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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

           Tuesday, November 13, 2007, Vol. 8, No. 225

                            Headlines




A U S T R I A

AKOS OBJEKTSANIERUNG: Claims Registration Period Ends Nov. 29
HANS FALB: Claims Registration Period Ends Dec. 3
INVEST LIEGENSCHAFT: Claims Registration Period Ends Dec. 4
MAXI MARKETING: Vienna Court Orders Business Shutdown
MIJAJLOVIC JAMI: Claims Registration Period Ends Dec. 4

R&B DOWNHOLE: Claims Registration Period Ends Nov. 14
SDP PERSONALBEREITSTELLUNG: Court Orders Business Shutdown
STONES AND MORE: Creditors' Meeting Slated for Nov. 22


B E L G I U M

MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007


F R A N C E

BALLY TECH: To Acquire Compudigm Int'l Gaming Applications
BICHE DE BERE: Nantes Court Orders Liquidation
EURO DISNEY: Narrows Net Loss to EUR42 Mln in FY Ended Sept. 30
URS CORP: Amends Pact with WGI to Raise Merger Consideration


G E R M A N Y

ARCADE GMBH: Claims Registration Period Ends Dec. 7
BARLIN PLANUNGSGESELLSCHAFT: Creditors' Meeting Set for Nov. 27
BHB - HOLZ: Creditors' Meeting Slated for Nov. 27
CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch

CONRADY & DOERRE: Claims Registration Period Ends Nov. 16
DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7
DES ONLINEAUSKUNFT: Creditors' Meeting Slated for Dec. 6
DFA GESELLSCHAFT: Claims Registration Period Ends Nov. 30
FAASS BOEDEN: Creditors' Meeting Slated for Nov. 27

INSTITUT FUER: Claims Registration Ends November 23
KOL GESELLSCHAFT: Claims Registration Ends Nov. 20
KSTS GMBH: Claims Registration Ends November 26
P+T GMBH: Creditors' Meeting Slated for Dec. 21
REFORM UND DIATHAUS:  Claims Registration Ends November 27

SPECTRUM BRANDS: Posts US$333 Million Net Loss in Fourth Quarter
WEFE WIRTSCHAFT: Creditors' Meeting Slated for Dec. 5


H U N G A R Y

AES CORP: Earns US$103 Million in Third Quarter Ended Sept. 30
AES CORP: Benefiting from Gas Export Restriction to Chile


I R E L A N D

SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses


I T A L Y

ACTUANT CORP: R. Alan Hunter Joins Board of Directors
ALITALIA SPA: Bankruptcy Looms if Sale Fails, Says Minister
ALITALIA SPA: Bid Filing Bar Date Moved to November 20
DANA CORP: Gets Banks' Proposals for US$2 Billion Exit Financing
FIAT SPA: CEO Marchionne Confirms Talks with Daimler

FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30
X-RITE INC: Incurs US$2.8-Mln Net Loss in Quarter Ended Sept. 29


K A Z A K H S T A N

AMIR CAPITAL: Claims Registration Ends Dec. 11
KURYLYS ORTALYGY: Proof of Claim Deadline Slated for Dec. 11
MIKEN: Creditors' Claims Due on Dec. 11
NAFTA ALMATY: Creditors Must File Claims Dec. 11
REALSTROY-A LLP: Claims Filing Period Ends Dec. 11


K Y R G Y Z S T A N

JANART TRAVEL: Creditors Must File Claims by December 19


L U X E M B O U R G

AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11


N E T H E R L A N D S

GETRONICS NV: Royal KPN Completes Acquisition
GETRONICS NV: KPN Takeover Cues Moody's to Withdraw Ratings


N O R W A Y

CLEAR CHANNEL: Providence Mulls Rescinding US$1.2 Bln Contract
CLEAR CHANNEL: Earns US$279.7 Mln in 3rd Quarter Ended Sept. 30
GEOKINETICS INC: Relocates Corporate Office in Houston, Texas


P O L A N D

FEDERAL-MOGUL: Court Confirms Fourth Amended Reorganization Plan


R U S S I A

EKATERINBURG-OIL OJSC: Creditors Must File Claims by Dec. 3
GYPSUM PLANT LLC: Creditors Must File Claims by Dec. 3
INDUSTRIAL TECHNOLOGIES: Creditors Must File Claims by Jan. 3
NOVO-SHIPOVSKIJ OJSC: Creditors Must File Claims by Dec. 3
SIBTECHNOMASH CJSC: Creditors Must File Claims by Jan. 3, 2008

TIHVINSKIJ LLC: Bankruptcy Hearing Slated for Feb. 19, 2008
UFAOILMASH LLC: Competitive Proceedings Ongoing
URALSTROYGAS CJSC: Creditors Must File Claims by Dec. 3
YAROSLAVAGRIPROMDORSTROY OJSC: Claims Filing Period Ends Dec. 3


S W E D E N

QUEBECOR WORLD: Paying Preferred Shares Dividends on December 1


T U R K E Y

FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
QUEBECOR WORLD: Posts US$315 Mil. Net Loss in 2006 Third Quarter


U K R A I N E

AGRICULTURAL CHEMISTRY: Creditors Must File Claims by Nov. 16
BUILDING TRADE: Creditors Must File Claims by November 16
BUZOVITSA LLC: Creditors Must File Claims by November 16
CARDINAL RESOURCES: May Sell Ukrainian Assets to Kuwait Energy
KANEV SECONDARY: Creditors Must File Claims by November 16

MELITTO FLEX: Creditors' Claims Due November 16
ROVNOROADBUILDING OJSC: Creditors' Claims Due November 16
STROMA LLC: Creditors' Claims Due November 16
TERMINAL LLC: Creditors' Claims Due November 16
UKREKSIMTRADEDELIVERY LLC: Creditors Must File Claims by Nov. 16


U N I T E D   K I N G D O M

BRAKE BROS: Moody's Withdraws Low-B Ratings After Takeover
BRITISH ENERGY: Two Boiler Units Remain Out Service
CARDINAL RESOURCES: May Sell Ukrainian Assets to Kuwait Energy
CLEARSTONE WEST: Taps Liquidators from BDO Stoy Hayward
DAEMO FINANCIAL: Names Samuel Jonathan Talby Liquidator

FORD MOTOR: Local Unions Favor Labor Pact, Initial Results Show
FORD MOTOR: Posts US$380 Mln Net Loss in 3rd Qtr. Ended Sept. 30
NORTHERN ROCK: Ex UBS Chief Eyes Formal Bid to Rescue Bank
OAK RECRUITMENT: J. M. Titley Leads Liquidation Procedure
PC HELP: Claims Filing Period Ends December 10

RENTOKIL INITIAL: Revenue Up 25.3% to GBP566.1 Mln in Q3 2007
TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30
TEREX CORP: Moody's Holds Low-B Ratings on US$1.1 Billion Notes
THAI SIAM: Brings In Liquidators from Mazars
TRANIK SERVICES: Claims Filing Period Ends December 10

WESTERN FRONT: Appoints Michael Young as Liquidator
WATERFORD WEDGWOOD: Reports EUR85 Mln Equity Deficit at Sept 30
WESTON SPIRIT: Claims Filing Period Ends February 28, 2008

* Large Companies with Insolvent Balance Sheet




                            *********


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


AKOS OBJEKTSANIERUNG: Claims Registration Period Ends Nov. 29
-------------------------------------------------------------
Creditors owed money by LLC AKOS Objektsanierung (FN 251753a)
have until Nov. 29 to file written proofs of claim to court-
appointed estate administrator Robert Klein at:

         Dr. Robert Klein
         c/o Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 513-99-39
         Fax: 513 99 39 30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Dec. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 10  (Bankr. Case No. 5 S 121/07i).  Thomas Deschka
represents Dr. Klein in the bankruptcy proceedings.


HANS FALB: Claims Registration Period Ends Dec. 3
-------------------------------------------------
Creditors owed money by LLC Hans Falb (FN 123355f) have until
Dec. 3 to file written proofs of claim to court-appointed estate
administrator Felix Stortecky at:

         Dr. Felix Stortecky
         W.A. Mozartstrasse 4
         7093 Jois
         Austria
         Tel: 02160/71207
         Fax: 02160/71207-22
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Dec. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Nickelsdorf an der Leitha, Austria, the Debtor
declared bankruptcy on Oct. 11 (Bankr. Case No. 26 S 144/07i).


INVEST LIEGENSCHAFT: Claims Registration Period Ends Dec. 4
-----------------------------------------------------------
Creditors owed money by LLC INVEST Liegenschaft und Beteiligung
(FN 128853s) (fka LLC re INVEST) have until Dec. 4 to file
written proofs of claim to court-appointed estate administrator
Alexander Knotek at:

         Dr. Alexander Knotek
         Pergerstrasse 12
         2500 Baden
         Austria
         Tel: 02252/43056-0
         Fax: 02252/43056-20
         E-mail: info@avia-law.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ma.Enzersdorf, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No. 11 S 109/07a).


MAXI MARKETING: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Oct. 18 an order shutting down
the business of LLC maxi marketing (FN 157127w).

Court-appointed estate administrator Christiane Pirker
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. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57
         Fax: 817 57 57- 1
         E-mail: Dr.Christiane.Pirker@chello.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No 3 S 114/07w).


MIJAJLOVIC JAMI: Claims Registration Period Ends Dec. 4
-------------------------------------------------------
Creditors owed money by KEG Mijajlovic JAMI (FN 225249z) have
until Dec. 4 to file written proofs of claim to court-appointed
estate administrator Gerhard Rigler at:

         Mag. Gerhard Rigler
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84 141
         Fax: 02622/84141-24
         E-mail: hain.advocat@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Blumau, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 11 S 108/07d).


R&B DOWNHOLE: Claims Registration Period Ends Nov. 14
-----------------------------------------------------
Creditors owed money by LLC R&B Downhole Technology (FN 241124w)
have until Nov. 14 to file written proofs of claim to court-
appointed estate administrator Ferdinand Bruckner at:

         Dr. Ferdinand Bruckner
         c/o  Dr. Elisabeth Zonsics-Kral
         Schubertstrasse 10/3/5/9
         2100 Korneuburg
         Austria
         Tel: 02262/729 39
         Fax: 02262/729 39 15
         E-mail: bruckner@raedrb-drz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 28 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on Oct. 17 (Bankr. Case No. 36 S 114/07t).  Elisabeth
Zonsics-Kral represents Dr. Bruckner in the bankruptcy
proceedings.


SDP PERSONALBEREITSTELLUNG: Court Orders Business Shutdown
----------------------------------------------------------
The Trade Court of Vienna entered Oct. 11 an order shutting down
the business of LLC SDP Personalbereitstellung (FN 280476s).

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

The estate administrator can be reached at:

         Mag. Gerhard Stauder
         c/o  Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna
         Austria
         Tel: 523 47 91
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 25 (Bankr. Case No 6 S 124/07p).  Georg Kahlig
represents Mag. Stauder in the bankruptcy proceedings.


STONES AND MORE: Creditors' Meeting Slated for Nov. 22
------------------------------------------------------
Creditors owed money by LLC Stones and More (FN 222099t) are
encouraged to attend the creditors' meeting at 11:20 a.m. on
Nov. 22.

The creditors' meeting will be held at:

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

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Oct. 12 (20 S 124/07x). Mag. Rainer Kuebeck serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Rainer Kuebeck
         Freiung 14
         4600 Wels
         Austria
         Tel: 07242/67531
         Fax: 07242/67531-21
         E-mail: office@selendi.at


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


MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007
----------------------------------------------------------------
Milacron Inc. incurred a net loss for the quarter ended Sept. 30
of US$4.5 million on sales of US$204 million, compared to a net
loss in the third quarter of 2006 of US$7.2 million on sales of
US$209 million.  Restructuring costs and other non-recurring
costs totaled US$1.7 million in the quarter, compared to US$2.9
million in the year-ago quarter.

Manufacturing margins in the third quarter improved to 19.7%
from 18.7% a year ago, primarily as a result of continued cost-
reduction and sourcing initiatives.

New orders of US$203 million were up slightly from US$201
million in the third quarter of 2006 due to currency translation
effects.

Cash on hand at the end of the quarter exceeded US$37 million,
and Milacron had approximately US$42 million available for
borrowing under its asset-based revolving credit facility.  The
company's liquidity (cash plus borrowing availability) rose to
US$79 million from US$65 million at the beginning of the quarter
and US$72 million at the end of the third quarter last year.

"Our efforts to expand our presence in faster-growing, emerging
markets continue to pay dividends," said Ronald D. Brown,
chairman, president and chief executive officer.  "Our orders
from these markets are up 20% year to date.  Our greatest
current challenge, however, is the injection molding machine
market in North America, which is down 17% year to date from
2006. This also negatively impacts our mold technologies
business.  As a result, we are stepping up our restructuring
efforts to reduce our cost structure in this market."

                         Segment Results

Machinery Technologies-North America (machinery and related
parts and services for injection molding, blow molding and
extrusion supplied from North America, India and China) Sales in
the quarter fell to US$93 million from US$106 million in the
same period last year, as the ongoing consolidation of U.S.
automotive molders curtailed demand from that sector and
contributed to the glut of used equipment, depressing the market
for new injection molding machines in North America.  Sales of
injection machines in India remained at record-high levels, and
extrusion equipment sales continued to show solid increases.
Blow molding machinery sales were down in the quarter but were
running slightly ahead of last year on a year-to-date basis.
Cost-containment measures helped minimize the impact of the
overall volume drop, as segment earnings declined to US$3.8
million from US$6.0 million in the year-ago quarter.  New orders
in the quarter were US$91 million, off from US$106 million last
year.

Machinery Technologies-Europe (machinery and related parts and
services for injection molding and blow molding supplied from
Europe) Demand for injection molding machines continued to show
growth in Western Europe, and, as a result, segment sales rose
to US$46 million from US$40 million in 2006.  Blow molding
machine shipments were up slightly. Favorable currency
translation effects accounted for about half of the segment
sales gain. New orders were also US$46 million compared to US$31
million in the year-ago quarter, as currency accounted for about
one-fifth of the increase.  Higher volume and restructuring
benefits aided the segment in posting a small operating profit
of US$0.9 million compared to an operating loss of US$0.7
million in the year-ago quarter.

Mold Technologies (mold bases and related parts and services, as
well as maintenance, repair and operating supplies for injection
molding worldwide) Softness in the injection molding-related
markets in North America, particularly in the automotive sector,
led to a slight sales decline in the third quarter to US$37
million from US$38 million a year ago.  In Europe, our mold
technologies sales were essentially flat in local currencies.
During the quarter this segment accelerated its restructuring
activities as it incurred a small loss of US$0.4 million
compared to breaking even in the year-ago quarter.

Industrial Fluids (water-based and oil-based coolants,
lubricants and cleaners for metalcutting and metalforming
operations worldwide) Sales of US$31 million were up from US$29
million in the third quarter of 2006, with currency translation
effects accounting for most of the increase.  With better
pricing and improved operating efficiency, segment earnings
jumped to US$3.5 million from US$1.9 million a year ago.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a global manufacturer
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated USUS$805 million over
the last 12 months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 2, 2007,
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.


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


BALLY TECH: To Acquire Compudigm Int'l Gaming Applications
----------------------------------------------------------
Bally Technologies, Inc. has signed a contract to acquire the
Gaming Power and seePOWER applications for the gaming industry
from Compudigm International, adding exclusive and powerful data
visualization and business analysis technology to the new Bally
Business Intelligence product line.

Compudigm's integrated solutions will immediately serve as a key
component in Bally's server-gaming strategy and the company's
plans for delivering "The Networked Floor Of The Future."

The acquired Compudigm technology currently monitors, manages
and optimizes data from more than 60,000 gaming positions around
the world that generate US$6 billion in annual revenues. Current
customers using this product for marketing and business analysis
include Harrah's Entertainment, Penn National Gaming, Trump
Entertainment Resorts and the Seminole Tribe of Florida, as well
as major casinos in New Zealand and Australia.

Bally also announces the launch of a comprehensive Business
Intelligence solution that will consist of two distinct and
integrated modules -- its internally developed Data Analysis
Dashboard and Compudigm's Gaming Power and seePower Data
Visualization modules -- both working off one combined Gaming
Data Warehouse.  This combination of two best-of-breed solutions
will offer the most powerful and state-of-the-art business
intelligence suite for the gaming industry.

The Data Analysis Dashboard offers more than 650 predefined key
performance indicators, graphical data analysis charts and
graphs, more than 150 predefined reports and ad-hoc reporting
that will bring all essential information required to manage a
casino just a few computer
clicks away.

"The Compudigm technology acquisition is consistent with our
commitment to deliver leading, yet useable technology with a
strong return on investment to our Systems footprint of more
than 368,000 devices worldwide," said Richard Haddrill, Chief
Executive Officer of Bally Technologies. "Our leading business
intelligence suite of products will be a key component in
delivering ROI on the evolving 'networked gaming floor of the
future.'"

The new Bally Business Intelligence product line will feature
multiple pricing and scalable options for the different data
warehousing, business analysis and data visualization solutions.

"When combined with the acquired Compudigm technology, this will
allow for dynamic decision-making that doesn't currently exist
in the industry today and will be the most comprehensive
business intelligence package in the gaming space," said Bruce
Rowe, Senior Vice President of Strategy and Business Development
for Bally.  "And it's the perfect foundational technology for
both today's networked floor and for the potential created by
server applications."

The Compudigm products Bally is acquiring transform the deluge
of data generated by casino slots, tables and customer loyalty
systems into actionable, visual insights that help casino
managers make the smartest, fastest marketing and game floor
management decisions possible.

"The Bally solution will utilize seePOWER's smart marketing and
predictive engine to unlock real value and to realize the full
potential of a casino's business," said Wout van Loon, CEO of
Compudigm International.  "The seePOWER platform has provided
many gaming customers with an unparalleled competitive
advantage."

The Bally agreement represents Compudigm's business model to
provide industry-leading solution providers with the seePOWER
platform and application development suite to deliver advanced
visualization, customer profiling, customer segmentation and
content-intelligence to the entertainment, loyalty, financial
services, retail, telecommunications, utilities and health
sciences industries.

Recognized as the industry systems leader with more than 368,000
machines at casino, bingo, Class II, central determination and
lottery locations worldwide -- including more than 204 locations
currently running Bally eTICKET(TM) on more than 236,000 slot
machines -- the Bally Technologies systems product line offers
slot machine cash monitoring, table management, cashless,
accounting, security, maintenance, marketing, promotional and
bonusing capabilities, enabling operators to accurately analyze
performance and accountability while providing an enhanced level
of customer service.

                        About Compudigm

Founded in 1997, Compudigm -- visit http://www.compudigm.com/
-- delivers groundbreaking business intelligence solutions based
upon its seePOWER data visualization technology, which enables
enterprises to transform oceans of disparate data into
actionable, visual intelligence for significant competitive
advantage.  The company enables enterprises to see their
business clearly by animating, illustrating and infusing maps
and floor-plans as well as product, engineering and scientific
diagrams with comprehensive business intelligence.  Compudigm
also delivers advanced visualization, customer profiling, and
content-intelligence as well as advice and guidance solutions to
the gaming, retail, entertainment, telecommunications,
utilities, health sciences and financial service industries.
Compudigm's accolades include Gold and Silver awards from Casino
Journal's Most Innovative Gaming Technology Products
competition; dual Smithsonian Computerworld Laureates; and the
Data Warehousing Institute's "Pioneering Product of the Year"
award.

                    About Bally Technologies

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services has raised its
corporate credit and senior secured debt ratings on Bally
Technologies Inc. to 'B+' from 'B-'.  Concurrently, S&P revised
the CreditWatch implications to positive from developing.


BICHE DE BERE: Nantes Court Orders Liquidation
----------------------------------------------
The Nantes Commercial Court in France has put Biche de Bere into
liquidation on Oct. 31, 2007, the Financial Times reports,
citing Le Monde as its source.

According to the report, the company, which employs
approximately 200 people, is set to close its 20 stores.

In 2006 the company had turnover of EUR6.5 million while debts
stood at EUR7 million, FT relates.

Biche de Bere is a jewellery and ready-to-wear clothing
specialist.


EURO DISNEY: Narrows Net Loss to EUR42 Mln in FY Ended Sept. 30
---------------------------------------------------------------
Euro Disney S.C.A., parent company of Euro Disney Associes
S.C.A., operator of Disneyland Resort Paris, reported results
for its consolidated group, for the fiscal year 2007 ended
Sept. 30, 2007.

Revenues for the fiscal year increased 12% to EUR1.2 billion
primarily reflecting volume growth in theme parks attendance and
hotel occupancy.  Theme parks revenues increased 14% to EUR658.6
million, primarily due to an increase of 1.7 million in
attendance to 14.5 million for the fiscal Year.  Hotels and
Disney Village revenues increased 17% to EUR483 million, driven
by a 10% increase in average spending per room and an increase
of 5.8 percentage points in the hotel occupancy rate.  Real
estate revenues decreased EUR10.1 million to EUR19.3 million
due to lower activity during the fiscal Year.

Costs and expenses for the fiscal year increased 7% compared to
the prior-year period.  This increase was driven by additional
labor and other direct costs incurred to support the increased
Resort activity, labor rate inflation and increased marketing
expenses.  Partially offsetting this increase was a reduction
of EUR4.9 million in costs and expenses related to lower Real
estate activity and a EUR4.3 million benefit from the favorable
settlement of a claim related to prior expenses.

Operating margin before depreciation and amortization increased
EUR57.8 million to EUR205.7 million.

Operating margin increased to EUR50.8 million, against a prior
year loss of EUR2 million.

Net financial charges increased 7% over the prior-year period.
This increase is primarily related to the Disneyland Park
financing agreement, net of increased financial income.

For the fiscal year, net loss decreased EUR47 million to EUR41.6
million while net loss attributable to equity holders of the
parent decreased EUR34.7 million to EUR38.4 million.

At Sept. 30, 2007, the group's consolidated balance sheet showed
EUR2.9 billion in total assets, EUR2.6 billion in total
liabilities and EUR356.2 million in total shareholders' equity.

"This year's results, marked by a positive operating margin,
were driven by volume growth in parks attendance and hotel
occupancy and an increase in average spending per room.  In
2007, we kicked off the 15th anniversary celebration by
introducing a fantastic new parade and compelling new
attractions," Karl L. Holz, chairman and chief executive officer
of Euro Disney S.A.S., said.  "This year's solid performance was
made possible through the continued dedication and commitment of
all our cast members, many of which celebrated their personal
15th anniversary with the Company this year."

Mr. Holz added: "We look forward to continuing the celebration
in fiscal year 2008 with the introduction of The Twilight Zone
Tower of Terror attraction and Stitch Live; new experiences
which only Disney can provide.

"In 2008, we will continue to execute our growth strategy and
remain focused on driving this business toward profitability."

Headquartered in France, Euro Disney S.C.A. --
http://www.eurodisney.com/-- operates Disneyland Resort Paris
which includes: Disneyland Park, Walt Disney Studios Park, seven
themed hotels with approximately 5,800 rooms (excluding
approximately 2,400 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining,
shopping and entertainment center, and a 27-hole golf course.
The Group's operating activities also include the development of
the 2,000-hectare site, half of which is yet to be developed.
Euro Disney S.C.A.'s shares are listed and traded on Euronext
Paris.

                          *     *     *

Euro Disney SCA incurred consecutive net losses for the last
six years in accordance with U.S. GAAP.  The Company reported
net losses of EUR88.6 million in 2006, EUR46.5 million in 2005,
EUR77.5 million in 2004, EUR54.4 million in 2003, EUR67.3
million in 2002, and EUR50.6 million in 2001.


URS CORP: Amends Pact with WGI to Raise Merger Consideration
------------------------------------------------------------
URS Corporation and Washington Group International Inc.'s
definitive merger agreement for the acquisition of Washington
Group by URS has been amended to increase the consideration to
be received by Washington Group stockholders and to provide them
with the ability to elect to receive cash, stock or cash and
stock for their shares (subject to proration).

Based on the closing price of URS' common stock on Nov. 2, 2007,
the consideration is now valued at approximately US$3.2 billion,
or US$97.89 per Washington Group share, which represents a
premium of approximately 8.5% over the initial merger
consideration value of US$90.20 as of such date.  Based on the
volume weighted average price of URS' common stock during the
five trading days ending on Nov. 2, 2007, the consideration is
now valued at approximately US$3.2 billion, or approximately
US$99.00 per Washington Group share, compared with a value of
approximately US$3.0 billion, or US$91.14 per Washington Group
share (using the five trading day weighted average), under the
terms of the original merger agreement.

Under the terms of the revised merger agreement, which has been
unanimously approved by the boards of directors of both
companies, Washington Group stockholders can elect to receive
all cash, all stock, or a combination of cash and stock (subject
to proration) with a consideration value of 0.900 shares of URS
common stock plus US$43.80 in cash for each Washington Group
share.  The proration will be determined based on the volume-
weighted average price of URS' common stock during the five
trading days ending on the day before the required Washington
Group stockholder approval is received.  This five trading day
period is currently scheduled to end on Nov. 14, 2007.  The
election procedures are subject to proration to preserve an
aggregate per share mix of 0.900 shares of URS common stock plus
US$43.80 in cash for all outstanding Washington Group shares and
options (after giving effect to the options' exercise prices).
Based on the outstanding shares and options of Washington Group
as of Sept. 30, 2007, in the aggregate, Washington Group shares
and options will be converted into approximately US$1.4 billion
in cash and approximately 29 million shares of URS common stock.
All terms of the original merger agreement not related to the
revised merger consideration remain substantially unchanged.

Upon completion of the transaction, Washington Group
stockholders would own approximately 35% of the combined
company, compared with approximately 32% under the terms of the
original merger agreement.  Stockholders of record of URS common
stock and Washington Group common stock at the close of business
on Sept. 21, 2007, will be entitled to vote at the special
meetings.

           Dennis Washington Exercises Stock Options

Washington Group also disclosed that Dennis Washington, Chairman
of the Washington Group board of directors, has executed a
binding agreement to exercise all of his beneficially owned
stock options for 3.224 million shares of Washington Group stock
(or approximately 10% of outstanding Washington Group stock) and
vote his shares in favor of the revised merger agreement if
necessary to achieve the required Washington Group stockholder
approval.  If it is necessary for Mr. Washington to exercise his
options and vote his shares, a new record date and meeting date
for the Washington Group special meeting will be set.  Mr.
Washington has indicated that he intends to make the necessary
Hart-Scott-Rodino Act filing in order to be able to exercise his
options, and has also indicated that if the merger is completed
he would elect to receive cash for all of his Washington Group
shares (subject to proration).

"The enhancement to the terms of our agreement reflects URS'
commitment to the combination with Washington Group and our
conviction that the transaction will create significant benefits
for the stockholders, customers and employees of both
companies," Martin M. Koffel, Chairman and Chief Executive
Officer of URS, said.  "We believe that the recent strong
performance of both companies and continued positive outlook for
our businesses warrant the increase in our offer.  However, URS
is a disciplined buyer and these terms represent our best and
final offer for Washington Group."

"We are very pleased to present this increased consideration to
our stockholders for their vote at our special meeting next
week," Washington Group President and Chief Executive Officer
Stephen G. Hanks, said.  "The increased financial terms of our
agreement with URS provide even greater value to Washington
Group stockholders, as well as a higher level of continued
ownership in the combined entity and greater flexibility to
choose between cash and stock in exchange for their shares.  The
combination of Washington Group and URS represents a unique
opportunity to create a single-source provider that can offer a
full life cycle of planning, engineering, construction,
environmental management, and operations and maintenance
services.  Our board of directors unanimously recommends that
Washington Group stockholders vote in favor of the merger
agreement."

URS expects the transaction to be slightly dilutive to GAAP
earnings per share in 2008, accretive to GAAP EPS in 2009 and
beyond, and accretive to its cash EPS in 2008 and beyond, not
including revenue synergies expected through the combination.

Consummation of the transaction is subject to the approval of
the revised definitive merger agreement by Washington Group
stockholders holding a majority of the outstanding shares and
the approval of the issuance by URS of shares of common stock in
the transaction by URS stockholders holding a majority of the
shares voting.

                  Stockholders' Special Meeting

URS and Washington Group have rescheduled the companies' special
meetings of stockholders for Nov. 15, 2007, to provide investors
with additional time to evaluate the revised offer.
Supplemental proxy materials will be distributed to URS and
Washington Group stockholders prior to the new meeting date.

The special meeting of URS stockholders will be held at 9:00
a.m., local time, at the offices of Cooley Godward Kronish LLP,
located at 1114 Avenue of the Americas, New York, New York.  The
special meeting of Washington Group stockholders will be held at
7:00 a.m., local time, at Washington Group's offices located at
720 Park Boulevard, Boise, Idaho.

                   URS Outlook for Fiscal 2007

URS has revised its outlook for fiscal 2007 based on revenue
growth for the nine months of 2007 and the company's continued
positive outlook for its markets.  URS now expects that 2007
revenues will be approximately US$4.85 billion compared to its
prior estimate of US$4.8 billion.  Assuming this revenue
expectation is met, URS now expects that 2007 net income will be
approximately US$134 million compared to its prior estimate of
US$132 million.

URS noted that the guidance provided above does not include the
impact of the proposed acquisition of Washington Group.

                      About Washington Group

Headquartered in Boise, Idaho, Washington Group International
Inc. -- http://www.wgint.com/-- provides the talent,
innovation, and proven performance to deliver integrated
engineering, construction, and management solutions for
businesses and governments worldwide.  The company has
approximately 25,000 people at work around the world providing
solutions in power, environmental management, defense, oil and
gas processing, mining, industrial facilities, transportation
and water resources.

                         About URS Corp.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS)-- http://www.urscorp.com/-- is an engineering design
services firm and a United States federal government contractor
for systems engineering and technical assistance and operations
and maintenance services.  The company's business focuses
primarily on providing fee-based professional and technical
services in the engineering and construction services and
defense markets, although the company performs some limited
construction work.  It operates through two divisions: the URS
Division and the EG&G Division.  The company also has offices in
Argentina, Australia, Belgium, China, France, Germany, and
Mexico, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services assigned its
'BB+' bank loan rating and '2' recovery rating to URS Corp.'s
proposed US$2.1 billion senior secured credit facilities,
indicating expectations of substantial recovery in the event of
a payment default.  The facilities are rated the same as the
corporate credit rating on the company.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.


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


ARCADE GMBH: Claims Registration Period Ends Dec. 7
---------------------------------------------------
Creditors of ARCADE GmbH Beraten-Planen-Einrichten have until
Dec. 7 to register their claims with court-appointed insolvency
manager Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 28, 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 Aachen
         Meeting Hall T 111/112 (D 4.109)
         Adalbertsteinweg 90 (ab 2008 Eingang Haus-Nr. 92)
         52070 Aachen
         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:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The District Court of Aachen opened bankruptcy proceedings
against ARCADE GmbH Beraten-Planen-Einrichten on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ARCADE GmbH Beraten-Planen-Einrichten
         Attn: Alwin Hintzen, Manager
         Apfelstrasse 23
         52525 Heinsberg
         Germany


BARLIN PLANUNGSGESELLSCHAFT: Creditors' Meeting Set for Nov. 27
---------------------------------------------------------------
The court-appointed insolvency manager for Barlin
Planungsgesellschaft mbH, Philipp Hacklander will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:18 a.m. on Nov. 27.

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 9:45 a.m. on March 11, 2008, at the same
venue.

Creditors have until Jan. 20, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Philipp Hacklander
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Barlin Planungsgesellschaft mbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Barlin Planungsgesellschaft mbH
         Saalmannstr. 9
         13403 Berlin
         Germany


BHB - HOLZ: Creditors' Meeting Slated for Nov. 27
-------------------------------------------------
The court-appointed insolvency manager for BHB - Holz GmbH,
Hartwig Albers will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
Nov. 27.

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 9:50 a.m. on March 11, 2008, at the same
venue.

Creditors have until Jan. 20, 2008, 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 BHB - Holz GmbH on Oct. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BHB - Holz GmbH
         Eginhardstr. 22
         10318 Berlin
         Germany


CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
-------------------------------------------------------------
United Auto Workers union employees at a Chrysler LLC testing
facility on Metropolitan Parkway in Michigan will be reassigned
following the closure of the site, under the recently ratified
labor contract between the carmaker and the union, Terry Oparka
of C&G News reports.

According to Chrysler spokesman Dave Elshoff, the Sterling
Heights Vehicle Test Center, which employs twenty employees and
is listed as an industrial warehouse, is for sale for $7
million, C&G News relates.

Mr. Elshoff added that other Michigan facilities designated to
be shuttered are located in Windsor, in Detroit on Mound and and
Van Dyke, and in Plymouth.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related reductions
at several of its North American assembly and powertrain plants,
and eliminate four products from its line-up.

Shifts will be eliminated at five North American assembly plants
which, combined with other volume-related manufacturing actions,
will lead to a reduction of 8,500-10,000 additional hourly jobs
through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
Company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.

The volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

"We have to move now to adjust the way our company looks and
acts to reflect a smaller market," Tom LaSorda, vice chairman
and president of the Chrysler Group, said.  "That means a cost
base that is right-sized and an appropriate level of plant
utilization."

                       About Chrysler LLC

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.



CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.

The CreditWatch placement resulted from the announcement that
day by General Motors Corp. that it had reached a contract
agreement with its main labor union, the United Auto Workers.
As S&P expected, Chrysler reached a largely similar agreement
that caused S&P to review the company's rating and outlook.

Also, S&P assigned its bank loan and recovery ratings to
Chrysler's US$7.5 billion, secured first-lien term loan.  The
loan is rated 'BB-', with a recovery rating of '1', indicating
that lenders can expect very high (90% to 100%) recovery in the
event of a payment default.  S&P also raised the rating on the
US$2 billion, second-lien term loan to 'B' from 'B-', and the
recovery rating was revised to '4', indicating that lenders can
expect average (30% to 50%) recovery in the event of a payment
default, from '5'.

The negative outlook on the corporate credit rating reflects
S&P's view that Chrysler's exposure to weakening industry
conditions in North America remains a key risk factor, which
could cause greater-than-expected cash outflows during 2008.

"We still view the company's liquidity as substantial for now
and the new labor contract with the UAW as a significant long-
term positive for the company's efforts to return its North
American automotive operations to positive cash flow
generation," said Standard & Poor's credit analyst Robert
Schulz.  "However, the greatest portion of cash benefits from
the contract will not begin to accrue to Chrysler until 2010.
The health care cost savings are subject to final court
approval, but S&P do not expect this to be an issue," he
continued.

Chrysler faces several serious challenges during the next two
years.  First and foremost is the weak outlook for U.S. light-
vehicle sales, which are expected to be flat at best in 2008
versus 2007.  The current rating reflects the assumption that
Chrysler will use cash in 2008 and 2009, but it does not reflect
the much sharper use of cash that would result from the type of
decline in U.S. light-vehicle sales that would accompany a
recession.  S&P expect U.S. light-vehicle sales to be about 16
million units in 2008, virtually flat with sales in 2007, which
turned out to be a weaker year for sales than initially
expected.  Other uses of cash will include cash restructuring
costs (including the cost of attrition plans, which Chrysler may
negotiate with the UAW) and Chrysler's need to fund certain UAW
contract provisions prior to 2010.

S&P expect over time to place greater weight on the substantial
health care and other cash savings that will begin in 2010 as
stipulated in the current UAW contract.  But it is important to
note that Chrysler's automotive results, industry conditions,
and the economic outlook will be crucial components of any such
future review, and accordingly, the threshold for an outlook
revision to stable in 2008 is fairly high, given the current
lack of visibility into prospective results in North America.

The rating on Chrysler reflects the wide-ranging challenges the
company faces in North America, where the vast majority of its
automotive operations are located.  The company is more heavily
reliant on North American sales of light trucks than either of
its other Michigan-based competitors, but it benefits from its
strong presence in the minivan segment and ownership of the
iconic Jeep brand.

Although the company has been profitable in recent years, S&P
expect it to remain unprofitable into 2009 and perhaps longer.
Chrysler's new management team is moving quickly to respond to
the massive challenges of excess capacity and headcount and
adverse product mix trends by instituting additional headcount
reductions, closing plants, and reducing the number of models,
in addition to implementing a restructuring plan that was first
announced in February 2007.  However, as with past
restructurings, the ultimate success depends largely on whether
the company can maintain its market share at a level consistent
with its future capacity.  In addition, near-term success will
rest at least partly on the U.S. economy's avoiding a recession
in 2008.

The fate of Chrysler's restructuring also depends greatly on how
the company's product mix, vehicle pricing, and market share
evolve--and there is greater uncertainty in these areas, given
the vagaries of consumer demand.  Chrysler's U.S. light-vehicle
market share has been more stable than that of its other
Michigan-based competitors.  Furthermore, Chrysler's sales mix
of light trucks (crossover utility vehicles [CUVs], SUVs, vans,
and pickups) and cars is more truck-weighted than those of its
competitors, making the company more vulnerable to further
adverse shifts in many of these segments.

One key variable into 2008 will be the U.S. full-size pickup
truck market, which is soft because of the weak housing market
and high gas prices.  In addition, formidable competitor Toyota
Motor Corp. has a new full-size pickup truck that is
manufactured in Texas.  Chrysler has a fairly distant No. 3
position (17% share through October 2007 versus 41% and 30% for
GM and Ford, respectively) in this market, which generates a
disproportionate share of profits.

Chrysler is underrepresented in the growing CUV segment; it had
only an 8% share through the first 10 months of 2007.  Although
it will be introducing more models into this already well-
populated segment, garnering critical market share will not be
easy.  CUVs are generally not as profitable as SUVs or full-size
pickups, so the increasing customer substitution of CUVs for
larger vehicles will likely reduce total profit contribution.

As with its overall market share, Chrysler's share in the
passenger car segment has been more stable than that of its
Michigan-based competitors, but the company is underrepresented
here, too (cars represent about 27% of Chrysler's product mix),
compared with GM (39%) and Ford (34%).  Chrysler's car sales are
also highly concentrated among a few models.

The weakness in Chrysler's automotive performance and the costs
of executing a turnaround will reduce cash balances that were
sizable at the close of the Chrysler purchase.  Chrysler's
pension funding position has improved in recent years, and this
is less of a concern currently, as the U.S. hourly and salaried
plans collectively were overfunded at the end of 2006.

DCFS is expected to continue performing its primary function of
providing retail and wholesale financing of Chrysler vehicles.
S&P expect DCFS to remain profitable.  Its portfolio is
considered high quality, and S&P expect it to remain so.
However, the financial affiliate is not expected to be a source
of cash dividends for Chrysler.

The outlook on Chrysler and DCFS is negative.  S&P's primary
concern is Chrysler's need to return its North American
automotive operations--the vast majority of the company's
business--to profitability.  The ratings could be lowered,
despite the health care savings that will start to accrue in
2010, if S&P came to expect that Chrysler's substantial cash
outflow would fail to continue moderating or begins to worsen
because of setbacks, whether Chrysler-specific or stemming from
market conditions.  S&P do not expect to revise the outlook to
stable or positive within the next several quarters, given the
uncertain economic outlook and ongoing execution risk in its
turnaround plan.


CONRADY & DOERRE: Claims Registration Period Ends Nov. 16
---------------------------------------------------------
Creditors of Conrady & Doerre Bau GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be reached at:

         Ulrich Hauter
         Untermarkt 12
         Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Conrady & Doerre Bau GmbH on Oct. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Conrady & Doerre Bau GmbH
          Attn: Ulrich Conrady und Reiner Doerre, Manager
          Sommerbergstrasse 01
          37339 Worbis
          Germany


DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7
---------------------------------------------------------------
Creditors of DBI Danische Baukomponenten Import GmbH have until
Dec. 7 to register their claims with court-appointed insolvency
manager Marc Schaumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 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 Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Marc Schaumann
         Falkenstrasse 22
         23564 Luebeck
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against DBI Danische Baukomponenten Import GmbH on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DBI Danische Baukomponenten Import GmbH
         Industriestrasse 3
         23829 Wittenborn
         Germany

         Attn: Herrn Andreas Libera, Manager
         Wakenitzmauer 9
         23552 Luebeck
         Germany


DES ONLINEAUSKUNFT: Creditors' Meeting Slated for Dec. 6
--------------------------------------------------------
The court-appointed insolvency manager for DES onlineauskunft
Marketinggesellschaft mbH, Joachim Heitsch will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:25 a.m. on Dec. 6.

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 March 13, 2008, at the same
venue.

Creditors have until Jan. 17, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against DES onlineauskunft Marketinggesellschaft mbH
on Oct. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DES onlineauskunft Marketinggesellschaft mbH
         Kochstr. 22
         10969 Berlin
         Germany


DFA GESELLSCHAFT: Claims Registration Period Ends Nov. 30
---------------------------------------------------------
Creditors of DFA Gesellschaft fuer Finanz- und Anlagenkonzepte
mbH have until Nov. 30 to register their claims with court-
appointed insolvency manager Dr. Marc d`Avoine.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Marc d`Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany

The District Court of Wuppertal opened bankruptcy proceedings
against DFA Gesellschaft fuer Finanz- und Anlagenkonzepte mbH on
Oct. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DFA Gesellschaft fuer Finanz- und
         Anlagenkonzepte mbH
         Attn: Barbara Kozniewski, Manager
         Kreuzstrasse 20
         40699 Erkrath
         Germany


FAASS BOEDEN: Creditors' Meeting Slated for Nov. 27
---------------------------------------------------
The court-appointed insolvency manager for Faass Boeden GmbH,
Christian Koehler-Ma, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on Nov. 27.

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 9:35 a.m. on March 11, 2008, at the same
venue.

Creditors have until Jan. 20, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg  opened bankruptcy
proceedings against Faass Boeden GmbH on Oct. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Faass Boeden GmbH
          Buechnerweg 81
          12489 Berlin
          Germany


INSTITUT FUER: Claims Registration Ends November 23
---------------------------------------------------
Creditors of Institut fuer Wirtschaftsinformation GmbH have
until Nov. 23 to register their claims with court-appointed
insolvency manager Ruediger Berkhan.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District of Goslar
         II/F
         Haus II
         Third Floor
         Kaiserbleek 8
         38640 Goslar
         Germany

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

The insolvency manager can be reached at:

         Ruediger Berkhan
         Braunschwei-ger Str. 15a, D
         38723 Seesen
         Germany
         Tel: 05381/9356-0
         Fax: 05381/935644

The District Court of Goslar opened bankruptcy proceedings
against Institut fuer Wirtschaftsinformation GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Institut fuer Wirtschaftsinformation GmbH
         Oberdorf 23
         38729 Hahausen
         Germany


KOL GESELLSCHAFT: Claims Registration Ends Nov. 20
--------------------------------------------------
Creditors of KOL Gesellschaft fuer Abbruch-, Tiefbau- und
landschaftsgartnerische Arbeiten mbH have until Nov. 20 to
register their claims with court-appointed insolvency manager
Angela Gerigk.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 26, at which time the insolvency manager
will present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 296
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Angela Gerigk
         Katharinenstr. 7
         46282 Dorsten
         Germany
         Tel: 02362/993480

The District Court of Essen opened bankruptcy proceedings
against KOL Gesellschaft fuer Abbruch-, Tiefbau- und
landschaftsgartnerische Arbeiten mbH on Sept. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         KOL Gesellschaft fuer Abbruch-, Tiefbau- und
         landschaftsgartnerische Arbeiten mbH
         Horster Str. 181
         45968 Gladbeck
         Germany

         Attn: Atnan Ademi, Manager
         Sutumerfeldstr. 40
         45899 Gelsenkirchen
         Germany


KSTS GMBH: Claims Registration Ends November 26
-----------------------------------------------
Creditors of KSTS GmbH have until Nov. 26 to register their
claims with court-appointed insolvency manager Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

The District Court of Heilbronn opened bankruptcy proceedings
against KSTS GmbH on Oct. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KSTS GmbH
         Attn: Wolfram Stendel, Manager
         Sulmstrasse 9
         74189 Weinsberg
         Germany


P+T GMBH: Creditors' Meeting Slated for Dec. 21
-----------------------------------------------
The court-appointed insolvency manager for P+T GmbH, Michael
Hawelka, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:45 a.m. on
Dec. 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 9:30 a.m. on March 28, 2008 at the same
venue.

Creditors have until Jan. 31, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against P+T GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          P+T GmbH
          Fasanenstr. 29
          10719 Berlin
          Germany


REFORM UND DIATHAUS:  Claims Registration Ends November 27
----------------------------------------------------------
Creditors of Reform und Diathaus RAISS-Braunwarth GmbH have
until Nov. 27 to register their claims with court-appointed
insolvency manager Olaf Suehrer.

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 Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Olaf Suehrer
         Steubenplatz 12
         64293 Darmstadt
         Germany
         Tel: 06151/136270
         Fax: 06151/1362729

The District Court of Darmstadt opened bankruptcy proceedings
against Reform und Diathaus RAISS-Braunwarth GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reform und Diathaus RAISS-Braunwarth GmbH
         Eschollbruecker Str. 26
         64295 Darmstadt
         Germany

         Attn: Susanne Maria Hildegard Raiss, Manager
         Soderstr. 20
         64283 Darmstadt
         Germany


SPECTRUM BRANDS: Posts US$333 Million Net Loss in Fourth Quarter
----------------------------------------------------------------
Spectrum Brands Inc. disclosed Thursday results of its fourth
quarter ended Sept. 30, 2007.

The company reported a fourth quarter net loss of US$333 million
on net sales of US$548.2 million for the quarter ended
Sept. 30, 2007.  This compares with a net loss of US$439.4
million on net sales of US$486.3 million in the same period in
2006.

Included in the net loss for the fourth quarter included certain
items which management believes are not indicative of the
company's on-going normalized operations.  These items include:

   -- a loss from discontinued operations, net of tax, of
      US$178.8 million related to the company's Home & Garden
      business, which is being held for sale, including a
      US$168.5 million non-cash charge related to the fair value
      of this asset;

   -- net tax adjustments of US$126.7 million which include a
      non-cash charge of US$211.3 million (of which US$54.2
      million is included in the loss from discontinued
      operations) reflecting an increase in the valuation
      allowance against certain net deferred tax assets; and
      other tax benefit adjustments of US$30.4 million which
      principally relate to the revaluation of certain foreign
      deferred tax credits resulting from statutory tax rate
      changes;

   -- pretax restructuring and related charges of US$36.6
      million, associated with company-wide cost reduction
      initiatives;

   -- a non-cash impairment charge of US$24.4 million primarily
      related to the company's Varta brand.

   -- other items netting to a pretax benefit of US$1.9 million.

Spectrum Brands' sales for the quarter were US$548.2 million, an
increase of 13%, largely attributable to sales volume increases
and the impact of favorable foreign exchange rates.  Segment
profit increased 54% to US$76.4 million for the quarter due
primarily to increased sales and the impact of the company's
cost restructuring initiatives.  On a constant currency basis,
sales increased 8% and segment profit increased 48%.  Adjusted
EBITDA, including EBITDA from Home & Garden, was US$92 million
as compared with US$58 million in the prior year.

Chief executive officer Kent Hussey stated, "We are pleased with
the overall improvement in sales, EBITDA and segment
profitability during the quarter.  We are particularly pleased
that the improvement represented both sales and profitability
growth in each of our business segments, including our Home &
Garden business.  Our fourth quarter performance improvement was
driven by a combination of sales volume growth and the benefits
from the restructuring actions we took over the last two years
to better control our costs.  We believe this positive momentum
demonstrates that we are taking the appropriate steps to deliver
sustainable operating profitability improvement and create long-
term shareholder value.  We believe these positive trends
will continue in fiscal year 2008."

Gross profit and gross margin for the quarter were US$198.6
million and 36.2%, respectively, versus US$168.0 million and
34.5% for the same period last year.  Restructuring and related
charges of US$14.6 million were included in the current
quarter's cost of goods sold; cost of goods sold in the
comparable period last year included US$18.0 million in similar
charges.  Excluding these restructuring and related charges,
gross margin improved as the positive impact of volume increases
and manufacturing cost efficiencies offset increased raw
material costs.

Spectrum generated fourth quarter operating income of US$7.2
million versus an operating loss of US$415.3 million last year.
The current quarter included US$22.0 million in restructuring
and related charges within operating expenses; last year's
operating expenses included US$3.1 million.  Fiscal year 2006
results also included a US$433.0 million non-cash charge related
to the value of certain trade names and goodwill.  Absent these
amounts, operating income increased largely due to increased
sales and lower costs as a result of the restructuring
initiatives implemented across the organization.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries, portable lighting, lawn and
garden products, household insect control, shaving and grooming
products, personal care products and specialty pet supplies.
Spectrum Brands' products are available in more than one million
stores in 120 countries around the world.  The company has
manufacturing and distribution facilities in China, Australia
and New Zealand, and sales offices in Melbourne, Shanghai, and
Singapore.  The company's European headquarters is located in
Sulzbach, Germany.  The company has approximately 8,400
employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, US$225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  Fitch also affirmed
these ratings: 'CCC' Issuer Default Rating, 'B/RR1' rating on
the company's US$1 billion term loan B, 'B/RR1' rating on the
company's EUR350 million term loan, 'CCC-/RR5' rating on the
company's US$700 million 7.4% senior subordinated notes, 'CCC-
/RR5' rating of the company's US$2.9 million 8.5% senior
subordinated notes, and 'CCC-/RR5' rating on the company's
US$347 million 11.25% variable rate toggle senior subordinated
notes.  The Rating Outlook is Negative.


WEFE WIRTSCHAFT: Creditors' Meeting Slated for Dec. 5
-----------------------------------------------------
The court-appointed insolvency manager for WefE Wirtschaft fuer
Europa GmbH, Christian Koehler-Ma will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:30 a.m. on Dec. 5.

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 10:15 a.m. on March 19, 2008 at the same
venue.

Creditors have until Jan. 19, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against WefE Wirtschaft fuer Europa GmbH on Oct. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WefE Wirtschaft fuer Europa GmbH
         Muellerstrasse 48
         12623 Berlin
         Germany


=============
H U N G A R Y
=============


AES CORP: Earns US$103 Million in Third Quarter Ended Sept. 30
--------------------------------------------------------------
The AES Corporation reported net income of US$103 million for
the three months ended Sept. 30, 2007, compared to a net loss of
US$327 million for the same period in 2006.

During the quarter, revenues increased by US$524 million or 18%
to US$3.5 billion.  The increase in revenues reflects higher
rates and volumes of approximately US$284 million in Latin
America, North America and Europe & Africa, favorable foreign
currency translation of approximately US$174 million and
contributions from TEG and TEP, two plants in Mexico the company
acquired in first quarter 2007, of approximately US$57 million.
Gross margin increased by US$14 million or 2% to US$840 million,
primarily due to higher prices in North America and
contributions from TEG and TEP as well as the impacts of
favorable foreign currency translation, a combined impact of
approximately US$106 million.  These gains were partially offset
by the impacts of gas curtailments and lower hydrology at the
company's businesses in Argentina and Chile of approximately
US$112 million.

During the quarter, net cash from operating activities decreased
by US$187 million to US$741 million.  This decrease was
primarily due to the sale of a Venezuelan subsidiary, C.A. LA
Electricidad de Caracas, in May 2007.  Excluding any
contribution from EDC, net cash from operating activities would
have decreased by approximately US$19 million.

During the quarter, the Company was the winning bidder on two
projects totaling 1,762 MW in the Philippines and the Republic
of South Africa.  Additionally, the company's Alternative Energy
group announced plans to begin construction of a 170 MW
expansion of its Buffalo Gap wind farm in Texas.  Once
completed, the project will increase capacity at Buffalo Gap to
524 MW, making it one of the largest operating wind farms in the
United States.

"We are pleased with our continued progress toward achieving our
growth goals, such as winning two strategically important
projects in the Philippines and South Africa.  These investments
will be platforms for further expansion in these two high growth
markets," said Paul Hanrahan, AES President and CEO.  "In
October, the market gave us a vote of confidence when our US$500
million offering of unsecured notes generated significant demand
and was successfully upsized to US$2 billion.  This transaction
will help us to achieve more flexibility in our existing capital
structure, as we were able to refinance existing debt, and will
support our growth program."

            Third Quarter 2007 Segment Highlights

Latin America Generation revenue increased by US$229 million to
US$914 million, primarily due to higher rates in Chile and
Argentina of approximately US$150 million and approximately
US$32 million in higher intercompany sales at Tiete in Brazil.
Gross margin decreased by US$84 million to US$183 million,
primarily due to higher costs associated with gas supply
curtailments and lower hydrology in Chile and Argentina of
approximately US$112 million, partially offset by increased
intercompany sales at Tiete.

Latin America Utility revenue increased by US$141 million to
US$1.3 billion, primarily due to approximately US$135 million in
favorable foreign currency translation and approximately US$26
million in increased volumes at Eletropaulo in Brazil, partially
offset by decreased rates at Eletropaulo due to the 2007 tariff
reset. Gross margin increased by US$71 million to US$259
million, primarily due to approximately US$55 million in
favorable foreign currency translation and approximately US$33
million in lower costs in Brazil.

North America Generation revenue increased by US$76 million to
US$566 million, primarily due to approximately US$57 million in
contributions from the newly acquired TEG and TEP businesses in
Mexico and approximately US$25 million in higher rates and
volumes at Eastern Energy in New York.  Gross margin increased
by US$47 million to US$196 million, primarily due to the higher
rates and volumes as well as lower costs at Eastern Energy, an
impact of approximately US$34 million, and contributions from
TEG and TEP of approximately US$20 million.

North America Utility revenue remained flat at US$274 million.
Consistent with revenues, gross margin remained relatively flat
with a decrease of US$3 million to US$86 million.

Europe & Africa Generation revenue increased by US$20 million to
US$216 million, primarily due to increased rates and volumes of
approximately US$15 million in Kazakhstan and approximately US$3
million in favorable foreign currency translation.  Gross margin
decreased by US$3 million, primarily due to decreased sales of
excess emission allowances in Hungary.

Europe & Africa Utility revenue increased by US$26 million to
US$157 million, primarily due to increased rates of
approximately US$14 million in Ukraine and approximately US$6
million in favorable foreign currency translation.  Gross margin
decreased by US$8 million, primarily due to the reversal of
approximately US$7 million in VAT tax accrual during third
quarter 2006 at SONEL in Cameroon.

Asia Generation revenue increased by US$44 million to US$235
million, primarily due to higher dispatch in Pakistan and higher
volume in Sri Lanka.  Gross margin decreased by US$6 million to
US$47 million, primarily due to lower volumes in China.
Increased revenue in Pakistan and Sri Lanka had a relatively
flat impact on gross margin due to related increases in fuel
costs.

                              About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


AES CORP: Benefiting from Gas Export Restriction to Chile
---------------------------------------------------------
AES Corporation Chief Executive Officer Paul Hanrahan said in a
conference call that Argentina's restrictions on natural gas
shipments to Chile are creating an opportunity for the company.

Mr. Hanrahan commented to Business News Americas, "Chile has
realized it needs more reliable sources of supply.  They really
became over-reliant on Argentine gas and are looking at more
coal-fired plants, more hydro and LNG [liquefied natural gas].
Chile can't rely on as many imports of natural gas as they have
in the past and this is what has created opportunities for us to
expand in Chile as they have to add more non-natural gas
capacity."

According to BNamericas, low hydrology in Chile and Argentina
are problems for AES in the third quarter 2007.

BNamericas relates that gross generation margins in Latin
America dropped to US$183 million in the third quarter 2007,
compared to the same quarter last year, mainly due to higher
costs associated with gas supply curtailments and lower
hydrology.

The main reasons for Argentina's continued reduction in natural
gas shipment to Chile are high consumption fueled by low
regulated prices, BNamericas states, citing an AES spokesperson.

                              About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


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


SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses
---------------------------------------------------------------
Fitch Ratings disclosed on November 8, 2007, that Scottish Re
Group Limited's corporate debt and insurer financial strength
ratings are unaffected following the company's reported realized
losses on investments of US$102 million.

In August, Fitch had performed stress tests on the 'A', 'BBB'
and below subprime holdings in SCT's portfolio and the US$95
million in losses realized in connection with impairment charges
for the subprime and Alt-A residential mortgage securities were
in line with Fitch's stress test.  Preliminary estimates of
SCT's Sept. 30, 2007 risk-based capital (RBC) exceeds 375%
excluding securitizations, and exceeds 325% including
securitizations. These estimates compare to ratings expectations
of greater than 250%.

Fitch estimates that Total Adjusted Capital (TAC), including and
excluding common equity in Regulation XXX securitizations, was
US$1.65 billion and US$1.23 billion respectively.  The majority
of unrealized losses on investments resides in the
securitizations.  SCT has commented that the assets in the
securitization trusts exceed the regulatory reserves by
US$830 million.

Fitch continues to watch developments for SCT's subprime and
Alt-A holdings, especially as they relate to ratings
expectations for RBC and exposure to these investments relative
to TAC.  Fitch also notes the first positive quarter in eight
for pretax operating earnings as well as the expectation that
SCT will meet or slightly exceed plan for 2007 for pretax
operating earnings and net operating earnings

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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


ACTUANT CORP: R. Alan Hunter Joins Board of Directors
-----------------------------------------------------
Actuant Corporation has appointed R. Alan Hunter to the
company's Board of Directors, effective immediately.

Mr. Hunter is a retired executive from The Stanley Works where
he had served as President and Chief Operating Officer from
1993-1997 as well as Vice President Finance and Chief Financial
Officer from 1986-1993.  He joined Stanley in 1974 and prior to
that time was an Officer in the United States Navy.  Mr. Hunter
has been involved in several business and community
organizations since retiring from Stanley in 1997.

Commenting on the announcement, Bob Arzbaecher, Actuant's
Chairman and CEO, said, "We are pleased to announce the addition
of Alan to Actuant's Board of Directors.  His broad experience
in operations and finance, as well as his industrial tool and
home center market background, nicely complements the Actuant
portfolio of businesses.  The rest of the Board and I look
forward to his contributions and counsel on the various
opportunities awaiting Actuant."

Actuant also announced that Kathleen Hempel will be retiring
from the Board at the Company's Annual Meeting of Shareholders
in January 2008.  Arzbaecher commented, "Kathy has been a member
of our Board since 2001.  Since that time, Actuant has grown
significantly, both in terms of internal growth and
acquisitions.  I am grateful for her dedication, integrity and
leadership during this period of growth for Actuant and,
speaking on behalf of the entire Board, we will miss her insight
and passion for the business."

                     About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's USUS$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed USUS$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ALITALIA SPA: Bankruptcy Looms if Sale Fails, Says Minister
-----------------------------------------------------------
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia S.p.A. may file for bankruptcy if the current attempt
to sell the government's 49.9% stake fails, The Associated Press
reports.

"If we're not able to sell Alitalia in an acceptable manner
within the next two to three months, we'd run the serious risk
of bankruptcy," Mr. Bianchi told AP.

AP notes that the remarks by Mr. Bianchi, whose ruling party had
previously ruled out liquidating Alitalia, means that the
carrier's bankruptcy could be the only option.

As previously reported in the TCR-Europe, Alitalia decided to
open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

Alitalia, however, has concluded that Cordata Baldassarre's bid
is "no longer compatible" to its planned stake sale.

TPG Capital, meanwhile, has informed it was unable to finalize
an Italian-led consortium, but will continue to follow the
developments of the sale.

                         About Alitalia

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

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


ALITALIA SPA: Bid Filing Bar Date Moved to November 20
------------------------------------------------------
Alitalia S.p.A. has moved the deadline for submission of binding
offers for the Italian government's 49.9% stake in the national
carrier to Nov. 20, 2007, Thomson Financial reports citing La
Repubblica as its source.

Trade union sources had told Thomson Financial that Alitalia had
set a Nov. 16, 2007, deadline for the offers, which would be
tackled by the carrier's board on Nov. 20, 2007.

La Repubblica notes that with the deferment, Alitalia chairman
Maurizio Prato may recommend to the Italian government the
carrier's potential buyer by Nov. 30, 2007.

Alitalia's board may also decide on the same day whether to
enter exclusive sale talks with the chosen bidder, a trade union
source told Thomson Financial.

As previously reported in the TCR-Europe, Alitalia decided to
open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

Alitalia, however, has concluded that Cordata Baldassarre's bid
is "no longer compatible" to its planned stake sale.

TPG Capital, meanwhile, has informed it was unable to finalize
an Italian-led consortium, but will continue to follow the
developments of the sale.

                         About Alitalia

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

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


DANA CORP: Gets Banks' Proposals for US$2 Billion Exit Financing
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates have received proposals
from 10 financial institutions in connection with the exit
financing contemplated in their joint plan of reorganization and
the bankruptcy court-approved Disclosure Statement.  The Debtors
are seeking a US$2 billion loan to exit Chapter 11 by the end of
2007.

Dana has sought permission from the U.S. Bankruptcy Court for
the Southern District of New York to enter into and perform
under a commitment letter and a fee letter, which allows the
payment of commitment fees and reimbursement of out-of-pocket
expenses.  Dana, however, has yet to identify the lenders or
financial institutions who will syndicate or provide the loan.

Corinne Ball, Esq., at Jones Day, in New York, told the Court
that the Debtors, with the assistance of Miller Buckfire & Co.,
LLC, and AlixPartners, LLP, their financial advisors, are still
in the process of selecting and negotiating the optimal
financing package from proposals submitted by more than 10
financial institutions.

"The Debtors need to proceed expeditiously to stay on target to
emerge from chapter 11 by the end of 2007 and anticipate that
they will be in a position to file the Commitment Letter with
the Court on or about November 16, 2007," Ms. Ball says.

The Debtors have asked the Court to hold a hearing on Nov. 28,
2007, to consider approval of the Commitment Letter.  Objections
are due Nov. 21, 2007, at 4:00 p.m.  The Debtors said that in
any event, they will file the Commitment Letter with the Court
at least three business days prior to the scheduled hearing.

According to Ms. Ball, the Commitment Documents will contain
customary terms and conditions found in similar types of
financing, and will generally provide for an Exit Facility
consisting of:

   (a) Up to $2 billion senior credit facility, which will
       consist of:

         -- $650 million asset-based revolving credit facility
            with a sublimit for letters of credit to be
            determined; and

         -- $1.35 billion term loan.

   (b) Maturity is expected to be between five to seven years.

   (c) The collateral securing the exit facility is
       substantially all of the Debtors' assets, including a
       pledge of 65% of the stock of each of the Debtors'
       foreign subsidiaries.

   (d) The interest rate and fees are still to be negotiated
       but will be consistent with market rates used in similar
       financing type.

   (e) The Exit Facility will contain affirmative and negative
       covenants, representations and warranties and events of
       default customary for similar types of financings.

   (f) The Revolver will be undrawn at closing.  The proceeds
       of the Term Loan will be used at closing to repay
       existing claims against the Debtors pursuant to the
       Plan, including repaying in full the DIP Credit
       Agreement, and any excess proceeds will remain on the
       balance sheet of the Reorganized Debtors.

                     About Dana Corporation

Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/--designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies. Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug.
31, 2007 the Debtors listed $6,878,000,000 in total assets and
$7,551,000,000 in total debts resulting in a total shareholders'
deficit of $673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007. On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan. The Court has set
Dec. 10, 2007, to consider confirmation of the Plan. (Dana
Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FIAT SPA: CEO Marchionne Confirms Talks with Daimler
----------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne confirmed that the company is
in talks with Daimler AG following speculations that Daimler
could seek a partner to work on the next generation of Mercedes-
Benz A-Class and B-Class compact cars, Gianni Montani writes for
Reuters.

"We're not just talking with Daimler about engines, we're
talking about everything," Mr. Marchionne was quoted by Reuters
as saying.

According to the report, Fiat disclosed in October 2007, that it
was in contact with automakers, particularly Mercedes-Benz,
about a possible alliance.

In June 2007, Fiat signed a EUR2.4 billion agreement with
Daimler to supply truck engines as part of a strategic
agreement.

                         About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
----------------------------------------------------------------
The Turk Traktor plant, a 50-50 joint venture between Case New
Holland of the Fiat Group and the Koc Group, reached the goal of
500,000 tractors manufactured on Nov. 9, 2007.

Zafer Caglayan, the Turkish Minister of Industry,  Mustafa Koc
and Buelent Bulgurlu, the chairman and the CEO of Koc Group and
Sergio Marchionne, CEO of Fiat, attended the ceremony during
which, the tractor was presented to the Ministry of Agriculture.

The Turk Traktor factory in Ankara employs around 1,200 people.
The plant manufactures approximately 20,000 tractors, engines,
transmissions, and axles each year.  More than a third of the
output is exported through Case New Holland's global network.
Case New Holland leads the Turkish tractor market with a share
of over one third.  Its share of the combines market exceeds two
thirds and it holds approximately 50% of the cotton harvester
market.

The industrial cooperation between Fiat and the Koc Group in the
agricultural Sector dates back to 1963; originally set up as a
technical cooperation, it became a shareholder cooperation
starting from 1967.

In addition to the Turk Traktor joint venture, Fiat and the Koc
Group collaborate in other industrial and commercial initiatives
aimed at the manufacturing and sale of automobiles and
components.

The joint venture has an in-house R&D center and a sales network
made up by 130 dealers and 400 customer assistance centers.
All products manufactured by the joint venture are already
compliant with the new emission (Tier II), noise and safety
limits that will become effective in Turkey on Jan. 1, 2008.

"The Koc Group is a key industrial partner for Fiat and it has
made a major contribution to the development of the Fiat Group
presence in Turkey.  We are very proud to have contributed to
the growth of Turkey's industry and the modernization of its
agriculture," Sergio Marchionne CEO of Fiat Group and Chairman
of Case New Holland, said.

Case New Holland - http://www.cnh.com/-- is a world leader in
the agricultural and construction equipment businesses.
Supported by about 11,500 dealers in 160 countries, CNH brings
together the knowledge and heritage of its Case and New Holland
brand families with the strength and resources of its worldwide
commercial, industrial, product support and finance
organizations. CNH Global N.V., whose stock is listed at the New
York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary
of Fiat S.p.A. (FIA.MI).

                       About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30
--------------------------------------------------------------
Thermadyne Holdings Corporation reported financial results for
the three months ended Sept. 30, 2007.

For the 2007 third quarter, net income from continuing
operations was US$1.3 million with net income of US$1.0 million,
after US$0.3 million of net loss from discontinuing operations.
In comparison, the third quarter of 2006 was a net loss of
US$5.7 million, including a net loss of US$0.2 million from
discontinued operations during that period.

Net sales in the 2007 third quarter rose to US$126.6 million, an
increase of 11.4% from the same quarter of 2006.  Excluding the
impact of foreign currency translations, net sales increased
8.2% for the three-month period ending Sept. 30, 2007.

"Excluding the impact of foreign currency translation, our
international sales increased 15% year-to-year in the three-
month period.  Momentum from prior initiatives in these markets
appears to be building as this quarterly result is ahead of the
nine-month pace of 13% year-to-year growth.  Our successful
product strategies, enhanced sales efforts and the weaker U.S.
dollar have created a favorable climate for the full range of
our products," said Paul D. Melnuk, Chairman and Chief Executive
Officer.  "U.S. market sales growth of mid-single digit over
last year's third quarter is encouraging, since we have
eliminated certain products and customers that didn't meet our
return objectives this year," he added.

Gross profit in the third quarter of 2007 increased to US$38.1
million, or 30.1% of net sales, as compared to US$33.5 million,
or 29.5% of net sales, in the third quarter period of 2006.
Gross profit for the nine months ended Sept. 30, 2007, increased
to US$114.5 million, or 30.8% of net sales, as compared to
US$97.7 million, or 28.8% of net sales, in the prior-year nine-
month period.

"In the third quarter, the trend of improving gross profit
margin percentage continued albeit at lower levels than earlier
in the year due to ongoing commodity material cost inflation
being higher than anticipated.  We estimate that these commodity
inflationary increases added another US$6 million to our raw
material and supply costs during the third quarter and US$18
million year-to-date.  A number of commodities, including
copper, brass, nickel and petroleum-related items, have all
posted double-digit increases again this year.  In light of
these significant cost increases, we are not disappointed with
the margin improvement although we know we can and must do
better," commented Mr. Melnuk.

"For example, our August 2007 price increase does not appear to
have been a quick nor aggressive enough response to the
inflationary increases impacting our material costs as the price
increase did not show meaningful impact until late in the
quarter.  In addition, although we continue to have great
success with our continuous cost improvement process 'TCP,'
which is ahead of plan for the year, we were not able to achieve
enough savings to offset inflation in the period," Mr. Melnuk
continued.

"Our gross margin of 30.8% for the first nine months of 2007
does reflect a 200 basis point improvement over the 28.8% of the
prior-year comparable period.  Through the combination of cost
savings from our 'TCP' process as well as the full impact of the
recent price increase, we expect margins in the fourth quarter
to exceed the third-quarter gross margin performance levels and
the year-to-date performance," commented Mr. Melnuk.

Selling, general and administrative costs were US$27.2 million
in the third quarter of 2007, or 21.5% of net sales, compared
with US$26.0 million, or 22.9% of net sales, in the prior-year
third quarter, excluding US$2.8 million of incremental
accounting related and bondholder consent fees in the prior-year
period.  Year-to-date selling, general and administrative costs
were 21.6% of net sales compared with 22.5% of net sales in the
prior-year comparable period, excluding US$6.1 million of
incremental accounting related and bondholder consent fees in
the prior-year period.

                  Other Income & Expense Items

Interest costs of US$6.7 million decreased US$0.3 million from
the third quarter of 2006, reflecting the Company's reduced
indebtedness and lower average interest rates following the June
2007 amendments to the Working Capital Facility and Second Lien
Facility Agreements, as well as the US$14 million pay down of
the Second Lien Facility indebtedness.

The income tax provision for the three period ending September
2007 was US$1.7 million, with effective rates of 56.9%.
Approximately 75% of the US$5.3 million tax provision is
attributable to foreign taxes, which are currently payable.  The
portion of the income tax provision that is not currently
payable arises primarily from additional U. S. income taxes
accrued on earnings in foreign countries that may ultimately be
repatriated and for which the use of offsetting available
foreign tax credits is uncertain.

                        Operating EBITDA

In the third quarter of 2007, Operating EBITDA, as adjusted,
from continuing operations was US$14.5 million, or 11.5% of net
sales, compared to US$12.1 million, or 10.6% of net sales in the
third quarter of 2006.  Operating EBITDA, as adjusted, was
US$14.4 million including the discontinued operations for the
third quarter of 2007, versus US$12.6 million for the third
quarter of 2006.

             Divestitures & Discontinued Operations

In May 2007, the company completed the sale of its remaining
South African operations.  The sales proceeds were approximately
US$13.8 million. The proceeds from the sale were used to reduce
the Second Lien Facility.

As announced in December 2006, the Company is in the process of
selling its manufacturing operations in Brazil and expects to
complete the disposition in 2007.  Operational results of the
Brazilian and South African businesses are shown as discontinued
operations in the Company's 2007 financial statements.

                            Outlook

"As we have transitioned from the short-term 'crisis management'
environment of the prior few years to a more stable, longer-term
management approach in 2007, we have begun to launch more
innovative new products, particularly plasma and welding
equipment product lines.  We are very pleased with the market
reaction to the unique features of our new plasma products as
orders are far exceeding our expectations since the limited
release on Oct. 1.  Additionally, welding equipment sales,
although lower than expected, have grown at higher rates than
the business as a whole.  The success of our new products will
allow us to build on the inroads we have already made through
our automated cutting line in penetrating new markets throughout
the world," Mr. Melnuk observed.

Mr. Melnuk continued: "With these new products and the benefits
of our three-tiered brand strategy, we are optimistic about
further international growth prospects for Thermadyne as we
approach 2008.  We will continue to target our product lines in
markets outside the United States and build our international
sales capabilities.  Within the U.S., improved delivery, one-
order/one-invoice and other customer service factors are being
recognized and valued in the market place with market share
gains.  We are encouraged for the potential this creates to
build on the strength of our industry-leading brands.  Despite
emerging concerns for the U.S. economy in general, the outlook
for steel consumption remains relatively strong, as heavy
industrial and infrastructure development continues.
Accordingly, we estimate that our U.S. sales should continue
throughout the fourth quarter at a pace comparable to what we
have experienced so far this year. We also expect international
market growth to continue for the remainder of this year and
into 2008."

                  Working Capital & Liquidity

"Our inventory and receivables management continue to be an area
of special focus.  As we have seen throughout this year, our
inventory turns have improved to 3.5 times at September 2007,
despite inventory build to support new product launches, from
3.2 turns at September 2006.  We expect to further improve turns
to 3.6, or better, by Dec. 31, 2007, as compared with the 3.2
turns shown at Dec. 31, 2006.  We have also made progress in our
billing practices and receivables management as indicated by the
days-sales-outstanding metric of 64.7 in September 2007 versus
the September 2006 level of 66.7.  This will continue to be an
area of focus for further improvement during 2008," Mr. Melnuk
stated.

As of Sept. 30, 2007, the company had combined cash and
availability under its Working Capital Facility of US$53 million
in comparison with US$35 million at Dec. 31, 2006.

                    About Thermadyne Holdings

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2007, Standard & Poor's Ratings Services raised its
ratings on Thermadyne Holdings Corp., including its corporate
credit rating to 'CCC+' from 'CCC'.  In addition, Standard &
Poor's removed the ratings from CreditWatch with positive
implications, where they were placed on April 5, 2007.  S&P said
the outlook is positive.


X-RITE INC: Incurs US$2.8-Mln Net Loss in Quarter Ended Sept. 29
----------------------------------------------------------------
X-Rite Incorporated has posted a net loss of US$2.8 million for
the third quarter ended Sept. 29, 2007, compared to a net loss
of US$28.2 million for the same quarter of 2006.

Net sales from continuing operations totaled US$55.6 million, an
8.6 percent increase over third quarter of 2006.

Adjusted operating income, which excludes acquisition and
restructuring expenses, was US$4.9 million, and reflects a gross
margin of 55.6 percent for the third quarter of 2007 versus
US$3.6 million and a gross margin of 60.4 percent for the same
period in 2006.

"Overall sales in our core markets are in line with
expectations, and the integration of the sales, engineering and
general & administrative functions is on track," stated Thomas
J. Vacchiano, Jr., Chief Executive Officer of X-Rite.  "Our
revenue performance in the third quarter was consistent with our
targets as we continue to successfully integrate our product
lines, develop exciting new products and expand our customer
base."

"Our gross margins were below expectations by approximately 5.0
percent in the third quarter," stated Mary E. Chowning, Chief
Financial Officer.  "Approximately 2.6 percent of the gross
margin decline in the third quarter was related to issues we
encountered as we converted our core operating system and
conformed operating practices in Europe.  This conversion will
allow us to standardize operating policies and practices in the
operations area and move product production from Europe to the
U.S. more efficiently.  Additionally, weak performance in our
color services business and unfavorable product mix impacted our
gross margins by approximately 2.8 percent.  However, these
items are not expected to impact gross margins significantly in
the longer term."

                            Outlook

During fiscal year 2007, the company expects to realize cost
synergies related to the Amazys integration of US$14 million to
US$16 million.  This includes the US$13.3 million of synergies
achieved in the first nine months of 2007.  Anticipated
cumulative synergies since the closing of the transaction are
expected to range from US$20 million to US$22 million by the end
of 2007.

"Backlog and order levels at the end of the third quarter remain
strong and we continue to believe that we are well positioned to
capitalize on future growth opportunities," stated Vacchiano.
"We are particularly enthusiastic about the Pantone acquisition
and our ability to leverage their brand, market position and
products to drive our top line going forward.  We remain
committed to our fiscal 2007 guidance of 4 to 6 percent revenue
growth on a combined pro forma basis and expect our full year
results, excluding Pantone, to be at or slightly above the high
end of the range."

                       Pantone Transaction

On Aug. 23, 2007, the company announced that it had entered into
a definitive agreement to purchase Pantone, Inc. for US$180
million in cash.  The transaction and refinancing of the
Company's current debt was financed through new borrowings.  The
Pantone acquisition was completed on Oct. 24, 2007, and thus did
not affect third quarter performance.

                           About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service has confirmed X-Rite,
Inc.'s B1 corporate family rating, affirmed the speculative
grade liquidity rating of SGL-1 and revised the outlook to
negative in view of the additional leverage and integration risk
associated with the company's recently announced acquisition of
Pantone, Inc.


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


AMIR CAPITAL: Claims Registration Ends Dec. 11
----------------------------------------------
LLP Microcredit Organization Amir Capital has declared
insolvency.  Creditors have until Dec. 11 to submit written
proofs of claims to:

         LLP Microcredit Organization
         Amir Capital
         Pushkin Str. 41
         Almaty
         Kazakhstan


KURYLYS ORTALYGY: Proof of Claim Deadline Slated for Dec. 11
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kurylys Ortalygy insolvent.

Creditors have until Dec. 11 to submit written proofs of claims
to:

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


MIKEN: Creditors' Claims Due on Dec. 11
---------------------------------------
LLP Trade Company Miken has declared insolvency.  Creditors have
until Dec. 11 to submit written proofs of claims to:

         LLP Trade Company Miken
         Ushanov Str. 64
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


NAFTA ALMATY: Creditors Must File Claims Dec. 11
------------------------------------------------
LLP Nafta Almaty Services has declared insolvency.  Creditors
have until Dec. 11 to submit written proofs of claims to:

         LLP Nafta Almaty Services
         Office 48
         Dostyk ave. 87b
         Almaty
         Kazakhstan
         Tel: 8 (7272) 61-43-58


REALSTROY-A LLP: Claims Filing Period Ends Dec. 11
--------------------------------------------------
LLP Construction Company Realstroy-A has declared insolvency.
Creditors have until Dec. 11 to submit written proofs of claims
to:

         LLP Construction Company Realstroy-A
         Azerbayev Str. 58
         Almaty
         Kazakhstan


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


JANART TRAVEL: Creditors Must File Claims by December 19
--------------------------------------------------------
LLC Janart Travel has declared insolvency.  Creditors have until
Dec. 19 to submit written proofs of claim to:

         LLC Janart Travel
         Begovoy Side Street 12a
         Rabochy Gorodok
         Bishkek
         Kyrgyzstan


===================
L U X E M B O U R G
===================


AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11
-------------------------------------------------------------
Agilent Technologies Inc. and Velocity11 have signed a
definitive agreement for Agilent to acquire Velocity11.
Velocity11, privately held, is a leader in automated liquid
handling and laboratory robotics for the life science market.
Financial details were not disclosed.  The acquisition is
expected to be final in 30 to 60 days, subject to certain
closing conditions.

The acquisition will enable Agilent to offer a more
comprehensive suite of workflow solutions to its life science
customers in the pharmaceutical, biotech and academic research
markets.  Velocity11 designs, manufactures and markets robotic
solutions that range from standalone instrumentation to bench-
top automation solutions to large, multi-armed robotic systems.
The company also develops world-class software to control the
robotics.  Velocity11's technology will strengthen Agilent's
offering of automated sample-preparation solutions across a
broad range of applications.

"Velocity11 is a market leader in lab automation with a solid
reputation for innovative technology, quality products and
superb customer service,"said Nick Roelofs, vice president of
Agilent's Life Science Systems and Solutions Unit.  "Together,
we can offer customers a comprehensive set of workflow solutions
with increased levels of automation, which can help speed drug
discovery and genetic research. When the acquisition is final,
customers will continue to experience the same personalized
customer service they've come to expect from Velocity11, with
the addition of Agilent's strong network of global service and
support."

"We are very excited to be joining Agilent and to have found a
company with such a complementary culture, product line,
commitment to customer satisfaction and vision for providing
complete automated workflow solutions,"said Rob Nail,
Velocity11's CEO.  "The ability to leverage Agilent's global
infrastructure and deep applications focus will allow us to
continue to improve the services we provide our customers,
innovate in new directions, and rapidly expand our reach
worldwide."

Agilent is offering jobs to substantially all of Velocity11's
approximately 150 employees worldwide.  Headquartered in Menlo
Park, Calif., Velocity11 has a second office in Melbourn,
Hertfordshire, U.K., with field sales and support offered
throughout the U.S. and western Europe.  The company was
established in 1999.

Velocity11 has been recognized as one of the fastest growing
companies in Silicon Valley and in North America.  In 2006,
Velocity11 was named to Deloitte's "Fastest Growing U.S. Tech
Company" list.

                       About Velocity11

Velocity11 -- http://www.velocity11.com/-- is a privately held
company based in Menlo Park, Calif., and is focused on
pioneering automation technology solutions for life science
laboratories.  The company's customers comprise most of the
major pharmaceutical and biotechnology companies as well as
leading genome centers and academic institutions.  Combining
innovative engineering with high standards of quality and
customer service, Velocity11 designs and manufactures flexible
high-performance automation solutions for processes that are
transforming the industry.  Velocity11 is committed to providing
its customers with The Ultimate Automation Experience(tm).

                      About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
US$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.


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


GETRONICS NV: Royal KPN Completes Acquisition
---------------------------------------------
Royal KPN N.V. is now the owner of Getronics N.V. following the
successful public offers for the ordinary shares and convertible
bonds.

KPN is the leading provider of telecommunications services in
the Netherlands, providing its customers with fixed and wireless
telephony, as well as Internet and television services.  The
company provides its business customers with voice, Internet and
data services as well as complete management of outsourced
services.

Globally, the KPN and Getronics combination will result into a
strong player in Information and Communication Technology
services.  A solid financial position as well as increased
capacity for innovation will provide us with greater
opportunities to continue to grow as a service provider.

The new combination will continue to implement the Getronics
strategy, focused on offering capacity for work space and
applications management and the associated consultancy and
technology transformation services throughout the world.  The
Getronics brand name will be maintained as it is highly regarded
by our clients.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in the TCR-Europe on Aug. 1, 2007, Moody's Investors
Service placed the B2 corporate family rating of Getronics N.V.
on review for possible upgrade.  These rating actions follow the
announcement that KPN intends to make a recommended cash offer
of EUR766 million for Getronics subject to certain conditions
precedent.


GETRONICS NV: KPN Takeover Cues Moody's to Withdraw Ratings
-----------------------------------------------------------
Moody's Investors Service withdrew the B2 corporate family
rating of Getronics N.V. following notification by Royal KPN
N.V. (rated Baa2/Stable) of their 97.6% control of the ordinary
shares in Getronics and intention to squeeze out minority
shareholders.

Moody's concurrently withdrew the rating on the unsecured
convertible Dutch bonds due 2008 at Getronics NV given Royal KPN
N.V. intention to recall remaining bonds which now total only
EUR87,000.

These ratings have been withdrawn:

   -- the B2 corporate family rating at Getronics N.V. on review
      for possible upgrade;

   -- the Caa1 rating on EUR10.8 million senior unsecured
      convertible Dutch bonds due 2008 at Getronics N.V. on
      review for possible upgrade.

Headquartered in Amsterdam, The Netherlands, Getronics is a
leading international Information and Communications Technology
provider.  For the 12 months ended Dec. 31, 2006, Getronics
reported total revenues of around EUR2.6 billion.


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


CLEAR CHANNEL: Providence Mulls Rescinding US$1.2 Bln Contract
--------------------------------------------------------------
Clear Channel Communications Inc.'s merger agreement with
Thomas H. Lee Partners LP and Bain Capital Partners LLC
faces another complication after Providence Equity Partners
Inc. considered backing out from a US$1.2 billion deal to
acquire 56 of Clear Channel's television stations, The Wall
Street Journal reports.

The merger agreement, entered into in November 2006 by
Clear Channel and the private equity group, was approved
by Clear Channel shareholders on Sept. 25, 2007.  The
transaction has yet to close pending regulatory approval.

According to WSJ, the Providence deal, although not related
to the buyout, is expected to slow down the pace of the
merger process in the event Providence walks away.

A person familiar with the transaction told WSJ that
Providence has reservations about the transaction because of
its view of the long-term prospects of Clear Channel's local
TV stations.

Providence, WSJ's source adds, may try to renegotiate the
purchase price, and should the deal fails, it would have to
pay a US$45 million break-up fee.

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

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Fitch Ratings said it expects to downgrade Clear Channel
Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'.
The rating outlook is expected to be stable.  Existing ratings
remain on rating watch negative pending the closing of the
merger transaction and review of final documentation.


CLEAR CHANNEL: Earns US$279.7 Mln in 3rd Quarter Ended Sept. 30
---------------------------------------------------------------
Clear Channel Communications Inc. reported Thursday results for
its third quarter ended Sept. 30, 2007.

Clear Channel's net income increased 51% to US$279.7 million in
the third quarter of 2007 as compared to US$185.9 million in the
third quarter of 2006.

The company reported revenues of US$1.7 billion in the third
quarter of 2007, an increase of 5% from the US$1.6 billion
reported for the third quarter of 2006.  Included in the
company's revenue is a US$32.4 million increase due to movements
in foreign exchange; excluding the effects of these movements in
foreign exchange, revenue growth would have been 3%.

Clear Channel's operating expenses increased 6% to US$1.1
billion during the third quarter of 2007 compared to 2006.
Included in the company's 2007 expenses is a US$27.0 million
increase due to
movements in foreign exchange; excluding the effects of these
movements in foreign exchange, growth in expenses would have
been 3%.

Clear Channel's income before discontinued operations increased
51% to US$256.3 million, as compared to US$169.8 million for the
same period in 2006.

The company's OIBDAN was US$583.5 million in the third quarter
of 2007, a 4% increase from 2006.  The company defines OIBDAN as
net income adjusted to exclude non-cash compensation expense,
income or loss from discontinued operations, minority interest
expense, net of tax, income tax benefit or expense, other income
or expense - net, equity in earnings of nonconsolidated
affiliates, interest expense, gain or loss on disposition of
assets - net, and  depreciation and amortization.

Mark P. Mays, chief executive officer of Clear Channel
Communications, commented, "Our third quarter revenue and OIBDAN
growth was fueled by another exceptional performance from our
outdoor advertising business, which continues to post consistent
growth on a global basis.  Once again, our radio management team
delivered results that outperformed the rest of the industry.
Going forward, we remain committed to strengthening the value
proposition we deliver to our audiences and advertisers as
we continue to prudently invest in our brands, our content and
our multi-channel distribution.

                        Merger Transaction

The company's shareholders approved the adoption of the merger
agreement, as amended, with a group led by Thomas H. Lee
Partners L.P. and Bain Capital Partners LLC on Sept. 25, 2007.
Under the terms of the merger agreement, as amended, the
company's shareholders will receive US$39.20 in cash for each
share they own plus additional per share consideration, if any,
if the closing of the merger occurs after Dec. 31, 2007.  As an
alternative to receiving the US$39.20 per share cash
consideration, the company's unaffiliated shareholders were
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
company formed by the private equity group to acquire the
company (subject to aggregate and individual caps), plus the
additional per share consideration, if any.

Holders of shares of the company's common stock (including
shares issuable upon conversion of outstanding options) in
excess of the aggregate cap provided in the merger agreement, as
amended, elected to receive the stock consideration.  As a
result, unaffiliated shareholders of the company will own an
aggregate of 30,612,245 shares of CC Media Holdings Inc. Class A
common stock upon consummation of the merger.

The consummation of the merger is subject to antitrust
clearances, FCC approval and other customary closing conditions.

                 Liquidity and Financial Position

For the nine months ended Sept. 30, 2007, cash flow provided by
operating activities was US$984.7 million, cash flow used by
investing activities was US$261.3 million, cash flow used by
financing activities was US$872.7 million, and net cash provided
by discontinued operations was US$157.4 million for a net
increase in cash of US$8.1 million.

As of Nov. 7, 2007, the company had approximately US$1.3 billion
available on its bank credit facility.

                       About Clear Channel

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

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Fitch Ratings said it expects to downgrade Clear Channel
Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'.
The rating outlook is expected to be stable.  Existing ratings
remain on rating watch negative pending the closing of the
merger transaction and review of final documentation.


GEOKINETICS INC: Relocates Corporate Office in Houston, Texas
-------------------------------------------------------------
Geokinetics Inc. has relocated its corporate headquarters
effective Nov. 5, 2007.   All of the company's Houston staff,
currently operating out of two office locations, will be
centralized in the new corporate headquarters.

Dick Miles, Geokinetics' President and Chief Executive Officer
commented, "The new location was selected to accommodate our
growth in personnel and is conducive to our expanding business
requirements.  Geokinetics has seen unprecedented growth over
the past two years and this move was prompted by the need to
consolidate locations after two major acquisitions.  This
relocation and consolidation of offices is a key step in our
integration efforts to provide an enhanced working environment
for our employees to continue to strengthen our spirit of
teamwork and create synergies by having our employees in one
location.  We are excited about our current success and will
continue to push forward for more and better business
opportunities."

Geokinetics new corporate headquarters is located at:

      1500 CityWest Blvd., Suite 800
      Houston, TX  77042
      Tel.: (713) 850-7600
      Fax: (713) 850-7330
      http://www.geokinetics.com/

All current employee e-mail addresses and telephone numbers will
remain the same.

This move will consolidate the current offices of Geokinetics
Inc. and its subsidiary companies located at One Riverway, Suite
2100 and Suite 400, Houston, TX 77056 and 14521 Old Katy Rd.,
Suite 100,  Houston, TX 77079, including Geokinetics USA, Inc.
(formerly Quantum Geophysical, Inc.), Geokinetics Processing,
Inc. (formerly Geophysical Development Corporation); Geokinetics
Exploration, Inc. (formerly Trace Energy Services, Inc. and
Solid State Geophysical); Geokinetics International Holdings,
Inc. (formerly Grant Geophysical Inc.); and Advanced Seismic
Technology.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service has withdrawn all the
ratings for Geokinetics Inc. following the company's redemption
of all of its rated bonds with the proceeds of an equity
offering.  Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.


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


FEDERAL-MOGUL: Court Confirms Fourth Amended Reorganization Plan
----------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware confirmed the Fourth Amended Joint
Plan of Reorganization of Federal-Mogul Corporation and its
debtor affiliates, as modified, on Nov. 8, 2007.

As part of the ruling, the Court approved the Plan B Settlement
between Cooper Industries, Ltd., and Federal-Mogul.  The
Bankruptcy Court noted that its ruling does not preclude
further deliberations and supplementing the order with approval
of Plan A.

Judge Fitzgerald found that the Fourth Amended Plan, as
modified, satisfies the 13 requirements for confirmation under
Section 1129(a) of the Bankruptcy Code:

   * In accordance with Section 1129(a)(1), the Plan complies
     with all applicable provisions of the Bankruptcy Code.

   * In accordance with Section 1129(a)(2), the Debtors and the
     rest of the Plan Proponents have complied with all
     applicable provisions of the Bankruptcy Code.

   * As required under Section 1129(a)(3), the Plan Proponents
     proposed the Plan in "good faith," within the meaning of
     Section 1125(e), and is not by any means forbidden by law.

     Judge Fitzgerald noted that the Plan:

        -- has been proposed with the legitimate purpose of
           reorganizing the Debtors' affairs and maximizing the
           returns available to creditors and holders of equity
           interests; and

        -- achieves a global resolution of Asbestos Personal
           Injury Claims through the assumption of those claims
           by the Asbestos Personal Injury Trust.

   * No payment for services or costs and expenses of
     professionals in connection with the bankruptcy cases and
     the Plan has been or will be made by the Debtors other
     than payments that have been authorized by the Court in
     compliance with Section 1129(a)(4).

   * Pursuant to Section 1129(a)(5), the Debtors have disclosed
     all necessary information regarding the Reorganized
     Debtors' directors and officers, including those that may
     constitute insiders and the nature of compensation for
     those insiders.

   * The Debtors' current businesses do not involve the
     establishment of rates over which any regulatory
     commission has or will have jurisdiction after
     Confirmation, as set forth under Section 1129(a)(6).

   * In accordance with Section 1129(a)(7), each holder of an
     impaired claim or equity interest that has not accepted
     the Plan will receive or retain property valued at not
     less than the amount that holder would receive or retain
     if the Debtors were liquidated under Chapter 7 of the
     Bankruptcy Code.

   * All Classes of Claims and Equity Interests that voted on
     the Plan have either accepted the Plan or are unimpaired
     as required under Section 1129(a)(8).

   * The Plan also meets the requirements regarding the payment
     of Administrative Claims and Priority Claims as set forth
     in Section 1129(a)(9).

     The Plan provides that each holder of an allowed
     Administrative Claim will receive cash equal to the
     allowed claim amount except to the extent that the holder
     agrees to a different treatment, Judge Fitzgerald notes.

   * At least one Class of Claims or Equity Interests that is
     impaired under the Plan has voted to accept the Plan in
     compliance with Section 1129(a)(10).

   * As demonstrated by the Debtors' financial projections and
     other evidence in record, confirmation of the Plan is not
     likely to be followed by the liquidation, or the need for
     further financial reorganization of the Debtors and the
     Reorganized Debtors in accordance with Section
     1129(a)(11).

   * As provided under Section 1129(a)(12), all fees payable
     pursuant to Section 1930 of the Judiciary and Judicial
     Procedure Code will be paid on or before the Effective
     Date.

   * Pursuant to Section 1129(a)(13), the Plan provides that
     the payment of all retiree benefits under retiree benefit
     plans to which Section 1114 is applicable will be
     continued absent the termination of the retiree benefit
     plans.

The Plan also complies with other provisions of the Bankruptcy
Code, including Section 1122 and 1123:

   -- Consistent with Section 1122, the Plan classifies claims
      and equity interests into a class containing only
      substantially similar claims or equity interests;

   -- In accordance with Section 1123(a)(1), the Plan properly
      classifies all claims and equity interests that require
      classification;

   -- The Plan identifies and describes each class of claims or
      equity interests that are not impaired in compliance with
      Section 1123(a)(2);

   -- As required under Section 1123(a)(3), the Plan identifies
      and describes the classes of claims or interests that are
      impaired.

   -- The treatment of each claim or equity interest within a
      Class, in accordance with Section 1123(a)(4), is the same
      as the treatment of the other claims or equity interests
      in that Class unless the holder of a claim or equity
      interest agrees to a less favorable treatment under the
      Plan.

   -- As set forth under Section 1123(a)(5), the Plan provides
      adequate means for its implementation, including:

         * the continued corporate existence of the Debtors and
           the vesting of the Debtors' assets in the
           Reorganized Debtors;

         * the cancellation of the existing notes, other debt
           securities, indentures, and Federal-Mogul Corp.
           common stock and the surrender of existing
           securities and instruments;

         * the issuance of Reorganized Federal-Mogul common
           stock, warrants, and junior secured PIK notes;

         * detailed provisions for making Plan distributions;

         * the implementation of various settlements under the
           Plan; and

         * the creation of the Asbestos PI Trust, the
           assumption of all Asbestos PI Claims by the Trust,
           and the discharge of the Debtors' obligations and
           liabilities on account of the Asbestos PI Claims.

   -- Pursuant to Section 1123(a)(6), the Reorganized Debtors'
      charters, bylaws or similar constituent documents contain
      provisions prohibiting the issuance of nonvoting equity
      securities and provide for the appropriate distribution
      of voting power among all classes of equity securities
      authorized for issuance;

   -- The Reorganized Debtors' charters, bylaws and similar
      constituent documents regarding the manner of selection
      of the Reorganized Debtors' officers and directors are
      consistent with the interests of creditors and equity
      security holders and with public policy as required under
      Section 1123(a)(7);

   -- As permitted by Section 1123(b)(1), the Plan provides for
      the impairment of certain Classes of Claims and Equity
      Interests, while leaving other Classes unimpaired;

   -- The Plan provides for the assumption or rejection of the
      Debtors' executory contracts and unexpired leases that
      have not yet been assumed, assigned, or rejected in
      compliance with Section 1123(b)(2);

   -- Pursuant to Section 1123(b)(3), the Plan provides that
      with certain exceptions, the Reorganized Debtors will
      retain and have the exclusive right to enforce, sue,
      settle, or compromise all claims, proceedings, and causes
      of action arising under the Bankruptcy Code that are
      commenced prior to the closing of the Chapter 11 cases;

   -- The Plan, as required under Section 1123(b)(5), modifies
      or leaves unaffected, the rights of holders of each Class
      of Claims and Equity Interests;

   -- In accordance with Section 1123(b)(6), the Plan includes
      other provisions that comply with applicable provisions
      of the Bankruptcy Code, including provisions governing
      the treatment of claims and equity interests, the
      disposition of contracts and unexpired leases, the
      implementation of the Plan, and the injunctions, releases
      and discharges to be effected by the Plan;

   -- The Plan further provides for the satisfaction of cure
      amounts in connection with each executory contract and
      unexpired lease to be assumed consistent with Section
      1123(d).

   -- The purpose of the Plan is not the avoidance of taxes or
      requirements under the Securities Act of 1933.  Thus, the
      Plan complies with the provisions of Section 1129(d).

In addition, the Bankruptcy Court held that the Plan comports
with Section 524(g) regarding the issuance of an injunction to
enjoin entities from taking legal action to recover payment in
respect of Asbestos PI Claims against the Reorganized Debtors.

The issuance of the Injunction is necessary to preserve and
promote the settlements contemplated by and provided for in the
plan, Judge Fitzgerald said.

All objections to the Plan have been consensually resolved or
were otherwise voluntarily withdrawn.

                   Insurer Settlements Approved

As reported in the Troubled Company Reporter on Nov. 7, 2007, to
recall, certain insurance carriers strongly opposed the Plan
to the extent of its liability coverage of the Debtors' asbestos
claims.  In an effort to resolve the remaining confirmation
objections, the Debtors entered into separate settlement
agreements with those insurers.

Accordingly, the Bankruptcy Court also approved the Asbestos
Bodily Injury Coverage in Place Agreement among Felt Products
Manufacturing Co., Federal-Mogul Corp., and certain insurers, as
well as the Debtors' settlements with five insurer parties:

   * 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.

Judge Fitzgerald clarified that the Insurer Settlements do not
negatively impact the rights of non-party insurance companies.

Moreover, the Bankruptcy Court approved the Stipulation on the
Asbestos Assignment and Preemption Issues between the Debtors
and certain signatory insurers.  In accordance with the
Stipulation, the Signatory Insurers withdrew their objections to
the assignment of policy rights to the Asbestos PI Trust.  To
the extent not already listed, the Signatory Insurers have been
included in the list of Settling Asbestos Insurance Companies.

Pursuant to a Court-approved stipulation with the Debtors,
Certain Underwriters at Lloyd's, London, and Certain London
Market Companies reserve their right to appeal the order
approving the Stipulation.  The Underwriters agree that they
will not seek a reconsideration or review of the Plan
Confirmation Order with respect to the Stipulation.

                 Non-Material Plan Modifications

As previously reported, the Plan Proponents delivered to the
Bankruptcy Court on Nov. 5, 2007, a further modified Fourth
Amended Plan to clarify certain provisions of the Asbestos
Bodily Injury Coverage in Place Agreement among Felt Products
Manufacturing Co., Federal-Mogul Corp., and certain signatory
insurers.

Among other things, the Plan Proponents restated the Fourth
Amended Plan to provide that the requirement of the Trustees of
the Asbestos PI Trust to obtain the consent of the Trust
Advisory Committee and the Future Claimants Representative in
carrying out certain of their duties is subject to the
provisions of the CIP Agreement with respect to the Fel-Pro
Subfund, the Vellumoid Subfund, Fel-Pro Claims, Vellumoid Claims
or Federal-Mogul Asbestos Claims.

Robert L. Katz, Esq., senior vice president and general counsel
to Federal-Mogul Corp., elaborates that the U.S. Asbestos Trust
is required to provide Columbia Casualty Company, Continental
Casualty Company, and The Continental Insurance Company with
information related to any lawsuit involving a Fel-Pro Claim or
a Vellumoid Claim contemporaneously with the provision of that
information to the lead insurer.  The Asbestos PI Trust will not
withdraw that tender to either CNA or the Lead Insurer without
withdrawal as to the other, Mr. Katz relates.

The handling of Fel-Pro or Vellumoid Claims in accordance with
the CIP Agreement, Mr. Katz says, will be without prejudice to:

   -- CNA's right to participate in the defense and resolution
      of the Fel-Pro or Vellumoid Claims; and

   -- the Trust's rights to:

      * pursue coverage from CNA for the Fel-Pro or Vellumoid
        Claims; and

      * seek contribution or reimbursement from CNA in its
        capacity as successor to the Debtors' rights or as
        assignee of the contribution rights of the CIP
        Insurers.

Judge Fitzgerald finds that all of the Plan Modifications
proposed by Debtors at several instances do not materially and
adversely affect or change the treatment of any claim or equity
interest in  any Debtor.

A full-text copy of the Nov. 5 Modified Federal-Mogul Fourth
Amended Plan is available for free at:

             http://ResearchArchives.com/t/s?252c

                      Federal-Mogul's Statement

Federal-Mogul Corp. is seeking the affirmation by the U.S.
District Court, the Honorable Joseph H. Rodriguez presiding,
which must also take place for the company to emerge from
bankruptcy.

Federal-Mogul voluntarily filed in 2001 for Chapter 11 in
the U.S. and Administration in the U.K. in order to separate its
asbestos liabilities from its true operating potential.  These
restructuring proceedings provided the company the opportunity
to emerge from bankruptcy as a leading global automotive
supplier.

Chairman, president and chief executive officer Jose Maria
Alapont said emergence from Chapter 11 will be instrumental in
the company's drive to generate growth in key markets, and
develop innovative technologies at competitive cost, creating
value for its global customers.

"We thank our employees, customers and stakeholders for
their continued support," said Mr. Alapont.  "The Federal-Mogul
team has been relentless in its dedication to service
excellence, and remains focused on our successful operating
performance and the implementation of our sustainable global
profitable growth strategy."

                      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 &
Jones, 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. 152; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


EKATERINBURG-OIL OJSC: Creditors Must File Claims by Dec. 3
-----------------------------------------------------------
Creditors of OJSC Ekaterinburg-Oil have until Dec. 3 to submit
their proofs of claim to:

         S. M. Ivanov
         Soviet Str. 104-60
         453124 Bashkortostan
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Aug. 24.  The case is docketed under Case No.
76-11270/2007-34-186.

The Court is located at:

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


GYPSUM PLANT LLC: Creditors Must File Claims by Dec. 3
------------------------------------------------------
Creditors of OJSC Ekaterinburg-Oil have until Dec. 3 to submit
their proofs of claim to:

         D. A. Nikiforov
         competitive proceedings manager
         Room 309
         Krupskoy Str. 19
         Yakutsk
         Russia

The Arbitration Court Sakha declared the company insolvent as
the absent debtor.  The case is docketed under Case No.
?58-1774/07.


INDUSTRIAL TECHNOLOGIES: Creditors Must File Claims by Jan. 3
-------------------------------------------------------------
Creditors of CJSC Industrial Technologies Center have until
Jan. 3, 2008 to submit their proofs of claim to:

         A. D. Vasilyev
         Competitive proceedings manager
         Apartment 1?
         Vol'skaya Str. 11?
         410028 Saratov
         Russia

The Arbitration Court of Saratov commenced competitive
proceedings on the company on Oct. 16, 2007.  The case is
docketed under Case No. ?-57-4607/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Industrial Technologies Center
         Vishnevaya Str. 26
         Saratov
         Russia


NOVO-SHIPOVSKIJ OJSC: Creditors Must File Claims by Dec. 3
----------------------------------------------------------
Creditors of OJSC Lumber Factory Novo-Shipovskij have until
Dec. 3 to submit their proofs of claim to:

         Ju. D. Lyashko
         Interim manager
         1st May Str. 26
         Voronezh
         Pavlovsk
         Russia

The Arbitration Court of Voronezh will convene at 10:00 a.m. on
Jan. 23, 2008 to hear the company's bankruptcy supervision
procedure.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 609
         Srednemoskovskaya Str. 77
         Voronezh
         Russia
         Tel: 8 (47362) 24701

The Debtor can be reached at:

         OJSC Lumber Factory Novo-Shipovskij
         Rokossovskogo Str.
         Klepovka Township
         Buturlinovskij Raion
         Russia


SIBTECHNOMASH CJSC: Creditors Must File Claims by Jan. 3, 2008
--------------------------------------------------------------
Creditors of CJSC SibTechnoMash have until
Jan. 3, 2008, to submit their proofs of claim to:

         S. I. Tsarev
         competitive proceedings manager
         P.O. Box 33
         630011 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk declared the company
insolvent on Nov. 19, 2002.  The case is docketed under Case No.
?45-20760/02-??/4417.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC SibTechnoMash
         Krasny Prospekt 157/2
         Novosibirsk
         Russia


TIHVINSKIJ LLC: Bankruptcy Hearing Slated for Feb. 19, 2008
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad will
convene on Feb. 19, 2008, to hear the bankruptcy supervision
procedure on Wood-Chemical Plant Tihvinskij LLC.  The case is
docketed under Case No. ?56-21825/2007.

The interim manager is:

         V. P. Fedichev
         Letter ? 10?
         Bol'shoy Pr. 79
         197022 St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         Wood-Chemical Plant Tihvinskij LLC
         Zaitseva Str. 1
         Tihvin
         87500 Leningrad
         Russia


UFAOILMASH LLC: Competitive Proceedings Ongoing
-----------------------------------------------
The Arbitration Court of Bashkortostan commenced competitive
proceedings on UfaOilMash LLC on Sept. 17.

The Competitive proceedings manager is:

         V. V. Rysaev
         P.O. Box 3
         sterlitamak-26
         453126 Bashkortostan
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia


URALSTROYGAS CJSC: Creditors Must File Claims by Dec. 3
-------------------------------------------------------
Creditors of CJSC UralStroyGas have until Dec. 3 to submit their
proofs of claim to:

         V. R. Haibulin
         Competitive proceedings manager
         P.O. Box 10230
         Ufa
         450044 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings on the company on Oct. 17.  The case is docketed
under Case No. ?07-14671/07-?-???.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia


YAROSLAVAGRIPROMDORSTROY OJSC: Claims Filing Period Ends Dec. 3
---------------------------------------------------------------
Creditors of OJSC YaroslavAgriPromDorStroy have until Dec. 3 to
submit their proofs of claim to:

         V. E. Kuznetsov
         P.O. Box 42
         152915 Rybinsk
         Russia

The Arbitration Court of Yaroslav will convene at 1:30 p.m. on
Dec. 25 to hear the company's bankruptcy supervision procedure.

The Debtor can be reached at:

         OJSC YaroslavAgriPromDorStroy
         Soviet Str. 9
         150000 Yaroslavl'
         Russia


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


QUEBECOR WORLD: Paying Preferred Shares Dividends on December 1
---------------------------------------------------------------
The board of directors of Quebecor World Inc. declared a
dividend of CDNUS$0.3845 per share on Series 3 Preferred Shares
and CDNUS$0.43125 on Series 5 Preferred Shares.  The dividends
are payable on Dec. 1, 2007, to shareholders of record at the
close of business on Nov. 19, 2007.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


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


FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
----------------------------------------------------------------
The Turk Traktor plant, a 50-50 joint venture between Case New
Holland of the Fiat Group and the Koc Group, reached the goal of
500,000 tractors manufactured on Nov. 9, 2007.

Zafer Caglayan, the Turkish Minister of Industry,  Mustafa Koc
and Buelent Bulgurlu, the chairman and the CEO of Koc Group and
Sergio Marchionne, CEO of Fiat, attended the ceremony during
which, the tractor was presented to the Ministry of Agriculture.

The Turk Traktor factory in Ankara employs around 1,200 people.
The plant manufactures approximately 20,000 tractors, engines,
transmissions, and axles each year.  More than a third of the
output is exported through Case New Holland's global network.
Case New Holland leads the Turkish tractor market with a share
of over one third.  Its share of the combines market exceeds two
thirds and it holds approximately 50% of the cotton harvester
market.

The industrial cooperation between Fiat and the Koc Group in the
agricultural Sector dates back to 1963; originally set up as a
technical cooperation, it became a shareholder cooperation
starting from 1967.

In addition to the Turk Traktor joint venture, Fiat and the Koc
Group collaborate in other industrial and commercial initiatives
aimed at the manufacturing and sale of automobiles and
components.

The joint venture has an in-house R&D center and a sales network
made up by 130 dealers and 400 customer assistance centers.
All products manufactured by the joint venture are already
compliant with the new emission (Tier II), noise and safety
limits that will become effective in Turkey on Jan. 1, 2008.

"The Koc Group is a key industrial partner for Fiat and it has
made a major contribution to the development of the Fiat Group
presence in Turkey.  We are very proud to have contributed to
the growth of Turkey's industry and the modernization of its
agriculture," Sergio Marchionne CEO of Fiat Group and Chairman
of Case New Holland, said.

Case New Holland - http://www.cnh.com/-- is a world leader in
the agricultural and construction equipment businesses.
Supported by about 11,500 dealers in 160 countries, CNH brings
together the knowledge and heritage of its Case and New Holland
brand families with the strength and resources of its worldwide
commercial, industrial, product support and finance
organizations. CNH Global N.V., whose stock is listed at the New
York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary
of Fiat S.p.A. (FIA.MI).

                      About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


QUEBECOR WORLD: Posts US$315 Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Quebecor World Inc. reported a net loss of US$315 million from
continuing operations compared to net income of US$19 million in
the third quarter of 2006.

Third quarter 2007 results incorporated an impairment of assets,
restructuring and other charges and a goodwill impairment
charge, net of income taxes, of US$272 million, compared with
US$10 million in 2006 which resulted in a non-cash impact mainly
due to the European transaction.

Considering the transaction and evaluation of the company's
European operations, Quebecor World incurred a non-cash goodwill
impairment charge of US$166 million, US$159 million net of
taxes.  In addition, because of the European transaction with
RSDB and because of the retooling plan and the relocation of
existing assets in North America, impairment tests were
triggered that resulted in an impairment of assets restructuring
and other charges of US$133 million, US$113 million net of taxes
of which US$128 million was a non-cash impairment of long-lived
assets.

For the first nine months of 2007, Quebecor World reported a net
loss from continuing operations of US$374 million compared to
net income from continuing operations of US$19 million for the
same period in 2006.  The results for the first nine months of
2007 included impairment of assets, restructuring, and other
charges and goodwill impairment of US$321 million compared to
US$54 million in 2006 which resulted in a non-cash impact mainly
due to the European transaction.

Adjusted operating income in the first nine months of 2007 was
US$88 million compared to US$167 million in 2006.  This decrease
reflects lower revenues from plant closures, and restructuring
programs well as the effect of the poor European market
conditions, which offset the increased profits in divisions
where the retooling has already been completed, such as the U.S.
Book and Magazines Divisions.

"Our overall third quarter financial results are disappointing,
but we are achieving three key milestones in the third quarter
to turn around our business and to grow earnings and cash flow:

   (1) sale/merger of the company's European business;

   (2) refinancing the company's balance sheet; and

   (3) completion of the three-year retooling of the company's
       plants.

"We firmly believe that the sale/merger of our European platform
combined with other initiatives will strengthen our balance
sheet, give us additional financial flexibility and allow us to
focus on our core business in the America's," Wes Lucas,
president and CEO, Quebecor World, said.  "Now that our three-
year retooling program is completed, we will concentrate on
maximizing our cash flow, optimize the value of our asset base,
reduce costs and further develop value-added initiatives to
ensure we succeed in the marketplace by providing our customers
with the best solutions."

Quebecor World disclosed a full repurchase of its 8.42%, 8.52%,
8.54% and 8.69% Private Notes.  Other initiatives are planned to
further strengthen the balance sheet.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$ 5.6 billion, total liabilities of US$4.2 billion
and total shareholders' equity of US$1.4 billion.

                      About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


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


AGRICULTURAL CHEMISTRY: Creditors Must File Claims by Nov. 16
-------------------------------------------------------------
Creditors of OJSC Agricultural Chemistry have until Nov. 16 to
submit their proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskij commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 4/65-B.

The Debtor can be reached at:

         OJSC Agricultural Chemistry
         Zheleznodorozhnaya Str. 62
         Derazhnia
         32200 Hmelnitskij
         Ukraine


BUILDING TRADE: Creditors Must File Claims by November 16
---------------------------------------------------------
Creditors of LLC Agricultural Building Trade (code EDRPOU
34322745) have until Nov. 16 to submit their proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/142.

The Debtor can be reached at:

         LLC Agricultural Building Trade
         Kagamlik Str. 37-A
         36000 Poltava
         Ukraine


BUZOVITSA LLC: Creditors Must File Claims by November 16
--------------------------------------------------------
Creditors of Buzovitsa LLC (code EDRPOU 30796014) have until
Nov. 16 to submit their proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/59/B.

The Debtor can be reached at:

         Buzovitsa LLC
         Buzovitsa
         Kelmenetsky District
         Chernovcy
         Ukraine


CARDINAL RESOURCES: May Sell Ukrainian Assets to Kuwait Energy
--------------------------------------------------------------
Cardinal Resources plc has entered into a framework agreement
for the potential sale of its Ukrainian assets, subject to
contract, to Kuwait Energy Company K.S.C.C. for total
consideration of US$71 million.

As contemplated the Transaction will consist of a sale of 100%
of the share capital of Carpatsky Petroleum Inc., Raget
Commercial Ltd. and  Mitre Resources Limited; each owned 100% by
Cardinal Resources Finance Ltd. a 100% owned subsidiary of
Cardinal.

Cardinal's shares were suspended from trading on AIM on
Oct. 1, 2007, pending conclusion of refinancing discussions.  As
reported on Sept. 18, 2007, and again on Oct. 16, 2007, Cardinal
has been in ongoing discussions with one or more potential
funding providers to obtain a viable financial solution.  The
Directors of Cardinal have reviewed all the options available to
obtain the most value for shareholders of the Company and have
now agreed the principal terms and conditions on which Cardinal
would enter into a binding sale and purchase agreement, subject
to shareholders approval and other conditions, to sell its
Ukrainian assets.

The parties to the Agreement have agreed to use reasonable
endeavors to enter into the SPA no later than Nov. 9, 2007, with
closing of the Transaction currently expected to occur by
Dec. 10, 2007.

                    Transaction Highlights

    * Cardinal to sell, subject to shareholder approval, 100% of
      its Ukrainian assets for a total consideration of US$71
      million;

    * US$52 million to be applied in full discharge of all
      indebtedness owed by Cardinal to an affiliate of Silver
      Point Capital LLP, the current holder of the PIK Notes
      issued by Cardinal (Silver Point Capital LLP and their
      respective affiliates together, "SPC");

    * all warrants held by SPC in Cardinal and Finance and the
      special share held by SPC in Finance to be cancelled at
      closing;

    * the balance of US$19 million to be available at closing of
      the Transaction to Cardinal for satisfaction of other
      creditors, including transaction expenses and expenses
      incurred by SPC and its affiliates.  The strategy for the
      company going forward will be outlined in a forthcoming
      circular;

    * a Cardinal subsidiary entering into forward sale contracts
      and agency agreements with an affiliate of the Acquirer
      for the sale of gas and gas condensate to fund Cardinal's
      short term working capital needs through to closing of the
      Transaction, with the amounts payable by the Acquirer
      under such contracts being deducted from the balance of
      the US$19 million portion of the total consideration
      allocated to Cardinal (to the extent gas is not delivered
      prior to closing).

                            Key Terms

About US$52 million of the consideration, on closing of the
deal, will be paid to SPC in discharging irrevocably all the
indebtedness owed by Cardinal and its subsidiaries and
affiliates to SPC with respect to the notes issued by Cardinal
under the terms of an instrument dated Dec. 3, 2006 (as amended
on Feb. 28, 2006, and as amended and restated on Dec. 22, 2006)
and with respect to any other creditor arrangements between
Cardinal and SPC (subject to Cardinal settling the out of pocket
expenses of SPC including, without limitation, all legal,
financial and other advisory costs and expenses of SPC).  SPC
will also transfer to Cardinal for no or nominal consideration,
and Cardinal will cancel, all warrants held by SPC in Cardinal
and Finance, and the special share in Finance.

The balance of US$19 million of the consideration (less amounts
received from forward gas sales to the Acquirer to the extent
not settled prior to closing) will be available at closing of
the Transaction to Cardinal for satisfaction of its other
creditors, including transaction expenses and expenses incurred
by SPC in connection with Cardinal's default condition.  The
strategy for the Company going forward will be outlined in a
forthcoming circular.  In addition to its portion of the
Transaction consideration, post-closing, Cardinal's only
material assets will be its 6.75% shareholding in Condor
Exploration, Inc. and its administrative and technical services
agreement with Condor pursuant to which it is entitled to a
minimum of US$1 million per year in revenue as announced on
Aug. 9, 2007.

It is contemplated that the definitive SPA will be entered into
by the parties no later than Nov. 9, 2007.  Cardinal would
provide customary warranties to the Acquirer in the SPA, subject
to Cardinal's liability thereunder being limited to a six month
period post-closing and a financial cap of US$10 million.  SPC
has agreed, subject to certain termination events, not to
enforce its rights under the Notes in respect only of existing
defaults until the SPA has been signed andit is contemplated
that a similar agreement will be entered into for the  period
between signing and closing of the SPA, for the period up to
closing of the Transaction.

The consent of shareholders of Cardinal to the proposed
transaction is required pursuant to AIM Rule 15 and will be
sought at an Extraordinary General Meeting held in accordance
with the AIM Rules.  A circular convening the EGM, and which
will set out Cardinal's investing strategy going forward, will
be posted to shareholders shortly after signing of the SPA.

In the event that Cardinal does not obtain shareholder approval
to the Transaction, it will be required to pay to the Acquirer
an amount equal to its out of pocket expenses incurred in
connection with the Transaction not exceeding US$1.25 million
(plus VAT).  In the event that shareholder approval is not
obtained and the Transaction does not complete, it is also
highly probable that Cardinal would need to implement an
insolvency procedure which would be highly unlikely to
provide any return to Cardinal's shareholders.

The Transaction is currently expected to close on Dec. 10, 2007,
subject (among other things) to:

    * Successful completion by the Acquirer of confirmatory
      legal, financial and technical due diligence;

    * Successful negotiation and execution of an SPA by Nov. 9,
      2007;

    * Shareholders approval being obtained at the EGM in
      accordance with AIM rules; and,

    * The approval of the Transaction by the Ukrainian anti-
      monopoly authorities.

If closing of the Transaction has not occurred by Dec. 10, 2007,
the amount of consideration to be allocated for the repayment of
indebtedness to SPC shall be increased to reflect a portion of
the interest that continues to accrue on the amounts owed to SPC
from Dec. 1, 2007, at a rate of 10% per annum, if closing occurs
by Dec. 20, or at a rate of 21% per annum if closing occurs
after Dec. 20, 2007.

In any such case a corresponding reduction shall be made to the
US$19 million portion of the consideration amount to be
otherwise allocated for the use of Cardinal.

Under the Agreement Cardinal undertakes and agrees that it shall
not directly or indirectly solicit or invite enquiries,
proposals or offers relating to a relevant Transaction from any
third party.

                      Short-Term Financing

The Acquirer agreed to fund the short term working capital
commitments of Cardinal by entering into a forward sale contract
and an agency agreement for the sale of gas and gas condensate
and shall pay to a subsidiary of Cardinal the sum of
US$600,000 in accordance with the terms of such contracts.
Thereafter, it is expected to enter into two further forward
sale contracts to the value of US$600,000 and US$1,450,000
respectively with delivery and agency sale to be effected as
soon as Cardinal shall be in possession of available volumes of
gas/condensate to satisfy such contracts in  priority to any
other third party but no earlier than February 2008.  Cardinal
undertakes to deliver gas/condensate at these fixed prices under
the First Gas Sale Contract:

    * Natural gas at US$140.20 per 1,000 cubic meters (exclusive
      of VAT)

    * Gas condensate at US$455.00 per metric tonne (exclusive of
      VAT)

The entering into of the Second Gas Sales Contract and the
paying of the cash consideration due under it shall be subject
to the execution of the SPA.  The entering into, by the Acquirer
of the Third Gas Sales Contract and the paying of the cash
consideration due under it shall be subject to execution of the
SPA and Cardinal having obtained shareholders approval for the
Transaction.

Should Cardinal fail to deliver the agreed volume of natural
gas/condensate with a value corresponding to the advance
payments under The First Gas Sales Contract or/when entered into
The Second Gas Sales Contract or The Third Gas Sales Contract,
it shall reimburse such portion of the relevant advanced payment
no later than by 45 days after the agreed delivery date together
with a penalty in the amount of interest accruing at the rate of
15 percent per annum.

The amounts paid by the Acquirer under the forward sale
contracts (to the extent they remain outstanding or unfulfilled)
will be deducted from the portion of the total consideration
payable to Cardinal at closing of the Transaction.

         Directors' Fairness Opinion on SPC Settlement

SPC may be considered to be a related party under the AIM Rules
by virtue of the special share it holds in Finance.  Taking into
account the fact that SPC would on closing of the Transaction
agree to a full discharge of all indebtedness owing to them, the
cancellation of the warrants in Cardinal and Finance and the
Finance special share, in consideration for an amount which is
less than the full amount of principal and interest which will
be owed to SPC at closing, and that entering into the
Transaction is the only reasonable strategy currently
available to Cardinal other than an insolvency procedure, a
majority of the Directors of Cardinal consider that the terms of
the Transaction  are fair and reasonable insofar as shareholders
are concerned.  Due to the fact that Cardinal is currently
without a nominated adviser following the resignation of Nabarro
Wells & Co. Limited as its nominated adviser on Oct. 23, 2007,
the Directors are not able to consult their nominated adviser in
reaching this opinion, as contemplated by the AIM Rules.
However, shareholders will be able to make their own decision on
whether or not to approve the Transaction at the EGM in due
course.

Headquartered in London, United Kingdom, Cardinal Resources Plc
(AIM:CDL) -- http://www.cardinal-uk.com/-- engages in
acquisition, development, production and exploration of oil and
natural gas properties in Ukraine, where it has held interests
since 1995.  The company has offices in Kiev, Ukraine and
Houston, Texas.

Cardinal Resources Plc announced on Oct. 1, 2007, a delay in
release of its interim results for six months ended June 30,
2007.

The company has requested suspension of its shares to trading on
the AIM until it can both clarify its financial position and
publish its interim results.

On Sept. 18, 2007, Cardinal said that refinancing discussions
continue and cash flow remains very tight.


KANEV SECONDARY: Creditors Must File Claims by November 16
----------------------------------------------------------
Creditors of LLC Kanev Secondary Resources (code EDRPOU
31269401) have until Nov. 16 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/4357.

The Debtor can be reached at:

         LLC Kanev Secondary Resources
         Lenin Str. 139
         Kanev
         19000 Cherkassy
         Ukraine


MELITTO FLEX: Creditors' Claims Due November 16
-----------------------------------------------
Creditors of LLC Melitto Flex (code EDRPOU 32215425) have until
Nov. 16 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B14/350-07.

The Debtor can be reached at:

         LLC Melitto Flex
         P. Zaporozhets Str. 361
         Belaya Tserkov
         09100 Kiev
         Ukraine


ROVNOROADBUILDING OJSC: Creditors' Claims Due November 16
---------------------------------------------------------
Creditors of OJSC Rovnoroadbuilding (code EDRPOU 03450407) have
until Nov. 16 to submit their proofs of claim to:

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.   The case is docketed under Case No.
9/40.

The Debtor can be reached at:

         OJSC Rovnoroadbuilding
         Sobornaya Str. 44b
         33000 Rivne
         Ukraine


STROMA LLC: Creditors' Claims Due November 16
---------------------------------------------
Creditors of LLC Stroma (code EDRPOU 21222242) have until
Nov. 16 to submit their proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.   The case is docketed under Case No.
B-48/143-07.

The Debtor can be reached at:

         LLC Stroma
         Lukiyanovskaya Str. 22
         61010 Kharkov
         Ukraine


TERMINAL LLC: Creditors' Claims Due November 16
-----------------------------------------------
Creditors of LLC Corporation Terminal (code EDRPOU 32886497)
have until Nov. 16 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.   The case is docketed under Case No.
B14/347-07.

The Debtor can be reached at:

         LLC Corporation Terminal
         Korzhy
         Barishevsky District
         Kiev
         Ukraine


UKREKSIMTRADEDELIVERY LLC: Creditors Must File Claims by Nov. 16
----------------------------------------------------------------
Creditors of LLC Ukreksimtradedelivery (code EDRPOU 34204530)
have until Nov. 16 to submit their proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/143.

The Debtor can be reached at:

         LLC Ukreksimtradedelivery
         Domostroitelnaya Str. 11
         36000 Poltava
         Ukraine


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


BRAKE BROS: Moody's Withdraws Low-B Ratings After Takeover
----------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family
rating and the B1 probability of default rating of Brake Bros
Finance plc for business reasons.  The action follows the
completion of the takeover of Brakes by a company controlled by
Bain Capital in October 2007.

This action concludes the rating review initiated on July 3,
2007, following the agreement by Clayton, Dubilier & Rice to
sell the business to Bain.

Headquartered in the U.K., Brakes is the leading wholesale food
distributor in the U.K., with sizeable operations in the French
market.  In the last 12 months to June 2007, the company
reported revenues and EBITDA (before exceptional items) of
GBP1.7 billion and GBP118.7 million, respectively.


BRITISH ENERGY: Two Boiler Units Remain Out Service
---------------------------------------------------
British Energy Group plc provided an update on its boiler
closure units at Hartlepool Reactor 1 and Heysham Reactor 1.

As disclosed on Oct. 22, 2007, following the identification of
an issue relating to a wire winding during planned inspection of
boiler closure units at Hartlepool Reactor 1, the two units at
Hartlepool and the two units at Heysham 1 remain out of service.

British Energy has subsequently undertaken partial inspections
of the wire windings at Heysham 1 Reactor 1.  Initial results
from this inspection at Heysham 1 Reactor 1 identified a similar
issue to that identified at Hartlepool Reactor 1, whereby one
wire has failed as a result of corrosion.  Inspections of
Heysham 1 Reactor 2 have commenced, and inspections will
commence at Hartlepool Reactor 2 shortly.

This is a legacy issue of the initial construction, identified
during the course of baseline inspections.  While this component
of the plant was not originally designed to be inspected,
improved technology and innovative inspection techniques have
been developed which have now allowed inspection as part of the
improvement program.

British Energy is in the process of developing the methodology
to secure the return to service of the units.  This is a complex
issue and a timetable for the return to service of these units
can only be formed when inspections and a full assessment
of the situation have been completed.

The Company plans to provide a description of the wire winding
issue and the process being adopted to assess and address the
situation as part of its half year results presentation,
scheduled for Nov. 13, 2007.

                     About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Standard &
Poor's Ratings Services placed its 'BB+' long-term corporate
credit rating on U.K.-based nuclear generator British Energy
Group PLC and its subsidiary British Energy Holdings PLC
on CreditWatch with negative implications.

The 'BB' issue rating on BEH's GBP550 million senior unsecured
bonds was also placed on CreditWatch with negative implications.

In September 2007, Fitch Ratings has affirmed British Energy
Group plc's and British Energy Holdings plc's Long-term Issuer
Default Ratings at 'BB+'.  BEH's amortizing bonds are also
affirmed at 'BB'.  BEH's bonds are rated below the Long-term IDR
because, in the event of insolvency, the bonds rank behind
several other payments, including amounts owed to the Nuclear
Liabilities' Fund.  Fitch said the Outlooks for BEG's and BEH's
Long-term IDRs remain Stable.

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody's with a stable
outlook.


CARDINAL RESOURCES: May Sell Ukrainian Assets to Kuwait Energy
--------------------------------------------------------------
Cardinal Resources plc has entered into a framework agreement
for the potential sale of its Ukrainian assets, subject to
contract, to Kuwait Energy Company K.S.C.C. for total
consideration of US$71 million.

As contemplated the Transaction will consist of a sale of 100%
of the share capital of Carpatsky Petroleum Inc., Raget
Commercial Ltd. and  Mitre Resources Limited; each owned 100% by
Cardinal Resources Finance Ltd. a 100% owned subsidiary of
Cardinal.

Cardinal's shares were suspended from trading on AIM on
Oct. 1, 2007, pending conclusion of refinancing discussions.  As
reported on Sept. 18, 2007, and again on Oct. 16, 2007, Cardinal
has been in ongoing discussions with one or more potential
funding providers to obtain a viable financial solution.  The
Directors of Cardinal have reviewed all the options available to
obtain the most value for shareholders of the Company and have
now agreed the principal terms and conditions on which Cardinal
would enter into a binding sale and purchase agreement, subject
to shareholders approval and other conditions, to sell its
Ukrainian assets.

The parties to the Agreement have agreed to use reasonable
endeavors to enter into the SPA no later than Nov. 9, 2007, with
closing of the Transaction currently expected to occur by
Dec. 10, 2007.

                    Transaction Highlights

    * Cardinal to sell, subject to shareholder approval, 100% of
      its Ukrainian assets for a total consideration of US$71
      million;

    * US$52 million to be applied in full discharge of all
      indebtedness owed by Cardinal to an affiliate of Silver
      Point Capital LLP, the current holder of the PIK Notes
      issued by Cardinal (Silver Point Capital LLP and their
      respective affiliates together, "SPC");

    * all warrants held by SPC in Cardinal and Finance and the
      special share held by SPC in Finance to be cancelled at
      closing;

    * the balance of US$19 million to be available at closing of
      the Transaction to Cardinal for satisfaction of other
      creditors, including transaction expenses and expenses
      incurred by SPC and its affiliates.  The strategy for the
      company going forward will be outlined in a forthcoming
      circular;

    * a Cardinal subsidiary entering into forward sale contracts
      and agency agreements with an affiliate of the Acquirer
      for the sale of gas and gas condensate to fund Cardinal's
      short term working capital needs through to closing of the
      Transaction, with the amounts payable by the Acquirer
      under such contracts being deducted from the balance of
      the US$19 million portion of the total consideration
      allocated to Cardinal (to the extent gas is not delivered
      prior to closing).

                            Key Terms

US$52 million of the consideration, on closing of the deal, will
be paid to SPC in discharging irrevocably all the indebtedness
owed by Cardinal and its subsidiaries and affiliates to SPC with
respect to the notes issued by Cardinal under the terms of an
instrument dated Dec. 3, 2006 (as amended on Feb. 28, 2006, and
as amended and restated on Dec. 22, 2006) and with respect to
any other creditor arrangements between Cardinal and SPC
(subject to Cardinal settling the out of pocket expenses of SPC
including, without limitation, all legal, financial and other
advisory costs and expenses of SPC).  SPC will also transfer to
Cardinal for no or nominal consideration, and Cardinal will
cancel, all warrants held by SPC in Cardinal and Finance, and
the special share in Finance.

The balance of US$19 million of the consideration (less amounts
received from forward gas sales to the Acquirer to the extent
not settled prior to closing) will be available at closing of
the Transaction to Cardinal for satisfaction of its other
creditors, including transaction expenses and expenses incurred
by SPC in connection with Cardinal's default condition.  The
strategy for the Company going forward will be outlined in a
forthcoming circular.  In addition to its portion of the
Transaction consideration, post-closing, Cardinal's only
material assets will be its 6.75% shareholding in Condor
Exploration, Inc. and its administrative and technical services
agreement with Condor pursuant to which it is entitled to a
minimum of US$1 million per year in revenue as announced on
Aug. 9, 2007.

It is contemplated that the definitive SPA will be entered into
by the parties no later than Nov. 9, 2007.  Cardinal would
provide customary warranties to the Acquirer in the SPA, subject
to Cardinal's liability thereunder being limited to a six month
period post-closing and a financial cap of US$10 million.  SPC
has agreed, subject to certain termination events, not to
enforce its rights under the Notes in respect only of existing
defaults until the SPA has been signed andit is contemplated
that a similar agreement will be entered into for the  period
between signing and closing of the SPA, for the period up to
closing of the Transaction.

The consent of shareholders of Cardinal to the proposed
transaction is required pursuant to AIM Rule 15 and will be
sought at an Extraordinary General Meeting held in accordance
with the AIM Rules.  A circular convening the EGM, and which
will set out Cardinal's investing strategy going forward, will
be posted to shareholders shortly after signing of the SPA.

In the event that Cardinal does not obtain shareholder approval
to the Transaction, it will be required to pay to the Acquirer
an amount equal  to its out of pocket expenses incurred in
connection with the Transaction not exceeding US$1.25 million
(plus VAT).  In the event that shareholder approval is not
obtained and the Transaction does not complete, it is also
highly probable that Cardinal would need to implement an
insolvency procedure which would be highly unlikely to
provide any return to Cardinal's shareholders.

The Transaction is currently expected to close on Dec. 10, 2007,
subject (among other things) to:

    * Successful completion by the Acquirer of confirmatory
      legal, financial and technical due diligence;

    * Successful negotiation and execution of an SPA by
      Nov. 9, 2007;

    * Shareholders approval being obtained at the EGM in
      accordance with AIM rules; and,

    * The approval of the Transaction by the Ukrainian anti-
      monopoly authorities.

If closing of the Transaction has not occurred by Dec. 10, 2007,
the amount of consideration to be allocated for the repayment of
indebtedness to SPC shall be increased to reflect a portion of
the interest that continues to accrue on the amounts owed to SPC
from Dec. 1, 2007, at a rate of 10% per annum, if closing occurs
by Dec. 20, or at a rate of 21% per annum if closing occurs
after Dec. 20, 2007.

In any such case a corresponding reduction shall be made to the
US$19 million portion of the consideration amount to be
otherwise allocated for the use of Cardinal.

Under the Agreement Cardinal undertakes and agrees that it shall
not directly or indirectly solicit or invite enquiries,
proposals or offers relating to a relevant Transaction from any
third party.

                      Short-Term Financing

The Acquirer agreed to fund the short term working capital
commitments of Cardinal by entering into a forward sale contract
and an agency agreement for the sale of gas and gas condensate
and shall pay to a subsidiary of Cardinal the sum of
US$600,000 in accordance with the terms of such contracts.
Thereafter, it is expected to enter into two further forward
sale contracts to the value of US$600,000 and US$1,450,000
respectively with delivery and agency sale to be effected as
soon as Cardinal shall be in possession of available volumes of
gas/condensate to satisfy such contracts in  priority to any
other third party but no earlier than February 2008.  Cardinal
undertakes to deliver gas/condensate at these fixed prices under
the First Gas Sale Contract:

    * Natural gas at US$140.20 per 1,000 cubic meters (exclusive
      of VAT)

    * Gas condensate at US$455.00 per metric tonne (exclusive of
      VAT)

The entering into of the Second Gas Sales Contract and the
paying of the cash consideration due under it shall be subject
to the execution of the SPA.  The entering into, by the Acquirer
of the Third Gas Sales Contract and the paying of the cash
consideration due under it shall be subject to execution of the
SPA and Cardinal having obtained shareholders approval for the
Transaction.

Should Cardinal fail to deliver the agreed volume of natural
gas/condensate with a value corresponding to the advance
payments under The First Gas Sales Contract or/when entered into
The Second Gas Sales Contract or The Third Gas Sales Contract,
it shall reimburse such portion of the relevant advanced payment
no later than by 45 days after the agreed delivery date together
with a penalty in the amount of interest accruing at the rate of
15 percent per annum.

The amounts paid by the Acquirer under the forward sale
contracts (to the extent they remain outstanding or unfulfilled)
will be deducted from the portion of the total consideration
payable to Cardinal at closing of the Transaction.

         Directors' Fairness Opinion on SPC Settlement

SPC may be considered to be a related party under the AIM Rules
by virtue of the special share it holds in Finance.  Taking into
account the fact that SPC would on closing of the Transaction
agree to a full discharge of all indebtedness owing to them, the
cancellation of the warrants in Cardinal and Finance and the
Finance special share, in consideration for an amount which is
less than the full amount of principal and interest which will
be owed to SPC at closing, and that entering into the
Transaction is the only reasonable strategy currently
available to Cardinal other than an insolvency procedure, a
majority of the Directors of Cardinal consider that the terms of
the Transaction  are fair and reasonable insofar as shareholders
are concerned.  Due to the fact that Cardinal is currently
without a nominated adviser following the resignation of Nabarro
Wells & Co. Limited as its nominated adviser on Oct. 23, 2007,
the Directors are not able to consult their nominated adviser in
reaching this opinion, as contemplated by the AIM Rules.
However, shareholders will be able to make their own decision on
whether or not to approve the Transaction at the EGM in due
course.

Headquartered in London, United Kingdom, Cardinal Resources Plc
(AIM:CDL) -- http://www.cardinal-uk.com/-- engages in
acquisition, development, production and exploration of oil and
natural gas properties in Ukraine, where it has held interests
since 1995.  The company has offices in Kiev, Ukraine and
Houston, Texas.

Cardinal Resources Plc announced on Oct. 1, 2007, a delay in
release of its interim results for six months ended June 30,
2007.

The company has requested suspension of its shares to trading on
the AIM until it can both clarify its financial position and
publish its interim results.

On Sept. 18, 2007, Cardinal said that refinancing discussions
continue and cash flow remains very tight.


CLEARSTONE WEST: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Geoffrey Stuart Kinlan and William John Turner of BDO Stoy
Hayward LLP were appointed joint liquidators of Clearstone West
Herts Training Ltd. (formerly Law 2441 Ltd.) on Oct. 30 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


DAEMO FINANCIAL: Names Samuel Jonathan Talby Liquidator
-------------------------------------------------------
Samuel Jonathan Talby of Bishop Fleming was appointed liquidator
of Daemo Financial Services Ltd. on Nov. 1 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Bishop Fleming
         Russell Bedford House
         City Forum
         250 City Road
         London
         EC1V 2QQ
         England


FORD MOTOR: Local Unions Favor Labor Pact, Initial Results Show
---------------------------------------------------------------
Initial results from United Auto Workers union locals in
Illinois, and Michigan, who voted on Friday, and locals from
Kentucky and Missouri who voted Sunday, revealed a vast support
for a new four-year labor contract between Ford Motor Company
and the UAW, various papers report naming local union presidents
as sources.

Papers say that 75% of 900 UAW members of Local 588, a Chicago
stamping plant in Illinois, voted yes to the new labor
agreement.  Meanwhile, 82% of the 1,200 union members of Local
898, Ford's Rawsonville plant in Ypsilanti Township, in
Michigan, voted for the new labor deal.

UAW Local 862 President Rocky Comito told The Courier-Journal
that 80% production workers and 75% of skilled trade workers of
the Louisville Assembly Plant in Kentucky supported the new
labor deal.

Results at UAW Local 249, a plant in Claycomo, Missouri that
manufactures the Escape, Mercury Mariner and Mazda Tribute SUVs,
showed great support for the contract at a 69%-31% margin, the
Kansas City Business Journal relates.

Sarah A. Webster of the Detroit Free Press disclosed an
overwhelming 91% reception for the new labor agreement from
members of an axle plant in Sterling Heights, Michigan.  Ms.
Webster added that Emanuela Henderson, the recording secretary
with UAW Local 900 in Wayne, Michigan, told the paper that "a
minimum of 90%" of its workers voted in favor of the contract.
The local represents more than 5,000 workers at Michigan Truck
Plant and Wayne Stamping and Assembly.

Voting results from Local 600 in Dearborn, Michigan, and Local
2000 in Ohio are not yet available.

As reported in the Troubled Company Reporter on Nov. 6, 2007,
Ford and the UAW reached a tentative agreement on a four-year
national labor contract covering approximately 54,000
represented employees in the United States.  The UAW Ford
National Council -- made up of delegates from more than 55 Ford
facilities across the nation -- voted to unanimously recommend
ratification of the union's 2007 tentative agreement with Ford.

According to AP, Ford's shares dropped 3.3% closing at $8.20 on
Friday, the same day union leaders say workers in Michigan and
Illinois approved a new contract.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expect
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.  Ford's 'B-3' short-
term rating was not on CreditWatch.


FORD MOTOR: Posts US$380 Mln Net Loss in 3rd Qtr. Ended Sept. 30
----------------------------------------------------------------
Ford Motor Company reported Thursday a net loss of US$380
million for the third quarter of 2007.  This compares with a net
loss of US$5.2 billion in the third quarter of 2006.

Ford's third-quarter revenue was US$41.1 billion, up from
US$37.1 billion a year ago.  The increase primarily reflected
higher net pricing, changes in currency exchange rates, and
improved product mix.

Ford's third-quarter loss from continuing operations, excluding
special items, was US$24 million, compared with a loss of
US$850 million in the same period a year ago.

Special items reduced pre-tax results by US$350 million in the
third quarter.  These special items were associated with the
previously disclosed Trust Preferred Securities exchange offer,
and charges associated with Ford Europe and PAG personnel
reductions and other restructuring actions.  Favorable cost
adjustments associated with Ford North America personnel
reduction programs were a partial offset.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities, loaned securities and short-term VEBA
assets, was US$35.6 billion at Sept. 30, 2007, an increase of
US$1.7 billion from year-end 2006.

The company continues to explore in greater detail the potential
sale of Jaguar and Land Rover with interested parties and
anticipates these discussions will culminate in an agreement no
later than early next year.

In addition, the company has been conducting a strategic review
of Volvo, and has developed a plan.  The first priority of the
plan is to improve financial performance at Volvo.  The plan
also includes: enhancing Volvo's position as a global producer
of premium vehicles; establishing appropriate business
arrangements between Volvo and Ford-brand operations to allow
Volvo to operate on a more stand-alone basis in the absence of
the PAG structure; and, continuing to achieve synergies between
Ford-brand operations and Volvo in areas such as product
development and purchasing.  The company plans to disclose
Volvo's financial performance beginning with 2008 results.

"Our third quarter performance is very encouraging," said Ford
president and chief executive officer Alan Mulally.  "We can see
our plan taking hold with significant improvement continuing in
our core Automotive operations.  We remain committed to
executing the four priorities of our plan - restructuring the
business to operate profitably, accelerating the development of
new products that our customers want and value, funding our plan
and improving our balance sheet, and working even more
effectively together as one Ford team, leveraging our global
assets."

                        Automotive Sector

On a pre-tax basis, worldwide Automotive sector losses in the
third quarter were US$362 million.  This compares with a pre-tax
loss of US$1.9 billion during the same period a year ago.  The
improvements were more than explained by higher net pricing,
lower costs, and improved volume and mix, partially offset by
higher interest expense, and unfavorable changes in currency
exchange rates.

Vehicle wholesales in the third quarter were 1,487,000, up from
1,467,000 a year ago.  Worldwide Automotive revenue for the
third quarter was US$36.3 billion, up from US$32.5 billion in
the same period last year.  The increase primarily reflected
higher net pricing, changes in currency exchange rates, and
improved product mix.

Ford North America: In the third quarter, Ford North America
reported a pre-tax loss of US$1.0 billion, compared with a pre-
tax loss of US$2.1 billion a year ago.  The improvement
primarily reflected higher net pricing and improved product mix,
partially offset by unfavorable changes in currency exchange
rates.  Revenue was US$16.5 billion, up from US$15.4 billion for
the same period a year ago.

Ford South America: Ford South America reported a third-quarter
pre-tax profit of US$386 million, compared with a pre-tax profit
of US$201 million a year ago.  The improvement was primarily
explained by higher net pricing and higher volume.  Third
quarter revenue improved to US$2.1 billion from US$1.5 billion
in 2006.

Ford Europe:  Ford Europe third-quarter pre-tax profit was
US$293 million, compared with a pre-tax loss of US$13 million
during the same period in 2006.  The improvement was more than
explained by lower costs and higher net pricing, partially
offset by lower volume and less favorable mix.  During the third
quarter of 2007, Ford Europe's revenue was US$8.3 billion,
compared with US$7.3 billion during the third quarter of 2006.

Premier Automotive Group (PAG): PAG reported a pre-tax loss of
US$97 million for the third quarter, compared with a pre-tax
loss of US$508 million for the same period in 2006.  The third-
quarter 2007 result reflected a loss at Volvo, partially offset
by a small profit at the combined Jaguar and Land Rover
operation.  The year-over-year improvement was primarily
explained by cost reductions across all brands, including the
non-recurrence of adverse 2006 adjustments to warranty reserves.
Higher volumes and higher net pricing were partially offset by
the effect of the continued weakening of the U.S. dollar against
key European currencies.  Third-quarter 2007 revenue was US$7.4
billion, compared with US$6.5 billion a year ago.

Ford Asia Pacific and Africa: For the third quarter, Ford Asia
Pacific and Africa reported a pre-tax profit of US$30 million,
compared with a pre-tax loss of US$56 million a year ago.  The
improvement primarily reflected cost reductions and higher net
pricing, partially offset by adverse product mix, mainly in
Australia.  Revenue was US$1.8 billion for the third quarter of
2007, compared with US$1.6 billion in 2006.

Mazda: For the third quarter, Ford earned US$18 million from its
investment in Mazda and associated operations, compared with
US$40 million during the same period a year ago.

Other Automotive: Third-quarter results included a pre-tax
profit of US$29 million, compared with a profit of US$553
million a year ago.  The year-over-year deterioration primarily
reflected the non-recurrence of last year's tax-related
interest.

                    Financial Services Sector

For the third quarter, the Financial Services sector earned a
pre-tax profit of US$556 million, compared with a pre-tax profit
of US$750 million a year ago.

Ford Motor Credit Company: On a pre-tax basis from continuing
operations, Ford Motor Credit Company earned US$546 million in
the third quarter compared with US$730 million in the previous
year.  The decrease in earnings was more than explained by the
non-recurrence of prior-year credit loss reserve reductions,
higher depreciation expense for leased vehicles and higher
borrowing costs.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$276.163 billion in total assets, US$273.606 billion in
total liabiities, US$1.394 billion in minority interests, and
US$1.163 billion in tota shareholders' equity.

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?2520

                             Outlook

The company is ahead of its 2007 plan both on a pre-tax and net
income basis, and anticipates substantial year-over-year
improvement in fourth quarter results.  Fourth quarter
Automotive and cmpany pre-tax results are expected to be a loss,
more than explained by North America.  Full-year pre-tax results
excluding special items are expected to be in the range of a
small loss to breakeven, which would be a significant
improvement from a year ago.

Excluding gains or losses from future divestitures, special
items for full-year 2007 are expected to be a charge in the
range of US$1 billion to US$2 billion, including a one-time,
non-cash charge estimated to be approximately US$1.4 billion
relating to a proposed change in business practice for offering
and announcing retail variable marketing incentives to our
dealers.

Ford Motor Credit expects to earn US$1.3 billion to US$1.4
billion this year on a pre-tax basis, excluding the impact of
gains and losses related to market valuation adjustments from
derivatives, consistent with the previous estimate.

The company is on track to meet its North American cost
reduction target of US$5 billion by 2008 as compared with 2005.
Progress is being made on achieving U.S. market share goals, and
the company is ahead of its US$17 billion cash outflow target
for the 2007 to 2009 period.

"Our third-quarter and year-to-date performance indicate that
our plan is working,"" said Mulally.  "Our full-year pre-tax
outlook excluding special items is to be substantially better
than 2006.  We remain committed to improving our business and
delivering our plan."

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 250,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo and Mazda.  The company provides
financial services through Ford Motor Credit Company.

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

                          *     *     *

As reported in the Troubled Company Reorter on Nov. 7, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expect
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date. Ford's 'B-3' short-term
rating was not on CreditWatch.


NORTHERN ROCK: Ex UBS Chief Eyes Formal Bid to Rescue Bank
----------------------------------------------------------
Luqman Arnold, the former CEO of UBS AG and Abbey National Plc,
has confirmed reports that it is preparing a bid for Northern
Rock Plc through his boutique private equity firm, Olivant, in
exchange for a minority stake in the troubled mortgage lender.

"The proposal would involve the immediate introduction into
Northern Rock of a core team of Olivant's experienced
principals, led by its chairman, Luqman Arnold, to work
intensively alongside its existing Board and management,
together with a subscription of a minority stake in Northern
Rock, intended to ensure Olivants alignment with the
Board and shareholders," Olivant said in a statement.

Olivant said it is not proposing an offer for the bank's shares.

The Telegraph's Dominic White reports that Olivant has raised
more than GBP150 million from its shareholders, which could
translate between a 10% and 20% stake in Northern Rock.  The
deal would also see Mr. Arnold replacing Adam Applegarth as its
CEO on an interim basis.

According to The Independent, Mr. Arnold has had talks with
Bryan Sanderson, Rock's chairman, regarding a formal offer to
run the business as a going concern and retain the Northern Rock
name.  The report suggests that Mr. Arnold's plans will seek to
salvage the bank rather than break up its remaining assets, a
move which Northern Rock has considered in a move to attract a
fresh round of potential bidders, the paper relates.

Olivant is funded by blue-chip investment houses and private
family trusts, The Independent relates.

Northern Rock's advisers had set a Nov. 16 bidding deadline
although the Bank of England and the Treasury gave the bank
until February 2008 to find a buyer.

The bank's financial advisors include The Blackstone Group LP,
Merrill Lynch International and Citigroup Global Markets
Limited.

As reported in the TCR-Europe on Nov. 2, 2007, Northern Rock
confirmed that it is continuing to work with a number of third
parties, and has developed further structures which allow it to
seek additional expressions of interest from other parties, as
part of its review of all strategic options.

Three possible buyers are currently performing due diligence on
Northern Rock:

   -- J.C. Flowers & Co., which recently confirmed that it is
      holding talks over a possible offer.  J.C. Flowers has
      also secured a management team, which it intends to
      appoint to run Northern Rock in the event of a successful
      offer;

   -- Virgin Group Ltd., which bidding consortium includes
      American International Group Inc., WL Ross & Co.,
      Toscafund Asset Management LLP, and First Eastern
      Investment Group; and

   -- Cerberus Capital Management LP, which according to reports
      has the backing of GMAC, in which the firm controls a
      51% stake.

Jane Croft and Jamil Anderlini wrote in the Financial Times last
week that Northern Rock reportedly sought 50 potential Asian
banks, including Industrial and Commercial Bank of China and
Bank of China, to try to gauge interest on a possible sale of
the mortgage lender, a restructuring or a combination of both.

Private equity groups and banks from Britain, Europe, China and
India, as well as building societies were also named as
potential bidders.

                     About Northern Rock plc

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

                          *     *     *

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


OAK RECRUITMENT: J. M. Titley Leads Liquidation Procedure
---------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Oak Recruitment Ltd. on Oct. 31 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. Johns
         Blackburn
         BB1 8AF
         England


PC HELP: Claims Filing Period Ends December 10
----------------------------------------------
Creditors of PC Help (Dorset) Ltd. have until Dec. 10 to send in
their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

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

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on
Oct. 30 for the creditors' voluntary winding-up proceeding.


RENTOKIL INITIAL: Revenue Up 25.3% to GBP566.1 Mln in Q3 2007
-------------------------------------------------------------
Rentokil Initial plc provided trading update for the third
quarter ended Sept. 30, 2007.

Performance across the group was in line with plan during the
third quarter, with adjusted profit before tax and amortization
moving strongly ahead as anticipated.

Revenue for the group as a whole of GBP566.1 million was 25.3%
higher than prior year, with all divisions reporting increased
revenues.  The strongest revenue growth came from City Link,
Asia Pacific and Facilities Services.  However, Pest Control and
Ambius continued to demonstrate improved performance with
revenues increasing by 9.1% and 10.3% respectively over the
corresponding period in 2006.  Excluding the impact of
acquisitions and disposals, organic revenue growth in the third
quarter was 4.1%.  The contract portfolio grew by 4.8% during
the three months.

Group operating profit (before amortization of intangibles) of
GBP66.7 million was 6.9% higher than in 2006.  Adjusted
operating profit (before amortization of intangible assets of
GBP10.3 million and one-off items of GBP7.1 million) was GBP73.8
million, an increase of 18.1%.  Adjusted profit before income
tax (again, before amortization of intangible assets and one-off
costs) moved ahead strongly by 21.1% to GBP59.1 million.
Excluding the estimated benefit of the interest received on the
proceeds from the sale of Electronic Security, adjusted profit
before income tax was up 5.3% in the quarter.

The sale of the Electronic Security division in France remains
subject to regulatory approval by the French authorities.

Further progress was made during the quarter to integrate the
businesses acquired during 2006, most notably Target Express,
the City Link franchises and Pink Healthcare in Australia.
Progress on the integration of Target Express is delivering
synergy benefits ahead of original plan and in line with the
half year statement.

Rentokil has continued to make solid progress in its Textiles
and Washroom division with profit in the quarter up 4.5% on the
prior year.  In the U.K. the group announced the closure of two
sites which will allow us to complete the rationalization of the
branch and processing infrastructure.  Textiles and Washrooms
was ahead of last year in the key markets of Germany,
Netherlands, France and Belgium.  The business in France has
responded well to initiatives to better develop the washrooms
business together with a number of higher margin specialist
areas.
Rentokil's pest control operations in continental Europe
continued the solid progress made in organic growth and are
beginning to convert more of that growth into profit.  In the
U.K. revenue was up on the corresponding quarter, for the first
time since the fourth quarter of 2005.  However, more work is
needed on service efficiency before this flows through into
increased profitability.

The group continued its program of investing in building strong
market positions in growth sectors and made 36 acquisitions in
the period for a total consideration of GBP77 million.  The
majority of the acquisitions were in Asia Pacific and Pest
Control.  Following the acquisition of Ambigest in July,
the group has now become the clear number one pest control
company in Spain.

                          Year to Date

For the year to date revenue of GBP1.6 billion was 23.8% above
the same period last year.  Organic revenue growth was 4.3% for
the nine months.  All divisions reported increased revenue for
the year to date, with City Link, Asia Pacific and Facilities
Services giving the strongest performance.  The contract
portfolio increased by 6.9% over the nine-month period.
Operating profit (before amortization of intangibles) for the
group grew by 6.6% to GBP189.4 million and adjusted operating
profit (before amortization and one-off items) amounted to
GBP199.7 million, an increase of 8.8% on prior year.

Adjusted PBTA continues to improve.  In the first quarter of
2007 profit fell by 23.2% versus the corresponding period,
reducing to a decline of 4.3% in the second quarter of 2007.  In
the third quarter of 2007 profit increased by 21.1% or 5.3% if
the interest benefit from the sale of Electronic Security is
excluded.

Year to date adjusted profit before tax and amortization is down
by 1.9% at GBP147.7 million.

Rentokil's continued focus on customer service and efficiency
has resulted in improved contract retention rates across all its
divisions with the exception of Facilities Services.  Within
this division retention rates were lower in the quarter due to
the loss of a number of contracts.  As a result the group's
annualized retention rate has fallen back slightly for the nine
months to 87.6% from the 88.3% reported at both the half year
2007 and for the nine month period in 2006.

                            Outlook

The outlook for the remainder of 2007 is unchanged and Rentokil
reiterates its guidance issued at the interim stage for the full
year 2007 and 2008.

Excluding the interest benefit from the sale of Electronic
Security (of around GBP15 million), the group continues to
expect that profit before tax and amortization for the year
before one-off items will be in line with 2006, with profits
moving ahead strongly in the second half.

In 2008 full year profit before tax and amortization is expected
to show mid to high single digit growth over 2007 after
excluding the interest benefit from the sale of Electronic
Security (around GBP15 million in 2007 and GBP30 million in
2008).

Headquartered in West Sussex, England, Rentokil Initial PLC
(LSE:  RTO) -- http://www.rentokil-initial.com/-- is one of the
largest business services companies in the world, operating in
all the major economies of Europe, North America, Asia Pacific
and Africa.  The company has some 90,000 employees providing a
range of support services in over 40 countries.

At June 30, 2007, the company's consolidated balance sheet
showed GBP1.9 billion in total assets, GBP2.5 billion in total
liabilities and GBP559.7 million in stockholders' deficit.



TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30
---------------------------------------------------------------
Terex Corporation reported income from continuing operations for
the third quarter of 2007 of US$151.5 million compared to income
from continuing operations of US$105.6 million for the third
quarter of 2006.  All per share amounts are on a fully diluted
basis.

As of Sept. 30, 2007, the company reported total assets of
US$5.5 billion, total liabilities of US$3.2 billion, and
stockholders' equity of US$2.3 billion.

                    Third Quarter Highlights

Net sales reached US$2,196.5 million in the third quarter of
2007, an increase of US$292.8 million, or 15.4%, from
US$1,903.7 million in the third quarter of 2006.

Income from operations was US$236.3 million in the third quarter
of 2007, an increase of US$45.2 million, or 23.7%, from
US$191.1 million in the third quarter of 2006.

Interest expense was US$14.6 million for the third quarter of
2007, compared with US$21.3 million in the 2006 third quarter,
reflecting the reduction in debt versus year ago levels.  Other
income totaled US$3.8 million for the third quarter of 2007,
compared with US$0.6 million for the third quarter of 2006.

The effective tax rate for continuing operations for the third
quarter of 2007 was 34.1%, compared to the effective tax rate
for continuing operations of 33.5% for the third quarter of
2006.

Return on invested capital was 41.9% for the trailing twelve
months ended Sept. 30, 2007.  Debt, less cash and cash
equivalents, decreased US$9 million in the third quarter to
US$189 million, reflecting the favorable impact of strong
earnings, partially offset by expenditures of about US$50
million for the repurchase of Terex common stock pursuant to a
previously announced stock repurchase program, as well as
increases in working capital.

Cash flow in the third quarter was slightly below expectations,
mainly as a result of higher than anticipated inventory levels.
In the last twelve months Debt, less cash and cash equivalents,
has decreased by US$174 million.

Working capital as a percent of Trailing Three Month Annualized
Sales was 23.2% at the end of the third quarter of 2007, as
compared to about 19.2% at the end of the third quarter in 2006.

Backlog for orders deliverable during the next twelve months was
US$4,058.1 million at Sept. 30, 2007, an increase of 73% versus
the third quarter of 2006.

                             Outlook

In July 2007, Terex provided guidance for 2007 performance,
indicating that anticipated earnings per share for the full year
would be between US$5.50- US$5.70 per share on net sales of
between US$8.8 to US$9 billion.  The company's current
expectation is to report full year 2007 financial results that
fall within this previously stated range.

Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?2481

"Our third quarter results reflected a continuation of the many
trends we have seen develop over the past few quarters,"
commented Ron DeFeo, Terex's chairman and chief executive
officer.  "The underlying story of strong global demand for our
products remains intact, contributing to our positive outlook
for Terex's future financial performance.  However, the
challenge of shortages in component deliveries impacting
production output, capacity constraints on certain of our
products, and a softer North American marketplace for certain
products continue to weigh on our business.  Overall, we feel
our ability to improve our franchise during these generally
favorable market conditions is getting stronger."

Mr. DeFeo added, "We continue to invest in our business with a
focus on long-term benefits to our customers and investors.  Our
operating expenses have increased versus year ago levels, but
these are necessary expenses targeted at improving our
capabilities in multiple areas, such as supply management,
marketing, global sales and service, information technology and
financial services.  We will continue to increase our investment
in these areas in the future, and we expect that benefits from
these investments will become more visible."

"Our overarching message today is that we are a company that is
poised for continued strong and profitable growth," said
Mr. DeFeo.  "We are committed to achieving our previously stated
objective of US$12 billion in sales and a 12% operating margin
by 2010.  We anticipate that acquisitions will be a part of this
growth strategy, and with the recent volatility in financial
markets, we are uniquely positioned to take advantage of
opportunities as they arise, as well as continuing to invest in
expanding our infrastructure in developing economies."

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


TEREX CORP: Moody's Holds Low-B Ratings on US$1.1 Billion Notes
---------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating
of Terex Corporation and updated Terex's debt ratings to reflect
the issuance of US$800 million of 8% senior subordinated notes
due 2017, versus the expected US$500 million of senior
subordinated notes that were to be issued in a combination of
eight and ten year maturities.  The outlook is stable.  Moody's
had anticipated that a larger issuance was possible and the
US$300 million additional amount of notes issued does not
materially impact Terex's positioning at the Ba2 corporate
family rating level.  The larger amount of notes issued, when
applied to Moody's Loss Given Default methodology, results in
some LGD assessment rate changes as:

   -- US$900 million senior secured credit facility to Baa3,
      LGD2 16% from Baa3, LGD2 18%

   -- US$300 million 7.375% senior subordinated notes due 2014
      to Ba2, LGD3 42% from Ba2, LGD4 50%

   -- US$800 million 8% senior subordinated notes due 2017 to
      Ba3, LGD5 79% from Ba3, LGD5 83%

Approximately US$2.0 billion of debt are affected.

The ratings on the senior subordinated note issuance of 8 year
maturity (2015) has been withdrawn.

Terex Corporation, headquartered in Westport, Connecticut, is a
diversified global manufacturer of construction, infrastructure,
and surface mining equipment.   The company has operations in
Australia, Brazil, China, Japan, Germany, United Kingdom, among
others.  Last 12 months Sept. 30, 2007, revenues were
approximately US$8.5 billion.


THAI SIAM: Brings In Liquidators from Mazars
--------------------------------------------
Paul Charlton and Robert David Adamson of Mazars LLP were
appointed joint liquidators of Thai Siam Restaurants Ltd.
(formerly Thai Siam Restaurant Ltd.) on Oct. 30 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


TRANIK SERVICES: Claims Filing Period Ends December 10
------------------------------------------------------
Creditors of Tranik Services Ltd. have until Dec. 10 to send in
their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

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

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on Oct.
30 for the creditors' voluntary winding-up proceeding.


WESTERN FRONT: Appoints Michael Young as Liquidator
---------------------------------------------------
Michael Young of Vantis was appointed liquidator of Western
Front Books (U.K.) Ltd. on Oct. 29 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


WATERFORD WEDGWOOD: Reports EUR85 Mln Equity Deficit at Sept 30
---------------------------------------------------------------
Waterford Wedgwood plc released interim results for the six
months to Sept. 30, 2007.

Waterford posted a net loss of EUR57.1 million on EUR317.4
million of revenue for the six months ended Sept. 30, 2007,
compared with a net loss of EUR21.1 million on EUR352.5 million
of revenue for the same period in 2006.

At Sept. 30, 2007, the Group's consolidated balance sheet showed
EUR683.2 million in total assets, EUR767.7 million in total
liabilities, and EUR84.5 million in stockholders' deficit.

"After significant improvements in the bottom line in the year
to March 2007, results for the first half of this year slowed,"
Peter Cameron, chief executive of Waterford, commented.  "There
was genuine consumer enthusiasm for our products, especially in
the US, but sales were affected by product shortages over the
six months to September, and adverse currency fluctuations."

"The lack of working capital for much of the period, which
limited our ability to manufacture and deliver our products, was
addressed following receipt of the proceeds of the Open Offer.
There is now a significant backlog of orders and we are
confident of a strong Christmas season.  Our new and
contemporary ranges are being met with enthusiasm, and the
investment we made in our portfolio is now being reflected in a
higher demand for our products - the total order book at
Nov. 1, 2007, was 14% up on the same date last year.

"We announced in October that we planned a restructuring of the
Group's cost base which we aim to implement by the end of this
financial year.  We are now in consultations with our employee
representatives and expect to announce a fully-financed plan in
the near future.  While we maintain a vigilant watch over
our cost base, we recognize that cost reduction by itself will
not be enough -- driving sales will be key and I am confident
that with the capital injection now in place, revenues should
gather momentum.  We also disclosed in October that we were in
advanced talks with a major financial institution concerning a
significant investment in the Group's Preference Shares.  These
talks are ongoing.

"We expect the profit margin benefits of the restructuring,
demand for our contemporized products and the benefits of the
recent refinancing to combine to give an improved performance in
the second half of the current financial year."

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

                          *    *    *

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


WESTON SPIRIT: Claims Filing Period Ends February 28, 2008
----------------------------------------------------------
Creditors of Weston Spirit (Trading) Ltd. have until
Feb. 28, 2008, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Jonathan D. Newell
         Joint Liquidator
         PKF (U.K.) LLP
         5 Temple Square
         Temple Street
         Liverpool
         L2 5RH
         England

Jonathan D. Newell and Kerry Bailey of PKF (U.K.) LLP were
appointed joint liquidators of the company on Nov. 2 for the
creditors' voluntary winding-up proceeding.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cinemaxx AG               MXC        (27)         177      (32)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

ICELAND
-------
Decode Genetics Inc.      DCGN       (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU     (145)         897       209


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)        1583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)        2963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Gukovugol Pfd             GUUGP      (58)         144   (4,094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)        1283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Jpmorgan Cazenov                      (2)         342       35
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      1,2410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
Scottish Windows                     (34)         427       13
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Stylo Barrat SH                      (17)         180    (2145)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Vauxhall Motors                     (699)       2,584  (45,250)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *