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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, January 28, 2008, Vol. 9, No. 20

                            Headlines




A U S T R I A

DS KONSTRUKTION: Claims Registration Period Ends February 7
DRAGOMIR DJURIC: Claims Registration Period Ends February 7
ELTNER MANAGEMENT: Claims Registration Period Ends February 6
HEIMBUCHER TRANSPORTE: Claims Registration Ends February 4
ING. BUESING: Claims Registration Period Ends February 1

JOHANN KAPPER: Graz Court Orders Business Shutdown
MAGAUER LLC: Claims Registration Period Ends February 4
MOLAND LLC: Claims Registration Period Ends February 1


B E L G I U M

MEGA BRANDS: S&P Cuts Corporate Credit Rating to 'B' From 'B+'
QUEBECOR WORLD: Selects Arnold & Porter as Bankruptcy Counsel
QUEBECOR WORLD: To Use US$750 Million DIP Fund to Buy Portfolio
QUEBECOR WORLD: Wants Access to Two Lenders' Cash Collateral


F R A N C E

HARMAN INT'L: Declares US$0.0125 Per Share Quarterly Dividend
PRIDE INTERNATIONAL: Inks Contract for Deepwater Fleet Expansion


G E R M A N Y

ATECH GMBH: Claims Registration Ends February 8
B&B GASTSTATTEN: Claims Registration Period Ends February 4
BECK MOTORBOOTCENTER: Claims Registration Ends February 6
BHG BAU: Claims Registration Period Ends February 1
BREEZE FINANCE: Fitch Rates EUR46.8 Million Class B Notes at BB-

BRT SPEDITION: Claims Registration Period Ends February 1
BSK BAU-SERVICE: Claims Registration Ends February 8
CAR SERVICE: Claims Registration Period Ends February 5
CSA WELZMUELLER: Claims Registration Period Ends February 11
ELEKTRO-SCHULTE: Claims Registration Period Ends February 1

G&T TANZHAUS: Claims Registration Period Ends February 5
JENOPTIK AG: Fitch Affirms and Withdraws B+ Ratings
LOGSPEDSERVICE GMBH: Claims Period Ends February 11
M&S GMBH: Claims Registration Period Ends February 4
MELA-KUECHEN: Claims Registration Period Ends February 4

MULTI-TELEFON-MARKETING GMBH: Claims Period Ends February 5
ORGATECH REINARTZ: Claims Registration Ends February 10
SLF SCHORNSTEIN: Claims Registration Period Ends February 3
SPORT LINK: Claims Registration Period Ends February 2
TON-PLAN GMBH: Claims Registration Ends February 6

WICOMAT BETEILIGUNGS: Claims Registration Period Ends February 5


I R E L A N D

RITCHIE IRELAND: Wants to Hike Borrowing by US$1.8MM to US$4.5MM


I T A L Y

ALITALIA SPA: AirOne SpA Taps Seabury Group to Boost Offer
ARES FINANCE 2: S&P Affirms Class E Notes at BB
ARES FINANCE SRL: S&P Rates Class F Notes at BB
FIAT SPA: Improved Performance Cues Moody's to Keep Ba1 Ratings


K A Z A K H S T A N

COMPANY TRANSSPETSSERVICE: Creditors' Claims Due on February 27
HLEBOROB-SERGIENKO: Creditors Must File Claims by February 22
KAISAR-HKM LLP: Claims Filing Period Ends February 22
TALAP-2000 LLP: Creditors' Claims Due on February 22
TEMIRMUNAI INVEST: Claims Registration Ends February 27

TURAR LTD: Creditors Must File Claims by February 22
ONLINE SOLUTIONS: Claims Filing Period Ends February 27


K Y R G Y Z S T A N

ENERGO-POLIS LLC: Creditors Must File Claims by February 15


N O R W A Y

TELLER AS: Fitch Affirms IDR at BB+ on Strong Franchise


P O L A N D

ACXIOM CORP: Earns US$54.7 Mln in Fiscal 3rd Qtr. Ended Dec. 31


R U S S I A

KUEDINSKY BREWERY: Creditors Must File Claims by February 29
LIPETSKY MACHINERY: Creditors Must File Claims by February 29
LOBVINSKY BIOCHEMICAL: Creditors Must File Claims by January 29
ROSNEFT OIL: Seeks US$2 Bln Loan to Repay Maturing Debts
SHABROVSKY TALC: Court Starts Bankruptcy Supervision Procedure

TEMKINSKY FLUX-PROCESSING: Court Starts Bankruptcy Supervision
URALHIPRORUBBERTECHNIKA: Creditors Must File Claims by Jan. 29
URALSVYAZINFORM OAO: Fitch Affirms Ratings on Stability
VOZROZHDENIYE CJSC: Bankruptcy Hearing Slated for April 24


S W I T Z E R L A N D

ANIKA ENGINEERING: Creditors Must File Claims by January 31
DYNA-REND JSC: Creditors' Liquidation Claims Due by February 4
GASSER BERATUNG: Creditors' Liquidation Claims Due by January 31
GUNTHER STAUDT: Creditors' Liquidation Claims Due by January 31
ICA INVESTMENT: Creditors' Liquidation Claims Due by January 31

KAP CONSULTING: Creditors' Liquidation Claims Due by January 31
MODELLBAHNZUBEHOR MZZ: Creditors Must File Claims by January 31
MONIKA REICH: Creditors' Liquidation Claims Due by February 4
VEDANA TREUHAND: Creditors' Liquidation Claims Due by January 31
WORLD LINE: Creditors' Liquidation Claims Due by January 31


U K R A I N E

AVIACOMPANY VITAIR: Proofs of Claim Filing Ends February 3
CONSTRUCTION.MATERIALS.TECHNOLOGIES: Claims Filing Ends Feb. 7
ENGINEER TECHNOLOGIES: Proofs of Claim Filing Ends February 3
MKL LLC: Proofs of Claim Filing Ends February 7
MOTORCAR TRADE: Creditors Must File Claims by February 3

SHYROKOVSKY AGRICULTURAL: Creditors Must File Claims by Feb. 3
SOFIT LLC: Proofs of Claim Filing Ends February 2
SOUTH ELEVATOR: Proofs of Claim Filing Ends February 2
SUPER FILM: Creditors Must File Claims by February 2
TISA-95 LLC: Proofs of Claim Filing Ends February 7

UKRSOTSBANK OJSC: S&P Lifts Ratings to BB- with Negative Outlook


U N I T E D   K I N G D O M

ARQUEST LTD: Appoints Ernst & Young as Joint Administrators
ATTRIC GROUP: Brings In Liquidators from KPMG
ATTRIC PBI: Calls In Liquidators from KPMG
CHRYSLER LLC: Unit Inks Product Development Pact w/ Tata Motors
CONSTELLATION BRANDS: Selling Three Wine Brands for US$134 Mln

CORDER PROPERTY: David Merrygold Leads Liquidation Procedure
CUMMINS INC: To Increase Workforce by 500 in Columbus
DBRS LTD: Taps Ian Defty to Liquidate Assets
DUCIE COURT: Brings In Administrators from BDO Stoy
ENTERPRISE INNS: S&P Affirms BB+ Long-term Credit Ratings

FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
GARDNER FINE: Taps Begbies Traynor to Administer Assets
GENERAL MOTORS: IUE-CWA Retirees to Get Christmas Bonus
LESLIE REESON: Joint Liquidators Take Over Operations
NORTHERN ROCK: Pension Trustees In Talks Over Scheme Buy-Out

RANK GROUP: Urges UK Gov't. to Reform Double-Tax Regime on Bingo
SHAW GROUP: Nuclear Unit Launches New Office in Shanghai, China
TATA MOTORS: Allies with Chrysler to Sell Electric Truck in U.S.
UNITED TRADE: Appoints Liquidators from Tenon Recovery

* BOND PRICING: For the Week Jan. 21 to Jan. 25, 2008




                            *********

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


DS KONSTRUKTION: Claims Registration Period Ends February 7
-----------------------------------------------------------
Creditors owed money by LLC D.S. Konstruktion Bau (FN 243373b)
have until Feb. 7, 2008, to file written proofs of claim to
court-appointed estate administrator Romana Weber-Wilfert at:

          Dr. Romana Weber-Wilfert
          c/o  Dr. Christof Stapf
          Esslinggasse 9
          1010 Vienna
          Austria
          Tel: 90 333
          Fax: 90333 44
          E-mail: wien@snwlaw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 13, 2007 (Bankr. Case No. 5 S 144/07x).  Christof Stapf
represents Dr. Weber-Wilfert in the bankruptcy proceedings.


DRAGOMIR DJURIC: Claims Registration Period Ends February 7
-----------------------------------------------------------
Creditors owed money by KEG DRAGOMIR DJURIC (FN 287026y) have
until Feb. 7, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Neuhauser at:

          Mag. Michael Neuhauser
          c/o  Dr. Romana Weber-Wilfert
          Esslinggasse 7
          1010 Vienna
          Austria
          Tel: 90 333
          Fax: 90 333 55
          E-mail: wien@snwlaw.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 12, 2007  (Bankr. Case No. 5 S 142/07b).  Romana Weber-
Wilfert represents Mag. Neuhauser in the bankruptcy proceedings.


ELTNER MANAGEMENT: Claims Registration Period Ends February 6
-------------------------------------------------------------
Creditors owed money by LLC Eltner Management (FN 70488i) have
until Feb. 6, 2008, to file written proofs of claim to court-
appointed estate administrator Kurt Bernegger at:

          Dr. Kurt Bernegger
          c/o Mag. Maria Kainer
          Jacquingasse 21
          1030 Vienna
          Austria
          Tel: 799 15 80
          Fax: 796 59 14

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 12, 2007 (Bankr. Case No. 2 S 154/07w).  Maria Kainer
represents Dr. Bernegger in the bankruptcy proceedings.


HEIMBUCHER TRANSPORTE: Claims Registration Ends February 4
----------------------------------------------------------
Creditors owed money by LLC Heimbucher Transporte (FN 254486w)
have until Feb. 4, 2008, to file written proofs of claim to
court-appointed estate administrator Roland Heitzingerat:

          Dr. Roland Heitzinger
          Ringstrasse 4/Plobergerstrasse 7
          4600 Wels
          Austria
          Tel: 07242/42605-0
          Fax: 07242/42605-20
          E-mail: heitzinger@ra-stossier.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Feb. 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Dec. 13, 2007 (Bankr. Case No. 20 S 144/07p).  


ING. BUESING: Claims Registration Period Ends February 1
--------------------------------------------------------
Creditors owed money by LLC Ing. Buesing (FN 189531y) have until
Feb. 1, 2008, to file written proofs of claim to court-appointed
estate administrator Stephan Riel at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 13, 2007 (Bankr. Case No. 28 S 151/07w).  


JOHANN KAPPER: Graz Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Graz entered Dec. 19, 2007 an order shutting
down the business of LLC Johann Kapper (FN 81017v).

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

The estate administrator can be reached at:

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

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


MAGAUER LLC: Claims Registration Period Ends February 4
-------------------------------------------------------
Creditors owed money by LLC Magauer (FN 105833m) have until
Feb. 4, 2008, to file written proofs of claim to court-appointed
estate administrator Walter Holme at:

          Dr. Walter Holme
          Dr. Koss Strasse 3
          4600 Wels
          Austria
          Tel: 07242/67354-0
          Fax: 07242/67354-50
          E-mail: kanzlei@holme.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Feb. 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Dec. 14, 2007 (Bankr. Case No. 20 S 145/07k).  


MOLAND LLC: Claims Registration Period Ends February 1
------------------------------------------------------
Creditors owed money by LLC Moland (FN 60787v) have until
Feb. 1, 2008, to file written proofs of claim to court-appointed
estate administrator Bernhard Eder at:

          Dr. Bernhard Eder
          Brucknerstrasse 4
          1040 Vienna
          Tel: 505 78 61
          Fax: 505 78 61 9
          E-mail: eder@rechtsanwaelte.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 13, 2007 (Bankr. Case No. 28 S 152/07t).  


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


MEGA BRANDS: S&P Cuts Corporate Credit Rating to 'B' From 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings on Montreal-based MEGA Brands Inc. to 'B'
from 'B+'.  The ratings remain on CreditWatch with negative
implications, where they were placed Nov. 9, 2007.  The '3'
recovery rating on the bank loan is unchanged.
     
"The downgrade and CreditWatch listing reflect Standard & Poor's
concerns that earnings, credit measures, and financial
flexibility are weaker than expected due to challenges MEGA
Brands faces," said Standard & Poor's credit analyst Lori
Harris.  "The company's financial flexibility is limited because
of the possibility it might not be in compliance with its
financial covenants for the fourth quarter 2007 or thereafter
due to the material decline in operating profit and cash flow,"
Ms. Harris added.

MEGA Brands' profitability has been negatively affected by
problems related to its Magnetix product, other litigation,
manufacturing inefficiencies, and higher costs for products
manufactured in China.  Excluding one-time charges, gross margin
for third-quarter 2007 declined to 38% from 45% for the same
period in 2006.  In addition, the softening economy could
negatively affect industry participants that have already faced
criticism because of product safety concerns.  
     
For the past two years, the company has been involved in
litigation related to its Magnetix product, which resulted in
product recalls, replacement, and liability settlement expenses.  
The charges related to the litigation have negatively affected
its debt levels and credit ratios in a material way.  In
addition, MEGA Brands is involved in litigation with the former
shareholders of Rose Art Industries Inc. concerning employment
arbitration due to the premature departure of the Rosen
brothers, as well as contingent payments related to MEGA Brands'
2005 acquisition of the business.  An additional US$51 million
in accrued consideration has yet to be paid because MEGA Brands
is disputing this claim.
     
The ratings will remain on CreditWatch until MEGA Brands'
financial flexibility and covenant compliance concerns are
resolved.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a  
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


QUEBECOR WORLD: Selects Arnold & Porter as Bankruptcy Counsel
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for  
authority to hire Arnold & Porter as their counsel, nunc pro
tunc to Jan. 21, 2008.

The Debtors relate that Arnold & Porter has provided a wide
range of legal representation and counseling for many years to
the Debtors and certain of their non-debtor affiliates.  

In addition, the Debtors say that before the bankruptcy filing,
the Debtors sought the services of the firm with respect to,
among other things, advice regarding restructuring matters in
general and preparation for the potential commencement and
prosecution of Chapter 11 cases for the Debtors.  As any
successful restructuring of the Debtors' finances and operations
is inextricably linked to the restructuring of the Debtors' non-
debtor affiliates, the Debtors requested the firm to work
closely with Quebecor World Inc.'s Canadian restructuring
counsel for appropriate court supervised restructuring processes
in Canada and the United States.

During the Chapter 11 cases, Arnold & Porter will:

    -- advise the Debtors with respect to their powers and
       duties as Debtors and debtors-in-possession in the
       continued management and operation of their businesses
       and properties;

    -- advise and consult on the conduct of the Chapter 11
       cases, including all of the legal and administrative
       requirements of operating in Chapter 11;

    -- attend meetings and negotiate with representatives of  
       creditors and of the Debtors' employees and other
       parties-in-interest;

    -- advise the Debtors in connection with any contemplated
       sales of assets, business combinations, or investment
       transactions.

    -- advise the Debtors in connection with postpetition
       financing and cash collateral arrangements and
       negotiating and drafting documents, relating thereto,
       among other things;

    -- advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

    -- provide advice to the Debtors with respect to legal
       issues arising in or relating to the Debtors' ordinary
       course of business.

    -- take necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions
       and proceedings on their behalf, the defense of any
       actions and proceedings commenced against the estates,
       and negotiations concerning all litigations;

    -- develop and implement protocols for the coordination of
       the Chapter 11 cases with restructuring cases filed on
       behalf of the Debtors and non-debtor affiliates in
       Canada;

    -- prepare on behalf of the Debtors motions, applications,
       answers, orders, reports and papers necessary to the
       administration of the estates;

    -- negotiate and prepare, on the Debtors' behalf, plans of
       reorganization, disclosure statements and all related
       agreements or documents and take any necessary action on
       behalf of the debtors to obtain confirmation of those
       plans;

    -- attend meetings with third parties and participate in
       negotiations;

    -- appear before the Court, other courts, and the U.S.
       Trustee; and protect the interests of the Debtors'
       estates before those courts and the U.S. Trustee;

    -- meet and coordinate with other counsel and other
       professionals retained on behalf of the Debtors and
       approved by the Court; and

    -- perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in
       connection with the Chapter 11 cases and related matters.

The firm will bill the Debtors for its services at its usual
hourly rates.  Presently, Arnold & Porter's hourly rates range
from US$550 to US$825 for partners, and US$300 to US$560 for
associates.  The firm will also seek reimbursement for out-of-
pocket expenses incurred in its representation of the Debtors.

The Debtors and certain non-debtor affiliates have made certain
payments to Arnold & Porter within the 90-day period prior the
bankruptcy filing for services rendered by the firm and as
retainer.

As of the bankruptcy filing, the firm held a retainer of
US$939,053.  The firm will apply the retainer to pay its fees
and disbursements as allowed by the Court

Michael J. Canning, Esq., at Arnold & Porter says he and the
firm are "disinterested persons" as that term is defined in
Section 101(14) of the Bankruptcy Code and does not hold or
represent any interest adverse to the Debtors' estates.

The firm can be reached at:

             Michael J. Canning, Esq.
             Arnold & Porter LLP
             399 Park Avenue
             New York, NY 10022-4690
             Tel: (212) 715-1110
             Fax: (212) 715-1399
             http://www.arnoldporter.com/

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


QUEBECOR WORLD: To Use US$750 Million DIP Fund to Buy Portfolio
---------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to immediately obtain up to an aggregate of
US$750,000,000 revolving loans and letters of credit under a  
debtor-in-possession facility to allow them to purchase
Receivables Portfolio worth US$416,800,000.

As reported in the Troubled Company Reporter-Europe on Friday,
the Debtors formally sought the Bankruptcy Court's authority to
enter into a US$1,000,000,000 senior secured superpriority DIP
credit agreement from a syndicate of lenders led by Credit
Suisse Securities (USA), LLC, as administrative and collateral
agent, and Morgan Stanley Senior Funding Inc.

Receivables Portfolio refers to certain accounts receivable and
other related rights sold, assigned and initially transferred by
the Debtors to one of its non-debtor affiliate, Quebecor World
Finance Inc., who, in turn, sold those account receivables to
third parties.

As previously reported, the US$1,000,000,000 DIP Facility
comprises of a US$600,000,000 term loan and a US$400,000,000
revolving credit facility.  The Revolving Credit Facility also
includes a US$100,000,000 letter of credit subfacility and a
US$25,000,000 swing line subfacility.

Aside from purchasing the Receivables Portfolio, the remaining
proceeds of the DIP Facility will be used to provide the Debtors
financing for working capital, letters of credit, capital
expenditures and other general corporate purposes, the Debtors'
proposed counsel Michael J. Canning, Esq., at Arnold & Porter
LLP, in New York, says.

The DIP Facility's Borrowing Base will mean at any time of
determination the sum of:

   (a) up to 85% of eligible US and Canadian trade accounts
       receivable of the Debtors, other than accounts receivable
       subject to a lien in favor of the lenders under the
       existing Credit Agreements with the Royal Bank of Canada
       and the Societe Generale (Canada); and

   (b) the lesser of (x) up to 85% of the Orderly Liquidation
       Value Percentage of eligible US inventory of the Debtors,
       other than inventory subject to a lien in favor of the
       lenders under the Existing Credit Agreements, and (y) up
       to 65% of eligible US inventory of the Debtors, minus (z)
       reserves to be reasonably determined by Credit Suisse.

The DIP Facilities, the Guarantees and any Hedging Arrangements
will be secured by substantially all the assets of the Debtors,
except any proceeds of Avoidance Actions.  Security granted to
the Lenders will include:

   -- a perfected first-priority pledge of all the equity
      interests of Quebec World (USA), Inc.;

   -- a perfected first priority pledge of all the equity
      interests held by Quebec World, Inc., QWUSA or any other
      Guarantor; and

   -- a perfected first-priority security interests in, and
      mortgages on, substantially all assets of QWI, QWUSA and
      each Guarantor.

The Collateral will not include accounts receivable of European
Guarantors, which are subject to existing factoring arrangements
or factoring arrangements that are otherwise acceptable to the
DIP Agent up to an amount to be agreed.  The DIP Agents' liens
on
the Collateral will be junior to:

   -- all valid liens presently held securing indebtedness
      pursuant to the Amended and Restated Credit Agreement
      among QWI, QWUSA, the lenders, Royal Bank of Canada, as
      administrative agent, and RBC Capital Markets, as
      arranger;

   -- all valid liens presently held securing indebtedness
      pursuant to that certain Credit Agreement, among QWI,
      QWUSA and Societe Generale (Canada), as lender;

   -- capitalized leases, purchase money security interests or
      mechanics' liens in existence at the bankruptcy filing or
      perfected subsequent to the bankruptcy filing;

   -- other limited liens to be agreed on; and

   -- the Carve-Out for the payment of allowed fees and
      disbursements of professionals hired by the Debtors and a
      statutory committee of unsecured creditors.

The superpriority perfected security interests in the assets of
QWI in its insolvency proceedings under the Canadian Companies'
Creditors Arrangement Act will be subject and subordinate to an
administration charge.

Loans under the Term Facility will be prepaid with 100% of the
net cash proceeds of all asset sales or other dispositions of
property by the Debtors; 100% of the net cash proceeds of
issuances, offerings or placements of debt obligations of the
Debtors; and 100% of Extraordinary Receipts.

Mandatory prepayments under the Revolving Credit Facility will
be required if the DIP Revolving Credit Facility Usage exceeds
the then effective commitments under the Revolving Credit
Facility or the DIP Revolving Credit Facility Usage exceeds
Availability.

Voluntary prepayments of the borrowings under the Revolving
Credit Facility will be permitted at any time without premium or
penalty, subject to payment of customary breakage costs in the
case of a prepayment of an adjusted LIBOR borrowing other than
on the last day of the relevant interest period.

Mr. Canning asserts that approval of the DIP Facility will
enable the Debtors to maintain the confidence of their vendors,
customers and employees.  Absent approval of the DIP Facility,
the Debtors will run out of cash before the end of January 2008,
resulting in severe disruptions to their business, he further
asserts.

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


QUEBECOR WORLD: Wants Access to Two Lenders' Cash Collateral
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to use certain collateral pledged to the prepetition
secured lenders.  The prepetition secured lenders are group
lenders led by Royal Bank of Canada and another group of lenders
led by Societe Generale (Canada).

The Debtors tell the Court that they do not have sufficient
liquidity to pay obligations that either are currently due or
are expected to become due in early 2008, proposed counsel
Michael J. Canning, Esq., at Arnold & Porter, LLP, in New York,
relates.  RBC Lenders have indicated that it will not provide
any further advances from a US$750,000,000 prepetition credit
agreement because the Debtors have not satisfied conditions and
refinancing milestones set by the RBC Lenders.

Mr. Canning adds that suppliers are demanding cash terms and
customers are threatening to cease doing business with the
Debtors unless they are provided with letters of credit or
similar accommodations.  Hence, the Debtors need infusion
of additional cash.

                US$750 Million RBC Credit Facility

The RBC Lenders committed to provide a US$750,000,000 revolving
credit facility, which was secured up to a maximum of
US$135,000,000 by:

   (a) unlimited guaranties from certain Debtors;

   (b) a pledge of the shares of Debtor QW Memphis Corp. by the
       Debtors Quebecor World (USA) Inc., the Webb Company, and
       Quebecor World Memphis, LLC;

   (c) a pledge of the shares of QWUSA by Debtor Quebecor
       Printing Holding Company;

   (d) security on all personal and real property of QW Memphis,
       excluding accounts receivable subject to the Existing
       Receivables Facility and certain real estate located in
       Covington, Tennessee; and

   (d) security on all inventory of QWI located in Canada.

As of Jan. 18, 2008, the aggregate amount of indebtedness
outstanding under the RBC Credit Agreement was approximately
US$735,000,000.

             CADUS$136 Million Soc Gen Credit Agreement

A Soc Gen Credit Agreement, on the other hand, provides for an
equipment financing credit facility in the aggregate amount of
the CADUS$136,165,415, expiring on July 1, 2015.  The amounts
due under the Soc Gen Credit Agreement are guaranteed and
secured on a pari passu basis up to US$35,000,000 by the same
collateral as the credit facilities under the RBC Credit
Agreement.  As of Jan. 11, 2008, the aggregate amount
outstanding under the Soc Gen Credit Agreement was approximately
US$155,000,000.

To protect the interest of the Prepetition Secured Lenders in
the QW Memphis Collateral, for any diminution in value from the
use of the QW Memphis Collateral, and for the imposition of the
automatic stay, the Debtors will release any liens of the
Prepetition Secured Lenders in QW Memphis' accounts immediately
on the entry of an interim cash collateral order.

             Establishment of Cash Collateral Account

The Debtors will establish a cash collateral account with a
certain bank.  Certain security interests and liens will be
granted:

   (a) to the Prepetition Secured Lenders, a valid, binding,
       continuing, enforceable, fully perfected first priority
       senior security interest in and lien on the Memphis Cash
       Collateral Account, securing any Prepetition Secured
       Indebtedness that is secured by valid, perfected non
       avoidable and enforceable liens in existence as of the
       bankruptcy filing; provided that the security interest
       granted will be included in the cap on the Prepetition
       Secured Indebtedness provided for in the Prepetition
       Security Agreements; and

   (b) to Credit Suisse Securities (USA), LLC, as the DIP
       Facility's Administrative Agent, a valid, binding,
       continuing, enforceable, fully perfected security
       interest in and lien on the Memphis Cash Collateral
       Account immediately junior to the Prepetition Secured
       Lenders' Lien.

The Debtors will deposit in the Memphis Cash Collateral Account
an amount equal to the bankruptcy filing value of the QW Memphis
Inventory divided by 46 each day until the date on which the
balance on deposit in the Memphis Cash Collateral Account is
equal to the QW Memphis bankruptcy filing inventory amount.  As
of Jan. 22, 2008, the Debtors have not disclosed the approximate
bankruptcy filing value of the Memphis Inventory.

On the Memphis Inventory Release Date, the Debtors will release
any Liens of the prepetition secured lenders in the QW Memphis
Bankruptcy Filing Inventory.

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


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


HARMAN INT'L: Declares US$0.0125 Per Share Quarterly Dividend
-------------------------------------------------------------
Harman International Industries Incorporated has declared a cash
dividend of US$0.0125 per share for the second quarter ended
Dec. 31, 2007.

The quarterly dividend will be paid on Feb. 20, 2008, to each
stockholder of record as of the close of business on
Feb. 6, 2008.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                       *     *     *

In October 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


PRIDE INTERNATIONAL: Inks Contract for Deepwater Fleet Expansion
----------------------------------------------------------------
Pride International Inc. is continuing the expansion of its
premium deepwater fleet, following a multi-year contract award
from a subsidiary of Petroleo Brasileiro S.A. for the
construction and operation of an advanced-capability, ultra-
deepwater drillship in support of Petrobras's international
exploration and development drilling projects.  The ultra-
deepwater drillship, to be constructed at the Samsung Heavy
Industries, Co. Ltd. shipyard in Geoje, South Korea on a fixed-
price basis, is expected to be delivered from the shipyard in
the first quarter of 2011, following construction, commissioning
and system-integrated testing.

The multi-year drilling contract allows Petrobras to elect, by
Jan. 31, 2010, a firm contract term of at least five years and
up to seven years in duration.  The drilling contract provides
for the payment of a fixed daily rate and the payment of a
performance bonus of up to 17% of the fixed daily rate if a five
year term is selected (or up to 15% if a six or seven year term
is selected.) Depending on the firm contract term chosen and
excluding revenues for reimbursement of costs associated with
the mobilization of the rig to an initial location, estimated
contract revenues which could be generated range from US$916
million to US$1.24 billion and include the operating dayrate,
the full amount of the performance bonus and other contractually
guaranteed payments of US$41 million to US$49 million.  In
addition, a cost escalation provision is provided from the
signing date of the contract through the term selected.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "This third addition to our
deepwater fleet in less than seven months, along with the
supporting contract, is beneficial in a number of ways as we
continue to successfully transition the company to a pure
offshore focus with an increasing emphasis on ultra-deepwater
drilling.  These benefits include:

  a) Expanding our strong business relationship with Petrobras,
     a client with increasing opportunities in deepwater
     exploration and development drilling around the world.

  b) Adding a new, premium ultra-deepwater drilling rig to our
     fleet, which will have technically advanced features
     allowing the unit to compete effectively in all deepwater
     drilling regions.

  c) Securing a firm, multi-year contract that allows the
     company to build a backlog of revenue and cash flow that
     enhances earnings growth prospects and shareholder value
     well into the next decade.

  d) Adding to our critical mass in dynamically-positioned
     deepwater floaters, currently the industry's second
     largest fleet, and enhancing our ability to attract and
     retain the industry's best operations and engineering
     talent.

  e) Achieving construction management efficiencies, as all
     three of our newbuilds will be constructed in the same
     shipyard with an identical hull design and similar
     technical features."

Mr. Raspino added, "Deepwater exploration and development
activity continues to be supported by impressive geologic
success and strong energy demand outlook well into the next
decade.  Technological advancements continue to enable the
industry to achieve drilling successes in challenging deepwater
environments, resulting in promising new geologic plays, the
emergence of new deepwater regions and expansion of the customer
base.  Each of these factors buttresses our high level of
confidence in the long-term duration of the present deepwater
cycle and in our ability to realize attractive contracting
opportunities for our two ultra-deepwater drillships already
under construction, while building our resolve to pursue
additional deepwater growth opportunities."

The new drillship, to be named at a later date, is Pride's third
ultra-deepwater drillship construction project, following
previously announced decisions in 2007 to construct one unit and
to purchase from another party a second unit in the early stages
of construction.  Like the first two drillships, the latest unit
is based on an SHI proprietary hull design measuring 750 feet
long, 140 feet wide and offering a pay load in excess of 20,000
metric tons.  The drillship is designed for drilling in water
depths of up to 12,000 feet, with a total vertical drilling
depth of up to 40,000 feet, and will have off-line tubular stand
building capabilities.  The rig will feature dynamic positioning
in compliance with DPS-3 certification.

The rig, which will be initially equipped for drilling in water
depths of up to 10,000 feet, will also have expanded drilling
fluids capacity, a 1,000 ton capacity top drive and living
quarters for up to 200 personnel.  The expected construction
cost of the rig, including commissioning and system integrated
testing and excluding capitalized interest, is approximately
US$720 million.  The company expects to fund the construction of
the unit with available cash and borrowings.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 22,
2007, Standard & Poor's Ratings Service raised its corporate
credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


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


ATECH GMBH: Claims Registration Ends February 8
-----------------------------------------------
Creditors of Atech GmbH have until Feb. 8, 2008, to register
their claims with court-appointed insolvency manager Dr. Detlef-
Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on March 5, 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Dr. Detlef-Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Atech GmbH on Jan. 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Atech GmbH
         Scheunenstrasse 7
         16259 Bad Freienwalde
         Germany


B&B GASTSTATTEN: Claims Registration Period Ends February 4
-----------------------------------------------------------
Creditors of B & B Gaststatten GmbH have until Feb. 4, 2008, to
register their claims with court-appointed insolvency manager
Dr. Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 25, 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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 02832/97720
         Fax: 02832/977229

The District Court of Kleve opened bankruptcy proceedings
against B & B Gaststatten GmbH on Jan. 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          B & B Gaststatten GmbH
          Marsstrasse 12
          46509 Xanten
          Germany


BECK MOTORBOOTCENTER: Claims Registration Ends February 6
---------------------------------------------------------
Creditors of Beck Motorbootcenter GmbH have until Feb. 6, 2008,
to register their claims with court-appointed insolvency manager
Peter Depre.

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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Beck Motorbootcenter GmbH on Jan. 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Beck Motorbootcenter GmbH
         Attn: Renate Beck-Schneege, Manager
         Daimlerstr. 45
         76185 Karlsruhe
         Germany


BHG BAU: Claims Registration Period Ends February 1
---------------------------------------------------
Creditors of BHG Bau- und Handelsgesellschaft mbH have until
Feb. 1, 2008, to register their claims with court-appointed
insolvency manager Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Magdeburg
          Hall 14
          Breiter Weg 203-206
          39104 Magdeburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andre Schirrmeister
          Magdeburger Str. 23
          06112 Halle
          Germany
          Tel: 0345/ 2308811
          Fax: 0345/ 2311199

The District Court of Magdeburg opened bankruptcy proceedings
against BHG Bau- und Handelsgesellschaft mbH on Jan. 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BHG Bau- und Handelsgesellschaft mbH
          Pestalozziweg 9
          39164 Wanzleben
          Germany


BREEZE FINANCE: Fitch Rates EUR46.8 Million Class B Notes at BB-
----------------------------------------------------------------
Fitch Ratings has assigned Breeze Finance SA's (Breeze Four)
secured notes due 2028 expected ratings:

   -- EUR161.6 million Class A: 'BBB-', Outlook Stable
   -- EUR46.8 million Class B: 'BB-', Outlook Stable

The expected ratings are based on the information provided by
the arranger as of Jan. 23, 2008.  The final ratings are
contingent on the receipt of final documents conforming to
information already received as well as on satisfactory legal
opinions.

The class B notes have the same maturity as the class A notes,
but the priority of payment guarantees contractual
subordination.  This is reflected in the lower coverage ratio
observed on a consolidated basis for the B notes.

The proceeds of the issuance of the notes will be on-lent by the
issuer to Breeze Four Energy GmbH & Co. KG and Breeze Four SNC
and will be used to refinance existing debt, fund the
construction escrow account and the debt service reserve account
as well as pay for transaction costs.

The Breeze Four notes will be serviced through the revenues
produced by a portfolio of 13 wind farms located in Germany (11)
and in France (2), with a combined capacity of approximately 191
MW.  Five wind farms (representing approximately 38% of total
capacity) are currently still under construction and are
expected to be completed within the third quarter of 2008.

The ratings reflect the very favorable regulatory frameworks in
Germany and France (although there is some French pool price
exposure in the last five years of the transaction), the
uncertainty on future wind level, and the fact that the notes
can be repaid according to their terms and conditions should
there be a significant reduction in wind production.  The
construction risk associated with the not-yet operating portion
of the portfolio and the benefits of the portfolio's
technological, offtake and geographic diversification have also
been factored into Fitch's analysis and expected ratings.

The transaction's risk are mitigated by a minimum debt service
coverage ratios for class A and B notes in Fitch base case of
1.61x and 1.21x, respectively.  Additional comfort is also
provided by the capacity of the cashflows to repay both classes
of debt in downside scenarios, including production stress,
which are viewed as improbable both in the wind consultant's
view and compared with the historical German wind index.

The expected ratings address the timely payment of interest and
principal in accordance with the terms and conditions of the
notes.


BRT SPEDITION: Claims Registration Period Ends February 1
---------------------------------------------------------
Creditors of BRT Spedition GmbH have until Feb. 1, 2008, to
register their claims with court-appointed insolvency manager
Andre K. Gabel.

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 Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andre K. Gabel
          Carl-Theodor-Reiffenstein-Platz 6
          D 60313 Frankfurt (Main)
          Germany
          Tel: 069/138228290
          Fax: 069/138228299

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against BRT Spedition GmbH on Jan. 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BRT Spedition GmbH
          Attn: Michael Klump, Manager
          Privatstrasse 1
          65795 Hattersheim
          Germany


BSK BAU-SERVICE: Claims Registration Ends February 8
----------------------------------------------------
Creditors of BSK Bau-Service-Kipke GmbH have until Feb. 8, 2008
to register their claims with court-appointed insolvency manager
Dr. Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Feb. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Koehler
         Marktstrasse 22
         59555 Lippstadt
         Germany
         Tel: 02941/979850
         Fax: 02941/979870

The District Court of Paderborn opened bankruptcy proceedings
against BSK Bau-Service-Kipke GmbH on Jan. 8, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BSK Bau-Service-Kipke GmbH
         Attn: Arno Kipke, Manager
         Friedenseiche 16
         59597 Erwitte
         Germany


CAR SERVICE: Claims Registration Period Ends February 5
-------------------------------------------------------
Creditors of car service Hahnen GmbH have until Feb. 5, 2008, to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 on Feb. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211/492240
         Fax: 0211/4922487

The District Court of Kleve opened bankruptcy proceedings
against car service Hahnen GmbH on Jan. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         car service Hahnen GmbH
         Querallee 4
         47533 Kleve
         Germany

         Attn: Franziska Hahnen-Johannes, Manager
         Holthuysstrasse 24
         47533 Kleve
         Germany


CSA WELZMUELLER: Claims Registration Period Ends February 11
------------------------------------------------------------
Creditors of CSA Welzmueller Haus und Bau GmbH have until
Feb. 11, 2008, to register their claims with court-appointed
insolvency manager Dr. Robert Hanel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on March 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         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. Robert Hanel
         Hauptstr. 37
         82380 Peissenberg
         Germany
         Tel: 08803/63660
         Fax: 08803/636677

The District Court of Weilheim opened bankruptcy proceedings
against CSA Welzmueller Haus und Bau GmbH on Jan. 16, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CSA Welzmueller Haus und Bau GmbH
         Gut Staltach 3
         82393 Iffeldorf
         Germany  


ELEKTRO-SCHULTE: Claims Registration Period Ends February 1
-----------------------------------------------------------
Creditors of Elektro-Schulte GmbH & Co. KG have until Feb. 1,
2008, to register their claims with court-appointed insolvency
manager Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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 Gottschalk
          Kirchender Dorfweg 14
          58313 Herdecke
          Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Elektro-Schulte GmbH & Co. KG on Dec. 28, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Elektro-Schulte GmbH & Co. KG
          Hauptstrasse 31-33
          58802 Balve
          Germany


G&T TANZHAUS: Claims Registration Period Ends February 5
--------------------------------------------------------
Creditors of G&T Tanzhaus Erlebnisgastronomie Beteiligungs GmbH
have until Feb. 5, 2008, to register their claims with court-
appointed insolvency manager Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 5, 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:

         Ulrich Kraft
         Wasastr. 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against G&T Tanzhaus Erlebnisgastronomie Beteiligungs GmbH on
Jan. 3, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          G&T Tanzhaus Erlebnisgastronomie Beteiligungs GmbH
          Bremer Str. 57
          01067 Dresden
          Germany


JENOPTIK AG: Fitch Affirms and Withdraws B+ Ratings
---------------------------------------------------
Fitch Ratings has affirmed Jenoptik AG's Long-term Issuer
Default Rating at 'B+' with Stable Outlook and Short-term IDR at
'B'.  Simultaneously, Fitch has withdrawn the ratings.

Fitch will no longer provide rating coverage of Jenoptik..


LOGSPEDSERVICE GMBH: Claims Period Ends February 11
---------------------------------------------------
Creditors of LogSpedService GmbH have until Feb. 11, 2008, to
register their claims with court-appointed insolvency manager
Hans Peter Runkel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Wuppertal opened bankruptcy proceedings
against LogSpedService GmbH on Jan. 10, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LogSpedService GmbH
         Schillweg 17
         42109 Wuppertal
         Germany

         Attn: Jorg Bluhm, Germany
         Collenbuschstr. 1
         42277 Wuppertal
         Germany


M&S GMBH: Claims Registration Period Ends February 4
----------------------------------------------------
Creditors of M & S GmbH Bedachnungen have until Feb. 4, 2008, to
register their claims with court-appointed insolvency manager
Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

          Karl-Dieter Sommerfeld
          Hammerweg 3
          51766 Engelskirchen-Ruenderoth
          Germany
          Tel: 02263/9039-0
          Fax: 02263/9039-10

The District Court of Bonn opened bankruptcy proceedings against
M & S GmbH Bedachnungen on Dec. 28, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          M & S GmbH Bedachnungen
          Homburger Str. 3a
          51588 Nuembrecht
          Germany


MELA-KUECHEN: Claims Registration Period Ends February 4
--------------------------------------------------------
Creditors of MELA-Kuechen-Vertriebs-GmbH & Co. KG have until
Feb. 4, 2008, to register their claims with court-appointed
insolvency manager Dr. Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on Feb. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
  
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Essen opened bankruptcy proceedings
against MELA-Kuechen-Vertriebs-GmbH & Co. KG on Jan. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MELA-Kuechen-Vertriebs-GmbH & Co. KG
          Grothusstr. 22-28
          45881 Gelsenkirchen
          Germany


MULTI-TELEFON-MARKETING GMBH: Claims Period Ends February 5
-----------------------------------------------------------
Creditors of MTM MULTI-TELEFON-MARKETING GmbH have until
Feb. 5, 2008, to register their claims with court-appointed
insolvency manager Wolfgang Illig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Illig
         Kriegerstr. 3
         70191 Stuttgart
         Germany
         Tel: 0711/22 55 830
         Fax: 0711/22 55 83 20

The District Court of Stuttgart opened bankruptcy proceedings
against MTM MULTI-TELEFON-MARKETING GmbH on Jan. 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MTM MULTI-TELEFON-MARKETING GmbH
         Attn: Carola Boehringer, Manager
         Reinsburgstr. 82
         70178 Stuttgart
         Germany


ORGATECH REINARTZ: Claims Registration Ends February 10
-------------------------------------------------------
Creditors of OrgaTech Reinartz Verwaltungs GmbH have until
Feb. 10, 2008, to register their claims with court-appointed
insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 4, 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse. 54
         50676 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against OrgaTech Reinartz Verwaltungs GmbH on Jan. 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         OrgaTech Reinartz Verwaltungs GmbH
         Bernhard-Letterhaus-Str. 4
         50374 Erftstadt
         Germany

         Attn: Helmut Reinartz, Manager
         Brechtstr. 12
         50171 Kerpen
         Germany


SLF SCHORNSTEIN: Claims Registration Period Ends February 3
-----------------------------------------------------------
Creditors of SLF Schornstein-, Lueftung- und Feuerungstechnik
GmbH have until Feb. 3, 2008, to register their claims with
court-appointed insolvency manager Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Cologne
          Meeting Hall 1240
          12th Floor
          Luxemburger Strasse 101
          50939 Cologne
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Joachim Klein II
          Hansaring 79 - 81
          50670 Cologne
          Germany
          Tel: 9126770
          Fax: +4922191267799

The District Court of Cologne opened bankruptcy proceedings
against SLF Schornstein-, Lueftung- und Feuerungstechnik GmbH on
Dec. 13, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          SLF Schornstein-, Lueftung- und Feuerungstechnik GmbH
          Attn: Johann Burgwinkel, Manager
          Industriestr. 156
          50996 Cologne
          Germany


SPORT LINK: Claims Registration Period Ends February 2
------------------------------------------------------
Creditors of Sport Link & Hoefler GmbH have until Feb. 2, 2008,
to register their claims with court-appointed insolvency manager  
Rainer J. Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 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 Freiburg
          Hall I
          Holzmarkt 2
          79098 Freiburg i.Br.
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Rainer J. Peters
          Bismarckstr. 4
          79379 Muellheim
          Germany
          Tel: 07631/16877
          Fax: 07631/16878

The District Court of Freiburg opened bankruptcy proceedings
against Sport Link & Hoefler GmbH on Dec. 27, 2007.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Sport Link & Hoefler GmbH
          Attn: Gerd Link, Manager
          Bundesstr. 19
          79423 Heitersheim
          Germany


TON-PLAN GMBH: Claims Registration Ends February 6
--------------------------------------------------
Creditors of TON-Plan GmbH have until Feb. 6, 2008, to register
their claims with court-appointed insolvency manager Ulrich
Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Muehlhausen
         Room 91
         Untermarkt 17
         Muehlhausen
         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:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against TON-Plan GmbH on Nov. 27, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TON-Plan GmbH
         Attn: Detlef Franke, Manager
         Dammig 19
         37339 Teistungen
         Germany


WICOMAT BETEILIGUNGS: Claims Registration Period Ends February 5
----------------------------------------------------------------
Creditors of Wicomat Beteiligungs-GmbH have until Feb. 5, 2008,
to register their claims with court-appointed insolvency manager
Dr. Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Wicomat Beteiligungs-GmbH on Jan. 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wicomat Beteiligungs-GmbH
         Attn: Erwin A. Sauter, Manager
         Pforzheimer Str. 95
         75417 Muehlacker
         Germany


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


RITCHIE IRELAND: Wants to Hike Borrowing by US$1.8MM to US$4.5MM
----------------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-linked Strategies Trading (Ireland) II Ltd. ask the
U.S. Bankruptcy Court for the Southern District of New York to
authorize an increase of postpetition financing by
US$1.8 million to US$4.5 million, Bill Rochelle of Bloomberg
News reports.

As reported in the Troubled Company Reporter on Sept. 18, 2007,
the Court authorized Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. to obtain a US$2.7 million postpetition
financing from its affiliate, Ritchie Risk-Linked Strategies
Trading (Ireland) Ltd.

Mr. Rochelle relates that US$1.55 million will go to Coventry
First LLC as settlement over a dispute contesting ownership of
files containing information about more than 1,000 life
insurance policies the Debtors plan to sell.

In December 2007, the Debtors asked the Court to determine who
rightfully owns the files arguing that they cannot sell the
policies for an acceptable price without those files, the TCR
disclosed citing Bloomberg News.  Coventry, the seller of the
policies, contended that it never sold the files to the Debtors.

In October 2007, the Court approved the procedures proposed by
the Debtors for the sale of those policies, which constitutes
all or substantially all of the Debtors' assets.

                    About Ritchie (Ireland)

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are  
Dublin-based funds of hedge fund group Ritchie Capital
Management LLC.  The Debtors were formed as special purpose
vehicles to invest in life insurance policies in the life
settlement market.  The Debtors filed for Chapter 11 protection
on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-
11907).  Allison H. Weiss, Esq., David D. Cleary, Esq., and
Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae,
LLP represent the Debtors in their restructuring efforts.  No
Official Committee of Unsecured Creditors has been appointed to
date.  When the Debtors filed for bankruptcy, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a Chapter 11 plan of
liquidation expires on April 15, 2008.


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


ALITALIA SPA: AirOne SpA Taps Seabury Group to Boost Offer
---------------------------------------------------------
AirOne S.p.A. has tapped Seabury Group LLC to support its offer
to acquire the Italian government's 49.9% stake in Alitalia
S.p.A., Bloomberg News reports.

AirOne chairman Carlo Toto insisted in mid-January that it
presented more economical offer for Alitalia, noting that its
business plan for the national carrier is supported by "four
among the world's most important banks that are ready to
formalize their commitment immediately should a private
negotiation be initiated."

Alitalia and Italy have selected Air France-KLM SA's non-binding
offer over AirOne's.   

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.


ARES FINANCE 2: S&P Affirms Class E Notes at BB
-----------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised the credit rating on the
class D notes issued by ARES FINANCE 2 S.A.  At the same time,
the rating on the class E notes was affirmed.
  
The notes issued by ARES 2 are backed by a pool of secured and
unsecured nonperforming loans originated in Italy by Banca
Nazionale del Lavoro SpA (AA-/Positive/A-1+).  The servicer in
the transaction is Societ. Gestione Crediti SpA, and the
portfolio advisor is Archon Group Italia S.r.l., ranked by
Standard & Poor's as "ABOVE AVERAGE".
  
The raising of the rating on the class D notes reflects the de-
leveraging of the transaction, the amount of cash awaiting
distribution from courts and prospects of further recoveries on
the residual portfolio.
  
As of Dec. 31, 2008, cash awaiting distribution from the courts
was approximately EUR41 million.  A further EUR6.1 million in
cash is expected from the accepted negotiated resolution.
Distribution from the courts in Italy takes on average one year
for foreclosures, and 18 months for bankruptcy proceedings.
   
The residual unresolved gross book value stands at
EUR646 million, split across 2369 loans with 1803 borrowers.
  
Cumulative net collections for the transaction remain below the
servicer's and Standard & Poor's base-case scenario level, at
EUR604 million.  Although slower than expected, collections have
been slightly ahead of expectations in terms of profitability,
which has gradually improved.
  
The underlying portfolio continues to advance through the legal
stages of the resolution process.  At the end of the latest
reporting period, 8.3% of nonbankrupt and 16.6% of bankrupt
unresolved positions were in the post-CTU phase.
  
On the back of the ongoing resolution of the underlying
portfolio, net collections are gradually decreasing.  Average
net collections in the past 12 months have been approximately
EUR37 million, about 20% lower than was recorded in the one-year
period ending December 2006.
  
S&P's review of the ratings was made solely on the basis of the
information contained in the investor reports and the initial
information received at closing.  No updated business plans for
recoveries were provided.  In this kind of transaction, S&P
would normally expect to receive and be able to rely on this
kind of information.  Despite this lack of transparency, the
review of the residual portfolio and the ongoing de-leveraging
of the transaction was enough to justify the rating action
taken.

                           Ratings List
  
ARES FINANCE 2 S.A.

   EUR684.9 Million Asset-Backed Floating-Rate Notes
    
                            Rating
                            ------
         Class      To                    From
         -----      --                    ----
         D           A                     A-/Watch Pos             
  
                        Rating Affirmed
  
                      Class       Rating
                      -----       ------
                      E           BB


ARES FINANCE SRL: S&P Rates Class F Notes at BB     
-----------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its credit rating on the
class D notes issued by ARES FINANCE S.r.l.  At the same time,
the rating on the class E notes was removed from CreditWatch
positive and affirmed, and the class F notes were affirmed.
  
The notes are backed by a pool of secured and unsecured
nonperforming loans originated in Italy by Banca Nazionale del
Lavoro SpA (AA-/Positive/A-1+).  The servicer in the transaction
is Societa Gestione Crediti SpA, and the portfolio advisor is
Archon Group Italia S.r.l., ranked by Standard & Poor's as
"ABOVE AVERAGE".
  
The raising of the rating on the class D notes reflects the de-
leveraging of the transactions, the cash already collected in
the first three months of the last collection period, the amount
of cash awaiting distribution from courts, and the prospects of
further recoveries on the residual portfolio.
   
As of the Dec. 30, 2007, cash awaiting distribution from the
courts was approximately EUR53 million. A further EUR0.6 million
in cash is expected from accepted negotiated resolutions. On
average, distribution from the courts in Italy takes one year
for foreclosures, and 18 months for bankruptcy proceedings.
  
EUR24.6 million has been collected in the first half of the
current semiannual collection period and will be distributed on
the next interest payment date.   

  
The residual unresolved gross book value stands at
EUR909 million, split across 4,284 loans with 2,049 borrowers.
  
As of the latest interest payment date, cumulative net
collections for the transaction remain below the servicer's and
Standard & Poor's base-case scenario level, at EUR549 million.
Although slower than expected, collections have been well ahead
of expectations in terms of profitability.
  
The underlying portfolio continues to advance through the legal
stages of the resolution process.  However, despite the gradual
resolution of the underlying portfolio, net collections continue
to come through steadily.  The average net collections in the
past 12 months has been approximately EUR50 million, only 4%
lower than was recorded in the one-year period ending in
September 2006. Collections in the first half of the current
collection period confirm this trend.
  
Performance data on collections and profitability shows an
increasing reliance of the servicer during the court resolution
process.  This is consistent with the fact that the portfolio is
now in a more advanced state of the work-out process.
  
S&P's review of the ratings was made solely on the basis of the
information contained in the investor reports and the initial
information received at closing. No updated business plans for
recoveries were provided.  In this kind of transaction, we would
normally expect to receive and be able to rely on this kind of
information.  Despite this lack of transparency, the review of
the residual portfolio and the ongoing de-leveraging of the
transaction was enough to justify the rating action taken.
  
The 'AAA' rated class C notes are unaffected by these rating
actions.

                         Ratings List
  
ARES FINANCE S.r.l.

   EUR633.20 Million Asset-Backed Floating-Rate Notes

                              Rating
                              ------
         Class       To                    From
         -----       --                    ----
         D           A-                    BBB+/Watch Pos
  
   Rating Removed From CreditWatch Positive And Affirmed
  
                              Rating
                              ------
         Class       To                    From
         -----       --                    ----
         E           BBB-                  BBB-/Watch Pos
  
                        Rating Affirmed
  
                      Class       Rating
                      -----       ------
                      F           BB     


FIAT SPA: Improved Performance Cues Moody's to Keep Ba1 Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed Fiat SpA's Ba1 Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.  At the same time, the positive outlook was maintained.
The short term Not Prime rating remains unchanged.

"In 2007 Fiat continued on its successful path towards a
sustainable recovery of its financial profile mainly driven by
further operating improvements at Fiat Group Automobiles but
also higher contributions from all other industrial businesses
in particular Iveco and CNH", Falk Frey, Senior Vice President
and the lead analyst at Moody's for the European automotive
sector, said.  "This strong performance of Fiat is very much in
line with Moody's expectations of late August when we changed
our outlook to positive on the rating".

"Moody's believes that 2008 might be more challenging for Fiat,
as a weakness in the overall economy and the strengthening
competitive landscape could slow down the strong growth observed
in the last few years.  Should Fiat be able to sustain its
market share performance achieved in Europe last year also
during 2008 while at least consolidating the level of operating
profitability reached in 2007, the ratings could be upgraded to
investment grade over the next 6 to 12 months," Frey went on to
say.

Moody's says that the positive outlook is based on the
expectation that Fiat is well positioned to sustain the current
momentum, benefiting from:

   (i) the strong demand of the Fiat 500 launched in third
       quarter 2007;

  (ii) a gradual overhaul of its Alfa Romeo and Lancia models;

(iii) an ongoing improvement of Fiat Group Automobiles' dealer
       network; as well as

  (iv) ongoing efficiency gains.

Moody's nonetheless notes that company's performance may no
longer be aided by the favorable 2007 environment, notably in
the company's core markets, but that the heavy restructuring
engaged by the company in the past years should mitigate this
possible headwind.

As Moody's outlined in its last press release dated Aug. 22,
2007, the possibility of another positive rating change as
indicated by the positive outlook would be mainly dependent on
Fiat's ability to demonstrate the robustness of its current
business model in a more challenging market environment in 2008.

Among those challenges are Fiat's ability:

   (i) to maintain positive market share trend in Western Europe
       and Latin America, Fiat's principal markets and

  (ii) to further solidify the profitability and cash flows
       which will be necessary to fund rising capital
       expenditure needs in order to keep a robust and steady
       renewal rate.

This sustained development is a key factor - in Moody's view -
to sustain the regained strength in the company's competitive
position and a factor where Fiat has to close the gap compared
to its direct peers.  A successful execution of these challenges
should go in line with a trajectory of credit metrics towards
RCF/Net debt above 50%, which is one of the metrics expected
from Baa Automotive credits.

Moody's last rating action on Fiat was an upgrade of the
Corporate Family Rating to Ba1 with a positive outlook from Ba2
on Aug. 22, 2007.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR58.5 billion
generated in fiscal year 2007.  The company is also a leading
European-based manufacturer of commercial vehicles and one of
the largest producers of agricultural equipment in the world.


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


COMPANY TRANSSPETSSERVICE: Creditors' Claims Due on February 27
---------------------------------------------------------------  
LLP Company Transspetsservice has declared insolvency.  
Creditors have until Feb. 27, 2008, to submit written proofs of
claims to:

         LLP Company Transspetsservice
         Mailin Str. 79a
         Almaty
         Kazakhstan


HLEBOROB-SERGIENKO: Creditors Must File Claims by February 22
-------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Hleborob-Sergienko insolvent.

Creditors have until Feb. 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Room 210
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-17-54
              8 705 530 53-88


KAISAR-HKM LLP: Claims Filing Period Ends February 22
-----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Football Club Kaisar-Hkm insolvent.

Creditors have until Feb. 22, 2008, to submit written proofs of
claims to:

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


TALAP-2000 LLP: Creditors' Claims Due on February 22
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Talap-2000 insolvent.

Creditors have until Feb. 22, 2008, to submit written proofs of
claims to:

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


TEMIRMUNAI INVEST: Claims Registration Ends February 27
-------------------------------------------------------  
JSC Temirmunai Invest has declared insolvency.  Creditors have
until Feb. 27, 2008, to submit written proofs of claims to:

         JSC Temirmunai Invest
         Nekrasov Str. 112
         Aktobe
         Aktube
         Kazakhstan


TURAR LTD: Creditors Must File Claims by February 22
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Turar Ltd. insolvent.

Creditors have until Feb. 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (32422) 24-06-50


ONLINE SOLUTIONS: Claims Filing Period Ends February 27
-------------------------------------------------------  
LLP Online Solutions has declared insolvency.  Creditors have
until Feb. 27, 2008, to submit written proofs of claims to:

         LLP Online Solutions
         Mailin Str. 79a
         Almaty
         Kazakhstan


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


ENERGO-POLIS LLC: Creditors Must File Claims by February 15
-----------------------------------------------------------
LLC Energo-Polis has declared insolvency.  Creditors have until
Feb. 15 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 87-85-46.


===========
N O R W A Y
===========


TELLER AS: Fitch Affirms IDR at BB+ on Strong Franchise
-------------------------------------------------------
Fitch Ratings has affirmed Norway-based Teller AS's ratings at
Long-term Issuer Default 'BB+', Short-term IDR 'B', Individual
'C', Support '3' and Support Rating Floor 'BB'.  The Outlook on
the Long-term IDR is Stable.

The ratings of Teller reflect its strong franchise in Norway's
card payment sector, despite growing competition, and its low
inherent credit risk operations.  Fitch also considered its
small capital base and exposure to operational risk.

Teller's ownership structure changed in 2007.  Under the new
structure, Teller is now owned by a holding company, Bla
Holding, which also owns Norwegian payment system specialist,
Bankenes Betalingssentral).  A merger between Teller and BBS was
vetoed by the Norwegian competition authority in 2007, and the
sister companies continue to be managed independently.

Established in 1977, Teller provides card-issuing services to
banks, including transaction-handling, emergency cash cards,
blocking and charge-back handling, authorising, and fraud
detection.  At end-2007, it employed 160 staff, with 155 based
in Oslo and five in Stockholm.


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


ACXIOM CORP: Earns US$54.7 Mln in Fiscal 3rd Qtr. Ended Dec. 31
---------------------------------------------------------------
Acxiom Corporation disclosed financial results for the third
quarter of fiscal 2008 ended Dec. 31, 2007.  The company
reported net earnings of US$54.7 million for the third quarter
of fiscal 2008, versus net earnings of US$24.9 million in the
comparable period of fiscal 2007.

Revenue for the three-month period was US$350.3 million, a
decrease of 0.7% from the third quarter of fiscal 2007.  
Operating income for the quarter was US$96.9 million including a
US$63.5 million net benefit related to gains, losses and other
items.  This represents an increase of 89.0% compared to the
same quarter a year ago.  

The significant components of the aforementioned US$63.5 million
net benefit related to gains, losses and other items are:

  -- a US$65.0 million payment received from Silver Lake and
     ValueAct Capital after the terminations of the firm's
     agreement to acquire Acxiom

  -- a US$2.6 million gain realized from the sale of the
     software distribution unit of Acxiom's operations in France

  -- a US$3.0 million payment to retiring company leader Charles
     Morgan

  -- US$0.3 million in transaction costs related to the Silver
     Lake/ValueAct transaction

  -- US$0.8 million for ongoing restructuring activities in
     Europe

For the nine-month period ended Dec. 31, 2007, revenue totaled
US$1.04 billion, up 0.2% from the same period in the prior year.
Income from operations for the nine months was US$121.4 million
compared to US$129.5 million a year ago.  Net earnings of
US$53.7 million include the impact of US$28.1 million of benefit
from unusual items, net of income tax effect, for the nine-month
period.

"Our revenue and earnings on continuing operations continue to
be impacted by the difficulty in the financial services
industry, which has resulted in reduced spending by many of our
clients," interim company leader Charles D. Morgan said.  "With
many of our largest clients affected by the downturn, it has had
a significant impact on an important sector of our business.  As
we have discussed previously, due to the decrease in revenue
during the first half of our fiscal year, we took measures to
reduce expenses.  Although these initiatives had a meaningful
impact on expenses this quarter, these measures did not fully
offset the reduction in revenue in the third quarter.  We expect
to experience continued reduced spending from some of our
clients, especially in the financial services industry."

Free cash flow available to equity was US$83.9 million for the
three months ended Dec. 31, 2007, compared with free cash flow
available to equity of US$12.6 million for the three months
ended Dec. 31, 2006.  

                          Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$1.62 billion in total assets, US$936.2 million in
total liabilities, US$98.3 million in deferred income taxes, and
US$587.8 million in total stockholders' equity.

                        About Acxiom Corp.

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,  
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
(CDI) technology, data, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  Founded in
1969, Acxiom has locations in the United States, Poland,
Portugal, United Kingdom, Netherlands, Australia, China and
Canada.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 17,
2007, Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007,
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.


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


KUEDINSKY BREWERY: Creditors Must File Claims by February 29
------------------------------------------------------------
Creditors of Kuedinsky Brewery LLC have until Feb. 29, 2008, to
submit proofs of claim to:

         A. M. Vyal'
         Competitive Proceedings Manager
         P.O. Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Arbitration Court of Perm' krai commenced competitive
proceedings against the company after finding it insolvent on
Aug. 20, 2007.  The case is docketed under Case No. A50-2791/
2007-B4.

The Debtor can be reached at:

         Kuedinsky Brewery LLC
         Prigorodnaya Str. 22
         Kueda Settlement
         Kuedinsky Raion
         617700 Perm' krai
         Russia


LIPETSKY MACHINERY: Creditors Must File Claims by February 29
-------------------------------------------------------------
Creditors of OJSC Lipetsky Machinery Plant have until
Feb. 29, 2008, to submit proofs of claim to:

         Yu. D. Beketov
         Competitive Proceedings Manager
         Apartment 34
         Soviet Army Str. 1B
         Lebedyan'
         Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced competitive
proceedings against the company after finding it insolvent on
Dec. 13, 2007.  The case is docketed under Case No. A36-1752/
2007.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Lipetsky Machinery Plant
         Sovietskaya Str. 66
         398001 Lipetsk
         Russia


LOBVINSKY BIOCHEMICAL: Creditors Must File Claims by January 29
---------------------------------------------------------------
Creditors of OJSC Lobvinsky Biochemical Plant have until
Jan. 29, 2008, to submit proofs of claim to:

         G. P. Busygin
         Interim Manager
         P.O. Box 321
         620014 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Nov. 7, 2007.  The case is docketed under Case No.
A60-25668/07-C11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  

The Debtor can be reached at:

         OJSC Lobvinsky Biochemical Plant
         Lenina Str. 52
         Lobva Settlement
         Sverdlovsk
         Russia


ROSNEFT OIL: Seeks US$2 Bln Loan to Repay Maturing Debts
--------------------------------------------------------
OAO Rosneft Oil Co. is seeking a US$2 billion five-year
syndicated loan from Deutsche Bank AG and Societe Generale SA to
repay maturing debts, Bloomberg News reports, citing two people
involved in the deal.

Sources told Bloomberg News that Rosneft may pay interest of
0.95 percentage point more than LIBOR and 0.5 percentage point
above the company's existing debts.

Rosneft would use part of the amount to repay US$11.75 billion
in bridging loans, US$2.7 billion of which are due March 2008.  
The company used the bridging loan -- extended by ABN Amro
Holding BV, Barclays Plc, BNP Paribas SA, Calyon SA, Citigroup
Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan
Stanley -- to finance its acquisition of Yukos assets early
2007.

                         About Rosneft

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

                         *     *     *

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


SHABROVSKY TALC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure against OJSC Shabrovsky Talc Integrated
Plant after finding it insolvent on Nov. 19, 2007.  The case is
docketed under Case No. A60-310028/2007-C11.

The Interim Manager is:

         A. A. Shabarova
         P.O. Box 717
         620000 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  

The Debtor can be reached at:

         OJSC Shabrovsky Talc Integrated Plant
         Tal'kovaya Str. 2
         Shabry Settlement
         620904 Ekaterinburg
         Russia


TEMKINSKY FLUX-PROCESSING: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure against Temkinsky Flux-Processing Plant
LLC after finding it insolvent on Oct. 4, 2007.

The Court appointed S. A. Mokhova as interim manager.  The case
is docketed under Case No. A62-3490/07 (1383-H).

The Debtor can be reached at:

         Temkinsky Flux-Processing Plant LLC
         Zavodskaya Str. 19
         Selenky Village
         Temkinsky Raion
         Smolensk
         Russia


URALHIPRORUBBERTECHNIKA: Creditors Must File Claims by Jan. 29
--------------------------------------------------------------
Creditors of CJSC Scientific Research & Production Association
UralHiproRubberTechnika have until Jan. 29, 2008, to submit
proofs of claim to:

         S. V. Semenov
         Interim Manager
         P.O. Box 439
         620000 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Dec. 5, 2007.  The case is docketed under Case No.
A60-31462/07-C11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  


URALSVYAZINFORM OAO: Fitch Affirms Ratings on Stability
-------------------------------------------------------
Fitch Ratings has affirmed Russia-based OAO Uralsvyazinform's
Long-term Issuer Default Rating at 'B+', National Long-term
Rating at 'A-(rus)' and Short-term IDR at 'B'.  The Outlooks on
the Long-term IDR and National Long-term rating are Stable.

"Ural's market positions have been relatively stable over the
last three years, and we do not expect significant changes at
least in the short- to medium-term," says Nikolay Lukashevich,
Senior Director in Fitch's TMT team. "However, despite the
company's strong financial performance in first half of 2007,
suggesting improvements for 2007 overall and the positive
outlook on medium-term growth and margin, Ural's debt maturity
profile has deteriorated.  Its high reliance on short-term
financing entails significant refinancing risks, which are
becoming more of a concern in the current unstable credit
markets."

The ratings reflect Ural's strong, stable fixed-line and mobile
market positions in the Urals and parts of western Siberia.  Its
market position in local services is unlikely to be rivalled in
the foreseeable future while its control over the last-mile
infrastructure will help it become the key player in the booming
broadband market.  In the absence of unbundling regulation, the
only way for alternative operators to erode the company's
franchise is to create their own infrastructure, which is
costly, time-consuming and only economic in the corporate
segment and in a few key cities.

After significantly declining in 2003-2004 upon the arrival of
nationwide providers on its operating territory, Ural's mobile
market share has stabilized and in third quarter of 2007 was at
around 30% by subscribers and at 40% by revenues.  Although
strategically Ural's positions in the mobile business look
uncertain, the company is likely to remain a strong regional
niche player at least in the medium-term.

Fitch expects broadband and mobile to remain key growth drivers
for the company in the medium-term while traditional segments of
local and zonal service, and fixed-line interconnect are likely
to stagnate.  The management's plans for additional cost-cutting
and efficiency improvements on the back of organizational
changes and network modernization should help to sustain and
grow margins, and also improve service quality.

Ural benefits from a benign regulatory regime in Russia,
although the positive impact of the 2006-2007 regulatory changes
was much less pronounced for the company than for many of its
peers.  Ural's strategy is largely shaped by its majority
shareholder, government-controlled Svyazinvest.  The ratings
reflect the latter's strong influence on the decision-making
process at the company and its lobbying support.

Ural has been, and is expected to remain, consistently cash flow
negative on the back of heavy investments in infrastructure
modernization and development, partially driven by regulatory
and government pressure.  Although not excessive in absolute
terms, and fully consistent with the rating level, Ural's
leverage was the highest among its domestic peers at 2.6x of net
debt/EBITDA at end-2006.  At end of first half of 2007 the
proportion of short-term (less then one year) debt was high at
RUB10.4 billion, or 42%, of its total debt.  Although this
should have dropped after Ural successfully repaid a
RUB3 billion domestic loan in November 2007, Fitch notes that
its high reliance on short-term financing remains a concern and
a rating constraint.

Ural, as an entity under ultimate state control, benefits from
strong relationships with government-controlled banks, which
somewhat mitigate its short-term refinancing exposure as these
banks provide it with sizeable credit lines, albeit on an
uncommitted basis.


VOZROZHDENIYE CJSC: Bankruptcy Hearing Slated for April 24
----------------------------------------------------------
The Arbitration Court of Penza will convene at 11:00 a.m. on
April 24, 2008, to hear the bankruptcy supervision procedure
against CJSC Agripromcomplex Vozrozhdeniye after finding it
insolvent on Dec. 11, 2007.  The case is docketed under Case No.
A49-6576/2007-97B/2B.

Creditors must submit their proofs of claim to:

         O. B. Lyapina
         Interim Manager
         P.O. Box 3345
         440000 Penza
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agripromcomplex Vozrozhdeniye
         Volchkovo Settlement
         Belinsky Raion
         Penza
         Russia


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


ANIKA ENGINEERING: Creditors Must File Claims by January 31
-----------------------------------------------------------
Creditors of LLC ANIKA Engineering have until Jan. 31, 2008, to
submit their claims to:

         Art Gallery Basia
         Clarastrases 3
         4058 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC ANIKA Engineering
         Basel BS
         Switzerland


DYNA-REND JSC: Creditors' Liquidation Claims Due by February 4
--------------------------------------------------------------
Creditors of JSC Dyna-Rend have until Feb. 4, 2008, to submit
their claims to:

         Martin Wymann
         Munchensteinerstrasse 43
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Dyna-Rend
         Basel BS
         Switzerland


GASSER BERATUNG: Creditors' Liquidation Claims Due by January 31
----------------------------------------------------------------
Creditors of JSC Gasser Beratung have until Jan. 31, 2008, to
submit their claims to:

         Dr. Thomas Gasser
         Romerweg 1
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Gasser Beratung
         Liestal BL
         Switzerland


GUNTHER STAUDT: Creditors' Liquidation Claims Due by January 31
---------------------------------------------------------------
Creditors of JSC Gunther Staudt Natursteine have until Jan. 31,
2008, to submit their claims to:

         Gunther Staudt
         Liquidator
         Grindelstr. 9a
         4246 Wahlen
         Laufen BL
         Switzerland

The Debtor can be reached at:

         JSC Gunther Staudt Natursteine
         Zwingen
         Laufen BL
         Switzerland


ICA INVESTMENT: Creditors' Liquidation Claims Due by January 31
---------------------------------------------------------------
Creditors of JSC ICA Investment Consulting have until Jan. 31,
2008, to submit their claims to:

         Johann Rudolf Schellenberg
         Liquidator
         Kohlrainstrasse 1
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC ICA Investment Consulting
         Kusnacht ZH
         Switzerland


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

         Frau Parvin Ashrafabadi
         Liquidator
         Vogelbuckstrasse 33
         8307 Effretikon ZH
         Switzerland

The Debtor can be reached at:

         LLC KAP Consulting
         Maur ZH
         Switzerland


MODELLBAHNZUBEHOR MZZ: Creditors Must File Claims by January 31
---------------------------------------------------------------
Creditors of JSC Modellbahnzubehor MZZ have until Jan. 31, 2008,
to submit their claims to:

         Otto Kreuzinger
         Moosackerstrasse 50
         8405 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Modellbahnzubehor MZZ
         Schaffhausen
         Switzerland


MONIKA REICH: Creditors' Liquidation Claims Due by February 4
-------------------------------------------------------------
Creditors of LLC Monika Reich Kommunikationsberatung have until
Feb. 4, 2008, to submit their claims to:

         LLC Monika Reich Kommunikationsberatung
         Riederenstrasse 7
         9402 Morschwil
         Rorschach SG
         Switzerland


VEDANA TREUHAND: Creditors' Liquidation Claims Due by January 31
----------------------------------------------------------------
Creditors of LLC Vedana Treuhand have until Jan. 31, 2008, to
submit their claims to:

         LLC Vedana Treuhand
         Lindengut 15
         8750 Glarus
         Switzerland


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

         Gisela Felder
         Liquidator
         Lindenweg 10
         4414 Fullinsdorf
         Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC WORLD LINE Felder
         Fullinsdorf
         Liestal BL
         Switzerland


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


AVIACOMPANY VITAIR: Proofs of Claim Filing Ends February 3
----------------------------------------------------------
Creditors of CJSC Aviacompany Vitair have until Feb. 3, 2008, to
submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/882-b.

The Debtor can be reached at:

         CJSC Aviacompany Vitair
         Levanevsky Str. 5
         03058 Kiev
         Ukraine


CONSTRUCTION.MATERIALS.TECHNOLOGIES: Claims Filing Ends Feb. 7
--------------------------------------------------------------
The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company on Dec. 14, 2007.  The case is docketed
under Case No. 1/36-b.

Creditors of OJSC Construction.Materials.Technologies (code
EDRPOU 01267573) have until Feb. 7, 2008, to submit written
proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         OJSC Construction.Materials.Technologies
         Zavodskaya Str. 4
         Zhytomir
         Ukraine


ENGINEER TECHNOLOGIES: Proofs of Claim Filing Ends February 3
-------------------------------------------------------------
Creditors of CJSC Engineer Technologies of Ukraine (code EDRPOU
21972523) have until Feb. 3, 2008, to submit written proofs of
claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
45/238B.

The Debtor can be reached at:

         CJSC Engineer Technologies of Ukraine
         Tkachenko Str. 129
         Donetsk
         Ukraine


MKL LLC: Proofs of Claim Filing Ends February 7
-----------------------------------------------
Creditors of LLC MKL (code EDRPOU 25412761) have until
Feb. 7, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
23/405-b.

The Debtor can be reached at:

         LLC MKL
         Mezhygorskaya Str. 43
         04070 Kiev
         Ukraine


MOTORCAR TRADE: Creditors Must File Claims by February 3
--------------------------------------------------------
Creditors of LLC Motorcar Trade Service (code EDRPOU 34656654)
have until Feb. 3, 2008, to submit written proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/370-07.

The Debtor can be reached at:

         LLC Motorcar Trade Service
         Heroes of Stalingrad Str. 16
         49061 Dnipropetrovsk
         Ukraine


SHYROKOVSKY AGRICULTURAL: Creditors Must File Claims by Feb. 3
--------------------------------------------------------------
Creditors of LLC Shyrokovsky Agricultural Plant (code EDRPOU
31382618) have until Feb. 3, 2008, to submit written proofs of
claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/253-07-7235.

The Debtor can be reached at:

         LLC Shyrokovsky Agricultural Plant
         Rozumovskaya Str. 29
         Odessa
         Ukraine


SOFIT LLC: Proofs of Claim Filing Ends February 2
-------------------------------------------------
Creditors of LLC Sofit (code EDRPOU 24856378) have until
Feb. 2, 2008, to submit written proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
12/544b.

The Debtor can be reached at:

         LLC Sofit
         Pochtovaya Str. 26
         91000 Lugansk
         Ukraine


SOUTH ELEVATOR: Proofs of Claim Filing Ends February 2
------------------------------------------------------
Creditors of OJSC South Elevator Building (code EDRPOU 01354970)
have until Feb. 2, 2008, to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
14/724/07.

The Debtor can be reached at:

         OJSC South Elevator Building
         Nikolskaya Str. 23
         54001 Nikolaev
         Ukraine


SUPER FILM: Creditors Must File Claims by February 2
----------------------------------------------------
Creditors of LLC Super Film (code EDRPOU 33589980) 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. 6/278-B-07.

The Debtor can be reached at:

         LLC Super Film
         Apartment 77         
         Shevchenko Str. 1
         73000 Herson
         Ukraine


TISA-95 LLC: Proofs of Claim Filing Ends February 7
---------------------------------------------------
Creditors of LLC Tisa-95 (code EDRPOU 19358738) have until
Feb. 7, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/787-b.

The Debtor can be reached at:

         LLC Tisa-95
         Lomonosov Str. 71-a
         03022 Kiev
         Ukraine


UKRSOTSBANK OJSC: S&P Lifts Ratings to BB- with Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Ukraine-based Ukrsotsbank OJSC to
'BB-' from 'B' and removed it from CreditWatch, where it had
been placed with positive implications on July 6, 2007.  At the
same time, the 'B' short-term counterparty credit rating on the
bank was affirmed.  The outlook is negative.

The upgrade follows the acquisition by UniCredito Italiano SpA
(A+/Stable/A-1), through its subsidiary Bank Austria
Creditanstalt AG (A+/Stable/A-1), of a 94.2 % stake in USB.

"USB stands to benefit from this transaction in terms of
financial flexibility, business development, and risk
management," said Standard & Poor's credit analyst Ekaterina
Trofimova.  "We consider USB to be a strategically important
subsidiary of UniCredito and expect strong parental support in
case of need."

The long-term rating on USB consequently includes a two-notch
uplift from the bank's stand-alone credit quality.

The ratings on USB reflect the bank's risky operating
environment; rapid loan growth; pressured profitability ratios;
tight balance-sheet liquidity; moderate capitalization; and
intensified competition in the Ukrainian banking sector.  
Positive rating factors are support from the new parent, a good
commercial franchise, improving diversification of the business
mix and earnings, and reduced single-name concentrations.

USB is among the top four banks in Ukraine and reported total
assets of UAH31 billion (US$6 billion) and a market share of
over 5% of the system's assets at year-end 2007.

The negative outlook mirrors that on Ukraine (foreign currency
BB-/Negative/B; local currency BB/Negative/B), and a downgrade
of the sovereign would trigger a similar rating action on the
bank.  However, should the outlook on the sovereign be revised
back to stable, that on the bank would also be revised to
stable.  Similarly, a raising of the foreign currency
sovereign rating would trigger an upgrade of the bank.

"We expect that Unicredito's initiatives to optimize and adapt
USB's business model, processes, and internal technologies will
allow USB to strengthen its commercial and credit position,"
said Ms. Trofimova.

The future direction of the ratings will also depend on the
level of financial and operational support provided to USB by
its strategic shareholder, but also on the evolution of the
bank's risk profile and financial performance.


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


ARQUEST LTD: Appoints Ernst & Young as Joint Administrators
-----------------------------------------------------------
Thomas Andrew Jack and Simon Allport of Ernst & Young LLP were
appointed joint administrators of Arquest Ltd. (Company Number
03627793) on Jan. 14, 2008.

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

The company can be reached at:

          Arquest Ltd.
          Greenfield Business Park
          Bagillt Road
          Greenfield
          Holywell
          Clwyd
          Wales
          Tel: 01352 711 171
          Fax: 01352 713 310


ATTRIC GROUP: Brings In Liquidators from KPMG
---------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Attric Group Ltd. on Oct. 3, 2007
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


ATTRIC PBI: Calls In Liquidators from KPMG
------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Attric PBI Ltd. on Oct. 3, 2007
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


CHRYSLER LLC: Unit Inks Product Development Pact w/ Tata Motors
---------------------------------------------------------------
A unit of Chrysler LLC has entered into an agreement with Tata
Motors Ltd. for the development of an electric version of Tata's
mini truck Ace, media reports say.

Pursuant to a development contract that Tata Motors entered into
with Chrysler's Global Electric Motorcars, the parties will
develop and market battery-operated neighborhood electric
vehicles that will be sold in the United States.

The NEVs, which can ferry passengers and cargo, has passed
required safety and reliability tests, and the prototype is
ready for production, Alka Kshirsagar of the Business Line
relates, citing unnamed sources in the industry.

The vehicles, which will be shipped as completely built units,
will mark Tata Motor's entry into the U.S. markets, BL points
out.

A Tata Motors spokesperson has admitted that the company, in
partnership with an American firm, is exploring the possibility
of a vehicle on the Ace platform with a U.S.-suitable electrical
engine, BL relates.  "But it is premature at this stage to
furnish any details," the spokesperson added.

According to Reuters, Tata Motors will begin exporting around
10,000 units by year-end, and ramp up to 50,000 units.

                       About Tata Motors

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

                       About Chrysler LLC

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.  
S&P said the outlook is negative.


CONSTELLATION BRANDS: Selling Three Wine Brands for US$134 Mln
--------------------------------------------------------------
Constellation Brands Inc. has entered into an agreement to sell
the Almaden and Inglenook wine brands, and the Paul Masson
winery located in Madera, California, to The Wine Group LLC for
US$134 million in cash, subject to closing adjustments.

Close of the transaction is subject to routine and customary
regulatory review, and is expected by the end of Constellation's
fiscal year on Feb. 29, 2008.

"This transaction, when coupled with the recent acquisition of
Clos du Bois, the number one super-premium U.S. wine brand, will
allow our wine sales forces to focus on selling higher-growth,
higher-margin premium wines," Rob Sands, Constellation Brands
president and chief executive officer, said.  "This change also
demonstrates our commitment to improve return on invested
capital."

Almaden and Inglenook are table wines which retail for less than
US$3 per 750 ml bottle equivalent," Mr. Sands added.  "The
Mission Bell Winery, also in Madera, California, will be
retained and allows the company to increase premium wine
production in California's important San Joaquin Valley wine
producing region.  This winery will also provide wine production
services to The Wine Group for a period of time on a contract
basis.

The transaction is expected to result in a pre-tax loss of
approximately US$27 million or an after-tax loss of US$0.13
diluted earnings per share on a reported basis, and will be
excluded from the company's comparable basis earnings per share.  
The loss on the disposal is driven by the higher write-off of
goodwill unrelated to these brands as required by generally
accepted accounting principles in the U.S. and the low tax basis
associated with goodwill.

Proceeds from the transaction will be used to reduce borrowings.  
The impact of this transaction is expected to be slightly
dilutive to ongoing reported basis and comparable basis diluted
earnings per share for fiscal 2009.  The Almaden and Inglenook
wine brands are expected to generate approximately US$130
million of net sales for fiscal 2008, and represent
approximately 10 million 9-liter cases of the company's U.S.
wine volume.

The proceeds from this transaction do not impact free cash flow,
and therefore the company's free cash flow guidance for fiscal
2008 remains unchanged at US$280 - US$300 million.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250  
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 4,
2007, Fitch Ratings assigned a 'BB-' rating to a note registered
by Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


CORDER PROPERTY: David Merrygold Leads Liquidation Procedure
------------------------------------------------------------
David Merrygold of PKF (UK) LLP were appointed joint liquidators
of Corder Property Services Ltd. on Jan. 16 for the creditors'
voluntary winding-up procedure.

The joint liquidators can be reached at:

         PKF (UK) LLP
         16 The Havens
         Ransomes Europark
         Ipswich
         Suffolk
         IP3 9SJ
         England


CUMMINS INC: To Increase Workforce by 500 in Columbus
-----------------------------------------------------
Cummins Inc. will add approximately 500 professional employees,
many of them engineers, in Columbus over the next two years, and
has agreed to lease an office building being built as part of
the Commons Mall redevelopment project to meet the expected
growth.

The four-story, 100,000 square foot building is scheduled to be
completed late in the first quarter of 2009.  The project also
includes a parking garage for Cummins employees to be built on
property just southwest of the office building.

"We are pleased to be able to further strengthen our commitment
to Columbus and the state of Indiana by bringing new, well-
paying jobs to the region," said Cummins President and Chief
Operating Officer Joe Loughrey.  "As a large and growing
employer in the city, we have a significant stake in helping
Columbus remain a vibrant community.  This project, along with
the other initiatives outlined as part of the city's Vision 2020
plan, is a big step in that direction."

The announcement was made this afternoon at Columbus City Hall.
In addition to Loughrey, Indiana Lt. Gov. Becky Skillman,
Columbus Mayor Fred Armstrong, project developer Tim Dora,
representatives of the City of Lawrenceburg Regional Economic
Development Fund and members of the staffs of U.S.
Representatives Baron Hill and Mike Pence were among those in
attendance.

"Last year 600 new production jobs, this year 500 new
professional jobs.  We're proud of Cummins and the growth the
company is bringing to south central Indiana," said Governor
Mitch Daniels.

Cummins currently has approximately 5,500 employees in Columbus,
along with an additional 900 contract workers.  The new space,
two blocks from the company's headquarters, will allow Cummins
to consolidate its employees in fewer locations in the city and
make room for new workers expected as part of Cummins' growth
plans.

The office space is part of a larger redevelopment project on
the site of the Commons Mall by Dora Brothers Hospitality Corp.
When complete, the project - which will result in demolition of
much of the mall -- also will include a new hotel, conference
center and additional retail locations.  Dora Brothers is
nearing completion on another hotel in downtown Columbus - Hotel
Indigo.

"Today's exciting announcement is another example of the
revitalization of downtown Columbus and the success of our
Vision 2020 plan," said Columbus Mayor Fred Armstrong.  "Cummins
continues to be a major driver of our success as a community,
and we are thrilled with the Company's latest commitment to the
city."

The ability to provide sufficient parking for Cummins employees
was a significant factor in the company's decision to locate the
office building in downtown Columbus.  The garage is expected to
cost approximately US$8 million, with the city of Columbus
paying US$4 million of the cost and the City of Lawrenceburg
Regional Economic Development Fund providing a US$3 million
grant for the project.

"The City of Lawrenceburg and our Regional Economic Development
Grant Committee is pleased to be able to assist our regional
neighbors in expanding the commercial and industrial environment
here in Columbus," said Lawrenceburg Mayor William Cunningham.
"It is our hope that with investments such as ours, Indiana
will maintain, and improve, its reputation as a Midwestern
economic powerhouse."

At the request of Cummins, the Indiana Economic Development
Corporation agreed to provide the City of Columbus a US$1
million grant to assist in the cost of the infrastructure
improvements associated with the new project.

Today's announcement builds on Cummins' recent growth in the
Columbus area, including the decision to locate the Company's
new light-duty diesel program at the Columbus Engine Plant.
That program is expected to result in at least 600 new jobs by
the end of the decade.

"Cummins is such an integral part of the Columbus community,"
said Rep. Hill.  "And, these new jobs will further enrich this
community from all aspects.  I am very pleased with Cummins'
efforts to continue bringing high-quality jobs to the region."

"For generations, for thousands of Hoosier families Cummins is
Columbus," added Rep. Pence.  "Today's announcement shows yet
again that Cummins believes in this community and this state.
The Cummins brand is all about dependability, hard work and
integrity-all values that are synonymous with the Columbus
community."

                       About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                       *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DBRS LTD: Taps Ian Defty to Liquidate Assets
--------------------------------------------
Ian Defty of Kingston Smith & Partners LLP was appointed  
liquidator of DBRS (Europe) Ltd. on Jan. 16 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Kingston Smith & Partners LLP
         105 St Peter's Street
         St. Albans
         Hertfordshire
         AL1 3EJ
         England


DUCIE COURT: Brings In Administrators from BDO Stoy
---------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint administrators of Ducie Court Ltd. (Company
Number 3069369) and  Leadstay Ltd. (Company Number 01676732)
on Jan. 11, 2008.

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

The companies can be reached at:

          Leadstay Ltd.
          Denmark Road
          Manchester
          Lancashire
          M15 6FG
          England
          Tel: 0161 273 7000
          Fax: 0161 272 7007


ENTERPRISE INNS: S&P Affirms BB+ Long-term Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed Enterprise Inns
PLC's long-term 'BB+' corporate credit rating and 'BBB' senior
secured debt ratings on the company's.

At the same time, S&P revised from stable to negative the
company's outlook.

"The outlook revision follows indications of worsening sales
prospects for all U.K. pub operators, in the context of
Enterprise's already aggressive financial profile," said
Standard & Poor's credit analyst Philip Temme.

The industry has been hit by a succession of negative news
recently.  Poor summer weather, the negative effects over the
winter of the 2007 smoking bans, fears of a food price war, and,
most importantly, increasing signs of weakness in U.K.
discretionary consumer spending have combined with long-term
challenges such as cut-price beer sales by supermarkets and
continuing high excise duties to undermine sales.  A year-on-
year fall in marketwide pub beer sales in excess of 9% in
November 2007 was one of the worst on record, although
Enterprise's own sales were less severely affected.

Enterprise issued a trading update last week, warning of a
"difficult market for some time", while reporting EBITDA
"broadly in line" with prior year figures for the fifteen weeks
to Jan. 15, 2008.  The main effect of a probable market downturn
on tenanted estates is likely to be felt through reduced beer
volumes (which constitute 50.1% of Enterprise's gross margin),
although increased rent concessions and arrears are also a
potential, as yet unrealized, risk.

Standard & Poor's considers it unfortunate that growing signs of
a material downturn in demand have followed the company's
decision to raise consolidated unadjusted group leverage to 7x-
8x from 6.6x, through share buybacks and a projected tap to its
Unique Pub Finance Co PLC securitization.  Some GBP746 million
of shareholder returns in the year to Sept. 30, 2007, raised
adjusted group leverage to 7.2x from 6.0x over that period.  Net
debt to EBIT for the subgroup excluding Unique (but including
Unique dividends), the ratio primarily monitored by Standard &
Poor's, has remained and needs to remain at about 5.75x-6x.

The negative outlook reflects the threats to Enterprise's
business from the increasing weakness in U.K. discretionary
consumer demand, with some evidence that consumers are
increasingly drinking at home rather than in pubs, combined with
the pressures arising from the smoking bans, in the context of
the company's aggressive financial profile.

"Although the company has taken proactive measures to improve
estate quality and is better placed than some operators, it
cannot expect to be immune from generalized weakness in the pub
market," said Mr. Temme.  "To maintain the ratings, it is
essential that Enterprise maintain its ratio of net debt to EBIT
(excluding Unique) at less than 6x, which will require it to
exercise restraint in shareholder distribution programs at least
until the Unique refinancing is completed."

Rating upside is minimal in view of the company's increasingly
aggressive financial profile.


FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
--------------------------------------------------------------
Ford Motor Company, Automotive Components Holdings LLC and
Neapco Drivelines, LLC have signed definitive agreements for the
sale of the ACH driveshaft business currently located in the ACH
Monroe (Michigan) Plant.  The transfer of the business will
begin next week and continue through the rest of the year.

This announcement follows the recent United Auto Worker
ratification of the collective bargaining agreement negotiated
with Neapco.

Neapco Drivelines is opening a 345,000 sq. ft. state-of-the-art
manufacturing facility in Van Buren Township, Michigan.

Approximately 300 salaried and hourly employees from the Monroe
Plant and associated technical and support staffs are being
offered positions at the new facility.

Approximately 30 percent of the Monroe Plant's 1,100 employees
are associated with the driveshaft business.  The majority of
the salaried employees currently are leased to ACH from Visteon
and the majority of the UAW hourly employees are leased from
Ford Motor.

"This is another sign of progress toward achievement of our ACH
strategy and our pathway to profitability in North America in
2009," said Ford executive vice president and president of The
Americas, Mark Fields.

Added Automotive Components Holdings Chief Executive Officer,
Bill Connelly:  "This is our third sale and the first involving
a U.S. business.  It represents another important step toward
our goal to improve the competitiveness of these operations
under new ownership and improve Ford's material costs."

"We are pleased to add the Ford driveshaft business and the
expertise of the ACH people to our organization," said Neapco
president and CEO, Robert Hawkey.  "The Wanxiang Group and
Neapco are growing globally through strategic acquisitions of
innovative driveline products and technologies. We are very
appreciative of the support and encouragement we have received
from the state, the local community and the United Auto Workers
to maintain this business in Michigan."

Neapco Drivelines, LLC and its parent company, Neapco LLC, are
headquartered in Pottstown, Pa. Wanxiang Group, which is
headquartered in Hangzhou, China, is the majority investor in
Neapco, LLC.  Neapco, LLC supplies drivelines, steering shafts
and components for OEM and aftermarket automotive, truck,
agricultural, off-highway and specialty vehicle applications
from its facilities in Pennsylvania, Nebraska and Mexico.

Automotive Components Holdings was established by Ford Motor
Company in October 2005 to ensure the flow of quality components
and systems to Ford, while the 17 ACH plants, formerly owned by
Visteon, are prepared for sale or other disposition.  After this
sale is complete, ACH will have 11 plants supported by about
10,500 leased hourly and salaried employees.

                     About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


GARDNER FINE: Taps Begbies Traynor to Administer Assets
-------------------------------------------------------  
Gary Norton Lee and James Patrick Nicholas Martin of Begbies
Traynor were appointed joint administrators of Gardner Fine
Foods Ltd. (Company Number 04569882) on Jan. 15, 2008.

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

The company can be reached at:

          Gardner Fine Foods Ltd.
          Euro House
          17 Wood Lane
          Willenhall
          West Midlands
          WV12 5NE
          England
          Tel: 01922 400 437


GENERAL MOTORS: IUE-CWA Retirees to Get Christmas Bonus
-------------------------------------------------------
General Motors Corp. has finally agreed to pay IUE-CWA retirees
their Christmas bonus despite the fact that the Division has not
yet inked a new contract with the automaker, according to a
press release from the union.  The decision comes after a great
deal of pressure from the union and its retirees, who rely on
the payment to help cover holiday expenses.

"We are pleased the GM has recognized the hardship the delay in
this payment has placed on our retirees," IUE-CWA President Jim
Clark said.  "We have serious obstacles in reaching terms for
our active employees, but retirees should not be held hostage to
that process."

Payments will be made on or around March 17 to eligible IUE-CWA
retirees.  This includes both traditional IUE-CWA GM retirees
and eligible IUE-CWA Delphi "covered employees" who retired
after Jan. 1, 2000.  That covers, for example, those from Delphi
who "checked the box" to be covered by GM and Delphi retirees
who were extended GM coverage as part of the bankruptcy contract
settlement.

Payments will be US$700 for eligible retirees.  Eligible IUE-CWA
surviving spouses will receive 65% of that amount, or US$455.  
The bonus will be cut in half for any eligible retiree with an
outstanding disability overpayment.  Payments to eligible
retirees or surviving spouses retired from Delphi will be pro-
rated based on the ratio of GM credited service.

"This agreement goes a long way to demonstrating good faith for
both parties," Automotive Conference Board Chairman Willie
Thorpe said.  "We can now focus on securing both a contract and
a long-term future for our members at Moraine."

                           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 Nov. 9, 2007, 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.


LESLIE REESON: Joint Liquidators Take Over Operations
-----------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of on for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Regent House
         Clinton Avenue
         Nottingham
         NG5 1AZ
         England


NORTHERN ROCK: Pension Trustees In Talks Over Scheme Buy-Out
------------------------------------------------------------
Northern Rock plc's pension fund trustees are in talks with buy-
out specialists over the possible disposal of the company's
GBP355 million final-salary scheme, the Daily Telegraph reports.

The buy-out figure, the Daily Telegraph adds, is estimated to be
at GBP150 million to GBP200 million, although according to
Northern Rock pension trustee John Watson, it was "purely an
indicative range," adding the trustees are looking for a
detailed quote to try to arrive at a true buy-out cost.  

Mr. Watson told the Daily Telegraph that although no quotes have
been received yet, a deal is likely.

The Daily Telegraph reveals initially there were concerns
regarding the size of the payment required.

Paternoster, whose chairman is Ron Sandler, is thought to be
involved in the talks, the results of which is expected by the
end of January or February, the Daily Telegraph relates.

A buy-out of the scheme, the paper says, will help pave the way
for the sale of Northern Rock.

In a press release on Jan. 11, 2008, Sir David Chapman, chairman
of the trustees, disclosed that the level of funding currently
available to the scheme is expected to be sufficient to cover
benefits at a higher level than would be provided by the UK
Pension Protection Fund, so the current worst case scenario
would most likely be some form of insured buy-out that would
protect pensions at a higher level than the PPF.

                       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.


RANK GROUP: Urges UK Gov't. to Reform Double-Tax Regime on Bingo
----------------------------------------------------------------
Rank Group plc, along with other bingo club operators in the UK,
has submitted a letter to the Treasury, saying the double-tax
regime for bingo can be detrimental for the government, the
Daily Telegraph reports.

The letter, the Daily Telegraph adds, is part of an attempt to
address the "unfair" tax treatment of bingo, which bingo club
operators claim, is "the only mainstream gambling product to be
subject to double taxation in the form of gross profits tax and
VAT."

According to the letter, which was signed by eight bingo senior
executives, including Rank chief Ian Burke and Gala head Neil
Goulden, the existing double-tax regime is putting 108 bingo
clubs at risk of closing down, the Daily Telegraph relates.

The letter stated that the Treasury may lose about GBP700,000
per annum in revenue for each bingo club closure if the
government continues to impose VAT, the Daily Telegraph reveals.

"Based on current projections, the net cost of removing VAT at
this point is likely to be revenue positive to the government
when compared with the cost of clubs closing," the bingo
executives declared in the letter.

Meanwhile, Rank disclosed closing just 10% its 102 clubs, which
pays around GBP8 million a year in VAT, would cost the Treasury
more than GBP10 million, the Daily Telegraph, Alistair Osborne
writes for the Daily Telegraph.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

As reported in the TCR-Europe on Nov. 14, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
rating on U.K. gaming group The Rank Group PLC to 'B+' from
'BB-'.  S&P said the outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

In October 2007, Moody's Investors Service downgraded to B1
(from Ba3) the corporate family rating of Rank Group Plc.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.

In April 2007, Standard & Poor's Ratings Services revised its
outlook on the company The Rank Group PLC to negative from
stable.  At the same time, the 'BB-' long-term and 'B' short-
term corporate credit ratings were affirmed.


SHAW GROUP: Nuclear Unit Launches New Office in Shanghai, China
---------------------------------------------------------------
The Shaw Group Inc. announced that the Nuclear Division of the
Shaw Power Group has opened a new office in Shanghai, China, to
support the rapidly growing Chinese nuclear power marketplace.
The office will accommodate the Shaw project management team
already working on four AP1000 nuclear reactors at power plants
in Sanmen and Haiyang.

"We are extremely pleased to expand our China operations," said
Richard F. Gill, president of Shaw's Power Group.  "Having a
significant presence in both Beijing and Shanghai will allow us
to serve our customers more efficiently, facilitate the
successful execution of our existing nuclear power projects in
China and strengthen our position for future projects and
services in the world's fastest-growing economy."

Shaw selected Shanghai as the location for its newest office to
establish and grow a strong presence in the business center of
China.  The location also will facilitate close interaction with
the Shanghai Nuclear Engineering Research and Design Institute,
which is the premier nuclear design institute in China and
provides important engineering services to the Consortium.  Shaw
will maintain its well-established Beijing office to continue
providing business development services for the nuclear, fossil
and process industries in China.

Shaw and Westinghouse Electric Company, its AP1000 Consortium
partner, signed contracts in July 2007 to provide services and
equipment for two AP1000 nuclear reactors in Sanmen and two
reactors in Haiyang.  China has indicated plans to build as many
as 30 new nuclear reactors by 2020.

                     About Shaw Group

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

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

                       *     *     *

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

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


TATA MOTORS: Allies with Chrysler to Sell Electric Truck in U.S.
----------------------------------------------------------------
Tata Motors Ltd has entered into an agreement with a unit of
Chrysler LLC for the development of an electric version of
Tata's mini truck Ace, media reports say.

Pursuant to a development contract that Tata Motors entered into
with Chrysler's Global Electric Motorcars, the parties will  
develop and market battery-operated neighborhood electric
vehicles that will be sold in the United States.

The NEVs, which can ferry passengers and cargo, has passed
required safety and reliability tests, and the prototype is
ready for production, Alka Kshirsagar of the Business Line
relates, citing unnamed sources in the industry. The vehicles,
which will be shipped as completely built units, will mark Tata
Motor's entry into the U.S. markets, BL points out.

A Tata Motors spokesperson has admitted that the company, in
partnership with an American firm, is exploring the possibility
of a vehicle on the Ace platform with a U.S.-suitable electrical
engine, BL relates.  "But it is premature at this stage to
furnish any details," the spokesperson added.

According to Reuters, Tata Motors will begin exporting around
10,000 units by year-end and ramp up to 50,000 units.

The Press Trust of India, in a report on Wednesday, observed
that Tata Motors' stock rose 1.56% to INR668.50 on reports of
the Chrysler deal.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Tata Motors on Jan. 10 unveiled the INR1-lakh (around
US$2,500) Tata Nano, which it plans to launch in India late this
year.

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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


UNITED TRADE: Appoints Liquidators from Tenon Recovery
------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of United Trade Frames Ltd. on
Jan. 15 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


* BOND PRICING: For the Week Jan. 21 to Jan. 25, 2008
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Immofinanz Immobilien
  Anlagen AG              2.750    01/20/14     EUR      74.31
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      64.46
                          0.250    10/14/26     CDN      39.59
Republic of Austria       4.000    06/22/22     EUR      74.64
                          0.396    08/04/25     EUR      63.38
                          5.243    10/10/25     EUR      63.01

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      73.07


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.80
                          0.500    04/26/13     AUD      70.40
                          1.000    11/21/16     NZD      58.66
                          1.000    10/30/17     AUD      57.62
                          0.500    09/24/20     CDN      60.10
                          0.250    06/28/40     CDN      20.46

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.56
Altran Technologies S.A.  3.750    01/01/09     EUR      12.04
Calyon                    6.000    06/18/47     EUR      49.65
CAP Gemini S.A.           2.500    01/01/10     EUR      52.09
                          1.000    01/01/12     EUR      45.26
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.03
                          4.375    11/01/10     EUR      47.05
Europcar Group S.A.       8.130    05/15/14     EUR      79.28
Groupe Vial S.A.          2.500    01/01/14     EUR      39.33
Havas S.A.                4.000    01/01/09     EUR      10.58
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.67
Ingenico                  2.750    01/01/12     EUR      18.48
Maurel & Prom             3.500    01/01/10     EUR      20.49
Publicis Group            0.750    07/17/08     EUR      28.75
                          1.000    01/18/18     EUR      42.00
Rhodia S.A.               0.500    01/01/14     EUR      39.14
Scor S.A.                 4.125    01/01/10     EUR       2.07
Soc Air France            2.750    04/01/20     EUR      25.76
Soitec                    4.625    12/20/09     EUR       5.50
Theolia S.A.              2.000    01/01/14     EUR      20.52
Valeo                     2.375    01/01/11     EUR      43.83
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.72
Wavecom S.A.              1.750    01/01/14     EUR      22.33
Wendel Invest S.A.        2.000    06/19/09     EUR      44.31
Zlomrex International
   Finance S.A.           8.500    02/01/14     EUR      65.10

GERMANY
-------
Callahan NRH             14.000    07/15/10     US$       0.27
KfW Bankengruppe          0.500    10/30/13     AUD      68.18
                          0.500    12/19/17     EUR      68.59
                          5.000    05/23/20     EUR      74.87
                          1.250    07/07/20     EUR      73.98
                          1.250    07/29/20     EUR      72.01
                          6.000    07/21/25     EUR      70.90
                          5.000    09/01/25     EUR      73.19
                          8.000    08/10/30     EUR      70.01
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.54
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.56


GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      65.40
                          0.990    07/07/20     EUR      67.25

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      51.26

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.62
                          0.250    07/08/33     CDN      27.89
Irish Perm Plc            6.125    02/15/35     EUR      57.49
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.03
Ono Finance II Plc        8.000   05/16/14      EUR      77.46

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      63.33
Telecom Italia S.p.A.     5.250    03/17/55     EUR      73.78


LUXEMBOURG
----------
Kloeckner Finance
   International S.A.     1.500    07/27/12     EUR      72.60
Nell AF S.A.              8.380    08/15/15     EUR      75.05
Sonata Securities S.A.    1.000    03/10/08     EUR      68.51


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.80    
BK Ned Gemeenten          0.500    06/27/18     CDN      65.40
                          0.500    02/24/25     CDN      48.66
BLT Finance B.V.          7.500    05/15/14     US$      74.72
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.59
Hypo Real ES Finance      5.500    08/20/08     EUR      46.15
IVG Finance B.V.          1.750    03/29/17     EUR      74.00
KBC Ifima N.V.            3.500    02/07/25     US$      78.11
Lehman Bros TSY B.V.      2.940    02/16/17     EUR      75.83
                          1.000    06/06/17     EUR      73.72
                          
                          6.000    02/15/35     EUR      65.97
                          8.250    03/16/35     EUR      52.14
                          7.000    05/17/35     EUR      61.14
                          7.250    10/05/35     EUR      56.13
                          6.000    11/02/35     EUR      58.10
Ned Waterschapbk          6.000    06/01/35     EUR      68.55
                          6.500    08/15/35     EUR      62.83
Rabobank Groep N.V.       6.000    02/22/35     EUR      65.89
                          5.000    02/28/35     EUR      62.86
                          7.000    03/23/35     EUR      62.86
                          6.000    05/09/35     EUR      69.46

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      71.06

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.34

SWITZERLAND
-----------
UBS AG                    1.000     06/28/12    NZD      74.22
                          1.000     07/30/12    NZD      74.13

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      52.75
BAA Plc                   5.130     02/15/23    GBP      77.82
Bank of Scotland          0.000     02/22/17    EUR      64.95
                          6.000     02/07/35    EUR      63.31
Ineos Group Holding       7.880     07/31/12    GBP      74.38
Jaztel Plc                5.000     04/29/10    GBP      74.89
Lloyds TSB Bank Plc       6.210     12/14/37    GBP      63.63
National Grid Gas Plc     1.754     10/17/36    GBP      42.87
                          1.771     03/30/37    GBP      43.77
Northern Rock Plc         5.630     01/13/15    GBP      70.78
                          9.380     10/17/21    GBP      72.07
Royal BK Scotland         7.000     06/09/25    EUR      63.18
                          3.310     06/29/30    EUR      57.74
Wessex Water Finance Plc  1.369     07/31/57    GBP      28.16

  
                            *********

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 * * *