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

                           E U R O P E

           Wednesday, November 7, 2007, Vol. 8, No. 221

                            Headlines


A U S T R I A

A. GOLGER HAUSTECHNIK: Claims Registration Period Ends Nov. 12
ATZ UNTERWEGER: Claims Registration Period Ends Nov. 16
BIOGAS HOCHEFFIZIENZ: Claims Registration Period Ends Nov. 7
FLIESEN- UND PLATTENVERLEGUNG: Claims Registration Ends Nov. 14
FSK ARMIERUNGEN: Claims Registration Period Ends Nov. 12

NUTRICOR HANDEL: Claims Registration Period Ends Nov. 10
PUNJAB CHAUHAN: Vienna Court Orders Business Closure
THUER & CO: Claims Registration Period Ends Nov. 7


F R A N C E

DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
REALOGY CORP: Highly Leveraged Capital Cues S&P to Cut Rating


G E R M A N Y

CERNIUS HOLDING: Claims Registration Period Ends Dec. 7
DEPARTMENT GMBH: Creditors' Meeting Slated for Nov. 15
DEWRAN DOENERPRODUKTION: Claims Registration Ends Dec. 21
DRAHTZAUN HEYER: Creditors' Meeting Slated for Nov. 15
GBG PROJEKTENTWICKLUNG: Claims Registration Ends December 27

HEINZ DEMSKI: Creditors' Meeting Slated for Nov. 29
HT RECYCLING: Claims Registration Ends December 27
MALIE BLUMEN: Claims Registration Ends December 17
MSE BUSINESS: Claims Registration Ends December 20
MOTORENHANDELS MOHAG: Claims Registration Ends December 27

OENDER DOENERPRODUKTION: Creditors' Meeting Slated for Nov. 21
REAL BAU: Claims Registration Period Ends Dec. 7
WERRADACH-DACHDECKEREI: Claims Registration Period Ends Dec. 7
WERRATAL-TV GMBH: Claims Registration Period Ends Dec. 7


I R E L A N D

WATERFORD WEDGWOOD: Mulls Transferring Crystal Unit to Slovenia


I T A L Y

ALITALIA SPA: Intesa-Sanpaolo Backs Alitalia-AirOne Merger Plan
PARMALAT SPA: Parma Prosecutors Can Prove BofA Link, Report Says


K A Z A K H S T A N

ECA ESTATE: Creditors Must File Claims by December 11
EK-TECHNOPROMSNAB LLP: Claims Filing Period Ends December 7
KAZINVEST MINERAL: Almaty Court Opens Bankruptcy Proceedings
ZYRIANOVSKOYE PASSAJIRSKOYE: Claims Registration Ends December 7


K Y R G Y Z S T A N

BUSINESS STYLE: Proof of Claim Deadline Slated for December 7
STREAM TECHNOLOGY: Creditors Must File Claims by December 12


N E T H E R L A N D S

PDM CLO I: Moody's Rates EUR13.5 Mln Class E Notes at (P)Ba3
PHELPS DODGE: Completes US$735 Mln Asset Sale to General Cable


N O R W A Y

DRESSER-RAND GROUP: Inks US$100 Mln Alliance Pact with Repsol


P O L A N D

AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch


R O M A N I A

TIMKEN CO: Declares Quarterly Dividend of 17 Cents Per Share


R U S S I A

AGRIBUSINESS CJSC: Creditors Must File Claims by Dec. 27
AGENCY COURIER: Creditors Must File Claims by Nov. 27
BATEKO-HOLDING CJSC: Creditors Must File Claims by Dec. 27
KALININGRAD AMBER: Arbitration Court Ends Bankruptcy Proceedings
KAZANSKOYS FSUE: Bankruptcy Hearing Slated for Dec. 18
KLYUCHEVSKOYE CJSC: Creditors Must File Claims by Nov. 27

MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Nov. 27
NEMSKIJ OJSC: Creditors Must File Claims by Dec. 27
RUBTSOVSKIJ OJSC: Asset Sale Slated for Nov. 29
RUSSNEFT OIL: Earns RUR4.5 Billion for Nine Months to September
SHUMERLINSKIJ LLC: Creditors Must File Claims by Nov. 27

SITRONICS JSC: Approves New Eight-Man Management Board
SOUTHERN MINE: Creditors Must File Claims by Dec. 27
SOVGAVANSKIJ OJSC: Creditors Must File Claims by Nov. 27
STYLE LLC: Creditors Must File Claims by Nov. 27
TATNEFT: Eyes Oil Supply Stoppage at Seized Ukrainian Refinery


S W I T Z E R L A N D

ALTSTADTLI JSC: Lucerne Court Starts Bankruptcy Proceedings
ATW TRAVEL: Creditors' Liquidation Claims Due by November 8
D.T. GROSSKU?HEN: Creditors' Liquidation Claims Due by Nov. 9
GRAFOTECH FINANZ: Creditors' Liquidation Claims Due by Nov. 8
HAMMER TREUHAND: Creditors' Liquidation Claims Due by November 9

IMMOBILIENGESELLSCHAFT SCHONGRUND: Claims Due by November 8
IMMOPIT JSC: Liestal Court Starts Bankruptcy Proceedings
MANDL ENGINEERING: Creditors' Liquidation Claims Due by Nov. 8
METALLBAU ART: Creditors' Liquidation Claims Due by November 9
PARKER HANNIFIN: Creditors' Liquidation Claims Due by November 8

POWERSHOP LLC: Creditors' Liquidation Claims Due by November 8


U K R A I N E

BORBIUZ LLC: Creditors Must File Claims by November 9
CONSTANTA-TRADING LLC: Creditors Must File Claims by November 9
REPAIR BUILDING: Creditors Must File Claims by November 9
SLOBOZHANSKY MEAT: Creditors Must File Claims by November
TATNEFT: Eyes Oil Supply Stoppage at Seized Ukrainian Refinery

ZOLOTAYA BALKA: Creditors Must File Claims by November 9


U N I T E D   K I N G D O M

ALTO LTD: Brings In Liquidators from Tenon Recovery
CAROLINA FURNITURE: Calls In Liquidators from KPMG
CHEYNE FINANCE: Managers Get GBP101 Mln Payout Prior to Collapse
ENRON CORP: Standard Chartered Wants Additional US$2.7 Million
FORD MOTOR: October Sales Up 6% in Canada; Truck Sales Up 15%

FORD MOTOR: Reaches Tentative National Labor Agreement with UAW
HORACE HOLMAN: Taps Liquidators from PricewaterhouseCoopers
POPE & TALBOT: Superior Court OKs Closure of Business Operations
POPE & TALBOT: May Reject Leases Subject to 7 Days Notice
NORTHERN ROCK: Total Bank of England Debt Hits GBP23 Billion

RANK GROUP: Inks International Sportsbook Deal with 888 Holdings
SKYEPHARMA PLC: Completes Flutiform(tm) Phase III Safety Study
VIRAGEN INTERNATIONAL: Court Appoints PwC Provisional Liquidator


                            *********


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


A. GOLGER HAUSTECHNIK: Claims Registration Period Ends Nov. 12
--------------------------------------------------------------
Creditors owed money by LLC A. Golger Haustechnik (FN 212090y)
have until Nov. 12 to file written proofs of claim to court-
appointed estate administrator Herbert Steinwandter at:

         Mag. Herbert Steinwandter
         Peraustrasse 9
         9500 Villach
         Austria
         Tel: 04242/28 122
         Fax: 04242/28122-22
         E-mail: villach@lawoffice.co.at

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

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No. 41 S 101/07m).


ATZ UNTERWEGER: Claims Registration Period Ends Nov. 16
-------------------------------------------------------
Creditors owed money by LLC ATZ Unterweger (FN 215511d) have
until Nov. 16 to file written proofs of claim to court-appointed
estate administrator Josef Kantner at:

         Dr. Josef Kantner
         Colingasse 8/1
         6010 Innsbruck
         Austria
         Tel: 0512/57 10 92
         Fax: 0512/57109215
         E-mail: office@forcher-mayr-kantner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Nov. 30 for the examination of
claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Oct. 10 (Bankr. Case No. 7 S 57/07b).


BIOGAS HOCHEFFIZIENZ: Claims Registration Period Ends Nov. 7
------------------------------------------------------------
Creditors owed money by  LLC Biogas Hocheffizienz Anlagenbetrieb
(FN 238724s) have until Nov. 7 to file written proofs of claim
to court-appointed estate administrator Ilse Korenjak at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Wien
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at

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

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Ganserndorf, Austria, the Debtor declared
bankruptcy on Oct. 8 (Bankr. Case No. 36 S 122/07v).


FLIESEN- UND PLATTENVERLEGUNG: Claims Registration Ends Nov. 14
---------------------------------------------------------------
Creditors owed money by KEG Fliesen- und Plattenverlegung (FN
261987a) have until Nov. 14 to file written proofs of claim to
court-appointed estate administrator Werner Borns at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 28 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Bogenneusiedl, Austria, the Debtor declared
bankruptcy on Oct. 5 (Bankr. Case No. 36 S 119/07bl).   Michaela
Woditschka represents Dr. Borns in the bankruptcy proceedings.


FSK ARMIERUNGEN: Claims Registration Period Ends Nov. 12
--------------------------------------------------------
Creditors owed money by LLC FSK Armierungen (FN 220174k) have
until Nov. 12 to file written proofs of claim to court-appointed
estate administrator Andreas Droop at:

         Mag. Andreas Droop
         c/o Dr. Arnulf Summer
         Kirchstrasse 4
         6900 Bregenz
         Austria
         Tel: 05574/47244
         Fax: 05574/52545
         E-mail: andreas.droop@vol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Meeting Room 45
         First Floor
         Feldkirch
         Austria

Headquartered in Bregenz, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No. 14 S 40/07f).   Arnulf
Summer represents Mag. Droop in the bankruptcy proceedings.


NUTRICOR HANDEL: Claims Registration Period Ends Nov. 10
--------------------------------------------------------
Creditors owed money by LLC Nutricor Handel und Produktion (FN
182089d.) have until Nov. 10 to file written proofs of claim to
court-appointed estate administrator Gerald Gerstacker at:

         Mag. Gerald Gerstacker
         Schrannenplatz 3/I
         2340 Moedling
         Austria
         Tel: 02236/864567
         Fax: 02236/864567-1
         E-mail: g.gerstacker@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 21 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 Oct. 11 (Bankr. Case No. 10 S 100/07w).


PUNJAB CHAUHAN: Vienna Court Orders Business Closure
----------------------------------------------------
The Trade Court of Vienna entered Oct. 11  an order closing the
business of KEG PUNJAB CHAUHAN (FN 277888i).

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

The estate administrator can be reached at:

         Kurt Bernegger
         c/o  Mag. Maria Mueller
         Jacquingasse 21
         1030 Vienna
         Austria
         Tel: 799 15 80 25
         Fax: 796 59 14
         E-mail:  m.kainer@bernegger-wt.com

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 20 (Bankr. Case No 2 S 124/07h).  Maria Mueller
represents Mr. Bernegger in the bankruptcy proceedings.


THUER & CO: Claims Registration Period Ends Nov. 7
--------------------------------------------------
Creditors owed money by LLC Thuer & Co (FN 36131i) have until
Nov. 7 to file written proofs of claim to court-appointed estate
administrator Reinhard Lachinger at:

         Dr. Reinhard Lachinger
         Hafen 6
         2100 Korneuburg
         Austria
         Tel: 02262/61 938
         Fax: 02262/619 38 33
         E-mail: office@drlachinger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Gerasdorf bei Wien, Austria, the Debtor
declared bankruptcy on Oct. 9 (Bankr. Case No. 36 S 121/07x).



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


DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
---------------------------------------------------------------
The Official Committee of Equity Security Holders of Delphi
Corporation and its debtor-affiliates submitted an emergency
motion with the U.S. Bankruptcy Court for the Southern District
of New York to adjourn the hearing scheduled on Nov. 8, 2007, to
a later date, on, and fix a new time to object to,

   (i) the Debtors' request for approval of the Disclosure
       Statement,

  (ii) the proposed procedures for soliciting votes on the
       Plan, and

(iii) the proposed amendment to the Delphi-Appaloosa Equity
       Purchase and Commitment Agreement.

As reported in the yesterday's Troubled Company Reporter, Delphi
Corp. asked the Court to adjourn until "later this month" the
hearing currently scheduled for Nov. 8 to consider potential
amendments to its Joint Plan of Reorganization and related
Disclosure Statement as well as a proposed amendment to its
Investment Agreement.

Delphi continues to expect that it will emerge from Chapter 11
during the first quarter of 2008.

Bonnie Steingart, Esq., at Fried, Frank, Harris, Shriver
& Jacobson LLP, in New York, noted that on Oct. 29, 2007,
under the guise of filing "amendments," the Debtors jettisoned
the Plan and Disclosure Statement filed on Sept. 6, 2007.  The
new October plan and October disclosure statement, he notes,
materially modify, among other things,

   (i) the Debtors' total enterprise value by approximately
       $900 million;

  (ii) the total enterprise value on which the purchase price
       for the plan investors is based by $1 billion;

(iii) the ownership structure of reorganized Delphi;

  (iv) the capital structure of reorganized Delphi;

   (v) the nature and amount of distributions to each major
       stakeholder class (other than, notably, the parties with
       claims pursuant to the MDL settlements); and

  (vi) the rights offering and warrants described in the
       September Plan and September Disclosure Statement.

Ms. Steingart points out that the magnitude of the changes in
recoveries and structure results in a new Chapter 11 plan that:

   (1) eschews the Delphi-Appaloosa Equity Purchase and
       Commitment Agreement approved by the Court on August 2,
       2007;

   (2) is not consensual;

   (3) amounts to a massive shift in value being distributed to
       stakeholders; and

   (4) changes the financial underpinnings of the September
       Plan.

Thus, whether viewed in form or substance the magnitude of the
changes are enormous, Ms. Steingart asserts.  She pointed out
there are approximately 340 pages of changed and new disclosure.

Ms. Steingart noted that the Debtors, in asking the Court on
Sept. 27, 2007, and again on Oct. 3, 2007, to continue the
hearing on the September Disclosure Statement, represented to
the Court that only "laser-like" changes to the September Plan
would be forthcoming.  However, the changes the Debtors propose
are far from "laser-like," drastically modifying stakeholder
recoveries and the structure of distributions under the
September Plan, as well as give rise to numerous disclosure and
confirmation objections.

Ms. Steingart recounted that since the adjournment of the
Oct. 3, 2007 Disclosure Statement Hearing, the Debtors have
met with their stakeholders on several occasions.  During
these meetings and discussions, many of which the Equity
Committee was excluded from participating in, apparently the
Debtors completely abandoned the consensual deal and yielded
to pressure exerted by the ad hoc committee of bondholders,
the Official Committee of Unsecured Creditors and the Plan
Investors.  During this period the Equity Committee received
draft term sheets which reflected continuing diminution of
recoveries for equity.  The end result has been changes to
recoveries that are so profound they can only be described as a
new Chapter 11 plan.  The recovery to equity holders as a
practical matter has been eviscerated.

Specifically, Ms. Steingart detailed, the distribution of
primary equity has been eliminated, the warrants have changed
from a five-year to a six-month duration, and equity's
participation in the discount rights offering has been
eliminated and the entire participation is now given to
unsecured creditors.  To add insult to injury, the New Plan, she
said, also incorporates a "death trap" provision with respect to
the proposed meager recovery to equity holders.  In addition,
certain unsecured creditors are receiving a recovery that is
greater than the amount of their claims, which is disguised by a
manipulation of the Debtors'
total enterprise value.

Ms. Steingart also noted that:

    -- the Plan Investors have renegotiated their deal and are
       now receiving significantly more for their investment
       under the New EPCA than what was agreed to in the
       Current EPCA.  This is true even though the Plan
       Investors, who  received significant fees to date for
       their "commitment,"  remain bound by the Current EPCA,
       which is still in place and has not been terminated.
       Furthermore, there is a total lack of transparency as to
       why the Debtors have sought to alter drastically the
       consensual deal.

    -- It appears that management was negotiating its
       compensation and incentive plans with the Plan Investors
       and the Creditors Committee at the same time they were
       allowing the renegotiation of the terms of the Plan and
       the EPCA.  The New Disclosure Statement provides plans
       and programs under which emergence bonuses for
       executives alone are far in excess of the recoveries now
       proposed for equity.

Ms. Steingart asserts that in any event, due process mandates
that parties be provided at least 25 days to evaluate the New
Disclosure Statement, as required by Rules 2002(b) and 3017(a)
of the Federal Rules of Bankruptcy Procedure.  As much as the
Debtors may desire, they are not entitled to require creditors
and equity holders to analyze and evaluate the New Disclosure
Statement and formulate appropriate objections in four days, she
contends.

Bankruptcy Rule 2002(b) requires that parties-in-interest be
given 25 days' notice of "the time fixed for filing objections
and the hearing to consider approval of a disclosure statement"
while Bankruptcy Rule 3017(a) provides that the court will hold
a hearing to consider approval of the Disclosure Statement on 25
days' notice.

Thus, to protect the integrity of the Chapter 11 process, the
Equity Committee asks the Court to require the Debtors to comply
with the notice and hearing requirements of Bankruptcy Rules
2002(b) and 3017(a).

This will ensure that all parties in interest have ample
opportunity to evaluate the implications of the New Plan and the
adequacy of the disclosures in the New Disclosure Statement with
respect to the new structure, Ms. Steingart asserts.

Brandes Investment Partners, L.P., a registered investment
advisory firm that provides investment advisory services, echoed
the Equity Committee's calls for an adjournment of the
Disclosure Statement Hearing.

Brandes Investment, which currently has under management almost
4% of the issued and outstanding shares of Delphi, agrees with
the Equity Committee's position that given the significant
revisions from the Original Plan and the impact the substantive
rights and recoveries of the Debtors' stakeholders, the Debtors
have now put forth in their 11-hour filing is, in effect, a
completely new plan.  In view of these changes, the Debtors
should be required to comply with the notice and hearing
requirements and adjourn the Disclosure Statement Hearing,
Brandes maintains.

     Equity Committee Wants New Disclosure Statement Denied

As required by Section 1125(a)(1) of the Bankruptcy Code, a
Chapter 11 disclosure statement must contain information
sufficient to enable holders of claims and interests in the
debtor's estates to make an informed judgment on the plan.

Despite the many economic and structural changes in the Debtors'
proposed plan, which affect virtually every one of the Debtors'
constituencies, the New Disclosure Statement does not provide
information critical to the ability of the Debtors' stakeholders
to make an informed judgment to vote to accept or reject the New
Plan, Ms. Steingart asserts.  Moreover, she notes, the proposed
plan is unconfirmable as a matter of law.

In that light, the Equity Committee asks the Court to deny
approval of the proposed amended Disclosure Statement filed on
Oct. 29, 2007.

As previously reported, the Equity Committee supported the Plan
and Disclosure Statement filed on Sept. 6, 2007, which was based
upon a consensual deal reached with stakeholders in the
Chapter 11 cases.  However, the Equity Committee notes that the
documents submitted by the Debtors on October 29 provides for a
virtually unrecognizable revised plan of reorganization and
disclosure statement that reflects a complete re-trade of the
consensual deal memorialized in the Original Plan.

Ms. Steingart avers that this re-trade, on information and
belief, was instigated by groups who are using the tightening in
the credit markets and certain minor short term inventory
adjustments related to General Motors Corp. as a pretext for
demanding more value for themselves, at the expense of existing
equity.

According to Ms. Steingart, the tightening of the credit markets
was hardly an unforeseen subsequent event; to the contrary,
reports of decreased credit capacity date back to the mid-July
2007 timeframe, almost two months prior to the filing of the
Original Plan and Original Disclosure Statement on September 6.
Similarly, she notes, forecasts relating to North American
automotive production levels were announced prior to the time
the Original Disclosure Statement was filed and by their own
admission the Debtors characterized such information as
overstated.

The Debtors, according to Ms. Steingart, nonetheless facilitated
this improper and unwarranted re-trade by, among other things:

     * excluding the Equity Committee from the critical
       negotiation sessions at which the New Plan was
       formulated, and only "inviting" them back to the table
       after existing equity's recoveries had already been
       gutted;

     * acceding to the demands of unsecured creditors that they
       be given the right (allocated to existing equity under
       the Original Plan) to participate in a discount equity
       offering that was intended to be a significant source of
       value for existing equity;

     * agreeing to replace equity holders' previously agreed
       recoveries with "rights" with de minimus value to
       monetize portions of other stakeholders' primary
       distributions of new common stock; and

     * permitting the Plan Investors, led by Appaloosa
       Management, L.P., to renegotiate their contractual
       commitment to invest in the reorganized Debtors,
       effectively creating a windfall of value for their
       investment.

Ms. Steingart asserts that the New Disclosure Statement does not
contain sufficient disclosure as to:

A. The reasons why the Debtors determined it necessary and in
    the best interest of stakeholders to renegotiate the fully
    consensual agreement embodied in the Original Plan or the
    basis for the changes underlying the New Plan.

       The New Disclosure Statement provides no rational basis
       for the Debtors' significant downward adjustment of its
       total enterprise value, approximately $900,000,000, and
       the subsequent shifting of value from equity holders to
       unsecured creditors and to the Plan Investors.

       The New Disclosure Statement's vague references to
       "lowered projections" and "changes in the Business Plan"
       provide no such explanation because the changes in the
       Business Plan consist of reduced EBITDAR projections for
       a single year of the Debtors' four year business plan,
       with increases in projected cash flows for the entire
       2008 through 2011 period due to the New Plan's changes
       in the reorganized Debtors' capital structure and the
       reduction of its debt burden.  These changes neither
       justify nor explain the virtual elimination of an
       estimated $470 million of value to equity holders.

B. Any reasonable justification for the Debtors' allowing the
    Plan Investors and others to escape their commitments to
    the terms of the Original Plan as set forth in the EPCA
    approved by the Court on Aug. 2, 2007.

       The EPCA has not been terminated and remains in full
       force.  Thus, it appears that the Debtors made the
       fundamental changes embodied in the New Plan, with its
       effective elimination of the ability of existing equity
       holders to realize any meaningful value from the
       Debtors' reorganization, simply because the Plan
       Investors and others allied with the Plan Investors
       demanded that they do so.  The absence of justification
       is especially egregious since the Plan Investors were
       awarded and paid substantial fees and break up
       protections in exchange for their commitment to the deal
       embodied in the Original Plan.

C. Additional material information about the New Plan to which
    the Debtors' stakeholders, including existing equity, must
    have in order to make an informed decision with respect to
    the New Plan.

       For instance, one of the Debtors' most significant
       assets is its affirmative claims against and defenses to
       claims by GM.  It is the proposed settlement of these
       claims that has enabled the Debtors to reach its
       transformation agreements with GM and various unions,
       formulate a Chapter 11 plan and propose to pay creditors
       in full on their allowed claims.  This value from GM
       appropriately provided the source of the recovery to
       equity under the Original Plan.  Yet, despite the
       importance of the GM claims and the settlement thereof,
       the New Disclosure Statement's assessment of the claims
       falls well short of what is needed to make an informed
       judgment as to the merits and reasonableness of the
       settlement.

Ms. Steingart also asserts that the New Disclosure Statement
must not be approved because it relates to a plan that is
patently unconfirmable.  He cites, among other things:

  * The New Plan Impermissibly Provides Senior Unsecured
    Creditors With More Than Par-Plus-Accrued Recovery.

       Under the New Plan, all unsecured creditors will receive
       a 100% recovery, but instead of a combination of cash
       and primary equity at a plan value of $45 per share,
       senior unsecured creditors will receive a distribution
       of primary equity at a New Plan value of $41.58, plus
       rights to acquire additional equity shares at $34.98, a
       significant discount to the New Plan value of $41.58.
       However, the equity distributions to GM under the New
       Plan remain based on the total enterprise value set
       forth in the Original Plan of $45 per share.  Assuming a
       consistent plan value of $45 per share for all
       distributions to all stakeholders, under the New Plan,
       senior unsecured creditors are to receive more than
       their allowed claims -— a recovery that is strictly
       prohibited by Section 1129(b)(2)(B) of the Bankruptcy
       Code.

  * The GM Settlement, a Cornerstone of the New Plan and the
    Basis for Recoveries, is Not Reasonable or Appropriate.

       The GM Settlement is not reasonable and in the best
       interests of the Debtors' estates because it does not
       provide for an equitable allocation of value.  Current
       equity holders are not receiving sufficient value from
       the GM Settlement in exchange for releases of claims
       against GM, which have value in the billions of dollars;
       the GM Claims cannot be released by equity in exchange
       for $69 million of very short-term securities.

  * The New Plan Impermissibly Provides for Post-Petition
    Interest on Creditors Claims.

       As a general rule, unsecured creditors are not entitled
to postpetition interest unless the debtors can demonstrate it
is required under either the best interest test set forth in
Section 1129(a)(7)(ii) of the Bankruptcy Code or the fair and
equitable test set forth in Section 1129(b)(1).  The New Plan
provisions for postpetition interest can not be justified under
both tests.

  * The Treatment of the Section 510(b) Equity Claims under the
    New Plan Violates the Bankruptcy Code

       Under the MDL Settlement and pursuant to the New Plan,
       the Securities Class and ERISA Class would receive, in
       the aggregate, in addition to insurance proceeds and
       certain other payments, an allowed claim and interest
       totaling $204 million, which claims is to be paid in the
       same plan currency that will be distributed to general
       unsecured creditors.  By this treatment under the New
       Plan, these claims by recipients of the MDL Settlement,
       claims arising out of the purchase or sale of equity
       securities would be placed in a class senior to equity,
       when at best they should be pari passu with equity
       pursuant to Section 510(b) of the Bankruptcy Code.

          Lead Plaintiffs: Some Issues Remain Unresolved

The lead plaintiffs in the consolidated securities class action
entitled In re Delphi Corp. Securities Litigation, Master Case
No. 05-md-1725 (GER) (E.D.Mich.), which previously agreed to,
among other things, a $204 million general unsecured claim to
settle its lawsuit against the Debtors, say that they are still
discussing with the Debtors their concerns based upon the
current versions of, and the proposed revisions to, the Plan and
Disclosure Statement.

The Debtors on Oct. 29, 2007, said they will modify the Plan
currency that will be utilized to satisfy Lead Plaintiffs'
$204 million allowed claim.  Under the revised Plan, this claim,
upon the required final approval by the Bankruptcy Court and the
U.S. District Court for the Eastern District of Michigan, will
now be satisfied with shares of New Common Stock of reorganized
Delphi and rights to participate in a Discount Rights Offering.

Michael S. Etkin, Esq., at Lowenstein Sandler PC, in New York,
relates that the current versions of the Disclosure Statement
and Plan address many of Lead Plaintiffs' concerns, but not all
of them.

The Debtors previously agreed to make several revisions to
insure consistency between the Disclosure Statement and Plan and
the Stipulation of Settlement resolving the Securities
Litigation.

The parties have not yet been able to reach agreement on two of
Lead Plaintiffs' proposed revisions to the Disclosure Statement
and Plan involving third party releases and certain conditions
to the effectiveness of the Plan.

To the extent the Lead Plaintiffs' outstanding concerns with the
Disclosure Statement are not resolved on or prior to the hearing
on Nov. 8, 2007 or any adjourned date, the Lead Plaintiffs
reserve the right to raise any and all remaining objections to
the Disclosure Statement at the hearing.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.

(Delphi Bankruptcy News, Issue No. 94; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


REALOGY CORP: Highly Leveraged Capital Cues S&P to Cut Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered Realogy Corp.'s
corporate credit rating to 'B' from 'B+'.  The rating outlook is
stable.

"The downgrade reflects our expectation that the company will
experience lower than previously expected cash flow generation
and weakening credit measures over the intermediate term
resulting from a lengthening downturn in the U.S. residential
real estate market," said Standard & Poor's credit analyst Emile
Courtney.

S&P expect Realogy to have about US$6.3 billion in funded debt
and US$7.7 billion in lease-adjusted debt, including borrowings
related to accounts receivable securitizations, at the end of
2007.  While there is nothing stable about current transaction
and pricing trends in the U.S. residential real estate market,
S&P believe Realogy has available liquidity sources adequate to
withstand the current downturn in the cycle.  As a result, S&P
are unlikely to lower the rating further over the intermediate
term.

The 'B' rating reflects Realogy's highly leveraged capital
structure, thin expected EBITDA coverage of interest expense,
and reduced cash flow generating ability as a result of the
residential real estate downturn and the close of the US$9
billion LBO of the company by Apollo Management L.P. in April
2007.

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


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


CERNIUS HOLDING: Claims Registration Period Ends Dec. 7
-------------------------------------------------------
Creditors of CERNIUS Holding GmbH have until Dec. 7 to register
their claims with court-appointed insolvency manager Dietmar
Penzlin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Jan. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         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. Dietmar Penzlin
         Rathausstrasse 2
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against CERNIUS Holding GmbH on Oct. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CERNIUS Holding GmbH
         Attn: Kay H. Rahn, Manager
         Poststrasse 25
         20354 Hamburg
         Germany


DEPARTMENT GMBH: Creditors' Meeting Slated for Nov. 15
------------------------------------------------------
The court-appointed insolvency manager for Department GmbH,
Christoph Rosenmueller, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m. on Nov. 15.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Feb. 28, 2008 at the same
venue.

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Department GmbH on Sept. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Department GmbH
          Winsstr. 57/QGB
          10405 Berlin
          Germany


DEWRAN DOENERPRODUKTION: Claims Registration Ends Dec. 21
---------------------------------------------------------
Creditors of DEWRAN Dönerproduktion GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Thomas Farian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Thomas Farian
         Stuttgarter Strasse 78
         71638 Ludwigsburg
         Germany
         Tel: 07141/95470

The District Court of Ludwigsburg opened bankruptcy proceedings
against DEWRAN Dönerproduktion GmbH on Oct. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DEWRAN Dönerproduktion GmbH
         Attn: Mehmet Sadak and Memis Özcerkez, Managers
         Daimlerstrasse 32
         71696 Moeglingen
         Germany


DRAHTZAUN HEYER: Creditors' Meeting Slated for Nov. 15
------------------------------------------------------
The court-appointed insolvency manager for Drahtzaun Heyer GmbH
& Co. Kommanditgesellschaft, Ralph Buenning will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:45 a.m. on Nov. 15.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Feb. 14, 2008, at the same
venue.

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

          Ralph Buenning
          Domshof 18-20
          28195 Bremen
          Germany
          Tel.: 0421/3686-0
          Fax: 0421/3686-100
          E-mail: InsOBremen@schubra.de
          Website: http://www.schubra.de

The District Court of Bremen opened bankruptcy proceedings
against Drahtzaun Heyer GmbH & Co. Kommanditgesellschaft on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.


The Debtor can be reached at:

          Drahtzaun Heyer GmbH & Co. Kommanditgesellschaft
          Borgwardstr. 13
          28279 Bremen
          Germany


GBG PROJEKTENTWICKLUNG: Claims Registration Ends December 27
------------------------------------------------------------
Creditors of GBG Projektentwicklung GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Achim Ofenloch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 18, 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 Worms
         Meeting Hall 318
         Hauptgebaude
         Hardtgasse 6
         67547 Worms
         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:

         Achim Ofenloch
         Prinz-Carl-Anlage 42
         67549 Worms
         Germany
         Tel: 06241/97229-0
         Fax: 06241/97229-10

The District Court of Worms opened bankruptcy proceedings
against GBG Projektentwicklung GmbH on Oct. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GBG Projektentwicklung GmbH
         Attn: Andreas Berg and Walter Chiappa, Managers
         Am Guten Brunnen 10
         67547 Worms
         Germany


HEINZ DEMSKI: Creditors' Meeting Slated for Nov. 29
---------------------------------------------------
The court-appointed insolvency manager for Heinz Demski Logistik
GmbH, Haro Helms, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Nov. 29.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Feb. 14, 2008 at the same
venue.

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

          Haro Helms
          Schillerstr. 10
          28195 Bremen
          Germany
          Tel: 0421/337790
          Fax: 0421/3377933
          E-mail: helms@dr-stankewitz.de
          Web site: http://www.dr-stankewitz.de

The District Court of Bremen opened bankruptcy proceedings
against Heinz Demski Logistik GmbH on Oct. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Heinz Demski Logistik GmbH
          Foehrenstr. 76-78
          28207 Bremen
          Germany


HT RECYCLING: Claims Registration Ends December 27
--------------------------------------------------
Creditors of HT Recycling GmbH have until Dec. 27 to register
their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Muenster opened bankruptcy proceedings
against HT Recycling GmbH on Oct. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HT Recycling GmbH
         Fabrikstrasse 8
         48599 Gronau
         Germany

         Attn: Werner Henke, Manager
         Wagnerstrasse 16
         49124 Georgsmarienhuette
         Germany


MALIE BLUMEN: Claims Registration Ends December 17
--------------------------------------------------
Creditors of MaLie Blumen Bad Kreuznach GmbH have until Dec. 17
to register their claims with court-appointed insolvency manager
Eckhard Finke.

Creditors and other interested parties are encouraged to attend
the meeting at 09:30 a.m. on Jan. 9, 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 Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         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:

         Eckhard Finke
         Strasse 173
         55543 Bad Kreuznach
         Germany
         Tel: 0671/84007-68
         Fax: 0671/84 007 - 43

The District Court of Bad Kreuznach opened bankruptcy
proceedings against MaLie Blumen Bad Kreuznach GmbH on Oct. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MaLie Blumen Bad Kreuznach GmbH
         Attn: Ronald Schouwenaar, Manager
         Kreuzstr. 48
         55543 Bad Kreuznach
         Germany


MSE BUSINESS: Claims Registration Ends December 20
--------------------------------------------------
Creditors of MSE Business Infrastructure & Application Services
GmbH have until Dec. 20 to register their claims with court-
appointed insolvency manager Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 31, 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Yvo Dengs
         Am Sandtorkai 62
         20457 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against MSE Business Infrastructure & Application Services GmbH
on Oct. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MSE Business Infrastructure & Application Services GmbH
         Kieler Strasse 211
         24768 Rendsburg
         Germany

         Attn: Andreas Hannig, Manager
         Rehjahr 12
         24783 Osterroenfeld
         Germany

         Attn: Heiner Andexer, Manager
         Am Villaberg 18
         60388 Frankfurt/Main
         Germany


MOTORENHANDELS MOHAG: Claims Registration Ends December 27
----------------------------------------------------------
Creditors of Motorenhandelsgesellschaft MOHaG GmbH Weimar have
until Dec. 27 to register their claims with court-appointed
insolvency manager Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstrasse 46
         99092 Erfurt
         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:

         Thomas Alter
         Schillerstr. 2
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Motorenhandelsgesellschaft MOHaG GmbH Weimar on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Motorenhandelsgesellschaft MOHaG GmbH Weimar
         Erfurter Strasse 84 a
         99427 Weimar
         Germany


OENDER DOENERPRODUKTION: Creditors' Meeting Slated for Nov. 21
--------------------------------------------------------------
The court-appointed insolvency manager for Oender
Doenerproduktion GmbH, Hartwig Albers, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 12:05 p.m. on Nov. 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:45 a.m. on Feb. 27, 2008 at the same
venue.

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Oender Doenerproduktion GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Oender Doenerproduktion GmbH
          Altenbraker Str. 18
          12053 Berlin
          Germany


REAL BAU: Claims Registration Period Ends Dec. 7
------------------------------------------------
Creditors of REAL Bau GmbH have until Dec. 7 to register their
claims with court-appointed insolvency manager Karl H. Jahn.

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E06
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

         Karl H. Jahn
         Gerichtsfach 45
         Sandeldamm 24 a
         63450 Hanau
         Germany
         Tel: 916460
         Fax: 9164640

The District Court of Hanau opened bankruptcy proceedings
against REAL Bau GmbH on Oct. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         REAL Bau GmbH
         Attn: Dmitry Marten, Manager
         Schulzehnten 7
         63546 Hammersbach
         Germany


WERRADACH-DACHDECKEREI: Claims Registration Period Ends Dec. 7
--------------------------------------------------------------
Creditors of WERRADACH-Dachdeckerei und Fassadenbau GmbH have
until Dec. 7 to register their claims with court-appointed
insolvency manager Eduard Uebelacker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on Jan. 30, 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 Meiningen
         Meeting Hall 105
         Lindenallee 15
         Meiningen
         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:

         Eduard Uebelacker
         Schwanthalerstr. 32
         80336 Munich
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against WERRADACH-Dachdeckerei und Fassadenbau GmbH on Oct. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WERRADACH-Dachdeckerei und Fassadenbau GmbH
         Attn: Thomas Fink, Manager
         Gries 6
         98590 Wernshausen
         Germany


WERRATAL-TV GMBH: Claims Registration Period Ends Dec. 7
--------------------------------------------------------
Creditors of Werratal-TV GmbH have until Dec. 7 to register
their claims with court-appointed insolvency manager Michael
Bleek.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Jan. 16, 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 Meiningen
         Meeting Hall 105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Michael Bleek
         Andreasstr. 39
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Werratal-TV GmbH on Oct. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Werratal-TV GmbH
         Attn: Bert Wilhlem, Manager
         Utendorfer Strasse 116
         98617 Meiningen
         Germany


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


WATERFORD WEDGWOOD: Mulls Transferring Crystal Unit to Slovenia
---------------------------------------------------------------
Waterford Wedgwood Plc may transfer its crystal division to
Rogaska Slatina, Slovenia, and cut its workforce by around 400
employees, Shawn Pogatchnik writes for the Associated Press,
citing Amalgamated Transport and General Workers Union
officials.

The union claims that Waterford is holding talks with Slovenian
glassmaker Steklarna Rogaska to shift more production lines to
the Central European country, where production costs are lower,
AP relates.

Waterford is already manufacturing Marquis, one of its hand-cut
crystal brands, in Rogaska Slatina, AP notes.

The union fears that Waterford's plant may become a tourist
attraction rather than a serious manufacturing site, AP adds.

Waterford Wedgwood, however, refused to comment on the union's
claims, saying talks on improving the site's cost-effectivity
had just begun and would take days to conclude.

The company has shifted most of its production to Brazil and
Indonesia.

As reported in the TCR-Europe on Oct. 19, 2007, Waterford is in
final talks to place EUR50 million of preference shares with a
major international institutional investor.  Sir Anthony
O'Reilly, chairman, and Peter John Goulandris, deputy chairman,
have also applied for a further EUR17 million of preference
shares, subject to the expiration of the closed period, and that
the company is confident of placing a further EUR33 million with
investors.

Headquartered in Waterford, Ireland, Waterford Wedgwood plc
-- http://www.waterfordwedgwood.com/-- manufactures premium-
priced goods including crystal, ceramics and cookware.  The
company has leading positions in its key markets in the US,
Europe and Japan.

                          *    *    *

Waterford Wedgwood's 9-7/8% notes due 2010 carry junk ratings
from Moody's Investors' Service's (Caa2), Standard & Poor's
(CCC-), and Fitch Ratings (CC).  These ratings apply to date.


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


ALITALIA SPA: Intesa-Sanpaolo Backs Alitalia-AirOne Merger Plan
---------------------------------------------------------------
Intesa-Sanpaolo S.p.A. confirmed reports that it is contributing
to a feasibility study that plans to combine Alitalia S.p.A.
with AirOne S.p.A., the bank said in a statement.

Intesa-Sanpaolo added it might acquire a minority stake in the
combined company.

Intesa-Sanpaolo was AirOne's financial backer for the latter's
bid until they pulled out from the race to acquire Italy's 49.9%
stake in Alitalia, citing lack of relevant information.

AirOne, through bidding vehicle AP Holding S.p.A. has restarted
sale talks.

As reported in the TCR-Europe on Oct. 4, 2007, Intesa-Sanpaolo
chief executive Corrado Passera hopes that Alitalia S.p.A.'s
business plan could make it more competitive and keep its
Italian identity.

"We hoped to see a long-term industrial project that can allow
Italy to have a successful company," Mr. Passera told Reuters.
"We think that it is in the country's interest to have a
company's decisional headquarters."

                       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.


PARMALAT SPA: Parma Prosecutors Can Prove BofA Link, Report Says
----------------------------------------------------------------
Prosecutors at Parma, Italy said they can prove a link between
former Parmalat S.p.A. chief financial officer Fausto Tonna and
former Bank of America Corp. Italian chief Luca Sala, Reuters
reports citing chief prosecutor Gerardo La Guardia.

Mr. La Guardia told Reuters that magistrates have evidence of
bank transfers by Mr. Tonna to Mr. Sala via a Swiss bank
account.

Prosecutors believe that some of BofA's executives were aware of
Parmalat's financial condition before it collapsed in December
2003 under a EUR14 billion debt, Mr. La Guardia added to
Reuters.  Prosecutors also believe that the bank's management
benefited from the transfers.

The chief prosecutor added that the magistrates are continuing
their investigations.

                           Denial

Mr. Tonna denied any collusion with Mr. Sala, saying that he
"never ordered payments of such nature," Reuters relates.

"We have seen no evidence that any Bank of America executives
were aware of the fraud at Parmalat," a bank spokesperson was
quoted by Reuters.

Mr. Tonna, along with Parmalat former CEO Calisto Tanzi and 14
former group executives and accountants, is on trial in Milan on
charges of market rigging, false accounting and contravening of
local stock market laws.

                          About Parmalat

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.


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


ECA ESTATE: Creditors Must File Claims by December 11
-----------------------------------------------------
LLP ECA Estate Agency Auction has declared insolvency.
Creditors have until Dec. 11 to submit written proofs of claim
to:

         LLP ECA Estate Agency Auction
         Jybek Joly Ave. 64
         Almaty
         Kazakhstan

EK-TECHNOPROMSNAB LLP: Claims Filing Period Ends December 7
-----------------------------------------------------------
LLP Ek-Technopromsnab has declared insolvency.  Creditors have
until Dec. 7 to submit written proofs of claim to:

         LLP Ek-Technopromsnab
         Kunayev Str. 17a
         Ekibastuz
         Pavlodar
         Kazakhstan


KAZINVEST MINERAL: Almaty Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
commenced bankruptcy proceedings against LLP Kazinvest Mineral
(RNN 600900546018) on Oct. 5.


ZYRIANOVSKOYE PASSAJIRSKOYE: Claims Registration Ends December 7
----------------------------------------------------------------
LLP Zyrianovskoye Passajirskoye ATP has declared insolvency.
Creditors have until Dec. 7 to submit written proofs of claim
to:

         LLP Zyrianovskoye Passajirskoye ATP
         Lermontov Str. 2/1
         Zyriyanovsk
         East Kazakhstan
         Kazakhstan


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


BUSINESS STYLE: Proof of Claim Deadline Slated for December 7
-------------------------------------------------------------
LLC Business Style has declared insolvency.  Creditors have
until Dec. 7 to submit written proofs of claim to:

         LLC Business Style
         Micro District Alamedin-1, 1-100
         Bishkek
         Kyrgyzstan


STREAM TECHNOLOGY: Creditors Must File Claims by December 12
------------------------------------------------------------
LLC Stream Technology (INN 01012200410010) has declared
insolvency.  Creditors have until Dec. 12 to submit written
proofs of claim to:

         LLC Stream Technology
         Kurmanjan Datki Str. 264
         Osh
         Kyrgyzstan



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


PDM CLO I: Moody's Rates EUR13.5 Mln Class E Notes at (P)Ba3
------------------------------------------------------------
Moody's Investors Service assigned long term credit ratings to 5
classes of notes issued by PDM CLO I B.V., a Dutch special
purpose company.  The ratings are:

   -- (P)Aaa to the EUR208,500,000 Class A Senior Secured
      Floating Rate Notes due 2024

   -- (P)Aa2 to the EUR11,250,000 Class B Deferrable Secured
      Floating Rate Notes due 2024

   -- (P)A2 to the EUR17,250,000 Class C Deferrable Secured
      Floating Rate Notes due 2024

   -- (P)Baa3 to the EUR16,500,000 Class D Deferrable Secured
      Floating Rate Notes due 2024

   -- (P)Ba3 to the EUR13,500,000 Class E Deferrable Secured
      Floating Rate Notes due 2024

The provisional ratings of the Notes address the expected loss
posed to investors by the legal maturity of each class (in
2024).

These provisional ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of Notes to the more senior
      classes of Notes;

   3. The overcollateralization of the Notes;

   4. The proposed currency swap transactions, which insulate
      the Issuer from the volatility of the foreign currency
      exchange rates in respect of non-Euro denominated
      obligations;

   5. The expertise of Permira Debt Managers Group Holding
      Limited, as investment manager, and Permira Debt Managers
      Limited as investment sub-manager; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR300
million, comprised primarily of European senior, second lien and
mezzanine loans, high yield bonds and structured finance
securities.  This portfolio is dynamically managed by the
investment manager and the investment sub-manager.  This
portfolio will be partially acquired at the closing date and
during the six months ramp-up period in compliance with
portfolio guidelines which include, among other tests, a
diversity score test, a weighted average rating factor test, a
weighted average recovery rate test and a weighted average
spread test.  Thereafter, the portfolio of loans will be
actively managed and the investment manager will have the option
to buy or sell assets in the portfolio.  Any addition or removal
of assets will be subject to a number of portfolio criteria.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign definitive ratings to
the transaction.  A definitive rating may differ from a
provisional rating.


PHELPS DODGE: Completes US$735 Mln Asset Sale to General Cable
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has completed the sale of
its international wire and cable business, operated in the name
of Phelps Dodge International Corporation, to General Cable
Corporation for US$735 million.  FCX expects to use the proceeds
estimated to approximate US$620 million, net of taxes and other
transaction costs, to repay debt.

General Cable acquired 100% of the shares held by FCX and its
subsidiaries in the entities comprising the wire and cable
business.  PDIC operates factories and distribution centers in
19 countries throughout Latin America, Asia and Africa and is
engaged in the manufacturing and distribution of engineered
products, principally for the global energy sector.

FCX expects to record charges of up to approximately US$20
million (US$12 million to net income) for transaction and
related costs associated with the disposition.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                     About Freeport-McMoran

Headquartered in Phoenix, Arizona, Freeport-McMoRan Copper &
Gold Inc. (NYSE: FCX) -- http://www.fcx.com/--  is an
international mining company that operates large, long-lived,
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum.  FCX has a portfolio of operating,
expansion and growth projects in the copper industry and is the
producer of molybdenum.  The Grasberg mine in Indonesia, the
world's largest copper and gold mine in terms of reserves, is
the company's key asset.  Freeport-McMoRan also operates
significant mining operations in North and South America and is
developing the world-class Tenke Fungurume project in the
Democratic Republic of Congo.  The completion of Freeport-
McMoran's acquisition further expands the company's global
operations.  The former Phelps Dodge Corp. has mining operations
in Chile, Peru, Colombia, Venezuela and Ecuador, among others.

                       About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces
molybdenum, molybdenum-based chemicals, and manufacturer of wire
and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Moody's Investors Service revised Freeport-McMoRan Copper & Gold
Inc.'s and Phelps Dodge's outlooks to positive and affirmed all
of Freeport's and Phelps Dodge's other ratings, including
US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3, 36%;
US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3, 36%;
US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3, 36%; and
US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3, 36%.


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


DRESSER-RAND GROUP: Inks US$100 Mln Alliance Pact with Repsol
-------------------------------------------------------------
Dresser-Rand Group Inc. has signed an alliance agreement with
Repsol YPF.  The agreement covers sales of all Dresser-Rand
products and services.  Dresser-Rand estimates the value of the
alliance agreement to be approximately US$100 million for
products and services over the next two years.

One steam turbine project for the Tarragona (Spain) refinery
valued at approximately US$13 million was secured in August
2007.  Subsequently, in the month of October, two projects for
the Petronor Refinery (Bilbao, Spain) have been awarded with a
total value of approximately US$20 million.  Dresser-Rand will
supply one process reciprocating compressor, one DATUM
centrifugal compressor and associated services.

"We're appreciative of the confidence that Repsol has placed in
Dresser- Rand," Vincent R. Volpe, Jr., president and Chief
Executive Officer of Dresser-Rand, said.  "As a new alliance
partner, we look forward to working with Repsol to provide
value-adding solutions through lowest life cycle cost for new
equipment and minimal emissions.  We're also pleased to supply
equipment to the planned refinery expansions reflecting the
continued strength of this market segment, particularly as it
relates to expansion in the European market."

Repsol-YPF's decision to enter into an alliance with Dresser-
Rand was primarily based on the company's technical capability
as well as its proposal to reduce Repsol's total cost of
ownership of their assets.  Repsol-YPF will be able to realize
considerable saving by not utilizing an EPC contractor for the
final design stages and procurement (after FEED) based on
Dresser-Rand's proprietary Corporate Product Configurator and
its Price Book e-tools.

                        About Repsol YPF

Repsol YPF, S.A. (IBEX: REP) is an integrated Spanish oil and
gas company with operations in 29 countries, the bulk of its
assets are located in Spain and Argentina.  Repsol S.A. is one
of the world's ten largest private oil enterprises, employing
over 30,000 people worldwide.  Repsol YPF operates five
refineries in Spain and four in Latin America and produces
chemicals, plastics, and polymers. It sells gas under the brands
Campsa, Petronor, and Repsol at more than 6,900 service stations
in Europe and Latin America.  It is one of Spain's largest
sellers of liquefied petroleum gas.

                    About Dresser-Rand Group

Headquartered in Houston, Texas, Dresser-Rand Group Inc. (NYSE:
DRC) -- http://www.dresser-rand.com/-- is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  The company
operates manufacturing facilities in the United States, France,
Germany, Norway, India, and Brazil, and maintains a network of
26 service and support centers covering more than 140 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 6, 2007,
Standard & Poor's Ratings Services assigned its "BB-" bank loan
and recovery ratings to the US$500 million senior secured
revolving credit facility due 2012 of Dresser-Rand Group Inc.
The rating has Stable outlook.


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


AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' corporate
credit and senior secured ratings on Dallas-based Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on March 20, 2007.

The company announced that five independent directors have
agreed to resign from ACS' board at the request of its chairman.
This follows the withdrawal of the US$6.2 billion buyout offer
by private equity firm Cerberus Capital Management.

"We will continue to monitor developments surrounding the
dispute within the company's board of directors," said Standard
& Poor's credit analyst Phil Schrank.  "Additionally, we will
discuss with management strategic alternatives to enhance
shareholder value."


=============
R O M A N I A
=============


TIMKEN CO: Declares Quarterly Dividend of 17 Cents Per Share
------------------------------------------------------------
The board of directors of The Timken Company has declared a
quarterly cash dividend of 17 cents per share.  The dividend
is payable on Dec. 4, 2007, to shareholders of record as of
Nov. 16, 2007.  It will be the 342nd consecutive dividend paid
on the common stock of the company.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                         *     *     *

The Timken Company carries to date Moody's "Ba1" Long-Term
Corporate Family, Senior Unsecured Debt and Probability-of-
Default Ratings with a stable outlook.


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


AGRIBUSINESS CJSC: Creditors Must File Claims by Dec. 27
--------------------------------------------------------
Creditors of CJSC Agribusiness have until Dec. 27 to submit
their proofs of claim to:

         I. F. Fedurin
         Competitive proceedings manager
         P.O. Box 121
         Magnitogorsk
         455002 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced streamlined
competitive proceedings on the company on Sept. 27, 2007.  The
case is docketed under Case No. ?76-7725/2007-60-96.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Agribusiness
         Kirova Str. 74
         Magnitogorsk
         455002 Chelyabinsk
         Russia


AGENCY COURIER: Creditors Must File Claims by Nov. 27
-----------------------------------------------------
Creditors of Agency Courier LLC have until Nov. 27 to submit
their proofs of claim to:

         T. G. Dautov
         Competitive proceedings manager
         P.O. Box 8218
         454084 Chelyabisnk
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Sept. 12, 2007.  The case is docketed under Case
No. ?76-12171/2007-48-233.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         Agency Courier LLC
         Soviet Army Str. 12
         455000 Magnitogorsk
         Russia


BATEKO-HOLDING CJSC: Creditors Must File Claims by Dec. 27
----------------------------------------------------------
Creditors of CJSC Bateko-Holding have until Dec. 27 to submit
their proofs of claim to:

         V. V. Klimenko
         Competitive proceedings manager
         P.O. Box 21
         121467 Moscow
         Russia

The Arbitration Court of Moscow commenced competitive
proceedings on the company on Oct. 2, 2007.  The case is
docketed under Case No. ?40-21112/07-73-99 ?.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Bateko-Holding
         Al. Nevskogo Str. 19/25, 1
         125047 Moscow
         Russia


KALININGRAD AMBER: Arbitration Court Ends Bankruptcy Proceedings
----------------------------------------------------------------
The Kaliningrad Regional Arbitration Court has closed the
bankruptcy proceedings against OJSC Kaliningrad Amber Works
after the company settled about RUR135 million in debt
obligations to bankruptcy creditors, the Financial Times
reports, citing Interfax News.

According to the report, Kaliningrad Amber used earnings in the
course of its business activities to pay off the debts.

As previously reported in the TCR-Europe, the arbitration court
declared Kaliningrad Amber bankrupt on March 20, 2006.
Subsequently, Kaliningrad Amber was put into receivership for
one year with court-appointed Tatiana Kazakina as its receiver
manager.

The company's creditors elected in September 2004, to reorganize
its production division and establish a new entity, Yantarny
Jewelry.  The move came following a March 17, 2003 external
management scheme brought by the court to strengthen controls
over the production and conservation of amber.

Yantarny hosts 95% of the world's amber reserves while
Kaliningrad Amber Combine is the only commercial amber producer
in Russia.


KAZANSKOYS FSUE: Bankruptcy Hearing Slated for Dec. 18
------------------------------------------------------
The Arbitration Court of Tatarstan will convene on Dec. 18 to
hear the bankruptcy supervision procedure on Bacterial Devices-
Manufacturing Enterprise Kazanskoys FSUE.  The case is docketed
under Case No. ?65-10860/2007-??4-27.

The interim manager is:

         A. P. Doronin
         Interim manager
         P.O. Box 222
         Gvardeyskaya Str. 42
         420073 Kazan'
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         Bacterial Devices-Manufacturing Enterprise Kazanskoys
         FSUE
         Bol'shaya Krasnaya Str. 67
         Kazan'
         Tatarstan
         Russia


KLYUCHEVSKOYE CJSC: Creditors Must File Claims by Nov. 27
---------------------------------------------------------
Creditors of CJSC AgriBusiness Firm Klyuchevskoye have until
Nov. 27 to submit their proofs of claim to:

         L. N. Zimina
         Competitive proceedings manager
         Office 212
         Kaslinskaya Str. 3
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings on the company on Oct. 5, 2007.  The case is
docketed under Case No. ?76-16104/2007-55-57.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Nov. 27
----------------------------------------------------------
Creditors of CJSC Crane Plant Magnitogorskij have until Nov. 27
to submit their proofs of claim to:

         T. G. Dautov
         Competitive proceedings manager
         P.O. Box 8218
         454084 Chelyabisnk
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Sept. 12, 2007.  The case is docketed under Case
No. ?76-12171/2007-48-233.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Crane Plant Magnitogorskij
         Gagarina Str. 35
         455000 Magnitogorsk
         Russia


NEMSKIJ OJSC: Creditors Must File Claims by Dec. 27
---------------------------------------------------
Creditors of OJSC Butter Factory Nemskij have until Dec. 27 to
submit their proofs of claim to:

         A. M. Klabukov
         Competitive proceedings manager
         Uritskogo Str. 12
         610002 Kirov
         Russia

The Arbitration Court of Kirov commenced a one-year competitive
proceeding on the company on Oct. 4, 2007.  The case is docketed
under Case No. A28-150/07-95/20.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Butter Factory Nemskij
         Zavodskaya Str. 3
         Nema Settlement
         613470 Kirov
         Russia


RUBTSOVSKIJ OJSC: Asset Sale Slated for Nov. 29
-----------------------------------------------
The competitive proceedings manager of OJSC Food Production
Complex Rubtsovskij will open a public auction for the company's
properties at 11:00 a.m. on Nov. 29.

The starting price for the auctioned assets is RUR2,548,441.
Deposit required is RUR255,000.

Interested participants have until Nov. 26 to submit their
bidding documents.

Information related to the auction can be obtained at:

         OJSC Food Production Complex Rubtsovskij
         M. Gor'kogo Str. 21-24
         Barnaul
         Altai Krai
         Russia
         Tel: (3852) 24-48-54


RUSSNEFT OIL: Earns RUR4.5 Billion for Nine Months to September
---------------------------------------------------------------
OAO Russneft Oil and Gas Co. released it financial results for
third quarter and nine months ended Sept. 30, 2007.

Russneft posted a 50% year-on-year decline in net profit to
RUR4.5 billion for January-September 2007 period.

The company posted a 26.6% quarter-on-quarter hike in net profit
to RUR2.23 billion for the third quarter of 2007.  The company
partly attributed the boom to shifts in RUR/US$ exchange rate.

                         About Russneft

Headquartered in Moscow, Russia, OAO Russneft Oil and Gas Co. --
http://eng.russneft.ru/-- operates 30 productive assets, two
refineries and petrol stations network located in 22 regions of
Russia and CIS.  The Company is developing more than 170 oil
fields across the country.

As reported in the TCR-Europe on Aug. 22, 2007, the Moscow
Arbitration Court upheld a RUR17 billion tax arrear claim
against Russneft, and rejected an appeal to overturn a July 2007
ruling ordering the oil concern to pay the Federal Tax Service
RUR3.7 billion in back taxes for 2003 and first quarter of
2004.


SHUMERLINSKIJ LLC: Creditors Must File Claims by Nov. 27
--------------------------------------------------------
Creditors of Pipe Fittings Plant Shumerlinskij LLC have until
Nov. 27 to submit their proofs of claim to:

         V. A. Samsonov
         Interim manager
         International Str. 96
         603002 Nizhnij Novgorod
         Russia

The Arbitration Court of Chuvashia will convene at 1:45 p.m. on
Dec. 27 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. ?79-7406/2007.

The Debtor can be reached at:

         Pipe Fittings Plant Shumerlinskij LLC
         Shumerlya
         Chuvashia
         Russia


SITRONICS JSC: Approves New Eight-Man Management Board
------------------------------------------------------
JSC Sitronics has approved the appointment of the Management
Board at its Board Directors' meeting held on Oct. 31, 2007.

The Management Board includes:

   --  Sergey Aslanyan,
   --  Maxim Ageev,
   --  Dmitry Ivanov,
   --  Gennady Krasnikov,
   --  Alexander Lutsenko,
   --  Evgeny Maximenko,
   --  Alexandros-Stergios Manos, and
   --  Oleg Shcherbakov.

Sergey Aslanyan, president and chief executive officer of
Sitronics, was elected chairman of the Management Board.

The Board of Directors also set a date for an Extraordinary
General Meeting of Sitronics shareholders, which will be held on
Jan. 24, 2008.  Shareholders registered as at the record date of
Nov. 2, 2007, will be eligible to participate and vote at the
meeting.  The purpose of the meeting is the election of the
company's Board of Directors.

                        About Sitronics

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

For the 12 months ended Dec. 31, 2006, Sitronics' revenues and
OIBDA were US$1.61 billion and US$183.6 million, respectively.
As of Dec. 31, 2006, Sitronics had total assets of US$1.65
billion.

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.  As the technology arm of AFK Sistema
(rated 'BB-'/Outlook Stable), the rating reflects a weak
standalone credit profile, offset somewhat by increased
financial flexibility following the IPO.



SOUTHERN MINE: Creditors Must File Claims by Dec. 27
----------------------------------------------------
Creditors of OJSC Southern Mine have until Dec. 27 to submit
their proofs of claim to:

         I. Yu. Sushkova
         Competitive proceedings manager
         P.O. Box 25700
         Chelyabinsk
         455000 Magnitogorsk
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company after finding it insolvent on
Aug. 30, 2007.  The case is docketed under Case No. ?76-29962/
2006-52-280.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Southern Mine
         Yuzhny Settlement
         457653 Chelyabinsk
         Russia


SOVGAVANSKIJ OJSC: Creditors Must File Claims by Nov. 27
--------------------------------------------------------
Creditors of OJSC Ship-Repair Yard Sovgavanskij have until
Nov. 27 to submit their proofs of claim to:

         M. A. Abrosimov
         Interim manager
         Poima Str. 73
         Izhevsk
         426028 Udmurt
         Russia

The Arbitration Court of Khabarovsk Krai commenced bankruptcy
supervision procedure on the company on Sept. 26, 2007.  The
case is docketed under Case No. ?73-8883/2007-36.

The Debtor can be reached at:

         OJSC Ship-Repair Yard Sovgavanskij
         Naberezhnaya Str. 31?
         Soviet Gavan'
         Soviet-Gavanskij Raion
         682880 Khabarovsk Krai
         Russia


STYLE LLC: Creditors Must File Claims by Nov. 27
------------------------------------------------
Creditors of Clothing Manufacture Style LLC have until Nov. 27
to submit their proofs of claim to:

         S. A. Galimoca
         Competitive proceedings manager
         P.O. Box 5
         620033 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Oct. 5, 2007.  The case is docketed under Case No.
?76-18136/07-55-105.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         Clothing Manufacture Style LLC
         8th March Str. 50
         Kasli
         Russia


TATNEFT: Eyes Oil Supply Stoppage at Seized Ukrainian Refinery
--------------------------------------------------------------
OAO Tatneft has asked local oil exporters to stop sending
supplies to its Ukrainian refinery taken over by its former
chief executive, Greg Walters writes for Bloomberg News.

Nail Maganov, Tatneft's deputy CEO and head of oil sales, told
Bloomberg News that a a private security service seized control
of the plant on Oct. 19 and reinstalled ex-CEO Pavel Ovcharenko
to run the site.

"We must all unite against these raiders or they will throw us
out of our homes," Mr. Maganov was quoted by Bloomberg News as
saying.

Mr. Maganov said the site is losing US$4 million-US$5 million
daily following the takeover due to low refining volumes and cut
supplies.

The deputy CEO also ruled out the possibility that the Ukrainian
government, which has been trying to reacquire shares from
Tatneft, supported the armed seizure.

"If this was the state, they wouldn't do it like this," Mr.
Maganov told Bloomberg News.  "They wouldn't use these illegal
measures.  There is a third party here that can ignore the
orders of the government and the decisions of the court."

Mr. Maganov noted that Ukraine's Justice Ministry and general
prosecutor has expressed support to Tatneft.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


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


ALTSTADTLI JSC: Lucerne Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against JSC Altstadtli on Sept. 10.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5 LU
         Switzerland

The Debtor can be reached at:

         JSC Altstadtli
         Wagenbachgasse 3
         6004 Lucerne
         Switzerland


ATW TRAVEL: Creditors' Liquidation Claims Due by November 8
-----------------------------------------------------------
Creditors of JSC ATW Travel have until Nov. 8 to submit their
claims to:

         Christian Hosner
         Liquidator
         Obere Leihofstrasse 1
         8820 Wadenswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC ATW Travel
         Wadenswil
         Horgen ZH
         Switzerland


D.T. GROSSKU?HEN: Creditors' Liquidation Claims Due by Nov. 9
-------------------------------------------------------------
Creditors of LLC D.T. Grosskuchen have until Nov. 9 to submit
their claims to:

         Hatice Tiras-Kul
         Liquidator
         Erasmusplatz 16
         4057 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC D.T. Grosskuchen
         Basel BS
         Switzerland


GRAFOTECH FINANZ: Creditors' Liquidation Claims Due by Nov. 8
-------------------------------------------------------------
Creditors of JSC Grafotech Finanz have until Nov. 8 to submit
their claims to:

         Gust Eugster
         Liquidator
         Nollisweid 17
         9050 Appenzell
         Switzerland

The Debtor can be reached at:

         JSC Grafotech Finanz
         Appenzell
         Switzerland


HAMMER TREUHAND: Creditors' Liquidation Claims Due by November 9
----------------------------------------------------------------
Creditors of JSC Hammer Treuhand have until Nov. 9 to submit
their claims to:

         Dr. Hans-Ulrich
         Rumelinsplatz 14
         4001 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Hammer Treuhand
         Basel BS
         Switzerland


IMMOBILIENGESELLSCHAFT SCHONGRUND: Claims Due by November 8
-----------------------------------------------------------
Creditors of JSC Immobiliengesellschaft Schongrund Rotkreuz have
until Nov. 8 to submit their claims to:

         JSC Knusel Treuhand und Verwaltung
         Liquidator
         Schongrund 26
         6343 Rotkreuz
         Switzerland

The Debtor can be reached at:

         JSC Immobiliengesellschaft Schongrund Rotkreuz
         Risch ZG
         Switzerland


IMMOPIT JSC: Liestal Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Liestal commenced bankruptcy proceedings
against JSC Immopit on Sept. 19.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Immopit
         Oberemattstr. 33
         4133 Pratteln
         Liestal BL
         Switzerland


MANDL ENGINEERING: Creditors' Liquidation Claims Due by Nov. 8
--------------------------------------------------------------
Creditors of JSC Mandl Engineering have until Nov. 8 to submit
their claims to:

         Dr. Gerhard Mandl
         Liquidator
         Strehlgasse 8
         8311 Brutten
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Mandl Engineering
         Brutten
         Winterthur ZH
         Switzerland


METALLBAU ART: Creditors' Liquidation Claims Due by November 9
--------------------------------------------------------------
Creditors of JSC Metallbau Art of Design have until Nov. 9 to
submit their claims to:

         Urs Zoller
         Liquidator
         Rosenacherstrasse 26
         8317 Tagelswangen
         Switzerland

The Debtor can be reached at:

         JSC Metallbau Art of Design
         Rumlang
         Dielsdorf ZH
         Switzerland


PARKER HANNIFIN: Creditors' Liquidation Claims Due by November 8
----------------------------------------------------------------
Creditors of JSC Parker Hannifin have until Nov. 8 to submit
their claims to:

         Haussmann & Partner
         Liquidator
         Postfach 205
         4020 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Parker Hannifin
         Zug
         Switzerland


POWERSHOP LLC: Creditors' Liquidation Claims Due by November 8
--------------------------------------------------------------
Creditors of LLC Powershop have until Nov. 8 to submit their
claims to:

         Thomas Reimann
         Lutz Rechtsanwalte
         Forchstrasse 2
         Kreuzplatz
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Powershop
         Zurich
         Switzerland


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


BORBIUZ LLC: Creditors Must File Claims by November 9
-----------------------------------------------------
Creditors of LLC Borbiuz (code EDRPOU 23103337) have until
Nov. 9 to submit their proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 10/240-07.

The Debtor can be reached at:

         LLC Borbiuz
         Sobornaya Str. 72
         Vinnica
         Ukraine


CONSTANTA-TRADING LLC: Creditors Must File Claims by November 9
---------------------------------------------------------------
Creditors of LLC Constanta-Trading (code EDRPOU 34757471) have
until Nov. 9 to submit their proofs of claims 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 as B-24/130-07.

The Debtor can be reached at:

         LLC Constanta-Trading
         Pravda Avenue 10
         61022 Kharkov
         Ukraine


REPAIR BUILDING: Creditors Must File Claims by November 9
---------------------------------------------------------
Creditors of LLC Repair Building Technology (code EDRPOU
33612747) have until Nov. 9 to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/267-07.

The Debtor can be reached at:

         LLC Repair Building Technology
         Panikakha Str. 2 b. 1
         49600 Dnipropetrovsk
         Ukraine


SLOBOZHANSKY MEAT: Creditors Must File Claims by November
----------------------------------------------------
Creditors of LLC Slobozhansky Meat Combine (code EDRPOU
31061262) have until Nov. 9 to submit their proofs of claims 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 as B-39/160-07.

The Debtor can be reached at:

         LLC Slobozhansky Meat Combine
         Ordzhonikidze Avenue 41
         61075 Kharkov
         Ukraine


TATNEFT: Eyes Oil Supply Stoppage at Seized Ukrainian Refinery
--------------------------------------------------------------
OAO Tatneft has asked local oil exporters to stop sending
supplies to its Ukrainian refinery taken over by its former
chief executive, Greg Walters writes for Bloomberg News.

Nail Maganov, Tatneft's deputy CEO and head of oil sales, told
Bloomberg News that a a private security service seized control
of the plant on Oct. 19 and reinstalled ex-CEO Pavel Ovcharenko
to run the site.

"We must all unite against these raiders or they will throw us
out of our homes," Mr. Maganov was quoted by Bloomberg News as
saying.

Mr. Maganov said the site is losing US$4 million-US$5 million
daily following the takeover due to low refining volumes and cut
supplies.

The deputy CEO also ruled out the possibility that the Ukrainian
government, which has been trying to reacquire shares from
Tatneft, supported the armed seizure.

"If this was the state, they wouldn't do it like this," Mr.
Maganov told Bloomberg News.  "They wouldn't use these illegal
measures.  There is a third party here that can ignore the
orders of the government and the decisions of the court."

Mr. Maganov noted that Ukraine's Justice Ministry and general
prosecutor has expressed support to Tatneft.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


ZOLOTAYA BALKA: Creditors Must File Claims by November 9
--------------------------------------------------------
Creditors of Agricultural LLC Zolotaya Balka Breadreceiving
Enterprise (code EDRPOU 31827692) have until Nov. 9 to submit
their proofs of claim to:

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

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/224-B-05.

The Debtor can be reached at:

         Agricultural LLC Zolotaya Balka
         Breadreceiving Enterprise
         Zolotaya Balka
         Novovorontsovsky District
         Herson
         Ukraine

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


ALTO LTD: Brings In Liquidators from Tenon Recovery
---------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of  Alto (Northern) Ltd. on Oct. 25
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


CAROLINA FURNITURE: Calls In Liquidators from KPMG
--------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were
appointed joint liquidators of The Carolina Furniture Co. Ltd.
on Oct. 25 for the creditors' voluntary winding-up proceeding.

Mr. Philpott can be reached at:

         KPMG LLP
         St. Nicholas House
         Park Row
         Nottingham
         NG1 6FQ
         England

Mr. Graham can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


CHEYNE FINANCE: Managers Get GBP101 Mln Payout Prior to Collapse
----------------------------------------------------------------
Cheyne Capital Management has made a total payout of GBP101
million to its hedge fund managers, eight months prior to the
collapse of Cheyne Finance plc, a structured investment vehicle
which it manages, the Daily Telegraph reports, citing accounts
filed at Companies House.

It is speculated that the payout went to the much smaller number
of hedge fund managers, including founders Jonathan Lourie and
Stuart Fiertz, James Quinn Wall writes for the Daily Telegraph.

According to the accounts filed at Companies House, Cheyne
Capital, which employs more than 150 people, used a Bermudan
offshoot called Cheyne Global Services to pay its staff.

The accounts also revealed that Cheyne Capital's fee income
increased by 46.5% to GBP129 million in the said period, the
Daily Telegraph relates.

However, a spokeswoman for the London-based hedge fund declined
to comment on the issue.

                       Insolvency Event

On Oct. 17, 2007, the receivers of Cheyne Finance determined
that the structured investment vehicle is, or is about to
become, unable to pay its debts as they fall due to "Senior
Creditors" and any other persons whose claims against it are
required to be paid in priority thereto, as  contemplated by
Section 123(1) of the United Kingdom Insolvency Act 1986.

Accordingly, the receivers have notified The Bank of New York,
as Security Trustee, that an "Insolvency Event" has occurred.

                       Enforcement Event

On Sept. 4, 2007, receivers have been appointed to Cheyne
Finance.  The appointment of a receiver is required under the
terms of the company's Security Trust Deed following the
occurrence of an Enforcement Event.  The appointment has been
duly made by The Bank of New York as Security Trustee.

On Aug. 28, 2007, mark-to-market losses in the Investment
Portfolio of Cheyne Finance have caused a breach of the Major
Capital Loss Test and therefore triggered an Enforcement Event.

Cheyne Finance plc is a structured investment vehicle managed by
Cheyne Capital Management Ltd.


ENRON CORP: Standard Chartered Wants Additional US$2.7 Million
--------------------------------------------------------------
Standard Chartered Bank asks the U.S. Bankruptcy Court for the
Southern District of New York to compel Enron Creditors Recovery
Corp., formerly known as Enron Corp., to pay US$2.7 million to
cover the bank's claims against Enron North America Corp., Enron
Power Marketing Inc., and EPC Estate Services Inc., the
Associated Press reports.

The AP adds that the amount is on top of the US$24.5 million the
bank received as part of a 2005 settlement with Enron.  The bank
claims that the settlement agreement didn't cover the claims it
had against the three Enron entities that borrowed money.

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.


FORD MOTOR: October Sales Up 6% in Canada; Truck Sales Up 15%
-------------------------------------------------------------
Last month, Ford Motor Company of Canada, Ltd., saw overall
sales increase 6.2% to 16,902 units.  Total truck sales were up
15.1% at 13,020 units and car sales of 3,882 units mark a 15.7%
decline compared to last October.

Building on its strong sales in October, Ford of Canada
disclosed it will launch new, money-saving offers this month on
most of its 2007 and 2008 models to encourage buyers to shop in
Canada.

"We hear what people are saying -- they prefer to purchase in
Canada," Bill Osborne, president and CEO, Ford Motor Company of
Canada, Limited, said.  "Our sales numbers show that consumers
continue to buy in Ford showrooms across Canada.  To build on
that momentum, we'll have some exciting news about great offers
coming in November."

From the sporty Ford Escape in the small utility segment, to the
rugged F-Series work trucks, to the versatile Ford Ranger, Ford
of Canada's full spectrum of trucks, saw significant sales
increases in October.  Ford cars were not to be left behind,
with the Ford Focus, led by the newly-redesigned 2008 model, and
Ford Mustang registering sales increases this month of 17.1% and
14.3% respectively.

"With new models like the 2008 Ford Focus featuring the
industry-exclusive Sync technology hitting showrooms now, we are
confident that we can keep growing sales with our competitive
offers," Mr. Osborne said.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


FORD MOTOR: Reaches Tentative National Labor Agreement with UAW
---------------------------------------------------------------
Ford Motor Company and the United Auto Workers union have
reached a tentative agreement on a four-year national labor
contract covering approximately 54,000 represented employees in
the United States, according to Joe Laymon, group vice
president, Human Resources and Labor Affairs, Ford Motor
Company.

"I’d like to take this opportunity to thank UAW President Ron
Gettelfinger, UAW Vice President Bob King and the entire UAW
national bargaining committee for all of their hard work and
professionalism over the past several months," Mr. Laymon said.
"I would also like to thank the Ford bargaining team for its
skill and dedication during this complex and challenging set of
negotiations."

The agreement is subject to ratification by UAW members.  It
includes a memorandum of understanding to establish an
independent retiree health care trust.  Following ratification,
implementation of the memorandum of understanding is subject to
approval by the courts and satisfactory review of accounting
treatment with the Securities and Exchange Commission.

Though the parties will not discuss the specifics of the
tentative agreement until after it becomes final, Ford believes
it is fair to its employees and retirees, and paves the way for
Ford to increase its competitiveness in the United States.

United Auto Workers union members at Ford Motor Company plants,
including those in Missouri and Louisville, Kentucky, will be
voting on a new labor agreement between the carmaker and the
union on Sunday, Nov. 11, 2007, according to various reports.

The St. Louis Business Journal relates that voting will conclude
on Nov. 12, 2007.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


HORACE HOLMAN: Taps Liquidators from PricewaterhouseCoopers
-----------------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Horace Holman Group Ltd. on Oct. 18 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         One Kingsway
         Cardiff
         CF10 3PW
         Wales


POPE & TALBOT: Superior Court OKs Closure of Business Operations
----------------------------------------------------------------
Pope & Talbot and its debtor-affiliates obtained permission from
the Superior Court of Justice (Commercial List) for the Province
of Ontario, in Canada to permanently or temporarily cease,
downsize or shut down any of their businesses or operations,
subject to the written concurrence of PricewaterhouseCoopers
Inc., as monitor.

Over the last few months, Pope & Talbot Ltd. has shutdown
certain of its mills to reduce costs.  The company is presently
exploring restructuring alternatives, including the possible
sale of one or both of its businesses.  In June 2007, Pope &
Talbot retained Rothschild Inc. to assist it in identifying and
implementing  restructuring alternatives.

Following its Forbearance Agreement with prepetition secured
lenders in August 2007, Pope & Talbot publicly launched a
further sale process seeking bids for either all or
substantially all of its businesses, or all or substantially all
of either of its two principal business lines.  Pope & Talbot
received binding offers during the week of Oct. 8, 2007, from
which it expects to pursue one or more transactions during the
course of the CCAA proceedings.

Pope & Talbot expects to return to the CCAA Court within a few
days to seek approval of a purchase agreement for a substantial
portion of its business, R. Neil Stuart, Pope & Talbot's vice
president and chief financial officer, said in an affidavit
filed with the CCAA Court.

The sale, if consummated, would repay a substantial portion of
the outstanding indebtedness under the company's Credit
Facility, Mr. Stuart said.

It is expected that the proposed purchase agreement would serve
as a "stalking horse" for a short Court-supervised auction
process, Mr. Stuart said.

The Honorable Justice Geoffrey B. Morawetz also allowed the
Applicants to:

   (a) dispose of redundant or non-material assets not exceeding
       US$750,000 in any one transaction or US$5,000,000 in the
       aggregate; and

   (b) real property not exceeding US$1,500,000 in any one
       transaction or US$10,000,000 in the aggregate, with the
       consent of Wells Fargo Financial Corporation Canada and
       Ableco Financial LLC, the Applicants' prepetition secured
       lenders.

Pope & Talbot is in the process of selling surplus lands in
British Columbia, Canada, to various purchasers.  The sale
transactions that have closed or are in the process of being
finalized are:

   1. Sale of "Blanket Creek", "Beaton Complex", "Beaton
      Schedule A", "Galena Bay Thumb", "Arrowhead (Henry's
      Creek)", "Galena Bay", "Arrow Park (Hampton)", "Taite
      Creek", "Tuzo Junction" and "Kettle River Park North"
      lands to Chou Associates Management Inc. The contract was
      signed on October 26, 2007, for a purchase price of
      US$4,800,000;

   2. Sale of "Beaverdell South" lands for a purchase price of
      US$550,000.  The contract was signed October 22, 2007, and
      was scheduled to close on October 30, 2007;

   3. Sale of "Shelter Bay" lands to Ilkay Development
      Corporation.  The contract has not yet been signed.  The
      purchase price is US$11,300,000;

   4. Sale of "Burton" lands for a purchase price of US$795,000.
      The contract has not yet been signed;

   5. Sale of "Shields Creek" lands for a purchase price of
      US$1,350,000.  The contract has not yet been signed,
      though the draft contract currently provides for a
      scheduled closing of November 23, 2007;

   6. Sale of "Deer Park" lands for a purchase price of
      US$751,000.  The contract has not yet been signed, though
      the draft contract currently provides for a scheduled
      closing of November 25, 2007;

   7. Sale of "Saunier Lake" lands for a purchase price of
      US$275,000.  The contract has not yet been signed, though
      the draft contract currently provides for a scheduled
      closing of November 23, 2007; and

   8. Sale of "Tuzo" lands for a purchase price of US$225,000.
      The contract has not yet been signed though the draft
      contract currently provides for a scheduled closing of
      November 26, 2007.

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

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. (Pope & Talbot Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


POPE & TALBOT: May Reject Leases Subject to 7 Days Notice
---------------------------------------------------------
The Honorable Justice Geoffrey B. Morawetz has permitted Pope &
Talbot Ltd. and its debtor-affiliates to vacate, abandon or quit
any leased premises or repudiate any real property lease and any
ancillary agreements relating to any leased premises, on not
less than seven days' notice to the relevant landlord.

The Applicants may also terminate the employment of their
employees or temporarily lay off employees as the Applicants
deem appropriate.

Pope & Talbot Ltd. has shutdown certain of its mills over the
last few months to reduce costs and reduced production at other
mills.

In an affidavit filed with the CCAA Court, R. Neil Stuart, Pope
& Talbot's vice president and chief financial officer, said the
shutdown was necessary due to the falling prices of softwood
lumber products brought on by the downturn in the U.S. housing
market.  Mr. Stuart said it was not profitable for the
Applicants to run at normal capacity in the circumstances.

Mr. Justice Morawetz held that until the time as an Applicant
repudiates a real property lease, the Applicants will pay all
amounts constituting rent or payable as rent under real property
leases -- including common area maintenance charges, utilities
and realty taxes and any other amounts payable to the landlord
under the lease -- or as otherwise may be negotiated by the
Applicants from time to time, commencing October 29, 2007, bi-
weekly, in advance but not in arrears.

Mr. Justice Morawetz directed the Applicants to provide each of
the relevant landlords with notice of the relevant Applicant's
intention to remove any fixtures from any leased premises at
least seven days prior to the date of the intended removal.

The relevant landlord will be entitled to have a representative
present in the leased premises to observe the removal and, if
the landlord disputes the Applicant's entitlement to remove any
fixture under the provisions of the lease, the fixture will
remain on the premises and will be dealt with as agreed between
any applicable secured creditors, the landlord and the relevant
Applicant, or by further Court order.

If an Applicant repudiates the lease governing the leased
premises, the Applicant will not be required to pay Rent under
the lease pending resolution of any dispute, and the repudiation
of the lease will be without prejudice to the Applicant's claims
to the fixtures in dispute.

If a lease is repudiated by an Applicant, then during the notice
period prior to the effective time of the repudiation, the
landlord may show the affected leased premises to prospective
tenants during normal business hours, on giving the Applicant
and PricewaterhouseCoopers Inc. 24 hours' prior written notice.

Mr. Justice Morawetz also held that at the effective time of the
repudiation, the landlord will be entitled to take possession of
the leased premises without waiver of or prejudice to any claims
or rights the landlord may have against the Applicant in respect
of the lease or leased premises.  The landlord will be entitled
to notify the Applicant of the basis on which it is taking
possession and to gain possession of and re-lease the leased
premises to any third party or parties on terms as the landlord
considers advisable.  Nothing, however, will relieve the
landlord of its obligation to mitigate any asserted damages, Mr.
Justice Morawetz said.

The Applicants are permitted to dispose of any or all of the
property located or formerly located at the leased premises
without any interference of any kind from landlords
notwithstanding the terms of any leases, Mr. Justice Morawetz
ruled.  The Applicants, Mr. Justice Morawetz added, will have
the right to realize upon the Property and other assets in the
manner and at locations, including leased premises, as it deems
suitable or desirable for the purpose of maximizing the proceeds
and recovery therefrom.

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

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. (Pope & Talbot Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


NORTHERN ROCK: Total Bank of England Debt Hits GBP23 Billion
------------------------------------------------------------
Northern Rock Plc borrowed another GBP2 billion from the Bank of
England last week, bringing the total amount drawn down from the
funding assistance offered by the BoE to GBP23 billion, reports
say.

At the same time, speculations have emerged that the tally will
reach GBP20 billion before an acquisition is completed, the
Scotsman reports.

Concurrently, Northern Rock savers have withdrawn a total of
GBP14 billion since the Bank of England allocated emergency
funding to bail out the mortgage lender, the Sunday Times
relates, without naming its source.

Northern Rock was quick to debunk the GBP14 billion withdrawal
by its clients, detailed in the Sunday Times story, with a
spokesman claiming, "it's not a figure we recognize."  However,
he declined to give a figure for the amount of money savers have
removed from the bank since the crisis began seven weeks ago,
the Telegraph notes.

Private equity firms JC Flowers and Cerberus, as well as Sir
Richard Branson's Virgin Group, are conducting due diligence,
the Telegraph says.  Private equity groups and banks from
Britain, Europe, China and India, as well as building societies
were also named as potential bidders.

Blackstone Group LP has sent a detailed memorandum to as many as
50 interested parties in its role as an adviser in the potential
sale of Northern Rock, the Sunday Times reveals.

The bank has indicated it may consider a break up of its assets
in a bid to attract a fresh round of potential bidders, the
Scotsman states.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

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


RANK GROUP: Inks International Sportsbook Deal with 888 Holdings
----------------------------------------------------------------
Rank Group plc has entered into an agreement to provide a "white
label" sports betting service to online gaming company, 888
Holdings plc.  The non-exclusive agreement forms part of Rank's
strategy to penetrate selective international gambling markets
through its on-line business, Blue Square.

Under the terms of the agreement, Blue Square will supply a
multi-lingual betting service to 888, enabling their customers
to place sports bets from the 888.com Web sites.  Revenues from
sports betting will be shared between Rank and 888.

"This is an agreement that strengthens both parties.  We will
benefit from 888's international experience and liquidity as we
extend our reach beyond the U.K.; and 888 will complete their
customer offer by adding Blue Square's innovative range of
betting products," Martin Belsham, managing director of Blue
Square, said.

"The deal will enable 888 to capitalize on our extensive global
customer base and grow in new territories.  Our analysis shows
that a significant proportion of our players bet on sport
events occasionally, and the inclusion of sports betting in our
offering is in-line with our focus to aid customer acquisition
and reinforce 888 as the entertainment destination of choice.
888 will work closely with Blue Square to present a compelling
localized sportsbook offering tailored for each country," Gabi
Campos, senior VP, head of offering for 888, said.

The new service is scheduled to be available to 888 customers
during the first quarter of 2008.  While the agreement
constitutes an important stage in the development of Blue
Square, Rank does not expect that it will have a material
affect on group earnings in 2008.

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

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Moody's
Investors Service downgraded to B1 (from Ba3) the corporate
family rating of Rank Group Plc.

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

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


SKYEPHARMA PLC: Completes Flutiform(tm) Phase III Safety Study
------------------------------------------------------------
SkyePharma plc has completed the the Phase III, long-term, open
label, safety study for Flutiform(tm), its lead development
product for the treatment of asthma.

The results are consistent with the large safety database
already accumulated on the individual constituents fluticasone
and formoterol.

The study involved 472 patients who were treated with
Flutiform(tm) for 6 or 12 months and will form part of the U.S.
New Drug Application for Flutiform(tm).  Three double-blind
efficacy trials are currently ongoing, of which one is fully
enrolled and the other two are nearing full enrolment.
Submission of the NDA is expected in the second half of 2008.

"The results of this study are as we expected and represent a
significant milestone achieved in the Flutiform(tm) development
program.  We continue to make good progress towards the approval
of this exciting product," Frank Condella, CEO of SkyePharma,
said.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

The net result for the continuing operations after finance
charges and tax for the six months ended June 30, 2007, was a
loss of GBP14.2 million (H1 2006: GBP16 million).

The Group balance sheet as at June 30, 2007, shows GBP55.1
million in total shareholders' deficit, compared with a GBP48.4
million stockholders' deficit at Dec. 31, 2006.  The reduction
in net equity has arisen mainly due to the GBP19.6 million loss
from continuing and discontinued operations.


VIRAGEN INTERNATIONAL: Court Appoints PwC Provisional Liquidator
----------------------------------------------------------------
Viragen (Scotland) Ltd., the Scottish unit of Viragen
International Inc., filed a winding-up petition at the Courts in
Glasgow, under Section 135 of the Insolvency Act (Scotland) 1986
on Oct. 16, 2007, which left nine workers jobless.

Subsequently, Graham Martin of PricewaterhouseCoopers LLP was
appointed provisional liquidator after the company's US parent,
Viragen Inc., went insolvent, the Scotsman relates.

"The company was carrying out research and development of a
number of anti-cancer, anti-viral and anti-bacterial products
and technologies which we are hopeful will be of interest to a
number of parties," Mr. Martin was quoted by the Scotsman as
saying.

                   About Viragen (Scotland) Ltd.

Viragen Scotland Ltd., a wholly owned subsidiary of Viragen
International Inc., specializes in the research and development
of highly innovative immunotherapeutic products and technologies
including alpha interferons, humanized monoclonal antibodies and
avian transgenic biomanufacturing systems.

VSL is based within the 130-acre Pentland Science Park.

                    About Viragen International

Headquartered in Plantation, Florida, Viragen International
Inc., is engaged in the research, development, manufacture and
sale of a natural human alpha interferon product for treatment
of viral and malignant diseases.  The company is a subsidiary of
Viragen Inc.

The company operates from three locations: Plantation, Florida,
which contains the company's administrative offices and support;
Viragen (Scotland) Ltd., located outside Edinburgh, Scotland,
which conducts research and development activities; and
ViraNative, located in Sweden, which houses the company's human
alpha interferon manufacturing facilities.

The company has not yet developed a pharmaceutical product and
gained regulatory approvals such that it can be widely marketed
in an international competitive environment.

                       Going Concern Doubt

Ernst & Young LLP, raised substantial doubt about Viragen
International, Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the fiscal years ending June 30, 2006 and 2005.  The
auditing firm pointed to the company's recurring operating
losses and accumulated deficit and stockholders' deficit as of
June 30, 2006, as well as the company's ability to raise
adequate capital to fund necessary product commercialization and
development activities.

                            *********

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, and Pius Xerxes
Tovilla, Editors.

Copyright 2007.  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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