposed asset based lending facility
will provide Cott with enhanced flexibility and increased
liquidity," said Juan Figuereo, Cott's Chief Financial Officer.

Under the contemplated terms, the ABL facility will be a
revolving senior secured credit facility of up to US$250 million
and will be available for a term of up to five years.  Cott
anticipates implementing this proposed facility by the end of
the first fiscal quarter ending March 29, 2008.  The proposed
ABL credit facility would bear interest at prevailing market
rates, which rates are not expected to be materially different
from those under the existing senior secured credit facility.

The amendment to the company's existing senior secured credit
facility increases the permissible total leverage ratio from 3:1
to 4:1 for the fourth fiscal quarter ended Dec. 29, 2007, and
modifies the calculation of the fixed charge ratio for the same
quarter to exclude the impact of certain capital expenditures.

In connection with the amendment, Cott has agreed to pay an
amendment fee and increase the base interest rate by 50 basis
points per annum on the loans outstanding from the last day of
the fourth fiscal quarter, which ended on Dec. 29, 2007, to the
last day of the first fiscal quarter ending March 29, 2008.

An amendment was also made to the receivables securitization
facility to align the total leverage ratio set forth in that
agreement and the calculation of the fixed charge coverage ratio
with those contained in the amended credit facility.  The
financial covenants in both the existing senior secured credit
facility and the receivables securitization facility are
calculated and determined at the end of each quarter.  Cott
anticipates being in compliance with the amended covenants as of
Dec. 29, 2007.  It is uncertain that Cott will be in compliance
with its covenants for the first fiscal quarter ending
March 29, 2008.

Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT;
TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavoured mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service downgraded the ratings
of Cott Corporation:

      -- Corporate Family rating to B1 from Ba3,
      -- Probability of Default Rating to B1 from Ba3; and

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services has lowered
its ratings on Cott Corp. by one notch, including its long-term
corporate credit rating to 'B' from 'B+'.  At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where they were placed Oct. 2, 2007.  S&P said the outlook is
negative.


CUMMINS INC: Earns US$184 Million in 2007 Third Quarter
-------------------------------------------------------
Cummins Inc. reported net earnings of US$184 million in the
third quarter ended Sept. 30, 2007, versus net earnings of
US$171 million in the comparable 2006 period.

Sales grew 20.0% to US$3.37 billion, from US$2.81 billion during
the same period in 2006, led by record sales in the Engine,
Power Generation and Distribution segments while the Components
segment also experienced a strong sales performance.

Earnings before interest and taxes rose 3.4% to US$306.0
million, or 9.1% of sales, from US$296.0 million, or 10.5% of
sales, in the same period in 2006.  Earnings growth was
moderated by a downturn at some OEM customers, and the expected
higher costs associated with the introduction of new emissions-
related products.

"We continue to experience significant growth in most of our
markets around the world, and are well-positioned to take
advantage of many opportunities for future growth," said Cummins
chairman and chief executive officer Tim Solso.  "Our technology
leadership has resulted in a sustainable competitive advantage
for Cummins, and we remain focused on producing profitable
growth for all our stakeholders."

Net earnings for the nine months ended Sept. 30, 2007, were
US$541.0 million on sales of US$9.53 billion, compared to net
earnings of US$526.0 million on sales of US$8.33 billion in the
corresponding period of 2006.

                            Liquidity

Cash and cash equivalents decreased US$216.0 million during the
period to US$624.0 million at the end of the first nine months
compared to US$840.0 million at the beginning of the period.
Cash and cash equivalents were higher at the end of 2006 due to
lower accounts receivable at the end of 2006.

In the first quarter of 2007, approximately US$62.0 million of
the company's US$120.0 million 6.75% debentures were repaid on
Feb. 15, 2007, at the election of the holders.  Total debt as a
percent of the company's total capital, including total debt,
was 17.2% at Sept. 30, 2007, compared with 22.4% at Dec. 31,
2006, and 28.4% at Oct. 1, 2006.

                          Balance Sheet

At Sept. 30, the company's consolidated balance sheet showed
US$8.03 billion in total assets, US$4.56 billion in total
liabilities, US$275.0 million in minority interests, and US$3.20
billion in total shareholders' equity.

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?26e2

                          About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins serves customers in more than 160 countries through its
network of 550 company-owned and independent distributor
facilities and more than 5,000 dealer locations.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                          *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


FEDERAL-MOGUL: Moody's Holds Low-B Ratings w/ Stable Outlook
------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of the
reorganized Federal-Mogul Corp. -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank
credit facilities, Ba2.  The outlook is stable.  The financing
for the company's emergence from Chapter 11 bankruptcy
protection has been funded in line with the structure originally
rated by Moody's in a press release dated Nov. 28, 2007.

These ratings were confirmed:

-- Ba3 Corporate Family rating;

-- Ba3 Probability of Default rating;

-- Ba2 (LGD3, 42%) rating for the US$540 million senior
    secured asset based revolver;

-- Ba2 (LGD3, 42%) rating for the US$1.0 billion senior
    secured delayed term loan facility, which includes a US$50
    million senior secured synthetic letter of credit facility
    and a US$0.95 billion senior secured delayed draw term
    loan;

-- Ba2 (LGD3, 42%) rating for the US$1.96 billion senior
    secured term loan.

The Speculative Grade Liquidity Rating of SGL-2 is unchanged.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S.  Federal-Mogul also has operations in other
locations which includes, Mexico, Malaysia, Australia, Belgium,
China, India, Japan, Korea, Poland, Thailand, United Kingdom,
among others.


GEMINI MOTOR: Calls In Liquidators from Moore Stephens
------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Gemini Motor Services U.K.
Ltd. on Dec. 21, 2007, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


GLOBAL ASSET: Taps Liquidators from Wilkins Kennedy
---------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of Global Asset
Management (U.K.) Ltd. on Dec. 27, 2007, for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         Berkshire
         RG1 2SB
         England


GRADE ONE: Claims Filing Period Ends July 31
--------------------------------------------
Creditors of Grade One Trading Ltd. have until July 31 to send
in their full names, addresses and descriptions, full
particulars of their debts or claims, and their names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Jan. 3 for the creditors' voluntary winding-up
procedure.


HYNIX SEMICON: Taps MunEDA to Integrate Tool Family Wicked
----------------------------------------------------------
Hynix Semiconductor Inc. has licensed MunEDA's enhanced DFM-DFY
analysis and optimization tool suite WiCkeD for using in Hynix
Analog Mixed-Signal Design & Foundry Flow on a long-term base.
Hynix intends to use MunEDA's technology in all design business
units like computing, consumer and graphics memory as well as
mobile applications and flash technology.

Hynix will also use MunEDA's design validation and yield
verification tools for quality assurance of their Hynix design
kits.

Dr. Young-doo Choi, Senior Manager CAO Design Automation Team at
Hynix: "MunEDA's tools are best-in class for interactive and
fully automatic yield analysis and optimization in circuit
design.  As for every semiconductor company, design targets like
high performance and yield are number one research goals that
imply both profitability and time to market.  We added MunEDA's
solutions to Hynix design environment to follow our track in
establishing best design methodologies to our design goups and
therefore improve quality assurance to our customers."

Seunghwan Lee, Senior Research Engineer, Design Automation Team
at Hynix: "After successfully using MunEDA design analysis and
optimization tools for several circuits like pre-amplifiers and
latches for automotive applications we have seen the large
capabilities our designers can gain when they design circuits in
high-end process technologies.  As historically used process
corners are too pessimistic and not realistic for today's
designs, MunEDA's deterministic circuit analysis and
optimization helps us to speed up the design process and to
avoid unwanted redesigns."

"We are very pleased that Hynix has selected our solutions for
their front-end design flow," stated Andreas Ripp, Vice
President of Sales & Marketing and Managing Director at MunEDA.
"As MunEDA's solutions are already used by some Hynix foundry
customers, this is the logical next step.  We are looking
forward to an intense cooperation with Hynix designers and
research engineers, as well as with more Hynix foundry
customers".

