TCREUR_Public/080114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 14, 2008, Vol. 9, No. 9

                            Headlines




A U S T R I A

AMB BAU: Graz Court Orders Business Shutdown
BETAS BAU: Creditors' Meeting Slated for Jan. 25
BIO LOGISCH: Leoben Court Orders Business Shutdown
ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus
FAIR SPIRIT: Creditors' Meeting Slated for Jan. 23

GHS VERSICHERUNGS: Klagenfurt Court Orders Business Shutdown
HUBERT PLANKER: Creditors' Meeting Slated for Jan. 27
LM-LAST MINUTE: Creditors' Meeting Slated for Jan. 25
MARIUS VELAN: Vienna Court Orders Business Shutdown
MARTE FEUERWEHRFAHRZEUGE: Creditors' Meeting Slated for Jan. 24

MOEBELHAUS LUGER: Creditors' Meeting Slated for Jan. 24
S.D. INSTALLATION: Vienna Court Orders Business Shutdown
SICHERHEITSDIENSTE LLC: Creditors' Meeting Slated for Jan. 25
T.V.I. TREUHANDGESELLSCHAFT: Creditors' Meeting Set for Jan. 25
VIA HANDEL: Creditors' Meeting Slated for Jan. 25

WOLF MICHAEL: Creditors' Meeting Slated for Jan. 24


B E L G I U M

NUANCE COMM: Ex-CEO Gets Inducement Grant of 286,137 Stock Units
SOLUTIA INC: Mulls Offering US$400 Mln of Senior Unsecured Notes


D E N M A R K

POLYONE CORP: Splits Polymer Coating Systems Into Two Units


F R A N C E

BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling
DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit
MTI TECHNOLOGY: Taps Singer Lewak as Certified Public Accountant


G E R M A N Y

ALVERMANN GMBH: Claims Registration Period Ends Feb. 5
AUTOHAUS DIEDRICH: Claims Registration Period Ends Feb. 11
BAUGESCHAFT THOMAS: Claims Registration Period Ends Feb. 5
BENQ MOBILE: Around 1,700 Employees Find Alternative Work
BUERO WIEDEMANN: Claims Registration Period Ends Feb. 4

DINEVENT GASTRONOMIESERVICE: Claims Registration Ends Feb. 11
EINRICHTUNGSHAUS MAAG: Claims Registration Ends February 11
FELDMANN-KOENECKE: Claims Registration Period Ends Feb. 4
FREESTYLE GASTRONOMIEBETRIEBS: Claims Registration Ends Feb. 6
HILDEBRAND MALER: Claims Registration Period Ends Feb. 4

HKV HOLZ: Claims Registration Period Ends Feb. 5
K&K HAUSTECHNIK: Claims Registration Period Ends Feb. 5
LANG EUROPE: Claims Registration Ends February 21
MASCHINENBAU & BAUELEMENTE: Claims Registration Ends Feb. 4
PAPILLON GMBH: Claims Registration Period Ends Feb. 7

PETZOLD & PARTNER: Claims Registration Ends February 11
SPINOLA PETROL: Claims Registration Ends February 12
TISCHLEREI ERNST: Claims Registration Period Ends Feb. 8
VERTRIEBSGESELLSCHAFT FUER: Claims Registration Ends Feb. 5
WEMA WERKZEUG: Claims Registration Period Ends Feb. 7

WIBUSCH SERVICE: Claims Registration Period Ends Feb. 1


G R E E C E

EASTMAN KODAK: Sets Annual Strategy Meeting for Feb. 7


H U N G A R Y

GUESS? INC: Discloses Strong Same-Store Sales in Retail Business


I R E L A N D

SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller


I T A L Y

ALITALIA SPA: Air France-KLM Chief Holds Preliminary Talks
IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million
IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings
IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million
PARMALAT SPA: Deloitte Wants to Settle with Bondholder Group

TISCALI SPA: CONSOB Okays Rights Offering Circular Publication
X-RITE INC: Issues Employment Inducement Restricted Stock Awards


K A Z A K H S T A N

GARANT OJSC: Creditors Must File Claims by Feb. 12
INTERNATIONAL PROCUREMENT: Claims Filing Period Ends Feb. 8
KAZ TECHNOLOGATION: Creditors' Claims Due on Feb. 8
KLAIN BYSTRUHA: Claims Registration Ends Feb. 8
MDK-COMPANY LLP: Creditors Must File Claims by Feb. 12

MEB MARKET: Claims Filing Period Ends Feb. 8
NIKOS INVESTMENTS: Creditors' Claims Due on Feb. 8


K Y R G Y Z S T A N

OPTIMAX LLC: Proof of Claim Deadline Slated for February 2
STROY GRAD: Creditors Must File Claims by February 2


R U S S I A

BELOZERSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure
FURNITURE FACTORY: Creditors Must File Claims by Jan. 22
KIMRSKY MECHANICAL: Creditors Must File Claims by Jan. 22
MEDYAKOVO OJSC: Asset Sale Slated for Jan. 23
PTK PILE-DRIVING: Creditors Must File Claims by Feb. 22

ROSGASPROM LLC: Creditors Must File Claims by Feb. 22
SHUMIKHINSKY MEAT-PACKING: Creditors Must File Claims by Feb. 22


S W I T Z E R L A N D

DI GRAZIO: Basel-Stadt Court Closes Bankruptcy Proceedings
HOBLA CATERING: Basel-Country Court Closes Bankruptcy Process
INTERCALL TELECOM: Aargau Court Starts Bankruptcy Proceedings
KAESLIN MOSTEREI: Nidwalden Court Closes Bankruptcy Proceedings
KLICK - PLATTEN LLC: Aargau Court Starts Bankruptcy Proceedings

SPORTGARAGE - ALAJ: Aargau Court Starts Bankruptcy Proceedings


U K R A I N E

ATMA-PLUS LLC: Proofs of Claim Deadline Set January 16
BERET LLC: Proofs of Claim Deadline Set January 16
COMPLEX-TRADE LLC: Proofs of Claim Deadline Set January 16
COSMOR LLC: Proofs of Claim Deadline Set January 16
EXPOTRADE LLC: Proofs of Claim Deadline Set January 16

FERGUS LLC: Proofs of Claim Deadline Set January 16
GREEN LLC: Proofs of Claim Deadline Set January 16
INVESTMENT-INDUSTRIAL GROUP: Claims Filing Deadline Set Jan. 16
SALMIT LLC: Proofs of Claim Deadline Set January 16
TH LORA-NOVA: Proofs of Claim Deadline Set January 16

YUZHBOR LLC: Proofs of Claim Deadline Set January 16
ZOLOTAYA CHASHA: Proofs of Claim Deadline Set January 16


U N I T E D   K I N G D O M

AFFILIATED COMPUTER: Purchases Syan Holdings for US$60 Million
BRANTHAM LAND: Brings In Liquidators from Baker Tilly
BRITISH ENERGY: Supports UK's Decision on Nuclear Power
CABLE & WIRELESS: Resolves Conflict with Union Workers in LatAm
CHRYSLER LLC: Certified Pre-Owned Vehicle Sales Up 5% in 2007

COTT CORP: Amends Credit Covenant, Inks ABL Credit Facility
D.H. WESTROPE: Brings In Administrators from Grant Thornton
ECI SARTEK: Appoints Joint Administrators from BDO Stoy
EQUITABLE LIFE: Transfers GBP1.7 Billion Policies to Prudential
FOCUS ON SUCCESS: Taps Begbies Traynor as Joint Administrators

MAKWELA LTD: Brings In PwC as Joint Administrators
NORTHERN ROCK: Selling GBP2.2 Bln Lifetime Portfolio to JPMorgan
NORTHERN ROCK: Darling Admits Private Sale May Not Be Possible
NORTHERN ROCK: Ron Sandler to Lead Bank If Nationalized
OAS HOMES: Appoints Administrators from Tenon Recovery

SHAW GROUP: Earns US$2.2 Million in Quarter Ended Nov. 30
SUREBASIC LTD: Names David Hill as Administrator
TATA MOTORS: Unveils People's Car Tata NANO at Auto Expo
VONAGE HOLDINGS: CEO Says Debt Refinancing is "Top Priority"
VONAGE HOLDINGS: Expects Revenue in Excess of US$800 Mln in 2007

XYZ DEUTSCHLAND: Joint Liquidators Take Over Operations

* AlixPartners Names 11 New Managing Directors
* Bank of England Publishes Q4 Credit Conditions Survey Results
* Number of Business Failures in Scotland Down 4.4% in 2007

* BOND PRICING: For the Week Jan. 7 to Jan. 11, 2008




                            *********


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


AMB BAU: Graz Court Orders Business Shutdown
--------------------------------------------
The Land Court of Graz entered Nov. 29, 2007, an order shutting
down the business of LLC AMB Bau (FN 69561x).

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 22, 2007 (Bankr. Case No 40 S 34/07h).


BETAS BAU: Creditors' Meeting Slated for Jan. 25
------------------------------------------------
Creditors owed money by KEG Betas Bau (FN 260376g) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Jan. 25.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 23, 2007 (28 S 140/07b).  Andrea Eisner serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 7712
         E-mail: office@ra-eisner.at


BIO LOGISCH: Leoben Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Leoben entered Nov. 23, 2007 an order shutting
down the business of LLC Bio Logisch Handel (FN 271868g).

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

Headquartered in Kapfenberg, Austria, the Debtor declared
bankruptcy on Nov. 19, 2007 (Bankr. Case No 17 S 91/07m).


ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus
---------------------------------------------------------------
Flemish Government has awarded the Electronic Data System
Corp.'s EDS-Telindus Consortium a renewal of its information
communications technology contract.  The contract has a seven-
year term and is worth approximately EUR582 million (US$831
million), the largest outsourcing contract ever awarded in
Belgium.

The new agreement includes a broad package of information
technology services including end-user support and management of
end-user infrastructure to ensure the availability of the ICT
environment for the Flemish Government.  Electronic Data and
Telindus have been in partnership at the Flemish Government
since 2003.

"Luc Chauvin, the ICT manager of the Flemish Government, and his
team have introduced a very open and very flexible outsourcing
model that stimulates multi-vendor integration, continuous
innovation and price competitiveness," said Electronic Data
Belgium managing director, Eric Van Bael.  "We have put the best
minds of EDS and Telindus together to live up to these very high
standards of execution and are extremely proud that we are once
again selected as the preferred partner of the Flemish
Government."

"Winning this contract is very important for Telindus Belgacom
ICT and EDS, and it proves that our partnership is able to
deliver convincing solutions for complex IT landscapes," added
director Corporate Market for Telindus Belgacom ICT, Jan De
Schepper.

"Thanks to our experience and business knowledge, the EDS-
Telindus Consortium has been able to respond promptly and with
flexibility to the extremely high expectations and quality
standards of the Flemish Government and its end-users," said
EDS-Telindus Consortium managing director, Patrick Urkens.

Under this agreement, Electronic Data is responsible for system
and application management, application development and support,
service desk, and server, storage and mainframe infrastructure.
Telindus is responsible for the network, PC support and security
of the Flemish Government's ICT systems.

Work on the new contract begins Feb. 1, 2008, with all new and
renewed services and supporting tools scheduled to be fully
implemented in accordance with the new contract by Sept. 1,
2008.

                       About Telindus

Telindus is a Belgian company offering ICT solutions and
services.  Telindus serves business and public market needs as a
solution and sourcing partner, delivering secured converged
networking, and secured systems & applications underpinned by
management and support services.  With over 37 years experience
in ICT, Telindus is investing considerably in expertise to
service modern IT and telecommunications infrastructures
throughout their life cycle.  Telindus' enviable track record
and longstanding partnerships with leading equipment suppliers
offers a safe route for enterprises, telecom operators and
government bodies looking to deploy long-lasting ICT solutions.
In January 2006, Telindus joined the Belgacom Group to become
the IT Services Branch of a new business leader in the market.

                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.

                       *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


FAIR SPIRIT: Creditors' Meeting Slated for Jan. 23
--------------------------------------------------
Creditors owed money by LLC fair spirit Handel (FN 292951k) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Jan. 23.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on Nov. 26, 2007 (36 S 136/07b).

Elisabeth Zonsics-Kral serves as the court-appointed estate
administrator of the bankrupt's estate.  Ferdinand Bruckner
represents Dr. Zonsics-Kral in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Elisabeth Zonsics-Kral
         c/o Dr. Ferdinand Bruckner
         Schubertstrasse 10/3/5/9
         2100 Korneuburg
         Austria
         Tel: 02262/72 437
         Fax: 02262/729 39 15
         E-mail: widhalm@raedrb-drz.at


GHS VERSICHERUNGS: Klagenfurt Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Klagenfurt entered Nov. 27, 2007, an order
shutting down the business of LLC GHS Versicherungs- und
Finanzdienstleistung (FN 144254p).

Court-appointed estate administrator Helmut Binder 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. Helmut Binder
         Postgasse 8/1
         9500 Villach
         Austria
         Tel: 04242/22127
         Fax: 04242/22127
         E-mail: ra@kanzlei-binder.at

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Nov. 20, 2007 (Bankr. Case No 41 S 114/07y).


HUBERT PLANKER: Creditors' Meeting Slated for Jan. 27
-----------------------------------------------------
Creditors owed money by LLC Hubert Planker (FN 182408y) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Jan. 27.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Bad Schoenau, Austria, the Debtor declared
bankruptcy on Nov. 23, 2007 (10 S 114/07d).

Michael Lentsch serves as the court-appointed estate
administrator of the bankrupt's estate.  Joerg Beirer represents
Dr. Lentsch in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Michael Lentsch
         c/o  Dr. Joerg Beirer
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 0 41
         Fax: 02622/29 2 46
         E-mail: lentsch@kosch-partner.at


LM-LAST MINUTE: Creditors' Meeting Slated for Jan. 25
-----------------------------------------------------
Creditors owed money by LLC LM-last minute Warenlogistik (FN
179056v) are encouraged to attend the creditors' meeting at
10:00 a.m. on Jan. 25.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Room 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on Nov. 28, 2007 (7 S 68/07w).

Peter Planer serves as the court-appointed estate administrator
of the bankrupt's estate.  Barbara Planer-Beranek represents Dr.
Planer in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Peter Planer
         c/o  Dr. Barbara Planer-Beranek
         Klostergasse 1
         Villa Margit
         6370 Kitzbuehel
         Austria
         Tel: 05356/66883
         Fax: 05356/668844
         E-mail: p.planer@aon.at


MARIUS VELAN: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Nov. 29, 2007, an order
shutting down the business of LLC Marius Velan (FN 36354m).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 12, 2007 (Bankr. Case No 28 S 131/07d).


MARTE FEUERWEHRFAHRZEUGE: Creditors' Meeting Slated for Jan. 24
---------------------------------------------------------------
Creditors owed money by LLC Marte Feuerwehrfahrzeuge
Feuerwehrtechnologie (FN 225937k) are encouraged to attend the
creditors' meeting at 10:30 a.m. on Jan. 24.

The creditors' meeting will be held at:

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

Headquartered in Klaus-Weiler, Austria, the Debtor declared
bankruptcy on Nov. 29, 2007 (14 S 47/07k).

Andreas Brandtner serves as the court-appointed estate
administrator of the bankrupt's estate.  Sanjay Doshi represents
Dr. Brandtner in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Andreas Brandtner
         c/o Mag. Sanjay Doshi
         Drevesstrasse 6
         6800 Feldkirch
         Austria
         Tel: 05522/81999
         Fax: 05522/81988
         E-mail: kanzlei@brandtner.at


MOEBELHAUS LUGER: Creditors' Meeting Slated for Jan. 24
-------------------------------------------------------
Creditors owed money by LLC Moebelhaus Luger & Co (FN 268375w)
are encouraged to attend the creditors' meeting at 11:00 a.m. on
Jan. 24.

The creditors' meeting will be held at:

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

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Nov. 23, 2007 (14 S 46/07p).  Klaus Grubhofer
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Klaus Grubhofer
         Riedgasse 20/I
         Second Floor
         6850 Dornbirn
         Austria
         Tel: 05572/28171
         Fax: 05572/28171-6
         E-mail: ra.grubhofer@aon.at


S.D. INSTALLATION: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Nov. 28, 2007, an order
shutting down the business of LLC S.D. Installation (FN
262895k).

Court-appointed estate administrator Johanna Abel-Winkler
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2007 (Bankr. Case No 6 S 152/07f).  Norbert Abel
represents Mag. Abel-Winkler in the bankruptcy proceedings.


SICHERHEITSDIENSTE LLC: Creditors' Meeting Slated for Jan. 25
-------------------------------------------------------------
Creditors owed money by LLC Sicherheitsdienste (FN 160640k) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Jan. 25.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Nov. 27, 2007 (44 S 40/07t).  Harald Heinrich
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Harald Heinrich
         Georg-Wagner-Gasse 5
         Second Floor
         5020 Salzburg
         Austria
         Tel: 0662/82 93 12
         Fax: 0662/829312-2
         E-mail: ra.harald.heinrich@aon.at


T.V.I. TREUHANDGESELLSCHAFT: Creditors' Meeting Set for Jan. 25
---------------------------------------------------------------
Creditors owed money by LLC T.V.I. Treuhandgesellschaft fuer
Vermoegen u.Immobilien (FN 222245g) are encouraged to attend the
creditors' meeting at 8:45 a.m. on Jan. 25.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Nov. 23, 2007 (44 S 43/07h).  Gernot Franz Herzog
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Gernot Franz Herzog
         Haunspergstrasse 33
         5020 Salzburg
         Austria
         Tel: 0662/8700460
         Fax: 0662/878462
         E-mail: office@hauserherzog.com


VIA HANDEL: Creditors' Meeting Slated for Jan. 25
-------------------------------------------------
Creditors owed money by LLC VIA Handel (FN 205113m) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Jan. 25.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 23, 2007 (28 S 141/07z).  Ute Toifl serves as the court-
appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 535 46 11
         Fax: 535 46 11 11
         E-mail: office@thr.at


WOLF MICHAEL: Creditors' Meeting Slated for Jan. 24
---------------------------------------------------
Creditors owed money by WOLF Michael Ges.m.b.H. Wellnesshotel
Heubad auf der Wiese (FN 150233g) are encouraged to attend the
creditors' meeting at 9:30 a.m. on Jan. 24.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Prigglitz, Austria, the Debtor declared
bankruptcy on Nov. 28, 2007 (10 S 115/07a).  Klaus Haberler
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Mag. Klaus Haberler
         Triester Strasse 34
         2620 Neunkirchen
         Austria
         Tel: 02635/69555
         Fax: 02635/69555-5
         E-mail: info@dr-lechner.at


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B E L G I U M
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NUANCE COMM: Ex-CEO Gets Inducement Grant of 286,137 Stock Units
----------------------------------------------------------------
Nuance Communications Inc. disclosed that in connection with its
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:

   -- 50% of which vest on the first anniversary of the
      acquisition, one eighth of which vest on the eighteen
      month anniversary of the acquisition;

   -- 1/8% of which vest on the second anniversary of the
      acquisition; and

   -- 25% 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).

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN) -- http://www.nuance.com/-- provides speech and
imaging solutions for businesses and consumers around the world.

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

                          *     *     *

Nuance Communications still carries Standard & Poor's Ratings
Services 'B+' long term foreign issuer credit and 'B+' long term
local issuer credit ratings, which were placed on
March 22, 2007.  Outlook is positive.


SOLUTIA INC: Mulls Offering US$400 Mln of Senior Unsecured Notes
----------------------------------------------------------------
Solutia Inc. is planning to offer US$400 million aggregate
principal amount of senior unsecured notes, which are expected
to mature in 2016.

On Oct. 31, 2007, the company disclosed that the notes offering
is part of a US$2 billion exit financing package that would be
used to pay certain creditors upon Solutia's emergence from
Chapter 11 pursuant to its confirmed plan of reorganization, and
for the ongoing operations of the company after emergence.

As part of this exit financing package, Solutia also intends to
enter into a senior secured asset-based revolving credit
facility in the aggregate principal amount of US$400 million and
a senior secured term loan facility in an aggregate principal
amount of US$1.2 billion.

The notes will be governed by an indenture that is expected to
contain covenants restricting Solutia's ability to, among other
things, incur indebtedness, pay dividends, incur liens, and sell
assets.

                        About Solutia Inc.

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 November 29, the Court confirmed the Debtors'
Consensual Plan.

                         *     *     *

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.


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


POLYONE CORP: Splits Polymer Coating Systems Into Two Units
-----------------------------------------------------------
PolyOne Corporation has reorganized its Polymer Coating Systems
into two business units.

The Wilflex inks and specialty colorants businesses and the
BayOne equity investment will be combined into a new operating
segment named Specialty Inks and Polymer Systems.

Scott Craig, who joined PolyOne from Cookson Electronics'
Semiconductor Packaging Materials business, will be the general
manager of this new operating segment.

The remaining PCS businesses, plastisols and coated fabrics,
will be integrated with the Vinyl Business segment and combined
with the Specialty Resins business to form Specialty Resins and
Coatings.

Dan Kickel, who had served as vice president and general manager
of PCS, will become vice president and general manager of this
new business unit.

"This realignment gives us the ability to better serve our
customers," Stephen D. Newlin, chairman, president and chief
executive officer, said.  "We will more effectively and
efficiently focus our resources with the needs of our customers
and the marketplace."

The number of PolyOne's reportable segments remains at four:
Vinyl Business, International Color and Engineered Materials,
PolyOne Distribution, and Resin and Intermediates.  All Other
will now include North American Engineered Materials, North
American Color and Additives, Producer Services, and Specialty
Inks and Polymer Systems.

                      About PolyOne Corp.

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

                          *     *     *

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


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


BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling
---------------------------------------------------------------
Boston Scientific Corp. announced that the Court of Appeals for
the Federal Circuit affirmed a District Court ruling that found
the NIR stent infringed one claim of a patent owned by
Johnson & Johnson.  Standard & Poor's Ratings Services' says
that this does not affect its ratings or outlook for Boston
Scientific.

Boston Scientific's corporate credit rating is rated 'BB+' by
S&P with a negative outlook.

The District Court must now rule on Johnson & Johnson's request
for the reinstatement of damages of US$324 million.  Also, the
company has not indicated that it will appeal this decision, but
noted that the District court may need to revisit the issue of
validity in light of a revised claim construction.  As a result,
the amount and timing of a potential payment by Boston
Scientific are unknown.  To some degree, the financial
uncertainty of litigation is factored into the rating.  Boston
Scientific, like many of its peers, is involved in several
patent and product liability lawsuits.  The company has both
initiated litigation and been subject to challenges by other
companies, and such proceedings can be protracted.

Boston Scientific continues to make progress in reducing its
debt burden; adjusted debt to EBITDA declined to 3.8x for the 12
months ended Sept. 30, 2007, from 4.1x at the end of the second
quarter of 2007.  Cash was US$1.2 billion at the end of the
second quarter, and proceeds from recently announced asset
divestitures should provide the means for further debt
reduction.

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

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Boston Scientific Corp., including the 'BB+'
corporate credit rating, and removed them from CreditWatch,
where they were placed with negative implications Aug. 3, 2007.
S&P said the rating outlook is negative.


DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit
--------------------------------------------------------------
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings:

  -- A 'B+' issue rating (one notch above the corporate credit
     rating), and '2' recovery rating to the company's proposed
     US$3.7 billion senior secured first-lien term loan; and

  -- A 'B-' issue rating (one notch below the corporate credit
     rating), and '5' recovery rating to the company's proposed
     US$825 million senior secured second-lien term loan.

The expected ratings are based upon preliminary terms and
conditions and assume successful placement of the loans as
represented to S&P.  Any changes to the terms of the loans prior
to placement may result in different ratings.  In addition, the
expected ratings are subject to confirmation and substantial
consummation of Delphi's plan of reorganization, and to S&P's
receipt and satisfactory review of final documentation.  The
expected ratings reflect Delphi's highly leveraged financial
risk profile, based on poor profitability and near-term negative
cash flow in North America despite substantial cost improvements
obtained in the company's reorganization.  The ratings also
reflect Delphi's vulnerable business risk profile as an
automotive supplier that still depends highly on the very
difficult North American market in general, and on former parent
General Motors Corp. (GM; B/Stable/B-3) for sales as well as
ongoing operational support.

Pro forma for the proposed exit financings and emergence from
bankruptcy, Delphi would have total debt of US$5.35 billion, or
a little more than US$8 billion, including Standard & Poor's
adjustments for underfunded postretirement benefits and the
present value of operating leases.

In S&P's debt ratio calculations, S&P also treated as debt
Delphi's proposed US$1.1 billion of junior convertible preferred
equity.  This preferred equity, which GM will hold after
emergence, has no dividend and minimal voting rights--
characteristics that leads S&P to view it as a temporary piece
of Delphi's capital structure.  Although this equity has no
maturity and could be replaced without an increase in Delphi's
debt (for example, if GM converts it into common equity or if a
third party purchases it), S&P believes it is also possible that
Delphi could raise debt in the future and use proceeds to
repurchase the junior preferred--in effect, reproducing the
capital structure under an earlier version of Delphi's plan of
reorganization, before weakness in the credit markets forced a
reduction in planned emergence debt levels.

S&P has not treated as debt the proposed US$800 million in
Series A and Series B convertible preferred equity, to be held
by Appaloosa Management L.P. and other plan investors after
emergence, because S&P consider these tranches to be more
permanent in nature.

Delphi's leverage will remain high after emergence, with
adjusted debt to expected 2008 EBITDA of about 6.5x.  This
calculation excludes restructuring costs, but incorporates
various transactions that lower adjusted leverage and that will
take place soon after emergence.  These transactions include
Delphi's payment of a US$1.2 billion "catch-up" contribution to
its worldwide pension plans, and the transfer of US$1.5 billion
in net pension liabilities to GM in exchange for a US$1.5
billion cash payment to the same.  Excluding the junior
preferred equity in S&P's ratio calculations, pro forma 2008
leverage would be a little less than 6x.

"Following emergence, we would characterize Delphi's business
risk profile as vulnerable," said Standard & Poor's credit
analyst Gregg Lemos Stein.  "Delphi has made significant strides
in shedding burdensome legacy costs in North America and in
transforming the company's mix of businesses during bankruptcy.
Nevertheless, customer pricing pressure and competition are
severe, and production volumes are likely to remain volatile--
especially in North America, where vehicle demand has been
sluggish and the outlook remains clouded amid increasing signs
of macroeconomic weakness."

Other steps Delphi has taken, or is in the process of taking, to
address its cost structure include:

  -- Dramatically reducing its U.S. hourly work force to about
     17,000 as of the end of 2007 from nearly 35,000 prior to
     bankruptcy via asset sales and attrition programs that GM
     partly subsidizes.  Additional planned asset sales will
     result in further U.S. headcount reductions over the next
     few years.

  -- Significantly reducing labor costs for remaining U.S.
     hourly workers (about US$27 per hour plus benefits to
     start, but increasing over time) in exchange for lump-sum
     payments, also subsidized by GM.

  -- Selling or closing 31 of the 39 U.S. manufacturing sites
     in operation as of the bankruptcy filing, plus additional
     non-U.S. plants mainly in higher-cost European locations.

  -- Transferring virtually all of its U.S. hourly other
     postemployment benefit liabilities to GM soon after
     emergence, reducing liabilities by more than US$8 billion.

  -- Freezing its U.S. defined-benefit pension plans as of
     emergence and replacing them with a defined-contribution
     plan.

In addition to these items, Delphi will also receive from GM
ongoing cash payments that will reduce Delphi's cost for
remaining United Auto Workers (UAW) employees to about US$26 per
hour, including benefits.  The UAW accounts for a majority of
Delphi's U.S. work force.  GM also has agreed to support noncore
manufacturing sites so that they are cash flow neutral to Delphi
prior to their sale or closure.

Despite the magnitude of these cost-cutting initiatives and the
exit from weaker product segments, S&P expects profitability to
return to only acceptable levels by the end of the 2008 at the
earliest.  S&P expects EBITDA margin, excluding restructuring
expense, to improve to about 8% of sales in 2008, compared with
less than 2% in 2007.  Margins should be higher in Europe and
Asia-Pacific, which account for a growing minority share of
Delphi's sales (about 37% and 15%, respectively, based on
expected 2008 revenues and excluding noncontinuing businesses).
However, this won't be enough to offset weak margins in North
America, which represents about 44% of projected 2008 revenues.
South America accounts for the remaining 4%.

Customer diversity has improved, but GM exposure remains a risk
factor.  Delphi expects GM to account for about 30% of sales in
2008, excluding noncontinuing businesses.  Prior to Delphi's
bankruptcy in 2005, this figure was about 50%. S&P expects
Delphi to continue to gradually diversify its customer base.
However, further market share losses or sudden production cuts
by GM would still pressure Delphi's results, potentially
negating the future cost savings Delphi aims to achieve in areas
such as administrative overhead and materials purchasing.

After emergence, continued cash usage in North America will
challenge Delphi's liquidity.  Standard & Poor's expects free
cash flow from global operations to be negative in 2008,
excluding a series of transactions with GM following emergence
and the US$1.2 billion catch-up pension contribution.  However,
S&P expects borrowing availability will be sufficient to fund
expected cash usage and ongoing restructurings.  An unrated
US$1.6 billion asset-based lending (ABL) revolving credit
facility will have about US$1.4 billion of borrowing
availability after anticipated borrowings and outstanding-but-
undrawn LOCs are taken into account.  Governing the ABL is a
borrowing base calculation, under which GM accounts receivable
can account for no more than 25% of eligible accounts receivable
and inventory, or 20% beginning in 2010.  Therefore, a GM
production decline would not severely reduce ABL borrowing
availability.  Cash balances after the post-emergence
transactions will be about US$800 million, but only about US$100
million will be in the U.S., where cash usage is greatest.

The cash costs of Delphi's ongoing restructuring efforts could
total nearly US$500 million in 2008.  Delphi plans to make
additional pension contributions for the next several years, on
top of the US$1.2 billion catch-up contribution, in an effort to
bring its U.S. plans to fully funded status.  However, these
should be manageable, averaging about US$150 million per year,
with some latitude as to timing.  Delphi's proposed exit
financings include minimal maturities through the end of the
decade.

As with most automotive original equipment suppliers, working
capital needs are highest in the middle of the calendar year
because of typical seasonal production patterns, and this
results in weaker cash flow in the first and second quarters.
S&P expects Delphi's cash flow to benefit from improved terms,
with its suppliers following emergence from bankruptcy,
potentially offsetting its cash usage in early 2008.  However,
S&P remains concerned about cash flow prospects in the U.S. over
the longer term.

Standard & Poor's expects to rate Delphi's proposed US$3.7
billion first-lien senior secured term loan 'B+', one notch
higher than the corporate credit rating.  This and the expected
recovery rating of '2' indicate that lenders can expect
substantial (70%-90%) recovery in the event of a payment default
or bankruptcy.  Delphi's proposed US$825 million second-lien
secured term loan is expected to be rated 'B-', one notch lower
than the company's corporate credit rating.  This and the
expected recovery rating of '5' indicates that lenders can
expect modest (10%-30%) recovery.

S&P expects the outlook to be negative, reflecting Delphi's cash
use in North America, ongoing restructuring needs, and the
uncertain outlook for vehicle demand in the U.S. in 2008.  S&P's
expected ratings assume that Delphi will continue to make some
progress on its cost structure and profitability, enabling it to
reduce leverage, including Standard & Poor's adjustments, to 6x
or less over time.  S&P could lower the ratings if overall
leverage or negative cash flow in North America failed to
improve, or if liquidity were to diminish.  On the other hand,
S&P could revise the outlook to stable, perhaps by the end of
2008, if Delphi demonstrates positive and sustainable cash flow
for debt reduction, enabling it to reduce leverage to
significantly less than 6x, including S&P's adjustments.  S&P is
unlikely to upgrade the company or revise the outlook to
positive, given the current challenges facing the North American
auto supplier industry and sluggish vehicle demand.


MTI TECHNOLOGY: Taps Singer Lewak as Certified Public Accountant
----------------------------------------------------------------
MTI Technology Corporation asks the United States Bankruptcy
Court for the Central District of California for permission to
employ Singer Lewak Greenbaum & Goldstein LLP as its certified
public accountant.

Singer Lewak is expected to prepare the Debtor's federal income
tax returns for the year ending March 31, 2007.

The Debtor tells the Court that it will provide US$25,000
retainer fee for the firm.  The Debtor also says that the firm's
services will cost US$44,000 plus expenses.

The firm's professionals and their compensation rates are:

   Professionals              Hourly Rates
   -------------              ------------
   Mark Cook                      US$400
   Thomas Wendler                 US$400
   Michael Cohen                  US$400
   Jennifer Myers                 US$268
   Anne Chang                     US$204
   Mai Nguyen                     US$140
   Mark Brown                     US$140
   David Yu                       US$120
   Andrea Ramos                   US$100

To the best of the Debtor's knowledge the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Court.

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

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


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


ALVERMANN GMBH: Claims Registration Period Ends Feb. 5
------------------------------------------------------
Creditors of Alvermann GmbH Bauunternehmen have until Feb. 5 to
register their claims with court-appointed insolvency manager
Wilfried Koller.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on March 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

          Wilfried Koller
          Schiffgraben 59
          30175 Hannover
          Germany
          Tel: 0511 342129
          Fax: 0511 3480645

The District Court of Hannover opened bankruptcy proceedings
against Alvermann GmbH Bauunternehmen on Dec. 7, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Alvermann GmbH Bauunternehmen
         Alte Dorfstr. 12
         31515 Wunstorf
         Germany


AUTOHAUS DIEDRICH: Claims Registration Period Ends Feb. 11
----------------------------------------------------------
Creditors of Autohaus Diedrich Sagehorn GmbH & Co KG have until
Feb. 11 to register their claims with court-appointed insolvency
manager Berend Boehme.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Berend Boehme
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 0421/79257-0
         Fax: 0421/79257-57
         E-mail: boehme@oelb.de

The District Court of Delmenhorst opened bankruptcy proceedings
against Autohaus Diedrich Sagehorn GmbH & Co KG on Dec. 31,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Autohaus Diedrich Sagehorn GmbH & Co KG
         Bremer Strasse 41/43
         27749 Delmenhorst
         Germany


BAUGESCHAFT THOMAS: Claims Registration Period Ends Feb. 5
----------------------------------------------------------
Creditors of Baugeschaft Thomas Borchard GmbH have until Feb. 5
to register their claims with court-appointed insolvency manager
Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

          Susanne Mueller
          Vietmannsdorfer Strasse 23
          17268 Templin
          Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Baugeschaft Thomas Borchard GmbH on Dec. 14, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Baugeschaft Thomas Borchard GmbH
          Attn: Herrn Thomas Borchard, Manager
          Lychener Chaussee 8
          16798 Fuerstenberg
          Germany


BENQ MOBILE: Around 1,700 Employees Find Alternative Work
---------------------------------------------------------
Siemens said that about 1,700 former employees of insolvent BenQ
Mobile GmbH & Co. have found alternative employment, Financial
Times Ltd. reports citing Suddeutsche Zeitung as its source.

In a separate report by Suddeutsche Zeitung, the European
Commission paid EUR12.8 million to the company's redundant
staff.

The fund from the EU globalization aimed to help the 3,300 BenQ
employees affected to find new jobs.

Suddeutsche Zeitung relates that in the company's manufacturing
site in North Rhine-Westphalia, almost 1,000 out of 1,750
employees were reported to have found work, while. 650 of the
772 workers at its Munich site have found employment or became
self-employed.

BenQ Mobile GmbH & Co., BenQ Corp.'s German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  The
company's global operations are in Brazil, Mexico, Canada,
United States, Australia, China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, New Zealand, Philippines, Singapore,
Taiwan, Turkey, Thailand, Vietnam, Austria, Belgium, among
others.


BUERO WIEDEMANN: Claims Registration Period Ends Feb. 4
-------------------------------------------------------
Creditors of Buero Wiedemann GmbH have until Feb. 4 to register
their claims with court-appointed insolvency manager Andree
Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Andree Wernicke
         Grottenau 6
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Buero Wiedemann GmbH on Nov. 29, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Buero Wiedemann GmbH
          Statzlinger Str. 2
          86165 Augsburg
          Germany


DINEVENT GASTRONOMIESERVICE: Claims Registration Ends Feb. 11
-------------------------------------------------------------
Creditors of DinEvent Gastronomieservice GmbH have until Feb. 11
to register their claims with court-appointed insolvency manager
Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against DinEvent Gastronomieservice GmbH on Dec. 7, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DinEvent Gastronomieservice GmbH
         Alleestr. 64
         46535 Dinslaken
         Germany

         Attn: Ulrike Kaya, Manager
         Heisterbusch 6
         46539 Dinslaken
         Germany


EINRICHTUNGSHAUS MAAG: Claims Registration Ends February 11
-----------------------------------------------------------
Creditors of Einrichtungshaus Maag GmbH & Co. KG have until
Feb. 11 to register their claims with court-appointed insolvency
manager Hans Raab.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen
         Germany
         Tel: 09104/829418
         Fax: 09104/829441

The District Court of Fuerth opened bankruptcy proceedings
against Einrichtungshaus Maag GmbH & Co. KG on Dec. 28, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Einrichtungshaus Maag GmbH & Co. KG
         Untere Str. 10
         90768 Fuerth
         Germany


FELDMANN-KOENECKE: Claims Registration Period Ends Feb. 4
---------------------------------------------------------
Creditors of Feldmann-Koenecke Immobilien GmbH have until Feb. 4
to register their claims with court-appointed insolvency manager
Christian Scholz.

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 Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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 Scholz
          Heuberg 1
          20354 Hamburg
          Germany
          Tel: 040/350 1690
          Fax: 040/350 16915

The District Court of Tostedt opened bankruptcy proceedings
against Feldmann-Koenecke Immobilien GmbH on Dec. 12, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Feldmann-Koenecke Immobilien GmbH
         Theodor-Storm-Weg 43a
         21244 Buchholz
         Germany


FREESTYLE GASTRONOMIEBETRIEBS: Claims Registration Ends Feb. 6
--------------------------------------------------------------
Creditors of Freestyle Gastronomiebetriebs- und
Verwaltungsgesellschaft mbH have until Feb. 6 to register their
claims with court-appointed insolvency manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50
         E-mail: ulm@pluta.net

The District Court of Aalen opened bankruptcy proceedings
against Freestyle Gastronomiebetriebs- und
Verwaltungsgesellschaft mbH on Dec. 28, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Freestyle Gastronomiebetriebs- und
         Verwaltungsgesellschaft mbH
         Attn: Matthias Grimm, Manager
         Ludwig-Lutz-Str. 29
         73479 Ellwangen
         Germany


HILDEBRAND MALER: Claims Registration Period Ends Feb. 4
--------------------------------------------------------
Creditors of Hildebrand Maler GmbH have until Feb. 4 to register
their claims with court-appointed insolvency manager Michael
Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Feb. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 103
         Olgastr. 107
         89073 Ulm
         Germany

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

The insolvency manager can be reached at:

         Michael Wahl
         c/o PLUTA Rechtsanwalts GmbH
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731-96880-0
         Fax: 0731-96880-50
         E-mail: ulm@pluta.net

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

The Debtor can be reached at:

         Hildebrand Maler GmbH
         Bachstr. 23
         89610 Oberdischingen
         Germany

         Attn: Jan Hildebrand, Manager
         Bachstr. 23
         89610 Oberdischingen
         Germany


HKV HOLZ: Claims Registration Period Ends Feb. 5
------------------------------------------------
Creditors of HKV Holz-und Kunststoff-Vertrieb GmbH have until
Feb. 5 to register their claims with court-appointed insolvency
manager Peter Lameyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Feb. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         Germany

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

The insolvency manager can be reached at:

          Peter Lameyer
          Bremer Strasse 76
          26789 Leer
          Germany
          Tel: 0491/15255
          Fax: 0491/15222

The District Court of Leer opened bankruptcy proceedings against
HKV Holz-und Kunststoff-Vertrieb GmbH on Dec. 20, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          HKV Holz-und Kunststoff-Vertrieb GmbH
          Blinkstrasse 7
          26810 Westoverledingen
          Germany


K&K HAUSTECHNIK: Claims Registration Period Ends Feb. 5
-------------------------------------------------------
Creditors of K&K Haustechnik GmbH have until Feb. 5 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 11:45 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
         Germany
         Tel: (0371) 3133 73
         Fax: (0371) 3133 75
         E-mail: chemnitz@kuebler-gbr.de

The District Court of Chemnitz opened bankruptcy proceedings
against K&K Haustechnik GmbH on Dec. 20, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         K&K Haustechnik GmbH
         Attn: Mario Koehler
         Feldstr. 16
         09337 Callenberg OT Langenberg
         Germnay


LANG EUROPE: Claims Registration Ends February 21
-------------------------------------------------
Creditors of Lang Europe GmbH have until Feb. 21 to register
their claims with court-appointed insolvency manager Dr.
Alexander Naraschewski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15-17
         26382 Wilhelmshaven
         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. Alexander Naraschewski
         Adalbertstr. 2
         26382 Wilhelmshaven
         Germany
         Tel: 04421/507090
         Fax: 04421/507099
         E-mail: info@naraschewski.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against Lang Europe GmbH on Dec. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Lang Europe GmbH
         Attn: Lang Zongman, Manager
         Olympiastr. 1
         26419 Schortens
         Germany


MASCHINENBAU & BAUELEMENTE: Claims Registration Ends Feb. 4
-----------------------------------------------------------
Creditors of Maschinenbau & Bauelemente Biesendahlshof GmbH have
until Feb. 4 to register their claims with court-appointed
insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Maschinenbau & Bauelemente Biesendahlshof
GmbH on Dec. 17, 2007.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          Maschinenbau & Bauelemente Biesendahlshof GmbH
          Attn: Herrn Uwe Davids, Manager
          Am Plan 30
          15831 Grossbeeren
          Germany


PAPILLON GMBH: Claims Registration Period Ends Feb. 7
-----------------------------------------------------
Creditors of Papillon GmbH have until Feb. 7 to register their
claims with court-appointed insolvency manager Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Feb. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Papillon GmbH
         Attn: Adem Povataj, Manager
         Oststrasse 107
         40210 Duesseldorf
         Germany


PETZOLD & PARTNER: Claims Registration Ends February 11
-------------------------------------------------------
Creditors of Petzold & Partner Tiefbau GmbH have until Feb. 11
to register their claims with court-appointed insolvency manager
Dr. H. Hess.

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

The meeting of creditors will be held at:

         The District Court of 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:

          Dr. H. Hess
          Barbarrossahof 4-5
          99092 Erfurt
          Germany

The District Court of Gera opened bankruptcy proceedings against
Petzold & Partner Tiefbau GmbH on Dec. 14, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Petzold & Partner Tiefbau GmbH
         Thomas-Muentzer-Str. 7-9
         07973 Greiz
         Germany


SPINOLA PETROL: Claims Registration Ends February 12
----------------------------------------------------
Creditors of Spinola Petrol GmbH & Co.KG have until Feb. 12 to
register their claims with court-appointed insolvency manager
Thomas Bandl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 6
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

          Thomas Bandl
          Wasserstr. 14 D
          33378 Rheda-Wiedenbrueck
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Spinola Petrol GmbH & Co.KG  on Dec. 13, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Spinola Petrol GmbH & Co.KG
         Attn: Thorsten Kampf, Manager
         Neuen Werk 24
         33378 Rheda-Wiedenbrueck
         Germany


TISCHLEREI ERNST: Claims Registration Period Ends Feb. 8
--------------------------------------------------------
Creditors of Tischlerei Ernst Lau GmbH & Co. KG have until
Feb. 8 to register their claims with court-appointed insolvency
manager Thomas Boeker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Thomas Boeker
         Braunschweiger Str. 62
         38518 Gifhorn
         Germany
         Tel: 05371/950105
         Fax: 05371/950299

The District Court of Gifhorn opened bankruptcy proceedings
against Tischlerei Ernst Lau GmbH & Co. KG on Dec. 7, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tischlerei Ernst Lau GmbH & Co. KG
         Goethestr. 47
         29378 Wittingen
         Germany


VERTRIEBSGESELLSCHAFT FUER: Claims Registration Ends Feb. 5
-----------------------------------------------------------
Creditors of Vertriebsgesellschaft fuer Alternative Energie
Technik mbH have until Feb. 5 to register their claims with
court-appointed insolvency manager Andreas Schenk.

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

         Andreas Schenk
         Schumannstrasse 9
         08056 Zwickau
         Germany
         Tel: (0375) 211 8570
         Fax: (0375) 211 8572 8
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Vertriebsgesellschaft fuer Alternative Energie Technik
mbH on Dec. 13, 2007.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Vertriebsgesellschaft fuer Alternative
         Energie Technik mbH
         Attn:  Christian Stahl, Manager
         Pausaer Str. 16
         08525 Plauen
         Germany


WEMA WERKZEUG: Claims Registration Period Ends Feb. 7
-----------------------------------------------------
Creditors of WEMA Werkzeug- und Maschinenbau Gesellschaft mbH
have until Feb. 7 to register their claims with court-appointed
insolvency manager Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Room No. 144/I
         Residenzplatz 4-6
         87435 Kempten
         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:

         Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018650

The District Court of Kempten opened bankruptcy proceedings
against WEMA Werkzeug- und Maschinenbau Gesellschaft mbH on Dec.
1, 2007.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WEMA Werkzeug- und Maschinenbau Gesellschaft mbH
         Lehmgrubenweg 17
         88131 Lindau
         Germany


WIBUSCH SERVICE: Claims Registration Period Ends Feb. 1
-------------------------------------------------------
Creditors of Wibusch Service GmbH have until Feb. 1 to register
their claims with court-appointed insolvency manager Andre
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 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:

         Andre Mueller
         Dresdner Strasse 86
         09130 Chemnitz
         Germany
         Tel: (0371) 4443 90
         Fax: (0371) 4443 911
         E-mail: info-ch@mne-insolvenzbuero.de

The District Court of Chemnitz opened bankruptcy proceedings
against Wibusch Service GmbH on Dec. 21, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Wibusch Service GmbH
          Attn:  Juergen Winkler
          Siedlungsstrasse 5-7
          09509 Pockau
          Germany


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


EASTMAN KODAK: Sets Annual Strategy Meeting for Feb. 7
------------------------------------------------------
Eastman Kodak Company will hold its annual strategy meeting with
the institutional investment community on Feb. 7, in New York
City.

The meeting will be held at the Digital Sandbox Event Center,
located at 55 Broad Street (between Beaver St & Exchange Place).
The doors will open at 8:00 AM Eastern time, and investors are
welcome to view and participate in demonstrations of some of the
products that will help define Kodak's future.  The formal
program will begin promptly at 9:00 AM and is expected to
conclude by noon.  Following the presentations, the product
demonstrations will reopen until 1:00 PM.

The program will include presentations by:

  * Antonio Perez, Chairman and Chief Executive Officer,
  * Phil Faraci, President & Chief Operating Officer,
  * Frank Sklarsky, Chief Financial Officer, and
  * Mary Jane Hellyar, President, Film, Photofinishing and
    Entertainment Group,

and will conclude with a question-and-answer session.

                    About Eastman Kodak

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

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

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


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


GUESS? INC: Discloses Strong Same-Store Sales in Retail Business
----------------------------------------------------------------
Guess? Inc.'s North American retail business continued to
perform ahead of expectations for December 2007, delivering a
double digit same store sales increase for the five week period
ended Jan. 5, 2008.  This performance followed a double digit
same store sales increase for the November 2007 period.  As a
result of the improved sales performance, the company is
increasing revenue guidance for its retail segment for the
current fiscal year to grow about 16.5% versus its previous
expectations for an increase of 16%.

The company also reaffirmed its outlook for its other business
segments for the year ending Feb. 2, 2008.  The company plans to
release its actual fiscal 2008 fourth quarter and year end
financial results on March 19, 2008.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                       *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


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


SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller
---------------------------------------------------------------
Scottish Re Group Limited has appointed David Carrick as Senior
Vice President, Group Controller, effective Jan. 1, 2008.  Mr.
Carrick is based at the company's Hamilton, Bermuda,
headquarters, reporting to Terry Eleftheriou, Scottish Re Group
Limited Executive Vice President and Chief Financial Officer.

Mr. Carrick's career extends over eighteen years of senior
finance and controllership roles with international
corporations.  Most recently, Mr. Carrick was the Director of
Finance for Tyco International, Ltd, where he was responsible
for all of the finance functions of Tyco's Dublin, Luxembourg,
and Bermuda offices, including treasury and operations support.
Prior to Tyco, Mr. Carrick spent over six years with the Bank of
Bermuda/HSBC where he held the position of Head of Global
Financial Reporting with responsibility for maintaining all
aspects of financial and regulatory reporting for the bank.  Mr.
Carrick's career also included strategic roles at Bacardi
Capital Limited and KPMG.

Mr. Carrick received a BA from Heriot Watt University, in
Edinburgh, Scotland with a specialization in Accounting and
Finance.  Additionally, Mr. Carrick is a member of the Institute
of Charter Accountants of Scotland.

In his role as Group Controller, Mr. Carrick will be responsible
for oversight of the corporate financial reporting and
controllership activities based in Bermuda and other key
locations.  He will also oversee internal financial controls
important to the integrity of internal and external
communications, safeguarding of assets and mitigation of risk,
including compliance activities related to annual and quarterly
certifications in accordance with Sarbanes-Oxley.  Mr. Carrick
will be an integral part of the corporate finance team and will
liaise closely with the segment finance, tax, investments,
treasury, investor relations and audit functions of Scottish Re.

"We are very pleased to have David join Scottish Re in this new
role of Group Controller," stated Terry Eleftheriou.  "David's
experience in global control practices and financial reporting
will be an asset to the organization as we continue to upgrade
and streamline our financial processes and enhance our internal
financial controls."

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

                       *     *     *

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


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


ALITALIA SPA: Air France-KLM Chief Holds Preliminary Talks
----------------------------------------------------------
Air France-KLM Group S.A. CEO Jean-Cyril Spinetta has held
preliminary meetings with Alitalia S.p.A. executives, government
officials and trade unions over its planned acquisition of
Italy's 49.9% stake in the national carrier, various reports
say.

"[I had] very useful meetings," Mr. Spinetta was quoted by
Bloomberg News as saying.  "We're carrying on the dossier."

During the meetings, Mr. Spinetta confirmed plans to:

   -- acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- acquire 100% of Alitalia convertible bonds; and

   -- immediately inject at least EUR750 million into
      Alitalia through a capital increase, that will be open to
      all shareholders and be fully underwritten by Air France.

Mr. Spinetta also confirmed plans to cut 1,700 jobs, Reuters
relates.

The Air France CEO, however, downplayed reports that Italy would
hold a 3% stake in the merged Air France-Alitalia after a share-
swap deal is completed, Reuters reports.

Mr. Spinetta added that acquiring AZ Servizi, Alitalia's ground
services and maintenance unit, would be based on "economic and
social" considerations, Reuters added.

                          Milan Plans

Mr. Spinetta, on a press conference, defended plans to downsize
Alitalia's operations in Milan's Malpensa airport, and assured
that the national carrier will not abandon its slots in the
northern hub, Agenzia Giornalistica Italia reports.

"The big majority of Alitalia's losses come from Malpensa," Mr.
Spinetta was quoted by Reuters as saying. "Continuing to ignore
this fact would bring about the end of Alitalia."

Mr. Spinetta revealed that should the French carrier acquire
100% of Alitalia shares, Air France would list itself in the
Milan bourse.

Renata Polverini, head of the UGL labor union, said Mr. Spinetta
showed "flexibility" on the issue of downscaling Milan
operations and AZ Servizi plans, the airline's ground services
and maintenance unit, Bloomberg News says.

                          About Alitalia

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

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

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


IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million
----------------------------------------------------------------
IMAX Corp.'s consolidated balance sheet at Sept. 30, 2007,
showed US$212.7 million in total assets and US$289.5 million in
total liabilities, resulting in a US$76.8 million total
stockholders'
deficit.

IMAX Corporation reported a net loss of US$7.5 million on
revenues of US$29.8 million for the third quarter of fiscal
2007, compared to a restated net loss of US$5.6 million on
revenues of US$31.0 million for the third quarter of fiscal
2006.

IMAX co-chief executive officers Richard L. Gelfond and Bradley
J. Wechsler stated, "We are excited to be on the threshold of
launching our digital projection system late in the second
quarter of 2008, ahead of schedule.  Although we have
experienced both disappointments and successes over the course
of the past decade in bringing IMAX digital to the cusp of
reality, the company is now poised to benefit from the
transition from a film-based system to a digital format.  We
believe our system will embody the IMAX(R) brand and experience
and that this transition will have a very positive impact on the
company's growth and on our financial performance over the long
term."

"We are extremely happy with film performance in the third
quarter, and indeed throughout 2007," stated Messrs. Gelfond and
Wechsler.  "The strength of the slate is clearly reflected in
our DMR revenues, which increased 84% in the third quarter of
fiscal 2007 compared to the fiscal third quarter of last year,
and 71% in the first nine months of 2007 compared to the same
period last year."

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?26ec

                      About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ: IMAX) -- http://www.imax.com/-- designs, manufactures,
sells or leases theater systems for large-format theaters
including commercial theaters, museums and science centers, and
destination entertainment sites.  In addition, the company
specializes in digital and film based motion picture
technologies, designs and manufactures high-end sound systems
and produces, remasters and distributes large-format films.  At
Sept. 30, 2007, there were 296 IMAX theaters operating in 40
countries.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Standard & Poor's Ratings Services revised its outlook on IMAX
Corp. to stable from positive.  S&P also affirmed the ratings on
the company, including the 'CCC+' corporate credit rating.


IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings
--------------------------------------------------------
Moody's Investors Service changed the outlook for IMAX
Corporation to stable from positive indicating that an upgrade
over the near term is less likely.

IMAX recently announced a joint-venture agreement to install 100
digital projection systems at AMC Entertainment, Inc., locations
across the United States.  Moody's believes that while this
agreement should contribute to an increase in enterprise value
and improve cash flow visibility over the long term, it will
require substantial upfront cash investments, straining the
company's limited liquidity over the next couple of years.
Furthermore, the widescale rollout of the digital systems poses
execution risk.  IMAX has not installed any digital theaters to
date and expects to nearly double its United States theater base
over the next several years with the AMC deal, as well as
expanding its presence through other sales and joint ventures
involving digital systems in the U.S. and internationally.

Moody's also affirmed the Caa1 corporate family and the Caa1
probability of default ratings for IMAX as well as the Caa2
rating on its senior unsecured bonds.
                         IMAX Corporation

  -- Outlook, Changed To Stable From Positive
  -- Corporate Family Rating, Affirmed at Caa1
  -- Probability of Default Rating, Affirmed at Caa1
  -- Senior Unsecured Bonds, Affirmed at Caa2, LGD 4, 60%

The Caa1 corporate family rating reflects high financial risk
and the lack of visibility regarding IMAX's long term cash flow
prospects, as well as execution risk related to the strategic
transition to increased use of joint ventures and the rollout of
the new digital system.  A highly enforceable backlog of signed
contracts, recent positive business indicators (including
increased system signings and film slate announcements), and the
value of the IMAX brand support the ratings.

IMAX Corporation specializes in large-format and three-
dimensional film presentation; the company typically leases or
sells its projection and sound systems, and licenses the use of
its trademarks.  With annual revenue of approximately US$120
million, IMAX maintains headquarters in Mississauga, Ontario,
Canada.


IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million
----------------------------------------------------------------
IMAX Corp.'s consolidated balance sheet at Sept. 30, 2007,
showed US$212.7 million in total assets and US$289.5 million in
total liabilities, resulting in a US$76.8 million total
stockholders' deficit.

IMAX Corporation reported a net loss of US$7.5 million on
revenues of US$29.8 million for the third quarter of fiscal
2007, compared to a restated net loss of US$5.6 million on
revenues of US$31.0 million for the third quarter of fiscal
2006.

IMAX co-chief executive officers Richard L. Gelfond and Bradley
J. Wechsler stated, "We are excited to be on the threshold of
launching our digital projection system late in the second
quarter of 2008, ahead of schedule.  Although we have
experienced both disappointments and successes over the course
of the past decade in bringing IMAX digital to the cusp of
reality, the company is now poised to benefit from the
transition from a film-based system to a digital format.  We
believe our system will embody the IMAX(R) brand and experience
and that this transition will have a very positive impact on the
company's growth and on our financial performance over the long
term."

"We are extremely happy with film performance in the third
quarter, and indeed throughout 2007," stated Messrs. Gelfond and
Wechsler.  "The strength of the slate is clearly reflected in
our DMR revenues, which increased 84% in the third quarter of
fiscal 2007 compared to the fiscal third quarter of last year,
and 71% in the first nine months of 2007 compared to the same
period last year."

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?26ec

                      About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ: IMAX) -- http://www.imax.com/-- designs, manufactures,
sells or leases theater systems for large-format theaters
including commercial theaters, museums and science centers, and
destination entertainment sites.  In addition, the company
specializes in digital and film based motion picture
technologies, designs and manufactures high-end sound systems
and produces, remasters and distributes large-format films.  At
Sept. 30, 2007, there were 296 IMAX theaters operating in 40
countries.  IMAX has locations in Guatemala, India, Italy, among
others.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Standard & Poor's Ratings Services revised its outlook on IMAX
Corp. to stable from positive.  S&P also affirmed the ratings on
the company, including the 'CCC+' corporate credit rating.


PARMALAT SPA: Deloitte Wants to Settle with Bondholder Group
------------------------------------------------------------
Deloitte & Touche Tohmatsu is proposing a settlement with around
32,000 Parmalat S.p.A. bondholders who lost their money when the
dairy concern collapsed in December 2003, Thomson Financial
reports.

Deloitte, on behalf of former Dianthus S.p.A. unit, has agreed
the settlement with the Committee for Parmalat bond clients of
San Paolo IMI, which represents around 70% of bondholders who
have filed damage actions in a Milan court, Thomson Financial
relates.

The proposal offers bondholders a payment of up to 6% of the
nominal value of bond investments made before Nov 11, 2003,
Deloitte was cited by Thomson Financial as saying.  The proposal
also offers an average of 4.5%-5.0% for up to EUR50,000 of
bonds.

The settlement plan, however, has no impact on Parmalat or on
Intesa Sanpaolo S.p.A., Thomson Financial cites market sources
as saying.

Deloitte and Dianthus have denied any participation or knowledge
of fraud by others in the Parmalat collapse.  The audit firms
said a settlement would help them avoid costs, complexity and
uncertainty in legal actions.

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: CONSOB Okays Rights Offering Circular Publication
--------------------------------------------------------------
Commissione Nazionale per le Societa e la Borsa, Italy's stock
maket regulator, has formally approved the publication of the
offering circular related to Tiscali S.p.A.'s EUR150 million
capital increase, to be offered with preemption rights to
existing shareholders.

The option period for the exercise of the rights indicated in
the offering circular by Consob is between Jan. 14, 2008, and
Feb. 1, 2008, and the rights trading period between Jan. 14,
2008, and Jan. 25, 2008.

Before the commencement of the offer period Banca IMI S.p.A. e
J.P. Morgan Securities Ltd. will underwrite the rights issue
excluding the 25% share, which Renato Soru has already committed
to underwrite.

                         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.


X-RITE INC: Issues Employment Inducement Restricted Stock Awards
----------------------------------------------------------------
X-Rite Incorporated, in accordance with NASDAQ Marketplace Rule
4350, has issued new inducement restricted stock awards to two
non-executive employees on Jan. 9, 2008.  X-Rite issued 70,572
restricted shares to each of Richard Herbert and Lisa Herbert
pursuant to their respective employment agreements with X-Rite
that were entered into in connection with the Pantone
acquisition.

Each restricted stock award will vest ratably over a period of
three years with one-third of the award vesting on October 24 of
each year commencing on Oct. 24, 2008 and ending on Oct. 24,
2010.

                       About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service has confirmed X-Rite,
Inc.'s B1 corporate family rating, affirmed the speculative
grade liquidity rating of SGL-1 and revised the outlook to
negative in view of the additional leverage and integration risk
associated with the company's recently announced acquisition of
Pantone, Inc.


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


GARANT OJSC: Creditors Must File Claims by Feb. 12
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared OJSC Garant insolvent.

Creditors have until Feb. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Burov Str. 20-64
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-53-02


INTERNATIONAL PROCUREMENT: Claims Filing Period Ends Feb. 8
-----------------------------------------------------------
LLP International Procurement Services has declared insolvency.
Creditors have until Feb. 8 to submit written proofs of claims
to:

         LLP International Procurement Services
         Abulhair han ave. 67a-80
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 701 784 85-45


KAZ TECHNOLOGATION: Creditors' Claims Due on Feb. 8
---------------------------------------------------
LLP Kaz Technologation Service has declared insolvency.
Creditors have until Feb. 8 to submit written proofs of claims
to:

         LLP Kaz Technologation Service
         Furmanovo KS-3
         Zelenovsky district
         West Kazakhstan
         Kazakhstan


KLAIN BYSTRUHA: Claims Registration Ends Feb. 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Klain Bystruha insolvent.

Creditors have until Feb. 8 to submit written proofs of claims
to:
         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Golovkov Str. 38
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


MDK-COMPANY LLP: Creditors Must File Claims by Feb. 12
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP MDK-Company insolvent.

Creditors have until Feb. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


MEB MARKET: Claims Filing Period Ends Feb. 8
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Meb Market insolvent.

Creditors have until Feb. 8 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


NIKOS INVESTMENTS: Creditors' Claims Due on Feb. 8
--------------------------------------------------
LLP Nikos Investments has declared insolvency.  Creditors have
until Feb. 8 to submit written proofs of claims to:

         LLP Nikos Investments
         Timiryazev Str. 28b
         Almaty
         Kazakhstan


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


OPTIMAX LLC: Proof of Claim Deadline Slated for February 2
----------------------------------------------------------
LLC Optimax has declared insolvency.  Creditors have until
Feb. 2 to submit written proofs of claim to:

         LLC Optimax
         Gagarin Str. 116
         Talas
         Kyrgyzstan


STROY GRAD: Creditors Must File Claims by February 2
----------------------------------------------------
LLC Stroy Grad Invest has declared insolvency.  Creditors have
until Feb. 2 to submit written proofs of claim to:

         LLC Stroy Grad Invest
         Jukeev-Pudovkin Str. 83-38
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 51-08-16


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


BELOZERSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Ryazan' commenced bankruptcy
supervision procedure against OJSC Belozerskoye after finding it
insolvent on Nov. 14, 2007.  The case is docketed under Case No.
A54-4309/2007 C20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Belozerskoye
         Lenina Str. 12B
         Kasimov
         Ryazan'
         Russia


FURNITURE FACTORY: Creditors Must File Claims by Jan. 22
--------------------------------------------------------
Creditors of Furniture Factory LLC have until Jan. 22 to submit
proofs of claim to:

         I. V. Gorn
         Competitive Proceedings Manager
         P.O. Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Tomsk commenced competitive proceedings
against the company after finding it insolvent on April 24,
2007.  The case is docketed under Case No. A67-437/07.

The Debtor can be reached at:

         Furniture Factory LLC
         Lenina Pr. 215
         634009 Tomsk
         Russia


KIMRSKY MECHANICAL: Creditors Must File Claims by Jan. 22
---------------------------------------------------------
Creditors of Kimrsky Mechanical Engineering Plant LLC have until
Jan. 22 to submit proofs of claim to:

         A. A. Terlyakov
         Interim Manager
         Apartment 358
         Marshala Timoshenko Str. 17/2
         121359 Moscow
         Russia

The Arbitration Court of Tver' will convene at 10:30 a.m. on
Feb. 26 to hear the company's bankruptcy supervision procedure
after finding it insolvent on Jan. 3, 2007.

The Court is located at:

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

The Debtor can be reached at:

         Kimrsky Mechanical Engineering Plant LLC
         Ordgonikidze Str. 70
         Kimry
         171506 Tver'
         Russia


MEDYAKOVO OJSC: Asset Sale Slated for Jan. 23
---------------------------------------------
V. V. Makarov, the competitive proceedings manager of OJSC
Medyakovo, will open a public auction for the company's
properties at 11:00 a.m. on Jan. 23 at:

         V. V. Makarov
         Apartment 4
         5th Microraion 2
         Krasnoobsk Settlement
         Novosibirsky Raion
         Novosibirsk
         Russia

The company has set a RUR21,092,270 starting price for the
assets on auction.

Interested participants have until Jan. 18 to deposit an amount
equivalent to 1% of the starting price.

Bidding documents must be submitted to:

         V. V. Makarov
         Apartment 4
         5th Microraion 2
         Krasnoobsk Settlement
         Novosibirsky Raion
         Novosibirsk
         Russia
         Tel:(383) 217-42-01

The Debtor can be reached at:

         OJSC Medyakovo
         Medyakovo Settlement
         Kupinsky Raion
         Novosibirsk
         Russia


PTK PILE-DRIVING: Creditors Must File Claims by Feb. 22
-------------------------------------------------------
Creditors of PTK Pile-Driving Equipment Pilot Plant LLC have
until Feb. 22 to submit proofs of claim to:

         S. B. Matyugin
         Competitive Proceedings Manager
         Office 56
         Block 1
         K. Marks Str. 31
         163000 Arkhangel'sk,
         Russia

The Arbitration Court of Moscow declared the company insolvent
on Dec. 3, 2007.  The case is docketed under Case No.
41-K2-11881/07.

The Court is located at:

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

The Debtor can be reached at:

         PTK Pile-Driving Equipment Pilot Plant LLC
         Vishnevaya Str. 5A
         Podol'sk
         Moscow
         Russia


ROSGASPROM LLC: Creditors Must File Claims by Feb. 22
-----------------------------------------------------
Creditors of Rosgasprom LLC have until Feb. 22 to submit proofs
of claim to:

         D. V. Tatyanchenko
         Competitive Proceedings Manager
         Socialisticheskaya Str. 60B
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostov commenced competitive
proceedings against the company after finding it insolvent on
May 28, 2007.  The case is docketed under Case No. A53-17069/
2006-C1-51.

The Court is located at:

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

The Debtor can be reached at:

         Rosgasprom LLC
         Teatral'ny Pr. 60
         Rostov-on-Don
         Russia


SHUMIKHINSKY MEAT-PACKING: Creditors Must File Claims by Feb. 22
----------------------------------------------------------------
Creditors of OJSC Shumikhinsky Meat-Packing Factory have until
Feb. 22 to submit proofs of claim to:

         T. L. Ignatyeva
         Competitive Proceedings Manager
         Apartment 416
         Volodarskogo Str. 57
         640000 Kurgan
         Russia

The Arbitration Court of Kurgan commenced competitive
proceedings against the company after finding it insolvent on
Nov. 14, 2007.

The Court is located at:

         The Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         OJSC Shumikhinsky Meat-Packing Factory
         Belonosova Str. 42
         Shumikha
         Kurgan
         Russia


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


DI GRAZIO: Basel-Stadt Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Basel-Stadt entered Nov. 27, 2007, an
order closing the bankruptcy proceedings of LLC Di Grazio.

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

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland

The Debtor can be reached at:

         LLC Di Grazio
         Schutzenmattpark 1
         4054 Basel
         Switzerland


HOBLA CATERING: Basel-Country Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Sissach in Basel-Country entered
Dec. 11, 2007, an order closing the bankruptcy proceedings of
LLC HoBla Catering.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC HoBla Catering
         Gewerbestrasse 100
         4450 Sissach BL
         Switzerland


INTERCALL TELECOM: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Intercall Telecom on Dec. 7, 2007.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Intercall Telecom
         Zurichstrasse 2
         4665 Oftringen
         Zofingen AG
         Switzerland


KAESLIN MOSTEREI: Nidwalden Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Nidwalden Bankruptcy Service entered Dec. 5, 2007, an order
closing the bankruptcy proceedings of JSC Kaeslin Mosterei und
Getranke.

The Nidwalden Bankruptcy Service can be reached at:

         Nidwalden Bankruptcy Service
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Kaeslin Mosterei und Getranke
         Dorfstrasse 60
         6375 Beckenried NW
         Switzerland


KLICK - PLATTEN LLC: Aargau Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Klick-Platten on Dec. 10, 2007.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Klick-Platten
         Bluemetweg 10
         5073 Gipf-Oberfrick
         Laufenburg AG
         Switzerland


SPORTGARAGE - ALAJ: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC SPORTGARAGE - ALAJ on Dec. 4, 2007.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC SPORTGARAGE - ALAJ
         Gheidstrasse 21
         5507 Mellingen
         Baden AG
         Switzerland


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


ATMA-PLUS LLC: Proofs of Claim Deadline Set January 16
------------------------------------------------------
Creditors of LLC Atma-Plus (code EDRPOU 31238059) have until
Jan. 16 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. 43/341.

The Debtor can be reached at:

         LLC Atma-Plus
         Apartment 414
         Gnat Yura Str. 9
         03148 Kiev
         Ukraine


BERET LLC: Proofs of Claim Deadline Set January 16
--------------------------------------------------
Creditors of LLC Beret (code EDRPOU 19026404) have until Jan. 16
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. 43/342.

The Debtor can be reached at:

         LLC Beret
         Heroes of Space Str. 17
         03146 Kiev
         Ukraine


COMPLEX-TRADE LLC: Proofs of Claim Deadline Set January 16
----------------------------------------------------------
Creditors of LLC Complex-Trade (code EDRPOU 22968015) have until
Jan. 16 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. 23/488-b.

The Debtor can be reached at:

         LLC Complex-Trade
         Krizhanovsky Str. 3
         03115 Kiev
         Ukraine


COSMOR LLC: Proofs of Claim Deadline Set January 16
---------------------------------------------------
Creditors of LLC Cosmor (code EDRPOU 32312803) have until
Jan. 16 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. 43/432.

The Debtor can be reached at:

         LLC Cosmor
         General Naumov Str. 23-B
         03164 Kiev
         Ukraine


EXPOTRADE LLC: Proofs of Claim Deadline Set January 16
------------------------------------------------------
Creditors of LLC Expotrade (code EDRPOU 32252928) have until
Jan. 16 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. 15/773-b.

The Debtor can be reached at:

         LLC Expotrade
         Ac. Tupolev Str. 17
         04128 Kiev
         Ukraine


FERGUS LLC: Proofs of Claim Deadline Set January 16
---------------------------------------------------
Creditors of LLC Fergus (code EDRPOU 32211242) have until
Jan. 16 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. 43/433.

The Debtor can be reached at:

         LLC Fergus
         General Naumov Str. 23-B
         03164 Kiev
         Ukraine


GREEN LLC: Proofs of Claim Deadline Set January 16
--------------------------------------------------
Creditors of LLC Green (code EDRPOU 30262321) have until Jan. 16
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. 15/775-b.

The Debtor can be reached at:

         LLC Green
         Apartment 99
         Podlesnaya Str. 2
         03164 Kiev
         Ukraine


INVESTMENT-INDUSTRIAL GROUP: Claims Filing Deadline Set Jan. 16
---------------------------------------------------------------
Creditors of LLC Investment-Industrial Group (code EDRPOU
31752926) have until Jan. 16 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. 15/826-b.

The Debtor can be reached at:

         LLC Investment-Industrial Group
         Gnat Yura Str. 9
         Apartment 414
         03148 Kiev
         Ukraine


SALMIT LLC: Proofs of Claim Deadline Set January 16
---------------------------------------------------
Creditors of LLC Salmit (code EDRPOU 32595658) have until
Jan. 16 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. 43/435.

The Debtor can be reached at:

         LLC Salmit
         Sviatoshynskaya Str. 3
         03115 Kiev
         Ukraine


TH LORA-NOVA: Proofs of Claim Deadline Set January 16
-----------------------------------------------------
Creditors of LLC TH Lora-Nova (code EDRPOU 32670347) have until
Jan. 16 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. 43/436.

The Debtor can be reached at:

         LLC TH Lora-Nova
         Apartment 287
         Kulibin Str. 5
         03062 Kiev
         Ukraine


YUZHBOR LLC: Proofs of Claim Deadline Set January 16
----------------------------------------------------
Creditors of LLC Yuzhbor (code EDRPOU 24745992) have until
Jan. 16 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. 15/776-b.

The Debtor can be reached at:

         LLC Yuzhbor
         Simirenko Str. 2/19
         03134 Kiev
         Ukraine


ZOLOTAYA CHASHA: Proofs of Claim Deadline Set January 16
--------------------------------------------------------
Creditors of LLC Zolotaya Chasha (code EDRPOU 31759099) have
until Jan. 16 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. 15/828-b.

The Debtor can be reached at:

         LLC Zolotaya Chasha
         Pobeda Avenue 89-a
         03115 Kiev
         Ukraine


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


AFFILIATED COMPUTER: Purchases Syan Holdings for US$60 Million
--------------------------------------------------------------
Affiliated Computer Services, Inc. has acquired Syan Holdings
Limited, one of the United Kingdom's largest IBM Business
Partners, for approximately US$60 million (30.5 million pounds
Sterling).  Syan Holdings' trailing twelve-months revenue was
approximately US$75 million.  The transaction will be funded
entirely with existing cash on hand.

The acquisition strengthens Affiliated Computer's global IT
Outsourcing presence by adding a solid base of U.K. operations,
including two data centers, and expanding its reach into the
United Kingdom.  It also enhances the company's position as a
leading provider of IT solutions to global FORTUNE 1000 clients.

"This acquisition strengthens ACS' end-to-end IT services.  Syan
Hodlings' data center facilities in the United Kingdom, combined
with their exceptional subject matter expertise, will enable ACS
to provide clients with multi-scope IT services on a global
scale," said Affiliated Computer Services senior managing
director of IT Outsourcing, Derrell James.  "Syan's clients will
be backed by a FORTUNE 500 company that offers a global delivery
model, and ACS will be able to leverage an impressive suite of
ITO services for our global clients who have operations in the
United Kingdom and Europe."

Syan Holdings' expertise is the delivery and support of managed
services and technology solutions involving IBM mid-range and
Intel servers.  Client services include server hosting and
management, applications management, desktop management, high-
availability solutions, and help desk operations.

"The acquisition of Syan by ACS represents a shared commitment
to providing leading-edge technology, innovation, and solution
expertise for our clients around the globe.  It increases the
breadth and depth of our IT capabilities and enables us to offer
the robust services our clients need," said Syan Holdings
managing director, George Djuric.  "With our combined leadership
talents, we have strengthened our ability to deliver proven IT
services to clients in the United Kingdom and around the globe."

The business, which will be rebranded ACS Syan, will continue to
be run by Syan Holdings' existing management team.

                     About Syan Holdings

One of the leading IT outsourcing specialists in the United
Kingdom, Syan Holdings Ltd. -- http://www.syan.co.uk/-- has
more than 20 years experience and a reputation for successful
delivery of high-quality services.  With four U.K. facilities,
including two high-specification data centers in Shropshire,
England, Syan provides an extensive range of services to
companies throughout the United Kingdom, with a particular
emphasis on information security to ISO 27001 standards.  The
company's outsourcing services include colocation, hosting,
server management, desktop management, call center services, and
application management.

             About Affiliated Computer Services

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit rating on Dallas, Texas-based Affiliated
Computer Services Inc., and removed it from CreditWatch, where
it had been placed with negative implications on March 20, 2007.
The outlook is negative.


BRANTHAM LAND: Brings In Liquidators from Baker Tilly
-----------------------------------------------------
Bruce Alexander Mackay and Michael David Rollings of Baker Tilly
were appointed joint liquidators of Brantham Land Ltd. (formerly
Bernard Wardle & Co. Ltd.) and Brantham Land Group Ltd.
(formerly Bernard Wardle Group Ltd.) on Dec. 27, 2007 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly
         5 Old Bailey
         London
         EC4M 7AF
         England


BRITISH ENERGY: Supports UK's Decision on Nuclear Power
-------------------------------------------------------
British Energy Group plc has welcomed the U.K. Government's
decision on the future of nuclear power in the country.

On Jan. 10, 2008, the Government has invited energy companies to
bring forward plans to build and operate new nuclear power
stations as part of the U.K.'s strategy for a secure, diverse,
low carbon energy mix.

"Giving the go ahead today that new nuclear power should play a
role in providing the U.K. with clean, secure and affordable
energy is in our country's vital long term interest," Energy
Secretary John Hutton said.  "Set against the challenges of
climate change and security of supply, the evidence in support
of new nuclear power stations is compelling.  We should
positively embrace the opportunity of delivering this important
part of our energy policy."

"I therefore invite energy companies to bring forward plans to
build and operate new nuclear power stations.

"With a third of our generating capacity coming offline within
the next twenty years and increasing reliance on imported energy
it is clear we need investment in a range of new energy
infrastructure.  Measures in the Energy Bill will drive a
greater deployment of renewables and enable investment in carbon
capture and storage and offshore gas infrastructure.  These will
help build our energy security, reduce emissions and place the
U.K. at the forefront in the development of low carbon energy
technology."

The Government believes it is in the public interest that new
nuclear power stations should have a role to play in this
country's future energy mix alongside other low-carbon sources;
that it would be in the public interest to allow energy
companies the option of investing in new nuclear power stations;
and that the Government should take active steps to open up the
way to the construction of new nuclear power stations.  It will
be for energy companies to fund, develop and build new nuclear
power stations in the U.K., including meeting the full costs of
decommissioning and their full share of waste management costs.

                     British Energy's Response

"The Government's decision is good news for the people of the
U.K. today, and for future generations," Bill Coley, chief
executive of British Energy, said.  "A balanced energy policy of
energy conservation, energy efficiency, and new electricity
generation from clean fossil fuels, renewables, and nuclear
power can provide reliable, affordable electricity to meet both
our energy security and climate change goals.  A balanced policy
is the only credible solution for the U.K. to tackle the energy
challenges it faces."

"Nuclear power is essential to this mix, delivering vast amounts
of base-load power with extremely low carbon emissions.  It will
in the future, as it does today, make a major contribution to
helping the U.K. meet its CO2 reduction targets.

"Following Government's comprehensive consultation, this
decision is a key step forward.  Government and industry must
now work together to ensure that any remaining public concerns
are addressed, and to define the framework for a new generation
of nuclear units that will provide safe, reliable and affordable
electricity.

"For many years, British Energy's highly skilled nuclear
professionals have demonstrated exemplary achievement in safe,
environmentally responsible operation.

"We are ready for new build and have the sites, people, skills
and experience that are essential for its success."

British Energy is already taking steps to ensure that the
company is well positioned to be at the heart of the new build
program.

The Company has established a dedicated team that includes
experts with experience in consenting, nuclear licensing,
design, construction and operation of nuclear stations in the UK
and worldwide.

British Energy owns eight sites next to existing licensed
nuclear facilities that rank among the best potential candidates
for the construction of new nuclear power stations.  The Company
is currently undertaking detailed assessments of its sites,
including environmental, geological and marine studies.

In November 2007, the Company secured transmission connection
agreements with National Grid from 2016 onwards for the four key
sites it owns in the South of England:

   -- Sizewell (Suffolk);
   -- Hinkley Point (Somerset);
   -- Dungeness (Kent); and
   -- Bradwell (Essex).

Subject to National Grid obtaining the necessary consents, this
added connection capacity will accommodate any potential new
nuclear power stations at these sites,.

Regulatory authorities are now reviewing four candidate reactor
designs.  British Energy is conducting its own review of those
designs to assess construction and operational requirements,
projected performance and cost, and suitability for connection
to the U.K. grid.

British Energy has received interest from numerous companies
following its invitation last February for proposals to partner
with it in the development of new nuclear power stations on its
sites.  This announcement will enable the Company over the next
few months to establish partnerships that will deliver value for
its shareholders, and help the country meet security of supply
and climate change objectives.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of Jan. 11, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at BB*-.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


CABLE & WIRELESS: Resolves Conflict with Union Workers in LatAm
---------------------------------------------------------------
The Caribbean Broadcasting Corp. reports that the conflict
between Cable & Wireless and the union representing its workers
has been resolved, after Prime Minister Owen Arthur brokered an
accord between the two parties.

CBC relates that Cable & Wireless Prime Minister intervened in
the industrial dispute between Cable & Wireless and the union
after protests have interrupted most of the company's operations
in Barbados for five days.  He ordered a meeting with the
company and the union at government headquarters.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Cable & Wireless' workers in Barbados launched
demonstrations against the firm after negotiations over wages,
retroactive payments and other "protracted issues" failed.
Cable & Wireless's head Donald Austin said that the company's
offer of 10.5% over two years was made up of 6% in year one and
4.5% in year two across all categories of staff.  For some
workers, the offer would eventually equate to as high as a 30%
wage hike.  These employees would benefit from "movement in
scales of 4% and a proposed retro payment of around 4% --
translating to an increase of about 15% over two years on an
ongoing basis.

CBC relates that union general secretary Sir Roy Trotman accused
Cable & Wireless of breaching aspects of the collective
agreement.  Mr. Trotman commented to CBC, "We charge Cable &
Wireless with attempting to circumvent the accepted practices.
We charge Cable & Wireless with trying to undermine the trade
union in the exercise of their loyal functions.  And we are
telling that the workers of Barbados that we may be calling on
you shortly, to demonstrate to all employers in Barbados that
neither at Cable & Wireless nor at any other workplace should
employers be allowed to disrespect the rights of workers."

Prime Minister Arthur told the press, "We have been able to
broker a settlement in relation to wages and all outstanding
issues [during the meeting]."

Mr. Trotman told Anmarie Bailey at The Nation Newspaper, "We
looked at about four items.  We have agreed that a timetable
will be set very slowly to deal with all of the nine or so
matters which have caused all of the unrest.  We have especially
dealt with matters of relations, management to staff, because
the Prime Minister himself has been able, from our
presentations, to recognize that that is the major underlying
difficulty between the management on the one hand and the staff
on the other."

According to CBC, the settlement will result in a 12.5% salary
increase and retroactive payments.

Mr. Trotman told CBC that there will be significant dual payment
that will be paid out to all workers in hired by the company for
the period 1997 to 2007.  According to him, the salary
settlement is a 2% increase over what Cable & Wireless was
refusing to give.

"There will be an increase of seven-and-a-half-per cent in year
one, which is another one-and-a-half per cent on the company's
offer, and then there is a further half per cent in year two,"
Mr. Trotman explained to The Nation Newspaper.

The Nation notes that the issue of bonuses, where some high-
level managers received high cash bonuses, was also settled.

The demonstrations had a minimal impact on Cable & Wireless'
operations, Mr. Austin assured CBC.  He explained, "We have been
able to maintain all of our major systems.  Obviously some
individual customers have been impacted and we will get out to
them as soon as possible."

"We are also going to have, importantly, a discussion on and we
are going to develop an incentive program that will cause
workers to share in the profitability of the company, so we
won't any longer be having situations of one man with o20
million and others with only promises," Mr. Trotman told The
Nation Newspaper.

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CHRYSLER LLC: Certified Pre-Owned Vehicle Sales Up 5% in 2007
-------------------------------------------------------------
Posting its sixth consecutive year of sales growth, Chrysler LLC
reported that its Chrysler, Jeep(R) and Dodge dealers sold
122,028 Certified Pre-owned Vehicles year-to-date in 2007, a 5
percent increase from 2006 sales of 116,577 units.

For the year, Chrysler brand sales increased 2 percent to 39,924
units; Jeep brand sales jumped 12 percent to 31,388 units and
Dodge brand sales rose 2 percent to 50,716 units.

Select certified-used vehicles posted improvement across all
three brands in 2007 including the Chrysler 300 with sales up 34
percent to 6,711 units; Jeep Liberty sales were up 9 percent to
8,926 units and Dodge Ram pickup truck climbed 4 percent to
10,835 units.  For the month of December, sales declined 5
percent to 8,860 units.

"As the fastest growing CPOV brand for the past six years, 2007
was another record year for our Brand Spankin' Used(R) brand,"
Director of Remarketing, Peter Grady said.  "However, it is
important to note we could not sustain this type of record-
breaking success without our solid dealer network, who work
diligently each month to sell certified-used vehicles and invite
new customers to Chrysler's CPOV brand."

Chrysler offers one of the most comprehensive Certified Pre-
owned Vehicle programs in the industry.  For a vehicle to be
certified under Chrysler's used-vehicle program, it must be a
2003 through 2008 model pre-owned vehicle with less than 65,000
miles and pass a stringent 125-point mechanical, safety and
condition standard inspection.  Chrysler certified-used vehicles
are backed by an eight-year/80,000-mile powertrain limited
warranty, 24-hour, 365-day full roadside assistance with a US$35
per day rental car allowance and a three-month or 3,000-mile
Maximum Care warranty, in addition to a Carfax vehicle history
report and buyback guarantee.

Marketed as "Brand Spankin' Used," Chrysler Certified Pre-Owned
Vehicles are sold only through Chrysler, Jeep and Dodge
dealerships that have had a comprehensive validation of the
dealership's facilities, operational processes, salesperson and
technician training accreditation before they are authorized to
sell Chrysler Certified Pre-Owned Vehicles.

Used vehicle shoppers can learn more about Chrysler's Brand
Spankin' Used Certified Pre-owned Vehicle program as well as
find detailed inventory and dealer listings online at
http://www.brandspankinused.comor by searching independent,
used, vehicle search engines including AutoTrader.com, Cars.com,
AutoExtra.com and AutoMart.com.

                     About Chrysler LLC

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Chrysler's US$2 billion senior secured
second-lien term loan due 2014.  The issue-level rating on this
debt remains unchanged at 'B', and the recovery rating was
revised to '3', indicating an expectation for meaningful (50% to
70%) recovery in the event of a payment default, from '4'.


COTT CORP: Amends Credit Covenant, Inks ABL Credit Facility
-----------------------------------------------------------
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", Juan Figuereo, Cott's chief financial officer, said.

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.

                     About Cott Corporation

Headquartered in Toronto, Ontario, Cott Corporation --
http://www.cott.com/--is a provider of retailer brand soft
drinks.  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, RC, Vintage, Vess and So Clear.
Its products include carbonated soft drinks, sparkling and
flavored waters, energy drinks, sports drinks, juices, juice
drinks and smoothies, ready-to-drink teas, and other non-
carbonated beverages.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2007,
Moody's Investors Service downgraded the CFR rating of Cott
Corporation to B1 from Ba3.  The outlook is negative.  This
concludes the review for downgrade initiated on Sept. 21, 2007.


D.H. WESTROPE: Brings In Administrators from Grant Thornton
-----------------------------------------------------------
Tony Flynn and Ian Carr of Grant Thornton UK LLP were appointed
joint administrators of D.H. Westrope (Wholesale Newsagents)
Ltd. (Company Number 01241895) on Dec. 27, 2007.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         D.H. Westrope (Wholesale Newsagents) Ltd.
         36 Stapledon Road
         Orton Southgate
         Peterborough
         Cambridgeshire
         PE2 6TD
         England
         Tel: 01733 396 100
         Fax: 01733 370 367


ECI SARTEK: Appoints Joint Administrators from BDO Stoy
-------------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint administrators of ECI Sartek
Ltd. (Company Number 03841449) on Dec. 19, 2007.

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

The company can be reached at:

         ECI Sartek Ltd.
         Priory Street
         Colchester
         Essex
         CO1 2QB
         England
         Tel: 01206 864 600
         Fax: 01206 864 035


EQUITABLE LIFE: Transfers GBP1.7 Billion Policies to Prudential
---------------------------------------------------------------
The Equitable Life Assurance Society completed on Jan. 2, 2008,
the transfer of all of its with-profits annuity policies,
accounting for around 20% of the policyholders with an estimated
value of around GBP1.7 billion to Prudential Assurance Company
Ltd.

Under the terms of the transaction, which was announced on
March 15, 2007, Prudential has now taken responsibility for
administration of the pensions for the transferring with-profits
annuity policies, with effect from Jan. 1, 2008.

The completion of this transaction means that the society is now
able to focus fully on examining strategic options for the
remainder of the business.

Following the Prudential transaction, the society has the
financial strength and stability to continue to run off its
policies securely should it choose that option.

However, the board of Equitable Life has always maintained that
it will seek to achieve the best possible outcome for all
policyholders.

The society expects to complete shortly the work of compiling a
detailed specification for the remainder of the business - known
as the 'data book'.  The data book will be made available to
interested parties in the coming weeks.

"Whether we will run the society off or pass it to someone who
can offer our policyholders something better, 2008 will decide
the future of Equitable Life.  The success of the transactions
completed in 2007 enables Equitable Life to face the future from
a position of strength.  Thanks are due to the Executive for
these important steps forward," Vanni Treves, Equitable Life
chairman disclosed.

"I am delighted that the transfer of with-profits annuity
policies to Prudential has successfully completed.  The
preparations we have made in 2007 can now be taken forward to
find the right strategic option for the rest of the business,"
Charles Thomson, Equitable Life's CEO added.

According AFX News Ltd., the mutual life assurer decided to put
itself up for sale in December 2007, after receiving several
approaches.

Headquartered in Aylesbury, England, The Equitable Life
Assurance Society -- http://www.equitable.co.uk/-- provided
life insurance, annuities, pensions, and permanent health
insurance to some 650,000 customers in the U.K., Germany and
Ireland.  It is founded in 1762.

It ceased writing new business in 2000 after a House of Lords
ruling that it underpaid some 90,000 guaranteed annuity
policyholders.  The EquitableUK mortgage bank Halifax Plc bought
the company, including its sales network to form Halifax
Equitable.

The U.K.'s oldest mutual life assurer was worth GBP26 billion at
its prime but now has around GBP7 billion in assets and around
500,000 policyholders.


FOCUS ON SUCCESS: Taps Begbies Traynor as Joint Administrators
--------------------------------------------------------------
G.W. Rhodes and I.P. Sykes of Begbies Traynor were appointed
joint administrators of Focus on Success Ltd. (Company Number
04110980) on Dec. 21, 2007.

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

The company can be reached at:

         Focus on Success Ltd.
         Herald Works 4-6
         High Street
         Westerham
         Kent
         TN16 1RF
         England
         Tel: 0870 199 9000
         Fax: 0870 199 9011


MAKWELA LTD: Brings In PwC as Joint Administrators
--------------------------------------------------
Ian David Green and Nicholas Edward Reed (IP Nos 9045 and 8639),
both of PricewaterhouseCoopers LLP were appointed joint
administrators of Makwela Ltd. (Company Number 05285994) on
Dec. 21, 2007.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Stockton on Tees, England, Makwela Ltd.
manufactures and installs window, door and conservatory.


NORTHERN ROCK: Selling GBP2.2 Bln Lifetime Portfolio to JPMorgan
----------------------------------------------------------------
Northern Rock plc has agreed to sell its portfolio of Lifetime
home equity release mortgages to JPMorgan.

The Lifetime Portfolio comprises gross assets with a balance
sheet value of GBP2.2 billion, representing approximately 2% of
the Company's total assets at June 30, 2007.  The Lifetime
Portfolio earned net interest income of GBP34 million during the
12 months to June 30, 2007.  However, in view of the Company's
current and assumed future funding costs under the facilities
with the Bank of England, on which interest is charged at a
penal rate, the future net interest income which would have been
earned on the Lifetime Portfolio if it had been retained by the
Company would have been significantly lower.  The price
represents a premium of 2.25%, or approximately GBP50 million,
over the balance sheet value of the portfolio.  The proceeds
from the sale are payable in cash and will be applied by the
Company to reduce its current funding from the Bank of England.

As part of the disposal, the Company will continue to service
the Lifetime Portfolio on behalf of JPMorgan and continue to
originate Lifetime loans to its balance sheet.

The Board considers that this sale of a discrete portfolio of
assets is in the best interests of shareholders and is
consistent with the scope of the Company's ongoing strategic
review.  The Board also notes that this disposal would be within
the terms of the resolutions to be put to shareholders at the
Extraordinary General Meeting, which has been requisitioned and
is to be held tomorrow, Jan. 15, 2008, if such resolutions were
passed.

"This is a relatively small transaction, representing around 2%
of Northern Rock's gross assets, but it is a positive
development in the Company's ongoing strategic review," Chief
Executive Andy Kuipers said.  "It illustrates the quality of our
assets, which has enabled us to achieve a sale at a premium
despite continuing difficult financial markets, and will allow
the Company to reduce its debt to the Bank of England."

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage
customers.  The company had more than US$200 billion in assets
at the end of June 2007.

                          *     *     *

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

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

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


NORTHERN ROCK: Darling Admits Private Sale May Not Be Possible
--------------------------------------------------------------
Alistair Darling, Britain's Chancellor of Exchequer, told a
parliament committee last week that a private sale of Northern
Rock PLC may not be possible due to the challenging condition of
financial markets, Emma Charlton and Laurence Norman write for
The Wall Street Journal.

"Given the current economic conditions, which are unusual, it is
not surprising that a solution that might have been available
two or three years ago is not immediately available just now,"
Mr. Darling was quoted by The Times as saying.  "There's plenty
of capital around, it's just frozen," he added.

Although a private sale of the bank is still his preferred
option, the Chancellor conceded for the first time that a sale
may not take place by his self-imposed Feb. 29 deadline, The
Times relates.

"I want to find a private sector solution if that is at all
possible. It may not be possible," Mr. Darling was quoted by The
Times as saying.  "We are reaching a stage where we have to come
to a conclusion one way or another."

Mr. Darling warned it might not be possible for companies to
finance a rescue of Northern Rock, suggesting the British
government may be forced to take ownership of the bank, Gonzalo
Vina writes for Bloomberg News.

WSJ says the government is still hopeful it can recover the
estimated GBP25 billion (US$39 billion) it has lent to the
troubled mortgage lender from taxpayer loans since September
2007.

Two groups that have proposed bids for the stricken bank --
Virgin Group Ltd. and Olivant Advisers Ltd. -- have struggled to
raise the necessary financing to secure a deal.

Olivant Advisers Ltd., the boutique private equity firm led by
former Abbey National Plc CEO Luqman Arnold, plans to inject up
to GBP900 million of fresh capital into the bank.  The firm's
proposal also includes its own management team to rescue the
bank.

Meanwhile, a consortium composed of Virgin Group Ltd., WL Ross &
Co, Toscafund Asset Management LLP and First Eastern Investment
Group has proposed a full takeover.

Both proposals promise the immediate repayment of about GBP10
billion to the Bank of England.

                       Shareholder EGM

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

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

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

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

The British Treasury has instructed parliamentary draftsmen last
month to write a nationalization bill as a fallback option
should attempts to sell Northern Rock fail, the TCR-Europe
said in its previous report.

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

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage
customers.  The company had more than US$200 billion in assets
at the end of June 2007.

                          *     *     *

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

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

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


NORTHERN ROCK: Ron Sandler to Lead Bank If Nationalized
-------------------------------------------------------
The British Treasury has tapped Ron Sandler, a senior banker and
former adviser to prime minister Gordon Brown, to lead Northern
Rock PLC in the event the mortgage lender is taken into public
ownership, published reports say.

According to The Guardian, Treasury officials were lining up
other executives and advisers in case the government opted to
nationalize the stricken bank.  The news came ahead of an
extraordinary meeting of general meeting scheduled tomorrow,
Jan. 15.

The appointment, the Associated Press says, fuels mounting
speculation that the government will nationalize the bank.

Analysts suggests that the failure to find a buyer or a viable
long-term solution for the bank's woes showed that the
government and the Northern Rock board were running out of
options, The Guardian relates.

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

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

                          Private Sale

Northern Rock is considering two proposals from a consortium of
interested bidders.

Olivant Advisers Ltd., the boutique private equity firm led by
former Abbey National Plc CEO Luqman Arnold, plans to inject up
to GBP900 million of fresh capital into the bank.  The firm's
proposal also includes its own management team to rescue the
bank.

Meanwhile, a consortium composed of Virgin Group Ltd., WL Ross &
Co, Toscafund Asset Management LLP and First Eastern Investment
Group has proposed a full takeover.

Both proposals promise the immediate repayment of about GBP10
billion to the Bank of England.

                     Shareholder Meeting

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

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

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

The shareholders fear the board is tempted to sell the lender
and its GBP110 billion of mortgages "on the cheap" to a
consortium led by Sir Richard Branson's Virgin Group, The
Guardian relates.

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

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage
customers.  The company had more than US$200 billion in assets
at the end of June 2007.

                          *     *     *

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

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

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


OAS HOMES: Appoints Administrators from Tenon Recovery
------------------------------------------------------
Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint administrators of OAS Homes Ltd. (Company Number
05318375) on Dec. 18, 2007.

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

The company can be reached at:

         OAS Homes Ltd.
         43 Shackerdale Road
         Wigston
         Leicestershire
         LE18 1BQ
         England
         Tel: 0116 210 3398


SHAW GROUP: Earns US$2.2 Million in Quarter Ended Nov. 30
---------------------------------------------------------
The Shaw Group Inc. reported net income for the three months
ended Nov. 30, 2007, inclusive of its Investment in Westinghouse
segment, of US$2.2 million.  Excluding the Westinghouse segment,
which includes a non-cash, pre-tax, foreign exchange translation
loss of US$57.2 million, net income was US$41.2 million.  In
comparison, for the three months ended Nov. 30, 2006, inclusive
of its Westinghouse segment which was owned for 45 days during
that period, Shaw reported a loss of US$12.3 million.  Net
income for the three months ended Nov. 30, 2006, excluding the
Westinghouse segment, was US$9.1 million.

Earnings before interest expense, income taxes, depreciation and
amortization (EBITDA) for the first quarter of 2008, including
the Westinghouse segment, were US$29.3 million, and US$78.6
million excluding the Westinghouse segment.  In comparison for
the three months ended Nov. 30, 2006, Shaw reported a net
loss before interest expense, taxes, depreciation and
amortization of US$0.3 million including the Westinghouse
segment, and EBITDA of US$30.3 million excluding the
Westinghouse segment.

Net cash provided by operating activities totaled US$108.6
million during the first quarter of fiscal 2008 compared to
US$130.7 million in the first quarter of fiscal 2007.  Revenues
for first quarter of 2008 were US$1.7 billion, compared to
US$1.3 billion in the corresponding 2007 period.

Shaw's backlog of unfilled orders as of Nov. 30, 2007, was
US$14.0 billion with approximately US$5.8 billion, or 41%, of
the backlog expected to be converted to revenues during the next
12 months.

"We are pleased with our operating results for the quarter and
in particular, our continued strong operating cash flow," said
J.M. Bernhard, Jr., Shaw's chairman, president and chief
executive officer.  "Our Fossil and Nuclear Power, and our
Fabrication and Manufacturing Groups are performing well in what
continues to be a robust market.  Our Energy and Chemicals Group
and Maintenance Group also performed well during the quarter.
With strong markets and accelerating progress on major projects,
we forecast our results to improve over the remainder of our
2008 fiscal year.

"Global energy and petrochemical markets remained robust
contributing to our near record quarterly backlog of US$14
billion, 47 percent higher than a year ago.  We expect these
markets to remain strong and we have seen improvements in
federal government contracting which should support further
backlog growth in 2008," said Mr. Bernhard.

                       About Shaw Group

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

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

                       *     *     *

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

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


SUREBASIC LTD: Names David Hill as Administrator
------------------------------------------------
David Hill of Begbies Traynor was named administrator of
Surebasic Ltd. (Company Number 2478558) on Dec. 10, 2007.

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

The company can be reached at:

         Surebasic Ltd.
         Unit 3
         Castle Meadows Park
         Merthyr Road
         Abergavenny
         Gwent
         NP7 7RZ
         Wales
         Tel: 01873 852 663
         Fax: 01873 859 128
         Web site: http://www.surebasic.co.uk/


TATA MOTORS: Unveils People's Car Tata NANO at Auto Expo
--------------------------------------------------------
Ratan N. Tata, chairman of the Tata Group and Tata Motors
unveiled the Tata "NANO," the People's Car from Tata Motors, at
the 9th Auto Expo in New Delhi, India on Thursday, Jan. 10.  A
development, which signifies a first for the global automobile
industry, the People's Car brings the comfort and safety of a
car within the reach of thousands of families.  The People's Car
will be launched in India later in 2008.

"I observed families riding on two-wheelers -- the father
driving the scooter, his young kid standing in front of him, his
wife seated behind him holding a little baby, Mr. Tata said.
"It led me to wonder whether one could conceive of a safe,
affordable, all-weather form of transport for such a family.
Tata Motors' engineers and designers gave their all for about
four years to realize this goal.  Today, we indeed have a
People's Car, which is affordable and yet built to meet safety
requirements and emission norms, to be fuel efficient and low on
emissions.  We are happy to present the People's Car to India
and we hope it brings the joy, pride and utility of owning a car
to many families who need personal mobility."

                              Design

The People's Car, designed with a family in mind, has a roomy
passenger compartment with generous leg space and head room. It
can comfortably seat four persons.  Four doors with high seating
position make ingress and egress easy.

Yet with a length of 3.1 meters, width of 1.5 meters and height
of 1.6 meters, with adequate ground clearance, it can
effortlessly maneuver on busy roads in cities as well as in
rural areas.  Its mono-volume design, with wheels at the corners
and the powertrain at the rear, enables it to uniquely combine
both space and maneuverability, which will set a new benchmark
among small cars.

When launched, the car will be available in both standard and
deluxe versions.  Both versions will offer a wide range of body
colors, and other accessories so that the car can be customized
to an individual's preferences.

                          Fuel-Efficiency

The People's Car has a rear-wheel drive, all-aluminum, two-
cylinder, 623 cc, 33 PS, multi point fuel injection petrol
engine.  This is the first time that a two-cylinder gasoline
engine is being used in a car with single balancer shaft.  The
lean design strategy has helped minimize weight, which helps
maximize performance per unit of energy consumed and delivers
high fuel efficiency.  Performance is controlled by a specially
designed electronic engine management system.


                        Safety Performance

The People's Car's safety performance exceeds current regulatory
requirements.  With an all sheet-metal body, it has a strong
passenger compartment, with safety features such as crumple
zones, intrusion-resistant doors, seat belts, strong seats and
anchorages, and the rear tailgate glass bonded to the body.
Tubeless tires further enhance safety.

                      Emission Performance

The People's Car's tailpipe emission performance exceeds
regulatory requirements.  In terms of overall pollutants, it has
a lower pollution level than two-wheelers being manufactured in
India today.  The high fuel efficiency also ensures that the car
has low carbon dioxide emissions, thereby providing the twin
benefits of an affordable transportation solution with a low
carbon footprint.


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 a research center in the United Kingdom, and in
its subsidiary and associate companies in South Korea and Spain.

                         *     *     *

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.


VONAGE HOLDINGS: CEO Says Debt Refinancing is "Top Priority"
------------------------------------------------------------
Vonage Holdings Corp. intends to start the first half of 2008 by
refinancing its debt to stave off cash run outs, APP reports
citing Bloomberg Radio News.

CEO Jeffrey Citron told Bloomberg, APP relates, that negotiating
for more favorable debt terms is "top priority" and revealed
that Vonage is "undervalued."

              Note Holders May Demand Note Repurchase

In its quarterly report for the period ended Sept. 30, 2007, the
company said that on Dec. 16, 2008, the holders of its
convertible notes may require the company to repurchase all or a
portion of its outstanding notes at a price in cash equal to
100% of the principal amount of the notes, plus any accrued and
unpaid interest.

As of Sept. 30, 2007, the company had convertible notes
outstanding in the aggregate principal amount of US$253.5
million.

The company disclosed that for 2007 and subsequent years through
2010, it will have annual interest expense on its convertible
notes of at least US$12.7 million unless the convertible notes
are converted or repaid prior to maturity date.  This amount
will increase if the company pays interest in kind on these
notes.

                Lack of Funds to Repurchase Notes

The company wanred that its ability to repurchase convertible
notes in December 2008 depends on its ability to generate
sufficient cash from future operations or raise additional
capital.

It added that the company's future operating performance in turn
depends in part on factors that are not within its control,
including general economic, financial, competitive, market,
regulatory and other factors.

Vonage stated that if cash flow and capital resources are
insufficient to fund its convertible note repayment obligations
or if it is unable to refinance or restructure its notes or
obtain additional debt or equity capital, it may face
substantial liquidity challenges.  Subsquently, the company may
be forced to reduce or delay capital or other material
expenditures, including significantly reducing its marketing
expenditures, or disposing of material assets to meet its
potential repurchase and other obligations.

                       Bankruptcy Warning

The company says that in light of the uncertainties in the sub-
prime mortgage market, these alternatives may not be capable of
being accomplished on a timely basis or on satisfactory terms,
if at all.  Although it is currently evaluating options with
respect to its convertible notes, the company states that its
inability to repurchase, refinance or restructure its
convertible notes could lead to the bankruptcy, reorganization,
insolvency or liquidation of the company.

                      About Vonage Holdings

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 2.5 million subscriber lines.  The
company's technology enables anyone to make and receive phone
calls with a touch tone telephone almost anywhere a broadband
Internet connection is available.

The company's Residential Premium Unlimited and Small Business
Unlimited calling plans offer consumers unlimited local and long
distance calling, and features like call waiting, call
forwarding and voicemail - for one low, flat monthly rate.
Vonage's service is sold on the web and through national
retailers including Best Buy, Circuit City, Wal-Mart Stores Inc.
and Target and is available to customers in the U.S., Canada and
the United Kingdom.

                          *     *     *

At Sept. 30, 2007, Vonage Holdings Corp.'s consolidated balance
sheet showed US$665.8 million in total assets and US$728.7
million in total liabilities, resulting in a US$62.9 million
total shareholders' deficit.


VONAGE HOLDINGS: Expects Revenue in Excess of US$800 Mln in 2007
----------------------------------------------------------------
Jeffrey A. Citron, chairman and chief Strategist of Vonage
Holdings Corp., disclosed at the Citi 18th Annual Global
Entertainment, Media & Telecommunications Conference which was
held on Wednesday, the following preliminary unaudited financial
and operating information about Vonage's recently completed
quarter and year ended Dec. 31, 2007:

  -- Vonage's 2007 revenue will be more than US$800 million.

  -- Fourth quarter 2007 churn will show no meaningful change
     over the 3.0% reported the prior quarter.

  -- Excluding payments made in connection with the settlement
     of intellectual property litigation which Vonage believes
     is not indicative of its core operating results for the
     quarter, Vonage expects to generate positive operating cash
     for the quarter ended Dec. 31, 2007.  Including the
     payments made in connection with the settlement of the
     intellectual property litigation, operating cash for the
     fourth quarter is expected to be negative.

  -- Vonage's cash position at Dec. 31, 2007, was US$190.0
     million, which includes US$40.0 million in restricted cash.

                      About Vonage Holdings

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 2.5 million subscriber lines.  The
company's technology enables anyone to make and receive phone
calls with a touch tone telephone almost anywhere a broadband
Internet connection is available.

The company's Residential Premium Unlimited and Small Business
Unlimited calling plans offer consumers unlimited local and long
distance calling, and features like call waiting, call
forwarding and voicemail - for one low, flat monthly rate.
Vonage's service is sold on the web and through national
retailers including Best Buy, Circuit City, Wal-Mart Stores Inc.
and Target and is available to customers in the U.S., Canada and
the United Kingdom.

                          *     *     *

At Sept. 30, 2007, Vonage Holdings Corp.'s consolidated balance
sheet showed US$665.8 million in total assets and US$728.7
million in total liabilities, resulting in a US$62.9 million
total shareholders' deficit.


XYZ DEUTSCHLAND: Joint Liquidators Take Over Operations
-------------------------------------------------------
Edward T. Kerr and Brian J. Hamblin of PKF (UK) LLP were
appointed joint liquidators of XYZ Deutschland Ltd. (formerly
HEWI (U.K.) Ltd. on Dec. 20, 2007 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


* AlixPartners Names 11 New Managing Directors
----------------------------------------------
AlixPartners promoted twelve new managing directors effective
Jan. 1, 2008:

   -- Antonio Perez Sales (Dallas)
   -- Michael Sinoway (Dallas)
   -- Axel Schulte (Dusseldorf)
   -- Donald Featherstone (London)
   -- Joachim Palme (Dallas)
   -- Michael Weyrich (Dallas)
   -- Nathan Cook (Los Angeles)
   -- Matthew Cohen (New York)
   -- Jan Kantowsky (Munich)
   -- Tom Morrow (Southern, Michigan)
   -- Tom Osmun (New York)

"We are pleased to recognize the superior client service and
leadership capabilities of our new managing directors," said
Michael Grindfors, AlixPartners' chief executive officer.  "The
promotion of these respected, highly-talented professionals is
in response to the growing demand globally for our collaborative
approach with clients with urgent, high-impact challenges."
Thirty-eight individuals were also promoted to director.

Tony Perez Sales joined AlixPartners in 2006.  In his most
recent projects, he has held positions as interim CIO for two
large corporations.  Prior to joining AlixPartners, he was a
vice president at EDS where he held executive and line
management responsibilities over several geographic markets and
large global accounts.  He holds an MBA from ESADE Barcelona.

Michael Sinoway joined AlixPartners in 2005 from Deloitte
Consulting where he was a partner.  He brings broad experience
in business strategy, supply chain operations, information
systems, and sales and marketing.  Prior to Deloitte, he held
positions in R&D at Honeywell Aerospace and strategic planning
for Walt Disney.  He received an MBA from Arizona State
University.

Axel Schulte joined the firm in 2005 and focuses on turnarounds
and restructurings. Prior to joining AlixPartners, he was a
senior project manager at Roland Berger Strategy Consultants,
and before that he was the founder and managing director of an
IT company.  He began his career as an audit manager with an
international accountancy firm. He received his doctorate in
macroeconomics from
the University of Munster.

Donald Featherstone has been with the firm since 2001, initially
in the Chicago office and then he transferred to London in 2003.
He has served as an interim CFO and chief restructuring officer
of distressed companies, and is experienced in corporate
turnarounds, working capital management, and complex financial
transactions.  He received his MBA from the University of
Chicago.  Joachim Palme joined AlixPartners in 2003 in Dallas
and subsequently transferred to London where he has been
instrumental in developing new business in the Nordic region.
Prior to joining the firm, he worked in the Copenhagen office of
Egon Zehnder International and spent seven years with The Boston
Consulting Group.  He holds an MBA from INSEAD and an MSc in
industrial engineering and management from Chalmers University
of Technology.

Michael Weyrich has been with AlixPartners since 2004.  He has
extensive experience in turning around and improving the
performance of businesses globally, as well as serving in
interim management positions.  Prior to joining the firm, he
served as chief strategy officer at the GSM Association and as
senior executive with Accenture.  He received his MBA from
Northwestern University's JL Kellogg Graduate School of
Management and Copenhagen Business School.

Nathan Cook joined AlixPartners in Chicago in 2002.  In 2003 he
transferred to Los Angeles following the opening of a new office
there where he helped grow the firm's west coast practice.
Prior to joining the firm, he was a principal consultant in the
Financial Advisory Services group at Price Waterhouse.  He has a
broad background as a financial advisor, and he focuses on
financial restructuring, valuation, and litigation consulting.
He holds an MBA in finance and corporate strategy from the UCLA
Anderson School of Management.

Jan Kantowsky has been based in Munich since 2005, playing an
important role at M„rklin where he was interim CFO.  Most
recently, he was asked to lead the restructuring of Firstgate
Holding.  Prior to joining AlixPartners, he headed the global
equity investment program of Bertelsmann, the leading European
media company. He holds a PhD in business administration from
the University of St. Gallen.

Matthew Cohen came to AlixPartners in 2006 from Skadden, Arps,
Slate, Meager & Flom LLP, where he was a counsel in the Complex
Mass Torts and Insurance Litigation practice and co-chair of the
firm's electronic discovery committee.  He received a Juris
Doctorate degree from Fordham University School of Law and holds
a bachelor's degree from the State University of New York at
Stony Brook.

Tom Osmun joined the firm in 1996 and rejoined in 2005.  His
vast AlixPartners experience includes leadership roles at
Calpine Corporation and Bally Total Fitness. Prior to rejoining
AlixPartners, he was a managing director at Conway DelGenio
Gries & Co. He received his MBA in finance from Duke University.
Also promoted to director in New York were: Scott Beattie, Hans
Lehmann, Arpita Majumder, and
Brenda Miller.

Tom Morrow joined the firm in 1994 and has worked in a wide
variety of successful engagements with AlixPartners, including
Kmart and Dana.  His background includes experience in
franchisee restructurings, commercial lending, and in general
management consulting experience.  He received his MBA in
finance from the University of Chicago.

The firm also disclosed 28 promotions to director:

* Dallas:

  -- Afshin Azhari, Tom Hofner, Kurt Kauth and Robert Manz.

* Dusseldorf:

  -- Jens Koeppen.

* London:

  -- Martin Carins, Mark Christiansen, Justin Cooper, Glendon
     Fietta, Andreas Koutsouris, and David Porter.

* Munich:

  -- Michael Dorn, Raymond Peters, and Jens-Ulrich Wiese.

* Southfield, Michigan:

  -- Scott Hamilton, Brett Meyer, Tatiana Niro, and Mark
     Wakefield.

* Chicago:

   -- Francesco Barosi; Chris Blacker; Susan Budd; Darin Facer;
      Benjamin Gaw; Tarig Kozouz; Kevin Montague; Robert
      Montgomery; Mark Rule; and Terry Singla.

* Paris

   -- Thierry Duvette; Florent Maisonneuve; and Francois Neveux.

* San Francisco:

   -- Nicholas Archibald; Brent Carlson; and Kevin Chiu.

                        About AlixPartners

Headquartered in Southfield, Michigan, AlixPartners --
http://www.alixpartners.com/-- is a global performance
improvement, corporate turnaround and financial advisory
services firm.  The AlixPartners' "one-stop-shop" suite of
services range from operational performance improvement and
financial restructuring across all major corporate disciplines
(manufacturing, supply chain, IT, sales and marketing, etc.), to
financial advisory services (including financial reporting,
corporate governance and investigations) to technology-enabled
restructuring and claims management.  The firm has more than 500
employees, and has offices in Chicago, Dallas, Detroit,
Dusseldorf, London, Los Angeles, Milan, Munich, New York, Paris,
San Francisco and Tokyo.


* Bank of England Publishes Q4 Credit Conditions Survey Results
---------------------------------------------------------------
Bank of England has published the results of its 2007 Q4 Credit
Conditions Survey.  The Q4 survey was conducted between Nov. 19,
and Dec. 12, 2007.  The survey included some additional
questions about the impact of factors associated with recent
developments in financial markets.

                             Q4 2007

Supply

    * Contrary to their expectations in the Q3 survey, lenders
      reported that the availability of secured credit to
      households had been reduced materially over the three
      months to mid-December.  They expected a further reduction
      in secured credit availability over the next three months.

    * Lenders reported that household unsecured credit
      availability had been reduced a little over the past
      three months.  They expected a further slight reduction in
      unsecured credit availability over the next three months.

    * Corporate credit availability was reported to have been
      reduced significantly over the past three months, in line
      with lenders' expectations in the Q3 survey.  A further
      reduction in the availability of credit was expected over
      the next three months.

Demand

    * Overall demand for secured lending was reported to have
      increased over the past three months, though by less than
      had been expected in Q3.  Lenders expected demand for
      secured credit to fall over the next three months.

    * Lenders reported that demand for credit by private non-
      financial corporations had fallen over the past three
      months.  A significant increase in demand for credit by
      financial corporations was reported.

Terms and Conditions

    * Spreads on secured lending to households were reported to
      have increased significantly over the past three months.
      Further increases were expected over the next three
      months.

    * Lenders reported that spreads on corporate lending had
      increased over the past three months in line with their
      expectations in Q3.  Further increases were expected over
      the next three months.

Default Rates

    * Default rates on secured lending to households were
      reported to be broadly unchanged over the past three
      months, though losses given default had risen.  Lenders
      expected default rates, and losses given default, on
      secured lending to rise over the next three months.

    * Lenders reported that default rates on medium-sized
      corporate loans had risen over the past three months, as
      expected in the Q3 survey.  Default rates on large
      corporate loans were unchanged.


* Number of Business Failures in Scotland Down 4.4% in 2007
-----------------------------------------------------------
The number of Scottish companies going bust fell by 4.4% in 2007
amid pressures of the credit crunch, the Scotsman reports,
citing the Edinburgh Evening News as its source.

According to figures published, only 799 firms collapsed in 2007
compared to the prior year.

In the last quarter of 2007, the number of business failures in
Scotland was down 23.6%, the Scotsman relates.


* BOND PRICING: For the Week Jan. 7 to Jan. 11, 2008
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Immofinanz Immobilien
  Anlagen AG              2.750    01/20/14     EUR      74.53
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      64.79
                          0.250    10/14/26     CDN      39.50
Republic of Austria       4.000    06/22/22     EUR      74.06
                          0.396    08/04/25     EUR      63.43
                          5.243    10/10/25     EUR      62.75
                          5.000    10/24/35     EUR      70.04

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      74.92


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.39
                          0.500    04/26/13     AUD      70.81
                          1.000    11/21/16     NZD      58.07
                          1.000    10/30/17     AUD      57.20
                          0.500    09/24/20     CDN      60.41
                          0.250    06/28/40     CDN      20.40

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.87
Altran Technologies S.A.  3.750    01/01/09     EUR      11.96
Calyon                    6.000    06/18/47     EUR      49.22
CAP Gemini S.A.           2.500    01/01/10     EUR      51.63
                          1.000    01/01/12     EUR      44.48
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.29
                          4.375    11/01/10     EUR      47.98
Groupe Vial S.A.          2.500    01/01/14     EUR      41.04
Havas S.A.                4.000    01/01/09     EUR      10.61
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.67
Ingenico                  2.750    01/01/12     EUR      19.17
Maurel & Prom             3.500    01/01/10     EUR      20.94
Publicis Group            0.750    07/17/08     EUR      28.64
                          1.000    01/18/18     EUR      41.99
Rhodia S.A.               0.500    01/01/14     EUR      41.13
Scor S.A.                 4.125    01/01/10     EUR       2.10
Soc Air France            2.750    04/01/20     EUR      25.76
Soitec                    4.625    12/20/09     EUR       6.65
Theolia S.A.              2.000    01/01/14     EUR      20.48
Valeo                     2.375    01/01/11     EUR      43.83
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.81
Wavecom S.A.              1.750    01/01/14     EUR      22.33
Wendel Invest S.A.        2.000    06/19/09     EUR      43.41
Zlomrex International
   Finance S.A.           8.500    02/01/14     EUR      65.38

GERMANY
-------
Callahan NRH             14.000    07/15/10     US$       0.27
KfW Bankengruppe          0.500    10/30/13     AUD      67.78
                          0.500    12/19/17     EUR      68.11
                          5.000    05/23/20     EUR      74.87
                          1.250    07/07/20     EUR      73.98
                          1.250    07/29/20     EUR      72.01
                          6.000    07/21/25     EUR      68.63
                          5.000    09/01/25     EUR      70.67
                          8.000    08/10/30     EUR      66.29
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.04
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.04
Treofan AG               11.000    08/01/13     EUR      59.84

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      65.23
                          0.990    07/07/20     EUR      65.41

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      51.55

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      49.06
                          0.250    07/08/33     CDN      27.81
Irish Perm Plc            6.125    02/15/35     EUR      57.45
Magnolia Finance IV Plc   1.050    12/20/45     US$      32.54

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      68.84
Telecom Italia S.p.A.     5.250    12/20/45     US$      35.54


LUXEMBOURG
----------
Kloeckner Finance
   International S.A.     1.500    07/27/12     EUR      73.45
Sonata Securities S.A.    1.000    03/10/08     EUR      75.22


NETHERLANDS
-----------
ALB Finance B.V.          7.880    02/01/12     EUR      74.07
Biopetrol Finance B.V.    4.000    02/21/12     EUR      73.16
BK Ned Gemeenten          0.500    06/27/18     CDN      65.45
                          0.500    02/24/25     CDN      49.10
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.58
Hypo Real ES Finance      5.500    08/20/08     EUR      74.17
IVG Finance B.V.          1.750    03/29/17     EUR      68.83
Kazkommerts Int'l B.V.    6.880    02/13/17     EUR      75.29
KBC Ifima N.V.            3.500    02/07/25     US$      78.11
Lehman Bros TSY B.V.      1.000    06/06/17     EUR      74.35
                          6.000    02/15/35     EUR      65.97
                          8.250    03/16/35     EUR      52.14
                          7.000    05/17/35     EUR      61.14
                          7.250    10/05/35     EUR      56.13
                          6.000    11/02/35     EUR      58.10
Ned Waterschapbk          6.000    06/01/35     EUR      68.55
                          6.500    08/15/35     EUR      62.83
Rabobank Groep N.V.       6.000    02/22/35     EUR      65.89
                          5.000    02/28/35     EUR      62.86
                          7.000    03/23/35     EUR      62.86
                          6.000    05/09/35     EUR      69.46

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.55

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.16

SWITZERLAND
-----------
UBS AG                    1.000     03/28/12    NZD      74.60
                          1.000     06/28/12    NZD      72.45
                          1.000     07/30/12    NZD      73.34

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.13
Bank of Scotland          6.000     02/07/35    EUR      63.68
Grainger Plc              3.625     07/31/12    GBP      74.32
Jaztel Plc                5.000     04/29/10    GBP      74.60
Lloyds TSB Bank Plc       6.210     12/14/37    GBP      62.66
National Grid Gas Plc     1.754     10/17/36    GBP      44.08
                          1.771     03/30/37    GBP      43.98
Northern Rock Plc         5.630     01/13/15    GBP      65.10
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.10


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *