TCREUR_Public/080116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, January 16, 2008, Vol. 9, No. 11

                            Headlines




A U S T R I A

BATTENFELD KUNSTSOFFMASCHINEN: Declares Bankruptcy After Sale
BREZINA AUFZUEGE: Vienna Court Orders Business Shutdown
FRANZ WLASAK: Claims Registration Period Ends Jan. 24
GUTMAYER LLC: Claims Registration Period Ends Jan. 24
KOCH LLC: Claims Registration Period Ends Jan. 21

MOEBELHAUS LUGER: Feldkirch Court Orders Business Shutdown
STEFCO ENGINEERING: Linz Court Orders Business Shutdown
UMFORMTECHNIK LLC: Claims Registration Period Ends Jan. 20
WIBO LLC: Claims Registration Period Ends Jan. 24


B E L G I U M

SOLUTIA INC: Plans to Offer US$400 Mln Senior Unsecured Notes
URS CORP: Taps Thomas H. Zarges as Washington Division President


D E N M A R K

ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets
POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem


F R A N C E

CAP GEMINI: S&P Keeps BB+ Ratings on CreditWatch Positive
DELPHI CORP: Bank of America Opposes Confirmation of Plan
DELPHI CORP: Moody's Puts Corporate Family Rating at (P)B2
HARMAN INTERNATIONAL: Revises Fiscal Year 2008 Earnings Guidance
INNOVATIVE COMM: Court Okays Sale of V.I. Community Bank to FBNC


G E R M A N Y

ADMINISTRATA IMMOBILIEN: Claims Registration Ends Feb. 13
AFH - DEUTSCHLAND: Claims Registration Period Ends Feb. 20
ALERIS INT'L: Completes US$295 Million Sale of US Zinc Business
AUTO-TEILE-UNGER: S&P Puts B Rating on Watch on Weak Performance
BESTPHAGO VERWALTUNGS: Claims Registration Ends February 18

E. H. HEYDER: Claims Registration Ends February 8
FFO AUTO: Claims Registration Period Ends Feb. 20
FILIS GMBH: Claims Registration Period Ends Feb. 26
FMP SICHERHEITSDIENSTE: Claims Registration Period Ends Feb. 13
GOEDERT KABELBAU: Creditors' Meeting Slated for March 11

IGH ASSEKURANZ: Claims Registration Period Ends Feb. 21
LA CUISINE: Claims Registration Period Ends February 19
LOEWWEN - AUTOMOBILE GMBH: Claims Registration Ends Feb. 15
MC KURIERDIENSTE: Claims Registration Period Ends Feb. 26
MICHAELIS WOCHE: Claims Registration Period Ends Feb. 13

PERLOPLAST-VERTRIEBS GMBH Claims Registration Ends February 15
PETER WENZEL: Claims Registration Period Ends Feb. 19
SDE SIGMA: Claims Registration Period Ends Feb. 19
TIAGRO GMBH: Claims Registration Period Ends Feb. 12
TRILUX ABSCHLEPP: Claims Registration Ends February 15


H U N G A R Y

PROPEX INC: Moody's Cuts Corporate Family Rating to Caa2


I R E L A N D

GAP INC: December 2007 Sales Decrease by 6% to US$2.2 Billion


I T A L Y

DANA CORP: Asbestos Claimants File Appeal to Dana Plan


K A Z A K H S T A N

ASTANA-RAU LLP: Proof of Claim Deadline Slated for February 12
BANK TURANALEM: Gains US$82 Million Loan from DEG
INTERTELL.KZ LLP: Creditors Must File Claims by February 7
JALYN LLP: Claims Filing Period Ends February 8
JYBEK JOLY: Creditors' Claims Due on February 7

KAZTECHPROM LLP: Claims Registration Ends February 7
MADINA LLP: Proof of Claim Deadline Slated for February 8
NOTIS XXI: Creditors Must File Claims by February 7
OZEN CAPITAL: Claims Filing Period Ends February 8
SAB LTD: Creditors' Claims Due on February 12

SARYKONGAN LLP: Claims Registration Ends February 8


K Y R G Y Z S T A N

ACA CONSULTING: Creditors Must File Claims by February 7


M A C E D O N I A

PROCREDIT MACEDONIA: Fitch Holds IDR at BB+ with Stable Outlook


N E T H E R L A N D S

FIRST DATA: Moody's Junks Rating on Untendered Unsecured Notes


P O L A N D

OMNOVA SOLUTIONS: S&P Keeps B+ Rating on US$150 Mln Senior Loan


R U S S I A

MEGAFON SA: Moody's Lifts Corporate Family Rating to Ba2
MOSCOW BANK: Hikes East-West United Bank Stake to 66%


S W I T Z E R L A N D

DRAGON EYE: Creditors' Liquidation Claims Due Today
FIANSA BETEILIGUNG: Creditors Must File Claims by January 17
NOBLE INVESTMENTS: Creditors' Liquidation Claims Due Today
UNIVERSAL FINANCE: Creditors' Liquidation Claims Due Today


T U R K E Y

TURKIYE GARANTI: Fitch Affirms Foreign Currency IDR at BB


U K R A I N E

CHEMISTRY FOOD: Creditors Must File Claims by January 17
CHUBAR COLLECTIVE: Claims Registration Ends January 17
ETALON-1 LLC: Claims Registration Ends January 17
IVANO-FRANKOVSK HEAT: Claims Registration Ends January 17
KATERINOPOL PRODUCTION: Creditors Must File Claims by January 17

KRINKI LLC: Creditors Must File Claims by January 17
MIR-SEM AND CO: Claims Registration Ends January 17
TAMPL LLC: Creditors Must File Claims by January 17
TEMP LLC: Creditors Must File Claims by January 17
YAGUAR PLUS: Creditors Must File Claims by January 17


U N I T E D   K I N G D O M

BRITISH ENERGY: In Talks with EDF over New Consortium
CENTROMED LTD: Brings In Administrators from Tenon Recovery
CHRYSLER LLC: Wants Getrag JV Resumed for 2009 Opening
CORNERSTONE TITAN 2005-2: S&P Affirms Class G Notes at BB
EMI GROUP: Terra Firma Outlines Restructuring Plan
ES RECRUITMENT: Appoints Begbies Traynor as Joint Administrators

FORD MOTOR: Tata May Tap Ford Exec. to Head Two Luxury Brands
FORD MOTOR: St. Thomas Plant in Ontario Starts Production
FORD MOTOR: Creates the Verve to Ride in Small Car Popularity
FUTURESTEP PERSONNEL: Claims Filing Period Ends April 8
GRAND PRIX: Duncan R. Beat Leads Liquidation Procedure

K.W. BEARD: Lloyds TSB Taps Receivers from BDO Stoy
NORTHERN ROCK: Shareholders Block All But One Resolution at EGM
QUEBECOR WORLD: Gets US$400 Million Rescue Financing Facility
RENTOKIL INITIAL: Appoints Richard Burrows as Non-Exec. Director
SANYO ELECTRIC: To Pay FSA JPY8.3 Billion for Accounting Error

SIER GROUP: Taps Joint Administrators from Begbies Traynor
SOLUTIONS HEALTH: HSBC Bank Taps Receivers from Moore Stephens
STEPHEN ROBINSON: Claims Filing Period Ends February 4
TITAN EUROPE 2006-2: S&P Puts B Ratings on Watch on Shortfalls
TITAN EUROPE 2006-3: S&P Puts B Ratings on Watch on Shortfalls

UNIQUE STAFFING: Appoints C. B. Barrett as Liquidator




                            *********


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


BATTENFELD KUNSTSOFFMASCHINEN: Declares Bankruptcy After Sale
-------------------------------------------------------------
Battenfeld Kunstsoffmaschinen Gesellschaft mbH has filed for
bankruptcy protection as a result of its sale to UK-based OOD
Private Equity in December 2007, The Financial Times reports,
citing Elsevier Engineering Information.

According to the report, Germany-based Adcuram, Battenfeld's
previous owner, decided to file for bankruptcy because the
"unexpected sale" imperiled Battenfeld's operations.  OOD
Private is a financial investment company that was established
in November 2007.  Layoff notices have been sent to Battenfeld's
630 employees around the globe, 472 of whom are from its
headquarters in Battenfeld Kottingbrunn, Austria, FT relates.

Battenfeld hopes to recover ownership of its spare parts service
unit in Kottingbrunn and Meinerzhagen, Germany, as well as its
Battenfeld Service Gruppe service, Financial Times says.

Headquartered in Battenfeld Kottingbrunn, Austria, Battenfeld
Kunstsoffmaschinen Gesellschaft mbH -- http://www.battenfeld-
imt.com/de/home.html -- is an injection press manufacturer.


BREZINA AUFZUEGE: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered Nov. 26, 2007, an order
shutting down the business of OEG BREZINA Aufzuege (FN 29494z).

Court-appointed estate administrator Matthias Schmidt
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. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14, 2007 (Bankr. Case No 28 S 133/07y).


FRANZ WLASAK: Claims Registration Period Ends Jan. 24
-----------------------------------------------------
Creditors owed money by LLC Franz Wlasak (FN 104019w) have until
Jan. 24 to file written proofs of claim to court-appointed
estate administrator Johannes Jaksch at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Feb. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 26, 2007 (Bankr. Case No. 5 S 135/07y).  Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


GUTMAYER LLC: Claims Registration Period Ends Jan. 24
-----------------------------------------------------
Creditors owed money by LLC Gutmayer (FN 63203x) have until
Jan. 24 to file written proofs of claim to court-appointed
estate administrator Christof Stapf at:

         Dr. Christof Stapf
         c/o  Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 01/90 333
         Fax: 01/90 333 44
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Hall 2
         Room 104
         First Floor
         Korneuburg
         Austria

Headquartered in Poysdorf, Austria, the Debtor declared
bankruptcy on Nov. 29, 2007 (Bankr. Case No. 32 S 23/07f).
Michael Neuhauser represents Dr. Stapf in the bankruptcy
proceedings.


KOCH LLC: Claims Registration Period Ends Jan. 21
-------------------------------------------------
Creditors owed money by LLC Koch (FN 103978i) have until Jan. 21
to file written proofs of claim to court-appointed estate
administrator Bernhard Birek at:

         Dr. Bernhard Birek
         Marktplatz 4
         4707 Schluesslberg
         Austria
         Tel: 07248/64720
         Fax: 07248/64720-20
         E-mail: ra-birek@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Jan. 31 for the
examination of claims.

The meeting of creditors will be held at:

         Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Grieskirchen, Austria, the Debtor declared
bankruptcy on Nov. 29, 2007 (Bankr. Case No. 20 S 138/07f).


MOEBELHAUS LUGER: Feldkirch Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Feldkirch entered Nov. 23, 2007, an order
shutting down the business of LLC Moebelhaus Luger & Co (FN
268375w).

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

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Nov. 23, 2007 (Bankr. Case No 14 S 46/07p).


STEFCO ENGINEERING: Linz Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Linz entered Nov. 29, 2007, an order shutting
down the business of LLC STEFCO Engineering-Produktions- und
Handel (FN 241854v).

Court-appointed estate administrator Thomas Zeitler 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. Thomas Zeitler
         Eisenhandstrasse 15
         4020 Linz
         Austria
         Tel: 0732/775544-11
         Fax: 0732/775544-10
         E-mail: insolvenz@bzp.at

Headquartered in Pasching, Austria, the Debtor declared
bankruptcy on Nov. 23, 2007 (Bankr. Case No 12 S 75/07b).


UMFORMTECHNIK LLC: Claims Registration Period Ends Jan. 20
----------------------------------------------------------
Creditors owed money by LLC Umformtechnik (FN 245350i) have
until Jan. 20 to file written proofs of claim to court-appointed
estate administrator Helmut Fetz at:

         Dr. Helmut Fetz
         Hauptplatz 11
         8700 Leoben
         Austria
         Tel: 03842-42751
         Fax: 03842-42751-40
         E-mail: offic@fetz-fetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Leoben, Austria, the Debtor declared bankruptcy
on Nov. 29, 2007 (Bankr. Case No. 17 S 99/07p).


WIBO LLC: Claims Registration Period Ends Jan. 24
-------------------------------------------------
Creditors owed money by LLC WIBO (FN 210755i) have until Jan. 24
to file written proofs of claim to court-appointed estate
administrator Felix Stortecky at:

         Dr. Felix Stortecky
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 88 37
         Fax: 513 88 37-22
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 29, 2007 (Bankr. Case No. 5 S 136/07w).


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


SOLUTIA INC: Plans to Offer US$400 Mln 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.

As previously announced by Solutia on Oct. 31, 2007, the notes
offering is part of a US$2.0 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 offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and outside the United States pursuant
to Regulation S under the Securities Act.  The notes have not
been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States without
registration or an applicable exemption from the registration
requirements.

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, 2007, the Court confirmed the
Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue No.
113, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


URS CORP: Taps Thomas H. Zarges as Washington Division President
----------------------------------------------------------------
URS Corporation has appointed Thomas H. Zarges as President of
the Washington Division.  Mr. Zarges, who formerly served as the
Division's Senior Executive Vice President for Operations,
replaces Stephen G. Hanks, who is retiring from the company and
resigning from the URS Board of Directors.

URS' Washington Division is the former Washington Group
International Inc., which URS acquired in November 2007.

"Tom is an experienced executive with a comprehensive
understanding of the Washington Division, gained through more
than 30 years with the business," Martin M. Koffel, Chairman and
Chief Executive Officer of URS, said.  "He has directed
Washington Group's power, engineering and construction, and
industrial process businesses, and has managed all of Washington
Group's operations since 2002.  He is ideally suited to lead the
Division as we integrate our complementary service offerings and
work to capture the many new opportunities available to URS and
our 55,000 employees."

"I am proud to lead the Washington Division and the exceptional
group of professionals that have been the key to our success,"
Mr. Zarges said. "Now, as part of one of the few fully
integrated engineering, construction and technical services
companies in our industry, our potential is greater than ever.
I look forward to working with Martin and the entire URS
management team and continuing to deliver results for our
stockholders, customers and employees."

Mr. Koffel continued, "I would like to thank Steve for helping
to make the combination between URS and Washington Group a
reality. The strength of the Washington Division's business and
the quality and depth of its management team attest to Steve's
leadership.  We wish him well in the future."

The appointment of Mr. Zarges as President of the Washington
Division is effective immediately.

                    Biographical Information

Thomas Zarges, 59, has more than 35 years of experience in
global engineering and construction. He joined Washington Group
in 1991 as President of Power and Industrial/Manufacturing. He
later served as President of the company's
Engineering/Construction and Industrial/Process business units.
He was named Senior Executive Vice President of Operations in
2002. Earlier in his career, Mr. Zarges served with United
Engineers & Constructors, a predecessor firm to Washington
Group, for 20 years.  He is a 1970 engineering graduate of the
Virginia Military Institute.

                         About URS Corp.

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

                          *     *     *

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


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D E N M A R K
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ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets
----------------------------------------------------------------
Arrow Electronics Inc. agreed to acquire all of the assets
related to the franchise components distribution business of
Hynetic Electronics and Shreyanics Electronics in India,
effective Jan. 1, 2008.  Privately owned, Hynetic Electronics
and Shreyanics Electronics are leading electronic component
distributors in India.

"I am delighted to add the components distribution business of
Hynetic to our expanding franchise in the Asia Pac region,
further strengthening our leadership position in the fast-
growing Indian marketplace.  The Hynetic business is similar to
Arrow's, with its demand-creation business model and strong
engineering capabilities, and we anticipate meaningful synergies
between our two businesses.  Hynetic's complementary linecard
and experienced sales professionals will allow us to expand our
product portfolio and offer improved services and support to our
business partners," said Michael J. Long, president of Arrow
Global Components.

"This acquisition will be beneficial to Arrow, with an expanded
customer base focusing on the rapidly growing small- and medium-
sized market and additional strategic product lines, which are
critical for Arrow to further expand market share in India.  At
the same time, Hynetic's customers and suppliers gain instant
access to Arrow's specialized expertise, technical resources,
supply chain solutions and extensive logistics capabilities,"
said Peter Kong, president of Arrow Asia Pacific.

                   About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem
----------------------------------------------------------
PolyOne Corporation has completed its acquisition of the assets
and operations of Ngai Hing PlastChem Company Ltd., the vinyl
compounding subsidiary of Ngai Hing Hong Company Limited.

A subsidiary of Ngai Hing Hong will hold a 5% interest in the
new company that PolyOne will establish to conduct its vinyl
compound business in Asia.

The company related that this acquisition expands PolyOne's
geographic footprint and is further testament to the company's
globalization emphasis, one of the four key components of
PolyOne's overall corporate strategy.  Globalization moves
PolyOne into high-growth markets where its customers are
migrating, and positions the company to serve them with
consistency everywhere in the world.

"The acquisition of Ngai Hing PlastChem Company creates further
opportunities for us in Asia, in line with our globalization
strategy," Robert M. Rosenau, senior vice president and general
manager - Vinyl Business," said.  "We look forward to
accelerating our global growth and delivering the value our
customers expect from PolyOne."

Included in the transaction is the transfer of a manufacturing
facility in Dongguan, a city in the Guangdong province of
southern China.  This plant will be PolyOne's fourth
manufacturing site in China; the other three make a broad array
of specialty products for the business equipment, electrical,
packaging and textile printing markets.

                       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.


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F R A N C E
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CAP GEMINI: S&P Keeps BB+ Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' ratings
on France-based IT services company Cap Gemini S.A. remain on
CreditWatch with positive implications, where they were placed
on Nov. 9, 2007.

"We now expect the CreditWatch status to be resolved by Jan. 31,
2008," said Standard & Poor's credit analyst Patrice Cochelin.

The CreditWatch status reflects the continued improvement of the
company's revenues and margins. Weak margins have held back the
ratings on Cap Gemini in recent quarters.

Cap Gemini expects operating margins to be above 7% for full-
year 2007, up from 5.8% in 2006, implying margins of at least 8%
in second-half 2007, up from 6.8% in second-half 2006 and 5.8%
in first-half 2007.

Cap Gemini's third-quarter 2007 revenues were up 6.2%
organically from third-quarter 2006.

A potential upgrade to 'BBB-' would require our comfort with the
company's ongoing operating improvement, particularly on margins
and cash flow generation, and on the continuation of prudent
financial policies.

Cap Gemini's higher margins are likely to bring about continued
improvement in leverage ratios by year-end 2007.  Gross pension-
and lease-adjusted debt was 3.4x pre-restructuring EBITDA at
June 30, 2007, down from 3.8x at year-end 2006.  Funds from
operations covered more than 30% of gross adjusted debt at
June 30, 2007.  In addition, the company had cash and short-term
investments of EUR1.7 billion at June 30, 2007.


DELPHI CORP: Bank of America Opposes Confirmation of Plan
---------------------------------------------------------
Bank of America, N.A., files an objection with the U.S.
Bankruptcy Court for the Southern District of New York, opposing
to confirmation of Delphi Corp. and its debtor-affiliates' First
Amended Joint Plan of Reorganization.

Representing Bank of America, N.A., John T. Gregg, Esq., at
Barnes & Thornburg LLP, in Grand Rapids, Michigan, contends that
the Plan proposes assumption and cure procedures that are
contrary to Sections 1123(b)(2) and 365(b)(1) of the Bankruptcy
Code.  The Plan also potentially terminates the Bank of
America's rights under its leases regardless of whether they are
assumed or rejected, Mr. Gregg asserts.

Bank of America clarifies that it does not oppose confirmation
of the Plan as long as:

   (1) the Debtors assume the Aircraft Leases and cure any and
       all the potential defaults thereunder; and

   (2) the guaranties, liens and security agreements to which
       Bank of America is entitled under the Leases survive and
       continue in existence after confirmation of the Plan.

Prior to the Petition Date, Bank of America and Delphi
Automotive Systems Human Resources, LLC, were parties to two
aircraft leases.

In July 2006, Bank of America filed three claims against the
Debtors, each for US$38,127,592 plus interest, for violations of
the Aircraft Leases.  Bank of America subsequently agreed to
withdraw its claims without prejudice pending the Debtors'
decision to assume or reject the Aircraft Leases.  In a Court-
approved stipulation, the Debtors agreed to provide Bank of
America with 10 days' prior notice of their election to assume
or reject the Aircraft Leases.

As of Jan. 10, 2008, the Debtors have neither assumed nor
rejected the Aircraft Leases.  The Debtors have also not
committed to provide Bank of America with new guaranties or
reaffirm the existing guaranties on the Aircraft Leases as part
of their cure obligations in the event that they assume the
Leases, Mr. Gregg informs the Court.

"Section 1123(b) of the Bankruptcy Code provides that a plan
may, subject to Section 365, provide for the assumption,
rejection, or assignment of an executory contract or unexpired
lease of the debtor not previously rejected under Section 365 .
. . Such assumption must occur by no later than plan
confirmation," Mr. Gregg reminds the Court.  The Plan, however,
states that the cure, as the sole requirement for assumption,
will not be determined for a period of 45 days or more after
confirmation.  In addition, the Plan authorizes the Debtors to
reject any contract or lease for a period of five days after a
final Court order establishing a cure amount in excess of that
which they have provided.  The Plan is therefore in direct
conflict with Sections 1123(b)(2) and 365(b)(1) because the
Debtors are improperly attempting to extend their time to
assume, reject, and provide cure and adequate assurance of
future performance under assumed contracts and leases, Mr. Gregg
contends.

The Debtors, according to Mr. Gregg, are seeking the approval of
procedures that require the Court to render an advisory opinion.
The Debtors should be required to cure any breach or default
under the Aircraft Leases, he maintains.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Moody's Puts Corporate Family Rating at (P)B2
----------------------------------------------------------
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection:

   -- Corporate Family Rating of (P)B2;
   -- US$3.7 billion of first lien term loans, (P)Ba3; and
   -- US$0.825 billion of 2nd lien term debt, (P)B3.

In addition, a Speculative Grade Liquidity rating of SGL-2
representing good liquidity was assigned.  The outlook is
stable.

The (P)B2 CFR reflects the magnitude of the company's
indebtedness upon emergence, weak but improving coverage over
the intermediate term as the anticipated benefits of
restructuring initiatives take hold, and the absence of free
cash flow in its initial year after emergence.  The rating
recognizes substantial improvements in the company's cost
structure and operational efficiencies achieved during its
period of bankruptcy re-organization and ongoing benefits from
its global scale and manufacturing footprint.

However, the rating also considers the extent of the company's
exposure to General Motors Corporation's North American
operations.  While GMNA exposure has significantly declined, it
will continue as the largest individual component in the
customer base, leaving Delphi vulnerable to any further
reduction in GM's production volumes or market share in this
critical region.

Delphi's strengths include its geographic diversification, and
large book of long term contracts to supply components for
various vehicle platforms.  The company significantly reduced
its legacy liabilities through the bankruptcy process, shed
unprofitable operations, and identified other initiatives that
should improve its operating cost structure and better position
the company to compete in the auto parts supply business.

However, the full benefit of these initiatives will only be
achieved over time, and during the near term the company's
financial metrics will remain consistent with ratings at the low
end of the B range.  In particular, it is noted that Delphi will
require incremental restructuring disbursements of roughly
US$800 million over the next few years, which will likely
preclude free cash flow generation during 2008.  It is also
noted that Delphi will be emerging from bankruptcy at a time
when economic trends suggest potential for further weakness in
automotive sales.  While the benefits of restructuring
initiatives should yield improvement in financial metrics over
time, economic pressures could temper the rate of improvement.
Consequently, Moody's views the company's rating profile as more
consistent with the B2 rating category at this time.

The stable outlook is supported by Delphi's liquidity profile,
expectations that the pace of operational improvements will gain
traction over the intermediate term, and the company's
participation in multiple geographic regions with different
growth prospects.  These factors along with an expected
transition to positive free cash flow in 2009 have the potential
to produce stronger coverage ratios and lower leverage going
forward.

Ratings assigned:

Delphi Corporation

   -- Corporate Family Rating, (P)B2;

   -- Probability of Default Rating, (P)B2;

   -- US$2,950 million first lien term loan, (P)Ba3 (LGD-2,
      26%);

   -- US$825 million of second lien term debt, (P)B3 (LGD-4,
      60%);

   -- Speculative Grade Liquidity rating, SGL-2;

   -- Outlook, stable.

Delphi Holdings Luxembourg S.ar.l.

   -- EUR Equivalent of US$750 million first lien term loan
      guaranteed by Delphi Corporation, (P)Ba3 (LGD-2, 26%).

The above ratings were assigned on a prospective basis and
assumed a full subscription to Delphi's proposed financing as
well as final confirmation by the bankruptcy court.  Upon
affirmation that those events have occurred, the (P) modifier
will be removed and the ratings confirmed. Should any of those
assumptions prove to be incorrect, the ratings may be subject to
change or could be withdrawn.

Delphi Corporation, headquartered in Troy, MI, is a global tier-
1 automotive supplier with products and services addressing
electrical/electronic architecture, electronics & safety,
powertrain systems, thermal systems, and aftermarket product and
service solutions.  The company expects to have revenues from
continuing operations of roughly US$20 billion and employs
approximately 171,000 people at 163 manufacturing sites around
the world.  Delphi has regional headquarters in Japan, Brazil,
and France.


HARMAN INTERNATIONAL: Revises Fiscal Year 2008 Earnings Guidance
----------------------------------------------------------------
Harman International Industries, Inc. revised its previously
announced guidance for the current fiscal year ending
June 30, 2008.

The company now expects non-GAAP diluted EPS for the 2008 fiscal
year to be between US$3.00 and US$3.10, before after-tax merger
related costs of US$8.0 million, or US$0.13 per diluted share
but including the impact of the company's ongoing accelerated
share repurchase.  Because the accounting impact of previously
announced restructuring charges has not been determined, it is
not included in the current estimate and, therefore, no GAAP
diluted EPS for the fiscal 2008 year is provided.

The change in guidance was prompted primarily by a major shift
in the market for Portable Navigation Devices.  Harman says that
in recent months this sector has experienced significant pricing
pressure which is affecting the entire industry.

"While the growth fundamentals of our core business remain
sound, the difficult PND environment presents a challenge.  As
we have indicated previously, we will be launching a record
number of automotive infotainment platforms in 2008.  Although,
we are not happy with the higher than planned R&D engineering
and material costs, the additional investment is necessary to
deliver the new platforms to our valued customers," said Dinesh
Paliwal, Vice Chairman and Chief Executive Officer.  "Harman
continues to have excellent business prospects, and we are
confident that we will capitalize on these opportunities as we
position our company to achieve its full potential."

The company is implementing a series of strategic initiatives to
optimize its global footprint in manufacturing, engineering and
sourcing, to drive profitable growth and to enhance shareholder
value.  The company will provide further details on these
initiatives during its quarterly earnings conference call on
Feb. 5, 2008.

                    About Harman International

Based in Washington, D.C., Harman International Industries Inc.
(NYSE: HAR) -- http://www.harman.com/-- manufactures, designs
and markets a range of audio and infotainment products for the
automotive, consumer and professional markets.  The company
maintains a presence in the Americas, Europe and Asia and
employs more than 10,500 people worldwide.  The Harman
International family of brands spans some 15 leading names
including AKG, Audioaccess, Becker, BSS, Crown, dbx, DigiTech,
DOD, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson,
Revel, QNX, Soundcraft and Studer.  Harman Int'l has operations
in Japan, Mexico and France.

                         *     *     *

As reported in the Troubled company Reporter on Oct. 24, 2007,
Standard & Poor's Ratings Services revised its CreditWatch
implications for the 'BB-' corporate credit rating on Harman
International Industries Inc. to positive from developing.


INNOVATIVE COMM: Court Okays Sale of V.I. Community Bank to FBNC
----------------------------------------------------------------
The Honorable Judith Fitzgerald of the U.S. Bankruptcy Court for
the Western District of Pennsylvania permitted Innovative
Communication Corp. to sell its Virgin Islands Community Bank to
First BanCorp, Judi Shimel of the Associated Press reports.
Sale terms were not disclosed.

The island's banking commissioner, Gregory R. Francis, also co-
approved the sale.  Banking officials agreed to the sale in
order to pay the bank's debts and to meet a deadline set by the
Federal Deposit Insurance Corp., John McDonald, banking chief of
the U.S. Virgin Island, told the AP.

"We declared a state of emergency, meaning that we had to act
rapidly to protect consumers," AP quotes McDonald as saying.

Banking officials also sought for a committee to manage the
bank's stock while acquisition details are being hammered out,
AP relates, citing a government statement.

As reported in the Troubled Company Reporter on Sept. 14, 2007,
Judge Fitzgerald appointed Trustee Stan Springel to oversee the
reorganization of the ICC enterprise.

                       About First BanCorp

First BanCorp (NASDAQ: FBNC) -- http://www.firstbancorp.com/--
provides a wide range of banking services through its main
office located in San Juan, Puerto Rico.  The Group provides
commercial loans, consumer loans, mortgage loans and investment
securities. Commercial loan primarily includes commercial real
estate loans and construction loans.  Consumer loan consists of
auto loans, personal loans and credit card loans.  As of
December 2006, the Group had 48 full service branches.

                  About Innovative Communication

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is telecommunications and
media company with extensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P.,
Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd.,
filed involuntary chapter 11 petition against Innovative
Communication Company LLC and Emerging Communications, Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of US$56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Andrew Kamensky, Esq., Hunton &
Williams.


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


ADMINISTRATA IMMOBILIEN: Claims Registration Ends Feb. 13
---------------------------------------------------------
Creditors of Administrata Immobilien GmbH have until Feb. 13 to
register their claims with court-appointed insolvency manager
Dr. Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Winfried Andres
          Heinrich-Held-Str. 16
          45133 Essen
          Germany

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

The Debtor can be reached at:

          Administrata Immobilien GmbH
          Holtwiesche 6
          45894 Gelsenkirchen
          Germany


AFH - DEUTSCHLAND: Claims Registration Period Ends Feb. 20
----------------------------------------------------------
Creditors of AfH - Deutschland GmbH have until Feb. 20 to
register their claims with court-appointed insolvency manager
Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         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:

         Dr. Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

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

The Debtor can be reached at:

         AfH - Deutschland GmbH
         Daimlerstr. 4 a
         47167 Duisburg
         Germany

         Attn:  Udo Meurer, Manager
         Schoenebeckstr. 14
         47167 Duisburg
         Germany


ALERIS INT'L: Completes US$295 Million Sale of US Zinc Business
---------------------------------------------------------------
Aleris International Inc. has completed the sale of its Zinc
business, which operates under the name U.S. Zinc, to affiliates
of Votorantim Metais Ltda. for US$295 million with certain
adjustments for working capital and other items.

As reported in the Troubled Company Reporter on Nov. 26, 2007,
Aleris International has entered into a definitive agreement to
sell its Zinc business to affiliates of Votorantim Metais Ltda.

US Zinc recycles zinc metal for use in the manufacture of
galvanized steel and produces value-added zinc products,
zinc oxide and zinc dust, which are used in the vulcanization of
rubber products, the production of corrosion-resistant paint and
in other specialty chemical applications.  U.S. Zinc operates
six zinc facilities in the United States and a newly built zinc
oxide facility located outside of Shanghai, China.

The company will use net proceeds from the divestiture to reduce
outstanding debt.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's US$105 million 9% senior notes due 2014,
which are an add-on to the company's existing US$600 million 9%
senior notes due 2014.


AUTO-TEILE-UNGER: S&P Puts B Rating on Watch on Weak Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Germany-based auto parts retailer and
integrated workshop operator A.T.U Auto-Teile-Unger on
CreditWatch with negative implications, owing to its
continuously weak operating performance in the increasingly
challenging German automotive after market.

"The CreditWatch placement also reflects our concern that ATU
will not be able to comply with financial covenants under its
senior secured facilities in the near term, even though it
already revised the covenants in September 2007 on the
expectation of weaker earnings for the full year," said Standard
& Poor's credit analyst Anna Stegert.

The company's already weak operating performance for the first
three quarters of 2007 continued in the traditionally strong
fourth quarter.  ATU is currently revising its strategy in
response to the adverse operating trends and its high dependency
on weather-related winter-tire sales.

ATU's credit protection measures for the 12 months ended Sept.
30, 2007, were down significantly on 2006, with net debt to
earnings before interest, taxes, depreciation, amortization, and
rents up to 6.9x from 6.1x, and funds from operations to debt
down to 7% from 9%.  Leverage could increase further as a result
of the reduced earnings guidance.

Nevertheless, S&P so far do not expect liquidity to be an area
of concern for the company.  S&P still expect free operating
cash flow generation for 2007 to be positive overall.

To resolve the CreditWatch placement, S&P will seek detailed
information on the company's revised business plan and the
consequent implications for the capital structure.

"The outlook could be revised to negative or the ratings
lowered should the company's credit protection measures further
deteriorate, or should free operating cash flow generation
remain negative," said Ms. Stegert.  "The outlook could be
revised to stable should ATU be able to sustain its current
credit protection measures, either through a strengthening its
capital base or improving profitability, leading to compliance
with financial covenants."


BESTPHAGO VERWALTUNGS: Claims Registration Ends February 18
-----------------------------------------------------------
Creditors of BestPhago Verwaltungs GmbH have until Feb. 18 to
register their claims with court-appointed insolvency manager
Juergen Stopka.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen/Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         Germany

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

The insolvency manager can be reached at:

         Juergen Stopka
         Ludwigstrasse 45, D
         67346 Speyer
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against BestPhago Verwaltungs GmbH on Dec. 21, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BestPhago Verwaltungs GmbH
         Alter Postweg 1
         67346 Speyer
         Germany


E. H. HEYDER: Claims Registration Ends February 8
-------------------------------------------------
Creditors of E. H. Heyder GmbH & Co have until Feb. 8 to
register their claims with court-appointed insolvency manager
Michael Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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
         Karlstrasse 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-52

The District Court of Goeppingen opened bankruptcy proceedings
against E. H. Heyder GmbH & Co on Dec. 27, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         E. H. Heyder GmbH & Co
         Attn: Lutz Rossow, Manager
         Ulrichstr. 28
         73033 Goeppingen
         Germany


FFO AUTO: Claims Registration Period Ends Feb. 20
-------------------------------------------------
Creditors of FFO Auto Zentrum GmbH have until Feb. 20 to
register their claims with court-appointed insolvency manager
Dr. Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Laubereau
         c/o Pluta Rechtsanwalts GmbH
         Trakehner Strasse 7-9
         Eingang A
         60487 Frankfurt (Main)
         Germany
         Tel: 069/850 9693 0
         Fax: 069/850 9693 29
         E-mail: frankfurt@pluta.net
         Web site: http://www.pluta.net/

The District Court of Wiesbaden opened bankruptcy proceedings
against FFO Auto Zentrum GmbH on Dec. 1, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         FFO Auto Zentrum GmbH
         Wiesbadener Str. 74 - 80
         65197 Wiesbaden
         Germany


FILIS GMBH: Claims Registration Period Ends Feb. 26
---------------------------------------------------
Creditors of FILIS GmbH have until Feb. 26 to register their
claims with court-appointed insolvency manager Dr. J. Blersch.

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

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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. J. Blersch
          c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
          Taunusstrasse 7a
          65183 Wiesbaden
          Germany
          Tel: 0611/180 89-100
          Fax: 0611/180 89 -189
          E-mail: mail@bgp-insol.de

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

The Debtor can be reached at:

         FILIS GmbH
         Wickerer Str. 50
         65439 Floersheim
         Germany


FMP SICHERHEITSDIENSTE: Claims Registration Period Ends Feb. 13
---------------------------------------------------------------
Creditors of FMP Sicherheitsdienste GmbH have until Feb. 13 to
register their claims with court-appointed insolvency manager
Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

          FMP Sicherheitsdienste GmbH
          Laubenhof 12
          45326 Essen
          Germany


GOEDERT KABELBAU: Creditors' Meeting Slated for March 11
--------------------------------------------------------
The court-appointed insolvency manager for Goedert Kabelbau
GmbH, Karl Niessler, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at noon
on March 11.

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

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at noon on April 1 at the same venue.

Creditors have until Feb. 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

           Karl Niessler
           Grabenstrasse 16-18
           65549 Limburg a.d. Lahn
           Germany
           Tel: 06431-59069-0
           Fax: 06431-59069-20
           E-mail: Limburg@Hermann-Law.com
           Web site: http://www.Hermann-Law.com/

The District Court of Koblenz opened bankruptcy proceedings
against Goedert Kabelbau GmbH on Dec. 6, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Goedert Kabelbau GmbH
          Attn: Manfred Heine
          Gruendelbach 24
          56329 St. Goar
          Germany


IGH ASSEKURANZ: Claims Registration Period Ends Feb. 21
-------------------------------------------------------
Creditors of IGH Assekuranz Makler GmbH have until Feb. 21 to
register their claims with court-appointed insolvency manager
Matthias Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         Germany

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

The insolvency manager can be reached at:

          Matthias Lehmann
          Mindener Strasse 6
          31675 Bueckeburg
          Germany
          Tel: 05722-1016
          Fax: 05722-9667410
          E-mail: info@RaeHandschuh.de
          Web site: http://www.RAeHandschuh.de/

The District Court of Hameln opened bankruptcy proceedings
against IGH Assekuranz Makler GmbH on Dec. 21, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          IGH Assekuranz Makler GmbH
          Sachsenweg 5
          31840 Hess. Oldendorf
          Germany


LA CUISINE: Claims Registration Period Ends February 19
-------------------------------------------------------
Creditors of La Cuisine Kuechen GmbH have until Feb. 19 to
register their claims with court-appointed insolvency manager
Jochen Lang.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Jochen Lang
         Fruehlingstr. 11
         63743 Aschaffenburg
         Germany
         Tel: 06021/909100
         Fax: 06021/4497831

The District Court of Aschaffenburg opened bankruptcy
proceedings against La Cuisine Kuechen GmbH on Dec. 20, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         La Cuisine Kuechen GmbH
         Saalackersr. 2 a
         63801 Kleinostheim
         Germany


LOEWWEN - AUTOMOBILE GMBH: Claims Registration Ends Feb. 15
-----------------------------------------------------------
Creditors of Loewwen - Automobile GmbH have until Feb. 15 to
register their claims with court-appointed insolvency manager
Dr. Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

          Dr. Tjark Thies
          Domstrasse 15
          20095 Hamburg
          Germany

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

The Debtor can be reached at:

         Loewen - Automobile GmbH
         Attn: Axel Nehls, Manager
         Blankeneser Landstrasse 27
         22587 Hamburg
         Germany


MC KURIERDIENSTE: Claims Registration Period Ends Feb. 26
---------------------------------------------------------
Creditors of MC Kurierdienste GmbH have until Feb. 26 to
register their claims with court-appointed insolvency manager
Anna Kuleba.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Bersenbrueck
         Meeting Hall 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         Germany

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

The insolvency manager can be reached at:

         Anna Kuleba
         Niedersachsenstr. 14
         49074 Osnabrueck
         Germany
         Tel: 0541-3245499
         Fax: 0541-3245496
         E-mail: a.kuleba@kuhmann.eu.

The District Court of Bersenbrueck opened bankruptcy proceedings
against MC Kurierdienste GmbH on Dec. 19, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          MC Kurierdienste GmbH
          Westerholter Strasse 35
          49586 Merzen
          Germany


MICHAELIS WOCHE: Claims Registration Period Ends Feb. 13
--------------------------------------------------------
Creditors of Michaelis Woche-Veranstaltungs GmbH have until
Feb. 13 to register their claims with court-appointed insolvency
manager Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         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:

          Stephan Heinrichsmeyer
          Spiekergasse 6-8
          33330 Guetersloh
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Michaelis Woche-Veranstaltungs GmbH on Dec. 19, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Michaelis Woche-Veranstaltungs GmbH
          Friedrichstr. 1
          33330 Guetersloh
          Germany


PERLOPLAST-VERTRIEBS GMBH Claims Registration Ends February 15
--------------------------------------------------------------
Creditors of PERLOPLAST-Vertriebs GmbH have until Feb. 15 to
register their claims with court-appointed insolvency manager
Edgar Groenda.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bremerhaven
         Hall 2
         Nordstr. 10
         27580 Bremerhaven
         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:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/36860
         Fax: 0421/3686100

The District Court of Bremerhaven opened bankruptcy proceedings
against PERLOPLAST-Vertriebs GmbH on Dec. 5, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PERLOPLAST-Vertriebs GmbH
         Attn: Sven Lundehn, Manager
         c/o Alldatax Steuerberatungsgesellschaft mbH
         Domshof 18-20
         28195 Bremen
         Germany


PETER WENZEL: Claims Registration Period Ends Feb. 19
-----------------------------------------------------
Creditors of Peter Wenzel GmbH have until Feb. 19 to register
their claims with court-appointed insolvency manager Gerhard
Koerner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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. Gerhard Koerner
         Theresienstr. 3
         63741 Aschaffenburg
         Germany
         Tel: 06021/428220
         Fax: 06021/428210

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

The Debtor can be reached at:

         Peter Wenzel GmbH
         Gewerbegebiet 8
         63871 Heinrichsthal
         Germany


SDE SIGMA: Claims Registration Period Ends Feb. 19
--------------------------------------------------
Creditors of sde sigma dynamics engineering GmbH have until
Feb. 19 to register their claims with court-appointed insolvency
manager Sebastian Henneke.

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 Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 028 71/235 48 77
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against sde sigma dynamics engineering GmbH on Dec. 20, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         sde sigma dynamics engineering GmbH
         Attn: Helmut Kreierhoff, Manager
         Larchenweg 1
         46325 Borken
         Germany


TIAGRO GMBH: Claims Registration Period Ends Feb. 12
----------------------------------------------------
Creditors of TIAGRO GmbH have until Feb. 12 to register their
claims with court-appointed insolvency manager Marc Schmidt-
Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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:

           Marc Schmidt-Thieme
           Soldnerstr. 2
           68219 Mannheim
           Germany
           Tel: 0621/8770 80
           Fax: 0621/8770 820

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

The Debtor can be reached at:

          TIAGRO GmbH
          Attn:  Ali Cil, Manager
          Fruchtbahnhofstr. 15
          68159 Mannheim
          Germany


TRILUX ABSCHLEPP: Claims Registration Ends February 15
------------------------------------------------------
Creditors of TRILUX Abschlepp- und Bergedienstgesellschaft mbH
have until Feb. 15 to register their claims with court-appointed
insolvency manager Christine Frosch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 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 Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier
         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:

         Christine Frosch
         Simeonstrasse 5, D
         54290 Trier
         Germany
         Tel: 0651/9941499
         Fax: 0651/9941061
         E-mail: Kanzlei.Frosch@t-online.de

The District Court of Trier opened bankruptcy proceedings
against TRILUX Abschlepp- und Bergedienstgesellschaft mbH on
Dec. 27, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         TRILUX Abschlepp- und Bergedienstgesellschaft mbH
         Porta-Nigra-Platz 1
         54292 Trier
         Germany

         Attn: Christian Schantz, Manager
         In den Sarken 79
         54294 Trier
         Germany


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


PROPEX INC: Moody's Cuts Corporate Family Rating to Caa2
--------------------------------------------------------
Moody's Investors Service downgraded its debt ratings of Propex,
Inc. -- corporate family and probability of default, each to
Caa2 from Caa1, senior secured first lien to B3 from B2 and
senior unsecured to Caa3 from Caa2.

Moody's also placed these ratings on review for further
downgrade because of the continuing non-compliance with the
leverage covenants of the senior secured bank credit facility
and the uncertainty of how Propex will resolve this Event of
Default under the Credit Agreement.  The speculative grade
liquidity rating is unchanged at SGL-4.

The downgrades were prompted by Propex' inability to timely
secure relief from the covenant breach, first disclosed on
Oct. 26, 2007.  Moody's believes that the enterprise value of
Propex may be pressured lower, mainly because of continuing weak
demand for the company's products, which could stress already
weak earnings and operating cash flow.  This could complicate
the company's efforts to resolve the default condition and to
regain access to the revolving credit.

The Caa2 corporate family rating reflects Moody's belief that
the probability of default has increased as more than 75 days
have passed with no resolution of the Event of Default.  The
Caa3 senior unsecured rating reflects Moody's expectation that
noteholders could receive less than a full recovery in a
negotiated debt restructuring.  The current weak fundamentals of
the company's core North American product markets are likely to
limit improvements in earnings and operating cash flows to
levels that would ensure adequate coverage of debt service
obligations beyond the near term.

All ratings remain on review for further downgrade because of
the uncertain resolution of the ongoing Event of Default.  The
review will focus on Propex' plans for stabilizing its capital
structure, including its ability to regain access to a revolving
line of credit.

Issuer: Propex Inc.

Downgrades:

   -- Corporate Family Rating, Downgraded to Caa2 from Caa1;

   -- Probability of Default Rating, Downgraded to Caa2 from
      Caa1;

   -- Senior Secured Bank Credit Facility, Downgraded to B3 from
      B2;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa3 from Caa2.

Loss Given Default Assessments:

   -- Senior Secured Bank Credit Facility, Changed to 28 - LGD2
      from 29 - LGD2.

Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable.

Propex Inc., based in Chattanooga, Tennessee is the world's
largest independent producer of primary and secondary carpet
backing and a leading manufacturer and marketer of woven and
non-woven polypropylene.

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


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


GAP INC: December 2007 Sales Decrease by 6% to US$2.2 Billion
-------------------------------------------------------------
Gap Inc. reported net sales of US$2.2 billion for the five-week
period ended Jan. 5, 2008, which represents a 6% decrease
compared with net sales of US$2.3 billion for the five-week
period ended Dec. 30, 2006.  Due to the 53rd week in fiscal year
2006, December 2007 comparable store sales are compared with the
five-week period ended Jan. 6, 2007.  On this basis, the
company's comparable store sales for December 2007 decreased 6%
compared with an 8% decrease in December 2006.

Comparable store sales by division for December 2007 were:

   * Gap North America: negative 9% versus negative 9% last
     year;

   * Banana Republic North America: negative 1% versus positive
     2% last year;

   * Old Navy North America: negative 8% versus negative 10%
     last year; and

   * International: negative 1% versus negative 8% last year.

"We were pleased that merchandise margins in December were
significantly above last year, which is consistent with our
strategy of delivering earnings with healthy margins," Sabrina
Simmons, executive vice president of finance and acting chief
financial officer of Gap Inc., said.  "However, we did not sell
through as much inventory as we anticipated, and we'll focus on
clearing through remaining holiday product in January."

Year-to-date net sales of US$14.8 billion for the 48 weeks ended
Jan. 5, 2008, increased 1% compared with net sales of US$14.7
billion for the 48 weeks ended Dec. 30, 2006. Due to the 53rd
week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared with the 48 week period
ended Jan. 6, 2007.  On this basis, the company's year-to-date
comparable store sales decreased 5%, compared with a 7% decrease
in the prior year.

The company will report January sales on Feb. 7, 2008.

                         About Gap Inc.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                          *     *     *

Moody's Investor Service placed Gap Inc.'s corporate family,
senior unsecured debt and probability of default ratings at
'Ba1' in February 2007.  The ratings still hold to date with a
stable outlook.


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


DANA CORP: Asbestos Claimants File Appeal to Dana Plan
------------------------------------------------------
A group, known as the ad hoc committee of asbestos claimants, on
Jan. 3, 2008, filed an appeal with the U.S. Bankruptcy Court in
Manhattan on the confirmation of Dana Corp.'s Plan of
Reorganization, Associated Press reports.

This group represents "tens of thousands" of people who claim
they were injured by asbestos in Dana's products.

The committee has argued that Dana's bankruptcy plan did not set
aside enough money to settle all the asbestos personal-injury
claims against the Company.

In December 2007, the Company said it had US$240 million in cash
and other assets to cover future asbestos and environmental
contamination liabilities. The Company said it has enough money
to satisfy all the claims based on the number of active cases
pending against it and the number of dismissed cases.

Dana spokesman David Lilly said the appeal "was not unexpected."
He said the appeal will not affect Dana's plans to emerge from
Chapter 11 protection by the end of January 2008.

Dana reached settlements with some asbestos personal-injury
claimants as it worked its way through the bankruptcy process.
The Company agreed to pay a total of US$2 million to a group of
about 7,500 who claim they were injured by asbestos in Dana
products. Dana's plan allows other asbestos claimants to retain
their right to sue Dana once the company emerges from
bankruptcy.

The Company filed for bankruptcy in March 2006 amid a downturn
in the vehicle manufacturing industry. Its plan was confirmed by
Judge Burton Lifland in December 2007. The plan calls for
unsecured creditors to be repaid between 72 percent and 86
percent on their claims.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court confirmed the Debtor's Plan on Dec. 26, 2007.


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


ASTANA-RAU LLP: Proof of Claim Deadline Slated for February 12
--------------------------------------------------------------
LLP Astana-Rau has declared insolvency.  Creditors have until
Feb. 12 to submit written proofs of claims to:

         LLP Astana-Rau
         Office 18-111
         Micro District Samal, 12
         Almaty
         Kazakhstan


BANK TURANALEM: Gains US$82 Million Loan from DEG
-------------------------------------------------
Bank TuranAlem JSC has entered into loan agreement with
international organization Deutsche Investitions Und
Entwicklungsgesellschaft mbH to attract loan for US$82 million.

The Bank is intended to apply attracted funds for financing SMB
projects as well as retail loans, student's and mortgage loans
issue.

The loan shall be applied in two sub-loans. Sub-loan ? for the
purposes of SMB financing, retail business and student loan
expansion shall comprise US$41 million for five years period.

Equivalent amount will be provided within sub-loan B for 10
years period. These funds shall be applied for the purpose of
mortgages financing.

The Bank has succeeded in attracting this loan in terms of its
strategy to expand SMB projects financing as well as retail
banking business.  These sectors together with corporate sector
are of high priority for BTA.  As at Oct. 1, 2007, SMB share in
the bank's loan portfolio amounted to 11%, and retail business -
23.5%.  BTA is the leader among other commercial Kazakh banks on
realizing student loan program. Bank's share in this market
segment at November 2007 amounted to 54.9%.

"DEG/KfW Transaction once again demonstrates interest and trust
of international investors to Kazakhstan, in particular to BTA,
despite recent adjustment in the financial markets", said Timur
Sabyrbayev, Head of International Relations and Trade Finance
Division of Bank TuranAlem JSC.

                    About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


INTERTELL.KZ LLP: Creditors Must File Claims by February 7
----------------------------------------------------------
LLP Intertell.kz has declared insolvency.  Creditors have until
Feb. 7 to submit written proofs of claims to:

         LLP Intertell.kz
         Micro District 5, 16-15
         Almaty
         Kazakhstan
         Tel: 8 (3272) 37-26-76


JALYN LLP: Claims Filing Period Ends February 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Jalyn insolvent.


Creditors have until Feb. 8 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


JYBEK JOLY: Creditors' Claims Due on February 7
-----------------------------------------------
LLP Jybek Joly Kurylys Service has declared insolvency.
Creditors have until Feb. 7 to submit written proofs of claims
to:

         LLP Jybek Joly Kurylys Service
         Polejayev Str. 30a
         Almaty
         Kazakhstan


KAZTECHPROM LLP: Claims Registration Ends February 7
----------------------------------------------------
LLP Kaztechprom has declared insolvency.  Creditors have until
Feb. 7 to submit written proofs of claims to:

         LLP Kaztechprom
         Mechet Str. 25
         Karagaily
         Karasaisky District
         Almaty
         Kazakhstan


MADINA LLP: Proof of Claim Deadline Slated for February 8
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Madina insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 57-16-66


NOTIS XXI: Creditors Must File Claims by February 7
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Notis XXI AO insolvent.

Creditors have until Feb. 7 to submit written proofs of claims
to:

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


OZEN CAPITAL: Claims Filing Period Ends February 8
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Ozen Capital insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 28, 35-25
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 40-21-53
              7 701 522 81-61


SAB LTD: Creditors' Claims Due on February 12
---------------------------------------------
LLP Sab Ltd has declared insolvency.  Creditors have until Feb.
12 to submit written proofs of claims to:

         LLP Sab Ltd
         Kotovskogo Str. 32a
         Shymkent
         South Kazakhstan
         Kazakhstan


SARYKONGAN LLP: Claims Registration Ends February 8
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Sarykongan insolvent.

Creditors have until Feb. 8 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


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


ACA CONSULTING: Creditors Must File Claims by February 7
--------------------------------------------------------
LLC Aca Consulting has declared insolvency.  Creditors have
until Feb. 7 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-48-84.


=================
M A C E D O N I A
=================


PROCREDIT MACEDONIA: Fitch Holds IDR at BB+ with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank Macedonia's Long- term
foreign and local currency/Short-term foreign and local currency
Issuer Default ratings at 'BB+/B', Individual 'D/E', and Support
'3'.  The Outlooks on both the IDRs are Stable.

The IDRs and Support ratings reflect the moderate potential
support available from its owners, in particular, ProCredit
Holding AG (rated 'BBB-'/Outlook Stable) in case of need.  The
Stable Outlook on ProCredit Macedonia's IDR's reflects that of
PCH.

The Individual rating reflects PCM's modest size and tight
capitalization, given the credit and operational risks
associated with its rapid growth and scale.  The bank continues
to expand rapidly, but so far growth appears to have been
prudently managed.  Core capital levels have fallen and the
ongoing expansion plans mean this will continue to be tight and
new capital will be required.  While moderate, profitability is
growing, supported by benign conditions, with wide margins and
rapid growth offset by high costs and a lack of critical mass,
reflecting ProCredit's labor-intensive model and large ongoing
investments.

Profitability will depend on the bank's ability to manage
expansion-related credit and operational costs.  Lending is well
diversified by customer and arrears have been low.  While loan
impairment cover of current arrears is good, this needs to be
seen in the context of the credit and operational risks relating
to rapid growth and the operating environment.  PCM's domestic
funding franchise is developing.

PCM started operations in 2003 and received a full banking
license in 2004.  It is part of a global network of 21 banks set
up to finance micro-businesses and SME customers in developing
markets.  It is the fifth-largest bank in Macedonia, with around
a 4% share of sector assets.  PCH became a 87.5% owner of PCM in
August 2007.


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


FIRST DATA: Moody's Junks Rating on Untendered Unsecured Notes
--------------------------------------------------------------
Moody's Investors Service lowered First Data Corporation's
untendered senior unsecured stub notes rating to Caa1 from A2.
Upon completion of the tender process, First Data had
approximately US$200 million of the pre-LBO senior unsecured
notes outstanding at the end of December 2007, of which US$68
million will be due in August 2008.

The downgrade of the existing notes positions the rating at a
level consistent with the company's subordinated notes based on
their junior position within the capital structure.  The
company's corporate family rating of B2 and stable rating
outlook remain unchanged.

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.


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


OMNOVA SOLUTIONS: S&P Keeps B+ Rating on US$150 Mln Senior Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its bank loan and
recovery ratings on OMNOVA Solutions Inc. are unchanged
following a recent amendment.  The bank loan rating on OMNOVA's
US$150 million senior secured term loan facility is 'B+', the
same as the corporate credit rating, with a recovery rating of
'3', indicating S&P's expectation for meaningful (50%-70%)
recovery in a payment default scenario.

OMNOVA increased the size of its asset-based revolving credit
facility to US$90 million from US$80 million through an
amendment dated Dec. 28, 2007.  There were no other material
changes to the terms and conditions of the ABL, including the
maturity, borrowing rates, covenants, and collateral under the
facility.   The amendment permitted the company to utilize
borrowings under the ABL for the purchase of the remaining
equity interest in its Asian joint ventures.  The US$28 million
transaction was completed on Jan. 7, 2008.

As a result of the amendment, S&P have revised its default and
recovery analysis.  However, S&P's recovery rating on the term
loan remains unchanged, despite the increase in the amount of
ABL debt, which has a higher priority in the company's working
capital assets.

The corporate credit rating on OMNOVA is 'B+.'

Headquartered in Fairlawn, Ohio, OMNOVA Solutions Inc. --
http://www.omnova.com/-- manufactures emulsion polymers and
specialty chemicals, decorative and functional surfaces and
single-ply roofing systems for a variety of commercial,
industrial and residential end uses.  OMNOVA operates in three
business segments: Performance Chemicals, Decorative Products
and Building Products.  It utilizes 15 manufacturing,
development and design facilities in North America, Europe and
Asia to service its broad customer base.  In Europe, the company
maintains operations in France, United Kingdom, and Poland.


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


MEGAFON SA: Moody's Lifts Corporate Family Rating to Ba2
--------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of OJSC MegaFon to Ba2 from Ba3.

Concurrently, Moody's upgraded the existing US$375 million
senior notes to Ba2 from Ba3.  The probability of default rating
was also upgraded to Ba2.  The outlook on the ratings is stable.

The upgrade reflects:

   (i) the company's continued strong operating performance;

  (ii) increased visibility as regards 3G capital expenditures;
       and

(iii) positive developments in the shareholder disputes.

In third quarter 2007, revenue and EBITDA expressed in rubles
increased by 33.6% and 41.9% respectively when compared to third
quarter 2006.  ARPU increased to approximately US$15 from US$13
in third quarter 2006 despite a continued subscriber growth.
Moody's notes that year-on-year comparative ARPU statistics are
positively impacted by approximately 10% due to U.S. Dollar
depreciation against Russian ruble.

Following the award of 3G license, MegaFon is rolling-out a 3G
network for which it intends to spend approximately
US$250 million in 2008.  Overall, capital expenditures are
likely to remain relatively high at over 20% of revenue in 2008.
Despite this, Moody's expects the company to generate positive
free cash flow.  Moody's also notes that MegaFon is interested
in evaluating M&A transactions on a selective basis.  The Ba2
rating does not factor in any material acquisitions.

Moody's understands that there have been some recent
developments in the prolonged shareholder disputes related to
the company's ownership.  In November 2007, Alfa Group and IPOC
Growth Fund dismissed court claims against each other.  As a
result, Alfa Group is recognized as a 25.1% MegaFon's
shareholder through its ownership stake in CT Mobile (an
ownership stake which was previously disputed).

Moody's, however, cautions that questions still remain over how
the company's shareholding structure could be evolving going
forward and the agency notes that it is reasonably likely that
it could undergo some changes over the near term.  The Ba2
rating assumes that if any changes in the shareholder structure
were to occur, they would not lead to a change in financial
policies that could materially weaken the company's current
credit profile.  Further upward movement in the rating is likely
to be predicated on increased visibility regarding the questions
relating to possible future changes in its shareholding
structure and the impact if any of such a change on the
company's financial, and in particular, shareholder remuneration
policies.

MegaFon is a third largest mobile operator in Russia.  It is the
only mobile operation covering all regions in the Russian
Federation, and a relatively minor presence in the Republic of
Tajikistan.


MOSCOW BANK: Hikes East-West United Bank Stake to 66%
-----------------------------------------------------
Moscow Bank for Reconstruction and Development (MBRD) became a
holder of controlling stake in East-West United Bank in
Luxembourg, after purchasing 49% of EWUB shares from VTB Russia
and VTB France.  MBRD increased its participation up to 66%.
The transaction amounted to EUR31 million.

As of the second half of 2007, MBRD owned 17% of shares, 34%
were held by Sistema JSFC and 49% belonged to VTB Group.  After
the purchase of 49% from VTB Russia and VTB France Sistema JSFC
and MBRD consolidated 100% of EWUB shares.

"This completed transaction and East-West United Bank will help
our Bank enlarge its network and offer its customers new asset
management products.  In 2008 we will continue Bank Group
development both in Russia and abroad," Sergey Zaytsev, MBRD
chairman of the board disclosed.

Headquartered in Moscow, Russia, Moscow Bank for Reconstruction
and Development (MBRD) -- http://www.sistema.ru/_en/-- is a
medium-sized Russian bank that ranked 32nd by total
assets in Russia by end of 2006.  MBRD's core focus has been on
servicing the needs of Sistema, although it is now seeking to
develop third-party business and diversify into the retail
segment. At end of 2006 it had a network of 110 outlets.

                           *    *    *

As of Jan. 15, 2008, Moscow Bank for Reconstruction and
Development (MBRD) carries Fitch Ratings' Stable outlook, Long-
term Issuer Default Rating of B+, Senior Unsecured Debt rating
of B+, Short-term Issuer Default rating of B, Individual Rating
of D/E and Support rating of 4.


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


DRAGON EYE: Creditors' Liquidation Claims Due Today
---------------------------------------------------
Creditors of Dragon eye Ltd. have until today, Jan. 16 to submit
their claims to:

         Daniel Wolfisberg
         Liquidator
         Sonnenbergstrasse 15
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         Dragon eye Ltd.
         Hergiswil NW
         Switzerland


FIANSA BETEILIGUNG: Creditors Must File Claims by January 17
------------------------------------------------------------
Creditors of JSC Fiansa Beteiligung und Beratung have until
Jan. 17 to submit their claims to:

         JSC Fiansa Beteiligung und Beratung
         Limmatquai 94
         8001 Zurich
         Switzerland


NOBLE INVESTMENTS: Creditors' Liquidation Claims Due Today
----------------------------------------------------------
Creditors of JSC Noble Investments have until today, Jan. 16 to
submit their claims to:

         JSC Rebex
         Liquidator
         Baumackerstrasse 24
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Noble Investments
         Zurich
         Switzerland


UNIVERSAL FINANCE: Creditors' Liquidation Claims Due Today
----------------------------------------------------------
Creditors of JSC Universal Finance have until today, Jan. 16 to
submit their claims to:

         JSC Schonenberger & Grolimund Treuhand
         Liquidator
         Branch Baden
         Im Langacker 16
         5405 Baden-Dattwil ZH
         Switzerland

The Debtor can be reached at:

         JSC Universal Finance
         Zurich
         Switzerland


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


TURKIYE GARANTI: Fitch Affirms Foreign Currency IDR at BB
---------------------------------------------------------
Fitch Ratings has changed Turkiye Garanti Bankasi's Support
rating to '4' from '3'.  At the same time, the agency has
assigned a Support Rating Floor of 'B+'.  The bank's other
ratings are affirmed at:

   -- Long-term foreign currency Issuer Default Rating:
      'BB'; Outlook Stable

   -- LT local currency IDR: 'BBB-'; Outlook Stable

   -- Short-term FC IDR: 'B'

   -- ST LC IDR: 'F3'

   -- National LT rating: 'AAA(tur)'; Outlook Stable

   -- Individual rating: 'C'

The change follows the transfer of shares concluded on
Dec. 24, 2007, between the bank's strategic shareholders,
following which GE Capital Corporation now controls 20.58% of
Garanti Bank (previously 25.5%) and Dogus Group (rated
'BB+'/Outlook Stable) controls 30.15% (previously 25.5%).

While Fitch continues to believe that the propensity of Garanti
Bank's strategic shareholders to provide support, in case of
need, is high, the fact that the two groups no longer hold equal
stakes could, potentially, give rise to some doubt over their
commitment to act in concert regarding support matters.
Therefore, Fitch believes the most certain source of support for
Garanti Bank now lies with the sovereign (LT FC IDR 'BB-
'/Stable).

Given Garanti Bank's importance to the local banking system,
Fitch considers that state support would be provided if needed.
However, the authorities' ability to provide such support may be
limited by Turkey's sovereign rating.  A Support Rating Floor is
assigned to all financial institutions where Support Ratings are
driven by sovereign support.

GECC and Dogus Group remain committed to Garanti Bank's long-
term development and the share transfer has in no way affected
the nature of the relationship between the two partners.  Board
representation continues to be split equally between the two
shareholders.

Garanti Bank's IDRs and National rating, which are driven by the
bank's strong intrinsic financial strength, are not affected by
this change.  Garanti Bank's IDRs and National rating are the
highest assigned by Fitch to any financial institution in
Turkey.


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


CHEMISTRY FOOD: Creditors Must File Claims by January 17
--------------------------------------------------------
Creditors of LLC Chemistry Food Investment (code EDRPOU
32761533) have until Jan. 17 to submit written proofs of claim
to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 22/108b.

The Debtor can be reached at:

         LLC Chemistry Food Investment
         93400 Lugansk Ukraine
         SeveroDonetsk Ukraine
         Pivovarov Str. 5


CHUBAR COLLECTIVE: Claims Registration Ends January 17
------------------------------------------------------
Creditors of OJSC Chubar Collective Farm (code EDRPOU 03750871)
have until Jan. 17 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/241/07.

The Debtor can be reached at:

         OJSC Chubar Collective Farm
         Zaporozhje Ukraine
         Pologovsky District
         Chubarevka
         Chubar Str. 6


ETALON-1 LLC: Claims Registration Ends January 17
-------------------------------------------------
Creditors of LLC Etalon-1 (code EDRPOU 33157569) have until
Jan. 17 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 19/231/07.

The Debtor can be reached at:

         LLC Etalon-1
         70542 Zaporozhje Ukraine
         Orekhovsky District
         Kirovoye
         Stepovaya Str. 1-A



IVANO-FRANKOVSK HEAT: Claims Registration Ends January 17
---------------------------------------------------------------
Creditors of Stateal Enterprise Ivano-Frankovsk Heat Communal
Energy (code EDRPOU 03346058) have until Jan. 17 to submit
written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-21/262.

The Debtor can be reached at:

         Stateal Enterprise Ivano-Frankovsk Heat Communal Energy
         76007 Ivano-Frankovsk Ukraine
         B. Hmelnitsky Str. 59-A


KATERINOPOL PRODUCTION: Creditors Must File Claims by January 17
----------------------------------------------------------------
Creditors of OJSC Katerinopol Production Enterprise Of Material-
Technical Supply Agricultural Delivery (code EDRPOU 00908604)
have until Jan. 17 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/4152.

The Debtor can be reached at:

         OJSC Katerinopol Production Enterprise Of Material-
         Technical Supply Agricultural Delivery
         Cherkassy Ukraine
         Katerinopol]
         Lenin Str. 55-a


KRINKI LLC: Creditors Must File Claims by January 17
----------------------------------------------------
Creditors of Krinki LLC (code EDRPOU 30901785) have until
Jan. 17 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/296.

The Debtor can be reached at:

         Krinki LLC
         Poltava Ukraine
         Globinsky District
         Krinki


MIR-SEM AND CO: Claims Registration Ends January 17
---------------------------------------------------
Creditors of LLC Agricultural Firm Mir-Sem and Co (code EDRPOU
21351637) have until Jan. 17 to submit written proofs of claim
to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
14/5264.

The Debtor can be reached at:

         LLC Agricultural Firm Mir-Sem and Co
         19043 Cherkassy Ukraine
         Kaniv District
         Melniki


TAMPL LLC: Creditors Must File Claims by January 17
---------------------------------------------------
Creditors of LLC Tampl (code EDRPOU 22196067) have until Jan. 17
to submit written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/18.

The Debtor can be reached at:

         LLC Tampl
         Ivano-Frankovsk Ukraine
         Nadvirna
         Kobrinskaya Str. 11/20


TEMP LLC: Creditors Must File Claims by January 17
--------------------------------------------------
Creditors of LLC Minebuilding Management Temp have until Jan. 17
to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/260B.

The Debtor can be reached at:

         LLC Minebuilding Management Temp
         83055 Donetsk Ukraine
         Komsomolskiy Avenue 8



YAGUAR PLUS: Creditors Must File Claims by January 17
------------------------------------------------------
Creditors of LLC Yaguar Plus (code EDRPOU 31547598) have until
Jan. 17 to submit written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/19.

The Debtor can be reached at:

         LLC Yaguar Plus
         Ivano-Frankovsk Ukraine
         Nadvirna
         Kobrinskaya Str. 11/20



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


BRITISH ENERGY: In Talks with EDF over New Consortium
-----------------------------------------------------
British Energy Group plc is holding talks with Electricite de
France over forming a consortium that would construct new
nuclear reactors in the U.K., the Daily Telegraph reports citing
EDF CEO Pierre Gadonneix.

Centrica plc may also join the talks, the Daily Telegraph
relates, adding that the firm is interested in acquiring a stake
in the consortium.

The talks commenced following the U.K. government's invitation
to energy companies to present plans to build and operate new
nuclear power stations.

It is speculated that up to 10 reactors might be constructed,
replacing the existing ones which are being decommissioned over
the next decade, the Telegraph says.

EDF plans to build four new reactors, Mr. Gadonneix told the
Telegaph.

According to the Telegraph, the U.K. plans to have its first new
plant operational by 2017, but there were concerns over
financing costs, a lack of skilled engineers, and planning
problems.

BE CEO Bill Coley, however, commented, "I don't think there's a
lack of capital to finance new reactors and I totally agree with
the government that this industry doesn't need a subsidy."

The companies stated they were working on a variety of funding
structures, the Telegraph adds.

BE, which runs eight nuclear power stations, has been in
discussions with 10 potential partners, including E.ON
AG, RWE AG and Scottish and Southern Energy plc, Bloomberg News
reveals.

BE is set to unveil partnerships in March, although, according
to Bloomberg News, it may have to seek approval from the U.K.
government first as it owns more than a third of the company.

                     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.


CENTROMED LTD: Brings In Administrators from Tenon Recovery
-----------------------------------------------------------
Stanley Donald Burkett-Coltman and Carl S. Jackson of Tenon
Recovery were appointed joint administrators of Centromed Ltd.
(Company Number 01648598) on Dec. 21, 2007.

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

The company can be reached at:

         Centromed Ltd.
         Kingsnorth Industrial Estate
         Wotton Road
         Ashford
         Kent
         TN23 6LN
         England
         Tel: 01233 635 353
         Fax: 01233 635 351
         Web site: http://www.centromed.com/


CHRYSLER LLC: Wants Getrag JV Resumed for 2009 Opening
------------------------------------------------------
Chrysler LLC is anxious that work on a joint venture with Getrag
Corp. will resume next week in time for the 2009 opening,
various sources report.  Construction of a US$530 million
transmission plant in Tipton County, Indiana, was suspended on
Dec. 21, 2007, due to a rift between Chrysler and Getrag.

As reported in the Troubled Company Reporter on June 22, 2007,
Chrysler, which was still under DaimlerChrysler AG, named Tipton
as the site of a new dual-clutch transmission manufacturing
plant with partner company, Getrag.  The US$530 million
investment is another step in Chrysler's "Powertrain Offensive"
-- US$3 billion in investments to produce more fuel-efficient
engines, transmissions and axles for the carmaker.

The Indianapolis Star disclosed that Chrysler has not cited
particular reasons of its discord with Getrag, however, auto
analysts say that the problem lies with Chrysler's streamlining
strategy, affecting the number of Getrag transmissions to be
produced once the plant opens in 2009.

A company spokesperson related that the deal will push through,
insisting that transmissions are needed for a new line of
engines, Reuters reports.  Government officials are hopeful that
the parties will resolve their differences because the
investment is likely to bring 1,400 jobs to the county.

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.


CORNERSTONE TITAN 2005-2: S&P Affirms Class G Notes at BB
---------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its rating on the class E
notes issued by Cornerstone Titan 2005-2 PLC.  At the same time,
the ratings on the class X, D, F, and G notes were affirmed.

The class E notes were placed on CreditWatch positive on
Oct. 24, 2007, following the prepayment of the largest remaining
loan (60% of the outstanding balance), Reading International
Business Park, at the October 2007 interest payment date.

The rating action follows a review of the transaction based on
data provided by the servicer, Capmark Services Ireland Ltd., up
to and including October 2007.

The transaction closed in December 2005 and was originally
backed by seven loans secured on nine commercial real estate
properties in England with a concentration in central London
(67.7% of Day 1 pool balance).  It was the second transaction in
the Cornerstone Titan program to be undertaken by Credit Suisse
and GMAC Commercial Mortgage Bank Europe PLC.

Of the original loan pool, the three largest loans have fully
prepaid to date.  The Bankside Estate Portfolio loans: Bankside
and New Court (together 61.3% of the original pool balance), at
the October 2006 IPD, and the Reading International Business
Park loan (23.0% of the original pool balance), at the October
2007 IPD.

Following the prepayment of the Bankside Estate Portfolio loans,
the ratings on the class C and D notes were raised in November
2006.  In September 2007, the rating on the class D notes was
raised again, as were the ratings on the class E and F notes.

The prepayment of the Reading International Business Park loan
has resulted in improved credit enhancement levels and LTV
ratios for all remaining classes. However, the improvement is
only significant enough to warrant raising the rating on the
class E notes.  Standard and Poor's considers that the ratings
on the outstanding notes are reflective of the credit quality of
the remaining loans in the pool, therefore the upgrade is
further restricted to this higher rated class.

The prepayment proceeds were applied to the notes sequentially
and resulted in the redemption of the class A, B, and C notes at
the October 2007 IPD.

Standard and Poor's notes that should a loan enter special
servicing or default, the liquidity facility cannot be drawn
upon to cover special servicing fees or interest on a liquidity
drawing.  The inability to draw on liquidity will result in
unrecoverable interest shortfalls and the subsequent downgrade
of the junior notes.

The current outstanding pool balance is EUR58.87 million and six
properties remain in the portfolio.

                          Ratings List

Cornerstone Titan 2005-2 PLC
   EUR398.78 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         Class                     Rating
                         To                        From

Ratings Removed From CreditWatch With Positive Implications And
Raised

         E               AAA                       AA/Watch Pos

Rating Affirmed

         X               AAA
         D               AAA
         F               A
         G               BB


EMI GROUP: Terra Firma Outlines Restructuring Plan
--------------------------------------------------
Terra Firma Plc, EMI Group Plc's new owner, confirmed plans to
restructure the music company, particularly its Recorded Music
Division.

Guy Hands, EMI Group's chairman, unveiled a fundamental
reshaping of the business to reflect the rapidly-changing nature
of the music industry.

The changes include:

    * positioning EMI's labels to ensure they will be
      completely focussed on A&R and maximizing the potential of
      all their artists;

    * developing a new partnership with artists, based on
      transparency and trust, and helping all artists monetise
      the value of their work by opening new income streams such
      as enhanced digital services and corporate sponsorship
      arrangements;

    * bringing together all the group's key support activities
      including sales, marketing manufacturing and distribution
      into a single division with a unified global leadership;
      and

    * the elimination of significant duplications within the
      group to simplify processes and reduce waste.

The changes, which will be implemented over the next six months,
will enable the group to invest more in its A&R operations both
to identify and sign promising new artists and to maximize the
potential of its existing roster.

The restructuring is being carried out following an intense
three-month consultation review of the business by Terra Firma
since it acquired the business last year and many of the
measures being implemented have come at the suggestion of staff,
artists or their managers.

The restructuring will also enable the group to capture
significant efficiencies and cost reductions which are expect to
reduce costs by up to 200 million per year.  The restructuring
is also expected to lead to a worldwide headcount reduction
within the group of between 1,500 and 2,000.

"We have spent a long time looking intensely at EMI and the
problems faced by its Recorded Music division which, like the
rest of the music industry, has been struggling to respond to
the challenges posed by a digital environment," Mr. Hands
commented.

"We believe we have devised a new revolutionary structure for
the group that will improve every area of the business," Mr.
Hands continued.  "In short it will make EMI's music more
valuable for the company and its artists alike. The changes we
are announcing today will ensure that this iconic company will
be creating wonderful music in a way that is profitable and
sustainable."

                        About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

EMI Group's consolidated balance sheet for the fiscal year ended
March 31, 2007, showed GBP1.498 billion in total assets,
GBP2.649 billion in total liabilities and GBP1.151 billion in
shareholders' deficit.

The company issued two profit warnings since January 2007.


ES RECRUITMENT: Appoints Begbies Traynor as Joint Administrators
----------------------------------------------------------------
Neil Frank Vinnicombe and Simon Robert Haskew of Begbies Traynor
were appointed joint administrators of ES Recruitment Ltd.
(Company Number 04485306) on Jan. 4.

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:

         ES Recruitment Ltd.
         6 King Street
         Frome
         Somerset
         BA11 1BH
         England
         Tel: 08452 301 801
         Fax: 01373 455 661
         Web site: http://www.esrecruitment.co.uk/


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

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

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

                            About Tata

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

Tata Motors has operations in Russia and the United Kingdom.

                          About Ford Motor

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

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

                          *     *     *

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


FORD MOTOR: St. Thomas Plant in Ontario Starts Production
---------------------------------------------------------
The keys to Ford Motor Company's first Lincoln Town Car to roll
off the assembly line at St. Thomas Assembly plant near London,
Ontario were presented to local Ford Lincoln dealer Bruce
Dumouchelle.

"A new chapter in the history of the St. Thomas Assembly Plant
has started as we've proudly begun producing the Lincoln Town
Car,"  Mark Boldin, plant manager of the St. Thomas Assembly
Plant, said.  "The Lincoln Town Car is an outstanding vehicle in
regards to safety with many best in class attributes -- and
we're pleased to add it to our portfolio of vehicles."

The Ford St. Thomas Assembly Plant opened in 1967 with the Ford
Falcon as its inaugural product, and has since produced more
than 10 different models including the Ford Fairmont, the
Mercury Zephyr and the Ford Escort.  Since 1984 the St. Thomas
Assembly Plant, a 241,548 square meters (2,600,000 square foot)
facility, has been the global source for the Ford Crown Victoria
and Mercury Grand Marquis -- now joined by the Lincoln Town Car.

Lauded for its attention to quality, environmental
responsibility and commitment to the community, the St. Thomas
Assembly Plant and its employees have earned numerous awards.
Similarly, the Lincoln Town Car has been highlighted for high
customer satisfaction and excellent safety ratings -- for
example, the Lincoln Town Car was the first car in history to
receive the U.S. Government's highest five-star government
safety ratings for four years in a row in all five categories
(2003 - 2006).

"The employees here at the St. Thomas Assembly Plant have always
held quality as a top priority," Scott Smith, CAW plant chair at
St. Thomas Assembly Plant, said.  "That same pride will be built
into each Lincoln Town Car produced here."

The St. Thomas Assembly Plant and the Lincoln Town Car also play
a roll in Ford's commitment to sustainability and the reduction
of dependence on fossil fuels -- Ford plans to continue
delivering products capable of running on renewable fuels, such
as ethanol. Ford has more than five million flexible fuel
vehicles on the roads globally.  Ford currently offers a total
of 14 flexible fuel vehicles in various markets globally, and
the Lincoln Town Car, Ford Crown Victoria and Mercury Grand
Marquis are among that group.

In 1981 the Lincoln Town Car was introduced as its own line and
has seen re-designs for the 1990, 1998 and 2003 model years.
Each time the Town Car has been refreshed the goal has been to
enhance qualities that define the vehicle -- roominess, ride,
comfort and safety -- as well as adding some unexpected
luxurious touches such as a THX-certified audiophile system.

"The Lincoln Town Car is a dominant player in the chauffeured
transportation industry here in North America," Mark Boldin,
plant manager of St. Thomas Assembly Plant, said.  "The overall
quality of the Town Car coupled with its reliability, tradition
of a smooth ride and superb comfort, has secured a loyal
customer base which has long experienced excellent customer
satisfaction."

                          About Ford Motor

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

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

                          *     *     *

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


FORD MOTOR: Creates the Verve to Ride in Small Car Popularity
-------------------------------------------------------------
Ford Motor Company is revealing the Verve, a concept vehicle
that makes clear the vision for the new small cars Ford soon
will introduce in North America.

The Verve is bold and sophisticated -- to help it clearly stand
out from other small cars on the road.  Ford is building on
decades of small car leadership in Europe as it develops new
small cars for North America to appeal to increasingly savvy
customers who value technology, design and fuel efficiency.

The Verve concept has been developed with Ford's new global
product development strategy that better leverages the company's
global strengths.  Globally, Ford is building on its European
small-car expertise to stake a bigger claim in this critically
important segment.  Ford's celebrated small car lineup in Europe
includes such top-sellers as the Ford Focus, Fiesta and Ka.

"We're looking at every aspect of what's defined Ford as a
small-car leader in Europe and working to build on this
expertise in driving dynamics and design across a global family
of Ford cars that are as exciting to drive as they are to look
at," Derrick Kuzak, Ford's group vice president, Global Product
Development, said.

"The Verve concept family provides a vision for a new world
standard for quality, design and comfort in the small car
segment," Mr. Kuzak added.  "These concepts demonstrate how
leveraging our global strengths can yield attractive benefits
for our customers in markets around the world."

          Small Car Popularity Skyrockets in North America

Momentum in small-car sales is outpacing overall industry growth
worldwide.  Globally, small car sales have grown from 23 million
units in 2002 to an estimated 38 million in 2012.  That's nearly
45% of the total expected 85-million unit industry, a level
never before achieved.  In the U.S., sales of small cars likely
will grow by 800,000, or 25% -- to a record 3.4 million units by
2012.

In fact, small cars and crossovers are the only vehicles with
projected near-term growth in the U.S.

Driving the growth in the U.S. market is a group of young people
aged 13 to 28 years -- dubbed "Millennials."  Today, this group
stands 1.7 billion strong worldwide and will represent 28% of
the total U.S. population by 2010.

As a group, Millennials embrace eco-friendliness, stay in
constant touch using modern technology and demand best-in-class
products from around the world. This group will grow from
representing 19% of the driving public in 2004 to amassing 28%
in 2010.

Every day, 11,000 Millennials in the U.S. come of driving age.
When it's time to buy their first car, nearly half of this group
shops the small-car segment.

"Millennials will be the defining group of customers in the
future, driving all types of consumer trends," Jim Farley,
Ford's group vice president, Marketing and Communications, said.
"Ford's European-based cars are a great fit for this generation
of drivers, who have grown up with the Internet and mobile
phones as necessities, not luxuries - believing that bigger
isn't necessarily better, precision is everything and technology
rules."

                        About Ford Motor

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

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

                          *     *     *

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


FUTURESTEP PERSONNEL: Claims Filing Period Ends April 8
-------------------------------------------------------
Creditors of Futurestep Personnel Ltd. have until April 8 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and their names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Jan. 8 for the creditors' voluntary winding-up
procedure.


GRAND PRIX: Duncan R. Beat Leads Liquidation Procedure
------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Grand Prix Ltd. on Jan. 7 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


K.W. BEARD: Lloyds TSB Taps Receivers from BDO Stoy
---------------------------------------------------
Lloyds TSB Bank Plc appointed  Graham David Randall and Simon
Edward Jex Girling of BDO Stoy Hayward LLP joint administrative
receivers of K.W. Beard Ltd. (Company Number 01487858) on
Dec. 21, 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:

         K.W. Beard Ltd.
         Valley Road
         Cinderford
         Gloucestershire
         GL14 2PD
         England
         Tel: 01594 823 031
         Fax: 01594 825 965


NORTHERN ROCK: Shareholders Block All But One Resolution at EGM
---------------------------------------------------------------
Northern Rock Plc succeeded in blocking most of the plans of its
rebel shareholders at yesterday's extraordinary general meeting,
which could have limited the board's power to secure a rescue
deal for the bank, BBC News reports.

Rab Capital and fellow hedge fund SRM Global, Northern Rock's
largest shareholders, have forced the extraordinary general
meeting to approve resolutions that would have given
shareholders the right to block the management's attempts to:

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

Minor shareholders had defeated all but one of the resolutions,
which means that the bank's board must now consult existing
investors before issuing more than GBP5 million in new shares,
BBC relates.

The two hedge funds, which together hold 18% of the bank, have
tabled the proposals for fear that the mortgage lender's assets,
including GBP110 billion of mortgages, will be sold off on the
cheap, BBC adds.

According to the report, shareholders have been urged by the
bank's management and analysts to vote against the proposals as
they could endanger a possible private-sale solution in favor of
nationalization.

In his speech in London yesterday, Alistair Darling, Chancellor
of the Exchequer, reiterated his continued preference for a
private sector solution for the bank, Thomson Financial reports.

"Conditions are difficult.  I would like to find a private
sector solution but all options, including nationalization, have
to be considered," Mr. Darling was quoted by Thomson Financial
as saying.

                       Nationalization Fears

Northern Rock has seen its shares drop as much as 20% amid
mounting fears that the British government could step in to
nationalize the bank, The Press Association reports.

The bank, which was worth almost GBP5.3 billion less than a year
ago, saw its stock price plunge to as low as 65.75 pence, which
valued the firm at GBP277 million, TPA 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.

                           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.

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 of Times Online reported.  Estimated borrowings
by the bank to date totals not less than GBP26 billion, the
paper added.

                     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.


QUEBECOR WORLD: Gets US$400 Million Rescue Financing Facility
-------------------------------------------------------------
Quebecor World Inc. received a binding proposal for a
US$400 million Rescue Financing Facility from Quebecor Inc. and
Tricap Partners, a private equity fund managed by Brookfield
Asset Management, that would avert its liquidity challenges and
recapitalize the company.  Quebecor Inc. and Tricap Partners are
equal investors in the facility.

This proposal is subject to certain conditions including the
consent of QWI's banking syndicate, the sponsors of its North
American securitization program and certain other stakeholders.

If the Proposal is accepted by QWI and the requisite consents
are obtained, QI and Tricap will immediately make available
US$200 million to QWI to ensure it has sufficient liquidity to
the closing date of the Rescue Financing Facility, which is
expected to be March 31, 2008.

QI and Tricap believe this proposal is in the best interests of
all of QWI's stakeholders given QWI's liquidity and balance
sheet challenges within the current North American credit
crisis.

Genuity Capital Markets is the financial adviser to Quebecor
Inc.

                    About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Standard & Poor's Ratings Services lowered its preferred stock
rating on Quebecor World Inc. two notches to 'C' from 'CCC-'.
The company's other ratings, including the 'B-' long-term
corporate credit rating, remain unchanged.  All ratings are on
CreditWatch with negative implications, where they were
initially placed  Aug. 9, 2007.


RENTOKIL INITIAL: Appoints Richard Burrows as Non-Exec. Director
----------------------------------------------------------------
Rentokil Initial plc has appointed Richard Burrows to the board
of the company as a non-executive director with effect from
Monday, Jan. 14, 2008.

Mr. Burrows, 61, is governor of the Bank of Ireland and the
former Joint CEO of Pernod Ricard.

"We are delighted to welcome Richard to the Board of Rentokil
Initial and I am certain that he will make a valuable
contribution to the future development of the Group," Brian
McGowan, chairman of Rentokil Initial, said.

"Rentokil Initial is an international business with widely
recognized brands and great potential throughout Asia, Europe
and the North America.  The management team have established a
solid platform for future growth and I look forward to working
with them to ensure the business delivers its full potential,"
Mr. Burrows said.

Headquartered in West Sussex, England, Rentokil Initial PLC
(LSE:  RTO) -- http://www.rentokil-initial.com/-- is one of the
largest business services companies in the world, operating in
all the major economies of Europe, North America, Asia Pacific
and Africa.  The company has some 90,000 employees providing a
range of support services in over 40 countries.

At June 30, 2007, the company's consolidated balance sheet
showed GBP1.9 billion in total assets, GBP2.5 billion in total
liabilities and GBP559.7 million in stockholders' deficit.


SANYO ELECTRIC: To Pay FSA JPY8.3 Billion for Accounting Error
--------------------------------------------------------------
Sanyo Electric Co., Ltd. said it will pay the Financial Services
Agency an JPY8.3-million fine for issuing false financial
statements over several years, Kyodo News reports.

Last month, Sanyo, who apologized to its shareholders for
causing trouble, corrected its unconsolidated earnings for the
years from fiscal 2000 and admitted that it had paid around
JPY28 billion in illegal dividends when the profits necessary to
justify the payments were lacking, relates Kyodo News.

According to the report, the Securities and Exchange
Surveillance Commission recommended that the FSA fine Sanyo
JPY8.3 billion in the form of a surcharge.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 27, 2007, that Sanyo has amended its non-consolidated
financial statements for the fiscal years 2000-2005 in
conformance to practical business guidelines related to
accounting standards and financial commodities accounting.

Kyodo News states that the earnings corrections were necessary
after Sanyo reassessed appraisal losses on shares of its
semiconductor and liquid crystal display affiliates.

On Dec. 25, 2007, Sanyo's stock was put under supervision for
delisting by the Tokyo Stock Exchange after the correction
announcement, Kyodo News adds.

                   About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                       *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SIER GROUP: Taps Joint Administrators from Begbies Traynor
----------------------------------------------------------
John Anthony Dickinson and Timothey John Edward Dolder of
Begbies Traynor were appointed joint administrators of Sier
Group Ltd. (Company Number 04718518) 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:

         Sier Group Ltd.
         Acorn Business Centre
         Milton Street
         Maidstone
         Kent
         ME16 8LL
         England
         Tel: 01622 725 557
         Fax: 01622 725 557
         Web site: http://www.sier-group.com/


SOLUTIONS HEALTH: HSBC Bank Taps Receivers from Moore Stephens
--------------------------------------------------------------
HSBC Bank Plc appointed Jeremy Willmont and Phillip Sykes of
Moore Stephens LLP joint administrative receivers of Solutions
Health & Fitness (Croydon) Ltd. (Company Number 4216907) on
Jan. 2.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

         Solutions Health & Fitness (Croydon) Ltd.
         Arcade House
         13 Albemarle Street
         City of Westminster
         London
         W1S 4HJ
         England


STEPHEN ROBINSON: Claims Filing Period Ends February 4
------------------------------------------------------
Creditors of Stephen Robinson & Associates Ltd. have until
Feb. 4 to send in their names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Peter Kubik
         Liquidator
         UHY Hacker Young
         Quadrant House
         17 Thomas More Street
         Thomas More Square
         London
         E1W 1YW
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on Jan. 4 by
resolutions of members and creditors.


TITAN EUROPE 2006-2: S&P Puts B Ratings on Watch on Shortfalls
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its ratings on the class J notes
issued by Titan Europe 2006-2 PLC.

Standard & Poor's has witnessed technical interest shortfalls in
the Titan Europe 2006-2 that arose as a result of the liquidity
facility not paying certain transaction costs and accrued
interest on liquidity drawings.

Standard & Poor's notes that the shortfalls were repaid to
affected noteholders on the October 2007 interest payment dates.
However, the structural features in these particular
transactions that gave rise to the shortfalls still remain.

While Standard & Poor's understands the transaction parties
continue to consider remedying these features, it considers that
any similar expenses payable in the future will again result in
unrecoverable interest shortfalls to the junior notes and a
subsequent lowering of the ratings.  As a result, the notes
listed below have been placed on CreditWatch negative while
Standard & Poor's reviews whether the credit quality of the
loans is likely to cause such circumstances to arise.

                         Ratings List

         Class                        Rating
                         To                          From

Ratings Placed On CreditWatch With Negative Implications

Titan Europe 2006-2 PLC
   EUR862.168 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         J               B/Watch Neg                 B


TITAN EUROPE 2006-3: S&P Puts B Ratings on Watch on Shortfalls
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its ratings on the class H notes
issued by Titan Europe 2006-3 PLC.

Standard & Poor's has witnessed technical interest shortfalls in
the Titan Europe 2006-3 that arose as a result of the liquidity
facility not paying certain transaction costs and accrued
interest on liquidity drawings.

Standard & Poor's notes that the shortfalls were repaid to
affected noteholders on the October 2007 interest payment dates.
However, the structural features in these particular
transactions that gave rise to the shortfalls still remain.

While Standard & Poor's understands the transaction parties
continue to consider remedying these features, it considers that
any similar expenses payable in the future will again result in
unrecoverable interest shortfalls to the junior notes and a
subsequent lowering of the ratings.  As a result, the notes
listed below have been placed on CreditWatch negative while
Standard & Poor's reviews whether the credit quality of the
loans is likely to cause such circumstances to arise.

                         Ratings List

         Class                        Rating
                         To                          From

Ratings Placed On CreditWatch With Negative Implications

Titan Europe 2006-3 PLC
   EUR943.751 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         H               B/Watch Neg                 B


UNIQUE STAFFING: Appoints C. B. Barrett as Liquidator
-----------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of
Unique Staffing Solutions Ltd. on Jan. 7 for the creditors'
voluntary winding-up procedure.

Creditors are required to send their names and addresses and
particulars of their claims to the liquidator within three
months following the date of liquidation.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


                            *********

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

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

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

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

                            *********


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

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


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