TCREUR_Public/080117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 17, 2008, Vol. 9, No. 12

                            Headlines




A U S T R I A

BVM HANDELS: Vienna Court Orders Business Shutdown
COCOON TECHNOLOGIES: Vienna Court Orders Business Shutdown
EMI BAU: Vienna Court Orders Business Shutdown
FAIR SPIRIT: Korneuburg Court Orders Business Shutdown
JOSEF RABL: Vienna Court Orders Business Shutdown

KOPI METALLBEARBEITUNG: Leoben Court Orders Business Shutdown
LINU LLC: Vienna Court Orders Business Shutdown
M.S. AGHA: Creditors' Meeting Slated for Jan. 30
MB TRANS: Creditors' Meeting Slated for Jan. 23
MINERALOELVERTREIB RONACHER: Creditors' Meeting Set for Jan. 21

SCHUSTER IMMOBILIENTREUHAND: Graz Court Orders Business Shutdown
SICHERHEITSDIENSTE LLC: Salzburg Court Orders Business Shutdown
SPANISH RIDING: Bankruptcy Looms Over High Personnel Costs
VIA HANDEL: Vienna Court Orders Business Shutdown


B E L G I U M

INTERSTATE HOTELS: Inks Agreements to Manage Marriott Courtyards
POPE & TALBOT: Panel Taps Blank Rome as Bankruptcy Co-Counsel
POPE & TALBOT: Panel Taps Jefferies & Co. as Financial Advisor
URS CORP: EG&G Division Bags Air Force Contract for US$267 Mln


F R A N C E

DELPHI CORP: Commences Exit Financing Syndication
DELPHI CORP: U.S. Trustee Balks at Exit Loan Participation
FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer
TALISMAN-3 FINANCE: S&P Affirms Class F Notes at B on Review


G E R M A N Y

BONN & PARTNER: Claims Registration Period Ends Jan. 30
GDG DENTAL: Claims Registration Period Ends Jan. 30
GETRANKE LOGISTIK: Claims Registration Period Ends Jan. 30
GUENTHER SCHILLING: Claims Registration Period Ends Feb. 4
GZ GETRANKELAND: Claims Registration Period Ends Jan. 30

MODERN-LIVING24.DE GMBH: Claims Registration Period Ends Jan. 29
O.K. HOCHBAU: Claims Registration Period Ends Jan. 28
PETER RIXIUS: Claims Registration Period Ends Jan. 30
SAM-INNENAUSBAU GMBH: Claims Registration Period Ends Jan. 25
SCHMIDT CAR: Claims Registration Period Ends Feb. 1

UWE BRAUN: Hasso Plattner Bails Firm from Possible Insolvency


I R E L A N D

ELAN CORP: US FDA Approves TYSABRI Biologics License Application
INTERNATIONAL SECURITIES: Court Extends Examinership to Feb. 6
WR GRACE: Court Approves U.S. Trustee's Plea to Appoint Examiner


I T A L Y

ALITALIA SPA: Commences Exclusive Talks with Air France-KLM
FIAT SPA: Buys Back 3.86 Million Ordinary Shares
FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson


K A Z A K H S T A N

ASTANA FINANCE: Fitch Rates EUR40 Million Loan Final BB+ Rating
BUILD MARKET-T: Proof of Claim Deadline Slated for Feb. 7
COMPLEX KYRMAN: Creditors Must File Claims by Feb. 8
GRIVILU LLP: Claims Filing Period Ends February 8
JEZ URAL: Creditors Must File Proofs of Claim by February 8

JOLYNDY LLP: Creditors Must File Proofs of Claim by February 7
KARAGANDA-NEDRA LLP: Proof of Claim Deadline Slated for Feb. 12
KARAGANDA PHOTO: Creditors Must File Claims by February 12
PROGRESS LLP: Claims Filing Period Ends February 8
SHIN EXPORT: Creditors' Claims Due on February 12

STROY MAK: Claims Registration Ends February 7


K Y R G Y Z S T A N

INDO-KYRGYZ MOTORS: Creditors Must File Claims by February 7


L A T V I A

NORVIK BANKA: Fitch Affirms Long-term IDR B+ with Stable Outlook


L U X E M B O U R G

EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results


N E T H E R L A N D S

BLACKBOARD INC: To Acquire NTI Group for US$182 Million
BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition
SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer


R U S S I A

EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results
ROSNEFT OIL: Wants US$2 Billion Syndicated Loan to Repay Debt
SEVERSTAL OAO: Consolidates 71.1% Stake in SeverCorr


S W I T Z E R L A N D

ATTILA DESIGN: Creditors' Liquidation Claims Due by January 18
BIOHOF KUPPELWIESER: Creditors Must File Claims by January 21
EUROPEAN TRADING: Creditors' Liquidation Claims Due by Jan. 18
FIANSA BETEILIGUNG: Creditors Must File Claims by January 17
FREE-TRANS JSC: St. Gallen Court Closes Bankruptcy Proceedings

KMC MANAGEMENT: Schwyz Court Starts Bankruptcy Proceedings
METE HAN: Basel-Country Court Starts Bankruptcy Proceedings
PIZZAKURIER DA VINC: Thurgau Court Closes Bankruptcy Proceedings
SPANISCHE WEINHALLE: Creditors Must File Claims by January 18
SOFT4WORKS LLC: Aargau Court Starts Bankruptcy Proceedings

YOU & ME: Creditors' Liquidation Claims Due by January 21


T U R K E Y

PETKIM PETROKIMYA: Fitch Retains Watch on Pending Privatization


U K R A I N E

BANK FINANCE: Moody's Withdraws B2 Rating on Loan Notes
BUILDING SERVICE: Creditors Must File Claims by January 18
INTERRESOURCES LLC: Creditors Must File Claims by January 18
MAGNESIUM CJSC: Creditors Must File Claims by January 18
MIRRA LLC: Creditors Must File Claims by January 18

MOTORCAR TRANSPORT 15113: Creditors Must File Claims by Jan. 18
STELA LLC: Creditors Must File Claims by January 18
SVITANOK LLC: Creditors Must File Claims by January 18
UKRAINIAN INDUSTRIAL: Creditors Must File Claims by January 18
UKRAINIAN METAL: Creditors Must File Claims by January 18

YUKKAB LLC: Creditors Must File Claims by January 18


U N I T E D   K I N G D O M

ADDISCOMBE GROUP: Taps Liquidators from PricewaterhouseCoopers
AXIUM INTERNATIONAL: SulmeyerKupetz Named as Chapter 7 Trustee
BLACKPOOL AUTOMOTIVE: Joint Liquidators Take Over Operations
DURA AUTOMOTIVE: Wants to Move Plan-Filing Deadline to April 30
DURA AUTOMOTIVE: Pacificor Still Silent on Deal Outlook

HERONFIELD LTD: J. M. Titley Leads Liquidation Procedure
INTERMEC INC: Teams with Apriva to Provide Payment Processing
KENDLE INT'L: Hires Philip Davies as Phase I Vice President
MENTON CDO: Moody's Junks US$19.8 Mln Class E Secured Notes
MILLFIELD PARTNERSHIP: Brings In Liquidators from PwC

ROOTS SPORTS: Claims Filing Period Ends February 7
SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps
TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million
VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
WESTONS LTD: Appoints C. B. Barrett as Liquidator

* Tenon Group PLC Acquires Haines Watts Business Recovery

* Upcoming Meetings, Conferences and Seminars




                            *********


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


BVM HANDELS: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Nov. 30, 2007, an order
shutting down the business of LLC BVM Handels- & Transport (FN
215909p).

Court-appointed estate administrator Stefan Langer 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. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         E-mail: kanzlei@kosesnik-langer.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2007 (Bankr. Case No 2 S 161/07z).  Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.


COCOON TECHNOLOGIES: Vienna Court Orders Business Shutdown
----------------------------------------------------------
The Trade Court of Vienna entered Dec. 3, 2007, an order
shutting down the business of JSC Cocoon Technologies (FN
214321d).

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

The estate administrator can be reached at:

         Mag. Nikolaus Vogt
         c/o  Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov.28, 2007 (Bankr. Case No 2 S 163/07v).  Eva Riess
represents Mag. Vogt in the bankruptcy proceedings.


EMI BAU: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered Nov. 30, 2007, an order
shutting down the business of LLC EMI Bau (FN 275626h).

Court-appointed estate administrator Edmund Roehlich 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. Edmund Roehlich
         c/o  Dr. Richard Proksch
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 16, 2007 (Bankr. Case No 2 S 156/07i).  Richard Proksch
represents Dr. Roelich in the bankruptcy proceedings.


FAIR SPIRIT: Korneuburg Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Korneuburg entered Dec. 4, 2007, an order
shutting down the business of LLC fair spirit Handel (FN
292951k).

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

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on Nov. 26, 2007 (Bankr. Case No 36 S 136/07b).
Ferdinand Bruckner represents Dr. Zonsics-Kral in the bankruptcy
proceedings.


JOSEF RABL: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Dec. 3, 2007, an order
shutting down the business of LLC Josef Rabl (FN 115128g).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2007(Bankr. Case No 6 S 151/07h).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


KOPI METALLBEARBEITUNG: Leoben Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Leoben entered Dec. 4, 2007, an order shutting
down the business of LLC KOPI Metallbearbeitung (FN 223407s).

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

Headquartered in Thalheim an der Mur, Austria, the Debtor
declared bankruptcy on Nov. 20, 2007 (Bankr. Case No 17 S
98/07s).


LINU LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Nov. 30, 2007, an order
shutting down the business of LLC LINU (FN 274667y).

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

The estate administrator can be reached at:

         Mag. Wolfgang Winkler
         c/o Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 7155045
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 20, 2007 (Bankr. Case No 3 S 149/07t).  Maximilian
Schludermann represents Mag. Winkler in the bankruptcy
proceedings.


M.S. AGHA: Creditors' Meeting Slated for Jan. 30
------------------------------------------------
Creditors owed money by  KEG M.S. AGHA Handel (FN 175660z) are
encouraged to attend the creditors' meeting at 10:50 a.m. on
Jan. 30.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 30, 2007 (2 S 166/07k).

Arno Maschke serves as the court-appointed estate administrator
of the bankrupt's estate.  Philipp Dobner represents Dr. Maschke
in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Arno Maschke
         c/o  Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: maschke@sup.at


MB TRANS: Creditors' Meeting Slated for Jan. 23
-----------------------------------------------
Creditors owed money by LLC MB Trans Spedition und Transport (FN
207332a) are encouraged to attend the creditors' meeting at
9:15 a.m. on Jan. 23.

The creditors' meeting will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Hoehnhart,, Austria, the Debtor declared
bankruptcy on Nov. 30, 2007 (17 S 44/07p).  Franz Mitterbauer
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Franz Mitterbauer
         Wiesnerstrasse 2
         4950 Altheim
         Austria
         Tel: 07723 /411 41
         Fax: 07723 /411 41-14
         E-mail: amp.altheim@utanet.at


MINERALOELVERTREIB RONACHER: Creditors' Meeting Set for Jan. 21
---------------------------------------------------------------
Creditors owed money by  LLC Mineraloelvertreib Ronacher (FN
47429z) are encouraged to attend the creditors' meeting at
2:45 p.m. on Jan. 21.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Meeting Room 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Landeck, Austria, the Debtor declared
bankruptcy on Nov. 30, 2007 (19 S 114/07y).

Wilfried Leys serves as the court-appointed estate administrator
of the bankrupt's estate.  Walter Lenfeld represents Dr. Leys in
the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malserstrasse 49 a
         6500 Landeck
         Austria
         Tel: 05442/63 0 29
         Fax: 054452/6302914
         E-mail: RA-LL@aon.at


SCHUSTER IMMOBILIENTREUHAND: Graz Court Orders Business Shutdown
----------------------------------------------------------------
The Land Court of Graz entered Nov. 30, 2007, an order shutting
down the business of LLC Schuster Immobilientreuhand-
BauConsulting (FN 219514s).

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 29, 2007 (Bankr. Case No 25 S 125/07f).


SICHERHEITSDIENSTE LLC: Salzburg Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Salzburg entered Dec. 4, 2007, an order
shutting down the business of LLC Sicherheitsdienste (FN
160640k).

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

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Nov. 27, 2007 (Bankr. Case No 44 S 40/07t).


SPANISH RIDING: Bankruptcy Looms Over High Personnel Costs
----------------------------------------------------------
Spanish Riding School is facing bankruptcy on EUR1.9 million in
losses for financial year 2007, published reports say.

Elisabeth Guertler, the school's new director, attributed the
losses to high personnel costs, The Associated Press relates.
Ms. Guertler notes that the school had paid its 17 riders
bonuses, which hiked their monthly salaries to EUR10,000.

Former director Armin Aigner, however, claimed that it had
EUR195,000 in cash surplus in the first half of 2007, Wiener
Zeitung relates.  Mr. Aigner resigned in November after claims
that he had successfully turned the School's financial situation
around.

Ms. Guertler said she she will take steps to reduce personnel
costs and maximize revenue, Wiener Zeitung relates.

Spanish Riding School, Wiener Zeitung says, plans to:

   -- increase school events in Vienna from 36 to 69;

   -- raise own feed for the horses; and

   -- operate its own gift shop itself.

"It's not only a matter of savings.  We must work at all levels
to increase revenue. I believe that the School has great
potential and is really a healthy enterprise," Erwin
Klissenbauer, a co-manager, was quoted by Wiener Zeitung as
saying.

"I am always willing to listen and am prepared to take up
constructive suggestions," Ms. Guertler said in a statement.
"We aim to jointly discuss possible measures not only with the
equestrian team, but also with the employees from the back
office, such as the administration or the technical department.
We want to hear each and everyone's wishes and concerns."

Located in Vienna, Austria, Spanish Riding School --
http://www.srs.at/-- is traditional riding school for Lipizzan
horses.


VIA HANDEL: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Nov. 30, 2007, an order
shutting down the business of LLC VIA Handel (FN 205113m).

Court-appointed estate administrator Ute Toif 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. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 535 46 11
         Fax: 535 46 11 11
         E-mail: office@thr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 23, 2007 (Bankr. Case No 28 S 141/07z).


=============
B E L G I U M
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INTERSTATE HOTELS: Inks Agreements to Manage Marriott Courtyards
----------------------------------------------------------------
Interstate Hotels & Resorts Inc. has signed agreements to manage
two Courtyard by Marriott hotels, in Westborough, Massachusets
and Orange, Connecticut.  The hotels are owned by Pittsburgh-
based FFC Capital Corporation.  FFC Capital Corporation was
founded in 1998 by Milton Fine, former chairperson and co-
founder of Interstate Hotels Corporation, a predecessor company
to Interstate Hotels & Resorts Inc.

"We have a long-standing relationship with FFC and are thrilled
to have this opportunity to work with them again," said
Interstate Hotels chief executive officer, Thomas F. Hewitt.
"We are already examining other avenues of mutual interest, and
are looking forward to building on our relationship going
forward."

"Interstate is one of the country's premier management
companies, and we are delighted to have the opportunity to renew
our relationship," said FFC Capital Corp. president, Fred
Branovan.  "They have strong ties to the Courtyard brand and a
long track record of success, with proven systems and
exceptional people, and we have the utmost confidence in them."

The Courtyard by Marriott Westborough is a 98-room property
located in Westborough Technology Park, 20 miles west of
downtown Boston.  The hotel offers casual dining for breakfast
in the lobby's Courtyard Cafe, a full-service business center,
fitness center, indoor pool, and high-speed Internet access in
the public areas and the guest rooms.

The 121-room Courtyard by Marriott Orange is conveniently
located off of I-95, close to Yale University and downtown New
Haven.  Among the hotel's amenities are nearly 4,000 square feet
of meeting space, capable of accommodating groups of up to 250
people.

                     About FFC Capital Corp.

FFC Capital Corporation -- http://www.ffccapital.net/-- is a
privately held company affiliated with Milton Fine, specializing
in investment management across various asset classes, including
marketable securities, bonds, stocks, private equities,
derivatives, hedge funds, venture capital funds and direct
ownership of real estate investments.

                     About Interstate Hotels

Headquartered in Arlington, Virginia, Interstate Hotels &
Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- as of Nov.
30, 2007, Interstate Hotels & Resorts owned seven hotels and had
a minority ownership interest through separate joint ventures in
22 hotels and resorts.  Together with these properties, the
company and its affiliates manages a total of 192 hospitality
properties with more than 43,000 rooms in 36 states, the
District of Columbia, Belgium, Canada, Ireland, Mexico and
Russia.  Interstate Hotels & Resorts also has contracts to
manage 15 hospitality properties with approximately 4,400 rooms
currently under construction.

                          *     *     *

Interstate Hotels & Resorts Inc. continues to carry Moody's
Investor Services' 'B1' long-term corporate family rating, which
was placed in January 2007.  Moody's said the rating's outlook
is negative.


POPE & TALBOT: Panel Taps Blank Rome as Bankruptcy Co-Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in Pope & Talbot
Inc. and its debtor-affiliates' bankruptcy cases, asks the
United States Bankruptcy Court for the District of Delaware for
permission to retain Blank Rome LLP, as its bankruptcy co-
counsel, nunc pro tunc to Nov. 28, 2007.

The Creditors Committee believes that attorneys at Blank Rome
have broad-based experience and a national reputation in
bankruptcy and reorganization proceedings, according to
Committee Chairman Robert J. Hickey.

The Creditors Committee will rely on Fried, Frank, Harris,
Shriver & Jacobson LLP, its proposed main counsel, to play the
primary role with respect to the day-to-day representation on
its behalf, while Blank Rome is expected to provide a supporting
role and generally assist Fried Frank where necessary, Mr.
Hickey clarifies.

The Debtors will pay Blank Rome's contemplated services to be
rendered to the Creditors Committee based on the firm's
customary hourly rates:

        Professional               Hourly Rate
        ------------               -----------
        Partners and Counsel       US$300 - US$675
        Associates                 US$245 - US$475
        Paralegals                 US$105 - US$280

Three Blank Rome professionals are presently expected to have
primary responsibility for providing services to the Creditors
Committee:

        Professional               Hourly Rate
        ------------               -----------
        Bonnie Glantz Fatell           US$600
        Jason W. Staib                 US$425
        Christina J. Wang              US$265

Blank Rome will also be paid for reasonable expenses it incurs
in connection with its representation of the Creditors
Committee.

Blank Rome will work with co-counsel, Fried Frank, to undertake
every effort to avoid duplication of services, Mr. Hickey tells
the Court.

Bonnie Glantz Fatell, a partner of Blank Rome, assures the Court
that his firm is a "disinterested person" as that phrase is
defined in Section 101(14) of the Bankruptcy Code and as
modified by Section 1107(b).

                      About Pope & Talbot

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expires
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried,  Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Panel Taps Jefferies & Co. as Financial Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Pope & Talbot
Inc. and its debtor-affiliates' bankruptcy cases, seeks the
authority of the U.S. Bankruptcy Court for the District of
Delaware, to retain Jefferies & Company Inc. as its financial
advisor, nunc pro tunc to Nov. 29, 2007.

Committee Chairman David Roberts relates that Jefferies is as an
investment banking firm that has extensive experience in the
reorganization and restructuring of troubled companies, both
out-of-court and in Chapter 11 proceedings.

Jefferies will coordinate with the other bankruptcy
professionals in the Debtors' bankruptcy cases, to eliminate
unnecessary duplication of work, Mr. Roberts says.

As the Committee's financial advisor, Jefferies is expected to:

   * become familiar with, to the extent the Creditors Committee
     or Jefferies deems appropriate, and analyze the business,
     operations, assets, financial condition and prospects of
     the Debtors;

   * assist and advise the Creditors Committee in examining and
     analyzing any potential or proposed strategy for
     restructuring or adjusting the Debtors' outstanding
     indebtedness or overall capital structure;

   * assist and advise the Creditors Committee in evaluating and
     analyzing the proposed implementation of any restructuring,
     including the value of the securities, if any, that may be
     issued under any plan; and

   * render other financial advisory services as may be agreed
     upon, from time to time, by the Creditors Committee and
     Jefferies, including providing expert testimony, and other
     expert and financial advisory support related to any
     threatened, expected, or initiated litigation.

For the services contemplated to be rendered by Jefferies, the
Debtors will pay the firm:

   (i) an initial monthly fee of US$200,000 from Nov. 29, 2007,
       until Jan. 31, 2008; and

  (ii) a monthly fee of US$100,000 for the period from
       Feb. 1, 2008, until the expiration or termination of a
       letter of agreement between the Creditors Committee and
       Jefferies.

A transaction fee is also proposed to be awarded to Jefferies,
consisting of the greater of:

   (i) US$500,000, payable in the event the Creditors Committee
       supports the Debtors' Plan of Reorganization;

  (ii) 1% of any recoveries by unsecured creditors in the
       Debtors' bankruptcy cases -- subject to a cap of
       US$1,750,000; or

(iii) US$1,750,000, payable without reference to unsecured
       creditors' recoveries,

but payable without reference to unsecured creditors'
recoveries.

In addition to any fees that may be paid to Jefferies, the
Creditors Committee agrees to seek Court authorization to cause
the Debtors to pay all Court-approved out-of-pocket expenses.

Thomas C. Carlson, managing director of Jefferies, assures the
Court that his firm is a "disinterested person" as that phrase
is defined in Section 101(14) of the Bankruptcy Code and as
modified by Section 1107(b).

                      About Pope & Talbot

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expires
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried,  Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


URS CORP: EG&G Division Bags Air Force Contract for US$267 Mln
--------------------------------------------------------------
URS Corporation's EG&G Division has been selected by the U.S.
Air Force's Air Education and Training Command to support its
Undergraduate Flight Training program.  The re-compete contract
includes a one-year base period and five one-year options
periods.  The maximum value of the contract to URS is US$267
million over the full six years.

Under the terms of the contract, URS will provide courseware
development, simulator and academic instruction for the T-1, T-
6, T-37 and T-38 aircraft, as well as combat systems officer
training, in support of the UFT program.

Commenting on the award, Randall A. Wotring, President of the
EG&G Division, said: "We are very pleased to have been selected
by the Air Force for this contract, which underscores URS'
position as a leader in military flight training.  URS has been
working with Air Force for 16 years to support the UFT program
and is proud to be continuing this important work."

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

                          *     *     *

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


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


DELPHI CORP: Commences Exit Financing Syndication
-------------------------------------------------
The syndication of Delphi Corp.'s exit financing package to
support the company's planned first quarter of 2007 emergence
from Chapter 11 reorganization was set to commence as early as
last week with potential lenders' meetings in New York on
Jan. 9, 2008, and in London on Jan. 10, 2008, the company stated
in a press release.

The proposed exit facilities, which are being arranged on a best
efforts basis by J.P. Morgan Securities, Inc., and Citigroup
Global Markets, Inc., were approved by the Court on Nov. 16,
2007.

Delphi Corp. Controller and Chief Accounting Officer Thomas S.
Timko reported, in a regulatory filing with the U.S. Securities
and Exchange Commission, that Delphi will provide supplemental
financial information at the scheduled meetings containing an
unaudited borrowing base calculation for debtor entities as of
Sept. 30, 2007, and EBITDAR information covering the periods
from Oct. 1, 2006, through Sept. 30, 2007, each as measured by
the covenants contained in Delphi's refinanced DIP Facility and
selected debt levels.

An exhibit containing the borrowing base calculation, EBITDAR
information, selected debt levels and a reconciliation to the
nearest comparable U.S. GAAP measurements, where applicable,
that Delphi intends to provide to potential lenders is available
for free at the SEC's Web site at:

              http://ResearchArchives.com/t/s?2707

The borrowing base calculation and selected debt levels
presented should not be considered in isolation or as a
substitute for items on Delphi's consolidated balance sheet
presented in accordance with generally accepted accounting
principles in the U.S., Mr. Timko cautioned.  In addition, the
EBITDAR information should not be considered as an alternative
to operating income, as a substitute for items in Delphi's
consolidated statement of operations, or as an indicator of
Delphi's operating performance.  All the information, he said,
should be viewed in conjunction with Delphi's financial
statements, footnotes including accounting policies contained in
the company's 2006 annual report and subsequent periodic reports
as filed with the SEC.

                    Exit Financing Reduced

Primarily as a result of improved operating performance and
lower capital expenditures for the 2007 fiscal year than
forecast in the company's 2007 business plan projections
included in its First Amended Disclosure Statement, Delphi
estimates its year-end unaudited cash position to be
approximately US$850 million favorable to its business plan.

After adjusting anticipated cash flows in 2008 to reflect
retiming of certain payments previously forecast for 2007 and
lower projections for certain forecast emergence cash payments
in 2008, Delphi is reducing its proposed exit facilities from
the previously announced US$6.8 billion authorized by the Court
to approximately US$6.1 billion.

The reduced facilities will include:

   (a) US$1.6 billion in an asset-backed revolving credit
       facility;

   (b) US$3.7 billion in a first-lien term loan facility; and

   (c) US$825 million in a second lien term loan facility.

Delphi says it intends to use the exit financing proceeds to
make payments on the Effective Date of its First Amended Joint
Plan of Reorganization, including repayment of the company's
senior secured DIP financing, and to support the post-
reorganization operations of the reorganized company.

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 Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  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: U.S. Trustee Balks at Exit Loan Participation
----------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, asserts that
members of the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders who wish to
participate in Delphi Corp. and its debtor-affiliates' Exit
Financing should be required to resign from their respective
committees.

Representing the U.S. Trustee, Alicia M. Leonhard, Esq., in New
York, argues that a committee member's participation in the Exit
Financing while serving on a statutory committee is inconsistent
with that member's fiduciary duties to its constituents.  "This
dual role creates a conflict of loyalties . . . and gives rise
to the appearance that the committee member is personally
benefiting from its status as a committee member," Ms. Leonhard
tells Judge Drain.

The Debtors' allegation that "virtually" all formerly
confidential information is public does not the mitigate the
effect of the impermissible dual loyalties or the appearance of
impropriety, Ms. Leonhard asserts.  She notes that in any
negotiation, the Exit Lenders and the Statutory Committees will
sit on opposite sides of the bargaining table as adverse
parties.  The Exit Lenders will try to exact as many concessions
as possible from the Debtors in light of the tight credit
market, but the Statutory Committees should concentrate on
obtaining the most favorable terms for the Debtors.  Because the
interests of the Exit Lenders and the Statutory Committees are
in direct conflict, a committee member cannot engage in
aggressive negotiations with the Debtors with respect to the
contemplated Exit Financing and, at the same time, maintain
undivided loyalty and the appearance of fairness to its
constituents, Ms. Leonhard maintains.

The U.S. Trustee contends that the Debtors may not preclude her
from exercising her statutory duties.  Section 1102(a) of the
Bankruptcy Code vests the U.S. Trustee with the power to appoint
and remove members of statutory committees.

If the Debtors become aggrieved if the U.S. Trustee removes a
committee member for any reason, then they should seek a
judicial review of the U.S. Trustee's action after the action
has occurred, instead of seeking to constrain a future decision
by the U.S. Trustee without any facts, Ms. Leonhard says.

The U.S. Trustee thus asks the Court to sustain her objection;
and deny the Debtors' request.

The U.S. Trustee clarifies that she has no objection to the
participation of any committee member in the Exit Financing so
long as that committee member resigns from the committee.

"Resignation is the only way to maintain the transparency,
appearance of fairness and integrity of these cases and the
bankruptcy system," Ms. Leonhard avers.

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 Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  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)


FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer
------------------------------------------------------------
Fresh Del Monte Produce Inc. announced that John F. Inserra,
Executive Vice President and Chief Financial Officer, will
retire after a distinguished career of nearly 32 years with the
Company.  For the past 13 years, Mr. Inserra served as Fresh Del
Monte's Executive Vice President and Chief Financial Officer,
and he will continue in that role until the leadership
transition to a qualified successor is completed.

Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief
Executive Officer, said, "John has been an integral part of the
success of Fresh Del Monte over these past many years due in
large part to his dedication, integrity and leadership qualities
in guiding the Company's financial functions.  We will ensure
that his successor brings the same qualities to the position
after a seamless and smooth transition is complete."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB-' corporate credit rating on Fresh Del Monte Produce
Inc., and removed the rating from CreditWatch, where it was
placed with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


TALISMAN-3 FINANCE: S&P Affirms Class F Notes at B on Review
------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its rating on the class B
notes issued by Talisman-3 Finance PLC.  At the same time, the
class C notes were removed from CreditWatch positive and
affirmed.  The remaining notes were also affirmed.

The class B and C notes were placed on CreditWatch positive on
Dec. 17, 2007.  This rating action follows a review of the
transaction based on data received from the servicer, Hatfield
Philips International Ltd., as of the October 2007 interest
payment date.

The raising of the rating on the class B notes is due to the
prepayment of eight loans in the pool since closing.  This
includes the largest and second-largest loans (Pauli and Retiro,
36.1% and 20.3% of closing balance, respectively), which prepaid
at the October 2007 IPD.

The prepayments have improved the levels of credit enhancement
available to the relevant classes, and improved the LTV ratios
for the upgraded class B notes.  All prepayment funds were
allocated to the notes 50% sequentially and 50% pro rata (with
the exception of the class E and F notes), and switched to
100% sequential pay when 50% of the transaction balance
redeemed.  Any further prepayment funds will be applied 100%
sequentially.

The upgrades were restricted because for two loans the most
recent performance numbers are published by the servicer one
quarter in arrears, as these borrowers are required to report
only after the servicer report has been published.  This would
delay the reporting of any performance issues by more
than three months.

Following the large prepayments and given the modified pro rata
payment structure that has changed to sequential after more than
50% of the initial note balance paid down, the spread between
portfolio income and transaction liabilities has decreased to a
low level.  Interest shortfalls are possible from the next IPD
in January 2008 onward.  These shortfalls are only expected
to affect the class F notes, which are subject to an available
funds cap.  If under the available funds cap there is
insufficient interest due to the loan prepayments, the interest
is not paid but will be written off.

At closing in June 2006, the EUR689.9 million notes were backed
by 11 commercial real estate loans originated by ABN AMRO Bank
N.V. (AA-/Positive/A-1+) secured by commercial and residential
properties located across Germany, and the notes issued by FCC
Talisman which are secured on two loans backed by nine
commercial properties in France.

                          Ratings List

Talisman-3 Finance PLC
   EUR689.9 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         Class       To                  From

Rating Removed From CreditWatch With Positive Implications And
Raised

         B           AAA                 AA/Watch Pos

Rating Removed From CreditWatch With Positive Implications And
Affirmed

         C           A                   A/Watch Pos

Ratings Affirmed

         A          AAA
         X          AAA
         D          BBB
         E          BB
         F          B


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


BONN & PARTNER: Claims Registration Period Ends Jan. 30
-------------------------------------------------------
Creditors of Print & Publishing Bonn & Partner GmbH have until
Jan. 30 to register their claims with court-appointed insolvency
manager Marco Kuhlmann.

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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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:

         Marco Kuhlmann
         Simonsstrasse 80
         42117 Wuppertal
         Germany
         Tel: 0202 7692110
         Fax: 0202 7692112

The District Court of Wuppertal opened bankruptcy proceedings
against Print & Publishing Bonn & Partner GmbH on Dec. 28, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Print & Publishing Bonn & Partner GmbH
         Attn: Claudia Bonn, Manager
         Leipziger Str. 35
         40822 Mettmann
         Germany


GDG DENTAL: Claims Registration Period Ends Jan. 30
---------------------------------------------------
Creditors of GDG Dental GmbH have until Jan. 30 to register
their claims with court-appointed insolvency manager Hans Peter
Runkel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Hans Peter Runkel
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

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

The Debtor can be reached at:

         GDG Dental GmbH
         Attn: Joerg Bluhm, Manager
         Obergruenewalderstr. 10
         42103 Wuppertal
         Germany


GETRANKE LOGISTIK: Claims Registration Period Ends Jan. 30
----------------------------------------------------------
Creditors of Getranke logistik Suedwest GmbH have until Jan. 30
to register their claims with court-appointed insolvency manager
Karl-Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on March 10, at the same venue.

The insolvency manager can be reached at:

         Karl-Heinrich Lorenz
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

The District Court of Mannheim opened bankruptcy proceedings
against Getranke logistik Suedwest GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Getranke logistik Suedwest GmbH
         Attn: Dr. Achim Strecker, Manager
         Helmertstr. 4-6
         68219 Mannheim
         Germany


GUENTHER SCHILLING: Claims Registration Period Ends Feb. 4
----------------------------------------------------------
Creditors of Guenther Schilling GmbH & Co. KG have until Feb. 4
to register their claims with court-appointed insolvency manager
Gerhard Tonhauser.

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

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Gerhard Tonhauser
         Moltkestrasse 40
         74072 Heilbronn
         Tel: 07131/60990
         Fax: 07131/609961

The District Court of Heilbronn opened bankruptcy proceedings
against Guenther Schilling GmbH & Co. KG on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Guenther Schilling GmbH & Co. KG
         Austrasse 22
         74336 Brackenheim
         Germany


GZ GETRANKELAND: Claims Registration Period Ends Jan. 30
--------------------------------------------------------
Creditors of GZ Getrankeland Handels GmbH have until Jan. 30 to
register their claims with court-appointed insolvency manager
Frank Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during at 9:30 a.m. on March 10, at the same
venue.

The insolvency manager can be reached at:

         Frank Weber
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

The District Court of Mannheim opened bankruptcy proceedings
against GZ Getrankeland Handels GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GZ Getrankeland Handels GmbH
         Attn: Dr. Achim Strecker, Manager
         Helmertstr. 4-6
         68219 Mannheim
         Germany


MODERN-LIVING24.DE GMBH: Claims Registration Period Ends Jan. 29
---------------------------------------------------------------
Creditors of Modern-Living24.de GmbH have until Jan. 29 to
register their claims with court-appointed insolvency manager
Mirko Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Mirko Lehnert
         Kasinostrasse 9
         64293 Darmstadt
         Germany
         Tel: 06151-3968211
         Fax: 06151-3968220

The District Court of Darmstadt opened bankruptcy proceedings
against Modern-Living24.de GmbH on Jan. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Modern-Living24.de GmbH
         Attn: Thomas Diehl, Manager
         An der Appelsmuehle 10a
         64319 Pfungstadt
         Germany


O.K. HOCHBAU: Claims Registration Period Ends Jan. 28
-----------------------------------------------------
Creditors of O.K. Hochbau GmbH have until Jan. 28 to register
their claims with court-appointed insolvency manager Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against O.K. Hochbau GmbH on Jan. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         O.K. Hochbau GmbH
         Kronprinzstrasse 102
         40764 Langenfeld
         Germany

         Attn: Sezai Karakus, Manager
         Knappstrasse 19
         46238 Bottrop
         Germany


PETER RIXIUS: Claims Registration Period Ends Jan. 30
-----------------------------------------------------
Creditors of Peter Rixius Getranke-Handel GmbH & Co. KG have
until Jan. 30 to register their claims with court-appointed
insolvency manager Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Feb. 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 10, at the same venue.

The insolvency manager can be reached at:

         Dr. Georg Bernsau
         Feldbergstr. 45-47
         68163 Mannheim
         Germany
         Tel: 0621/810 974 0

The District Court of Mannheim opened bankruptcy proceedings
against Peter Rixius Getranke-Handel GmbH & Co. KG on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Peter Rixius Getranke-Handel GmbH & Co. KG
         Attn: Dr. Achim Strecker, Manager
         Helmerstr. 4-6
         68219 Mannheim
         Germany


SAM-INNENAUSBAU GMBH: Claims Registration Period Ends Jan. 25
-------------------------------------------------------------
Creditors of SAM-Innenausbau GmbH have until Jan. 25 to register
their claims with court-appointed insolvency manager Andre
Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630 to 39
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The District Court of Magdeburg opened bankruptcy proceedings
against SAM-Innenausbau GmbH on Jan. 28, 2007 .  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SAM-Innenausbau GmbH
         Fertigung und Einbau von genormten Bauelementen
         Klusweg 1-3
         39130 Magdeburg
         Germany

         Attn: Achim Engelmann, Manager
         Rapsbluete 1
         39171 Suelzetal
         Germany


SCHMIDT CAR: Claims Registration Period Ends Feb. 1
---------------------------------------------------
Creditors of Schmidt Car Service GmbH & Co. KG have until Feb. 1
to register their claims with court-appointed insolvency manager
Alexander Pfadenhauer.

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

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Alexander Pfadenhauer
         Sperberstrasse 47
         90461 Nuremberg
         Germany
         Tel: 0911/448171
         Fax: 0911/441332

The District Court of Nuremberg opened bankruptcy proceedings
against Schmidt Car Service GmbH & Co. KG on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schmidt Car Service GmbH & Co. KG
         Heisterstrasse 1 e
         90441 Nuremberg
         Germany


UWE BRAUN: Hasso Plattner Bails Firm from Possible Insolvency
--------------------------------------------------------------
Uwe Braun GmbH avoided insolvency after it was sold to IT
entrepreneur Hasso Plattner, The Financial Times reports citing
Suddeutsche Zeitung as its source.

Mr. Plattner, one of the founders of German software company
SAP, has increased his stake in Uwe Braun from 25.1% to 100%.

Meanwhile, Uwe Peter Braun, founder and head of Uwe Braun, has
stepped down as manager but remained as a consultant owing to
his extensive technical knowledge, Financial Times relates.

Headquartered in Alzenau, Germany, Uwe Braun GmbH --
http://www.uwe-braun.de/-- is a digital and optical interface
manufacturer company.


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


ELAN CORP: US FDA Approves TYSABRI Biologics License Application
----------------------------------------------------------------
The U.S. Food and Drug Administration has approved the
supplemental Biologics License Application of Elan Corporation
plc and Biogen Idec for TYSABRI(R) (natalizumab).

TYSABRI is approved for inducing and maintaining clinical
response and remission in adult patients with moderately to
severely active Crohn's disease with evidence of inflammation
who have had an inadequate response to, or are unable to
tolerate, conventional CD therapies and inhibitors of TNF-alpha.
TYSABRI will be available for the treatment of CD upon the
completion of key implementation activities related to the
approved risk management plan.  The companies anticipate TYSABRI
will be available to Crohn's patients by the end of February
2008.

"The FDA's approval of TYSABRI is an important step forward in
the treatment of Crohn's disease," Dr. Stephen Hanauer,
professor of Medicine & Clinical Pharmacology & chief of the
Section of Gastroenterology at the University of Chicago
Pritzker School of Medicine, said.  "A significant number of
patients either fail or cannot tolerate current therapies.  The
unique mechanism of action of TYSABRI affords us a new class of
therapy in our fight against this debilitating disease."

The FDA granted approval based on its review of TYSABRI CD
clinical trial data and overall safety data.  The approval is
accompanied by robust labeling with safety warnings; and a CD-
specific risk management plan (including the mandatory TOUCH(TM)
Prescribing Program) designed to inform prescribers, patients
and infusion centers about the use of TYSABRI and to minimize
potential risk of progressive multifocal leukoencephalopathy and
other opportunistic infections.

"We are delighted that TYSABRI will be available for Crohn's
patients and their physicians, who continue to need new
therapeutic options with novel mechanisms of action," Gordon
Francis, MD, senior vice president, Global Clinical
Development, Elan, said.  "We are committed to providing
therapeutic choice to those patients who can benefit from
TYSABRI, and will continue to work with the FDA and the medical
community to implement the TOUCH(TM) Prescribing Program for
Crohn's patients."

"We are pleased with the FDA's decision to make TYSABRI
available to Crohn's patients suffering from this chronic,
debilitating disease," Evan Beckman, MD, senior vice president,
Immunology Research and Development, Biogen Idec, said.
"Despite the therapeutic advances of the TNF-alpha inhibitors in
CD, there remains a significant unmet need for Crohn's patients
who have inadequate responses to, or are unable to tolerate,
current CD therapies."

                  TOUCH(TM) Prescribing Program

The TOUCH(TM) (TYSABRI Outreach: Unified Commitment to Health)
Prescribing Program was developed in conjunction with the FDA to
facilitate appropriate use of TYSABRI and to assess, on an
ongoing basis, the incidence and risk factors for PML and other
serious opportunistic infections associated with TYSABRI
treatment.  This program represents Elan and Biogen Idec's
commitment to making the unique benefits of TYSABRI available in
a responsible manner.  The program already has been implemented
for patients receiving TYSABRI therapy for MS.

                          About TYSABRI

Data from the ENCORE trial showed that TYSABRI induced response
and remission among patients with moderately to severely active
Crohn's disease, and objective evidence of inflammation, as
measured by elevated C-reactive protein.  After 12 weeks of
therapy, 60% of TYSABRI-treated patients attained response,
compared to 44% of placebo treated patients, and 48% of patients
had sustained response at both weeks 8 and 12, compared to 32%
of placebo treated patients (p less than 0.005 for both).  Among
the patients who had inadequate response to prior treatment with
inhibitors of TNF-alpha, 38% achieved sustained response at
weeks 8 and 12.

Data from the ENACT-2 showed that an additional year of TYSABRI
therapy sustained response and remission among patients with an
initial response to TYSABRI after 3 months in ENACT-1.  Of
patients with response in ENACT-1, sustained response during
ENACT-2 was seen in 61% of patients treated with TYSABRI at
every visit through an additional 6 months of therapy, compared
to 29% for placebo.  This treatment difference was also
sustained through 12 months of additional therapy (54% vs. 20%).
Remission was sustained at every visit with an additional 6
months or 12 months of TYSABRI in 45% and 40% of patients,
respectively, compared to 26% and 15% of placebo treated
patients (p less than 0.005 for all comparisons).  Among the
patients that had previously failed TNF-inhibitors, response and
remission was sustained at every visit through an additional 6
months of TYSABRI in 52% and 30% of patients, respectively.
Among patients on steroids and in whom a clinical response was
achieved, approximately two-thirds were able to discontinue
steroids within 10 weeks of beginning to taper steroids.

TYSABRI increases the risk of PML, an opportunistic viral
infection of the brain that usually leads to death or severe
disability.  Other serious adverse events that have occurred in
TYSABRI-treated patients included hypersensitivity reactions
(e.g., anaphylaxis) and infections.  Serious opportunistic and
other atypical infections have been observed in TYSABRI-treated
patients, some of whom were receiving concurrent
immunosuppressants.  Herpes infections were slightly more common
in patients treated with TYSABRI.  In MS and CD clinical trials,
the incidence and rate of other serious adverse events,
including serious infections, were similar in patients receiving
TYSABRI and those receiving placebo.  Common adverse events
reported in TYSABRI-treated MS patients include headache,
fatigue, infusion reactions, urinary tract infections, joint and
limb pain, and rash.  Other common adverse events reported in
TYSABRI-treated CD patients include respiratory tract infections
and nausea.  Clinically significant liver injury has been
reported in patients treated with TYSABRI in the post-marketing
setting.

TYSABRI has previously been approved for relapsing forms of MS
in the United States and relapsing-remitting MS in the European
Union.  According to data that have been published in the New
England Journal of Medicine, after two years, TYSABRI treatment
led to a 68% relative reduction (p less than 0.001) in the
annualized relapse rate compared to placebo and reduced the
relative risk of disability progression by 42-54% (p less than
0.001).  In addition to the United States and European Union,
TYSABRI is also approved for MS in Switzerland, Canada,
Australia, New Zealand and Israel.  TYSABRI was discovered by
Elan and is co-developed with Biogen Idec.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service confirmed its B3 Corporate Family Rating for
Elan Corporation plc and assigned a B2 probability-of-default
rating to the company.

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

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65


INTERNATIONAL SECURITIES: Court Extends Examinership to Feb. 6
--------------------------------------------------------------
The Hon. Peter Kelly of The High Court of Ireland has given
John McStay, examiner to International Securities Trading
Corporation Plc, until Feb. 6, 2008, to prepare his report on
the company's financial condition, The Irish Times reports.
Justice Kelly also extended the company's examinership to the
same day.

As reported in the TCR-Europe on Dec. 26, 2007, Mr. McStay had
to present his report to the High Court by Jan. 11, 2008.

In his interim report, Mr. McStay applied for the extension of
the company's examinership, and confirmed the opinion of an
independent accountant that ISTC had a reasonable prospect of
survival, The Irish Times relates.

Justice Kelly noted that ISTC's creditor banks have supported
the examinership.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.

The company disclosed on Nov. 12, 2007, that given the
uncertainty to ISTC's funding position, the company will enter
into discussions with its providers of finance with the
objective of making appropriate amendments to their respective
financing terms.

Pending the outcome of these negotiations, ISTC has decided to
defer certain payments under financing obligations.


WR GRACE: Court Approves U.S. Trustee's Plea to Appoint Examiner
----------------------------------------------------------------
The Honorable Alan Shiff of the U.S. Bankruptcy Court for the
District of Connecticut, who is overseeing the bankruptcy case
of L. Tersigni Consulting CPA, P.C., has permitted Diana G.
Adams, U.S. Trustee for Region 2, to appoint an examiner to
investigate the billing practices and alleged misconduct of the
accounting firm.

Aside from its investigative function, the Examiner will
identify any claims the Tersigni firm may have against third
parties.  The Examiner, according to Judge Shiff, will be paid
and reimbursed by the Tersigni estate, provided that its fees
and expenses will be capped at US$100,000.

Judge Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware has previously authorized Kelly Stapleton,
U.S. Trustee for Region 3, to appoint an examiner to investigate
the same allegations against the Tersigni firm.

In June 2007, Ms. Stapleton asked Judge Fitzgerald to appoint an
examiner after several former employees of the Tersigni firm
accused its former owner, Loreto Tersigni, of overpadding bills
invoiced to the firm's clients.  The Tersigni firm has
represented asbestos creditors in bankrupt asbestos companies
like W.R. Grace & Co., Federal-Mogul Corporation, and Owens
Corning.  Judge Fitzgerald oversees most of the bankruptcy cases
of the Asbestos Debtors.

In December 2007, Judge Fitzgerald stayed all proceedings
related to the appointment request pending Judge Shiff's action
on the appointment request.

Other bankrupt asbestos companies like G-I Holdings and the
bankrupt asbestos subsidiaries of ASARCO LLC have asked the
Connecticut Court to appoint a Chapter 11 examiner to oversee
the Tersigni case.

The Tersigni firm, represented by Marc Stuart Goldberg, Esq., at
M. Stuart Goldberg, LLC, in New York, vehemently opposed the
appointment of a Chapter 11 examiner noting that there has been
no finding that the Tersigni firm engaged in misconduct or
fraud.

The Tersigni firm, however, did not oppose appointment of an
examiner to investigate the alleged bill overpadding.

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence,
Pennsylvania.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLC, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
has commenced on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 147; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


ALITALIA SPA: Commences Exclusive Talks with Air France-KLM
-----------------------------------------------------------
Alitalia S.p.A. has commenced exclusive talks with Air France-
KLM S.A. over the sale of the Italian government's 49.9% stake
in the national carrier, Reuters reports citing a spokeswoman
for the French airline.

The carriers have two months to reach an agreement, which would
be approved by the government.

As reported in the TCR-Europe on Jan. 15, 2007, Tommaso Padoa
Schioppa, Italy's finance minister, has delivered a letter to
Alitalia S.p.A. approving the commencement exclusive talks with
Air France-KLM.

In its non-binding offer, Air France plans to:

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

   -- acquire 100% of Alitalia convertible bonds; and

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

Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700
jobs and defended plans to downsize Alitalia's operations in
Milan's Malpensa airport.

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

Mr. Schioppa will represent the Italian government during sale
talks and will evaluate whether to sell to the state's majority
stake in Alitalia, Agenzia Giornalistica Italia says.

                          About Alitalia

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

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

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


FIAT SPA: Buys Back 3.86 Million Ordinary Shares
------------------------------------------------
Fiat S.p.A. purchased 38,609 Fiat ordinary shares at the average
price of EUR16.4254 including fees on Jan. 11, 2008, within the
frame of the buy back program announced on April 5, 2007.

On Jan. 10, 2008, the company bought 3.851 million Fiat ordinary
shares at the average price of EUR16.1705 including fees.

From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to 31.54
million for a total invested amount of EUR603.4 million.

                    Share Repurchase Program

At a stockholders meeting on April 5, 2007, Fiat authorized the
purchase of treasury shares from the aggregate three classes of
stock, which shall not exceed in the aggregate 10% of the
capital stock and maximum amount of EUR1.4 billion.  The
authorization will last 18 months from April 5, 2007, and will
therefore expire on Oct. 5, 2008.  The buy back will be carried
out on the regulated markets as:

   -- it will end on April 30, 2008, or once the maximum amount
      of EUR1.4 billion or a number of shares equal to 10% of
      the capital stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the stock exchange on the day
      before the purchase is made; and

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson
--------------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli S.p.A. and Sumi Motherson Group
have signed an agreement for the creation of a joint venture in
India aimed at the production of automotive components in the
area of lighting and engine control systems.

According to the provisions of the agreement, Magneti Marelli
Holding and Sumi Motherson Group, through its holding company
Samvardhana Motherson Finance Limited, will each own a 50%
interest in the joint venture.

The industrial facilities will be located in the areas of New
Delhi and Pune and will concentrate on the production and
assembly of intake manifolds for engines and headlamps and rear
lamps for automobiles.

The joint venture's activities will target the Indian market and
the local and international carmakers operating in the
territory.

"The joint venture with Sumi Motherson Group represents our
second important agreement signed in India within a few months,
and it confirms our strategy to be directly present on the
automotive markets featuring a high growth rate, at the service
of our global automotive clients and of local companies,"
Eugenio Razelli Magneti Marelli CEO disclosed.

"Thanks to a solid partner like Sumi Motherson, in addition to
further expanding our offer in the powertrain sector, we will
also be able to play an important role in India in the area of
lighting systems for motor vehicle. Shared investments with
local partnerships facilitate rapid growth in fast developing
markets. In those markets, that are becoming more and more
global, the need for technology is growing rapidly," Mr. Razelli
added.

"The joint venture with Magneti Marelli will further strengthen
our existing relations in the Automotive Industry.  We are
continuously exploring new areas and niches where we can add
value by acquiring new technologies.  We firmly believe that we
will be able to provide the latest and world class products to
our customers in the areas of lighting and engine control
systems.  This joint venture will further enhance our philosophy
of creating more value per car," V.C. Sehgal Sumi Motherson
chairman disclosed.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles. It has 45 production facilities and 25,000 employees
and a turnover of EUR4.5 billion in 2006.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


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


ASTANA FINANCE: Fitch Rates EUR40 Million Loan Final BB+ Rating
---------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based JSC Astana Finance's
EUR40 million tap issue a final Long-term rating of 'BB+'.

The notes were issued on Dec. 21, 2007 and will be consolidated
to form a single series with the EUR300 million 7.875% notes due
2010 raised off the company's US$2 billion EMTN program in
June 2007.

AF was created in 1997 by the Municipality of Astana to
facilitate development finance (loans, leasing and equity) for
Astana, the capital of Kazakhstan, and for the surrounding
Akmola region.  It has since diversified geographically and into
certain aspects of investment banking.


BUILD MARKET-T: Proof of Claim Deadline Slated for Feb. 7
---------------------------------------------------------
LLP Build Market-T declares about its insolvency.  Creditors
have until Feb. 7 to submit written proofs of claims to:

         LLP Build Market-T
         Bytovaya Str. 20
         Karaganda
         Kazakhstan


COMPLEX KYRMAN: Creditors Must File Claims by Feb. 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Complex Kyrman insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


GRIVILU LLP: Claims Filing Period Ends February 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Grivilu insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


JEZ URAL: Creditors Must File Proofs of Claim by February 8
-----------------------------------------------------------
LLP Jez Ural Snab has declared insolvency.  Creditors have until
Feb. 8 to submit written proofs of claims to:

         LLP Jez Ural Snab
         Pushkin Str. 8-32
         Jezkazgan
         Karaganda
         Kazakhstan


JOLYNDY LLP: Creditors Must File Proofs of Claim by February 7
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Jolyndy 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


KARAGANDA-NEDRA LLP: Proof of Claim Deadline Slated for Feb. 12
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Karaganda-Nedra insolvent.

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

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


KARAGANDA PHOTO: Creditors Must File Claims by February 12
----------------------------------------------------------
LLP Karaganda Photo Express has declared insolvency.  Creditors
have until Feb. 12 to submit written proofs of claims to:

         LLP Karaganda Photo Express
         Ermekov Str. 73/2-31
         Karaganda
         Kazakhstan


PROGRESS LLP: Claims Filing Period Ends February 8
--------------------------------------------------
LLP Financial Company Progress has declared insolvency.
Creditors have until Feb. 8 to submit written proofs of claims
to:

         LLP Financial Company Progress
         Tole bi Str. 156-121
         Almaty
         Kazakhstan


SHIN EXPORT: Creditors' Claims Due on February 12
------------------------------------------------
LLP Shin Export has declared insolvency.  Creditors have until
Feb. 12 to submit written proofs of claims to:

         LLP Shin Export
         Micro District 17, 21-11
         Shymkent
         South Kazakhstan
         Kazakhstan


STROY MAK: Claims Registration Ends February 7
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Stroy Mak insolvent.

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

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


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


INDO-KYRGYZ MOTORS: Creditors Must File Claims by February 7
------------------------------------------------------------
LLC Indo-Kyrgyz Motors has declared insolvency.  Creditors have
until Feb. 7 to submit written proofs of claim to:

         LLC Indo-Kyrgyz Motors
         Micro District 6, 9/2
         Bishkek
         Kyrgyzstan


===========
L A T V I A
===========


NORVIK BANKA: Fitch Affirms Long-term IDR B+ with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has changed Latvia-based Norvik Banka's Outlook to
Stable from Positive.  The ratings are affirmed at Long-term
Issuer Default 'B+', Short-term IDR 'B', Individual 'D' and
Support '5'.  The Support Floor is affirmed as 'No Floor'.

The change in Outlook reflects the challenges the bank faces to
grow, while maintaining healthy performance in Latvia where the
economy is going through a soft landing, without increasing its
risk profile.  It also reflects lower liquidity and increasing
funding costs.

The ratings also consider the significant operational risk
arising from its non-resident business, although this risk has
declined moderately because of highly strengthened anti-money
laundering procedures and a decision to reduce the amount of
non-resident business it has undertaken since 2004.

The ratings are positively affected by the bank's healthier
profitability, improved risk management systems and efforts to
increase its domestic business aimed at creating a stronger and
more sustainable franchise.

After Straumborg, a family-owned Icelandic investment company,
bought a majority stake in January 2006, Norvik Banka's strategy
has become increasingly focused on domestic business than on
serving non-resident clients, although progress in achieving
this transformation has been relatively slow.

Profitability is healthier with higher interest income.
However, funding costs have been increasing as the bank
diversifies away from non-interest-bearing non-resident deposits
to resident deposits and international bank funding.  Future
funding is likely to be more expensive and non-interest expenses
are increasing with growth, raising pressure to achieve a high
yield on assets.

The bank is an active proprietary trader, mainly on the Russian
bond market, and a meaningful portion of bank placements are
with Russian banks, resulting in reduced balance sheet
liquidity.  Although deposits have been fairly stable to date, a
more aggressive approach to liquidity management has reduced
flexibility to deal with funding problems should they arise.

Non-resident customer deposits continue to decline, with funding
increasingly coming from the domestic market, and Norvik Banka
has completed four syndicated loans.  Norvik Banka's equity base
has grown through share issuance, retained profits and
subordinated debt, but capital ratios are only satisfactory due
to rapid loan growth.

Norvik Banka was the 10th-largest bank by assets in Latvia at
end of first half of 2007.


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


EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results
---------------------------------------------------------------
Evraz Group S.A. released its fourth quarter and fiscal year
2007 operational results as:

Production Volumes*

Product, '000 toes  FY 2007 FY 2006 FY 2007/ 4Q 2007 4Q 2007/
unless otherwise                      FY 2006          3Q 2007
Stated                                change**         change**

Steel division

Pig iron             12,575   12,754  (1.4)%   3,332   20.7%
Crude steel          16,333   16,115  1.4%     4,232   15.1%
Rolled products,
net of rerolled
volumes              15,217   14,457  5.3%     4,024   15.8%
Semi-finished
products              4,101    6,228  34.2)%    1,143  84.4%
Construction products 4,781    4,208  13.6%     1,182  (3.3)%
Railway products      2,266    1,572  44.1%       621  10.3%
Flat-rolled products  2,201    1,620  35.9%       575  (3.6)%
Tubular products        482       14  n/a         133  7.0%
Other steel products  1,352      815  65.9%       348  4.4%

Mining division
Iron ore (saleable products)

Concentrate           3,504    2,523  38.9%       914  (1.0)%
Sinter                7,785    8,544  (8.9)%    1,794  (6.3)%
Pellets               6,029    5,922  1.8%      1,416  (1.6)%

Coal3

Coking coal (mined)   7,512     743  n/a        1,931  42.7%
Steam coal (mined)    5,142      99  n/a        1,142  (13.4)%
Concentrate
(production)          4,348     n/a               881  12.5%

Vanadium (tons of V)

Vanadium in slag
(saleable)           11,752   11,653  0.8%      2,889  (1.0)%
Vanadium in alloys
and chemicals        11,934    1,415  n/a       3,916  9.5%

Average Selling Prices

US$/ton  (ex works)    FY 2007   FY 2006  4Q 2007  3Q 2007
unless otherwise stated

Mining division

Iron ore

Concentrate             69        53       71       71
Sinter                  84        64       88       85
Pellets                 84        65       88       83

Coal

Coking coal             44        30       50       40
Steam coal              27        48       26       25
Concentrate             92        n/a      109      78

* All information on production volumes of the enterprises
presented in the press release concerns only the period of
their operation within Evraz Group.  The total volume of
rolled steel products excludes those re-rolled at other
Group's plants.  These volumes are eliminated as intercompany
sales for purposes of Evraz's consolidated operating results.

** Percentage changes may not be exact due to rounding.

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/--  is one of the largest vertically-
integrated steel and mining businesses.  In 2006, Evraz Group
produced 16.1 million tonnes of crude steel.  Evraz Group's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region and West Siberian and
Novokuznetsk in Siberia, as well as Palini e Bertoli in Italy,
Evraz Vitkovice Steel in the Czech Republic, and Evraz Oregon
Steel Mills headquartered in the USA.  Its fast-growing mining
businesses comprise Evrazruda, the Kachkanarsky and Vysokogorsky
iron ore mining complexes, Yuzhkuzbassugol company and an equity
interest in the Raspadskaya coal company.  The mining assets
enable Evraz Group to be a vertically-integrated steel producer.
Evraz Group also owns and operates the Nakhodka commercial sea
port, in the Far East of Russia.  Evraz vanadium operations
comprise Strategic Minerals Corporation, USA, and Highveld Steel
and Vanadium Corporation, South Africa.

                         *     *     *

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

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

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


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


BLACKBOARD INC: To Acquire NTI Group for US$182 Million
-------------------------------------------------------
Blackboard Inc. disclosed a definitive agreement to acquire
privately-held NTI Group, Inc.  Under terms of the agreement,
Blackboard will acquire NTI for US$182 million subject to
certain adjustments. The purchase price will be paid US$132
million in cash and US$50 million in stock.  In addition, up to
an additional US$17 million in consideration may be paid in
stock based on attainment of certain financial targets over the
two years following the close of the acquisition.

This acquisition enables Blackboard to better help institutions
address several key challenges and trends which are taking place
within the education community, namely:

   1. as online learning continues to grow and more institutions
      utilize the internet to connect with traditional and
      virtual students, it is becoming increasingly important to
      have the capability to deliver mass communications with
      large populations of users across an array of technical
      devices;

   2. in addition, it has become imperative that academic
      institutions have the ability to quickly and effectively
      communicate with their entire campus constituency in the
      wake of a range of school and campus tragedies, severe
      weather and other safety concerns; and

   3. institutions are focusing on mobile-centric strategies and
      looking to tightly integrate their learning environments
      with cell phones and PDAs.

In addition, this positions Blackboard to assist Governmental
agencies and municipalities which are also increasingly expected
to reach their entire constituencies directly in an expeditious,
time sensitive and cost-effective manner in the event of serious
public safety matters.

The acquisition of the NTI Group moves Blackboard into the fast-
growing alert and notification market, forecast by Yankee Group
to grow to an estimated US$1.2 billion in revenue in the United
States by 2011, representing a five-year compounded average
annual growth rate of over 30%.  The combination of Blackboard
and NTI adds another mission-critical offering to Blackboard's
existing suite of enterprise products and fulfills a key
education technology priority.  The addition of NTI's Connect-ED
offering will allow Blackboard to extend its leadership in North
American higher education and establish a much more significant
presence with U.S. K-12 institutions where NTI has already
established a significant client base.

NTI is located in Sherman Oaks, California and provides
comprehensive communication services designed specifically for
academic institutions as well as local, state and federal
government entities.  As of the third quarter of 2007, NTI had
more than 1,200 contracts for the Connect-ED system in the U.S.
K-12 market covering more than 14,000 schools and districts.
NTI had 130 contracts in the U.S. higher education market
covering approximately 200 colleges and universities.
Additionally, the Connect-CTY, Connect-GOV and Connect-MIL
services provide mass notification functionality to a fast
growing number of municipal, government and military customers.

The company's mass notification systems are designed to allow
users to quickly and easily record and send time-sensitive
notifications to thousands of people in minutes using just a
computer or telephone.  The NTI service operates as a fully
hosted, fully managed Application Service Provider/Software as a
Service; users are able to deploy a complete messaging and
notification system without investing in, or maintaining,
hardware, software, or additional phone lines.  Messages can be
sent to recipients' landlines, cell phones, PDAs/text- based
devices, SMS, e-mail accounts, and TTY/TDD devices for the
hearing impaired.

"Time-sensitive mass notification systems are a top priority for
global academic institutions," said Michael Chasen, Blackboard's
President and Chief Executive Officer.  "NTI is the leading
provider of these systems to educational institutions and
government agencies and the addition of their solutions is an
excellent next step in the growth of Blackboard's product
portfolio.  NTI expands our client base significantly and in
particular adds more than 1,200 new relationships with key IT
decision makers in the K-12 market.  I believe the union of our
companies will create substantial cross- selling opportunities
and add significant shareholder value."

"We are extremely pleased to become a part of Blackboard and
enhance their product offering with our mission critical
communications technology," said Robin Richards, NTI Chairman
and Chief Executive Officer.  "We believe that we can leverage
Blackboard's existing infrastructure, geographic diversity and
relationships in higher education to efficiently expand the
reach of our communications platform."

Both companies' Boards of Directors have approved the
transaction.  Subject to regulatory approval and other customary
closing conditions, the transaction is expected to close in the
first quarter of 2008.  The combined companies will operate
under the Blackboard name and brand with corporate headquarters
located in Washington, DC.

                      Acquisition Benefits

The combination of Blackboard and NTI unites two innovators
serving academic institutions, as well as government and
corporate clients.  Key strengths expected from the combination
include:

   -- Combined client base of more than 4,900 K-12 schools,
      colleges and universities as well as a growing presence in
      government organizations and corporations;

   -- Unmatched depth and breadth of product offering;

   -- Enhanced cross-selling opportunities to both the existing
      NTI and Blackboard client bases;

   -- Strengthened management with extensive experience in
      global education technology; and

   -- Increased revenue growth, profitability and cash flow over
      time.

                 Financial Details of the Acquisition

NTI's business model offers many of the same financial
characteristics as Blackboard's, including an annual recurring
subscription-based licensing model, ratable revenue recognition,
a stable institutional client base and historically high renewal
rates.  As a result, the combination is expected to enhance
growth and profitability over time.  Blackboard expects the
transaction to be slightly accretive to earnings on a non-GAAP
adjusted basis excluding the impact of purchase accounting
adjustments on deferred revenues and non-recurrinfedders corpg
merger-related costs and dilutive on a GAAP basis for fiscal
year 2008.

Blackboard retained Wachovia Securities as its financial advisor
and Dewey & LeBoeuf as its legal advisor.  NTI retained UBS
Investment Bank as its financial advisor and Latham and Watkins
LLP as its legal advisor.

                     About Blackboard Inc.

Headquartered in Washington, D.C., Blackboard Inc. (Nasdaq:
BBBB) provides enterprise software applications and related
services to the education industry.  Founded in 1997, Blackboard
enables educational innovations everywhere by connecting people
and technology.  With two product suites, the Blackboard
Academic Suite(TM) and the Blackboard Commerce Suite(TM),
Blackboard is used by millions of people at academic
institutions around the globe, including colleges, universities,
K-12 schools and other education providers, as well as textbook
publishers and student-focused merchants that serve education
providers and their students.  Blackboard has offices in North
America, the Netherlands, Australia, and China.


BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on Blackboard Inc. (B+/Positive/--) would not be affected by the
company's announced acquisition of The NTI Group Inc., a
provider of mass notification systems to schools, for US$182
million, of which US$132 million will be in cash and the
remaining amount will be in common stock.  The agreement also
includes earnout of up to US$17 million in common stock based
upon the achievement of certain performance milestones.

In 2007, NTI had revenue of approximately US$30 million.  At
worst case, Washington, District of Columbia-based Blackboard's
acquisition of NTI would leave operating lease-adjusted debt
leverage unchanged at 3.3x as of Sept. 30, 2007, which is good
for the rating.  However, Standard & Poor's expects the
transaction to be EBITDA accretive and leverage to improve
slightly from its current level.  Following this transaction,
Blackboard still has some capacity for debt-financed
acquisitions at the current rating.


SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer
-------------------------------------------------------------
Syniverse Technologies has named Jeffrey S. Gordon as chief
technology officer, succeeding Paul Wilcock who is retiring
after 20 years with the company.

"It has been a privilege working with Paul," said Tony Holcombe,
the company's President and Chief Executive Officer.  "He not
only led the development and introduction of products and
services that are the foundation of our company today, but he
also is an outstanding leader in our organization."

Mr. Wilcock will remain with Syniverse through March 31 to
assist with the organizational transition, and will continue on
a consulting basis for the following twelve months.

Holcombe said that although Wilcock will be missed, he is
looking forward to working with Gordon.

"Jeff brings to us a wealth of technology leadership experience
in the wireless space, and his broad global experience is a
perfect fit for Syniverse as we continue to grow our business
throughout the world," he said.

Mr. Gordon joins Syniverse after 19 years in senior technology
roles.  Most recently, he was senior vice president of industry
solutions at Convergys Corporation (NYSE: CVG).  Prior to
Convergys, he held a wide range of key technology positions at
Bell Atlantic, IBM and General Electric.  Mr. Gordon, who is the
author of seven U.S. patents relating to systems architecture
and wireless communications, also served on the boards of
Intelesolve, Edge Capital and Convergys Information Management
India.

"I'm very pleased to join the Syniverse team," Mr. Gordon said.
"The company plays a vital role in providing interoperability
and clearing house services for mobile operators worldwide, and
has an outstanding reputation for customer service.  I look
forward to working with Syniverse customers to make sure the
solutions we offer them meet both their business and technology
requirements."

Mr. Gordon is a graduate of the IBM Systems Research Institute
and earned his bachelor's degree in electrical engineering
honors from Purdue University.

                         About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.  The company has offices in the
Netherlands, Brazil and China.

                       *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


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


EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results
---------------------------------------------------------------
Evraz Group S.A. released its fourth quarter and fiscal year
2007 operational results as:

Production Volumes*

Product, '000 toes  FY 2007 FY 2006 FY 2007/ 4Q 2007 4Q 2007/
unless otherwise                      FY 2006          3Q 2007
Stated                                change**         change**

Steel division

Pig iron             12,575   12,754  (1.4)%   3,332   20.7%
Crude steel          16,333   16,115  1.4%     4,232   15.1%
Rolled products,
net of rerolled
volumes              15,217   14,457  5.3%     4,024   15.8%
Semi-finished
products              4,101    6,228  34.2)%    1,143  84.4%
Construction products 4,781    4,208  13.6%     1,182  (3.3)%
Railway products      2,266    1,572  44.1%       621  10.3%
Flat-rolled products  2,201    1,620  35.9%       575  (3.6)%
Tubular products        482       14  n/a         133  7.0%
Other steel products  1,352      815  65.9%       348  4.4%

Mining division
Iron ore (saleable products)

Concentrate           3,504    2,523  38.9%       914  (1.0)%
Sinter                7,785    8,544  (8.9)%    1,794  (6.3)%
Pellets               6,029    5,922  1.8%      1,416  (1.6)%

Coal3

Coking coal (mined)   7,512     743  n/a        1,931  42.7%
Steam coal (mined)    5,142      99  n/a        1,142  (13.4)%
Concentrate
(production)          4,348     n/a               881  12.5%

Vanadium (tons of V)

Vanadium in slag
(saleable)           11,752   11,653  0.8%      2,889  (1.0)%
Vanadium in alloys
and chemicals        11,934    1,415  n/a       3,916  9.5%

Average Selling Prices

US$/ton  (ex works)    FY 2007   FY 2006  4Q 2007  3Q 2007
unless otherwise stated

Mining division

Iron ore

Concentrate             69        53       71       71
Sinter                  84        64       88       85
Pellets                 84        65       88       83

Coal

Coking coal             44        30       50       40
Steam coal              27        48       26       25
Concentrate             92        n/a      109      78

* All information on production volumes of the enterprises
presented in the press release concerns only the period of
their operation within Evraz Group.  The total volume of
rolled steel products excludes those re-rolled at other
Group's plants.  These volumes are eliminated as intercompany
sales for purposes of Evraz's consolidated operating results.

** Percentage changes may not be exact due to rounding.

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/--  is one of the largest vertically-
integrated steel and mining businesses.  In 2006, Evraz Group
produced 16.1 million tonnes of crude steel.  Evraz Group's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region and West Siberian and
Novokuznetsk in Siberia, as well as Palini e Bertoli in Italy,
Evraz Vitkovice Steel in the Czech Republic, and Evraz Oregon
Steel Mills headquartered in the USA.  Its fast-growing mining
businesses comprise Evrazruda, the Kachkanarsky and Vysokogorsky
iron ore mining complexes, Yuzhkuzbassugol company and an equity
interest in the Raspadskaya coal company.  The mining assets
enable Evraz Group to be a vertically-integrated steel producer.
Evraz Group also owns and operates the Nakhodka commercial sea
port, in the Far East of Russia.  Evraz vanadium operations
comprise Strategic Minerals Corporation, USA, and Highveld Steel
and Vanadium Corporation, South Africa.

                         *     *     *

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

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

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


ROSNEFT OIL: Wants US$2 Billion Syndicated Loan to Repay Debt
-------------------------------------------------------------
OAO Rosneft Oil Co. is holding talks with banks on raising a
US$2 billion five-year syndicated loan secured on oil export
revenues, Reuters reports citing a banking source.

Rosneft would use part of the amount to repay US$11.75 billion
in bridging loans, US$2.7 billion of which are due March 2008,
the source added to Reuters.  The company used the bridging loan
extended by eights banks to finance its acquisition of Yukos
assets early 2007.

The source told Reuters that the transaction will carry higher
pricing than the margin of 50 to 57.5 basis points over LIBOR,
that the oil group paid on its previous US$3.1 billion loan
signed in July 2007.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         *     *     *

OAO Rosneft Oil Co. carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services.  S&P said the
outlook is positive.  Ratings apply to date.


SEVERSTAL OAO: Consolidates 71.1% Stake in SeverCorr
----------------------------------------------------
OAO Severstal has consolidated its 71.1% holding in SeverCorr
after acquiring 100% of Baracom Limited, RIA Novosti reports.

According to RIA Novosti, Severstal bought Baracom, which holds
an 18.5% stake in Servercorr, from Aleksei Mordashov, who also
sits as Severstal CEO.

The transaction was valued at US$84.4 million.

Severstal expects to commence the full consolidation of
SeverCorr's financial this quarter.

                        About SeverCorr

SeverCorr is Severstal's and its American partners' super-modern
mini-mill, located in Columbus, Mississippiutilizing electric
steel melting technology.  The plant is capable of producing up
to 1.3 million tons of high-quality steel per year.  It employs
450 people and is located in close proximity to railway and
major highway networks.  The plant is also well-placed to
benefit from the automobile plants currently under construction
in the south of the U.S.A.  The mini mill's products are
intended for use in the automotive, construction, agrarian,
pipe-making and machine-building sectors.

                         About Severstal

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

                         *     *     *

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

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

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


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


ATTILA DESIGN: Creditors' Liquidation Claims Due by January 18
--------------------------------------------------------------
Creditors of LLC ATTILA DESIGN have until Jan. 18 to submit
their claims to:

         Attila Morocz
         Gartnerstrasse 12
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         LLC ATTILA DESIGN
         Zurich
         Switzerland


BIOHOF KUPPELWIESER: Creditors Must File Claims by January 21
-------------------------------------------------------------
Creditors of LLC Biohof Kuppelwieser have until Jan. 21 to
submit their claims to:

         Kuppelwieser Annelies
         Liquidator
         Heuloser
         7310 Bad Ragaz
         Sarganserland SG
         Switzerland

The Debtor can be reached at:

         LLC Biohof Kuppelwieser
         Bad Ragaz
         Sarganserland SG
         Switzerland


EUROPEAN TRADING: Creditors' Liquidation Claims Due by Jan. 18
--------------------------------------------------------------
Creditors of LLC European Trading Group (Switzerland) have until
Jan. 18 to submit their claims to:

         LLC European Trading Group (Switzerland)
         Hoschgasse 68
         8008 Zurich
         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


FREE-TRANS JSC: St. Gallen Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Dec. 5, 2007, an
order closing the bankruptcy proceedings of JSC Free-Trans.

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

         Bankruptcy Service of St. Gallen
         Branch Oberuzwil
         Fritz Buchschacher
         9242 Oberuzwil
         Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         JSC Free-Trans
         Hubstrasse 104
         9500 Wil
         Wahlkreis Wil SG
         Switzerland


KMC MANAGEMENT: Schwyz Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of March in Schwyz commenced bankruptcy
proceedings against LLC KMC Management Consulting on Oct. 16,
2007.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC KMC Management Consulting
         Zurcherstrasse 12
         8853 Lachen
         March SZ
         Switzerland


METE HAN: Basel-Country Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Liestal in Basel-Country commenced
bankruptcy proceedings against LLC Mete Han Transport on
Nov. 14, 2007.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Mete Han Transport
         Oskar Bider-Strasse 29
         4410 Liestal BL
         Switzerland


PIZZAKURIER DA VINC: Thurgau Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Thurgau entered Dec. 6, 2007, an order
closing the bankruptcy proceedings of LLC Pizzakurier da Vinc.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Pizzakurier da Vinc
         Bahnhofstrasse 1a
         8570 Weinfelden TG
         Switzerland


SPANISCHE WEINHALLE: Creditors Must File Claims by January 18
-------------------------------------------------------------
Creditors of JSC Spanische Weinhalle have until Jan. 18 to
submit their claims to:

         JSC OBT
         Rorschacherstrasse 63
         9004 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Spanische Weinhalle
         Rapperswil-Jona SG
         Switzerland


SOFT4WORKS LLC: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC soft4works on December 3, 2007.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC soft4works
         Tramstrasse 11
         5034 Suhr
         Aarau AG
         Switzerland


YOU & ME: Creditors' Liquidation Claims Due by January 21
---------------------------------------------------------
Creditors of LLC You & Me have until Jan. 21 to submit their
claims to:

         Frau Juan Schumacher
         Lutzelmattstrasse 10
         6006 Lucerne
         Switzerland

The Debtor can be reached at:

         LLC You & Me
         Lucerne
         Switzerland


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


PETKIM PETROKIMYA: Fitch Retains Watch on Pending Privatization
--------------------------------------------------------------
Fitch Ratings is keeping Turkey-based Petkim Petrokimya Holdings
A.S.'s Long-term local and foreign currency Issuer Default
ratings of 'BB' and National Long-term rating of 'AA(tur)' on
Rating Watch Negative).

The RWN will be resolved following a decision regarding the
privatization process of 51% of Petkim and when Fitch obtains
sufficient information to assess the impact of the potential
privatisation on Petkim's credit profile.  Petkim is the
country's largest petrochemicals company.

The ratings were placed on RWN on July 6, 2007, following the
announcement of the sale of a 51% stake in Petkim by the Turkish
Privatization Administration to TransCentralAsia Petrochemical
Holding, for US$2.05 billion.  On Oct. 16, 2007, the PA annulled
the sale to TransCentralAsia, a three-way consortium comprising
a real estate development company, Investment Industrial Group
Euroasia, Russia-based Troika Dialog investment bank, and a
Kazakhstan-based oil company, Caspi Neft.  It then awarded the
right to buy the stake to the second-highest bidder, the Socar &
Turcas - Injaz consortium, comprising a state oil company of the
Azerbaijan Republic, a Turkish energy company and a Saudi Arabia
joint venture.

On Nov. 22, 2007, the Turkish Privatization High Council
approved the sale of Petkim's 51% stake to the Socar & Turcas -
Injaz consortium.  However, on Dec. 28, 2007, before the
transfer of the shares to Socar & Turcas - Injaz, the Council of
State temporarily blocked the privatization process.  The PA is
appealing the Council of State's decision.  At present, it is
uncertain when a final decision will be announced regarding the
privatization process.

Petkim was founded in 1965 as a state-owned entity in Turkey.
In the first nine months of 2007 Petkim reported sales and
operating profit of TRY1.6 billion and TRY0.1 billion ,
respectively.  At fiscal year ending 2006, Petkim's sales were
up 65% y-o-y at TRY2.2 billion .  It reported TRY212 billion
EBITDA with a 10% EBITDA margin (fiscal year 2005: 3%) at fiscal
year ending  2006.  Petkim has historically carried minimal debt
on its balance sheet.  At Sept. 30, 2007 and fiscal year ending
2006, the company reported TRY35 million and TRY89 million net
cash, respectively.


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


BANK FINANCE: Moody's Withdraws B2 Rating on Loan Notes
-------------------------------------------------------
Moody's Investors Service has withdrawn the B2 rating for the
loan participation notes that were expected to be issued by UK-
based special purpose vehicle BFC No.1 for the sole purpose of
funding a loan to Ukraine's Bank Finance and Credit Ltd., due to
the postponement of the sale at the issuer's option in light of
unfavorable market conditions.

Headquartered in Kyiv, Ukraine, Bank Finance and Credit reported
total assets of US$1.445 billion under IFRS as of Dec. 31, 2006.


BUILDING SERVICE: Creditors Must File Claims by January 18
----------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/267-07-8739.

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

Creditors of LLC Building Service (code EDRPOU 31851416) have
until Jan. 18 to submit written proofs of claim to:

The Debtor can be reached at:

         LLC Building Service
         Mechnikov Str. 4
         65000 Odessa
         Ukraine


INTERRESOURCES LLC: Creditors Must File Claims by January 18
------------------------------------------------------------
Creditors of LLC Firm Interresources (code EDRPOU 32663350) have
until Jan. 18 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 28/472-b.

The Debtor can be reached at:

         LLC Firm Interresources
         Heroes of Dniepr Str. 67
         04209 Kiev
         Ukraine


MAGNESIUM CJSC: Creditors Must File Claims by January 18
--------------------------------------------------------
Creditors of CJSC Magnesium (code EDRPOU 31587185) have until
Jan. 18 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-7/235.

The Debtor can be reached at:

         CJSC Magnesium
         Kalush
         77300 Ivano-Frankovsk
         Ukraine


MIRRA LLC: Creditors Must File Claims by January 18
---------------------------------------------------
Creditors of LLC Mirra (code EDRPOU 31011300) have until Jan. 18
to submit written proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/101-B.

The Debtor can be reached at:

         LLC Mirra
         S. Konovalets Str. 8/6
         Lutsk
         Volin
         Ukraine


MOTORCAR TRANSPORT 15113: Creditors Must File Claims by Jan. 18
---------------------------------------------------------------
Creditors of OJSC Motorcar Transport Enterprise 15113 (code
EDRPOU 03115057) have until Jan. 18 to submit written proofs of
claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/236-05-9570.

The Debtor can be reached at:

         OJSC Motorcar Transport Enterprise 15113
         Kalinin Str. 1
         Kodima
         Odessa
         Ukraine


STELA LLC: Creditors Must File Claims by January 18
---------------------------------------------------
Creditors of LLC Stela (code EDRPOU 31903144) have until Jan. 18
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/594-b.

The Debtor can be reached at:

         LLC Stela
         Obolonsky Avenue 23-a
         04205 Kiev
         Ukraine


SVITANOK LLC: Creditors Must File Claims by January 18
------------------------------------------------------
Creditors of LLC Svitanok (code EDRPOU 31252843) have until
Jan. 18 to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/798/07.

The Debtor can be reached at:

         LLC Svitanok
         70 Years of October Str. 20
         Kazankovsky District
         Dmitro-Bilivka
         56020 Nikolaev
         Ukraine


UKRAINIAN INDUSTRIAL: Creditors Must File Claims by January 18
---------------------------------------------------------------
Creditors of LLC Ukrainian Industrial Introduction have until
Jan. 18 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/870-b.

The Debtor can be reached at:

         LLC Ukrainian Industrial Introduction
         Apartment 12
         Poliarnaya Str. 11
         04201 Kiev
         Ukraine


UKRAINIAN METAL: Creditors Must File Claims by January 18
---------------------------------------------------------
Creditors of LLC Ukrainian Metal Supply Company (code EDRPOU
31521229) have until Jan. 18 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/393-b.

The Debtor can be reached at:

         LLC Ukrainian Metal Supply Company
         Obolonsky Avenue 23-a
         04205 Kiev
         Ukraine


YUKKAB LLC: Creditors Must File Claims by January 18
-----------------------------------------------------
Creditors of LLC Yukkab (code EDRPOU 19030423) have until
Jan. 18 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/906-b.

The Debtor can be reached at:

         LLC Yukkab
         Apartment 8
         Bogatyrskaya Str. 6
         04209 Kiev
         Ukraine


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


ADDISCOMBE GROUP: Taps Liquidators from PricewaterhouseCoopers
--------------------------------------------------------------
M. J. A. Jervis and D. Y. Schwarzmann of PricewaterhouseCoopers
LLP were appointed joint liquidators of Addiscombe Group Ltd.
(formerly Inter-Alliance Plc) on Jan. 4 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Plumtree Court
         London
         EC4A 4HT
         England


AXIUM INTERNATIONAL: SulmeyerKupetz Named as Chapter 7 Trustee
--------------------------------------------------------------
SulmeyerKupetz said that Howard M. Ehrenberg, partner at the
firm, has been appointed Trustee of Axium International Inc. by
the Office of the United States Trustee effective Jan. 9, 2008.
Mr. Ehrenberg immediately took over all finances and operations
of the company.

Axium, one of three major companies that processed payrolls for
and provided related services to production companies, studios,
trade unions and other entertainment-industry clients, filed for
Chapter 7 bankruptcy protection on Jan. 8, 2008.  The action was
a result of primary lender Golden Tree Asset Management seizing
US$22 million from Axium bank accounts because the company
defaulted on a US$140-million loan.

The assets seizure left the company unable to honor its payroll
obligations and continue to operate.  Axium laid off all of its
employees and closed its offices in Los Angeles, New York,
Toronto and London.

"As the court-appointed Trustee of the Axium Chapter 7
bankruptcy my duty is to liquidate the company's assets in an
attempt to ensure repayment of debt to its unsecured creditors,"
Mr. Ehrenberg said.  "Axium handled approximately US$3 billion
last year in payroll and related services and is estimated to
have assets worth more than US$100 million.  The sale of the
company's assets, including its proprietary software program
RightsMax, will be used to recoup money for creditors."

Mr. Ehrenberg was recently Trustee for the Queen's Seaport
Development Inc., the developer which oversaw the 66-year lease
of the Queen Mary and surrounding 40 acres, which filed for
bankruptcy protection in March 2005.  QSDI was ultimately sold
for US$43 million last summer at auction ensuring repayment of
debt to secured creditors.

Mr. Ehrenberg is a member of the Chapter 7 Bankruptcy Panel of
Trustees, appointed by the Office of the United States Trustee,
and a state court receiver.  He is certified as a Business
Bankruptcy Law Specialist by the American Bankruptcy Board of
Certification and member of the Los Angeles Bankruptcy Forum,
the Financial Lawyers Conference, American Bankruptcy Institute
and Council of Certified Bankruptcy Specialists.  Mr. Ehrenberg
is also a member of the Executive Board of the Commercial Law
and Bankruptcy Section of the Los Angeles County Bar Association
and a former commissioner in the City of Burbank, California.

                       About SulmeyerKupetz

SulmeyerKupetz -- http://www.sulmeyerlaw.com/-- is a Los
Angeles-based law firm that specializes in bankruptcy, business
reorganizations, litigation and commercial collections.
Established in 1952, SulmeyerKupetz has vast experience
representing a variety of clients in all aspects of insolvency
proceedings, including out-of-court debt restructurings,
negotiation and implementation of complex Chapter 11 plans,
debtor-in-possession financing, acquisitions and asset sales for
distressed businesses, and bankruptcy litigation.  The firm
represents both secured and unsecured creditors, lessors,
creditors' committees, debtors, governmental entities, trustees
and receivers.  The firm also serves as local counsel on cases
being managed outside of California.

                     About Axium International

Axium International Inc. -- http://www.axium.com/-- has nearly
two decades of experience in the entertainment industry by
providing payroll solutions for production.  It offers various
financial services and technology for the entertainment industry
through Axium Global and Axium Global Workforce.  It serves
companies ranging from mid-market to Fortune 500.  Axium
International has offices in Los Angeles, New York, Burbank,
Hollywood, Las Vegas, Toronto, Vancouver and London.


BLACKPOOL AUTOMOTIVE: Joint Liquidators Take Over Operations
------------------------------------------------------------
Matthew Gibson and Kerry Bailey of PKF (U.K.) LLP, were
appointed joint liquidators of Blackpool Automotive Ltd.
(formerly TVR Engineering Ltd.) on Dec. 19, 2007 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


DURA AUTOMOTIVE: Wants to Move Plan-Filing Deadline to April 30
---------------------------------------------------------------
Dura Automotive Systems, Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to further
extend the time within which they may file a plan of
reorganization through and including April 30, 2008, and solicit
votes to approve that plan through and including June 30, 2008.

To recall, in late November 2007, the Debtors asked the Court to
extend their Exclusive Periods through and including Jan. 31,
2008.

Richard M. Cieri, Esq., at Kirkland & Ellis, LLP, in New York,
however, says that the Debtors will not be able to confirm a
reorganization plan before the January 31 deadline given that
they are unable to obtain sufficient exit financing on
acceptable terms in view of the tightening credit markets and a
deteriorating outlook in the North American automotive sector.

"Given the lack of acceptable exit financing options available
under the terms of the current Plan, the Debtors are now faced
with a tight timeline within which to renegotiate, draft,
solicit, and confirm an alternative plan of reorganization,
Mr. Cieri tells the Court.

The Debtors anticipate that it will require 30 days or more to
renegotiate an alternative reorganization plan and intend to
mirror the negotiation process with parallel drafting of the
amended plan and disclosure statement to minimize the lag time
between reaching agreement with creditor constituencies on the
structure of an amended plan and commencement of the
solicitation process, Mr. Cieri adds.

He asserts that the proposed April 30 deadline accounts for the
length of time necessary for the Debtors to renegotiate a plan
of reorganization, obtain approval of an amended disclosure
statement, and solicit and confirm a substantially re-tooled
reorganization plan.

He tells the Court that the Debtors are currently engaged in
revising their business plan and valuation to reflect economy
changes.  They are also renegotiating key Plan economic terms
and are in active negotiations with their DIP lenders regarding
the terms of their DIP Credit Facility that would extend through
June 30, 2008.

Mr. Samis assures the Court that the proposed extension is not
intended to pressure the Debtors' creditors.  He says the
extension will ensure the integrity of the Debtors'
restructuring efforts and ensure that they maintain the freedom
to conduct fruitful negotiations with key creditor
constituencies.

Without an extension, the Debtors could be faced with
unwarranted interference from a dissident party attempting to
frustrate the consensual restructuring process, Mr. Samis
asserts.

The Court will convene a hearing of the Debtors' extension
request on Jan. 29, 2008.  By application of Rule 9006-2 of the
Local Rules of Bankruptcy Practice and Procedures of the U.S.
Bankruptcy Court for the District of Delaware, the Debtors'
exclusive plan filing period is automatically extended through
the conclusion of that hearing.

                           About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Pacificor Still Silent on Deal Outlook
-------------------------------------------------------
Pacificor LLC has been silent about the outlook on its equity
rights offering deal with Dura Automotive Systems Inc. and its
debtor-affiliates, the Associated Press reports.

As reported in the Troubled Company Reporter on Jan 7, 2008,
Pacificor, as back stop party, committed to purchase up to
US$160 million in reorganized DURA by buying shares of new
common stock that were not purchased in an equity rights
offering -- only US$1.3 million shares were purchased in the
rights offering.  The Pacificor commitment, which expires Jan.
31, 2008, is however, contingent upon DURA obtaining the exit
financing.

The Associated Press relates that DURA did not provide a comment
on what it would do if it is unable to obtain exit financing
before the back stop commitment expires.  In an e-mail sent to
AP,
DURA spokeswoman Christina Stenson said, "DURA is now working
with its creditors on a revised plan of reorganization and
various options for financing."

                     About Pacificor LLC

Headquartered in Santa Barbara, California, Pacificor LLC --
http://www.pacificor.com/-- is a registered investment advisor
that manages several hedge funds focused on high yield debt.

                          About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HERONFIELD LTD: J. M. Titley Leads Liquidation Procedure
--------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Heronfield Ltd. on Jan. 10 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         Lancs
         BL9 8AT
         England


INTERMEC INC: Teams with Apriva to Provide Payment Processing
-------------------------------------------------------------
Intermec Inc. and Apriva have partnered to provide payment
processing capabilities on Intermec's CN3 Mobile Computer,
providing customers the highest level of security for credit
card compliance.

Apriva completed Class A certification of the CN3 Mobile
Computer using the Apriva Secure POS Suite running on the
device.  Apriva's Class A certification allows Apriva to provide
a choice of Level 1, direct merchant support, or Level 2, ISO
support, for the product.  The Class A certification verifies
that Apriva has fully reviewed and tested the solution and its
usability on multiple processing partner platforms.

"The combined solution from Intermec and Apriva will enable
customers to accept mobile payments on the CN3 with the
assurance that their payment solution meets the highest level of
security available.  Apriva's platform has achieved
certifications for both PCI DSS and MasterCard PTS which makes
them an ideal solution partner for our customers," commented
Retail Industry Marketing Director for Intermec, Brian Schulte.

"We are pleased to announce our partnership with Intermec and
are delighted to include Intermec in our Certified Secure
Program," said Bill Clark, Apriva's Senior Vice President of
Sales and Marketing.

                       About Apriva

Founded in 1999, Apriva -- http://www.apriva.com/-- is the
leading wireless solution provider integrating the hardware,
software and network infrastructure required to develop and
deploy high-performance high-reliability solutions in the Point
of Sale (POS) and Secure Mobile Messaging markets.  Apriva
offers end-to-end solutions for Point of Sale that make it easy
and cost-effective to develop, deploy and maintain highly secure
and reliable business critical mobile applications.

                    About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                       *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


KENDLE INT'L: Hires Philip Davies as Phase I Vice President
-----------------------------------------------------------
Kendle International Inc. has appointed Philip J.W. Davies to
the position of Vice President of Phase I.  Mr. Davies will
provide global leadership to strengthen and grow the company's
Phase I business, which includes a Clinical Pharmacology Unit in
The Netherlands and a bioequivalence unit in West Virginia, and
will focus on expanding Phase I capabilities globally.  Mr.
Davies will be based in Kendle's Cincinnati headquarters and
will report directly to Chairperson and Chief Executive Officer,
Candace Kendle, PharmD.

"Phase I is a rapidly growing area of opportunity and is an
integral part of Kendle's business plan, with the market
expected to grow between 13.4 and 16 percent annually through
2010," said Dr. Kendle.  "I am pleased to welcome Phil to this
key leadership role as Kendle focuses on the strategic expansion
of our early stage capabilities to meet our customers' needs."

Mr. Davies brings more than two decades of pharmacology
expertise to this position.  He joins Kendle from Eli Lilly and
Company where he served most recently as Director of Global
Exploratory and Program Phase Medical Operations.  He has been
with Eli Lilly since 2001, serving in multiple roles of
increasing responsibility, including Director, Global
Exploratory Medicine Operations; Director, Global Clinical
Pharmacology Operations; and Director, United States Clinical
Pharmacology Operations.  Prior to Eli Lilly, Mr. Davies served
as Director of Kendle's Clinical Pharmacology Unit in The
Netherlands and previously held Clinical Pharmacology roles in
Germany and the UK.

                        About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, United
Kingdom, Asia/Pacific, Africa and Latin America including
Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services has revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


MENTON CDO: Moody's Junks US$19.8 Mln Class E Secured Notes
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by Menton CDO III
plc.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
managed synthetic CDO, with the underlying portfolio containing
20% RMBS and 42% ABS CDOs of the 2005, 2006, and 2007 vintages.
Of the entire portfolio, 32% of the assets by volume have been
downgraded, placed on review for downgrade, or both in recent
weeks.  In addition, 3% of the portfolio by volume (all ABS
CDOs) is currently in default.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

These rating actions are:

Menton CDO III plc:

   (1) US$54,000,000 Class A-1 Secured Floating Rate Notes due
       2057

    -- Current Rating: Ba1, on review for downgrade
    -- Prior Rating: Aaa

   (2) US$15,000,000 Class A-2 Secured Floating Rate Notes due
       2057

    -- Current Rating: Ba2, on review for downgrade

    -- Prior Rating: Aaa

   (3) US$37,000,000 Class B Secured Floating Rate Notes due
       2057

    -- Current Rating: Ba2, on review for downgrade
    -- Prior Rating: Aa2

   (4) US$30,000,000 Class C Secured Floating Rate Notes due
       2057

    -- Current Rating: Ba3, on review for downgrade
    -- Prior Rating: A2

   (5) US$27,700,000 Class D Secured Floating Rate Notes due
       2057

    -- Current Rating: B3, on review for downgrade
    -- Prior Rating: Baa2

   (6) US$19,800,000 Class E Secured Floating Rate Notes due
       2057

    -- Current Rating: Caa3, on review for downgrade
    -- Prior Rating: Ba2


MILLFIELD PARTNERSHIP: Brings In Liquidators from PwC
-----------------------------------------------------
M. J. A. Jervis and D. Y. Schwarzmann of PricewaterhouseCoopers
LLP were appointed joint liquidators of on for the creditors'
voluntary winding-up procedure proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Plumtree Court
         London
         EC4A 4HT
         England


ROOTS SPORTS: Claims Filing Period Ends February 7
--------------------------------------------------
Creditors of Roots Sports Ltd. have until Feb. 7 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Ian Schofield
         Joint Liquidator
         PKF (U.K.) LLP
         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England

Ian Schofield and Willie Duncan of PKF (U.K.) LLP were appointed
joint liquidators of the company on Jan. 7 by resolutions of
members and creditors.


SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps
--------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a two-year task order contract extension for work
at the Linde Formerly Utilized Sites Remedial Action Program
site in Tonawanda, New York.  The task order extension will be
executed under Shaw's Kansas City Total Environmental
Restoration Contract program.

Shaw's work at the former uranium-processing site includes
remedial action, building demolition, radiological
characterizations, excavation, transportation and disposal,
water treatment, final status surveys and site restoration
activities.  Shaw has completed work at five other FUSRAP sites
and has ongoing contracts at two additional sites.

"We are pleased to continue our work at the Linde FUSRAP site
and to play a critical role in cleaning up these sites and
returning them to a usable state," said Ronald W. Oakley,
president of Shaw Environmental & Infrastructure, Inc.  "Shaw
will continue to leverage its institutional knowledge of the
site and to provide cost-effective solutions to our client."

Shaw and its predecessor companies have been working at the
Linde site for the U.S. Army Corps of Engineers since 1999.  The
FUSRAP program was established to identify, investigate, and
clean up or control sites previously used by the U.S. Atomic
Energy Commission and its predecessor, the Manhattan Engineer
District.

                       About Shaw Group

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

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

                         *     *     *

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

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


TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million
-------------------------------------------------------------
Terex Corporation has reached a definitive agreement to acquire
A.S.V. Inc. through a tender offer followed by a merger.  The
transaction is valued at approximately US$488 million, or US$18
per fully diluted share of ASV common stock, and is subject to
the valid tender of a majority of ASV's fully diluted common
shares, regulatory approvals and other customary conditions.
Terex expects the transaction to close by the end of the first
quarter of 2008.

"ASV is a leader in compact track loader technology and with the
global reach of Terex, we see tremendous opportunity for
expanding ASV product sales," said Ronald M. DeFeo, Terex
Chairman and Chief Executive Officer.  "The ASV acquisition is
an excellent strategic and cultural fit and provides a great
addition to our product offerings as Terex continues to grow as
a global construction equipment manufacturer.  From a financial
perspective, we expect that ASV will add approximately $220-250
million in sales on a 2008 full-year basis and we are confident
that this acquisition will enhance future earnings growth
potential for Terex."

ASV compact track loaders feature a patent-protected
undercarriage and exert one-tenth the ground pressure of a skid
steer loader, resulting in much less ground or turf damage
during work.  In addition, compact track loaders offer increased
traction and greater stability.  ASV compact track loaders will
join an existing Terex compact equipment range of backhoe-
loaders, mini excavators, compact wheel loaders, site dumpers,
compaction rollers, light towers, generators and telehandlers.

"This combination with Terex is a perfect fit for ASV," said
Richard A. Benson, Chairman and CEO of ASV.  "We gain access to
the resources and know-how of a much larger company with a very
impressive global footprint.  ASV will have access to a broader
product line and our production facilities could benefit
significantly from the incremental volume of Terex machines.
The timetable for meeting ASV's strategic priorities is
accelerated considerably by the merger, which is a big plus for
employees, dealers and the communities in which we do business.
Caterpillar Inc. (NYSE:CAT) a large ASV customer and owner of
23.5% of ASV shares, has indicated its support for the merger."

"We are truly excited to welcome ASV, its team members and
distributors to the Terex Construction family," said Robert
Isaman, President, Terex Construction.  "There is no question
that our combination with ASV represents a great step forward
for both companies and that our customers in the construction,
landscaping and homeowners with acreage segments will be the
ultimate beneficiaries of our expanded product offerings."

                        About ASV

ASV, Inc. -- http://www.asvi.com/-- designs, manufactures and
sells rubber track machines and related components, accessories,
and attachments.  Its purpose-built chassis and patented rubber
track undercarriage technology are unique and lead all rubber
track loaders in innovation and performance.  ASV products are
able to traverse nearly any terrain with minimal damage to the
ground, making them effective in markets such as construction,
landscaping, forestry and agriculture.  ASV's wholly owned
subsidiary Loegering Mfg., Inc. designs, manufactures and sells
traction products and attachments for the skid-steer industry.

                 About Terex Corporation

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                       *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  Moody's said the outlook is
stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB, which still hold to date.  S&P said
the rating's outlook is stable.


VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
---------------------------------------------------------------
Vasomedical Inc. reported its financial results for the three
months ended Nov. 30, 2007.

Total revenues were US$1,388,000 in the second quarter of fiscal
2008, compared with total revenues of US$1,523,000 in the second
quarter of fiscal 2007.  Revenues from equipment sales increased
approximately 4% to US$597,000 in the three months ended
Nov. 30, 2007, as compared to US$575,000 for the same period for
the prior year.

Equipment rentals and services were US$791,000 in the three
months ended Nov. 30, 2007, down approximately 17% from
US$948,000 for the same period in the previous year.  Revenue
from equipment rental and services represented 57% of total
revenue in the second quarter of fiscal 2008 compared to 62% in
the second quarter of fiscal 2007.  This decrease in revenue
resulted primarily from a 16% decrease in service-related
revenue and a 56% decline in rental revenue.

The company recorded a net loss attributable to common
shareholders of US$64,000 during the three months ended
Nov. 30, 2007, compared to a loss of US$369,000, during the
three months ended Nov. 30, 2006.  The decrease in the net loss
compared to the prior-year quarter reflects a US$420,000, or
36%, decrease in operating expenses as a result of continuing to
restructure our costs to be better aligned with potential near-
term sales.

Dr. John C.K. Hui, President and Chief Executive Officer of
Vasomedical, commented, "As we end the 2nd quarter of 2008, it
is apparent that the financial status of the company has
improved significantly due to cost cutting measures and the
injection of new capital.  We have been focusing on sales
related to the treatment of refractory angina, which is
reimbursed domestically, and at the same time expanding our
international market to explore additional claims such as heart
failure and the applications of EECP(R) therapy as a preventive
treatment for cardiovascular disease.  Going forward, we will
concentrate on growing our sales, while at the same time
continuing to expand our clinical data to support EECP(R)
therapy as a safe and effective treatment to gain widespread
recognition from both physicians and the public."

As of Nov. 30, 2007, the company had cash and cash equivalents
balances of US$2,556,000 compared with US$850,000 as of
May 31, 2007, and working capital as of Nov. 30, 2007, of
US$3,107,000 compared with US$1,320,000 as of May 31, 2007.

                   Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 8, 2006,
Miller Ellin & Company LLP, in New York, expressed substantial
doubt about Vasomedical Inc.'s ability to continue as a going
concern after auditing the company's financial statements
for the fiscal year ended May 31, 2006.  The auditing firm
pointed to the company's recurring losses from operations and
net capital deficiency.

                    About Vasomedical

Vasomedical Inc. -- http://www.vasomedical.com/-- develops,
manufactures and markets EECP(R) therapy systems to deliver its
proprietary form of enhanced external counterpulsation therapy.
EECP(R) therapy is a noninvasive, outpatient therapy used in the
treatment of ischemic cardiovascular diseases, currently used to
manage chronic stable angina and heart failure.

The company has operations in Brazil, China and the United
Kingdom.


WESTONS LTD: Appoints C. B. Barrett as Liquidator
-------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of
Westons Ltd. on Jan. 8 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


* Tenon Group PLC Acquires Haines Watts Business Recovery
---------------------------------------------------------
Tenon Group PLC has acquired Haines Watts Business Recovery.

HWBRI operates from seven offices and has 130 staff, with
annualized turnover of approximately GBP8 million.  Together
with the existing Tenon Recovery business, the enlarged division
will have pro-forma turnover of GBP35 million, representing over
20% of the activities of Tenon.

The business includes offices in Birmingham, Worcester, Leeds
and Southend, bringing further extension to Tenon's geographical
coverage, and in London and Manchester where there are
additional commercial benefits expected from the merger with
Tenon's existing operations.

"This is solid growth for Tenon Group and its strong Business
Recovery division.  During 2007 we made successful acquisitions
in this and other specialisms, which have comfortably met our
expectations.  HWBRI represents another earnings enhancing
opportunity and we are pleased to have secured it," Andy Raynor,
chief executive of Tenon, said.  "We have many prospects for
expansion across our balanced portfolio of service lines. Our
Business Recovery division now comprises one of the leaders in
the U.K. market and we have the capacity and ambition for
further growth."

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


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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *