TCREUR_Public/080125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, January 25, 2008, Vol. 9, No. 18

                            Headlines




A U S T R I A

HOLZBAU KLAURA: Klagenfurt Court Orders Business Shutdown
JOHANN KAPPER: Claims Registration Period Ends January 31
KKB KURT: Claims Registration Period Ends January 29
LADSTATTER LLC: Steyr Court Orders Business Shutdown
MAJNOONI DIZAJTEKIEH: Vienna Court Orders Business Shutdown

MM HANDEL: Linz Court Orders Business Shutdown
P & M BAU: Vienna Court Orders Business Shutdown
SARKOEZI LLC: Vienna Court Orders Business Shutdown


B E L G I U M

QUEBECOR WORLD: Obtains Creditor Protection Under CCAA (Canada)
QUEBECOR WORLD: Wants Ernst & Young as CCAA (Canada) Monitor
QUEBECOR WORLD: Bank Lenders Commit US$1 Billion DIP Financing
SOLUTIA INC: Credit Woes Delay Chapter 11 Exit


F R A N C E

DELPHI CORP: Judge Drain Wants Executive Bonuses Reduced
LIBERATION SA: Emerges from Bankruptcy Protection
REMY COINTREAU: S&P Affirms Rating at BB- on Financial Profile


G E R M A N Y

C & M BETEILIGUNGS: Claims Registration Period Ends February 14
CRISTALL GMBH: Claims Registration Period Ends February 15
FERDINAND SCHNEIDER: Creditors' Meeting Slated for February 26
GEMAR GRONAU: Claims Registration Period Ends February 14
GIMAS FIOSOFT: Claims Registration Period Ends February 14

GK GAS- UND SANITARTECHNIK: Claims Registration Ends February 15
HERMANN RICHTER: Claims Registration Period Ends February 6
IKB DEUTSCHE: Citi Property Snaps Former HQ for EUR50 Million
IKB DEUTSCHE: Moody's Cuts Bank Financial Strength Rating to E+
LF LUFT- UND FILTERTECHNIK: Claims Registration Ends February 15

MOTOR-ELEKTRIK GMBH: Claims Period Ends February 6
OPTIK-HOERGERATE: Claims Registration Period Ends February 14
POLCH GMBH: Claims Registration Period Ends February 4
SAXONIA AUTHOHAUS: Claims Registration Period Ends February 14
SIGNMEINERSEN GMBH: Claims Registration Period Ends February 14

TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating
VERBICON VERWALTUNGS-GMBH: Claims Period Ends February 1
VEVIDO GMBH: Claims Registration Period Ends January 29
WBN WAGGONBAU: Claims Registration Period Ends February 14
WERCHOW GMBH: Claims Registration Period Ends February 13

WOLFGANG LIEBERS: Claims Registration Ends February 15


H U N G A R Y

PROPEX INC: Wants to Employ Houlihan Lokey as Financial Advisor
PROPEX INC: Wants to Employ Miller & Martin as Local Counsel
PROPEX INC: Court Approves US$60 Million Credit Facility
PROPEX INC: Chapter 11 Filing Cues S&P's Corp. Rating Cut to D


I R E L A N D

IQON TECHNOLOGIES: Irish High Court Orders Liquidation


I T A L Y

ALITALIA SPA: Air France-KLM to Retain Alitalia Brand
PARMALAT SPA: Milan Court Commences Trial vs. Citigroup et al.


K A Z A K H S T A N

ARMAN-98 LLP: Proof of Claim Deadline Slated for February 20
BECK-ALJAN LLP: Creditors Must File Claims by February 14
DSK Line: Claims Filing Period Ends February 20
FAST PLAST: Creditors' Claims Due on February 20
JANA KURYLYS-2004: Claims Registration Ends February 20

KAZAKH MORTGAGE: Fitch Rates Class C Notes at BB
MECHANO MONTAGE: Proof of Claim Deadline Slated for February 14
SENAKO LLP: Creditors Must File Claims by February 14
SK-STROY LLP: Claims Filing Period Ends February 14
TALION-S LLP: Creditors' Claims Due on February 20

VEGA GROUP: Claims Registration Ends February 14


K Y R G Y Z S T A N

CHJOW-SUELAN LLC: Creditors Must File Claims by February 14
CRISTALL LTD: Proof of Claim Deadline Slated for February 14


L U X E M B O U R G

MILLICOM INTERNATIONAL: Redeems US$200 Mln 4% Convertible Bonds


R U S S I A

AIRPORT ZHIGANSK: Creditors Must File Claims by January 29
AMURSKY SHIPBUILDING: Creditors Must File Claims by January 29
BALASHOVSKY TEXTILES: Creditors Must File Claims by February 29
BORSKY MILK: Creditors Must File Claims by February 29
KAMCHATSKY COLD-STORE: Creditors Must File Claims by January 29

KOLKHOZ REVOLUTION: Creditors Must File Claims by February 29
KOSTROMAALCOHOLPROM: Creditors Must File Claims by January 29
MOLPRODUCT-VOLOGDA: Bankruptcy Hearing Slated for March 24
PENZENSKY PRECISION: Creditors Must File Claims by February 29
RASPADSKAYA OJSC: Fitch Watches B+ IDR on Pending Merger

SITRONICS JSC: Board Sets General Meeting on March 11
SOKOL LLC: St. Petersburg Bankruptcy Hearing Slated for March 17


S W I T Z E R L A N D

AIR-SEA HOLIDAY: Creditors' Liquidation Claims Due by January 31
BINZ ASSOCIATION: Creditors Must File Claims by January 29
COPTHORNE JSC: Creditors' Liquidation Claims Due by January 31
EASYMATIC TICINO: Creditors Must File Claims by January 31
FREIHOF BEIZLI: Creditors' Liquidation Claims Due by January 31

FRINGER LLC: Creditors' Liquidation Claims Due by January 31
ITLINE LLC: Creditors' Liquidation Claims Due by January 31
MDM GIPS: St. Gallen Court Starts Bankruptcy Proceedings
SOLVINCI MATERIALS: Aargau Court Starts Bankruptcy Proceedings
WIGESS JSC: Creditors' Liquidation Claims Due by January 30

X-RITE INC: Names Lynn Lyall as EVP, CFO & Secretary


U K R A I N E

ELITAL LLC: Proofs of Claim Filing Ends February 2
LIMITEKS LLC: Proofs of Claim Filing Ends February 2
MAGNIY CJSC: Olena Goshovska Named as Liquidator
NAFTOGAZ UKRAINY: To Receive UAH2 Billion Under 2008 Budget
PRIVAT-HOLDING: Shareholders Opt for Liquidation

SOUTH RIVER: Creditors Must File Claims by February 2
UKRAINIAN FOOD: Proofs of Claim Filing Ends February 2
ZEUS 2006: Proofs of Claim Filing Ends February 2


U N I T E D   K I N G D O M

BOMBARDIER INC: Earns US$91 Million in 3rd Quarter Ended Oct. 31
CABTIVATE: Still in Liquidation; IMTV Acquires Software Rights
EMI GROUP: Chairman Tables Bid for Chrysalis Group
GENERAL MOTORS: Sells More Than 9 Million Vehicles Globally
GETTY IMAGES: Board of Directors Explores Strategic Options

HURST PARNELL: Brings In Liquidators from KPMG
K.J.M. TODD: Michael Young Leads Liquidation Procedure
M & R TRANSPORT: Calls In Liquidators from Menzies
NORTHERN ROCK: Welcomes Paul Thompson as Non-Executive Director
ORION FINANCE: Moody's Cuts Rating to B1 on Senior Notes

ROGER MILLMORE: Joint Liquidators Take Over Operations
SHAW GROUP: Finalizes Little Gypsy 3 Re-Power Project Agreement
SOURCE CLAIM: Taps Liquidators from Grant Thornton
STAFFORDSHIRE EXPRESS: Taps Liquidators from Moore Stephens
STANSTED AIRPORT: Appoints Michael Young as Liquidator

UJIMA HOUSING: Housing Corporation to Probe Collapse
WILDEN CONSTRUCTION: Claims Filing Period Ends February 29

* BOOK REVIEW: American Commercial Banking: A History




                            *********


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


HOLZBAU KLAURA: Klagenfurt Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Klagenfurt entered Dec. 20, 2007 an order
shutting down the business of LLC Holzbau Klaura (FN 121666x).

Court-appointed estate administrator Manfred Opetnik 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. Manfred Opetnik
          Hauptplatz 2
          9100 Voelkermarkt
          Austria
          Tel: 04232/4170
          Fax: 04232/4170-3
          E-mail: kanzlei@ra-opetnik.at

Headquartered in Bad Eisenkappel, Austria, the Debtor declared
bankruptcy on Dec. 19, 2007 (Bankr. Case No 40 S 67/07d).


JOHANN KAPPER: Claims Registration Period Ends January 31
---------------------------------------------------------
Creditors owed money by LLC Johann Kapper (FN 81017v) have until
Jan. 31, 2008 to file written proofs of claim to court-appointed
estate administrator Norbert Scherbaum at:

          Dr. Norbert Scherbaum
          Advocacy LLC  Scherbaum/Seebacher Rechtsawalte
          Einspinnergasse 3
          Second Floor
          8010 Graz
          Austria
          Tel: 0316/832460
          Fax: 0316/832460-20
          E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 7, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in St. Stefan im Rosental, Austria, the Debtor
declared bankruptcy on Dec. 17, 2007 (Bankr. Case No. 26 S
118/07h).


KKB KURT: Claims Registration Period Ends January 29
----------------------------------------------------
Creditors owed money by LLC KKB Kurt Berger (FN 269919s) have
until Jan. 29, 2008 to file written proofs of claim to court-
appointed estate administrator Wolfgang Kempf at:

          Dr.Wolfgang Kempf
          Buergerstrasse 41
          4020 Linz
          Austria
          Tel: 0732/777207
          Fax: 0732/782570
          E-mail: ra.kempf.linz@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Hall 522
          Fifth Floor
          Linz
          Austria

Headquartered in Leonding, Austria, the Debtor declared
bankruptcy on Dec. 19, 2007  (Bankr. Case No. 38 S 66/07w).


LADSTATTER LLC: Steyr Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Steyr entered Dec. 12, 2007 an order shutting
down the business of LLC Ladstatter (FN 256580z).

Court-appointed estate administrator Heinz Kassmannhuber
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. Heinz Kassmannhuber
          c/o  Dr. Gerwald Schmidberger
          Stelzhamerstrasse 11
          4400 Steyr
          Austria
          Tel: 07252/50 300
          E-mail: office@sks-law.at

Headquartered in Wolfern, Austria, the Debtor declared
bankruptcy on Dec. 7, 2007 (Bankr. Case No 14 S 43/07g).
Gerwald Schmidberger represents Dr. Kassmannhuber in the
bankruptcy proceedings.


MAJNOONI DIZAJTEKIEH: Vienna Court Orders Business Shutdown
-----------------------------------------------------------
The Trade Court of Vienna entered Dec. 20, 2007 an order
shutting down the business of KEG Majnooni Dizajtekieh(FN
207407k).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 5, 2007(Bankr. Case No 5 S 137/07t).  Helmut Platzgummer
represents Mag. Klus in the bankruptcy proceedings.


MM HANDEL: Linz Court Orders Business Shutdown
----------------------------------------------
The Land Court of Linz entered Dec. 19, 2007 an order shutting
down the business of LLC MM Handel (FN 291583z).

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

The estate administrator can be reached at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 12, 2007 (Bankr. Case No 12 S 94/07x).


P & M BAU: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Dec. 13, 2007 an order
shutting down the business of LLC P & M Bau u. Handel (FN
242130z).

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

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


SARKOEZI LLC: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Dec. 17, 2007 an order
shutting down the business of LLC SARKOEZI (FN 287035k).

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

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


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


QUEBECOR WORLD: Obtains Creditor Protection Under CCAA (Canada)
---------------------------------------------------------------
Quebecor World Inc. and its subsidiaries obtained an order for
creditor protection under the Companies' Creditors Arrangement
Act before the Superior Court of Quebec, Commercial Division, in
Montreal, Canada.

Until and including Feb. 20, 2008, creditors and parties-in-
interest are barred from commencing or continuing any action
against the Debtors, their officers and directors, or foreclose
on the Debtors' assets, except without the written consent of
the Debtors; and Ernst & Young Inc., the Court-appointed Monitor
under the CCAA process; or without leave of the CCAA Court.

Quebecor World will remain in possession of the property and
continue to carry on their business and financial affairs until
further order from the CCAA Court.

To facilitate the orderly restructuring of their business and
financial affairs, the Debtors have the right, subject to the
Monitor's approval and subject to the terms of their
CDNUS$1,000,000,000 with Credit Suisse and Morgan Stanley, to:

   -- cease, downsize or shut down business operations;

   -- pursue all avenues to market and sell assets;

   -- dispose of Property provided that the purchase in each
      transaction does not exceed CDNUS$10,000,000 or
      CDNUS$50,000,000 in the aggregate;

   -- terminate employment of certain employees;

   -- vacate or abandon any leased property on seven days'
      notice to the landlord; and

   -- repudiate agreements and contracts with counterparties.

The Debtors will indemnify each of their directors and
officers from liabilities, except to the extent of a director's
or officer's breach of fiduciary duties or gross negligence.
The Applicants' D&Os hold a security interest in the Debtors'
assets of up to CDNUS$32,000,000.  The D&O Charge will apply to
the extent that the directors and officers do not have coverage
under any D&O insurance.

Quebecor World's operations in Latin America and Europe are
excluded from CCAA protection.  Those subsidiaries will continue
operating in the normal course of business.

                       About Quebecor World

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.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR WORLD: Wants Ernst & Young as CCAA (Canada) Monitor
------------------------------------------------------------
Quebecor World Inc. and its Canadian debtor-affiliates ask the
Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, in
Canada, to appoint Ernst & Young Inc., as their monitor in its
insolvency proceedings under the Canadian Companies' Creditors
Arrangement Act.

As an officer of the Canadian Court, E&Y will monitor the
Debtors' business and financial affairs.  Specifically, E&Y
will:

   (a) assist the Debtors in deadline with their creditors and
       other interested parties during the Stay Period;

   (b) assist the Debtors with the preparation of their cash
       flow projections and any other projections or reports and
       the development, negotiation, and implementation of a
       plan of reorganization, including the preparation of the
       debtor-in-possession projections;

   (c) advise and assist the Debtors to review their business
       and assess opportunities for cost reduction, revenue
       enhancement, and operating efficiencies;

   (d) assist the Debtors with the restructuring of their
       businesses and in their negotiations with their creditors
       and other interested parties, and with the holding and
       administration of any meetings held to consider a
       reorganization plan;

   (e) report to the Canadian Court the state of the Debtors'
       business and financial affairs or developments in their
       insolvency proceedings or any related proceedings within
       the time limits provided in the CCAA, and provide copies
       of those reports to the DIP Lenders;

   (f) report to the Court and interested parties its assessment
       of, and recommendations with respect to, a reorganization
       plan;

   (g) retain and employ agents, advisers, and other assistants
       as are reasonably necessary to carry out the terms of the
       Canadian Court's order;

   (h) engage legal counsel to the extent it considers necessary
       in connection with the exercise of its powers as monitor
       of the Debtors' Canadian insolvency proceedings;

   (i) may act as a "foreign representative" of the Debtors in
       any proceedings outside of Canada, and will assist the
       Canadian Court in coordination of the proceedings under
       Chapter 11 of the United States Bankruptcy Code;

   (j) may give any consent or approval as are contemplated by
       the Canadian Court order; and

   (k) perform other duties as are required by the Canadian
       Court Order, the CCAA, or the Canadian Court from time to
       time.

The Monitor will not interfere with the Debtors' business and
financial affairs, and is not empowered to take possession of
the Debtors' property nor manage any of their business or
financial affairs.

The Debtors and their directors, officers, employees and agents,
accountants, auditors, and all other related parties will
provide the Monitor with unrestricted access to all of the
Debtors' properties, including premises, books, records, data,
including data in electronic form, and all other documents of
the Debtors in connection with the Monitor's duties and
responsibilities.

The Monitor may provide creditors and other interested parties
with information relating to the Debtors.  The Monitor, however,
will not disclose any information that is considered
confidential, proprietary or competitive, or where the
disclosure of information would be prejudicial to the Debtors'
restructuring process.

The Monitor will not incur any liability or obligation as a
result of its appointment and the fulfillment of its duties,
except any liability arising from its gross negligence or
willful misconduct.  No action will be commenced against the
Monitor relating to its appointment, except without prior leave
of the Canadian Court.

The Debtors will entitle the Monitor, its legal counsel, as
well as the Debtors' legal counsel, an administration charge
on the Debtors' Property, not exceeding CDNUS$5,000,000.

                       About Quebecor World

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.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR WORLD: Bank Lenders Commit US$1 Billion DIP Financing
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates received
commitment of up to US$1,000,000,000 of senior secured credit
financing facilities from a syndicate of banks led by Credit
Suisse Securities (USA), LLC, and Morgan Stanley Senior Funding
Inc.

The Debtors project that DIP borrowings will increase an
approximately US$788,000,000 by the end of April 20, 2008.

In view of the size of their businesses and the fluctuations in
their cash needs, the Debtors have determined that a
US$1,000,000,000 facility is necessary to adequately finance
them during their restructuring.

The DIP Facility will be composed of:

   (i) up to US$600,000,000 senior secured term loan facility,
       and

  (ii) up to US$400,000,000 senior secured revolving credit
       facility.

The Revolving Credit Facility also provides an aggregate of
US$100,000,000 letter of credit subfacility and an aggregate of
US$25,000,000 swing line subfacility.  The Revolving Credit
Facility availability is also subject to a borrowing base
calculation with regards to the Debtors' accounts receivable and
inventory.

Proceeds of the DIP Facility will be used by the Debtors:

   (a) to repurchase their existing North American accounts
       receivable securitization facility of approximately
       US$425,000,000;

   (b) for working capital and other general corporate purposes
       of the debtors and, subject to limitations to be agreed,
       non-debtors; and

   (c) for the payment of fees and expenses incurred in
       connection with the DIP transactions.

The Term Loan Facility will be prepaid with 100% of the net cash
proceeds of all asset sales of property and issuances, offerings
or placements of debt obligations.  The Debtors will comply with
a minimum consolidated Liquidity Availability covenant of
US$50,000,000 and a minimum consolidated EBITDAR covenant.  The
Debtors are also required to prepare a rolling 13-week cash flow
forecast to be updated weekly.

The DIP Facility will be secured by a perfected first priority
charge of all equity interests of Quebec World (USA), Inc., a
perfected first priority charge of all equity interests held by
QWI in each of the other Debtors, and a perfected first priority
charge in all assets of QWI and each of the other Debtors.

The superpriority perfected security interests and charges and
administrative claims against the U.S. Debtors will be subject
and subordinate to a Carve-Out for the payment of (a) allowed
fees and disbursements of professionals hired by the U.S.
Debtors and a statutory committee of unsecured creditors
appointed by the U.S. Court; and (b) in the event of a
conversion of the bankruptcy cases to that under Chapter 7 of
the U.S. Bankruptcy Code, the fees and expenses of a Chapter 7
trustee.

The superpriority perfected security interests in the assets of
QWI will be subject and subordinate to a CAUS$5,000,00
administration charge.

The interest rate payable in connection with the revolving
credit facility will be LIBOR plus 2.25% or ABR plus 1.25%; for
the term loan will be LIBOR plus 3.75% or ABR plus 2.75%; and
ABR plus 1.25% for the swing interest line.  Default rate is the
applicable interest rate plus 2.0% per annum.

The DIP Facility will contain a minimum consolidated Liquidity
Availability covenant of US$50,000,000, and a minimum
consolidated EBITDAR covenant applicable to QWI and its
subsidiaries.

The DIP Facility will mature on the earliest of:

   -- 18 months after the Petition Date;

   -- 45 days after the entry of an interim DIP order if a final
      DIP order has not been entered before the expiration of
      the 45-day period;

   -- the substantial consummation of a plan of reorganization
      filed with the U.S. Bankruptcy Court; or

   -- the acceleration of the loans and the termination of the
      commitment with respect to the DIP Facilities in
      accordance with the DIP Loan Documents.

The DIP Lenders is represented by Shearman & Sterling, LLP, in
the United States, and Blake, Cassels & Graydon, LLP, in Canada.

The Debtors prepared a 13-week consolidated North American cash
flow forecast for weeks ending Jan. 27, 2008, through
April 20, 2008.  The cash flow forecast is in consideration of
the Debtors' reorganization proceedings before the U.S.
Bankruptcy Court for the Southern District of New York and
insolvency proceedings before the Superior Court of Justice
(Commercial Division), for the Province of Quebec, in Canada.

The cash flow indicates that the Debtors' total receipts at the
end of the 13-week Period will be US$498,000,000.  They
anticipate that their disbursements, which include payments of
professional fees and workers compensation, will total
US$1,161,000,000.

A full-text copy of the 13-Week Cash Flow is available free of
charge at http://bankrupt.com/misc/quebecor_13WeekBudget.pdf

                       About Quebecor World

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.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SOLUTIA INC: Credit Woes Delay Chapter 11 Exit
----------------------------------------------
Solutia Inc. discloses that the effective date of its confirmed
plan of reorganization and its emergence from Chapter 11 will be
delayed from the previously anticipated Jan. 25, 2008 emergence
date.

As previously reported, Solutia's Consensual Plan, which was
confirmed on Nov. 29, 2007, is subject to numerous closing
conditions, including entering into an exit financing facility.
The lead arrangers of Solutia's exit financing -- Citigroup
Global Markets Inc. and certain of its affiliates, Goldman Sachs
Credit Partners L.P., Deutsche Bank Trust Company Americas and
Deutsche Bank Securities Inc. -- informed Solutia yesterday
that, in their view, due to continuing conditions in the credit
markets, they have not been able to complete the exit financing
they committed to on October 25, 2007.  The exit financing
consists of a US$1,200,000,000 senior secured term loan
facility, a US$400,000,000 senior secured asset-based revolving
credit facility and US$400,000,000 aggregate principal amount of
senior unsecured notes.

Under the terms of the commitment, the lead arrangers of the
exit financing have an obligation, subject to certain
conditions, to provide the term loan facility, the revolving
credit facility and, in case they are not able to successfully
market the senior unsecured notes, a US$400,000,000 senior
unsecured bridge facility.  The commitment expires on
Feb. 29, 2008.

Solutia said in a statement that one of the conditions of the
lead arrangers' obligations to provide those credit facilities
is the absence of any adverse change since Oct. 25, 2007, in the
loan syndication, financial or capital markets generally that,
in their reasonable judgment, materially impairs syndication of
the proposed loan facilities.  The lead arrangers have asserted
that this condition has not been satisfied.

Solutia, however, believes that the ongoing conditions in the
credit markets began long before October 25, 2007. Accordingly,
the company believes that the lead arrangers are required to
fund their commitments on or before Feb. 29, 2008.

"While we disagree with the position asserted by the lead
arrangers, we intend to continue to work with them to
successfully syndicate the exit facility," said Jeffry N. Quinn,
Chairman, President and Chief Executive Officer of Solutia.

The delayed deal has ramifications for recoveries throughout the
capital markets and for companies that go into default, said
Matthew Dundon, head of research at Miller Tabak Roberts
Securities, according to Reuters.

"An obvious conclusion is the market is demanding better terms
and higher spreads now than it was then," Mr. Dundon said.  "It
indicates that the bank loan market remains strained.

"In fact it is not just hard to sell debt that you agreed to
originate before last summer, it may be hard to sell debt that
you agreed to originate in October," Mr. Dundon added, citing
changes in fiscal policy, the economic outlook and concerns
about the liquidity of credit markets and bond insurance.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


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


DELPHI CORP: Judge Drain Wants Executive Bonuses Reduced
--------------------------------------------------------
As widely reported, the Honorable Robert Drain of the U.S.
Bankruptcy Court for the Southern District of New York said he
will approve Delphi Corp. and its debtor-affiliates' First
Amended Joint Plan of Reorganization on the condition that the
total payout of cash bonuses to top executives is reduced.

"I am prepared to enter the confirmation order, provided the
management compensation plan is changed," Judge Drain said at
the confirmation hearings, which began Jan. 17, 2008.

Reuters reports the Court wants the emergence bonus for Delphi's
officers reduced to US$16.5 million from the US$87.9 million
that Delphi had proposed to award to 500 managers upon
emergence.  But the United Auto Workers and the International
Union of Electronic Workers-Communications Workers of America
objected to payments, citing among other things, that while
unionized Delphi employees suffered pay-cuts, the managers, who
are already adequately compensated, are given generous bonuses.

The management compensation plan seeks to grant an
US$8.3 million "performance payment" to Executive Chairman
Robert Miller; and a US$5.3 million cash emergence payment to
Chief Executive Officer  Rodney O'Neal.

Delphi aims to emerge from Chapter 11 by the end of first
quarter of 2008.  Delphi, however, has yet to secure the US$6.1
billion exit financing to pay claims and fund its post-
bankruptcy operations.  According to The Associated Press, a
Delphi executive said that the company expects to obtain a
commitment for US$4.5 billion of the financing by Jan. 23, 2008,
but there has been no indication whether the company is close to
securing the loans.

Delphi told the Court that the First Amended Plan satisfies the
conditions for confirmation under Section 1129 of the Bankruptcy
Code.  It noted that the Plan has been approved by 81% of 4,000
creditors entitled to vote on the Plan.

According to Bloomberg News, Delphi resolved or had overruled
objections to earlier changes to the Plan, including those
triggered by a US$2.55 billion investment in Delphi by a group
of investors led by Appaloosa Management LP.  Delphi, Bloomberg
News reports, said that Davidson Kempner Capital Management LLC,
Whitebox Advisors LLC and other bondholders have agreed to
withdraw their objections, in exchange for, among other things,
payment of the group's legal fees up to US$5 million.

                      About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 108; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000)


LIBERATION SA: Emerges from Bankruptcy Protection
-------------------------------------------------
French Daily newspaper Liberation SA came out from bankruptcy
with its EUR15 million debt reduced and restructured, the
Financial Times reports, citing Les Echos.

According to the report, Liberation's main shareholders will
inject EUR15 million in capital with the paper planning to break
even in 2008.

As reported in the Troubled Company Reporter-Europe, the paper
sought a three-month extension, ending December 2007, of its
bankruptcy protection in the Paris commercial court as managers
intended to demonstrate that Liberation is a viable business.

FT relates that aside from investing on its online presence,
Liberation is also focusing on new products and events,
including distributing DVDs with its weekend edition.

The Paris commercial court granted bankruptcy protection to the
French daily newspaper on Oct. 4, 2006.


REMY COINTREAU: S&P Affirms Rating at BB- on Financial Profile
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'BB-' long-term
corporate credit and senior unsecured debt ratings on Remy
Cointreau S.A.

Standard & Poor's Ratings Services revised the outlook to stable
from negative.  The outlook revision reflects the positive
evolution of the group's financial metrics and S&P's expectation
that the group's cash-generation capacity will be resilient
enough over time to keep its financial profile in line with
their guidance.

"The ratings reflect Remy Cointreau's aggressive financial
profile, limited discretionary cash flow generation, significant
use of uncommitted lines for liquidity management, and exposure
to currency evolution, despite its leading position in cognac
and its presence in other high-margin drink categories," said
Standard & Poor's credit analyst Michael Seewald.

At Sept. 30, 2007, the group's unadjusted financial debt totaled
EUR580 million.

"We expect that the resilience of Remy Cointreau's core brands
will allow for continued progress in prices and mix management,
offsetting potential shortfalls arising from foreign exchange
risk and slowing consumer spending in the U.S., and keeping the
group's financial metrics in line with our expectations for the
rating," said Mr. Seewald.

S&P could revise the ratings or outlook upward if Remy manages
to improve its cash flows to levels sufficient to allow for
further sustainable deleveraging, despite the group's expected
still-high dividend payments (EUR50 million in the year to
September 2007) and the one-off impact of the group's exit fee
from its current distribution arrangements to be paid in March
2009.

Conversely, downward pressure will arise if Remy fails to
sustain a financial profile in line with the ratings due to
operating performance, acquisitions, or increased shareholder
returns.


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


C & M BETEILIGUNGS: Claims Registration Period Ends February 14
---------------------------------------------------------------
Creditors of C & M Beteiligungs-GmbH have until Feb. 14, 2008 to
register their claims with court-appointed insolvency manager
Bernd Sundermeier.

Creditors and other interested parties are encouraged to attend
the meeting at 18:15 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 Oldenburg
         Meeting hall 2
         Ground Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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. Bernd Sundermeier
          Alte Wiefelsteder Strasse 3
          26316 Varel
          Germany
          Tel: 04451 913880
          Fax: 04451 913839

The District Court of Oldenburg opened bankruptcy proceedings
against C & M Beteiligungs-GmbH on Dec. 18, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          C & M Beteiligungs-GmbH
          Raiffeisenstrasse 17
          26180 Rastede
          Germany


CRISTALL GMBH: Claims Registration Period Ends February 15
----------------------------------------------------------
Creditors of Cristall GmbH have until Feb. 15, 2008, to register
their claims with court-appointed insolvency manager Mathias
Dorn.

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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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 Str. 1
         87435 Kempten
         Germany

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

The Debtor can be reached at:

         Cristall GmbH
         Leutkircher Strasse 18
         88316 Isny
         Germany


FERDINAND SCHNEIDER: Creditors' Meeting Slated for February 26
--------------------------------------------------------------
The court-appointed insolvency manager for Ferdinand Schneider
GmbH & Co. KG, Harald Silz will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Feb. 26, 2008.

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

         The District Court of Darmstadt
         Hall 4.310
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 29, 2008 at the same
venue.

Creditors have until March 18, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-1504-0
         Fax: 0611-301774

The District Court of Darmstadt opened bankruptcy proceedings
against Ferdinand Schneider GmbH & Co. KG on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ferdinand Schneider GmbH & Co. KG
         Attn: Ferdinand Schneider, Manager
         Eisenstrasse 50
         65428 Ruesselsheim
         Germany


GEMAR GRONAU: Claims Registration Period Ends February 14
---------------------------------------------------------
Creditors of GEMAR Gronau Zeitarbeit GmbH have until Feb. 14,
2008 to register their claims with court-appointed insolvency
manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 6, 2007, 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 112 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          Germany

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

The insolvency manager can be reached at:

          Andreas Sontopski
          Gnoiener Platz 10
          48493 Wettringen
          Germany
          Tel: 02557/9384-0
          Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against GEMAR Gronau Zeitarbeit GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          GEMAR Gronau Zeitarbeit GmbH
          Attn: Albert Winkel, Manager
          Neustrasse 34
          48599 Gronau
          Germany


GIMAS FIOSOFT: Claims Registration Period Ends February 14
----------------------------------------------------------
Creditors of GIMAS FIOSOFT GmbH have until Feb. 14, 2008 to
register their claims with court-appointed insolvency manager
Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

          Ingo Thurm
          Aegidientorplatz 2B
          30159 Hannover
          Germany
          Tel: 0511/475577-47
          Fax: 0511/475577-99
          E-mail: info@thurm-insolvenz.de

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

The Debtor can be reached at:

          GIMAS FIOSOFT GmbH
          Attn: Heiko Heinemann, Manager
          Daimlerring 6B
          31135 Hildesheim
          Germany


GK GAS- UND SANITARTECHNIK: Claims Registration Ends February 15
----------------------------------------------------------------
Creditors of GK Gas- und Sanitartechnik GmbH have until
Feb. 15, 2008 to register their claims with court-appointed
insolvency manager Stefanie Kaufmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 12, 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 Ludwigshafen am Rhein
         Meeting Hall 7
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         Germany

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

The insolvency manager can be reached at:

         Stefanie Kaufmann
         Roxheimer Str. 17
         67240 Bobenheim-Roxheim
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against GK Gas- und Sanitartechnik GmbH on
Oct. 25, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GK Gas- und Sanit„rtechnik GmbH
         Attn: Hermann Gaschott and
         Friedhelm Koppenhoefer, Managers
         Albertstrasse 5
         67227 Frankenthal
         Germany


HERMANN RICHTER: Claims Registration Period Ends February 6
----------------------------------------------------------
Creditors of Hermann Richter GmbH & Co. KG have until
Feb. 6, 2008 to register their claims with court-appointed
insolvency manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Muenster
         Meeting Hall 101 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:

         Manfred Vellmer
         Adalbertstr. 8
         48565 Steinfurt
         Germany
         Tel: 02552/638710
         Fax: +4925526387111

The District Court of Muenster opened bankruptcy proceedings
against Hermann Richter GmbH & Co. KG on Jan. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hermann Richter GmbH & Co. KG
         Attn:  Udo Richter, Manager
         Hauptstr. 66
         48607 Ochtrup
         Germany


IKB DEUTSCHE: Citi Property Snaps Former HQ for EUR50 Million
-------------------------------------------------------------
Citi Property Investors has purchased IKB Deutsche
Industriebank's former headquarters in Dusseldorf's city center
for EUR50 million, Jonathan Brasse writes for Propertyweek.com.

CIP, a unit of Citi Alternative Investments, bought the 55-year
old 107,640 sq. ft. building from Rockspring Property Investment
Managers, the report adds.

Citi Property Investors is the real estate investment management
business of Citi.

                        About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Jan. 9, 2008, Fitch Ratings has
upgraded IKB Deutsche Industriebank AG's Individual rating to
'E' from 'F'.  IKB's Long-term Issuer Default of 'A+' and Short-
term IDR of 'F1' are both placed on Rating Watch Evolving.  Its
Support Rating is affirmed at '1'.  Its senior-unsecured issues
are rated 'A+', the commercial papers F1 and its subordinated
debt issues are rated 'A', all placed on RWE.


IKB DEUTSCHE: Moody's Cuts Bank Financial Strength Rating to E+
---------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of IKB Deutsche Industriebank to E+ from D-, concluding
the review for possible downgrade initiated last autumn.  The
outlook on the BFSR is now developing.

Concurrently, IKB's long-term debt and deposit ratings were
downgraded to A3 from A2 and the subordinated debt ratings have
been downgraded to Baa1 from A3.  The short-term ratings were
downgraded to Prime-2 from Prime-1.  All of these ratings remain
on review for possible further downgrade, as do the Caa1 ratings
on the bank's junior subordinated securities and hybrid capital
instruments eligible for Tier 1 capital.

Tuesday's downgrade of IKB's BFSR to E+ is based on Moody's
concerns with regard to:

   (1) The remaining exposure in IKB's EUR6.2 billion on-
       balance-sheet investment portfolio to further value
       adjustments in view of the further deterioration in the
       market values of structured credit products, which could
       result in losses potentially exceeding the risk shield of
       EUR1 billion provided by the main shareholder
       Kreditanstalt fuer Wiederaufbau (rated Aaa).

   (2) IKB's tight capitalisation, which not only limits the
       bank's capacity to absorb further losses despite the
       recent strengthening of capital in the form of the
       issuance of a mandatory convertible bond which was fully
       subscribed by KfW (as part of the rescue package launched
       by KfW and the banking pool in November 2007), but also
       restricts IKB's flexibility to generate new business and
       thus weighs on the bank's ability to generate operating
       profits going forward.

The developing outlook on the BFSR reflects, on the one hand,
the potential negative impact from the above-mentioned risks,
but also, on the other hand, the continuing beneficial impact
from the bank's franchise as an important lender and service
provider to German medium-sized companies (Mittelstand).
Moody's continues to recognize that the bank enjoys strong
client relationships and has expertise in this segment which
could allow the bank to continue its core business going forward
without the need for support on an ongoing basis once the risks
from its investment portfolio have been neutralized.

Although Moody's expectation of very strong support for IKB
remains unchanged at present, the lower BFSR has negatively
impacted IKB's other ratings Moody's also noted that any
marginal sign of weakening support going forward could have a
disproportionate negative impact on IKB's debt and deposit
ratings.

Moody's decision to maintain the review for possible downgrade
for the debt and deposit ratings takes into consideration the
following factors:

   (1) The potential changes to the bank's credit profile (as
       highlighted already by the downgrade of the BFSR).

   (2) The remaining uncertainties regarding the bank's future
       ownership particularly as IKB's main shareholder KfW
       (37.8%) has formally announced the start of the process
       to sell the bank.

   (3) The high sensitivity of the current ratings to a marginal
       weakening in the support assumptions, even within the
       'very high' category of support.

Headquartered in Duesseldorf, Germany, IKB reported total assets
of EUR52 billion at the end of March 2007.


LF LUFT- UND FILTERTECHNIK: Claims Registration Ends February 15
----------------------------------------------------------------
Creditors of LF Luft- und Filtertechnik GmbH have until
Feb. 15, 2008 to register their claims with court-appointed
insolvency manager Peter Gangfuss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 4, 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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:10 a.m. on the the same date at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Peter Gangfuss
         Hainstr. 3a, D
         63486 Bruchkoebel
         Germany
         Tel: 06181/579900
         Fax: 06181/5799020

The District Court of Hanau opened bankruptcy proceedings
against LF Luft- und Filtertechnik GmbH on Jan. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LF Luft- und Filtertechnik GmbH
         Industriestr. 7
         63579 Freigericht
         Germany

         Attn: Walter Paasen, Manager
         Bornrain 13
         63789 Linsengericht-Grossenhausen
         Germany


MOTOR-ELEKTRIK GMBH: Claims Period Ends February 6
--------------------------------------------------
Creditors of Motor-Elektrik GmbH have until Feb. 6, 2008 to
register their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings
against Motor-Elektrik GmbH on Jan. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Motor-Elektrik GmbH
         Attn: Volker Huebsch, Manager
         Zwickauer Staatsstr. 2
         08393 Meerane
         Germany


OPTIK-HOERGERATE: Claims Registration Period Ends February 14
-------------------------------------------------------------
Creditors of Optik-Hoergerate Engelauf GmbH have until
Feb. 14, 2008,to register their claims with court-appointed
insolvency manager Andreas Stratenwerth.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Optik-Hoergerate Engelauf GmbH on Jan. 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Optik-Hoergerate Engelauf GmbH
          Hauptstr. 54
          33647 Bielefeld
          Germany


POLCH GMBH: Claims Registration Period Ends February 4
------------------------------------------------------
Creditors of Oelpflanzenverwertungsgesellschaft Polch GmbH have
until Feb. 4, 2008 to register their claims with court-appointed
insolvency manager Annette Dietter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:12 a.m. on Feb. 21, 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 Mayen
         Hall 4
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Annette Dietter
         c/o Reuss Ges.f.Insolvenzverw. mbH & Co. KG
         Schlossstr. 24/Haus 3
         65594 Runkel-Dehrn
         Germany
         Tel: 06431 / 9777-10
         Fax: 06431 / 9777-20
         E-mail: limburg@reuss-und-partner.de

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

The Debtor can be reached at:

         Oelpflanzenverwertungsgesellschaft Polch GmbH
         Am Bahnhof 9
         56751 Polch
         Germany

         Attn: Gerd Israel, Manager
         Ruebererstr. 1
         56295 Kerben
         Germany


SAXONIA AUTHOHAUS: Claims Registration Period Ends February 14
--------------------------------------------------------------
Creditors of Saxonia Authohaus VOIT GmbH have until Feb. 14,
2008, to register their claims with court-appointed insolvency
manager Stefan Kahnt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Kahnt
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against Saxonia Authohaus VOIT GmbH on Jan. 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Saxonia Authohaus VOIT GmbH
         Attn: Thomas Berndt, Manager
         Altchemnitzer Strasse 30
         09120 Chemnitz
         Germany


SIGNMEINERSEN GMBH: Claims Registration Period Ends February 14
---------------------------------------------------------------
Creditors of Signmeinersen GmbH have until Feb. 14, 2008, to
register their claims with court-appointed insolvency manager
Paul Niederhagemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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:

          Paul Niederhagemann
          Witzlebenstrasse 123
          29223 Celle
          Germany
          Tel: 05141/540890
          Fax: 05141/540891

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

The Debtor can be reached at:

         Signmeinersen GmbH
         Attn: Wolfgang Guennel
         Gausekamp 1
         38536 Meinersen
         Germany


TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of TRW
Automotive, Inc:

   -- Corporate Family Rating, Ba2;
   -- senior secured bank credit facilities, Baa3; and
   -- senior unsecured notes, Ba3.

The rating outlook was revised to negative from stable.

As a leading supplier of components and systems to automotive
OEMs, TRW's business profile has many characteristics that are
consistent with the assigned Ba2 Corporate Family rating.  The
company enjoys a well diversified revenue base, including long
standing supply arrangements with European and Asian auto
makers.  Continuous investment in new safety product
technologies should support future revenue growth, even as
automotive demand softens.  While the company's refinancing in
2007 resulted in lower debt costs, debt levels remain high and
continues to pressure the company's interest coverage measures.

The negative outlook reflects concern that in an environment of
weakening economic trends in North America and Europe, TRW could
be challenged to sustain financial metrics consistent with its
Ba2 rating.  For the LTM period ending 9/30/07 EBIT/Interest was
about 1.7x, and debt/EBITDA was about 4.1x.  While LTM FCF/Debt
was negative, Moody's expects the company's fourth quarter free
cash flow to be seasonally strong.  Recent free cash flow trends
have been hurt by timing issues regarding certain customer
invoices and growth abroad.  However, the company has continued
to experience margin pressures and modest free cash flow
generation.  Moreover, debt levels have remained high resulting
from the recent debt refinancing, debt acquired with the Dalphi
Metal Espana, S.A. consolidation, and the repurchase of TRW
stock from Northrop Grumman Corporation.

Moody's expects the company's safety product focus, and its
strong geographic, customer and product diversification to
continue to support revenue growth even in the face of weaker
automotive demand.  While TRW has generated steady yearly EBITDA
levels, the company's ability to materially reduce debt and
thereby improve its interest coverage metrics will be challenged
by the current automotive environment both in North America and
abroad.  These challenges include declining OEM production both
in North America and abroad, high raw material costs, and
negotiated price downs.

TRW will continue to have very good liquidity over the next 12
months.  The company's liquidity profile consists of
approximately US$473 million of cash and cash equivalents at
Sept. 28, 2007, availability under the US$1.4 billion revolving
credit facilities was approximately US$600 million, after
consideration of letters of credit outstanding and usage under
the company's additional borrowing facilities.  TRW's covenants
are not expected to restrict this access over the next twelve
months.  Moody's expects free cash flow to be positive in 2008
reflecting stable EBITDA performance and capital expenditures
consistent with historical trends.  Alternative liquidity
arrangements will continue to be limited by the current bank
liens over substantially all of the company's assets.

These ratings were affirmed:

   -- Ba2 Corporate Family rating;

   -- Ba2 Probability of Default rating;

   -- Baa3 (LGD2, 17%) rating for the US$1.4 billion combined
      senior secured domestic and global revolving credit
      facilities;

   -- Baa3 (LGD2, 17%) rating for the US$600 million senior
      secured term loan A;

   -- Baa3 (LGD2, 17%) rating for the US$500 million senior
      secured term loan B;

   -- Ba3 (LGD5, 72%) for the US$500 million senior unsecured
      notes due 2014;

   -- Ba3 (LGD5, 72%) for the Euro 275 million senior unsecured
      notes due 2014;

   -- Ba3 (LGD5, 72%) for the US$600 million senior unsecured
      notes due 2017;

   -- SGL-1 Speculative Grade Liquidity Rating.

The last rating action was on April 26, 2007, when ratings were
assigned to the company's senior secured bank credit facilities.

Future events that would be likely to improve TRW Automotive's
outlook or ratings include further debt and leverage reduction
from free cash flow, or improved operating margins resulting
from new business wins or productivity improvements.
Consideration for upward outlook or rating migration would arise
if any combination of these factors were to reduce leverage to
under 3.0x or increase EBIT/interest coverage to a level
approaching 3.0x.

Consideration for downward rating migration would arise if any
combination of factors were to result in leverage sustained at
over 3.5x or if EBIT/ Interest coverage sustained at under 2.0x.

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany,
Italy, among others.  Its primary business lines encompass the
design, manufacture and sale of active and passive safety
related products.  Annual revenues are approximately
US$14 billion.


VERBICON VERWALTUNGS-GMBH: Claims Period Ends February 1
--------------------------------------------------------
Creditors of Verbicon Verwaltungs-GmbH have until Feb. 1, 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 11:30 a.m. on Feb. 22, 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 101 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
         Telefon: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against Verbicon Verwaltungs-GmbH on Dec. 28, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Verbicon Verwaltungs-GmbH
         Von-Kluck-Strasse 14-16
         48151 Muenster
         Germany

         Attn: Leo Faltmann, Manager
         Lasbeck 18
         48329 Havixbeck
         Germany


VEVIDO GMBH: Claims Registration Period Ends January 29
-------------------------------------------------------
Creditors of Vevido GmbH & Co. KG have until Jan. 29, 2008 to
register their claims with court-appointed insolvency manager
Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Feb. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nebenstelle
         Meeting Hall 2
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Heiligengeiststrasse 29
         26121 Oldenburg
         Germany
         Tel: 0441 218910
         Fax: 0441 2189139

The District Court of Nebenstelle opened bankruptcy proceedings
against Vevido GmbH & Co. KG on Jan. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vevido GmbH & Co. KG
         Stubbenweg 38 - 40
         26125 Oldenburg
         Germany

WBN WAGGONBAU: Claims Registration Period Ends February 14
----------------------------------------------------------
Creditors of WBN Waggonbau Niesky GmbH have until Feb. 14, 2008,
to register their claims with court-appointed insolvency manager
Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Frank Ruediger Scheffler
         C.-D.-Friedrich-Str. 6
         01219 Dresden
         Germany
         Web site: http://www.tiefenbacher.de/

The District Court of Dresden opened bankruptcy proceedings
against WBN Waggonbau Niesky GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          WBN Waggonbau Niesky GmbH
          Am Waggonbau 11
          02906 Niesky
          Germany


WERCHOW GMBH: Claims Registration Period Ends February 13
---------------------------------------------------------
Creditors of Apparateservice Werchow GmbH have until Feb. 13,
2008 to register their claims with court-appointed insolvency
manager Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

          Ruediger Bauch
          Damm 18
          38100 Braunschweig
          Germany
          Tel: 0531 38848-10
          Fax: 0531 38848-11

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

The Debtor can be reached at:

          Apparateservice Werchow GmbH
          Attn: Siegfried Macikowski, Manager
          Karl-Marx-Strasse 127
          03205 Calau
          Germany


WOLFGANG LIEBERS: Claims Registration Ends February 15
------------------------------------------------------
Creditors of Wolfgang Liebers GmbH have until Feb. 15, 2008 to
register their claims with court-appointed insolvency manager
Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Hamburg
         Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Wolfgang Liebers GmbH
         Attn: Wolfgang Liebers, Manager
         Rungedamm 37
         21035 Hamburg
         Germany


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


PROPEX INC: Wants to Employ Houlihan Lokey as Financial Advisor
---------------------------------------------------------------
Propex Inc. and its debtor-affiliates ask authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
employ Houlihan Lokey Howard & Zukin Capital, Inc., as their
financial advisor and investment banker in their Chapter 11
cases.

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., relates that the Debtors selected
Houlihan Lokey to serve as their financial advisor because the
firm has gained substantial knowledge of the Debtors' financial
and operational condition during its prepetition representation
of the Debtors.

As the Debtors' financial advisor and investment banker,
Houlihan Lokey will:

   * assist the Debtors in the development, preparation and
     distribution of selected information, documents and other
     materials;

   * solicit and evaluate indications of interest and proposals
     regarding any transaction from current and potential
     lenders;

   * assist the Debtors with the development, structuring,
     negotiation and implementation of any transaction;

   * assist in valuing the Debtors' assets or operations,
     provided that any real estate or fixed asset appraisals
     will be undertaken by outside appraisers, separately
     retained and compensated by the Debtors;

   * provide expert advice and testimony regarding financial
     matters related to any transaction;

   * advise and attend meetings of the Debtors' Board of
     Directors, Debtors' creditor groups, official
     constituencies and other interested parties, as the Debtors
     determine to be necessary or desirable; and

   * provide other financial advisory services as may be agreed
     upon by the firm and the Debtors.

Furthermore, Houlihan Lokey intends to work closely with other
professionals retained by the Debtors to avoid unnecessary
duplication of services performed for or charged to the Debtors'
estates, according to Mr. McCarter.

For the services contemplated to be rendered by Houlihan Lokey,
the Debtors will pay the firm these fees:

   (a) A non-refundable US$150,000 initial fee

   (b) A US$150,000 fee for the first three months of the firm's
       retention and a US$125,000 monthly fee thereafter.

   (c) Subject to the Court's consent, a US$2,812,500
       transaction fee in the event that a plan of
       reorganization in the Debtors' cases is confirmed .

Six Houlihan Lokey professionals are presently expected to have
primary responsibility for providing services to the Debtors:

   1. P. Eric Siegert
   2. Jonathan Cleveland
   3. Derek Pitts
   4. Quincy Evans
   5. Ishreth Hassen
   6. Drew Talarico

The Debtors will also reimburse the firm for expenses it may
incur in connection with its contemplated serves, including
travel costs and temporary employment of additional staff.

Houlihan Lokey has been representing the Debtors since October
2007 in connection with one or more financing transactions for
the Debtors, Mr. McCarter notes.

According to papers filed with the Court, managing director
Jonathan Cleveland relates that through the Debtors' bankruptcy
filing, Houlihan Lokey has been paid US$450,000,000 in fees and
reimbursed for US$26,840 of expenses in accordance with the
Original Employment Agreement.

Mr. Cleveland assures the Court that his firm is a
"disinterested person," as the term is defined in Section
101(14) of the Bankruptcy Code.

                          About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants to Employ Miller & Martin as Local Counsel
------------------------------------------------------------
Propex Inc. and its debtor-affiliates ask the authority of the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
employ Miller & Martin as their local counsel in their
Chapter 11 cases.

Prior to bankruptcy filing, Miller & Martin PLLC had been
engaged in a matter involving:

   (a) certain contractual issues related to Propex, Inc., and
       its sales representatives, and

   (b) the review of certain executive compensation and employee
       benefit issues.

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., relates that the Debtors selected
Miller & Martin because of the firm's knowledge and experience
in bankruptcy and corporate matters for which the firm is being
employed.

As the Debtors' local counsel, Miller & Martin will represent
the Debtors in pursuing matters that are relevant to the
Chapter 11 cases and will advise the Debtors on these matters.

Four professionals are presently expected to have primary
responsibility for providing services to the Debtors:

           Professional               Hourly Rate
           ------------               -----------
           Shelley D. Rucker               US$350
           Nicholas Whittenburg            US$305
           Craig Smith                     US$200
           Tanya English                   US$185

The Debtors will also reimburse the firm for expenses it may
incur, including travel costs and temporary employment of
additional staff, relating to any work undertaken.

Prior to bankruptcy filing, Miller & Martin received a US$32,558
retainer from the Debtors.  Payments received during the 12
months prior to the Petition Date were for services unrelated to
the filing of the Chapter 11 cases.

Miller & Martin applied from the retainer US$20,000 to fees and
US$5,195 for filing fees prior to the Petition Date to pay for
fees and expenses incurred in contemplation of the cases.  The
balance of the retainer will be applied in payment of
postpetition fees and expenses only after approval from the
Court.

Shelley D. Rucker, Esq., a partner at Miller & Martin, assures
the Court that her firm is a "disinterested person," as the term
is defined in Section 101(14) of the Bankruptcy Code.

                         About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 1; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Court Approves US$60 Million Credit Facility
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of
Tennessee has approved Propex Inc. and its debtor-affiliates'
US$60 million credit facility on an interim basis with immediate
access to US$20 million as requested by the company, which is
available to complement existing cash on hand.  This will
provide Propex with immediate and sufficient liquidity to
operate its business on an ongoing basis.  As is customary under
Chapter 11 procedures, a final hearing for further funding under
the credit facility is scheduled for Feb. 13, 2008.

In addition, the Court also approved all other First-Day Motions
it considered, including the motion to pay employee wages and
benefits and the motion to use the company's existing cash
management system which enables Propex's business to continue to
operate in a normal manner.

"We are pleased to have received the interim Court approval of
our US$60 million credit facility and other First-Day Motions as
we expected," Joe Dana, President of Propex Inc., said.  "We are
focusing our efforts on restructuring our balance sheet in order
to reduce our debt and emerge from Chapter 11 a stronger and
more nimble Propex better able to serve our customers."

                          About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Chapter 11 Filing Cues S&P's Corp. Rating Cut to D
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Propex Inc. to 'D' from 'CCC'.  In addition, S&P
lowered the senior secured and senior unsecured ratings to 'D'.

"The downgrades follow Propex's announcement that it has filed
for protection under Chapter 11 of the U.S. Bankruptcy Code,"
said Standard & Poor's credit analyst Henry Fukuchi.

The company will continue to operate its facilities and offices
in the ordinary course of business while it restructures its
balance sheet.  Propex has arranged a US$60 million credit
facility for which it is seeking Court approval.

S&P removed the ratings from CreditWatch with negative
implications, where they were placed on Oct. 8, 2007, on
concerns that Propex's leveraged financial profile and liquidity
would continue to deteriorate in the current
challenging environment.

Operating results have been weak at Propex due to low
residential construction activity and declines in the domestic
housing markets, which have caused earnings, cash flow, and the
financial profile to deteriorate to subpar levels.

With approximately US$690 million in annual sales, Propex is a
leading producer of polypropylene fabrics and fibers used in
primary and secondary carpet backing, geosynthetic and
industrial applications, and concrete fiber reinforcement.


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


IQON TECHNOLOGIES: Irish High Court Orders Liquidation
------------------------------------------------------
Hon. Peter Kelly of the High Court of Ireland has appointed
Michael McAteer as liquidator for iQon Technologies Ltd. after
the PC manufacturer failed to raise necessary investment to
remain as a going concern, The Irish Times reports.

The liquidation order effectively made iQon's 108 employees
redundant, the Irish Independent relates.

Ciaran O'Donoghue, iQon's managing director, expressed
disappointment on the company's collapse after 18 years in
business.

"A series of events had led to the company being put into
liquidation," Mr O'Donoghue told the Irish Independent.

The company had been sustaining profits in past years and posted
more than GBP2 million net income in 2005, the Irish Independent
relates.  The company, however, succumbed to harsh competition
from international brands in 2007, posted around GBP7.5 million
in net losses and declared insolvency.

The High Court sent iQon into examinership in November 2007.

Headquartered in Louth, Ireland, iQon Technologies Ltd.
-- http://www.iqon.ie/-- manufactures and resells PCs and
peripherals in Ireland and the U.K.


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


ALITALIA SPA: Air France-KLM to Retain Alitalia Brand
-----------------------------------------------------
Air France-KLM SA assured it will retain the Alitalia S.p.A.
brand after it acquires the Italian government's 49.9% stake in
the national carrier, Thomson Financial reports, citing the
Anpac pilots union.

"There have been full and concrete assurances that there will
not be a 'regionalization' of the Italian flag carrier and the
Alitalia brand's value will be exploited and improved," said
Anpac, which with Anfav and Avia unions, met with Air France CEO
Jean Cyrille Spinetti.

Anpac added that the first phase of the plan will see a network
and fleet rationalization that will allow for a turnaround in
the results in order to reach breakeven beginning 2010, Thomson
Financial relates.

Air France also assured that following the downscaling of
Alitalia's operations at Milan's Malpensa airport, there will be
an expansion of flights to European destinations, Thomson
Financial adds.

Air France, Alitalia and trade unions will meet in February to
discuss the business plan for the national carrier.

As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have two months to reach an agreement, which would
be approved by the government.

Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement of
exclusive talks with Air France-KLM.

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

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

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

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

                          About Alitalia

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

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

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


PARMALAT SPA: Milan Court Commences Trial vs. Citigroup et al.
--------------------------------------------------------------
A court in Milan, Italy, has commenced trial against Citigroup
Inc., UBS AG, Deutsche Bank AG, Morgan Stanley and nine
individuals on charges of market rigging that led to Parmalat
S.p.A.'s bankruptcy in December 2003, published reports say.

Lawyers for the banks rejected claims that the concerned firms,
as well as their current and former managers, withheld
information on Parmalat's true financial situation prior to its
collapse, Bloomberg News reports.

Milan prosecutors accused the banks of disguising the terms of
Parmalat bond sales and other financing from investors, thus
helping Parmalat conceal its financial situation.

Giuseppe Bana, a lawyer for UBS, said the bank had "absolutely
nothing to do" with Parmalat's breakdown, Bloomberg News says.

"Neither Citigroup nor its employees did anything wrong," Nerio
Dioda, was quoted by Bloomberg News as saying.  "Why would the
bank have lent US$500 million to Parmalat if it thought it was
in trouble?"

In a statement, Citigroup said it is "convinced that the trial
will finally prove that Citi and its employee are wholly
innocent of the charges being brought and that, instead, it is
the largest victim of the worst fraud in the history of modern
Italy."

Ten executives at Citibank, a unit of Citigroup, might face
trial for abetting Parmalat S.p.A.'s financial collapse in
December 2003.

                      Bondholders Join Case

Meanwhile, more than 40,000 bondholders asked to join the case
as civil parties, seeking damages on top of provision for
restitution if the banks are convicted, Dow Jones says.

According to Reuters, market-rigging cases permit third parties
to join and make a claim for damages.

"Let's hope we'll see some results," Carlo Federico Grosso, who
represents around 36,000 bondholders, told Bloomberg News.

Judge Gabriella Manfrin reset the hearing to March 7, 2008, to
allow more time to review the civil claims.

"It will finally be proven in court that Citi is in fact a
victim of this fraud," Citigroup said.

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


ARMAN-98 LLP: Proof of Claim Deadline Slated for February 20
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Arman-98 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


BECK-ALJAN LLP: Creditors Must File Claims by February 14
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Beck-Aljan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


DSK Line: Claims Filing Period Ends February 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP DSK Line insolvent.

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

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


FAST PLAST: Creditors' Claims Due on February 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Fast Plast insolvent.

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

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


JANA KURYLYS-2004: Claims Registration Ends February 20
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jana Kurylys-2004 insolvent.

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

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


KAZAKH MORTGAGE: Fitch Rates Class C Notes at BB
------------------------------------------------
Fitch Ratings has affirmed the ratings on all the notes of
Kazakh Mortgage Backed Securities 2007-I B.V.  Despite the
recent revision of the Outlook of the Republic of Kazakhstan's
Long-term Issuer Default Rating (IDR 'BBB') to Negative from
Stable, the Outlooks of the notes remain Stable.

The performance of Kazakh Mortgage Backed Securities 2007-I has
been strong, with negligible arrears and significant payment
rates; within nine months of the deal's closing it has amortized
by around 39% (although annualized prepayment rates have come
down in the last quarters to about 20%).

A downgrade of the sovereign foreign and local currency IDR
would affect the stresses applied by Fitch in its analysis of
the transaction; Fitch would expect the notes at each rating
scenario to withstand higher default probabilities and Market
Value Decline stresses as the sovereign rating moves down.

Given the material increase in the credit enhancement available
to the notes (25.5% (versus 15.5%) for Class A, 12.4% (7.5%) for
Class B and 4.11% (2.5%) for Class C as of December 2007), these
higher default probability and MVD assumptions alone would not,
in Fitch's opinion, affect the payment of interest and principal
under the notes.

It is likely that a downgrade of the country's IDR would also
result in the lowering of the Country Ceiling ('BBB+'),
reflecting an increased risk of the Kazakhstan government
imposing restrictions on the transfer and convertibility of the
currency in a stressed environment.  However, Fitch believes
that the political risk insurance contracted with the
Multilateral Investment Guarantee Agency (a company of the World
Bank Group rated 'AAA'/Outlook Stable/F1+') is still sufficient
to protect against this increased risk.

Under the PRI, MIGA would pay out up to US$10.2 million of
interests due under the mortgage portfolio in the event of any
T&C restrictions being imposed on the currency.  Fitch estimates
this amount to be roughly equal to the amount of interest due
over the next 18 months, should a restriction on the T&C of the
currency be imposed today.  This is therefore sufficient to
cover the 12 months interruption of the transaction flows
envisaged by Fitch in its criteria for notes rated two notches
above the Country Ceiling.

According to the Statistical Agency of the Republic of
Kazakhstan, domestic house prices on the secondary market have
continued to increase by an average of 57% and 43%,
respectively, in 2006 and 2007.  A price decrease of 2.9% was,
however, reported for December 2007 in Almaty, where more than
50% of the portfolio is concentrated.

The rating actions are:

Kazakh Mortgage Backed Securities 2007-I B.V.:

   -- Class A (ISIN XS0293196266) - affirmed at 'A-'; Outlook
      Stable

   -- Class B (ISIN XS0293196696) - affirmed at 'BBB' Outlook
      Stable

   -- Class C (ISIN XS0293196779) - affirmed at BB'; Outlook
      Stable


MECHANO MONTAGE: Proof of Claim Deadline Slated for February 14
---------------------------------------------------------------
Branch of OJSC Mechano Montage has declared insolvency.
Creditors have until Feb. 14, 2008 to submit written proofs of
claims to:

         OJSC Mechano Montage
         Suyunbai ave. 343
         Almaty
         Kazakhstan
         Tel: 8 (3272) 35-89-37
              8 (3272) 35-69-77
              8 (3272) 35-77-26


SENAKO LLP: Creditors Must File Claims by February 14
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Senako insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


SK-STROY LLP: Claims Filing Period Ends February 14
---------------------------------------------------
LLP Construction Company SK-Stroy has declared insolvency.
Creditors have until Feb. 14, 2008 to submit written proofs of
claims to:

         LLP Construction Company SK-Stroy
         Konayev Str. 168-6
         Talgar
         Talgarsky District
         Almaty
         Kazakhstan


TALION-S LLP: Creditors' Claims Due on February 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Talion-S insolvent.

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

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


VEGA GROUP: Claims Registration Ends February 14
------------------------------------------------
LLP Vega Group has declared insolvency.  Creditors have until
Feb. 14, 2008 to submit written proofs of claims to:

         LLP Vega Group
         Micro District Ainabulak, 83-70
         Almaty
         Kazakhstan


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


CHJOW-SUELAN LLC: Creditors Must File Claims by February 14
-----------------------------------------------------------
LLC Chjow-Suelan has declared insolvency.  Creditors have until
Feb. 14, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 99-01-23.


CRISTALL LTD: Proof of Claim Deadline Slated for February 14
------------------------------------------------------------
LLC Cristall Ltd. has declared insolvency.  Creditors have until
Feb. 14, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-517) 73-03-42.


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


MILLICOM INTERNATIONAL: Redeems US$200 Mln 4% Convertible Bonds
---------------------------------------------------------------
Millicom International Cellular S.A. has completed the early
redemption of its US$200,000,000 4% Convertible Bonds due 2010,
as is permitted under the agreement.

Following the conversion of US$1 million of bonds into 28,686
SDRs in October 2007, the bondholders have converted a further
US$196 million of the remaining US$199 million of the
outstanding bonds into 5,407,327 Ordinary Shares and 215,144
SDRs.  The company has repaid in cash the face value of US$3
million of bonds and accrued interest to those bondholders who
did not convert their bonds as of the conversion deadline of
Jan. 11, 2008.  This process is pursuant to Section 7(b) of the
terms and conditions of the 4% Convertible Bonds due 2010.  The
total number of Millicom shares outstanding following the
conversion is 108,041,517.

Marc Beuls, Millicom Chief Executive Officer commented, "The
redemption of the 4% Convertible Bonds will reduce our corporate
debt and, over time, we will increase debt within our operating
companies which will increase balance sheet efficiency and have
a positive impact on the consolidated tax position.  Millicom
will save some US$15.8 million in interest costs by paying back
this debt early."

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 16,
2007, Moody's Investors Service has upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.


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


AIRPORT ZHIGANSK: Creditors Must File Claims by January 29
----------------------------------------------------------
Creditors of OJSC Airport Zhigansk have until Jan. 29, 2008, to
submit proofs of claim to:

         L. M. Baisheva
         Interim Manager
         P.O. Box 22
         677018 Yakutsk
         Russia

The Arbitration Court of Sakha commenced bankruptcy supervision
procedure against the company after finding it insolvent on
Dec. 11, 2007.  The case is docketed under Case No. A58-5202/07.

The Debtor can be reached at:

         OJSC Airport Zhigansk
         Airvokzal'naya Str.
         Zhigansk Settlement
         Sakha
         Russia


AMURSKY SHIPBUILDING: Creditors Must File Claims by January 29
--------------------------------------------------------------
Creditors of Amursky Shipbuilding Plant-Service, LLC have until
Jan. 29, 2008, to submit proofs of claim to:

         V. N. Yurakov
         Interim Manager
         Komsomol'skaya Str. 82-1
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk krai commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Dec. 10, 2007.  The case is docketed under Case No.
A73-10610/2007-37.

The Debtor can be reached at:

         Amursky Shipbuilding Plant-Service LLC
         Truda Alley 6
         Komsomol'sk-on-Amur
         Russia


BALASHOVSKY TEXTILES: Creditors Must File Claims by February 29
---------------------------------------------------------------
Creditors of OJSC Balashovsky Textiles have until Feb. 29, 2008,
to submit proofs of claim to:

         A. A. Volkov
         Competitive Proceedings Manager
         Office 504
         Sovietskaya Str. 61
         410056 Saratov
         Russia

The Arbitration Court of Saratov commenced competitive
proceedings against the company after finding it insolvent on
Dec. 4, 2007.  The case is docketed under Case No. A-57-598B/
06-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Balashovsky Textiles
         Enthusiasts 1
         Balashov
         Russia


BORSKY MILK: Creditors Must File Claims by February 29
------------------------------------------------------
Creditors of Borsky Milk Plant LLC have until Feb. 29, 2008, to
submit proofs of claim to:

         E. V. Dul'nev
         Competitive Proceedings Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced competitive
proceedings against the company after finding it insolvent on
Nov. 28, 2007.  The case is docketed under Case No. A55-4841/
2007-36.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         Borsky Milk Plant LLC
         Borskoye Settlement
         Russia


KAMCHATSKY COLD-STORE: Creditors Must File Claims by January 29
---------------------------------------------------------------
Creditors of OJSC Kamchatsky Cold-StorevComplex have until
Jan. 29, 2008, to submit proofs of claim to:

         V. I. Cherneev
         Competitive Proceedings Manager
         Orbital'ny Proezd 12-40
         683038 Petropavlovsk-Kamchatsky
         Russia

The Arbitration Court of Kamchatka will convene on Dec. 12,
2008, to hear the competitive proceedings against the company
after finding it insolvent on Dec. 17, 2007.  The case is
docketed under Case No. A24-5303/07-16.

The Debtor can be reached at:

         OJSC Kamchatsky Cold-StorevComplex
         Vokzal'naya Str. 1
         Petropavlovsk-Kamchatsky
         Russia


KOLKHOZ REVOLUTION: Creditors Must File Claims by February 29
-------------------------------------------------------------
Creditors of Kolkhoz Revolution have until Feb. 29, 2008, to
submit proofs of claim to:

         D. A. Timofeev
         Competitive Proceedings Manager
         P.O. Box 49
         Mira Prospekt 21
         156000 Kostroma
         Russia

The Arbitration Court of Yaroslav commenced competitive
proceedings against the company after finding it insolvent on
Dec. 18, 2007.  The case is docketed under Case No. A82-4170/
2007-43-B/36.

The Debtor can be reached at:

         Kolkhoz Revolution
         Yudino
         Peshekhonsky Raion
         152883 Yaroslav
         Russia


KOSTROMAALCOHOLPROM: Creditors Must File Claims by January 29
-------------------------------------------------------------
Creditors of OJSC KostromaAlcoholProm have until Jan. 29, 2008,
to submit proofs of claim to:

         V. A. Akimov
         Interim Manager
         Office 104
         Shagova Str. 20
         156961 Kostroma
         Russia

The Arbitration Court of Kostroma will convene at 10:10 a.m. on
Feb. 14, 2008, to hear the bankruptcy supervision procedure
against the company after finding it insolvent on Nov. 16, 2007.
The case is docketed under Case No. A31-5816/2007-24.

The Debtor can be reached at:

         OJSC KostromaAlcoholProm
         Nizhnyaya Debrya Str. 90
         156005 Kostroma
         Russia


MOLPRODUCT-VOLOGDA: Bankruptcy Hearing Slated for March 24
----------------------------------------------------------
The Arbitration Court of Vologda will convene at 10:00 a.m. on
March 24, 2008, to hear the bankruptcy supervision procedure
against Molproduct-Vologda LLC after finding it insolvent on
Nov. 28, 2008.  The case is docketed under Case No. A13-10769/
2007.

Creditors must submit their proofs of claim to:

         S. V. Chernyaev
         Interim Manager
         P.O. Box 45
         193015 St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia


PENZENSKY PRECISION: Creditors Must File Claims by February 29
--------------------------------------------------------------
Creditors of OJSC Penzensky Precision Instrument Plant have
until Feb. 29, 2008, to submit proofs of claim to:

         Yu. I. Zaitsev
         Competitive Proceedings Manager
         Okruzhnaya Str. 3
         440031 Penza
         Russia

The Arbitration Court of Penza commenced one-year competitive
proceedings against the company after finding it insolvent on
Dec. 6, 2007.  The case is docketed under Case No. A49-12883/
2005-227B/10.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Penzensky Precision Instrument Plant
         Okruzhnaya Str. 3
         440031 Penza
         Russia


RASPADSKAYA OJSC: Fitch Watches B+ IDR on Pending Merger
--------------------------------------------------------
Fitch Ratings is keeping OJSC Raspadskaya's Long-term Issuer
Default 'B+', senior unsecured 'B+' and National Long-term
'A(rus)' ratings on Rating Watch Positive.  The Short-term IDR
is affirmed at 'B' and removed from RWP, because no multiple-
notch upgrade is envisaged for the Long-term IDR.

The ratings were placed on RWP on June 18, 2007, following the
announcement of a potential merger with Yuzhkuzbassugol, which
is 100%-owned by Luxembourg-based Evraz Group S.A.  The RWP will
be resolved following the closure of the transaction and further
clarity regarding the terms and conditions of the potential
merger and Yuzhkuzbassugol's financial profile.

The RWP reflects the possibilities that Raspadskaya's ratings
could be either upgraded or affirmed at the current levels.
Fitch believes the combined entity would benefit from enhanced
scale and a complimentary product range.  The potential merger
would create the largest coking coal company in Russia with a
total output in excess of 20 million tons of raw coal.  The RWP
also factors in Evraz's plans to take a stake in Corber (a joint
venture entity with Raspadskaya's management) of over 50%, which
will give the steelmaker management control over the combined
entity.  The potential merger will provide Evraz with a
strategic asset by enhancing the vertical integration of its
steel-making operations through an increase in self-sufficiency
in coking coal.  Upon completion of this transaction,
Raspadskaya will own 100% of shares in Yuzhkuzbassugol.

Raspadskaya was the second-largest coking coal producer in
Russia with a fiscal year 2006 total output of 10.6 million tons
and fiscal year 2006 revenues of US$472 million.  In fiscal year
2007 coal production increased 27.7% to 13.6 million tons.  In
first half 2007 Raspadskaya reported revenues of US$338.8
million with operating profit margin of around 40%.

Yuzhkuzbassugol was the largest producer of coking coal in
Russia with a total output of 16.1 million tons in 2006
(including 10.7 million tons of coking coal), although
production is expected to have declined in fiscal year 2007.
Its fiscal year 2006 revenues totaled US$595 million. On
June 8, 2007 Evraz acquired the remaining 50% stake in
Yuzhkuzbassugol, increasing its ownership to 100%.

No rating impact is expected on Evraz's Long-term IDR and senior
unsecured 'BB' and Short-term IDR 'B' ratings from the group's
planned stake investment in Corber.  Fitch also expects no
impact on Evraz's core subsidiary Mastercroft Limited's Long-
term IDR 'BB' and Short-term IDR 'B' and on Evraz Securities
S.A.'s senior unsecured 'BB' rating.  The Outlooks on Evraz's
and Mastercroft's Long-term IDRs are Stable.


SITRONICS JSC: Board Sets General Meeting on March 11
-----------------------------------------------------
JSC Sitronics board of directors has set a date for an
extraordinary general meeting for the company's shareholders for
March 11, 2008.

The board recommended the EGM to approve:

   -- a corporate guarantee for INTRACOM s.a. TELECOM Solutions
      for a pending credit transaction;

   -- a corporate guarantee for SITRONICS Telecom Solutions,
      Czech Republic a.s. for a pending credit transaction; and

   -- a series of pending transactions.

Shareholders registered as at the record date of Jan. 29, 2008,
will be eligible to participate and vote at the meeting.
Shareholders can submit their votes starting from Feb. 20, 2008.

Further information with regard to the EGM and other related
issues will be available on the company's Web site:
http://www.sitronics.com/

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.


SOKOL LLC: St. Petersburg Bankruptcy Hearing Slated for March 17
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad will
convene on March 17, 2008, to hear the bankruptcy supervision
procedure against Sokol, Metal Structure Plant LLC after finding
it insolvent on Dec. 10, 2007.  The case is docketed under Case
No. A56-40348/2007.

Creditors must submit their proofs of claim to:

         V. P. Fedichev
         Interim Manager
         Office 10H
         Letter A
         Bol'shoy Pr. 79
         197022 St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         Sokol, Metal Structure Plant LLC
         Irinovsky Pr. 2
         195248 St. Petersburg
         Russia


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


AIR-SEA HOLIDAY: Creditors' Liquidation Claims Due by January 31
----------------------------------------------------------------
Creditors of JSC Air-Sea Holiday Service have until Jan. 31,
2008, to submit their claims to:

         Otto Ruegsegger
         Liquidator
         Kasernenstrasse 17
         3250 Lyss
         Aarberg BE
         Switzerland

The Debtor can be reached at:

         JSC Air-Sea Holiday Service
         Solothurn
         Switzerland


BINZ ASSOCIATION: Creditors Must File Claims by January 29
----------------------------------------------------------
Creditors of JSC BINZ Association have until Jan. 29, 2008, to
submit their claims to:

         Walter Gatschet
         Obwaldstrasse 34
         4573 Lohn-Ammannsegg
         Wasseramt SO
         Switzerland

The Debtor can be reached at:

         JSC BINZ Association
         Zug
         Switzerland


COPTHORNE JSC: Creditors' Liquidation Claims Due by January 31
--------------------------------------------------------------
Creditors of JSC Copthorne have until Jan. 31, 2008, to submit
their claims to:

         Dr. Hans J. Rohrer
         Bellerivestrasse 5
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Copthorne
         Zug
         Switzerland


EASYMATIC TICINO: Creditors Must File Claims by January 31
----------------------------------------------------------
Creditors of LLC Easymatic Ticino SAGL have until Jan. 31, 2008,
to submit their claims to:

         Donato Rigliaco
         Schutzenrain 10
         6012 Obernau LU
         Switzerland

The Debtor can be reached at:

         LLC Easymatic Ticino SAGL
         Kriens LU
         Switzerland


FREIHOF BEIZLI: Creditors' Liquidation Claims Due by January 31
---------------------------------------------------------------
Creditors of LLC Freihof Beizli have until Jan. 31, 2008, to
submit their claims to:

         Betschart Susanne
         Hauptstrasse 67
         8225 Siblingen SH
         Switzerland

The Debtor can be reached at:

         LLC Freihof Beizli
         Siblingen SH
         Switzerland


FRINGER LLC: Creditors' Liquidation Claims Due by January 31
------------------------------------------------------------
Creditors of LLC Fringer have until Jan. 31, 2008, to submit
their claims to:

         Fringer Ingeborg
         Kesslerlochstrasse 64
         8240 Thayngen SH
         Switzerland

The Debtor can be reached at:

         LLC Fringer
         Thayngen SH
         Switzerland


ITLINE LLC: Creditors' Liquidation Claims Due by January 31
-----------------------------------------------------------
Creditors of LLC Itline have until Jan. 31, 2008, to submit
their claims to:

         Van Gelderen Pascal
         Liquidator
         Hausmatte 5
         3032 Hinterkappelen BE
         Switzerland

The Debtor can be reached at:

         LLC Itline
         Koniz BE
         Switzerland


MDM GIPS: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC MDM GIPS on Dec. 17, 2007.

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

         Bankruptcy Service of St. Gallen
         Raffaela Kohlbrenner
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC MDM GIPS
         Industriestrasse 36
         9400 Rorschach SG
         Switzerland


SOLVINCI MATERIALS: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC SOLVINCI Materials on Dec. 19, 2007.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC SOLVINCI Materials
         Businesspark Giessenmatt 1
         5643 Sins
         Muri AG
         Switzerland


WIGESS JSC: Creditors' Liquidation Claims Due by January 30
-----------------------------------------------------------
Creditors of JSC WIGESS have until Jan. 30, 2008, to submit
their claims to:

         Walter Wiggenhauser
         Liquidator
         Neuensteigstr. 7b
         9424 Rheineck
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         JSC WIGESS
         Wil SG
         Switzerland


X-RITE INC: Names Lynn Lyall as EVP, CFO & Secretary
----------------------------------------------------
X-Rite Incorporated has appointed Lynn J. Lyall as its Executive
Vice President, Chief Financial Officer and Secretary.
Mr. Lyall will succeed Mary E. Chowning, who has decided to
retire.

Mr. Lyall will assume the role on March 3, 2008 and Ms. Chowning
will stay with the company through April 15, 2008, to assist
with the transition.

Mr. Lyall brings extensive global finance and business
experience to X-Rite from his current position as Chief
Financial Officer for Alticor, Inc, a US$6 billion global
consumer products business.  Prior to Alticor, he held the
position of Chief Financial Officer at Blockbuster Entertainment
Group from 1997 to 1999 and spent seven years in positions of
increasing responsibility with Cadbury Schweppes, PLC.  Mr.
Lyall earned a Bachelor of Arts degree in Mathematics and
Economics and a Master of Management degree in Accounting and
Finance, both from Northwestern University, and began his career
in public accounting with Arthur Andersen.

"Lynn Lyall has demonstrated outstanding leadership and
management acumen as Chief Financial Officer of both Alticor and
Blockbuster," stated Thomas J. Vacchiano, Jr., Chief Executive
Officer.  "He brings a wealth of experience and financial acumen
that will greatly enhance our ability to leverage our global
leadership position and drive our next stage of growth.  I look
forward to working with Lynn as we build on our strong
foundation and continue to execute our business strategy."

Mr. Vacchiano continued, "After nearly five years with X-Rite,
Mary Chowning has decided it is time to pursue life outside the
Company.  Mary has been an inspirational force in the
transformation of the company and in building a strong global
finance organization.  We wish her the very best in her future
endeavors."

"I am honored to be assuming CFO responsibilities at this
exciting time in X-Rite's history," commented Mr. Lyall.  "My
priorities will focus on supporting our growth strategy and
completing the Amazys and Pantone integration efforts.  I am
extremely confident in the future of this Company and look
forward to furthering its goals."

                      About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite is
global, with 21 offices in the U.S., Germany, Switzerland,
Spain, China, Singapore, Japan, among others, serving customers
in 100 countries.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                      *     *     *

As reported in the Troubled Company Reporter-Europe on
Oct. 4, 2007, Moody's Investors Service has confirmed X-Rite,
Inc.'s B1 corporate family rating, affirmed the speculative
grade liquidity rating of SGL-1 and revised the outlook to
negative in view of the additional leverage and integration risk
associated with the company's recently announced acquisition of
Pantone, Inc.


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


ELITAL LLC: Proofs of Claim Filing Ends February 2
--------------------------------------------------
Creditors of LLC Elital (code EDRPOU 22027784) have until
Feb. 2, 2008, to submit written proofs of claim to:

         Sergey Strelnikov
         Temporary Insolvency Manager
         Mir Str. 30
         Kurakhovka
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Nov. 27, 2007.  The case is docketed
under Case No. 45/239B.

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

The Debtor can be reached at:

         LLC Elital
         Lipetskaya Str. 47b
         83034 Donetsk
         Ukraine


LIMITEKS LLC: Proofs of Claim Filing Ends February 2
----------------------------------------------------
Creditors of LLC Limiteks (code EDRPOU 33795013) have until
Feb. 2, 2008, to submit written proofs of claim to:

         Irene Derevianko
         Temporary Insolvency Manager
         Office 8
         Pobeda Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on Nov. 30, 2007.  The case
is docketed under Case No. 16/268/07.

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

The Debtor can be reached at:

         LLC Limiteks
         Yuzhnoye Str. 69a
         69006 Zaporozhje
         Ukraine


MAGNIY CJSC: Olena Goshovska Named as Liquidator
------------------------------------------------
The Ivano-Frankivsk Economic Court has named Olena Goshovska as
liquidator for Magniy CJSC, the Financial Times reports citing
Interfax as its source.

The court had started liquidation proceedings for the company
after it ruled the company bankrupt on Nov. 29, 2007, the report
relates.


NAFTOGAZ UKRAINY: To Receive UAH2 Billion Under 2008 Budget
-----------------------------------------------------------
NAK Naftogaz Ukrainy will receive UAH2 billion in state subsidy
in 2008 if Ukraine's adjusted national budget is approved,
Interfax News reports, citing Ukrainian Premier Yulia
Tymoshenko.

"This budget has the system for restoring the profitability of
Naftogaz Ukrainy," Mr. Tymoshenko was quoted by Interfax News as
saying.

"It's proposed to grant guarantees on credits received by
Naftogaz Ukrainy," Finance Minister Viktor Pinzenyk said, adding
that Naftogaz could receive an additional UAH800 million from
changes of tariffs on natural gas.

Mr. Pinzenyk, however, said state guarantees would be granted if
Naftogaz provides an audit report of its activities in 2006 and
introduces a special regime for flow of funds on the company's
accounts.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable outlook.


PRIVAT-HOLDING: Shareholders Opt for Liquidation
------------------------------------------------
At a general meeting held on Dec. 19, 2007, Privat-Holding OJSC
shareholders, owning a 99.993% stake, voted for the company's
liquidation, the Financial Times reports citing Interfax.  A
liquidation commission has been created with Svetlana Kuzmneko
as head.

Citing the company's official report, Interfax adds that
creditors can submit claims within two months from the date of
publication of the company's announcement.

The company's 2006 financials show net assets at -UAH153.7
million, liabilities at UAH532.9 million and capital at -
UAH153.7 million, the report relates.

Based in Dnipropetrovsk, Ukraine, Privat-Holding OJSC is an
iron-ore and manganese trader.


SOUTH RIVER: Creditors Must File Claims by February 2
-----------------------------------------------------
Creditors of LLC South River Steamship Line (code EDRPOU
24116902) have until Feb. 2, 2008, to submit written proofs of
claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/277-B-07.

The Debtor can be reached at:

         LLC South River Steamship Line
         Domostroitelnaya Str. 6
         Herson
         Ukraine


UKRAINIAN FOOD: Proofs of Claim Filing Ends February 2
------------------------------------------------------
Creditors of LLC Ukrainian Food Delivery (code EDRPOU 23682290)
have until Feb. 2, 2008, to submit written proofs of claim to:

         Sergey Okhinchenko
         Temporary Insolvency Manager
         Apartment 94
         Popov Str. 7, b. 1
         25006 Kirovograd
         Ukraine

The Economic Court of Kyiv commenced bankruptcy supervision
procedure on the company on Nov. 19, 2007.  The case is docketed
under Case No. 11/308.

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Food Delivery
         Komarov Str. 7
         25050 Kirovograd
         Ukraine


ZEUS 2006: Proofs of Claim Filing Ends February 2
-------------------------------------------------
Creditors of LLC Zeus 2006 have until Feb. 2, 2008, to submit
written proofs of claim to:

         Irene Derevianko
         Temporary Insolvency Manager
         Office 8
         Pobeda Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on Dec. 7, 2007.  The case
is docketed under Case No. 16/274/07.

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

The Debtor can be reached at:

         LLC Zeus 2006
         Lakhtinskaya Str. 11
         Apartment 32
         Zaporozhje
         Ukraine


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


BOMBARDIER INC: Earns US$91 Million in 3rd Quarter Ended Oct. 31
----------------------------------------------------------------
Bombardier Inc. reported net income of US$91.0 million for the
third quarter of fiscal 2008, ended Oct. 31, 2007, compared with
net income of US$74.0 million in the corresponding period in
fiscal 2007.

Earnings before financing income, financing expense and income
taxes, from continuing operations, reached US$201.0 million,
compared to US$105.0 million for the same period in the previous
year.  This brings the EBIT margin to 4.8%, which compares
favorably to fiscal 2007's 3.1% for the same quarter.  Free cash
flow also surged by US$677.0 million to reach US$560.0 million.

Net financing expense amounted to US$68.0 million for the third
quarter of fiscal year 2008, compared to US$50.0 million for the
corresponding period of last year.

Consolidated revenues totaled US$4.2 billion for the third
quarter ended Oct. 31, 2007, compared to US$3.4 billion for the
same period last year.

Cash and cash equivalents increased by US$1.0 billion compared
to Jan. 31, 2007, totaling US$3.6 billion at the end of the
third quarter of fiscal 2008.

"Both business groups produced substantial increases in revenues
and made steady improvement in profitability," commented Laurent
Beaudoin, chairman of the Board and chief executive officer,
Bombardier Inc.  "They also generated high levels of free cash
flow for the quarter.  At Aerospace, orders for business
aircraft remained solid, and deliveries of both business and
regional aircraft continued to climb.

"At Transportation, order levels were similarly robust, bringing
our book-to-bill ratio to a healthy 1.7 for the quarter," added
Mr. Beaudoin.  "Indeed, the corporation's solid backlog, which
now tops more than US$50.0 billion, testifies to the enduring
demand for our fully diversified product offering.  I am
confident that Bombardier will continue to build from this solid
foundation to execute its market leadership strategy."

                       Nine Month Results

For the nine-month period ended Oct. 31, 2007, consolidated
revenues reached US$12.2 billion compared to US$10.5 billion for
the same period last year.

For the nine-month period ended Oct. 31, 2007, EBIT from
continuing operations before special items amounted to
US$597.0 million, or 4.9% of revenues, compared to US$333.0
million, or 3.2% of revenues, for the same period the previous
year.

For the nine-month period ended October 31, 2007, net financing
expense reached US$209.0 million, compared to US$148.0 million
for the same period last year.

The special item for the nine-month period ended Oct. 31, 2007,
relates to the write-off of the carrying value of the investment
in Metronet in Transportation.

Net income was US$99.0 million for the nine-month period ended
Oct. 31, 2007, compared to US$156.0 million for the same period
the previous year.

                          Balance Sheet

At Oct. 31, 2007, the company's consolidated balance sheet
showed US$20.57 billion in total assets, US$17.50 billion in
total liabilities, and US$3.07 billion in total stockholders'
equity.

                      About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  The company also has offices in the U.S.,
Northern Ireland, United Kingdom, Germany, Switzerland, Sweden,
Austria, Australia and China.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2008, Fitch Ratings upgraded Bombardier Inc.'s ratings,
including the company's Issuer Default Rating to 'BB' from 'BB-
', and removed the ratings from Rating Watch Positive following
the company's  early redemption of approximately US$1.0 billion
of debt.  The Rating Outlook is Positive.


CABTIVATE: Still in Liquidation; IMTV Acquires Software Rights
--------------------------------------------------------------
Cabtivate has sold its software rights to Russian-based IMTV
although administrator Begbies Traynor clarifies that the
company has not been bought and is still undergoing liquidation
proceedings, the Financial Times reports citing the Evening News
as its source.

The Scotsman says IMTV bought the rights from owner Mark
Greenhalgh for GBP1 and is promising to restart the system's
operations, targeting a minimum of 10,000 taxi customers within
three years.

The company, the TCR-Europe further related, ceased trading
after Mr. Greenhalgh and James Neilson, executive director,
petitioned for the company's liquidation on Jan. 22, 2007.  The
company had debts of almost GBP1 million, including a GBP100,000
investment from Scottish Enterprise's Business Growth Fund.

                         About Cabtivate

Headquarters in Edinburgh, Scotland, Cabtivate --
http://www.cabtivate.com/-- is a taxi advertising company that
installs 15-inch television screens in taxicabs and then sells
advertising on them.  The company collects an installation cost
of GBP3,500-plus VAT but pays the drivers an income of GBP192 a
month.


EMI GROUP: Chairman Tables Bid for Chrysalis Group
--------------------------------------------------
EMI Group Plc chairman Guy Hands made a bid for Chrysalis Group
Plc following Chrysalis founder Chris Wright's decision to carry
out a review of the business that might lead to its sale, The
Times reports.

According to the report, Mr. Hands' competitors for Chrysalis
are Warner Chappell and Sony/ATV which also tabled an offer
through Chrysalis' adviser Jefferies International.

FT relates that private equity funds Saban Capital Group, GTCR
Golder Rauner and Apollo Management, and music publishing
specialists Primary Wave and Cherry Lane have also shown
interest in Chrysalis.

FT said analysts valued the Chrysalis group at more than GBP150
million.

Headquartered in London, England, The Chrysalis Group --
http://www.chrysalis.com/-- is an independent music company.
It is comprised of Chrysalis Music and CD distribution Lasgo
Chrysalis.  On July 31, 2007, the company completed the sale of
Chrysalis Radio for GBP170 million to Global Radio.

                         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.


GENERAL MOTORS: Sells More Than 9 Million Vehicles Globally
-----------------------------------------------------------
General Motors Corp. sold 9,369,524 cars and trucks around the
world in 2007, an increase of 3%, according to preliminary sales
figures released.  In the fourth quarter, GM sold 2,305,752
vehicles, an increase of 4.8% compared with a year ago.

"We set a record in China with more than a million vehicles
sold. We nearly doubled our sales in Russia to an all-time
record of more than 258,000 vehicles delivered.  And we set a
record in Brazil with nearly a half-million vehicles sold," John
Middlebrook, GM vice president, Global Sales, Service and
Marketing Operations said.  "This is the kind of emerging market
growth that fuels our global performance.  Customers are
responding to our fuel-efficient and dynamically-designed
product lineup around the world."

The 2007 tally was the second best global sales total in the
company's 100-year history and marked the third consecutive and
fourth time (2007, 2006, 2005 and 1978) GM sold more than
9 million vehicles in a calendar year.

GM's global position -- especially the emerging markets -- built
sales momentum.

Global sales of GM's top-selling brand, Chevrolet, grew more
than 4% to 4.49 million vehicles compared with 2006 sales of
4.30 million.  Chevrolet grew in all three regions outside North
America, with the strongest performance in Europe with a nearly
34% increase compared with 2006.  The Latin America, Africa and
Middle East region saw strong Chevrolet growth with an
additional 23% (208,000 vehicles) delivered over the 2006 level.
Chevrolet also performed well in the Asia Pacific region, which
was up 22%.  The Aveo helped Chevrolet field a strong competitor
in the very competitive global car market.

GM also retains its strong truck portfolio, evidenced by
3.80 million truck sales around the world, an increase of more
than 33,000 vehicles (1%) compared with 2006.  Chevrolet sold
more than 1.96 million trucks globally last year.  GMC global
sales grew nearly 6% in 2007, with 613,000 vehicles delivered,
compared with 579,000 in 2006.  Wuling sales in the Asia Pacific
region also fueled significant truck, mini-truck, and mini-van
performance with 516,000 vehicles sold, a 24% increase over
2006.  GM increased full-size pickup truck market share in the
U.S. in 2007 by 0.2 ppts to 40.2%.

Cadillac saw global growth with sales increases outside of North
America last year, thanks to a 45% increase in the Europe, a 42%
climb in the Latin America, Africa and Middle East region, and
an impressive 106% hike in the Asia Pacific region.

Saab saw annual sales increases of 13% in the Latin America,
Africa and Middle East region, and 5% in Asia Pacific.  In
Europe, Saab maintained its market share position (0.4%), and
with the extension of BioPower to its 9-3 model range, continues
to be the leading brand for E-85 vehicles in Europe.

Global sales highlights include:

   * GM sold 9.37 million vehicles in 2007, an increase of 3%.
     In the quarter, sales of 2.31 million vehicles were up
     4.8%.  At 5.50 million vehicles, 2007 sales outside of the
     United States accounted for about 59% of GM's total global
     sales, outpacing the industry average growth rate.  The
     industry has seen significant volume increases in the
     global automotive market in the past five years, and the
     market now nears 71 million.  In 2007, GM's top three
     brands in sales volume were Chevrolet (4.49 million, up
     4%), Opel/Vauxhall (1.69 million vehicles, up 4%) and GMC
     (613,000, up 6%).

   * In the Asia Pacific region, GM sales of 1.43 million
     vehicles topped 1 million vehicles for the third
     consecutive year, and GM China saw more than 18% sales
     growth compared with 2006.  The company had regional Q4
     sales of 382,000 vehicles, up nearly 17%, exceeding the
     industry average growth rate.  GM was the top-selling
     global automaker in China in 2007, with 1.03 million
     vehicles sold -- becoming the first global automaker to
     exceed 1 million vehicle sales.  Sales in India also set
     records with an annual volume growth of 74%, driven
     by the recent launch of the Chevrolet Spark and strong
     performances by the Chevrolet Tavera, Aveo and Optra.

   * In the Latin America, Africa and Middle East region, GM
     sales reached an all-time record 1.23 million vehicles,
     exceeding 1 million vehicles for the second time, up 19% in
     volume compared with 2006.  For the quarter, 341,000
     vehicles were sold, up 18%.  GM saw volume increases in
     most major Latin America, Africa and Middle East markets in
     2007.  GM Brazil set an all-time domestic sales record with
     499,000 vehicles delivered.  The Chevrolet Corsa, Aveo and
     Celta were the three top sellers across the region in 2007.

   * In Europe, GM's record sales -- for the second year --
     exceeded 2.18 million vehicles, up about 9%.  Sales for the
     quarter of 529,000 vehicles were up 11%, exceeding the
     industry average.  Full-year sales in Russia set an all-
     time record for the company by nearly doubling, up 95%.
     Sales volume in Russia exceeded a quarter million vehicles.
     Opel/Vauxhall, Chevrolet and Cadillac reported sales growth
     in Europe.  Strong performance by the new Corsa, Astra,
     Meriva and Zafira led Opel/Vauxhall sales to more than 4%
     growth.  Chevrolet achieved record sales of 458,000
     vehicles, up nearly 34%.  Cadillac sales were up 45%.  Saab
     sold nearly 85,000 vehicles.

Several of GM's regional brands also experienced notable growth
in 2007.

Saturn sales in North America were up 8% compared with 2006,
largely on the popularity of the new 2007 AURA, AURA Hybrid,
SKY, OUTLOOK, VUE, and VUE Green Line Hybrid.

GM Holden sold 158,000 vehicles in 2007 as the Commodore
remained Australia's best-selling car for the 12th consecutive
year.  Holden held its second-place position in the country's
automotive market.  2008 marks Holden's 60th anniversary
producing Australia's first locally-developed vehicle.

                          About GM

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

                         *     *     *

In November 9, Moody's Investors Service affirmed its rating for
General Motors Corporation (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured and SGL-1 Speculative
Grade Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets in the US, Canada and Germany.

In October 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007, following
agreement on the new labor contract.  The outlook is stable.


GETTY IMAGES: Board of Directors Explores Strategic Options
-----------------------------------------------------------
Getty Images Inc. confirmed that its board of directors is
exploring strategic alternatives to enhance shareholder value.
The board of directors has retained Goldman Sachs & Co. as its
financial advisor and Weil Gotshal & Manges LLP as its legal
advisor in connection with its evaluation of such alternatives.

While the evaluation process, including discussions with various
interested parties, is ongoing, there can be no assurance that
any transaction will occur or as to the timing, structure, price
or terms of any transaction.

Getty Images does not plan to update the market with any further
information on the process unless and until such time as its
board deems appropriate.

Headquartered in Seattle, Washington, Getty Images Inc.
(NYSE:GYI) -- http://www.gettyimages.com/-- is a creator and
distributor of visual content.  The company provides relevant
imagery to professionals at advertising agencies, graphic design
firms, corporations, and film and broadcasting companies;
editorial customers involved in newspaper, magazine, book,
compact disc and online publishing, and corporate marketing
departments and other business customers.  Getty Images offers
its imagery and related services through the company's website
and a global network of company-owned offices and delegates.
The company has corporate offices in Australia, the United
Kingdom, and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 3,
2007, Standard & Poor's Ratings Services raised its ratings on
Getty Images Inc., including raising the corporate credit rating
to 'BB' from 'B+, and removed the ratings from CreditWatch.  The
outlook is negative.


HURST PARNELL: Brings In Liquidators from KPMG
----------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG LLP,
Restructuring were appointed joint liquidators of Hurst Parnell
Westland Ltd. (formerly AJ Edwards Ltd.) on Jan. 17, 2008 for
the creditors' voluntary winding-up procedure proceedings.

The joint liquidators can be reached at:

         KPMG LLP, Restructuring
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England


K.J.M. TODD: Michael Young Leads Liquidation Procedure
------------------------------------------------------
Michael Young of Vantis was appointed liquidator of K.J.M. Todd
Associates Ltd. on Jan. 4, 2008 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


M & R TRANSPORT: Calls In Liquidators from Menzies
--------------------------------------------------
Paul David Williams and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint liquidators of
M & R Transport Ltd. on Jan. 5, 2008 for the creditors'
voluntary winding-up proceedings.

The joint liquidators can be reached at:

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


NORTHERN ROCK: Welcomes Paul Thompson as Non-Executive Director
---------------------------------------------------------------
Paul Thompson has been appointed to the Board of Northern Rock
plc as a non-executive director, effective upon him obtaining
approval from the Financial Services Authority under its
approved persons regime.

Mr. Thompson is a chartered accountant who has spent his career
in financial services.  He joined Britannic Group as finance
director in 2002, subsequently becoming group chief executive.
Following the merger of Britannic and Resolution plc, he was
appointed chief executive of the enlarged group.  He was
formerly a managing director in the Merrill Lynch Financial
Institutions Group following a six-year period as a director of
corporate finance with BZW in London and Canada.

"I am delighted to welcome Paul Thompson.  Paul will add further
skills and experience to the Board of Northern Rock that will be
invaluable to our ongoing strategic review," Northern Rock's
chairman Bryan Sanderson said.

                    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 Jan. 23, 2008, 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.

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.


ORION FINANCE: Moody's Cuts Rating to B1 on Senior Notes
--------------------------------------------------------
Moody's Investors Service has taken this rating action on the
Euro and US Medium Term Note Programs of Orion Finance
Corporation and Orion Finance (USA) LLC:

   -- Current Rating: B1/Not Prime
   -- Prior Rating: Baa3/Not Prime

Following a failure to pay maturing senior obligations on
Jan. 14, 2008, a Mandatory Acceleration Event was triggered.
This rating action is prompted by uncertainty on the course of
action that will be pursued by the Security Trustee.  Moody's
however understands that the Security Trustee does not intend to
liquidate the asset portfolio at this time.

The B1 rating assigned to the medium term notes reflects the
likelihood of a high or full recovery were the vehicle to
continue to avoid asset sales.  The book value of the vehicle's
asset portfolio is US$841.4 million (including a cash amount of
US$17.4 million), while the portfolio market value as of
January 18 was US$768.9 million.  In contrast, the notional
amount of outstanding senior debt is US$719.4 million.

Orion Finance, a structured investment vehicle advised by Eiger
Capital, is now under the control of the Security Trustee, The
Bank of New York (Aaa/Prime-1/B+).  The vehicle's asset
portfolio includes exposure to RMBS 35.7% (of which Non-Prime US
RMBS makes up 9.6%) and CDO of ABS 7.8%.  Aaa-rated assets
comprise 60.9% of the portfolio, Aa-rated assets 34.1%, and A-
rated assets 5%.


ROGER MILLMORE: Joint Liquidators Take Over Operations
------------------------------------------------------
Gregory Andrew Palfrey and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of Roger
Millmore (Builders) Ltd. on Jan. 17, 2008 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         Imperial House
         18-21 Kings Park Road
         Southampton
         SO15 2AT
         England


SHAW GROUP: Finalizes Little Gypsy 3 Re-Power Project Agreement
---------------------------------------------------------------
The Shaw Group Inc. disclosed that Entergy Louisiana, LLC, has
signed a definitive agreement for the Fossil Division of Shaw's
Power Group to proceed with engineering, procurement and
construction services to re-power the existing Unit 3 at Entergy
Louisiana's Little Gypsy station in St. Charles Parish, near New
Orleans.  The value of Shaw's contract, which will be added to
its second quarter fiscal 2008 backlog, was not disclosed.

Shaw's EPC work will include replacing an existing natural gas-
fired boiler with two new circulating fluidized bed boilers that
will supply steam to an existing steam turbine generator at
Little Gypsy 3.  The new facility is expected to be completed
early in 2012.

"We are pleased to have received from Entergy the full notice to
proceed on the Little Gypsy 3 re-power project, which will
provide residents and businesses in the New Orleans area with
the power needed to continue the rebuilding and revitalization
of the city and the region," J.M. Bernhard Jr., Shaw's chairman,
president and chief executive officer, said.  "The Shaw Group
and Entergy are two Fortune 500 companies headquartered in
Louisiana, and it is a proud moment when two of the state's
largest companies can join forces to bolster the economic
fortunes of our state.

"At its peak, this project will create more than 1,500 new and
good-paying jobs, but also will rely on a number of local
products and services, which extends the benefits of the Little
Gypsy 3 project to many other businesses and families in
Louisiana."

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

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

                          *     *     *

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

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


SOURCE CLAIM: Taps Liquidators from Grant Thornton
--------------------------------------------------
Martin Ellis and Daniel Smith of Grant Thornton UK LLP were
appointed joint liquidators of The Source Claim Support Ltd. on
Dec. 17, 2007 for the creditors' voluntary winding-up
proceedings.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         Grant Thornton House
         Euston Square
         Melton Street
         London
         NW1 2EP
         England


STAFFORDSHIRE EXPRESS: Taps Liquidators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Staffordshire Express Ltd.
on Jan. 9, 2008 for the creditors' voluntary winding-up
proceedings.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


STANSTED AIRPORT: Appoints Michael Young as Liquidator
------------------------------------------------------
Michael Young of Vantis was appointed liquidator of the Stansted
Airport Motel Ltd. on Jan. 4, 2008 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


UJIMA HOUSING: Housing Corporation to Probe Collapse
----------------------------------------------------
The Housing Corporation said Tuesday that it is to commission an
independent inquiry into the circumstances surrounding the
collapse of Ujima Housing Association.

Housing Corp. said that further details of the timetable and
terms of reference of the inquiry will be published shortly.

Housing Corporation Chief Executive, Steve Douglas said, "As
part of effective regulation, we believe it is right and proper
to commission an independent inquiry into what went wrong at
Ujima in order to see what lessons can be learned."

                        Background

Ujima was placed under Housing Corporation regulatory
supervision in October 2007 because of concerns about its
governance.  Following this move it became clear that Ujima were
in very severe financial difficulties and the Board of Ujima
subsequently agreed that its financial difficulties were such
that it could not sustain an independent future.

The Housing Corporation worked closely with the Board of Ujima
to identify a solution which would address these problems which
involved transferring the stock of Ujima to a large London-based
association with sufficient financial capacity to manage this
situation and a good track record of high quality services to
tenants.  This proposal was unanimously supported by Ujima's
Board but was not supported by the required 75% majority of
Ujima's shareholders at a meeting on Dec. 17, 2007.

Following the rejection of the Board's proposal, Ujima sought a
winding up Petition from the Court on Dec. 20.

                About The Housing Corporation

The Housing Corporation -- http://www.housingcorp.gov.uk/--
is responsible for regulating housing associations, which
provide some two million homes across England.  The Housing
Corporation is the Government's national affordable homes
agency, responsible for investing in new affordable homes and
regulating nearly 2,000 housing associations across England.

                    About Ujima Housing

Ujima Housing Association -- http://www.ujimagroup.org.uk--
managed around 4,600 homes, mainly in London.  Ujima was founded
in 1977 to tackle the housing problems facing young, black
single men and women in London.


WILDEN CONSTRUCTION: Claims Filing Period Ends February 29
----------------------------------------------------------
Creditors of Wilden Construction Ltd. have until Feb. 29, 2008
to send their full names, address and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Mark Bowen
         Liquidator
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England

Mark Bowen of Moore Stephens LLP was appointed liquidator of the
company on Jan. 17, 2008 for the creditors' voluntary winding-up
procedure.


* BOOK REVIEW: American Commercial Banking: A History
-----------------------------------------------------
Author:     Benjamin J. Klebaner
Publisher:  Beard Books
Paperback:  296 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981424/internetbankru
pt


This book American Commercial Banking: A History is written by
Benjamin J. Klebaner.

This informative and fascinating book traces the history of
commercial banking from its inception to 1988.

The authoritative historical perspective provides a greater
understanding of more recent times and of the many policy issues
that have arisen through the years.

In addition to being a remarkable piece of scholarship, it is a
very readable book. It should be on the "must read" list of all
students of finance and history, as well as others who are
curious as to the role banks have played in our society.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *