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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

           Thursday, November 8, 2007, Vol. 8, No. 222

                            Headlines


A U S T R I A

AN-KA KEG: Claims Registration Period Ends Nov. 16
BURDA UND BURDA: Vienna Court Orders Business Shutdown
C-MEDIA LLC: Claims Registration Period Ends Nov. 16
CASH MAKER: Claims Registration Period Ends Nov. 22
ESTRO-ANLAGENTECHNIK: Claims Registration Period Ends Nov. 26

HOME-CENTER: Claims Registration Period Ends Nov. 28
THUER & CO: Korneuburg Court Orders Business Shutdown


B E L G I U M

FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
SOLUTIA INC: Wants US$713 Mln Environmental Claims Reclassified


F I N L A N D

GRAHAM PACKAGING: Sept. 30 Bal. Sheet Upside-Down by US$616 Mln


F R A N C E

BOSTON SCIENTIFIC: Selling Cardiac & Vascular Biz for US$750 Mln
DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
HEULIEZ SA: Canceled GM Model Triggers Court Protection
POLYMER GROUP: Plans to Sell 5.5 Million of Class A Common Stock


G E R M A N Y

A. HASENBEIN: Claims Registration Ends November 20
ABC-BAU GMBH: Claims Registration Ends November 20
BAUTECH GMBH: Claims Registration Ends November 30
BTT GMBH: Claims Registration Ends November 30
DEPARTMENT GMBH: Creditors' Meeting Slated for Nov. 15

DOENERPRODUKTION GMBH: Creditors' Meeting Slated for Nov. 21
DRAHTZAUN HEYER: Creditors' Meeting Slated for Nov. 15
FEUER & ROMANTIK: Claims Registration Period Ends Dec. 17
FISCHER BAU: Claims Registration Period Ends Dec. 17
G&T DISCOTHEKENVERWALTUNGS: Claims Registration Ends November 23

GARANT SCHUH: BaFin Exempts Trust Firm from Compulsory Buyout
GERHARD MISCHE: Claims Registration Period Ends  Nov. 20
HEINZ DEMSKI: Creditors' Meeting Slated for Nov. 29
INGENIEURDIENST DESIGN: Claims Registration Period Ends Nov. 20
KABEL DEUTSCHLAND: S&P Affirms B+ Rating on Stable Revenue

NORA MODE: Claims Registration Ends November 29
NRG ENERGY: Commences Cash Offer for US$4.7 Bln of Senior Notes
OBJEKTA IMMOBILIEN: Claims Registration Ends November 29
PHOENIX KAPITALDIENST: Frankfurt Court Junks Insolvency Plan
REISEBUERO CITYPARK: Claims Registration Ends November 23

ROLF HENSCHKE: Claims Registration Period Ends  Nov. 20
SPEDITIONS- UND DIENSTLEISTUNGEN: Claims Filing Ends Dec. 14
TELECONTACT GMBH: Creditors' Meeting Slated for Nov. 30
T.I.M.E. IS MORE: Claims Registration Period Ends Nov. 20


H U N G A R Y

SUN MICROSYSTEMS: Earns US$89 Million in First Quarter 2007
VIADOM EPITOIPARI: Unpaid Debt Forces Firm to Declare Insolvency


I R E L A N D

WR GRACE: Asbestos PI Committee & FCR File Reorganization Plan


I T A L Y

ALITALIA SPA: Taps Goldman Sachs as Adviser for Stake Bid


K A Z A K H S T A N

ASANKUL LLP: Proof of Claim Deadline Slated for Dec. 7
CELL-STAR LLP: Creditors Must File Claims Dec. 11
CONSTA STROY: Claims Filing Period Ends Dec. 11
DAMLE LLP: Creditors' Claims Due on Dec. 11
KAPRATAS KAZAKHSTAN: Claims Registration Ends Dec. 7

MAKS-D LLP: Proof of Claim Deadline Slated for Dec. 11
MAVR LLP: Creditors Must File Claims  Dec. 7
RIKI-AKTOBE LLP: Claims Filing Period Ends Dec. 7
SPETSTECHSERVICE-2003 LLP: Creditors' Claims Due on Dec. 7
TURPAL SERVICES: Claims Registration Ends Dec. 7

UNITECH SNAB: Creditors Must File Claims Dec. 7


K Y R G Y Z S T A N

TRUST COMPANY: Proof of Claim Deadline Slated for December 5
XANADU LIMITED: Creditors Must File Claims by December 12


R U S S I A

BAIKALZVEROPROM OJSC: Asset Sale Slated for Dec. 3
BLAGOVEST COMMERCIAL: Competitive Proceedings Ongoing
CAESAR LLC: Pskov Bankruptcy Hearing Slated for March 4
CHEBOKSARSKY LLC: Creditors Must File Claims by Nov. 27
CHEKMAGUSHEVSKIJ OJSC: Creditors Must File Claims by Nov. 27

DAVLEKANOVSKAYA OJSC: Creditors Must File Claims by Dec. 27
KIGINSKIJ OJSC: Creditors Must File Claims by Dec. 27
OILCHEMMONTAZH-1 OJSC: Creditors Must File Claims by Nov. 27
SLAVIC MECHANICAL: Bankruptcy Hearing Slated for Feb. 18, 2008
SIBTRANSALIANCE CJSC: Asset Sale Slated for Nov. 27

SISTEMA JSFC: Registers Share Issue with FFMS After Share Split
SITRONICS JSC: Inks Strategic Partnership with Nokia Siemens
STROYKREDIT BANK: Moody's Assigns B3/NP/E+/Baa3.ru Ratings
TMK OAO: Begins Pipe Production for Astrakhan Gas Field
VALUYSKIJ OJSC: Creditors Must File Claims by Dec. 27

YUKOS OIL: Owners Get Nothing from US$35.6 Billion Sale Proceeds


S P A I N

EMPRESAS 1: Fitch Junks EUR32.4 Million Class E Notes
IM GOYA: S&P Rates EUR26.6 Million Class C Notes at BB-
TDA 24: Fitch Rates Class D Notes at BB+ with Stable Outlook


S W E D E N

FORD MOTOR: S&P Retains 'B' Rating Under CreditWatch Positive


S W I T Z E R L A N D

BACHTOLD TENGER: Schaffhausen Court Closes Bankruptcy Process
COS. MED.SWISS: Solothurn Court Closes Bankruptcy Process
EXPRESS REIFEN: Thurgau Court Closes Bankruptcy Proceedings
LE BISTRO: St. Gallen Court Starts Bankruptcy Proceedings
MONEYLINE TELERATE: Liquidation Claims Due by November 12

OBB JSC: Glarus Court Closes Bankruptcy Proceedings
TOPDATA SERVICES: Creditors' Liquidation Claims Due by Nov. 14
TRANSGLOBE STEEL: Zug Court Closes Bankruptcy Proceedings
U-MODE JSC: Creditors' Liquidation Claims Due by November 14
WERNER KNUPP: Creditors' Liquidation Claims Due by November 19


U K R A I N E

EUROBUILDINGLINE-UKRAINE: Creditors Must File Claims by Nov. 11
LOKHVITSKY SUGAR: Creditors Must File Claims by November 11
LUKSON LLC: Creditors Must File Claims by November 11
NECKPROM LLC: Creditors Must File Claims by November 11
STYLE-EXTRA LLC: Creditors Must File Claims by November 11

TROLINING UKRAINE: Creditors Must File Claims by November 11


U N I T E D   K I N G D O M

ADVANCED MARKETING: Wants Until Nov. 30 to Decide on Lone Lease
ARCHCARE LTD: Brings In Administrators from Begbies Traynor
BRITISH AIRWAYS: Traffic Figures Up 2.2% in October 2007
GENERAL MOTORS: Expects US$39 Bln Non-Cash Charge in 3rd Quarter
INVENSYS PLC: Sells APV to SPX Corp for GBP250 Million

J.I.T. PACKAGING: Brings In Administrators from PwC
LOUDWATER LTD: Names Ernst & Young as Administrators
METRONET RAIL: PPP Administrator Confirms TfL as Sole Bidder
NTS LING: Joint Liquidators Take Over Operations
OPTIMUM NATIONWIDE: Calls In Liquidators from Menzies

ON-TRADING & CO: Appoints Charles M. Brook as Liquidator
PARRODA DIE: Taps Liquidators from Moore Stephens
PREMIER BET: Taps Joint Administrators from Begbies Traynor
SAFCROWN LTD: Brings In Liquidatorsw from Vantis
SANDFORD-WILSON PROJECTS: Hires Liquidatos from Vantis Business

TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3
TUDOR WINDOWS: Taps Moore Stephens as Administrators

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AN-KA KEG: Claims Registration Period Ends Nov. 16
--------------------------------------------------
Creditors owed money by KEG An-Ka (FN 258296y) have until
Nov. 16  to file written proofs of claim to court-appointed
estate administrator Max Dengg at:

         Dr. Max Dengg
         c/o Mag. Martin Dimai
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck
         Austria
         Tel: 0512/573900
         Fax: 0512/5739006
         E-mail: office@ra-max-dengg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Hall in Tirol, Austria, the Debtor declared
bankruptcy on Oct. 11  (Bankr. Case No. 19 S 100/07i).  Martin
Dimai represents Dr. Dengg in the bankruptcy proceedings.


BURDA UND BURDA: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered Nov. 13 an order shutting down
the business of LLC Burda und Burda (FN 107953f).

Court-appointed estate administrator Katharina Widhalm-Budak
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 27 (Bankr. Case No 28 S 109/07v).


C-MEDIA LLC: Claims Registration Period Ends Nov. 16
----------------------------------------------------
Creditors owed money by LLC C-Media (FN 289487t) have until
Nov. 16 to file written proofs of claim to court-appointed
estate administrator Max Dengg at:

         Dr. Max Dengg
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck
         Austria
         Tel: 0512/573900
         Fax: 0512/5739006
         E-mail: office@ra-max-dengg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Oct. 10 (Bankr. Case No. 19 S 97/07y).


CASH MAKER: Claims Registration Period Ends Nov. 22
---------------------------------------------------
Creditors owed money by LLC CASH MAKER Handel (FN 233130p) have
until Nov. 22 to file written proofs of claim to court-appointed
estate administrator Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         c/o  Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 5 (Bankr. Case No. 2 S 136/07y).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.


ESTRO-ANLAGENTECHNIK: Claims Registration Period Ends Nov. 26
-------------------------------------------------------------
Creditors owed money by LLC Estro-Anlagentechnik (FN 245080m)
have until Nov. 26 to file written proofs of claim to court-
appointed estate administrator Georg Dieter at:

         Mag. Georg Dieter
         Friedhofgasse 20
         8020 Graz
         Austria
         Tel: 0316/7085-0
         Fax: 0316/7085-25
         E-mail:  law-office@rath-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 40 S 25/07k).


HOME-CENTER: Claims Registration Period Ends Nov. 28
----------------------------------------------------
Creditors owed money by LLC Home-Center (FN 249772m) have until
Nov. 28 to file written proofs of claim to court-appointed
estate administrator Martina Simlinger-Haas at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 4 S 117/07v).


THUER & CO: Korneuburg Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Korneuburg entered Oct. 10  an order shutting
down the business of LLC Thuer & Co. (FN 36131i).

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

The estate administrator can be reached at:

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

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


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


FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
--------------------------------------------------------------
Federal-Mogul Corp. and its debtor-affiliates, together with the
Official Committee of Unsecured Creditors, the Official
Committee of Asbestos Claimants, the Legal Representative for
Future Asbestos Claimants, the Official Committee of Equity
Security Holders, and JPMorgan Chase Bank, N.A., as
administrative agent for Federal-Mogul Corp.'s prepetition
secured credit facility, ask the U.S. Bankruptcy Court for the
District of Delaware to approve certain modifications to the
Fourth Amended Joint Plan of Reorganization.

The Court will consider approval of the Insurer Settlements and
other Plan-related matters today, Nov. 7, 2007.

Among others, the Plan Proponents modified and restated the
Fourth Amended Plan to:

   -- reflect agreements that they have reached with the
      remaining Plan Objectors, including a coverage-in-place
      agreement among Felt Products Manufacturing Co., Federal-
      Mogul Corp., and certain signatory insurers;

   -- provide that assets of the Asbestos Personal Injury Trust
      will include:

      * the Reorganized Federal-Mogul Class B Common Stock;

      * Asbestos Insurance Action Recoveries attributable to
        any Asbestos Personal Injury Claims;

      * certain of the Asbestos Insurance Settlement Agreements
        attributable to any Asbestos Personal Injury Claims;
        and

      * insurance coverage addressed in the Asbestos
        Coverage-In-Place Agreement.

   -- provide that Class IO will consist of all outstanding
      shares of Federal-Mogul common stock, of which there were
      89,861,480 shares outstanding as of July 25, 2007, and
      will also include up to 1,482,716 additional shares; and

   -- include Rothschild Inc. among the Released Parties.

In accordance with settlements between the Debtors and various
insurers, the Plan Proponents amended the list of Settling
Asbestos Insurance Companies, a full-text copy of which is
available for free at http://ResearchArchives.com/t/s?2506

                          CIP Agreement

Pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedure, the Debtors ask the
Court to approve the Asbestos Bodily Injury Coverage in Place
Agreement among Felt Products Manufacturing Co., Federal-Mogul
Corp., and certain signatory insurers.

A full-text copy of the CIP Agreement is available at no charge
at http://ResearchArchives.com/t/s?2507

The CIP Agreement outlines certain obligations that the Debtors,
the Asbestos Trust, and the CIP Insurers have agreed to
undertake in connection with the confirmation and implementation
of the Fourth Amended Plan, James E. O'Neill, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware, informs the
Court.

Pursuant to the CIP Agreement, the Debtors will:

   (1) modify the treatment of Fel-Pro and Vellumoid Claims
       under the Plan;

   (2) sell to The Travelers Indemnity Company, free and clear
       of all liens, claims, and encumbrances, all of their
       right, title and interest in the certain post-1986
       insurance policies; and

   (3) release the CIP Insurers with respect to specifically
       described categories of claims.

Moreover, the Asbestos PI Trust will establish and fund
an escrow account at an initial sum of US$3 million, plus
US$4.3 million worth of escrow replenishment funds to be held in
a Trust sub-fund for the purpose of seeking coverage from non-
participating insurers or paying unallocated defense costs and
unallocated indemnity costs relating to Fel-Pro or Vellumoid
Claims; Mr. O'Neill relates that the Debtors and the Trust will

   (a) cooperate and assist the CIP Insurers with respect to
       the defense of potentially covered claims; and

   (b) will assign to the CIP Insurers any rights to collect
       payment from any non-party insurers with respect to
       Covered Defense Costs or Covered Indemnification Costs
       for which the Settling Insurers are liable under the
       terms of the Agreement.

The Trust, Mr. O'Neill adds, will use all commercially
reasonable means to pursue insurance coverage from Columbia
Casualty Company, Continental Casualty Company, The Continental
Insurance Company, and their affiliates for all potentially
insured claims under the CNA insurance policies.

The CIP Insurers, on the other hand, agree to withdraw their
objections to the confirmation of the Plan.  The CIP Insurers,
however, will not be deemed or required to withdraw their
objections to the Plan A Settlement.

The CIP Insurers also consent to the Plan's contemplated
assignment to the Trust of insurance policy proceeds solely with
respect to Asbestos Claims.  In addition, the CIP Insurers agree
to pay Covered Defense Costs related to Fel-Pro Claims,
Vellumoid Claims or Mixed Claims and Covered Indemnification
Costs on a several liability basis.  The CIP Insurers further
agree to release the Debtors with regard to specifically
designated claims.

As part of the Settlement, Travelers Indemnity's Claim No. 10163
will be partially allowed as a Class IE secured claim for
US$700,000 to be paid in full in cash in accordance with the
Plan.

The Debtors believe that the terms of the CIP Agreement are fair
and equitable.  The CIP Agreement will fully and finally settle
and compromise remaining Plan confirmation objections to the
treatment of Fel-Pro and Vellumoid Claims, Mr. O'Neill points
out.

                     Other Insurer Settlements

The Debtors also ask the Court to approve separate settlements
that they have reached with Cooper Industries, LLC, and these
insurance companies:

   * OneBeacon America Insurance,

   * Seaton Insurance Company,

   * Stonewall Insurance Company,

   * TIG Insurance Company,

   * The ACE USA Companies comprised of Century Indemnity
     Company, Pacific Employers Insurance Company, Central
     National Insurance Company of Omaha, U.S. Fire Insurance
     Company, Insurance Company of North America, St. Paul
     Mercury Insurance Company, and ACE property and Casualty
     Insurance Company, and

   * The Travelers Indemnity Company and Travelers Casualty and
     Surety Company.

The Insurers' predecessors are alleged to have issued certain
liability insurance policies to Debtor Federal-Mogul Products,
Inc.'s predecessor.  The Debtors purchased F-M Products, then
known as Wagner Electric Corp., from Cooper in 1998.

Numerous asbestos claims have been asserted against F-M Products
with respect to certain insurance policies.  Both the Debtors
and Cooper assert rights under the Subject Policies.  Federal-
Mogul Corp. and F-M Products assert that the Insurers are
obligated under the Subject Policies to make liability payments
and pay defense costs in connection with the Asbestos Claims.

The Insurers dispute the Debtors' and Cooper's assertions as to
coverage under the Subject Policies.

The Debtors and the Insurers have initiated lawsuits against
each other in various jurisdictions in connection with insurance
coverage under the Subject Policies.

Among other things, the Insurer Settlements:

   -- settle and resolve the Coverage Dispute among the
      Debtors, Cooper, and the Insurers;

   -- dismiss, with prejudice, certain of the Coverage Actions;

   -- withdraw the Insurers' claims and objections to
      confirmation of the Plan, if any;

   -- limit the Insurers' future actions against the Debtors;
      and

   -- preserve certain rights and claims as among the parties.

Under the Settlements, the Insurers agree to pay the Debtors
these amounts:

          Insurer              Settlement Amount
          -------              -----------------
          ACE USA Companies        US$34,000,000
          OneBeacon                    8,000,000
          Seaton                         837,500
          Stonewall                    3,000,000
          TIG                          8,010,000
          Travelers                    1,000,000

If the Court approves Plan A, Cooper will be entitled to 12% of
the Settlement Amount.  If the Court approves Plan B, Cooper
will be entitled to 20% of the Settlement Amount.

In return for the Settlement Amounts, the Debtors agree to
release the Insurers of all rights to insurance coverage for
released claims under the Subject Policies.  The Debtors will
also provide the Insurers with releases relating to Asbestos
Claims under the Pneumo Asbestos Insurance Policies.

Specifically, the Insurer Settlements provide for:

   -- a complete release of the Debtors' and the Asbestos
      Personal Injury Trust's rights with respect to the
      Subject Policies issued prior to 1987;

   -- a complete release of the Debtors' rights with respect to
      Asbestos Claims under the Pneumo Asbestos Insurance
      Policies; and

   -- a partial release of the Trust's rights with respect to
      Pneumo Asbestos Claims under the Pneumo Asbestos
      Insurance Policies.

Cooper will also release the Insurers from all product claims
relating to the pre-1987 Subject Policies, certain Asbestos
Claims, and any violation of the Unfair Claims Practices Acts or
similar statutes under state law or certain negligence, breach
of contract and bad faith causes of action.

Concurrent with the effectiveness of the Debtors' and Cooper's
releases, the Insurers release, covenant not to sue, and forever
discharge the Debtors and Cooper from and against all
obligations and claims in connection with the Subject Policies.

Mr. O'Neill clarifies that the Insurer Settlements do not apply
to:

   * the Debtors' rights to coverage relating to non-Asbestos
     Claims under the Pneumo Asbestos Policies;

   * Cooper's rights to coverage relating to non-products or
     non-completed operations limits of the Subject Policies;
     and

   * MagneTek National Electric Coil, Inc.,'s rights to
     coverage relating to non-products or non-completed
     operations limits of the Subject Policies for claims other
     than Asbestos Claims.

The Insurer Settlements do not negatively impact the rights of
Asbestos claimholders or non-party insurance companies, Mr.
O'Neill maintains.  The net proceeds of the Settlement Amount
arising from the the Debtors' insurance rights, he points out,
will be paid to the Trust for the benefit of the Asbestos
claimholders.  Any qualifying insurer will receive adequate
protection for loss of its contribution rights resulting from
the Settlements, Mr. O'Neill assures the Court.

TIG confirms that upon Court approval of its Settlement with the
Debtors and Cooper, it will withdraw, without further act or
deed, its objections to the Plan and any pending motions that it
has filed in the Debtors' Chapter 11 cases.

Cooper clarifies that it has not yet agreed to the Travelers
Settlement as proposed at this time.  Cooper reserves all its
rights to raise objections to the Settlement should ongoing
negotiations not conclude successfully.

                          Modified TDPs

In addition, the Plan Proponents modified the form of Asbestos
Personal Injury Trust Agreement and Asbestos Personal Injury
Trust Distribution Procedures, a full-text copy of which is
available for free at http://ResearchArchives.com/t/s?2508

In accordance with a Court-approved stipulation with Owens-
Illinois, Inc., the Plan Proponents modified the Asbestos PI
TDPs to provide, among other things, that nothing in the Plan
limits or impairs a claimant's obligation under applicable law
to respond fully to lawful discovery in an underlying civil
action regarding the claimant's submission of factual
information to the Trust for the purpose of obtaining
compensation for asbestos-related injuries from the Trust.

In exchange for the TDP modifications, Owens-Illinois has agreed
to withdraw its objections to the Plan with prejudice.

               Objections to Insurer Settlements

About six entities oppose the Insurer Settlements among the
Debtors, Cooper, ACE USA Companies, OneBeacon, Seaton,
Stonewall, TIG, and Travelers:

   * CNA,

   * Fireman's Fund Insurance Company and National Surety
     Company,

   * PepsiAmericas, Inc.; and

   * the Hartford Companies comprised of First State Insurance
     Company, Hartford Accident and Indemnity Company, and New
     England Insurance Company.

The proposed orders approving the Insurer Settlements include
language that purports to affect our rights of contribution and
subrogation against the Settling Insurers, the Objecting
Entities complain.

"[A]ll non-settling insurers' contribution claims that would
have been allowable and/or recoverable against the settling
insurer but for any applicable injunctions [should] be credited,
dollar-for-dollar, against any claim for coverage by the Debtors
and/or the Trust against the non-settling insurer," Michael W.
Yurkewicz, Esq., at Klehr, Harrison, Harvey, Branzburg & Ellers
LLP, in Wilmington, Delaware, argues on Hartford's behalf.

Mr. Yurkewicz contends that the Proposed Approval Orders include
new potentially misleading surplusage regarding their effect on
the rights and obligations of non-settling insurers.  "This new
language is unnecessary, does nothing to clarify the
Settlements, and potentially creates confusion," he asserts.

CNA also objects to the CIP Agreement between the Debtors and
the CIP Insurers arguing that the CIP Agreement "thrusts upon
[it] new burdens that did not exist under the current claims
handling protocols and were not warranted under the applicable
policies and law."  The CIP Agreement does not adequately
preserve its rights, CNA contends.

In addition, Certain Underwriters at Lloyd's, London, and
Certain London Market Companies, complain that they were not
given adequate notice of the Insurer Settlements; thus, they are
unable to determine if, and to what extent, their rights are
affected by the Settlements.

The Objecting Entities thus ask the Court to disapprove the
Insurer Settlements unless the Proposed Approval Orders are
clarified to state that they will not eliminate, affect, or
impair any of their rights or obligations, including potential
rights of contribution and subrogation against the Settling
Insurers.

The Underwriter ask the Court to convene the hearing to consider
approval of the Insurer Settlements on November 14 to give them
adequate time to review the Settlements.

                      About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland, and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The confirmation hearing started on
June 18, 2007.

(Federal-Mogul Bankruptcy News, Issue No. 151; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SOLUTIA INC: Wants US$713 Mln Environmental Claims Reclassified
---------------------------------------------------------------
Solutia Inc. and certain of its affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
reclassify certain environmental proofs of claim, conditioned
upon the occurrence of the effective date of the Debtors' Fifth
Amended Joint Plan of Reorganization, dated October 19, 2007.

Under the Plan, the Environmental Claims will be treated
differently from general unsecured claims.  According to
Jonathan
S. Henes, Esq., at Kirkland & Ellis LLP, in New York, the
Environmental Claims will be dealt with according to these
terms:

  (i) Solutia will remain responsible for certain Environmental
      Liabilities, as defined in the Plan, with respect to the
      sites where the company was an owner or operator on or
      after the "spinoff."

(ii) Monsanto Company, as Pharmacia Corporation's attorney-in-
      fact, will be responsible for Environmental Liabilities
      with respect to sites for which those debts were
      transferred to Solutia pursuant to the Spinoff, but where
      Solutia was never an owner or operator.

(iii) Solutia and Monsanto will share responsibility for
      Environmental Liabilities with respect to the off-site
      areas in Anniston, Alabama and Krummrich, Illinois, in
      accordance with the allocation set forth in a settlement
      agreement between Solutia and Monsanto.

The Plan provides that claims of governmental agencies relating
to environmental liabilities with respect to the Shared Sites
and the Retained Sites "shall be reinstated and unaffected by
the chapter 11 cases and will be liquidated or adjudicated
pursuant to applicable law and in the ordinary course of
business."

Mr. Henes asserts that the future treatment of Environmental
Liabilities, including the Environmental Claims, is an important
component of the Plan and the Global Settlement among Solutia,
Monsanto, Pharmacia, the Official Committee of Unsecured
Creditors, the Official Committee of Equity Security Holders,
and other parties reallocating certain liabilities that Solutia
assumed when it was created.

Since the Petition Date, approximately 389 Environmental Claims
were filed against the Debtors in the aggregate amount of
US$713,296,201, excluding unliquidated portions of the Claims,
Mr. Henes says.

                          NRD Claims

The Debtors ask Judge Beatty to reclassify five environmental
claims which will not be treated as general unsecured claims to
the extent they satisfy the Plan's definition of "NRD Claims."

The NRD Claims are:

                                               Asserted
Claimant                  Claim No.   Claim Amount  Claim Class
--------                  ---------   ------------  -----------
California Dept. of Fish     5816             US$290  Unsecured
Kansas Dept. of Health &    13551        4,084,000  Unsecured
Environment
United States               11276     Unliquidated
Undetermined
State of Alabama            11277     Unliquidated  Priority
State of Illinois           11275       31,965,157
Unclassified

                       Legacy Site Claims

Solutia has identified around 100 Environmental Claims which,
they believe, relate to Environmental Liabilities with respect
to Legacy Sites.

Pursuant to the Plan, Solutia will receive a discharge from
Legacy Site Claims.  Also, under the Solutia-Monsanto Agreement,
Monsanto will hold Solutia harmless with regard to those Claims.
Accordingly, to the extent they satisfy the Plan's definition of
Legacy Site Claims, the Legacy Claims will not be treated as
general unsecured claims and holders of the Legacy Claims will
not receive a distribution from the Debtors' estates on account
of such claims.

As a result, the Debtors ask Judge Beatty to reclassify the
Legacy Claims as Legacy Site Claims, effective upon the Plan
Effective Date.

A complete list of the Legacy Site Claims is available for free
at http://ResearchArchives.com/t/s?24ce

                     Retained Site Claims

Solutia believes that 13 Environmental Claims relate to
Environmental Liabilities with respect to Retained Sites.

Pursuant to the Plan, to the extent they met the Plan's
definition of Environmental Sites, the Retained Site Claims will
be reinstated and unaffected by the chapter 11 cases.

Accordingly, the Retained Site Claims will not be treated as
general unsecured claims, and holders of Retained Site Claims
will not receive a distribution from the Debtors' estates on
account of those claims.  Instead, the Retained Site Claims will
be satisfied by the reorganized Debtors in the ordinary course
of business, Mr. Henes asserts.

Thus, the Debtors seek reclassification the Retained Site Claims
as Environmental Liabilities with respect to Retained Sites,
effective upon the Effective Date.

A complete list of the Retained Site Claims is available for
free at http://ResearchArchives.com/t/s?24cf

                       Shared Site Claims

The Debtors ask Judge Beatty to reclassify about 30
Environmental Claims Claims as Environmental Liabilities with
respect to Shared Sites.

Pursuant to the Plan, the Shared Site Claims will be reinstated
and unaffected by the Chapter 11 cases.  Holders of the Shared
Site claims will not receive distribution from the Debtors'
estates on account of those claims, but instead will be
satisfied in full by either Pharmacia, Monsanto or the
reorganized debtors in the ordinary course of business.

A complete list of the Shared Site Claims is available for free
at http://ResearchArchives.com/t/s?24d0

      Reclassification Will Benefit Environmental Claimants

The Debtors state that they are not seeking any determinations
on the merits of the Environmental Claims.  According to them,
the reclassification of the Environmental Claims will not
adversely impact the rights of the holders of the Environmental
Claims, but will benefit the claimants from appropriate
classification in "pass-through classes" under the Plan, as
compared to the impaired treatment provided for holders of
general unsecured claims under the Plan.

Accordingly, to clarify the rights, including voting rights, of
parties under the Plan, and to enable the Debtors to maintain an
accurate claims register and ensure that the holders of
Environmental Claims are treated in accordance with the terms of
the Plan, the Environmental Claims need to be reclassified,
contingent upon the occurrence of the Effective Date, Mr. Henes
maintains.

The Debtors reserve the right to:

  -- object in the future to any of the Environmental Claims or
     portions (a) that are not reclassified pursuant to the
     Objection or (b) that are determined not to be an NRD
     Claim, a Legacy Site Claim, an Environmental Liability with
     respect to Retained Sites or Environmental Liability with
     respect to Shared Sites as those terms are defined in the
     Plan, based on the merits of the Surviving Claims and any
     procedural or substantive grounds; and

  -- seek to disallow, reduce or reclassify the Surviving
     Claims.

Except as provided for in the Plan, the Debtors reserve any and
all of their rights and defenses with respect to the
Environmental Claims under applicable law.

In addition, notwithstanding the reclassification of any Claim
as an NRD Claim, Legacy Site Claim, Environmental Liability with
respect to Retained Sites or Environmental Liability with
respect to Shared Sites, as between Monsanto and Solutia, the
allocation of liability for any individual claim will be
governed by the applicable provisions of the Agreement, provided
that nothing in will impair or adversely affect any claim, cause
of action, or right of a governmental agency related to
Environmental Liabilities with respect to the Retained Sites or
the Shared Sites.

                       About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.

(Solutia Bankruptcy News, Issue No. 105; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


=============
F I N L A N D
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GRAHAM PACKAGING: Sept. 30 Bal. Sheet Upside-Down by US$616 Mln
---------------------------------------------------------------
Graham Packaging Holdings Company's consolidated balance sheet
at Sept. 30, 2007, showed US$2.46 billion in total assets and
US$3.08 billion in total liabilities, resulting in a US$616.1
million total partners' deficit.

The company incurred a net loss US$13.4 million for the three
months ended Sept. 30, 2007, compared to a net loss of US$15.0
million for the same period in 2006.  The net loss for the nine
months ended Sept. 30, 2007, was US$23.9 million compared to a
net loss of  US$40.2 million for the same period in 2006.

Net sales for the three months ended Sept. 30, 2007, totaled
US$621.5 million, a decrease of US$21.5 million, or 3.3%, from
net sales of US$643.0 million for the same period in 2006.

The overall decrease in net sales was attributed to lower
volume, higher sales of lower-priced containers, price
reductions in response to competitive pressure, and a decrease
in resin costs which are passed through to customers.  Net sales
were down 6.7% in North America.  Net sales increased 20.4% in
Europe in the third quarter and 25.0% in South America, due to
favorable exchange rates and higher volume.

Net sales for the nine-month period ended Sept. 30, 2007,
totaled US$1.89 billion, a decrease of US$47.0 million, or 2.4%,
compared to the same nine-month period in 2006.

Operating income for the three months ended Sept. 30, 2007,
totaled US$44.2 million, an increase of US$4.2 million from
US$40.0 million for the same period in 2006.

Operating income for the nine months ended Sept. 30, 2007,
totaled US$151.8 million, an increase of US$25.4 million, or
20.1%, over operating income of US$126.5 million in the
comparable period in 2006.

Operating income for the three- and nine-month periods increased
despite the lower sales because of ongoing expense-reduction
initiatives, decreases in project start-up costs, lower
integration costs related to the company's acquisition of O-I
Plastics, and favorable currency translation.

"Many of our key markets, like isotonic beverages, are flat to
down over last year," said Warren Knowlton, chief executive
officer of Graham Packaging.  "This had particular impact in the
third quarter.  We continue to adapt to this slower sales
environment with clear focus on cost saving, productivity gains,
and quality improvement initiatives that offset the current
sales picture."

Covenant compliance EBITDA totaled US$434.3 million for the four
quarters ended Sept. 30, 2007, an increase from covenant
compliance EBITDA of US$427.8 million for the four quarters
ended June 30, 2007.  Covenant compliance EBITDA is EBITDA
further adjusted to exclude non-recurring items, non-cash items
and other adjustments required in calculating covenant
compliance under the company's credit agreement and notes.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?24f7

                      About Graham Packaging

Based in York, Pennsylvania, Graham Packaging Holdings Company,
the parent company of Graham Packaging Company L.P. --
http://www.grahampackaging.com/-- is a worldwide leader in the
design, manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,
automotive lubricants and personal care/specialty product
categories and, as of the end of Sept. 2007, operated 85
manufacturing facilities in Argentina, Belgium, Brazil, Canada,
Ecuador, England, Finland, France, Hungary, Mexico, the
Netherlands, Poland, Spain, Turkey, the U.S. and Venezuela


===========
F R A N C E
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BOSTON SCIENTIFIC: Selling Cardiac & Vascular Biz for US$750 Mln
----------------------------------------------------------------
Boston Scientific Corporation signed a definitive agreement for
the sale of its Cardiac Surgery and Vascular Surgery businesses
to the Getinge Group for a cash price of US$750 million and
is expected to close within the next 45-90 days, subject to
regulatory approvals and customary conditions.

The company disclosed its intent to sell the Cardiac Surgery and
Vascular Surgery businesses on Aug. 16, as part of its plan to
divest non-strategic assets and increase shareholder value.

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.

The Cardiac Surgery business is a developer of medical
technologies designed for use in surgical cardiac procedures,
including beating-heart bypass surgery systems and endoscopic
vessel harvesting for coronary bypass surgery.  The business
employs approximately 450 people.

Boston Scientific acquired the Vascular Surgery business in
1995.  The Vascular Surgery business develops synthetic grafts
and patches used to surgically treat vascular disease, including
the repair of abdominal aortic aneurysms and peripheral vascular
anatomy.  The business has approximately 250 employees. The
combined revenues of the two businesses in 2006 were
approximately US$275 million.

"Working with the talented employees of the Cardiac Surgery and
Vascular Surgery businesses, our goal is to drive growth and
bring new technologies to these markets, ultimately benefiting
cardiac and vascular surgeons and their patients," Johan
Malmquist, president and chief executive officer of the Getinge
Group of Stockholm, Sweden, said.  "We are excited to complement
our existing portfolio with these valuable businesses, each of
which brings leading market positions and impressive product
lines."

"This transaction completes an  element of our plan to divest
non-strategic assets, focus on our core businesses and increase
shareholder value," Jim Tobin, president and chief executive
officer of Boston Scientific, said.  "We deeply appreciate the
contributions our Cardiac Surgery and Vascular Surgery employees
have made to Boston Scientific, our customers and their
patients. We know they will continue to serve customers
and patients well going forward."

                       About Getinge Group

Headquartered in Rochester, New York, The Getinge Group --
http://www.getinge.com/-- is a provider of equipment and
systems to customers within health care, extended care and
pharmaceutical industries/laboratories.  The Group comprises
three business areas: Medical Systems (systems for surgery and
intensive care), Infection Control (system equipment for
disinfection and sterilization) and Extended Care (care
ergonomics). The Group maintains positions within the majority
of the company's product lines.

                    About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp. (including the 'BB+' corporate credit
rating) and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


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
       US$900 million;

  (ii) the total enterprise value on which the purchase price
       for the plan investors is based by US$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 US$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 US$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 US$45 per share,
       senior unsecured creditors will receive a distribution
       of primary equity at a New Plan value of US$41.58, plus
       rights to acquire additional equity shares at US$34.98, a
       significant discount to the New Plan value of US$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 US$45 per share.  Assuming
       a consistent plan value of US$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 US$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 US$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 US$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'
US$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
US$11,446,000,000 in total assets and US$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).


HEULIEZ SA: Canceled GM Model Triggers Court Protection
-------------------------------------------------------
The Tribunal de Grande Instance in Bressuire, France, has placed
Heuliez SA under court protection on Oct. 26, 2007, and will
subsequently appoint an administrator to handle the company's
reorganization efforts, Bloomberg News reports.

The convertible-maker sought the court protection after General
Motors Corp.'s Opel division canceled the production of its
Tigra Twintop series.  Absent an investor to help pay off its
debts, Heuliez could last as long as 18 months under court
protection, Bloomberg adds.

The court will hear the company's progress in mid-January.

Headquartered in Cerizay, France, Heuliez SA --
http://www.heuliez.com/-- works as a production and design unit
for various automakers.  It specializes in producing short
series for niche markets, such as convertibles or station-
wagons.


POLYMER GROUP: Plans to Sell 5.5 Million of Class A Common Stock
----------------------------------------------------------------
Polymer Group Inc. and selling stockholders consisting of
MatlinPatterson Global Opportunities Partners L.P. and certain
of its affiliates, propose to sell 5,455,000 shares of the
company's Class A Common Stock, consisting of 3,636,000 shares
proposed to be sold by the company and 1,819,000 shares to be
sold by the selling shareholders.

Polymer Group will not receive any proceeds from the sale of the
shares by the selling stockholders.  The company intends to use
the proceeds of the shares sold by the company to repay debt
under its existing senior secured credit facility.

Additionally, the company disclosed that upon the pricing of the
offering, it expects that its Class A Common Stock will be
listed on the New York Stock Exchange and will trade under the
ticker symbol "PGO."

The offering was made through an underwriting syndicate led by
J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
The other co- managing underwriters are Deutsche Bank Securities
Inc., Robert W. Baird & Co. Incorporated and KeyBanc Capital
Markets Inc.

A copy of the preliminary prospectus relating to this offering
may be obtained from:

          J.P. Morgan Securities Inc.
          No. 4 Chase Metrotech Center, CS Level
          Brooklyn, NY 11245
          Tel (718) 242-8002

                -- or --

          Citigroup Global Markets Inc.
          8th Floor, Brooklyn Army Terminal
          140 58th Street
          Brooklyn, NY 11220
          Tel (718) 765- 6732

                    About Polymer Group Inc.

Headquartered in Charlotte, North Carolina, Polymer Group Inc.
(OTC:POLGA) -- http://www.polymergroupinc.com/-- is a global
manufacturer and marketer of nonwoven and oriented polyolefin
products.  The company supplies engineered materials to a number
of consumer and industrial product manufacturers in the world.
The company's product offerings are sold to converters that
manufacture a range of end-use products.  It is also a producer
of spunmelt and spunlace products, and employs a range of
nonwovens technologies that allow it to supply products tailored
to customers' needs.  The company develops, manufactures and
sells an array of products.  The companyhas manufacturing
offices in Argentina, China, France, among others.

                         *     *     *

Moody's Investor Services placed Polymer Group Inc.'s long term
corporate family and bank loan debt ratings at 'B1' in November
2005.  The ratings still hold to date with a negative outlook.


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


A. HASENBEIN: Claims Registration Ends November 20
--------------------------------------------------
Creditors of A. Hasenbein GmbH have until Nov. 20 to register
their claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Dec. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 05251-1806666

The District Court of Paderborn  opened bankruptcy proceedings
against A. Hasenbein GmbH on Oct. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A. Hasenbein GmbH
         Windmuehlenweg 2
         37696 Marienmuenster
         Germany

         Attn: Alfons Hasenbein, Manager
         Steinrieke 38
         33034 Brakel
         Germany


ABC-BAU GMBH: Claims Registration Ends November 20
--------------------------------------------------
Creditors of ABC-Bau GmbH have until Nov. 20 to register their
claims with court-appointed insolvency manager Joachim M. E.
Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Dec. 11, 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Joachim M. E. Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany
         Tel: 030/2128020
         Fax: 030/21280222

The District Court of Dessau opened bankruptcy proceedings
against ABC-Bau GmbH on Oct. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ABC-Bau GmbH
         Lindenstrasse 8
         06406 Bernburg
         Germany

         Attn: Klaus Uwe Marsch, Manager
         Richard-Neuendorff-Strasse 20
         06406 Bernburg
         Germany


BAUTECH GMBH: Claims Registration Ends November 30
--------------------------------------------------
Creditors of Bautech GmbH have until Nov. 30 to register their
claims with court-appointed insolvency manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Bautech GmbH on Oct. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bautech GmbH
         Attn: Frank Werner, Manager
         Lerchenweg 1
         19303 Doemitz
         Germany


BTT GMBH: Claims Registration Ends November 30
----------------------------------------------
Creditors of BTT GmbH have until Nov. 30 to register their
claims with court-appointed insolvency manager Berend Boehme.

Creditors and other interested parties are encouraged to attend
the meeting at 09:50 a.m. on Dec. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         Germany

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

The insolvency manager can be reached at:

         Berend Boehme
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 0421/79257-0
         Fax: 0421/79257-57
         E-mail: boehme@oelb.de

The District Court of Delmenhorst opened bankruptcy proceedings
against BTT GmbH on Oct. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BTT GmbH
         Attn: Sandra Löffel and Holger Morzuch, Managers
         Nelkenstr. 2c
         27793 Wildeshausen
         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


DOENERPRODUKTION GMBH: Creditors' Meeting Slated for Nov. 21
------------------------------------------------------------
The court-appointed insolvency manager for 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 Doenerproduktion GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Doenerproduktion GmbH
         Altenbraker Str. 18
         12053 Berlin
         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


FEUER & ROMANTIK: Claims Registration Period Ends Dec. 17
---------------------------------------------------------
Creditors of Feuer & Romantik Feuerstatten GmbH i. L. have until
Dec. 17 to register their claims with court-appointed insolvency
manager Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         Germany

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

The insolvency manager can be reached at:

         Jens Hamdorf
         Hallerstrasse 76
         20146 Hamburg
         Germany
         Tel: 040/414638-0
         Fax: 040/445635

The District Court of Uelzen opened bankruptcy proceedings
against Feuer & Romantik Feuerstatten GmbH i. L. on Oct. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Feuer & Romantik Feuerstatten GmbH i. L.
         Tueschau 13
         29482 Kuesten
         Germany


FISCHER BAU: Claims Registration Period Ends Dec. 17
----------------------------------------------------
Creditors of Fischer Bau GmbH have until Dec. 17 to register
their claims with court-appointed insolvency manager Peter
Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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:

         Peter Scholl
         Andreasstr. 39
         99084 Erfurt
         Germany

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

The Debtor can be reached at:

         Fischer Bau GmbH
         Attn: Nico and Katja Hilgardt, Managers
         Drachenberg 49
         98617 Meiningen
         Germany


G&T DISCOTHEKENVERWALTUNGS: Claims Registration Ends November 23
----------------------------------------------------------------
Creditors of G&T Discothekenverwaltungs- Beteiligungs GmbH have
until Nov. 23 to register their claims with court-appointed
insolvency manager Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Dresden opened bankruptcy proceedings
against G&T Discothekenverwaltungs- Beteiligungs GmbH on Oct.
12.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         G&T Discothekenverwaltungs- Beteiligungs GmbH
         Bremer Strasse 57
         01067 Dresden
         Germany


GARANT SCHUH: BaFin Exempts Trust Firm from Compulsory Buyout
-------------------------------------------------------------
Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin),
Germany's financial supervisory authority, has exempted Erste
Amplificator, Garant Schuh + Mode AG's to-be-interim majority
shareholder, from making a compulsory offer to buy out the
insolvent shoemaker's minority owners, the Financial Times
reports citing Borsen Zeitung as its source.

BaFin made the exemption after Erste Amplificator pledged to
sell its stake in Garant Schuh to at least one strategic
investor by June 30, 2008, Borsen Zeitung relates.

Erste Amplificator is a trust firm created by insolvency manager
Friedrich W. Metzeler to acquire new shares on Garant Schuh's
upcoming capital increase.  Following the capital hike, Erste
Amplificator will hold a 76% stake in the company, the paper
relates.

As previously reported in the TCR-Europe on March 21, 2007,
citing Borsen Zeitung, the Debtor's shareholders voted to launch
capital measures to get out of insolvency and avoid liquidation.

The capital measures initially entail cutting the share capital
and then increasing it by issuing new stocks at EUR9.63 per
share, Borsen Zeitung relates.  Current shareholders would see
their holdings diluted to 24%, while new investors could control
up to 76% of voting rights.

Headquartered in Duesseldorf, Germany, Garant Schuh & Mode AG --
http://www.garantschuh.de/-- retails footwear, leather goods
and accessories.  The Garant Schuh & Mode group is a cooperative
of 4,000 stockists in 14 European countries, with a total of
5,800 stores.  The Company has member firms in Germany, France,
the Netherlands, Austria and Belgium.

Garant Schuh filed for commencement of bankruptcy proceedings in
September 2004 after failing to obtain cash from banks to cover
a financing gap.  The District Court of Duesseldorf opened
bankruptcy proceedings against the company in December 2004.


GERHARD MISCHE: Claims Registration Period Ends  Nov. 20
--------------------------------------------------------
Creditors of Gerhard Mische Verwaltungs GmbH have until Nov. 20
to register their claims with court-appointed insolvency manager
Matthias Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 18, 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Gerhard Mische Verwaltungs GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerhard Mische Verwaltungs GmbH
         Trifte 61
         32657 Lemgo
         Germany

         Attn: Christina Welke, Manager
         Suedfeldstr. 6 a
         32602 Vlotho
         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
          Website: 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


INGENIEURDIENST DESIGN: Claims Registration Period Ends Nov. 20
---------------------------------------------------------------
Creditors of IDK Ingenieurdienst, Design, Konstuktion GmbH have
until Nov. 20 to register their claims with court-appointed
insolvency manager Dr. Margit Watzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Dec. 11, 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 Rosenheim
         Room 210
         Rosenheim
         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. Margit Watzinger
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031/233890
         Fax: 08031/13892

The District Court of Rosenheim opened bankruptcy proceedings
against IDK Ingenieurdienst, Design, Konstuktion GmbH on
Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IDK Ingenieurdienst,
         Design, Konstuktion GmbH
         Marienplatz 11
         83512 Wasserburg
         Germany


KABEL DEUTSCHLAND: S&P Affirms B+ Rating on Stable Revenue
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on German cable operator Kabel
Deutschland GmbH, and removed it from CreditWatch, where it was
placed on Sept. 20, 2007, following its announcement that it
will acquire networks serving about 1.2 million cable TV
subscribers from the Orion Group for about ?585 million.  The
outlook is negative.

"The affirmation primarily reflects KDG's stable revenue stream
from its analog cable TV offering, which benefits from certain
utility characteristics and allows good profitability," said
Standard & Poor's credit analyst Matthias Raab.

The proposed acquisition of 1.2 million CATV subscribers from
Orion and the potential acquisition of a further 0.4 million
subscribers, provides KDG with a significantly higher portion of
direct customers, which should support its profitability.

The affirmation also acknowledges the good EBITDA growth
potential from the uptake of high-speed Internet and telephony
services (together with CATV called triple play) and from
digital TV services.  All together, this is likely to result in
significant EBITDA growth in the current fiscal year ending
March 31, 2008.

"Nevertheless, we are concerned about KDG's tight covenant
headroom under its existing senior term loan documentation in
the near to medium term, in particular if all 1.6 million
subscribers are acquired," said Mr. Raab.

The transaction is expected to close in spring 2008, after
clearance from the German cartel office.  S&P appreciates the
business logic of the transaction, which should improve KDG's
profitability and competitive position in its service area, as
most of the new subscribers are already connected to KDG's level
3 network.  S&P is concerned about the potential significant
increase in KDG's indebtedness of up to EUR793 million, which
would result in reduced covenant headroom, delayed deleveraging
capacity, and lower free operating cash flow generation due to
higher interest payments and capital expenditures.


NORA MODE: Claims Registration Ends November 29
-----------------------------------------------
Creditors of Nora Mode GmbH have until Nov. 29 to register their
claims with court-appointed insolvency manager Dr. Juergen
Sander.

Creditors and other interested parties are encouraged to attend
the meeting at 09:15 a.m. on Jan. 10, 2008, at which time the