TCREUR_Public/080201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, February 1, 2008, Vol. 9, No. 23

                            Headlines


A U S T R I A

ADAM.GIBI.ADAM: Claims Registration Period Ends February 13
ADMIRA SPORT: Claims Registration Period Ends February 12
DRAGOMIR DJURIC: Vienna Court Orders Business Shutdown
ELTNER MANAGEMENT: Vienna Court Orders Business Shutdown
ERDAUSHUB LLC: Claims Registration Period Ends February 19

JANJUS KEG: Claims Registration Period Ends February 5
KANARA HOCH: Claims Registration Period Ends Februay 4
O. FRITZE-LACKE: Claims Registration Period Ends February 15
SEVECEK LLC: Claims Registration Period Ends March 4
URBANUS IMMOBILIENVERWERTUNG: Claims Registration Ends Feb. 14


F R A N C E

HARMAN INTERNATIONAL: Names John Stacey as VP & Chief HR Officer


G E R M A N Y

BUCKEYE TECH: Earns US$13.8 Mil. in Quarter Ended Dec. 31, 2007
CONCEPT CONTAINER: Claims Registration Ends February 22
DAPPRICH GMBH: Claims Registration Period Ends February 21
DIECK BAUUNTERNEHMUNG: Claims Registration Ends February 22
ERWIN BEHR: Creditors' Meeting Slated for February 21

GERUESTBAU CONCORDIC: Claims Registration Ends February 21
KTW SOFTWARE: Claims Registration Ends February 22
NORMBAU EIGENHEIME: Claims Registration Period Ends February 21
PREMIUM PRODUKTION: Claims Registration Ends February 22
SAS MEDICAL: Claims Registration Ends February 22

WALTER SCHOLL: Claims Registration Period Ends February 20


I R E L A N D

PROVIDE-VR: Moody's Cuts Rating on EUR3.3 Million Notes to Caa2


I T A L Y

ALITALIA SPA: Wants EUR750 Mln Capital Hike in First Half 2008
PARMALAT SPA: Announces Dividend for Financial Year 2007


K A Z A K H S T A N

AKTOBE-JER XXI: Proof of Claim Deadline Slated for February 26
ALPINA LLP: Creditors Must File Claims by February 26
AMAR GROUP: Claims Filing Period Ends February 26
DOSTAR-SECURITY-TARAZ: Creditors' Claims Due on February 26
GIK LLP: Claims Registration Ends February 26

INFO TECH: Proof of Claim Deadline Slated for February 26
KYZYLORDA MIS: Creditors Must File Claims by February 26
PAVLODAR MELIORATSIYA: Claims Filing Period Ends February 26
SEZAM LLP: Creditors' Claims Due on February 26
TRANS ELECTRO: Claims Registration Ends February 26


K Y R G Y Z S T A N

ERFON LLC: Creditors Must File Claims by February 21


N E T H E R L A N D S

IMPRESS HOLDINGS: Moody's Confirms Low-B Debt Ratings


N O R W A Y

CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets


S L O V A K   R E P U B L I C

US STEEL: Earnings Drop to US$35 Mil. in Quarter Ended Dec. 31
US STEEL: Board Increases Dividend to US$0.25 Per Share


S W E D E N

FLEXTRONICS: Net Income Up 84% to US$250MM in Qtr. Ended Dec. 31
TUPPERWARE BRANDS: Year-Over-Year 4Q Sales Up 19% to US$577MM


S W I T Z E R L A N D

ADHENA CONSULTING: Creditors' Liquidation Claims Due by Feb. 8
CALLEO GROUP: Creditors' Liquidation Claims Due by Feb. 11
HERCULES INC: Moody's May Lift Ba2 Rating After Review
INFORMATEX LLC: Creditors' Liquidation Claims Due by Feb. 11
JULIUS SCHAUB: Creditors' Liquidation Claims Due by Feb. 8

MAD PRODUCTS: Creditors' Liquidation Claims Due by Feb. 8
NYCOMED A/S: Moody's May Cut B1 Corp. Family Rating After Review
P & S PRINT: Creditors' Liquidation Claims Due by Feb. 11
PLANFINANZ CONTACT: Creditors' Liquidation Claims Due by Feb. 11
PROMOBILIA LLC: Creditors' Liquidation Claims Due by Feb. 8


U K R A I N E

DOBROBUT LLC: Claims Filing Deadline Set February 9
GAMAKHIM LLC: Creditors Must File Claims by February 9
INDUSTRIAL CAPITAL: Creditors Must File Claims by February 9
INTERDIN INTERNATIONAL: Creditors Must File Claims by February 9
IRBIS-PLUS LLC: Creditors Must File Claims by February 9

MONOLIT CJSC: Creditors Must File Claims by February 9
PK UKRAINIAN: Creditors Must File Claims by February 9
PROMIN LLC: Creditors Must File Claims by February 9
TRUST ARTEMMINEBUILDING: Claims Filing Deadline Set February 9
UKRSOTSBANK: Moody's Lifts Debt Ratings on Loan Notes to Ba2


U N I T E D   K I N G D O M

ARVINMERITOR: Incurs US$12MM Net Loss in Quarter Ended Dec. 30
ARVINMERITOR: Expected Neg. Cash Flow Cues Fitch to Cut Ratings
ASCOT SYSTEMS: Brings In Liquidators from Vantis
CHATTEM INC: Fiscal Year 2007 Net Income Up to US$59.7 Million
CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets

COMBI LTD: Joint Liquidators Take Over Operations
CROWN QUILTING: Claims Filing Period Ends April 21
DURA AUTO: Wants To Sell 9 Properties to IRG for US$19.2 Million
DURA AUTOMOTIVE: Jacksonville Property Buyer Withdraws Offer
ELECTRONIC DATA: Inks Management Deal with Breast Cancer Org.

ENRON CORP: Citigroup Seeks Summary Judgment on Claims
ENRON CORP: Court Okays Stipulation with Avaya
ENVIRONMENTAL INTELLIGENCE: Taps KPMG as Joint Administrators
HUNLEY HALL: Appoints Grant Thornton As Joint Administrators
INPLOY CONSULTANTS: Calls In Liquidators from Vantis

JAYCARE LTD: Brings In KPMG to Administer Assets
M BAKER RECYCLING: Taps Administrators from KPMG
MAINTENANCE CONTRACTS: Appoints Liquidator from Kingston Smith
METRO GOLF: Appoints Joint Administrators from Menzies
METRONET RAIL: Transport Committee Releases Report

MV COLLECTIONS: Brings In Tenon Recovery as Administrators
NCO GROUP: Moody's Puts Ba3 Rating on US$139 Million Add-On Loan
OSHM HOLDINGS: Brings In KPMG as Joint Administrators
STEAD AND SIMPSON: Completes Sale of Business & Assets


                            *********


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


ADAM.GIBI.ADAM: Claims Registration Period Ends February 13
-----------------------------------------------------------
Creditors owed money by LLC ADAM.GIBI.ADAM (FN 267502k) have
until Feb. 13, 2008 to file written proofs of claim to court-
appointed estate administrator Gerhard Bauer at:

          Mag. Gerhard Bauer
          Mahlerstrasse 7
          1010 Vienna
          Austria
          Tel: 512 97 06
          E-mail: ra-g.bauer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 27, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007  (Bankr. Case No. 2 S 172/07t).


ADMIRA SPORT: Claims Registration Period Ends February 12
---------------------------------------------------------
Creditors owed money by  LLC Admira Sport-Management (FN
213834m) have until Feb. 12, 2008 to file written proofs of
claim to court-appointed estate administrator Peter Bubits at:

          Mag. Peter Bubits
          c/o Mag. Andrea Prochaska
          Elisabethstrasse 2
          2340 Moedling
          Austria
          Tel: 02236/42210
          Fax: 02236/42210-25
          E-mail: peter.bubits@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 26, 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. 17, 2007  (Bankr. Case No. 11 S 125/07d).
Andrea Prochaska represents Mag. Bubits in the bankruptcy
proceedings.


DRAGOMIR DJURIC: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna  entered Dec. 21, 2007 an order
shutting down the business of KEG DRAGOMIR DJURIC (FN 287026y).

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

The estate administrator can be reached at:

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

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


ELTNER MANAGEMENT: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Dec. 27, 2007an order shutting
down the business of LLC Eltner Management (FN 70488i).

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

The estate administrator can be reached at:

          Dr. Kurt Bernegger
          c/o  Mag. Maria Kainer
          Jaquingasse 21
          1030 Vienna
          Austria
          Tel: 01/799 15 80
          Fax: 01/796 59 14
          E-mail: kanzlei@bernegger-wt.com

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


ERDAUSHUB LLC: Claims Registration Period Ends February 19
----------------------------------------------------------
Creditors owed money by LLC Erdaushub (FN 118180w) have until
Feb. 19, 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: 0732/77 08 15
          Fax: 770816
          E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on March 4, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Schlierbach, Austria, the Debtor declared
bankruptcy on Dec. 20, 2007 (Bankr. Case No. 14 S 49/07i).
Norbert Mooseder represents Dr. Grassner in the bankruptcy
proceedings.


JANJUS KEG: Claims Registration Period Ends February 5
------------------------------------------------------
Creditors owed money by KEG Janjus (FN 260761y) have until
Feb. 5, 2008 to file written proofs of claim to court-appointed
estate administrator Eva Wexberg at:

          Dr. Eva Wexberg
          c/o  Dr. Walter Kainz
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 505 88 31
          Fax: 505 94 64
          E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 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. 21, 2007 (Bankr. Case No. 38 S 68/07p).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


KANARA HOCH: Claims Registration Period Ends Februay 4
------------------------------------------------------
Creditors owed money by KEG KANARA Hoch- und Tiefbau (N 214644d)
have until Feb. 4, 2008 to file written proofs of claim to
court-appointed estate administrator Erwin Senoner at:

          Dr. Erwin Senoner
          c/o  Dr. Georg Freimueller
          Alser Strasse 21
          1080 Vienna
          Tel: 406 05 51
          Fax: 406 96 01
          E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Feb. 18, 2008 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007 (Bankr. Case No. 3 S 162/07d).  George
Freimueller represents Dr. Senoner in the bankruptcy
proceedings.


O. FRITZE-LACKE: Claims Registration Period Ends February 15
------------------------------------------------------------
Creditors owed money by LLC O. Fritze-Lacke (FN 62320y) have
until Feb. 15, 2008 to file written proofs of claim to court-
appointed estate administrator Christian Atzwanger at:

          Mag. Christian Atzwanger
          Luefteneggerstrasse 12
          4020 Linz
          Austria
          Tel: 0732/7788670
          Fax: 0732/7832644
          E-mail: office@schuh-atzwanger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 29, 2008  for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 18,  2007 (Bankr. Case No. 12 S 101/07a).


SEVECEK LLC: Claims Registration Period Ends March 4
----------------------------------------------------
Creditors owed money by LLC Sevecek (FN 128204k) have until
March 4, 2008 to file written proofs of claim to court-appointed
estate administrator Georg Freimueller at:

          Dr. Georg Freimueller
          c/o Dr. Erwin Senoner
          Alser Strasse 21
          1080 Vienna
          Austria
          Tel: 406 05 51
          Fax: 406 96 01
          E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 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. 12, 2007 (Bankr. Case No. 6 S 161/07d).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


URBANUS IMMOBILIENVERWERTUNG: Claims Registration Ends Feb. 14
--------------------------------------------------------------
Creditors owed money by LLC URBANUS Immobilienverwertung (FN
168239k) have until Feb. 14, 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 9:45 a.m. on Feb. 28, 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. 19, 2007  (Bankr. Case No. 5 S 148/07k).  Markus
Siebinger represents Dr. Schirl in the bankruptcy proceedings..


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


HARMAN INTERNATIONAL: Names John Stacey as VP & Chief HR Officer
----------------------------------------------------------------
Harman International Industries Incorporated has appointed John
Stacey as its Vice President and Chief Human Resources Officer,
effective Feb. 25, 2008.  He will report to the Chief Executive
Officer and serve as a member of the Group Executive Committee.

Mr. Stacey, a Canadian national, is a veteran of more than 20
years in the human resources field, serving currently as Vice
President, People - North America for leading beverage
manufacturer Labatt/Inbev.  He has held a series of similar key
positions in the United States, Canada, and Europe, with
extensive focus on organizational development, compensation,
training and development, recruitment and selection,
restructuring, and collective bargaining.  Mr. Stacey holds a
degree in Business Administration from Memorial University of
Newfoundland, with a focus on Human Resources and Industrial
Relations.

"I am delighted to welcome John Stacey to the Harman senior
management team," said Dinesh C. Paliwal, Harman Chief Executive
Officer.  "We are committed to achieving new efficiencies in our
human resources strategy, while continuing to attract the top
talent necessary to operate as an industry leader.  I look
forward to working with John to unlock the vital energy of our
people toward achieving their full potential."

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

                       *     *     *

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


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


BUCKEYE TECH: Earns US$13.8 Mil. in Quarter Ended Dec. 31, 2007
---------------------------------------------------------------
Buckeye Technologies Inc. reported net income of US$13.8 million
on net sales of US$210.9 million for the three months ended
Dec. 31, 2007, compared to net income of US$3.8 million on net
sales of US$184.7 million for the same period in 2006.

Chairman and Chief Executive Officer John B. Crowe said, "We had
an exceptional quarter. Second quarter net sales were up 14%
compared to the same period last year.  Sales of US$211 million
are our highest revenue quarter ever.  The earnings improvement
is a combination of higher pricing, higher specialty wood volume
and cost control."

Mr. Crowe went on to say, "We are pleased with the quarter and
year-to-date revenue and income growth.  Our markets remain
solid and we will benefit from price increases that we
implemented in January.  In the current quarter, we anticipate
lower nonwovens production and revenue due to our previously
announced volume reduction from our Delta nonwovens facility.
Additionally, we expect higher manufacturing costs at our
Florida specialty wood facility due to planned maintenance
inspections.  While the just completed quarter's earnings
performance will be difficult to repeat, we do anticipate strong
performance in the January-March quarter 2008."

                 About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE: BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                       *     *     *

In June 2007, Moody's Investors Service's upgraded Buckeye
Technologies Inc.'s corporate family rating to B1 from B2 and
maintained a stable outlook.  All other ratings were also
upgraded by one notch while the unsecured notes were affirmed at
B2.


CONCEPT CONTAINER: Claims Registration Ends February 22
-------------------------------------------------------
Creditors of Concept Container & Umwelttechnik GmbH have until
Feb. 22, 2008 to register their claims with court-appointed
insolvency manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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

The District Court of Schwerin opened bankruptcy proceedings
against Concept Container & Umwelttechnik GmbH on Jan. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Concept Container & Umwelttechnik GmbH
         Attn: Ulrich Dronia, Manager
         Ringstrasse 9
         19258 Boizenburg
         Germany


DAPPRICH GMBH: Claims Registration Period Ends February 21
----------------------------------------------------------
Creditors of Dapprich GmbH have until Feb. 21, 2008, to register
their claims with court-appointed insolvency manager Moritz
Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 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 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:

         Moritz Hansberg
         Huestr. 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Dapprich GmbH on Jan. 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Dapprich GmbH
          Voedestr. 68
          44866 Bochum
          Germany


DIECK BAUUNTERNEHMUNG: Claims Registration Ends February 22
-----------------------------------------------------------
Creditors of Dieck Bauunternehmung GmbH have until Feb. 22, 2008
to register their claims with court-appointed insolvency manager
Stefan von der Ahe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on March 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         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 von der Ahe
         Dr.-Warsing-Str. 205
         26802 Moormerland
         Germany
         Tel: 04954/9570-0
         Fax: 04954/9570-60

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

The Debtor can be reached at:

         Dieck Bauunternehmung GmbH
         Attn: Hans Dieck, Manager
         Heseler Strasse 5
         26802 Moormerland
         Germany


ERWIN BEHR: Creditors' Meeting Slated for February 21
-----------------------------------------------------
The court-appointed insolvency manager for Erwin Behr Automotive
GmbH, Dr. Volker Grub, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on Feb. 21, 2008.

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

         The District Court of Esslingen
         Festival Hall
         Quadrium Convention Center
         Kirchheimer Str. 68
         73249 Wernau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 17, 2008, at the same
venue.

Creditors have until Feb. 21, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Volker Grub
          Humboldtstr. 16
          70178 Stuttgart
          Germany
          Tel: 0711/96689-0
          Fax: 0711/96689-19

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

The Debtor can be reached at:

         Erwin Behr Automotive GmbH
         Attn: Bernd von Loebbecke
         Behrstr. 100
         73240 Wendlingen
         Germany


GERUESTBAU CONCORDIC: Claims Registration Ends February 21
----------------------------------------------------------
Creditors of Geruestbau Concordic GmbH have until Feb. 21, 2008,
to register their claims with court-appointed insolvency manager
Dr. M. Reger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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. M. Reger
          Schmoellnsche Vorstadt 13
          04600 Altenburg
          Germany

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

The Debtor can be reached at:

         Geruestbau Concordic GmbH
         Attn: Jens Bieraugel, Manager
         Misselwitz Nr. 78
         04617 Tegkwitz
         Germany


KTW SOFTWARE: Claims Registration Ends February 22
--------------------------------------------------
Creditors of KTW Software & Consulting Deutschland GmbH have
until Feb. 22, 2008 to register their claims with court-
appointed insolvency manager Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         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:

         Barbara Beutler
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 089/54511-0
         Fax: 089/54511-444

The District Court of Munich opened bankruptcy proceedings
against KTW Software & Consulting Deutschland GmbH on Jan. 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         KTW Software & Consulting Deutschland GmbH
         Attn: Reinhold Karner, Manager
         Arabellastr. 15
         81925 Munich
         Germany


NORMBAU EIGENHEIME: Claims Registration Period Ends February 21
---------------------------------------------------------------
Creditors of Normbau Eigenheime Schmidt GmbH have until Feb. 21,
2008, to register their claims with court-appointed insolvency
manager Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

          Stephan Heinrichsmeyer
          Spiekergasse 6-8
          33330 Guetersloh
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Normbau Eigenheime Schmidt GmbH on Jan. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Normbau Eigenheime Schmidt GmbH
          Am Himmeldiek 29
          59192 Bergkamen
          Germany


PREMIUM PRODUKTION: Claims Registration Ends February 22
--------------------------------------------------------
Creditors of Premium Produktion GmbH have until Feb. 22, 2008 to
register their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Premium Produktion GmbH
         Osterrade 29
         21031 Hamburg
         Germany

         Attn: Detlef Riepe, Manager
         Buchenweg 34b
         23858 Reinfeld
         Germany


SAS MEDICAL: Claims Registration Ends February 22
-------------------------------------------------
Creditors of SAS Medical Verwaltungs GmbH have until Feb. 22,
2008 to register their claims with court-appointed insolvency
manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

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

The insolvency manager can be reached at:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729
         E-mail: info@lieser-rechtsanwaelte.de
         Web site: http://www.lieser-rechtsanwaelte.de

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

The Debtor can be reached at:

         SAS Medical Verwaltungs GmbH
         Dr.-Walter-Lessing-Str. 4
         56112 Lahnstein
         Germany

         Attn: Jochen Niestroj, Manager
         Wilhelmshoehe 7
         Dietmannsried
         Germany


WALTER SCHOLL: Claims Registration Period Ends February 20
----------------------------------------------------------
Creditors of Walter Scholl Hoch- und Betonbauarbeiten GmbH have
until Feb. 20, 2008, to register their claims with court-
appointed insolvency manager Peter Theiss.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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 Theiss
          Dudweiler Strasse 4
          66111 Saarbruecken
          Germany
          Tel: (0681) 9404 180
          Fax: (0681) 9404 181

The District Court of Saarbruecken opened bankruptcy proceedings
against Walter Scholl Hoch- und Betonbauarbeiten GmbH on
Jan. 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Walter Scholl Hoch- und Betonbauarbeiten GmbH
          Roschbergstr. 14
          66839 Schmelz
          Germany


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


PROVIDE-VR: Moody's Cuts Rating on EUR3.3 Million Notes to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded these Classes of Notes
issued by Provide-VR 2002-1 plc:

   -- EUR23,000,000 Class D Floating Rate Credit Linked Notes,
      downgraded to Ba1 from Baa2, on review for possible
      downgrade; and

   -- EUR3,300,000 Class E Floating Rate Credit Linked Notes,
      downgraded to Caa2 from Ba2.

Moody's rating action was prompted by a worse than expected
performance of the underlying portfolio.  The performance
analysis primarily considered:

   (1) the level of credit events reported as of November 2007
       totaling at EUR16.25 million; and

   (2) the average recovery rate reported for already worked-out
       reference claims of 31.9 per cent.

One of the reasons for the relatively low recovery rate
experienced so far is the fact that the secularized portfolio
mainly consists of second lien mortgage loans (i.e. loan parts
above 60 per cent loan-to-lending-value).  Moody's considered in
its analysis that about EUR3 million of reported credit events
are re-performing and are currently not in arrears.
Nevertheless, both performance indicators suggest that
additional losses will materialize going forward at levels
higher than Moody's initially expected.  Next to reviewing the
performance indicators, Moody's assessed also updated loan-by-
loan information on the outstanding reference claims to
determine the volatility of the future losses.  The key driver
for the rating action, however, is the revised expected loss
assumption that Moody's determined as part of this rating
review.

The Class F Notes, which constitutes the first loss piece in
this transaction, has an outstanding balance of EUR6.6 million
as of November 2007.  A total of EUR5.7 million of losses were
allocated to Class F since closing.

Moody's will conclude the rating review once we have received
further information on the recovery process and expected
recovery levels.  This information will help Moody's determine a
recovery assumption and revised loss assumption for the
underlying portfolio.

Provide-VR 2002-1 is a transaction by DG HYP (95.21 per cent of
the initial portfolio), which - together with five co-operative
banks (4.79 per cent of the initial portfolio) - transferred the
credit risk on approximately 20,876 residential mortgage loans
to investors.  At closing the total portfolio amounted to
EUR623.3 million (EUR356.8 current portfolio balance) and had a
loan-to-market-value of 74 per cent.  The portfolio has an above
average concentration in the Northern Laender of Germany.

The realized loss definition includes principal and external
work-out costs.  Accrued interest is excluded from the realized
loss definition of the transaction. Losses will be allocated in
a reverse sequential order, first to the unrated Class F Notes.
The portfolio is static and the credit-linked notes amortize
sequentially, starting with the Class A+ Notes, which rank pro-
rata with the Senior Credit Default Swap.  The ratings address
the ultimate payment of principal on or before final legal
maturity of the Notes.


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


ALITALIA SPA: Wants EUR750 Mln Capital Hike in First Half 2008
--------------------------------------------------------------
Alitalia S.p.A.'s board of directors has approved, among other
items, the 2008 Budget.

The company relates that while waiting for the definitive
decision regarding the future ownership of the company and in
line with the 2008-2010 Industrial Plan approved on the Sept. 7,
2007, the 2008 Budget pursues the top priority and binding
target of reducing the company’s unsustainable losses trend and
the erosion of its equity and cash-to-hand levels.

In the context of increasingly adverse implementation issues due
to internal and external factors, the Budget, the company says,
reconfirms the need for a substantial injection of financial
resources by an increase of the capital.

The 2008 Budget, developed on an industrial stand-alone basis,
reconfirms strategic actions marked by strong discontinuity for
the implementation of the Plan for survival/transition, and in
particular regarding:

    * resizing of the capacity offered to take into account the
      actual market opportunities;

    * domestic and long-haul markets consolidation on a single
      hub strategy to serve transfer traffic to/from Italy;

    * international network rationalization;

    * redesigning products to take into account specific market
      features;

    * re-launching the Italian brand;

    * regaining market share on currently underperforming
      strategic markets and routes;

    * increasing Cargo profitability; and

    * developing low-cost business on the international network
      and domestic by-pass, with reasonable profitability
      levels.

With respect to the Plan, the company relates that the 2008
Budget is affected by a slower implementation of the industrial
actions foreseen on both revenues side and costs side due to
strong scenario impacts as well as the significant fuel cost
increase.  To account for the consequent lower positive returns,
the Budget considers an additional reduction in activity and
further network rationalization compared to the Plan for
survival/transition in 2008.

Therefore the expected industrial operating 2008 margin,
although slightly improved compared to expected 2007, shows a
material worsening compared to the 2008 Plan.  Expected EBITDAR
is about three percentage points of revenues.

From the financial point of view, taking into account the
mentioned new and preexisting issues, sustaining the cash-to-
hand at adequate operating levels is more and more correlated to
an increase of the capital of the company, currently estimated
in about EUR750 million, to be carried out in the first half of
2008.

The described scenario fully confirms the compelled actions
envisaged in the Plan for survival/transition and the
unfeseability of any stand-alone positioning of the company.
Positioning of the company that can only be aimed at a strong
industrial merger with other airlines in order to achieve
material synergies.

                     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: Announces Dividend for Financial Year 2007
--------------------------------------------------------
Parmalat S.p.A. communicates that, pursuant to Article 2 of the
Instructions for the Regulation of Organized Markets by Borsa
Italiana S.p.A., dividends related to the 2007 financial year
will be payable, as of April 24, 2008, after the approval of the
Shareholders' Meeting, through intermediaries that belong
to the Monte Titoli S.p.A. centralized clearing system.

The company however says that the notice was published with the
sole aim to comply with the instructions by Borsa Italiana
S.p.A. and does not imply any distribution of dividends for the
2007 financial year or for the future ones.

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


AKTOBE-JER XXI: Proof of Claim Deadline Slated for February 26
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe-Jer XXI insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ALPINA LLP: Creditors Must File Claims by February 26
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Alpina 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


AMAR GROUP: Claims Filing Period Ends February 26
-------------------------------------------------
LLP Amar Group has declared insolvency.  Creditors have until
Feb. 26, 2008 to submit written proofs of claims to:

         LLP Amar Group
         Moldagulova ave. 5-18
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 700 480 77-08


DOSTAR-SECURITY-TARAZ: Creditors' Claims Due on February 26
-----------------------------------------------------------
LLP Dostar-Security-Taraz has declared insolvency.  Creditors
have until Feb. 26, 2008 to submit written proofs of claims to:

         LLP Dostar-Security-Taraz
         Tashkentskaya Str. 36
         Taraz
         Jambyl
         Kazakhstan


GIK LLP: Claims Registration Ends February 26
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Gik insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


INFO TECH: Proof of Claim Deadline Slated for February 26
---------------------------------------------------------
LLP Info Tech Sauda has declared insolvency.  Creditors have
until Feb. 26, 2008 to submit written proofs of claims to:

         LLP Info Tech Sauda
         Mendeleyev/Ryskulov Str. 1/259a
         Talgar
         Talgarsky District
         Almaty
         Kazakhstan


KYZYLORDA MIS: Creditors Must File Claims by February 26
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kyzylorda Mis insolvent.

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

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


PAVLODAR MELIORATSIYA: Claims Filing Period Ends February 26
------------------------------------------------------------
LLP UPP PAVLODAR Melioratsiya has declared insolvency.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:

         LLP UPP PAVLODAR Melioratsiya
         Lenin Str. 61
         Pavlodar
         Kazakhstan


SEZAM LLP: Creditors' Claims Due on February 26
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Scientific-Manufacturing Enterprise
Sezam 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


TRANS ELECTRO: Claims Registration Ends February 26
---------------------------------------------------
LLP Trans Electro K has declared insolvency.  Creditors have
until Feb. 26, 2008 to submit written proofs of claims to:

         LLP Trans Electro K
         Jambyl Str. 159
         Karaganda
         Kazakhstan


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


ERFON LLC: Creditors Must File Claims by February 21
----------------------------------------------------
LLC Erfon has declared insolvency.  Creditors have until
Feb. 21, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 90-32-69.


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


IMPRESS HOLDINGS: Moody's Confirms Low-B Debt Ratings
-----------------------------------------------------
Moody's Investors Service confirmed these debt ratings of
Impress Holdings B.V.:

   -- B1 Corporate Family Rating;

   -- Ba3 ratings for the EUR615 million and US$175 million
      senior secured Floating Rate Notes 2013; and

   -- B3 rating for the EUR250 million senior subordinated notes
      2014.

The outlook is stable.  The ratings had been placed under review
for possible upgrade on Nov. 2, 2007, following the company's
announcement to seek a stock market listing.

In its decision to confirm the ratings, Moody's evaluated the
likelihood of a stock market listing and concluded that such an
event is unlikely to happen in the short term because of current
capital market conditions.  Impress initially had the intention
to list its shares in December 2007.

Moody's noted the de-levering since the recapitalization in 2006
and calculates Debt/EBITDA leverage of 5.3x for the last twelve
months per Sept. 30, 2007 (5.7x at FYE 2006) and stable EBITDA
margins.  For the ratings to be upgraded, however, Moody's
expects Debt/EBITDA of below 5x and moving towards 4.5x and an
EBIT/interest cover of at least 2.0x.  A reduction of absolute
debt levels, for instance from proceeds of an equity offering
the company may pursue in the future, could also be a trigger
for an upgrade, depending on the magnitude of such a de-
levering.

The stable outlook assumes that Impress is continuing to
implement cost and efficiency measures, thus achieving
sustainable EBIT margins and subsequent improvements in credit
metrics in the near-to-medium term.

Impress Holdings B.V. is a leading player in the European
canning industry with a solid position in North America's food
canning market.  For the last fiscal year the company recorded
sales of nearly EUR1.5 billion.  Headquartered in Deventer, The
Netherlands, Impress has about 8,500 employees.


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


CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets
----------------------------------------------------------------
Private investment firms, Thomas H. Lee Partners LP and Bain
Capital Partners LLC, remained undaunted in their plans to buy
Clear Channel Communications Inc. for US$39.20 per share amid
market's worries, various reports relate.

Days before, investors were stirred when the buyers refused to
comment on the pending buyout deal worth around US$19.5 billion
that led to speculation that deal will not push through, reports
say.

THL co-president Anthony DiNovi cleared out the issue at
Tuesday's conference by explaining he would violate Securities
and Exchange Commission rules if he commented on the pending
deal, reports reveal.

Some news disclose that the buyout firms provided personnel to
Clear Channel to help execute steps to reduce expenses.  This
report led investors to believe that the would-be buyers have
not given up, according to the report.

Clear Channel told reporters Tuesday that the pending deal will
be completed by March 2008, as previously planned.

                 FCC Publication on the Sale Deal

The Federal Communications Commission published in its Web site
that Clear Channel Communications Inc., Thomas H. Lee Equity
Fund VI LP and Bain Capital (CC) IX LP have jointly submitted
applications to the Commission.  The applications seek consent
to transfer control of certain subsidiaries of Clear Channel
that are the holders of various Commission licenses and other
authorizations.  Clear Channel, through its subsidiaries,
controls 1172 broadcast radio stations and 35 broadcast
television stations.  The applications seek Commission consent
to the proposed transfer of control of Clear Channel from its
shareholders to the Transferees.  After the transfer, the
company would continue to operate under the name "Clear Channel
Communications Inc." under the control of the Transferees.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


=============================
S L O V A K   R E P U B L I C
=============================


US STEEL: Earnings Drop to US$35 Mil. in Quarter Ended Dec. 31
--------------------------------------------------------------
U.S. Steel Corporation reported net income of US$35 million in
fourth quarter 2007, compared to third quarter 2007 net income
of US$269 million and fourth quarter 2006 net income of
US$297 million.

Fourth quarter 2007 net income was reduced by US$117 million due
to inventory transition effects and a workforce reduction
charge.

For full-year 2007, U.S. Steel reported a net income of
US$879 million, which was reduced by US$158 million, from
inventory transition effects, a workforce reduction charge,
early debt redemption expense and several discrete tax charges.
Full-year 2006 net income was US$1.374 billion.

"This past year was an important period of growth for our
company as we completed major acquisitions in both our flat-
rolled and tubular businesses and commissioned our new
automotive galvanizing line in Europe,"  John P. Surma, U.S.
Steel Chairman and CEO, said.  "We are making steady progress
with integration activities on both acquisitions, and we still
expect to achieve the anticipated synergies."

The company reported fourth quarter 2007 income from operations
of US$116 million, compared with income from operations of
US$360 million in the third quarter of 2007 and US$341 million
in the fourth quarter of 2006.  For the year 2007, income from
operations was US$1,213 million versus income from operations of
US$1,785 million for the year 2006.

Other items not allocated to segments in the fourth quarter of
2007 consisted of a US$69 million pre-tax charge related to
inventory transition effects after the two major acquisitions
and a US$57 million pre-tax charge resulting from a voluntary
early retirement program at U. S. Steel Kosice.  These items
decreased fourth quarter 2007 net income by US$117 million.

In the third quarter of 2007, a US$27 million pre-tax charge
related to inventory acquired in the Lone Star acquisition was
not allocated to segments, and the tax provision included
several discrete charges totaling US$11 million.  These items
reduced third quarter 2007 net income by US$28 million.

In the fourth quarter of 2006, net interest and other financial
costs included a US$32 million pre-tax charge related to the
early redemption of debt.  This item and other items not
allocated to segments decreased net income by US$33 million.

              Additional Fourth Quarter 2007 Items

In December 2007, U. S. Steel and the United Steelworkers
agreed that U. S. Steel will provide health care and life
insurance benefits to certain former National Steel employees
and their eligible dependents under a U. S. Steel insurance
plan, using funds that had been accrued based on a provision of
the 2003 Basic Labor Agreement.  Funds totaling US$468 million
were contributed to the company's trust for retiree health care
and life insurance in December.

As a result of this agreement, its other postretirement benefits
obligation increased by US$314 million.  While a funding
obligation continues through the Aug. 31, 2008, expiration of
the 2003 Basic Labor Agreement, the profit-based expense has
been eliminated beginning with the fourth quarter of 2007 as
reflected in "retiree benefit expenses."

Net interest and other financial costs increased by US$22
million in the fourth quarter of 2007 compared to the third
quarter, mainly reflecting interest expense resulting from debt
incurred to fund the Stelco acquisition.

The company's effective tax rate for the year was higher than
projected at the end of the third quarter as a result of the
inclusion of USSC and a change in the profile of global
earnings.  As a result, the tax provision in the fourth quarter
included approximately US$20 million to apply this higher tax
rate to income for the prior three quarters.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$15.6 billion, total liabilities of US$10.07 billion
and total  stockholders' equity of US$5.53 billion.

        Common Stock Repurchase Program/Dividend Payment

The company repurchased 295,000 shares of U. S. Steel common
stock for US$30 million during the fourth quarter, bringing
total repurchases to 14.3 million shares for US$812 million
since the repurchase program was originally authorized in July
2005.  As of Dec. 31, 2007, 6.5 million shares remained
authorized for repurchase under its stock repurchase program.

The board of directors declared a dividend of 25 cents per share
on U. S. Steel Common Stock, an increase of 5 cents per share.
The dividend is payable March 10, 2008, to stockholders of
record at the close of business Feb. 13, 2008.

             About United States Steel Corporation

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'BB+'
senior unsecured rating to the proposed offering of up to US$400
million in senior unsecured notes due Feb. 1, 2018, of United
States Steel Corp. (BB+/Negative/--).  These notes are being
issued under the company's unlimited shelf registration filed on
March 5, 2007.


US STEEL: Board Increases Dividend to US$0.25 Per Share
-------------------------------------------------------
United States Steel Corporation Board of Directors has declared
a dividend of 25 cents per share on U. S. Steel Common Stock, an
increase of 5 cents per share.  The dividend is payable
March 10, 2008, to stockholders of record at the close of
business Feb. 13, 2008.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U.S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'BB+'
senior unsecured rating to the proposed offering of up to US$400
million in senior unsecured notes due Feb. 1, 2018, of United
States Steel Corp. (BB+/Negative/--).  These notes are being
issued under the company's unlimited shelf registration filed on
March 5, 2007.


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


FLEXTRONICS: Net Income Up 84% to US$250MM in Qtr. Ended Dec. 31
----------------------------------------------------------------
Flextronics disclosed results for its third quarter ended
Dec. 31, 2007.

                   Third Quarter Results

Revenue increased US$3.7 billion, or 67%, from the year ago
quarter to a record high US$9.1 billion in the December 2007
quarter.  Adjusted operating profit increased US$139 million, or
86%, from the year ago quarter to US$300 million in the December
2007 quarter while adjusted operating margin improved 30 basis
points from 3.0% to 3.3% over the same time period.  Adjusted
net income increased US$114 million, or 84%, from the year ago
quarter to US$250 million in the December 2007 quarter while
adjusted EPS increased 30% from US$0.23 to US$0.30 over the same
time period.

Cash amounted to US$1.8 billion at Dec. 31, 2007.  Operating
cash flow generated US$534 million and US$1.05 billion in the
three and nine-month periods ended Dec. 31, 2007, respectively.
Free cash flow amounted to US$470 million and US$840 million in
the three and nine-month periods ended Dec. 31, 2007,
respectively.

"Overall demand in the December quarter was exceptionally strong
as revenues and earnings exceeded the high end of our guidance,"
said Flextronics chief financial officer, Thomas Smach.  "Actual
revenue in the quarter was US$9.1 billion versus our guidance of
US$8.5 billion and adjusted EPS was US$0.30 versus our guidance
of US$0.26."

"Our strong financial position provides us with substantial
flexibility to make synergistic investments to enhance our
competitiveness, expand our capabilities, drive revenue growth
and enhance profitability," Flextronics chief executive officer,
Mike McNamara said.  "We remain intensely focused on generating
a higher return on capital while growing our business, as
evidenced by the return on invested capital of 11.9%, which
increased 70 basis points from the previous quarter."

Mr. McNamara concluded, "I am very proud of the dedication and
hard work of our employees and management across the globe in
making this a record quarter for Flextronics while successfully
integrating Solectron, the largest acquisition in our company's
history."

                         Guidance

The company reiterated its previously provided March 2008
quarter guidance of revenue in the range of US$7.5 - US$7.9
billion and adjusted EPS in the range of US$0.22 - US$0.24.

GAAP earnings per share are expected to be lower than the
guidance provided herein by approximately US$0.05 for quarterly
intangible amortization and stock-based compensation expense and
by approximately US$0.19 - US$0.27 per share for the previously
announced remaining restructuring and other charges relating to
the Solectron acquisition.

                    About Flextronics

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

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 5,
2007, Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings: Issuer Default Rating at
'BB+'; and Senior unsecured credit facility at 'BB+'.

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

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new
US$1.75 billion delayed draw unsecured term loan in response to
the closing of the Solectron acquisition.  The initial draw on
the term loan (US$1.1 billion) will finance the cash portion of
the merger consideration.


TUPPERWARE BRANDS: Year-Over-Year 4Q Sales Up 19% to US$577MM
-------------------------------------------------------------
Tupperware Brands Corporation has reported that fourth-quarter
2007 sales grew 19% year over year (11% in local currency) to
US$577 million with strong growth in all five segments ranging
from 6% to 18% in local currency.

Tupperware Brands Chairperson and Chief Executive Officer, Rick
Goings commented, "We are encouraged with the progress we made
in the fourth quarter and the full year in further refining and
implementing our strategies, which are working and delivering
the positive results we expected to support long term growth.
This came through in the fourth quarter with our high-teen year-
over-year sales increase and our 35% increase in GAAP diluted
earnings per share.  Our sales and profit were both well ahead
of our October outlook."

Mr. Goings said, "As we look ahead to 2008, we're planning to
capitalize on our year end sales force size advantage of 15% to
further grow our businesses, and expect to be in our long-term
outlook range for local currency sales growth of 5 to 7% per
year.  This includes high single, to low double-digit, growth
from the 40% to 45% of our businesses that operate in emerging
markets and, on average, a low single digit growth rate from the
remainder of our businesses that operate in established
markets."

"We expect to grow net income even more with higher profit from
the segments and lower interest expense, as we benefit from the
credit agreement we closed at the end of the third quarter,
partially offset by a higher but still very favorable income tax
rate in the 23% range," Mr. Goings added.

Mr. Goings noted, "Included in our 2008 outlook is continued
investment to implement our strategies as we further develop our
branded portfolio of direct selling companies, working to
continue to innovate with our demonstrable product lines, our
contemporized selling situations and the right sales force
compensation plan in each market."

Excluding certain adjustment items, fourth-quarter earnings per
share rose to 93 cents from 74 cents in 2006, or 26%. Stronger
foreign currencies had a 10-cent positive impact on the year-
over-year comparison.  Profit from the segments rose 29%,
interest expense was lower by over US$3 million, reflecting
lower borrowings along with a benefit from the new credit
agreement entered into in September, and unallocated expenses
rose by US$5 million, largely reflecting higher expenses
associated with management incentive programs.  The quarter's
effective tax rate rose to 17% this year from 10% last year.

As of the end of the fourth quarter net debt was down to US$593
million, a reduction of US$88 million from US$681 million at the
end of 2006.  Net cash provided by operating activities, net of
investing activities, for the full year was US$152 million,
ahead of October guidance of US$100 to US$110 million.

           Fourth Quarter Segment Highlights

Tupperware Segments

In Europe, fourth quarter sales rose by 19% (6% in local
currency) over the prior year.  The positive sales force trends
continued in the emerging markets leading to 22% growth in local
currency coming most notably in Russia, Turkey and South Africa.
Established markets grew 1% in local currency with Germany
achieving a 3% sales increase, following double-digit declines
in each of the first three quarters.  The total sales force size
advantage for the whole segment at the end of the year was 21%.
The average active sales force increased 8%. Segment profit
increased 33% (18% in local currency) reflecting a greater than
2 point higher return on sales from improved value chains in
several of the markets in Western Europe and highermanufacturing
volume.

Asia Pacific achieved a 24% (16% in local currency) sales
increase with emerging markets up 30% in local currency and
established markets up 9% led by Australia.  The number of
active sellers was up 11% led by Indonesia, Australia and Korea.
Operating profit increased 48% (36% in local currency) and
reflected a 3.7 pp improvement in return on sales.  This
primarily reflected a higher share of sales from Australia, with
its high return on sales, and more efficient expense management
by Tupperware Japan, as well as 0.8 pp from lower purchase
accounting amortization.

In Tupperware North America, 12% (11% in local currency) higher
sales, reflected increases in all three markets, the United
States, Canada and Mexico.  Although there was a drag in the
last 2 and 1/2 weeks of December in light of the warehouse fire
in the main U.S. warehouse, Tupperware United States and Canada
still achieved a 12% local currency sales increase in the
quarter.  The total sales force size for the whole segment was
down at the end of the year, reflecting a decrease in Mexico as
the United States had a higher sales force count.  Active
sellers in the segment were down slightly.  There was a 4.5 pp
improvement in return on sales that brought the segment's profit
up over 100%, mainly reflecting an improved cost structure in
the United States.

Beauty Segments

In the Beauty North America segment, the 13% (12% in local
currency) sales increase reflected double-digit increases
by both units, Fuller Mexico and BeautiControl North America.
Both units also had double-digit total sales force size
advantages as of the end of the year, with the segment up 13%.
The active sales force was up 10%.  Segment profit was up 9% (8%
in local currency), reflecting a lower return on sales,
principally from gross margin investment at BeautiControl to
sell through inventories and higher distribution costs that were
about offset by lower purchase accounting amortization.

The Beauty Other segment achieved a 30% (18% in local currency)
sales increase, reflecting higher sales forces and sales
throughout Central and South America, most notably in Venezuela
and Brazil.  Fuller Philippines also had a double digit sales
increase.  The Nutrimetics units were down as a group, with the
largest Nutrimetics market, Australia, down just slightly,
reflecting an improved trend from earlier in the year.  The
total sales force in the segment was up 12% and the active sales
force was up 8% in the quarter.  There was a loss of US$0.1
million that included US$1.2 million of purchase accounting
amortization.  Excluding purchase accounting amortization from
both years, profit increased reflecting improved results in the
Philippines, Venezuela and Brazil.

                    Full-Year Results

For full-year 2007, total company sales grew 14% (9% in local
currency), to a record US$2.0 billion versus US$1.7 billion in
2006.  The Tupperware brand segments grew by 14% (8% in local
currency) and the Beauty brand segments by 12% (10% in local
currency).  The businesses operating in emerging markets had
sales growth of 21% (18% in local currency) and the remaining
businesses that operate in established markets had growth of 8%
(2% in local currency).  Active sellers grew 5% for the year.
Profit from the operating segments rose 33% (26% in local
currency), 9 points of which was from lower purchase accounting
amortization.  Diluted earnings per share was US$1.87, up 21%
(8% in local currency).  Excluding certain adjustment items,
full year 2007 diluted earnings per share was US$2.25, up 26%
(14% in local currency).

                        2008 Outlook

Full year 2008 sales are expected to increase 8 to 10% (5 to 7%
in local currency) and GAAP diluted earnings per share is
expected to be US$2.37 to US$2.47, including a 10 to 12 cent
benefit versus 2007 from stronger foreign currencies.  After
adjustments full-year diluted earnings per share is expected to
be US$2.50 to US$2.60 up 6% to 10% in local currency.

Sales in local currency in the Tupperware brand segments are
expected to increase in the mid-single-digit range and in the
Beauty brand segments are expected to increase in the high-
single-digit range.  Excluding certain adjustment items, profit
in the segments is expected to grow in line, to slightly above
the rate of sales, except in Beauty Other where there was a loss
of US$3 million in 2007 and a small profit is expected in 2008.

Unallocated corporate costs in 2008 are expected to be about
even with 2007's US$44 million; interest expense is expected to
be US$33 to US$34 million, versus US$49 million in 2007, which
included US$10 million of expense associated with implementing
the new credit agreement; and the income tax rate is expected to
be about 23%, compared with 17% in 2007 on a GAAP basis and 18%
excluding certain items.

                 First Quarter 2008 Outlook

First quarter sales are expected to increase 13 to 15% (5 to 7%
in local currency) and diluted earnings per share is expected to
be 50 to 55 cents versus 32 cents last year.  Excluding certain
adjustment items diluted earnings per share is expected to be 44
to 49 cents versus 36 cents last year.  This includes a 5 to 7
cents benefit versus 2006 from stronger foreign currencies and a
lower effective tax rate.

Mr. Goings concluded, "Many analysts and investors are concerned
about the weakness of the U.S. dollar and the U.S. economy.
Upwards of 84% of our sales and even more of our profit come
from international markets.  This means that our profit rises on
dollar weakness, and while we could see some impact from lower
consumer spending in the United States, the impact would be less
than for many other companies given the size of our businesses
here.  To date we have not seen issues in our Tupperware United
States or BeautiControl businesses related to the consumer
spending environment."

                      About Tupperware

Headquartered in Orlando, Florida, Tupperware Brands Corporation
(NYSE: TUP) -- http://www.tupperware.com/-- is a portfolio of
global direct selling companies, selling premium innovative
products across multiple brands and categories through an
independent sales force of 2.0 million.  Product brands and
categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products for
consumers through the Avroy Shlain, BeautiControl, Fuller,
NaturCare, Nutrimetics, Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines,
Spain, Sweden, Turkey, among others.

                       *     *     *

In September 2007, Tupperware Brands Corporation's proposed
senior secured credit facilities was assigned a Ba1 rating by
Moody's Investors Service.  Moody's also affirmed the company's
Ba2 corporate family rating and Ba3 probability of default
rating, and changed the outlook to positive from stable.


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


ADHENA CONSULTING: Creditors' Liquidation Claims Due by Feb. 8
--------------------------------------------------------------
Creditors of JSC Adhena Consulting have until Feb. 8, 2008, to
submit their claims to:

         Pavel Paukert
         Liquidator
         Gellertstrasse 162
         4052 Basel
         Switzerland

The Debtor can be reached at:

         JSC Adhena Consulting
         Basel
         Switzerland


CALLEO GROUP: Creditors' Liquidation Claims Due by Feb. 11
----------------------------------------------------------
Creditors of JSC Calleo Group have until Feb. 11, 2008, to
submit their claims to:

         JSC MD Services
         Liquidator
         rue Charles-Bonnet 2
         1206 Geneva
         Switzerland

The Debtor can be reached at:

         JSC Calleo Group
         Lindau
         Pfaffikon ZH
         Switzerland


HERCULES INC: Moody's May Lift Ba2 Rating After Review
------------------------------------------------------
Moody's Investors Service placed the Ba2 corporate family rating
and other debt ratings Hercules Incorporated on review for
possible upgrade.

The reviews reflect Hercules successful efforts at debt
reduction in past years and most recently in 2007.  Hercules
reduced balance sheet debt by roughly US$200 million in 2007 (to
about US$795 million) and that this reduction, along with strong
cash flows, has caused credit metrics to improve to levels that
are strong relative to the Ba2 rating, Moody' assigned a
positive outlook to Hercules ratings in June of 2007 in
anticipation of Hercules' positive performance.

At that time we stated that provided that capital expenditures
remain moderate, there are no large acquisitions and prospective
dividend actions/share repurchases are prudently sized, the
company should be able to generate retained cash flow to
adjusted total debt above 20%, free cash flow to adjusted total
debt of over 10%, and a fixed charge coverage ratio (EBITDA to
interest) of over 4.5X times.  If these metrics were realized we
indicated we could reassess the appropriateness of the Ba2
ratings after the end of 2007.  The review also reflects Moody's
expectation of further modest debt reduction in 2008 and 2009,
after which Moody's expects absolute debt levels to stabilize.
The review, which is expected to be completed by the end of
March of 2008, will focus on several issues.

Moody's will seek to better understand management's ongoing
financial philosophy as it relates to:

   (1) acquisitions;

   (2) potential changes in the secured structure of Hercules'
       debt along with incremental debt reduction; and

   (3) uses of excess cash flow and the future plans of
       returning such cash to shareholders.

In addition, Moody's will seek to understand the sustainability
of Hercules' strong operating performance in the face of a
potentially slowing global economy and review Hercules asbestos
exposures to insure that the positive trends are sustainable.

On Review for Possible Upgrade:

   * Issuer: Hercules Incorporated

   -- CFR: Ba2

   -- PDR: Ba2

   -- Gtd Sr Sec Revolving Credit Facility due 04/2009, Baa3,
      LGD2, 18%

   -- Gtd Sr Sec Term Loan B due 10/2010, Baa3, LGD2, 18%

   -- 6.60% Gtd Sr Sec Putable Notes due 2027, Baa3, LGD2, 18%

   -- 6.75% Gtd Sr Sub Notes due 2029, Ba3, LGD4, 61%

   -- 8.00% Conv Sub Debentures due 2010, B1, LGD5, 89%

   -- 6.50% Jr Sub Deferrable Int Debentures due 2029, B1, LGD5,
      89%

   -- Multiple Seniority Shelf

   -- Outlook, Changed To Rating Under Review From Positive

Hercules Inc., headquartered in Wilmington, Delaware, is a
global manufacturer of specialty chemicals for the pulp and
paper industry and water-based systems (coatings, construction
materials, energy and regulated industries).  Revenues for the
full year ending Dec. 31, 2007 were about US$2.1 billion.   The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.


INFORMATEX LLC: Creditors' Liquidation Claims Due by Feb. 11
------------------------------------------------------------
Creditors of LLC Informatex have until Feb. 11, 2008, to submit
their claims to:

         Bruno Keimer
         Liquidator
         Seeblick 1
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         LLC Informatex
         Cham ZG
         Switzerland


JULIUS SCHAUB: Creditors' Liquidation Claims Due by Feb. 8
----------------------------------------------------------
Creditors of JSC Julius Schaub have until Feb. 8, 2008, to
submit their claims to:

         Julius Schaub
         Liquidator
         Wuhrweg 9
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         JSC Julius Schaub
         Sissach BL
         Switzerland


MAD PRODUCTS: Creditors' Liquidation Claims Due by Feb. 8
---------------------------------------------------------
Creditors of LLC MAD Products have until Feb. 8, 2008, to submit
their claims to:

         Armin Meier
         Haldenstrasse 5
         8173 Neerach
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC MAD Products
         Embrach
         Bulach ZH
         Switzerland


NYCOMED A/S: Moody's May Cut B1 Corp. Family Rating After Review
----------------------------------------------------------------
Moody's Investors Service placed the B1 Corporate Family Rating
and the B2 probability of default rating of Nycomed A/S on
review for possible downgrade following the end of the
standstill on the launch of generic Protonix (Pantoprazole) in
the US by Teva.  Wyeth and Nycomed have since decided to launch
their own generics.

"Nycomed's cash-flow generation is likely to be materially
affected by Protonix generics in the US and credit metrics might
be impacted going forward," says Jean-Michel Carayon, a Senior
Vice President in Moody's Corporate Finance Group.  On the
positive side, Moody's observes that Nycomed's operating
performance has been strong in 2007, and deleveraging has so far
been quicker than had been expected at the time of Moody's
upgrade of Nycomed to B1 from B2 in January 2007.  This
improvement is largely driven by the rapid integration of
Altana's operations within Nycomed.

Moody's rating review will focus on:

   (1) the assessment of Nycomed's future sales and profit on
       Protonix in the US;

   (2) the development of credit metrics;

   (3) the liquidity position and in particular whether Nycomed
       is likely to meet financial covenants going forward;

   (4) the pipeline valuation; and

   (5) the management strategy going forward.

Moody's currently believes that Nycomed's CFR is unlikely to be
downgraded by more than one notch.

Moody's previous rating action on Nycomed was the upgrade of
Nycomed's CFR to B1 from B2 on Jan. 31,  2007 in conclusion of
the review for uncertain initiated when the company announced
its intention to acquire ALTANA Pharma AG in September 2006.

Headquartered in Zurich, Switzerland, Nycomed group is a
pharmaceutical conglomerate combining its traditional core
marketing and distribution capabilities together with the R&D
expertise of acquired Altana Pharma.  Nycomed achieved sales of
EUR2.6 billion during the first nine months of 2007.


P & S PRINT: Creditors' Liquidation Claims Due by Feb. 11
---------------------------------------------------------
Creditors of LLC P & S Print-Service have until Feb. 11, 2008,
to submit their claims to:

         Werner Herde
         Liquidator
         Frohbuhlstrasse 4
         8052 Zurich
         Switzerland

The Debtor can be reached at:

         LLC P & S Print-Service
         Zurich
         Switzerland


PLANFINANZ CONTACT: Creditors' Liquidation Claims Due by Feb. 11
----------------------------------------------------------------
Creditors of LLC Planfinanz Contact have until Feb. 11, 2008, to
submit their claims to:

         Dr. Josef Schwerzmann
         Gotthardstrasse 31
         6304 Zug
         Switzerland

The Debtor can be reached at:

         LLC Planfinanz Contact
         Zug
         Switzerland


PROMOBILIA LLC: Creditors' Liquidation Claims Due by Feb. 8
-----------------------------------------------------------
Creditors of LLC Promobilia have until Feb. 8, 2008, to submit
their claims to:

         Uhler Walter
         Liquidator
         Gartenstrasse 6
         8807 Freienbach
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC Promobilia
         Freienbach
         Hofe SZ
         Switzerland


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


DOBROBUT LLC: Claims Filing Deadline Set February 9
---------------------------------------------------
Creditors of Agricultural LLC Dobrobut (code EDRPOU 31936096)
have until Feb. 9, 2008, to submit written proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B-19/276-07.

The Debtor can be reached at:

         Agricultural LLC Dobrobut
         Krasnoarmeyskaya Str. 11
         61052 Kharkov
         Ukraine


GAMAKHIM LLC: Creditors Must File Claims by February 9
------------------------------------------------------
Creditors of LLC Production Commerce Enterprise Gamakhim (code
EDRPOU 30359169) have until Feb. 9, 2008, to submit written
proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/262-07.

The Debtor can be reached at:

         LLC Production Commerce Enterprise Gamakhim
         Apartment 401
         Kosmicheskaya Str. 26
         61145 Kharkov
         Ukraine


INDUSTRIAL CAPITAL: Creditors Must File Claims by February 9
---------------------------------------------------------------
Creditors of LLC Industrial Capital (code EDRPOU 25234242) have
until Feb. 9, 2008, to submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 29/186.

The Debtor can be reached at:

         LLC Industrial Capital
         Gorodotskaya Str. 299
         79040 Lvov
         Ukraine


INTERDIN INTERNATIONAL: Creditors Must File Claims by February 9
----------------------------------------------------------------
Creditors of Interdin International Movers Ukraine (code EDRPOU
25266644) have until Feb. 9, 2008, to submit written proofs of
claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/778.

The Debtor can be reached at:

         Interdin International Movers Ukraine
         Sluzhebnaya Str. 5
         03142 Kiev
         Ukraine


IRBIS-PLUS LLC: Creditors Must File Claims by February 9
--------------------------------------------------------
Creditors of LLC Joint Ukrainian-Russian Enterprise Irbis-Plus
(code EDRPOU 31341262) have until Feb. 9, 2008, to submit
written proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/261-07.

The Debtor can be reached at:

         LLC Joint Ukrainian-Russian Enterprise Irbis-Plus
         Apartment 67
         Poltavsky Shliakh Str. 190
         61034 Kharkov
         Ukraine


MONOLIT CJSC: Creditors Must File Claims by February 9
------------------------------------------------------
Creditors of CJSC Building-Assembly Production Union Monolit
(code EDRPOU 13604403) have until Feb. 9, 2008, to submit
written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/255/07.

The Debtor can be reached at:

         CJSC Building-Assembly Production Union Monolit
         Tsilianskaya Str. 1
         69008 Zaporozhje
         Ukraine


PK UKRAINIAN: Creditors Must File Claims by February 9
------------------------------------------------------
Creditors of LLC PK Ukrainian South Building Resource (code
EDRPOU 34253719) have until Feb. 9, 2008, to submit written
proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/273-07-8983.

The Debtor can be reached at:

         LLC PK Ukrainian South Building Resource
         Kalantayevskaya Str. 27/33
         Odessa
         Ukraine


PROMIN LLC: Creditors Must File Claims by February 9
----------------------------------------------------
Creditors of Agricultural LLC Promin (code EDRPOU 03788193) have
until Feb. 9, 2008, to submit written proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 2/352-B.

The Debtor can be reached at:

         Agricultural LLC Promin
         Derazhnia District Galuzintsy
         32226 Hmelnitsky
         Ukraine


TRUST ARTEMMINEBUILDING: Claims Filing Deadline Set February 9
--------------------------------------------------------------
Creditors of OJSC Trust Artemminebuilding (code EDRPOU 00180717)
have until Feb. 9, 2008, to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Dec. 6, 2007.  The case is docketed
under Case No. 45/259B.

The Debtor can be reached at:

         OJSC Trust Artemminebuilding
         Gorlovka
         84601 Donetsk
         Ukraine


UKRSOTSBANK: Moody's Lifts Debt Ratings on Loan Notes to Ba2
------------------------------------------------------------
Moody's Investors Service upgraded to Baa2/Prime-2 the local
currency long-term debt and deposit ratings of Ukrsotsbank , to
D the bank Financial Strength Rating, to Aaa.ua National Scale
Rating and to Ba2 (positive outlook) the long-term debt rating
of the bank's loan participation notes.

Moody's said that the bank's B2 long-term foreign currency
deposit rating was affirmed, with positive outlook, as it
remains constrained by Ukraine's B2 country ceiling for such
deposits, while the Ba2 long-term debt rating of the bank's loan
participation notes has pierced the respective Ba3 country
ceiling for Ukraine.

Moody's noted that the upgrade has been prompted by the recent
announcement that Unicredit Group, the largest bank in Italy by
total assets (rated Aa2/P-1/B-), has completed, via its Austrian
subsidiary Bank Austria Creditanstalt AG (rated Aa2/P-1/C+), the
acquisition of 94.2% of Ukrsotsbank's shares and thus became a
controlling shareholder of the bank.

Moody's understands that Ukrsotsbank will continue to focus on
developing as a universal bank providing a full range of
services to both individuals and corporates.  The bank will
continue to place an increased emphasis on retail lending and
development of the distribution network, but will also begin to
offer more sophisticated products to its corporate clients and
SMEs.  Moody's said that the upgrade is driven by Moody's
assessment of the implicit commitment and support from Unicredit
Group to Ukrsotsbank.

According to Moody's, the upgrade of the bank's BFSR to D was
prompted by the meaningful improvement in the bank's financial
fundamentals in 2006 and 2007 -- in the form of increased
recurring earning power, enhanced efficiency and improved asset
quality, improvement in the bank's funding profile, liquidity
position and capitalization in 2007 as well as the expected
benefits of the bank's integration with Unicredit Group,
especially in the areas of corporate governance, credit and
market risk management.

These ratings were upgraded:

   -- local currency long-term bank deposit rating - to Baa2;

   -- local currency short-term bank deposit rating -
      to Prime-2;

   -- local currency long-term debt rating to Baa2;

   -- foreign currency long-term debt ratings of loan
      participation notes issued by Ukrsots Finance B.V. due
      2008 to Ba2 (positive outlook);

   -- foreign currency long-term debt rating of loan
      participation notes issued by Credit Suisse International
      on a limited recourse basis for the sole purpose of
      funding an unsecured and unsubordinated loan to
      Ukrsotsbank due 2010 to Ba2 (positive outlook);

   -- bank financial strength rating to D;

   -- national scale rating to Aaa.ua.

These ratings were affirmed:

   -- B2 long-term foreign currency deposit rating (positive
      outlook);

   -- Non-Prime short-term foreign currency debt and deposit
      ratings.

Ukrsotsbank is headquartered in Kyiv, Ukraine, and as of
Dec. 31, 2007 reported Ukrainian Accounting Standards total
assets of UAH31.2 billion (US$6.2 billion) and net profit of
UAH362.3 million (US$ 71.7 million).


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


ARVINMERITOR: Incurs US$12MM Net Loss in Quarter Ended Dec. 30
--------------------------------------------------------------
ArvinMeritor, Inc. reported financial results for its first
fiscal quarter ended Dec. 30, 2007.

Chairperson, Chief Executive Officer and president, Chip McClure
said, "We demonstrated stronger operating performance this
quarter despite Class 8 volumes being down approximately 50
percent in North America.  The actions we have implemented
through our Performance Plus program, particularly in Europe,
are gaining traction and driving improved EBITDA and margins."

            First-Quarter Fiscal Year 2008 Results

For the first quarter of fiscal year 2008, ArvinMeritor posted
sales from continuing operations of US$1.7 billion.  Despite a
weak economy in North America and challenging global industry
conditions, sales were up compared to the first quarter of last
year for both Commercial Vehicle Systems (CVS) and Light Vehicle
Systems (LVS), due in part to favorable currency exchange rates.

EBITDA, before special items, was US$82 million, up US$10
million from the same period last year.  This increase is
primarily due to improved CVS operating results driven by the
company's Performance Plus program.

On a GAAP basis, the company's net loss from continuing
operations was US$1 million, compared to net income from
continuing operations of US$10 million in the same period last
year.

Income from continuing operations, before special items, was
US$6 million compared to US$12 million a year ago.  Special
items for the quarter include charges associated with the
company's previously announced restructuring program.

For the three months ended Dec. 30, 2007, the company reported a
$12 million net loss compared to $7 million net income for the
same period in the previous year.

At Dec. 31, 2007, the company's balance sheet showed total
assets of $4.56 billion, total liabilities of $4.02 billion and
total shareowners' equity of $0.54 billion.

Free cash outflow of $305 million compared to an outflow of
$64 million in the first quarter of fiscal year 2007.  This
represents negative cash flow from operations of $271 million in
2007 and $33 million in 2006, and capital expenditures of
$34 million in 2007 and $31 million in 2006.


                    Business Highlights

  -- Increased CVS EBITDA margins by six-tenths of a percentage
     point in the first quarter of fiscal year 2008 compared to
     the same period last year.

  -- Acquired Mascot Truck Parts Ltd., a remanufacturer of
     transmissions, drive axle carriers, steering gears and
     drivelines, to drive the company's strategy to grow its
     Commercial Vehicle Aftermarket business.

  -- Awarded new business to supply more than four million
     window regulator motors, 700,000 plastic door modules, and
     700,000 Next Generation latch sets annually to Hyundai
     Motor Company beginning in 2010.

  -- Amended the company's senior secured credit facility to
     offer greater flexibility and access to increased
      liquidity.

                         Outlook

The company reduced its calendar year 2008 forecast for light
vehicle sales to 15.5 million vehicles in North America, down
from 15.7 million vehicles forecasted in its last update in
December.  The company's forecast for Western Europe is 17.1
million vehicles, unchanged from the last update.

ArvinMeritor's fiscal year 2008 forecast for North American
Class 8 truck production is in the range of 210,000 to 230,000
units.  The company's fiscal year 2008 forecast for heavy and
medium truck volumes in Western Europe is 530,000 to 540,000,
equal to the previous forecast.  On a calendar year basis, the
company anticipates North America Class 8 truck production to be
in the range of 235,000 to 255,000 units; and heavy and medium
truck volumes in Western Europe to be in the range of 540,000 to
550,000.

The company anticipates sales from continuing operations in
fiscal year 2008 in the range of US$6.9 billion to US$7.1
billion due to continued growth outside the U.S. and favorable
foreign exchange movements.  The outlook for full-year EBITDA
from continuing operations, before special items, is expected to
be in the range of US$385 million to US$405 million for the
fiscal year.  ArvinMeritor reaffirms its forecast for diluted
earnings per share from continuing operations, before special
items, to be in the range of US$1.40 to US$1.60. This guidance
is based on the assumption of 2.2 percent U.S. GDP growth, and
excludes gains or losses on divestitures and restructuring
costs.

ArvinMeritor is revising its forecast for free cash flow to be
in the range of negative US$75 million to negative US$125
million due in large part to increased working capital
requirements driven by higher sales volumes in Europe and Asia
Pacific.

"The improvement in our operating performance this quarter
indicates that the actions we are implementing, driven
primarily through our Performance Plus profit improvement
program, are taking effect," said Mr. McClure.  "We are on
track to achieve cost-savings of US$75 million this year, and
are pleased that ideas already implemented total US$58 million
in savings on an annual run rate basis."

"In addition, greater operational efficiencies, improved pricing
terms, execution of our global footprint plan, expansion in
emerging markets, and new business awards all demonstrate the
significant work being accomplished by our talented global
team." Mr. McClure concluded.

                    About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.


ARVINMERITOR: Expected Neg. Cash Flow Cues Fitch to Cut Ratings
---------------------------------------------------------------
Fitch Ratings has taken these actions on ArvinMeritor's credit
ratings:

  -- Issuer Default Rating downgraded to 'B' from 'B+';
  -- Senior secured revolver affirmed at 'BB/RR1;
  -- Senior unsecured notes downgraded to 'B/RR4' from 'B+/RR4.

The ratings affect approximately US$1.1 billion of outstanding
debt.  The Rating Outlook is Stable.

The downgrades reflect ARM's expectation of negative cash flow
in an amount greater than previously expected, which along with
economic conditions and uncertain progress on its restructuring
plan, will defer any return to positive free cash flow.
Although Fitch previously projected negative cash flow for
fiscal 2008, changes to ARM's working capital position will
require a greater use of cash and result in higher net financing
costs.  Ancillary one-off items related to warranty reserves,
discontinued operations, a modest acquisition and ongoing
restructuring costs will exacerbate outflows.  Capital
expenditures will also increase in 2008 from the restrained
levels of the past several years.

Although segment operating margins showed modest progress in the
first fiscal quarter, low Light Vehicle Systems margins
demonstrate that any progress from the company's restructuring
efforts has been largely offset by pricedowns and other negative
industry trends.  The working capital intensity of the business
indicates that any volatility in production or financial flows
can have material operating and cash flow repercussions.  Fitch
is concerned that economic weakness, production volatility and
second-tier supplier stresses have not yet peaked in 2008,
leading to potential further cash flow reductions.

Commercial Vehicle Systems operations should continue to rebound
from 2007 cyclical trough levels, although economic concerns
have muted the pace and extent of the rebound.   European
operations have experienced higher than expected demand but ARM
was unable to capitalize on the higher volume due to capacity
and production inefficiencies.  ARM will be increasing capital
investment in CVS Europe in 2008 to increase operational
flexibility.  ARM's LVS operations will be affected by domestic
volume declines, although Detroit Three light-vehicle sales in
North America only account for 8% of total consolidated revenue.
Unlike recent economic cycles, Fitch expects the domestic
manufacturers to be much more aggressive in cutting production
in order to better manage inventory levels, in part due to
greater flexibility gained in the recent UAW contract.

The cyclical upturn in heavy duty trucks, although likely to be
moderated by economic weakness, could return ArvinMeritor to
positive free cash flow in fiscal 2009.  Limited margin
improvement in LVS indicates that any free cash generation on a
consolidated basis is likely to be modest, with limited capacity
to reduce expanded debt levels.

ArvinMeritor maintains good liquidity, with US$164 million in
cash as of Dec. 31, 2007, and substantial undrawn bank and
receivables facilities.  With the exception of the company's
US$700 million revolver (which expires in 2011), the company has
no substantial maturities in the next five years.  The company's
recently amended and downsized its revolver, leaving adequate
flexibility under its financial covenant.  Total debt, including
outstanding securitizations and factoring, declined slightly in
fiscal 2007 due to asset sales, offsetting negative operating
cash flow.  The company has also expanded its utilization of
European securitizations and factoring.

The Recovery Ratings and associated notching in the debt
structure reflect Fitch's recovery expectations in a scenario in
which distressed enterprise value is allocated to the various
debt classes.  The assignment of the 'RR1' recovery rating to
the senior secured revolving credit facility indicates an
expectation of full recovery.  The secured facility benefits
from first-lien status on certain U.S. assets and a 15% carve-
out of consolidated net tangible assets.  The 'B/RR4' rating on
ARM's unsecured debt reflects an expectation that unsecured
debtholders would receive, after administrative, priority, trade
creditor and secured claims, 31% to 50% of their investment,
which is about average recovery in a distressed scenario.


ASCOT SYSTEMS: Brings In Liquidators from Vantis
------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis were
appointed joint liquidators of on for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


CHATTEM INC: Fiscal Year 2007 Net Income Up to US$59.7 Million
--------------------------------------------------------------
Chattem Inc. reported its financial results for the fiscal
fourth quarter and year ended Nov. 30, 2007.

              Fiscal Year 2007 Financial Results

Total revenues for fiscal 2007 rose to a record
US$423.4 million, an increase of 40.9%, compared to total
revenues of US$300.5 million in fiscal 2006.  Revenue growth for
the fiscal year was driven by the five acquired brands and
continued growth of the Gold Bond and Icy Hot businesses, offset
by declines in the Icy Hot Pro-Therapy(R) and Dexatrim(R)
franchises, the latter of which was impacted by unprecedented
competition in the weight loss category as well as difficult
comparisons to the fiscal 2006 launch period of Dex Max2O(R).
Excluding the impact of the acquired brands and Icy Hot Pro-
Therapy, total revenues increased 5% compared to fiscal 2006.

Net income for the fiscal year increased to a record
US$59.7 million, compared to US$45.1 million for fiscal 2006.

Net income for fiscal 2007 included a loss on early
extinguishment of debt and SFAS 123R employee stock option
expense.  Net income for fiscal 2006 included a debt
extinguishment charge, litigation settlement items and SFAS 123R
employee stock option expense.  As adjusted to exclude these
items, net income for fiscal 2007 was US$65.1 million, compared
to US$37.5 million for fiscal 2006, and earnings per share were
US$3.36 compared to US$1.95 for fiscal 2006, a 72.3% increase.

                Fourth Quarter Financial Results

Total revenues for the fourth quarter of fiscal 2007 were
US$100.6 million, compared to total revenues of US$65.1 million
in the prior year quarter, representing a 54.5% increase.
Revenue growth for the quarter was led by the five acquired
brands as well as strong performances from Gold Bond and
Icy Hot.  Offsetting these increases was a reduction in sales of
Dexatrim and lower sales of Icy Hot Pro-Therapy.  Excluding the
impact of the acquired brands and Icy Hot Pro-Therapy, total
revenues increased 3% compared to the prior year quarter.

Net income for the quarter rose to US$14.8 million, compared to
US$4.9 million for the prior year quarter.  Net income for the
fourth quarter of fiscal 2007 included SFAS 123R employee stock
option expense.  Net income for the fourth quarter of fiscal
2006 included litigation settlement items and SFAS 123R employee
stock option expense.  As adjusted to exclude these items, net
income for the fourth quarter of fiscal 2007 was US$15.8
million, compared to US$6.0 million for the prior year quarter.

In the fourth quarter of fiscal 2007, the Company increased the
reserves for Icy Hot Pro-Therapy retail and in-house inventory
exposure by approximately US$7.0 million, or US$0.24 per share,
which resulted in lower revenue and reduced gross margins during
the fourth quarter of fiscal 2007.  This increase in reserves
was based on a detailed evaluation of the Icy Hot Pro-Therapy
business.  Management believes this amount fully addresses any
significant product return or in-house inventory obsolescence
exposure.

"The company experienced the most successful year in its 128
year history," said Zan Guerry, Chattem's Chairman and Chief
Executive Officer.  "Early in the year, we made the exciting
acquisition of five brands from Johnson & Johnson and were able
to integrate those brands into our organization smoothly and
ahead of schedule.  The acquisition, combined with the growth
of our existing business, resulted in a 41% increase in total
revenues for the year to a record US$423 million and even more
impressive earnings growth," Mr. Guerry stated.  "In reference
to the balance sheet," Guerry commented further, "we were able
to finance the acquisition of the five brands on very favorable
terms and have put in place a very solid and effective capital
structure.  Our strong operating cash flows for fiscal 2007
enabled us to reduce debt more rapidly than we anticipated at
the time of the acquisition while also repurchasing over 400,000
shares of our common stock for US$23.6 million, or an average
cost of US$58.98 per share."

"Looking to fiscal 2008," Mr. Guerry continued, "we have
tremendous momentum and robust advertising support planned for
our Big 6 brands, Gold Bond(R), Icy Hot(R), ACT(R), Cortizone-
10(R), Selsun(R) and Unisom(R), which accounted for
approximately 72% of our total revenues in fiscal 2007.  The
strength of our Big 6 brands, together with an impressive line
up of new products, expected gross margin improvement and the
ability to rapidly deleverage with strong cash flows, has led us
to increase our earnings per share guidance for fiscal 2008 to a
range of $4.00 to $4.20 per share before SFAS 123R and debt
extinguishment charges."

Key Highlights:

   * Gross margin for the quarter rose to 70.0%, compared to
     68.2% for the prior year quarter, and 69.5% for fiscal
     2007, compared to 68.7% for fiscal 2006.  Gross margin for
     fiscal 2008 is expected to approach historical levels as a
     result of the full year impact of the in-house
     manufacturing of certain of the five acquired brands and
     product mix.

   * Advertising and promotion expense (A&P) for the quarter
     increased by US$5.5 million to US$26.0 million, or 25.8%
     as a percentage of total revenues, and rose by US$16.1
     million to US$112.2 million, or 26.5% of total revenues,
     for the fiscal year, compared to US$96.1 million, or 32.0%
     of total revenues in fiscal 2006.  The decline in A&P
     expense as a percentage of total revenues from fiscal 2006
     reflected unusually high A&P expenses in fiscal 2006 due
     primarily to the launch of Icy Hot Pro-Therapy.  The
     company anticipates A&P spending to increase significantly
     on a dollar basis for fiscal 2008 and remain consistent
     with historical levels of 26% to 28% as a percentage of
     total revenues.

   * Selling, general and administrative expenses decreased to
     15.3% of total revenues for the quarter, compared to 20.0%
     for the prior year quarter, and to 13.6% of total revenues
     for the fiscal year, compared to 15.6% for fiscal 2006.
     For fiscal 2008, SG&A expenses are not expected to rise
     commensurate with increases in total revenues as the
     company continues to leverage its operating infrastructure.

   * For the fiscal year, cash flows from operations increased
     59.4% to US$86.7 million compared to US$54.4 million for
     fiscal 2006.  Free cash flow, defined as cash flows from
     operations less capital expenditures, was US$80.4 million,
     up 61.8%, compared to US$49.7 million for fiscal 2006.
     Capital expenditures for the fiscal year were
     US$6.3 million with more than half of these expenditures
     attributable to the integration of in-house manufacturing
     for certain of the five acquired brands.

   * Earnings before interest, taxes, depreciation and
     amortization increased 139% to US$32.2 million, or 32.0% of
     total revenues, for the quarter and increased 82.6% to
     US$133.9 million, or 31.6% of total revenues, for the
     fiscal year, compared to US$73.3 million, or 24.4% of total
     revenues in fiscal 2006.

   * Since acquiring the five brands on Jan. 2, 2007, the
     company has reduced total debt by US$62.5 million to
     US$508.0 million as of Nov. 30, 2007.  During that same
     period, the company funded the purchase of a net bond
     hedge of US$12.1 million in connection with the issuance
     of the 1.625% senior convertible notes in April 2007;
     acquired the ACT business in Western Europe and the
     worldwide trademark rights to ACT for US$4.1 million; and
     repurchased 400,129 shares of the Company's common stock
     for US$23.6 million, or an average cost of US$58.98 per
     share.

                    Fiscal 2008 Guidance

The company currently expects earnings per share for fiscal 2008
to be in the range of US$4.00 to US$4.20 as compared to our
earlier estimate of US$3.90 to US$4.10, in each case excluding
stock option expense under SFAS 123R and any loss on debt
extinguishment.  Stock option expense under SFAS 123R for fiscal
2008 is estimated to be US$0.21 per share.

Chattanooga, Tenn.-based Chattem Inc. manufactures and markets
branded consumer products, including over-the-counter healthcare
products and toiletries and skin care products. Its products
include Gold Bond medicated powder, Icy Hot topical analgesic,
Dexatrim appetite suppressant, and Bullfrog sunblock. Chattem
has operations in the U.K., Australia, and Puerto Rico.

                       *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets
----------------------------------------------------------------
Private investment firms, Thomas H. Lee Partners LP and Bain
Capital Partners LLC, remained undaunted in their plans to buy
Clear Channel Communications Inc. for US$39.20 per share amid
market's worries, various reports relate.

Days before, investors were stirred when the buyers refused to
comment on the pending buyout deal worth around US$19.5 billion
that led to speculation that deal will not push through, reports
say.

THL co-president Anthony DiNovi cleared out the issue at
Tuesday's conference by explaining he would violate Securities
and Exchange Commission rules if he commented on the pending
deal, reports reveal.

Some news disclose that the buyout firms provided personnel to
Clear Channel to help execute steps to reduce expenses.  This
report led investors to believe that the would-be buyers have
not given up, according to the report.

Clear Channel told reporters Tuesday that the pending deal will
be completed by March 2008, as previously planned.

                 FCC Publication on the Sale Deal

The Federal Communications Commission published in its Web site
that Clear Channel Communications Inc., Thomas H. Lee Equity
Fund VI LP and Bain Capital (CC) IX LP have jointly submitted
applications to the Commission.  The applications seek consent
to transfer control of certain subsidiaries of Clear Channel
that are the holders of various Commission licenses and other
authorizations.  Clear Channel, through its subsidiaries,
controls 1172 broadcast radio stations and 35 broadcast
television stations.  The applications seek Commission consent
to the proposed transfer of control of Clear Channel from its
shareholders to the Transferees.  After the transfer, the
company would continue to operate under the name "Clear Channel
Communications Inc." under the control of the Transferees.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


COMBI LTD: Joint Liquidators Take Over Operations
-------------------------------------------------
Gregory Andrew Palfrey of Smith & Williamson and Paul W. Ellison
of Tenon Recovery were appointed joint liquidators of Combi (UK)
Ltd. on Jan. 22 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Combi (UK) Ltd.
         c/o Tenon Recovery Ltd.
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England


CROWN QUILTING: Claims Filing Period Ends April 21
--------------------------------------------------
Creditors of Crown Quilting UK Ltd. have until April 21, 2008 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         M. H. Abdulali and N. J. Dingley
         Joint Liquidators
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali and N. J. Dingley of Moore Stephens were
appointed joint liquidators of the company Dec. 20, 2007 for the
creditors' voluntary winding-up proceeding.


DURA AUTO: Wants To Sell 9 Properties to IRG for US$19.2 Million
----------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask
permission from the U.S. Bankruptcy Court for the District of
Delaware to sell to Industrial Realty Group, LLC, real property
located at:

    -- 9444 Florida Mining Boulevard East, Jacksonville, Florida
       32257,

    -- 617 Douro Street, Stratford, Ontario, Canada,

    -- 322 East Bridge Street, Brownstown, Indiana,

    -- 800 North College Street, Fulton, Kentucky,

    -- 132 Ferro Road, Pikeville, Tennessee,

    -- 1775 East U,S, 20, LaGrange, Indiana,

    -- 5 Industrial Loop, Hannibal, Missouri,

    -- 345 Ecclestone Road, Bracebridge, Ontario, Canada, and

    -- 445 Helm Street, Brookfield, Missouri,

Dura Operating Corp. and its affiliates seek to sell the
Property Portfolio to IRG free and clear of all liens, claims,
encumbrances, and other interests.

The Debtors also seek the Court's permission to pay broker fees
in connection with the Sale.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that over a period of
three years, each of the properties in the Property Portfolio
was individually marketed by the Debtors and Colliers
International, the Debtors' exclusive real estate broker for the
properties, including listing on national multi-listing sites,
municipal and regional economic development Web sites, and
through direct canvassing by local brokers of local businesses,
investors and developers within a radius of approximately 100
miles of each property.

Starting May 2007, the Debtors and Colliers International
marketed the Property Portfolio as a whole to certain developers
and investors who had previously expressed interest in
purchasing similar rural industrial properties.  IRG was one of
the parties contacted by Colliers International, on the Debtors'
behalf, and was the only party to submit an offer for the
Property Portfolio.

Between August and December 2007, the Debtors conducted arm's-
length negotiations with IRG.  As a result of the negotiations,
IRG agreed to material improvements in the lease terms under the
purchase and sale agreements, resulting in an additional benefit
to the Debtors' estates of approximately US$900,000.

IRG submitted a written offer on Sept. 7, 2007.  When DSN
Holdings, Inc., the original purchaser of the Jacksonville
Property, determined not to proceed to closing, the Debtors
offered to sell the property to IRG for the same purchase price
of US$8,400,000 and on substantially similar terms.

The Debtors believe the purchase price offered by IRG for the
Property Portfolio is both fair and favorable to their estates
based on:

   (a) appraisal information provided by Gordon Schreur,
       director of AlixPartners, LLP;

   (b) the willingness of IRG to lease certain of the facilities
       to the Debtors on a short-term basis at a competitive
       rate to the Debtors while the Debtors wind down remaining
       operations at those locations; and

   (c) the fact that IRG is willing to purchase all of the
       properties in a single transaction, which will reduce the
       costs associated with selling the Property Portfolio.

The material terms of the Purchase and Sale Agreements signed by
the parties are:

    Term                Description
    ----                -----------
    Purchase Price      US$19,200,000 -- US$8,400,000 for the
                        Jacksonville Property, and US$10,800,000
                        for the remainder of the Property
                        Portfolio.

    Escrow Deposit      US$100,000 for the Jacksonville
                        Property, and US$300,000 for the
                        remainder of the Property Portfolio.

    Seller              Customary representations and warranties
    Representations     for an "as is" sale.
    and Warranties

    Inspection Period   45 days.

    Purchaser's         Satisfactory completion of due
    Conditions          diligence.
    Precedent to
    Closing

    Mutual Conditions   Entry of Bankruptcy Court order
    Precedent to        approving Sale.
    Closing

    Timing of Closing   30 days after the end of the inspection
                        period.

    Interim             Short-term leases of property at 800
    Short-Term Leases   North College Street, Fulton, Kentucky,
                        322 East Bridge Street, Brownstown,
                        Indiana, and Jacksonville Property.

                     About DURA Automotive

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.  The Debtors'
exclusive period to file a Chapter 11 plan expires on March 12,
2008.

(Dura Automotive Bankruptcy News, Issue No. 44; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTOMOTIVE: Jacksonville Property Buyer Withdraws Offer
------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates have
withdrawn their request to sell property located at 9444 Florida
Mining Boulevard East, in Jacksonville, Florida, to DSN
Holdings, Inc.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that DSN determined not
to proceed to closing.

The Debtors now intend to sell the Jacksonville Property at the
same purchase price of US$8,400,000 to Industrial Realty Group,
LLC.

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.  The Debtors'
exclusive period to file a Chapter 11 plan expires on March 12,
2008.

(Dura Automotive Bankruptcy News, Issue No. 44; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ELECTRONIC DATA: Inks Management Deal with Breast Cancer Org.
-------------------------------------------------------------
Electronic Data Services Corp. disclosed a five-year, server
management services agreement with Susan G. Komen for the Cure.
The contract was signed in the fourth quarter of 2007, and
financial terms of the agreement are not being disclosed.

Under this new agreement, Electronic Data will manage Komen for
the Cure's server environment, including planning, configuring,
hosting and ongoing server support, allowing the organization to
remain focused on being the global leader in the fight against
breast cancer.

"Strengthening our information technology infrastructure gives
Susan G. Komen for the Cure the foundation to deliver new
capabilities that will accelerate the promise to end breast
cancer," said Komen information technology vice president,
Justin Ricketts.  "EDS' cost-effective and secure solution
provides us with the server agility and reliability needed to
change and flex as our organization grows."

The company's Server Management Services optimally deploy,
monitor and manage servers through standardization,
virtualization, automation and ITIL-based best practices.  "EDS
has developed a strong relationship with Susan G. Komen for the
Cure -- first by supporting the Susan G. Komen Race for the
Cure(R) globally and now through information technology
services," said Electronic Data's Global Healthcare Industry
vice president, Sean Kenny.  "By entrusting its enterprise
server environment to EDS, Komen can stay focused on its goals
of finding the cures for breast cancer and serving those around
the world touched by the disease."

In addition to supporting Komen through IT services, Electronic
Data employees participated in more than 16 Susan G. Komen Race
for the Cure events around the world in 2007, including Races in
Germany and Italy.  The company has been the local presenting
sponsor of the Komen North Texas Race for the Cure(R) since
2004. Last year, with more than 12,000 participants, the North
Texas Race was held at the company's global headquarters in
Plano, Texas.  The company will once again host this year's
Race, put on by Komen's North Texas Affiliate, on June 7, 2008.

            About Susan G. Komen for the Cure

Nancy G. Brinker promised her dying sister, Susan G. Komen, she
would do everything in her power to end breast cancer forever.
In 1982, that promise became Susan G. Komen for the Cure and
launched the global breast cancer movement.  Today, Komen for
the Cure is the world's largest grassroots network of breast
cancer survivors and activists fighting to save lives, empower
people, ensure quality care for all and energize science to find
the cures.  Thanks to events like the Komen Race for the Cure,
the organization invested nearly US$1 billion to fulfill its
promise, becoming the largest source of nonprofit funds
dedicated to the fight against breast cancer in the world.  For
more information about Susan G. Komen for the Cure, breast
health or breast cancer, visit
http://www.komen.orgor call 1-877 GO KOMEN.

               About Electronic Data System

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.  EDS
has locations in Argentina, Australia, Austria, Brazil, China,
Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto
Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom,
among others.

                       *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


ENRON CORP: Citigroup Seeks Summary Judgment on Claims
------------------------------------------------------
Citigroup Inc., Citibank, N.A. Citigroup Global Markets Inc.,
Citicorp North America, Inc., Citigroup Financial Products,
Inc., CXC LLC, Corporate Asset Funding Company, LLC, Corporate
Receivables Corporation, LLC, and Citigroup Global Markets Ltd.,
ask the U.S. Bankruptcy Court for the Southern District of New
York to grant summary judgment on all of Enron Corp. and its
debtor-affiliates' intentional and constructive fraudulent
conveyance claims and certain preferential transfer claims.

Citigroup says the Debtors' attempt to avoid 81 transfers, worth
US$3,000,000,000, does not provide a coherent basis for
avoidance.  The Debtors cannot "bootstrap" the allegations it
made with respect to the common law claims to underpine these
avoidance claims, because these allegations do not support their
claim that it engaged in the 81 transfers with the actual intent
to hinder, delay or defraud their creditors, Stephen J.
Shimshak, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
in New York., argues, on Citigroup's behalf.

According to Mr. Shimshak, the Debtors cannot escape the fact
that in every instance involving the Citigroup loans, "Enron got
the money, Enron used the money, and Enron repaid the money"
and, as dollar-for-dollar exchanges, did not diminish their
estate in any way.  In addition, the Debtors have not uncovered
any fact in discovery, or put forward any expert report, to
support its claims of receiving less than fair consideration or
reasonably equivalent value from those loans.

Mr. Shimshak further contends that 31 of the transfers -
aggregating approximately US$1,000,000,000 -- which the Debtors
challenge as constructively fraudulent or preferential involve
swap payments.  Section 546(g) of the Bankruptcy Code, also
known as the "safe harbor" provision, protects those payments,
which took place before the Debtors' bankruptcy filing.

Mr. Shimshak relates that the parties used standardized swap
agreement forms, with payment by or to Enron and Citigroup, and
the parties acted in conformity with the terms of those swap
agreements.

Finally, Mr. Shimshak maintains that the statutory "new value"
defense, involving the transfer of new value to the Debtors on
an unsecured basis following Citigroup's alleged receipt of
preferential transfers, shelters over US$17,000,000 of otherwise
preferential transfers from the Debtors to Citibank, N.A.

                        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: Court Okays Stipulation with Avaya
----------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation between Enron Creditors Recovery Corp.,
and Avaya, Inc.

In November 2003, Enron Creditors Recovery Corp., formerly known
as Enron Corp., and its affiliated entities, filed a complaint
against Avaya, Inc., seeking the recovery of US$3,535,397 in
preferential payments or fraudulent transfers.  Avaya filed its
answer in January 2005.

To avoid costs, uncertainty, and delay of litigation, the
parties have reached a consensual compromise and settlement of
all the disputes concerning the adversary proceeding.

Under the stipulation:

   (a) Avaya will pay US$700,000 in cash to Enron.

   (b) Enron's complaint against Avaya will be dismissed, with
       prejudice, pursuant to Rule 7041(a)(1) of the Federal
       Rules of Bankruptcy Procedure.

   (c) Each party will bear their own costs and expenses.

   (d) Avaya waives all claims against Enron.

   (e) The parties exchange mutual releases from all liabilities
       and causes of action.

                        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 and 201; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ENVIRONMENTAL INTELLIGENCE: Taps KPMG as Joint Administrators
-------------------------------------------------------------
Brian Green and David James Costley-Wood of KPMG LLP were
appointed joint administrators of Environmental Intelligence
Ltd. (Company Number 05344466) on Jan. 17, 2008.

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

The company can be reached at:

          Environmental Intelligence Ltd.
          Narrow Quay House
          Narrow Quay
          Bristol
          Avon
          BS1 4AJ
          England


HUNLEY HALL: Appoints Grant Thornton As Joint Administrators
------------------------------------------------------------
Joseph Peter Francis McLean and Keith Hinds of Grant Thornton UK
LLP were appointed joint administrators of Hunley Hall Golf Club
Ltd. (Company Number 2680045) on Jan. 18, 2008.

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

The company can be reached at:

          Hunley Hall Golf Club Ltd.
          Rockcliffe Hunley Hall Golf Club
          Ings Lane
          Brotton
          Saltburn by the Sea
          Cleveland
          TS12 2FT
          England
          Tel: 01287 676 216


INPLOY CONSULTANTS: Calls In Liquidators from Vantis
----------------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis were
appointed joint liquidators of Inploy Consultants Ltd. on
Jan. 16 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


JAYCARE LTD: Brings In KPMG to Administer Assets
------------------------------------------------
Mark Granville Firmin and David John Crawshaw of KPMG LLP were
appointed joint administrators of Jaycare Ltd. (Company Number
654833) on Jan. 16, 2008.

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

Headquartered in Newcastle upon Tyne, England, Jaycare Ltd. --
http://www.jaycare.com/-- manufactures plastic container.


M BAKER RECYCLING: Taps Administrators from KPMG
------------------------------------------------
Brian Green and David James Costley-Wood of KPMG LLP were
appointed joint administrators of M. Baker Recycling Ltd.
(Company Number 04302013) on Jan. 17, 2008.

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

The company can be reached at:

          M. Baker Recycling Ltd.
          Narrow Quay House
          Narrow Quay
          Bristol
          BS1 4AH
          England



MAINTENANCE CONTRACTS: Appoints Liquidator from Kingston Smith
--------------------------------------------------------------
Timothy James Bramston of Kingston Smith & Partners LLP was
appointed liquidator of Maintenance Contracts Ltd. (formerly PCS
Technical Services Ltd.) on Jan. 6 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


METRO GOLF: Appoints Joint Administrators from Menzies
------------------------------------------------------
Andrew Gordon Stoneman and Geoffrey Wayne Bouchier of Menzies
Corporate Restructuring were appointed joint administrators of
Metro Golf Ltd. (Company Number 05676518) on Jan. 17, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Metro Golf Ltd.
          19 Sheldon Square
          London
          W2 6EP
          England
          Tel: 020 8549 4416


METRONET RAIL: Transport Committee Releases Report
--------------------------------------------------
The House of Commons Transport Committee concluded in their
report that the U.K. government should bear the Metronet Rail
Group debacle in mind if and when its parent companies-Atkins,
Balfour Beatty, Bombardier, EDF Energy and Thames Water-next
come to bid for publicly-funded work.

The report said that the Government should remember the failure
of Metronet before it considers entering into any similar
arrangement again.  It should remember that the private sector
will never wittingly expose itself to substantial risk without
ensuring that it is proportionally, if not generously rewarded.
Ultimately, the taxpayer pays the price.

If the Government is again tempted by a seemingly good deal from
the private sector, it should recall Metronet's pathetic under-
delivery and the deficiencies in the contracts that allowed it
to happen.  We recommend that the Government publishes a candid
analysis of the events preceding Metronet's collapse and its
consequences, both in terms of increased costs to the public and
delays to the work program.

The committee relates that whether or not the Metronet failure
was primarily the fault of the particular companies involved, we
are inclined to the view that the model itself was flawed and
probably inferior to traditional public-sector management.  We
can be more confident in this conclusion now that the potential
for inefficiency and failure in the private sector has been so
clearly demonstrated. In comparison, whatever the potential
inefficiencies of the public sector, proper public scrutiny and
the opportunity of meaningful control is likely to provide
superior value for money.

Crucially, it also offers protection from catastrophic failure.
It is worth remembering that when private companies fail to
deliver on large public projects they can walk away—the taxpayer
is inevitably forced to pick up the pieces.

Finally, now that the Government is considering the future of
the Underground upgrade program, it should prioritize
transparency and clarity to taxpayers and ensure that any future
contracts result in clear accountability to national or regional
Government, thereby providing the public with the opportunity of
applying sanctions in the event of poor performance.

                  Metronet's Tied Supply Chain

The House of Commons Transport Committee said that they were not
convinced that Metronet's shareholders had any inclination to
address the problem of the tied supply chain nor did they have
very much incentive to do so.

According to the report, when the bids for the Public
Private Partnership (PPP) contracts were being assessed, it
should have been possible for the Government and London
Underground, then under national control through London Regional
Transport, to foresee that Metronet's proposed tied supply chain
model, which guaranteed the lion's share of work to its parent
companies, did not include the necessary safeguards.

The fact that such a management structure was judged to be
capable of efficient and economic delivery seems extraordinary
now that Metronet has collapsed but the ultimate recipients of
the money which was paid to the company have walked away with
limited losses, the committee disclosed.

The Government must not allow this blurring between the roles of
shareholder and supplier in future bids to carry out work by the
private sector.  Bids where competitive tendering for sub-
contracts is proposed are likely to ensure that the best price
is obtained.

               Risk borne by Infraco shareholders

According to the committee, the return anticipated by Metronet's
shareholders appears to have been out of all proportion to the
level of risk associated with the contract.  The parent
companies were effectively able to limit their liability to the
GBP70 million they each invested in Metronet at the outset.  Had
Metronet survived, they would also have borne the cost of their
own inefficiency along with a minimal amount—GBP50 million—of
any other cost overruns.

In the face of this very limited liability it is difficult to
lend any credence to the assertion that the Metronet PPP
contracts were effective in transferring risk from the public to
the private sector.  In fact, the reverse is the case:
Metronet's shareholders, had the company been operated
effectively, stood to make quite extravagant returns.  Now that
it has failed, it is the taxpayer and the Tube passengers who
must meet the cost.

                  Risk borne by Infraco lenders

In terms of borrowing, the report said, the Metronet contract
did nothing more than secure loans, 95% of which were in any
case underwritten by the public purse, at an inflated cost—the
worst of both possible worlds.  As with the shareholders, what
minimal risk was borne by Metronet's lenders was
disproportionately well rewarded, at the expense of tax- and
fare-payers.  Public sector negotiating parties must be hard-
headed in their determination to achieve the best possible terms
for financing private sector delivery organizations.

The banks should be required to take on substantial risk to
reflect the large sums of money available.  Additional risk
would also increase the incentive for lenders to look after
their debt properly.  A proper assessment should be made of the
cost of higher-risk lending against that of guaranteeing large
quantities of private sector debt in the event of a company's
failure.  If finance cannot be secured at reasonable terms
without guaranteeing the vast majority of the debt, loans direct
to the Government, which would enjoy the highest credit rating
and significantly lower costs, would seem to be the more cost-
effective option.

                    The Materiality Threshold

According to the report, Metronet's inability to operate
efficiently or economically proves that the private sector can
fail to deliver on a spectacular scale, although Tube Lines'
performance provides an example of private sector innovation and
efficiency.  The evidence is clear: it cannot be taken as given
that private sector involvement in public projects will
necessarily deliver innovation and efficiency, least of all if
the contracts lack appropriate commercial incentives.

Future assessments of the comparative value for money of private
sector-managed models for infrastructure projects should not
assume a substantial efficiency-savings factor; a detailed
assessment should be made of the suitability of the proposed
structure of delivery organizations, of bidders' specific
expertise and of the strength of the incentives to efficiency.
It is worrying that the Government's confidence in such savings
appears to stem from a belief that inefficiency is more endemic
and irreversible in the public than the private sector.

It is clear that in negotiating future agreements the Government
should seek as high a Materiality Threshold as possible in order
that public liability is minimized in the event of an overspend
by the private sector.  The level of the Materiality Threshold
is crucial in encouraging efficiency and innovation.  If it is
set so low as to be, in effect, a cost-plus contract, this
encourages the contractor to hold out for ever-larger payments
over and above what was originally bid.

         Inefficient costs and the principle of the PPP

According to the report, now that TfL is in control of the
Metronet contract, there is a danger that private contractors
brought in to upgrade the network will not be alive to its
future maintenance needs, which will be met by TfL.  This is not
an insurmountable problem but it means that careful attention
must be paid to the future maintenance of the underground
network at a very early stage in the process of commissioning
upgrade work.  It might be that, for part or all of the network,
letting combined contracts for upgrading and maintenance offers
the best value for money.

                         Value for money

The Government should not enter into any further PPP agreements
without a comprehensive and accurate assessment of the level of
risk transfer to the private sector and a firm idea of what
would constitute an appropriate price for taking on such a level
of risk.  If it is not possible in reality to transfer a
significant proportion of the risk away from the public purse, a
simpler—and potentially cheaper—public sector management model
should seriously be considered.

          Reporting on the performance of the Infracos

The committee said they considered that the gathering and
publication of information by the PPP Arbiter will generally
tend to benefit all interested parties: London Underground as
client, the Infracos as suppliers and the public as users.  The
Government should also find such information useful for
assessing the benefits and costs of similar proposals in the
future.  There is some evidence to indicate that an earlier
review could have mitigated the impact of Metronet's collapse,
if not averted it entirely.  However, it is important that any
reporting process is seen as neutral and is designed to provide
the information that both the Infracos and London Underground
require to address performance issues and to prepare for
Periodic Review.  It would have been wiser to make the annual
review an automatic process rather than one which had to be
initiated by a party to the contract.

Though the committee have not sought to evaluate Tube Lines'
performance in the course of this inquiry, we believe that, in
principle, annual reports on Tube Lines would be just as
valuable as it could have been in the case of Metronet.  An
independent report from the Arbiter in 2008 on the performance
of Tube Lines to date would be timely, particularly in the
absence of a 2006-07 London Underground report on the
performance of the Infracos.

The committee recommend that a mechanism be put in place to
allow the PPP Arbiter to report annually on the performance of
the Infracos, including Tube Lines, whether or not he is called
on to do so; this might require the granting of additional
powers to the Arbiter under the Greater London Authority Act
1999.

As long-term arrangements for upgrading the Tube are devised,
the Government should ensure that there is a mechanism to
guarantee independent reporting of progress and value for money,
no matter what delivery vehicle takes the place of Metronet's
PPP Agreements.

            The performance of London Underground

The report said, a contractual arrangement which fails to
incentivise efficiency in the private sector and at the same
time fails to deter poor planning, lack of forethought and gold-
plating in the public sector is one which is pretty much
useless.  Metronet alleges that part of its overspend is a
consequence of decisions by London Underground, such as changes
to the specification of ongoing works.  We recommend that in the
future the Arbiter, alongside reporting the performance of the
Infracos, reports the effectiveness of London Underground as
client during the modernization of the Tube network.

                    The Extraordinary Review

As with the annual report, there is evidence that had the
Extraordinary Review been initiated at an earlier stage, it
might have mitigated the worst effects of Metronet's failure.
We recommend that, for future PPP Agreements, the Government
extend the power to trigger an Extraordinary Review to both
contract parties, rather than only the Infracos.  Such a change
could reduce the possibility that an overspend would be allowed
to get as far out of control as it did in the case of Metronet.

The uncontrolled spiral of cost overruns, without any assessment
being made of its causes or of the respective liabilities of the
parties to the contract, must never be allowed to happen again.
A mechanism similar to that which is built into the Tube Lines
contract to ensure an early examination of any cost increases
should be included as a matter of course in any future
contracts.

                       Costs to the public

The committee recommend that the Government, as a matter of
urgency, make a full assessment of the additional costs that
have been incurred as a result of the failure of Metronet—
including the cost of work that has been inefficiently
undertaken and the cost of administration. The Secretary of
State should then come to the House to make a statement on what
proportion of these costs are to be met by central Government
and what proportion she expects residents of London and Tube
passengers to pay.

The Government should also consider its contribution to
efficient increases in costs as a result of the unknown
condition of the infrastructure, in order that London
Underground is not forced significantly to reduce the scope of
the upgrade program during the second Review Period from 2010.

The committee also hope that, in its discussions with Transport
for London as to the future of Metronet's PPP Agreements, the
Government makes full use of the Arbiter's analysis for the
partial Extraordinary Review of Metronet BCV and for a potential
Extraordinary Review of Metronet SSL, and that his insights are
utilized to minimize the chance that further unexpected and
wasteful costs to the public purse might be incurred.

                         Employee safety

To maintain the highest standards of safety for employees in the
longer-term, the Government must work with Transport for London
and the unions to identify existing communication deficiencies
and ensure that the future structure of the contracts does not
contain inherent safety weaknesses.  Where it is necessary for
employees of different organizations to work together, the
utmost effort must be made to ensure the clarity of procedures
for reporting safety concerns.

                        Passenger safety

During the transition of Metronet's ownership from its
shareholders to Transport for London and for the duration of
Transport for London's stewardship of the Infracos, as well as
in the longer-term under whatever vehicle is chosen to deliver
the upgrades, passenger safety must be the primary concern of
everyone who is involved.  A key role for the Government in its
discussions with the Mayor and Transport for London will be to
ensure that future contracts incentivise the actions that are
necessary to guarantee the highest standards of safety on the
network.

A full-text copy of the committee's report is available at
no charge at http://ResearchArchives.com/t/s?278f


                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                            *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services lowered its long-term and underlying
debt ratings on the GBP2.6 billion combined senior secured bank
loans and debt issued by U.K.-based underground rail
infrastructure financing companies Metronet Rail BCV Finance PLC
and Metronet Rail SSL Finance PLC (Metronet BCV and Metronet
SSL; the Metronet companies) to 'CC' from 'BB+'.

In July 2007, Moody's Investors Service downgraded to B1 from
Ba2 the senior secured unguaranteed debt ratings of both
Metronet Rail BCV Finance plc and of Metronet Rail SSL Finance
Plc.


MV COLLECTIONS: Brings In Tenon Recovery as Administrators
----------------------------------------------------------
S.J. Parker and T.J. Binyon of Tenon Recovery were appointed
joint administrators of MV Collections Ltd. (Company Number
04421666) on Jan. 10, 2008.

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

The company can be reached at:

          MV Collections Ltd.
          Castle House 75-76
          Wells Street
          London
          W1T 3QH
          England
          Tel: 0870 740 5333


NCO GROUP: Moody's Puts Ba3 Rating on US$139 Million Add-On Loan
----------------------------------------------------------------
Moody's Investors Service confirmed all the credit ratings of
NCO Group, Inc., concluding a review for possible downgrade
initiated on Dec. 13, 2007.  Moody's also assigned a Ba3 rating
to the US$139 million add-on term loan B, which will be used
along with a US$210 million equity contribution from One Equity
Partners and its co-investors, to finance the acquisition of
Outsourcing Solutions, Inc.  Moody's downgraded NCO Group's
speculative grade liquidity rating to SGL-3 from SGL-2
reflecting material revolver borrowings and a projected
tightening of headroom under financial covenants during 2008.
The rating outlook is stable.

Moody's views the acquisition of Outsourcing Solutions favorably
since it will be financed with a large equity component (about
60% of acquisition financing) and provides increased scale and
significant cost saving opportunities.  The confirmation of the
B2 Corporate Family Rating reflects the company's sizeable
revenue base, leading market position in the accounts receivable
outsourcing industry, a large global platform of on-shore and
off-shore offerings and adequate credit metrics pro forma for
the Outsourcing Solutions acquisition.  The ratings are
constrained by economic pressures that may continue to weaken
performance in the contingent collection and portfolio
management businesses as well as limited business line diversity
and moderate customer concentration.

Moody's took these rating actions:

-- Assigned US$139 million add-on term loan B, Ba3 (LGD 3,
    31%)

-- Confirmed US$465 million senior secured term loan due 2013,
    Ba3 (to LGD 3, 31% from LGD 2, 29%)

-- Confirmed US$100 million senior secured revolver due 2011,
    Ba3 (to LGD 3, 31% from LGD 2, 29%)

-- Confirmed US$165 million senior floating rate notes, B3 (to
    LGD 4, 67% from LGD 4, 63%)

-- Confirmed US$200 million senior subordinated notes, Caa1
    (to LGD 6, 91% from LGD 6, 90%)

-- Confirmed Corporate Family Rating, B2

-- Confirmed Probability of Default Rating, B2

-- Downgraded Speculative Grade Liquidity rating, to SGL-3
    from SGL-2

Approximately US$1.1 billion of rated debt securities affected.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.


OSHM HOLDINGS: Brings In KPMG as Joint Administrators
-----------------------------------------------------
Mark Granville Firmin and David John Crawshaw of KPMG LLP were
appointed joint administrators of O.S.H.M. Holdings Ltd.
(Company Number 5731065) on Jan. 16, 2008.

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

The company can be reached at:

          KPMG LLP
          Quayside House
          110 Quayside
          Newcastle upon Tyne
          NE1 3DX
          England


STEAD AND SIMPSON: Completes Sale of Business & Assets
------------------------------------------------------
PricewaterhouseCoopers LLP announced the immediate sale of Stead
and Simpson Ltd.'s business and assets to a newly formed company
which is backed by Shoe Zone.

The company appointed Bruce Carwright and Stuart Maddison of PwC
as joint administrators on Jan. 28, 2008.

PwC said that the company has been experiencing difficult
trading environment with significant pressure for consolidation
within the specialist footwear retail sector.  Responding to
these pressures, Stead and Simpson Holdings Ltd. embarked upon a
disposal process in December 2007.

Earlier January 2007, the disposal of the Famous Footwear and
Philip Jones fascias were completed securing 375 jobs.  The sale
of the Stead and Simpson business today through an insolvency
process marks the successful conclusion of the sale process.

"We are pleased to announced that, following the completion of a
sale yesterday, She Zone has acquired the business and assets of
Stead and Simpson.  This sale will enable 309 stores to continue
trading, safeguarding some 2,700 jobs and ensure that Stead and
Simpson continues to have a place on the High Street," Rob Hunt
disclosed.

"Sadly, 37 loss making branches are not included in the sale and
we have little choice but to close these immediately. If this
transaction had not taken place, it is highly likely that
significantly more store closures would have occurred," Mr. Hunt
added.

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

Headquartered in Leicester, England, Stead and Simpson --
http://www.steadandsimpson.com/-- is one of the largest
independent shoe retailers in the U.K. with an annual turnover
of GBP140 million.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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