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

                           E U R O P E

          Wednesday, November 14, 2007, Vol. 8, No. 226

                            Headlines




A U S T R I A

C-MEDIA LLC: Innsbruck Court Orders Business Shutdown
E.S.R. ELEKTRO: Creditors' Meeting Slated for Nov. 23
HOTEL BERGLAND: Claims Registration Period Ends Nov. 16
M + M MOTOR-SERVICE: Claims Registration Period Ends Nov. 16
MTB INDUSTRIEMONTAGEN: Administrator Says Insufficient Assets

NEW LINE: Vienna Court Orders Business Shutdown
XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30
XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17


B E L G I U M

FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30
SOLUTIA INC: NY Court Approves US$250 Million Backstop Deal


F I N L A N D

BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million


F R A N C E

BALLY TECHNOLOGIES: Fitch Lifts Credit Facility Rating to B
DELPHI CORP: Wants DIP Financing Maturity Date Extended
DELPHI CORP: Wants to Enter into US$6.8 Billion Exit Financing
DELPHI CORP: Committee Says Disclosure Statement is Inadequate
DELPHI CORP: Senior Noteholders Balk at Disclosure Statement

POLYMER GROUP: Weak Business Prompts S&P to Hold 'BB-' Rating
SMOBY-MAJORETTE: To Appeal Court's Receivership Ruling


G E R M A N Y

ALIU BAU: Claims Registration Period Ends November 26
ARCADE GMBH: Claims Registration Ends December 7
ARTHRONET GMBH: Claims Registration Period Ends Dec. 10
BASELL AF: S&P Keeps BB- Ratings on Watch on Lyondell Purchase
BAUGESCHAFT LOEPPERT: Claims Registration Ends November 19

BOERI BAUTRAGER: Claims Registration Period Ends Jan. 8, 2008
B.R. TRANSPORTUNTERNEHMEN: Claims Registration Ends Dec. 12
DANISCHE BAUKOMPONENTEN: Claims Registration Ends December 7
FINANZ- UND ANLAGENKONZEPTE: Claims Filing Period Ends Nov. 30
FUTURE IT: Claims Registration Period Ends December 11

GASTRO ITALIA: Claims Registration Ends December 18
GESA DIENSTLEISTUNGS: Claims Registration Period Ends Dec. 14
HANDWERKER-BAU-TREUHAND GMBH: Claims Registration Ends Dec. 6
HEINZ KUECKELMANN: Claims Registration Ends December 7
H P BAYER: Claims Registration Period Ends Nov. 30
MOELLER HAUSMEISTER: Creditors' Meeting Slated for Nov. 26

PAJONK AUTOPFLEGE: Claims Registration Period Ends November 26
PRO REGIO: Claims Registration Ends December 18
SCHOEN BROT: Claims Registration Period Ends Nov. 27
SELFREI IMPEX: Claims Registration Period Ends Nov. 16


H U N G A R Y

RTH KFT: Enters Into Liquidation Procedure
RYNART TRANSPORT: Enters Into Liquidation Procedure


I R E L A N D

GAP INC: October Net Sales Down 1% at US$1.23 Billion


I T A L Y

BERICA 6: S&P Affirms BB Ratings on D Notes After Review


K A Z A K H S T A N

AKBULAK OJSC: Proof of Claim Deadline Slated for December 12
EXPERT-INVEST PRO: Creditors Must File Claims December 14
KALA KURYLYS: Claims Filing Period Ends December 12
KAZAKHSTANSKY INSTITUTE: Creditors' Claims Due on December 14
KAZTRANSITTRANS LLP: Claims Registration Ends December 14

STROYTECHCOMPANY LLP: Creditors Must File Claims December 14
WINE PRODUCT: Claims Filing Period Ends December 12


K Y R G Y Z S T A N

AIS COMPLETE: Creditors Must File Claims by December 19


L U X E M B O U R G

EVRAZ GROUP: Hikes Refinancing Loan Size to US$3.2 Billion


N E T H E R L A N D S

KONINKLIJKE AHOLD: Reacquires Shares for EUR76.30 Million
X5 RETAIL: Gennady Frolov Quits as Corp Relations Chief


N O R W A Y

GEOKINETICS INC: Completes US$25MM Lease Facility with CIT Group


R U S S I A

ALAPAEVSKIJ CJSC: Creditors Must File Claims by Jan. 3, 2008
ASTRAHAN'OILCHEMIPROM OJSC: Creditors Must File Claims by Nov. 3
SOYUZ BANK: S&P Upgrades Rating to B on Parental Support
EVRAZ GROUP: Hikes Refinancing Loan Size to US$3.2 Billion
GAZPROM NEFT: Earns RUR19.33 Billion for Third Quarter 2007

INDUSTRIAL OIL: Creditors Must File Claims by Dec. 3
IRBITSKIJ LLC: Asset Sale Slated for Dec. 3
NOVOUZENSKAYA OJSC: Asset Sale Slated for Dec. 5
PEPP USE: Moscow Bankruptcy Hearing Slated for Feb. 1, 2008
ROSNEFT OIL: Unit Commences East-Chumakovskoe Oil Field Ops

SAMARSKIJ CJSC: Creditors Must File Claims by Jan. 3, 2008
SEVERSTAL OAO: To Acquire Celtic Resources for GBP173 Million
SISTEMA-HALS: Names Roland Rollov as VP for Civil Engineering
SISTEMA-HALS: Obtains US$200 Million Loan from VTB
TULACOAL OJSC: Creditors Must File Claims by Dec. 3

VERHOVSKIJ CONCENTRATED: Asset Sale Slated for Dec. 4
X5 RETAIL: Gennady Frolov Quits as Corp Relations Chief
YUKOS OIL: Exits Bankruptcy Process Per Russian Court Ruling


S P A I N

VALENCIA HIPOTECARIO 2: Fitch Junks Class D Notes After Review
VALENCIA HIPOTECARIO 3: Fitch Junks Class D Notes After Review


S W I T Z E R L A N D

AAA AVANT-TIME: Aargau Court Starts Bankruptcy Proceedings
AGROLOGIC JSC: Creditors' Liquidation Claims Due by November 30
BROCKENSTUBE TABOUBI: Creditors Must File Claims by November 30
COM-TEL COSYFLOR: Thurgau Court Closes Bankruptcy Proceedings
FELDI'S HANDELS: Creditors' Liquidation Claims Due by Nov.21

IMAG TRANSPORT: Creditors' Liquidation Claims Due by December 31
LILAC JSC: Lucerne Court Closes Bankruptcy Proceedings
SWISS DIGITAL: Creditors' Liquidation Claims Due by November 30
VON AESCH: Creditors' Liquidation Claims Due by November 16
ZUM WILDEN: Aargau Court Starts Bankruptcy Proceedings


U K R A I N E

EKOMACH LLC: Creditors Must File Claims by November 18
FUEL CJSCAL: Creditors Must File Claims by November 18
GLASS KIT: Creditors Must File Claims by November 17
KHLEBODEL LLC: Creditors Must File Claims by November 17
KRAMATORSK ASSEMBLY: Creditors' Claims Due November 18

POLTAVKA LLC: Creditors Must File Claims by November 17
RIVNE ENGINEER: Creditors Must File Claims by November 18
SUMY-FOODINDUSTRY CJSC: Creditors Must File Claims by Nov. 18
TH AMRI: Creditors Must File Claims by November 17


U N I T E D   K I N G D O M

2971471 CO: Brings In Liquidators from Mercer & Hole
CHIPMUNK CITY: Names Matthew Colin Bowker Liquidator
CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
DOLLAR FINANCIAL: Moody's Lifts Senior Secured Rating to B2
FORD MOTOR: Defers Volvo Sale; Intends to Improve Financials

FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation
FORD MOTOR: Unit Earns US$334 Million in Third Quarter of 2007
INVENSYS PLC: Fitch Puts IDR on Watch on Sale of Division
LATIMER CONTRACTING: Appoints Liquidators from Mazars

MTI TECHNOLOGY: Selects Manatt Phelps as Special SEC Counsel
MTI TECHNOLOGY: Court Approves Omni Management as Claims Agent
NASDAQ STOCK: Hellman & Friedman Sells 23.5 Million Stake
NEESHAM GROUNDWORKS: Daryl Warwick Leads Liquidation Procedure
POWERJET LTD: Calls In Liquidators from Tenon Recovery

RANK GROUP: Profit Warning Cues S&P to Cut Ratings to B+
SCOTTISH RE: S&P Revises Outlook to Negative from Developing
SHAW GROUP: Joint Venture Bags Remediation Contract from DOE
STARCROSS CONSTRUCTION: Claims Filing Period Ends December 2
SUNGLOSS LTD: Taps Liquidators from Tenon Recovery

SYNIAD SYSTEMS: Hires Liquidators from BDO Stoy Hayward




                            *********


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A U S T R I A
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C-MEDIA LLC: Innsbruck Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Innsbruck entered Oct. 17 an order shutting
down the business of LLC C-Media (FN 289487t).

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

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


E.S.R. ELEKTRO: Creditors' Meeting Slated for Nov. 23
-----------------------------------------------------
Creditors owed money by LLC E.S.R. Elektro- und Elektronik-
Schrott-Recycling (FN 151890v) are encouraged to attend the
first creditors' meeting at 10:00 a.m. on Nov. 23.

The creditors' meeting will be held at:

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

Headquartered in Zams, Austria, the Debtor declared bankruptcy
on Oct. 18 (9 S 18/07g).   Wilfried Leys serves as the court-
appointed estate administrator of the bankrupt's estate.   Dr.
Walter Lenfeld represents Dr. Leys in the bankruptcy
proceedings.

The estate administrator and his representative can be reached
at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malser Strasse 49 a
         6500 Landeck
         Austria
         Tel: 05442/63 0 29
         Fax: 05442/6302914
         E-mail:  RA-LL@aon.at


HOTEL BERGLAND: Claims Registration Period Ends Nov. 16
-------------------------------------------------------
Creditors owed money by LLC Hotel Bergland (FN 172766v) have
until Nov. 16 to file written proofs of claim to court-appointed
estate administrator Rupprechter Walter at:

         Mag. Rupprechter Walter
         c/o Dr. Hochstaffl-Salcher
         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37/II
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/71 800 7
         E-mail: mail@hochstaffl-rupprechter.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         A-6020 Innsbruck
         Austria

Headquartered in Wildschoenau - Oberau, Austria, the Debtor
declared bankruptcy on Oct.  12 (Bankr. Case No. 19 S 101/07m).
Hochstaffl-Salcher represents Mag. Walter in the bankruptcy
proceedings.


M + M MOTOR-SERVICE: Claims Registration Period Ends Nov. 16
------------------------------------------------------------
Creditors owed money by LLC M + M Motor-Service (FN 37218h) have
until Nov. 16 to file written proofs of claim to court-appointed
estate administrator Gernot Moser at:

         Dr. Gernot Moser
         Ludwig Penz Strasse 2
         6130 Schwaz
         Austria
         Tel: 05242/62331
         Fax: 05242/623311
         E-mail: g.moser@rechtsberater.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:15 a.m. on Nov. 30 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Kramsach, Austria, the Debtor declared
bankruptcy on Oct. 16 (Bankr. Case No. 7 S 60/07v).


MTB INDUSTRIEMONTAGEN: Administrator Says Insufficient Assets
-------------------------------------------------------------
Dr. Peter Pullez, the court-appointed estate administrator for
LLC MTB Industriemontagen (FN 278029t), declared Oct. 12 that
the Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 28 (Bankr. Case No. 3 S 122/07x).

The estate administrator can be reached at:

         Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79-25
         E-mail: pullezgschwandtner@aon.at


NEW LINE: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Oct. 12 an order shutting down
the business of LLC New Line (FN 223564x).

Court-appointed estate administrator Martina Simlinger-Haas
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. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713994622
         E-mail: ra.reisnerstr31@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 3 (Bankr. Case No 38 S 54/07d).


XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30
--------------------------------------------------------------
Xerium Technologies Inc. reported financial results for the
third quarter ended Sept. 30, 2007.  Net sales for the third
quarter of 2007 were US$153.6 million, a 5.6% increase from
US$145.5 million for the third quarter of 2006.

For the three months ended Sept. 30, 2007, the company recorded
net income of US$7.1 million compared to US$2.2 million for the
third quarter of 2006.

Thomas Gutierrez, President and Chief Executive Officer of
Xerium Technologies, said, "We continue to make meaningful
progress as we work to strengthen our core businesses and
position Xerium for future growth.  Our clothing business
demonstrated exceptional, broad-based growth this quarter, with
sales increasing 11.6% over the same period last year.  Even
more importantly, as a result of numerous programs we initiated
to drive efficiencies and reduce costs, segment earnings for
clothing grew at almost double the rate of sales growth,
improving 22.5% over the same period."

"As we have described in previous quarters, the roll covers
business continues to face a number of challenges that have
limited our ability to generate sales increases.  These factors
led to a decline in roll covers sales of 5.2% for the third
quarter of 2007 compared to the same quarter last year.  We
have, however, made progress offsetting the bottom-line impact
of sales declines with programs aimed at reducing costs, and I
am pleased that we were able to generate segment earnings this
quarter in line with the prior year period."

He added, "With our cost structure improvement initiatives well
under way, we are also focusing on initiatives designed to
accelerate growth prospects for Xerium.  These efforts include
regional expansion in higher-growth areas of the world,
improving our access to these markets and enabling us to shift
production from higher-cost locations.  In clothing, the
expansion of our South American capabilities and building of a
new manufacturing facility in Vietnam remain on track.  For our
roll covers business, we continue to expect to establish a
physical presence in China by mid-2008, opening up a larger
market opportunity for Xerium."

Mr. Gutierrez concluded, "We remain cautious about market
conditions as consolidation amongst our customers continues and
the competitive environment, particularly in Western Europe, is
still challenging.  We are confident that our strategy clearly
addresses not only these concerns, but also positions us to
capitalize upon the opportunities available to a company with
Xerium's technological leadership, exceptional customer
relationships and strong market position.  We believe we have a
solid framework for future growth."

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating -- B1
     * Guaranteed senior secured term loan B -- B1
     * Guaranteed senior secured revolving credit facility -- B1


XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17
-----------------------------------------------------------
Xerium Technologies Inc.'s Board of Directors declared a
dividend of US$0.1125 per share of common stock payable on
Dec. 17, 2007, to shareholders of record as of the close of
business on Dec. 5, 2007.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating -- B1
     * Guaranteed senior secured term loan B -- B1
     * Guaranteed senior secured revolving credit facility -- B1


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B E L G I U M
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FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30
----------------------------------------------------------------
Ferro Corporation has earned US$5.6 million on net sales of
US$551 million for the three months ended Sept. 30, 2007,
compared to net income of US$5.5 million on net sales of
US$501 million for the same period in 2006.

Income from continuing operations for the 2007 third quarter was
US$5.6 million, up 2.2 percent compared with US$5.5 million in
the third quarter of 2006.  During the quarter, lower selling,
general and administrative expenses and lower interest expense
were largely offset by restructuring charges related to the
consolidation of certain manufacturing operations in Europe and
higher income tax expense.  The 2007 third quarter income from
continuing operations included net pre-tax expenses of
US$6.5 million primarily related to restructuring costs.  The
third quarter 2006 income from continuing operations included
net pre-tax expenses of US$1.3 million primarily related to
manufacturing rationalization activities.

"We delivered strong third-quarter sales that were driven by the
breadth of our international operations," said Chairman,
President and Chief Executive Officer James F. Kirsch.  "Our
segment income increased 7 percent, compared with the third
quarter of 2006, despite weakness in a number of U.S. markets
and continued raw material cost increases.  While we delivered
improved segment income from the third quarter of 2006, we
remain focused on the opportunities we have identified to
improve overall profitability and deliver enhanced shareholder
value."

Net sales increased in the third quarter primarily as a result
of product price increases and favorable changes in foreign
currency exchange rates.  Compared with the third quarter of
2006, sales increased in the Performance Coatings, Color and
Glass Performance Materials, Electronic Materials and Polymer
Additives segments.  Sales declined from the prior-year period
in the Specialty Plastics segment.  International net sales grew
18 percent compared with the third quarter of 2006, while sales
in the United States were flat.

Gross margins were 18.2 percent of sales for the third quarter,
compared with 19.7 percent of sales in the third quarter of
2006.  The Company's 2007 third quarter gross profit was reduced
by US$0.5 million in costs primarily related to accelerated
depreciation and other costs associated with manufacturing
rationalization activities.  Gross profit was negatively
impacted by lower volumes, particularly in porcelain enamel and
plastics products, and higher raw material costs.  In addition,
gross margin as a percent of sales continued to be negatively
impacted by rising precious metal costs.  Precious metal costs
are passed through to customers with minimal contribution to
margins.

Selling, general and administrative (SG&A) expense was
US$71.1 million in the third quarter of 2007, or 12.9 percent of
sales.  SG&A expense in the third quarter of 2006 was
US$74.1 million, or 14.8 percent of sales, including charges of
US$0.4 million primarily related to organizational initiatives
and an accounting restatement.  SG&A expense declined primarily
as a result of expense reduction activities, particularly in the
Specialty Plastics and Electronic Materials segments, lower
incentive compensation accruals and lower audit fees.

Restructuring charges were US$5.8 million for the 2007 third
quarter, primarily as a result of activities related to the
consolidation of Ferro's porcelain enamel manufacturing
operations in Europe.  There were no restructuring charges
recorded in the third quarter of 2006.

Interest expense for the 2007 third quarter was US$14.5 million,
compared with US$16.8 million in the year-ago period.  Interest
expense declined from the prior-year period largely as a result
of lower borrowing levels resulting from the elimination of cash
deposits on precious metal consignments and lower interest
rates.  The elimination of these deposits also resulted in a
decline in interest income during the third quarter compared
with the third quarter of 2006.

The company's tax rate for the third quarter increased to 38.3
percent from 33.0 percent in the 2006 third quarter.  The higher
rate was largely the result of the tax effects from the
restructuring charges recorded in the quarter, the mix of income
by country and an increase in the tax cost of foreign current-
year earnings to be repatriated.

Total debt on Sept. 30, 2007 was US$536.4 million, compared with
US$592.4 million at the end of 2006.  The company had net
proceeds of US$65.5 million from its U.S. accounts receivable
securitization program as of Sept. 30, 2007, compared with
US$60.6 million at the end of 2006.  The company also had
US$51.2 million in net proceeds from similar programs outside
the U.S. at the end of the quarter, compared with
US$33.7 million at the end of 2006.

                      About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were USUS$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's USUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


SOLUTIA INC: NY Court Approves US$250 Million Backstop Deal
-----------------------------------------------------------
The Honorable Prudence Beatty of the U.S. Bankruptcy Court for
the Southern District of New York has approved Solutia Inc. and
its debtor-affiliates' agreement with a handful of unsecured
creditors who will provide US$250 million into the company in
exchange for backstop rights and the chance to directly purchase
discounted new stock.

Solutia signed the agreement last month with UBS Securities LLC,
Merrill Lynch & Co. Inc., a General Motors Corp. pension fund,
and hedge funds Highland Capital Management, Longacre Fund
Management and Southpaw Asset Management.  Under the
arrangement, the backstop investors will pay approximately
US$175 million to be put toward retiree pensions and US$75
million that will cover other legacy liabilities.  The investors
will buy any stock that other unsecured creditors, noteholders
and existing stockholders do not buy in the new offering, in
which the stock will sell for US$13.33 per share, discounted
from the US$20 expected value.

Solutia said it will get the US$250 million even if the offering
is under-subscribed.

In a four-page order, Judge Beatty authorized Solutia to take
any and all actions necessary or appropriate in connection with
the contemplated transactions, including the payment of the
backstop fee, the transaction expenses and the litigation
expenses to the Investors, without further filing with or Court
order.

Judge Beatty determined that the Backstop Fee, the Transaction
Expenses and the Litigation Expenses, if and when payable, are
accorded the status of administrative expense claims pursuant to
Section 503(b)(1) of the Bankruptcy Code.

With the approval of the Backstop Commitment Agreement, Solutia
said that it is on its way towards Chapter 11 exit.

Judge Beatty has set a confirmation hearing for Nov. 29, 2007,
to approve Solutia's Amended Plan of Reorganization.  The
company expects to emerge from bankruptcy by the end of the
year.

                      About Solutia Inc.

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


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

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

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


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F I N L A N D
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BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million
------------------------------------------------------------
(Finland)
Brightpoint Inc. reported net income of US$12.9 million for the
three months ended Sept. 30, 2007, compared to net income of
US$8.7 million for the same period in 2006.

"In the third quarter of 2007, we continued to focus on the
execution of our growth strategy including the integration of
the Dangaard and CellStar businesses," stated Robert J. Laikin,
Brightpoint's Chairman of the Board and Chief Executive Officer.
"I am excited about Brightpoint's long term opportunities for
growth in the global wireless industry.  In the third quarter,
we handled an all-time company record of 22 million wireless
devices.  We feel that with the completion of the Dangaard
transaction along with our current positive momentum in many of
our markets, we are on pace to grow faster than the global
wireless device industry.  I currently expect Brightpoint to
handle between 100 million to 115 million wireless devices in
2008 giving Brightpoint an estimated market share of 8 to 9% on
a global basis.  Based on the continued strong momentum and
robust demand in Q4, I am estimating the wireless industry's
2008 global unit sell-in to be in the range of 1.25 billion to
1.35 billion units.  I also believe that this demand will
continue for the next several years with my new updated 2011
global sell-in estimate of greater than 1.65 billion units."

"During the third quarter of 2007, we made very good progress in
the integration of the Dangaard acquisition," said Tony Boor,
Brightpoint's Chief Financial Officer.  "I am very pleased with
the efforts of our Global Finance Team on this initiative over
the past several months.  We have successfully converted
Dangaard from International Financial Reporting Standards to US
GAAP, and Brightpoint accounting policies are now being applied
on a consistent basis.  I am also very pleased with our strong
operating results and the cash generated from selling through
inventory within our Asia-Pacific division, which contributed to
our positive operating cash flow of US$96.5 million year to
date."

Revenue was US$1.2 billion for the third quarter of 2007, an
increase of 86% from the third quarter of 2006.  Excluding the
impact of the Dangaard Telecom acquisition, revenue increased
34%, which was primarily driven by the acquisition of CellStar
as well as growth in our distribution business in Singapore.  In
order to conform to Brightpoint accounting policies and US GAAP,
Dangaard Telecom changed its revenue recognition for
arrangements where Dangaard Telecom serves as the "agent" in the
transaction.  As a result, revenue from the Dangaard Telecom
operations for the two months ended September 30, 2007 was
approximately US$58.0 million lower under US GAAP than it would
have under International Financial Reporting Standards.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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


BALLY TECHNOLOGIES: Fitch Lifts Credit Facility Rating to B
-----------------------------------------------------------
Fitch Ratings upgraded Bally Technologies' secured bank debt
rating and affirmed Bally's Issuer Default Rating as:

   -- Secured bank credit facility upgraded to 'B/RR3' from 'B-
      /RR4';

   -- IDR affirmed at 'B-'.

The secured credit facility comprises a term loan with
US$308 million outstanding and a US$75 million revolver, which
was undrawn as of June 30, 2007.

Fitch has revised the Rating Outlook on Bally Technologies to
Stable from Negative.

The Rating Outlook revision reflects Bally's significant
progress in terms of its operating performance and its financial
restatements.  If those trends were to continue over the next
couple quarters, Fitch anticipates that additional positive
rating actions could occur.

The rating actions are based on Bally's significantly improved
product pipeline and solid acceptance of the Alpha platform over
the past two years, which is generating meaningful improvement
in its financial performance.  On Nov. 1, Bally announced its
fiscal 4Q'07 and FY07 (period ending June 30) results and
reiterated its expectations for FY08, which were initially given
on Aug. 21, 2007.  Driven by the improved product platform,
Bally generated 26% revenue growth to US$682 million in FY07 and
expects 21-22% growth in FY08 to more than US$830 million.

Reported adjusted EBITDA increased to US$138.5 million in FY07
from US$49.6 million in FY06.  Bally's leverage ratio according
to its credit facility as of June 30, 2007 was 2.17x versus a
maximum allowable of 3.75x, which declines to 3.50x as of Sept.
30, 2007.  Bally's credit profile has improved dramatically
fueled by the improving operating profile.  As of June 30, 2007,
Bally had roughly US$37 million in debt maturities through FY09,
unrestricted cash balances of US$40.8 million (up from US$12.4
million as of Dec. 31, 2007), an untapped US$75 million credit
revolver, and a somewhat flexible capex budget.

Tempering the financial improvement is the fact that Bally has
been under investigation by the SEC since 2005 and has been
untimely with its SEC filings.  In its most recent audited
financial statements Bally continues to note material weaknesses
in internal controls over financial reporting, with revenue
recognition and inventory valuation among the most significant
items.

While these items continue to be concerns that weigh on Bally's
credit ratings, Fitch notes that Bally has made significant
strides over the past 12 months with its restatements and
becoming current on its filings.  Bally has been restating its
financial results and filed its fiscal fourth quarter 2007 10Q
and fiscal 2007 10K on Nov. 2, 2007 (temporarily becoming
current) and has now filed three 10Ks and six 10Qs within the
last 12 months. However, Bally expects to miss the Nov. 9, 2007
deadline to file its fiscal 1Q08 10Q.

An additional concern centers around how Bally will fare when
the industry enters a new technology-driven upturn in the next
12-24 months with the onset of server-based gaming, which could
benefit Bally as well as the other major players including IGT,
WMS, and Aristocrat.

While competition has increased since the peak of the last
cycle, IGT is likely to remain the dominant player, in Fitch's
view, because it has the most financial resources, the broadest
product pipeline, and the largest sales/marketing team.  Fitch
believes Bally's improved financial position and operational
turnaround should help it to compete in the next cycle, but
maintenance of Bally's recent market share gains could become
more challenging.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario.  Bally's Recovery
Ratings reflect Fitch's expectation that the enterprise value of
the company, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario (going concern), rather
than a liquidation given Bally's limited tangible asset base.
An 'RR3' recovery rating reflects Fitch's belief that 51-70%
recovery, including the assumption of a fully drawn revolver, is
possible under a distress scenario.


DELPHI CORP: Wants DIP Financing Maturity Date Extended
-------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend its
US$4,500,000,000 bankruptcy loan for five months to June 28,
2008, with an option to further extend to Sept. 30, 2008, to
give it more time to exit Chapter 11 protection after changing
the terms of its reorganization plan.

The Debtors had previously obtained Judge Drain's approval to
enter into a postpetition financing facility with JPMorgan Chase
Bank, N.A., the administrative agent for certain lenders.  The
DIP Facility, among other things, refinanced both the
US$2,000,000,000 first amended DIP credit facility arranged by
J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., and
Deutsche Bank Securities Inc. in Nov. 21, 2005, and the
approximate US$2,500,000,000 outstanding on the US$2,825,000,000
credit facility obtained by the Debtors prior to filing for
bankruptcy.

The DIP facility consists of:

     Tranche   Commitment
     -------   ----------
       A       US$1,750,000,000 first priority revolving credit
               facility

       B       US$250,000,000 first priority term loan

       C       US$2,500,000,000 second priority term loan

The DIP Facility, on its current terms, matures on the date of
the earlier of (i) December 31, 2007 or (ii) the date of the
substantial consummation of a reorganization plan that is
confirmed pursuant to an order of the Court.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, tells the Court that the
maturity date of the existing credit facility must be extended
in light of the Debtors' timetable of emerging from bankruptcy
by the end of the first quarter of 2008.  Delphi had earlier
planned to emerge from Chapter 11 by the end of 2007.

The Debtors and the DIP Lenders have negotiated and entered into
an amendment to DIP Credit Agreement.  The key modifications
achieved as a result of the amendments are:

                Current DIP              Amended And Restated
                Credit Agreement         DIP Credit Agreement
                ----------------         --------------------
Maturity Date   Earlier of               Earlier of
                (i) Dec. 31, 2007 and    (i) June 30, 2008,
with
                (ii) substantial         option to further
                 consummation of plan    extend
                                         to further extend to
                                         September 30, 2008 if
                                         Delphi pays an amount
                                         equal to 25 basis
                                         points of the Tranche A
                                         commitment, the Tranche
                                         B loan, and the Tranche
                                        C loan and (ii)
                                        substantialconsummation
                                        of plan

Add'l Interest  Tranche A               Prior to July 1, 2008
on JP Morgan's    Borrowings: 1.50%     Tranche A
Alternate       Tranche B                 Borrowings: 1.75%
Rate              Borrowings: 1.25%     Tranche B
                Tranche C                 Borrowings: 1.75%
                  Borrowings: 1.75%     Tranche C
                                          Borrowings: 2.25%

                                        From & after July 1,
                                        2008
                                        Tranche A
                                          Borrowings: 2.00%
                                        Tranche B
                                          Borrowings: 2.00%
                                        Tranche C
                                          Borrowings: 2.50%

Add'l Interest  Tranche A               Prior to July 1, 2008
on LIBOR          Borrowings: 2.50%     Tranche A
                Tranche B                 Borrowings: 2.75%
                  Borrowings: 2.25%     Tranche B
                Tranche C                 Borrowings: 2.75%
                  Borrowings: 2.75%     Tranche C
                                          Borrowings: 3.25%

                                        From & after July 1,
                                        2008
                                        Tranche A
                                          Borrowings: 3.00%
                                        Tranche B
                                          Borrowings: 3.00%
                                        Tranche C
                                          Borrowings: 3.50%

Global EBITDAR  For each rolling 12    For each rolling 12
Covenants       fiscal month period    fiscal month period
                ending on the last     ending on the last day of
                day of the months      the months Dec. 31, 2007
                March 31, 2007         through Aug. 31, 2008
                through Nov. 30, 2007  with a global EBITDAR
                with a global EBITDAR  ranging from
                                       US$475,000,000
                ranging from           to US$500,000,000
                US$130,000,000 to
                US$375,000,000

PBGC            -- None--               DIP Lenders consent to
Replacement                             consummation of
Liens                                   transactions authorized
                                        under DASHI Intercompany
                                        Transfer Order

The proposed Amended and Restated DIP Credit Agreement contains
fee provisions, including, among other things, certain
commitment fees and letter of credit fees.

Other fee provisions are contained in a separate fee letter,
which the parties have agreed would be kept confidential.  The
fee letter will be provided, upon request, to counsel to the
Statutory Committees and the U.S. Trustee and will be made
available to the Court for review.

The Debtors also propose that they be authorized, but not
directed, to perform, and take all actions necessary to make,
execute, and deliver the Amendment together with all other
documentation executed in connection therewith and to pay the
related fees.

A copy of the form of Amendment to the DIP Facility is available
for free at:

           DIP Lenders Consent to Intercompany Transfer

As previously reported, the Debtors obtained the Court's
approval (i) for Delphi Automotive Systems (Holding), Inc., to
effectuate the transfer funds accumulated from certain of its
global affiliates to Delphi Automotive Systems LLC; and (ii) use
the proceeds of the transfer, subject to the requisite consent
of the DIP Lenders.  In connection with the intercompany
transfer, the Debtors proposed to grant the U.S. Pension Benefit
Guaranty Corp., on account of unpaid contributions to certain
Delphi pension plans, adequate protection of its asserted
interests in the form of replacement liens in the amount of
US$255,000,000 upon certain DASHI assets already encumbered by
the Current DIP Facility.

As memorialized in the Amended and Restated DIP Credit
Agreement, the DIP Lenders have consented to the Intercompany
Transaction, including the use of proceeds and the granting of
the replacement liens to the PBGC.  In addition,

    -- In the event the Debtors accumulate any further funds
       from their global affiliates, the Debtors also negotiated
       a provision that should obviate the need for further
       consent by the DIP Lenders.  Specifically, they agreed
       that the replacement liens, and any additional liens,
       granted to the PBGC will be permitted but subject to and
       subordinate to the liens granted to the Agent for the
       benefit of the DIP Lenders and the liens granted to any
       "Setoff Claimant" set forth in the DIP Order.

   --  In connection with their consent to the PBGC Liens, the
       DIP Lenders required clarification that the PBGC will be
       treated like all other subordinated secured creditors
       under the DIP Order.

The Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure
for the use, sale, or lease of property.  By waiving the 10-day
period, the Debtors will be able to consummate the Intercompany
Transaction, thereby allowing them to immediately take advantage
of the US$650,000,000 intercompany transfer.  By using these
funds, the Debtors will be able, among other things, to reduce
their interest expense on the Current DIP Facility.

Mr. Butler asserts that approval of the Amendment will allow the
Debtors to consummate the Intercompany Transaction, which, among
other things, will provide a definitive source of liquidity on
favorable terms to the Debtors and enable the Debtors to
maximize efficiencies.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Wants to Enter into US$6.8 Billion Exit Financing
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's permission to
enter into engagement and fee letters in connection with exit
financing arrangements to be organized by JPMorgan Securities
Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets
Inc.

Exit financing is a necessary and integral component of the
Debtors' strategy for emergence from Chapter 11, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.

The Debtors, Mr. Butler says, need to enter into exit financing
arrangements to:

   (a) satisfy certain claims arising in connection with the
       existing DIP financing;

   (b) make other payments required under the proposed Joint
       Plan of Reorganization; and

   (c) fund the Debtors' post-reorganization operations.

To ensure that exit financing arrangements are in place upon
their emergence from Chapter 11, the Debtors have obtained an
engagement letter from JPMorgan and Citigroup.  JPMorgan and
Citigroup have agreed to assemble a syndicate of lenders to
provide the Debtors with exit financing arrangements, Mr. Butler
tells the Court.

The Exit Financing Arrangements consists primarily of these
facilities:

   (a) a US$1,600,000,000 senior secured first lien asset-based
       revolving credit facility;

   (b) a US$3,700,000,000 senior secured first-lien term
       facility; and

   (c) a US$1,500,000,000 senior secured second-lien term
       facility, of which up to US$750,000,000 will be in the
       form of a note issued to General Motors Corp. in
       connection with the distributions contemplated under the
       Plan.

The Debtors, Mr. Butler relates, will negotiate and enter into
definitive credit documents with respect to the Exit Financing
Arrangements as soon as practicable.  The Exit Lenders'
obligation to fund the Exit Financing Arrangements under the
definitive documents will be contingent upon, among other
things, confirmation of the Plan, he clarifies.

As consideration for their commitments and agreements, the
Debtors propose to pay JPMorgan and Citigroup certain
nonrefundable fees and reimburse certain expenses pursuant to a
fee letter.

The Debtors have also agreed to indemnify JPMorgan and Citigroup
in certain circumstances and subject to certain conditions.

Mr. Butler notes that the payment of certain fees or expenses
may be required prior to the Debtors' emergence from Chapter 11.
No amount, however, will be payable upon entry of the proposed
order granting the Debtors' request, he assures the Court.
Moreover, no fees will be payable prior to JPMorgan and
Citigroup having completed syndication and the Debtors having
agreed to the terms of definitive documents.  In the event the
transactions contemplated in the Engagement Letter are not
completed, the Debtors will not be obligated to reimburse the
JPMorgan and Citigroup for expenses in excess of US$500,000, Mr.
Butler adds.

The Debtors' entry into the Exit Financing Arrangements,
Mr. Butler points out, is a condition to the effectiveness of
the Plan.  The Debtors, he avers, have conducted an expansive
and thorough investigation of available exit financing
alternatives and have eventually determined that the offer
presented by JPMorgan and Citigroup is the best one.

                   Redacted Engagement Letter

The Debtors subsequently obtained the Court's permission to file
the Engagement Letter in redacted form and the Fee Letter under
seal.

A redacted version of the Engagement Letter among the Debtors,
JPMorgan and Citigroup is available for free at:

              http://ResearchArchives.com/t/s?2533

Judge Drain directs the Debtors to serve unredacted copies of
the Engagement Letter and Fee Letter solely on (i) the U.S.
Trustee; (ii) counsel to the Statutory Committees; and (iii)
other parties as deemed appropriate by the Court.

The Engagement and Fee Letters contain highly sensitive and
confidential terms in connection with the relationship among the
Debtors, JPMorgan, and Citigroup, including terms related to
pricing, fees, and prepayment premia, if any, Mr. Butler
explains.  He points out that because the Engagement Letter
provides for a "best efforts" standard for JPMorgan and
Citigroup rather than a firm commitment to provide the Exit
Financing Arrangements on particular terms, full public
disclosure of the Engagement Letter could prejudice the Debtors'
ability to negotiate its terms with potential members of the
Syndicate Lenders that JPMorgan and Citigroup will endeavor to
assemble.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Committee Says Disclosure Statement is Inadequate
--------------------------------------------------------------
The Official Committee of Unsecured Creditors asks the U.S.
Bankruptcy Court for the Southern District of New York to deny
approval of the Disclosure Statement explaining Delphi
Corporation and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

The Court has earlier agreed to continue until Nov. 29 the
hearing to consider the adequacy of the Disclosure Statement at
the request of the Debtors and the Official Committee of Equity
Security Holders.

The Committee argues that the Disclosure Statement fails to
provide adequate information concerning matters that are
important to the Debtors' creditors in their evaluation of
whether to vote for or against the Plan.

The Plan, as currently drafted, ceases the accrual of
postpetition interest to General Unsecured Claims other than
TOPrS Claims on Dec. 31, 2007, even though it will not have been
confirmed by that date, Robert J. Rosenberg, Esq., at Latham &
Watkins LLP, in New York, points out.

The EPCA Amendment, Mr. Rosenberg notes, requires the Debtors to
issue additional  Direct Subscription Shares to the Appaloosa
Plan Investors without the Investors' payment of any additional
consideration.  The issuance of the additional shares will
materially reduce the conversion price of the preferred shares
and dilute the value of the common stock to be distributed to
holders of General Unsecured Claims, he contends.

The Creditors Committee and the Debtors are continuing to
discuss potential resolutions, Mr. Rosenberg relates.  He
informs the Court that absent acceptable resolution, the
Creditors Committee  will not support the Plan.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Senior Noteholders Balk at Disclosure Statement
------------------------------------------------------------
Eight holders of Senior Notes in Delphi Corp. asks the United
States Bankruptcy Court for the Southern District of New York to
disapprove the Disclosure Statement explaining the Debtors'
Joint Chapter 11 Plan of Reorganization.

The eight Senior Noteholders are:

   * Caspian Capital Advisors, LLC,
   * Castlerigg Master Investments Ltd.,
   * Davidson Kempner Capital Management LLC,
   * Elliott Associates, L.P.,
   * Gradient Partners, L.P.,
   * Sailfish Capital Partners, LLC,
   * Whitebox Advisors, LLC, and
   * Wilmington Trust Company, as indenture trustee.

As reported in yesterday's Troubled Company Reporter, the Court
agreed to continue until Nov. 29 the hearing to consider the
adequacy of the Disclosure Statement at the request of the
Debtors and the Official Committee of Equity Security Holders.

the Senior Noteholders contend that the Court should not approve
the Disclosure Statement and allow the Debtors to solicit
acceptances of the Plan because the Plan contains a patently
nonconfirmable classification scheme

The Senior Noteholders, among other things, complain that the
Plan:

    -- groups dissimilar claims in the same class in violation
       of Section 1122(a) of the Bankruptcy Code; and

    -- provides different treatment to claims classified
       together within a single class in violation of Section
       1123(a)(4) of the Bankruptcy Code.

Class 1C of the Plan contains the claims of the Senior
Noteholders and holders of the subordinated TOPrS Claims, Allan
S. Brilliant, Esq., at Goodwin Procter LLP, in New York, notes,
on behalf of Caspian, et al.  Mr. Brilliant points out that
TOPrS claimholders, although classified in the same class with
the Senior Noteholders and other General Unsecured Creditors, do
not receive the same distribution as the other Claims in Class
1C.

The Plan is also unconfirmable because it does not enforce the
subordination agreement between the Senior Notes and TOPrS
Claims thereby violating Section 510(a) of the Bankruptcy Code,
Mr. Brilliant asserts.

The Disclosure Statement, Mr. Brilliant contends, does not
contain adequate information on many critical issues as required
by Section 1125(a) of the Bankruptcy Code regarding a number of
topics, including:

   (a) the value of the distributions that will be made to
       creditors;

   (b) the valuation of the New Common Stock;

   (c) the likelihood of the Debtors obtaining exit financing
       and the consequences if the Debtors do not obtain exit
       financing before the hearing to consider confirmation of
       the Plan or the Effective Date of the Plan;

   (d) the factors required for the Debtors' substantive
       consolidation and the effect it has on various creditor
       groups;

   (e) the costs, benefits and effects of the settlement of the
       GM Claim;

   (f) the releases provided to non-Debtor parties under the
       Plan; and

   (g) the impact, on the recoveries paid to General Unsecured
       Creditors, of the Debtors' attempts to provide a recovery
       to otherwise subordinated creditors under the MDL
       Settlements.

The Senior Noteholders therefore ask the Court to disapprove the
Disclosure Statement.

Wilmington Trust also asks the Court to direct the Debtors to
reclassify the Senior Notes and the TOPrS Claims in different
classes.

The Disclosure Statement must clearly and concisely inform the
holders of the Senior Debt of the actual value of their recovery
under the Plan, Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, maintains, on Wilmington
Trust's behalf.  "Valuation euphemisms such as 'negotiated plan
value' or 'deemed value' are not acceptable.  Rather, the
Debtors must indicate the value of recoveries on a fully diluted
basis based on the range of value estimated by the Debtors
investment banker and financial advisor, Rothschild [Inc.], with
particular emphasis on its mid-point valuation," Mr. Fox
asserts.  The Debtors should also explain why substantive
consolidation of their assets and liabilities is necessary and
appropriate while consolidation of the 42 Debtors is not, he
adds.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POLYMER GROUP: Weak Business Prompts S&P to Hold 'BB-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Polymer Group Inc., including its 'BB-' corporate credit rating.
The outlook is negative.

"If Polymer Group completes its proposed public offering of
common stock, including US$92 million of net proceeds to the
company, and it uses the proceeds to reduce debt, we will revise
the outlook to stable," said Standard & Poor's credit analyst
Cynthia Werneth.

The ratings on Charlotte, North Carolina-based Polymer Group
reflect the company's weak business position and aggressive
financial profile.  Although it has a narrow product focus,
Polymer Group is one of the top producers of nonwoven and
oriented polyolefin products.  The company has leading positions
in niche markets, good geographic sales and manufacturing
diversity, favorable long-term growth prospects in certain end
markets, and opportunities to increase sales and earnings
following several recently-completed capacity expansions.

Polymer Group recently announced plans to sell 5,455,000 shares
of common stock, consisting of 3,636,000 shares to be sold by
the company and 1,819,000 shares to be sold by the selling
shareholders, primarily MatlinPatterson Global Advisors LLC.
Net proceeds to the company should be about US$92 million.  If
the transaction is consummated, MatlinPatterson would still own
roughly 50% of Polymer Group.  The company will use all the net
proceeds that it receives to repay outstanding debt under its
first-lien term loan.  This will reduce total debt (which S&P
adjust to include capitalized operating leases as well as modest
off-balance-sheet receivables financing and postretirement
obligations) to about US$400 million, US$310 million of which
consists of a first-lien term loan maturing in 2012.

Pro forma for the transaction, funds from operations to adjusted
total debt would strengthen to about 18% from about 15% at
Sept. 30, 2007.  This key ratio is still somewhat below S&P's
expectation of 20% at the current rating.  However, S&P believe
that incremental volume from recent capacity expansions should
lift earnings and cash flow to the appropriate level in 2008,
even if debt does not drop much further.  Total adjusted debt to
EBITDA would decline after the transaction, but remain
aggressive at 3.3x.  Although S&P believe that operating cash
flow will strengthen during the next one to two years, S&P do
not expect significant additional debt reduction.


SMOBY-MAJORETTE: To Appeal Court's Receivership Ruling
------------------------------------------------------
Smoby-Majorette will appeal a decision by the Commercial Court
of Lons-le-Saunier to convert its bankruptcy protection into a
period of administration, The Financial Times reports citing Les
Echos as its source.

As reported in the TCR-Europe on Oct. 12, 2007, the court placed
Smoby-Majorette under receivership on Oct. 9, 2007, which ended
the company's bankruptcy protection.  The court blamed Smoby's
buyer, MGA Entertainment, for failing to revive the company.

In a report by Florentin Collomp for Le Figaro last week, MGA
Entertainment said it is set to prepare a new recovery plan,
which could involve:

   -- conversion of a EUR29 million loan into share capital; and

   -- an agreement between MGA and Smoby creditors over the
      repayment of its EUR270 million debt.

The court-appointed administrators may decide whether to accept
MGA's new recovery plan or to look for potential buyers.

Deutsche Bank, Smoby's main creditor is also contemplating on
launching a buyout offer for Smoby, Le Figaro relates.

As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt
restructuring negotiation with Smoby's creditor banks fell
through and it failed to pay the EUR11 million it pledged to
invest in Smoby.

                           About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.


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


ALIU BAU: Claims Registration Period Ends November 26
-----------------------------------------------------
Creditors of Aliu Bau GmbH have until Nov. 26 to register their
claims with court-appointed insolvency manager Reinhard
Buchholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 10, 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 Ludwigshafen am Rhein
         Meeting Hall VII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Reinhard Buchholz
         Herzog-Otto-Str. 104
         D 67105 Schifferstadt
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Aliu Bau GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Aliu Bau GmbH
         Otto-Karch-Strasse 66 B
         67240 Bobenheim-Roxheim
         Germany


ARCADE GMBH: Claims Registration Ends December 7
------------------------------------------------
Creditors of ARCADE GmbH 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, 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 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 on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ARCADE GmbH
         Attn: Alwin Hintzen, Manager
         Apfelstrasse 23
         52525 Heinsberg
         Germany


ARTHRONET GMBH: Claims Registration Period Ends Dec. 10
-------------------------------------------------------
Creditors of Arthronet GmbH & Co KG have until Dec. 10 to
register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Jan. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

          Dr. Joerg Bornheimer
          Sporergasse 7
          50667 Cologne
          Germany
          Tel: 0221-2726 120
          Fax: +4922127261299

The District Court of Cologne opened bankruptcy proceedings
against Arthronet GmbH & Co KG on Sept. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Arthronet GmbH & Co KG
          Geilenbacher Str. 31
          51399 Burscheid
          Germany


BASELL AF: S&P Keeps BB- Ratings on Watch on Lyondell Purchase
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Basell AF S.C.A. remains on
CreditWatch with negative implications, where it was placed on
June 26, 2007, following the company's announcement that it will
acquire Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its
related entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and
Millennium Chemicals Inc. (B+/Watch Neg/--).

"We plan to lower the corporate credit rating on Basell to 'B+'
with a stable outlook on completion of the transaction, expected
at about the end of the year, and on successful execution of the
planned refinancing," said Standard & Poor's credit analyst
Tobias Mock.  "We will equalize the ratings on the other
entities with those on Basell."

Nevertheless, all ratings remain on CreditWatch negative for
now, as the transaction is still subject to Lyondell
shareholders' approval on Nov. 20, 2007, and there could be
changes to the proposed financial structure (US$14.6 billion in
term-loan and asset-backed facilities and US$8 billion in
second-lien notes and senior unsecured debt), which could affect
credit quality.

"The expected downgrade reflects the substantial increase in
financial debt following the acquisition, as it will be 100%
debt financed and result in a highly leveraged structure at a
mature stage in the petrochemical cycle," said Mr. Mock.

We consider that the company's business risk following the
acquisition will benefit from a better product and geographic
mix.  It will have a strong backward integration and cost
structure for a Europe- and North America-based petrochemical
producer, strengthened market positions in polyolefins, and is
likely to benefit from sizable synergies.

Nonetheless, the company remains highly sensitive to cyclical
businesses, and the petrochemical cycle will remain a dominant
factor in guiding the company's cash flow generation.  Owing to
new capacity from the Middle East and Asia, we expect operating
rates for ethylene, polyethylene, and polypropylene to decline
from 2009 and consider that the peak in the industry cycle has
already passed.

Furthermore, the refinery business, which follows a different
supply-and-demand cycle, is also expected to weaken from the
currently strong levels, and will therefore offer only a partial
hedge in the downturn.

Following completion of the merger with Lyondell, Basell plans
to change its name to LyondellBasell Industries.  The new
company will have pro forma sales of about US$41 billion, making
it the world's third-largest chemical company by sales.

The company's new financial structure will have an estimated
US$23.5 billion of unadjusted debt and a combined pro forma
EBITDA of about US$5.2 billion, resulting in debt to EBITDA of
about 4.5x.


BAUGESCHAFT LOEPPERT: Claims Registration Ends November 19
----------------------------------------------------------
Creditors of Baugeschaft Loeppert GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Juergen Wittmann.

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

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

The insolvency manager can be reached at:

         Juergen Wittmann
         Adolf-Kolping-Strasse 1
         96317 Kronach
         Germany
         Tel: 09261/62200
         Fax: 09261/622020

The District Court of Coburg opened bankruptcy proceedings
against Baugeschaft Loeppert GmbH on Oct. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baugeschaft Loeppert GmbH
         Hauptstr. 26
         96272 Hochstadt
         Germany


BOERI BAUTRAGER: Claims Registration Period Ends Jan. 8, 2008
-------------------------------------------------------------
Creditors of BoeRi Bautrager GmbH have until Jan. 8, 2008, to
register their claims with court-appointed insolvency manager
Sascha Mertes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 29, 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 Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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:

         Sascha Mertes
         Rheinstrasse 19
         65185 Wiesbaden
         Germany
         Tel: 0611 - 205 540
         Fax: 0611 - 205 5444

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

The Debtor can be reached at:

         BoeRi Bautrager GmbH
         Attn: Bernd Boerner, Manager
         Stollenweg 26
         65187 Wiesbaden
         Germany


B.R. TRANSPORTUNTERNEHMEN: Claims Registration Ends Dec. 12
-----------------------------------------------------------
Creditors of B.R. Transportunternehmen GmbH have until Dec. 12
to register their claims with court-appointed insolvency manager
Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 1, 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz]
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

The District Court of Kaiserslautern opened bankruptcy
proceedings against B.R. Transportunternehmen GmbH on Oct 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          B.R. Transportunternehmen GmbH
          Gartnereistr. 38
          67657 Kaiserslautern
          Germany


DANISCHE BAUKOMPONENTEN: Claims Registration Ends December 7
------------------------------------------------------------
Creditors of 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, 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 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 Danische Baukomponenten Import GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         D„nische Baukomponenten Import GmbH
         Industriestrasse 3
         23829 Wittenborn
         Germany

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


FINANZ- UND ANLAGENKONZEPTE: Claims Filing 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 Marc d'Avoine.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         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


FUTURE IT: Claims Registration Period Ends December 11
------------------------------------------------------
Creditors of future IT & NET - systemhouse GmbH have until
Dec. 11 to register their claims with court-appointed insolvency
manager Dr. Nikolaus Schmidt.

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

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

          Dr. Nikolaus Schmidt
          Magdeburger Strasse 23
          06112 Halle
          Germany
          Tel: 0345/2311111
          Fax: 0345/2311199

The District Court of Dessau opened bankruptcy proceedings
against future IT & NET - systemhouse GmbH on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          future IT & NET - systemhouse GmbH
          Otto-Lilienthal-Strasse 7
          06796 Brehna
          Germany


GASTRO ITALIA: Claims Registration Ends December 18
---------------------------------------------------
Creditors of Gastro Italia GmbH & Co.KG have until Dec. 18 to
register their claims with court-appointed insolvency manager
Dr. Friedrich Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Friedrich Neumann
         Ludwig-Eckert-Str. 5-7
         93049 Regensburg
         Germany
         Tel: 0941/25085/86
         Fax: 0941/28123

The District Court of Regensburg opened bankruptcy proceedings
against Gastro Italia GmbH & Co.KG on Oct. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gastro Italia GmbH & Co.KG
         Komotauer Str. 1
         93073 Neutraubling
         Germany


GESA DIENSTLEISTUNGS: Claims Registration Period Ends Dec. 14
-------------------------------------------------------------
Creditors of GESA Dienstleistungs GmbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

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

The Debtor can be reached at:

         GESA Dienstleistungs GmbH
         Osterstrasse 124
         20255 Hamburg
         Germany


HANDWERKER-BAU-TREUHAND GMBH: Claims Registration Ends Dec. 6
-------------------------------------------------------------
Creditors of Handwerker-Bau-Treuhand GmbH & Co. KG have until
Dec. 6 to register their claims with court-appointed insolvency
manager Matthias Lechleitner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 17, 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Matthias Lechleitner
         Schumannstrasse 9
         08056 Zwickau
         Germany
         Tel: (03 75) 211 857 0
         Fax: (03 75) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Handwerker-Bau-Treuhand GmbH & Co. KG on Oct. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Handwerker-Bau-Treuhand GmbH & Co. KG
         Attn: Bernhard Fuidl, Manager
         Karl-Liebknecht-Str. 1e
         08228 Rodewisch
         Germany


HEINZ KUECKELMANN: Claims Registration Ends December 7
-----------------------------------------------------
Creditors of Heinz Kueckelmann Verwaltungs-GmbH have until
Dec. 7 to register their claims with court-appointed insolvency
manager Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Wolfgang Lorisch
         Kurt-Schumacher-Strasse 48
         45699 Herten
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Heinz Kueckelmann Verwaltungs-GmbH on Oct. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinz Kueckelmann Verwaltungs-GmbH
         Attn: Bernhard Fuidl, Manager
         Spitzwegstr. 14
         45659 Recklinghausen
         Germany


H P BAYER: Claims Registration Period Ends Nov. 30
--------------------------------------------------
Creditors of H.P. Bayer Bautrager- und Baubetreuung
Beteiligungs-GmbH have until Nov. 30 to register their claims
with court-appointed insolvency manager Dirk Hammes.

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

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 0215158130
         Fax: 021515813254

The District Court of Moenchengladbach opened bankruptcy
proceedings against H.P. Bayer Bautrager- und Baubetreuung
Beteiligungs-GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         H.P. Bayer Bautrager- und Baubetreuung
         Beteiligungs-GmbH
         Bahnhofstrasse 114
         41844 Wegberg
         Germany


MOELLER HAUSMEISTER: Creditors' Meeting Slated for Nov. 26
----------------------------------------------------------
The court-appointed insolvency manager for Moeller Hausmeister-
Service GmbH, Christoph Rosenmueller will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:10 a.m. on Nov. 26.

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 3, 2008 at the same
venue.

Creditors have until Jan. 7, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Moeller Hausmeister-Service GmbH on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moeller Hausmeister-Service GmbH
         Kinzigstr. 40
         10247 Berlin
         Germany


PAJONK AUTOPFLEGE: Claims Registration Period Ends November 26
--------------------------------------------------------------
Creditors of Pajonk Autopflege GmbH have until Nov. 26 to
register their claims with court-appointed insolvency manager
Dr. Jens M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

The Court will also verify the claims set out in the