TCREUR_Public/080123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, January 23, 2008, Vol. 9, No. 16   

                            Headlines




A U S T R I A

ACE HAUSSANIERUNG: Vienna Court Orders Business Shutdown
ASEE INDUSTRIEMONTAGE: Claims Registration Period Ends March 4
BAUSCH & LOMB: Acquiring eyeonics for Surgical Business
BAUSCH & LOMB: Expects Up to US$414 Mln EBITDA for 2007
BIO-ABFALLVERWERTUNG: Creditors' Meeting Slated for February 5

G.K. HAUSTECHNIK: Creditors' Meeting Slated for February 5
GUTMAYER LLC: Korneuburg Court Orders Business Shutdown
HSIA LLC: Claims Registration Period Ends February 20
MICHAEL BACHMEIER: Vienna Court Orders Business Shutdown
MM HANDEL: Claims Registration Period Ends January 28

NAD KEG: Creditors' Meeting Slated for February 5
OMEGA-BAU: Creditors' Meeting Slated for February 6
PERIODICA TRANSPORT: Linz Court Orders Business Shutdown
RM BAU PLANUNGS: Claims Registration Period Ends January 25
S.V. ROHR-MONTAGE: Claims Registration Period Ends March 4
STACHER GASTRONOMIE: Claims Registration Period Ends January 25


B E L G I U M

SENSIENT TECH: Declares US$0.18 Per Share Quarterly Dividend


F I N L A N D

QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan
QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors


F R A N C E

ALCATEL-LUCENT SA: Inks BRL2 Bln Deal with Brasil Telecom
ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets


G E R M A N Y

AUTOVERTRIEB-INSTANDSETZUNG: Claims Registration Ends February 6
BAD LAUCHSTADTER: Claims Registration Ends February 11
BAUGESCHAFT WOHLERS: Claims Registration Period Ends February 7
BAYRAKTAR DIENSTLEISTUNGEN: Claims Registration Ends February 7
ENERGIESPARHAUS NORD: Claims Period Ends January 29

ERICH BERNHARD: Claims Registration Period Ends January 28
EURO-OFFICE: Claims Registration Period Ends February 7
KEICO MOEBEL: Claims Registration Ends February 10
KOCH KLEEBERG: Claims Registration Period Ends February 3
KORN GMBH: Claims Registration Period Ends February 8

MANFRED KAMRATH: Claims Registration Period Ends February 8
MITTELDEUTSCHE DRAHTINDUSTRIE: Claims Registration Ends Feb. 11
NESTLER ENTSORGUNGS: Claims Registration Ends February 11
PIN GROUP: Hamburg Unit Files for Insolvency; Bags Mail Contract
PRINCIPALHAIR GMBH: Claims Registration Period Ends February 7

R & R AUTOHANDEL: Claims Registration Ends February 11
ROEHLL NUTZFAHRZEUG: Creditors' Meeting Slated for February 14
RUEDIGER HALLE: Claims Registration Period Ends January 31
SACHWERT VERMOEGENSAUFBAU: Claims Period Ends January 8
TEXTILHANDELSGESELLSCHAFT MBH: Claims Period Ends January 31

UNTERNEHMEN GRUEN: Claims Registration Period Ends January 31


H U N G A R Y

FLEXTRONICS INT'L: Dr. Willy Shih Joins Board of Directors


I R E L A N D

BENCHMARK ELECTRONICS: Earns US$22 Million in 2007 Third Quarter


I T A L Y

PARMALAT SPA: Creditors Convert Warrants for 46,169 Shares


K A Z A K H S T A N

ASTYK-98 LLP: Proof of Claim Deadline Slated for February 14
IRTYSH LTD-PV: Creditors Must File Claims by February 20
JELDORRESURSY LTD: Claims Filing Period Ends February 20
MEGAPOLIS AKTOBE: Creditors' Claims Due on February 14
REMGORSERVICE-2003 LLP: Claims Registration Ends February 14

RETRO STROY: Proof of Claim Deadline Slated for February 14
RT-GAS LLP: Creditors Must File Claims by February 20
TECHNO STROY: Claims Filing Period Ends February 20
UBAGAN B: Creditors' Claims Due on February 14


K Y R G Y Z S T A N

GALAXY AIR: Creditors Must File Claims by February 8
KYRGYZPROMSTROYBANK JSC: Krygyz National Bank Freezes Assets
UNITED TRANS: Claims Filing Period Ends February 12


L U X E M B O U R G

EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to April 20


N E T H E R L A N D S

BIOMET INC: Earn US$89 Mil. in Second Quarter Ended November 30
ELM B.V.: Moody's May Further Downgrade Junk Rating After Review
KONINKLIJKE AHOLD: May Sell Schuitema Stake to CVC Capital


R U S S I A

CHEREMKHOVSKY MECHANICAL: Asset Sale Slated for February 5
EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to April 20
INMASH OJSC: Asset Sale Slated for February 8
KARMASKALYKOMBIKORM: Creditors Must File Claims by February 29
LEKSIKA OJSC: Competitive Proceedings Slated for November 25

MEDITA LLC: Creditors Must File Claims by February 29
NORTH-WEST TELECOM: S&P Affirms Credit Ratings at BB-
NOVOLIPETSK STEEL: Annual Steel Production Down 0.8% in 2007
ROSNEFT OIL: Commences Buy Out Offers on Former Yukos Units
UNIVERSAL-PLUS OJSC: Bidding Deadline Slated for February 27

VOLGATELECOM OJSC: S&P Affirms BB- Ratings with Stable Outlook
YAMALLES OJSC: Creditors Must File Claims by February 29
ZEMLEDELETS CJSC: Bankruptcy Hearing Slated for March 25


S W E D E N

AVNET INC: Signs Definitive Pact Acquiring Azzurri Tech
SOLID FORSAKRINGSAKTIEBOLAG: A.M. Best Puts FSR at B (Fair)


S W I T Z E R L A N D

ARTMART SCHWEIZ: Creditors' Liquidation Claims Due by January 28
ATELIER PRB: Creditors' Liquidation Claims Due by January 28
AURAM JSC: Creditors' Liquidation Claims Due by January 28
AVENTICON JSC: Creditors' Liquidation Claims Due by January 25
DUSS TECHNICS: Lucerne Court Starts Bankruptcy Proceedings

SIPAG SCHWEIZERISCHE: St. Gallen Court Starts Bankruptcy Process


U K R A I N E

BUILDING LINE: Creditors Must File Claims by January 24
GALICHSUGAR OJSC: Creditors Must File Claims by January 24
GONG LLC: Creditors Must File Claims by January 24
GOVERLA LLC: Creditors Must File Claims by January 24
INTER-STYLE LLC: Creditors Must File Claims by January 24

KOLOS LLC: Creditors Must File Claims by January 24
KOLOS OJSC: Proofs of Claim Filing Deadline Set January 24
KRASNY FRONT: Proofs of Claim Filing Deadline Set January 24
KURIAZHSKY HOUSEBUILDING: Claims Filing Deadline Set January 24
SEVERNOYE LLC: Creditors Must File Claims by January 24

SNAMO LLC: Creditors Must File Claims by January 24
ZODCHIY LLC: Creditors Must File Claims by January 24


U N I T E D   K I N G D O M

BINLEY LTD: Brings In Liquidators from Smith & Williamson
BOMBARDIER INC: To Supply 24 Units to Angel Trains for US$65 Mln
BOMBARDIER INC: Fitch Lifts Ratings on US$1BB Debt Redemption
CHRYSLER LLC: Appoints New Execs; Senior VP Cortez to Retire
DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement

EMI GROUP: Terra Firma Outlines Restructuring Plan
FANBANTA LTD: Appoints PwC as Joint Administrators
FEDERAL-MOGUL: 75 Chapter 11 Cases Dismissed Effective Dec. 27
LEE-MICKLETHWAIT LTD: Calls In Liquidators from Tenon Recovery
MCMULLAN PLANT: Names Joint Administrators from KPMG

MINERVA WORKSMAART: Taps Liquidators from BDO Stoy Hayward
NORTHERN ROCK: UK Outlines Financing Package for Private Buyers
NORTHERN ROCK: S&P Lowers EUR400 Million Preference Shares to B
ORBIS PLC: Brings In Joint Administrators from Ernst & Young
SANYO ELECTRIC: To Sell Mobile Phone Unit to Kyocera for JPY50BB

SANYO ELECTRIC: To Introduce Age Limit for Executives in April
SEA CONTAINERS: Wants SC Iberia and YMCL Guarantees Approved
SITEX GROUP: Taps Joint Administrators from Ernst & Young
TATA MOTORS: In Talks with Dunlop India for Tire Supply
UBS LTD: Moody's Rates EUR100 Mil. Financial Default Swap at Ba2

WYKE JOINERY: Appoints Liquidators from Mazars

                            *********


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


ACE HAUSSANIERUNG: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Dec. 10, 2007, an order
shutting down the business of LLC ACE Haussanierung (FN
164141i).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 4, 2007 (Bankr. Case No FN 164141i).  Horst Winkelmayr
represents Dr. Knittl in the bankruptcy proceedings.


ASEE INDUSTRIEMONTAGE: Claims Registration Period Ends March 4
--------------------------------------------------------------
Creditors owed money by LLC ASEE Industriemontage und
Schweisstechni (FN 240664v) have until March 4, 2008, to file
written proofs of claim to court-appointed estate administrator
Birgit Linder at:

          Mag. Birgit Linder
          c/o Dr. Edmund Roehlich
          Am Heumarkt 9/I/11
          1030 Vienna
          Austria
          Tel: 713 46 51
          Fax: 713 84 35
          E-mail: proksch@eurojuris.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on March 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 7, 2007 (Bankr. Case No. 6 S 158/07p).  Edmund Roehlich
represents Mag. Linder in the bankruptcy proceedings.


BAUSCH & LOMB: Acquiring eyeonics for Surgical Business
-------------------------------------------------------
Bausch & Lomb, Inc. has entered into a definitive agreement to
acquire eyeonics, inc.  Financial terms of the transaction,
which is expected to close during the first quarter of 2008
subject to standard regulatory approval, were not disclosed.

Upon completion of the acquisition, eyeonics' operations will
become part of Bausch & Lomb's surgical business, which offers a
complete line of standard intraocular lenses,
phacoemulsification equipment, vitreoretinal and refractive
products to ophthalmologists worldwide.  The U.S. surgical
business will be led by J. Andy Corley, eyeonics' co-founder,
chairman, and chief executive officer.

eyeonics, founded in 1998, developed and markets the crystalens
intraocular lens (IOL), the first and only U.S. Food and Drug
Administration-approved accommodating IOL for the treatment of
cataracts.  The crystalens IOL replaces the eye's natural lens
and has been implanted in more than 95,000 eyes worldwide.

Accommodation is the eye's method to achieve near-distance
focusing by altering the curvature of the natural crystalline
lens, allowing a person to easily read small type used in books,
restaurant menus, and on computer monitors.  As the natural lens
ages, accommodation decreases.  This results in a condition
known as presbyopia for most people over age 40, for which
reading glasses are commonly required. Other approved IOLs only
permit focusing at a fixed distances, while the crystalens IOL
mimics the accommodating characteristics of a natural lens.

"This represents our first acquisition since Bausch & Lomb
became a private company in a transaction led by Warburg
Pincus," said Ronald L. Zarrella, chairman and CEO, Bausch &
Lomb.  "We are excited to enter a new phase of growth and
innovation, and believe the eyeonics acquisition is another sign
of our commitment to delivering innovative, high-quality
products to ophthalmologists and patients worldwide."

Mr. Zarrella continued, "This acquisition immediately places
Bausch & Lomb into the rapidly expanding premium IOL market. The
crystalens technology complements our existing cataract surgical
business, including our Stellaris Vision Enhancement System and
our portfolio of monofocal IOLs.  The acquisition also adds
leadership depth, as Andy and his team bring a strong track
record of product innovation and growth to the company.  We look
forward to their contributions as part of the Bausch & Lomb
family."

The global premium IOL market is growing in excess of 20%
annually.  This growth rate is fueled by an increasing demand
for technological advancements by cataract patients worldwide.  
In 2007, eyeonics generated revenues of around US$34 million, an
increase of 100% over the prior year revenues of approximately
US$17 million.  Its crystalens IOL is estimated to represent
approximately 30% of the presbyopic IOL market in the United
States.

"We expect that this transaction will lead to accelerated
adoption of the crystalens IOL, given Bausch & Lomb's global
sales and marketing reach and brand equity," said Andy Corley.  
"Through the extensive Bausch & Lomb sales and marketing
organization, we expect to quickly and significantly expand the
appreciation for the distinct patient benefits offered by the
crystalens.  In addition, the unsurpassed optics R&D expertise
of Bausch & Lomb will help further advance our technology. Our
entire management team is excited about becoming part of the
Bausch & Lomb organization at the outset of its new partnership
with Warburg Pincus.  We believe Bausch & Lomb's deepened
commitment to ophthalmology will further drive the crystalens
IOL's market acceptance as well as growth of the entire surgical
product portfolio."

"I've been using the crystalens accommodating IOL for several
years, and continue to be impressed with the positive impact it
makes on my patients' lifestyles and quality of life," said Dr.
Richard Lindstrom, the founder of Minnesota Eye Consultants and
an internationally-recognized ophthalmologist.  "Now, with the
crystalens IOL carrying the globally-known Bausch & Lomb brand,
surgeons can be even more confident in presenting this option to
their patients.  I fully expect to see even further evolution of
the crystalens IOL and related technologies, considering the
esteemed reputations and innovative cultures of both companies."

The crystalens IOL was approved by the FDA in November 2003.

                       About eyeonics

eyeonics, founded in 1998, developed and markets the crystalens
intraocular lens, the first and only U.S. Food and Drug
Administration-approved accommodating IOL for the treatment of
cataracts.  The crystalens IOL replaces the eye's natural lens
and has been implanted in more than 95,000 eyes worldwide.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                         *     *     *

As of Jan. 23, 2008, Bausch & Lomb carries B2 Corporate Family
and Probability-of-Default ratings, B1 Bank Loan Debt rating and
Caa1 Senior Unsecured Debt rating from Moody's Investor Service,
which said the outlook is stable.

The company also carries B+ Foreign and Local Issuer Credit
ratings from Standard & Poor's.


BAUSCH & LOMB: Expects Up to US$414 Mln EBITDA for 2007
-------------------------------------------------------
Bausch & Lomb Inc. disclosed certain preliminary and unaudited
fourth-quarter and full-year 2007 financial metrics.

While the company has not yet finalized its financial close
process, including purchase accounting associated with the
recently completed merger with affiliates of Warburg Pincus, it
currently projects it will report fourth-quarter net sales of
between US$654 million and US$660 million, compared to
US$597.6 million in the same period in 2006.  That would
represent an increase of approximately 10%, or approximately 4%
growth excluding the effects of changes in foreign currency
exchange rates.  The Company currently projects fourth-quarter
Adjusted EBITDA of between US$120 million and US$126 million,
compared to US$85.7 million in the year-ago period.

For the full year, Bausch & Lomb currently projects it will
report net sales between US$2.513 billion and US$2.519 billion,
compared to US$2.292 billion in 2006. That would represent an
increase of approximately 10%, or approximately 6% growth
excluding the effects of changes in foreign currency exchange
rates.  The Company currently projects full-year Adjusted EBITDA
of between US$408 million and US$414 million, compared to
US$338.5 million in 2006.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                         *     *     *

As of Jan. 23, 2008, Bausch & Lomb carries B2 Corporate Family
and Probability-of-Default ratings, B1 Bank Loan Debt rating and
Caa1 Senior Unsecured Debt rating from Moody's Investor Service,
which said the outlook is stable.

The company also carries B+ Foreign and Local Issuer Credit
ratings from Standard & Poor's.   


BIO-ABFALLVERWERTUNG: Creditors' Meeting Slated for February 5
--------------------------------------------------------------
Creditors owed money by KEG BIO-ABFALLVERWERTUNG Stelzhammer (FN
142356y) are encouraged to attend the creditors' meeting at 9:10
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 Obritzberg, Austria, the Debtor declared
bankruptcy on Dec. 12, 2007 (14 S 201/07k).  Hans Pucher serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

          Dr. Hans Pucher
          Wiener Strasse 3
          3100 St. Poelten
          Austria
          Tel: 02742/35 43 55
          Fax: 02742/35 14 35
          E-mail: office@gpls.at  


G.K. HAUSTECHNIK: Creditors' Meeting Slated for February 5
----------------------------------------------------------
Creditors owed money by LLC G.K. Haustechnik (FN 275973v) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Feb. 5, 2008.

The creditors' meeting will be held at:

          The Land Court of Linz
          Hall 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 17, 2007 (38 S 65/07y).

Rene Lindner serves as the court-appointed estate administrator
of the bankrupt's estate.  Markus Dutzler represents Mag.  
Lindner in the bankruptcy proceedings.

The estate administrator can be reached at:

          Mag. Rene Lindner
          c/o Mag. Markus Dutzler
          Am Winterhafen 11
          4020 Linz
          Austria
          Tel: 0732/784080-12
          Fax: 0732/784080-4
          E-mail: konkurs@ra-hlp.at  


GUTMAYER LLC: Korneuburg Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Korneuburg entered Dec. 10, 2007 an order
shutting down the business of LLC Gutmayer (FN 63203x).

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

Headquartered in Poysdorf, Austria, the Debtor declared
bankruptcy on Dec. 10, 2007 (Bankr. Case No 32 S 23/07f).  
Michael Neuhauser represents Dr. Stapf in the bankruptcy
proceedings.


HSIA LLC: Claims Registration Period Ends February 20
-----------------------------------------------------
Creditors owed money by LLC Hsia (FN 70589h) have until Feb. 20,
2008, to file written proofs of claim to court-appointed estate
administrator Reinhard Lachinger at:

          Dr. Reinhard Lachinger
          Am Hafen 6
          2100 Korneuburg
          Austria
          Tel: 02262/619 38
          Fax: 02262/619 38 33
          E-mail: office@drlachinger.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on March 5, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Langenzersdorf, Austria, the Debtor declared
bankruptcy on Dec. 20, 2007 (Bankr. Case No. 36 S 149/07i).  


MICHAEL BACHMEIER: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Jan. 23, 2008, an order
shutting down the business of KEG Michael Bachmeier (FN
253276s).

Court-appointed estate administrator Sieglinde Schubert
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. 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  

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.


MM HANDEL: Claims Registration Period Ends January 28
-----------------------------------------------------
Creditors owed money by LLC MM Handel (FN 291583z) have until
Jan. 28, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Maxwald at:

          Dr. Georg Maxwald
          Dametzstrasse 51
          4020 Linz
          Austria
          Tel: 77 11 41
          Fax: 78 30 44
          E-mail: maxwald-bauer@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Linz, Austria, the Debtor declared bankruptcy
on Dec. 12, 2007 (Bankr. Case No. 12 S 94/07x).  


NAD KEG: Creditors' Meeting Slated for February 5
-------------------------------------------------
Creditors owed money by KEG NAD (FN 229684x) are encouraged to
attend the creditors' meeting at 9:20 a.m. on Feb. 5, 2008.

The creditors' meeting will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 13, 2007 (38 S 66/07v).  Dr. Guenther Hoedl serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

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


OMEGA-BAU: Creditors' Meeting Slated for February 6
---------------------------------------------------  
Creditors owed money by LLC OMEGA-Bau (FN 103640m) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Feb. 6, 2008.

The creditors' meeting will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Hainburg an der Donau, Austria, the Debtor
declared bankruptcy on Jan. 23, 2007 (36 S 146/07y).  

Stephan Riel serves as the court-appointed estate administrator
of the bankrupt's estate.  Alexander Schoeller represents Dr.
Riel in the bankruptcy proceedings.

The estate administrator can be reached at:

          Dr. Stephan Riel
          c/o Dr. Alexander Schoeller
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 01/713 44 33
          Fax: 01/713 10 33
          E-mail: kanzlei@jsr.at  


PERIODICA TRANSPORT: Linz Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Linz entered Dec. 7, 2007, an order shutting
down the business of LLC Periodica Transport (FN 296442w).

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

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


RM BAU PLANUNGS: Claims Registration Period Ends January 25
-----------------------------------------------------------
Creditors owed money by LLC RM BAU Planungs u. Projektmanagement
(FN 67228s) (fka LLC RM Bau Planungs- Bau- und Handel) have
until Jan. 25, 2008, to file written proofs of claim to court-
appointed estate administrator Helmut Schmid at:

          Mag. Helmut Schmid
          Kalchberggasse 6-8
          8010 Graz
          Austria
          Tel: 0316/821114-0
          Fax: 0316/821114-79
          E-mail: office@schmid-horn.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Feb. 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Dec. 14, 2007 (Bankr. Case No. 25 S 130/07s).  


S.V. ROHR-MONTAGE: Claims Registration Period Ends March 4
----------------------------------------------------------
Creditors owed money by LLC S.V. Rohr-Montage (FN 247990t) have
until March 4, 2008, to file written proofs of claim to court-
appointed estate administrator Andrea Simma at:

          Dr. Andrea Simma
          c/o  Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 67 03
          Fax: 513 67 03 33
          E-mail: RA_Simma@aon.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on March 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 10, 2007 (Bankr. Case No. 6 S 159/07k).  Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.


STACHER GASTRONOMIE: Claims Registration Period Ends January 25
---------------------------------------------------------------
Creditors owed money by LLC Stacher Gastronomie (FN 128599t)
have until Jan. 25, 2008, to file written proofs of claim to
court-appointed estate administrator Heimo Hofstatter at:

          Dr. Heimo Hofstatter
          Marburgerkai 47
          8010 Graz
          Austria
          Tel: 0316/815454-0
          Fax: 0316/815454-22
          E-mail: advokat@hofstaetter.co.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on Feb. 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Dec. 20, 2007 (Bankr. Case No. 25 S 128/07x).  


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


SENSIENT TECH: Declares US$0.18 Per Share Quarterly Dividend
------------------------------------------------------------
Sensient Technologies Corporation's Board of Directors has
declared a regular quarterly cash dividend on its common stock
of US$0.18 per share.  The cash dividend will be paid on
March 3, 2008, to shareholders of record on Feb. 8, 2008.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.

                       *     *     *

On July 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately USUS$508 million of debt
was outstanding as of June 30, 2007.


=============
F I N L A N D
=============


QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan
------------------------------------------------------------
Quebecor World Inc. has filed for Chapter 11 bankruptcy
protection with the U.S. Bankruptcy Court for the Southern
District of New York after a deal to raise new money failed,
Chris Fournier of the Bloomberg News reports.

Quebecor World also obtained an order for creditor protection
under the Companies' Creditors Arrangement Act in Canada.  Under
the terms of the order, Ernst & Young Inc. will serve as the
monitor under the CCAA process and will assist the company in
formulating its restructuring plan.

As reported in the Troubled Company Reporter on Jan. 17, 2008,
the company had accepted a CDNUS$400 million rescue financing
proposal submitted jointly by Quebecor Inc. and Tricap Partners
Ltd., a private equity fund managed by Brookfield Asset
Management Inc.

The proposal contemplates an interim financing facility of
CDNUS$200 million, which will be made available to the company
in accordance with its cash flow needs, subject to receipt or
waiver on Jan. 16, 2008.  The financing further contemplates
that on or prior to March 31, 2008, the CDNUS$200 million
interim facility will be replaced by a recapitalization plan
comprised of an aggregate CDNUS$400 million issuance of Senior
Secured Notes due 2012 to Quebecor Inc. and Tricap Partners.

As reported in the Troubled Company Reporter on Jan. 18, 2008,
Quebecor World said that it was unable to pay the US$19.5
million interest due Jan. 15, 2008, on its outstanding US$400
million 9.75% Senior Notes due 2015.  The publishing company had
difficulties trying to raise money after banking institutions
further restricted credit terms, which was prompted by U.S.
subprime mortgage losses, Bloomberg relates.

According to CEO Jacques Mallette, market conditions spurred the
company to seek for bankruptcy protection, Bloomberg says.  
"Under the circumstances, it was probably the best thing for
them to do," Bloomberg quotes Jarislowsky Fraser Ltd. partner
Denis Durand.

In addition, Quebecor World disclosed that in connection with
the waivers obtained from its banking syndicate and the sponsors
of its securitization program on Dec. 31, 2007, it had not
obtained by Jan. 15, 2008, US$125 million of new financing, as
had been required under the terms of the waivers, the TCR
reports.

Parent company Quebecor Inc. and subsidiary, Quebecor Media
Inc., have not filed for bankruptcy protection.

                    About Quebecor World Inc.

Based 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: Case Summary & 57 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Quebecor World (U.S.A.), Inc.
             150 42nd Street
             New York, NY 10034

Bankruptcy Case No.: 08-10152

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Quebecor World Capital II, L.L.C.          08-10153

        Quebecor World Capital Corp.               08-10154

        Quebecor World Capital II, G.P.            08-10155

        Quebecor Printing Holding Co.              08-10156

        Quebecor World Johnson & Hardin Co.        08-10157

        Quebecor World Buffalo, Inc.               08-10158

        Quebecor World San Jose, Inc.              08-10159

        Quebecor World Northeast Graphics, Inc.    08-10160

        Quebecor World U.P./Graphics, Inc.         08-10161

        Quebecor World Great Western Publishing,   08-10162
        Inc.

Type of Business: The Debtors provide market solutions,
                  including marketing and advertising
                  activities, and print solutions to retailers,
                  branded goods companies, catalogers and to
                  publishers of magazines, books and other
                  printed media.  They have around 100
                  printing and related facilities in North
                  America, Latin America and Asia.  In the
                  United States, they have 82 facilities in 30
                  states, and are engaged in the printing of
                  books, magazines, directories, catalogs and
                  direct mail.  In Canada, they have 17
                  facilities in five provinces, through which
                  they offer a mix of printed products and
                  related value-added services to the Canadian
                  market and internationally.  Their primary
                  print services categories are magazines,
                  retail inserts, catalogs, books, directories,
                  direct mail, pre-media, logistics and other
                  related value-added services.  See
                  http://www.quebecorworldinc.com/

Chapter 11 Petition Date: January 21, 2008

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Anthony D. Boccanfuso, Esq.
                  Arnold & Porter, L.L.P.
                  399 Park Avenue
                  New York, NY 10022
                  Tel: (212) 715-1315
                  Fax: (212) 715-1399

Consolidated Quarterly Financial Condition as of September 2007

Total Assets: US$5,554,900,000

Total Debts:  US$4,140,700,000

Debtors' Consolidated List of 57 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Royal Bank of Canada as        revolving credit   US$735,000,000
Administrative Agent under a   facility; value
Revolving Credit Facility      of security:
Attention: Nigel Delph         US$135,000,000
One Liberty Plaza, 4th Floor
New York, NY 10006-1404

Wilmington Trust Co., as       notes              US$450,000,000
Indenture Trustee for 8.75%
Senior Notes due in 2016
Attention: Geoffrey J. Lewis
Rodney Square North
1100 North Market Street
Wilmington, DE 19801
Tel: (302) 636-6438
Fax: (302) 636-4145

                              notes (as indenture US$400,000,000
                              trustee for 9.75%
                              senior notes due in
                              2015)

                              notes (as indenture US$398,200,000
                              trustee for 6.125%
                              senior notes due in
                              2013)

                              notes (as indenture US$199,900,000
                              trustee for 4.875%
                              senior notes due in
                              2008)

Societe Generale (Canada),    equipment financing US$184,321,796
under an Equipment Financing   loan; value of
Agreement                      security:
Attention: Benoit Desmarais,   US$135,000,000
Managing Director Export
Finance
1501 McGill College Avenue,
Bureau 1800
Montreal (Quebec) H3A 3M8
Tel: (514) 841-6014
Fax: (514) 841-6259

Abitibi Consolidated Sales     trade debt           US$9,256,226
A.R. Department
1228 Paysphere Circle
Chicago, IL 60674
Tel: (914) 640-8600
Fax: (914) 640-8900

Cellmark Paper, Inc.           trade debt           US$6,633,295    
A.R. Department
P.O. Box 7777
Philadelphia, PA 19175-0509
Tel: (203) 363-7820
Fax: (203) 363-7825

Midland Paper                  trade debt           US$5,488,174
A.R. Department
6330 West Sunset Road
Chicago, IL 60674
Tel: (847) 777-2552
Fax: (847) 777-2551

Bowater, Inc.                  trade debt           US$4,082,616
A.R. Department
P.O. Box 7
Catawba, SC 29704
Tel: (800) 952-1582
Fax: (803) 282-9562

A.I.G. Credit Corp. of Canada  premium financing    US$3,694,951
Attention: Isabelle Gervais,   agreement
Branch Manager, Assistant
Vice-President
2000 McGill College Avenue,
Suite 1200
Montreal, QC H3A 3H3 Canada
Tel: (514) 987-2905
Fax: (514) 987-5326

Catalyst Paper, Inc.           trade debt           US$3,339,490
A.R. Department
3600 Lysander Lane, 2nd Floor
Richmond, B.C. CA. V7B 1C3
Tel: (604) 247-4400
Fax: (604) 247-0512

The Bank of New York as        notes                US$3,200,000
Indenture Trustee for 6.50%
Senior Notes Due in 2027
Attention: Arlene Thelwell
Assistant Vice-President
Global Trust Services,
Americas
101 Barclay Street, 4E
New York, NY 10286
Tel: (212) 815-4869
Fax: (212) 815-5008

Graphic Communications         trade debt           US$2,610,161
A.R. Department
International Union
Local 765
70 Fox Chapel Drive
Hudson, OH 44239
Tel: (330) 668-1993
Fax: (330) 650-8999

Norske Skog U.S.A., Inc.       trade debt           US$2,448,176
A.R. Department
P.O. Box 8500-52978
Philadelphia, PA 19178-2978
Tel: (203) 254-5292
Fax: (203) 254-5290

Stora Enso North America       trade debt           US$2,408,160
A.R. Department
2386 Collections, Center Drive
Chicago, IL 60693-0023
Tel: (800) 888-70STORA
Fax: (203) 356-2375

Packaging Corp. of America     trade debt            
US$2,214,339
A.R. Department
36596 Treasury Center
Chicago, IL 60694-6500
Tel: (334) 749-1788
Fax: (847) 482-4545

U.P.M. Kymmeme, Inc.           trade debt           US$2,016,229
A.R. Department
999 Oakmont Plaza, Suite 200
Westmont, IL 60559
Tel: (630) 850-3310
Fax: (630) 850-3322

Myllykoski North America       trade debt           US$1,904,950
A.R. Department
P.O. Box 4235, Station A
Toronto, ON, CA M5W 5P7
Tel: (514) 878-1977
Fax: (514) 878-2155

Aaron Direct                   trade debt           US$1,795,527
A.R. Department
161 Washington Street,
11th Floor
Conshohocken, PA 19428
Tel: (610) 940-0800
Fax: (610) 940-0132

Day International, Inc.        trade debt           US$1,461,126
A.R. Department
P.O. Box 643526
Pittsburgh, PA 15264-3526
Tel: (800) 877-8187
Fax: (513) 226-1466

NewPage Corp.                  trade debt           US$1,441,655
A.R. Department
23504 Network Place
Chicago, IL 60673-1235
Tel: (847) 285-4800
Fax: (847) 285-4846

At Clayton Corp.               trade debt           US$1,376,237
A.R. Department
P.O. Box 911405
Dallas, TX 75391-1405
Tel: (203) 861-1190
Fax: (203) 861-1170

Roosevelt Paper Co.            trade debt           US$1,063,058
A.R. Department
P.O. Box 790208
St. Louis, MO 63179
Tel: (800) 323-1778
Fax: (708) 771-7979

Horizon Paper Co.              trade debt           US$1,030,897
A.R. Department
P.O. Box 10374
Newark, NJ 07193-0374
Tel: (212) 682-5820
Fax: (212) 986-0689

Quebecor World Baird-Ward,     pension plan          US$900,000
Inc. Retirement Plan           funding
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Buffalo, Inc.   pension plan          US$990,000
Retirement Plan for Hourly     funding
Employees
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Kingsport, Inc. pension plan          US$990,000
Retirement Plan for Hourly     funding
Bargaining Unit Employees of
Kingsport, Hawkins, Sherwood
and Distribution
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Mount Morris    pension plan          US$990,000
II, Inc. Employees' Pension    funding
Plan
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

The Pension Plan for Hourly    pension plan          US$990,000
Employees of the Salem Gravure funding
Division of Quebecor World
(U.S.A.), Inc.
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Pension Plan    pension plan          US$990,000
Attention: Helen Levine State  funding
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Milwood, Inc.                  trade debt            US$931,984
A.R. Department
P.O. Box 960
Vienna, OH 44473-0960
Tel: (330) 359-5220
Fax: (330) 359-5781

Nippon Paper Industries U.S.A. trade debt            US$899,188
Co.
A.R. Department
P.O. Box 11626
Tacoma, WA 98411-6626
Tel: (206) 623-1772
Fax: (360) 457-8675

Atmos Energy Marketing, L.L.C. utility debt          US$897,041
A.R. Department
13430 Northwest Freeway,
Suite 700
Houston, TX 77040
Tel: (713) 688-7771

A.E.P. Industries              trade debt            US$872,832
A.R. Department
P.O. Box 8500-50590
Philadelphia, PA 19178-8500
Tel: (800) 477-AEPI
Fax: (708) 389-3515

Blue Heron Paper Co.           trade debt            US$848,968
A.R. Department
1200 West 7th Street,
Suite T2-210
Department 2964
Oregon, OR 97045-1809
Tel: (503) 650-4211
Fax: (503) 650-4595

H.B. Fuller Co.                trade debt            US$834,873
A.R. Department
P.O. Box 73515
Chicago, IL 60673-7515
Tel: (888) 351-3521
Fax: (214) 285-8739

Xpedx                          trade debt            US$815,551
A.R. Department
P.O. Box 32467
Hartford, CT 06150-2467
Tel: (201) 934-5115
Fax: (201) 934-5188

Tembec Enterprises, Inc.       trade debt            US$783,953
A.R. Department
4542 Paysphere Circle
Chicago, IL 60674
Tel: (819) 627-8111
Fax: (819) 627-3177

Verso Paper                    trade debt            US$757,133
A.R. Department
3630 Park 42 Drive, Suite 160D
Cincinnati, OH 45069
Tel: (800) 258-8852
Fax: (888) 293-0958

Oji Paper Canada, Ltd.         trade debt            US$725,518
A.R. Department
1200 West 73rd Avenue,
Suite 1100
Port Mellon, BC CA VON 2S0
Tel: (604) 884-5223
Fax: (604) 884-2170

Federal Express                trade debt            US$666,199
A.R. Department
P.O. Box 1140, Department A
Memphis, TN 38101-1140
Tel: (800) 622-1147
Fax: (901) 395-2000

Rock Tenn Co.                  trade debt            US$617,010
A.R. Department
P.O. Box 102064
Norcross, GA 30071
Tel: (770) 448-2193
Fax: (678) 291-7666

Stadacona, Inc.                trade debt            US$603,882
A.R. Department
1000 Stewart Avenue
Glen Burnie, MD 79443
Tel: (410) 590-8298
Fax: (418) 525-2995

Preprint Logistics Management  trade debt            US$597,628
A.R. Department
105 Filley Street, Unit A
Bloomfield, CT 06002
Tel: (800) 596-2335
Fax: (860) 286-9290

Caraustar                      trade debt            US$582,410
A.R. Department
3082 Pacific Avenue
Austell, GA 30106
Tel: (770) 948-6101
Fax: (770) 732-6209

Forbo Adhesives                trade debt            US$581,447
A.R. Department
Station A
Toronto, ON CA M5W 4K9
Tel: (919) 433-1300
Fax: (919) 433-1301

Gould Paper Corp.              trade debt            US$532,047
A.R. Department
2148 Paysphere Circle
Chicago, IL 60674-2148
Tel: (847) 441-6820
Fax: (847) 490-5376

Goss International Americas    trade debt            US$504,402
A.R. Department
Lockbox 835055
Atlanta, GA 30353-5055
Tel: (603) 740-5965
Fax: (603) 940-5970

M.E.G.T.E.C. Systems, Inc.     trade debt            US$495,562
A.R. Department
Lockbox 14268
Chicago, IL 60693-4268
Tel: (920) 336-5715
Fax: (920) 337-1534

Georgia Power Co.              utility belt          US$489,781
A.R. Department
241 Ralph McGill Boulevard
Northeast
Atlanta, GA 30308
Tel: (404) 506-6526
Fax: (404) 506-3771

M.S.C. Industrial Supply Co.,  trade debt            US$483,826
Inc.
A.R. Department
Department Ch 0075
Palatine, IL 60055-0075
Tel: (800) 645-7271

Randstad Staffing Services     trade debt            US$476,637
A.R. Department
P.O. Box 2084
Carol Stream, IL 60132-2084
Tel: (877) 922-2468

Applied Industrial             trade debt            US$476,257
A.R. Department
22510 Network Place
Chicago, IL 60673-1225
Tel: (216) 426-4000
Fax: (216) 426-4822

Merced Irrigation District     utility debt          US$467,385
A.R. Department
Merced Irrigation District
744 West 20th Street
Merced, CA 95340
Tel: (209) 722-5761
Fax: (209) 722-6421

Motion Industries, Inc.        trade debt            US$458,562
A.R. Department
P.O. Box 404130
Atlanta, GA 30384-4130
Tel: (209) 529-0261
Fax: (209) 529-1812

Hess Corp.                     utility debt          US$422,835
A.R. Department
1185 Avenue of the Americas
New York, NY 10036
Tel: (212) 997-8500
Fax: (212) 536-8593

Sempra Energy Solutions        utility debt          US$386,623
A.R. Department
101 Ash Street, 9th Floor
San Diego, CA 92101
Tel: (619) 696-3100
Fax: (619) 696-3103

Suez Energy Resources          utility belt          US$383,783
A.R. Department
Corporate Communications
Suez Energy North America,
Inc.
1990 Post Oak Boulevard,
Suite 1900
Tel: (713) 636-0000
Fax: (713)636-1364


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


ALCATEL-LUCENT SA: Inks BRL2 Bln Deal with Brasil Telecom
---------------------------------------------------------
Alcatel-Lucent SA has signed an almost BRL2 billion contract
with Brasil Telecom Participacoes for maintenance of network,
Brasil Telecom said in a statement.

Dow Jones Newswires relates that Alcatel-Lucent won the two-year
contract against Ericsson and Nokia Siemens Networks.  The
contract can be extended.

Alcatel-Lucent will be responsible for the administration and
maintenance of Brasil Telecom's fixed-line and wireless
telephony infrastructure and data transmission network.  Brasil
Telecom hopes it will lessen costs.  The network's maintenance
is one of Brasil Telecom's principle outlays, representing
almost 10% of all expenses in the first nine months of 2007, Dow
Jones states.

                    About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br/-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional long-
distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                       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.


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

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

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

                     About Arrow Electronics

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

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

                        *     *     *

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


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


AUTOVERTRIEB-INSTANDSETZUNG: Claims Registration Ends February 6
----------------------------------------------------------------
Creditors of Autovertrieb-Instandsetzung "Motor" GmbH have until
Feb. 6, 2008, to register their claims with court-appointed
insolvency manager Christian Schuetze.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 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 Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Christian Schuetze
          Lieberoser Strasse 07
          03046 Cottbus
          Germany

The District Court of Cottbus opened bankruptcy proceedings
against Autovertrieb-Instandsetzung "Motor" GmbH on Jan. 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Autovertrieb-Instandsetzung "Motor" GmbH
          Karl-Marx-Str. 91
          03172 Guben
          Germany


BAD LAUCHSTADTER: Claims Registration Ends February 11
------------------------------------------------------
Creditors of Bad Lauchstadter Hausbau GmbH have until Feb. 11,
2008, to register their claims with court-appointed insolvency
manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Bad Lauchstadter Hausbau GmbH on Dec. 19,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Bad Lauchstadter Hausbau GmbH
         Tschaikowskistr. 2
         06886 Wittenberg
         Germany


BAUGESCHAFT WOHLERS: Claims Registration Period Ends February 7
---------------------------------------------------------------
Creditors of Baugeschaft Wohlers GmbH have until Feb. 7, 2008,
to register their claims with court-appointed insolvency manager
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 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 Verden (Aller)
         Hall 212
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on April 4, 2008, at the same
venue.

The insolvency manager can be reached at:

          Dr. Christian Willmer
          Georgstr. 5
          27283 Verden (Aller)
          Germany
          Tel: 04231/884-45
          Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against Baugeschaft Wohlers GmbH on Jan. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Baugeschaft Wohlers GmbH
          Rundenweg 1
          27321 Emtinghausen
          Germany


BAYRAKTAR DIENSTLEISTUNGEN: Claims Registration Ends February 7
---------------------------------------------------------------
Creditors of Bayraktar Dienstleistungen GmbH have until Feb. 7,
2008, to register their claims with court-appointed insolvency
manager Dr. Thorsten Fuest.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 28, 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Dr. Thorsten Fuest
         Gerichtstr. 3
         33602 Bielefeld
         Germany

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

The Debtor can be reached at:

          Bayraktar Dienstleistungen GmbH
          Paderborner Str. 75
          33689 Bielefeld
          Germany


ENERGIESPARHAUS NORD: Claims Period Ends January 29
---------------------------------------------------
Creditors of Energiesparhaus Nord GmbH have until Jan. 29, 2008,
to register their claims with court-appointed insolvency manager
Wilhelm Salim Khan Durani.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 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 Kiel
         Hall 3
         Deliusstr. 22
         Kiel
         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:

         Wilhelm Salim Khan Durani
         Sell Speicher/Wall 55
         24103 Kiel
         Germany
         Tel: 0431/600530
         Fax: 0431/6005360

The District Court of Kiel opened bankruptcy proceedings against
Energiesparhaus Nord GmbH on Jan. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Energiesparhaus Nord GmbH
         Attn: Mathias Barzel, Mananager
         Schuelperbaum 33
         24103 Kiel
         Germany


ERICH BERNHARD: Claims Registration Period Ends January 28
----------------------------------------------------------
Creditors of Erich Bernhard Hefe-Grosshandel und Backereibedarf
GmbH & Co. KG have until Jan. 28, 2008, to register their claims
with court-appointed insolvency manager Dr. Hans Joerg
Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 28, 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 Giessen
         Hall 406
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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. Hans Joerg Laudenbach
         Carlo Mierendorff Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-10
         Fax: 0641/98292-16

The District Court of Giessen opened bankruptcy proceedings
against Erich Bernhard Hefe-Grosshandel und Backereibedarf GmbH
& Co. KG on Jan. 4, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Erich Bernhard Hefe-Grosshandel und
         Backereibedarf GmbH & Co. KG
         Attn: Bodo Joecks, Manager
         Schuetzenstr. 1
         35398 Giessen
         Germany  


EURO-OFFICE: Claims Registration Period Ends February 7
-------------------------------------------------------
Creditors of Euro-Office am Albertplatz GmbH have until Feb. 7,
2008, to register their claims with court-appointed insolvency
manager Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web site: http://www.worako.de/  

The District Court of Dresden opened bankruptcy proceedings
against Euro-Office am Albertplatz GmbH on Dec. 21, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Euro-Office am Albertplatz GmbH
          Ammonstrasse 35
          01309 Dresden
          Germany


KEICO MOEBEL: Claims Registration Ends February 10
--------------------------------------------------
Creditors of KEICO Moebel GmbH have until Feb. 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 29, 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 Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         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. Dirk Rueffert
         Donnerschweer Str. 398, D
         26123 Oldenburg
         Germany
         Tel: 0441/340770
         Fax: 0441/34077340

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

The Debtor can be reached at:

         KEICO Moebel GmbH
         Erwin Koehler
         Duenenkamp 11
         26556 Westerholt
         Germany


KOCH KLEEBERG: Claims Registration Period Ends February 3
---------------------------------------------------------
Creditors of Koch Kleeberg GmbH & Co. ELBE Twinny Load KG have
until Feb. 3, 2008, to register their claims with court-
appointed insolvency manager Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 12:05 p.m. on Feb. 21, 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 Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Andreas Ringstmeier
          Magnusstr. 13
          50672 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Koch Kleeberg GmbH & Co. ELBE Twinny Load KG on Dec. 17,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Koch Kleeberg GmbH & Co. ELBE Twinny Load KG
          Bleriotstr. 12
          50827 Cologne
          Germany


KORN GMBH: Claims Registration Period Ends February 8
-----------------------------------------------------
Creditors of Korn GmbH Bad have until Feb.8, 2008, to register
their claims with court-appointed insolvency manager Ralf-M.
Doerr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Ansbach
         Meeting Room 3
         Promenade 8
         91522 Ansbach
         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:

         Ralf-M. Doerr
         Merckstr. 5
         91522 Ansbach
         Germany
         Tel: 0981/9531960
         Fax: 0981/9531969

The District Court of Ansbach opened bankruptcy proceedings
against Korn GmbH Bad on Jan. 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Korn GmbH Bad
         Heizung & mehr
         Lichtenauerstr. 7
         91639 Wolframs-Eschenbach
         Germany


MANFRED KAMRATH: Claims Registration Period Ends February 8
-----------------------------------------------------------
Creditors of Manfred Kamrath GmbH have until Feb. 8, 2008, to
register their claims with court-appointed insolvency manager
Axel W. Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 54511-0
         Fax: 54511-444

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

The Debtor can be reached at:

        Manfred Kamrath GmbH
        Henschelring 6
        85551 Kirchheim
        Germany


MITTELDEUTSCHE DRAHTINDUSTRIE: Claims Registration Ends Feb. 11
---------------------------------------------------------------
Creditors of Mitteldeutsche Drahtindustrie Magdeburg GmbH have
until Feb. 11, 2008, to register their claims with court-
appointed insolvency manager Sabine von Stein-Lausnitz.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 114
         Judicial Center
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Sabine von Stein-Lausnitz
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158

The District Court of Magdeburg opened bankruptcy proceedings
against Mitteldeutsche Drahtindustrie Magdeburg GmbH on Dec. 20,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Mitteldeutsche Drahtindustrie Magdeburg GmbH
         Attn: Hans Dieter Curland, Manager
         Schoenebecker Str. 73
         39104 Magdeburg
         Germany


NESTLER ENTSORGUNGS: Claims Registration Ends February 11
---------------------------------------------------------
Creditors of Nestler Entsorgungs Dienstleistungen GmbH have
until Feb. 11, 2008, to register their claims with court-
appointed insolvency manager Dr. Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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. Dirk Herzig
         Boltenhagener Platz 9
         01109 Dresden
         Germany
         Web site: http://www.schubra.de/   

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

The Debtor can be reached at:

         Nestler Entsorgungs Dienstleistungen GmbH
         Attn: Robert Hessland, Manager
         Magazinstr. 15 a
         01099 Dresden
         Germany


PIN GROUP: Hamburg Unit Files for Insolvency; Bags Mail Contract
----------------------------------------------------------------
PIN Group AG's Hamburg unit has filed for insolvency,
threatening the loss of 600 jobs, the Financial Times reports,
citing Handelsblatt.  

FT says PIN's insolvencies, which has now totaled to 18 out of
91 subsidiaries, have affected 3,700 jobs all in all.

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

A TCR-Europe report on Jan. 18, 2008, disclosed that Horst
Piepenburg, head of the management board at PIN, is looking to
sell the company as a whole as he tries to avert further
insolvencies.

Meanwhile, PIN has won a one-year contract with Germany's
Deutsche Bahn, FT relates, citing Suddeutsche Zeitung.  The
contract, FT adds, is worth a low seven-figure sum.

PIN told Suddeutsche Zeitung the deal is encouraging.  The
company earlier launched a sales offensive against Deutsche
Post, which Suddeutsche Zeitung reveals, bagged the remainder of
Deutsche Bahn's mail contracts.

                        About PIN Group AG

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

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

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


PRINCIPALHAIR GMBH: Claims Registration Period Ends February 7
--------------------------------------------------------------
Creditors of principalhair GmbH & Co. KG have until Feb. 7,
2008, to register their claims with court-appointed insolvency
manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 28, 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

          Dr. Stephan Thiemann
          Ludgeristr. 54
          48143 Muenster
          Germany
          Tel: 0251/16283-0
          Fax: +492511628311

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

The Debtor can be reached at:

          principalhair GmbH & Co. KG
          Kanalstrasse 44
          48147 Muenster
          Germany


R & R AUTOHANDEL: Claims Registration Ends February 11
------------------------------------------------------
Creditors of R & R Autohandel GmbH have until Feb. 11, 2008, to
register their claims with court-appointed insolvency manager
Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany
          
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Henz
         Rietberger Str. 28
         33378 Rheda-Wiedenbrueck
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against R & R Autohandel GmbH on Jan. 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         R & R Autohandel GmbH
         Attn: Stefanie Meyer Eichberg, Manager
         Hauptstr. 200
         33378 Rheda-Wiedenbrueck
         Germany


ROEHLL NUTZFAHRZEUG: Creditors' Meeting Slated for February 14
--------------------------------------------------------------
The court-appointed insolvency manager for Roehll Nutzfahrzeug-
und Service GmbH, Christoph Schulte-Kaubruegger, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 11:50 a.m. on Feb. 14, 2008.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany         

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on May 22, 2008, at the same
venue.

Creditors have until March 27, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Christoph Schulte-Kaubruegger
          Genthiner Str. 48
          10785 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Roehll Nutzfahrzeug- und Service GmbH on
Jan. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Roehll Nutzfahrzeug- und Service GmbH
          Bundesplatz 8
          10715 Berlin
          Germany


RUEDIGER HALLE: Claims Registration Period Ends January 31
----------------------------------------------------------
Creditors of Ruediger Halle Innenausbau GmbH have until
Jan. 31, 2008 to register their claims with court-appointed
insolvency manager Karl-Joachim Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 21, 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lueneburg
         Germany
         Tel: 20100
         Fax: 20 10 14

The District Court of Lueneburg opened bankruptcy proceedings
against Ruediger Halle Innenausbau GmbH on Dec. 21, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ruediger Halle Innenausbau GmbH
         Haidland 7b
         21218 Seevetal
         Germany


SACHWERT VERMOEGENSAUFBAU: Claims Period Ends January 8
------------------------------------------------------
Creditors of SachWert Vermoegensaufbau Fonds Nr. 1 Verwaltungs
GmbH have until Jan. 28, 2008, to register their claims with
court-appointed insolvency manager Dr. Hans Joerg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Giessen
         Hall 408
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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. Hans Joerg Laudenbach
         Carlo Mierendorff Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-10
         Fax: 0641/98292-16

The District Court of Giessen opened bankruptcy proceedings
against SachWert Vermoegensaufbau Fonds Nr. 1 Verwaltungs GmbH
on Jan. 7, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         SachWert Vermoegensaufbau Fonds
         Nr. 1 Verwaltungs GmbH Haesselsstr. 7
         35423 Lich
         Germany


TEXTILHANDELSGESELLSCHAFT MBH: Claims Period Ends January 31
------------------------------------------------------------
Creditors of M.A.T.T. Textilhandelsgesellschaft mbH have until
Jan. 31, 2008, to register their claims with court-appointed
insolvency manager Ingrid Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 29, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.26
         William-Strasse 23
         53111 Bonn
         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:

         Ingrid Trompertz
         Willy-Brandt-Allee 18
         53113 Bonn
         Germany
         Tel: 24 98 24-0
         Fax: 24 98 24-10

The District Court of Bonn opened bankruptcy proceedings against
M.A.T.T. Textilhandelsgesellschaft mbH on Dec. 21, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:
         
         M.A.T.T. Textilhandelsgesellschaft mbH
         Attn: Thorsten Urban and
         Mohammad Omidtabrizi, Managers
         Weberstr. 15
         53113 Bonn
         Germany


UNTERNEHMEN GRUEN: Claims Registration Period Ends January 31
-------------------------------------------------------------
Creditors of unternehmen gruen gmbH have until Jan. 31, 2008, to
register their claims with court-appointed insolvency manager
Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Feb. 21, 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
          Meeting Hall 157/I
          Residenzplatz 4-6
          87435 Kempten
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Mathias Dorn
          Allgauer Strasse 1
          87435 Kempten
          Germany
          Tel: (0831) 580 0434
          Fax: (0831) 580 0464

The District Court of Kempten opened bankruptcy proceedings
against unternehmen gruen gmbH on Jan. 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          unternehmen gruen gmbH
          Schwarzensee 1
          88145 Hergatz
          Germany


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


FLEXTRONICS INT'L: Dr. Willy Shih Joins Board of Directors
----------------------------------------------------------
Flextronics International has announced that Willy Shih, Ph.D.,
Harvard Business School senior lecturer, has been appointed to
the company's Board of Directors effective immediately.

Dr. Shih is currently a senior lecturer for the Harvard Business
School, a role he has held since January 2007.  Dr. Shih's broad
industry career experience includes significant accomplishments
for globally recognized organizations such as Kodak, IBM,
Silicon Graphics and Thomson.  While at Kodak, Dr. Shih led the
organization to leadership market positions in the United States
in consumer digital cameras, photo printing consumables and
online photofinishing services.  He also managed key
intellectual property projects at Thomson and at Kodak. Dr. Shih
holds a Ph.D. in Chemistry from the University of California,
Berkeley and S.B. degrees in Chemistry and Life Sciences from
the Massachusetts Institute of Technology.

"Willy is a strong leader who brings complementary and well-
rounded experience to the Flextronics Board along with a shared,
practical approach to the leadership of complex global
organizations. We feel we have added significant strength to our
organization," said Flextronics chief executive officer, Mike
McNamara. "I would like to welcome Willy as the newest member of
the Flextronics Board."

As previously announced and in connection with the appointment
of the new director, Michael Marks has simultaneously retired as
a director of Flextronics International.  Ray Bingham has
assumed the role of Flextronics' Chairperson of the Board.  Mr.
Bingham has served as a member of Flextronics Board since
October 2005.  He has also served in a number of capacities with
Cadence Design Systems, Inc., a supplier of electronic design
automation software and services.  Mr. Bingham served Cadence as
its Executive Chairperson from May 2004 to July 2005, Director
from November 1997 to April 2004, President and Chief Executive
Officer from April 1999 to May 2004, and Executive Vice
President and Chief Financial Officer from April 1993 to April
1999.

Mr. McNamara continued, "On behalf of the Board, I would like to
thank Michael for his many contributions to Flextronics over the
years.  His guidance and leadership have been significant to our
organization and we wish Michael all the best in his future
endeavors."

As reported in the Troubled Company Reporter - Latin America on
Jan. 4, 2008, Flextronics International Ltd. intended to close
its Wilmington manufacturing plant next month, eliminating more
than 100 jobs, Globe Newspaper Company reports citing a letter
the company sent to state officials.

The report recounted that Flextronics bought Solectron in
October for US$3.6 billion and decided to close the Wilmington
plant as part of the process of combining the companies.

Director of Compliance for Flextronics Grainne Blanchette was
quoted by the news agency as saying, "This was a difficult
decision to make and was reached only after analyzing the
options available."  The decision was needed to "achieve the
necessary reductions in costs" associated with the merger, he
added.

After completing the Solectron acquisition, the report related,
the company planned to cut 7,000 jobs worldwide, close several
facilities, and record restructuring charges of US$430 million
to US$500 million over the next year.

The report said that according to the company's letter, dated
Nov. 5, the job cuts will occur between Jan. 17 and 31.

Federal law generally requires large employers to notify
employees and the government of a plant closing or major layoff
at least 60 days in advance, the report adds.

                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an      
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings: Issuer Default Rating at
'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.

The initial draw on the term loan (US$1.1 billion) will finance
the cash portion of the merger consideration.


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


BENCHMARK ELECTRONICS: Earns US$22 Million in 2007 Third Quarter
----------------------------------------------------------------
Benchmark Electronics Inc. reported net income of US$22.0
million for the third quarter ended Sept. 30, 2007, which
included a discrete tax benefit of US$6.0 million relating to a
previously closed facility.  In the comparable period of 2006,
net income was US$29.3 million.

Sales were US$672.6 million for the quarter ended Sept. 30,
2007, compared to US$769.5 million for the same quarter in the
prior year.  

Excluding restructuring charges, integration costs, amortization
of intangibles, the impact of stock-based compensation costs and
the tax benefit, the company would have reported net income of
US$17.0 million in the third quarter of 2007.  Excluding  
restructuring charges and the impact of stock-based compensation
costs, the company would have reported net income of
US$30.0 million in the third quarter of 2006.

"We are clearly disappointed with our revenue performance for
the third quarter," said Cary T. Fu, the company's chief
executive  officer.  "However, as our fourth quarter guidance
reflects, we continue to believe that Benchmark is well
positioned for the future based on our operating focus and
execution, new program bookings and continued strong cash flows
from operations."

Looking forward, sales for the fourth quarter of 2007 are
expected to be between US$700.0 million and US$740.0 million.  
Diluted earnings per share for the fourth quarter, excluding
restructuring charges, integration costs, amortization of
intangibles and the impact of stock-based compensation expense,
are expected to be between US$0.32 and US$0.38.

Operating margin for the third quarter was 2.2% on a GAAP basis
and was 2.6%, excluding restructuring charges, integration
costs, amortization of intangibles and the impact of stock-based
compensation expense.

Selling, general and administrative expenses for the third
quarter were US$22.0 million, a decrease of 9.2% from the second
quarter of 2007.

Cash flows provided by operating activities for the third
quarter were approximately US$66.0 million.

Cash and short-term investments balance was US$379.0 million at
Sept. 30, 2007.

Total debt outstanding at Sept. 30, 2007, was US$12.8 million.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.78 billion in total assets, US$460.1 million in
total liabilities, and US$1.32 billion in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2736  

                   About Benchmark Electronics

Headquartered in Angleton, Texas, Benchmark Electronics Inc.
(NYSE: BHE) -- http://www.bench.com/-- is in the business of  
manufacturing electronics and provides its services to original
equipment manufacturers of computers and related products for
business enterprises, medical devices, industrial control
equipment, testing and instrumentation products, and
telecommunication equipment.  The company's global
operations include facilities in The Netherlands, Romania,
Ireland, Brazil, Mexico, Thailand, Singapore, and China.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 21, 2008,
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.


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


PARMALAT SPA: Creditors Convert Warrants for 46,169 Shares
----------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by EUR46,169
to EUR1,652,466,014 from EUR1,652,419,845.

The share capital increase is due to the exercise of 46,169
warrants.

The latest status of the share allotment is that 33,500,932
shares representing approximately 2.0% of the share capital are
still in a deposit account c/o Parmalat S.p.A., of which:

    * 13,446,885 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,476,689 shares as at Dec. 20, 2007);

    * 20,053,148 or 1.2% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged); and

      -- 19,933,148 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         20,334,819 shares as at Dec. 20, 2007).

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
===================


ASTYK-98 LLP: Proof of Claim Deadline Slated for February 14
------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Astyk-98 insolvent.

Creditors have until Feb. 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Pushkin Str. 76
         Lugovaya
         Jambyl
         Kazakhstan


IRTYSH LTD-PV: Creditors Must File Claims by February 20
--------------------------------------------------------  
LLP Irtysh Ltd-PV has declared insolvency.  Creditors have until
Feb. 20, 2008, to submit written proofs of claims to:

         LLP Irtysh Ltd-PV
         Mairy Str. 43-23b
         Pavlodar
         Kazakhstan


JELDORRESURSY LTD: Claims Filing Period Ends February 20
--------------------------------------------------------  
LLP Jeldorresursy Ltd has declared insolvency.  Creditors have
until Feb. 20, 2008, to submit written proofs of claims to:

         LLP Jeldorresursy Ltd
         Kazybek bi Str. 65
         Almaty
         Kazakhstan


MEGAPOLIS AKTOBE: Creditors' Claims Due on February 14
------------------------------------------------------  
LLP Megapolis Aktobe has declared insolvency.  Creditors have
until Feb. 14, 2008, to submit written proofs of claims to:

         LLP Megapolis Aktobe
         Razyezd 41, 108
         Aktobe
         Aktube
         Kazakhstan


REMGORSERVICE-2003 LLP: Claims Registration Ends February 14
------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Remgorservice-2003 insolvent.

Creditors have until Feb. 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Micro District 23, 31-40
         Karaganda
         Kazakhstan


RETRO STROY: Proof of Claim Deadline Slated for February 14
-----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Construction Company Retro Stroy
insolvent.

Creditors have until Feb. 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Aptechnaya Str. 4/1
         Myrzakent
         Mahtaaralsky District
         South Kazakhstan
         Kazakhstan


RT-GAS LLP: Creditors Must File Claims by February 20
-----------------------------------------------------  
LLP RT-Gas has declared insolvency.  Creditors have until
Feb. 20, 2008, to submit written proofs of claims to:

         LLP RT-Gas
         Suleimanov Str. 9a
         Taraz
         Jambyl
         Kazakhstan


TECHNO STROY: Claims Filing Period Ends February 20
---------------------------------------------------  
LLP Techno Stroy Impex has declared insolvency.  Creditors have
until Feb. 20, 2008, to submit written proofs of claims to:

         LLP Techno Stroy Impex
         Jumabayev Str. 21-74
         Semey
         East Kazakhstan
         Kazakhstan


UBAGAN B: Creditors' Claims Due on February 14
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ubagan B insolvent.

Creditors have until Feb. 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Jalgyskan
         Karasusky District
         Kostanai
         Kazakhstan


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


GALAXY AIR: Creditors Must File Claims by February 8
----------------------------------------------------
LLC Galaxy Air has declared insolvency.  Creditors have until
Feb. 8, 2008, to submit written proofs of claim to:

         LLC Galaxy Air
         Toktonaliyev Str. 8a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-08-03


KYRGYZPROMSTROYBANK JSC: Krygyz National Bank Freezes Assets
------------------------------------------------------------
The Kyrgyz National Bank, on Jan. 11, froze the assets of
Kyrgyzpromstroybank JSC after the Bishkek inter-district court
in Kyrgyzstan upheld the bankruptcy petition filed by the
National Social Fund against the bank, Asia Pulse reports,
citing The Times of Central Asia.

The Kyrgyz National Bank's move, the Asia Pulse adds, is aimed
at preserving the bank's assets, accounting books and registries
for creditors and depositors, and preventing the Kyrgyz bank
sector from a crisis.

Kubanychbek Bokontaev, deputy chairman of the National Bank of
Kyrgyzstan, claimed Kyrgyzpromstroybank, whose board of
directors includes many prominent figures, failed to transfer
assets to other banks as ordered by the Social Fund, although it
has the capacity to do so, Asia Pulse relates.

Mr. Bokontaev, however, refused to divulge the reason for the
bank's default in obligations, Asia Pulse says.

Mr. Bokontaev told Asia Pulse "failure in risk-management is the
major problem of the Kyrgyzspromstroybank," adding "the bank
should have had risk managers to foresee the risks and manage
them asap."

Kyrgyzpromstroybank is one of the oldest banks in Kyrgyzstan,
Asia Pulse reveals.


UNITED TRANS: Claims Filing Period Ends February 12
---------------------------------------------------
LLC United Trans Service has declared insolvency.  Creditors
have until Feb. 12, 2008, to submit written proofs of claim to:

         LLC United Trans Service
         Micro District Ulan, 2a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 23-59-72


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


EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to April 20
----------------------------------------------------------------
Evraz Group S.A. disclosed that the Commission of the European
Communities has extended until April 20, 2008, the divestiture
period during which Highveld Steel and Vanadium Corporation
Limited, South Africa, is obliged to dispose of certain vanadium
assets of Highveld.

The Commission in December 2007 had extended the divestiture
period until Jan. 20, 2008.

Evraz owns 80.9% of the entire issued share capital of Highveld.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also 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
=====================


BIOMET INC: Earn US$89 Mil. in Second Quarter Ended November 30
---------------------------------------------------------------
Biomet Inc. reported financial results for its second fiscal
quarter ended Nov. 30, 2007.

The company earned US$89 million for the three months ended
Nov. 30, 2007, compared to net income of US$104.8 million for
the same period in 2006.

During the second quarter of fiscal year 2008, net sales
increased 11% to US$578.1 million.  Excluding the impact of
foreign currency, net sales increased 8% worldwide.  Excluding
both the impact of foreign currency and instruments, which the
Company discontinued selling to distributors in the United
States in the third quarter of fiscal 2007, worldwide sales
increased 9% during the quarter.

As previously announced, on Sept. 25, 2007, Biomet Inc. merged
with LVB Acquisition Merger Sub, Inc., a wholly owned subsidiary
of LVB Acquisition, Inc.  LVB Acquisition, Inc. is indirectly
owned by investment partnerships directly or indirectly advised
or managed by The Blackstone Group L.P., Goldman Sachs & Co.,
Kohlberg Kravis Roberts & Co. L.P. and TPG Capital.  

These financial results have been prepared in a manner that
complies, in all material respects, with generally accepted
accounting principles in the U.S. with the exception of certain
purchase accounting adjustments related to the Merger, including
the effects of the merger-related debt and associated interest
expense.  The company will reflect the purchase accounting
adjustments related to the Merger by the end of fiscal year
2008.

During the second quarter of fiscal year 2008, the company
incurred special charges (pre-tax) of 16.6 million,
approximately half of which related to the previously announced
operational improvement program.

Reported operating income for the second quarter of fiscal year
2008 was US$145.7 million compared to operating income of
US$155.1 million for the second quarter of fiscal year 2007.  
Adjusted operating income was US$162.3 million for the second
quarter of fiscal year 2008 compared to US$159.1 million for the
second quarter of fiscal year 2007.  Adjusted net income for the
second quarter of fiscal year 2008 was US$99.1 million compared
to adjusted net income for the second quarter of fiscal year
2007 of USUS$107.5 million.  Adjusted earnings before interest,
taxes, depreciation and amortization for the second quarter of
fiscal year 2008 was US$194.4 million as compared to US$182.5
million in the second quarter of fiscal year 2007.

Biomet's President and Chief Executive Officer Jeffrey R. Binder
stated, "The Company's reconstructive sales category performed
very well again this quarter with accelerated growth continuing
across various product groups within this category, particularly
for knees.  In addition, sales of craniomaxillofacial fixation
and arthroscopy products were also strong during the second
quarter."

Mr. Binder added, "We continue to work to strengthen our trauma
and spine business.  We've built a strong foundation for change
and continue to believe we can reach our goal of producing
positive revenue growth within the Biomet Trauma and Biomet
Spine business during the first half of fiscal year 2009."

                       About Biomet

Headquartered in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and
its subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet's product portfolio
encompasses reconstructive products, fixation products, spinal
products, and other products.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Moody's Investors Service assigned final debt ratings to Biomet
Inc. (B2 Corporate Family Rating) in conjunction with the close
of the leveraged buy-out transaction by a consortium of equity
sponsors.  The rating outlook is negative.


ELM B.V.: Moody's May Further Downgrade Junk Rating After Review
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade one Constant Proportion Debt Obligations exposed to
portfolios of financial names.

Moody's has also placed on review for direction uncertain two
CPDOs which are undergoing restructuring.  The affected CPDOs
represent 41% of the outstanding CPDOs linked to financial names
and 7% of all CPDOs rated by Moody's.

The negative rating actions reflect the adverse Net Asset Value  
impact of the continuing recent widening and the increased
volatility of the spreads associated with financial names
underlying these CPDOs, particularly monolines and investment
banks.  Three of the largest spread movements seen between
Jan. 11, 2008, and Jan. 17, 2008, involved monolines: XL Capital
Assurance Inc. (from 698bps to 1358bps); FGIC (from 696bps to
1295bps); and MBIA Insurance Corp. (from 293bps to 545bps).

The two transactions undergoing restructurings are the ELM
Series 115 and the UBS CDS, both of which have monoline
exposure.  The pending restructurings are expected to reduce
these exposures.

The current rating actions are mainly driven by the probability
that the NAV will reach the cash out triggers (around 10%)
leading to a total unwind of the structure, and an approximate
90% loss to investors.

The NAV is the aggregate value of the assets of the SPV. This is
generally the sum of the cash deposit account and the marked-to-
market value of the leveraged credit default swap position.

Moody's will continue to closely monitor the development of the
spreads of financial names.

These rating actions are:

   * Series 117 EUR20,000,000 Financial Basket Tyger Notes Due
      2017 Issued By Elm B.V.

   -- Current rating: Caa1, on review for downgrade
   -- Prior rating: Ba2

   * Series 115 EUR100,000,000 Financial Basket Tyger Notes Due
     2017 Issued By Elm B.V.

   -- Current rating: Ba2, on review with direction uncertain
   -- Prior rating: Ba2

   * EUR100,000,000 Financial CPDO Credit Default Swap entered
     into by UBS Limited London Branch

   -- Current rating: Ba2, on review with direction uncertain
   -- Prior rating: Ba2


KONINKLIJKE AHOLD: May Sell Schuitema Stake to CVC Capital
----------------------------------------------------------
Koninklijke Ahold N.V. has entered into negotiations with
Schuitema N.V. and CVC Capital Partners about a potential
divestment of its majority interest in Schuitema to CVC.

The consideration for the transaction will include cash and the
transfer of more than 50 stores by Schuitema to Ahold.

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                         *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the Outlook is Positive.  Its Short-term rating is B.


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


CHEREMKHOVSKY MECHANICAL: Asset Sale Slated for February 5
----------------------------------------------------------
V. A. Timonin, the competitive proceedings manager of CJSC
Cheremkhovsky Mechanical Engineering Plant, will open a public
auction for the company's properties at noon on Feb. 5, 2008,
at:

         V. A. Timonin
         Marata Str. 26A
         664025 Irkutsk
         Russia

The company has set a RUR6,497,000 starting price for the assets
on auction.  The deposit required is 10% of the starting price.

Interested participants have until Feb. 1, 2008, to submit their
bidding documents to:

         V. A. Timonin
         Marata Str. 26A
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Cheremkhovsky Mechanical Engineering Plant
         4th Zavodskoy Pereulok 1
         Cheremkhovo
         665415 Irkutsk
         Russia


EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to April 20
----------------------------------------------------------------
Evraz Group S.A. disclosed that the Commission of the European
Communities has extended until April 20, 2008, the divestiture
period during which Highveld Steel and Vanadium Corporation
Limited, South Africa, is obliged to dispose of certain vanadium
assets of Highveld.

The Commission extended in December 2007 the divestiture period
until Jan. 20, 2008.

Evraz owns 80.9% of the entire issued share capital of Highveld.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also 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.


INMASH OJSC: Asset Sale Slated for February 8
---------------------------------------------
The competitive proceedings manager of OJSC Group of Companies
Inmash will open a public auction for the company's properties
at noon on Feb. 8, 2008, at:

         OJSC Group of Companies Inmash
         Gogolya Str. 122
         Sterlitamak
         Bashkortostan
         Russia

The company has set starting prices for the assets on auction.  
These are:

Lot 1:
     
   -- Basic assets - RUR134,000,000; Deposit required is
      RUR20,000,000.

   -- Resources, raw materials, other materials - RUR49,000,000;
      Deposit required is RUR9,000,000.

Interested participants have until 1:00 p.m. on Feb. 6, 2008, to
submit their bidding documents to:

         The Competitive Proceedings Manager
         Rizhskaya Str. 1
         Ufa
         Bashkortostan
         Russia

Information related to the auction can be obtained by calling
Tel: (3473) 26-65-00, (34761) 4-36-18.


KARMASKALYKOMBIKORM: Creditors Must File Claims by February 29
--------------------------------------------------------------
Creditors of OJSC Karmaskalykombikorm have until Feb. 29, 2008,
to submit proofs of claim to:

         M. A. Zamuragin
         Competitive Proceedings Manager
         P.O. Box 89
         Ufa-39
         450039 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
Dec. 19, 2007.  The case is docketed under Case No. A07-8129/
07-G-SHAB.  

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Karmaskalykombikor
         Frunze Str. 2
         Ulukulevo Settlement
         Karmaskalinsky Raion
         453010 Bashkortostan
         Russia


LEKSIKA OJSC: Competitive Proceedings Slated for November 25
------------------------------------------------------------
The Arbitration Court of Irkutsk will convene at 10:15 a.m. on
Nov. 25, 2008, to hear the competitive proceedings against OJSC
Firm Leksika after finding it insolvent on Nov. 28, 2007.  The
case is docketed under Case No. A19-9419/07-38.

The Competitive Proceedings Manager is:

         A. V. Ilyin
         P.O. Box 1779
         Bratsk-32
         665732 Irkutsk
         Russia

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         OJSC Firm Leksika
         Yuzhnaya Str. 20
         Bratsk
         Irkutsk
         Russia


MEDITA LLC: Creditors Must File Claims by February 29
-----------------------------------------------------
Creditors of Research & Production Firm Medita LLC have until
Feb. 29, 2008, to submit proofs of claim to:

         N. Kh. Surtaev
         Competitive Proceedings Manager
         Diksona Str. 1-203
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk Krai commenced competitive
proceedings against the company after finding it insolvent on
Nov. 14, 2007.  The case is docketed under Case No. A33-5813/
2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk Krai
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         Research & Production Firm Medita LLC
         Kalinina Str. 73-10
         660001 Krasnoyarsk
         Russia


NORTH-WEST TELECOM: S&P Affirms Credit Ratings at BB-
-----------------------------------------------------  
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale ratings on
Russian regional fixed-line telecoms operator North-West Telecom
JSC.  The outlook is stable.

Alexander Griaznov, Standard & Poor's credit analyst, said, "The
ratings are constrained by our expectation of deterioration in
NWT's financial risk profile, heavily driven by a peak in
capital expenditures scheduled for the next two years.  Limited
revenue diversification and intense competition in the broadband
market also limit the ratings."

At the same time, the ratings continue to benefit from NWT's
leading position in traditional telephony, the improving
efficiency of operations, and strengthening profitability.  The
ratings also take into account NWT's moderate debt levels and a
historically prudent financial policy.

NWT's Total adjusted debt was RUB14.7 billion (US$569.4 million)
at June 30, 2007.

S&P expects NWT to maintain a resilient market position and
continue focusing on improving efficiency.

S&P believes that increasing capital expenditures will put no
significant pressure on the company's financial profile, which
is characterized by moderate debt levels and a prudent financial
policy.

"NWT's ability to manage its investments without material
deterioration of financial risk, while maintaining sufficient
liquidity, is a key rating driver over the next 18 months," said
Mr. Griaznov.

At this rating level we expect NWT to maintain its debt at no
more than 2.2x EBITDA.

S&P will closely monitor NWT's refinancing progress in 2008.  
The ratings could come under pressure should the liquidity
position become increasingly exposed. Any significant debt-
financed acquisition in the context of aggressive network
upgrades would also place pressure on the ratings.

Given our expectation of substantial negative cash flows,
increased leverage, and acquisition risks, there is no rating
upside at present.


NOVOLIPETSK STEEL: Annual Steel Production Down 0.8% in 2007
------------------------------------------------------------
OAO Novolipetsk Steel has released a trading update for fourth
quarter and full year ended Dec. 31, 2007.

In 2007, total crude steel production was 9.056 million tons.
This is nearly in line with the planned production volume
despite the temporary underperformance of blast furnace
No.6 during second quarter/third quarter 2007.

The decrease in slab output (-3.7%) in 2007 compared to 2006 is
primarily attributable to the increase of hot-rolled steel
production.

The increase in hot-rolled output (+10.7%) and decrease in cold-
rolled output (-7.2%) in 2007 was prompted by the higher margins
available for hot-rolled steel export sales than for cold-rolled
steel export sales.  The decrease in cold-rolled steel output
also resulted from further processing of cold-rolled steel into
higher value-added products (pre-painted steel, dynamo steel,
transformer steel).

The commissioning of the third hot dip galvanizing line resulted
in a 10.7% increase of HDG steel production in 2007 compared to
2006.

The increase in dynamo steel output (+9.8%) in 2007 compared to
2006 is attributable to growing number of orders for this
product.

The minor decrease of grain-oriented (transformer) steel output
on a year-on-year basis was caused by further development of the
electrical steel product portfolio.  The substantial growth of
grain-oriented steel production in fourth quarter 2007 compared
to the previous quarter is attributable to modernization of
electrical steel mills in third quarter 2007 focused on
improving product quality.

In 2007, DanSteel A/S increased the production of hot-rolled
thick plates on a year-on-year basis by switching to a four-
shift work schedule.  The growth of hot-rolled thick plate
production in fourth quarter 2007 compared to the previous
quarter resulted from the annual maintenance schedule during
July-August 2007.

The optimization of the technological process focused on
reducing metal loss resulted in grain-oriented steel production
growth at VIZ-Stal (+4.9%) in 2007 compared to 2006.

As for the mining segment, Stoilensky GOK demonstrated an
increase in production of iron ore concentrate in 2007 due to
the commissioning of the first stage of the fourth section of
the beneficiating plant in 2006.  The growth of sinter ore
production is attributable to favorable mining and geological
conditions of the deposit.

The increase of coke production (+28.1%) on a year-on-year basis
results from putting into operation a new coke battery at the
end of 2006 and growing demand in core markets.

The seasonal year end demand weakness has resulted in price
decreases for certain flat steel products supplied by NLMK.  
However, the seasonal factor did not significantly impact on
overall price level for NLMK's products.  Moreover, prices for
certain products including pig iron, slabs and electrical steel
surged due to growing demand on the domestic and global market
and further U.S. dollar weakening.

The DanSteel and VIZ-Stal product prices demonstrated growth
during the reporting period.  Despite the fact that prices for
Stoilensky GOK products were fixed during third quarter-fourth
quarter 2007, the lowering US$/RUR exchange rate resulted in
growing average prices for iron ore concentrate and sinter ore
at Stoilensky GOK in fourth quarter 2007 compared to previous
quarter.

The supply shortage on the coking coal market resulted in
growing coking coal concentrate prices and, as a consequence,
Altai-koks coke prices.

                            Outlook

In general, NLMK's main production site and major subsidiaries
successfully realized production targets in 2007.  Meanwhile,
growing steel prices, as well as changes in the product mix
towards products being in greater demand and providing higher
earnings per ton of sales, positively impacted overall company
profitability.

NLMK's consolidated sales revenue will increase in 2007 compared
to 2006.  NLMK's EBITDA in 2007 is expected to grow
approximately 25-30% compared to the previous year.

The company notes the growth of steel prices at the beginning of
2008 caused by the increase in basic raw materials prices.  The
company expects steel price to rise during the first half of the
year followed by mid-year flattening.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of Dec. 7, 2007, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch, which said
the Outlook is Stable.

NLMK carries carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services.


ROSNEFT OIL: Commences Buy Out Offers on Former Yukos Units
-----------------------------------------------------------
OAO Rosneft Oil. Co. has commenced offers to buy out minority
shareholders of former OAO Yukos Oil Co. firms it acquired
during the defunct oil giant's bankruptcy auction, the company
said in a statement.

"After stakes in subsidiaries, Rosneft made an irrevocable offer
for the acquisition of the stakes minority shareholders hold in
companies of which more than 30% was acquired in accordance with
Russian legislation," the company said.  "The maximum size of
the offer would be US$59 million in the event that the minority
shareholders accept it."

Rosneft plans to buy out minority owners of:

   -- OAO East Siberian Oil Co. (Rosneft holds 70.78% stake),
   -- OJSC Buryatnefteprodukt (95.1%),
   -- CJSC Neftegorsky Gas Treatment Plant (98.1%),
   -- Otradnensky Gas Treatment Plant (98.1%),
   -- OJSC Hermes-Moscow (82.8%),
   -- LLC Caspian Oil Company (49.89%), and
   -- Yu-Kuban (51%).

                         About Rosneft

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

                         *     *     *

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


UNIVERSAL-PLUS OJSC: Bidding Deadline Slated for February 27
------------------------------------------------------------
The competitive proceedings manager of Mende-Russia LLC will
open a public auction for the properties of OJSC Universal-Plus.

The company has set a RUR40,000,000 starting price for the
assets on auction.  The deposit required is 10% of the starting
price.

Interested participants have until noon on Feb. 27, 2008, to
submit their bidding documents at:

         OJSC Universal-Plus
         Kosmonavtov Str. 39B
         Kazan'
         Russia

Information related to the auction can be obtained by calling
Tel: (843)279-65-06.


VOLGATELECOM OJSC: S&P Affirms BB- Ratings with Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale ratings on
Russian regional telecoms operator VolgaTelecom OJSC.  The
outlook is stable.

Alexander Griaznov, Standard & Poor's credit analyst, said, "The
ratings on VolgaTelecom are constrained by the company's reduced
financial flexibility, modest free cash flow generation, and
intense competition in the mobile segment."

Mr. Griaznov added, "We expect VolgaTelecom to maintain a
dominant market position in its key business segments, while
focusing on improving efficiency and generating free cash flows.  
At this rating level, we do not expect leverage to materially
increase from the current levels."

The possible risks associated with ongoing industry and
regulatory reform, as well as moderate economic characteristics
of the service area also constrain the rating.

The rating continues to be supported by VolgaTelecom's resilient
market position in its franchise area, increasing revenue
diversification, and superior network quality.  The ratings also
take into account the positive dynamics in Russia's
telecommunications industry, helped by robust GDP growth and an
improving regulatory framework.

At June 30, 2007, VolgaTelecom had RUB18.4 billion (US$0.75
billion) total adjusted debt.

A weakening of VolgaTelecom's market position, a reduction in
profitability, or a substantial increase in financial leverage
would put pressure on the ratings.  S&P will be closely
monitoring the company's progress in refinancing its debt in
2008.  The ratings could come under pressure should the company
be unable to arrange the refinancing reasonably in advance.

The ratings could be raised if the company reduced leverage to a
sustainable lower level and strengthened liquidity.  At this
point, however, there is no immediate upside potential.


YAMALLES OJSC: Creditors Must File Claims by February 29
--------------------------------------------------------
Creditors of OJSC YamalLes have until Feb. 29, 2008, to submit
proofs of claim to:

         F. A. Zagidullin
         Competitive Proceedings Manager
         Chapaeva Str. 63-17
         Tuymazy
         452757 Bashkortostan
         Russia

The Arbitration Court of Yamal-Nenetskij commenced competitive
proceedings against the company after finding it insolvent on
Dec. 10, 2007.  The case is docketed under Case No. A81-1450/
2007.  

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         OJSC YamalLes
         Zoi Kosmodemyanskoy Str. 35
         Salekhard
         629008 Yamal-Nenetskij
         Russia


ZEMLEDELETS CJSC: Bankruptcy Hearing Slated for March 25
--------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:10 a.m. on
March 25, 2008, to hear the bankruptcy supervision procedure
against CJSC Zemledelets.  The case is docketed under Case No.
A41-K2-20890/07.

The Interim Manager is:

         K. N. Chernyavsky
         P.O. Box 276
         Novaya Basmannaya Str. 15
         107074 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zemledelets
         Spas-Zaulok Settlement
         Klinsky Raion
         141667 Moscow
         Russia


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


AVNET INC: Signs Definitive Pact Acquiring Azzurri Tech
-------------------------------------------------------
Avnet Inc. has entered into a definitive agreement to acquire
the U.K.-based distributor Azzurri Technology Ltd.  Azzurri is
one of Europe's leading design distributors of high technology
semiconductors and embedded systems products.  The closing of
the transaction is subject to customary regulatory approval and
other closing conditions. Upon closing, Azzurri will be
integrated into Avnet Electronics Marketing EMEA primarily
within the Avnet Memec specialist division.

Azzurri has been in business for more than ten years and has
operations in the UK, Germany, France and Italy.  Its annual
revenue is approximately US$100 million and it employs about 80
people.  Azzurri has established a first class reputation for
introducing leading technology products into the European
electronics market.  Azzurri is focused on a small number of
franchised suppliers with the prime objective of assisting
customers with the design-in of complex semiconductors and sub-
system level solutions.

Harley Feldberg, president of Avnet Electronics Marketing,
commented, "Adding Azzurri's design and engineering expertise to
our European team will enhance Avnet Memec's position as the
leading pan-European specialist distributor and will benefit
both customers and suppliers alike.  The acquisition will add
new semiconductor suppliers to Avnet Memec's breadth of product
offerings in microprocessors, microcontrollers and analog
components and expands our presence in Europe's largest
markets."

"Design-in distribution with exceptional service to our
customers and suppliers is the foundation of our company," said
Mike Carlucci, Azzurri's president and CEO.  "Avnet Memec has a
similar approach to the marketplace and that is why the
strategic fit is so strong.  Both companies have much to
gain from working together and merging them will bring many
benefits to employees, suppliers and customers," added Mr.
Carlucci.

With the addition of Mr. Azzurri, Avnet Memec will add talented
employees in several important markets and increase its revenue
base over 40%.  The combined organization's strength in
engineering will be complemented by Avnet's world-class supply
chain management and logistics capabilities.  The transaction is
expected to be immediately accretive to earnings, excluding
minimal integration charges, and supports Avnet's long-term
return on capital goals.

The two organizations share the same market approach, have
complementary line cards and put design and engineering
expertise at the core of their value proposition for customers
and suppliers.  Steve Haynes, president of Avnet Memec EMEA
stated, "I am enthusiastic about this acquisition, not just
because it creates an opportunity to broaden our presence within
our customer base, but also because Azzurri is the ideal match
to Avnet Memec."

                         About Avnet Inc.

Based in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/  
-- distributes electronic components and computer products,
primarily for industrial customers.  It has operations in the
following countries: Australia, Belgium, China, Germany, Hong
Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand,
Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto
Rico.

                           *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


SOLID FORSAKRINGSAKTIEBOLAG: A.M. Best Puts FSR at B (Fair)
-----------------------------------------------------------
A.M. Best Co. has assigned a financial strength rating of B
(Fair) and an issuer credit rating of "bb" to SOLID
Forsakringsaktiebolag (Sweden).  The outlook for both ratings is
stable.

Solid forms part of Resurs, a diversified retail, consumer
credit and insurance group.

The ratings of Solid reflect its weak risk-adjusted
capitalization due to a high dependence on an unrated captive
and the high amount of inter-company loans.  Other rating
factors include Solid's good niche position in Sweden as a
warranty insurer for consumer goods and the company's strong
earnings.

Solid's risk capitalization is negatively impacted by its
dependence on an unrated captive based in Switzerland for
reinsurance where the company cedes more than 48% of its
premiums through a quota-share.  In addition, the significant
amount of loans provided to affiliated companies is an
offsetting factor.  Moreover, Solid's expected business
growth will put more pressure on the company's capitalization.

Solid's main line of business is warranty insurance
(approximately 75% of gross written premiums) where it has built
up a good niche position in Sweden.  In A.M. Best's view, Solid
continues strong growth and is expanding into other lines of
business, such as car warranty and travel insurance.  As a
result, A.M. Best expects gross written premiums to increase by
24% to SEK960 million (US$149 million) in 2007.

A.M. Best expects Solid's earnings for 2007 to remain strong
with a profit-after-tax of SEK55 million (US$8.5 million) which
would translate into a return on premium of 5.7%, driven by a
solid underwriting performance.  A.M. Best anticipates a
combined ratio of approximately 85% for 2007, reflecting the low
frequency of claims of its warranty portfolio which is offset by
high commissions (62% of net written premiums) to retailers and
brokers.

Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial
and health care service industries, including insurance  
companies, banks, hospitals and health care system providers.


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


ARTMART SCHWEIZ: Creditors' Liquidation Claims Due by January 28
----------------------------------------------------------------
Creditors of LLC Artmart Schweiz have until Jan. 28, 2008, to
submit their claims to:

         Dr. Christoph Helbing
         St. Alban-Anlage 44
         4052 Basel
         Switzerland

The Debtor can be reached at:

         LLC Artmart Schweiz
         Basel
         Switzerland


ATELIER PRB: Creditors' Liquidation Claims Due by January 28
------------------------------------------------------------
Creditors of JSC Atelier PRB have until Jan. 28, 2008, to submit
their claims to:

         Daniel Bohne
         Landtwing Brechbhler
         Tillierstrasse 4
         3007 Bern
         Switzerland

The Debtor can be reached at:

         JSC Atelier PRB
         Burgdorf BE
         Switzerland


AURAM JSC: Creditors' Liquidation Claims Due by January 28
----------------------------------------------------------
Creditors of JSC AURAM have until Jan. 28, 2008, to submit their
claims to:

         Ernst Reutimann
         Liquidator
         Schulstrasse 2
         8952 Schlieren
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC AURAM
         Fallanden
         Uster ZH
         Switzerland


AVENTICON JSC: Creditors' Liquidation Claims Due by January 25
--------------------------------------------------------------
Creditors of JSC Aventicon have until Jan. 25, 2008, to submit
their claims to:

         Dr. Gregor Thomi
         Jakobs-Strasse 1a
         4052 Basel
         Switzerland

The Debtor can be reached at:

         JSC Aventicon
         Reinach BL
         Switzerland


DUSS TECHNICS: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Willisau in Lucerne commenced
bankruptcy proceedings against JSC Duss technics on Dec. 14,
2007.

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau LU
         Switzerland

The Debtor can be reached at:

         JSC Duss technics
         Ober-Kasteln
         6122 Menznau
         Willisau LU
         Switzerland


SIPAG SCHWEIZERISCHE: St. Gallen Court Starts Bankruptcy Process
----------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC SIPAG Schweizerische Immobilien-Pool on
Nov. 28, 2007.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC SIPAG Schweizerische Immobilien-Pool
         Breite 31
         9450 Altstatten
         Rheintal SG
         Switzerland


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


BUILDING LINE: Creditors Must File Claims by January 24
-------------------------------------------------------
Creditors of LLC Building Line Engineering (code EDRPOU
33309477) have until Jan. 24, 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 Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/530-b.

The Debtor can be reached at:

         LLC Building Line Engineering
         Artem Str. 37-41
         04053 Kiev
         Ukraine


GALICHSUGAR OJSC: Creditors Must File Claims by January 24
----------------------------------------------------------
Creditors of OJSC Galichsugar (code EDRPOU 00372693) have until
Jan. 24, 2008, to submit written proofs of claim to:

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

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-16/289-6/457-11/90-17/325-
11/114-(B-7/192)-13/116.

The Debtor can be reached at:

         OJSC Galichsugar
         S. Bandra Str. 1
         Zadniestriansk
         Galitsky District
         77133 Ivano-Frankovsk
         Ukraine


GONG LLC: Creditors Must File Claims by January 24
--------------------------------------------------
Creditors of LLC Gong (code EDRPOU 32061682) have until
Jan. 24, 2008, to submit written proofs of claim to:

         Alexander Shykulenko
         Liquidator
         Livarnaya Str. 13
         49000 Dniepropetrovsk
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/288/07.

The Debtor can be reached at:

         LLC Gong
         Apartment 4
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine


GOVERLA LLC: Creditors Must File Claims by January 24
-----------------------------------------------------
Creditors of LLC Goverla (code EDRPOU 31752250) have until
Jan. 24, 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. 23/529-b.

The Debtor can be reached at:

         LLC Goverla
         Apartment 104
         Zakharovskaya Str. 14
         04073 Kiev
         Ukraine


INTER-STYLE LLC: Creditors Must File Claims by January 24
---------------------------------------------------------
Creditors of LLC Inter-Style (code EDRPOU 30584686) have until
Jan. 24, 2008, to submit written proofs of claim to:

         Igor Vasiliuk
         Liquidator
         Volia Avenue 1-B/5
         43025 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/182-B.

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

The Debtor can be reached at:

         LLC Inter-Style
         Privokzalny Square 1
         43000 Lutsk
         Volin
         Ukraine


KOLOS LLC: Creditors Must File Claims by January 24
---------------------------------------------------
Creditors of LLC Kolos (code EDRPOU 24826957) have until
Jan. 24, 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. 7/12.

The Debtor can be reached at:

         LLC Kolos
         Yakimovoye
         Velikobagachansky District
         Poltava
         Ukraine


KOLOS OJSC: Proofs of Claim Filing Deadline Set January 24
----------------------------------------------------------
Creditors of OJSC Kolos (code EDRPOU 00957135) have until
Jan. 24, 2008, to submit written proofs of claim to:

         Andrew Maksimov
         Liquidator
         P.O. Box 85
         01030 Kiev
         Ukraine
         
The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company on Nov. 6, 2007.  The case is docketed
under Case No. 5/281/B.

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         OJSC Kolos
         Pervomayskaya Str. 43
         Glubokaya
         Glybochetsky District
         60400 Chernovcy Ukraine


KRASNY FRONT: Proofs of Claim Filing Deadline Set January 24
------------------------------------------------------------
Creditors of OJSC Agricultural Firm Krasny Front (code EDRPOU
05402358) have until Jan. 24, 2008, to submit written proofs of
claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/260/07.

The Debtor can be reached at:

         OJSC Agricultural Firm Krasny Front
         Nosal Str. 32
         Burchak
         Mikhaylovsky District
         72010 Zaporozhje
         Ukraine


KURIAZHSKY HOUSEBUILDING: Claims Filing Deadline Set January 24
---------------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Dec. 12, 2007.  The case is docketed
under Case No. B-31/180-07.

         Oksana Tischenko
         Temporary Insolvency Manager
         Apartment 33
         Mironositskaya Str. 65
         61002 Kharkov
         Ukraine

Creditors of CJSC Kuriazhsky Housebuilding Complex (code EDRPOU
30639525) have until Jan. 24, 2008, to submit written proofs of
claims to:

The Debtor can be reached at:

         CJSC Kuriazhsky Housebuilding Complex
         Kvartalnaya Str. 5/9
         Pesochin
         62418 Kharkov
         Ukraine


SEVERNOYE LLC: Creditors Must File Claims by January 24
-------------------------------------------------------
Creditors of LLC Mining Enterprise Severnoye (code EDRPOU
31049402) have until Jan. 24, 2008, to submit written proofs of
claim to:

         Svetlana Lisnichenko
         Liquidator
         Apartment 19
         Kommunisticheskaya Str. 21
         Yenakiyevo
         86420 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/159b.

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

The Debtor can be reached at:

         LLC Mining Enterprise Severnoye
         Lenin Str. 35
         Snezhnoye
         Donetsk
         Ukraine


SNAMO LLC: Creditors Must File Claims by January 24
---------------------------------------------------
Creditors of LLC Snamo (code EDRPOU 13844739) have until
Jan. 24, 2008, to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/302/07.

The Debtor can be reached at:

         LLC Snamo
         Molodezhnaya Str. 12
         Yuzhnoukrainsk
         55000 Nikolaev
         Ukraine


ZODCHIY LLC: Creditors Must File Claims by January 24
-----------------------------------------------------
Creditors of LLC Zodchiy (code EDRPOU 31049402) have until
Jan. 24, 2008, to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/230b.

The Debtor can be reached at:

         LLC Zodchiy
         Pervomaysky Lane 158
         Artemovsk
         84500 Donetsk
         Ukraine


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


BINLEY LTD: Brings In Liquidators from Smith & Williamson
---------------------------------------------------------
Henry Shinners and Anthony Spicer of Smith & Williamson Ltd.
were appointed joint liquidators of Binley Ltd. (formerly FPK
Holdings Ltd.) on Jan. 15 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


BOMBARDIER INC: To Supply 24 Units to Angel Trains for US$65 Mln
----------------------------------------------------------------
Bombardier Transportation has won a second order for its next
generation "Green Trains".  The contract, worth approximately
EUR44 million (US$65 million), is an order for twelve 2-car
Bombardier next generation diesel multiple units from Angel
Trains.  The trains are being provided for London Overground
Rail Operations Ltd. for use on the London Overground Network
and for Chiltern Railways.  The units will be delivered between
Q4 2009 and with the final delivery in Q3 2010.

"I am delighted that Bombardier has won another important
contract for our next generation DMU Class 172 vehicle,"
Stephane Rambaud-Measson, president of Bombardier's mainline &
metros division commented.  "This is the second order for this
new train and further extends our relationship with Angel
Trains."

"This vehicle will be the lightest and greenest modern DMU in
its class and will provide low risk step changes in technology,
providing the financiers and operator with a vehicle which meets
the latest legislation in emissions, improves the passenger
experience and which is able to optimize operating costs," Mr.
Rambaud-Measson continued.

Production of the new class 172 will take place in Bombardier's
derby plant.  The units will feature the Bombardier Mitrac
system, offering proven reliability and energy efficiency and
offering applications to secure safe and economically optimized
traction power.

"Following so closely after our first order for the next
generation "Green Trains", this provides confirmation that this
is the product of choice for operators replacing older multiple
units," Colin Walton, chairman of Bombardier in the UK said.

                        About Angel Trains

Based in London, Angel Trains -- http://www.angeltrains.co.uk/-
- owns and leases more than 5,000 trains throughout the UK,
Europe, and North America.  The company also finances
construction for new railway stock as well as the rebuilding of
older stock. Angel Trains has invested more than

EUR4.8 billion in new trains since its inception in 1994.  In
addition to its UK headquarters, Angel Trains has operations in
Belgium, Germany Italy, Spain, and the US.

                         About Bombardier

Headquatered in Quebec, Canada, Bombardier Inc. (TSE:BBD.B) --
http://www.bombardier.com/-- manufactures transportation  
solutions ranging from regional aircraft and business jets to
rail transportation equipment, systems and services.  It has two
segments: Aerospace designs and manufactures aviation products,
and provides related services for the business, regional and
specialized aircraft markets.  It offers families of regional
jet and turboprop commercial aircraft, and a range of business
jets.  It provides the flexjet fractional ownership an hourly
flight time entitlement programs, parts logistics, technical
services, aircraft maintenance and pilot training.
Transportation operates in the rail equipment and system
manufacturing, and provides related services, offering a range
of passenger railcars, locomotives, light rail vehicles and
automated people movers.  It also provides bogies, electric
propulsion, control equipment and maintenance services, as well
as complete rail transportation systems and rail control
solutions.

                           *     *     *                         

As reported in the Troubled Company Reporter on Nov. 5, 2007,

Fitch Ratings affirmed the ratings for Bombardier Inc.

Bombardier Inc.

-- Issuer Default Rating at 'BB-';

-- Senior unsecured debt at 'BB-';

-- Preferred stock at 'B'.


BOMBARDIER INC: Fitch Lifts Ratings on US$1BB Debt Redemption
-------------------------------------------------------------
Fitch Ratings has upgraded Bombardier Inc.'s ratings and removed
the ratings from Rating Watch Positive following BBD's early
redemption of approximately US$1 billion of debt.  The Rating
Outlook is Positive.

Fitch's rating actions are summarized as:

Bombardier Inc.

  -- Issuer Default Rating to 'BB' from 'BB-';
  -- Senior unsecured debt to 'BB' from 'BB-';
  -- Preferred stock to 'B+' from 'B'.

In addition, Fitch has upgraded the IDR and senior unsecured
debt rating for Bombardier Capital Inc. to 'BB' from 'BB-' and
withdrawn the ratings.  BC has retired nearly all of its
remaining debt.  BC's ratings were linked to those of BBD due to
the existence of a support agreement and demonstrated support by
the parent.

The ratings for BBD affect debt and preferred stock that totaled
approximately US$4.6 billion on a pro forma basis as of Oct. 31,
2007.

The rating upgrades reflect the completion of BBD's plan,
announced in November 2007, to reduce debt by approximately
US$1 billion by the end of its fiscal year ending Jan. 31, 2008.  
Fitch estimates that BBD's pro forma debt/EBITDA at Oct. 31,
2007 declined to 3.2 times, compared to nearly 4x as reported.  
The ratings and Positive Outlook are supported by continuing
expectations for margin improvement, sales growth, and solid
cash generation.  Strong orders in all of BBD's businesses,
together with a large backlog, support projections for ongoing
progress in BBD's operating performance.  These factors could
potentially lead to further long-term improvement in BBD's
credit profile.

Additional factors supporting the ratings include BBD's
diversification, its leading market positions, the health of the
business jet and turboprop markets, BBD's cash balances, its
debt maturity schedule, BT's successful restructuring, and a
large backlog.  Rating concerns include relatively low operating
margins; business jet market cyclicality; the pension plan
deficit; the impact of exchange rate volatility on margins,
financial results, and planning; and several RJ concerns,
including uncertainty regarding development of new aircraft
models and contingent obligations related to past aircraft
sales, although these contingent obligations are spread out over
time and are not a near-term concern.  BBD's eventual decision
about its potential entry into the mainline aircraft market
could have an impact on its financial and operating profile.

Even after the recent use of cash to reduce debt, BBD maintains
strong cash balances that are sufficient to support its
liquidity requirements.  The company's US$3.6 billion of
unrestricted cash balances at Oct. 31, 2007 would be reduced on
a pro forma basis by the recent debt repurchase.  However, cash
balances do not include US$1.3 billion of restricted cash
related to a letter of credit facility.  In addition, the
company can be expected to support its cash position from
operating cash flow that contributed to an increase of roughly
US$400 million in BBD's net cash balances during the fiscal
third quarter.

The debt redeemed yesterday by BBD included approximately
US$407 million of Euro-denominated 5.75% notes due in February
2008 and US$619 million of BC's Sterling-denominated 6.75% notes
due in May 2009.  BBD also planned to repurchase US$26 million
of other long-term debt.  The repurchased debt amounted to
approximately 20% of BBD's consolidated debt reported at
Oct. 31, 2007.


CHRYSLER LLC: Appoints New Execs; Senior VP Cortez to Retire
------------------------------------------------------------
Chrysler LLC announced organizational changes and appointments
in Mopar(R) and Global Alliance Operations.  These moves will
take immediate effect following Christine K. Cortez's
announcement of her intent to retire from her position as Senior
Vice President - Global Service and Parts.

"Chrysler is grateful to Chris for her 31 years of dedicated
service and many contributions," said Chrysler Vice Chairman and
President James E. Press.  "She leaves with our most sincere
well wishes."

Simon Boag has been appointed as President - Mopar, Global
Service and Parts, reporting to Mr. Press.  Mr. Boag will be
responsible for Global Service, International Service and Parts,
Global Parts Marketing, Service Contracts and Global Parts
Supply Chain Management.  Mr.Boag was recently appointed
Executive Vice President - Global Alliance Operations.

"As a result of Chris' decision to retire, Simon will
immediately assume this critical new role," said Mr. Press.
"Simon's strong background in manufacturing operations and
procurement is a great fit with the needs of Mopar.  It's
important that he continue our focus on the customer and this
incredibly strong brand."

Scott R. Garberding replaces Mr. Boag and has been appointed
Vice President - Global Alliance Operations, reporting to
Chrysler Vice Chairman and President Thomas W. LaSorda. Mr.
Garberding will lead the operations side of Chrysler's
automotive alliances designed to expand the Company's global
presence.  Mr. Garberding will also work closely with Michael
Manley, Executive Vice President - International Sales,
Marketing and Business Development.  Mr. Garberding most
recently served as Vice President - Supplier Quality.

                     About Chrysler LLC

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

                        *     *     *

In November 2007, Standard & Poor's Ratings Services affirmed
its 'B' corporate credit rating on Chrysler LLC and
DaimlerChrysler Financial Services Americas LLC and removed it
from CreditWatch with positive implications.  S&P said the
outlook is negative.


DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement
--------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
the authority of the U.S. Bankruptcy Court for the District of
Delaware to assume a component supply agreement between the
Debtors and General Motors Corp.  The Debtors also seek the
Court's authority to file the CSA and any related materials
under seal.

Before the Petition Date, the Debtors entered into purchase
agreements with GM.  According to DURA's Chapter 11
Petition, sales to GM comprises 10% of the Debtors' total annual
revenues.

In the summer of 2007, the Debtors and GM entered into a
component supply agreement, which modified the Prepetition GM
Purchase Contracts.  The CSA modifies, among other things, the
pricing agreement between the Debtors and GM.

The Debtors and GM agree that, as a condition to assumption of
the CSA, the Debtors will file any assumption motion, the CSA,
and any related materials, under seal, Albert Togut, Esq., at
Togut, Segal & Segal, LLP, in New York, relates.  

Mr. Togut says the CSA contains confidential and commercially
sensitive information that if publicly disclosed may harm the
Debtors' business relationship with GM.

Mr. Togut tells the Court that the Debtors have provided copies
of the Assumption Motion to GM, the Official Committee of
Unsecured Creditors and the office of the U.S. Trustee for the
District of Delaware.

He adds that interested parties may obtain additional
information about the CSA and the Assumption Motion from the
Debtors.  Additional information will be disclosed by the
Debtors, with consent from GM, to any requesting party subject
to a confidentiality agreement relating to that additional
information.

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

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

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

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


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

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

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

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

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

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

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

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

The restructuring will also enable the group to capture
significant efficiencies and cost reductions which are expect to
reduce costs by up to o200 million per year.  The restructuring
is also expected to lead to a worldwide headcount reduction
within the group of between 1,500 and 2,000.

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

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

                        About Terra Firma

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

                            About EMI

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

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

The company issued two profit warnings since January 2007.


FANBANTA LTD: Appoints PwC as Joint Administrators
--------------------------------------------------
Mark Nicholas Cropper and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators
of Fanbanta Ltd. (Company Number 05961579) on Jan. 11, 2008.

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

The company can be reached at:

          Fanbanta Ltd.
          95 Promenade
          Cheltenham
          Gloucestershire
          GL50 1WG
          England


FEDERAL-MOGUL: 75 Chapter 11 Cases Dismissed Effective Dec. 27
--------------------------------------------------------------
James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that bankruptcy cases of 75 Non-
Plan Debtors were dismissed on Dec. 27, 2007, without prejudice:

    * AE Dayton Services Limited

    * AE Group Machines Limited

    * AE Holdings Limited

    * AE International Limited

    * AE Limited

    * AE Sales (Africa) Limited

    * Amber Supervision Limited

    * Associated Engineering Group Limited

    * Awncast Limited, Bearings (North-Western) Limited

    * Colvan Rubber Co. Limited

    * Contact 100 Limited

    * Cosmid Limited

    * Cranhold Limited

    * Dealings Limited

    * Dumplington Services Limited

    * E W Engineering Limited

    * Engineering Components Limited

    * Federal-Mogul Acquisition Company Limited

    * Federal-Mogul Brake Systems Limited

    * Federal-Mogul Export Services Limited

    * Federal-Mogul U.K. Limited

    * FHE Technology Limited

    * FP Diesel Limited

    * G.B. Tools & Components Exports Limited

    * Genthope Limited, High Precision Equipment Limited

    * Inblot Limited

    * Instantwonder Limited

    * Kings Park Housing Limited

    * Lalton Limited

    * Lanoth Precision Equipment Limited

    * Leeds Piston Ring & Engineering Co. Limited

    * M.T.A. (Kettering) Limited

    * Mantro Engineering Co. Limited

    * Mobile Distrbuting (Spares) Limited

    * Moores Plastic Units Limited

    * Ontall Limited

    * Payen (Europe) Limited

    * Pecal Limited

    * Presswork-Components Limited

    * Sintration Eight Limited

    * Sourcelook Limited

    * Specialloid Limited

    * STS (1996) Limited

    * T&N Shelf Eight Limited

    * T&N Fifteen Limited

    * T&N Shelf Five Limited

    * T&N Shelf Four Limited

    * T&N Shelf Fourteen Limited

    * T&N Shelf Nine Limited

    * T&N Shelf Six Limited

    * T&N Shelf Sixteen Limited

    * T&N Shelf Ten Limited

    * T&N Shelf Thirteen Limited

    * T&N Shelf Thirty Limited

    * T&N Shelf Thirty One Limited

    * T&N Shelf Thirty Three Limited

    * T&N Shelf Twenty-Eight Limited

    * T&N Shelf Twenty Five Limited

    * T&N Shelf Twenty Four Limited

    * T&N Shelf Twenty Nine Limited

    * T&N Shelf Twenty-Two Limited

    * T&N Shelf Two Limited

    * T&N Trade Marks Limited

    * T&N Welfare Trust Limited

    * TBA Belting (Residual) Limited

    * Telford Rubber Processors Limited

    * The British Piston Ring Company Limited

    * Tinblo Limited

    * Touchdown Adhesive Products Limited

    * Tynoda Limited

    * Vanwall Cars Limited

    * Wellworthy Property Developments Limited

    * Wiliam C. Jones (Polymers) Limited

As previously reported, Judge Fitzgerald ruled that the 75 Non-
Plan Debtors' Chapter 11 cases will be dismissed without
prejudice as of the Effective Date of the Federal-Mogul
Corporation and its debtor-affiliates' Fourth Amended Joint Plan
of Reorganization.  The Fourth Amended Plan became effective on
Dec. 27, 2007.

According to Mr. O'Neill, each of the Non-Plan Debtors is a U.K.

Debtor that has:

   (i) either few or no known third party creditors;

  (ii) no history of using asbestos or manufacturing, selling
       or distributing asbestos-containing products; and

(iii) never to the U.S. Debtors' knowledge been named in any
       asbestos-related lawsuits or comparable proceedings.

Moreover, each of the Non-Plan Debtors is either a dormant
company, a holding company for various dormant entities, or, in
a small number of cases, solely conducts operations that are for
the benefit of other corporate entities with the Federal-Mogul
group of companies.

                       About Federal-Mogul

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

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

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

                          *     *     *

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

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


LEE-MICKLETHWAIT LTD: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Lee-Micklethwait Ltd.
(formerly Aurora Conservatories) on Jan. 10 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         2a Low Ousegate
         York
         YO1 9QU
         England


MCMULLAN PLANT: Names Joint Administrators from KPMG
----------------------------------------------------
Andrew Stephen McGill and Allan Watson Graham of KPMG LLP were
appointed joint administrators of McMullan Plant Hire Ltd.
(Company Number 05942549) on Jan. 11, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Grantham, England, McMullan Plant Hire Ltd.
rents heavy construction equipment.


MINERVA WORKSMAART: Taps Liquidators from BDO Stoy Hayward
----------------------------------------------------------
Dermot Justin Power and Martha Thompson of BDO Stoy Hayward LLP
were appointed joint liquidators of Minerva Worksmaart Ltd. on
Jan. 11 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


NORTHERN ROCK: UK Outlines Financing Package for Private Buyers
---------------------------------------------------------------
HM Treasury, on behalf of the Tripartite Authorities, disclosed,
on Jan. 21, the basis on which the Tripartite Authorities are
taking forward discussions with the Board of Northern Rock PLC,
and with other interested parties, on the potential for a
private sector solution for the entire company, with a view to
ensuring that all existing loan facilities provided by the Bank
of England are repaid in full, with interest, immediately
following closing of any such transaction and any future
financial exposure of HM Treasury meets the objectives of the
Tripartite Authorities.

HM Treasury, on behalf of the Tripartite Authorities, also
provided further information about the contingency plans of the
Tripartite Authorities should a private sector solution not be
achievable on terms acceptable to the Bank of England and HM
Treasury, as providers of financial support to the company, and
the Financial Services Authority, as its regulator.

                           Background

As explained on Oct. 11, 2007, the Tripartite Authorities'
objectives in relation to Northern Rock are to protect
taxpayers, to promote financial stability and to protect
consumers.  The specific objectives of the Financial
Services Authority are set out in Part I of the Financial
Services and Markets Act 2000.

On Nov. 19, 2007, HM Treasury, on behalf of the Tripartite
Authorities, published a statement of principles setting out how
the Tripartite Authorities, acting in their respective
capacities, expected to approach proposals for the future of
Northern Rock and its business, in particular considering the
objectives against which the Tripartite Authorities expect to
assess proposals made or received by Northern Rock.  

               HM Treasury Guarantee Arrangements

The existing HM Treasury guarantee arrangements remain in place.  
Savers' money remains safe and secure.

                          Financing

Timetable and Process

The Tripartite Authorities are working closely with the company,
and other interested parties, to develop a financing structure
based on the outline terms that could be available to support a
private sector solution, subject to the acceptability of
detailed terms to the Tripartite Authorities, applying the
principles published by HM Treasury on Nov. 19, 2007.   

HM Treasury and the Bank of England will have the right, at
their complete discretion, to determine which, if any, of the
proposals put forward by the company and other interested
parties will receive their financial support.  Any proposal
would also need to satisfy the specific regulatory requirements
of the Financial Services Authority.  Accordingly, the
Tripartite Authorities, acting in their respective capacities,
will hold discussions with interested parties in relation to
their proposals, in consultation with the Board of Northern
Rock, where appropriate.  Northern Rock has agreed to inform the
Tripartite Authorities of any proposals made to it and make
available relevant information about its group to interested
parties.    

The process of exploring this financing structure and
determining whether there is a proposal for Northern Rock under
private sector ownership that is acceptable to the Tripartite
Authorities, acting in their respective capacities, will need to
be completed in sufficient time to enable a restructuring plan
to be submitted to the European Commission by March 17, 2008
under European state aid rules.  Accordingly, detailed proposals
on which this plan can be based should be submitted as soon as
possible and, in any event, must be received by the Tripartite
Authorities by Feb. 4, 2008.   

A term sheet of the principal terms and conditions of the
proposed financing structure will be provided to interested
parties shortly.

HM Treasury and the Bank of England will make arrangements for
the existing Bank of England facilities to be extended up to
March 17, 2008 to allow time to explore the proposed financing
structure with Northern Rock and other interested
parties.

Financing Structure: Background

In order to maximize the prospects of delivery of a financing
solution that meets the objectives of the Tripartite Authorities
in the current market conditions, the Tripartite Authorities in
agreement with the Board of Northern Rock requested their
retained financial advisers, Goldman Sachs, to evaluate options
available for financing a restructuring of the company.  

It would be a condition of such financing structure that the net
proceeds of the financing would be used immediately following
closing of any transaction to repay in full amounts due under
the existing Bank of England loan facilities, together with all
accrued interest (including PIK interest).

Financing Structure: Principal Characteristics

Under the proposed financing structure, Northern Rock would sell
a pool of its assets, consisting of residential mortgages,
unsecured consumer loans and certain investment-grade
securities, to a financing vehicle established for the
purposes of the financing structure.  The financing vehicle
would fund the purchase of the asset pool by the issue of notes
in the capital markets.  The timely payment of principal and
interest under the notes would be guaranteed by HM Treasury.  HM
Treasury's obligations under its note guarantee would be fully
secured by a first priority interest in the asset pool.  A fee
would be payable by Northern Rock to HM Treasury for the
provision of the note guarantee.  All arrangement fees and
expenses relating to the issue would also be paid by Northern
Rock.

Each class of notes would bear a market interest rate which
reflects the provision of the note guarantee by HM Treasury.  
The maturity date for the notes would be determined upon issue
and would primarily be based upon assumed levels of principal
repayments in the asset pool.

The asset pool would comprise assets having an appropriate value
to support the issue of sufficient notes to make the payments to
the Bank of England referred to above and to provide adequate
liquidity for the company.  Northern Rock would have the right
to repurchase mortgages from the asset pool in certain
circumstances, including where Northern Rock needs to substitute
mortgage loans into the Granite master trust or its covered bond
pool and it would otherwise have insufficient eligible mortgage
loans to do so.

Because the value of the asset pool would exceed the initial
purchase price paid by the financing vehicle, Northern Rock
would retain a subordinate interest in the asset pool which
would represent the difference between the asset pool and the
notes in issue.  This means that any losses to the asset pool
would first be borne by Northern Rock, protecting the taxpayer
in the case of underperformance of the assets in the pool.

Principal Conditions

The Tripartite Authorities, acting in their respective
capacities, have informed the Board of Northern Rock that they
would be willing to explore with the Board, and with other
interested parties, whether this financing structure can be made
available in the context of a private sector solution put
forward by such parties or by the company itself.  This will
involve a further assessment of whether any state aid which it
involves could be approved by the European Commission.  Any
proposal would also need to satisfy the specific regulatory
requirements of the Financial Services Authority.  The
Tripartite Authorities have informed the Board of Northern Rock
that, in particular, these principal conditions would need to be
complied with in order to give adequate assurance that their
stated objectives of protecting taxpayers, promoting
financial stability and protecting consumers will be met:

    * Business Plan: the successful proposal would need to be
      based on a robust and acceptable business plan that, in
      the context of the financial support proposed to be
      provided, satisfies both the stated objectives of the
      Tripartite Authorities and the requirements of European


      state aid legislation.  This will require the plan to
      demonstrate that the company has sound prospects enabling
      it, in due course, to operate without Government support
      and acquire an appropriate standalone credit rating.  The
      agreed plan would also need to provide for a fee to HM
      Treasury for its existing guarantee arrangements,
      increasing over time if such arrangements are continuing.

    * Protections: for so long as HM Treasury's existing
      guarantee arrangements remain in place there would need to
      be appropriate protections that recognize the interests of
      HM Treasury as a provider of financial support to Northern
      Rock.  In particular, the documentation would need to
      contain appropriate covenants in favor of HM Treasury to
      protect its interests during this period and support the
      delivery of the agreed business plan, including   
      restrictions on dividends, prohibitions on change of
      control without HM Treasury consent and a range of other
      provisions appropriate for the provision of financial
      support of the kind contemplated.  The documentation would
      also provide for HM Treasury to require Northern Rock to
      provide cash cover for HM Treasury's existing guarantee
      arrangements if certain events of default occurred.

    * Additional Capital: the Tripartite Authorities would need
      to be satisfied that the company will have sufficient
      capital and liquidity to meet the requirements of the
      Financial Services Authority under a range of downside
      scenarios applied to the business plan, plus a significant
      buffer to protect taxpayers' interests (to be determined
      according to the requirements of the business plan).  This
      capital would need to be committed as soon as reasonably
      practicable and in any event within 45 days of submission
      of the restructuring plan to the European Commission and
      would be in a form such as an underwriting commitment to
      subscribe for new Northern Rock ordinary shares or a
      completed issue of debt securities that would be
      convertible into such shares at closing which would be
      released or repaid (as the case may be) if the transaction
      were not completed for a reason outside the control of
      Northern Rock or its shareholders.

    * Management and Ownership: any proposal must provide for
      ownership of the  company and fulfillment of its
      management roles by suitable persons, having regard to the  
      respective interests of the Tripartite Authorities.

    * Equity Participation: as additional consideration for the
      provision of support from HM Treasury, HM Treasury would
      require an appropriate share in potential upside equity
      returns of the company.  The details of such equity
      participation would be agreed as a condition to the
      financing structure.  It is envisaged that such
      participation would be available until after the period
      that HM Treasury's guarantee arrangements remain
      outstanding.

    * State Aid: implementation of the financing structure would
      require the submission by HM Treasury to the European
      Commission of an appropriate restructuring plan and the
      authorization by the Commission of any state aid which it
      involves.  The company and other relevant interested
      parties would be expected to assist HM Treasury with the
      preparation of such a plan.  Implementation of the
      financing structure would follow receipt of the necessary
      state aid authorization.

General

The financing structure is not an offer or commitment of any
kind by the Tripartite Authorities or Goldman Sachs or a
representation or undertaking by the Tripartite Authorities or
Goldman Sachs that the financing structure can be implemented.  
The Tripartite Authorities and Goldman Sachs reserve the right
to withdraw from the process of exploring or implementing the
financing structure or any other proposal for Northern Rock at
any time.

                       Contingency Planning

In order to ensure that their stated objectives are met, the
Tripartite Authorities have continued to plan for the full range
of possible outcomes to the strategic review of Northern Rock.

The preference of the Tripartite Authorities, acting in their
respective capacities, is to reach agreement on a private sector
solution which meets the objectives and conditions set out
above.  However, if no private sector solution is proposed which
the Bank of England and HM Treasury, as providers of financial
support to the company, and the Financial Services Authority, as
its regulator, consider they can agree in light of their
objectives of protecting taxpayers, promoting financial
stability and protecting consumers, the Government would bring
forward legislation which would empower HM Treasury, by order,
to take Northern Rock into temporary public ownership.  It is
envisaged that any such power would be used to transfer Northern
Rock's share capital, including its preference shares, into
public ownership.  It is anticipated that the remaining Tier 1
and Tier 2 capital instruments would continue in their existing
ownership as listed securities.  Holders of these capital
instruments would remain at risk of first loss ahead of the Bank
of England and HM Treasury as providers of secured financial
support to the company.  The Tripartite Authorities consider
that a temporary period of public ownership would best serve
their stated objectives if a private sector solution could not
be agreed on terms acceptable to the Tripartite Authorities,
acting in their respective capacities.  The Tripartite
Authorities do not consider that an administration of Northern
Rock would meet these objectives.

All of the Government's guarantee arrangements would remain in
place and accordingly savers' money would remain absolutely
safe.  Savers and borrowers would not be affected by the company
being taken into public ownership.
Northern Rock would continue to operate and provide services to
customers as normal.  Branches, call centers, postal and
Internet banking would all remain open and accessible, as usual.  

In the event of Northern Rock being brought into temporary
public ownership, it would be managed on arms' length terms, as
a commercial entity, by a newly appointed experienced and
professional management team.

The legislation brought forward would provide for the assessment
by an independent valuer of compensation payable to any holder
of securities transferred to HM Treasury.  The principles for
assessing compensation, which would be set out in the
legislation brought forward, would reflect the principle that
the Government should not be required to compensate shareholders
for value which is dependent on taxpayers' support and the fact
that public sector ownership would be an alternative to an
administration of the company.  Accordingly, the compensation
would be assessed by the valuer on the basis, among other
things, that all financial assistance to Northern Rock from the
Bank of England or HM Treasury (including HM Treasury's existing
guarantee arrangements) had been withdrawn and no other
financial assistance (apart from Bank of England assistance on
its usual terms through standing facilities or open market
operations) were made available by them to Northern Rock.

Any decision or announcement to take Northern Rock into
temporary public ownership would also address the future of the
Northern Rock Foundation.

The preference of the Tripartite Authorities, acting in their
respective capacities, is to reach agreement on a private sector
solution which meets the objectives and conditions set out
above.  However, if no private sector solution is proposed which
meets these objectives and conditions, the Government would
bring forward legislation which would empower HM Treasury, by
order, to take Northern Rock into temporary public ownership.

Goldman Sachs International, which is authorized and regulated
in the United Kingdom by the Financial Services Authority, is
acting as financial adviser to members of the Tripartite
Authorities and no-one else in connection with the restructuring
of Northern Rock and will not be responsible to anyone other
than those members of the Tripartite Authorities for providing
the protections afforded to clients of Goldman Sachs or for
providing advice in relation to the restructuring of Northern
Rock.

                   Response of Northern Rock Board

The Board welcomes the Tripartite Authorities' confirmation of
their preference to reach agreement on a private sector solution
for the company which meets the Tripartite's previously stated
objectives to protect taxpayers, consumers and to promote
financial stability.

A private sector solution is also the Board's objective as being
in the best interests of its shareholders and other
stakeholders.

The Board also notes the Tripartite Authorities' reaffirmation
that the existing guarantee arrangements for depositors remain
in place. Savers' money remains safe and secure in Northern
Rock.

The timescales indicated by the Tripartite for the company to
conclude the process remain consistent with the company's
previous guidance for its strategic review process.

The Board will be working closely with the Tripartite
Authorities and interested parties (i) to enable interested
parties to develop their proposals further, and (ii) to develop
the standalone options for the company, in each case in light of
the financing structure outlined in by the Tripartite
Authorities' announcement.  This will be undertaken with the
objective of enabling the Board to determine at the conclusion
of the strategic review process which option it considers is in
the best interests of the company and its stakeholders.

                    About Northern Rock plc

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

                          *     *     *

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

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

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


NORTHERN ROCK: S&P Lowers EUR400 Million Preference Shares to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on
Northern Rock's EUR400 million preference shares and the rating
on the EUR400 million notes issued by Saphir Finance PLC and
secured over Northern Rock's preference shares to 'B' from 'BB'
and remain on CreditWatch with developing implications.  The
ratings on Northern Rock's other subordinated instruments were
affirmed.

S&P also commented on its CreditWatch placement on U.K. bank
Northern Rock PLC.  The 'A-/A-1' counterparty credit ratings on
Northern Rock remain on CreditWatch with developing
implications, where they had originally been placed on Sept. 26,
2007.

Standard & Poor's credit analyst Richard Barnes, said, "These
rating actions follow the announcement by the U.K. government
regarding a financing package to be made available to potential
private sector buyers of Northern Rock."

The proposal is for Northern Rock to refinance its current
borrowing from the Bank of England (AAA/Stable/A-1+) through
securitization transactions on which timely payment of principal
and interest will be guaranteed by the government.  Under EU
state aid rules, this arrangement will require the approval of
the European Commission.  Potential buyers of Northern Rock have
until Feb. 4, 2008, to submit detailed takeover plans based on
the government's refinancing proposal.  If an acceptable plan
does not materialize, the government's announcement states that
Northern Rock will be nationalized.  In this scenario, its
preference shares would be transferred into public ownership
together with its common equity, and the remaining Tier 1 and
Tier 2 capital instruments would remain outstanding.  The
preference shares are held by Saphir Finance PLC, which issued
pass-through notes to the market secured over the preference
shares.

"We consider that today's announcement makes a private sector
solution the most likely outcome, but this is far from certain.
The ratings remain on CreditWatch with developing implications
pending further clarity on Northern Rock's future.  The current
ratings reflect the material extraordinary support provided to
Northern Rock by the U.K. authorities through the extensive
government guarantee and liquidity facility," added Mr. Barnes.

The rating impact of a private sector solution will depend on a
range of factors including the buyer's business strategy, its
capital and funding plans, the outlook for the performance of
Northern Rock's loan portfolio, and the availability of
continued government support.  This analysis will determine
whether the counterparty credit and issue ratings are raised,
affirmed, or lowered.

The downgrade of Northern Rock's preference shares and the
related Saphir Finance notes reflects the government's intention
to transfer the preference shares into public ownership if
Northern Rock is nationalized.  S&P's issue ratings are based on
full and timely settlement of principal and interest.  If
nationalization occurs, an independent valuer would determine
the level of compensation to be paid to holders of the common
equity and preference shares with reference to their estimated
worth if Northern Rock had not been supported by the U.K.
authorities.  This suggests that limited compensation
will be paid.  In a nationalization scenario, the ratings on the
bank's other capital instruments, particularly the perpetual
subordinated issues, might also be lowered if S&P considers that
there is a higher probability of coupon deferral. The
counterparty credit ratings are unlikely to be lowered upon
nationalization.


ORBIS PLC: Brings In Joint Administrators from Ernst & Young
------------------------------------------------------------
Angela Swarbrick and Thomas Merchant Burton of Ernst & Young LLP
were appointed joint administrators of Orbis Plc (Company Number
01562304) on Jan. 9, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.  

Headquartered in Uxbridge, England, Orbis Plc provides a range
of services for the void property market.  The group's operation
focuses on asset protection, emergency call centre, insurance,
community safety partnership, fast track re-let services and
lone worker protection.  The group operates in the U.K., France,
Germany, Ireland, the Netherlands and Poland.


SANYO ELECTRIC: To Sell Mobile Phone Unit to Kyocera for JPY50BB
----------------------------------------------------------------
Sanyo Electric Co. said it will sell its mobile phone operations
to Kyocera Corp., Associated Press reports.

According to the report, the deal, which has yet to be set on
paper, will be cost Kyocera about JPY40-50 billion.  The deal is
scheduled to be completed by April 1.

Reuters relates that according to a Sanyo spokesman, the final
selling price of Sanyo's mobile phone unit will be set by
September.

Under the agreement, about 2,000 employees in Sanyo's mobile
phone operation will be transferred to Kyocera, which will
continue to use the Sanyo brand on handsets at home and
overseas, relates AP.

AP notes that, in a statement, Sanyo said that with the
"intensified competition from rival companies," and "in order to
meet the best interest of the business and its stockholders,
Sanyo has. . .concluded that a transfer of the business to
Kyocera would be the ideal situation."

                      About Sanyo Electric

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

                        *     *     *

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


SANYO ELECTRIC: To Introduce Age Limit for Executives in April
--------------------------------------------------------------
Sanyo Electric Co. will introduce an age limit for board members
and executive officers in April as part of its efforts to
rejuvenate its management, Japan Times reports, citing company
officials.

Japan Today explains that under the system, board members and
executive officers with the titles of senior managing director
or higher will retire at age 65.  Other executive offices, on
the other hand, will leave the company at 63, the officials
said.

The Times notes that the mandatory retirement system will not
cover board members from outside the company or auditors.

The system's debut will coincide with the start of Sanyo's new
three-year plan aimed at rebuilding itself after being hit by
poor earnings and an accounting scandal, the Times says.

The report recalls that late in 2007, Sanyo made major
corrections to its unconsolidated earnings for the past several
years.  A panel of outside experts that probed the accounting
scandal blamed the company's habit of retaining long-term
management by a founding family member.

                    About Sanyo Electric

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

                       *     *     *

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


SEA CONTAINERS: Wants SC Iberia and YMCL Guarantees Approved
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
enter into two Deed of Guarantees in favor its two wholly owned
non-debtor subsidiaries, Sea Containers Iberia SA and Yorkshire
Marine Containers Ltd., in connection with a potential
settlement by SCL and certain of its subsidiaries, of
intercompany claims asserted by GE SeaCo SRL and its
subsidiaries.

Sanjay Bhatnagar, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that many of the GE SeaCo
Entities' claims against the Debtors are currently under a
pending arbitration proceeding.  However, the Parties excluded
certain claims from arbitration in an attempt to consensually
resolve those claims.

The excluded claims consist of more than US$90,000,000 in
intercompany claims asserted by GE SeaCo out of ordinary course
business transactions between the Parties.

After extensive negotiations among the Parties, the Official
Committee of Unsecured Creditors of Sea Containers Ltd. and the
Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., reached a stipulation for the resolution of the
Intercompany Claims, the terms of which are yet to be finalized.

As a condition to their entry into the Stipulation, the
directors of SC Iberia and YMCL have required that SCL provide
certain guarantees in exchange for releasing their receivable
balances against the GE SeaCo Entities, Mr. Bhatnagar discloses.  
Accordingly, SCL made arrangements to provide postpetition
guarantees to SC Iberia and YMCL for the value of their
receivables due from the GE SeaCo Entities, amounting to
US$585,861 for YMCL and US$189,858 for SC Iberia.

Each Guarantee is payable solely to the extent necessary to fund
recoveries of sums owed to creditors of SC Iberia and YMCL,
other than the SCL Entities, and only upon the occurrence of the
earlier of:

   -- certain insolvency events with respect to SC Iberia and
      YMCL; or

   -- the Debtors' confirmation of a plan of reorganization that
      includes a final settlement of any of the Intercompany
      Claims.

The Stipulation provides that as of June 30, 2007, the GE SeaCo
Entities owe approximately US$4,300,000 to SCL and its
subsidiaries on account of all Intercompany Claims.  The amount
would be adjusted based on certain payments made by and between
the GE SeaCo Entities and the SCL Parties subsequent to June 30.

Pursuant to the Stipulation, after accounting for the post-June
30 payments, the GE SeaCo Entities agree to set aside at least
US$600,000 in a segregated account as the net balance owing to
the SCL Parties.  The funds would remain in the segregated
account for SCL's benefit, pending resolution of all the GE
SeaCo Entities' claims, including those subject to arbitration.

In addition, the GE SeaCo Entities would have the ability to
offset against the Segregated Account (i) allowed claims in the
bankruptcy cases, and (ii) claims that would arise on account of
certain avoidance actions against them.  

The Parties agree that the Stipulation is the full and final
settlement of the Intercompany Claims, and upon its
consummation, the Parties would exchange mutual releases.

Mr. Bhatnagar contends that the Stipulation, if finalized, would
maximize value for the bankruptcy estates, and that SCL's grant
of the Guarantees is necessary to induce SC Iberia and YMCL to
enter into the Stipulation.  

The Guarantees serve the Debtors' interests in helping to ensure
that third-party claims against SC Iberia and YMCL are funded,
thus, avoiding the need for the third-party claimants to resort
to collection efforts, which may reach back to the bankruptcy
estates, Mr. Bhatnagar explains.

                       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. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SITEX GROUP: Taps Joint Administrators from Ernst & Young
---------------------------------------------------------
Angela Swarbrick and Thomas Merchant Burton of Ernst & Young LLP
were appointed joint administrators of Sitex Group Ltd. (Company
Number 02571233) on Jan. 9, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.  

The company can be reached at:

          Sitex Group Ltd.
          106 Oxford Road
          Uxbridge Middlesex
          UB8 1NA
          England
          Tel: 01895 465 500


TATA MOTORS: In Talks with Dunlop India for Tire Supply
-------------------------------------------------------
Tire and tube manufacturer Dunlop India Ltd is eying a tie-up
with Tata Motors Ltd, The Times of India reports.  

Dunlop India has commenced discussions with Tata Motors for the
supply of truck tires, The Times says, citing a statement made
by Dunlopo Chairman Pawa Ruia.

Aside from making tires and tubes, Dunlop India also
manufactures high-pressure hoses, steelcord belting, and
vibration isolators.  As reported by the Troubled Company
Reporter-Asia Pacific on Jan. 3, 2008, Dunlop India is out from
the clutches of the Board for Industrial and Financial
Reconstruction pursuant to the order of the Madras High Court.

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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


UBS LTD: Moody's Rates EUR100 Mil. Financial Default Swap at Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade one Constant Proportion Debt Obligations exposed to
portfolios of financial names.

Moody's has also placed on review for direction uncertain two
CPDOs which are undergoing restructuring.  The affected CPDOs
represent 41% of the outstanding CPDOs linked to financial names
and 7% of all CPDOs rated by Moody's.

The negative rating actions reflect the adverse Net Asset Value
impact of the continuing recent widening and the increased
volatility of the spreads associated with financial names
underlying these CPDOs, particularly monolines and investment
banks.  Three of the largest spread movements seen between
Jan. 11, 2008, and Jan. 17, 2008, involved monolines: XL Capital
Assurance Inc. (from 698bps to 1358bps); FGIC (from 696bps to
1295bps); and MBIA Insurance Corp. (from 293bps to 545bps).

The two transactions undergoing restructurings are the ELM
Series 115 and the UBS CDS, both of which have monoline
exposure.  The pending restructurings are expected to reduce
these exposures.

The current rating actions are mainly driven by the probability
that the NAV will reach the cash out triggers (around 10%)
leading to a total unwind of the structure, and an approximate
90% loss to investors.

The NAV is the aggregate value of the assets of the SPV. This is
generally the sum of the cash deposit account and the marked-to-
market value of the leveraged credit default swap position.

Moody's will continue to closely monitor the development of the
spreads of financial names.

These rating actions are:

   * Series 117 EUR20,000,000 Financial Basket Tyger Notes Due
      2017 Issued By Elm B.V.

   -- Current rating: Caa1, on review for downgrade
   -- Prior rating: Ba2

   * Series 115 EUR100,000,000 Financial Basket Tyger Notes Due
     2017 Issued By Elm B.V.

   -- Current rating: Ba2, on review with direction uncertain
   -- Prior rating: Ba2

   * EUR100,000,000 Financial CPDO Credit Default Swap entered
     into by UBS Limited London Branch

   -- Current rating: Ba2, on review with direction uncertain
   -- Prior rating: Ba2


WYKE JOINERY: Appoints Liquidators from Mazars
----------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Wyke Joinery Services Ltd. on Jan. 11 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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