TCREUR_Public/080130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, January 30, 2008, Vol. 9, No. 21

                            Headlines




A U S T R I A

ART-DEKOBAU: Claims Registration Period Ends March 4
AUTOHAUS JELINEK: Claims Registration Period Ends February 5
G.D.T. GRABNER: Claims Registration Period Ends February 5
GERFRIED HASCHKE: Claims Registration Period Ends February 7
HGT HYDRO: Claims Registration Period Ends Feb. 5

JITKA BAU: Claims Registration Period Ends Feb. 5
MAGAUER LLC: Wels Court Orders Business Shutdown
PABNEU REISINGER: Claims Registration Period Ends Feb. 4
SALASSIA HOLDING: Claims Registration Period Ends Feb. 7
SANDMEIER LOGISTIK: Claims Registration Period Ends Feb. 25

STECO LLC: Claims Registration Period Ends Feb. 7


B E L G I U M

CHEMTURA CORP: Selling Oleochemicals Business to PMC Group
POPE & TALBOT: Obtains Additional Waivers to DIP Agreement
POPE & TALBOT: PwC Reports Completion of Sale of 3 Surplus Lands
SOLUTIA EUROPE: Parent Concerns Cue S&P to Watch B Ratings


G E R M A N Y

A.P. MANAGEMENT: Claims Registration Period Ends Feb. 14
BAB MANSKE: Claims Registration Period Ends Feb. 15
C.A.T. WERBEAGENTUR: Claims Registration Period Ends Feb. 14
C & H BLOCKHAUS: Claims Registration Period Ends Feb. 11
COLORTEK SERVICES: Claims Registration Period Ends Feb. 13

CYPACC GMBH: Claims Registration Period Ends Feb. 15
DATA COM: Claims Registration Period Ends Feb. 14
HOTELGESELLSCHAFT ELBTALAUE: Claims Period Ends Feb. 25
IVB GMBH: Claims Registration Period Ends Feb. 11
MAB MASSIVHAUS: Claims Registration Period Ends Feb. 12

MEIN HAUS: Claims Registration Period Ends Feb. 12
MONEYPLUS BETEILIGUNGS: Claims Registration Period Ends Feb. 12
OTT GMBH: Creditors' Meeting Slated for Feb. 11
P.A.F.P. ALTENPFLEGEAUSBILDUNG: Claims Period Ends Feb. 21
PB CONSUMER: Moody's Rates EUR17.4 Mln Class E Notes at Ba2

PB CONSUMER 2008-1: S&P Rates EUR17.4 Mln Class E Notes at BB
PB CONSUMER 2008-1: Fitch Rates EUR17.4 Mln Class E Notes at BB
SCHONDELMAIER INNENAUSBAU: Creditors' Meeting Slated for Jan. 30
TAQUITOS GMBH: Claims Registration Ends Feb. 15
TISCHLEREI EITZMANN: Claims Registration Ends Feb. 15

WROBEL GESELLSCHAFT: Claims Registration Period Ends Feb. 11
ZDI INDUSTRIEVERBUND: Claims Registration Ends Feb. 15


I R E L A N D

RITCHIE IRELAND: Hikes DIP Financing to US$4.5 Million


I T A L Y

ALITALIA SPA: Deutsche Lufthansa May Bid for Malpensa Slots
ALITALIA SPA: Cargo Traffic Down 7.8% in December 2007
PARMALAT SPA: Auditor Says Ex-CFO Alerted on Accounting Hole


K A Z A K H S T A N

ALEKSA IKAR: Proof of Claim Deadline Slated for Feb. 27
CENTRALNOYE GASOSNABJENIYE:  Claims Period Ends Feb. 26
GALILEO KAZAKHSTAN: Claims Filing Period Ends Feb. 26
GUNEL PVC: Creditors' Claims Due on Feb. 26
KOSTANAISBYTENERGO LLP: Claims Registration Ends Feb. 22

MERIDIAN CAPITAL: Creditors Must File Claims by Feb. 26
PETROTORG LLP: Claims Filing Period Ends Feb. 26
SASA INTERNATIONAL: Creditors' Claims Due on Feb. 22


K Y R G Y Z S T A N

ROOK-ENERGY LLC: Creditors Must File Claims by Feb. 15


N E T H E R L A N D S

DUTCH MBS XI: S&P Puts BB-Rated Class D Notes on Watch Positive
HEXION SPECIALTY: Extends Huntsman-Merger Termination to July 4
KONINKLIJKE AHOLD: Posts EUR6.6 Bln Net Sales in 4th Qtr 2007


N O R W A Y

NORSKE SKOGINDUSTRIER: Weak Prospects Cue S&P's BB Ratings
NORSKE SKOGINDUSTRIER: Refutes S&P's BB Credit Rating Level


R U S S I A

COMSTAR-UNITED: To Build NGN Network in Ukraine
MOSCOW BANK: Moody's Changes Outlook on B1 Ratings to Positive


S W I T Z E R L A N D

ARCOS TREUHAND: Creditors' Liquidation Claims Due by Feb. 6
BIZNESS LLC: Creditors' Liquidation Claims Due by Feb. 6
BSH BERGER: Creditors' Liquidation Claims Due by Feb. 6
ETS ENGEL: St. Gallen Court Starts Bankruptcy Proceedings
GONDA INVEST: Creditors' Liquidation Claims Due by Feb. 6

MEDIA-TREND JSC: Creditors' Liquidation Claims Due by Feb. 6
RESTAURANT NEUHOF: Berne Court Starts Bankruptcy Proceedings
TEMPUS WATCH: Creditors' Liquidation Claims Due by Feb. 5


T U R K E Y

VESTEL ELEKTRONIK: Weak Performance Cues Moody's to Cut Ratings


U K R A I N E

AKTIV LLC: Proofs of Claim Deadline Set Feb. 8
ASTA-ELIT LLC: Creditors Must File Claims by Feb. 8
COMSTAR-UNITED: To Build NGN Network in Ukraine
KUYBISHEV CREAMERY: Creditors Must File Claims by Feb. 8
MAKEYEVKA PRODUCTION: Creditors Must File Claims by Feb. 8

ORBITA LLC: Proofs of Claim Deadline Set Feb. 8
SAMBOR MOTORCAR 24667: Creditors Must File Claims by Feb. 8
SKADOVSK MOTORCAR 16544: Proofs of Claim Deadline Set Feb. 8
STIR LLC: Creditors of Must File Claims by Feb. 8


U N I T E D   K I N G D O M

ARNOTT & SPURRELL: Claims Filing Period Ends March 1
BATQUEST LTD: M. H. Abdulali Leads Liquidation Procedure
BAUSCH & LOMB: Names Gerald M. Ostrov as Chairman and CEO
BAUSCH & LOMB: Acquiring Eyeonics Won't Affect S&P's Rating
CHALLENGER SYNDICATESHIPS: Appoints Administrators from Begbies

CHRYSLER LLC: Offers Compensation Packages to Hourly Workers
D K KITCHENS: Brings In Liquidators from Tenon Recovery
DOLCIS LTD: Pays Equity Backers Before Calling In Administrators
EMAP PLC: S&P Keeps B Credit Ratings on Watch Developing
ENRON CORP: High Court Refuses to Review Enron Investors' Case

ENRON CORP: Retrial for Two Ex-Merrill Lynch Executives Delayed
ENRON CORP: Seeks US$9 Mln in Remedies from Hewitt Associates
F L ALUMINIUM: Calls In Liquidators from Moore Stephens
HEATFAST MECHANICAL: Appoints Liquidators from Mazars
NEW FOREST: Claims Filing Period Ends March 1

NORTHERN ROCK: FSA Fails as Regulator, Treasury Committee Says
NORTHERN ROCK: Cerberus and Five Mile Eye Equity Stake
UK BAKERIES: Creditors' Meeting Slated for Feb. 8




                            *********


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


ART-DEKOBAU: Claims Registration Period Ends March 4
----------------------------------------------------
Creditors owed money by LLC Art-Dekobau (FN 239249m) have until
March 4, 2008, to file written proofs of claim to court-
appointed estate administrator Helmut Platzgummer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:15 p.m. on March 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 14, 2007 (Bankr. Case No. 6 S 164/07w).  Wolfgang
Leitner represents Dr. Platzgummer in the bankruptcy
proceedings.


AUTOHAUS JELINEK: Claims Registration Period Ends February 5
------------------------------------------------------------
Creditors owed money by LLC Autohaus Jelinek (FN 35976g) have
until Feb. 5, 2008, to file written proofs of claim to court-
appointed estate administrator Werner Stanek at:

          Dr. Werner Stanek
          Wollzeile 33/20
          1010 Vienna
          Austria
          Tel: 512 29 02
          Fax: 512 29 02 30
          E-mail: werner-stanek@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 18, 2007 (Bankr. Case No. 38 S 70/07g).


G.D.T. GRABNER: Claims Registration Period Ends February 5
----------------------------------------------------------
Creditors owed money by KEG G.D.T. Grabner Transporte (FN
227451m) have until Feb. 5, 2008, to file written proofs of
claim to court-appointed estate administrator Philipp Dobner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 18, 2007 (Bankr. Case No. 4 S 143/07t).  Arno Maschke
represents Dr. Dobner in the bankruptcy proceedings.


GERFRIED HASCHKE: Claims Registration Period Ends February 7
------------------------------------------------------------
Creditors owed money by KEG Gerfried Haschke (FN 207961a) have
until Feb. 7, 2008, to file written proofs of claim to court-
appointed estate administrator Werner Borns at:

          Dr. Werner Borns
          Dr.-Wilhelm-Exner-Platz 6
          2230 Ganserndorf
          Austria
          Tel: 02282/60 802
          Fax: 02282/60 824
          E-mail: insolvenzen@lawpartners.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 104
          Hall 2
          First Floor
          Korneuburg
          Austria

Headquartered in Poysdorf, Austria, the Debtor declared
bankruptcy on Dec. 14, 2007 (Bankr. Case No. 32 S 25/07z).


HGT HYDRO: Claims Registration Period Ends Feb. 5
-------------------------------------------------
Creditors owed money by LLC HGT Hydro-Geo-Thermie Bohr (FN
277334w) have until Feb. 5, 2008, to file written proofs of
claim to court-appointed estate administrator Bernhard Eder at:

          Dr. Bernhard Eder
          c/o Dr. Herbert Hochegger
          Brucknerstrasse 4
          1040 Vienna
          Austria
          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 9:30 a.m. on Feb. 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 19, 2007 (Bankr. Case No. 4 S 145/07m).  Herbert
Hochegger represents Dr. Eder in the bankruptcy proceedings.


JITKA BAU: Claims Registration Period Ends Feb. 5
-------------------------------------------------
Creditors owed money by LLC JITKA BAU (FN 285435h)have until
Feb. 5, 2008, to file written proofs of claim to court-appointed
estate administrator Elisabeth Stanek-Noverka at:

          Dr. Elisabeth Stanek-Noverka
          Hernalser Hauptstrasse 116
          1170 Vienna
          Austria
          Tel: 486 14 37-0, 486 02 09-0
          Fax: 486 02 09 18
          E-mail: ra-noverka@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 17, 2007 (Bankr. Case No. 38 S 67/07s).


MAGAUER LLC: Wels Court Orders Business Shutdown
------------------------------------------------
The Land Court of Wels entered Dec. 19, 2007, an order shutting
down the business of LLC Magauer (FN 105833m).

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

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


PABNEU REISINGER: Claims Registration Period Ends Feb. 4
--------------------------------------------------------
Creditors owed money by LLC pabneu Reisinger (FN 83426k) have
until Feb. 4, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Grassner at:

          Dr. Guenther Grassner
          c/o  Dr. Norbert Mooseder
          Suedtirolerstrasse 4-6
          4020 Linz
          Austria
          Tel: +43 70770815
          Fax: +43 70770816
          E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 522
          Fifth Floor
          Wiener Neustadt
          Austria

Headquartered in Pabneukirchen, Austria, the Debtor declared
bankruptcy on Dec. 11, 2007 (Bankr. Case No. 12 S 96/07s).
Norbert Mooseder represents Dr. Grassner in the bankruptcy
proceedings.


SALASSIA HOLDING: Claims Registration Period Ends Feb. 7
--------------------------------------------------------
Creditors owed money by LLC Salassia Holding (FN 187806k) have
until Feb. 7, 2008, to file written proofs of claim to court-
appointed estate administrator Christian Hajos at:

          Mag. Christian Hajos
          c/o Dr. Wolfgang Winkler
          Hauptstrasse 6
          2630 Ternitz
          Austria
          Tel: 02630/33 655
          Fax: 02630/33655-14
          E-mail: dr.winkler.ternitz@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on Dec. 20, 2007 (Bankr. Case No. 10 S 120/07m).
Wolfgang Winkler represents Dr. Hajos in the bankruptcy
proceedings.


SANDMEIER LOGISTIK: Claims Registration Period Ends Feb. 25
-----------------------------------------------------------
Creditors of Sandmeier Logistik GmbH have until Feb. 25, 2008,
to register their claims with court-appointed insolvency manager
Arnd Sebelefsky.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Arnd Sebelefsky
         Arcostr. 3
         80333 Muenchen
         Germany
         Tel: 089/5490250
         Tel: 089/558674

The District Court of Munich opened bankruptcy proceedings
against Sandmeier Logistik GmbH on Dec. 27, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Sandmeier Logistik GmbH
         Fuerstenfelder Str. 7
         85232 Bergkirchen
         Germany


STECO LLC: Claims Registration Period Ends Feb. 7
-------------------------------------------------
Creditors owed money by LLC STECO (FN 289990g) have until
Feb. 7, 2008, to file written proofs of claim to court-appointed
estate administrator Karl Schirl at:

          Dr. Karl Schirl
          c/o Mag. Markus Siebinger
          Krugerstrasse 17/3
          1010 Vienna
          Austria
          Tel: 513 22 31
          Fax: 513 22 31 1
          E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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. FN 289990g).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


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


CHEMTURA CORP: Selling Oleochemicals Business to PMC Group
----------------------------------------------------------
Chemtura Corporation has reached agreement to sell its
oleochemicals business to PMC Group NA Inc. for an undisclosed
amount, subject to financing and other conditions including
customary closing conditions.  Included in the transaction is
Chemtura's production facility at Memphis, Tennessee.  Proceeds
from the sale will be used primarily for debt reduction.

The transaction is expected to close by the end of the first
quarter.

The oleochemicals business had revenues for 2007 of about
US$175 million.

"This transaction will be another step in improving our polymer
additives business by strategically divesting product lines to
better focus on the products and businesses where we have our
greatest strengths and leading market positions," Robert L.
Wood, Chemtura chairman and CEO, said.  "PMC Group NA Inc. is
committed to this business and its growth, which will be an
advantage to both customers and employees."

Chemtura's Memphis facility has about 260 employees, who are
expected to transfer to PMC Group NA Inc.  The facility produces
fatty acids, fatty esters, glycerin approved for pharmaceutical
applications, glycerol esters, amides, bisamides, stearates and
triglycerides.  The Memphis plant is the only producer of
primary amides in North America for the plastics additives
market.

                   About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                        *      *      *

As reported in the Troubled Company Reporter-Europe on Dec. 21,
2007, Moody's Investors Service placed Chemtura Corporation's
corporate family rating, CFR of Ba2 under review for possible
downgrade after reports that its "board of directors has
authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.


POPE & TALBOT: Obtains Additional Waivers to DIP Agreement
----------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Pope & Talbot and its debtor-affiliates disclosed
that on Jan. 4, 2008, they entered into a second waiver to the
Debtor-in-Possession Credit and Security Agreement with Ableco
Finance LLC, Wells Fargo Financial Corporation Canada and
certain other lenders.  The Debtors also reported that on Jan.
7, 2008, they entered into a third waiver to the DIP Credit and
Security Agreement.

R. Neil Stuart, vice president and chief financial officer of
Pope & Talbot Inc., stated that under the Second Waiver, the
Lenders waived any default or event of default under the DIP
Agreement, resulting from the occurrence of a material adverse
deviation from the budget, during certain prior periods with
respect to disbursements for payroll and other taxes and
receipts set forth in the budget.

Under the Third Waiver, Mr. Stuart disclosed, the Lenders waived
any default or event of default under Section 8(a)(a) of the DIP
Agreement resulting from the occurrence of a material adverse
deviation from the budget, during certain prior periods with
respect to lumber duties and insurance set forth in the budget.

A full-text copy of the Second Waiver to the DIP Credit and
Security Agreement is available for free at the SEC:

               http://researcharchives.com/t/s?276d

A full-text copy of the Third Waiver to the DIP Credit and
Security Agreement is available for free at the SEC:

               http://researcharchives.com/t/s?276e

Mr. Stuart reported in a separate regulatory SEC filing dated
Jan. 17, 2008, that the same parties entered into a fourth
waiver to the DIP Credit and Security Agreement on January 11.

Under the Fourth Waiver, the Lenders waived any default or event
of default under Section 8(a)(a) of the DIP Agreement resulting
from the occurrence of a material adverse deviation from the
budget, during certain prior periods with respect to payroll
taxes and benefits, chemical payments and tax payments set forth
in the budget.

A full-text copy of the Fourth Waiver to the DIP Credit and
Security Agreement is available for free at the SEC:

               http://researcharchives.com/t/s?276f

As reported in the Troubled Company Reporter on Jan. 14, 2008,
Mr. Stuart disclosed that P&T Inc. and Pope & Talbot Ltd.,
entered into a first amendment and waiver to its DIP Agreement
effective as of Dec. 20, 2007.

According to Mr. Stuart, the Amendment was necessary to conform
the DIP Agreement to the U.S. Bankruptcy Court for the District
of Delaware's final DIP order, dated Dec. 7, 2007.

As reported in the Troubled Company Reporter on Dec. 13, 2007,
the Hon. Christopher S. Sontchi granted the Debtors authority,
on a final basis, to borrow up to US$18,000,000 in term loans
and up to US$71,062,301 in revolving credit from Wells Fargo
Financial Corporation, as DIP administrative agent, and Ableco
Financial LLC, as DIP collateral agent.

                     About Pope & Talbot

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: PwC Reports Completion of Sale of 3 Surplus Lands
----------------------------------------------------------------
PricewaterhouseCoopers Inc., as monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act, reports that three out of
four transactions for the sale of the Debtors' surplus land
closed successfully on Jan. 8, 2008.  The closed transactions
are for the sale of Beaverdell South, Deer Park and Shields
Creek.

The fourth transaction with RJR Investments Ltd. for a portfolio
of 10 properties was to have closed on Jan. 14, 2008.

According to the Monitor, the net proceeds received from the
three completed transactions total CDNUS$2,500,000, which will
be paid to the Debtors' term lenders pursuant to their first
ranking security over the assets.

As reported in the Troubled Company Reporter on Dec 14, 2007,
the British Columbia Supreme Court approved four transactions
covering the sale of the surplus lands of Pope & Talbot Inc. and
its debtor-affiliates.

The Canadian Court held, however, that the closing of each of
the Transactions is subject to the approval of the United States
Bankruptcy Court for the District of Delaware, or having a
cross-border protocol approved, whichever occurs first.

                     About Pope & Talbot

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA EUROPE: Parent Concerns Cue S&P to Watch B Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on Belgium-based specialty chemicals group Solutia
Europe S.A./N.V. to developing from positive.  The 'B' long- and
short-term corporate credit ratings remain on CreditWatch, where
they were originally placed on Dec. 4, 2007.

"The revised CreditWatch status on SESA is due to an announced
delay in the emergence of its parent Solutia Inc. (D/--/NR) from
Chapter 11 due to recent difficulties surrounding the exit
financing," said Standard & Poor's credit analyst Sophia
Dedemadis.

The developing implications reflect our need for further
information regarding the parent company's exit financing.  As
indicated by Solutia, the bank syndicate lead arrangers are
seeking to cancel their obligations to provide Solutia's credit
facilities, citing an adverse change in the credit markets that
has impaired their ability to syndicate.  Failure by the parent
to successfully emerge from Chapter 11 -- or a further
significant delay -- could negatively affect the ratings on
SESA, which is a wholly owned subsidiary of Solutia and has
business operations that are closely interwoven with those of
its parent.

Alternatively, successful emergence from bankruptcy by the
parent could have a positive effect on the ratings or outlook.
This, however, remains highly contingent on the corporate
structure, financial risk profile, market conditions, and
prospects of Solutia and SESA at that time.

Standard & Poor's expects to resolve the CreditWatch status
within 90 days.


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


A.P. MANAGEMENT: Claims Registration Period Ends Feb. 14
--------------------------------------------------------
Creditors of A.P. Management und Bau GmbH have until Feb. 14,
2008, to register their claims with court-appointed insolvency
manager Uta Plischkaner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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:

         Uta Plischkaner
         Johannes-Stelling-Str.1
         19053 Schwerin
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against A.P. Management und Bau GmbH on Jan. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         A.P. Management und Bau GmbH
         Attn: A. Pecyna, Manager
         Ziegelhof 2
         17489 Greifswald
         Germany


BAB MANSKE: Claims Registration Period Ends Feb. 15
---------------------------------------------------
Creditors of BAB Manske Estrich GmbH have until Feb. 15, 2008,
to register their claims with court-appointed insolvency manager
Herbert Huelsbergen.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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:

         Herbert Huelsbergen
         Graf-Schack-Strasse 14
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         BAB Manske Estrich GmbH
         Attn:  Stephan Manske, Manager
         Neue Strasse 24/25
         18273 Guestrow
         Germany


C.A.T. WERBEAGENTUR: Claims Registration Period Ends Feb. 14
------------------------------------------------------------
Creditors of c.a.t. Werbeagentur GmbH have until Feb. 14, 2008,
to register their claims with court-appointed insolvency manager
Roland Reichert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 15, 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

          Roland Reichert
          Maybachstrasse 31
          74245 Loewenstein
          Germany
          Tel: 07130/400970
          Fax: 07130/4009715

The District Court of Heilbronn opened bankruptcy proceedings
against c.a.t. Werbeagentur GmbH on Jan. 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          c.a.t. Werbeagentur GmbH
          Schoettlestrasse 2
          74074 Heilbronn
          Germany


C & H BLOCKHAUS: Claims Registration Period Ends Feb. 11
--------------------------------------------------------
Creditors of C & H Blockhaus GmbH have until Feb. 11, 2008, to
register their claims with court-appointed insolvency manager
Petra Wiche-Wendler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 3, 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 Coburg
         Meeting Hall K
         First Stock
         Coburg
         Germany

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

The insolvency manager can be reached at:

          Petra Wiche-Wendler
          Pfarr 1 (Medienhaus) Rechtsanwaltin
          95028 Hof/Saale
          Germany

The District Court of Coburg opened bankruptcy proceedings
against C & H Blockhaus GmbH on Jan. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          C & H Blockhaus GmbH
          Mainau 10
          96215 Lichtenfels
          Germany


COLORTEK SERVICES: Claims Registration Period Ends Feb. 13
----------------------------------------------------------
Creditors of Colortek Services GmbH have until Feb. 13, 2008, to
register their claims with court-appointed insolvency manager
Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Lueneburg
         Hall 302
         Am Ochsenmarkt 3
         21335 Lueneburg
         Germany

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

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg
         Germany
         Tel: 040/37 60100
         Fax: 040/37 601199
         E-mail: hamburg@htg-wp.de

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

The Debtor can be reached at:

         Colortek Services GmbH
         Attn: Soelvi Karin Scheidt, Manager
         Von-Estorff-Str. 20
         21398 Neetze
         Germany


CYPACC GMBH: Claims Registration Period Ends Feb. 15
----------------------------------------------------
Creditors of CYPACC GmbH have until Feb. 15, 2008, to register
their claims with court-appointed insolvency manager Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Frank Imberger
          Huestrasse 34
          44787 Bochum
          Germany

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

The Debtor can be reached at:

          CYPACC GmbH
          Josef-Baumann-Str. 19
          44805 Bochum
          Germany


DATA COM: Claims Registration Period Ends Feb. 14
-------------------------------------------------
Creditors of Data Com GmbH have until Feb. 14, 2008, to register
their claims with court-appointed insolvency manager Klaus
Albert Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Klaus Albert Maier
          Wilhelmstr. 12
          70182 Stuttgart
          Germany
          Tel: 0711/16 42 40
          Fax: 0711/16 42 424

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

The Debtor can be reached at:

          Data Com GmbH
          Holderackerstr. 4
          70499 Stuttgart
          Germany


HOTELGESELLSCHAFT ELBTALAUE: Claims Period Ends Feb. 25
-------------------------------------------------------
Creditors of Hotelgesellschaft Elbtalaue mbH have until
Feb. 25, 2008, to register their claims with court-appointed
insolvency manager Michael Wilkens.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on March 31, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         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:

         Michael Wilkens
         Elbchaussee 140
         22763 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Hotelgesellschaft Elbtalaue mbH on Jan. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hotelgesellschaft Elbtalaue mbH
         mit Sitz in Neu Kaliss
         Attn: Joachim Scharnweber, Manager
         Ludwigsluster Strasse 2
         19294 Neu Kaliss
         Germany


IVB GMBH: Claims Registration Period Ends Feb. 11
-------------------------------------------------
Creditors of IVB GmbH have until Feb. 11, 2008, to register
their claims with court-appointed insolvency manager Andreas
Korrell.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.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 Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         Germany

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

The insolvency manager can be reached at:

          Andreas Korrell
          Rembertistr. 32
          28203 Bremen
          Germany
          Tel: 0421 1783271
          Fax: 0421 1783270

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

The Debtor can be reached at:

          IVB GmbH
          Attn: Michael Muees, Manager
          Louisenstrasse 11
          27749 Delmenhorst
          Germany


MAB MASSIVHAUS: Claims Registration Period Ends Feb. 12
-------------------------------------------------------
Creditors of MAB Massivhaus GmbH have until Feb. 12, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on March 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against MAB Massivhaus GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MAB Massivhaus GmbH
         Am Mueggelpark 25
         15537 Gosen
         Germany


MEIN HAUS: Claims Registration Period Ends Feb. 12
--------------------------------------------------
Creditors of Mein Haus Wohnbau GmbH have until Feb. 12, 2008, to
register their claims with court-appointed insolvency manager
Hans-Wilhelm Bauer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         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-Wilhelm Bauer
          Emmeramsplatz 6
          93047 Regensburg
          Germany
          Tel: 0941/29680-46
          Fax: 0941/2968045

The District Court of Regensburg opened bankruptcy proceedings
against Mein Haus Wohnbau GmbH on Jan. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Mein Haus Wohnbau GmbH
          Lindenstr. 21
          93049 Regensburg
          Germany


MONEYPLUS BETEILIGUNGS: Claims Registration Period Ends Feb. 12
---------------------------------------------------------------
Creditors of MoneyPlus Beteiligungsgesellschaft mbH have until
Feb. 12, 2008, to register their claims with court-appointed
insolvency manager Marco Liebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Kempten
          Meeting Hall 157/I
          Residenzplatz 4-6
          87435 Kempten
          Germany

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

The insolvency manager can be reached at:

          Dr. Marco Liebler
          c/o Kanzlei Ott & Kollegen
          Nymphenburger Str. 139
          80636 Munich
          Germany
          Tel: 089/120 260
          Fax: 089/120 261 27

The District Court of Kempten opened bankruptcy proceedings
against MoneyPlus Beteiligungsgesellschaft mbH on Jan. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MoneyPlus Beteiligungsgesellschaft mbH
          Berghof Goimenen 4
          87637 Seeg
          Germany


OTT GMBH: Creditors' Meeting Slated for Feb. 11
-----------------------------------------------
The court-appointed insolvency manager for Ott GmbH, Karl
Kasser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
Feb. 11, 2008.

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

         The District Court of Passau
         Meeting Hall 12a
         Ground Floor
         Schustergasse 4
         Passau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 31, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Karl Kasser
         Rathausgasse 5
         94481 Grafenau
         Germany
         Tel: 08552-10667

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

The Debtor can be reached at:

         Ott GmbH
         Burgberg 5
         94127 Neuburg am Inn
         Germany


P.A.F.P. ALTENPFLEGEAUSBILDUNG: Claims Period Ends Feb. 21
----------------------------------------------------------
Creditors of P.A.f.P. Altenpflegeausbildung gemeinntzige GmbH
have until Feb. 21, 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 9:30 a.m. on March 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         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 Koeln
         Germany
         Tel: 9126770
         Fax: +4922191267799

The District Court of Cologne opened bankruptcy proceedings
against P.A.f.P. Altenpflegeausbildung gemeinntzige GmbH on
Jan. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         P.A.f.P. Altenpflegeausbildung gemeinntzige GmbH
         Wilhelm-Kamm-Str. 2
         50321 Bruehl
         Germany

         Attn: Silvia Baumgartner, Manager
         Heinrich-Esser-Str. 31
         50321 Bruehl
         Germany


PB CONSUMER: Moody's Rates EUR17.4 Mln Class E Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
five classes of asset-backed notes issued by PB Consumer 2008-1
GmbH:

   -- Aaa to the EUR997,700,000 Class A Floating Rate Asset
      Backed Notes;

   -- Aa2 to the EUR18,600,000 Class B Floating Rate Asset
      Backed Notes;

   -- A1 to the EUR30,200,000 Class C Floating Rate Asset Backed
      Notes;

   -- Baa2 to the EUR42,900,000 Class D Floating Rate Asset
      Backed Notes; and

   -- Ba2 to the EUR17,400,000 Class E Floating Rate Asset
      Backed Notes;

PB Consumer 2008-1 GmbH is the first public term securitization
of unsecured consumer loans in Germany.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal
final maturity.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.


PB CONSUMER 2008-1: S&P Rates EUR17.4 Mln Class E Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the floating-rate asset-backed notes issued by PB Consumer
2008-1 GmbH.

PB Consumer used the issuance proceeds to purchase a EUR1.16
billion static portfolio of unsecured consumer loans from
Deutsche Postbank AG (A-/Stable/A-2; Postbank), granted by
Postbank to German residents.

This is the first transaction to be rated by Standard & Poor's
that is backed by unsecured consumer loans originated in
Germany, and also the first consumer loan and true-sale
transaction by Postbank.

                          Ratings List

PB Consumer 2008-1 GmbH
EUR1.16 Billion Floating-Rate Asset-Backed Notes and
EUR8.3 Million Liquidity Reserve Notes

                                        Amount
         Class          Rating        (Mln. EUR)
         -----          ------          ------
         A              AAA             997.7
         B              AA               18.6
         C              A                30.2
         D              BBB              42.9
         E              BB               17.4
         F              NR               53.3
         Liquidity
         reserve
         note           NR                8.3

         NR -- Not rated.


PB CONSUMER 2008-1: Fitch Rates EUR17.4 Mln Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to PB Consumer 2008-1
GmbH's issue of EUR1.107 billion floating-rate notes due August
2021:

   -- EUR997.7 million Class A (ISIN DE000A0STMA5): 'AAA'
   -- EUR18.6 million Class B (ISIN DE000A0STMB3): 'AA'
   -- EUR30.2 million Class C (ISIN DE000A0STMC1): 'A'
   -- EUR42.9 million Class D (ISIN DE000A0STMD9): 'BBB'
   -- EUR17.4 million Class E (ISIN DE000A0STME7): 'BB'

Each rated class in this transaction has a Stable Outlook.

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

The issuance proceeds of the rated notes and the unrated notes
are used to purchase a portfolio of German unsecured consumer
loan receivables originated by Postbank (rated 'A/ F1'/Outlook
Stable).  As of Dec. 31, 2007, the portfolio had a principal
balance of EUR1.16 billion.  At Nov. 30, 2007, when the
portfolio was selected, the portfolio consisted of 140,694 loan
contracts, entered into with 136,916 borrowers.

Credit enhancement for the notes is provided by subordination of
junior notes.  Initial credit enhancement is 14% for the class A
notes, 12.4% for the class B notes, 9.8% for the class C notes,
6.1% for the class D notes and 4.6% for the class E notes.  The
rated notes have additional support from a liquidity note, which
will cover potential interest shortfall.


SCHONDELMAIER INNENAUSBAU: Creditors' Meeting Slated for Jan. 30
----------------------------------------------------------------
The court-appointed insolvency manager for Schondelmaier
Innenausbau GmbH, Albert Hirt will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
2:15 p.m. on Jan. 30, 2008.

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

         The District Court of Offenburg
         Hall 0.005
         Hindenburgstr. 5
         77654 Offenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:30 p.m. on April 5, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany

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

The Debtor can be reached at:

         Schondelmaier Innenausbau GmbH
         Reichenbacher-Str. 21
         78132 Hornberg
         Germany


TAQUITOS GMBH: Claims Registration Ends Feb. 15
-----------------------------------------------
Creditors of TAQUITOS GmbH Remscheid have until Feb. 15, 2008,
to register their claims with court-appointed insolvency manager
Holger Harzig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 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:

         Holger Harzig
         Wall 28
         42103 Wuppertal
         Germany
         Tel: 0202/3175580
         Fax: 020231755810

The District Court of Wuppertal opened bankruptcy proceedings
against TAQUITOS GmbH Remscheid on Jan. 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         TAQUITOS GmbH Remscheid
         Alleestr.. 27
         42853 Remscheid
         Germany

         Attn: Mohamed Adil Chniber, Manager
         Freiheitstr. 20
         42853 Remscheid
         Germany


TISCHLEREI EITZMANN: Claims Registration Ends Feb. 15
-----------------------------------------------------
Creditors of Tischlerei Eitzmann GmbH have until Feb. 15, 2008,
to register their claims with court-appointed insolvency manager
Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany
         Tel: (040) 350 06-188
         Fax: (040) 350 06-176

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

The Debtor can be reached at:

         Tischlerei Eitzmann GmbH
         Attn: Frank Eitzmann, Manager
         Bosselsmoor 7
         29699 Bommelsen
         Germany


WROBEL GESELLSCHAFT: Claims Registration Period Ends Feb. 11
------------------------------------------------------------
Creditors of Wrobel Gesellschaft fuer schluesselfertiges Bauen
mbH have until Feb. 11, 2008, to register their claims with
court-appointed insolvency manager Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Sebastian Henneke
          Hansastrasse 61
          44137 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Wrobel Gesellschaft fuer schluesselfertiges Bauen mbH on
Jan. 2, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Wrobel Gesellschaft fuer
          schluesselfertiges Bauen mbH
          Attn: Barbel Wrobel, Manager
          Auf der Scholle 6
          59199 Boenen
          Germany


ZDI INDUSTRIEVERBUND: Claims Registration Ends Feb. 15
------------------------------------------------------
Creditors of ZDI Industrieverbund GmbH & Co. KG have until
Feb. 15, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on March 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany
         Tel: 99 22 30-0
         Fax: +4922199223035

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

The Debtor can be reached at:

         ZDI Industrieverbund GmbH & Co. KG
         Augustinusstr. 11 d
         50226 Frechen
         Germany

         Attn: Dieter Sperling, Manager
         Donauweg 14
         50858 Cologne
         Germany


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


RITCHIE IRELAND: Hikes DIP Financing to US$4.5 Million
------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-linked Strategies Trading (Ireland) II Ltd. sought
and obtained authority from the U.S. Bankruptcy Court for the
Southern District of New York to increase their 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: Deutsche Lufthansa May Bid for Malpensa Slots
-----------------------------------------------------------
Deutsche Lufthansa AG mulls bidding for some of Alitalia
S.p.A.'s slots at Milan's Malpensa airport, Marco Bertacche
writes for Bloomberg News, citing an unsourced La Stampa report.

According to La Stampa, Lufthansa plans to make Malpensa as its
southern European hub, adding that the German carrier's
executives will meet Jan. 29, 2008, with airport slot regulator
Assoclearance, to discuss flights at the Milan airport.

Alitalia has until Jan. 31, 2008, to confirm the Malpensa slots
it wants to keep.

As reported in the TCR-Europe on Jan. 17, 2008, 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.


ALITALIA SPA: Cargo Traffic Down 7.8% in December 2007
------------------------------------------------------
Alitalia S.p.A.'s December 2007 traffic data compared to the
same period in 2006 showed no difference in passenger business
and a decrease in cargo business.

Passenger business showed traffic in line with the same period
of 2006 (+0.1%) with an increase of capacity offered by 0.7%.

December 2007 Cargo statistics, compared to December 2006,
showed a decrease in terms of goods flown (-7.8%) with capacity
offered down 5.7%.

                      Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, showed levels
in line with 2006 (+0.1%) and the capacity, measured in
Available Seat Kilometres, increased by 0.7%.

Therefore load factor decreased by 0.4 percentage points
reaching 68.6%.

Alitalia carried 1.8 million passengers, up 1.2% compared to the
previous year.

Detailed comparisons with December 2006:

      -- Domestic Passenger Network: traffic increased by 3.9%
         with offered capacity up 6.2%.  Load factor was 59.8%;

      -- International Passenger Network: traffic decreased by
         1.3% and offered capacity decreased by 0.7%.  Load
         factor was 62.6%.

      -- Intercontinental Passenger Network: traffic (-0.2%) and
         capacity offered (-0.1%) showed levels in line with
         2006.  Load factor was 76.6%.

                        Cargo Operations

December 2007 Cargo performance showed, compared to December
2006, a traffic decrease by 7.8% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 5.7%.

Overall Load factor was 71.2% with a decrease by 1.7 percentage
points.  Regarding the All-Cargo sector, Load factor was 82.2%
with an increase by 5.6 percentage points compared with the same
period of 2006.

                          About Alitalia

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

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

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


PARMALAT SPA: Auditor Says Ex-CFO Alerted on Accounting Hole
------------------------------------------------------------
Maurizio Bianchi, a former Grant Thornton auditor, told a court
in Milan, Italy, that he had alerted Parmalat S.p.A.'s former
Chief Financial Officer Fausto Tonna of a EUR170 million
accounting hole prior to its collapse in December 2003, the
Associated Press reports.

"But he told me to go ahead, and that the hole would have been
filled in three years," Mr. Bianchi was quoted by AP as saying.
"That was also my hope."

Milan prosecutors have charged Messrs. Bianchi and Tonna, as
well as Parmalat founder Calisto Tanzi and former group
executives and accountants, of market rigging, false accounting
and contravening local stock market laws.

Also in trial are Citigroup Inc., UBS AG, Deutsche Bank AG, and
Morgan Stanley.  Milan prosecutors accused the banks of
disguising the terms of Parmalat bond sales and other financing
from investors, thus helping Parmalat conceal its financial
situation.

Mr. Bianchi has been sentenced to nine years in prison by a
Parma court for fraudulent bankruptcy, while Mr. Tonna has
reached a plea agreement for a two-and-a-half-year sentence.

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

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

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

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

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

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

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

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


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


ALEKSA IKAR: Proof of Claim Deadline Slated for Feb. 27
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Aleksa Ikar insolvent.

Creditors have until Feb. 27, 2008, to submit written proofs of
claims to:

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


CENTRALNOYE GASOSNABJENIYE:  Claims Period Ends Feb. 26
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Centralnoye Gasosnabjeniye
Petropavlovska insolvent.

Creditors have until Feb. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


GALILEO KAZAKHSTAN: Claims Filing Period Ends Feb. 26
-----------------------------------------------------
LLP Galileo Kazakhstan has declared insolvency.  Creditors have
until Feb. 26, 2008, to submit written proofs of claims to:

         LLP Galileo Kazakhstan
         Panfilov/Kurmangazy Str. 149/47-3
         Almaty
         Kazakhstan


GUNEL PVC: Creditors' Claims Due on Feb. 26
-------------------------------------------
LLP Gunel Pvc Ltd. has declared insolvency.  Creditors have
until Feb. 26, 2008, to submit written proofs of claims to:

         LLP Gunel Pvc Ltd.
         Sarkyrama
         Tolebysky District
         South Kazakhstan
         Kazakhstan


KOSTANAISBYTENERGO LLP: Claims Registration Ends Feb. 22
--------------------------------------------------------
LLP Kostanaisbytenergo has declared insolvency.  Creditors have
until Feb. 22, 2008, to submit written proofs of claims to:

         LLP Kostanaisbytenergo
         5th Kilometer
         Auliekolskaya Str
         Zatobolsk
         Kostanaisky District
         Kostanai
         Kazakhstan


MERIDIAN CAPITAL: Creditors Must File Claims by Feb. 26
-------------------------------------------------------
LLP Meridian Capital Kazakhstan has declared insolvency.
Creditors have until Feb. 26, 2008, to submit written proofs of
claims to:

         LLP Meridian Capital Kazakhstan
         Tole bi Str. 143a
         Almaty
         Kazakhstan


PETROTORG LLP: Claims Filing Period Ends Feb. 26
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Petrotorg insolvent.

Creditors have until Feb. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


SASA INTERNATIONAL: Creditors' Claims Due on Feb. 22
----------------------------------------------------
LLP Sasa International Inc. has declared insolvency.  Creditors
have until Feb. 22, 2008, to submit written proofs of claims to:

         LLP Sasa International Inc.
         Auezov Str. 129-96
         Almaty
         Kazakhstan


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


ROOK-ENERGY LLC: Creditors Must File Claims by Feb. 15
------------------------------------------------------
LLC Rook-Energy has declared insolvency.  Creditors have until
Feb. 15, 2008, to submit written proofs of claim to:

         LLC Rook-Energy
         Toktonaliyev Str. 6a-3
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-06-82
         Fax: (+996 312) 51-16-89


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


DUTCH MBS XI: S&P Puts BB-Rated Class D Notes on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the subordinate
classes of notes issued by Dutch MBS XI B.V.

The 'AAA' ratings on the class A1 and A2 notes are unaffected by
these CreditWatch placements.

This CreditWatch placements follow an initial review of the most
recent information received for Dutch MBS XI by Standard &
Poor's.

S&P's analysis showed that the likelihood of positive rating
actions on the subordinate tranches has increased.  Levels of
credit enhancement available to the classes of notes placed on
CreditWatch positive have improved and the underlying collateral
continues to perform well.

Standard & Poor's will now carry out a more detailed loan-level
and cash flow analysis to investigate whether any or all of
these notes can attain a higher rating.  The results of this
review and any changes in the ratings are expected in the next
three months.

The notes are backed by a loan pool secured by first-ranking (or
first- and consecutive-ranking) mortgages in The Netherlands.
This is the 11th transaction to be sponsored by NIB Capital Bank
N.V.

                          Ratings List

         Class                     Rating
                      To                            From
                      --                            ----
Dutch MBS XI B.V.
   EUR767 Million And $275 Mortgage-Backed Floating-Rate Notes

         B           A/Watch Pos                     A
         C           BBB/Watch Pos                   BBB
         D           BB/Watch Pos                    BB


HEXION SPECIALTY: Extends Huntsman-Merger Termination to July 4
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. has informed Huntsman
Corporation that it will exercise its right under Section
7.1(b)(ii) of the Agreement and Plan of Merger dated July 12,
2007, to extend the termination date by 90 days from April 5, to
July 4, 2008.

Huntsman and Hexion had disclosed on Oct. 4, 2007, that each had
received a request for additional information from the Federal
Trade Commission under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.

Huntsman and Hexion have agreed with the FTC to allow the FTC
additional time to review the merger, such that the merger is
not expected to close before May 3, 2008.  Huntsman and Hexion
also continue to work closely with regulatory agencies in other
jurisdictions, including the European Union.

"This extension was clearly contemplated by the terms of the
merger agreement that we entered into with Hexion last July.  We
continue to work diligently with Hexion and its advisors to
secure the regulatory approvals that are necessary to close the
transaction", Peter Huntsman, president and CEO, noted.

Under the terms of the Merger Agreement, the US$28 per common
share cash price to be paid by Hexion upon any completion of the
merger that occurs after April 5, 2008, will be increased at the
rate of 8% per annum beginning on Apr. 5, 2008.

                   About Huntsman Corporation

Based in Salt Lake City, Utah, Huntsman Corporation (NYSE: HUN)
-- http://www.huntsman.com/-- manufactures and markets
differentiated and commodity chemicals.  Its operating companies
manufacture products for a variety of industries including
chemicals, plastics, automotive, aviation, textiles, footwear,
paints and coatings, construction, technology, agriculture,
health care, detergent, personal care, furniture, appliances and
packaging.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- makes thermosetting resins,
formaldehyde and other forest product resins, epoxy resins, and
raw materials for coatings and inks.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of USUS$5.2 billion and employs more than
7,000 associates.

                         *      *      *

Moody's Investor Service placed Hexion Specialty Chemicals
Inc.'s senior secured debt rating at 'B3', long term corporate
family and probability of default ratings at 'B2' in July 2007.
The ratings still hold to date.


KONINKLIJKE AHOLD: Posts EUR6.6 Bln Net Sales in 4th Qtr 2007
-------------------------------------------------------------
Koninklijke Ahold N.V. disclosed consolidated net sales of
EUR6.6 billion for the fourth quarter ended Dec. 30, 2007.
Compared to the fourth quarter of 2006, net sales increased by
0.2% and increased by 6.5% at constant exchange rates.

For the full year, consolidated net sales of EUR28.2 billion
were 1.2% higher compared to 2006.  At constant exchange rates,
consolidated net sales were up 6.1%.

In Europe, market conditions were favorable.  In the United
States, the turbulent economic environment did not have a
significant impact on local market conditions.  Price
investments related to the further roll-out of the Value
Improvement Program, launched in September 2006 at Stop & Shop
and Giant-Landover, will continue to impact margins.

For full year 2007, Ahold reiterates that total retail operating
margin will be at the higher end of its 4.0% to 4.5% guidance.

                        Sales performance

Stop & Shop / Giant-Landover

    * Fourth Quarter

      -- net sales increased 2.0% to US$3.9 billion;

      -- identical sales increased 2.7% at Stop & Shop (1.2%
         excluding gasoline net sales). Identical sales
         decreased 0.5% at Giant-Landover, impacted by lower
         pharmacy sales;

      -- comparable sales increased 3.1% at Stop & Shop and
         decreased 0.3% at Giant-Landover.

    * Full Year

      -- net sales increased 1.5% to US$16.7 billion;

      -- identical sales increased 1.3% at Stop & Shop (0.6%
         excluding gasoline net sales) and decreased 1.1% at
         Giant-Landover;

      -- comparable sales increased 1.7% at Stop & Shop and
         decreased 0.9% at Giant-Landover.

Giant-Carlisle

    * Fourth Quarter

      -- net sales increased 8.6% to US$1 billion, due in part
         to the acquisition of the Clemens Markets stores in the
         fourth quarter of 2006;

      -- identical sales increased 4.8% (3.8% excluding gasoline
         net sales);

      -- comparable sales increased 5.7%.

    * Full Year

      -- net sales increased 13.0% to US$4.3 billion, due in
         part to the acquisition of the Clemens Markets stores
         in the fourth quarter of 2006;

      -- identical sales increased 3.7% (3.2% excluding gasoline
         net sales);

      -- comparable sales increased 5.1%.

Albert Heijn

    * Fourth Quarter

      -- net sales increased 12.9% to EUR2 billion, due in part
         to the acquisition of the Konmar stores in the fourth
         quarter of 2006;

      -- net sales at Albert Heijn supermarkets increased 12.6%
         to EUR1.8 billion;

      -- identical sales at Albert Heijn supermarkets increased
         9.3%.

    * Full Year

      -- net sales increased 12.1% to EUR8 billion, due in part
         to the acquisition of the Konmar stores in the fourth
         quarter of 2006;

      -- net sales at Albert Heijn supermarkets increased 12.3%
         to EUR7.3 billion;

      -- identical sales at Albert Heijn supermarkets increased
         7.9%.

Albert / Hypernova (Czech Republic and Slovakia)

    * Fourth Quarter

      -- net sales increased 16.7% to EUR427 million (10.8% at
         constant exchange rates);

      -- identical sales increased 10.1%.

    * Full Year

      -- net sales increased 12.5% to EUR1.6 billion (9.1% at
         constant exchange rates);

      -- Identical sales increased 6.8%.

Schuitema

    * Fourth Quarter

      -- net sales increased 3.1% to EUR773 million;

      -- identical sales increased 2.0%.

    * Full Year

      -- net sales increased 2.4% to EUR3.3 billion;

      -- Identical sales increased 1.3%.

ICA (Unconsolidated joint venture)

    * Fourth Quarter -- net sales increased 22.1% to
      EUR2.4 billion, due in part to ICA's acquisition of the
      full ownership of Rimi Baltic AB in December 2006 (21.9%
      at constant exchange rates).

    * Full Year -- net sales increased 22.2% to EUR8.9 billion,
      due in part to ICA's acquisition of the full ownership of
      Rimi Baltic AB in December 2006 (22.0% at constant
      exchange rates).

                          About Ahold

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

                          *     *     *

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


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


NORSKE SKOGINDUSTRIER: Weak Prospects Cue S&P's BB Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Norway-based forest product company
Norske Skogindustrier ASA to 'BB' from 'BB+'.  The rating
reflects lowered financial expectations resulting from demanding
newsprint market conditions and underperformance to S&P's
requirements at the previous rating level.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  The outlook is negative.

"The downgrade results from our lowered expectations for the
group's medium-term financial performance, aligning it to
requirements at the 'BB' level," said Standard & Poor's credit
analyst Andreas Zsiga.  "About a third of group sales come from
the European newsprint market, which faces tough volume and
pricing conditions in the wake of general global economic
weakening, continued pricing pressure from Canadian imports, and
cost inflation, in particular for recycled paper.  These
conditions offset the positive impact of Norske Skog's cost-
cutting measures."

Mr. Zsiga continued: "We believe European newsprint prices will
be pressured in 2008, despite European and North American
capacity closures and positive pricing momentum in the U.S.  The
pricing gap between North America and Europe continues to
encourage Canadian imports. We also expect weakening economic
conditions in the U.S. and Europe to curb demand."

Further potential downside risk rests with risks for additional
newsprint capacity in the U.K. and a possible accelerated shift
in European advertising spending to electronic media from
printed, similar to the shift in the U.S.

The negative outlook reflects the risk of continued medium-term
pressure on financial performance from adverse market conditions
or internal operating performance, weakening the group's
prospects of achieving credit measures consistent with the
current rating.  To accommodate the ratings, Norske Skog
needs to improve profitability and cash generation, achieving,
for example, a ratio of FFO to debt of about 20%.

The outlook could revert to stable if we see performance
improving in line with our base case assumption. This requires
material and sustainable improvement in cash flow generation and
credit-protection measures over the medium term through further
cost savings, and improved prices.  This assumes that market
fundamentals will improve over time as capacity balance and
prices recovers, supported by growing demand and the marketwide
capacity reductions.

Potential major portfolio adjustments or changes to the Norske
Skog group strategy or business focus are not factored into the
ratings.


NORSKE SKOGINDUSTRIER: Refutes S&P's BB Credit Rating Level
-----------------------------------------------------------
Standard & Poor's Rating Services has revised its long-term
credit rating on Norske Skogindustrier ASA to BB, from earlier
BB+. The Negative Outlook is maintained.  According to Standard
& Poor's press release, the rating action reflects challenging
market conditions, and that Norske Skog is underperforming to
S&P's financial requirements for the previous rating level.

Norske Skog does not have interest or covenants linked to the
rating level on the existing debt.

                       About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors
Service downgraded the Corporate Family Rating of Norske
Skogindustrier ASA to Ba2 from Ba1 and placed all ratings on
review for further possible downgrade.


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


COMSTAR-UNITED: To Build NGN Network in Ukraine
-----------------------------------------------
Comstar-United TeleSystems JSC signed an agreement with Cisco
for the delivery of equipment to build NGN multi-service network
in Ukraine.

Kvazar Mikro, a subsidiary of Sitronics JSC, will act as a
subcontractor for the installation and launch of the network.

Comstar completed the tender for the delivery of equipment to
build and modernize the backbone transportation network in
Ukraine and city multi-service communications networks in Kiev
and Odessa in December 2007.

Comstar plans to install Cisco hub router and backbone router
and also aggregation and network management equipment.  The
project is expected to be launched in the second quarter of
2008.  The backbone network equipment will be installed in
service centers in Kiev and Odessa, and will join both networks.
Other cities will be added to the backbone infrastructure in the
future.

The company plans to provide its private clients with Triple
Play services and its corporate clients with virtual private
networks, telephony, high speed broadband, based on multi-
service city networks.  The number of subscribers is expected to
exceed 125,000 by 2011 in Kiev and Odessa.

"NGN technology will allow us to improve the quality of our
services, introduce new products and enable our clients to
manage them.  The signing of the agreement for the delivery of
NGN equipment is an important step for Comstar in building the
new generation network in Ukraine.  We plan to integrate all
future networks in Ukrainian cities where we intend to offer
telecom services, into Comstar's unified NGN Network," Alexander
Kirillov, Comstar's vice president for technologies disclosed.

Headquartered in Moscow, Russia, Comstar-UTS --
http://www.comstar-uts.com/en/-- is the largest provider
of fixed line telecommunication services in the Moscow
metropolitan area with a population of over 10 million, 5
regions of Russia, Ukraine and Armenia.  As at Dec. 31, 2006,
Comstar had US$1.12 billion in revenues and US$428.6 million in
EBITDA (excluding US$62 million stock bonus awards).

                           *    *    *

As of Dec. 10, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating.  The outlook is positive.


MOSCOW BANK: Moody's Changes Outlook on B1 Ratings to Positive
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the B1 long-
term local and foreign currency deposit ratings of Moscow Bank
for Reconstruction and Development to positive from stable.

Accordingly, outlooks on the bank's foreign currency debt rating
of B1 and its subordinate debt rating of B2 were also changed to
positive from stable.  MBRD's bank financial strength rating of
E+ was affirmed with stable outlook.

These rating actions reflect the upgrade by Moody's in October
2007 of the corporate family rating of MBRD's major shareholder
-- JSFC Sistema -- to Ba3, positive outlook, from B1.  MBRD's
deposit ratings incorporate probability of parental support from
JSFC Sistema to the bank, in case of need.  Moody's notes that a
further upgrade of the corporate family rating of JSFC Sistema
would very likely lead to an upgrade of MBRD's deposit ratings.

Domiciled in Moscow, Russia, MBRD reported -- as of June 30,
2007 -- total IFRS assets of US$2.9 billion (year-end 2006:
USD2.2 billion) and total capital of US$159 million (year-end
2006: US$153 million).  Net income for first half 2007 amounted
to US$12 million (2006: US$15 million).

Headquartered in Moscow, Russia, JSFC Sistema is one of the
largest diversified service providers in Russia.  The company
has a diversified portfolio of telecom, technology, insurance,
real estate, banking, media and other businesses.  As of
June 30, 2007, the total consolidated IFRS assets of JSFC
Sistema amounted to US$22.5 billion.


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


ARCOS TREUHAND: Creditors' Liquidation Claims Due by Feb. 6
-----------------------------------------------------------
Creditors of JSC Arcos Treuhand & Verwaltung have until Feb. 6,
2008, to submit their claims to:

         Rene Bagnoud
         Weidstrasse 10b
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         JSC Arcos Treuhand & Verwaltung
         Hunenberg ZG
         Switzerland


BIZNESS LLC: Creditors' Liquidation Claims Due by Feb. 6
--------------------------------------------------------
Creditors of LLC BIZNESS have until Feb. 6, 2008, to submit
their claims to:

         Hinterbergstrasse 21
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         LLC BIZNESS
         Risch ZG
         Switzerland


BSH BERGER: Creditors' Liquidation Claims Due by Feb. 6
-------------------------------------------------------
Creditors of LLC BSH Berger Handelsunternehmen have until
Feb. 6, 2008, to submit their claims to:

         Markus Berger
         Rittergasse 4
         4103 Bottmingen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC BSH Berger Handelsunternehmen
         Bottmingen
         Arlesheim BL
         Switzerland


ETS ENGEL: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC ETS Engel Technik on Dec. 17, 2007.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs, Urs Hartmann,
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         LLC ETS Engel Technik
         Industrie Plantli
         8885 Mols SG
         Switzerland


GONDA INVEST: Creditors' Liquidation Claims Due by Feb. 6
---------------------------------------------------------
Creditors of JSC Gonda Invest have until Feb. 6, 2008, to submit
their claims to:

         Rene Bagnoud
         Weidstrasse 10b
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         JSC Gonda Invest
         Hunenberg ZG
         Switzerland


MEDIA-TREND JSC: Creditors' Liquidation Claims Due by Feb. 6
------------------------------------------------------------
Creditors of JSC Media-Trend have until Feb. 6, 2008, to submit
their claims to:

         Rene Bagnoud
         Weidstrasse 10b
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         JSC Media-Trend
         Hunenberg ZG
         Switzerland


RESTAURANT NEUHOF: Berne Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Berner Jura-Seeland in Berne commenced
bankruptcy proceedings against LLC Restaurant Neuhof Biel on
Oct. 31, 2007.

The Bankruptcy Service of Berner Jura-Seeland can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Amtsstelle Seeland,
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Restaurant Neuhof Biel
         Zukunftstrasse 57
         2503 Biel
         Switzerland


TEMPUS WATCH: Creditors' Liquidation Claims Due by Feb. 5
---------------------------------------------------------
Creditors of LLC Tempus Watch & Clock have until Feb. 5, 2008,
to submit their claims to:

         LLC Tempus Watch & Clock
         Studackerweg 24
         4554 Etziken
         Wasseramt SO
         Switzerland


===========
T U R K E Y
===========


VESTEL ELEKTRONIK: Weak Performance Cues Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Vestel
Elektronik Sanayi ve Ticaret A.S. to B2 from B1.  The outlook
remains negative.

These ratings were affected:

   -- B2 Corporate Family Rating and Probability of Default
      Rating;

   -- B2 rating on the US$225 million 8.75% Guaranteed Notes due
      2012.

"This rating action follows a detailed assessment of Vestel's
results for the first nine months of 2007 in conjunction with
the consideration of possible operating performance trends
looking prospectively into 2008, and reflects Moody's concerns
given the challenges faced by the company in improving its
operational performance and restoring profitability,
particularly in its TV business, that Vestel's financial risk
profile and degree of financial flexibility has moved more into
line with a weaker B2 rating" says Ayse Kayral, lead analyst for
Vestel at Moody's.

Moody's noted that the deterioration in the company's operating
performance -- which is largely due to the market saturation in
CRT TVs and the fierce competition in LCD TVs with a declining
LCD price trend, coupled with the appreciation of the Turkish
lira against the U.S. dollar and the euro -- continued into the
third quarter of 2007.  Although the year-on-year decline in
Vestel's TV revenues in the first nine months of 2007 (-12%) was
less significant than that in the first half of the year alone
(-20%), together with continuing pressures on profitability,
resulted in a negative EBITDA margin of -0.9% for the first nine
months at the consolidated level.

"Although Moody's acknowledges that seasonal factors are likely
to have resulted in some improvement in the fourth quarter of
2007, looking into 2008 there is lack of visibility with regard
to the timing and extent of any recovery in the company's
operating performance -- which may ultimately exert further
pressure on the company's cash flow generation capacity over the
next 12 months," Mrs Kayral adds.

Vestel reported total debt of US$783 million (excluding letters
of credit) at September 2007; US$406 million of which had a
short-term maturity profile (vs. US$261 million at June 2007)
following the refinancing of a US$125 million syndicated letters
of credit through a short-term bank loan.  Moody's anticipates
that the company's cash balance, which stood at US$380 million
at September 2007, is to be applied to reduce gross debt in
order to ease the limited headroom under the covenants in the
indenture of the notes, and should broadly enable the company to
cover its short-term debt maturities (excluding letters of
credit) in the next twelve months to September 2008.

Although the anticipated decline in gross debt and interest
expense are positive credit factors, Moody's considers Vestel's
liquidity profile to be weak based upon current expectations for
other possible cash demands.  The B2 ratings also take account
of the potential risks associated with the company's lack of any
committed back-up facility in place as of year-end 2007, and the
uncertainties surrounding the possible sale of 36.3% of Vestel
White Goods to Whirlpool, which could generate some
US$210 million under current market valuations.  Moody's notes
that, given the lack of sufficient information at this stage to
make an accurate assessment, the B2 ratings do not incorporate
the potential impact of a possible joint venture with Whirlpool
on Vestel's business and financial risk profile.  In the event
that a deal were to be reached, Moody's would evaluate its
impact, if any, on Vestel's ratings.

The negative outlook reflects Moody's view that:

   (i) the headroom under the covenants (which stood below 15%
       under the consolidated indebtedness/EBITDA ratio and just
       over 3% under the fixed charge coverage ratio as of June
       2007) is expected by Moody's to remain tight at year-end
       2007; and

  (ii) the combination of the sustained competitive pressure in
       key segments and the continued strength in the Turkish
       lira could increase the constraints on Vestel's liquidity
       further and result in the headroom under the covenants
       remaining at levels not compatible with a B2 rating.

Headquartered in Istanbul, Turkey, Vestel is a leading
manufacturer of consumer electronic products, including
televisions, digital products and white goods.  In the nine
months to September 2007, the company reported US$2.4 billion in
revenues and negative US$22 million in EBITDA.


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


AKTIV LLC: Proofs of Claim Deadline Set Feb. 8
----------------------------------------------
Creditors of LLC Aktiv (code EDRPOU 31855536) have until Feb. 8,
2008, to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
01/6000.

The Debtor can be reached at:

         LLC Aktiv
         B. Hmelnitsky Str. 55
         18005 Cherkassy
         Ukraine


ASTA-ELIT LLC: Creditors Must File Claims by Feb. 8
---------------------------------------------------
Creditors of LLC Asta-Elit (code EDRPOU 33508283) have until
Feb. 8, 2008, to submit written proofs of claim to:

         Cyril Liseyev
         Liquidator
         65111 Odessa Ukraine
         P.O. Box 81

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/229-07-9071.

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Asta-Elit
         Apartment 4
         Gavannaya Str. 6
         65026 Odessa
         Ukraine


COMSTAR-UNITED: To Build NGN Network in Ukraine
-----------------------------------------------
Comstar-United TeleSystems JSC signed an agreement with Cisco
for the delivery of equipment to build NGN multi-service network
in Ukraine.

Kvazar Mikro, a subsidiary of Sitronics JSC, will act as a
subcontractor for the installation and launch of the network.

Comstar completed the tender for the delivery of equipment to
build and modernize the backbone transportation network in
Ukraine and city multi-service communications networks in Kiev
and Odessa in December 2007.

Comstar plans to install Cisco hub router and backbone router
and also aggregation and network management equipment.  The
project is expected to be launched in the second quarter of
2008.  The backbone network equipment will be installed in
service centers in Kiev and Odessa, and will join both networks.
Other cities will be added to the backbone infrastructure in the
future.

The company plans to provide its private clients with Triple
Play services and its corporate clients with virtual private
networks, telephony, high speed broadband, based on multiservice
city networks.  The number of subscribers is expected to exceed
125,000 by 2011 in Kiev and Odessa.

"NGN technology will allow us to improve the quality of our
services, introduce new products and enable our clients to
manage them.  The signing of the agreement for the delivery of
NGN equipment is an important step for Comstar in building the
new generation network in Ukraine.  We plan to integrate all
future networks in Ukrainian cities where we intend to offer
telecom services, into Comstar's unified NGN Network," Alexander
Kirillov, Comstar's vice president for technologies disclosed.

Headquartered in Moscow, Russia, Comstar-UTS --
http://www.comstar-uts.com/en/-- is the largest provider
of fixed line telecommunication services in the Moscow
metropolitan area with a population of over 10 million, 5
regions of Russia, Ukraine and Armenia.  As at Dec. 31, 2006,
Comstar had US$1.12 billion in revenues and US$428.6 million in
EBITDA (excluding US$62 million stock bonus awards).

                           *    *    *

As of Dec. 10, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating.  The outlook is positive.


KUYBISHEV CREAMERY: Creditors Must File Claims by Feb. 8
--------------------------------------------------------
Creditors of OJSC Kuybishev Creamery (code EDRPOU 00445601) have
until Feb. 8, 2008, to submit written proofs of claim to:

         Vladimir Ivannikov
         Liquidator
         Gagarin Str. 85
         Lunacharskoye
         Berdiansk District
         71154 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 16/273/07.

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

The Debtor can be reached at:

         OJSC Kuybishev Creamery
         Zaporozhskaya Str. 54
         Kuybishevo
         Kuybishev District
         71001 Zaporozhje
         Ukraine


MAKEYEVKA PRODUCTION: Creditors Must File Claims by Feb. 8
----------------------------------------------------------
Creditors of CJSC Makeyevka Production Union Excavation (code
EDRPOU 01241378) have until Feb. 8, 2008, to submit written
proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/52b.

The Debtor can be reached at:

         CJSC Makeyevka Production Union Excavation
         Gribinichenko Square 1-A
         Makeyevka
         86130 Donetsk
         Ukraine


ORBITA LLC: Proofs of Claim Deadline Set Feb. 8
-----------------------------------------------
Creditors of Agricultural LLC Orbita (code EDRPOU 30450519) have
until Feb. 8, 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 on Nov. 27, 2007.  The case is docketed
under Case No. 12/5476.

The Debtor can be reached at:

         Agricultural LLC Orbita
         92710 Lugansk Ukraine
         Starobolsky District
         Svetloye


SAMBOR MOTORCAR 24667: Creditors Must File Claims by Feb. 8
-----------------------------------------------------------
Creditors of OJSC Sambor Motorcar Transport Enterprise 24667
(code EDRPOU 03117702) have until Feb. 8, 2008, to submit
written proofs of claim to:

         Pavel Duplika
         Liquidator 33023
         P.O. Box 27
         Rovno
         Ukraine
         Tel: 8-067-314-42-14

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/311.

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         OJSC Sambor Motorcar Transport Enterprise 24667
         Grushevsky Str. 40
         Sambor
         Lvov
         Ukraine


SKADOVSK MOTORCAR 16544: Proofs of Claim Deadline Set Feb. 8
------------------------------------------------------------
Creditors of OJSC Skadovsk Motorcar Transport Enterprise 16544
(code EDRPOU 03119109) have until Feb. 8, 2008, to submit
written proofs of claim to:

         Elena Tsirkunova
         Temporary Insolvency Manager
         Koshevoy Descent 6/25
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/146-B-07.

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

The Debtor can be reached at:

         OJSC Skadovsk Motorcar Transport Enterprise 16544
         Kirov Str. 80
         Skadovsk
         75700 Herson
         Ukraine


STIR LLC: Creditors of Must File Claims by Feb. 8
-------------------------------------------------
Creditors of Agricultural LLC Stir (code EDRPOU 03762584) have
until Feb. 8, 2008, to submit written proofs of claim to:

         Pavel Duplika
         Liquidator 33023
         P.O. Box 27
         Rovno
         Ukraine
         Tel: 8-067-314-42-14

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 29/191.

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Stir
         Berezovka
         Radekhovsky District
         Lvov
         Ukraine


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


ARNOTT & SPURRELL: Claims Filing Period Ends March 1
----------------------------------------------------
Creditors of Arnott & Spurrell Ltd. (t/a O'Briens Irish Sandwich
Bar) (formerly Drivestill Ltd.) have until March 1, 2008, to
send in their full names, their addresses and descriptions full
particulars of their debts and claims, and names and addresses
of their Solicitors (if any) to:

         Nigel Ian Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on
Jan. 18 by resolutions of members and creditors.


BATQUEST LTD: M. H. Abdulali Leads Liquidation Procedure
--------------------------------------------------------
M. H. Abdulali and N. J. Dingley of Moore Stephens were
appointed joint liquidators of Batquest Ltd. on Jan. 22, 2008,
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke-on-Trent
         ST1 5TL
         England


BAUSCH & LOMB: Names Gerald M. Ostrov as Chairman and CEO
---------------------------------------------------------
Bausch & Lomb Inc. has named Gerald M. Ostrov as chairman and
chief executive officer, effective immediately.  Most recently,
Mr. Ostrov was company group chairman, Worldwide Vision Care,
for Johnson & Johnson, where he led the company's global Vision
Care businesses from 1998 to 2006.

Current Chairman and CEO Ronald L. Zarrella, 58, will retire in
March and serve as chairman emeritus.

"It has been a privilege to serve as Bausch & Lomb's chairman
and CEO since 2001," Mr. Zarrella said.  "Working with thousands
of highly talented employees worldwide, we were able to grow
every aspect of the company while enhancing its reputation as
the world's premier eye health brand.  Jerry has extensive
experience in ophthalmic businesses and consumer marketing, and
is the ideal leader to take Bausch & Lomb into a new era of
growth."

Mr. Ostrov, 58, first joined Johnson & Johnson in 1976, before
leaving for Ciba-Geigy AG in 1982.  He was named president, Ciba
Consumer Pharmaceuticals, in 1985.  In 1991, he returned to
Johnson & Johnson as president of its Personal Products
business, and then became company group chairman for its North
American Consumer and Personal Care businesses.

"It's an honor to lead Bausch & Lomb into a growth period, one
that we believe will be marked by considerable success across
the vision care, pharmaceutical and surgical businesses," Mr.
Ostrov said.  "I'm impressed by the passion of the company's
employees, and its strong relationships with industry partners
and customers.  We're going to build upon an unparalleled 155-
year-old foundation of trust and innovation."

"Warburg Pincus' commitment to a long-term investment horizon,
and the collaborative relationship it has quickly built with
Bausch & Lomb, is empowering the company to grow, Mr. Ostrov
continued.  "[The] eyeonics acquisition announcement is
testament to our positive momentum."

"We thank Ron for his dedication to Bausch & Lomb," Elizabeth H.
Weatherman, a Warburg Pincus managing director and member of the
Bausch & Lomb Board of Directors, commented.  "He was
instrumental in growing all aspects of the business, in leading
the company through the 2006 recall, and then reestablishing
widespread momentum -- an element vital for the organization's
continued success.  Jerry's extraordinary knowledge of the eye
health industry will be instrumental as he leads Bausch & Lomb
into an extended period of growth."

Mr. Ostrov holds an M.B.A. from Harvard University and a B.S.
degree in industrial engineering and operations research from
Cornell University.

                      About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- is an eye health company whose
core businesses include soft and rigid gas permeable contact
lenses and lens care products, and ophthalmic surgical and
pharmaceutical products.  Founded in 1853, the company employs
more than 13,000 people worldwide and its products are available
in more than 100 countries.  The company is organized into three
geographic segments: the Americas; Europe, Middle East, and
Africa; and Asia (including operations in India, Australia,
China, Hong Kong, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan and Thailand).  In Latin America, the company
has operations in Brazil and Mexico.  In Europe, the company
maintains operations in Austria, Germany, the Netherlands,
Spain, and the United Kingdom.

                          *     *     *

Bausch & Lomb Inc. still carries Moody's Investors Service 'B2'
corporate family, 'B1' bank loan debt, 'Caa1' senior unsecured
debt, and 'B2' probability of default ratings, which were last
placed in October 2007.


BAUSCH & LOMB: Acquiring Eyeonics Won't Affect S&P's Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on
Bausch & Lomb Inc. (B+/Stable/--) is not affected by its
intention to acquire Eyeonics Inc.  S&P's analysis of the
company's financial profile after the acquisition by Warburg
Pincus incorporated some cushion for debt-financed acquisitions.
In addition, the indication of EBITDA for 2007 exceeds S&P's
expectations for the year and, as a result, 2007 debt to EBITDA
should be more favorable than anticipated.  Notwithstanding
these factors, the acquisition may not be accretive in the near
term given its (publicly undisclosed) cost.

From a business perspective, eyeonics' crystalens intraocular
lens will complement the company's portfolio of monofocal IOLs;
currently, Bausch & Lomb is the only major player in the IOL
market (Advanced Medical Optics Inc. and Alcon both offer
multifocal IOLs) without a premium IOL.  The crystalens U.S. IOL
market share is estimated at about 30%.


CHALLENGER SYNDICATESHIPS: Appoints Administrators from Begbies
---------------------------------------------------------------
David Wilson and Julian Pitts of Begbies Traynor were appointed
administrators of Challenger Syndicateships partnership and its
sister company, Challenger Syndicateships Ltd. on Jan. 11, 2008.

Both the limited company and the partnership have ceased
operations but the joint administrators are working to salvage
management of the syndicate, with a view to providing continuity
of service to members as soon as possible.  Syndicate members,
of which there are more than 400, have all been contacted and
advised of the situation.

"In recent months the company and the partnership have suffered
a number of financial difficulties.  These have resulted in both
being taken into administration and the need for a rescue
package," David Wilson commented.

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

Headquartered in Evehsam, England Challenger Syndicateships --
http://www.challengershare.com/intro.htm-- was established in
1989 by Ed and Gill Rimmer.  It initially operated as a
management syndicate of narrow boats throughout the U.K.  The
partners founded the limited company (Challenger Syndicateships
Limited) in 1997 to facilitate the purchase of a number of
larger and more expensive boats in Spain.  It has built a
portfolio of yachts and power boats in the Spanish marinas, and
rental villas in Tenerife and northern France.  The partnership
also has boats in France.


CHRYSLER LLC: Offers Compensation Packages to Hourly Workers
------------------------------------------------------------
Chrysler LLC has extended compensation packages to United Auto
Workers union member at plants in the United States in line with
its aim to cut 8,500-10,000 hourly jobs through 2008 as
disclosed in November, several papers report.

Lump sum packages of up to US$100,000 were allocated to hourly
employees at the Sterling Heights and Warren stamping plants,
the Trenton and Mack Avenue engine plants, Conner Avenue
Assembly Plant, Detroit Axle, Mt. Elliot Tool and Die, and the
Sterling Heights Vehicle Test Center, Tim Higgins of the Detroit
Free Press reports citing Chrysler spokeswoman Michele Tinson.

Workers at four facilities, namely, Toledo North in Toledo,
Ohio; St. Louis North and South in Fenton, Missouri; Belvidere,
Illinois; and Jefferson North in Detroit, Michigan, received
buyout proposals from the automaker early in January.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related
reductions at several of its North American assembly and
powertrain plants.  Shifts will be eliminated at five North
American assembly plants which, combined with other volume-
related manufacturing actions, will lead to a reduction of
8,500-10,000 additional hourly jobs through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.  The
volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

Sources say, citing Chrysler spokesman David Elshoff, that the
first buyout program called the "special incentive program" was
offered to workers who were 62 years old or older with 10 years
(or more) of service.  The buyout program presented these white-
collared workers three months' salary and either a vehicle
voucher worth US$20,000 after taxes or a US$20,000 tax-free
contribution to a retirement health care account, in addition to
full pension and retiree health benefits.

Workers ages 53 to 61 with at least 10 years of service who make
less than US$100,000 annually, as well as select workers ages 55
to 61 with 10 years of service who make US$100,000 or more in
salary will be offered Chrysler's second buyout program, which
provides full pension and retiree health care benefits," Eric
Morath of The Detroit News relates.  The program is otherwise
known as "the special early retirement program."

                      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.


D K KITCHENS: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery,were
appointed joint liquidators of D K Kitchens Ltd. on Jan. 17,
2008, for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


DOLCIS LTD: Pays Equity Backers Before Calling In Administrators
----------------------------------------------------------------
Dolcis Ltd. paid debts of around GBP1 million to its equity
backers before calling in administrators, The Scotsman reports.

In a report by Jane Bradley for the Scotsman, the company filed
a document with Companies House that said it had fulfilled a
charge held by Epic Private equity, estimated to be GBP900,000.
Records also showed that Dolcis paid about GBP1.5 million to
Lloyds TSB.

According to the report, KPMG, Dolcis' administrators, has been
contacted by around 40 parties who are interested in acquiring
the business.

Since Dolcis entered administration on Jan. 21, 2008, the
administrators have been marketing the business and they
continue to trade 96 of its 185 outlets, closing 89.

The 482 employees from outlets that are now closed have been
made redundant.  The jobs of the remaining 644 have been
maintained and they will be paid as usual.

"I am very pleased to have been contacted by a range of parties
interested in acquiring Dolcis and remain hopeful of finding a
buyer for this well-known High Street brand," joint
administrator Brian Green disclosed.

"I'd like to thank the management and continuing employees for
their ongoing efforts in trading the business as a positive
solution is sought," Mr. Green added.

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

Headquartered in Coventry, England, Dolcis Ltd. --
http://www.dolcis.co.uk/-- retails shoes.  It has 65 high
street branches across the U.K., in addition to these there are
also over 150 Dolcis concessions primarily within Bay Trading
and Envy stores.


EMAP PLC: S&P Keeps B Credit Ratings on Watch Developing
--------------------------------------------------------
Standard & Poor's Ratings Services keeps its 'B' long-term
corporate credit rating and senior unsecured debt ratings on
U.K.-based publisher EMAP PLC on CreditWatch with developing
implications, where they were placed on Dec. 24, 2007.

"EMAP's shareholders authorized the disposal of the company's
Consumer Media and Radio business to Heinrich Bauer Verlag KG on
Jan. 25, 2008," Standard & Poor's credit analyst Manuela Gabetta
said.  "The completion of the disposals, which amount to GBP1.14
billion, are expected to be finalized by early February, after
the company obtains clearance from the German and Austrian
competition authorities."

EMAP intends to return approximately GBP1 billion from the
proceeds of the disposals to its shareholders by way of a
special dividend of GBP4.61 per share.  Following this
transaction, EMAP will become a focused B2B publisher with a
portfolio of print titles, online assets, and exhibitions, with
an expected annual EBITDA base of around GBP100 million.  Thus,
after the disposal, we would view EMAP's business profile as
consistent with the 'BB' rating category, at best.


ENRON CORP: High Court Refuses to Review Enron Investors' Case
--------------------------------------------------------------
The U.S. Supreme Court rejected a petition by Enron Corp.
investors for a review of a Fifth Circuit Court of Appeals
decision dismissing their claims against third-party investment
banks, whose alleged "active and knowing participation in the
Enron fraud led to tens of billions of dollars in investor
losses."

The appeal sought to overturn a 2-1 decision by a three-judge
panel of the Fifth Circuit, which ruling was issued on
March 19, 2007.  The Enron investors have asked the Supreme
Court to determine if liability exists under Section 10(b) of
the Securities Exchange Act of 1934 and the Securities and
Exchange Commission Rule 10b 5, "where an actor knowingly
employs deceptive devices and contrivances as part of a scheme
to defraud investors in another public company, but makes no
affirmative misrepresentations to the market."

William S. Lerach, Esq., at Lerach, Coughlin, Stoia, Geller,
Rudman & Robbins LLP, in San Diego, California, lead counsel for
Enron's investors, have argued that "the banks should be held
accountable because the Fifth Circuit's decision gives other
corporations the green light to commit fraud without consequence
in the future, threatens the credibility of the securities
markets, and leaves investors without any legal recourse."

The Supreme Court refused to hear on Jan. 22, 2008, the
investors' arguments in the class action lawsuit, which targeted
companies such as Merrill Lynch & Co., Credit Suisse First
Boston and Barclays Bank PLC.  The decision followed a prior
ruling that limited Enron stockholders to pursue third parties.

Now that the Supreme Court has rejected the case, the Associated
Press relates, "I think that the chances of succeeding on a
scheme liability theory are nearly zero," said Greg Markel,
corporate clients representative in securities fraud lawsuits.

However, Ted Frank, director of the AEI Legal Center for the
Public Interest, said in a statement that the Supreme Court
decision is a "victory for investors."

As Mr. Frank explained, after the district court erroneously
held that the Enron shareholders' case could go forward as a
class action, "with plaintiffs claiming total liability of US$40
billion, many banks surrendered when offered a chance to settle
for less than a nickel on the dollar, and innocent shareholders
paid US$7.3 billion in settlements, about US$700 million of
which was diverted to attorneys."

Mr. Frank points out that:

   (a) The plaintiffs' bar had been pushing for a gigantic
       expansion of private litigation, and it is enormously
       beneficial to investors that the Court kept that power in
       check.

   (b) By shutting the door on such claims, investors will not
       have their investments dissipated by litigation costs.

   (c) The Supreme Court's decision is consistent with Congress'
       decision to refuse to create a civil claim.

   (d) One can help investors without paying millions to trial
       lawyers.  Investors are already well-protected by
       existing laws and regulations and the SEC has criminal
       and civil enforcement authority against real "secondary
       violators."

Enron stockholders could seek to revive their case in the lower
federal courts, though the Fifth Circuit has ruled against them
once before, AP says.

Enron lawyers have said that they will have one more go at
seeking to show that the banks misled the public on the
company's financial status.

To date, Enron investors have settled for approximately
US$7,300,000,000 from financial institutions, including JPMorgan
Chase & Co. and Citigroup Inc.  The stockholders are seeking
more than US$30,000,000,000 from Merrill Lynch, Credit Suisse
and Barclays Bank.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 202; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Retrial for Two Ex-Merrill Lynch Executives Delayed
---------------------------------------------------------------
The Honorable Ewing Werlein of the U.S. District Court for the
Southern District of Texas has delayed the Enron Corp.-related
conspiracy and wire fraud retrial of former Merrill Lynch
executives Daniel Bayly and Robert S. Furst.

The trial was scheduled to start next week but Judge Werlein
granted the delay because Messrs. Bayly and Furst, as well as
third executive James A. Brown, who is scheduled for a separate
retrial, have filed an appeal with the Fifth Circuit Court of
Appeals in New Orleans asking the court to overturn Judge
Werlein's prior ruling not to dismiss all charges.

In 2004, a jury in the District Court for the Southern District
of Texas convicted Messrs. Bayly, Furst, and Brown; fourth
Merrill Lynch executive William Fuhs; and former Enron finance
executive Dan Boyle for their  participation in a bogus sale to
Merrill Lynch of Enron's power barges moored off the coast of
Nigeria to the brokerage in 1999.  According to Bloomberg News,
the transaction enabled Enron to disguise a loan as a sale on
its books.

The Fifth Circuit reversed the convictions in 2006, rejecting
the government's "honest services fraud theory."

The appeals court said, however, that its opinion "should not be
read to suggest that no dishonest, fraudulent, wrongful or
criminal act has occurred," CFO.com reported.  Prosecutors
removed the "honest services" wording from their indictment,
setting the stage for the retrial.

Earlier this month, Judge Werlein rejected the former
executives' request to dismiss the case against them because a
retrial would violate their constitutional protections against
double jeopardy, the Associated Press relates.

Judge Werlein found the double jeopardy claim "lacks merit" but
also found the claim was not "frivolous" or made "solely for the
purpose of delay," according to AP.  Hence, any retrials could
not go forward if an appeal was made.

Attorneys for the three executives have argued that "no crime
was committed by the Merrill Lynch executives because Enron
orchestrated the scheme and that no money or property was lost,"
AP says.

Messrs. Bayly, Furst and Brown are free on bond, according to
AP.  Mr. Bayly was serving a 2.5-year sentence; Mr. Furst three
years, and Mr. Brown a three-year, 10-month term.

Mr. Fuhs had his convictions erased by the appeals court for
lack of evidence and he cannot be retried.  Mr. Boyle did not
appeal and is now free after serving a three-year, 10-month
prison term.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 202; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Seeks US$9 Mln in Remedies from Hewitt Associates
-------------------------------------------------------------
Enron Creditors Recovery Corp., the successor to bankrupt Enron
Corp., has asked the Honorable Melinda Harmon of the U.S.
District Court for the Southern District of Texas to grant
remedies from benefits outsourcing firm Hewitt Associates Inc.,
for erroneous calculations that caused misallocation of
US$22,000,000 in Enron Corp. Savings Plan assets and property.

According to the Enron creditors, thousands of settlement fund
claimants were incorrectly distributed funds due to Hewitt's
admitted mistakes, including an internal software glitch.  The
fault led to led to 7,700 ex-workers being overpaid, and about
12,800 being underpaid, the Associated Press reports.

In 2006, former Enron employees received about US$89,000,000,
the first payment that is part of a lawsuit settlement over
money they lost through Enron's employee stock ownership and
401(k) plans, AP relates.

Enron asserted that even after efforts to get back the money
that was overpaid, the settlement fund is still US$9,150,000
short as it prepares to send out revised allocations to fix the
problems from the computer glitch.

"Hewitt has once again failed to live up to its commitment to
fully fund the shortfall it created," John Ray III, president
and chairman of Enron Creditors Recovery Corp., told AP.

Hewitt spokeswoman Maurissa Kanter said in a statement that,
while "[i]t is important to note that Enron, as the plan
sponsor, has the obligation to fund any shortfall to its
participants," the firm has been trying "to reach an agreement
that would allow for the immediate funding of the shortfall to
these participants."

"Unfortunately, Enron has chosen to take this action, which
significantly throws into doubt the ability... to achieve a
resolution that will allow for the payment of the funds to the
impacted participants in the near future," AP quoted Hewitt's
statement as saying.

"We're asking [Hewitt] pay the US$9 million for their
inexplicable mistake," insists Enron spokesman Harlan Loeb,
according to the Houston Chronicle.  Mr. Loeb adds that it is
"ludicrous" for Hewitt to say Enron should make up for the
error.  "Hewitt's own counsel admitted responsibility for the
misallocation in court."

          Enron Proposes Loan and Overpayments Recovery

Enron is suggesting the money be a loan, followed by an effort
to recover overpayments that went to those who are not due more
money in the second series of payments, the Houston Chronicle
reports.

Accordingly, Enron proposes that anything retrieved will go back
to Hewitt.

Employees who were overpaid the first time around but are still
due more will receive smaller second payments to adjust for the
miscalculations.

Hewitt has not replied formally to the fall lawsuit or to
Enron's recent request for US$9,150,000, according to the
Houston Chronicle.  The second set of payments, totaling around
US$129,000,000, is still pending in discussions about how to
address the errors in the first payments.  A different company
will handle the second payments, Enron's Chicago-based lawyer,
Peter Rush, told the chronicle.

Mr. Rush said it will be up to Judge Harmon whether to follow
Enron's suggestion that Hewitt put up the US$9,150,000 to allow
the distribution to go forward.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 202; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


F L ALUMINIUM: Calls In Liquidators from Moore Stephens
-------------------------------------------------------
Colin Prescott, Nigel Price and Mark Bowen of Moore Stephens LLP
were appointed joint liquidators of F L Aluminum Ltd. (formerly
Fineline Aluminium Ltd.) on Jan. 16, 2008, for the creditors'
voluntary winding-up procedure proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


HEATFAST MECHANICAL: Appoints Liquidators from Mazars
-----------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Heatfast Mechanical Services Ltd.
(formerly Pastsure Ltd.) on Jan. 15 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         The Broadway
         Dudley
         DY1 4PY
         England


NEW FOREST: Claims Filing Period Ends March 1
---------------------------------------------
Creditors of New Forest Smoothies Ltd. have until March 1, 2008,
to send in their full names, their addresses and descriptions
full particulars of their debts and claims, and names and
addresses of their solicitors (if any) to:

         Nigel Ian Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on
Jan. 18 by resolutions of members and creditors.


NORTHERN ROCK: FSA Fails as Regulator, Treasury Committee Says
--------------------------------------------------------------
The Financial Services Authority systematically failed in its
regulatory duty to ensure that Northern Rock plc would
not pose a systemic risk, and this failure contributed
significantly to the difficulties, and risks to the public
purse, that have followed, a Treasury Committee report says.

The report revealed that the FSA has acknowledged that there
were clear warning signals about the risks associated with
Northern Rock's business model, both from its rapid growth as a
company and from the falls in its share price from February 2007
onwards.  However, insofar as the FSA undertook greater
"regulatory engagement" with Northern Rock, this failed to
tackle the fundamental weakness in its funding model and did
nothing to prevent the problems that came to the fore from
August 2007 onwards.

According to the report, if the FSA was "very unhappy" with the
stress testing conducted by Northern Rock, it appears to have
failed to convey the strength of its concerns to the Board of
Northern Rock, and to secure remedial action.  Although the
Board of Northern Rock undertook some stress testing of its own
business model, it proved to have been thoroughly inadequate.
It was the responsibility of the FSA to ensure that the work of
the Board of Northern Rock was sufficient to the task.  The FSA
failed in its duty to do this.

The report concluded that FSA did not supervise Northern Rock
properly.  It did not allocate sufficient resources or time to
monitoring a bank whose business model was so clearly an
outlier; its procedures were inadequate to supervise a bank
whose business grew so rapidly.  The committee is concerned
about the lack of resources within the FSA solely charged to the
direct supervision of Northern Rock.  The failure of Northern
Rock, while a failure of its own Board, was also a failure of
its regulator.

As the Chancellor of the Exchequer Alistair Darling notes, the
FSA exercises a judgment as to which "concerns" about financial
institutions should be regarded as systemic and thus require
action by the regulator.

                       Response of the FSA

"As we have already acknowledged publicly, there were clearly
supervisory failings in relation to Northern Rock and we are
already addressing these.  We will also examine carefully any
further lessons that emerge from our internal review of the
supervision of Northern Rock.  We will be publishing the
conclusions of that review in March," the FSA said in a
statement.  "We intend to study carefully the Committee's report
and will respond more fully in due course.  The report will
inform our input into the Tripartite Authorities' wider
consideration of reform, which is currently underway."

          Responsibility of the Board of Northern Rock

The report stated that the directors of Northern Rock were the
principal authors of the difficulties that the company has faced
since August 2007.  It is right that members of the Board of
Northern Rock have been replaced, though haphazardly, since the
company became dependent on liquidity support from the Bank of
England.

The high-risk, reckless business strategy of Northern Rock, with
its reliance on short- and medium-term wholesale funding and an
absence of sufficient insurance and a failure to arrange standby
facility or cover that risk, meant that it was unable to cope
with the liquidity pressures placed upon it by the freezing of
international capital markets in August 2007.  Given that the
formulation of that strategy was a fundamental role of the Board
of Northern Rock, overseen by some directors who had been there
since its demutualization, the failure of that strategy must
also be attributed to the Board.

The non-executive members of the Board, and in particular the
Chairman of the Board, the Chairman of the Risk Committee and
the senior non-executive director, failed in the case of
Northern Rock to ensure that it remained liquid as well as
solvent, to provide against the risks that it was taking and to
act as an effective restraining force on the strategy of the
executive members.

       Handling the Support Operation and Stopping the Run

Mr. Darling was right to view Northern Rock as posing a systemic
risk to the financial system and to authorize the Bank of
England's support facility.  However, the Tripartite authorities
did not prepare adequately for that support operation.  Those
authorities and Northern Rock ought to have strained every sinew
to finalize the operation and announce it within hours rather
than days of the decision to proceed with the operation.  The
report declared that the Tripartite authorities at deputies
level failed to plan in advance for the announcement of the
Government guarantee on Northern Rock deposits that proved
necessary to stop the run.

Mr. Darling, however, stressed that he had done the "right
thing" to protect savers' investments, adding he will set out
plans to strengthen the Bank of England and the FSA, BBC News
relates.

                Measures for Handling Failing Banks

The Treasury Committee recommends a series of measures for
handling "failing" banks in an orderly manner and in a way that
insulates taxpayers and small depositors from the risk of banks
failing.  The committee recommends that a relevant authority be
given power to acquire information relating to individual
financial institutions and to take action in relation to an
institution in specified circumstances.  It also proposes a
special resolution regime for failing banks to enable smooth
administration of such a bank to be combined with arrangements
to ensure that insured deposits are safe and accessible.

                      Depositor Protection

The committee recommends the establishment of a Deposit
Protection Fund to be funded by participating institutions.  A
deposit protection scheme must be simple and transparent.  The
"co-insurance" model of deposit protection-whereby small
depositors stand to lose some of their money in the event of a
bank closing-is discredited.  Ensuring the speedy release of
funds under any scheme is of critical importance, and the
committee proposes measures to provide for this.

                       Lessons Learned

The committee found out that there was a significant failure of
the Tripartite arrangements in September 2007, and lessons must
be learned from that failure.  The financial system in the
United Kingdom would not be well-served by a dismantling of the
Tripartite arrangements.  However, the current arrangements lack
a clear leadership structure or a strategy for effective
communication with the public.

                            Reforms

A single authority ought to be given the new powers for handling
failing banks, together with responsibility for the Deposit
Protection Fund.  There is a need for "creative tension" within
the regulatory system, and so these powers and responsibilities
should not be granted to the FSA.  The committee proposes the
creation of a new post of Deputy Governor of the Bank of England
and Head of Financial Stability.  It sets out how this new post
and the accompanying Office will relate to the existing
responsibilities of the Bank of England and to the other
Tripartite authorities.

A full-text copy of the Treasury Committee's report is available
for free at: http://ResearchArchives.com/t/s?2779

                    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-


NORTHERN ROCK: Cerberus and Five Mile Eye Equity Stake
------------------------------------------------------
Cerberus Capital Management LP and Five Mile Capital Partners
have expressed interest in taking an equity stake in Northern
Rock plc under an independent rescue plan put together by the
bank's management, The Sunday Times reports.

The Sunday Times says the bank's leading shareholders, SRM
Global and RAB Capital, will support a rights issue under the
plan.

The rights issue, the Sunday Times adds, would inject between
GBP200 million and GBP250 million in new equity, majority of
which will come from SRM.

According to the report, Merrill Lynch and ABN Amro will
underwrite the remainder of the rights issues, which is
estimated to be about GBP1 billion.

The Sunday Times relates the board's plan may force Luqman
Arnold's Olivant and Sir Richard Branson's Virgin Group to come
up with a better offer, although Cerberus and Five Mile are also
likely to support a winning bid by either of the two companies.

It is speculated that Olivant, whose bid is favored by SRM and
RAB as it would launch a rights issue at around Northern Rock's
current share price, is backed by a group of Middle Eastern
investors, Mark Kleinman and Katherine Griffiths write for the
Sunday Telegraph.

Meanwhile, JC Flowers is contemplating rejoining the bidding
race for Northern Rock after the UK government outlined a
financing package for the bank, the Scotsman reveals.

As previously reported in the TCR-Europe on Jan. 23, 2008, in
order to maximize the prospects of delivery of a financing
solution that meets the objectives of the Tripartite Authorities
in the current market conditions, the Tripartite Authorities in
agreement with the Board of Northern Rock requested their
retained financial advisers, Goldman Sachs, to evaluate options
available for financing a restructuring of the company.

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

                             Financing

Timetable and Process

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

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

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

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

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

Financing Structure: Principal Characteristics

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

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

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

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

                     About Northern Rock plc

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

                          *     *     *

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

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

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


UK BAKERIES: Creditors' Meeting Slated for Feb. 8
-------------------------------------------------
Creditors of UK Bakeries Ltd. (Company Number 00350365) will
meet at 10:30 a.m. on Feb. 8, 2008, at:

          Ramada Jarvis
          Granby Street
          Leicester
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Feb. 7, 2008, at:

          John Anthony Lowe
          Joint Administrative Receiver
          Begbies Traynor
          The Crescent
          King Street
          Leicester
          LE1 6RX

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

                            *********

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 * * *