TCREUR_Public/080121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 21, 2008, Vol. 9, No. 14

                            Headlines




A U S T R I A

AJKM LLC: Claims Registration Period Ends January 23
ASIA LOGISTIC: Claims Registration Period Ends January 22
BIOMASSE-HEIZANLAGEN: Claims Registration Period Ends Jan. 25
BOEHM LLC: Creditors' Meeting Slated for February 5
HEISS LLC: Creditors' Meeting Slated for February 5

MAJNOONI DIZAJTEKIEH: Claims Registration Period Ends Jan. 24
MARKOVINOVIC KEG: Creditors' Meeting Slated for February 4
MARTE FEUERWEHRFAHRZEUGE: Feldkirch Court Orders Shutdown
MICHAEL BACHMEIER: Claims Registration Period Ends Jan. 23
MIROSLAV JOVANOVIC: Claims Registration Period Ends Jan. 22

PERIODICA TRANSPORT: Claims Registration Period Ends Jan. 28
ZIVKOVIC ESTRICHE: Claims Registration Period Ends Jan. 24

B E L G I U M

AMR CORP: Posts US$69 Million Net Loss in Fourth Quarter 2007
AMR CORP: Brings In Two New Members to Board of Directors
TIMKEN CO: Gets US$2.4 Mil. Advanced Bearing Materials Project

D E N M A R K

TDC A/S: Henning Dyremose to Step Down as Board Chairman

F R A N C E

ALCATEL-LUCENT SA: Argentine Unit's Revenues Up 15% in 2007
ALCATEL-LUCENT SA: Names Andy Williams as Services Biz Chief
ASPEN TECHNOLOGY: Reports Preliminary 2008 Second Qtr. Results
ASPEN TECHNOLOGY: Deloitte Declines Re-Appointment as Accountant
DELPHI CORP: Gets US$44.2MM Bearing Biz Bid from ND Acquisition

DRESSER-RAND: Taps Kronos for Workforce Management Services
METALTEMPLE: Commercial Court Approves Sale to B4 Italia

G E R M A N Y

ALTENDA GMBH: Claims Registration Period Ends February 11
BIOGASPARK GMBH: Claims Registration Period Ends February 19
COLORDRUCK PFORZHEIM: Claims Registration Period Ends Feb. 15
COMTRADE TRADE: Claims Registration Ends February 26
DR DUESBERG: Claims Registration Period Ends Feb. 11

DRINKS 4 YOU: Claims Registration Period Ends Feb. 19
EMM MOTOREN: Claims Registration Period Ends February 21
ERWIN BREUER: Claims Registration Period Ends February 20
FRANZ VOLK: Claims Registration Period Ends February 11
FREMA SIEBDRUCKTECHNIK: Claims Registration Ends February 5

HANSEATISCHER HANDWERKER: Claims Registration Ends February 27
HAUS IM PARK: Claims Registration Period Ends Feb. 11
HERBERT SCHULZ: Claims Registration Period Ends Feb. 18
J & S HOTELGESELLSCHAFT: Claims Registration Period Ends Feb. 11
JUWELIER HOELTKE: Claims Registration Ends February 27

MAXXSONICS EUROPE: Claims Registration Period Ends Feb. 18
MEDIA TENOR: Claims Registration Period Ends February 15
OSTSEE SPORT: Claims Registration Ends February 22
PROSIEBENSAT.1 MEDIA: Axel Springer Completes Stake Sale
R+S TECHNIK: Claims Registration Period Ends February 14

WESSELHOEFFT & RUETING: Claims Registration Period Ends Feb. 21

H U N G A R Y

SUN MICROSYSTEMS: Expects US$3.6BB Revenue in FY 2008 2nd Qtr.
SUN MICROSYSTEMS: Signs US$1 Billion Pact to Acquire MySQL
SUN MICROSYSTEMS: S&P Ratings Unaffected by US$1 Bil. MySQL Deal

I R E L A N D

AFFILIATED COMPUTER: Bags Allergan's US$130-Mln Outsourcing Deal
CORSAIR FINANCE 6: S&P Withdraws BB- Ratings on Series 7 Notes
WR GRACE: Court Commences Asbestos Estimation Trial

I T A L Y

IMAX CORP: Records US$145 Million from Hollywood Films in 2007
PARMALAT SPA: Bologna Court Rejects Appeal vs Composition Ruling

K A Z A K H S T A N

ALFA OIL: Proof of Claim Deadline Slated for February 14
BISKO LLP: Creditors Must File Claims by February 20
HOLDING GROUP: Claims Filing Period Ends February 20
IZENOVOYE JSC: Creditors' Claims Due on February 20
KTK NEWS: Claims Registration Ends February 20

NIMROD INVESTMENTS: Proof of Claim Deadline Slated for Feb. 14
NEFTEHIMTORG LLP: Creditors Must File Claims by February 14
STROY TRANS OIL: Claims Filing Period Ends February 14

K Y R G Y Z S T A N

TRIO INTERNATIONAL: Creditors Must File Claims by February 8

L U X E M B O U R G

EVRAZ SA: Unit Completes Tender Offer for Claymont Steel Shares

N E T H E R L A N D S

X5 RETAIL: Commences Due Diligence on Formata Holding BV

P O L A N D

PRIMA CHARTER: Suspends Flights; AWAS Orders Return of Plane

P O R T U G A L

NOBLE GROUP: S&P Revises Outlook on Credit Profile Improvement

R O M A N I A

BENCHMARK ELECTRONICS: Moody's Rates US$100MM Facility at Ba2

R U S S I A

EVRAZ SA: Unit Completes Tender Offer for Claymont Steel Shares
MOBILE TELESYSTEMS: Acquires Bashcell for US$38 Million
X5 RETAIL: Commences Due Diligence on Formata Holding BV

S W E D E N

QUEBECOR WORLD: Fails to Obtain US$125 Mil. Financing by Jan. 15
QUEBECOR WORLD: Moves Rescue Financing Term Compliance Deadline
QUEBECOR WORLD: Interest Nonpayment Spurs S&P to Give D Ratings

U K R A I N E

INVEST OJSC: Creditors Must File Claims by January 23
KLIUSHNIKOVKA AGRICULTURAL: Creditors' Claims Due January 23
PROMEKS LLC: Claims Registration Deadline Set January 23
SHAMBER LLC: Creditors Must File Claims by January 23
SHPOLA SPECIALIZED: Creditors Must File Claims by January 23

STANISLAVCHIK AGRICULTURAL: Creditors' Claims Due January 23
UDICH-SUGAR LLC: Creditors Must File Claims by January 23
UNIVERSAL-AVIA OJSC: Claims Registration Deadline Set January 23
VATRA-7 LLC: Creditors Must File Claims by January 23
VLS-LTD: Creditors Must File Claims by January 23

U N I T E D   K I N G D O M

BRITISH AIRWAYS: Confirms Boeing 777 Incident at Heathrow
BUCKS AUTO: Brings In Administrators from Smith & Williamson
GENERAL MOTORS: Outlines Turnaround Progress and 2008 Priorities
GOG SHOP: Brings In Liquidators from UHY Hacker Young
H RUDEBECK: Joint Liquidators Take Over Operations

ICONIX BRAND: Continues Expansion with Three License Agreements
LYONDELL CHEMICAL: S&P Cuts Ratings on Lower Recovery Prospects
MATCH RECRUITMENT: Appoints Menzies as Joint Administrators
MILLENIUM MOTOR: A. Poxon Leads Liquidation Procedure
PAY4U LTD: Taps Liquidators from Menzies Corporate Restructuring

PENNINE WINDOWS: Taps Joint Administrators from BDO Stoy
SEA CONTAINERS: Court Extends Plan-Filing Period to February 20
SHAW GROUP: Will Provide Engineering Services for Two Plants
SPORTS CAFE: Administrators Selling Business as Going Concern
TOPFOTO SERVICES: Appoints Begbies Traynor to Administer Assets

VAN AAKEN: Appoints Tenon Recovery to Administer Assets
W.B. BAWN: Brings In Grant Thornton as Joint Administrators
ZEEBRA DIGITAL: Claims Filing Period Ends April 4




                            *********


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


AJKM LLC: Claims Registration Period Ends January 23
----------------------------------------------------
Creditors owed money by LLC AJKM (FN 280243y) have until
Jan. 23, 2008 to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

          Dr. Brigitte Stampfer
          Stadlergasse 27
          1130 Vienna
          Austria
          Tel: 877 33 30
          Fax: 877 33 30 33
          E-mail: ra-stampfer@utanet.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 6, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 5, 2007 (Bankr. Case No. 2 S 167/07g).  


ASIA LOGISTIC: Claims Registration Period Ends January 22
---------------------------------------------------------
Creditors owed money by LLC ASIA LOGISTIC FN 240372p) have until
Jan. 22, 2008 to file written proofs of claim to court-appointed
estate administrator Dominik Baurecht at:

          Mag. Dominik Baurecht
          c/o  Dr. Wolfgang Zorn
          Weihburggasse 4
          1010 Vienna
          Austria
          Tel: 533 66 61-77
          Fax: 533 66 61 10
          E-mail: baurecht@gnbz.at      

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Feb. 5, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 5, 2007 (Bankr. Case No. 4 S 139/07d).  Wolfgang Zorn
represents Mag. Baurecht in the bankruptcy proceedings.


BIOMASSE-HEIZANLAGEN: Claims Registration Period Ends Jan. 25
-------------------------------------------------------------
Creditors owed money by LLC Biomasse-Heizanlagen Flecht (FN
274650y) have until Jan. 25, 2008 to file written proofs of
claim to court-appointed estate administrator Gisela Possnig at:

          Dr. Gisela Possnig
          Lederergasse 10/2
          8160 Weiz
          Austria
          Tel: 03172/2442
          Fax: 03172/2442-14
          E-mail: office@ra-wpm.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Jan. 31, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in St. Margarethen an der Raab, Austria, the
Debtor declared bankruptcy on Dec. 11, 2007 (Bankr. Case No. 26
S 112/07a).  


BOEHM LLC: Creditors' Meeting Slated for February 5
---------------------------------------------------
Creditors owed money by LLC Boehm (FN 91294g) are encouraged to
attend the creditors' meeting at 10:50 a.m. on Feb. 5, 2008.

The creditors' meeting will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Dec. 10, 2007 (14 S 196/07z). Friedrich Nusterer
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Friedrich Nusterer
          Riemerplatz 1
          3100 St. Poelten
          Austria
          Tel: 02742/47087
          Fax: 02742/47089
          E-mail: ra-nusterer@aon.at   


HEISS LLC: Creditors' Meeting Slated for February 5
---------------------------------------------------
Creditors owed money by LLC Heiss (FN 87316g) are encouraged to
attend the creditors' meeting at 11:10 a.m. on Feb. 5, 2008.

The creditors' meeting will be held at:

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

Headquartered in Loosdorf, Austria, the Debtor declared
bankruptcy on Dec. 5, 2007 (14 S 184/07k).  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   


MAJNOONI DIZAJTEKIEH: Claims Registration Period Ends Jan. 24
-------------------------------------------------------------
Creditors owed money by KEG Majnooni Dizajtekieh (FN 207407k)
have until Jan. 24, 2008 to file written proofs of claim to
court-appointed estate administrator Caroline Klus at:

          Mag. Caroline Klus
          c/o  Dr. Helmut Platzgummer
          Kohlmarkt 14
          1010 Vienna
          Austria
          Tel: 533 19 39
          Fax: 533 19 39 39
          E-mail: kanzlei@lp-law.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Feb. 7, 2008 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 Dec. 5, 2007 (Bankr. Case No. 5 S 137/07t).  Helmut
Platzgummer represents Mag. Klus in the bankruptcy proceedings.


MARKOVINOVIC KEG: Creditors' Meeting Slated for February 4
----------------------------------------------------------
Creditors owed money by MARKOVINOVIC KEG Baugewerbe (FN 231810y)
are encouraged to attend the creditors' meeting at 10:00 a.m. on
Feb. 4, 2008.

The creditors' meeting will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 11, 2007 (3 S 154/07b).  Eberhard Wallentin serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

          Dr. Eberhard Wallentin
          Porzellangasse 4-6
          1090 Vienna
          Austria
          Tel: 313 74-0
          Fax: 313 74-80
          E-mail: office@ksw.at   


MARTE FEUERWEHRFAHRZEUGE: Feldkirch Court Orders Shutdown
---------------------------------------------------------
The Land Court of Feldkirch entered Dec. 10, 2007, an order
shutting down the business of LLC Marte Feuerwehrfahrzeuge
Feuerwehrtechnologie (FN 225937k).

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

Headquartered in Klaus-Weiler, Austria, the Debtor declared
bankruptcy on Nov. 29, 2007 (Bankr. Case No 14 S 47/07k).  
Sanjay Doshi represents Dr. Brandtner in the bankruptcy
proceedings.


MICHAEL BACHMEIER: Claims Registration Period Ends Jan. 23
----------------------------------------------------------
Creditors owed money by KEG Michael Bachmeier (FN 253276s) have
until Jan. 23, 2008 to file written proofs of claim to court-
appointed estate administrator Sieglinde Schubert at:

          Dr. Sieglinde Schubert
          c/o  Mag. Herbert Schaffler
          Alserstrasse 13/1/2/7
          1080 Vienna
          Austria
          Tel: 368 49 50
          Fax: 368 49 50 50
          E-mail: sieglindeschubert@aon.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Feb. 6, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 5, 2007 (Bankr. Case No. 2 S 168/07d).  Herbert
Schaffler represents Dr. Schubert in the bankruptcy proceedings.


MIROSLAV JOVANOVIC: Claims Registration Period Ends Jan. 22
-----------------------------------------------------------
Creditors owed money by KEG Miroslav Jovanovic (FN 278278h) have
until Jan. 22, 2008 to file written proofs of claim to court-
appointed estate administrator Daniel Lampersberger at:

          Mag. Daniel Lampersberger
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30-0
          Fax: 712 33 30 30
          E-mail: kanzlei@engelhart.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 5, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 11, 2007 (Bankr. Case No. 38 S 65/07x).  


PERIODICA TRANSPORT: Claims Registration Period Ends Jan. 28
------------------------------------------------------------
Creditors owed money by LLC Periodica Transport (FN 296442w)
have until Jan. 28, 2008 to file written proofs of claim to
court-appointed estate administrator Rudolf Anton Mitterlehner
at:

          Dr. Rudolf Anton Mitterlehner
          Landstrasse 9
          4020 Linz
          Austria
          Tel: 0732/771653-0
          Fax: 0732/771653-18
          E-mail: office@bom.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 11, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Hagenberg im Muehlkreis, Austria, the Debtor
declared bankruptcy on Dec. 6, 2007 (Bankr. Case No. 12 S
91/07f).  


ZIVKOVIC ESTRICHE: Claims Registration Period Ends Jan. 24
----------------------------------------------------------
Creditors owed money by KG Zivkovic Estriche  (FN 247285) have
until Jan. 24, 2008 to file written proofs of claim to court-
appointed estate administrator Philipp Dobner at:

          Dr. Philipp Dobner
          c/o Dr. Georg Unger
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: schulyok-unger@csg.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 7, 2008 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 Dec. 5, 2007 (Bankr. Case No. 5 S 138/07i).  Georg Unger
represents Dr. Dobner in the bankruptcy proceedings.


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


AMR CORP: Posts US$69 Million Net Loss in Fourth Quarter 2007
-------------------------------------------------------------
AMR Corporation, the parent company of American Airlines, Inc.,
has reported a net loss of US$69 million for the fourth quarter
of 2007, or US$0.28 per share.

The results for the fourth quarter of 2007 include the impact of
several special items that were identified in AMR Corp.'s
Dec. 21, 2007 investor update and amounted to a cumulative
positive impact of approximately US$115 million, or US$0.46
cents per diluted share. These items include:

    * a US$138 million gain on the sale of the company's stake
      in ARINC;

    * a US$39 million gain to reflect the positive impact of the
      Previously announced change to an 18-month expiration of
      AAdvantage(R) miles; and

    * a US$63 million charge associated with the retirement
      of 24 MD-80 aircraft that previously had been temporarily
      stored.

The current quarter results compare to a net profit of
US$17 million for the fourth quarter of 2006, or US$0.07 per
diluted share.

For all of 2007, the company posted a net profit of
US$504 million, or US$1.78 per diluted share.  In addition to
the special items from the fourth quarter, the full-year 2007
results also include the impact of a US$30 million charge,
disclosed in the third quarter, to reflect an adjustment for
additional salary and benefit expense accruals related to years
2003 through 2006.

The company's full-year 2007 results compare to a net profit of
US$231 million net profit, or US$0.98 per diluted share, for all
of 2006.

"Our employees overcame enormous challenges from unprecedented
weather disruptions, air traffic control problems and record
fuel prices to help our company take another important step
forward in 2007.  We earned our second straight annual profit,
achieving our first back-to-back profitable years since
1999-2000, and made progress in many areas, including
strengthening our balance sheet, focusing on customers, renewing
our fleet, bolstering our network and investing in products and
services," said AMR Chairperson and Chief Executive Officer,
Gerard Arpey.  "While record fuel prices contributed
significantly to our fourth quarter loss -- our first quarterly
loss after six straight profitable quarters -- they are a
reminder of the challenges we must continue to overcome as we
strive for consistent and adequate profitability.  As we thank
our employees for their efforts in 2007, it is also clear that
we have more work ahead as we seek to maintain momentum in 2008
and beyond."

                 Operational Performance

American Airlines' mainline passenger revenue per available seat
mile (unit revenue), excluding special items, increased by 4.5
percent in the fourth quarter compared to the year-ago quarter.

Mainline capacity, or total available seat miles, in the fourth
quarter increased 0.4 percent compared to the same period in
2006.  The year-over-year increase in capacity was largely the
result of previously announced aircraft density initiatives,
mitigated somewhat by weather-related cancellations. Fourth
quarter mainline departures declined slightly year over year.

The airline's mainline load factor -- or the percentage of total
seats filled -- was a record 80.2 percent during the fourth
quarter, compared to 78.8 percent in the fourth quarter of 2006.
Its fourth-quarter yield, which represents average fares paid,
excluding special items, increased 2.6 percent compared to the
fourth quarter of 2006, its 11th consecutive quarter of year-
over-year yield increases.

Excluding special items, AMR Corp. reported fourth quarter
consolidated revenues of approximately US$5.6 billion, an
increase of 4.6 percent year over year.

The airline's mainline cost per available seat mile (unit cost)
in the fourth quarter, excluding special items, increased 8.6
percent year over year.  The largest contributor to the year-
over-year increase in unit costs was fuel.  In the fourth
quarter, American paid US$367 million more than it would have
paid at fourth quarter 2006 fuel prices.  Consolidated fuel
expense in the fourth quarter was US$412 million higher than it
would have been at fourth quarter 2006 fuel prices.

Excluding fuel and special items, mainline unit costs in the
fourth quarter increased by 0.6 percent year over year, largely
reflecting a US$44 million accrual in the fourth quarter for a
one-time payment to eligible employees under the company's
broad-based variable compensation plans.  For the full year, the
accrual for the one-time payment totalled US$67 million.

Mr. Arpey said the company's Board of Directors had approved the
one-time payment "in recognition of the collective effort of our
employees and the special circumstances that existed in 2007."
Each eligible American Airlines employee is expected to receive
a payment of US$800 under the Customer Service Component of the
company's Annual Incentive Plan (AIP).  "This is a tangible way
of saying 'thank you' for all that our employees did for our
company in a challenging year," he added.

               Balance Sheet Improvement

AMR Corp. continued to strengthen its balance sheet in the
fourth quarter.

The company ended the fourth quarter with US$5.0 billion in cash
and short-term investments, including a restricted balance of
US$428 million, compared to a balance of US$5.2 billion in cash
and short-term investments, including a restricted balance of
US$468 million, at the end of the fourth quarter of 2006.  As
previously disclosed, it paid off US$865 million in debt in the
fourth quarter, including scheduled debt payments and an
unscheduled US$545 million aircraft debt prepayment. Of the
company's US$2.3 billion in debt payments for all of 2007,
approximately US$1 billion of those were prepayments.

The company reduced Total Debt, which it defines as the
aggregate of its long-term debt, capital lease obligations, the
principal amount of airport facility tax-exempt bonds, and the
present value of aircraft operating lease obligations, to
US$15.6 billion at the end of the fourth quarter of 2007,
compared to US$18.4 billion a year earlier.  Its reduced Net
Debt, which it defines as Total Debt less unrestricted cash and
short-term investments, from US$13.6 billion at the end of the
fourth quarter of 2006 to US$11.0 billion in the fourth quarter
of 2007.

As a result of scheduled principal payments as well as
prepayments, refinancing and other efforts to strengthen its
balance sheet, the company's net interest expense for 2007 was
US$174 million lower than in 2006, a 23.2 percent reduction.

As announced in October, the company met its projected 2007
commitment to fund its defined benefit pension plans for
employees by contributing US$380 million to these plans through
the first three quarters of the year.  AMR Corp. has contributed
nearly US$2 billion to these plans since 2002, as the company
continues to meet this important commitment to employees.  The
company's 2007 pension contributions, along with strong
investment returns, higher market discount rates and legislative
changes to the mandatory pilot retirement age, helped to improve
the accumulated benefit obligation funded status of its pension
plans to 96 percent, up from 84 percent at the end
of 2006.

                        Highlights

Fourth Quarter 2007 and Recent

   -- Since providing a fleet renewal update in October,
      American Airlines has increased the number of additional
      Boeing 737-800s that will be delivered in 2009 by 10
      aircraft.  Six of the 10 737s are part of its announced
      plan to accelerate the deliveries of 47 previously
      ordered 737s into the 2009-2012 timeframe, while the
      other four 737s are incremental to the 47 aircraft.
      Including the 10 737s cited, the airline so far has
      scheduled delivery of a total of 23 737s throughout 2009
      (representing 18 of the initial 47 aircraft and five
      incremental aircraft).

   -- The airline announced that it is offering complimentary
      Wi-Fi service powered by T-Mobile to Admirals Club
      members and One-Day pass guests visiting club locations
      in the United States and Puerto Rico.  The complimentary
      in-club service is part of its continuing focus on
      enhancing the value of the Admirals Club membership, and
      it allows members a way to remain easily connected to
      work, home or elsewhere when traveling.

   -- The company announced plans to divest American Eagle, its
      wholly-owned regional airline.  AMR said that the
      divestiture of American Eagle is intended to provide it
      with the structure, incentives and opportunities to win
      new business and provide new opportunities for its
      employees.  It also said that it believes that the
      divestiture will enable American Airlines to focus on its
      mainline business, while ensuring its continued access to
      cost-competitive regional feed.

   -- The airlines announced that it will begin non-stop
      service from Chicago's O'Hare International Airport to
      Moscow's Domodedovo International Airport on
      June 2, 2008.  From Chicago, American Airlines is -- or
      soon will be -- providing links to the world's key
      developing economies in Russia, China, and India as well
      as the established markets of Japan, Europe, and Latin
      America.

   -- The airline launched its inaugural nonstop service
      between New York's John F. Kennedy International Airport
      and London's Stansted Airport.  Its second daily round
      trip between JFK and Stansted, to be added in April 2008,
      will give customers the choice of an early or late
      evening departure from New York to Stansted and a morning
      or late afternoon departure from Stansted to New York.

   -- American Airlines launched new service from South
      Florida, including: Miami-Barranquilla, Colombia; Ft.
      Lauderdale-Santo Domingo, Dominican Republic; and Ft.
      Lauderdale-San Jose, Costa Rica.  It also launched:
      Chicago-Buenos Aires, Argentina; DFW-Panama City, Panama;
      and DFW-Providenciales, Turks & Caicos.

Third Quarter 2007

   -- The airlines introduced DealFinder, a downloadable,
      computer desktop tool that offers customers exclusive,
      targeted, discounted fares to locations throughout its
      network.  The tool, available at
      http://www.aa.com/dealfinder,searches for the lowest
      fares, allowing customers to spend less time planning
      travel.

   -- The airline continued to grow and enhance its New York
      service into Europe, announcing that it will begin two
      new routes early in 2008 to Milan, Italy, and Barcelona,
      Spain, from JFK, as well as a second daily roundtrip
      between JFK and London's Stansted Airport.  It also
      unveiled its state-of-the-art, US$1.3 billion terminal at
      JFK as part of its continuing commitment to become the
      airline of choice in the New York market.

   -- American Airlines, American Eagle and Texas Aero Engine
      Services Limited (TAESL), an affiliated engine repair
      facility, received the coveted Federal Aviation
      Administration's Diamond Award for excellence in
      training their Aviation Maintenance Technicians.

Second Quarter 2007

   -- Overhaul & Maintenance Magazine honored American and the
      Transport Workers Union (TWU) with its Outstanding
      Achievement Award for their work together as partners to
      transform the airline's Maintenance & Engineering
      organization from a cost center to a profit center.

   -- The airline announced plans to make upgrades on its
      entire fleet of 124 Boeing 757 aircraft, including
      installation of new seats, new cabin interiors and
      updated in-flight entertainment systems.

   -- The company continued to improve its balance sheet by
      refinancing the US$442 million floating rate term loan
      portion of its credit facility, refinancing US$586
      million in airport facility bonds and prepaying US$48
      million in aircraft debt.

   -- The airline announced and implemented a significant
      upgrade to AA.com that offers customers a faster and
      easier way to shop for and purchase travel.  The new
      shopping and ticket purchase functionality on AA.com
      empowers customers to quickly evaluate flight options by
      providing a convenient display of schedule, price and
      levels of service combinations.

First Quarter 2007

   -- The company improved its balance sheet by paying down the
      US$285 million balance on its revolving credit facility
      and by prepaying US$79 million in aircraft debt.

   -- AMR Corp. was honored by PLANSPONSOR Magazine as
      Corporate Plan Sponsor of the Year for the company's
      efforts to protect and preserve its employees' defined
      benefit pension plans.

   -- American Airlines launched a new booking tool on AA.com
      that makes it easier and more convenient for Aadvantage
      program members to redeem earned miles for travel.

                         Guidance

Mainline and Consolidated Capacity

The company expects its full-year mainline capacity to increase
by 1.0 percent in 2008 compared to 2007, with a 0.4 percent
reduction in domestic capacity and a 3.3 percent increase in
international capacity.  On a consolidated basis, AMR expects
full-year capacity to increase by 0.9 percent in 2008 compared
to 2007.  Given that weather cancellations caused American to
significantly under-fly its 2007 schedule, 2008 mainline
capacity is expected to be roughly flat with 2007 levels on a
schedule-to-schedule basis.

The company expects mainline capacity in the first quarter of
2008 to increase 0.9 percent year over year.  It expects
consolidated capacity to increase 0.8 percent in the first
quarter of 2008 compared to the prior-year period.  However,
mainline capacity and consolidated capacity in the first quarter
of 2008 are expected to decline year over year on a schedule-to-
schedule basis due to under-flying related to weather impact in
the first quarter of 2007.

Fuel Expense and Hedging

While the cost of jet fuel remains volatile, as of now the
company is planning for an average system price of US$2.64 per
gallon in the first quarter of 2008 and US$2.65 per gallon for
all of 2008.  It has 35 percent of its anticipated first quarter
2008 fuel consumption capped at an average crude equivalent of
US$77 per barrel (jet fuel equivalent of US$2.21 per gallon),
with 24 percent of its anticipated full-year consumption capped
at an average crude equivalent of US$79 per barrel (jet fuel
equivalent of US$2.31 per gallon).  Consolidated consumption for
the first quarter is expected to be 771 million gallons of jet
fuel.

Mainline and Consolidated Unit Costs

For the first quarter of 2008, mainline unit costs are expected
to increase 13.1 percent compared to the first quarter of 2007,
while first quarter consolidated unit costs are expected to
increase 12.9 percent compared to the first quarter of 2007.

In the first quarter of 2008, mainline unit costs excluding fuel
are expected to increase 1.8 percent year over year while
consolidated unit costs excluding fuel are expected to increase
1.7 percent from the first quarter of 2007.

Full-year mainline unit costs are expected to increase 8.6
percent in 2008 compared to 2007, while full-year consolidated
unit costs are expected to increase 8.4 percent in 2008 compared
to 2007.

The company expects mainline unit costs excluding fuel to be 1.5
percent higher in 2008 versus 2007 while 2008 consolidated unit
costs excluding fuel are expected to increase 1.4 percent year
over year.

                     About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others.  American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                       *     *     *

AMR Corp. continues to carry Fitch Ratings' 'B-' Issuer Default
Ratings with a Positive Outlook.


AMR CORP: Brings In Two New Members to Board of Directors
---------------------------------------------------------
Rajat K. Gupta, Senior Partner Emeritus of McKinsey & Company,
and Alberto Ibarguen, former newspaper publisher and now the
President and Chief Executive Officer of the John S. and James
L. Knight Foundation, have been elected to the Boards of
Directors of AMR Corporation and American Airlines, Inc.  AMR
Corp. is the parent company of American Airlines and American
Eagle, Inc.

"We are fortunate to bring Rajat's and Alberto's vast experience
in business and broad community involvement to the Boards of AMR
and American Airlines," said AMR and American Airlines,
Chairperson and CEO, Gerard J. Arpey.  "They bring to our Boards
the necessary diverse points of view and personal qualities that
will help strengthen both AMR and American now and in the years
to come."

                     Rajat K. Gupta

Born in India and now a United States citizen residing in
Connecticut, Mr. Gupta joined McKinsey's New York office in
1973, assumed the leadership of its Scandinavian offices in
1981, and then its Chicago office in 1989.  He served as the
Managing Director Worldwide of McKinsey from 1994-2003.

In his 34-year career in consulting, Mr. Gupta has served many
leading companies on a broad set of topics related to strategy,
organization and operations.  He also is active in many non-
profit institutions with a particular focus on education, health
and development.  He served as the United Nations Secretary-
General's Special Advisor on United Nations Reform, serves as a
director of Goldman Sachs, Procter & Gamble, Qatar Financial
Centre, and is the Chairperson of the Board of Genpact and New
Silk Route Private Equity.

Mr. Gupta is also on the Board of Rockefeller Foundation and
contributes to the work of the Board of the Indian School of
Business; Chairperson of Pan IIT Alumni Association; the Board
of Associates of the Harvard Business School; the Advisory Board
of the Kellogg School of Management; the Dean's Advisory Board
for the School of Economics and Management at Tsinghua
University; the Yale President's Council; and the Board of
Business Higher Education Forum.  He also is Chairperson of the
Advisory Board of the Bill & Melinda Gates Foundation; co-Chair
of the American India Foundation; and serves on the boards of
the India Education Initiative, World Economic Forum, and
Millennium Promise.

Mr. Gupta holds a Bachelor's of Technology degree in Mechanical
Engineering from the Indian Institute of Technology and an M.B.A
from Harvard Business School.

                     Alberto Ibarguen

A resident of Miami, Mr. Ibarguen has served as CEO and
President of the John S. and James L. Knight Foundation since
2005 and is the former publisher of The Miami Herald and of El
Nuevo Herald.  During his tenure at the newspapers, The Miami
Herald won three Pulitzer Prizes and El Nuevo Herald won Spain's
Ortega y Gasset Prize for excellence in journalism.  Knight
Foundation promotes excellence in journalism worldwide and
invests in the vitality of 26 U.S. communities.

Mr. Ibarguen graduated from Wesleyan University and the
University of Pennsylvania Law School.  Between Wesleyan and
Penn, he served in the Peace Corps in Venezuela's Amazon
Territory and in Colombia.  He practiced law in Hartford,
Connecticut, until he joined The Hartford Courant.  Following
his career at The Hartford Courant he moved to Newsday in New
York before moving to Miami and The Miami Herald.

Mr. Ibarguen is chairperson of the board of the Newseum in
Washington, D.C., a museum dedicated to free speech and free
press.  He is a member of the board of PepsiCo and of the
Council on Foreign Relations, is a former board member of NCL
Corporation Ltd., is on the Trustees' Council of the National
Gallery of Art, and serves as a Senior Advisor on the
International Advisory Board of the School of Journalism and
Communication at Tsinghua University. Over the years, he also
has served on the boards for the Lincoln Center for the
Performing Arts, the Committee to Protect Journalists, Wesleyan
University and Smith College, and was the national board chair
of the Public Broadcasting System.

For his work to protect journalists in Latin America as part of
the Inter American Press Association, Mr. Ibarguen received a
Maria Moors Cabot citation from Columbia University and George
Washington University awarded him an honorary Doctor of Letters.

                  About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others.  American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                       *     *     *

AMR Corp. continues to carry Fitch Ratings' 'B-' Issuer Default
Ratings with a Positive Outlook.


TIMKEN CO: Gets US$2.4 Mil. Advanced Bearing Materials Project
--------------------------------------------------------------
The Timken Company has received a US$2.4 million order in
continued federal funding for ongoing projects related to
improving the performance and affordability of the next-
generation aerospace gas turbine engine.  The new order focuses
on development of advanced bearing materials to meet specific
high-performance characteristics under the Versatile Affordable
Advanced Turbine Engine program.

The VAATE program is a joint initiative involving the Department
of Defense, the Department of Energy, NASA and the U.S.
aerospace industry.  One of the program's goals is to increase
the affordability of new turbine-propulsion technology over
current designs.

As part of ongoing development for the engine program, Timken
will demonstrate how advanced bearing materials can survive
hotter environments at higher speeds for longer periods of time.
Such technology helps to improve engine performance, resulting
in reductions in fuel consumption, emissions and operating
costs.

"Timken's involvement in this long-term initiative reflects our
technical expertise in creating advanced solutions for the
challenges of next-generation engines," said J. Ron Menning,
president of the company's aerospace, defense and position
control business unit.  "We continue to develop innovations that
can improve the performance of aerospace engines and power-
transmission systems, and those technological advances can be
leveraged with broader commercial and defense applications."

Timken offers a comprehensive line of aerospace quality
bearings, along with a select range of turbine engine
components, transmissions and MRO services.  Known for
consistent, critical performance and backed by stringent quality
standards, Timken aerospace products are found in aircraft
engines, gearboxes, helicopter transmissions, auxiliary power
units, landing wheels, airframes and instrumentation.

                     About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- is a manufacturer of highly
engineered bearings and alloy steels.  It also provides related
components and services such as bearing refurbishment for the
aerospace, medical, industrial and railroad industries.  The
company has operations in Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany,
Hungary, India, Italy, Japan, Korea, Mexico, Netherlands,
Poland, Romania, Russia, Singapore, South America, Spain,
Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                       *     *     *

Timken continues to carry Moody's Investors Service's Ba1
corporate family rating.  The company's US$300 million Medium
Term Notes, Series A, is also rated Ba1 by Moody's.


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


TDC A/S: Henning Dyremose to Step Down as Board Chairman
--------------------------------------------------------
Henning Dyremose is to resign as chairman and member of the
Board of Directors of TDC A/S in connection with the Annual
General Meeting in spring 2008.  The Board proposes that the
present vice chairman, Vagn Sorensen, be appointed as future
chairman of the Board at the constituting board meeting
immediately after the Annual General Meeting.

Vagn Sorensen, aged 48, MSc Economics and Business
Administration, has been a member and vice chairman of the Board
of Directors of TDC since April 2006, and has previously been
CEO of Austrian Airlines Group and Deputy CEO of SAS.

Mr. Sorensen is chairman of the Boards of BTX Group A/S, Select
Service Partner Ltd. and Scandic Hotels AB; vice chairman of the
Board of DFDS A/S; and member of the Boards of ST Global AG, Air
Canada, Braganza AS and SIMI.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

As reported in the TCR-Europe on Dec. 4, 2007, Standard & Poor's
Ratings Services affirmed all its ratings on Danish telecoms
operator TDC A/S and its parent company Nordic Telephone Co.
Holding ApS, including the 'BB-/B' corporate credit ratings on
TDC.  The outlook is stable.


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


ALCATEL-LUCENT SA: Argentine Unit's Revenues Up 15% in 2007
-----------------------------------------------------------
Alcatel-Lucent Argentine unit's general director Javier
Rodriguez Falcon told Business News Americas that the firm's
revenues increased up to 15% in 2007, from 2006.

The main drivers of Alcatel-Lucent's growth in Argentine in 2008
would be the mass adoption of broadband through wired and
wireless technology, BNamericas says, citing Mr. Falcon.

Mr. Falcon commented to BNamericas, "I believe that this year we
will see the first deployment of WiMax technology based on the
standard e, which allows mobility.  We have some of our clients
studying WiMax development during 2008 and 2009."

Mr. Falcon told BNamericas that Alcatel-Lucent underwent
restructuring in October 2007.  It currently has three business
units:

   -- carrier,
   -- enterprise, and
   -- services.

The new carrier unit includes former fixed, wireless and
convergence units, BNamericas says, citing Mr. Falcon.

Alcatel-Lucent sees many opportunities in the local triple play
market once regulations let telecoms operators offer
broadcasting services.  The firm expects that sooner or later,
the regulator will allow the service as was the case in Mexico,
Brazil and Chile, Mr. Falcon told BNamericas.

"Over the next two years, operators will move towards a massive
deployment of broadband infrastructure.  I believe that by the
end of 2009 there will be approximately eight million broadband
connections compared to the current 2.4 million," Mr. Falcon
commented to BNamericas.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent.  The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1.  At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT SA: Names Andy Williams as Services Biz Chief
------------------------------------------------------------
Alcatel-Lucent S.A. disclosed that Andy Williams will become
President of the company's Services Business. He will be a
member of the management committee.  He replaces John Meyer who
is leaving the company to become the CEO and President of Acxiom
Corporation.

Andy Williams currently heads the Network Operations business
globally for Alcatel-Lucent's Services group.

"Andy Williams is a very experienced business leader with
extensive knowledge of the communications industry," said Pat
Russo, CEO of Alcatel-Lucent.  "Throughout his career Andy
Williams has had a broad set of experiences including senior
positions running a large Services business, identifying and
assessing business opportunities, creating solutions and
developing and transforming businesses."

Andy Williams headed the former Lucent Technologies European
business, responsible for all of the company's activities in the
region.  He joined the company in 2005 from IBM, where he worked
for 25 years and held a number of senior leadership positions.

Prior to joining the former Lucent company, he served as general
manager of the Public Sector Services business in EMEA, part of
IBM Global Services.  His was responsible for the overall region
IT services business in Public Sector, including profit and
loss, consulting, systems integration and strategic outsourcing.

Andy Williams holds degrees in mathematics from Cambridge
University in the U.K.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent.  The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1.  At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ASPEN TECHNOLOGY: Reports Preliminary 2008 Second Qtr. Results
--------------------------------------------------------------
Aspen Technology Inc. has disclosed selected preliminary
financial results for the second quarter of fiscal 2008.

The company reported license bookings of approximately
US$66 million during the second quarter of fiscal 2008, with
license bookings defined as the total net present value of all
license contracts signed in the quarter.  This represents an
increase of approximately 10% compared to license bookings of
approximately US$60 million in the second quarter of fiscal
2007.

For the first six months of fiscal 2008, ending Dec. 31, 2007,
the Company generated license bookings of approximately
US$102 million, representing an increase of over 20% compared to
the same time period in fiscal 2007.

The company ended Dec. 31, 2007, with US$131 million in cash and
cash equivalents, which is an increase from the end of the prior
quarter primarily due to strong license bookings and continued
focus on managing costs and expenses, offset by a previously
disclosed US$4 million payment the company elected to make in
December to satisfy the remaining balances of a loan agreement.
The company continues to have full access to its installments
receivable financing facilities.  However, the company elected
to reduce the level of cash proceeds from sales of installments
receivable by approximately 30%, or US$20 million, compared to
the first six months of fiscal 2007 during a period that license
bookings increased by over 20%.

Mark Fusco, the company's Chief Executive Officer, said, "While
the company's finance organization is working diligently to
bring the company's financial statements up-to-date, the focus
and execution of our customer facing operations remains at a
high level.  Combined with continued strength in market demand
and interest for our aspenONE suite, this has enabled the
company to generate over 20% growth in license bookings on a
fiscal year-to-date basis.  We continue to be optimistic about
the long-term fundamental outlook for the Company based on our
industry leading domain expertise, unique suite of aspenONE
solutions and solid demand we continue to see in our core
markets."


                  About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                       *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.



ASPEN TECHNOLOGY: Deloitte Declines Re-Appointment as Accountant
----------------------------------------------------------------
Aspen Technology Inc. disclosed that its independent registered
public accounting firm Deloitte & Touche LLP, is declining to
stand for re-appointment for the fiscal 2008 audit.

There is no disagreement between the company and Deloitte on any
matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.

AspenTech's Audit Committee has begun the process of selecting a
successor independent registered public accounting firm, and it
will make an announcement when this process concludes.

Deloitte's decision does not impact their engagement to complete
the audit of AspenTech's financial statements as of June 30,
2006 and 2007 and for each of the three years in the period
ending June 30, 2007.  In addition, Deloitte has agreed to be
engaged for the review of the company's interim consolidated
financial statements included in its Quarterly Report on Form
10-Q for the quarter ended Sept. 30, 2007.

While substantial progress has been made in these efforts, the
company has requested from the Nasdaq Listings Qualification
Panel an additional extension to February 8 to file the above
financial statements and related reports with the SEC and comply
with Nasdaq listing requirements.  There can be no assurance
that the Nasdaq Listing Qualifications panel will grant the
company's request, and failure to grant the request would likely
result in the company's securities being delisted from the
Nasdaq Global Market.

Brad Miller, Aspen's Chief Financial Officer, said "We believe
we are in the final stages of completing our work on the
accounting positions related to income taxes.  Once completed,
this would bring to close the previously disclosed detailed
review of our financial accounting and put the company in a
position to become current in its filings."

                  About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                       *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


DELPHI CORP: Gets US$44.2MM Bearing Biz Bid from ND Acquisition
---------------------------------------------------------------
Delphi Automotive Systems LLC and Delphi Technologies, Inc.,
debtor-subsidiaries of Delphi Corp., intend to sell their global
bearings business to ND Acquisition Corp., or to another party
submitting a higher and better offer for the business.

ND Acquisition, a wholly owned subsidiary of private equity
investment firm Resilience Capital Partners LLC, has agreed to
submit a stalking horse bid of US$44,200,000, subject to
adjustments, for the Bearings Business.

The Bearings Business produces both wheel bearings and roller
clutch product lines.  It is the leading producer of Gen III
wheel bearings in North America and the primary North American
supplier of those parts to General Motors.  The Bearings
Business occupies a 1.3-million square foot plant set on 133
acres in Sandusky, Ohio.

The Debtors have invested more than US$140,000,000 in new
tooling and refurbishment for older equipment and new state-of-
the-art machinery and equipment since 2000.  The Bearings
Business employs approximately 1,000 people, including
approximately 775 Hourly Employees.  The hourly workforce is
represented by the International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America.

            Marketing Efforts for Non-Core Businesses

As previously reported, to achieve the necessary cost savings
and operational effectiveness envisioned in its transformation
plan, Delphi is streamlining its product portfolio to capitalize
on its world-class technology and market strengths and make the
necessary manufacturing realignment consistent with its new
focus.  As part of the company's transformation plan, the
company identified the Bearings Business as a non-core business
subject to disposition.

The Debtors believe that as a standalone business, the Bearings
Business could become more profitable and competitive, and thus,
have determined that the value of the Bearings Business would be
maximized through its divestiture, relates John Wm. Butler, Jr.,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois.

The Debtors, according to Mr. Butler, have actively marketed the
Bearings Business since February 2007.  After evaluating
proposals submitted by potential buyers, the Debtors concluded
that ND Acquisition offered the most advantageous terms and the
greatest economic benefit.

Pursuant to a Sale and Purchase Agreement, entered into on
January 15, 2008, the Debtors have agreed to sell the Bearings
Business to ND Acquisition for US$44,200,000, subject to certain
adjustments, and subject to higher or otherwise better offers.  

                        Bidding Procedures

The Debtors will accept and consider competing bids for the
Bearings Business.  The proposed Bidding Procedures provide, in
relevant part:

   (a) Participation Requirements: To ensure that only bidders
       with financial ability and a serious interest in the
       purchase of the Acquired Assets participate in the
       Bidding Process, the Bidding Procedures provide for
       certain requirements for a potential bidder to become a
       "Qualified Bidder", including the submission of certain
       financial assurances.

   (b) Due Diligence: All Qualified Bidders would be afforded an
       opportunity to participate in the diligence process.

   (c) Bid Deadline: All bids would have to be received not
       later than 11:00 a.m. prevailing Eastern time, by
       Feb. 11, 2008.  The Debtors would provide the UAW with
       notice of all Qualified Bidders and their contact
       information.

   (d) Bid Requirements: All bids would be required to include
       certain documents, including a good-faith deposit of
       US$750,000.

   (e) Qualified Bids: To be deemed a "Qualified Bid," a bid
       would be required to be received by the Bid Deadline and,
       among other things, (i) be on terms and conditions that
       are substantially similar to, and are not materially more
       burdensome or conditional to the Debtors than, those
       contained in the Agreement, (ii) have a value of the
       Purchase Price plus the amount of the US$1,500,000 Break-
       Up Fee and the Expense Reimbursement, plus US$500,000 in
       the case of an initial Qualified Bid, plus US$250,000 in
       the case of any subsequent Qualified Bids over the
       immediately preceding highest Qualified Bid.

   (f) Conduct Of Auction: If the Debtors receive at least one
       Qualified Bid in addition to that of ND Acquisition, they
       would conduct an auction of the Acquired Assets at 10:00
       a.m. (prevailing Eastern time) on February 13, 2008, or
       at a later date.

   (g) Selection Of Successful Bid: After the conclusion of the
       Auction, the Debtors, in consultation with their
       advisors, would review each Qualified Bid and identify
       the highest or otherwise best offer for the Acquired
       Assets and the bidder making the bid.  The Debtors would
       sell the Acquired Assets for the highest or otherwise
       best bid to the Successful Bidder upon the approval of
       the Court after the sale hearing.

   (h) Sale Hearing: The Debtors request that the hearing to
       consider the sale to ND Acquisition, or the winning
       bidder, be scheduled for February 21, 2008, at 10:00
       a.m., prevailing Eastern time.  If the highest bidder
       fails to consummate the sale for specified reasons, then
       the second highest bid would be deemed to be the
       successful bid.

                      About Delphi Corp.

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 hearing to consider confirmation of the Plan was set
for Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


DRESSER-RAND: Taps Kronos for Workforce Management Services
-----------------------------------------------------------
Dresser-Rand Group Inc. has selected Kronos for Manufacturing
from Kronos(R) Incorporated in France, Germany, and the United
States.  By providing visibility into multi-site global
operations, Kronos is enabling Dresser Rand to effectively
manage its workforce to improve efficiencies, reduce costs, and
manage compliance with labor regulations.

"We selected Kronos because it has the best capabilities for
managing a global workforce," said Jenine Bogrand, IT manager at
Dresser-Rand.  "We see great value in Kronos' workforce
management expertise, flexible product offering, global business
know-how, and understanding of the unique needs of the
manufacturing industry."

Prior to Kronos, Dresser-Rand suffered from a lack of
consistency with timekeeping systems around the world.
Multiple, redundant paper-based spreadsheets resulted in
inaccuracies, and an inability to effectively track operator
labor activities and production on the shop floor.  By
automating with an integrated solution from Kronos, Dresser-Rand
is now able to accurately report overtime and flex time,
consistently deliver operational metrics, and uniformly apply
pay rules.

"With hundreds of unions and potentially thousands of unique pay
rules to accommodate, standardizing time and attendance is
seemingly an insurmountable challenge for global manufacturers,"
said Gregg Gordon, global practice leader for manufacturing at
Kronos.  "Leading global manufacturers such as Dresser-Rand
realize that the benefits outweigh the challenge.  These
organizations are standardizing on Kronos for their global
workforces."

                    About Dresser-Rand

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

                       *     *     *

Dresser-Rand Group Inc. continues to carry Standard & Poor's
Ratings Services' BB- rating with a stable outlook.  The
company's US$500 million senior secured revolving credit
facility due 2012 was rated BB+ by S&P on Sept. 7, 2007.


METALTEMPLE: Commercial Court Approves Sale to B4 Italia
--------------------------------------------------------
The commercial court at Albertville, France, in the department
of Savoie, last week selected B4 Italia of Italy to acquire
Metaltemple, the Financial Times reports, citing Les Echos.  
Metaltemple went into receivership in August 2007.

FT relates that the court chose B4 Italia, which disclosed that
it will cut 29 jobs under its business plan over Netherlands'
Cirex who said it would eliminate 92 jobs.

B4 Italia intends to invest around EUR3.5 million in the
foundry, the FT says.


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


ALTENDA GMBH: Claims Registration Period Ends February 11
---------------------------------------------------------
Creditors of altenda GmbH have until Feb. 11, 2008 to register
their claims with court-appointed insolvency manager Dr.
Reinhard Th. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Reinhard Th. Schmid
         Hasenbergsteige 5
         70178 Stuttgart
         Germany
         Tel: 0711/669070

The District Court of Stuttgart opened bankruptcy proceedings
against altenda GmbH on Dec. 31, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          altenda GmbH
          Gropiusplatz 10
          70563 Stuttgart
          Germany


BIOGASPARK GMBH: Claims Registration Period Ends February 19
------------------------------------------------------------
Creditors of Biogaspark GmbH have until Feb. 19, 2008 to
register their claims with court-appointed insolvency manager
Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Rainer Eckert
          Arthur-Menge-Ufer 5
          30169 Hannover
          Germany
          Tel: 0511 626287-0
          Fax: 0511 626287-10

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

The Debtor can be reached at:

          Biogaspark GmbH
          c/o Carsten Ruehe
          PodbielskiStr. 102
          30177 Hannover
          Germany


COLORDRUCK PFORZHEIM: Claims Registration Period Ends Feb. 15
-------------------------------------------------------------
Creditors of Colordruck Pforzheim GmbH & Co. KG have until
Feb. 15, 2008 to register their claims with court-appointed
insolvency manager Reinhard Th. Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 12, 2008, 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 Pforzheim
          Hall 242
          First Floor
          Lindenstr. 8
          75175 Pforzheim
          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. Reinhard Th. Schmid
          Hasenbergsteige 5
          70178 Stuttgart
          Germany

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

The Debtor can be reached at:

          Colordruck Pforzheim GmbH & Co. KG
          Fritz-Neuert-Str. 8 - 12
          75181 Pforzheim
          Germany


COMTRADE TRADE: Claims Registration Ends February 26
----------------------------------------------------
Creditors of COMTRADE Trade & Finance GmbH have until Feb. 26,
2008 to register their claims with court-appointed insolvency
manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against COMTRADE Trade & Finance GmbH on Dec. 28, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         COMTRADE Trade & Finance GmbH
         Attn: Heinz Leuer and Reinhart Skwiercz, Managers
         Jarrestrasse 6
         22303 Hamburg
         Germany


DR DUESBERG: Claims Registration Period Ends Feb. 11
----------------------------------------------------
Creditors of Dr. Duesberg medical GmbH have until Feb. 11, 2008
to register their claims with court-appointed insolvency manager
Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 26, 2008, 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 Dr. Duesberg medical GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dr. Duesberg medical GmbH
         Hohefeldstr. 19-30
         46284 Dorsten
         Germany


DRINKS 4 YOU: Claims Registration Period Ends Feb. 19
-----------------------------------------------------
Creditors of Drinks 4 You GmbH have until Feb. 19, 2008 to
register their claims with court-appointed insolvency manager
Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on March 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Zi.Nr. 144/I
         Residenzplatz 4-6
         87435 Kempten
         Russia

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:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany
         Tel: 089/1893770
         Fax: 089/18937750

The District Court of Kempten opened bankruptcy proceedings
against Drinks 4 You GmbH on Jan. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Drinks 4 You GmbH
         Robert-Bunsen-Str. 1-3
         86807 Buchloe
         Germany


EMM MOTOREN: Claims Registration Period Ends February 21
--------------------------------------------------------
Creditors of EMM Motoren Service GmbH have until Feb. 21, 2008
to register their claims with court-appointed insolvency manager
Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Zi.Nr. 144/I
         Residenzplatz 4-6
         87435 Kempten
         Russia
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 31-33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50

The District Court of Kempten opened bankruptcy proceedings
against EMM Motoren Service GmbH on Jan. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         EMM Motoren Service GmbH
         Am Bahnhof 2
         88131 Bodolz
         Germany


ERWIN BREUER: Claims Registration Period Ends February 20
---------------------------------------------------------
Creditors of Erwin Breuer Baubetreuung GmbH & Co.KG have until
Feb. 20, 2008 to register their claims with court-appointed
insolvency manager Detlef Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 27, 2008, 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 Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

          Detlef Stuermann
          Domshof 18-20
          28195 Bremen
          Germany
          Tel: 0421-3686-0
          Fax: 0421-3686-100
          E-mail: InsolvenzBremen@schubra.de  

The District Court of Stade opened bankruptcy proceedings
against Erwin Breuer Baubetreuung GmbH & Co.KG on Dec. 21, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Erwin Breuer Baubetreuung GmbH & Co.KG
          Am Bevertal 11
          27432 Bremervoerde-Bevern
          Germany


FRANZ VOLK: Claims Registration Period Ends February 11
-------------------------------------------------------
Creditors of Franz Volk, Landmaschinen GmbH & Co. KG have until
Feb. 11, 2008 to register their claims with court-appointed
insolvency manager Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rainer U. Mueller
         Schiesstattenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         Franz Volk, Landmaschinen GmbH & Co. KG
         Peter-Doerfler-Str. 33
         86199 Augsburg
         Germany


FREMA SIEBDRUCKTECHNIK: Claims Registration Ends February 5
-----------------------------------------------------------
Creditors of frema Siebdrucktechnik GmbH have until Feb. 5, 2008
to register their claims with court-appointed insolvency manager
Stefan Waldherr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefan Waldherr
         Peuntgasse 3
         90402 Nuremberg
         Tel: 0911/27980-0
         Fax: 0911/27980-90

The District Court of Nuremberg opened bankruptcy proceedings
against frema Siebdrucktechnik GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         frema Siebdrucktechnik GmbH
         Attn: Annette Freudenberg and
         Werner Freudenberg, Managers
         Siegelsdorfer Str. 52
         90431 Nuremberg
         Germany


HANSEATISCHER HANDWERKER: Claims Registration Ends February 27
--------------------------------------------------------------
Creditors of Hanseatischer Handwerker Service Hamburg GmbH have
until Feb. 27, 2008 to register their claims with court-
appointed insolvency manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Hanseatischer Handwerker Service Hamburg GmbH on
Dec. 28, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Hanseatischer Handwerker Service Hamburg GmbH
         Attn: Sven Urban, Manager
         Friedrich Ebert Strasse 9
         22848 Norderstedt
         Germany


HAUS IM PARK: Claims Registration Period Ends Feb. 11
-----------------------------------------------------
Creditors of Haus im Park GmbH have until Feb. 11, 2008 to
register their claims with court-appointed insolvency manager
Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

          Jens Hamdorf
          Hallerstr. 76
          20146 Hamburg
          Germany
          Tel: 040-4146380
          Fax: 040-445635

The District Court of Celle opened bankruptcy proceedings
against Haus im Park GmbH on Jan. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Haus im Park GmbH
         Friedrich-Einhoff-Ring 1
         29614 Soltau
         Germany


HERBERT SCHULZ: Claims Registration Period Ends Feb. 18
-------------------------------------------------------
Creditors of Herbert Schulz Spenglerei u. Installation GmbH have
until Feb. 18, 2008 to register their claims with court-
appointed insolvency manager Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 31, 2008, 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:

          Martin Wiedemann
          O 3, 9-12
          68161 Mannheim
          Germany
          Tel: 0621/16680

The District Court of Mannheim opened bankruptcy proceedings
against Herbert Schulz Spenglerei u. Installation GmbH on
Jan. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Herbert Schulz Spenglerei u. Installation GmbH
          Hockenheimerstr. 3
          68804 Altlussheim
          Germany


J & S HOTELGESELLSCHAFT: Claims Registration Period Ends Feb. 11
----------------------------------------------------------------
Creditors of J & S Hotelgesellschaft mbH have until Feb. 11,
2008 to register their claims with court-appointed insolvency
manager Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 3, 2008, 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 Coburg
         Meeting Hall K
         First Stock
         Coburg
         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. Carlos Mack
         Gibitzenhofstrasse 86
         90443 Nuernberg
         Germany
         Tel: 0911/2369398
         Fax: 0911/2369566

The District Court of Coburg opened bankruptcy proceedings
against J & S Hotelgesellschaft mbH on Jan. 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         J & S Hotelgesellschaft mbH
         Kreuzbergstrasse 35
         96364 Marktrodach
         Germany


JUWELIER HOELTKE: Claims Registration Ends February 27
------------------------------------------------------
Creditors of Juwelier Hoeltke GmbH & Co. KG have until Feb. 27,
2008 to register their claims with court-appointed insolvency
manager Stephan Fluck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Fluck
         Aarstrasse 1
         65195 Wiesbaden
         Germany
         Tel: 0611-170 160
         Fax: 0611-170 150
         E-mail: info@ra-fluck.de  

The District Court of Wiesbaden opened bankruptcy proceedings
against Juwelier Hoeltke GmbH & Co. KG on Nov. 30, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Juwelier Hoeltke GmbH & Co. KG
         Attn: Bodo Hoeltke, Manager
         Weiherstr. 4
         65232 Taunusstein
         Germany


MAXXSONICS EUROPE: Claims Registration Period Ends Feb. 18
----------------------------------------------------------
Creditors of MAXXSONICS Europe GmbH have until Feb. 18, 2008 to
register their claims with court-appointed insolvency manager
Tobias Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 20, 2008, 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 at 2:00 p.m. on March 18, 2008, at the same
venue.

The insolvency manager can be reached at:

          Tobias Wahl
          L 9, 11
          68161 Mannheim
          Germany
          Tel: 0621/27960

The District Court of Mosbach opened bankruptcy proceedings
against MAXXSONICS Europe GmbH on Jan. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          MAXXSONICS Europe GmbH
          Neckarstr. 20
          74847 Obrigheim
          Germany


MEDIA TENOR: Claims Registration Period Ends February 15
--------------------------------------------------------
Creditors of Media Tenor Deutschland GmbH have until Feb. 15,
2008 to register their claims with court-appointed insolvency
manager Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 7, 2008, 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 Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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:

          Dirk Obermueller
          Godesberger Allee 125-127
          53175 Bonn
          Germany
          Tel: 0228/81000-56
          Fax: 0228/81000-820

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Media Tenor Deutschland GmbH on Jan. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Media Tenor Deutschland GmbH
          Attn: Roland Schatz, Manager
          Bonner Str. 10
          53424 Remagen
          Germany


OSTSEE SPORT: Claims Registration Ends February 22
--------------------------------------------------
Creditors of Ostsee Sport- und Freizeit-Gesellschaft mbH & Co.
Golfplatz KG have until Feb. 22, 2008 to register their claims
with court-appointed insolvency manager Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 14, 2008, 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 Eutin
         Hall C
         Jungfernstieg 3
         23701 Eutin
         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:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany
       
The District Court of Eutin opened bankruptcy proceedings
against Ostsee Sport- und Freizeit-Gesellschaft mbH & Co.
Golfplatz KG on Jan. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ostsee Sport- und Freizeit-Gesellschaft mbH &
         Co. Golfplatz KG
         Attn: Gerhard Ottjes, Manager          
         Oeverdiek
         Golfplatz 3
         23669 Timmendorfer Strand
         Germany
      

PROSIEBENSAT.1 MEDIA: Axel Springer Completes Stake Sale
--------------------------------------------------------
Axel Springer AG has closed the announced sale of its shares of
ProSiebenSat.1 to Lavena Holding 5 GmbH, a company controlled by
funds advised by KKR and Permira.

Axel Springer indirectly held 12% of ProSiebenSat.1 capital
stock: 12% of the voting common stock and 12% of the non-voting
preferred stock.

Lavena Holding 5 GmbH, which formerly held approximately 50.7%
the capital stock of ProSiebenSat.1 Media AG, has increased its
stake to around 62.7%.  It now holds 100% of the company's
voting common stock and around 25% of the non-voting preferred
stock.

In connection with the sale of Axel Springer's stake, both Dr.
Mathias Doepfner, the Chairman of the Executive Board of Axel
Springer AG, and Christian Nienhaus, Managing Director of Bild
Group, resigned from their seats on the Supervisory Board of
ProSiebenSat.1 Media AG, effective immediately.  The possible
reallocation of seats on the Board will be decided on at the
annual shareholders meeting of the ProSiebenSat.1 Media AG on
June 10, 2008.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's
Investors Service's Ba1 senior unsecured and corporate family
ratings.


R+S TECHNIK: Claims Registration Period Ends February 14
--------------------------------------------------------
Creditors of R+S Technik GmbH have until Feb. 14, 2008 to
register their claims with court-appointed insolvency manager
Richard Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 26, 2008, 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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse
         63065 Offenbach am 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:

          Dr. Richard Scholz
          Corneliusstrasse 18
          60325 Frankfurt (Main)
          Germany
          Tel: 069-907458-19
          Fax: 069-907458-50
          E-Mail: heike.wilkening@wellensiek.de  

The District Court of Offenbach am Main opened bankruptcy
proceedings against R+S Technik GmbH on Jan. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          R+S Technik GmbH
          Carl-Legien-Strasse 16
          63073 Offenbach (Main)
          Germany


WESSELHOEFFT & RUETING: Claims Registration Period Ends Feb. 21
---------------------------------------------------------------
Creditors of Wesselhoefft & Rueting GmbH-Elektro-Installation
und Datentechnik have until Feb. 21, 2008 to register their
claims with court-appointed insolvency manager Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on March 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

          Karsten Toetter
          Speersort 4/6
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Wesselhoefft & Rueting GmbH-Elektro-Installation und
Datentechnik on Dec. 28, 2007.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Wesselhoefft & Rueting GmbH-Elektro-Installation und
          Datentechnik
          Rauchstrasse 97
          22043 Hamburg
          Germany


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


SUN MICROSYSTEMS: Expects US$3.6BB Revenue in FY 2008 2nd Qtr.
--------------------------------------------------------------
Sun Microsystems Inc. reported preliminary results for its
second quarter of fiscal 2008 ended Dec. 30, 2007.

Sun expects to report revenues for the second quarter of fiscal
2008 of approximately US$3.60 billion, an increase of
approximately 1.0% as compared with US$3.57 billion for the
second quarter of fiscal 2007.  Net bookings for the second
quarter of fiscal 2008 were approximately US$3.85 Billion, an
increase of approximately 7.0% year over year.

Total gross margin as a percent of revenues for the second
quarter of fiscal 2008 is expected to be approximately 48%, an
increase of approximately 3.0 percentage points as compared with
the second quarter of fiscal 2007.

Net income for the second quarter of fiscal 2008 on a GAAP basis
is expected to be in the range of US$230 million to
US$265 million, or US$0.28 to US$0.32 per share on a diluted
basis, as compared with net income of US$133 million, or US$0.15
per share, for the second quarter of fiscal 2007.

"Our preliminary results for the second quarter reflect solid
execution and continued operational progress," said Jonathan
Schwartz, chief executive officer of Sun Microsystems.  "The
future is even brighter today, as evidenced by our agreement to
acquire MySQL, one of the fastest growing players in the
US$15 billion database market and a key component of many of the
Web's premier properties such as Facebook, Wikipedia, China
Mobile and Baidu.  As the market for open source databases
continues its spectacular growth, we look forward to this
acquisition directly contributing to Sun's growth as the
platform of choice for the Web economy."

                    About Sun Microsystems Inc.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: JAVA) -- http://sun.com/-- provides network computing  
infrastructure product and service solutions worldwide.  Sun
Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.


SUN MICROSYSTEMS: Signs US$1 Billion Pact to Acquire MySQL
----------------------------------------------------------
Sun Microsystems Inc. has entered into a definitive agreement
to acquire MySQL AB, an open source database developer, for
approximately US$1 billion in total consideration.

According to the company, the acquisition accelerates its
position in enterprise IT to now include the US$15 billion
database market.

Following completion of the proposed transaction, MySQL will
be integrated into Sun's Software, Sales and Service
organizations and the company's CEO, Marten Mickos, will be
joining Sun's senior executive leadership team.

In the interim, a joint team with representatives from both
companies will develop integration plans that build upon the
technical, product and cultural synergies and the best business
and product development practices of both companies.

As part of the transaction, Sun will pay approximately
US$800 million in cash in exchange for all MySQL stock and
assume approximately US$200 million in options.  

The transaction is expected to close in late Q3 or early Q4 of
Sun's fiscal 2008.  Completion of the transaction is subject
to regulatory approval and other customary closing conditions.
The deal is expected to be accretive to FY10 operating income
on a GAAP basis.

Commenting on the deal, Jonathan Schwartz, CEO and president of
Sun Microsystems, said "[the] acquisition reaffirms Sun's
position at the center of the global Web economy.  Supporting
our overall growth plan, acquiring MySQL amplifies our
investments in the technologies demanded by those driving
extreme growth and efficiency, from Internet media titans to the
world's largest traditional enterprises.  MySQL's employees and
culture, along with its near ubiquity across the Web, make it an
ideal fit with Sun's open approach to network innovation.  And
most importantly, [the] announcement boosts our investments into
the communities at the heart of innovation on the Internet and
of enterprises that rely on technology as a competitive weapon."

MySQL's open source database is widely deployed across all major
operating systems, hardware vendors, geographies, industries and
application types.  The complementary product line-ups will
extend MySQL's database reach and are expected to bring new
markets for Sun's systems, virtualization, middleware and
storage platforms.

"The combination of MySQL and Sun represents an enormous
opportunity for users and organizations of all sizes seeking
innovation, growth and choice," said Marten Mickos, CEO, MySQL.
"Sun's culture and business model complements MySQL's own by
sharing the same ideals that we have had since our foundation --
software freedom, online innovation and community and partner
participation.  We are tremendously excited to work with Sun and
the millions of members of the MySQL open source ecosystem to
continue to deliver the best database for powering the modern
Web economy."

                          About MySQL

Headquartered in Cupertino, Calif. and Uppsala, Sweden,
MySQL AB -- http://www.mysql.com/-- develops and supports a  
family of high-performance, affordable database products.
The company's flagship offering is 'MySQL Enterprise', a
comprehensive set of production-tested software, proactive
monitoring tools, and premium support services.  MySQL has
400 employees in 25 countries.

                    About Sun Microsystems Inc.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: JAVA) -- http://sun.com/-- provides network computing  
infrastructure product and service solutions worldwide.  Sun
Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.


SUN MICROSYSTEMS: S&P Ratings Unaffected by US$1 Bil. MySQL Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services's ratings and outlook on Sun
Microsystems Inc. (BB+/Stable/--) are not affected by the
company's recent announcement that it has agreed to acquire
MySQL AB for a total consideration of about US$1 billion
(consisting of US$800 million in cash and US$200 million in
options).  

The acquisition supports Sun's strategic intent to expand its
position in the open-source software market; MySQL is an open-
source developer of database software.  

S&P expects Sun to maintain a moderately leveraged financial
profile and strong liquidity.  As of Sept. 30, 2007, leverage
was less than 2x and cash and investments totaled US$5.2
billion.


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


AFFILIATED COMPUTER: Bags Allergan's US$130-Mln Outsourcing Deal
----------------------------------------------------------------
Affiliated Computer Services, Inc. has been awarded a seven-
year, US$130 million contract to provide information technology
outsourcing services for Allergan, Inc., a premier, global
multi-specialty healthcare company.

Under the terms of the contract, Affiliated Computer will supply
comprehensive infrastructure services, including data center
operations, network monitoring and management, and end-user
support services.  The ACS-designed solution will provide the
scale necessary to meet Allergan's growth, as well as access to
new technology to support its unique industry needs.

"This key relationship further expands our presence in the
pharmaceutical industry and allows us to develop and strengthen
our industry-specific competencies," said ACS Commercial
Solutions group president, Ann Vezina.  "Our partnership will
enable Allergan to focus on its global core business operations
as the company grows and help meet Allergan's need for advanced
technological capabilities."

Along with comprehensive information technology outsourcing
services, the company will implement an innovative platform that
utilizes a network connection to store important data online,
provide additional data security, and more reliably restore
backup data.  The solution replicates backup data directly to
the disaster recovery site, thereby reducing business recovery
time and incidence of data loss by eliminating off-site data
handling.

Allergan's Chief Information Officer, Sue-Jean Lin said, "With
our many innovative products, we operate in a wide range of
global, high-growth markets.  We needed a strategic partner who
could not only support our market-leading positions, but help us
meet the challenges of continued expansion.  ACS has the
technology and expertise to meet our growth needs, and their
dedication to quality service makes them a strong cultural fit
as well."

                      About Allergan

Founded in 1950, Allergan, Inc. (NYSE: AGN), with headquarters
in Irvine, California, is a multi-specialty health care company
that discovers, develops and commercializes innovative
pharmaceuticals, biologics and medical devices that enable
people to live life to its greatest potential -- to see more
clearly, move more freely, express themselves more fully.  The
Company employs more than 7,500 people worldwide and operates
state-of-the-art R&D facilities and world-class manufacturing
plants.  In addition to its discovery-to-development research
organization, Allergan has global marketing and sales
capabilities with a presence in more than 100 countries.

             About Affiliated Computer Services

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

                       *     *     *

Affiliated Computer Services Inc. continues to carry Standard &
Poor's Ratings Services' 'BB' corporate credit rating with a
negative outlook.


CORSAIR FINANCE 6: S&P Withdraws BB- Ratings on Series 7 Notes
--------------------------------------------------------------  
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and withdrawn its 'BB-/Watch Neg'
credit rating on the series 7 synthetic CDO notes issued by
Corsair Finance (Ireland) No. 6 Ltd.  The notes were placed on
CreditWatch negative on July 24, 2007.
  
The rating on a "weak-linked" reference entity has been
withdrawn, thus causing a direct and immediate withdrawal of the
rating on the Corsair series 7 notes.  Since there is
insufficient information on the credit risk of this
series, we are unable to maintain the rating on it. The
EUR9 million floating-rate secured credit-linked notes are
backed by a linear portfolio of reference entities.


WR GRACE: Court Commences Asbestos Estimation Trial
---------------------------------------------------
Estimation trial on W.R. Grace & Co.'s asbestos-related personal
injury claims started on Jan. 14, 2008.  The trial aims to
establish the amount of Grace's current and future PI asbestos
liabilities to allow the company to proceed with the
confirmation of its Plan of Reorganization.

The Jan. 14 Estimation Date was scheduled by Judge Judith
Fitzgerald of the U.S. Bankruptcy Court for the District of
Delaware in late July 2007.  Judge Fitzgerald oversees Grace's
bankruptcy case.

All of Grace's personal injury issues are handled by Judge
Ronald Buckwalter of the U.S. District Court for the Eastern
District of Pennsylvania.  Grace's PI issues were formerly
handled by District Judge Wolin.

Grace, a specialty chemicals and materials company, and 61 of
its affiliates sought protection under Chapter 11 of the
Bankruptcy Code in early April 2001 to resolve increasing
asbestos-related liabilities.  At the Petition Date, Grace
reported total assets of US$2,323,500,000, and debts of
US$2,397,800,000.  In comparison, as of November 30, 2007, the
Grace Debtors reported combined assets of US$3,335,000,000, and
combined debts of US$3,712,000,000, resulting in equity of
(US$376,300,000).  

                          GRACE'S PLAN

Grace filed its Plan of Reorganization on November 13, 2004, and
amended it on January 13, 2005.  Grace's current draft is
labeled a Proposed First Amended Plan of Reorganization.

Grace's Plan classifies asbestos claims into (i) personal injury
claims that meet specified exposure and medical criteria or
PI-SE Claims; (ii) personal injury claims that do not meet the
exposure and medical criteria necessary to qualify as PI-SE
Claims or PI-AO Claims; and (iii) property damage claims,
including claims related to Grace's former Zonolite attic
insulation product.

Grace's Plan is premised on these principles:

   (1) Substantive Consolidation

       Grace and its debtor-affiliates will be substantively
       consolidated for limited purposes including claims
       allowance and treatment and distribution under the Plan.
       The deemed substantive consolidation will not affect (i)
       the Debtors' legal and organizational structure, (ii) the
       encumbrances that are required to be maintained under the
       Grace Plan, and (iii) the settlement agreements the
       Debtors entered separately with Sealed Air Corporation
       and Fresenius Medical Care Holdings, Inc.

   (2) Creation of Asbestos Trust and its Funding

       A Section 524(g) trust will be created for which all
       asbestos-related claims will be channeled and resolved.
       The Grace Asbestos Trust will be funded by payments from
       Sealed Air pursuant to the settlement agreement, which
       payments will consist of:

          * US$512,500,000 in cash, plus interest accrued from
            December 21, 2005, until the Plan's effective date,
            at a rate of 5.5% per annum compounded annually; and

          * 18,000,000 shares of Sealed Air common stock, as
            adjusted to account for a two-for-one stock split
            implemented by Sealed Air in March 2007.

       As of January 14 (Eastern Time), Sealed Air stocks are
       priced at US$20.77 per share, placing a value of about
       373,860,000 on the settlement pact.

       The PI-AO Claims would be funded with warrants
       exercisable for that number of shares of Grace common
       stock, which, when added to the shares issued directly to
       the Asbestos Trust on the effective date of the Plan,
       would represent 50.1% of Grace's voting securities.  If
       the common stock issuable on exercise of the warrants is
       insufficient to pay all PI-AO Claims, then Grace would
       pay any additional liabilities in cash.

       PI Claimants would have the option to litigate their
       claims against the trust or, if they meet specified
       eligibility criteria, accept a settlement amount based on
       the severity of their disease.  PD Claimants, on the
       other hand, would be required to litigate their claims
       against the trust.

       On confirmation of Grace's Plan, all asbestos-related
       claims against Grace's Canadian operating subsidiary,
       Grace Canada, Inc., will be transferred to the Asbestos
       Trust along with all Asbestos Claims.

       As of January 9, 2008, the Court has approved settlement
       agreements between Grace and two law firms representing
       PD Claimants.  PD Claimants represented by the law firm
       Dies & Hile, LLP, received a US$60,000,000 settlement
       amount, while Claimants represented by the law firm
       Motley Rice, LLC, received a US$17,900,000 settlement
       amount.  Grace is currently litigating the remaining PD
       Claims.

   (3) US$1,613,000,000 Maximum Value of Asbestos-Related Claims

       As a condition to the effectiveness of the Grace Plan,
       the Debtors want the Court to establish that their
       aggregate Asbestos PI-SE Claims, Asbestos PD Claims, and
       Asbestos Trust Expenses is not greater than
       US$1,483,000,000, and their Asbestos PI-AO Claims not
       greater than US$130,000,000.

   (4) Treatment of Non-Asbestos Claims

       All allowed administrative or priority claims would be
       paid 100% in cash and all general unsecured claims, other
       than those covered by the asbestos trust, would be paid
       85% in cash and 15% in Grace common stock.  Grace
       estimates that claims with a recorded value of
       US$1,241,000,000, including interest accrued through
       December 31, 2006, would be satisfied in the manner
       pursuant to Grace's Plan at the effective date of that
       Plan.   

       Grace estimates that their allowed non-asbestos claims
       will total:

         Administrative Claims                   US$138,000,000
         Priority Tax Claims                      232,000,000
         Secured Claims                            90,000,000
         Unsecured Employee-Related Claims        191,000,000
         General Unsecured Claims                 951,000,000
                                               --------------
                                               US$1,602,000,000
                                               ==============
                                         
       Grace would finance these payments with US$150,000,000 of
       cash on hand, US$115,000,000 from the settlement
       agreement with Fresenius Medical Care Holdings, Inc.,
       US$800,000,000 in new debt, and US$143,000,000 in value
       of Grace common stock.

       Grace would satisfy other non-asbestos related
       liabilities, estimated to be US$508,000,000, primarily
       environmental, tax, pension and retirement medical
       obligations, as they become due and payable over time.
       Proceeds from available product liability insurance would
       supplement operating cash flow to service new debt and
       liabilities not paid on the effective date of the Plan.

   (5) Treatment of Equity Interests

       Grace common stock will remain outstanding at the
       effective date of the company-proposed Plan, but
       interests of existing shareholders would be subject to
       dilution by additional shares of common stock issued
       under the Plan.

   (6) Estimated Value of Reorganized Debtors

       In their Joint Plan, the Debtors estimate that their
       reorganized value ranges from US$2,200,000,000 to
       US$2,600,000,000.

A full-text copy of Grace's Reorganization Plan is available for
free at http://ResearchArchives.com/t/s?2712
  
A full-text copy of the Disclosure Statement is available for
free at http://ResearchArchives.com/t/s?2713

              PI COMMITTEE/FCR'S COMPETING PLAN

On November 5, 2007, the Official Committee of Asbestos
Personal Injury Claimants and David T. Austern, the
Court-appointed future claims representative, filed a competing
joint plan of reorganization.

Judge Fitzgerald terminated Grace's exclusivity periods in July
2007 noting that despite the company's more than six years under
bankruptcy protection, it still has not negotiated a consensual
resolution of its asbestos liabilities with interested parties.  

The Competing Plan conditions its effectivity on the Bankruptcy
Court finding that Grace's pending and future asbestos
liabilities is not less than US$4,000,000,000.

Asbestos PI Claims, under the Competing Plan, will be resolved
in accordance with an Asbestos Trust Agreement and Trust
Distribution Procedures.  The Asbestos Trust will be funded by:

   * the Sealed Air Payment -- US$512,500,000 cash, plus
     interest, and 9,000,000 shares of Sealed Air common stock;

   * any proceeds from insurance policies covering Grace's
     asbestos liabilities;

   * cash, in an amount equal to the Distributable Cash
     Percentage multiplied by the Estimated PI Amount, reduced
     by the Sealed Air Payment Amount; and

   * a number of shares of Grace's common stock.

The Competing Plan provides that certain classes of claims will
be paid in full or reinstated, including:

   -- priority claims,
   -- secured claims,
   -- unsecured pass-through employee-related claims,
   -- workers' compensation claims,
   -- intercompany claims,
   -- Zonolite Attic Insulation claims, and
   -- equity interests in the Debtors other than W.R. Grace &
      Co, the parent company.

A full-text copy of the PI/FCR Plan is available for free at:

             http://ResearchArchives.com/t/s?2504

           ASBESTOS PERSONAL INJURY CLAIMS VALUATION

            Grace -- US$385,000,000 to US$1,314,000,000

Grace will ask the Court to find that the value of its pending
and future PI liabilities ranges from US$385,000,000 to
US$1,314,000,000.  Grace has maintained throughout its
bankruptcy case that many PI Claimants have not submitted
evidence showing they have handled any of the company's
asbestos-containing products or evidence showing a link between
asbestos and any medical problems.

Grace's expert, Dr. B. Thomas Florence, who has 30 years of
experience in management consulting and research, estimates
that, as of April 2001, the net present value of the company's
pending and future asbestos PI claims is within a range of
US$385,000,000 to US$1,314,000,000, through 2049, with a median
of US$712,000,000.

To arrive at his estimate, Dr. Florence used:

   * 5.36% discount rate,  
   * 2.5% inflation rate, and
   * 1.5% claim value deflation rate.

Dr. Florence also used a set of assumptions based on the premise
that only claimants whose claims meet certain criteria would be
able to sustain their burden of proof that their claims against
the Debtors are valid, and therefore should be valued as part of
the estimation process.  The evidentiary criteria used are:

   1. a proof of claim;

   2. minimum exposure criteria: nature of exposure to Grace
      asbestos containing products must be either because
      claimant is a worker who personally mixed Grace asbestos-
      containing products or because claimant is a worker who
      personally installed Grace asbestos-containing product;

   3. minimum causation criteria for Lung Cancer claims of (i)
      diagnosis of asbestosis based on the B-Reader report of a
      reliable B-Reader, and (ii) reproducible ILO score of 1/0
      or greater;

   4. minimum medical criteria for Other Cancer claims of
      diagnosis of laryngeal cancer;

   5. minimum medical criteria for all Non-malignant claims of
      (i) diagnosis of asbestosis or diffuse pleural thickening
      based on the B-Reader report of a reliable B-reader, and
      (ii) ILO score of 1/0 or greater for asbestosis;

   6. minimum impairment criteria for Severe Asbestosis claims
      of (i) diagnosis of asbestosis based on the B-Reader
      report of a reliable B-Reader, (ii) ILO score of 2/1 or
      greater, (iii) Pulmonary Function Test results of TLC <65%
      or complying with American Thoraic Society standards; and

   7. minimum impairment criteria for Asbestosis claims of (i)
      diagnosis of asbestosis or diffuse pleural thickening
      based on the B-Reader report of a reliable B-Reader, (ii)
      ILO score of 1/0 or greater, and (iii) PFT results of TLC
      <80% or complying with ATS standards.

Throughout Grace's bankruptcy case, the Official Committee of
Unsecured Creditors has been supportive of the Debtors' case
management proposal saying that it is a reasonable means to
determine the "true scope of Grace's liability to asbestos
claimants and then provide for the payment of valid claims on a
basis that preserves Grace's still strong core business
operations."

The Official Committee of Equity Security Holders, who
represents holders of more than 70,000,000 shares of Grace's
common stock, has maintained that Grace is solvent.  The Equity
Committee believes that the estimation trial will demonstrate
that, as a matter of logic and epidemiological science, the
number of individuals who could realistically have developed
true asbestos-related disease from Grace products is
diminishingly small.

       PI Committee -- US$4,700,000,000 to US$6,200,000,000

The PI Committee's expert, Dr. Mark Peterson, a trial lawyer and
social psychologist, estimates that Grace's pending and future
PI liabilities range from US$4,700,000,000 to US$6,200,000,000.

According to Dr. Peterson, he used standard forecasting methods
regularly accepted by courts, asbestos trusts and businesses for
establishing asbestos liabilities.  Grace's asbestos liability
is estimated as the product of (i) the number of claims, (ii)
the fraction of claims that get paid, and (iii) the paid values
of those claims.

                   Present Value of Grace Liability
                    for Pending and Future Claims
                          (in millions)

                                  Other       Non-
   Period      Meso      Lung     Cancer    Malignant    Total
   ------      ----      ----     ------    ---------    -----
   Pending     US$249    US$91    US$12     US$228      US$578
   Future    US$3,149    US$474   US$71     US$1,364    US$5,106
              -----      ----     ------    ---------   ------
             US$3,445    US$565   US$83     US$1,562    US$5,684
              -----      ----     ------    ---------   ------

                       FCR -- US$7,900,000,000

The FCR's expert, Jennifer L. Biggs, an actuarian, estimates
that Grace's liabilities is US$7,900,000,000, on an undiscounted
basis.  She estimates that, when reduced to present value as of
the Petition Date using a 5.2% interest rate, Grace's PI
liabilities is US$3,700,000,000.

Ms. Biggs based her estimate by projecting the quantity and type
of future PI Claims against Grace for up to 54 years after
the Petition Date.  The estimate also includes a provision for
the known pending PI Claims filed against the Debtors on or
before the Petition Date.  Ms. Biggs calculated the total
liability by multiplying the known pending and projected future
claims filings by the expected average payment amounts that the
Debtors would pay to claimants in each of the years in
projection.


                        About W.R. Grace

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

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

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.  
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants.  The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it.  Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the
Official Committee of Equity Security Holders.

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

Estimation of W.R. Grace's asbestos personal injury liabilities
commenced on Jan. 14, 2008.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.  
(W.R. Grace Bankruptcy News, Issue No. 147; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


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


IMAX CORP: Records US$145 Million from Hollywood Films in 2007
--------------------------------------------------------------
IMAX Corporation continued its impressive box office winning
streak during 2007 by generating US$145 million for Hollywood
releases, which is 56% higher than the US$93 million that the
IMAX(R) theatre network grossed during 2006.  Hollywood films
that played in IMAX theatres in 2007 included eight titles from
4 different studios, all of which were converted into The IMAX
Experience(R) using the company's proprietary DMR technology in
both 2D and IMAX(R) 3D.

The titles in IMAX's 2007 film slate that contributed to this
record-setting box office performance included 300 (Warner Bros.
Pictures), Spider-Man 3 (Sony), Harry Potter and the Order of
the Phoenix (Warner Bros. Pictures), Transformers (Paramount
Pictures), Beowulf (Paramount Pictures) and I Am Legend (Warner
Bros. Pictures) as well as the early 2007 playoffs of Night at
the Museum (Twentieth Century Fox) and the Polar Express re-
issue (Warner Bros. Pictures).

"This milestone is another testament to strong relationships
IMAX has formed with the Hollywood studios, the filmmaking
community and our exhibitor partners," said IMAX Co-Chairpersons
and Co-Chief Executive Officers, Richard L. Gelfond and Bradley
J. Wechsler.  "Last year's box office performance and the strong
IMAX brand makes the timing ideal for the rollout of our new
digital projection system in mid-2008.  We look forward to
delivering even more terrific Hollywood content from our studio
partners as the IMAX theatre network continues to grow -- making
The IMAX Experience accessible to consumers in nearly every
major market in the United States and in new IMAX locations
worldwide."

"Our winning streak is particularly gratifying when you consider
that since September 2006, we've released eight "day and date"
theatrical titles from four different studios and each has
opened in the number one spot the weekend they launched, with
IMAX contributing as much as 13%," added IMAX Filmed
Entertainment Chairperson and President, Greg Foster.  "Further,
five of the Hollywood titles released in IMAX finished in the
top ten grossing films of 2007, which indicates that IMAX really
has become part of the distribution mind set for tent pole
pictures and part of the movie-going habits of audiences
throughout the world.  Our incredible studio partners continue
to deliver amazing content, and we're so pleased that they
recognize the value in making IMAX an important part of their
release strategy."

Looking forward, IMAX Corp. has already secured significant
titles for its film slate for 2008, 2009 and 2010 through
agreements with major Hollywood studios including: The
Spiderwick Chronicles (February 2008), Shine A Light (April
2008), Kung Fu Panda (June 2008), The Dark Knight (July 2008),
Under the Sea 3D (February 2009), Monsters vs. Aliens 3D (March
2009), How to Train Your Dragon 3D (November 2009), Hubble 3D
(working title, February 2010) and Shrek Goes Forth 3D (May
2010).

                     About IMAX Corp.

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

                       *     *     *

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$212.7 million and total liabilities of
US$289.5 million, resulting in a US$76.8 million total
stockholders' deficit.


PARMALAT SPA: Bologna Court Rejects Appeal vs Composition Ruling
----------------------------------------------------------------
Parmalat S.p.A. disclosed that the Appeal Court of Bologna has
rejected the appeal of a number of bondholders against the
judgment that ratified the Parmalat Composition with Creditors.

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

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

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

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

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

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


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


ALFA OIL: Proof of Claim Deadline Slated for February 14
--------------------------------------------------------
LLP Alfa Oil has declared insolvency.  Creditors have until
Feb. 14, 2008 to submit written proofs of claims to:

         LLP Alfa Oil
         Valihanov Str. 6
         Esik
         Enbekshykazakhsky District
         Almaty
         Kazakhstan


BISKO LLP: Creditors Must File Claims by February 20
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Holding Company Bisko insolvent.

Creditors have until Feb. 20, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


HOLDING GROUP: Claims Filing Period Ends February 20
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Holding Group insolvent.

Creditors have until Feb. 20, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (3272) 75-67-84


IZENOVOYE JSC: Creditors' Claims Due on February 20
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared OJSC GKP Izenovoye insolvent.

Creditors have until Feb. 20, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 705 203 30-32


KTK NEWS: Claims Registration Ends February 20
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Ktk News insolvent.

Creditors have until Feb. 20, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (3272) 75-67-84


NIMROD INVESTMENTS: Proof of Claim Deadline Slated for Feb. 14
--------------------------------------------------------------   
Representation of the Company Nimrod Investments CA has declared
its closure.  Creditors have until Feb. 14, 2008 to submit
written proofs of claims to:

         Nimrod Investments CA
         Office 609
         Dostyk ave. 105
         Almaty
         Kazakhstan


NEFTEHIMTORG LLP: Creditors Must File Claims by February 14
-----------------------------------------------------------  
LLP Neftehimtorg has declared insolvency.  Creditors have until
Feb. 14, 2008 to submit written proofs of claims to:

         LLP Neftehimtorg
         Block #057
         Karasu
         Sairamsky District
         South Kazakhstan
         Kazakhstan


STROY TRANS OIL: Claims Filing Period Ends February 14
------------------------------------------------------  
LLP Stroy Trans Oil has declared insolvency.  Creditors have
until Feb. 14, 2008 to submit written proofs of claims to:

         LLP Stroy Trans Oil
         Maresyev Str. 95-1
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 56-70-50


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


TRIO INTERNATIONAL: Creditors Must File Claims by February 8
------------------------------------------------------------
LLC Trio International (INN 03012200410185) has declared
insolvency.  Creditors have until Feb. 8, 2008 to submit written  
proofs of claim to:

         LLC Trio International
         Gorky Str. 210
         Bishkek
         Kyrgyzstan


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


EVRAZ SA: Unit Completes Tender Offer for Claymont Steel Shares
---------------------------------------------------------------
Evraz Group S.A. disclosed that the cash tender offer by its
wholly owned subsidiary Titan Acquisition Sub, Inc. to purchase
all outstanding shares of common stock of Claymont Steel
Holdings, Inc., which expired at midnight, New York City time,
on Jan. 16, 2008, has been successfully completed.

Evraz and Titan Acquisition Sub, Inc. have been advised by
Mellon Investor Services LLC, the depositary for the tender
offer, that as of the expiration of the offer at midnight, New
York City time, on Jan. 16, 2008, stockholders of Claymont Steel
had tendered into the tender offer 16,415,722 shares of Claymont
Steel common stock, excluding shares delivered pursuant to
notices of guaranteed delivery, representing around 93.4 percent
of the outstanding shares of common stock of Claymont Steel.

Evraz has accepted for payment all shares of Claymont Steel
common stock that were validly tendered during the offer period.

In accordance with the previously announced merger agreement,
Evraz now intends to effect a short-form merger.  Pursuant to
the merger agreement, each share of Claymont Steel common stock
not accepted for payment in the tender offer, other than those
as to which holders validly exercise dissenters' rights and
those held by Evraz or Claymont Steel or their respective
subsidiaries, will be converted in the merger into the right to
receive US$23.50 in cash, without interest thereon and less any
applicable stock transfer taxes and withholding taxes.

This is the same price per share paid during the tender offer.  
Evraz intends to complete the short-form merger in the next
several days.

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

                         *     *     *

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

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

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


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


X5 RETAIL: Commences Due Diligence on Formata Holding BV
--------------------------------------------------------
X5 Retail Group N.V., Russia's largest food retailer in terms of
sales has sent an Option Notice to the shareholders of Formata
Holding B.V. on execution of its rights under a Call Option
Agreement with respect to the purchase of 100% of the shares of
Formata, which owns the Karusel hypermarket chain.  

The Notice is irrevocable.  Nevertheless, the acquisition of the
Option Shares is conditional upon the completion by X5 Retail
Group to its satisfaction of due diligence on Formata and on
receipt by X5 Retail Group of any required regulatory,
shareholder or third party approvals.  

Following receipt of the Notice by Formata's shareholders, X5
Retail Group has begun carrying out due diligence on Formata's
legal, tax, financial, business, real estate standing, etc.    
Under the Call Option Agreement, Formata must provide all
reasonable assistance to X5 Retail Group in conducting the due
diligence.

Completion of the Call Option, assuming the above conditions are
fulfilled, must take place by the later of:

    * July 1, 2008, or

    * three months after the provision to X5 Retail Group of the
      audited consolidated IFRS accounts for Formata for the
      year ended Dec. 31, 2007.  

The amount payable by X5 Retail Group for the exercise of the
Call Option is the aggregate of:

    * the lesser of:

      -- 1.1 multiplied by consolidated net sales of Formata; or

      -- 14.5 multiplied by the greater of

         * EBITDA; or

         * 5% of consolidated net sales of Formata; plus

    * the value of the land and other real estate in the course
      of construction (where business is not carried out as at
      Dec. 31, 2007), as determined by an independent real
      estate valuer; less

    * the aggregate amount of Formata's net debt, in each case
      calculated by reference to Formata's audited consolidated
      IFRS accounts for the year ended Dec. 31 2007.

No less than 75% of the Option Price is payable in cash, while
the remaining amount can be settled by newly issued X5 Retail
Group shares.  The financing structure of the deal will be
announced subject to X5's satisfaction with the due diligence
results.

X5 Retail Group has mandated Goldman Sachs to act as its
financial advisor on the potential acquisition of Formata.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


PRIMA CHARTER: Suspends Flights; AWAS Orders Return of Plane
------------------------------------------------------------
Prima Charter has ceased its operations and suspended all
flights, the Financial Times reports, citing Polish News
Bulletin.

A TCR-Europe Report published on Jan. 7, 2008, disclosed that
the company was facing a possible bankruptcy after investors
demanded reimbursement following three unsuccessful attempts to
raise equity.

According to the FT, AWAS demanded the airline return the single
airplane it was leasing.  AWAS' move, the FT adds, is in
reaction to news that Exim Tours, the Polish charter airline's
largest partner and shareholder, demanded repayment of its PLN10
million debt in bills of exchange.  Mohammed Ellili, the
chairman of ET, however, refused to comment on the issue, the FT
relates.

A court was set to release its decision on PCh's bankruptcy on
Jan. 15, the FT says.

No update on the decision was available as of press time.

Prima Charter -- http://www.primacharter.com/-- is a Polish
charter airline, previously known as Fischer Air Polska.


===============
P O R T U G A L
===============


NOBLE GROUP: S&P Revises Outlook on Credit Profile Improvement
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on the rating on Noble Group Ltd. to positive from
stable.  At the same time, it affirmed the 'BB+' long-term
corporate credit rating on the company.

"The rating actions reflect Noble's improving risk management.
Its transformation from largely a commodity-trading operation to
an increasingly vertically integrated business model is gaining
traction and is a positive rating factor," said Standard &
Poor's credit analyst Ryan Tsang.

Noble has shown its commitment to balancing growth and managing
risk by investing in risk management functions and resources in
the past few years to keep up with its rapid growth and
expansion into new business lines.  Its risk functions are now
better integrated with its operations than in the past.  The
company's risk management department has expanded outside Hong
Kong to a number of key offices.  Noble plans to further enhance
its risk management functions by implementing more sophisticated
tools to measure the risk and returns of its investments and
operations.  These developments could further improve its risk
management capability.

Continuous diversification of Noble's geographical and product
lines is likely to further reduce its concentration risk.  The
company has successfully managed its global commodity supply
chain, with a secure feedstock supply, through investments and
equity stakes in upstream fixed assets.  It has also continued
to lower its revenue concentration; its revenue from China as a
percentage of total revenue has declined in the past few years.
In addition, Noble has diversified its product lines, including
carbon credit trading, to reduce product concentration and
leverage its customer base to cross sell.

Noble's strengths are counterbalanced by the inherent risks of
its commodity trading business, with volatility in commodity
prices and low operating margins, as well as financial and
execution risks associated with the company's rapid expansion.

The company is trying to improve its profit margin by
integrating vertically and creating more profit points in its
commodity supply chain business.  Noble's entrepreneurial spirit
has inherent risks.  The company invests in new businesses, as
well as in plants and upstream assets that have a poor operating
record and are high risk investments in nature -- albeit with
high return potential.  The company's satisfactory track record
on investment selections and integration of acquired operations
partly offsets these concerns.

Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries
including Argentina, Brazil, Canada, Italy, Portugal, Spain,
Switzerland, Turkey, and the United States.


=============
R O M A N I A
=============


BENCHMARK ELECTRONICS: Moody's Rates US$100MM Facility at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 (LGD-3, 39%) rating to
Benchmark Electronics, Inc.'s new 5-year US$100 million senior
secured revolving credit facility due 2012 and affirmed the
company's Ba3 corporate family rating.  The rating outlook is
stable.  

Proceeds from the new credit facility are intended to be used
for working capital needs and general corporate purposes.  It
replaces an unrated US$100 million revolver that was set to
expire in January 2008.  The new credit facility includes an
accordion feature under which total commitments may be increased
by an additional US$100 million.

The rating for the US$100 million senior secured revolver
reflects the overall probability of default of the company, to
which Moody's assigns a PDR of Ba3.  Under Moody's Loss Given
Default methodology, the new senior secured credit facilities
are rated one notch above the Ba3 CFR given that they receive
sufficient support from the company's senior unsecured non-debt
obligations, which provide debt cushion for any drawings under
the secured bank credit facility.  The credit facility is
guaranteed by the borrower's domestic subsidiaries, and is
secured by:

   (1) substantially all assets of the borrower, subsidiary
       guarantors and the holding company;

   (2) 100% of the capital stock of the borrower and domestic
       subsidiaries; and

   (3) 65% of the voting capital stock of foreign subsidiaries.

The facility contains financial covenants requiring the
maintenance of certain financial ratios (i.e., financial
leverage equal to or less than 2.75x debt to EBITDA, 1.2x
minimum fixed charge coverage and minimum consolidated tangible
net worth).

These new ratings were assigned:

   -- Probability of Default Rating -- Ba3

   -- US$100 Million Senior Secured Revolving Credit Facility
      due 2012 -- Ba2 (LGD-3, 39%)

This rating was affirmed:

   -- Corporate Family Rating -- Ba3

Benchmark's Ba3 CFR reflects the company's minimal leverage and
niche position as a Tier 1 electronics manufacturing services
provider of products in the non-consumer computing,
telecommunications and medical devices markets.  While Benchmark
has historically generated operating margins in the upper range
for the industry (4-5% range), the company experienced margin
erosion in the third quarter of 2007 due to a decrease in
activity for its largest customer, slower program ramps and
softer end-market demand.  The weakness in the most recent
quarter illustrates the volatility inherent within the EMS
industry, exacerbated by client concentration and heightened
competition from industry consolidation (i.e., Flextronics'
acquisition of Solectron).  Furthermore, we expect the company
to continue to face pricing pressures from OEM customers as well
as from Asian competitors.

Moody's rating outlook for Benchmark is stable, reflecting the
expectation that:

   (1) revenue levels will bounce back in the near term once new
       programs begin to ramp up;

   (2) bookings levels will remain healthy, which was the case
       during the third quarter of 2007 with approximately
       US$100-US$125 million of new bookings; and

   (3) Benchmark should continue to be free cash flow positive
       in 2008.

The stable outlook also reflects Moody's view that it does not
expect Benchmark's credit profile to change significantly over
the intermediate term.

Based in Angleton, Texas, Benchmark Electronics Inc. --
http://www.bench.com/--  provides electronic manufacturing  
services to original equipment manufacturers of
telecommunication equipment, computers and related products for
business enterprises, video/audio/entertainment products,
industrial control equipment, testing and instrumentation
products and medical devices.  The company's revenue and EBITDA
for the twelve months ended Sept. 30, 2007 were US$2.9 billion
and US$168 million, respectively.   The company's global
operations include facilities in The Netherlands, Romania,
Ireland, Brazil, Mexico, Thailand, Singapore, and China.


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


EVRAZ SA: Unit Completes Tender Offer for Claymont Steel Shares
---------------------------------------------------------------
Evraz Group S.A. disclosed that the cash tender offer by its
wholly owned subsidiary Titan Acquisition Sub, Inc. to purchase
all outstanding shares of common stock of Claymont Steel
Holdings, Inc., which expired at midnight, New York City time,
on Jan. 16, 2008, has been successfully completed.

Evraz and Titan Acquisition Sub, Inc. have been advised by
Mellon Investor Services LLC, the depositary for the tender
offer, that as of the expiration of the offer at midnight, New
York City time, on Jan. 16, 2008, stockholders of Claymont Steel
had tendered into the tender offer 16,415,722 shares of Claymont
Steel common stock, excluding shares delivered pursuant to
notices of guaranteed delivery, representing around 93.4 percent
of the outstanding shares of common stock of Claymont Steel.

Evraz has accepted for payment all shares of Claymont Steel
common stock that were validly tendered during the offer period.

In accordance with the previously announced merger agreement,
Evraz now intends to effect a short-form merger.  Pursuant to
the merger agreement, each share of Claymont Steel common stock
not accepted for payment in the tender offer, other than those
as to which holders validly exercise dissenters' rights and
those held by Evraz or Claymont Steel or their respective
subsidiaries, will be converted in the merger into the right to
receive US$23.50 in cash, without interest thereon and less any
applicable stock transfer taxes and withholding taxes.

This is the same price per share paid during the tender offer.  
Evraz intends to complete the short-form merger in the next
several days.

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

                         *     *     *

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

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

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


MOBILE TELESYSTEMS: Acquires Bashcell for US$38 Million
-------------------------------------------------------
Mobile TeleSystems OJSC acquired 100% of Bashcell, a mobile
phone operator in Russia, from Bashneft and local private
companies for US$38 million. The amount includes the assumption
of US$32 million in debt.

"The acquisition helps MTS to further solidify its leading
position in Bashkortostan by increasing its market share to 39%.
The company is continuing to execute on its 3+2 strategy in
particular consolidation of the Russian mobile phone market and
expansion of operations in the regions," Mikhail Shamolin, Head
of MTS Russia commented.

Svetlana Saprina, acting General Director of Bashcell said,
"This is an opportune time to align with Russia's leading
operator in order to bring better service, quality and a wide
variety of products to our customers."

Bashcell is the GSM-1800 mobile services provider in the
Republic of Bashkortostan, an oil-rich and heavily
industrialized portion of Russia's Volga region.  It boasts a
population of 4.1 million.  The company provides service to
roughly 142,000 subscribers1, which constitutes approximately 3%
of the market.  Mobile penetration in the region is 102.4%3.  
The company is also licensed to provide DAMPS, zone, fixed-line,
data transmission and telematic services.

According to the Russian Accounting Standards (RAS), revenues in
2006 amounted to US$11 million with an EBITDA margin of 25%; the
company's current average monthly revenue per user is US$6.6.
Revenues for the first six months of 2007 were US$8 million.

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- is the largest wireless  
telecommunications operator in Russia and the CIS.  For the
first six months of 2007, MTS reported revenues of US$3.7
billion and an OIBDA margin of 51.8%.  MTS has 79.12 million
total subscribers as of August 2007.  The regions of Russia, as
well as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan,
in which MTS and its associates and subsidiaries are licensed to
provide GSM services, have a total population of more than 230
million. Since June 2000, MTS' Level 3 ADRs have been listed on
the New York Stock Exchange (ticker symbol MBT)

                         *    *    *

As reported in the TCR-Europe on Oct. 11, 2007, Moody's
Investors Service upgraded the corporate family and
existing bond ratings of Mobile TeleSystems to Ba2 from Ba3. The
outlook on the ratings is positive.


X5 RETAIL: Commences Due Diligence on Formata Holding BV
--------------------------------------------------------
X5 Retail Group N.V., Russia's largest food retailer in terms of
sales has sent an Option Notice to the shareholders of Formata
Holding B.V. on execution of its rights under a Call Option
Agreement with respect to the purchase of 100% of the shares of
Formata, which owns the Karusel hypermarket chain.  

The Notice is irrevocable.  Nevertheless, the acquisition of the
Option Shares is conditional upon the completion by X5 Retail
Group to its satisfaction of due diligence on Formata and on
receipt by X5 Retail Group of any required regulatory,
shareholder or third party approvals.  

Following receipt of the Notice by Formata's shareholders, X5
Retail Group has begun carrying out due diligence on Formata's
legal, tax, financial, business, real estate standing, etc.    
Under the Call Option Agreement, Formata must provide all
reasonable assistance to X5 Retail Group in conducting the due
diligence.

Completion of the Call Option, assuming the above conditions are
fulfilled, must take place by the later of:

    * July 1, 2008, or

    * three months after the provision to X5 Retail Group of the
      audited consolidated IFRS accounts for Formata for the
      year ended Dec. 31, 2007.  

The amount payable by X5 Retail Group for the exercise of the
Call Option is the aggregate of:

    * the lesser of:

      -- 1.1 multiplied by consolidated net sales of Formata; or

      -- 14.5 multiplied by the greater of

         * EBITDA; or

         * 5% of consolidated net sales of Formata; plus

    * the value of the land and other real estate in the course
      of construction (where business is not carried out as at
      Dec. 31, 2007), as determined by an independent real
      estate valuer; less

    * the aggregate amount of Formata's net debt, in each case
      calculated by reference to Formata's audited consolidated
      IFRS accounts for the year ended Dec. 31 2007.

No less than 75% of the Option Price is payable in cash, while
the remaining amount can be settled by newly issued X5 Retail
Group shares.  The financing structure of the deal will be
announced subject to X5's satisfaction with the due diligence
results.

X5 Retail Group has mandated Goldman Sachs to act as its
financial advisor on the potential acquisition of Formata.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


===========
S W E D E N
===========


QUEBECOR WORLD: Fails to Obtain US$125 Mil. Financing by Jan. 15
----------------------------------------------------------------
Quebecor World Inc. disclosed that in connection with the
waivers obtained from its banking syndicate and the sponsors of
its securitization program on Dec. 31, 2007, it 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 disclosed that in light of the
rescue initiative and its current circumstances, it will not
make the US$19.5 million payment of interest due Jan. 15, 2008,
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 is working with Quebecor Inc. and Tricap Partners
Ltd. on the rescue financing plan reported on Jan. 14, 2008, and
believes that satisfaction of the conditions of such initiative
would be in the best interests of the companyand 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, 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.


QUEBECOR WORLD: Moves Rescue Financing Term Compliance Deadline
---------------------------------------------------------------
Quebecor World Inc. has extended the deadline for the
satisfaction of certain conditions precedent to the previously
disclosed CDNUS$400 million rescue financing agreement with
Quebecor Inc. and Tricap Partners Ltd.  Quebecor Inc. and Tricap
Partners Ltd. have indicated that they have made progress on the
satisfaction of these conditions and have requested additional
time to attempt to satisfy them.  The deadline for these
conditions has been moved from 9:00 p.m. on Jan. 16, 2008 to
9:00 a.m. on Jan. 20, 2008.

Quebecor World continues to work with Quebecor Inc. and Tricap
Partners Ltd. on the rescue financing plan 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 initiative will be received
on a timely basis.

                    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.


QUEBECOR WORLD: Interest Nonpayment Spurs S&P to Give D Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Montreal-based printing company
Quebecor World Inc. to 'D' from 'CCC'.  Standard & Poor's also
lowered the rating on the company's US$400 million 9.75% senior
unsecured notes due 2015 to 'D' from 'CCC-'.  In addition, S&P
lowered the rating on the company's other senior unsecured notes
to 'CC' from 'CCC-'.  The preferred stock rating remains
unchanged at 'D'.  With these rating actions, S&P also removed
the ratings from CreditWatch with negative implications, where
they were placed Aug. 9, 2007.
     
"The downgrade follows Quebecor World's nonpayment of interest
expense on its US$400 million 9.75% senior unsecured notes, due
Jan. 15, 2008," said Standard & Poor's credit analyst Lori
Harris.  "In the unlikely event that the company makes the
payment within the 30-day cure period, we could raise the
ratings," Ms. Harris added.
     
The interest payments on Quebecor World's remaining senior
unsecured notes remain current, hence S&P hasn't lowered the
ratings on these issues to 'D'.  However, S&P will lower the
ratings on these issues should the senior unsecured notes go
into default.
     
Quebecor World is in default on its US$750 million revolving
credit facility because the company was unable to raise the
required US$125 million by Jan. 15, 2008, which was a condition
to the covenant waiver on Dec. 31, 2007.  Although Quebecor
World had requested an extension from the bank group regarding
the requirement for US$125 million in new funds, it did not
receive it.  The nonsatisfaction of this condition does not
automatically result in the termination of the bank group's
waiver, an acceleration of the maturity of indebtedness under
the credit facilities, or a cross-default under Quebecor  
World's other debt obligations.  Any such action would require
formal notification from a majority of the bank group to
Quebecor World.


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


INVEST OJSC: Creditors Must File Claims by January 23
-----------------------------------------------------
Creditors of OJSC Industrial Agricultural Building Invest (code
EDRPOU 31120819) have until Jan. 23, 2008 to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 302/14b-06/11/13.

The Debtor can be reached at:

         OJSC Industrial Agricultural Building Invest
         Gagarin Str. 11
         Bolshaya
         Alexandrovka
         Borispol District
         08320 Kiev
         Ukraine


KLIUSHNIKOVKA AGRICULTURAL: Creditors' Claims Due January 23
------------------------------------------------------------
Creditors of Kliushnikovka Agricultural LLC (code EDRPOU
03772499) have until Jan. 23, 2008 to submit written proofs of
claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 18/44.

The Debtor can be reached at:

         Kliushnikovka Agricultural LLC
         Kliushnikovka
         Mirgorod District
         Poltava
         Ukraine


PROMEKS LLC: Claims Registration Deadline Set January 23
--------------------------------------------------------
Creditors of LLC Production-Commerce Firm Promeks (code EDRPOU
33735609) have until Jan. 23, 2008 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.
43/719.

The Debtor can be reached at:

         LLC Production-Commerce Firm Promeks
         Borschagovskaya Str. 182-V
         03058 Kiev
         Ukraine


SHAMBER LLC: Creditors Must File Claims by January 23
-----------------------------------------------------
Creditors of LLC Shamber (code EDRPOU 34412812) have until
Jan. 23, 2008 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/526-b.

The Debtor can be reached at:

         LLC Shamber
         Railway Highway 1
         Kiev
         Ukraine


SHPOLA SPECIALIZED: Creditors Must File Claims by January 23
------------------------------------------------------------
Creditors of OJSC Shpola Specialized Movable Mechanized Column
(code EDRPOU 00912497) have until Jan. 23, 2008 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. 14/5456.

The Debtor can be reached at:

         OJSC Shpola Specialized Movable Mechanized Column
         Lenin Str. 128
         Shpola
         Cherkassy
         Ukraine


STANISLAVCHIK AGRICULTURAL: Creditors' Claims Due January 23
------------------------------------------------------------
Creditors of Stanislavchik Agricultural LLC (code EDRPOU
31399800) have until Jan. 23, 2008 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. 14/5455.

The Debtor can be reached at:

         Stanislavchik Agricultural LLC
         Stanislavchik
         Shpola District
         Cherkassy
         Ukraine


UDICH-SUGAR LLC: Creditors Must File Claims by January 23
---------------------------------------------------------
Creditors of LLC Udich-Sugar (code EDRPOU 33048903) have until
Jan. 23, 2008 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. 10/153-07.

The Debtor can be reached at:

         LLC Udich-Sugar
         Zavodskaya Str. 1
         Udich
         Teplitsky District
         Vinnica
         Ukraine


UNIVERSAL-AVIA OJSC: Claims Registration Deadline Set January 23
----------------------------------------------------------------
Creditors of OJSC Universal-Avia (code EDRPOU 23754233) have
until Jan. 23, 2008 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 supervision
procedure on the company.  The case is docketed under Case No.
B-39/201-07.

The Debtor can be reached at:

         OJSC Universal-Avia
         P.O. Box 8610
         61031 Kharkov
         Ukraine


VATRA-7 LLC: Creditors Must File Claims by January 23
-----------------------------------------------------
Creditors of LLC Vatra-7 (code EDRPOU 34295062) have until
Jan. 23, 2008 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/527-b.

The Debtor can be reached at:

         LLC Vatra-7
         Bratislavskaya Str. 8
         02156 Kiev
         Ukraine


VLS-LTD: Creditors Must File Claims by January 23
-------------------------------------------------
Creditors of LLC VLS-Ltd. (code EDRPOU 13343291) have until
Jan. 23, 2008 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. 10/255-07.

The Debtor can be reached at:

         LLC VLS-Ltd.
         Lenin Str. 11
         Zhmerinka
         Vinnica
         Ukraine


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


BRITISH AIRWAYS: Confirms Boeing 777 Incident at Heathrow
---------------------------------------------------------
British Airways plc has confirmed that a Boeing 777,
registration GYMMM operating flight BA038 from Beijing to
Heathrow was involved in an incident on Friday, Jan. 18, at
Heathrow airport.

According to published reports, the pilot, Captain Peter
Burkill, lost all power as he approached the runway.

                         CEO Statement

"Regrettably one of our aircraft has been involved in an
incident [Fri]day at Heathrow.  Our flight and cabin crew did a
magnificent job and safely evacuated all of the 136 passengers,"
Willie Walsh, chief executive of BA, said.

There were three minor injuries among our customers.

The captain of the aircraft is one of our most experienced and
has been flying with us for nearly 20 years.  Our crew are
trained to deal with these situations.

An investigation is being conducted by the Air Accident
Investigation Branch so it would be inappropriate to speculate
about the likely cause of this incident.

I would also like to praise the fire, ambulance and police
services."

There were three flight crew and 13 cabin crew on board.

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

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

                        *     *     *

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


BUCKS AUTO: Brings In Administrators from Smith & Williamson
------------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint administrators of Bucks
Auto Components Ltd. (Company Number 01524529) on Jan. 8.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

          Bucks Auto Components Ltd.
          57-63 Rabans Close
          Rabans Lane Industrial Area
          Aylesbury
          Buckinghamshire
          HP19 8RS
          England
          Tel: 01296 487 227
          Fax: 01296 489 829
          Web site: http://www.bucksautocomponents.co.uk/    


GENERAL MOTORS: Outlines Turnaround Progress and 2008 Priorities
----------------------------------------------------------------
General Motors Corp. Chairman and CEO Rick Wagoner and Vice
Chairman and CFO Fritz Henderson spoke to automotive analysts at
a GM conference on Jan. 17, 2008, giving detailed reviews of the
company's turnaround progress, outlining the automaker's
priorities for the year and providing a preview of improvement
opportunities for 2010 and beyond.

"We're delivering on the turnaround plan we established in 2005,
and have exceeded expectations on virtually all counts," Mr.
Wagoner said.  "We've set a strong foundation that we can truly
build on.  We're encouraged by our progress in revitalizing our
product portfolio, strengthening our brands, reducing structural
cost and growing the business globally.  At the same time, it's
clear that we'll face some challenging headwinds in 2008.

"To continue driving the company's transformation, we'll remain
steadfast in our efforts to introduce great cars and trucks and
new advanced propulsion technologies, take full advantage of
growth markets around the world, and accelerate our efforts to
reduce structural costs to even more competitive levels in North
America," Mr. Wagoner added.

                      Turnaround Progress

Since introducing its North America turnaround plan in 2005, GM
has delivered significant progress in its massive restructuring,
including:

a) Product excellence

   Dramatically improved vehicle design and performance is
   gaining broad recognition, demonstrated by robust sales of
   recently launched vehicles and numerous industry awards,
   including 2008 North America Car of the Year for the
   Chevrolet Malibu, 2008 Motor Trend Car of the Year for the
   Cadillac CTS, and 2007 North America Car and Truck of the
   Year awards for the Saturn Aura and Chevrolet Silverado;

b) Revitalize the sales and marketing strategy

   The company has fundamentally changed its "go to market"
   approach, resulting in stronger brands, re-alignment of its
   brand distribution channels, stabilized retail market share,
   significant reductions in daily rental sales and higher
   average transaction prices;

c) Intensify the focus on cost and quality

   GM reduced annual structural cost in North America from 2005
   to 2007 by US$9 billion, driven by the 2005 hourly healthcare
   agreement, revisions to U.S. salaried healthcare and pension
   programs, capacity reduction actions, special attrition
   programs for 34,000 hourly employees, and efficiencies
   achieved in other activities. Significant improvements also
   continue to be made in vehicle quality, as measured by both
   internal and industry metrics;

d) Address healthcare/legacy cost burden

   Reflecting the impact of historical agreements with the
   United Auto Workers union and several other key initiatives,
   GM anticipates that its spending on U.S. hourly and salaried
   pension and healthcare will be reduced from an average of
   US$7 billion per year over the last 15 years, to
   approximately US$1 billion per year beginning in 2010.

Despite continued pressures in the German market, GM has also
made significant progress in its Europe operations, driven by
strong new products, successful implementation of its multi-
brand strategy, especially the rapid growth of the Chevrolet
brand, which contributed to record GME unit sales of over 2
million in 2007.  Rapid expansion in Russia and Eastern Europe,
and further structural cost reductions have also contributed to
the improvements.

GM's total automotive results have demonstrated strong progress
since 2005, marked by significant improvements in both adjusted
net income and adjusted operating cash flow through the first
three quarters of 2007.  GM continues to have strong liquidity,
with 2007 year-end gross liquidity estimated to be more than
US$27 billion, up from US$20.4 billion at year-end 2005.

                          2008 Outlook

Acknowledging headwinds facing the industry, including weak U.S.
auto industry sales volumes, high fuel prices, high commodity
and steel prices, and mounting regulatory requirements, Mr.
Wagoner outlined the following focus areas for 2008 designed to
continue the momentum and achieve improved financial results:

   -- Continue to execute great products;
   -- Build strong brands and distribution channels;
   -- Execute additional cost reduction initiatives;
   -- Take full advantage of growth in emerging markets;
   -- Build GM's advanced propulsion leadership position; and
   -- Maximize the benefits of running the business globally.

For 2008, GM projects global industry volume to reach a record
high of approximately 73 million units, up from about 71 million
in 2007, with growth in Asia Pacific, Latin America, Africa and
the Middle East and Europe.  GM anticipates U.S. industry sales
will likely be in the low 16-million range, reflecting
continuing high fuel prices and sub-par consumer confidence.  
Despite industry pressures, GM expects to increase revenues in
all of its regions, particularly in emerging markets.

Building on notable product successes including the Cadillac
CTS, Chevrolet Malibu, GMC Acadia, Saturn Outlook and Buick
Enclave in the U.S. and the Opel Corsa in Europe, GM will
continue to introduce a host of new products including the
Pontiac G8 and Chevrolet Traverse in the U.S. and Opel Insignia
in Europe.  Capital spending is projected to be up slightly from
2007 levels to about US$8 billion in 2008.

On the sales and marketing front, GM will continue its efforts -
- most clearly demonstrated in the recent launch of the Chevy
Malibu in the U.S. -- to more effectively integrate product and
brand marketing strategies.  GM will accelerate the alignment of
its seven U.S. brands into four distinct dealer channels:
Chevrolet, Saturn, Buick/Pontiac/GMC and Cadillac/Hummer/SAAB.
By doing this, the company expects to enhance dealer
profitability and over time facilitate more highly
differentiated products and brands.

With regard to cost competitiveness, GM has made major strides
toward achieving its global target of reducing automotive
structural costs to benchmark levels of 25% of revenue by 2010.  
Structural costs are already below 30%, compared to 34% in 2005,
despite weaker than expected U.S. industry volumes.  In light of
the progress already made, the company fully expects structural
costs as a percentage of revenue to be further reduced beyond
2010, with a target of 23% by 2012.

In support of those goals, the company plans to reduce annual
U.S. labor costs by an additional estimated US$5 billion by
2011.

A significant portion of those reductions will be driven by the
implementation of the 2007 GM-UAW contract, including the
independent healthcare VEBA scheduled to begin in 2010, and in
the shorter term by taking full advantage of the workforce
restructuring opportunities included in the contract, including
a "non-core" wage and benefit structure which will result in the
re-classification of a significant number of jobs over time.

To facilitate these changes, GM launched, in cooperation with
the UAW, the first phase of a voluntary special attrition
program for hourly workers in January 2008.  This phase applies
to those at select job banks, Service Parts Operations, and
other key sites.  Employees participating in this phase will
begin to exit in March.  GM disclosed that Phase 2 of the
program, under active discussion with the UAW, will be launched
in February in all other plants.  Participating employees will
begin exiting in April.  For both phases of the program, 46,000
existing employees are eligible for retirement.

During the conference, GM also reiterated its strategy to
achieve manufacturing capacity utilization of 100%, or greater,
in countries with higher labor costs.  Based on current U.S.
industry volume levels, additional capacity actions would be
required in vehicle assembly, stamping and powertrain
facilities.  The company will continue to assess U.S. industry
and product mix trends, and what potential actions may be
required over the coming months.

GM will continue its aggressive plans to grow in emerging
markets such as China, Brazil, Russia and India.  To strengthen
its position in China, where it was the first automaker to sell
1 million units in a single year, GM intends to continue to
build its corporate reputation, expand its product portfolio
with fuel-efficient products, drive full implementation of its
multi-brand strategy, expand capacity, and develop our local
supply base and technology capability.

At GMAC Financial Services, while its mortgage business faces
continued challenges relating to weaknesses in the housing and
credit markets, its auto financing business remains profitable
and its insurance operations continue to perform well.  GMAC
expects Residential Capital, LLC to meet its year-end 2007
financial covenants, and GM believes GMAC remains adequately
capitalized.

In addition, GMAC's liquidity position is at relatively high
historical levels and GMAC expects to be profitable in 2008,
with substantially reduced losses at ResCap due to risk
mitigation actions undertaken by the company.

                      Looking Ahead to 2010

Looking ahead, GM expects continued cost savings and improved
automotive pre-tax earnings by 2010, compared to 2007 levels,
driven by a number of factors.

The most significant savings is the estimated US$4-5 billion GM
expects to gain in 2010 once it realizes the full-impact of the
2007 GM-UAW labor agreement related to the shift of U.S. hourly
health care to an independent VEBA, and takes advantage of
favorable labor demographics to adjust workforce levels and
transition a portion of the workforce to the new non-core wage
structure.

In addition, GM will reduce the cost premiums it has
historically paid to Delphi for systems, components and parts by
approximately US$1 billion by 2010.  Those savings will be
offset by various labor and transitional subsidies of US$400-500
million under Delphi's proposed reorganization, resulting in net
savings of approximately US$500 million.

GM also sees the probability of a stronger U.S. industry in 2009
and beyond, as compared to the relatively low 16.5 million total
industry in 2007.  All indications are that 16.5 million units
are approximately 1 million units below trend.  It is estimated
that a move of the industry back to trend levels by 2010 would
generate additional pre-tax income to GM in the range of
approximately US$1 billion to US$1.5 billion annually.

Beyond these factors, there are a number of additional
opportunities to further improve GM earnings and cash flow by
2010, though they are more difficult to predict with
specificity.  These include: additional material cost reductions
due to continued leveraging of global vehicle architectures,
improved pricing driven by compelling designs and stronger
brands, continued explosive growth in revenue and profitability
in emerging markets, and improved performance at GMAC.

At the same time, continued U.S. industry product mix
deterioration, regulatory cost increases and the ongoing
competitiveness of the marketplace pose potential risks to GM's
profitability.

Considering the foregoing, GM management expects to
significantly improve operating results, including earnings and
cash flow, over the next two to three years.

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

On November 2007, Moody's Investors Service's affirmed General
Motors Corporation's B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured and SGL-1 Speculative Grade
Liquidity ratings.  Moody's however changed the outlook to
Stable from Positive

In October 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors.  
S&P said the outlook was stable.


GOG SHOP: Brings In Liquidators from UHY Hacker Young
-----------------------------------------------------
Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint liquidators of Gog Shop Ltd. on Dec. 17, 2007
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young
         17 Thomas More Street
         Thomas More Square
         London
         E1W 1YW
         England


H RUDEBECK: Joint Liquidators Take Over Operations
--------------------------------------------------
Stephen John Tancock and Gregory Andrew Palfrey of Smith &
Williamson Ltd. were appointed joint liquidators of H Rudebeck &
Co. Ltd. on Jan. 8, 2008 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


ICONIX BRAND: Continues Expansion with Three License Agreements
---------------------------------------------------------------
Iconix Brand Group, Inc. has entered into license agreements for
its Royal Velvet (R), Badgley Mischka (R), Rocawear (R), London
Fog (R), Op (R) and Rampage (R) brands that expand existing
product categories and open new markets.

Domestically, Iconix Brand has entered into a license agreement
for its newly acquired home brand, Royal Velvet, with Mohawk
Home for bath and scatter rugs.  Mohawk Home, a division of
Mohawk Industries, will debut the new Royal Velvet collections
for Spring 2008.  Under the terms of the agreement, Mohawk Home
will manufacture and produce bath, scatter and kitchen rugs to
be sold in the United States and Canada in department and
specialty stores as well as online retailers.

Continuing to grow its Badgley Mischka brand's licensing
portfolio, the company announced a long-term license agreement
with Zalemark for Badgley Mischka fine jewelry.  The luxurious
jewelry collection will be distributed through high-end retail
stores and will launch for Fall 2008 at the May 2008 Couture
tradeshow.

The company has entered into a license agreement with K&M
Jewelry for its Rocawear brand. K&M will manufacture and
distribute Rocawear costume jewelry and will launch the first
collection for Fall 2008 at the MAGIC tradeshow in February.

Additionally, the company has signed a license agreement with
Synclaire Brands/BCNY to manufacture and distribute London Fog
women's and men's socks and women's hosiery which will be sold
at department stores throughout the United States.

Internationally, the company has signed a long-term master
license agreement with Pena Group to distribute the Rampage
brand exclusively in Thailand.  Pena Group is one of the leading
manufacturers and fashion retailers in Thailand, with more than
100 free standing retail stores and 150 shop-in-shops throughout
Thailand and currently holds the license for a variety of
international fashion brands including Nautica, Ecko Unlimited
and Diesel in Thailand.  The company has also extended a master
license for its Op brand with MGS for men's, women's and
children's apparel and accessories including bags and backpacks
in Israel.

Iconix Chairperson and Chief Executive Officer, Neil Cole
stated, "We are pleased to welcome our new partners to our
expansive network of over two hundred licensees worldwide.
Iconix continues to grow and we are always excited to pair with
industry leaders as we expand our brands into complete lifestyle
collections in the Unites States and abroad."

Separately, the company is reaffirming its previously stated
guidance for the full years 2007 and 2008.  For 2007, the
company is reaffirming revenue and fully diluted EPS at the
higher end of its ranges of US$150 to US$160 million and US$0.96
to US$1.00 respectively.  For 2008, the company is reaffirming
its previously stated guidance of revenue between US$240 to
US$250 million and fully diluted EPS between US$1.35 and
US$1.40.  As announced earlier, management will be presenting
this afternoon at the 10th Annual ICR XChange Conference.  The
audio portion of the presentation will be webcast live.  The
presentation materials will be posted at the company's web site.
The webcast can be found in the investor relations section of
the company website.

                    About Iconix Brand

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licenses in Mexico, Japan and the United Kingdom.

                       *     *     *

Iconix Brand Group Inc. continues to carry Standard & Poor's
Ratings Service's 'B+' corporate credit rating with a negative
outlook.

In December 2007, S&P assigned its 'BB' rating on the company's
proposed US$60 million add-on term loan facility.  S&P also
raised its rating on the company's existing US$212.5 million
loan facility to 'BB', from 'BB-', and revised the recovery
rating to '1' from '2'.


LYONDELL CHEMICAL: S&P Cuts Ratings on Lower Recovery Prospects
---------------------------------------------------------------  
Standard & Poor's Ratings Services revised its recovery ratings
on the US$100 million notes due 2010 and the US$225 million
notes due 2020 issued by Lyondell Chemical Company (originally
issued by ARCO) to '5' from '1'.  The senior secured debt rating
on these instruments have been lowered to 'B' from 'BB', one
notch lower than the corporate credit rating on the company's
parent LyondellBasell Industries AF S.C.A. (formerly Basell AF
S.C.A. B+/Stable/--).  The recovery ratings of '5' indicate
Standard & Poor's expectation of modest (10%-30%) recovery in
the event of a payment default.

At the same time, the recovery rating on subsidiary Equistar
Chemicals L.P.'s US$150 million senior notes due 2026 has been
revised to '4' from '1' and the senior secured debt rating on
these issues lowered to 'B+' from 'BB', the same level as the
corporate credit rating. The recovery rating of '4' indicates
Standard & Poor's expectation of average (30%-50%) recovery in
the event of a payment default.

In addition, the 'B-' senior unsecured debt rating on the
proposed US$2.5 billion senior unsecured notes originally to be
issued by LyondellBasell Finance Co. Ltd. have been withdrawn,
pending finalization of the structure of the debt facilities to
refinance the existing US$8 billion bridge loan.

The recovery rating on the proposed US$5.5 billion second-lien
notes to be issued by LyondellBasell Finance Co. Ltd. has been
revised to '5' from '4' and the issue rating lowered to 'B' from
'B+', one notch lower than the corporate credit rating.  The
recovery rating of '5' indicates our expectation of modest
(10%-30%) recovery in the event of a payment default.

The ratings on the new US$12.45 billion senior secured debt
facilities issued by Basell Holdings B.V., Lyondell Chemical
Company (Note: debt originally issued by BIL Acquisition
Holdings Ltd., which was subsequently folded into Lyondell
Chemical Co.), and certain of their subsidiaries, and
guaranteed by LyondellBasell Industries AF S.C.A. (and certain
of their subsidiaries), remain unchanged at 'BB', two notches
higher than the corporate credit rating, with a recovery rating
of '1'.  The recovery rating of '1' reflects Standard & Poor's
expectation of very high (90%-100%) recovery in the event of a
payment default.

The ratings on the following instruments remain unchanged at
'B-', two notches lower than the corporate credit rating on the
guarantor, LyondellBasell Industries AF S.C.A.:

   -- The US$1.3 billion (equivalent) bonds due 2015 issued by
      LyondellBasell Industries AF S.C.A. and the US$300 million
      bonds due 2027 issued by Basell Finance Co. B.V.

   -- The US$250 million senior unsecured notes due 2026 issued  
      by related subsidiary Millennium America Inc.

At the same time, the ratings have been withdrawn on all debt
facilities issued by the group that had been refinanced as part
of the recent acquisition and new debt issuance.

The rating actions follow S&P's review of the security
structure, with the benefit of final documentation.  The
security package for the legacy Equistar and Lyondell bonds is
considerably weaker than originally envisaged.  The security
provided is shared with the senior secured term debt, which
leads to a significant dilution of potential recoveries.

The ratings on these legacy notes factor in material uncertainty
regarding the outcome of a potential insolvency process,
resulting from the intricacies and complexities of the security
structure.  The order of distribution of proceeds from different
jurisdictions governing the different collateral pools could
affect recoveries either positively or negatively.  Our
expectation is that any insolvency filings would take place both
in Europe and the U.S. at similar times, with the outcome for
the legacy bonds being difficult to predict.  

The revision of the recovery rating on the proposed second-lien
notes reflects our expectation that any issuance will for the
time being rank pari passu with the unrefinanced portion of the
second-lien bridge loan.  The total amount of pari passu ranking
second-lien debt (proposed notes or bridge loan) is expected to
total no more than US$8 billion.  In the event that the bridge
loan is partially refinanced with less-well secured or unsecured
debt, the ratings on this instrument would be reviewed.

Recovery expectations for the main senior secured instruments
are underpinned by an extensive security and guarantee package.  
The group benefits from an extensive and good quality asset
base, as well as a leading market position as the No. 3 producer
of chemical products worldwide, which support going-concern
valuation and a distressed enterprise value of about
US$18.5 billion.  After distribution through a particularly
complex waterfall, senior secured lenders are expected to
achieve very high recoveries, with more varied recovery
prospects for the less-well secured or more junior debt
instruments.

The 'B-' ratings on the various unsecured debt instruments are
two notches lower than the corporate credit rating of
LyondellBasell Industries AF S.C.A. and reflect the overall
level of subordination to prior-ranking secured or guaranteed
debt.  The instruments nevertheless benefit from different
guarantee packages and therefore rank differently between each
other.

                        Ratings Lowered

Lyondell Chemical Co..
                                         To            From
                                         --            ----
   Senior secured debt                   B             BB
   (US$225 mil. due 2020)

   (Recovery rating)                     5             1

   Senior secured debt                   B             BB
   (US$100 mil. due 2010)

   (Recovery rating)                     5             1

Equistar Chemicals L.P.
                                         To            From
                                         --            ----
           Senior secured debt           B+            BB
           (Recovery rating)             4             1

LyondellBasell Finance Co. Ltd.
                                         To            From
                                         --            ----
  Proposed US$5.5 billion                B             B+
    second lien notes
  
(Recovery rating)                       5             4

                       Ratings Withdrawn

LyondellBasell Finance Co. Ltd.

                                         To            From
                                         --            ----
  Proposed senior unsecured debt         NR            B-
  
         NB: This list does not include all ratings affected.


MATCH RECRUITMENT: Appoints Menzies as Joint Administrators
-----------------------------------------------------------
Philip Duffy and David John Whitehouse of Menzies Corporate
Restructuring were appointed joint administrators of Match
Recruitment U.K. Ltd. (Company Number 04476294) on Jan. 7.

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 company can be reached at:

          Match Recruitment U.K. Ltd.
          Cranfield Road
          Lostock Industrial Estate
          Lostock
          Bolton
          Lancashire
          BL6 4SB
          England
          Tel: 01204 676 540
          Fax: 08701 913 997


MILLENIUM MOTOR: A. Poxon Leads Liquidation Procedure
-----------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Millenium Motor Cycles Ltd. on January 8 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


PAY4U LTD: Taps Liquidators from Menzies Corporate Restructuring
----------------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint liquidators of
Pay4U (U.K.) Ltd. (formerly Pay4U (Southern) Ltd.) on January 11
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


PENNINE WINDOWS: Taps Joint Administrators from BDO Stoy
--------------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint administrators of Pennine
Windows (Home Improvements) Ltd. (Company Number 01915565) on
January 3.

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

The company can be reached at:

          Pennine Windows (Home Improvements) Ltd.
          Unit 27-28
          North Tyne Industrial Estate
          Whitley Road
          Benton
          Newcastle Upon Tyne
          Tyne and Wear
          NE12 9SZ
          England
          Tel: 0191 215 0047
          Fax: 0191 266 5557


SEA CONTAINERS: Court Extends Plan-Filing Period to February 20
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware extended, until Feb. 20, 2008, the
exclusive period wherein Sea Containers Ltd. and its debtor-
affiliates can file a plan of reorganization.

Additionally, Judge Carey fixed April 19, 2008 as the deadline
for the Debtors to solicit acceptances of that plan.

                  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)


SHAW GROUP: Will Provide Engineering Services for Two Plants
------------------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been awarded
a contract to provide proprietary technology, engineering and
procurement services for two 200,000 metric tons per annum
acrylonitrile butadiene styrene plants for Tianjin Dagu Chemical
Industry Co., Ltd.  The plants will be located in Tianjin
Industrial Park, Lingang Industry Area, in the city of Tianjin.
The value of Shaw's contract, which has been included in the
company's previously announced backlog, was not disclosed.

The contract covers the licensing, process design package,
detailed engineering support, training and commissioning of the
plants as well as procurement of proprietary and critical
equipment.  Shaw's agreement with SABIC Innovative Plastics
Technologies, Inc. (formally GE Plastics Global Technology, LLP)
will enable the two Tianjin Dagu plants to utilize the licensed
styrenic emulsion ABS technology.

"We are pleased to be the first company in the world selected by
SABIC Innovative Plastics to license its leading ABS
technology," said J.M. Bernhard Jr., chairman, president and
chief executive officer of Shaw.  "We look forward to working
with our long-term client, Tianjin Dagu, on this important
project as we further establish Shaw as a market leader in the
Chinese petrochemicals market."

In 2007, Shaw announced another contract with Tianjin Dagu
Chemical Industry Co., Ltd. to provide technology, basic
engineering and critical equipment procurement services for a
500,000 metric tons per annum ethylbenzene/styrene monomer
(EB/SM) plant also located in Tianjin, China.

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.


SPORTS CAFE: Administrators Selling Business as Going Concern
-------------------------------------------------------------
Bruce Mackay and Alan Lovett of Baker Tilly, the joint
administrators of Sports Care Holdings plc, have put the
business up for sale as a going concern, published reports say.

According to Accountancy Age, the administrators are currently
working with Edward Symmons Hospitality & Leisure to sell the
company, whose shares on AIM were earlier suspended.

On Jan. 11, 2008, the company said in a press release that it
called in administrators after its bankers confirmed they could
not provide further facilities after it experienced poor trading
conditions during the 2007 Christmas period and uncertainty over
future 2008 trading in the light of general consumer market
forecasts.

Craig Manchester Business discloses the administrators resolved
to shut down the company's Manchester and Liverpool branches
immediately, leaving 30 people jobless.  Meanwhile, its other
six venues in Birmingham, Bristol Glasgow, Leeds, Newcastle and
London continue to trade.

However, Mr. Mackay, one the administrators, is optimistic that
they can generate significant interest in the business as
"Sports Cafe is something of an institution," Birmingham Mail
relates.

Colin White, Edward Symmons Hospitality & Leisure partner, on
the other hand, told Accountancy Age he expects "strong interest
from a range of companies including nightclub, pub and
restaurant operators."

Sports Cafe had a turnover of GBP18.2 million in 2006 while its
losses stood at GBP533,000, Birmingham Mail reveals.

Headquartered in London, England, Sports Cafe Holdings plc --
http://www.sportscafeholdings.com/-- is a sports entertainment  
bar and sports hospitality group.  As at June 2006, it operated
8 U.K. sites under the Sports Cafe brand with a further site in
Cardiff under development.


TOPFOTO SERVICES: Appoints Begbies Traynor to Administer Assets
---------------------------------------------------------------
I.E. Walker and James Patrick Nicholas Martin of Begbies Traynor
were appointed joint administrators of Topfoto Services Ltd.
(Company Number 03007284) on Jan. 2, 2008.

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

The company can be reached at:

          Topfoto Services Ltd.
          Barras Place
          Liskeard
          Cornwall
          PL14 6AY
          England
          Tel: 01579 348 894
          Fax: 01579 348 893
          Web site: http://www.topfotoservices.co.uk/


VAN AAKEN: Appoints Tenon Recovery to Administer Assets
-------------------------------------------------------
T.J. Binyon and S.J. Parker of Tenon Recovery were appointed
joint administrators of Van Aaken Developments Ltd. (Company
Number 2740069) on Jan. 3,2008.

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

The company can be reached at:

          Van Aaken Developments Ltd.
          Telford Avenue
          Crowthorne
          Bershire
          RG45 6XA
          England
          Tel: 01344 777 553
          Fax: 01344 777 597  


W.B. BAWN: Brings In Grant Thornton as Joint Administrators
-----------------------------------------------------------
Ian Stewart Carr and John Whitfield of Grant Thornton UK LLP
were appointed joint administrators of W.B. Bawn & Co. Ltd.
(Company Number 00094424) on Jan. 9,2008.

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

The company can be reached at:

          W.B. Bawn & Co. Ltd.
          Northern Way
          Bury St. Edmunds
          Suffolk
          IP32 6NH
          England
          Tel: 01284 727 600
          Fax: 01284 727 601


ZEEBRA DIGITAL: Claims Filing Period Ends April 4
-------------------------------------------------
Creditors of Zeebra Digital Ltd. (formerly Tradeasi Solutions
Ltd.) have until April 4, 2008 to send in their full forenames
and surnames, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to:

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

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Jan. 4,2008 for the creditors' voluntary winding-up
procedure.

  
                            *********

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.


                 * * * End of Transmission * * *