TCREUR_Public/080118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, January 18, 2008, Vol. 8, No. 13

                            Headlines




A U S T R I A

ACE HAUSSANIERUNG: Claims Registration Period Ends Jan. 29
ELEKTRO PONBAUER: Creditors' Meeting Slated for Feb. 5
ELFRIEDE WITZ: Claims Registration Period Ends Jan. 24
ERNST NURSCHER: Creditors' Meeting Slated for Feb. 5
EXAKT LLC: Vienna Court Orders Business Shutdown

FRANZ WLASAK: Vienna Court Orders Business Shutdown
H.E. BAU: Creditors' Meeting Slated for Jan. 29
LM-LAST MINUTE: Innsbruck Court Orders Business Shutdown
MAKUSZOVICH TROCKENBAU: Claims Registration Period Ends Jan. 21
MEISEL-TECHNIK: Claims Registration Period Ends Jan. 22

OEZTUERK OEG: Creditors' Meeting Slated for Jan. 28
P & M BAU: Claims Registration Period Ends Jan. 29
POSTMANN & MESZAROS: Creditors' Meeting Slated for Jan. 28
SARKOEZI LLC: Claims Registration Period Ends Jan. 29
UMFORMTECHNIK LLC: Leoben Court Orders Business Shutdown


B E L G I U M

FEDERAL MOGUL: Board Appoints Carl Icahn as Non-Exec. Chairman
FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion
SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders


D E N M A R K

BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating


F R A N C E

CHARLES JOURDAN: Liquidator to Give Update by Early February
DELPHI CORP: Expands Supply Contract with VaST Systems
DELPHI CORP: Obtains "Broad-Based" Support on Plan


G E R M A N Y

AMBIENTE HOTEL: Claims Registration Period Ends Feb. 4
BREGLER DENTAL-LABOR: Claims Registration Ends Feb. 8
BUERO AKTIV-CENTER: Creditors' Meeting Slated for Jan. 23
CITY SCHUTZ: Claims Registration Ends February 12
EGNER-BAU GMBH: Claims Registration Period Ends Feb. 8

FUERST FENSTERBAU: Claims Registration Period Ends Feb. 5
GETRANKE BROSSARDT: Claims Registration Ends February 12
H HOEVEL GMBH: Claims Registration Period Ends Feb. 5
HERBERT KRAUSE: Claims Registration Period Ends Feb. 4
IMOBILA BAUTRAEGER: Claims Registration Period Ends Feb. 1

JM MARKETING: Claims Registration Ends February 13
MODEHAUS LANG: Claims Registration Period Ends Feb. 10
PHOENIX LOGISTIK: Claims Registration Ends February 11
PIN GROUP: Begins Sales Offensive Against Deutsche Post
S KUSCHEL GMBH: Claims Registration Period Ends Feb. 5

SPORTANLAGE SCHEESSEL: Claims Registration Period Ends Jan. 31
STUTE WASCHEREI: Claims Registration Period Ends Jan. 31
VASOLD GETRANKE: Claims Registration Period Ends Feb. 8
WILHELM OTTO: Claims Registration Ends February 11


I R E L A N D

EIRLES TWO: Moody's Cuts Rating to Caa2 on Series 129 Notes


I T A L Y

CARROZZERIA BERTONE: Bankruptcy Court Rules on Administration


K A Z A K H S T A N

AKTOBE METROLOG: Proof of Claim Deadline Slated for Feb. 8
ALMATY FINANCE: Creditors Must File Claims by Feb. 7
ARAI LLP: Claims Filing Period Ends February 12
FLAMINGO EURO: Creditors' Claims Due on February 12
LORYNBEK-KAJY ATA: Claims Registration Ends Feb. 12

RG BRANDS: Moody's Affirms B2 Corporate Family Rating
ROSBELTEKS LLP: Proof of Claim Deadline Slated for Feb. 12
SIBMOST-ASTANA LLP: Creditors Must File Claims by Feb. 7
SKS CAPITAL: Claims Filing Period Ends Feb. 7
TATYANA LLP: Creditors' Claims Due on Feb. 12

TENGIZ & K: Claims Registration Ends Feb. 7


K Y R G Y Z S T A N

SCIENTIFIC MANUFACTURING: Creditors Must File Claims by Feb. 7


N E T H E R L A N D S

KRATON POLYMERS: Board Taps Kevin Fogarty as President & CEO
NEPTUNO CLO II: Moody's Rates EUR19 Mln Class E Notes at Ba3


P O L A N D

ELEKTRIM SA: Can Stay Off Warsaw Stock Exchange After Buyback
ELEKTRIM SA: Gets EUR62 Million Infusion from Unit
GLIMAR SA: Fails to Secure Adequate Offers for Bankrupt Assets


R U S S I A

HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr.
ROSNEFT OIL: Earns EUR9.91 Billion for First Nine Months 2007
ROSNEFT OIL: Citigroup Selling Stake for US$1 Billion


S W I T Z E R L A N D

ANUZIN JSC: Creditors' Liquidation Claims Due by January 31
ARC SOUND: Creditors' Liquidation Claims Due by January 21
C-PUBLIC LLC: Creditors' Liquidation Claims Due by January 20
DEXAMED JSC: Creditors' Liquidation Claims Due by January 21
DSX EYECARE: Creditors' Liquidation Claims Due by January 21

ECLAIR LLC: Zug Court Starts Bankruptcy Proceedings
GALBIER LLC: Creditors' Liquidation Claims Due by January 20
HELVETIA AUTOMOBILE: Creditors Must File Claims by January 28
S AIR: Creditors' Liquidation Claims Due by January 31
SACHEM LLC: Thurgau Court Closes Bankruptcy Proceedings

SAIRGROUP FINANCIERE: Creditors Must File Claims by January 31
SCHROERS FLORALES: Zug Court Closes Bankruptcy Proceedings
SEGULAH HOLDING: Creditors' Liquidation Claims Due by January 21
SEILER PRATTELN: Creditors' Liquidation Claims Due by January 21
T GROUP: Creditors' Liquidation Claims Due by January 31


U K R A I N E

AGRICULTURAL CHEMICAL: Creditors Must File Claims by January 20
LARGOVSKY BREADRECEIVING: Creditors Must File Claims by Jan. 20
MOTORCAR PARK: Creditors Must File Claims by January 20
PODSTAVKI LLC: Creditors Must File Claims by January 20
SOFIYEVKA AGRICULTURAL: Creditors Must File Claims by January 20

SOMERS LLC: Claims Registration Deadline Set January 20
SPARTAK OJSC: Claims Registration Deadline Set January 20
WOMAN'S DOCTOR: Creditors Must File Claims by January 20
ZARIA LLC: Claims Registration Deadline Set January 20


U N I T E D   K I N G D O M

ASHBURY CONFECTIONERY: Appoints Vantis as Administrators
BLUECREST INTERNATIONAL: Taps Liquidators from Menzies
COLOURSET DISPLAY: Brings In Baker Tilly as Administrators
CORNERSTONE TITAN 2006-1: Fitch Affirms Class J Notes at B
DECO 8: Fitch Rates GBP8.3 Million Class G Notes atat BB

DURA AUTO: Gets Lenders Consent to Amend DIP Financing Terms
DURA AUTO: Seeks Approval of 2008 Management Incentive Plan
EVERWHITE PLASTICS: Brings In Menzies to Administer Assets
FAR EAST: M. C. Bowker Leads Liquidation Procedure
JOHN ANTONY: Appoints Liquidators from Chantrey Vellacott

KITCHEN AND BEDROOM: Names Matthew Colin Bowker Liquidator
MICOS UK: Brings In Liquidators from Tenon Recovery
NORTHERN ROCK: Fitch Downgrades Individual Ratings to F
OLD CLEE: Calls In Liquidators from Tenon Recovery
ORION FINANCE: S&P Cuts Ratings to D Due to Technical Default

PROTEC DESIGN: Appoints Vantis as Joint Administrators
QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers
QUEBECOR WORLD: Accepts CDN$400 Mil. Rescue Financing Proposal
REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million
SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares

SELCOURT LTD: Taps Harrisons to Administer Assets
SHAW GROUP: Increases Credit Facility to US$1 Billion
SIGNATECH SYSTEMS: Joint Liquidators Take Over Operations
SJS FASTFIX: Taps A. Clifton to Liquidate Assets
SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results

TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says
TATA MOTORS: Plans to Test Nano Model in China & Other Markets
WINDERMERE VIII: Fitch Rates GBP19.7 Million Class E Notes at BB

* BOOK REVIEW: Bankruptcy: A Feast for Lawyers

                            *********


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


ACE HAUSSANIERUNG: Claims Registration Period Ends Jan. 29
----------------------------------------------------------
Creditors owed money by LLC ACE Haussanierung (FN 164141i) have
until Jan. 29 to file written proofs of claim to court-appointed
estate administrator Carl Knittl at:

         Dr. Carl Knittl
         c/o Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Feb. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 4, 2007 (Bankr. Case No. 6 S 156/07v).  Horst Winkelmayr
represents Dr. Knittl in the bankruptcy proceedings.


ELEKTRO PONBAUER: Creditors' Meeting Slated for Feb. 5
------------------------------------------------------
Creditors owed money by LLC Elektro Ponbauer (FN 37702w) are
encouraged to attend the creditors' meeting at 11:50 a.m. on
Feb. 5.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Goesing am Wagram, Austria, the Debtor declared
bankruptcy on Dec. 6, 2007 (14 S 195/07b).  Ulla Reisch serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Ulla Reisch
         Kremser Gasse 4
         3100 St. Poelten
         Austria
         Tel: 02742/35 15 50
         Fax: 02742/35 15 50-5
         E-mail: office.st.poelten@ulsr.at


ELFRIEDE WITZ: Claims Registration Period Ends Jan. 24
------------------------------------------------------
Creditors owed money by LLC Elfriede Witz (FN 173709f) have
until Jan. 24 to file written proofs of claim to court-appointed
estate administrator Guenther Hoedl  at:

         Dr. Guenther Hoedl
         c/o  Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 30, 2007 (Bankr. Case No. 5 S 134/07a).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


ERNST NURSCHER: Creditors' Meeting Slated for Feb. 5
----------------------------------------------------
Creditors owed money by KG Ernst Nurscher (FN 53568b) are
encouraged to attend the creditors' meeting at 9:50 a.m. on
Feb. 5.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Neumarkt an der Ybbs, Austria, the Debtor
declared bankruptcy on Dec. 11, 2007 (14 S 198/07v).  Gerhard
Taufner serves as the court-appointed estate administrator of
the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Gerhard Taufner
         Bahnhofstrasse 5
         3390 Melk
         Austria
         Tel: 02752/5 24 66
         Fax: 02752/5 25 74
         E-mail: rechtsanwalt.taufner@taufner.at


EXAKT LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Dec. 5, 2007, an order
shutting down the business of LLC Exakt (FN 252812h).

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

The estate administrator can be reached at:

         Dr. Leopold Riess
         c/o Mag. Nikolaus Vogt
         Zeltgasse 3/12
         1080 Vienna
         Austria
         Tel: 402 57 01
         E-mail: law@riess.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Vienna (Bankr. Case No 2 S 157/07m).  Nikolaus Vogt
represents Dr. Riess in the bankruptcy proceedings.


FRANZ WLASAK: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Nov. 30, 2007, an order
shutting down the business of LLC Franz Wlasak (FN 104019w).

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

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


H.E. BAU: Creditors' Meeting Slated for Jan. 29
-----------------------------------------------
Creditors owed money by LLC H.E. Bau (FN 281669w) are encouraged
to attend the creditors' meeting at 9:00 a.m. on Jan. 29.

The creditors' meeting will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 6, 2007 (38 S 64/07a). German Storc serves as the court-
appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. German Storch
         Buergerstrasse 62
         4020 Linz
         Austria
         Tel: 0732/661861
         Fax: 0732/661861-19
         E-mail: storch@storch-ra.at


LM-LAST MINUTE: Innsbruck Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Innsbruck entered Dec. 6, 2007, an order
shutting down the business of LLC LM-last minute Warenlogistik
(FN 179056v).

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

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on Nov. 28, 2007 (Bankr. Case No 7 S 68/07w).
Barbara Planer-Beranek represents Dr. Planer in the bankruptcy
proceedings.


MAKUSZOVICH TROCKENBAU: Claims Registration Period Ends Jan. 21
---------------------------------------------------------------
Creditors owed money by KEG MAKUSZOVICH TROCKENBAU (FN 275482x)
have until Jan. 21 to file written proofs of claim to court-
appointed estate administrator Katharina Pitzal at:

         Mag. Katharina Pitzal
         c/o Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12
         Fax: 587 87 50-50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 4, 2007 (Bankr. Case No. 3 S 153/07f).  Hannelore Pitzal
represents Mag. Pitzal in the bankruptcy proceedings


MEISEL-TECHNIK: Claims Registration Period Ends Jan. 22
-------------------------------------------------------
Creditors owed money by LLC Meisel-Technik Engineering (FN
195515y) have until Jan. 22 to file written proofs of claim to
court-appointed estate administrator Johannes Jaksch at:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 4, 2007 (Bankr. Case No. 28 S 147/07g).


OEZTUERK OEG: Creditors' Meeting Slated for Jan. 28
---------------------------------------------------
Creditors owed money by OEG Oeztuerk (FN 237395k) are encouraged
to attend the creditors' meeting at 2:15 p.m. on Jan. 28.

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 Dec. 7, 2007 (19 S 120/07f).

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
         Tel: 05442/63 0 29
         Fax: 05442/63 0 29 14
         E-mail: RA-LL@aon.at


P & M BAU: Claims Registration Period Ends Jan. 29
--------------------------------------------------
Creditors owed money by LLC P & M Bau u. Handel  (FN 242130z)
have until Jan. 29 to file written proofs of claim to court-
appointed estate administrator Kurt Freyler at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Feb. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 4, 2007 (Bankr. Case No. 6 S 155/07x).  Hans Rant
represents Dr. Freyler in the bankruptcy proceedings.


POSTMANN & MESZAROS: Creditors' Meeting Slated for Jan. 28
----------------------------------------------------------
Creditors owed money by OEG Postmann & Meszaros (FN 284580a) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Jan. 28.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Stegersbach, Austria, the Debtor declared
bankruptcy on Dec. 5, 2007 (26 S 161/07i).  Andrea Eisner serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Andrea Eisner
         Grazer Strasse 28
         7551 Stegersbach
         Austria
         Tel: 03326/52761
         Fax: 03326/52781
         E-mail: office@ra-eisner.at


SARKOEZI LLC: Claims Registration Period Ends Jan. 29
-----------------------------------------------------
Creditors owed money by LLC SARKOEZI (FN 287035k) have until
Jan. 29 to file written proofs of claim to court-appointed
estate administrator Philipp Dobner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Feb. 12 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 3, 2007(Bankr. Case No. 6 S 154/07z).  Peter Schulyok
represents Dr. Dobner in the bankruptcy proceedings.


UMFORMTECHNIK LLC: Leoben Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Leoben entered Dec. 4, 2007, an order shutting
down the business of LLC Umformtechnik (FN 245350i).

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

The estate administrator can be reached at:

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

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


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


FEDERAL MOGUL: Board Appoints Carl Icahn as Non-Exec. Chairman
--------------------------------------------------------------
The Board of Directors of Federal-Mogul Corporation has elected
Carl Icahn as its non-executive Chairman.

The Federal-Mogul Board will be composed of, among others,
Mr. Icahn and three of his associates, the Associated Press
reports.  The company's confirmed Plan of Reorganization
provides an affiliate of Mr. Icahn an option to purchase certain
shares of common stock of Reorganized Federal-Mogul held by the
Asbestos Trust.  Thornwood Associates is one of Mr. Icahn's
affiliates.

Mr. Icahn has a 75.24% stake in the class A common stock of
Federal-Mogul, according to Reuters.

"I am very pleased that a financially strong Federal-Mogul has
finally emerged from the bankruptcy process.  Additionally and
most importantly, Federal-Mogul will no longer be hampered by
asbestos litigation.  I wish to thank and congratulate all those
who have worked with me throughout the last six years to
accomplish this. I also wish to extend my thanks to Jose Maria
Alapont, our President and CEO, who has so successfully guided
the operations of Federal-Mogul during the last three years,"
Mr. Icahn said in a press release.

Federal-Mogul President and Chief Executive Officer Jose Maria
Alapont said, "We have very positive relations with Carl Icahn
and we welcome him as non-executive Chairman.  We remain
committed to our strategy for sustainable global profitable
growth in all areas of our business and to create value for our
customers, shareholders and employees."

Federal-Mogul shares were down 10 cents in recent trading at
US$19.50, AP relates.

                     About Federal-Mogul

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

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion
-------------------------------------------------------------
Flowserve Corp. reported record bookings for both the fourth
quarter and full year of 2007.  Fourth quarter bookings were up
19 percent over the prior year quarter to approximately US$1.1
billion, while full year bookings increased 19 percent over 2006
to US$4.3 billion.

Fourth quarter 2007 bookings increased approximately 19 percent,
to a record of approximately US$1.1 billion, including currency
benefits of approximately US$75 million.  This compares to
bookings of US$934 million in the same period a year ago.  Full
year 2007 bookings increased about 19 percent, to a record of
approximately US$4.3 billion, including currency benefits of
approximately US$200 million.  This compares to bookings of
US$3.6 billion for full year 2006.

"We are very pleased with our continued strong bookings growth
and are excited about the outlook for 2008 due to the robust
markets we are seeing," said Lewis Kling, Flowserve's President
and Chief Executive Officer.  "We also believe that our strong
execution abilities are enabling us to take market share from
our competitors."

                         About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders
---------------------------------------------------------------
Solutia Inc. has reached a settlement with the Bank of New York,
as indenture trustee for Solutia's 11.25% senior secured notes
due 2009, and holders of the 2009 notes representing the
requisite principal amount needed to direct the trustee to enter
into the settlement terms.  Under the terms of the settlement,
the noteholders will receive US$220.5 million in cash plus all
accrued but unpaid interest through the effective date of
Solutia's plan of reorganization.

Solutia anticipates the effective date of its plan of
reorganization will be later this month.  This settlement is
subject to approval by the U.S. Bankruptcy Court for the
Southern District of New York.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on November 29, 2007, the Court confirmed the
Debtors' Consensual Plan.  (Solutia Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Hercules, California-based Bio-Rad Laboratories Inc.
to 'BBB-' from 'BB+' following a review of the company's
financial policies.

"The upgrade reflects our expectation that Bio-Rad will maintain
a financial risk profile appropriate for an investment-grade
rating while conducting small acquisitions," said Standard &
Poor's credit analyst David Lugg, "with significant acquisitions
a rare event following by rapid deleveraging."

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly US$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.


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


CHARLES JOURDAN: Liquidator to Give Update by Early February
------------------------------------------------------------
Christophe Roumezi, the court-appointed liquidator for Charles
Jourdan, will disclose an update on any acquisition offers for
the company's assets by late January or early February 2008,
Financial Times Ltd. reports, citing Les Echos as its source.

According to the report, Mr. Roumezi assessed that the cost of
safeguarding the company's assets and its cash levels means that
the deadline should be brought forward to no later than the end
of February 2008.

Headquartered in Romans Sur Isere, France, Charles Jourdan --
http://www.charles-jourdan.fr/-- manufactures luxury footwear.

As reported in the TCR-Europe, the commercial court in Romans-
sur-Isere placed Charles Jourdan into liquidation on Dec. 17,
2007, after U.S. firm Omniscent withdrew its offer to acquire
the company's assets.

The court placed Charles Jourdan in compulsory administration on
Sept. 12, 2007, after it filed for redressment judiciaire, the
French equivalent of Chapter 11 bankruptcy protection, for the
second time.

The company first filed for bankruptcy on Aug. 22, 2005.
Avendis and Finaluxe bought the company on Nov. 2, 2005.


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

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

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

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

                        About VaST

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

                     About Delphi Corp.

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

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

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


DELPHI CORP: Obtains "Broad-Based" Support on Plan
--------------------------------------------------
Delphi Corp. reported the voting results for its First Amended
Joint Plan of Reorganization to the U.S. Bankruptcy Court for
the Southern District of New York.  Voting by classes of
creditors and holders of interests, including shareholders,
entitled to vote on the Plan illustrates broad-based support for
the Plan, the company said in a news release.

Of the more than 4,000 ballots cast by general unsecured
creditors voting on the Plan, 3,329 or 81% of all voting
creditors aggregated across classes voted to accept the Plan --
excluding ballots cast by GM, plaintiffs in the multi-district
litigation and holders of interests.  Of the total amount voted
by all general unsecured creditor classes, 78% or
US$2,083,647,859.13 voted to accept the Plan.  100% of the
ballots cast in the GM and MDL classes voted to accept the Plan
in the respective amounts of US$2.57 billion and US$57.2
million.  Of the approximately 217,000,000 shares voted by
shareholders, 78% or 170,297,851 shares voted to accept the
Plan.

The broad-based support expressed by creditors and shareholders
of Delphi Corporation and its principal subsidiaries holding its
US and global businesses was reflected in the votes of each of
the principal segments of the general unsecured creditor class
of the Delphi-DAS Debtors (Class 1C).  More than 70% of the
ballots cast and 70% of the total dollar amount voted by
Delphi's senior note claims, TOPrS claims, and all other claims,
including trade claims, segments each voted separately to accept
the Plan.  The company noted that one of the classes in one of
the subsidiary debtors (Delphi Diesel Systems Corp. - Class 6C)
rejected the Plan because less than two-thirds in amount of the
ballots cast supported the Plan.  In addition, depending on
whether the Bankruptcy Court allows certain other contested
ballots to be counted, one additional class in each of two
additional subsidiary debtors (Connection System Debtors - Class
3C and Delco Electronics Overseas Corporation - Class 5C) will
have rejected the Plan based on a reduction in the percentage of
dollar amounts voted in favor of the Plan below the statutory
threshold.

Although no assurances can be made, Delphi believes that the
Plan satisfies the requirements of the Bankruptcy Code and is
confirmable notwithstanding the rejection of the Plan by certain
classes.  A confirmation hearing on the Plan is scheduled to
begin on Jan. 17, 2008.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
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. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


AMBIENTE HOTEL: Claims Registration Period Ends Feb. 4
------------------------------------------------------
Creditors of Ambiente Hotel Ruetli GmbH have until Feb. 4 to
register their claims with court-appointed insolvency manager
Cornelia Moenert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Cornelia Moenert
         Lise-Meitner-Str. 13
         33605 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Ambiente Hotel Ruetli GmbH  on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ambiente Hotel Rtli GmbH
         Osningstr. 245
         33605 Bielefeld
         Germany

         Attn: Kirsten Knoop, Manager
         An der Egge 78
         45527 Hattingen
         Germany


BREGLER DENTAL-LABOR: Claims Registration Ends Feb. 8
-----------------------------------------------------
Creditors of Bregler Dental-Labor GmbH & Co. KG have until
Feb. 8 to register their claims with court-appointed insolvency
manager Ulrich Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenburg
         Hall 108
         Hindenburgstr. 5
         77654 Offenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 8, at the same venue.

The insolvency manager can be reached at:

         Ulrich Nehrig
         Schillerstr. 2
         79102 Freiburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Bregler Dental-Labor GmbH & Co. KG on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bregler Dental-Labor GmbH & Co. KG
         Attn: Dr. Claus Bregler, Manager
         Industriestr. 25
         77656 Offenburg-Elgersweier
         Germany


BUERO AKTIV-CENTER: Creditors' Meeting Slated for Jan. 23
---------------------------------------------------------
The court-appointed insolvency manager for Buero Aktiv-Center
GmbH, Jochen Hedderich will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on Jan. 23.

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

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:00 a.m. on March 17, at the same venue.

Creditors have until Feb. 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jochen Hedderich
         GF 54
         Wertherstrasse 14 A
         35578 Wetzlar
         Germany
         Tel: 06441 /948 20
         Fax: 06441 /948 222
         E-mail: kanzlei@wsr-net.de

The District Court of Wetzlar opened bankruptcy proceedings
against Buero Aktiv-Center GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Buero Aktiv-Center GmbH
         Attn: Reiner Flick, Manager
         Karl-Kellner-Ring 45
         35576 Wetzlar
         Germany


CITY SCHUTZ: Claims Registration Ends February 12
-------------------------------------------------
Creditors of City Schutz GmbH have until Feb. 12 to register
their claims with court-appointed insolvency manager Dr. Nils
Freudenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Nils Freudenberg
         Ulmenstrasse 14
         09112 Chemnitz
         Germany
         Tel: (0371) 38 22 60
         Fax: (0371) 38 22 623
         Web site: http://www.tiefenbacher.de/

The District Court of Chemnitz opened bankruptcy proceedings
against City Schutz GmbH on Jan. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         City Schutz GmbH
         Attn: Maik Schroeder, Manager
         Markersdorfer Strasse 45/47
         09123 Chemnitz
         Germany


EGNER-BAU GMBH: Claims Registration Period Ends Feb. 8
------------------------------------------------------
Creditors of Egner-Bau GmbH & Co. KG have until Feb. 8 to
register their claims with court-appointed insolvency manager
Harry Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 2:50 p.m. on Feb. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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:

         Harry Kressl
         Uhlandstr. 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/965415

The District Court of Mosbach opened bankruptcy proceedings
against Egner-Bau GmbH & Co. KG on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Egner-Bau GmbH & Co. KG
         German Egner
         Steige 57
         74842 Billigheim-Sulzbach
         Germany


FUERST FENSTERBAU: Claims Registration Period Ends Feb. 5
---------------------------------------------------------
Creditors of FUERST Fensterbau GmbH have until Feb. 5 to
register their claims with court-appointed insolvency manager
Thomas Wulsten.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Thomas Wulsten
         Rudolf-Breitscheid-Strasse 33
         14482 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against FUERST Fensterbau GmbH on Jan. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        FUERST Fensterbau GmbH
        Gewerbeparkring 1
        15517 Fuerstenwalde
        Germany


GETRANKE BROSSARDT: Claims Registration Ends February 12
--------------------------------------------------------
Creditors of Getranke Brossardt GmbH have until Feb. 12 to
register their claims with court-appointed insolvency manager
Alexander Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Getranke Brossardt GmbH
         Attn: Dr. Achim Strecker, Manager
         Grabengarten 5
         76829 Landau
         Germany


H HOEVEL GMBH: Claims Registration Period Ends Feb. 5
-----------------------------------------------------
Creditors of H. Hoevel GmbH & Co. KG have until Feb. 5 to
register their claims with court-appointed insolvency manager
Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

          Helge Wachsmuth
          Alexanderstr. 2
          30159 Hannover
          Germany
          Tel: 0511/325095
          Fax: 0511/329934

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

The Debtor can be reached at:

         H. Hoevel GmbH & Co. KG
         Junkersstr. 2
         31137 Hildesheim
         Germany


HERBERT KRAUSE: Claims Registration Period Ends Feb. 4
------------------------------------------------------
Creditors of Herbert Krause Dental-Labors GmbH have until Feb. 4
to register their claims with court-appointed insolvency manager
Dr. Axel Kulas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Dr. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Tel: 0711/70707580
         Fax: 0711/7070758-8

The District Court of Tuebingen opened bankruptcy proceedings
against Herbert Krause Dental-Labors GmbH on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Herbert Krause Dental-Labors GmbH
         Spesshardter Weg 35
         75365 Calw
         Germany

         Attn: Rolf Krause, Manager
         Merkurstrasse 3
         24943 Flensburg
         Germany


IMOBILA BAUTRAEGER: Claims Registration Period Ends Feb. 1
----------------------------------------------------------
Creditors of IMOBILA Bautraeger GmbH have until Feb. 1 to
register their claims with court-appointed insolvency manager
Arno Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on March 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         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:

         Arno Wolf
         Minnholzweg 2b
         61476 Kronberg
         Germany
         Tel: 06173/78340
         Fax: 06173/783422
         E-Mail: wolf@ra-amend.de
         Web: http://www.ra-amend.de/

The District Court of Frankfurt/Main opened bankruptcy
proceedings against IMOBILA Bautraeger GmbH on Dec. 12, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IMOBILA Bautraeger GmbH
         Hauptstrasse 332
         65760 Eschborn
         Germany


JM MARKETING: Claims Registration Ends February 13
--------------------------------------------------
Creditors of JM Marketing GmbH have until Feb. 13 to register
their claims with court-appointed insolvency manager Stephan
Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         Germany

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

The insolvency manager can be reached at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz
         Germany
         Tel: 06341-51020
         Fax: 06341-510229

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against JM Marketing GmbH on Dec. 31, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         JM Marketing GmbH
         Attn: GF Joerg Mattern, Manager
         Taubensuhlstr. 3
         76829 Landau in der Pfalz
         Germany


MODEHAUS LANG: Claims Registration Period Ends Feb. 10
------------------------------------------------------
Creditors of Modehaus Lang GmbH have until Feb. 10 to register
their claims with court-appointed insolvency manager Wolfgang
Petereit.

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

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 75
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Petereit
         GF 48
         Kaiserstrasse 24a
         D 55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

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

The Debtor can be reached at:

         Modehaus Lang GmbH
         Attn: Torsten Lang, Manager
         Bitzer Pfad 8
         55270 Ober-Olm
         Germany


PHOENIX LOGISTIK: Claims Registration Ends February 11
------------------------------------------------------
Creditors of Phoenix Logistik GmbH have until Feb. 11 to
register their claims with court-appointed insolvency manager
Walter Broehan.

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

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be reached at:

         Walter Broehan
         Muehlenstrasse 56
         23552 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Phoenix Logistik GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Phoenix Logistik GmbH
         Attn: Holger Kamenz, Manager
         Spenglerstrasse 9
         23556 Luebeck
         Germany


PIN GROUP: Begins Sales Offensive Against Deutsche Post
-------------------------------------------------------
PIN Group AG has commenced a sales offensive aimed at winning
business customers from rival Deutsche Post, the Financial Times
reports, citing Frankfurter Allgemeine Zeitung.

As previously reported in the TCR-Europe on Jan. 10, 2008,
citing Handelsblatt as its source, a representative for Deutsche
Post revealed that 50 PIN customers switched to the company in
the past two to three months, claiming quality problems as the
reason for the defection.

Thomas Schulz, a spokesman for PIN, denied these claims, adding
the company has won new customers during the said period.

PIN, however, is expected to remain under pressure from Deutsche
Post's higher discounts for business customers, FT relates.

                           Disposal

Meanwhile, Horst Piepenburg, head of the management board at
PIN, is looking to sell the company as a whole as he tries to
avert further insolvencies, which has totaled to 17, Thomson
Financial News says.

Mr. Piepenburg told Thomson Financial the company has attracted
interest from financial and strategic investors from Germany and
abroad.

Oesterreichische Post and Swiss Post earlier dismissed a
Handelsblatt report that they were interested in acquiring the
company, Thomson Financial reveals.

                       Minimum Wage Impact

Mr. Piepenburg also hopes to continue operations at the group's
insolvent units.

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

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

Mr. Piepenburg disclosed that the minimum wage would cost PIN up
to EUR45 million in 2008, although "most of the costs are
expected to be covered by a form of state reimbursement," he was
quoted by Die Zeit as saying.

                        About PIN Group AG

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

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

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


S KUSCHEL GMBH: Claims Registration Period Ends Feb. 5
------------------------------------------------------
Creditors of Bau GmbH S. Kuschel have until Feb. 5 to register
their claims with court-appointed insolvency manager Katrin
Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Katrin Bringezu
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

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

The Debtor can be reached at:

         Bau GmbH S. Kuschel
         Eschenweg 6
         04509 Delitzsch
         Germany


SPORTANLAGE SCHEESSEL: Claims Registration Period Ends Jan. 31
--------------------------------------------------------------
Creditors of Sportanlage Scheessel Verwaltungs GmbH have until
Jan. 31 to register their claims with court-appointed insolvency
manager Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 25, 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstrasse 5
         27283 Verden/Aller
         Germany
         Tel: (042 31) 88445
         Fax: (042 31) 88455

The District Court of Walsrode opened bankruptcy proceedings
against Sportanlage Scheessel Verwaltungs GmbH on Jan. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sportanlage Scheessel Verwaltungs GmbH
         Helvesieker Weg 70
         27383 Scheessel
         Germany

         Attn: Karl-Heinz Wolters, Manager
         Helvesieker Weg 72
         27383 Scheessel
         Germany


STUTE WASCHEREI: Claims Registration Period Ends Jan. 31
--------------------------------------------------------
Creditors of Stute Wascherei GmbH have until Jan. 31 to register
their claims with court-appointed insolvency manager Dr. Anja
Commandeur.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m on March 13, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Anja Commandeur
         Koenigsallee 200
         44799 Bochum
         Germany

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

The Debtor can be reached at:

         Stute Wascherei GmbH
         Attn: Bettina Bonk- Stute
         An den Lothen 25
         44892 Bochum
         Germany


VASOLD GETRANKE: Claims Registration Period Ends Feb. 8
-------------------------------------------------------
Creditors of Vasold Getranke GmbH Getrankefachgrosshandel have
until Feb. 8 to register their claims with court-appointed
insolvency manager Werner Poehlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Feb. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weiden
         Boardroom 116/I
         Justice Building
         Ledererstrasse Nr. 9
         92637 Weiden
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 1:30 p.m. on April 1, at the same venue.

The insolvency manager can be reached at:

         Dr. Werner Poehlmann
         Aussere Sulzbacher Str. 118
         90491 Nuremberg
         Germany
         Tel: 0911/59890-0

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

The Debtor can be reached at:

         Vasold Getranke GmbH Getrankefachgrosshandel
         Attn: Joachim Vasold, Manager
         Philip-Karl-Str. 16
         92637 Weiden
         Germany


WILHELM OTTO: Claims Registration Ends February 11
--------------------------------------------------
Creditors of Wilhelm Otto Duesberg GmbH have until Feb. 11 to
register their claims with court-appointed insolvency manager
Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Feb. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Bernd Depping
         Alfredstr. 108-112
         45131 Essen
         Germany
         Tel: (0201) 879040

The District Court of Essen opened bankruptcy proceedings
against Wilhelm Otto Duesberg GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wilhelm Otto Duesberg GmbH
         Attn: Klaus Duesberg, Manager
         Hohefeldstr. 19-30
         46284 Dorsten
         Germany


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


EIRLES TWO: Moody's Cuts Rating to Caa2 on Series 129 Notes
-----------------------------------------------------------
Moody's Investors Service downgraded to Caa2 under review for
downgrade from Ba2 under review for downgrade the Series 129
US$4,673,478 Variable Interest Limited Recourse Secured Notes
due 2035 relating to the Class 2 AV-3 Asset-Backed Certificates
Series 2004-10 of CWABS Asset-Backed Certificates Trust 2004-10,
issued by Eirles Two Limited.

Moody's said the action follows the downgrade to B2 from Baa3 of
the US$4,673,478 Puttable Floating Rate Notes due Feb. 25, 2010,
issued by the structured investment vehicle Stanfield Victoria
Finance Ltd which collateralize these Notes.  The rating action
on the Victoria Notes is as a result of the occurrence of an
Enforcement Event on Jan. 8, 2008 that followed a rating
downgrade of Victoria Finance's senior debt.  The action was
also prompted by uncertainty on the course of action that will
be pursued by the Collateral Agent, as guided by senior debt
investors and the courts.

The Notes are also credit-linked to the Aaa rated Class 2 AV-3
Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed
Certificates Trust 2004-10 and incorporate a swap agreement with
Deutsche Bank AG (London Branch), currently rated Aa1 ("DB").
Moody's rating is based on the credit quality of the Victoria
Notes, the CWABS Certificates and the general structural
integrity of the transaction.

Given the occurrence of an event of default on the Victoria
Notes, there is a high likelihood the repack transaction will
unwind and Noteholders would then receive the liquidation
proceeds from the Victoria Notes plus or minus any swap
termination payment which would include the mark-to-market gain
or loss on the CWABS Certificates.  This additional source of
risk results in the lower rating of the Series 129 Notes
relative to the Victoria Notes.

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


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


CARROZZERIA BERTONE: Bankruptcy Court Rules on Administration
-------------------------------------------------------------
A bankruptcy tribunal in Turin, Italy, initiated administration
proceedings against Carrozzeria Bertone S.p.A. ruling that the
company should be run by a government-appointed commissioner,
the Financial Times reports, Carrozzeria citing La Stampa as its
source.

Bertone Chairperson Lilli Bertone expressed her satisfaction
over the ruling saying the efforts made to protect workers and
re-launch the business paid off, Financial Times says.

Ms. Bertone disclosed on Jan. 1, 2008, that she plans to sell
the company to Domenico Reviglio, the founder and President of
Gruppo Prototipo, best known as owner of Nardo test track.

Ms. Bertone told La Stampa that she would press ahead with the
business plan.

The company's 1,300 strong-workforce is currently paid under a
state funded scheme, which expired on Dec. 31, 2007.  By falling
into administration, the staff will have their temporary layoff
payments extended for another two years, Financial Times notes.

Headquarterd in Turin, Italy, Carrozzeria Bertone S.p.A. --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.

As previously reported in the Troubled Company Reporter-Europe,
Bertone filed for bankruptcy protection in November 2007 after
accumulating EUR37.3 million in losses for the past three years.

Bertone filed for concordato preventivo -- similar to a
Chapter 11 bankruptcy petition in the U.S. -- which prevents
creditors to collect payments while the company reorganizes.
The filing foresees Bertone's management overseeing the
reorganization.

The company, however, excluded its design, engineering and glass
businesses from the filing.


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


AKTOBE METROLOG: Proof of Claim Deadline Slated for Feb. 8
----------------------------------------------------------
LLP Aktobe Metrolog has declared insolvency.  Creditors have
until Feb. 8 to submit written proofs of claims to:

         LLP Aktobe Metrolog
         Sankibai batyr Str. 173-150
         Aktobe
         Aktube
         Kazakhstan


ALMATY FINANCE: Creditors Must File Claims by Feb. 7
----------------------------------------------------
Branch of LLP Microcredit Organization - Almaty Finance has
declared insolvency.  Creditors have until Feb. 7 to submit
written proofs of claims to:

         LLP Microcredit Organization - Almaty Finance
         Office 1
         Gogol Str. 31
         Karaganda
         Kazakhstan


ARAI LLP: Claims Filing Period Ends February 12
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Arai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Loginov Str. 27
         Kentau
         South Kazakhstan
         Kazakhstan


FLAMINGO EURO: Creditors' Claims Due on February 12
---------------------------------------------------
LLP Flamingo Euro has declared insolvency.  Creditors have until
Feb. 12 to submit written proofs of claims to:

         LLP Flamingo Euro
         Tolstoy Str. 53
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 50-99-56


LORYNBEK-KAJY ATA: Claims Registration Ends Feb. 12
---------------------------------------------------
LLP Orynbek-Kajy Ata has declared insolvency.  Creditors have
until Feb. 12 to submit written proofs of claims to:

         LLP Orynbek-Kajy Ata
         Kojanov Str.
         Jetysai
         Mahtaaralsky District
         South Kazakhstan
         Kazakhstan


RG BRANDS: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family
rating of OJSC RG Brands, one of the leading food manufacturers
and distributors of household products in Kazakhstan, but
changed the rating outlook to negative from stable.

These ratings were affected:

   -- B2 Corporate Family Rating and Probability of Default
      Rating

The change in the rating outlook to negative takes account of a
number of factors.  "Firstly, Moody's recognizes that the 28%
top line growth the company has experienced in 2006 and
continued through the first nine months of 2007, has come with a
considerable increase in the level of financial liabilities and
limited free cash flow generation mainly resulting from high
investments in fixed capital" explained Stefano del Zompo, lead
analyst for RG Brands at Moody's.  "Other factors affecting the
company's risk profile include the worsening outlook for Kazakh
banks, many of which are currently lending to the company, which
increases the possibility that banks could restrict funding
unilaterally and a certain degree of accounting risk", Mr. del
Zompo said.

More positively, RG Brands' ratings continue to reflect:

   (i) Kazakhstan's favorable macroeconomic environment, with
       average GDP growth of over 9% per annum since 2002,
       inflation mostly under control within the 6%-9% range,
       the increase in households' disposable income and
       ultimately the positive trend in consumption and retail
       sales, with double-digit growth expected going forward;

  (ii) the company's leading share in key segments of the market
       which have increased over the past few years supported by
       organic growth of up to 30% for all RG Brands' products
       except tea; and

(iii) the still fragmented nature of the Kazakh retail market,
       coupled with the company's extensive distribution network
       and the attractiveness of its own and imported products
       categories, which constitute considerable barriers to
       entry for larger players.

Moody's notes that negative pressure could be exerted on RG
Brands' rating if financial debt, including letters of credit,
continues to rise without a corresponding increase in cash flows
from operations, leading to a Debt/EBITDA ratio above 5.0x on a
continued basis.  The rating could also come under pressure if,
as a result of the instability of the Kazakh banking system, the
company's liquidity position were to deteriorate.  Conversely,
ratings will likely experience positive pressure in the event of
stronger cash generation relative to debt levels, leading to a
reduction in the company's Debt/EBITDA in the region of 4.0x.
Positive pressure would also be generated by an improvement in
accounting diligence, increased transparency and a more
comfortable liquidity position.

Moody's last rating action on RG Brands was an affirmation in
July 2006.

Headquartered in Almaty, Kazakhstan, OJSC RG Brands is a leading
food producer in Central Asia.  The company, which is 100% owned
by the Resmi Group, was established in 1994 and has grown
rapidly through acquisitions.  In 2006, the company reported
sales and EBITDA of KZT18.4 billion (ca. US$149 million) and
KZT2.2 billion (ca US$17.8 million), respectively.


ROSBELTEKS LLP: Proof of Claim Deadline Slated for Feb. 12
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Rosbelteks insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Vostochnaya Str. 51
         Atakent
         Mahtaaralsky District
         South Kazakhstan
         Kazakhstan


SIBMOST-ASTANA LLP: Creditors Must File Claims by Feb. 7
--------------------------------------------------------
LLP Sibmost-Astana has declared insolvency.  Creditors have
until Feb. 7 to submit written proofs of claims to:

         LLP Sibmost-Astana
         Respublika ave. 9/1-68
         Astana
         Kazakhstan


SKS CAPITAL: Claims Filing Period Ends Feb. 7
---------------------------------------------
LLP Company SKS Capital has declared insolvency.  Creditors have
until Feb. 7 to submit written proofs of claims to:

         LLP Company SKS Capital
         Jubanova Str. 4
         Aktobe
         Aktube
         Kazakhstan


TATYANA LLP: Creditors' Claims Due on Feb. 12
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Tatyana insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Loginov Str. 27
         Kentau
         South Kazakhstan
         Kazakhstan


TENGIZ & K: Claims Registration Ends Feb. 7
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tengiz & K insolvent.

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

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


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


SCIENTIFIC MANUFACTURING: Creditors Must File Claims by Feb. 7
--------------------------------------------------------------
LLC Scientific-Manufacturing Technical Centre ARS has declared
insolvency.  Creditors have until Feb. 7 to submit written
proofs of claim to:

         LLC Scientific-Manufacturing Technical Centre ARS
         Chui Ave. 44
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 29-68-37


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


KRATON POLYMERS: Board Taps Kevin Fogarty as President & CEO
------------------------------------------------------------
Kraton Polymers LLC's Board of Directors has appointed Kevin M.
Fogarty as President and Chief Executive Officer, effective
Jan. 14, 2008.  He succeeds George B. Gregory who has decided to
leave Kraton after three and a half years of transforming the
company.  Mr. Gregory will serve as an advisor to the company
through June 30, 2008.  Additionally, David A. Bradley has been
appointed Chief Operating Officer, also effective Jan. 14, 2008.

Mr. Fogarty has served as Kraton's Executive Vice President
since June 2005, when he joined Kraton from INVISTA S.ar.l.,
where he served as President for Polymer and Resins since
May 2004.  Prior to that, Mr. Fogarty held a variety of roles
with increasing responsibility in Koch Industries' companies,
including KoSa, B.V.

Mr. Bradley has been Vice-President of Operations since
September 2004.  He joined Kraton in April 2004 as Vice
President of Transformation, bringing Lean Six Sigma to Kraton's
operations.  Prior to Kraton, Mr. Bradley worked for General
Electric as a Lean Manufacturing Manager.

Kelvin Davis, a Partner of TPG Capital and Kraton's Chairman of
the Board, said, "Kevin has been a significant contributor to
Kraton since joining us in 2005.  He has excellent experience in
the global polymer industry, and has proven leadership
credentials that will be essential in advancing Kraton's
strategic business objectives.  We are very excited to have him
step up into this opportunity.  We also wish to thank George for
his achievements over the past three and a half years, during
which time he drove significant advancements in innovation,
operational excellence, and expansion of the Kraton brand."

Timothy Walsh, Managing Director at CCMP Capital Advisors, LLC,
and a member of the Board of Directors of Kraton said, "We also
want to thank George for his tremendous accomplishments in which
he created a stand-alone business to grow from.  We now look
forward to working with Kevin and David to advance Kraton
further, leveraging Kraton's leadership position, and
implementing strategic restructuring to propel Kraton to the
next level of performance."

"I am extremely excited and proud to lead our team into the
future," said Mr. Fogarty, "Kraton is a first class company,
with a leading global market position, and an employee talent
base second to none.  Our end-use market focus, coupled with an
innovation-driven growth mentality, will only assure we will
continue to expand Kraton's ability to provide unique products
and services that our customers both expect and truly value."

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service has affirmed Kraton
Polymers LLC's B1 corporate family rating but revised the
company's outlook to negative as Moody's expects continued
margin weakness, due to delays in passing on the full extent of
raw material cost increases to Kraton customers, which will
diminish free cash flow from operations over the next 12 to 18
months.


NEPTUNO CLO II: Moody's Rates EUR19 Mln Class E Notes at Ba3
------------------------------------------------------------
Moody's Investors Servcie assigned these long term ratings to
five classes of notes issued by Neptuno CLO II B.V., a
bankruptcy remote special purpose vehicle incorporated in the
Netherlands:

   -- Aaa to the EUR308,500,000 Class A Senior Secured Floating
      Rate Notes due 2023;

   -- Aa2 to the EUR28,000,000 Class B Senior Secured Floating
      Rate Notes due 2023;

   -- A2 to the EUR23,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2023;

   -- Baa3 to the EUR23,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2023;

   -- Ba3 to the EUR19,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2023.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class in 2023.

These ratings are based upon:

   1. An assessment of the credit quality and of the
      diversification of the assets in the initial portfolio;

   2. An assessment of the eligibility criteria applicable to
      the future additions to the portfolio;

   3. The overcollateralization of the notes;

   4. The protection against losses through the subordination of
      the Class A, B, C, D, E notes and the excess spread
      available in the transaction;

   5. The proposed currency swap transactions, which insulate
      the issuer from the volatility of the foreign currency
      exchange rates in respect of non-Euro denominated
      obligations;

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR437.75
million, comprised primarily of European senior and mezzanine
loans and high yield bonds.  This portfolio is dynamically
managed by Caja de Ahorros y Monte de Piedad de Madrid.  This
portfolio will be partially acquired at closing date and
partially during the 6 months ramp-up period in compliance with
portfolio guidelines.  Thereafter, the portfolio of loans will
be actively managed and the portfolio manager will have the
option to buy or sell assets in the portfolio.  Any addition or
removal of assets will be subject to a number of portfolio
criteria.


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


ELEKTRIM SA: Can Stay Off Warsaw Stock Exchange After Buyback
-------------------------------------------------------------
Elektrim SA does not need to return to the Warsaw Stock Exchange
as it only has less than 15 percent of its equity in public
hands, following a share buyback, the Financial Times Ltd.
reports, citing Polish News Bulletin.

The trading in Elektrim's shares was suspended on Jan. 11.

According to the report, Elektrim is one of the first companies
to be listed on the Warsaw bourse, and among the most liquid
ones.

As reported in the Troubled Company Reporter - Europe on Nov. 9,
2007, WSE approved the company's second request to have its
shares delisted from the market.  WSE said that it was of vital
interest to the company that its shares will not be traded while
in bankruptcy.  The company filed for bankruptcy protection in a
court in Warsaw on Aug. 10, 2007, after its second debt
restructuring talks with bondholders failed.

According to FT, WSE also requested that the company renew
efforts to be listed again if investors hold more than 15
percent of Elektrim's stake.  Although PAI Media offered a bid
for the shares and bought almost all publicly traded shares,
Vivendi and Maciej Niebrzydowski refused to sell their stakes.

                      About Elektrim S.A.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.


ELEKTRIM SA: Gets EUR62 Million Infusion from Unit
--------------------------------------------------
Elektrim SA received EUR62 million from its subsidiary, which
would enable the company to pay a EUR40 million debt to its
bondholders, the Financial Times Ltd. reports, citing Polish
News Bulletin.

As previously reported in the Troubled Company Reporter-Europe,
the company filed for bankruptcy protection in a court in Warsaw
on Aug. 10, 2007, after its second debt restructuring talks with
bondholders failed.

                      About Elektrim S.A.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.


GLIMAR SA: Fails to Secure Adequate Offers for Bankrupt Assets
--------------------------------------------------------------
Efforts to sell bankrupt Rafineria Nafty Glimar S.A.'s
Hydrokompleks plant fell yet again as offers received failed to
reach the minimum price of PLN180 million, The Financial Times
Ltd. reports, citing Polish News Bulletin.

The price for the facility, which was initially estimated at
PLN326 million, was cut in half by the creditors' council due to
lack of offers, the FT adds.

The company, which owes creditors around PLN600 million, had
spent between PLN350 million to PLN400 million for the
construction of the plant, which was used to produce kerosene,
diluent, and motor oils, the FT relates.

Company receiver Bozena Polesek of Capricorn said that Glimar
was apparently "hard to sell", the report says.

According to the report, Ms. Polesek intends to start
negotiating with other interested bidders, the results of which
will be disclosed at a creditors' council meeting on Oct. 10,
2008.

Headquartered in Gorlice, Poland, Rafineria Nafty Glimar S.A. --
http://www.glimar.pl/-- is an oil refinery.


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


HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr.
---------------------------------------------------------------
Hynix Semiconductor Inc's creditors advised the company to begin
its US$4 billion stake sale in the first quarter of this year,
The Economic Times reports.

Korean Exchange Bank, one of Hynix's creditors, told The
Economic Times that Credit Suisse, which was picked to advise on
the sale in September 2007, reported to Hynix creditors that it
saw a number of potential buyers for its shares after it tested
the market.

Creditors own a combined 36.1% in Hynix, a stake with a market
value of KRW3.9 trillion, the report relates.  Korean Exchange
Bank is the top single shareholder in the company with an 8.2%
stake, the report notes.

                    About Hynix Semiconductor

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

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

                         *     *     *

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

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


ROSNEFT OIL: Earns EUR9.91 Billion for First Nine Months 2007
-------------------------------------------------------------
OAO Rosneft Oil Co. released its consolidated financial results
for the first nine months and third quarter ended Sept. 30,
2007.

Rosneft posted EUR9.91 billion in net profit on EUR32.75 billion
in net revenues for the first nine months of 2007, compared with
EUR2.93 billion in net profit on EUR24.88 billion in net
revenues for the same period in 2006.

Rosneft posted EUR1.89 billion in net profit on EUR13.74 billion
in net revenues for the third quarter 2007, compared with
EUR1.05 billion in net profit on EUR8.95 billion in net revenues
for the same period in 2006.

In the third quarter of 2007, net income, adjusted for the
effect of non-operating accrual of fines and penalties related
to pre-acquisition Yuganskneftegaz tax debt in the amount of
US$38 million and -US$75 million in the third quarter of 2007
and 2006, respectively, increased by 97.5% year-on-year (to
US$1.928 million from US$976 million in the third quarter of
2006) and by 13.2% quarter-on-quarter (to US$1.92 billion from
US$1.703 billion in the second quarter of 2007).

In the first nine months of 2007, net income, adjusted for the
effect of non-operating accrual of fines and penalties related
to pre-acquisition Yuganskneftegaz tax debt proceeds in the
amount of US$437 million and -US$13 million for the nine months
of 2007 and 2006, respectively, as well the net effect of
receipt of the Yukos bankruptcy receivables in the amount of
US$6.019 billion in the first nine months of 2007, increased by
48.4% to US$4.328 million in the first nine months of 2007 from
US$2.917 million in the first nine months of 2006.

In the third quarter of 2007 Rosneft and its consolidated
subsidiaries increased production of crude oil by 29.2% to
192.35 million barrels from 148.88 million barrels in the third
quarter of 2006.  This growth was largely due to an increase in
production at Yuganskneftegaz to 113.05 million barrels in the
third quarter of 2007 from 106.69 million barrels in the same
period of 2006, or by 6.0%, as well as the acquisition of
Tomskneft and Samaraneftegaz, which collectively contributed
57.15 million barrels to Rosneft's crude oil production from the
day of their acquisition in May 2007 to Sept. 30, 2007.

Including share in affiliates, Rosneft increased its production
by 32.6% to 199.08 million barrels in the third quarter of 2007
from 150.12 million barrels in the third quarter of 2006.  In
the first nine months of 2007, Rosneft and its consolidated
subsidiaries increased crude oil production by 19.6% to 511.62
million barrels (up from 427.67 million barrels in the same
period of 2006) while crude oil production, including equity
share in affiliates, increased by 23.2% to 531.41 million
barrels (up from 431.23 million barrels in the nine months of
2006).  Among the factors contributing to this increase was a
growth in average well flow rates, which increased from 109.73
barrels per day in the nine months of 2006 to 112.5 barrels per
day in the same period of 2007.

In the third quarter of 2007, Rosneft and its consolidated
subsidiaries produced 3.89 billion cubic meters (bcm) of natural
and associated gas, an increase of 15.9% compared to the same
period of 2006.  In the first nine months of 2007 Rosneft's
production of natural and associated gas increased by 14.6% to
11.60 bcm from 10.13 bcm in the same period of 2006.  The growth
was primarily due to the increased production at
Krasnodarneftegaz, Grozneftegaz and Purneftegaz.  Including
share in affiliates, gas production increased by 14.8% to 11.63
bcm in the nine months of 2007.

In the third quarter petroleum products output increased by
109.3% year-on-year to 11.93 million tons in 2007 from 5.70
million tons in 2006. F or the first nine months of 2007, output
of petroleum products from Rosneft produced crude oil, including
output at mini refineries and refineries controlled by third
parties, increased by 56.0% to 26.32 million tons from 16.87
million tons for the same period of 2006.

"The third quarter was another record quarter for Rosneft both
in terms of operational performance and increased profitability,
whether reviewed only on an organic basis or incorporating
recent acquisitions," Sergey Bogdanchikov, president of Rosneft,
said.  "We continued to demonstrate industry leading organic
production and earnings growth rates. Profitability per barrel
increased despite taxation and inflation cost increases
exceeding oil price appreciation.  As outlined in our
communication following the review of our 2008 business plan at
our Board of Directors meeting in December, we are confident in
our ability to continue to demonstrate leading operational and
financial performance through rigorous cost control, improved
downstream margins via increased sales through new and more
profitable sales channels to end customers and continued organic
volume growth."

                         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.


ROSNEFT OIL: Citigroup Selling Stake for US$1 Billion
-----------------------------------------------------
Citigroup Inc. is selling its 110 million shares in OAO Rosneft
Oil Co. for US$1 billion, Kommersant reports, citing
RosBusinessConsulting as its source.

Buyer of the shares would gain at least a 1% stake in Rosneft,
given the oil giant's US$98 billion equity stake, RBC relates.

According to Kommersant, it is not the first time that market
players offer for sale big stakes in oil companies that launched
initial public offerings in 2006.  Kommersant notes that poor
yield on oil stocks might have forced some large local
businessmen to sell their stakes.

Analysts attribute Citigroup's decision to its effort to cope
with liquidity problems caused by the U.S. mortgage crisis,
Kommersant says.

                         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.


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


ARC SOUND: Creditors' Liquidation Claims Due by January 21
----------------------------------------------------------
Creditors of LLC Crystal have until Jan. 21 to submit their
claims to:

         Ulrich F. Baur
         Liquidator
         Felsenrainstr. 33
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC ARC Sound of Music
         Basel
         Switzerland


ANUZIN JSC: Creditors' Liquidation Claims Due by January 31
-----------------------------------------------------------
Creditors of JSC Anuzin have until Jan. 31 to submit their
claims to:

         Melchior Vogler
         Liquidator
         Grossfeldstrasse 40
         7320 Sargans
         Wahlkreis Sarganserland SG
         Switzerland

The Debtor can be reached at:

         JSC Anuzin
         Glarus
         Switzerland


C-PUBLIC LLC: Creditors' Liquidation Claims Due by January 20
-------------------------------------------------------------
Creditors of LLC C-public have until Jan. 20 to submit their
claims to:

         Suzanne Kreis-Hofer
         Kaferholzstrasse 142
         4058 Basel
         Switzerland

The Debtor can be reached at:

         LLC C-public
         Basel
         Switzerland


DEXAMED JSC: Creditors' Liquidation Claims Due by January 21
------------------------------------------------------------
Creditors of JSC Dexamed have until Jan. 21 to submit their
claims to:

         JSC Buchhaltung und Revision
         Bundesstrasse 3
         Mail box:4028
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Dexamed
         Cham ZG
         Switzerland


DSX EYECARE: Creditors' Liquidation Claims Due by January 21
------------------------------------------------------------
Creditors of LLC DSX Eyecare have until Jan. 21 to submit their
claims to:

         LLC DSX Eyecare
         Sulzerstrasse 17
         4010 Basel
         Switzerland


ECLAIR LLC: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Eclair formerly JSC LifeSyntax on Dec. 5, 2007.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Eclair
         Baarerstrasse 73
         6302 Zug
         Switzerland


GALBIER LLC: Creditors' Liquidation Claims Due by January 20
------------------------------------------------------------
Creditors of LLC Galbier have until Jan. 20 to submit their
claims to:

         Georg Galbier
         Liquidator
         Forchstr. 178
         8125 Zollikerberg ZH
         Switzerland

The Debtor can be reached at:

         LLC Galbier
         Zollikon
         Meilen ZH
         Switzerland


HELVETIA AUTOMOBILE: Creditors Must File Claims by January 28
-------------------------------------------------------------
Creditors of LLC Helvetia Automobile have until Jan. 28 to
submit their claims to:

         Richard Sabo
         Liquidator
         Wiesenweg 452
         8217 Wilchingen SH
         Switzerland

The Debtor can be reached at:

         LLC Helvetia Automobile
         Neuhausen am Rheinfall SH
         Switzerland


S AIR: Creditors' Liquidation Claims Due by January 31
------------------------------------------------------
Creditors of JSC S Air Services Invest have until Jan. 31 to
submit their claims to:

         Wenger Plattner
         Urs Gunter
         Goldbach-Center
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC S Air Services Invest
         Kusnacht ZH
         Switzerland


SACHEM LLC: Thurgau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Thurgau entered Nov. 30, 2007, an
order closing the bankruptcy proceedings of LLC Sachem.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Sachem
         Friedbergstrasse 11
         8280 Kreuzlingen TG
         Switzerland


SAIRGROUP FINANCIERE: Creditors Must File Claims by January 31
--------------------------------------------------------------
Creditors of JSC SAirGroup Financiere have until Jan. 31 to
submit their claims to:

         Wenger Plattner
         Urs Gunter
         Goldbach-Center
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC SAirGroup Financiere
         Kusnacht ZH
         Switzerland


SCHROERS FLORALES: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Zug entered Dec. 5, 2007, an order
closing the bankruptcy proceedings of LLC Schroers Florales.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Schroers Florales
         Blegistrasse 25
         6340 Baar ZG
         Switzerland


SEGULAH HOLDING: Creditors' Liquidation Claims Due by January 21
----------------------------------------------------------------
Creditors of JSC Segulah Holding have until Jan. 21 to submit
their claims to:

         Dr. Herbert Winter
         Liquidator
         Kirchgasse 40
         8024 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Segulah Holding
         Zug
         Switzerland


SEILER PRATTELN: Creditors' Liquidation Claims Due by January 21
----------------------------------------------------------------
Creditors of JSC Seiler Pratteln have until Jan. 21 to submit
their claims to:

         Paul Stcklin
         Durrenmattweg 4
         4133 Pratteln
         Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Seiler Pratteln
         Pratteln
         Liestal BL
         Switzerland


T GROUP: Creditors' Liquidation Claims Due by January 31
--------------------------------------------------------
Creditors of JSC T Group have until Jan. 31 to submit their
claims to:

         Wenger Plattner
         Urs Gunter
         Goldbach-Center
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC T Group
         Kusnacht ZH
         Switzerland


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


AGRICULTURAL CHEMICAL: Creditors Must File Claims by January 20
---------------------------------------------------------------
Creditors of Agricultural LLC Agricultural Chemical Service
(code EDRPOU 31369466) have until Jan. 20 to submit written
proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/5000.

The Debtor can be reached at:

         Agricultural LLC Agricultural Chemical Service
         Sadovaya Str. 59
         Zolotonosha District
         Korobovka
         19772 Cherkassy
         Ukraine


LARGOVSKY BREADRECEIVING: Creditors Must File Claims by Jan. 20
---------------------------------------------------------------
Creditors of LLC Largovsky Breadreceiving Enterprise (code
EDRPOU 30823978) have until Jan. 20 to submit written proofs of
claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/152/B.

The Debtor can be reached at:

         LLC Largovsky Breadreceiving Enterprise
         84000 Donetsk Ukraine
         Alexandrovka
         Sovetskaya Str. 16


MOTORCAR PARK: Creditors Must File Claims by January 20
-------------------------------------------------------
Creditors of OJSC Yampolal Agricultural Service Subsidiary
Company Motorcar Park Ofal Agricultural Technical Service (code
EDRPOU 30088503) have until Jan. 20 to submit written proofs of
claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/241-07.

The Debtor can be reached at:

         OJSC Yampolal Agricultural Service Subsidiary
         Company Motorcar Park Ofal Agricultural
         Technical Service
         Cherniakhovsky Str. 1
         Yampol
         Vinnica
         Ukraine


PODSTAVKI LLC: Creditors Must File Claims by January 20
-------------------------------------------------------
Creditors of Agricultural LLC Podstavki (code EDRPOU 03793099)
have until Jan. 20 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/5403.

The Debtor can be reached at:

         Agricultural LLC Podstavki
         Podstavki
         Zolotonosha District
         19713 Cherkassy
         Ukraine


SOFIYEVKA AGRICULTURAL: Creditors Must File Claims by January 20
----------------------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/5324.

Creditors of Sofiyevka Agricultural LLC (code EDRPOU 01528393)
have until Jan. 20 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Sofiyevka Agricultural LLC
         Sofiyevka
         Zolotonosha District
         19721 Cherkassy
         Ukraine


SOMERS LLC: Claims Registration Deadline Set January 20
-------------------------------------------------------
Creditors of LLC Somers (code EDRPOU 32494150) have until
Jan. 20 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 the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
23/493-b.

The Debtor can be reached at:

         LLC Somers
         Dmitrevskaya Str. 18/24
         01054 Kiev
         Ukraine


SPARTAK OJSC: Claims Registration Deadline Set January 20
---------------------------------------------------------
Creditors of OJSC Spartak (code EDRPOU 30561150) have until
Jan. 20 to submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Dec. 4, 2007.  The case is docketed
under Case No. 8/467-07.

The Debtor can be reached at:

         OJSC Spartak
         Kirov Str. 25
         40030 Sumy
         Ukraine


WOMAN'S DOCTOR: Creditors Must File Claims by January 20
--------------------------------------------------------
Creditors of LLC Woman's Doctor (code EDRPOU 30289448) have
until Jan. 20 to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/275-07.

The Debtor can be reached at:

         LLC Woman's Doctor
         Aviatsionnaya Str. 17
         61166 Kharkov
         Ukraine


ZARIA LLC: Claims Registration Deadline Set January 20
------------------------------------------------------
Creditors of Agricultural LLC Agricultural Firm Zaria (code
EDRPOU 30787222) have until Jan. 20 to submit written proofs of
claim to:

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
11/B-978.

The Debtor can be reached at:

         Agricultural LLC Agricultural Firm Zaria
         Rokhmanov
         Shumsky District
         Ternopol
         Ukraine


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


ASHBURY CONFECTIONERY: Appoints Vantis as Administrators
--------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis were
appointed joint administrators of Ashbury Confectionery Ltd.
(Company Number 03429285) on Jan. 4.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Ashbury Confectionery Ltd.
         Darwin Road
         Willowbrook East Industrial Estate
         Corby
         Northamptonshire
         NN17 5XZ
         England
         Tel: 01536 401 229
         Fax: 01536 401 176
         Web site: http://www.ashbury.co.uk/


BLUECREST INTERNATIONAL: Taps Liquidators from Menzies
------------------------------------------------------
Andrew John Duncan and Paul David Williams of Menzies Corporate
Restructuring were appointed joint liquidators of Bluecrest
International Ltd. on Jan. 8 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


COLOURSET DISPLAY: Brings In Baker Tilly as Administrators
----------------------------------------------------------
Michael David Rollings and Geoffrey Lambert Carton-Kelly of
Baker Tilly Restructuring and Recovery LLP were appointed joint
administrators of Colourset Display Ltd. (Company Number
01250151) on Jan. 4.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Colourset Display Ltd.
         Unit 3
         Watermill Business Centre
         Edison Road
         Enfield
         Middlesex
         EN3 7XF
         England
         Tel: 020 8805 6960
         Fax: 020 8805 6961


CORNERSTONE TITAN 2006-1: Fitch Affirms Class J Notes at B
----------------------------------------------------------
Fitch Ratings has changed the Outlook on five tranches of three
U.K. CMBS transactions to Negative from Stable.  This follows a
review of 38 U.K. CMBS deals that closed in the last two years
with maturity dates within the next four years -- a segment that
is currently at risk from downward rating pressure.

Rodney Pelletier, Managing Director at Fitch's Structured
Finance team, said, "Although rental income from current tenants
is generally stable, the main concern currently is that property
capital values may be insufficient to allow final principal
repayments at loan maturity."

Mr. Pelletier added, "Most CMBS transactions rely heavily on the
sale or refinancing of the charged assets -- in most cases
commercial property -- for repayment of its debt.  As values
fall, the likelihood that a sale or refinancing will deliver
sufficient funds to make such a principal payment reduces."

In the light of current information highlighting falling
commercial property values across the U.K., Fitch believes that
transactions which are more susceptible to downward risk are
U.K. transactions that closed in 2006 and 2007 -- when property
values were at their highest -- with maturities in the next four
years.  As prevailing market yields have increased in the last
nine months, the cushion between the yields assumed in Fitch's
initial analysis and current market conditions has decreased.
Moreover, current market sentiment suggests that further
declines in capital values are likely in the coming months.

Fitch has analyzed all 38 CMBS transactions that it rated in
2006 and 2007 with significant UK loan exposure.  The scope of
the analysis was limited to refinance exposure for the 18
transactions with loans maturing prior to Dec. 31, 2011.

For these loans, Fitch analyzed exit debt yield on the
properties, utilizing the debt expected to be outstanding at
maturity.  Those loans with lower exit debt yields were deemed
of higher risk and further analyzed within the context of their
particular CMBS transaction.  The prior Stable Outlooks were
reviewed against an analysis of several factors, including
quality and length of rent profile, location, and the capital
structure of the transaction.

As a result of the analysis, these transactions were selected
for committee review.  The resulting rating actions, including
Outlook changes, are:

Cornerstone Titan 2006-1

   -- GBP391.1 million Class A (XS0262023459) affirmed at 'AAA';
      Outlook Stable

   -- GBP5,000 Class X (XS0262023707) affirmed at 'AAA'; Outlook
      Stable

   -- GBP49.8 million Class B (XS0262023962) affirmed at 'AAA';
      Outlook Stable

   -- GBP20.2 million Class C (XS0262024184) affirmed at 'AA';
      Outlook Stable

   -- GBP25.5 million Class D (XS0262024424) affirmed at 'AA';
       Outlook Stable

   -- GBP20.7 million Class E (XS0262025157) affirmed at 'A';
      Outlook Stable

   -- GBP31.4 million Class F (XS0262025405) affirmed at 'BBB';
      Outlook Stable

   -- GBP13.8 million Class G (XS0262025744) affirmed at 'BBB-';
      Outlook Stable

   -- GBP5.5 million Class H (XS0262026551) affirmed at 'BB';
      Outlook revised to Negative from Stable

   -- GBP3.5 million Class J (XS0262027104) affirmed at 'B';
      Outlook revised to Negative from Stable

The analysis conducted was limited to the effect of property
values on loans that are maturing in the next four years.  Loans
maturing after this time were not considered, given limits on
cyclical visibility.  Obviously, if current downward conditions
exist for a longer time period, more transactions would be
negatively affected.  The converse is also true, if the current
downward trend is shorter, fewer transactions would be
negatively affected or more Negative Outlooks would revert to
Stable Outlooks.

It is also important to note that if continued financial market
turmoil triggers a reduction in occupational demand from sectors
of the wider economy -- which has not happened yet -- the
capital values of properties providing accommodation to the
affected sectors could face further downward pressure.
Furthermore, loans with lower debt service coverage ratios
(which were not part of this analysis) would be at risk of
default, thus causing more CMBS transactions to be negatively
affected.

The three affected transactions represent only 10.5% of the 38
transactions analyzed, and the five tranches affected represents
only 2.2% of the 230 tranches analyzed.  Despite their greater
reliance on asset values, CMBS transactions have inherent
mitigating factors.

   -- First, UK transactions (as most CMBS transactions) are
      generally long-term in nature - a very low percentage of
      loans refinance within the next two years, and a moderate
      amount refinance in the next four years. This allows time
      for stabilization.

   -- Second, underlying rental cash flows supporting most
      transactions are long-term in nature, usually to quality
      tenants.

   -- Third, the underlying mortgage loans in CMBS are
      fixed-rate to the borrower, thus fluctuations in interest
      rates have less of an impact on default rates.

   -- fourth, current occupational markets are generally stable.
      This can provide sufficient income to pay required debt
      service and allow a mortgage loan to avoid term default.

Fitch recognizes that the current financial environment has
introduced uncertainties unseen for many years.  In this light,
the agency will continue to monitor the performance and
environment in all sectors for which it has rated CMBS
transactions, in particular for any evidence of a decline in
occupational markets or transaction performance.


DECO 8: Fitch Rates GBP8.3 Million Class G Notes atat BB
--------------------------------------------------------
Fitch Ratings has changed the Outlook on five tranches of four
UK CMBS transactions to Negative from Stable.  This follows a
review of 38 UK CMBS deals that closed in the last two years
with maturity dates within the next four years -- a segment that
is currently at risk from downward rating pressure.

Rodney Pelletier, Managing Director at Fitch's Structured
Finance team, said, "Although rental income from current tenants
is generally stable, the main concern currently is that property
capital values may be insufficient to allow final principal
repayments at loan maturity".

Mr. Pelletier added, "Most CMBS transactions rely heavily on the
sale or refinancing of the charged assets -- in most cases
commercial property -- for repayment of its debt.  As values
fall, the likelihood that a sale or refinancing will deliver
sufficient funds to make such a principal payment reduces."

In the light of current information highlighting falling
commercial property values across the U.K., Fitch believes that
transactions which are more susceptible to downward risk are
U.K. transactions that closed in 2006 and 2007 -- when property
values were at their highest -- with maturities in the next four
years.  As prevailing market yields have increased in the last
nine months, the cushion between the yields assumed in Fitch's
initial analysis and current market conditions has decreased.
Moreover, current market sentiment suggests that further
declines in capital values are likely in the coming months.

Fitch has analyzed all 38 CMBS transactions that it rated in
2006 and 2007 with significant UK loan exposure.  The scope of
the analysis was limited to refinance exposure for the 18
transactions with loans maturing prior to Dec. 31, 2011.

For these loans, Fitch analyzed exit debt yield on the
properties, utilizing the debt expected to be outstanding at
maturity.  Those loans with lower exit debt yields were deemed
of higher risk and further analyzed within the context of their
particular CMBS transaction.  The prior Stable Outlooks were
reviewed against an analysis of several factors, including
quality and length of rent profile, location, and the capital
structure of the transaction.

As a result of the analysis, these transactions were selected
for committee review.  The resulting rating actions, including
Outlook changes, are:

Deco 8 U.K. Conduit 2

   -- GBP163.5 million Class A1: (XS0251885603) affirmed at
      'AAA'; Outlook Stable

   -- GBP256.3 million Class A2: (XS0251886163) affirmed at
      'AAA'; Outlook Stable

   -- GBP32.4 million Class B: (XS0251886833) affirmed at 'AA+';
      Outlook Stable

   -- GBP34 million Class C: (XS0251887211) affirmed at 'AA-';
      Outlook Stable

   -- GBP23.5 million Class D: (XS0251887724) affirmed at 'A';
      Outlook Stable

   -- GBP61 million Class E: (XS0251889696) affirmed at 'BBB';
      Outlook Stable

   -- GBP14.2 million Class F: (XS0251890199) affirmed at
      'BBB-'; Outlook Stable

   -- GBP8.3 million Class G: (XS0251890868) affirmed at 'BB';
      Outlook revised to Negative from Stable

The analysis conducted was limited to the effect of property
values on loans that are maturing in the next four years.  Loans
maturing after this time were not considered, given limits on
cyclical visibility.  Obviously, if current downward conditions
exist for a longer time period, more transactions would be
negatively affected.  The converse is also true, if the current
downward trend is shorter, fewer transactions would be
negatively affected or more Negative Outlooks would revert to
Stable Outlooks.

It is also important to note that if continued financial market
turmoil triggers a reduction in occupational demand from sectors
of the wider economy -- which has not happened yet -- the
capital values of properties providing accommodation to the
affected sectors could face further downward pressure.
Furthermore, loans with lower debt service coverage ratios
(which were not part of this analysis) would be at risk of
default, thus causing more CMBS transactions to be negatively
affected.

The four affected transactions represent only 10.5% of the 38
transactions analyzed, and the five tranches affected represents
only 2.2% of the 230 tranches analyzed.  Despite their greater
reliance on asset values, CMBS transactions have inherent
mitigating factors.

   -- First, U.K. transactions (as most CMBS transactions) are
      generally long-term in nature -- a very low percentage of
      loans refinance within the next two years, and a moderate
      amount refinance in the next four years.  This allows time
      for stabilization.

   -- Second, underlying rental cash flows supporting most
      transactions are long-term in nature, usually to quality
      tenants.

   -- Third, the underlying mortgage loans in CMBS are
      fixed-rate to the borrower, thus fluctuations in interest
      rates have less of an impact on default rates.

   -- Fourth, current occupational markets are generally stable.
      This can provide sufficient income to pay required debt
      service and allow a mortgage loan to avoid term default.

Fitch recognizes that the current financial environment has
introduced uncertainties unseen for many years.  In this light,
the agency will continue to monitor the performance and
environment in all sectors for which it has rated CMBS
transactions, in particular for any evidence of a decline in
occupational markets or transaction performance.


DURA AUTO: Gets Lenders Consent to Amend DIP Financing Terms
------------------------------------------------------------
DURA Automotive Systems, Inc., said in a filing with the
Securities and Exchange Commission that it received the
necessary consents from its lenders to amend the terms of the
Revolving DIP Credit Agreement and the Term Loan DIP Credit
Agreement to, among other things,

   (i) extend their final maturity dates from Dec. 31, 2007 to
       Jan. 31, 2008,

  (ii) restrict outstandings under the Revolving DIP Credit
       Agreement to a maximum amount of US$48 million,

(iii) waive the minimum EBITDA covenant under the Revolving DIP
       Credit Agreement during January 2008 and extend the
       capital expenditure covenant set forth in the Term Loan
       DIP Credit Agreement,

  (iv) incorporate a new minimum excess availability covenant in
       the Revolving DIP Credit Agreement and

   (v) increase the interest rate set forth in the Term Loan DIP
       Credit Agreement by 2.00%.

            Debtors Obtain Reduction of Carve-Out Cap

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis, LLP, in
Chicago, Illinois, tells the Court that the Amended DIP
Documents contemplate the reduction of the Carve-Out Cap and
provided specific consent of the Postpetition Secured Parties to
the reduction.

Mr. Kieselstein says reduction of the Carve-Out Cap will provide
the Debtors with enhanced access to working capital to fund
ongoing operations.

In this regard, the Debtors submitted an amended Final DIP Order
to add a paragraph implementing the reduction in the Carve-Out
Cap, consistent with the DIP Amendments.

The Court's order approving the request provides that Carve-Out
Cap is reduced from US$10 million to US$5 million.

Copies of the Amendment No. 4 and Waiver with Respect to
Revolving DIP Credit Agreement and Amendment No. 5 and Waiver
with Respect to Term Loan DIP Credit Agreement are available at:

             http://ResearchArchives.com/t/s?270f

             http://ResearchArchives.com/t/s?2710

The company expects that it will need to obtain additional
amendments to further extend the final maturity dates of the
Revolving DIP Credit Agreement and the Term Loan DIP Agreement
or refinance the Term Loan DIP Agreement.

                          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 AUTO: Seeks Approval of 2008 Management Incentive Plan
-----------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve a
key management incentive plan for the year 2008, which will
cover 220 participants consisting of middle and senior
management positions in North America and globally, including
their chief executive officer.

The 2008 KMIP will be effective for six months, from Jan. 1,
2008 to June 30, 2008.  The KMIP proposes a two three-month
performance measurement and pay-out periods:

   * Threshold pay-out:  If the Debtors achieve 90% of adjusted
     EBITDA goals, participants will receive 50% of their
     individual target bonus opportunities; and

   * Maximum pay-out:  If the Debtors achieve 120% of adjusted
     EBITDA goals, participants will receive 150% of their
     individual target bonus opportunities.

Under the 2008 KMIP, participants' target bonus opportunities
range from 5% to 80% of each participant's base salary.  Target
bonus opportunities for participants in the previous KMIP were
reduced in the 2008 KMIP to allow greater number of
participants, Daniel J. DeFranceschi, Esq., at Richards, Layton
& Finger, P.A., in Wilmington, Delaware, tells the Court.

The Debtors' CEO will be awarded a US$2.5 million bonus if the
Debtors emerge from Chapter 11 by June 30, 2008.  If Debtors do
not emerge from Chapter 11 by July 30, the CEO's bonus will be
reduced by US$250,000 per month through and including Dec. 31.
Furthermore, if the Debtors will not emerge from Chapter 11 by
December 31, the CEO's bonus will be reduced to zero.

The Debtors anticipate to pay approximately US$6 million at the
achievement of target EBITDA.

The Debtors will make payments on completion of each of the
three-month performance periods, as dictated by the company's
achieved EBITDA at that time and as determined by the company's
board of directors.  The CEO's Bonus will be paid on the
Debtors' exit from Chapter 11.

Mr. DeFranceschi says the 2008 KMIP aims to properly incentivize
those key employees who have worked diligently towards -- and
were highly focused on -- the Debtors' exit from Chapter 11 by
Dec. 31, 2007.

Recent developments in the Debtors' bankruptcy cases have
"engendered uncertainty among the Debtors' key employees," he
tells the Court.  As previously reported, the Debtors were
unable to get the Court's approval of their plan of
reorganization after they failed to obtain a favorable exit
financing.

"It is important that these key employees remain engaged and
properly incentivized to maximize the Debtors' financial and
operational performance, thereby maximizing the Debtors' value
and creditor recoveries," he further asserts.

Toward this end, the Debtors retained  Watson Wyatt Worldwide as
their compensation consultant to craft an appropriate key
employee incentive plan.  Mr. DeFranceschi tells the Court that
the 2008 KMIP is fundamental to motivating key employees to
achieve or exceed the Debtors' financial and operational
restructuring goals.

The Debtors' previously Court-approved KIMP expired on
Dec. 31, 2007, and the Debtors' compensation structure continues
to be below the medial level of compensation provided by
comparable companies in the marketplace, he adds.

                          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).


EVERWHITE PLASTICS: Brings In Menzies to Administer Assets
----------------------------------------------------------
Philip Duffy and Andrew Gordon Stoneman of Menzies Corporate
Restructuring were appointed Jan. 14, joint administrators of:

   -- Everwhite Plastics Ltd. (Company Number 02824820);
   -- Everwhite Shutters Ltd. (Company Number 03732234); and
   -- Everwhite Holdings Ltd. (Company Number 03733969).

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The companies can be reached at:

         Everwhite Plastics Ltd.
         Everwhite House Unit 40
         Aberaman Industrial Estate
         Aberaman
         Aberdare
         Mid Glamorgan
         CF44 6DA
         Wales
         Tel: 01685 882 447
         Fax: 0870 705 2341


FAR EAST: M. C. Bowker Leads Liquidation Procedure
--------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of Far
East Fashion Imports Ltd. (formerly Belvine Ltd.) on Jan. 10 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


JOHN ANTONY: Appoints Liquidators from Chantrey Vellacott
---------------------------------------------------------
J. C. Heath and D. J. Oprey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of John Antony Services Ltd. on
Dec. 19, 2007, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16/17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


KITCHEN AND BEDROOM: Names Matthew Colin Bowker Liquidator
----------------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of Kitchen and Bedroom Factory Northwest Ltd. (formerly Lizline
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


MICOS UK: Brings In Liquidators from Tenon Recovery
---------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Micos U.K. Ltd. on
Dec. 6, 2007, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


NORTHERN ROCK: Fitch Downgrades Individual Ratings to F
-------------------------------------------------------
Fitch Ratings downgraded Northern Rock's Individual rating to
'F' from 'C/D' and removed the Rating Watch Negative on the
rating.  It also downgraded NR's hybrid capital to Long-term
'BB-' from 'BBB' and other subordinated debt to 'BBB-' from
BBB+', and maintained the RWN on these Long-term ratings.

Fitch has affirmed NR's other ratings at Long-term Issuer
Default 'A-' with Stable Outlook, senior unsecured 'A-', Short-
term IDR 'F1', Support '1' and Support Rating Floor 'A-'.
Today's rating action has no impact on the 'AAA' rating of NR's
covered bonds.

The downgrade of the Individual rating to 'F' reflects Fitch's
view that, although NR has not defaulted and is not in breach of
regulatory solvency requirements, the difficulty in putting in
place a private sector solution means that NR has relied, to an
increasing extent and for an extended period of time, on
guarantees from the U.K. Treasury and on funding from the Bank
of England.  Fitch considers that these measures go beyond a
normal lender-of-last resort operation. In the absence of such
support, Fitch considers that the bank would have defaulted by
now.

According to Fitch's definition, an 'F' Individual rating
denotes "a bank that has either defaulted or, in Fitch's
opinion, would have defaulted if it had not received external
support.  Examples of such support include state or local
government support, (deposit) insurance funds; acquisition by
some other corporate entity or an injection of new funds from
its shareholders or equivalent."

Despite strong interest from two private sector groups, the
acquisition process appears to have stalled, which suggests the
challenges in putting in place the critical element of the
rescue package, namely, securing sufficient market funding, and
at a reasonable cost, are proving to be greater than had been
anticipated.  As a result, Fitch considers that the probability
of NR being transferred into public ownership has increased.
The combination of significantly higher funding and other costs
and the impact of a tarnished reputation on its ability to
source new business suggest that capital could be significantly
eroded relatively quickly and, for NR to operate as a going
concern following a private sector transaction, the need for a
capital injection is becoming more evident.

The downgrade of the Long-term rating of NR's hybrid securities
is in line with Fitch's methodology for the rating of hybrid
capital for issuers whose Long-term IDR is at a Support Rating
Floor of 'A-'.  The Long-term ratings of hybrid capital and
other subordinated debt also reflect the agency's view that the
transfer of NR into public ownership could result in losses for
subordinated stakeholders, should this process result in a
desire or requirement to sell asset portfolios quickly.  The
prolonged difficulties in implementing a private sector
solution, particularly the structuring of a finance package,
increase the likelihood of the bank passing into the control of
the public sector.

However, Fitch also notes the lack of clarity over the precise
means of enacting such a solution, if it were to be implemented,
as well as the different options available post-transfer.  These
options include a private sale, break-up, run-off and
administration/liquidation, each of which could result in
different outcomes for junior stakeholders.  Fitch expects to
resolve the RWN on these instruments when the outcome of the
sales process is clearer and, if this involves a transfer into
public ownership, there is greater clarity regarding the manner
in which this occurs.


OLD CLEE: Calls In Liquidators from Tenon Recovery
--------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Old Clee Bakery Ltd. on
Dec. 20, 2007.

The joint liquidators can be reached at:

         Tenon Recovery
         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England


ORION FINANCE: S&P Cuts Ratings to D Due to Technical Default
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on Orion Finance Corp. and Orion Finance (USA) LLC, co-
issuers of the structured investment vehicle.  Standard & Poor's
also lowered its ratings on Orion's commercial paper and medium-
term notes.

The downgrades reflect a technical default incurred by Orion for
failing to pay CP that had matured Jan. 14.  On Dec. 7, 2007,
Standard & Poor's commented that the vehicle had entered into
enforcement mode, and that it was up to the senior creditors and
the security trustee to determine whether payments would
continue on current interest and maturing principal of debt
issued by Orion.  At that time, Standard & Poor's placed the
senior ratings on CreditWatch negative, but maintained the
rating at 'AAA/A-1+' because restructuring discussions were
under way and the net asset value was just below 60.

NAV refers to the asset portfolio's excess value that is
available to repay all senior obligations.  The SIV managers
provide Standard & Poor's with NAV reports, which are calculated
based on the marks in the weekly reports that SIV managers
receive from third-party pricing sources.  A NAV above zero
implies a SIV's ability to liquidate its portfolio and repay
senior obligors in full.  A NAV around 60, therefore, implies
the SIV's ability to repay senior investors in full even if the
security trustee pursues an asset liquidation.

On Jan. 14, 2008, The Bank of New York Mellon, as the security
trustee, notified Standard & Poor's that Henderson Global
Investors Ltd., acting in its capacity as the security trustee's
financial adviser, had advised it that the deposited funds
available as of Jan. 14, 2008, were not sufficient to pay the
senior obligations coming due on that day.

As a result of that determination, Orion's documentation
required that the security trustee determine whether the
portfolio could be liquidated to repay all senior obligations in
full. Standard & Poor's has been informed that Orion's security
trustee concluded that, given the current market conditions, it
was likely that a collateral liquidation would not result in the
full repayment of senior obligations.  Therefore, it is S&P's
understanding that the security trustee determined not to
liquidate the assets.

Due to the security trustee's decision not to liquidate the
assets, the senior obligations that came due Jan. 14, 2008, were
not paid.  The security trustee then declared an insolvency
event, which, under the transaction documents, triggered a
mandatory acceleration and resulted in the notes becoming due
and payable.  The senior creditors must now agree on how they
wish to proceed, which, as we have seen with other SIVs and SIV-
lites, could lead to protracted restructuring discussions.

Standard & Poor's will review the restructuring plans of each
remaining SIV and comment on those proposals, as well as the
presence of any triggers in the structures.

Orion joins Axon Financial Funding Ltd., Victoria Finance Ltd.,
Cheyne Finance PLC, and Rhinebridge LLC as SIVs that are in
default and have stopped paying current interest and principal.
Eaton Vance Variable Leveraged Fund successfully refinanced.
Hudson-Thames Capital Ltd. successfully redeemed its senior
obligations after capital investors repaid all senior obligors
in exchange for the SIV's assets.  Cortland Capital Ltd. and
Abacas Investments Ltd. both conservatively invested in short-
term or U.S. Treasury assets and are unaffected by the current
market conditions.  In S&P's view, the SIV failures reflect both
the effect of the current markets and the absence of strong
sponsorship from well-known financial institutions.

Standard & Poor's believes that Orion, like many SIVs, suffered
from its inability to refinance its short-term funding.  At this
time, it is uncertain whether Eiger Capital Management will be
replaced as Orion's manager.

The outstanding amount of Orion's senior debt is approximately
US$735 million.  The majority of Orion's portfolio is invested
in structured finance assets, approximately 10% of which is
invested in collateralized debt obligations holding corporate
assets, 11% is invested in CDOs holding residential mortgage-
backed securities assets, 18% is invested in non-U.S. nonprime
RMBS, and 9% is invested in non-U.S. subprime RMBS.  In
addition, approximately 10% is invested in other U.S. RMBS
categories and 6% is invested in financial institutions debt.

                          Ratings

Orion Finance Corp. and Orion Finance (USA) LLC
European and U.S. CP and MTN programs

                                     Rating
                            To                    From

Issuer credit rating        D                     AAA/Watch Neg
CP                          D                     A-1+/Watch Neg
MTNs/senior notes           D                     AAA/Watch Neg

                     About Orion Finance

Headquartered in Cheshire, U.K., Orion Finance --
www.orionfinance.com -- provides tailor-made asset finance
solutions for customers and suppliers.  Orion has funding
facilities in place with all the major UK finance companies, and
can offer impartial and professional advice to ensure that all
asset finance needs are fully satisfied.


PROTEC DESIGN: Appoints Vantis as Joint Administrators
------------------------------------------------------
Vincent John Green and Mark Newman of Vantis Recovery Services
were appointed joint administrators of Protec Design Ltd.
(Company Number 01925743) on Jan. 7.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Protec Design Ltd.
         Sterling House
         Second Avenue
         Chatham
         Kent
         ME4 5AU
         England
         Tel: 01634 304 304
         Fax: 01634 311 201


QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers
----------------------------------------------------------------
Quebecor World Inc., in connection with the waivers obtained
from its banking syndicate and the sponsors of its
securitization program announced on Dec. 31, 2007, has not
obtained by Jan. 15, 2008, US$125 million of new financing, as
had been required under the terms of the waivers.

The non-satisfaction of this condition of the Dec. 31, 2007,
waiver does not automatically result in the termination of the
banking syndicate's waiver or an acceleration of the maturity of
indebtedness under the Company's credit facilities or a cross-
default under other financial instruments of Quebecor World.
Any such termination, acceleration or default would require
formal notification from a majority of the banking syndicate to
Quebecor World.

The non-satisfaction of this condition of the Dec. 31, 2007,
waivers also entitles the sponsors under the Company's
securitization program to terminate such program, but any such
termination would not, if effected, result in cross-defaults
under any financial instrument of the company.  The company had
requested a one week waiver of this condition from its banking
syndicate and securitization sponsors to facilitate the rescue
financing initiative currently underway, but has declined to pay
the significant waiver costs requested by its banking syndicate
for this waiver, as the company believes it must preserve cash
and this payment would not be in the best interests of all of
the company's stakeholders.  The company renewed its request
that the banking syndicate provide a suitable waiver and is
awaiting the response.

In addition, Quebecor World announced that in light of the
announced rescue initiative and its current circumstances, it
will not make the US$19.5 million payment of interest due today
on its outstanding US$400 million 9.75% Senior Notes due 2015.
Under the terms of the indentures relating to the 9.75% Senior
Notes due 2015, failure to pay interest does not result in an
immediate default and the company has 30 days to cure the
non-payment.

Quebecor World continues to work with Quebecor Inc. and Tricap
Partners Ltd. on the rescue-financing plan announced on
Jan. 14, 2008, and believes that satisfaction of the conditions
of such initiative would be in the best interests of the Company
and all its stakeholders.  There is no assurance all the
consents and approvals to the completion of the rescue-financing
plan and recapitalization initiative will be received on a
timely basis.

                    About Quebecor World Inc.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor
World Inc.'s corporate family rating by two notches to Caa2.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. two notches to 'CCC' from 'B-'.

In addition, Standard & Poor's lowered the senior unsecured debt
rating on the company by three notches to 'CCC-' from 'B-',
reflecting the junior position of the notes in relation to
Quebecor World's US$750 million revolving credit facility
(unrated), which is fully guaranteed and partially secured, and
the high likelihood that the company's debt level will increase
in the near term.


QUEBECOR WORLD: Accepts CDN$400 Mil. Rescue Financing Proposal
--------------------------------------------------------------
Quebecor World Inc. has accepted a CDN$400 million rescue
financing proposal submitted jointly by Quebecor Inc. and Tricap
Partners Ltd., a private equity fund managed by Brookfield Asset
Management Inc.

After a careful review of the proposal, a special committee
composed of the independent directors of Quebecor World has
concluded that accepting the proposal is in the best interests
of the company and its stakeholders.

The proposal contemplates an interim financing facility of
CDN$200 million, which will be made available to the company in
accordance with its cash flow needs, subject to receipt or
waiver on Jan. 16, 2008, of the required consents and certain
other agreements of the company's lenders and the sponsors of
its securitization programs.  There is no assurance all the
consents and approvals will be received on a timely basis.

The rescue proposal further contemplates that on or prior to
March 31, 2008, the CDN$200 million interim facility will be
replaced by a recapitalization plan comprised of an aggregate
CDN$400 million issuance of Senior Secured Notes due 2012 to
Quebecor Inc. and Tricap Partners well as the issuance to
Quebecor Inc. and Tricap Partners of a number of the company's
subordinate voting shares representing 75% of the aggregate
equity of Quebecor World on a fully diluted basis, assuming the
proposed conversion of all outstanding preferred shares into
subordinate voting shares.

Completion of the recapitalization plan is subject to a number
of conditions, including, but not limited to, the approval of
the financing plan by holders of certain debt securities issued
by Quebecor World, the conversion of all Series 5 preferred
shares and Series 3 preferred shares into subordinate voting
shares and receipt of all required regulatory and other
approvals and settlement of definitive documentation.

In addition, the rescue proposal specifically contemplates that
the consent of the holders of the company's debt securities
maturing in 2008, 2013 and 2027 must be obtained and Quebecor
Inc. and Tricap Partners have informed Quebecor World that they
intend to commence discussions with these holders immediately.

As the transaction involves a related party, namely Quebecor
Inc., and the aggregate number of subordinate voting shares
issuable in connection with the recapitalization plan will
exceed the maximum number of securities issuable without
security holder approval under the rules of the Toronto Stock
Exchange, Quebecor World intends to rely on an exemption from
the security holder approval requirements and formal valuation
requirements provided for under applicable securities laws and
the rules of the TSX on the basis of the company's financial
situation.

Upon the recommendation of the special committee of independent
directors, who are free from any interest in the transactions
and are unrelated to any of the parties involved in the
transactions, the board of directors of Quebecor World has made
the required determination based on Quebecor World's financial
situation, that the transactions are designed to improve its
financial situation and are reasonable in the circumstances, and
it has authorized Quebecor World to make the necessary
applications to the TSX in order to benefit from such exemption
and to list the shares issuable to Quebecor Inc. and Tricap
Partners.

Quebecor World also disclosed today that in connection with the
waivers obtained from its banking syndicate and the sponsors of
its North American securitization program disclosed on Dec. 31,
2007, it has requested a further waiver from such lenders and
sponsors extending to Jan. 21, 2008, the date by which it must
obtain US$125 million of new financing.

                    About Quebecor World Inc.

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

                          *     *     *

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


REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million
-------------------------------------------------------------
On Dec. 7, 2007, Lead Plaintiffs in a suit related to the
collapse of Refco Inc. presented a US$7,600,000 settlement to
U.S. District Judge Gerard E. Lynch for preliminary approval and
certification of the settlement class.

On Dec. 6, 2007, RH Capital Associates LLC and Pacific
Investment Management Company LLC, the institutional investors
appointed by Judge Lynch to serve as Lead Plaintiffs on behalf
of investors victimized by the Refco affair, signed a settlement
agreement with Dennis A. Klejna.

Mr. Klejna was Refco's former General Counsel and Executive Vice
President. Pursuant to the agreement, Mr. Klejna has agreed to
pay to Lead Plaintiffs, on behalf of the Class, a total
settlement amount of US$7,600,000, including a personal
contribution of US$50,000.00 in cash.

In addition to the monetary payment, Mr. Klejna has pledged to
cooperate with Lead Plaintiffs as they pursue the Class' claims
against other current (and prospective) defendants in the
consolidated securities class action.

The settlement resolves two categories of claims asserted
against Klejna in the Refco class action, namely, claims arising
from Refco's bond and stock offerings in 2004 and 2005, and
claims arising out of the purchase of Refco securities in the
open market between Aug. 5, 2004 and Oct. 17, 2005 . As
part of the settlement, the Class' claims against Mr. Klejna
will be released.

This is the second settlement achieved for the Class in the
Refco Securities Litigation. Lead Plaintiffs will continue to
pursue the Class' claims against the remaining defendants, which
include:

    -- several former Refco insiders (including former CEO
       Phillip Bennett),

    -- Refco's former board of directors,

    -- Refco's former auditor (Grant Thornton LLP),

    -- the investment banking concern that helped take Refco
       "public" in August 2005 (Thomas H. Lee Partners L.P. and
       related entities), and

    -- a total of fifteen investment banks that sold Refco
       stocks and bonds to public investors (including Goldman
       Sachs, Credit Suisse and Bank of America).

The attorneys who worked to achieve this settlement are partners
Sean Coffey, Salvatore Graziano and John Browne and associate
Jeremy Robinson of Bernstein Litowitz Berger & Grossmann LLP,
and partners Stuart Grant, James Sabella, and Megan McIntyre of
Grant & Eisenhofer P.A. Their work prosecuting the Class' claims
against other defendants in the Refco debacle continues.

On December 3, 2007, Lead Plaintiffs RH Capital Associates LLC
and Pacific Investment Management Company LLC and Plaintiff
PIMCO Funds: Pacific Investment Management Series - PIMCO High
Yield Fund filed a Second Amended Consolidated Class Action
Complaint complaint which, among other things, collects and
consolidates all complaints filed and defendants named to date

    * including Mayer Brown LLP and Mayer Brown partner Joseph
      P. Collins,

updates Lead Plaintiffs' existing allegations and claims based
on recently obtained information and adds new allegations
against former Refco Group CFO Robert Trosten.

                       Case Background

A securities suit pending against Refco in the U.S. District
Court for the Southern  District of New York, was consolidated
in April 2006 (Class Action Reporter, April 7, 2006).  It
claimed the collapsed commodity brokerage hid more than
US$5 billion off its books, far more than previously thought.
It also accuses company executives, company auditors, and
investment bankers of negligence.

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005 initial public
offering of common stock, and only 14 months after its issuance
of 9% Senior Subordinated Notes due 2012.  The company filed the
fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.

Representing the plaintiffs are:

         Max W. Berger, Esq.
         John P. Coffey, Esq.
         John C. Browne, Esq.
         Noam N. Mandel, Esq.
         Bernstein Litowitz Berg & Grossmann, LLP
         1285 Avenue of the Americas
         New York, NY 10019
         Phone: (212) 554-1400
         Fax: (212) 554-1444

         Stuart M. Grant, Esq.
         James J. Sabella, Esq.
         Megan D. McIntyre, Esq.
         Jeff A. Almeida, Esq.
         Christine M. Mackintosh, Esq.
         Jill Agro, Esq.
         Grant & Eisenhofer, P.A.,
         Phone: (646) 722-8500 and (302) 622-7000
         Fax: (646) 722-8501 and (302) 622-7100

For more details, contact Refco, Inc. Securities Litigation
c/o The Garden City Group, Inc., PO Box 9087, Dublin, OH 43017-
0987, Web site: http://www.refcosecuritieslitigation.com.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares
--------------------------------------------------------------
Sopris Capital Advisors LLC disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission dated Dec. 6,
2007, that it:

  (a) indirectly owns:

      -- 503,180 shares of Class A common stock of Sea
         Containers Ltd., through mananged accounts;

      -- 2,472,800 shares of Class A common stock through a
         partnership and managed accounts; and

  (b) directly owns 55,000 shares of Class A common stock.

All of the 503,180 shares, which represent 1.9% of the isssued
and outstanding Sea Containers Class A common stock, are owned
by private institutional accounts managed by Aspen Advisors LLC,
a Delaware limited liability company.  Aspen Advisors disclaim
any beneficial interest in the securities owned by the Aspen
Managed Accounts.  By virtue of Nikos Hecht's position as a
managing member of Aspen Advisors, he may be deemed the
beneficial owner of the securities held by the Aspen Managed
Accounts under Regulation 13D-G under the Exchange Act.  Mr.
Hecht disclaims any beneficial interest in the securities owned
by the Aspen Managed Accounts.

Of the 2,472,800 shares that represent 9.5% of the isssued and
outstanding Sea Containers Class A common stock, Sopris Partners
Series A, of Sopris Capital Partners, L.P., a Delaware limited
partnership, owns 1,779,700 shares and private institutional
accounts managed by Sopris Capital Advisors LLC, a Delaware
limited liability company own 693,100 shares.  The 1,779,700
shares represent 6.8% of Sea Containers shares outstanding.

Sopris Capital LLC is the general partner of the Sopris
Partnership. The Sopris Partnership and the Sopris General
Partner disclaim any beneficial interest in the securities owned
by the Sopris Managed Accounts, and the Sopris General Partner
disclaims any beneficial interest in the securities owned by the
Sopris Partnership in excess of a 0.70% pecuniary interest,
calculated in accordance with Rules 16(a)-1(a)(2) and (a)(3)
under the Exchange Act.  Sopris Advisors disclaims any
beneficial interest in the securities owned by the Sopris
Partnership and the Sopris Managed Accounts.

Mr. Hecht is the sole managing member of the Sopris General
Partner and the managing member of Sopris Advisors.  By virtue
of that status, he may be deemed the beneficial owner of the
securities held by the Sopris Partnership and the Sopris Managed
Accounts under Regulation 13D-G under the Exchange Act.

Mr. Hecht disclaims any beneficial interest in the securities
owned by the Sopris Partnership other than a 0.60% pecuniary
interest in the shares, calculated in accordance with rules
16(a)-1(a)(2) and (a)(3).  He disclaims any beneficial interest
in the securities owned by the Sopris Managed Accounts.

Mr. Hecht directly owns all of the 55,000 shares.   Mr. Hecht
has the sole power to vote or to direct the vote on -- as well
as dispose or direct the disposition of -- the 55,000 shares.

In a separate filing with the Securities and Exchange
Commission, Mr. Hecht disclosed that he owns an aggregate of
3,030,980 shares representing 11.6% of the isssued and
outstanding Sea Containers Class A common stock.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.

The Court gave the Debtors until Feb. 20, 2008 to file a plan of
reorganization.  (Sea Containers Bankruptcy News, Issue No. 33;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SELCOURT LTD: Taps Harrisons to Administer Assets
-------------------------------------------------
P.R. Boyle and J.C. Sallabank of Harrisons were appointed joint
administrators of Selcourt Ltd. (Company Number 02513747) on
Jan. 3.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

The company can be reached at:

         Selcourt Ltd.
         Unit 9
         Cufaude Business Park
         Cufaude Lane
         Bramley
         Tadley
         Hampshire
         RG26 5DL
         England
         Tel: 01293 817 641
         Fax: 01293 817 643


SHAW GROUP: Increases Credit Facility to US$1 Billion
-----------------------------------------------------
The Shaw Group Inc. has increased its existing credit facility
to US$1 billion from US$850 million.  Shaw also has received
approval from its lenders to seek additional commitments that
could increase the credit facility to US$1.25 billion without
further amendment.

"We appreciate the confidence and the continued support of our
lenders evidenced by the increase in our credit facility," Brian
K. Ferraioli, executive vice president and chief financial
officer of Shaw, said.  "Shaw has nearly US$500 million of cash
on hand and the increased facility will be used primarily for
letters of credit to support our continued business growth.  Our
fiscal 2007 revenues of US$5.7 billion were 20 percent higher
than in 2006, and we forecast our 2008 revenues to increase by
an additional 20 percent to approximately US$7 billion."

The amended credit facility retains its original maturity date
of April 25, 2010, and other substantive terms of the original
agreement remain unchanged.  No borrowings are outstanding under
the facility, which is currently being utilized for the issuance
of letters of credit frequently required in the engineering and
construction industry.

                        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.


SIGNATECH SYSTEMS: Joint Liquidators Take Over Operations
---------------------------------------------------------
J. S. French and Glyn Mummery of Vantis Redhead French Ltd. were
appointed joint liquidators of Signatech Systems Ltd. on Jan. 5
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


SJS FASTFIX: Taps A. Clifton to Liquidate Assets
------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed liquidator of SJS
Fastfix Ltd. on Jan. 8 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham
         B3 2BB
         England


TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says
---------------------------------------------------------------
Tata Motors Ltd's Nano will propel the auto manufacturer as
India's biggest light vehicle manufacturer by 2013, the Press
Trust of India cites a study by CSM World Wide, a German
research firm, as stating.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Ratan N. Tata, chairman of the Tata Group and Tata
Motors, unveiled on Jan. 10 the INR1-lakh car Tata Nano.  Mr.
Tata hopes the much-hyped world's cheapest car will get India's
masses off motorbikes and into cars.

PTI says that Tata Motors would roll out almost 1.2 million
light vehicles annually in the next five years, of which Nano
would contribute more than 50%.   In 2013, PTI continues, Tata
will sell about two lakh units more than Maruti Suzuki, the
current market leader in the low-cost, small-car segment.

The TCR-AP, citing a Reuters report, related that even if the
Nano's INR1-lakh price is just for the dealers -- buyers will
have to pay more for the taxes and profit margins -- it will
still cost about half the price tag of a Maruti Suzuki.

CSM's study further noted that by 2013, Tata Motors, Maruti
Suzuki and Hyundai will be able to retain the top three position
in light vehicle sales in India at 12, 10 and 4 lakh units,
respectively.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results
----------------------------------------------------------
Syniverse Technologies Inc. reported its preliminary results for
the year ended Dec. 31, 2007.  Based on current unaudited
information, Syniverse currently expects to report:

  * Net revenues of between US$369 - US$371 million, compared
    to net revenues of US$328.9 million for 2006.

  * Adjusted EBITDA of between US$154 - US$156 million,
    compared to Adjusted EBITDA of US$127.7 million in 2006.

  * Cash Net Income, a non-GAAP measure of profitability, of
    between US$74 - US$75.3 million, compared to cash net
    income of US$57.3 million in 2006.

Syniverse expected its results to show continued strong growth
in technology interoperability, driven by continued growth in
data-related products as well as roaming and clearing services.
Gross margins and Adjusted EBITDA margins are both expected to
increase, reflecting growing revenues together with continued
cost management.  Syniverse's recent acquisition of BSG
Wireless was not included in its operating results during 2007,
but will be included in its balance sheet.

"2007 was a strong year for Syniverse," said Tony Holcombe,
President and CEO of Syniverse.  "This is a result of continued
strong data results and Syniverse's ongoing global expansion.
Our recent acquisition of BSG Wireless enhances our global
presence while providing significant efficiency savings and an
important financial clearinghouse service."

                         Outlook

The company is providing the following outlook for 2008:

  Net Revenues          US$425 - US$440 million
  Adjusted EBITDA       US$190 - US$200 million
  Cash Net Income       US$85 - US$90 million

Additionally, the company expects to generate operating free
cash flow in excess of US$100 million in 2008.

Syniverse has not yet finalized its financial statement close
process for the year ended Dec. 31, 2007.  As it completes this
process, Syniverse may identify items that would require the
company to make adjustments to its preliminary operating
results.  Additionally, the financial information in this press
release is not a comprehensive statement of our financial
results for the year ended Dec. 31, 2007 and should therefore be
considered together with our full results of operations when
published.

                     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.


TATA MOTORS: Plans to Test Nano Model in China & Other Markets
--------------------------------------------------------------
Tata Motors Ltd is looking to test Tata Nano, the INR1-lakh car,
in other countries, including China, once it makes its mark in
India, the China Daily reports, citing Girija Pande, top
executive of Tata Consultancy Services, the Asia-Pacific arm of
Tata Group's IT subsidiary.

Nano, the four-door People's Car, was unveiled on Jan. 10, at
the Ninth Auto Expo in New Delhi.  The Nano can seat four
persons and measures 3.1 meters in length, 1.5 meters in width
and stands 1.6 meters.

Tata Group Chairman Ratan N. Tata, who helped design the Nano,
came up with the world's cheapest car idea, to get India's
masses off motorbikes and into cars.  The company plans to sell
the Nano in India later this year, which will be available in
standard and deluxe versions.

Mr. Pande also told the Chinese Daily that Tata Motors is in
talks with Chinese counterparts to set up joint ventures China.
The news agency, however, did not name the Chinese parties whom
the car manufacturer had talks with.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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

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


WINDERMERE VIII: Fitch Rates GBP19.7 Million Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings has changed the Outlook on five tranches of four
UK CMBS transactions to Negative from Stable.  This follows a
review of 38 UK CMBS deals that closed in the last two years
with maturity dates within the next four years -- a segment that
is currently at risk from downward rating pressure.

Rodney Pelletier, Managing Director at Fitch's Structured
Finance team, said, "Although rental income from current tenants
is generally stable, the main concern currently is that property
capital values may be insufficient to allow final principal
repayments at loan maturity".

Mr. Pelletier added "Most CMBS transactions rely heavily on the
sale or refinancing of the charged assets - in most cases
commercial property - for repayment of its debt.  As values
fall, the likelihood that a sale or refinancing will deliver
sufficient funds to make such a principal payment reduces."

In the light of current information highlighting falling
commercial property values across the U.K., Fitch believes that
transactions which are more susceptible to downward risk are
U.K. transactions that closed in 2006 and 2007 -- when property
values were at their highest -- with maturities in the next four
years.  As prevailing market yields have increased in the last
nine months, the cushion between the yields assumed in Fitch's
initial analysis and current market conditions has decreased.
Moreover, current market sentiment suggests that further
declines in capital values are likely in the coming months.

Fitch has analyzed all 38 CMBS transactions that it rated in
2006 and 2007 with significant U.K. loan exposure.  The scope of
the analysis was limited to refinance exposure for the 18
transactions with loans maturing prior to Dec. 31, 2011.

For these loans, Fitch analyzed exit debt yield on the
properties, utilizing the debt expected to be outstanding at
maturity.  Those loans with lower exit debt yields were deemed
of higher risk and further analyzed within the context of their
particular CMBS transaction.  The prior Stable Outlooks were
reviewed against an analysis of several factors, including
quality and length of rent profile, location, and the capital
structure of the transaction.

As a result of the analysis, these transactions were selected
for committee review.  The resulting rating actions, including
Outlook changes, are:

Windermere VIII CMBS

   -- GBP413.7 million Class A2: (XS0261297880) affirmed at
       'AAA'; Outlook Stable

   -- GBP46.5 million Class A3: (XS0261298771) affirmed at
      'AAA'; Outlook Stable

   -- GBP49.8 million Class B: (XSXS0261299746) affirmed at
       'AA'; Outlook Stable

   -- GBP50.2 million Class C: (XS0261300692) affirmed at 'A';
      Outlook Stable

   -- GBP43.7 million Class D: (XS0261300932) affirmed at 'BBB';
      Outlook Stable

   -- GBP19.7 million Class E: (XS0261301310) affirmed at 'BB';
      Outlook revised to Negative from Stable

The analysis conducted was limited to the effect of property
values on loans that are maturing in the next four years.  Loans
maturing after this time were not considered, given limits on
cyclical visibility.  Obviously, if current downward conditions
exist for a longer time period, more transactions would be
negatively affected.  The converse is also true, if the current
downward trend is shorter, fewer transactions would be
negatively affected or more Negative Outlooks would revert to
Stable Outlooks.

It is also important to note that if continued financial market
turmoil triggers a reduction in occupational demand from sectors
of the wider economy -- which has not happened yet -- the
capital values of properties providing accommodation to the
affected sectors could face further downward pressure.
Furthermore, loans with lower debt service coverage ratios
(which were not part of this analysis) would be at risk of
default, thus causing more CMBS transactions to be negatively
affected.

The four affected transactions represent only 10.5% of the 38
transactions analyzed, and the five tranches affected represents
only 2.2% of the 230 tranches analyzed.  Despite their greater
reliance on asset values, CMBS transactions have inherent
mitigating factors.

   -- First, U.K. transactions (as most CMBS transactions) are
      generally long-term in nature -- a very low percentage of
      loans refinance within the next two years, and a moderate
      amount refinance in the next four years.  This allows time
      for stabilization.

   -- Second, underlying rental cash flows supporting most
      transactions are long-term in nature, usually to quality
      tenants.

   -- Third, the underlying mortgage loans in CMBS are
      fixed-rate to the borrower, thus fluctuations in interest
      rates have less of an impact on default rates.

   -- Fourth, current occupational markets are generally stable.
      This can provide sufficient income to pay required debt
      service and allow a mortgage loan to avoid term default.

Fitch recognizes that the current financial environment has
introduced uncertainties unseen for many years.  In this light,
the agency will continue to monitor the performance and
environment in all sectors for which it has rated CMBS
transactions, in particular for any evidence of a decline in
occupational markets or transaction performance.


* BOOK REVIEW: Bankruptcy: A Feast for Lawyers
----------------------------------------------
Author:     Sol Stein
Publisher:  Beard Books
Paperback:  341 pages
List Price: $34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122123/internetbankrupt


Described by the Chicago Tribune as a "latter-day version of
Dicken's Bleak House," this book is a shattering indictment of
bankruptcy law by a CEO who lived through the experience of a
Chapter 11.

The author exposes a system that is supposed to provide an
opportunity for troubled companies to reorganize, but kills more
than 70 percent of the businesses that take refuge in it while
enriching legions of lawyers.

In the nightmare world of Chapter 11, the gainers are seldom the
creditors or the debtor company, but rather the bankruptcy bar,
impeached in this book by its own conduct and the condemnation
of its ethical brethren.

Besides his own experience, the author draws examples from
diverse industries including trucking, food, real estate, oil
and publishing.

Sol Stein, the author of this book, was the former CEO of now-
defunct Stein and Day, one of the last independent American
publishing houses operating in the 1980s.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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