                       About MunEDA

MunEDA -- http://www.muneda.com/-- provides leading EDA
technology for analysis and optimization of yield and
performance of analog, mixed-signal and digital designs.
MunEDA's products and consulting enable customers to reduce the
design times of their circuits and to maximize robustness and
yield. MunEDA's solutions are in industrial use by leading
semiconductor companies in the areas of communication, computer,
memories, automotive, and consumer electronics.  WiCkeD is a
comprehensive and powerful software tool suite for interactive,
manual, semi- and full automatic analysis, sizing, and yield
optimization of analog and mixed signal circuits.

                  About Hynix Semiconductor

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

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

                         *     *     *

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

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


HYNIX SEMICON: Change in Personnel Attracts Attention
-----------------------------------------------------
Memory module makers from Taiwan are on increased alert for a
possible change in their relationships with Hynix Semiconductor
Inc, amid the sudden management reshuffle at the company's Asian
operations, Digitimes News reports.

According to the report, sources at memory module makers in
Taiwan noted that Hynix has appointed a new chairman and general
manager for its Taiwan operations from 2008, following the
announced retirement of the current chairman while the general
manager will relocate his work base to Shanghai.   Moreover, the
sources also noted that many high-ranked executives from other
Asia operations, including Beijing, Hong Kong, Shanghai and
Singapore, may also announce structural changes, the report
points out.

Josephine Lien and Esther Lam of Digitimes write that the
sources also said such a change in high-ranked executives is due
to Hynix headquarters' dissatisfaction about procurement terms
during the previous DRAM price plummet.

The report notes that some Taiwan DRAM makers requested their
downstream customers to pay a considerable deposit before making
their procurements, but when prices dropped sharply afterwards,
dispute and tension arouse when some downstream customers wished
to claim back part of the deposit.

Hynix headquarters was also said to be discontent with the
management of its Taiwan-based executives, Digitimes points out.

The report relates that the sources said that since the
executives have their respective special relationships with
memory module customers, industry players are aware of a
possible change in their relationship with Hynix.

Some may find they get to enjoy better terms from Hynix while
some may see their solid ties subject to uncertainties in the
future, the report adds.

                About Hynix Semiconductor

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

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

                         *     *     *

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

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


INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend
----------------------------------------------------------
International Paper Co. has declared a regular quarterly
dividend of US$0.25 per share for the period from Jan. 1, 2008,
to March 31, 2008, inclusive, on its common stock, par value
US$1.  This dividend is payable on March 14, 2008, to holders of
record at the close of business on Feb. 15, 2008.

The company also declared a regular quarterly dividend of US$1
per share for the period from Jan. 1, 2008, to March 31, 2008,
inclusive, on the cumulative US$4 preferred stock of the
company.  This dividend is also payable on March 14, 2008, to
holders of record at the close of business on Feb. 15, 2008.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
The company has operations include, among others, facilities
in Argentina, Brazil, Bolivia, France, Italy, Spain, Venezuela,
and the United Kingdom.  These businesses are complemented by an
extensive North American merchant distribution system.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  Moody's
assigned a stable outlook on the rating.


JOHNSON SERVICE: Banks Grant Waiver of Year-end Covenant Test
-------------------------------------------------------------
Johnson Service Group Plc board has agreed with its banking
group a waiver of its year-end covenant test.  In exchange for
the waiver the company has granted the banks security over its
assets, agreed to pay the banks a fee and incur increased
interest costs.

The company has also granted security over its assets to its
pension funds.  Johnson Service is required to negotiate with
the banks on a longer term banking solution before April 30,
2008.

The board expects to incur additional exceptional restructuring
costs in both 2007 and 2008 as well as a higher interest costs
in 2008 as a result of its amended banking arrangements.

While trading overall remains in line with expectations and the
board continues to believe that expected pre-exceptional
operating profits for 2008 will be at a broadly similar level to
2007, the higher interest costs will result in lower than
expected profit before tax for 2008.

The board also announced the resignation of Chief Executive
Charles Skinner from the board following agreement with the
board that a different set of skills are required in the
company's current situation.

John Talbot, who has been working with the company as a
consultant during December 2007, has been appointed as interim
CEO and he joins the board with immediate effect.

Mr. Talbot has over 25 years turnaround and restructuring
experience and has considerable experience assisting companies
in difficult situations.  Mr. Talbot is now a senior partner at
Kroll Talbot Hughes, a European turnaround and restructuring
advisory firm.

The board is confident that this experience will prove
invaluable in the development and implementation of a recovery
plan for the group.

Headquartered in Runcorn, England, Johnson Service Group Plc --
http://www.johnsonplc.com/-- is a textile rental and dry-
cleaning company.  The group primarily operates in the rental
and laundering of workwear, roller towels, corporate apparel and
dust mats to customers located in the U.K. and Ireland.  The
company trades as Johnsons & Jeeves of Belgravia.


TATA MOTORS: December Sales Down 2% in December 2007
----------------------------------------------------
Tata Motors Limited reported a total sale of 47,678 vehicles
(including exports) for the month of December 2007, a decline of
2% compared to 48,757 vehicles sold in December last year.
Cumulative sales for the company were flat at 4,06,929 nos.

                      Commercial Vehicles

The company's sales of commercial vehicles in December 2007 in
the domestic market were 28,661 nos., a growth of 2% compared to
28,179 vehicles sold in December last year.  M&HCV sales stood
at 15,689 nos., a decline of 9% over December 2006, while LCV
sales were 12,972 nos., a growth of 19% over December 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,15,530 nos., a growth of 2% over last
year.  Cumulative M&HCV sales stood at 1,12,871 nos., a decline
of 7.7% over last year, while LCV sales for the fiscal were
1,02,659 nos., an increase of 15% over last year.

                        Passenger Vehicles

Offtake to dealers in the month was curtailed to limit year-end
stocks.  The passenger vehicle business achieved total sales of
14,316 vehicles in the domestic market in December 2007, a
decline of 13% over December 2006.  The Indica reported sales of
9,497 nos., a decline of 10% over December 2006.  The Indigo
family registered sales of 1,379 nos., a decline of 33.6% over
December 2006.  The Sumo and Safari accounted for sales of 3,440
nos., a decline of 10.6% over December 2006.  The Safari
recorded a 10% growth with sales of 1,161 nos.  The promotional
scheme launched by the company on the occasion of the one
millionth car production milestone received a very encouraging
response with retails being nearly 26,000 vehicles, the highest
this fiscal.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,51,136 nos., a decline of 3.7 % over the
same period last year.  Cumulative sales of the Indica at
100,111 nos., reported a decline of 2%.  Cumulative sales of the
Indigo family were 20,058 nos., a decline of 13.9%.  Cumulative
sales of Sumo and Safari were 30,967 nos., a decline of 1%.  The
Safari recorded a 24% growth with sales of 11,856 nos.

                             Exports

The company's sales from exports at 4,701 vehicles in December
2007 grew by 16% compared to 4,063 vehicles in December 2006.
The cumulative sales from exports in the current period at
40,263 nos. have recorded a growth of 5% over the previous year.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.


URSUS EPC: Fitch Rates GBP2.9 million Class E Notes at BB-
----------------------------------------------------------
Fitch Ratings has affirmed Ursus EPC Plc's float-rating-notes
due 2012:

   -- GBP29.2 million Class A (XS0225923274): affirmed at 'AAA';
      Outlook Stable

   -- GBP10,000 Class X1 (XS0225925139): affirmed at 'AAA';
      Outlook Stable

   -- GBP5,000 Class X2 (XS0225928828): affirmed at 'AAA';
      Outlook Stable

   -- GBP5,000 Class X3 (XS0225930212): affirmed at 'AAA';
      Outlook Stable

   -- GBP5,000 Class X4 (XS0225931020): affirmed at 'AAA';
      Outlook Stable

   -- GBP5.22 million Class B (XS0225931889): affirmed at 'AA';
      Outlook Stable

   -- GBP5.22 million Class C (XS0225932697): affirmed at 'A';
      Outlook Stable

   -- GBP5.11 million Class D (XS0225933406): affirmed at 'BBB';
      Outlook Stable

   -- GBP2.9 million Class E (XS0225934719): affirmed at 'BB-';
      Outlook Stable

The rating affirmation follows a satisfactory performance
review, reflecting a continuing de-leverage of the underlying
loan pool, and the relatively stable performance of the
remaining portfolio assets.

At the transaction level, the interest and principal payment on
each note class has been made on a timely basis with the
exception of the interest payment on the most junior tranche,
Class E, which is currently experiencing a shortfall.  The
shortfall was initially caused by a one-off special servicer
payment in relation to the repayment of the Belsize loan.  The
loan was previously in default, but was subsequently repaid in
full.

The initial amount of the shortfall was GBP76,789.92 at the
beginning of the year and since then has been gradually reduced
on each payment date by the income derived from the transaction
accounts.  The current shortfall was at GBP33,621.54 at October
2007.  Fitch has been in discussion with the servicer and the
bank in trying to establish the likelihood of eventual recovery
of this shortfall.  After analysing the information and cash
flow projection provided by the bank, the agency is confident
that the interest shortfall on the Class E notes will be repaid
by the end of the final maturity.

The loan repayments commenced shortly after the close of the
transaction in August 2005.  By end-October 2007, the total
loans repaid amounted to GBP101.54 million, a significant
portion of which was attributed to prepayments, representing 97%
of the loan payments, while the remaining 3% is from scheduled
loan reductions.  The repaid loans have been applied to redeem
the notes on a half sequential and half pro rata basis starting
from the most senior tranche, which further strengthened the
credit enhancement at the transaction level.

Of the nine loans, only four remain: Shazr, Lamorna, TK Maxx and
Castlegate.  The Castlegate loan is now the largest claim in the
pool, weighing 76% of the outstanding pool balance.  It is
secured by the Castlegate shopping centre located in Stockton-
on-Tees, England.  The Shazr and Lamorna loans are cross
defaulted and secured by office and retail properties in London.
The TK Maxx loan is secured by a distribution centre fully let
to TK Maxx.  All four assets have been performing reasonably
well, with increased rental income and improved debt service
coverage.  The loan-to-value ratio for the Lamorna and TK Maxx
loans has marginally declined due to partial loan repayment,
while the improvement on the Castlegate LTV was gained mainly
through valuation uplift.

The transaction is a securitization of nine commercial mortgage
loans secured by a portfolio of 22 properties located throughout
the UK.  At closing, the portfolio comprised mainly offices,
accounting for 60% of the total passing rents and had a large
geographic concentration in the greater London area and south
east of England.


US ENERGY: Files for Chap. 11 Bankruptcy Protection in New York
---------------------------------------------------------------
U.S. Energy Systems Inc. has filed voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in
the Southern District of New York.  The company's U.S. Energy
Overseas Investments LLC and GBGH, LLC subsidiaries also have
filed petitions for reorganization.

The company's wholly owned subsidiary U.S. Energy Biogas Corp.
and the USEB subsidiaries, and UK Energy Systems Ltd. and the
company's other UK subsidiaries are not part of the Chapter 11
filings and are not adversely affected by them.  Virtually all
of USEY's employees and all of its income generating operating
activities are in USEB and the UK subsidiaries and therefore are
not affected by the filings.

The company anticipates that its Wednesday filings will
accelerate and bring an orderly, timely and most cost effective
conclusion to the process of analyzing and implementing
strategic alternatives for addressing the company's capital
structure and working capital needs, which, as previously
announced, has been underway since mid-2007.

As previously announced, the company has received expressions of
interest from several parties in a wide range of possible
strategic proposals all of which are continuing to be analyzed.

Chapter 11 of the U.S. Bankruptcy Code provides a court-
supervised mechanism that the company believes is the best venue
for efficiently selecting and implementing the optimum strategic
options for the company for the benefit of its stakeholders.

                  Protection for UK-Based Assets

To protect the value of the company's UK-based assets and
operations, which are not part of the Chapter 11 filings, the
company filed a motion for cash collateral that, if granted by
the Court, will ensure that the UK subsidiaries will have access
to the working capital they need on an ongoing basis to continue
operating.

As previously reported, the company's UK operations have been
funded for the past several months through a series of waivers
negotiated with certain of the company's lenders.  The company
has not requested that the cash collateral motion be approved on
a preliminary basis as part of First Day orders.

The company affirmed that all of its income producing business
operations -- consisting of USEB and its subsidiaries and UKES
and the UK subsidiaries -- are continuing normal operations and
that employees, customers and vendors of these businesses are
unaffected by the Chapter 11 filings.

Peter Partee of Hunton & Williams LLP serves as lead counsel to
U.S. Energy Systems Inc., U.S. Energy Overseas Investments LLC
and GBGH LLC.

                     About U.S. Energy Systems

U.S. Energy Systems Inc. (Pink Sheets: USEY)  --
http://www.usenergysystems.com/-- owns green power and clean
energy and resources.  USEY owns and operates energy projects in
the United States and United Kingdom that generate electricity,
thermal energy and gas production.


US ENERGY: Case Summary & 40 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: U.S. Energy Systems, Inc.
             40 Tower Lane, 1st Floor
             Avon, CT 06001

Bankruptcy Case No.: 08-10054

Debtor affiliates filing separate chapter 11 petitions:

  Entity                                         Case No.
  ------                                         --------
  G.B.G.H., L.L.C.                               08-10056
  U.S. Energy Overseas Investments, L.L.C.       08-10057

Debtor-affiliates filing separate chapter 11 petitions on
November 29, 2006:

  Entity                                         Case No.
  ------                                         --------
  U.S. Energy Biogas Corp.                       06-12827
  Brookhaven Energy Partners, L.L.C.             06-12826
  Illinois Electrical Generation Partners,L.P.   06-12828
  Illinois Electrical Generation Partners II,    06-12829
  L.P.
  Upper Rock Energy Partners, L.L.C.             06-12830
  Streator Energy Partners, L.L.C.               06-12831
  Brickyard Energy Partners, L.L.C.              06-12832
  Dixon Lee Energy Partners, L.L.C.              06-12833
  Roxanna Resource Recovery, L.L.C.              06-12834
  Avon Energy Partners, L.L.C.                   06-12835
  Devonshire Power Partners, L.L.C.              06-12836
  Riverside Resource Recovery, L.L.C.            06-12837
  Zapco Illinois Energy, Inc.                    06-12838
  B.M.C. Energy, L.L.C.                          06-12839
  Barre Energy Partners, L.P.                    06-12840
  Biogas Financial Corp.                         06-12841
  Burlington Energy, Inc.                        06-12842
  Cape May Energy Associates, L.P.               06-12843
  Dunbarton Energy Partners, L.P.                06-12844
  Lafayette Energy Partners, L.P.                06-12845
  Oceanside Energy, Inc.                         06-12846
  Onondaga Energy Partners, L.P.                 06-12847
  Power Generation (Suffolk), Inc.               06-12848
  Resources Generating Systems, Inc.             06-12849
  Suffolk Energy Partners, L.P.                  06-12850
  Suffolk Transmission Partners, L.P.            06-12851
  Taylor Energy Partners, L.P.                   06-12852
  Tuscon Energy Partners, L.P.                   06-12853
  Zapco Energy Tactics Corp.                     06-12854
  Z.F.C. Energy, Inc.                            06-12855
  Morris Genco, L.L.C.                           06-12856
  Countryside Genco, L.L.C.                      06-12857

Type of Business: The Debtors own and operate energy facilities
                  producing electricity and energy alternatives
                  to natural gas.  See
                  http://www.usenergysystems.com

Chapter 11 Petition Date: January 9, 2008

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Peter S. Partee, Esq.
                  Richard P. Norton, Esq.
                  Joseph J. Saltarelli, Esq.
                  Hunton & Williams, L.L.P.
                  200 Park Avenue
                  New York, NY 10166-0136
                  Tel: (212) 309-1000, (212) 309-1260
                  Fax: (212) 309-1100, (212) 209 1100

Debtors' Consolidated Financial Condition:

Total Assets: US$258,200,000

Total Debts:  US$175,300,000

U.S. Energy Systems, Inc's Eight Largest Unsecured Creditors:

   Entity                     Claim Amount
   ------                     ------------
Kostin, Ruffkess & Co.,       US$48,500
L.L.P.
76 Batterson Park Road
Farmington, CT 06032

Eckert Seamans Cherin &       US$24,403
Mellott, L.L.C.
300 Delaware Avenue,
Suite 1210
Wilmington, DE 19801

International Plaza           US$29,010
Associates
750 Lexington Avenue
New York, NY 10022

Citrix Systems, Inc.          US$823

Leslie Waterworks, Inc.       US$407

First Reliance Life           US$403
Insurance

Limores.net                   US$345

Corporation Service Co.       US$29

Consolidated List of 40 Largest Unsecured Creditors of Debtors
filing separate chapter 11 petitions on November 29, 2006:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Office of the Chief Clerk     Repayment of tax
US$62,518,250
Illinois Commerce Division    incentives
527 East Capital Avenue
P.O. Box 19260
Springfield, IL 62794


Jenbaeher Energy Systems Ltd. Trade                 US$368,624
5244 N. Sam Houston
Parkway East
Houston, TX 77032

Cape May County Municipal     Tax                   US$348,195
P.O. Box 610
Cape May Court, NJ 08220

Run Energy, L.P.              Trade                 US$179,602

Woodbine Developmental        Trade                 US$73,204
Center

City of Suffolk               Tax                   US$68,774

Zampell Refractories Inc.     Trade                 US$60,624

Illinois Department of        Tax                   US$50,946
Revenue

Marina Development, Inc.      Trade                 US$50,416

Cananwill, Inc.               Trade                 US$44,165

Brown County Port & Solid     Trade                 US$40,200
Waste

Carter Machinery Co., Inc.    Trade                 US$35,896

Deutz Corp.                   Trade                 US$25,651

Southeastern Public Service   Trade                 US$22,901

Square D Co.                  Trade                 US$20,559

Automation Engineering        Trade                 US$20,000
Systems

Long Island Power             Trade                 US$19,517

C.K. Resources                Trade                 US$17,659

Professional Engine Services  Trade                 US$17,189

Derenzo and Associates, Inc.  Trade                 US$11,800

Motive Parts, Co., Inc.       Trade                 US$11,528

Tucson Electric Power Co.     Trade                 US$10,592

BISYS Retirement Services     Trade                 US$9,880

Atlantic States Lubricant     Trade                 US$9,554

Allied Waste Industries, Inc. Trade                 US$8,680

Grainger                      Trade                 US$8,636

Windward Petroleum            Trade                 US$8,299

City of Garland               Tax                   US$7,936

Southworth Milton, Inc.       Trade                 US$7,817

American Environmental Group  Trade                 US$6,574

Wear Check U.S.A.             Trade                 US$6,400

S.C.S. Engineers, P.C.        Trade                 US$6,346

Anthem Blue Cross of          Trade                 US$6,088
Connecticut - Insurance

Brenco Operating Inc.         Trade                 US$6,024

Town of Hempstead             Tax                   US$5,239

C.E.S. Industrial Piping      Trade                 US$5,166
Supply

Town of Onondaga              Tax                   US$5,142

B.P. Fuel                     Trade                 US$5,131

Papco Oil Company             Trade                 US$4,677

Ronald H. Williams,           Trade                 US$4,516
Treasurer


WITHINSCOPE LTD: Names Keith Aleric Stevens Liquidator
------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of Withinscope Ltd. (t/a Adhive) on Dec. 20, 2007, for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         TW20 9HY
         England


* BOOK REVIEW: Financial Planning for High Net Worth Individuals
----------------------------------------------------------------
Authors:    Richard H. Mayer and Donald R. Levy
Publisher:  Beard Books
Paperback:  428 pages
List Price: US$59.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt

Financial Planning for High Net Worth Individuals by Richard H.
Mayer and Donald R. Levy is a comprehensive and authoritative
guide to the art and science of wealth management.

It is a source book that wealth management advisers can turn to
when looking for in-depth answers.

Collected here are the insights of expert advisers, presented in
a thoughtful and thorough manner on the vital aspects of
financial management.

This book is for high net worth individuals as well as for every
serious wealth management professional.

Richard H. Mayer, Chartered Life Underwriter, Registered
Investment Advisor.  Mr. Mayer has more than 40 years of
experience in the insurance industry where he specializes in
advising high net worth individuals and in developing executive
compensation plans.

Donald R. Levy, JD, MBA, is an attorney and benefits consultant.
Mr. Levy has authored or edited a number of books including the
Research Institute of America Answer Book, Executive
Compensation Treatise, 403(b) Answer Book, Guide to Cash Balance
Plans, Quick Reference Guide to IRAs, and the State-by-State
Guide to Managed Care Law.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *