TCREUR_Public/061128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 28, 2006, Vol. 7, No. 236

                            Headlines


A U S T R I A

ALLGEMEINE BAUMASCHINEN: Creditor's Meeting Slated for Dec. 12
BAWAG PSK: Four Firms Commence Melee to Acquire Bank
BAWAG PSK: European Commission to Probe EUR900-Million Guarantee
NRG TRADING: Leoben Court Orders Business Shutdown
CP-MEDIENVERTRIEB: Claims Registration Period Ends December 5

OSMAN CEPER: Wiener Neustadt Court Shuts Down Business
PONZER TRANSPORT: Korneuburg Court Orders Business Shutdown
RABATTPIRAT AGENTUR: Creditors' Meeting Slated for December 4
STEHER HOCH: Claims Registration Period Ends November 30
TOP CONCEPT: Property Manager Declares Insufficient Assets


F R A N C E

ALCATEL SA: Inks TD-SCDMA Development Deal with Datang Group
ALCATEL SA: Inks ROADM Turnkey Deal with P&TLuxembourg
EUROTUNNEL GROUP: Creditors Favor Safeguard Restructuring Plan
EUROTUNNEL GROUP: Receives Two Financing Proposals
FRESENIUS MEDICAL: Acquires Nabi's Phosphate Binder Business

FRESENIUS MEDICAL: Earns US$139 Million for Third Quarter 2006


G E R M A N Y

AGENDES GMBH: Claims Registration Ends December 8
E-MAC DE: Fitch Assigns BB+ Rating on EUR3.5-Mln Class F Notes
EQUINOX FILM: Claims Registration Ends December 8
FRESENIUS MEDICAL: Acquires Nabi's Phosphate Binder Business
FRESENIUS MEDICAL: Earns US$139 Million for Third Quarter 2006

GEBAUDETECHNIK UND MANAGEMENT: Claims Registration Ends Dec. 5
HEADS HORIZONTAL: Claims Registration Ends December 6
HMF SYSTEMBAU: Creditors' Meeting Slated for December 7
INLINGUA SPRACHSCHULE: Claims Registration Ends December 8
JENOPTIK AG: Posts 9.3% Sales Growth in Quarter Ended Sept. 30

JENOPTIK AG: Concludes Camera Supply Agreement with Leaf
LADY FITNESS: Claims Registration Ends December 8
MARTINA SCHATZSCHNEIDER: Claims Registration Ends December 8
SOELLNER GMBH: Claims Registration Ends December 8
WATERPHOENIX GMBH: Claims Registration Ends December 7


H U N G A R Y

BORSODCHEM NYRT: To Join Plast Eurasia Istanbul 2006 Fair


I R E L A N D

INDEPENDENT NEWS: Terminates Discussions on APN Buy-Out
INDEPENDENT NEWS: Fitch Removes BB- Ratings on Watch Evolving


I T A L Y

ALITALIA SPA: Confirms Possible Alliance with Air France-KLM
PARMALAT SPA: U.S. Court Adjourns Cases for Possible Settlement
LOUIS NO. 1: Moody's Assigns (P)B2 Rating on Proposed Sr. Notes


K A Z A K H S T A N

ABN AMRO: Creditors Must File Claims by Dec. 27
ADYR LLP: Almaty Court Commences Bankruptcy Proceedings
ALIANT LLP: Karaganda Court Begins Bankruptcy Proceedings
ART-LOGOS LLP: Proof of Claim Deadline Slated for Dec. 27
COMPASS LLP: Creditors Must File Claims by Dec. 27

ENGINEERING COMMERCE: Creditors' Claims Due Dec. 29
INTEX-SK LLP: Claims Registration Ends Jan. 5, 2007
JYMPITY LLP: Claims Filing Period Ends Dec. 29
LEFMA-A LLP: Aktube Court Opens Bankruptcy Proceedings
MEYIR-K LLP: South Kazakhstan Court Starts Bankruptcy Procedure

PANFILOV SULTAN: Claims Registration Ends Dec. 29
SHAHTINSKOE SHSMU: Karaganda Court Begins Bankruptcy Proceedings
SINEGORIE LLP: Karaganda Court Begins Bankruptcy Proceedings
TASZAIMKA LLP: Creditors' Claims Due Jan. 5, 2007


K Y R G Y Z S T A N

ISSYK-KUL REGIONAL: Public Auction Scheduled for Dec. 19


N E T H E R L A N D S

GLOBAL POWER: Appoints John Matheson as President and CEO
LOUIS NO.1: S&P Assigns B- Rating on EUR730-Mln Senior Notes


N O R W A Y

AKER KVAERNER: Inks NOK8-Billion Gjoa Deal with Statoil ASA
AKER KVAERNER: One of Most Reputable Firms, Says Global Reptrak


P O L A N D

BORSODCHEM NYRT: To Join Plast Eurasia Istanbul 2006 Fair


R U S S I A

BUILDING CERAMICS: Court Names D. Rybalko as Insolvency Manager
BURUKTALSKIY METALLURGIC: Names G. Yaparov to Manage Assets
GAZPROM NEFT: Appoints Alexander Dukov as Acting President
ITANTSA-WOOD OJSC: Court Names N. Dubershtejn to Manage Assets
KOS-WOOD-INDUSTRY: Court Names V. Lukin as Insolvency Manager

KRASNOGVARDEYSKIY BUTTER: Names S. Osipova to Manage Assets
LUKOIL OAO: Placing Two Series of RUR14-Billion Bonds on MICEX
NOVODUGINO-FLAX: Court Starts Bankruptcy Supervision Procedure
RASSKAZOVSKAYA MOVABLE: Bankruptcy Hearing Slated for Jan. 23
ROCK CRYSTAL: Court Names S. Mikheev as Insolvency Manager

ROLTOM OJSC: External Court Starts Reorganization Process
ROSNEFT OIL: Inks Deal to Acquire 51% Udmurtneft from Sinopec
SELIVANOVO CJSC: Court Names D. Porkhunov as Insolvency Manager
SEREDKINSKIY FLAX: Court Names A. Dzhamaldaev to Manage Assets
TERA-INVEST CJSC: Court Names A. Gvozdeva as Insolvency Manager

THERMAL COMPANY: Bankruptcy Hearing Slated for Nov. 28
TRANSPORT ENTERPRISE: Court Names S. Mikheev to Manage Assets


S P A I N

SANTANDER EMPRESAS: S&P Junks EUR53.7-Million Class F Notes


S W I T Z E R L A N D

AS GROUP: Lachen Court Rules on Bankruptcy
DOG BOX: Aarau Court Suspends Bankruptcy Proceedings
DUYAIR LLC: Court Orders Temporary Bankruptcy Suspension
EUROPEAN REINSURANCE: Scheme Meetings Slated for December 20
GLOBAL MANAGEMENT: Brugg Court Suspends Bankruptcy Process

IBA-INTERBUCH: Baden Court Suspends Bankruptcy Proceedings
LACSAP LLC: Creditors Must File Claims by Nov. 30
LENIOSOFT LLC: Baden Court Suspends Bankruptcy Proceedings
RED DRAGON: Oberentfelden Court Suspends Bankruptcy Proceedings
T. + R. VOGEL: Baden Court Suspends Bankruptcy Proceedings

ZENTRAL LEBENSMITTEL: Baden Court Suspends Bankruptcy Process


U N I T E D   K I N G D O M

AKER KVAERNER: Inks NOK8-Billion Gjoa Deal with Statoil ASA
AKER KVAERNER: One of Most Reputable Firms, Says Global Reptrak
AVONMORE ENTERPRISES: Appoints Alan Simon as Liquidator
BRASSCOURT LIMITED: Taps Andrew T. Clay to Liquidate Assets
COLIN CARVER: Hires Joint Liquidators from KPMG LLP

COUGAR MANUFACTURING: Creditors' Claims Due Dec. 31
EUROTUNNEL GROUP: Creditors Favor Safeguard Restructuring Plan
EUROTUNNEL GROUP: Receives Two Financing Proposals
EUROPEAN REINSURANCE: Scheme Meetings Slated for December 20
FEDERAL-MOGUL: Judge Fitzgerald Denies Lloyd's Discovery Plea

FIRST IMAGE: Names David Patrick Meany Liquidator
FORD MOTOR: Obtains US$18 Billion Senior Secured New Financing
FORMAT IMAGING: Brings In Liquidator from Begbies Traynor
GREENFIELD CONSTRUCTION: Taps Ernst & Young as Administrators
GROSVENOR REPAIR: Calls In Liquidator from Smith & Williamson

HEBDEN BRIDGE: Names Andrew T. Clay as Administrator
IDEALCARE LIMITED: Claims Filing Period Ends Dec. 20
INDEPENDENT NEWS: Terminates Discussions on APN Buy-Out
INDEPENDENT NEWS: Fitch Removes BB- Ratings on Watch Evolving
INTERLINE STRUCTURES: Appoints Liquidator from Roger Evans

L.H.M. 2004: Joint Liquidators Take Over Operations
LAFFERTY BUTCHERS: Hires Mark Reynolds to Liquidate Assets
LONG ROOM: Taps Liquidator from Benedict Mackenzie
LUDGATE FUNDING: Fitch Gives Low-B Ratings on GBP5.05-Mln Notes
MYBURGH TRADING: Appoints Administrators from Begbies Traynor

NORTEC TRAINING: Tony Mitchell Leads Liquidation Procedure
OLD GUILD: Appoints Administrator from K.J. Watkin
POST HASTE: Appoints T. Papanicola to Liquidate Assets
PROFILE SPORTS: Liquidator Sets Dec. 20 Claims Bar Date
PURE BLISS: Brings In David Kirk to Administer Assets

R & J HANDLEY: Creditors' Claims Due Feb. 14, 2007
R & V STRAUGHAN: Nominates Ninos Koumettou as Liquidator
R A GANDER: Creditors' Meeting Slated for December 1
RACHAMIM CENTRE: Hires Liquidators from Elwell Watchorn
RADIUS2 LIMITED: Hires Begbies Traynor as Joint Administrators

SAVVIS INC: Sept. 30 Balance Sheet Upside-Down by US$141 Million
SOUTH WALES: Brings In BDO Stoy as Joint Administrators
T & R POOLE: Brings In Liquidator from Haines Watts
TECHNIQUE CONSERVATORY: Nominates Liquidator from TH Associates
TRANSCO GROUP: Appoints Administrators from Begbies Traynor

TUDOR GLAZING: Brings In Vantis to Administer Assets
WESTINGHOUSE AIRBRAKE: Moody's Puts Loss-Given-Default Ratings
WIL GAS: Calls In Liquidator from Irwin & Company
WOODHALL DEVELOPMENTS: Hires Peter O'Hara as Liquidator

* AlixPartners Marks 25 Years, to Open Office in India Next Year

* Large Companies with Insolvent Balance Sheets

                            *********

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


ALLGEMEINE BAUMASCHINEN: Creditor's Meeting Slated for Dec. 12
--------------------------------------------------------------
Creditors owed money by LLC Allgemeine Baumaschinen (FN 178853w)
are encouraged to attend the creditors' meeting at 11:00 a.m. on
Dec. 12 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Linz
         Hall 552
         5th Floor
         Linz, Austria

Headquartered in Haid bei Ansfelden, Austria, the Debtor
declared bankruptcy on Oct. 11 (Bankr. Case No. 38 S 48/06x).
Rudolf Mitterlehner serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Rudolf Mitterlehner
         Highway 9
         4020 Linz, Austria
         Tel: 77 16 53-0
         Fax: 77 16 53-18
         E-mail: office@bom.at


BAWAG PSK: Four Firms Commence Melee to Acquire Bank
----------------------------------------------------
Four potential buyers remain in the bidding race to acquire
Bawag P.S.K., Boris Groendahl writes for Reuters citing sources
privy to the matter.

The remaining bidders include:

   -- Bayerische Landesbank
   -- Cerberus Capital Management, L.P.
   -- Lone Star Funds

The sources declined to name the fourth bidder and the bidding
figures.

Reuters, however, notes that the fourth bidder was one of the
firms that were able to perform due diligence on the company's
accounts.  According to the sources, the fourth bidder could be
Apollo, Allianz AG, and J.C. Flowers & Co.

The final buyer will be selected mainly based on legal and job
guarantees, as well as the its capability to undertake risks
brought by possible accounting issues.  Morgan Stanley, which
facilitates the sale, set no deadline for the negotiations, the
sources told Reuters.

The winning bidder has to inject fresh capital into Bawag to
partially cover a EUR900 million state-guarantee.  The sources,
however, said the figure would be up to the buyer.

Morgan Stanley began inviting bids after the company inked a
US$675-million settlement deal with Refco Inc. investors.
Around 40 parties submitted their bids for the Austrian bank.

As reported in the TCR-Europe on Sept. 5, Osterreichischer
Gewerkschaftsbundhad, Bawag's parent, disclosed that it prefers
to sell the bank as a whole and not in pieces indicating that
the purchaser can break up the bank after the sale.  OeGB has
placed Bawag on the trading table following the bank's alleged
role in the collapse of Refco.  Bankers and analysts expect the
sale to raise between EUR2 billion to EUR2.5 billion for OeGB.

The bank is currently the focus of an in-depth probe by Austrian
prosecutors over a US$2-billion loss scandal.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:



BAWAG PSK: European Commission to Probe EUR900-Million Guarantee
----------------------------------------------------------------
The European Commission launched a probe into whether the
EUR900-million guarantee by the Austrian government to Bawag
P.S.K. amounts to illegal state aid, The Associated Press says.

As reported in the TCR-Europe on May 4, Bawag agreed to settle a
US$1.3 billion suit filed by the Official Committee of Unsecured
Creditors of Refco, Inc.  The creditors had accused BAWAG of
aiding a five-year multi-million dollar fraud orchestrated by
former Refco Chief Executive Phillip Bennett that drove the
securities broker into bankruptcy.

Following the settlement deal, Austrian Chancellor Wolfgang
Schuessel revealed that local banks would provide BAWAG with up
to EUR450 million in supplementary capital, while the government
would guarantee EUR900 million in bad credit, contingent
liabilities and other risks.  Bawag's owners, however, have to
sell the bank until July 2007.

In announcing the probe, the EC said it needed more information
to "assess further whether the conditions set out by the
guidelines on state aid for rescuing and restructuring firms in
difficulty are all fulfilled."

Bawag, the Austrian government and other interested parties will
given the chance to comment on the guarantee, AFX News says.
Austria has defended the guarantee by showing the regulator a
restructuring plan for the bank.

The EC, which regulates state aids to European firms, allows
state aids only for viable restructuring of a financially
troubled group or to promote research and development, Reuters
relates.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;
   -- BAWAG P.S.K.: long-term debt and deposit.


NRG TRADING: Leoben Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Leoben entered an order Oct. 10 shutting down
the business of LLC NRG Trading (FN 222088a).  Court-appointed
property manager Christian Puchner recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Christian Puchner
         Max-Tendler-Road 22
         8700 Leoben, Austria
         Tel: 03842-44551
         Fax: 03842-44551-22
         E-mail: office@ra-puchner.at

Headquartered in Leoben, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No. 17 S 77/06a).


CP-MEDIENVERTRIEB: Claims Registration Period Ends December 5
-------------------------------------------------------------
Creditors owed money by LLC CP-Medienvertrieb (FN 253928z) have
until Dec. 5 to file written proofs of claims to court-appointed
property manager Stefan Langer at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 9222
         Email: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 2 S 147/06i).  Annemarie Kosesnik-
Wehrle represents Dr. Langer in the bankruptcy proceedings.


OSMAN CEPER: Wiener Neustadt Court Shuts Down Business
------------------------------------------------------
The Land Court of Wiener Neustadt entered an order Oct. 10
shutting down the business of KEG Osman Ceper (FN 253770t).

Court-appointed property manager Peter Michael Wolf recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Mag. Peter Michael Wolf
         Bahnhofsplatz 6
         2340 Moedling, Austria
         Tel: 02236/23050
         Fax: 02236/23050-50
         E-mail: wolf@peterwolf.at

Headquartered in Unterwaltersdorf, Austria, the Debtor declared
bankruptcy on July 24 (Bankr. Case No. 11 S 78/06s).


PONZER TRANSPORT: Korneuburg Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Korneuburg entered an order Oct. 10 shutting
down the business of LLC Ponzer Transport- u.
Transportvermittlung (FN 168765i).

Court-appointed property manager Walter Anzboeck recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln, Austria
         Tel: 02272/61 600
         Fax: 02272/61 600 20
         E-mail: anwalt@anzboeck.at

Headquartered in Kritzendorf, Austria, the Debtor declared
bankruptcy on Sept. 21 (Bankr. Case No. 36 S 105/06t).


RABATTPIRAT AGENTUR: Creditors' Meeting Slated for December 4
-------------------------------------------------------------
Creditors owed money by LLC RabattPirat Agentur (FN 259860y) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Dec. 4 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Guessing, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No. 26 S 115/06y).  Barbara
Senninger serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Barbara Senninger
         Kastellstrasse 4
         7551 Stegersbach, Austria
         Tel: 03326/52423
         Fax: 03326/54156
         E-mail: office@anwalt-bgld.at


STEHER HOCH: Claims Registration Period Ends November 30
--------------------------------------------------------
Creditors owed money by LLC STEHER Hoch- u. Tiefbau (FN 219870p)
have until Nov. 30 to file written proofs of claims to court-
appointed property manager Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 9222
         Email: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 14 to consider the
adoption of the rule by revision and accountability.

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. 11 (Bankr. Case No. 5 S 139/06k).  Stefan Langer
represents Kosesnik-Wehrle in the bankruptcy proceedings.


TOP CONCEPT: Property Manager Declares Insufficient Assets
----------------------------------------------------------
Mag. Horst Winkelmayr, the court-appointed property manager for
LLC Top Concept (FN 220099a), declared Oct. 10 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 13 (Bankr. Case No. 28 S 51/06p).

The property manager can be reached at:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna, Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at


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


ALCATEL SA: Inks TD-SCDMA Development Deal with Datang Group
------------------------------------------------------------
Alcatel S.A. and Datang Telecom Technology and Industry Group
signed a Memorandum of Understanding in Beijing that further
reinforces Alcatel's commitment to support China's home-grown 3G
standard, TD-SCDMA.

This MOU complements an initial agreement that was concluded
between Datang Mobile and Alcatel Shanghai Bell in November
2004.

According to the agreement, Alcatel and Datang Group will work
closely together to drive TD-SCDMA development.  Specifically,
the MOU reinforces the cooperation that currently exists between
the two companies in the areas of sales, marketing,
industrialization, research and development of TD-SCDMA products
and technologies for the domestic China market.  Alcatel will
assist the Datang Group abroad and support this global effort by
taking advantage of its worldwide presence in over 130
countries.  Finally, the MOU includes joint development of LTE
(Long Term Evolution) products and technologies.

The signature of this MOU is a demonstration of the confidence
both companies place in the future of TD-SCDMA and of their
intention to become leading providers of TD-SCDMA when 3G
arrives in China and well-positioned to capture a number of
market opportunities.

In November 2004, Alcatel and Datang Mobile, a unit of Datang
Group, signed an agreement to invest in the industrialization of
TD-SCDMA in China.  In April 2005, Alcatel Shanghai Bell and
Datang jointly demonstrated a live end-to-end TD-SCDMA solution
during the TD-SCDMA International Summit in Beijing.  In August
2005, the two companies finished the TD-SCDMA industrialization
and announced readiness for large-scale commercial deployment.
In March 2006, Alcatel Shanghai Bell and Datang jointly
established a TD-SCDMA lab to provide a real network environment
dedicated to interoperability testing between GSM and TD-SCDMA
applications.

TD-SCDMA is one of three 3G standards licensed by International
Telecommunication Union (ITU) put forth by Datang Group on
behalf of China in the year of 2000.  The other two are W-CDMA
and CDMA 2000.

                       About Datang Group

Datang Telecom Technology and Industry Group is a large high-
tech enterprise group specializing in development, manufacturing
and sales of electronic information system equipment, such as,
wireless and mobile communications, smart IC card and SOC
(System On Chip) chip, data communication, high-capacity digital
switching, software and system integration.

                          About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries.

                         *     *     *

Moody's Investors Service has placed the Ba1 long-term debt
ratings of Alcatel SA on review for possible downgrade following
its definitive agreement to merge with Lucent Technologies
(rated B1).  The ratings placed on review include Alcatel's
senior, unsecured Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating
for short-term debt was affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


ALCATEL SA: Inks ROADM Turnkey Deal with P&TLuxembourg
------------------------------------------------------
Alcatel S.A. signed a turnkey contract with P&TLuxembourg, the
Grand Duchy's leading provider of postal and telecommunications
services, to deploy a Trans-European Network using Alcatel's re-
configurable optical add-drop multiplex (ROADM)-powered
solution.  The project will enhance the high-speed optical
connectivity and flexibility of P&TLuxembourg network to
transport large volumes of bandwidth-hungry broadband services
between major European cities.

The Trans-European Network will span more than 3,000 km linking
Luxembourg, Amsterdam (the Netherlands), Brussels (Belgium),
Frankfurt (Germany), London (England), as well as Paris and
Strasbourg (France).  Its deployment will provide P&TLuxembourg
with a leading-edge platform to efficiently support existing
broadband services - including live TV streams, high-speed
Internet access, e-shop and mail - and further optimize the
delivery of Ethernet-based services.

With the implementation of the Trans-European Network,
P&TLuxembourg will be present at every important Internet
exchange node in Europe.  The first links will be operational
before the end of 2006.  The entire Trans-European Network will
progressively be operational at the beginning of 2007.

This enlarged European network will allow P&TLuxembourg and the
Grand-Duchy to compete at arms length with other European
telecommunication centers and to offer attractive prices, for
bandwidth and Internet connectivity from and to Luxembourg.  The
network has been specifically designed to offer the maximum
security and the highest quality of service by making sure that
each connection has an independent redundant path.

The Alcatel solution fulfills the multiple requirements of
P&TLuxembourg, offering a versatile and easy-to-maintain
infrastructure for provisioning services more rapidly and for
raising the service quality benchmark.

Such flexibility is critical for operators who are looking to
generate new value for their current and addressable end-user
base. With Alcatel's ROADM technology, P&TLuxembourg can change
traffic patterns by tuning wavelengths anytime, anywhere in the
network, as new bundles of services and applications require,
all the while without adding complexity to the network.

The solution is based on Alcatel's multi-reach 1626 Light
Manager (LM). Operating at up to 40 Gbit/s per wavelength, the
Alcatel 1626 LM uses ROADM technology to enable flexible
capacity planning for faster bandwidth provisioning.
P&TLuxembourg will be able to remotely add and drop wavelengths
according to specific traffic profiles without impacting the
network performance.  This drastically simplifies network
operations as traffic expansions can be easily and directly
performed from the network operation center (NOC) without having
to bring experts on-site to manually configure or adjust the
configurations. As a result, P&TLuxembourg will also benefit
from reduced total cost of network ownership.

The Alcatel 1350 management suite -- a comprehensive platform
enabling the management of packets, circuits and wavelength
connectivity services - will manage the new solution. Alcatel
will also provide installation, commissioning, and front-line
maintenance services.

                     About P&TLuxembourg

P&TLuxembourg is the leading provider of postal and
telecommunication services in Luxembourg.  With its lean and
easily manageable size, P&TLuxembourg serves private customers
as well as business customers including international banks,
insurance companies and important European institutions.

                        About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries.

                         *     *     *

Moody's Investors Service has placed the Ba1 long-term debt
ratings of Alcatel SA on review for possible downgrade following
its definitive agreement to merge with Lucent Technologies
(rated B1).  The ratings placed on review include Alcatel's
senior, unsecured Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating
for short-term debt was affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


EUROTUNNEL GROUP: Creditors Favor Safeguard Restructuring Plan
--------------------------------------------------------------
Eurotunnel Group disclosed that 28 out of 35 present or
represented creditors of the financial establishments committee,
voted in favor of the proposed safeguard-restructuring plan.
This represents 72% of the senior and junior debt.

The committee that holds 70% of the company's GBP6.2 billion
debt was called to vote Nov. 27 on the proposed restructuring
plan put forward under the French Safeguard Procedure.

This result has been obtained in spite of the abstention by
certain hedge funds that had contested their inclusion in the
financial establishments committee as constituted by the Paris
Commercial Court.

Eurotunnel is grateful to the Mandataires Judiciaires and the
Administrateurs Judiciaires (Court appointed representatives)
who had encouraged a vote in favor of the plan.

The vote, which will be followed by the vote of the Suppliers
Committee and by the Bond holders vote before the middle of
December, is a first decisive step in the process of agreeing
the financial restructuring plan put forward by the company,
with the support of the Court appointed representatives.

"The result of the ballot demonstrates that the proposed plan is
the best balance possible between shareholders and creditors and
that it was not possible to ask the creditors, who have already
agreed to reduce Eurotunnel's debt by more than half, to go any
further," Jacques Gounon, chairman and chief executive of
Eurotunnel disclosed.

"Eurotunnel's creditors have approved a realistic and balanced
plan which will, at last, allow the company's performances to be
seen in their true context and which will permit Eurotunnel to
develop from a solid base," he added.

                         About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


EUROTUNNEL GROUP: Receives Two Financing Proposals
--------------------------------------------------
Eurotunnel Group received two binding proposals from Citigroup
and Goldman Sachs with Deutche Bank AG to finance its GBP6.2
billion debt-restructuring plan.

According to the Financial Times, the offers from both Citigroup
and a consortium of Goldman Sachs and Deutsche Bank would reduce
Eurotunnel's debt from GBP6.2 billion to GBP3.9 billion.

"They both give us the possibility of reducing our interest
payments to below GBP150 million per year from more than GBP300
million," a Eurotunnel spokesman told AFX News Ltd.

"We'll probably decide quite quickly because we need to keep the
momentum going," the spokesman added, reiterating that no
decision had been made yet.

Eurotunnel's audit committee will study the two proposals before
its board makes a decision.

                         About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


FRESENIUS MEDICAL: Acquires Nabi's Phosphate Binder Business
------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA has completed the
acquisition of the worldwide phosphate binder business from Nabi
Biopharmaceuticals Inc.

With the acquisition, Fresenius Medical Care further expands its
market position in the field of dialysis-related drugs.  PhosLo
is a calcium acetate phosphate binder for oral application in
end-stage renal disease patients.

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Fresenius AG holds around 37% of
Fresenius Medical Care AG & Co. KgaA's capital.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


FRESENIUS MEDICAL: Earns US$139 Million for Third Quarter 2006
--------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA published its results for
the third quarter and the first nine months ended Sept. 30,
2006.

Fresenius Medical Care posted EUR139.19 million in net profit
against EUR1.7 billion in revenues for the third quarter of
2006, compared with EUR115.95 million in net profit against
EUR1.25 billion in revenues for the same period in 2005.

Fresenius Medical Care posted EUR139.19 million in net profit
against EUR1.7 billion in revenues for the third quarter of
2006, compared with EUR115.95 million in net profit against
EUR1.25 billion in revenues for the same period in 2005.

As of Sept. 30, 2006, Fresenius Medical Care treated 161,433
patients worldwide, which represents a 24% increase in patients
compared to the third quarter of last year. North America
provided dialysis treatments for 116,868 patients (up 32%) and
the International segment served 44,565 patients (up 7%).

As of Sept. 30, 2006, the company operated a total of 2,085
clinics worldwide, comprised of 1,542 clinics, an increase of
34% in North America, and 543 clinics, an increase of 6%, in the
International segment.

Fresenius Medical Care delivered around 17.43 million dialysis
treatments worldwide, which represents an increase of 19% year
over year.  North America accounted for 12.34 million
treatments, an increase of 23%, and the International segment
delivered 5.10 million treatments, an increase of 10% over last
year.

As of Sept. 30, 2006, Fresenius Medical Care employed 56,154
people worldwide compared to 47,521 at the end of 2005.  The
increase of 8,633 employees is primarily due to the acquisition
of Renal Care Group.

                        Outlook for 2006

Based on the strong performance in the third quarter of 2006,
the Company upgrades its guidance for the full year 2006.

After expecting to report net revenue of about US$8.3 billion,
the Company now expects net revenue for 2006 of about US$8.4
billion.

The Company also upgrades its outlook for net income for 2006.
After expecting a net income of at least US$542 million, the
Company now expects a net income of at least US$557 million,
representing an increase of at least 18% over the corresponding
level in 2005.

In order to show the underlying performance of the Company on a
basis comparable with the prior year, the guidance does not take
into effect any expected one-time items and the change of
accounting principle for stock options - SFAS 123(R) in the
fiscal year 2006. The Company expects the after tax impact of
the one-time items and SFAS 123(R) to be about US$44 million for
the full year 2006.

In addition, the Company confirms its guidance on capital
expenditures and acquisition spending to be around US$550
million in 2006.

"Our third quarter and nine months financial results were
excellent and exceeded expectations," Ben Lipps, Chief Executive
Officer of Fresenius Medical Care, commented.  "We continue to
see strong growth in both our renal products and services
business segments worldwide.  In addition, we have taken the
next step in our integrated therapy approach acquiring the
phosphate binder business from Nabi Biopharmaceuticals Inc.
This acquisition will allow us to further our patient quality
outcome initiatives and expand our renal products and therapy
business worldwide.  Based on our continued successful
integration of RCG and the strong financial performance of our
underlying business worldwide, we have raised our revenue and
net income guidance for 2006."

Full-text copy of Fresenius' 2006 third quarter and first nine-
month results is available free-of-charge at
http://researcharchives.com/t/s?15d1

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Fresenius AG holds around 37% of
Fresenius Medical Care AG & Co. KgaA's capital.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


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


AGENDES GMBH: Claims Registration Ends December 8
-------------------------------------------------
Creditors of AGENDES GmbH have until Dec. 8 to register their
claims with court-appointed provisional administrator Ulrich
Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 9, 2007, at which time the
administrator 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
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, Germany

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

The District Court of Bochum opened bankruptcy proceedings
against AGENDES GmbH on Oct. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AGENDES GmbH
         Attn: Guenther Kronmueller, Manager
         Surenkamp 36
         45731 Waltrop, Germany

         Ingo Volker Rogalla, Manager
         Mittelstr. 25
         45549 Sprockhoevel, Germany

The administrator can be contacted at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen, Germany


E-MAC DE: Fitch Assigns BB+ Rating on EUR3.5-Mln Class F Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to E-MAC DE 2006-II
B.V.'s mortgage-backed securities due February 2058.  This is
General Motors Acceptance Corp.'s second transaction this year.

   -- EUR151 million Class A1: AAA;
   -- EUR465.7 million Class A2: AAA;
   -- EUR35 million Class B: AA-;
   -- EUR24.5 million Class C: A-;
   -- EUR14 million Class D: BBB;
   -- EUR9.8 million Class E: BBB-; and
   -- EUR3.5 million Class F: BB+.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings are based on the quality of the collateral
and available credit enhancement and excess spread.  The ratings
also take into account the transaction's sound legal structure,
the underwriting and servicing of the mortgage loans and the
available liquidity facility.

At closing, credit enhancement, provided by subordination and a
reserve fund, will total 12.4% for the Class A1 and A2 notes,
7.4% for the Class B notes, 3.9% for the Class C notes, 1.9% for
the Class D notes and 0.5% for the Class E notes.

The Class F notes, accounting for 0.5% of the notes' balance at
closing, will fund the initial balance of the reserve fund.
After closing, the reserve fund will increase to 1.2% of the
initial mortgage balance through excess spread.

In this EUR700 million transaction, GMAC-RFC originated the
residential mortgage loans on behalf of GMAC-RFC Investments
B.V.  The assignment of title and security rights will become
effective upon the delivery of the mortgage certificates to
Kreditwerk Hypotheken-Management GmbH, which will hold them on
behalf of the issuer.  Stichting Security Trustee E-MAC DE 2006-
I will hold the claims against the issuer on behalf of the
noteholders.

The portfolio consists of 100% first-ranking fixed-rate
mortgages secured on residential properties located in Germany.
As of the cut-off date, Nov. 1, 2006, the provisional portfolio
consisted of 4,686 mortgage loan parts originated by GMAC-RFC
with a current total outstanding nominal amount of around
EUR550.1 million ramping up to a maximum amount of EUR700
million.  The weighted average current loan-to-market value of
the portfolio is 98.1% while the weighted average debt-to-income
ratio is about 33.1%.

This is the first E-MAC DE transaction to include the disbursed
parts of partially disbursed loans.  The non-disbursed part,
totaling EUR100 million, will be held in a construction loan
account.  To mitigate, for example, construction risk a
dedicated reserve will be in place.

The originator is a wholly owned subsidiary of Residential
Funding Corporation, which is in turn, a subsidiary of GMAC and
ultimately owned by General Motors Corporation.  However, the
sale of 51% of GMAC to Cerberus Capital Management is expected
to be completed by end-November 2006.

Fitch applied its German residential mortgages default model.
Fitch also modeled the cash-flow contribution from any excess
margin using stress scenarios determined by its default model.
The cash-flow test showed that each Class of rated certificates
could withstand loan losses at a level corresponding to the
related stress scenario without incurring any principal loss or
temporary interest shortfall.


EQUINOX FILM: Claims Registration Ends December 8
-------------------------------------------------
Creditors of EQUINOX Film GmbH & Co. KG have until Dec. 8 to
register their claims with court-appointed provisional
administrator Axel Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 9, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Room 027
         Leipzig, Germany

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

The District Court of Leipzig opened bankruptcy proceedings
against EQUINOX Film GmbH & Co. KG on Oct. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         EQUINOX Film GmbH & Co. KG
         Attn: Sabine Manthey and
         Bernhard Josef Koellisch, Managers
         Ferdinand-Lassalle-Str. 16
         04109 Leipzig, Germany
         Web: http://www.equinoxfilm.de/

The administrator can be contacted at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig, Germany


FRESENIUS MEDICAL: Acquires Nabi's Phosphate Binder Business
------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA has completed the
acquisition of the worldwide phosphate binder business from Nabi
Biopharmaceuticals Inc.

With the acquisition, Fresenius Medical Care further expands its
market position in the field of dialysis-related drugs.  PhosLo
is a calcium acetate phosphate binder for oral application in
end-stage renal disease patients.

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Fresenius AG holds around 37% of
Fresenius Medical Care AG & Co. KgaA's capital.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


FRESENIUS MEDICAL: Earns US$139 Million for Third Quarter 2006
--------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA published its results for
the third quarter and the first nine months ended Sept. 30,
2006.

Fresenius Medical Care posted EUR139.19 million in net profit
against EUR1.7 billion in revenues for the third quarter of
2006, compared with EUR115.95 million in net profit against
EUR1.25 billion in revenues for the same period in 2005.

Fresenius Medical Care posted EUR139.19 million in net profit
against EUR1.7 billion in revenues for the third quarter of
2006, compared with EUR115.95 million in net profit against
EUR1.25 billion in revenues for the same period in 2005.

As of Sept. 30, 2006, Fresenius Medical Care treated 161,433
patients worldwide, which represents a 24% increase in patients
compared to the third quarter of last year. North America
provided dialysis treatments for 116,868 patients (up 32%) and
the International segment served 44,565 patients (up 7%).

As of Sept. 30, 2006, the Company operated a total of 2,085
clinics worldwide, comprised of 1,542 clinics, an increase of
34% in North America, and 543 clinics, an increase of 6%, in the
International segment.

Fresenius Medical Care delivered around 17.43 million dialysis
treatments worldwide, which represents an increase of 19% year
over year.  North America accounted for 12.34 million
treatments, an increase of 23%, and the International segment
delivered 5.10 million treatments, an increase of 10% over last
year.

As of Sept. 30, 2006, Fresenius Medical Care employed 56,154
people worldwide compared to 47,521 at the end of 2005.  The
increase of 8,633 employees is primarily due to the acquisition
of Renal Care Group.

                        Outlook for 2006

Based on the strong performance in the third quarter of 2006,
the Company upgrades its guidance for the full year 2006.

After expecting to report net revenue of about US$8.3 billion,
the Company now expects net revenue for 2006 of about US$8.4
billion.

The Company also upgrades its outlook for net income for 2006.
After expecting a net income of at least US$542 million, the
Company now expects a net income of at least US$557 million,
representing an increase of at least 18% over the corresponding
level in 2005.

In order to show the underlying performance of the Company on a
basis comparable with the prior year, the guidance does not take
into effect any expected one-time items and the change of
accounting principle for stock options - SFAS 123(R) in the
fiscal year 2006. The Company expects the after tax impact of
the one-time items and SFAS 123(R) to be about US$44 million for
the full year 2006.

In addition, the Company confirms its guidance on capital
expenditures and acquisition spending to be around US$550
million in 2006.

"Our third quarter and nine months financial results were
excellent and exceeded expectations," Ben Lipps, Chief Executive
Officer of Fresenius Medical Care, commented.  "We continue to
see strong growth in both our renal products and services
business segments worldwide.  In addition, we have taken the
next step in our integrated therapy approach acquiring the
phosphate binder business from Nabi Biopharmaceuticals Inc.
This acquisition will allow us to further our patient quality
outcome initiatives and expand our renal products and therapy
business worldwide.  Based on our continued successful
integration of RCG and the strong financial performance of our
underlying business worldwide, we have raised our revenue and
net income guidance for 2006."

Full-text copy of Fresenius' 2006 third quarter and first nine-
month results is available free-of-charge at
http://researcharchives.com/t/s?15d1

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Fresenius AG holds around 37% of
Fresenius Medical Care AG & Co. KgaA's capital.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


GEBAUDETECHNIK UND MANAGEMENT: Claims Registration Ends Dec. 5
--------------------------------------------------------------
Creditors of Gebaudetechnik und Management Nord GmbH have until
Dec. 5 to register their claims with court-appointed provisional
administrator Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Park Avenue 6
         21465 Reinbek, Germany

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

The District Court of Reinbek opened bankruptcy proceedings
against Gebaudetechnik und Management Nord GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gebaudetechnik und Management Nord GmbH
         Attn: Herrn Meyenborg, Manager
         Highway 65c
         22941 Bargteheide, Germany

The administrator can be contacted at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg, Germany


HEADS HORIZONTAL: Claims Registration Ends December 6
-----------------------------------------------------
Creditors of HEADS Horizontal Engineering and Drilling Service
GmbH have until Dec. 6 to register their claims with court-
appointed provisional administrator Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle, Germany

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

The District Court of Celle opened bankruptcy proceedings
against HEADS Horizontal Engineering and Drilling Service GmbH
on Oct. 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         HEADS Horizontal Engineering and Drilling Service GmbH
         Attn: Mathias Stolzenberg, Manager
         Alverdingk 2
         29229 Celle-Alvern, Germany

The administrator can be contacted at:

         Karl-Heinz Blaha
         Bahnhofstr. 30 A
         29221 Celle, Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de


HMF SYSTEMBAU: Creditors' Meeting Slated for December 7
-------------------------------------------------------
The court-appointed provisional administrator for HMF Systembau
GmbH, Lippold Freiherr von Roessing, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:00 a.m. on Dec. 7.

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

         The District Court of Deggendorf
         Meeting Room 3
         E 29
         Amanstrasse 17
         94469 Deggendorf, Germany

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Feb. 9, 2007, at the
same venue.

Creditors have until Dec. 19 to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         HMF Systembau GmbH
         Moosleuthen 6
         94234 Viechtach, Germany

The administrator can be reached at:

         Lippold Freiherr von Roessing
         Bahnhofstr. 53
         94469 Deggendorf, Germany
         Tel: 0991/37008-381
         Fax: 0991/37008-551


INLINGUA SPRACHSCHULE: Claims Registration Ends December 8
----------------------------------------------------------
Creditors of inlingua Sprachschule Erfurt GmbH have until Dec. 8
to register their claims with court-appointed provisional
administrator T. Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 6
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, Germany

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

The District Court of Erfurt opened bankruptcy proceedings
against inlingua Sprachschule Erfurt GmbH on Sept. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         inlingua Sprachschule Erfurt GmbH
         Attn: Grit Rode and Klaus-Dieter Kirchner, Managers
         Anger 9
         99084 Erfurt, Germany

The administrator can be contacted at:

         T. Alter
         Schillerstr. 2
         99096 Erfurt, Germany


JENOPTIK AG: Posts 9.3% Sales Growth in Quarter Ended Sept. 30
--------------------------------------------------------------
The Jenoptik Group reports interim financial results for the
first nine months ended Sept. 30, 2006.

With nine-month sales of EUR344.3 million, the Jenoptik Group
recorded a 19.3% increase compared with the same period in the
previous year (prev. year EUR288.6 million) with its continuing
business divisions.

Foreign sales accounted for EUR197.9 million and consequently
57.5% of total sales.  All three divisions reported increases.
The Laser & Optics division recorded a particularly significant
rise - both through organic growth as well as through initial
consolidation, primarily of smaller R+D project companies.

The result from operating activities before depreciation
(EBITDA) of the continuing business as of the end of the 3rd
quarter 2006, at EUR46.7 million, was also markedly up on the
previous year (prev. year EUR39.1 million).  The 19.5% growth
came mainly from the Laser & Optics division and is the result
of the increased sales.

The result from operating activities of the continuing business
divisions rose by 20.7% to EUR24.2 million (prev. year EUR20
million).  There was a slight increase in the EBIT margin of the
continuing business divisions to 7% (prev. year 6.9%).  Earnings
after tax of the continuing business divisions of the Jenoptik
Group totaled EUR11.8 million compared with EUR10 million in the
same period in the previous year.

                         Order Intake

The order intake of the continuing business divisions surpassed
the level for the previous year -- contrary to expectations --
by 3.8% to EUR346.5 million (prev. year EUR333.9 million).  The
Laser & Optics division in particular benefited from the pick-up
in economic activity and consequently increased demand for
investment goods and was therefore able to compensate for the
anticipated fall in the order intake of the Mechatronics and
Sensors divisions.  The order intakes of these two divisions in
the previous year were characterized by two major orders, which
together accounted for more than EUR60 million and so cannot be
repeated on a yearly basis.  The order backlog remained almost
constant at EUR436.1 million as against Dec. 31, 2005 (as of
December 31, 2005: EUR438.7 million) primarily as a result of
the expansion of sales.

                           Employees

The number of employees in the Jenoptik Group (continuing
business divisions) rose by 2.9% compared with the end of 2005,
to 2,917.  The increase was the result of new appointments
during the course of the good business position and initial
consolidations, particularly in the Laser & Optics division.  At
the end of August 41 new trainees started their careers with the
Jenoptik Group, around 25% more than a year ago.  The number of
trainees in September was therefore nearly 140, representing a
trainee quota of about 5%.

                   Research and Development

Research and development expenses totaled EUR23.7 million and
therefore rose sharply by 30.2% compared with the same period in
the previous year (prev. year EUR18.2 million).  The reason for
this marked increase is a general expansion of the research
activities, particularly in the Laser & Optics division, as well
as an initial consolidation of smaller research-intensive R+D
project companies.  The R+D quota increased to 6.9% (prev. year
6.3%).  Including the developments on behalf of clients, which
are shown under the cost of sales, the R+D quota is in excess of
10%.  R+D expenses also exclude the rapidly developing new
business companies Xtreme technologies and Jenoptik Diode Lab,
which are included in the investment result.

                    Key Financial Indicators

Net debt - as forecast - was also further reduced in the third
quarter.  As of Sept. 30, 2006 it totaled EUR211.1 million
compared with EUR375.5 million as of the end of the 2005 fiscal
year.  The payment of the purchase price for the Clean Systems
business division, which was sold in the 2nd quarter, had a
positive effect.  Disposals of assets not required for
operational purposes further reduced net debt in the third
quarter.  As of Sept. 30, 2006, cash and cash equivalents plus
securities, together totaling EUR158.4 million, were offset by
financial liabilities in the sum of EUR369.4 million.

Financial assets (including shareholdings in associated
companies) fell to EUR61.5 million (as of Dec. 31, 2005:
EUR89.7 million).  During the course of the fiscal year
Jenoptik AG gradually sold shares in DEWB AG, among others.
Following another further reduction in the shareholding during
the current fourth quarter Jenoptik AG will not be selling any
further DEWB shares over the medium term.

The balance sheet total of the Jenoptik Group reduced to
EUR885.3 million (as of Dec. 31, 2005: EUR1,508.3 million) as a
result of the sale of the Clean Systems business division.  The
assets and liabilities of M+W Zander had already been shown as
"held for sale" as of Dec. 31, 2005.  These balance sheet items
are still shown in the accounts for the current 2006 fiscal year
at zero following the conclusion of the sale of Clean Systems.

The shareholders' equity reduced by EUR13.1 million to
EUR301.3 million (as of Dec. 31, 2005: EUR314.3 million).  This
is essentially the result of the reduction in the minority
interests following the sale of M+W Zander.  The positive nine-
month result had an opposite effect.  Despite the reduction in
shareholders' equity the shareholders' equity ratio improved
significantly as a result of the reduction in the balance sheet
to 34% (as of Dec. 31, 2005: 20.8%).  It is planned to repay the
bond early in Autumn 2007.  The associated reduction in the
balance sheet of EUR150 million would give rise to a
shareholders' equity ratio of nearly 41% for the Jenoptik Group.

                   Results Forecast for 2006

The sales of the Jenoptik Group - excluding the discontinued
business division - are expected to slightly exceed the
EUR450 million mark in 2006 following the initial consolidation
of acquisitions and smaller R+D project companies.  Jenoptik
will endeavor to achieve the same quality of results achieved in
previous years by the Photonics business division.  The result
from operating activities before holding costs should therefore
be between EUR38 and 44 million.  The Jenoptik Executive Board
reaffirms its forecasts published in the first half-year 2006
that the result for the full-year 2006 might come in at the
upper end of the range.  The Jenoptik Executive Board considers
the risk of the sale of M+W Zander, completed in May 2006,
having any further impact on the results of the Jenoptik Group,
as rather minimal.

                        About the Company

Headquartered in Jena, Germany, Jenoptik AG --
http://www.jenoptik.com/cps/rde/xchg/jenoptik_en/-- produces
and markets components, systems and facilities for the medical,
electronics, telecommunications and semiconductor manufacturing
industries.  The Company manufactures clean room for electronics
producers, diode lasers, infrared cameras and high-resolution
lenses.

                        *     *     *

As reported in the TCR-Europe on Nov. 22, Fitch Ratings changed
German industrial-technology group Jenoptik AG's Outlook to
Positive from Stable.

At the same time, the agency affirmed the group's Issuer Default
rating and Short-term rating at B.  Fitch upgraded Jenoptik's
senior unsecured rating to B+ from B and its Recovery rating to
RR3 from RR4.

In July 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Germany-based engineering
group Jenoptik AG to 'B+' from 'B', following the sale of the
facility-engineering division M+W Zander Holding AG.  S&P said
the outlook is stable.

At the same time, the rating on Jenoptik's EUR150 million senior
secured bonds was raised to 'B+' from 'B', and the rating on the
EUR62.1 million senior unsecured convertible notes to 'B-' from
'CCC+'.


JENOPTIK AG: Concludes Camera Supply Agreement with Leaf
--------------------------------------------------------
Leaf and Jenoptik AG have signed a long-term agreement for the
manufacture and supply of a new auto focus, medium-format
camera.

The innovative camera system, which is geared towards the
practical needs of professional photographers, was developed by
Jenoptik in conjunction with partners and presented to the
general public for the first time at Photokina at the end of
September this year in Cologne.  By concluding this agreement
Jenoptik has succeeded in attracting its first major client for
the new camera.

Leaf, part Kodak Graphic Communications Group, develops,
manufactures and markets digital camera backs for professional
photographers and will market the Jenoptik medium-format camera
together with its own new, digital backs Leaf Aptus S as the
"Leaf AFi" product family.  This will mean that for the very
first time Leaf will be able to offer its clients its own,
professional, digital, medium-format camera system.

Dov Kalinski, General Manager of Leaf comments: "We are pleased
to have signed this agreement with Jenoptik, a leader in its
field.  The new Leaf AFi medium-format camera has been designed
with the very best components available, which are specifically
designed for professional photographers and a new and advanced
Leaf digital camera back. "

Jenoptik will manufacture and further develop the medium-format
camera for Leaf.  Both parties have agreed not to disclose of
any details on the specific scope and order volume.  This newly
concluded long-term agreement represents another order for the
Jenoptik Group as a supplier of advanced technology systems in
large volumes.  Just recently Jenoptik concluded a long-term
cooperation arrangement with Carl Zeiss Sports Optics in which
Jenoptik will develop and manufacture digital camera technology
and optical technology exclusively for ZEISS binoculars and
sports telescopes.

                       About the Company

Headquartered in Jena, Germany, Jenoptik AG --
http://www.jenoptik.com/cps/rde/xchg/jenoptik_en/-- produces
and markets components, systems and facilities for the medical,
electronics, telecommunications and semiconductor manufacturing
industries.  The Company manufactures clean room for electronics
producers, diode lasers, infrared cameras and high-resolution
lenses.

                        *     *     *

As reported in the TCR-Europe on Nov. 22, Fitch Ratings changed
German industrial-technology group Jenoptik AG's Outlook to
Positive from Stable.

At the same time, the agency affirmed the group's Issuer Default
rating and Short-term rating at B.  Fitch upgraded Jenoptik's
senior unsecured rating to B+ from B and its Recovery rating to
RR3 from RR4.

In July 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Germany-based engineering
group Jenoptik AG to 'B+' from 'B', following the sale of the
facility-engineering division M+W Zander Holding AG.  S&P said
the outlook is stable.

At the same time, the rating on Jenoptik's EUR150 million senior
secured bonds was raised to 'B+' from 'B', and the rating on the
EUR62.1 million senior unsecured convertible notes to 'B-' from
'CCC+'.


LADY FITNESS: Claims Registration Ends December 8
-------------------------------------------------
Creditors of Lady Fitness Sportzentren GmbH have until Dec. 8 to
register their claims with court-appointed provisional
administrator Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 5, 2007, at which time the
administrator 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 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Lady Fitness Sportzentren GmbH on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lady Fitness Sportzentren GmbH
         Attn: Dr. Rolf F.G. Schwentkowski, Manager
         Wedeler Highway 65
         22559 Hamburg, Germany

The administrator can be contacted at:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg, Germany


MARTINA SCHATZSCHNEIDER: Claims Registration Ends December 8
------------------------------------------------------------
Creditors of Martina Schatzschneider Assekuranz-Vermittlungs-
GmbH have until Dec. 8 to register their claims with court-
appointed provisional administrator Jurist Ralf Nestler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, Germany

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

The District Court of Hanover opened bankruptcy proceedings
against Martina Schatzschneider Assekuranz-Vermittlungs- GmbH on
Oct. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Martina Schatzschneider Assekuranz-Vermittlungs- GmbH
         Attn: Martina Schatzschneider, Manager
         Heierdrift 33
         30938 Burgwedel, Germany

The administrator can be contacted at:

         Jurist Ralf Nestler
         Bernwardstr. 11
         31134 Hildesheim, Germany
         Tel: 05121/749740
         Fax: 05121/7497417


SOELLNER GMBH: Claims Registration Ends December 8
--------------------------------------------------
Creditors of Soellner GmbH have until Dec. 8 to register their
claims with court-appointed provisional administrator Sebastian
Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on Jan. 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 216/II
         Office Building
         Baumenstrasse 32
         Fuerth, Germany

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

The District Court of Fuerth opened bankruptcy proceedings
against Soellner GmbH on Oct. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Soellner GmbH
         Rudolf-Breitscheid-Str. 10
         90762 Fuerth, Germany

The administrator can be contacted at:

         Dr. Sebastian Braun
         Rudolf-Breitscheid-Str. 16
         90762 Fuerth, Germany
         Tel: 0911/9792491
         Fax: 0911/9792492


WATERPHOENIX GMBH: Claims Registration Ends December 7
------------------------------------------------------
Creditors of WaterPhoenix GmbH have until Dec. 7 to register
their claims with court-appointed provisional administrator
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke, Germany

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

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

The Debtor can be contacted at:

         WaterPhoenix GmbH
         Anger 26
         46485 Wesel, Germany

         Attn: Sven Niwolik, Manager
         Stuhrreihe 18
         28816 Stuhr-Varrel, Germany

         Thomas Reiser, Manager
         Hang 41
         31008 Elze, Germany

The administrator can be contacted at:

         Dr. Christian Willmer
         Georgstrasse 5
         D-27283 Verden, Germany
         Tel: 04231/884-0
         Fax: 04231/884-55


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


BORSODCHEM NYRT: To Join Plast Eurasia Istanbul 2006 Fair
---------------------------------------------------------
BorsodChem Nyrt. will participate at the Plast Eurasia 2006
International Plastic and Rubber Industries Fair organized in
Istanbul, Turkey.

BorsodChem will be available for its partners together with its
Turkish agent Nepa on a 70 m2 stand.

Its sales executives of PVC Resin, Dry Blends and Granules will
represent BorsodChem.

With their help visitors can obtain direct information about
individual products.  As Turkey is a significant PVC resin
market for BorsodChem, the Fair presents an excellent
opportunity to foster and expand sales relations.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


INDEPENDENT NEWS: Terminates Discussions on APN Buy-Out
-------------------------------------------------------
Independent News & Media Plc informed APN News & Media Ltd. on
Nov. 24 that the proposed consortium was unable to finalize its
own terms to meet its desired timetable, culminating with a
formal offer to APN shareholders.

As a result, the current discussions between the proposed
consortium members have been terminated at this time.  INM in
conjunction with APN will continue to actively examine the many
opportunities in the Australian market with a view to maximizing
value for all INM shareholders.

IN&M approached the Board of APN on Oct. 26 in respect of a
possible leveraged buy-out of APN.

                       About the Company

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

The Group manages gross assets of EUR4 billion, revenue of
EUR1.8 billion and employs around 10,300 people worldwide.

                        *     *     *

As reported in the TCR-Europe on Oct. 31, Fitch Ratings placed
Independent News & Media Plc's Issuer Default Rating of BB- on
Rating Watch Evolving following the announcement of a leveraged
buyout of its 41% subsidiary APN News & Media Ltd.

Under the announced plan, Providence Private Equity Partners
will buy out all the share capital of APN for AU$3.8 billion
(EUR2.3 billion) using a leveraged acquisition vehicle.  IN&M
will then reinvest some of the proceeds of the share sale to
give it a 40% stake in the vehicle.  The transaction is expected
to release significant cash (approximately AU$600 million or
EUR360 million) to IN&M, which could be used for international
acquisitions, maximization of shareholder returns, or general
corporate purposes.


INDEPENDENT NEWS: Fitch Removes BB- Ratings on Watch Evolving
------------------------------------------------------------
Fitch Ratings took Independent News & Media Plc's Issuer Default
and senior unsecured ratings off Rating Watch Evolving and
affirmed them at BB- following the announcement that talks
surrounding the leveraged buyout of its 41% subsidiary APN News
& Media have been terminated.  The Outlook on the Issuer Default
rating is Stable.

Fitch Had put IN&M's ratings on Rating Watch Evolving on Oct. 26
following the announcement of a plan, in conjunction with
Providence Private Equity Partners, for a leveraged buyout of
APN.

This would have released cash to IN&M, left its stake in the APN
business largely unchanged, but come at the cost of IN&M's
control of APN.  IN&M's plans for the proceeds were, at the time
of this announcement, unclear.

The deal broke down because the consortium had been unable to
finalize its own terms that would have enabled it to have met
its desired timetable.

"While the release of cash would have allowed IN&M to pursue a
number of options, the use of proceeds was not specified and
could have moved the credit profile either way," Alex Griffiths,
Director in Fitch's European TMT group disclosed.

"While there are doubtless international opportunities, Fitch
does not see further large-scale international expansion as a
short-term strategic imperative, and does not see the inability
to complete the deal as negative for IN&M's credit profile.
However, the strategic rationale for the deal remains and there
is still the possibility that it could yet be made to work with
a different partner," he added.

Following the announcement this morning, IN&M has not amended
its internal consolidated net debt/EBITDA leverage target of 3x.
Any subsequent changes could affect the ratings.

Using Fitch's methodology for adjusting the group's ratio for
IN&M's minority ownership in APN leverage as measured by net
debt/EBITDA was 4.4x at FYE05.  This compares to 3.4x on a
headline basis.

APN accounted for 60% of IN&M's consolidated EBITDA in FY05, and
contributed EUR24 million in dividends to the group.


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


ALITALIA SPA: Confirms Possible Alliance with Air France-KLM
------------------------------------------------------------
As reported in the TCR-Europe on Oct. 24, the Board of Directors
of Alitalia S.p.A. mandated Chief Executive Giancarlo Cimoli to
start examining structural alliance options aimed at generating
industrial synergies and maximizing the company's profitability,
and to adjust the Industrial Plan accordingly.

In light of this mandate Alitalia is currently undertaking a
market assessment that could meet the board set objectives in
terms of synergies and profitability in order to initiate
exploratory talks to sound potential interests.

Alitalia's efforts aim at the value enhancement of the Company
by means of a partnership, built on a sound industrial logic and
integrated into Alitalia's business model.

Within this framework, Alitalia confirms what has been mentioned
earlier in a press conference hosted by AF-KLM, i.e. that
exploratory exchanges are under way.  This development, aimed at
finding satisfactory answers to some strategic issues, is still
at an early stage and not exclusive.  It is also consistent with
the contractual arrangements already in place with Air France-
KLM, with whom Alitalia has developed since 2001 an extensive
bilateral cooperation within SkyTeam and has implemented since
2002 a cross-shareholding setup.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

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 national carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


PARMALAT SPA: U.S. Court Adjourns Cases for Possible Settlement
---------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York adjourned until Dec. 31, 2006,
all damages lawsuits by Parmalat S.p.A. against Bank of America
Corp., Grant Thornton International and Deloitte & Touche.

Judge Drain directed the parties to explore a possible
settlement of the lawsuits filed against the bank and the
auditors.  The ruling, however, does not include a New Jersey
suit filed by Parmalat against Citigroup.

As reported in the TCR-Europe on Nov. 27, Credit Suisse Group
and Banca Nazionale del Lavoro S.p.A. filed a memorandum of
understanding in a Federal District Court in Manhattan to settle
for US$25 million each a class action filed by investors of
Parmalat S.p.A.

Aside from the monetary settlement, the financial institutions
agreed to institute changes in their corporate governance that
will hopefully prevent future problems.

Parmalat is seeking US$10 billion in damages from several
financial institutions for their alleged role in the company's
EUR14-billion collapse in December 2003.  Parmalat filed the
lawsuits in Italy and the U.S.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


LOUIS NO. 1: Moody's Assigns (P)B2 Rating on Proposed Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 rating to Louis
No.1's proposed EUR430-million Senior Notes due 2014, and a
(P)B3 to its proposed EUR300-million Senior Subordinated Notes
due 2016.

At the same time Moody's has affirmed the corporate family
rating and the Senior Bank Facility rating at B1.  The outlook
on all ratings is stable.

Both the Senior Notes and the Senior Subordinated Notes rank
behind the Senior Secured Bank facility rated B1.  The
respective one and two notches below the CFR and the Senior
Secured Bank Facility reflect the level of relative
subordination in the capital structure.  The obligations under
both Notes issuances are supported by upstream guarantees from
various businesses within the group representing 58% and 63%
(previously stated 69%) of combined group sales and EBITDA
respectively.  The proceeds from the notes will be used to repay
the bridge facilities initially used to fund the acquisition of
the business of TNT Logistics.

Rating assigned:

   -- EUR430-million Senior Unsecured Notes: (P)B2;
   -- EUR300-million Senior Subordinated Notes: (P)B3;

Rating Affirmed:

   -- Corporate family rating of B1
   -- EUR805-million Senior Secured facility of B1

Moody's last action was to assign the B1 CFR and Senior bank
facility in press release dated Nov. 14, 2006.

Louis No.1 owned by the US private Equity Fund Apollo Management
LP (81%) and other Co Investors, is the acquiror of the business
of TNT Logistics.  TNT Logistics is the second largest provider
of contract logistics in the world in term of revenues, with an
operational presence in 26 countries worldwide.  Before the sale
to Apollo Management LP.; NT L was the logistic division of TNT
Group.  In FY 2005 TNT Logistics reported total revenues of
EUR3.35 billion.


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


ABN AMRO: Creditors Must File Claims by Dec. 27
-----------------------------------------------
LLP ABN AMRO Processing Center has declared insolvency.
Creditors have until Dec. 27 to submit written proofs of claim
to:

         LLP ABN AMRO Processing Center
         Hadja Mukan Str. 45
         Almaty, Kazakhstan


ADYR LLP: Almaty Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against LLP Adyr
(RNN 531300001431).


ALIANT LLP: Karaganda Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Aliant
(RNN 301200217000).

LLP Aliant is located at:

         Privokzalnaya Str. 2
         Temirtau
         Karaganda Region
         Kazakhstan


ART-LOGOS LLP: Proof of Claim Deadline Slated for Dec. 27
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Art-Logos insolvent on Sept. 28.

Creditors have until Dec. 27 to submit written proofs of claim
to:

         LLP Art-Logos
         Office 4
         Kassin Str. 2/1
         Mamyr
         Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 (3335) 59-68-31
              8 (3332) 58-50-41


COMPASS LLP: Creditors Must File Claims by Dec. 27
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Compass on
Oct. 10.

Creditors have until Dec. 27 to submit written proofs of claim
to:

         LLP Compass
         Baitursynov Str. 70
         Kostanai
         Kostanai Region
         Kazakhstan


ENGINEERING COMMERCE: Creditors' Claims Due Dec. 29
---------------------------------------------------
LLP Engineering Commerce has declared insolvency.  Creditors
have until Dec. 29 to submit written proofs of claim to:

         LLP Engineering Commerce
         Valihanov Str. 170
         050010 Almaty, Kazakhstan
         Tel: 8 (3272) 71-67-51


INTEX-SK LLP: Claims Registration Ends Jan. 5, 2007
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Intex-SK insolvent.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Intex-SK
         Maiskaya Str. 7
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


JYMPITY LLP: Claims Filing Period Ends Dec. 29
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Jympity insolvent on Oct. 10.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Dec. 29 to submit written proofs of claim
to:

         LLP Jympity
         Korolenko Str. 32-40
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 50-69-31


LEFMA-A LLP: Aktube Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Lefma-a on
Oct. 23.


MEYIR-K LLP: South Kazakhstan Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Meyir-k.

LLP Meyir-k is located at:

         Tynybaev Str. 49
         Shymkent
         South Kazakhstan Region
         Kazakhstan


PANFILOV SULTAN: Claims Registration Ends Dec. 29
-------------------------------------------------
CJSC Panfilov Sultan has declared insolvency.  Creditors have
until Dec. 29 to submit written proofs of claim to:

         CJSC Panfilov Sultan
         Jarkent
         Almaty Region
         Tel: 8 701 452 70-23


SHAHTINSKOE SHSMU: Karaganda Court Begins Bankruptcy Proceedings
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against OJSC Shahtinskoe
SHSMU (RNN 301400005144).

OJSC Shahtinskoe SHSMU (RNN 301400005144) is located at:

         Industrialnaya Str. 2
         Temirtau
         Karaganda Region
         Kazakhstan


SINEGORIE LLP: Karaganda Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Sinegorie
(RNN 301200022807).

LLP Sinegorie is located at:

         Respublika Ave. 161
         Temirtau
         Karaganda Region
         Kazakhstan


TASZAIMKA LLP: Creditors' Claims Due Jan. 5, 2007
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Taszaimka insolvent.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Taszaimka
         Loboda Str. 20
         Karaganda
         Karaganda Region
         Kazakhstan


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


ISSYK-KUL REGIONAL: Public Auction Scheduled for Dec. 19
--------------------------------------------------------
The Issyk-Kul Regional State Administration will auction state
properties to the public at 11:00 a.m. on Dec. 19 at:

         Building of Regional State Administration
         Abdrahmanov Str. 105
         Karakol
         Issyk-Kul Region
         Kyrgyzstan

The state properties for sale are:

   -- Lot 43: Right of ownership for the land territory
      Tihaya buhta.

      Location: Tosor
                Jety-Oguzsky District
                Issyk-Kul Region
                Kyrgyzstan

      Aim of use: resort-recreational purpose
      Total area: 24 hectares
      Area for construction: 20 hectares
      Park-beach: 4 hectares
      Starting price: KGS2,701,800

   -- Lot 44: Right of ownership for the land territory
      No. 1 Jylyndy Koo.

      Location: Eastern part of Karatalaa
                Tonsky District
                Issyk-Kul Region
                Kyrgyzstan

      Aim of use: resort-recreational purpose
      Total area: 14.6 hectares
      Area for construction: 10 hectares
      Park-beach: 4.6 hectares
      Starting price: KGS1,784,000

   -- Lot 45: Right of ownership for the land territory
      No. 2 Jylyndy Koo.

      Location: eastern part of Karatalaa
                Tonsky District
                Issyk-Kul Region
                Kyrgyzstan

      Aim of use: resort-recreational purpose
      Total area: 14.6 hectares
      Area for construction: 10 hectares
      Park-beach: 4. 6 hectares
      Starting price: KGS1,784,000

   -- Lot 46: Right of ownership for the land territory
      Manjyly.

      Location: Eastern part from bridge through Manjyly Sai
                Tonsky District
                Issyk-Kul Region
                Kyrgyzstan

      Aim of use: resort-recreational purpose
      Total area: 10 hectares
      Area for construction: 10 hectares
      Starting price: KGS1,680,000

   -- Lot 47: Right of ownership for the land territory
              Uch Chunkur.

      Location: Western part of the resort house Zorka
                Tonsky District
                Issyk-Kul Region
                Kyrgyzstan

      Aim of use: resort-recreational purpose
      Total area: 4 hectares
      Area for construction: 2 hectares
      Park-beach: 2 hectares
      Starting price: KGS713,700

Participants have until Dec. 18 to submit their bids to:

         Settlement Account No. 8104172001300033
         MFO 129013
         Branch of Settlement and Saving Company in Karakol
         INN 02101197210013
         Building of Regional State Administration
         Abdrahmanov Str. 105
         Karakol
         Issyk-Kul Region
         Kyrgyzstan
         Tel: (+996 3922) 5-11-03, 2-28-39
         Fax: 5-22-27 (+996 3947) 91-7-61, 91-1-73
                      (+996 3946) 22-7-46, 21-7-02


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


GLOBAL POWER: Appoints John Matheson as President and CEO
---------------------------------------------------------
Global Power Equipment Group Inc. disclosed of key management
changes effective immediately, including the appointment of John
Matheson as president and chief executive officer.

Mr. Matheson, who previously served as the company's executive
vice president and chief operating officer, replaces Larry
Edwards, who will remain as the company's non-executive chairman
of the board.  Mr. Matheson was also named a member of the board
of directors.

The company disclosed that Mr. Matheson has served in several
other senior roles within the company, including senior vice
president of Global Power, executive vice president, Operations
of the Auxiliary Power segment, and as the company's general
counsel and secretary.

During these roles, Mr. Matheson was responsible for many of the
company's key strategic initiatives, including mergers and
acquisitions and the corporate operations in Asia.

He led the reorganization of the Auxiliary Power segment and the
acquisitions of Williams Industrial Services Group and Deltak
Power Equipment (China).

Before joining the company, he was with The Williams Companies,
where he was responsible for mergers, acquisition, and
securities law matters.

Formerly, he was a shareholder with the law firm of Conner &
Winters P.C., in Tulsa, Oklahoma, and was a Certified Public
Accountant with Price Waterhouse.  Mr. Matheson is an alumnus of
Harvard Business School, Georgetown University Law Center, and
the University of Oklahoma School of Business.

                      Other Key Appointments

The company appointed Michael Hanson to chief financial officer,
replacing Jim Wilson, who had retired.  Mr. Hanson previously
served as the company's chief accounting officer, and before
that, as corporate controller.  Before joining Global Power, he
was financial controller at Xeta Technologies, a provider of
communications solutions and services, as well as an audit
manager at Arthur Andersen LLP.  A Certified Public Accountant,
Mr. Hanson holds a B.S. in Accounting from the University of
Tulsa.

Jeff Davis has also been named president of the Deltak Specialty
Boiler Systems division of Deltak LLC.  Mr. Davis first joined
Deltak in 1985, and has served in a range of positions within
its engineering, sales, and management teams.  He holds a B.S.
in Chemical Engineering from the University of Colorado.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. (OTC Pink Sheets: GEGQQ) --
http://www.globalpower.com/-- provides power generation
equipment and maintenance services for its customers in the
domestic and international energy, power and infrastructure and
service industries.  The Company designs, engineers and
manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate
the operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


LOUIS NO.1: S&P Assigns B- Rating on EUR730-Mln Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating to the EUR430-million senior notes, due
2014, and to the EUR300-million senior subordinated notes, due
2016, issued by Louis No. 1 PLC, the holding company
for The Netherlands-based contract logistics group TNT
Logistics.  The ratings are subject to final documentation.

"The notes are rated two notches below the corporate credit
rating on Louis No. 1, due to their subordination to a
significant level of priority liabilities as well as limited
potential for recoveries, with senior secured cover in the low
end of the 80%-100% range," said Standard & Poor's credit
analyst Eve Greb.  The notes benefit from the same guarantee
package as the senior secured facilities, with coverage of about
63% of EBITDA.

The ratings on Louis No. 1 reflect the business and financial
risk profiles of its main operating company, TNT Logistics.
As a result, the ratings are constrained by:

   -- TNT Logistics' leveraged financial profile;

   -- weak credit measures; and

   -- limited free cash flow generation, which will
      limit meaningful debt reduction.

TNT Logistics operates within the highly fragmented and
competitive logistics industry but benefits from a satisfactory
business profile, underpinned by its global network and strong
market positions, particularly in Europe.  The group's highly
leveraged financial structure, however, outweighs the benefits
of its investment-grade business risk profile and is the key
driver of the ratings.  Pro forma for the recent acquisition of
TNT Logistics by private equity investor Apollo Management L.P.
from TNT N.V., a global provider of mail, express, and freight
management services, the group will have interest-bearing net
debt of about EUR1.1 billion.


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


AKER KVAERNER: Inks NOK8-Billion Gjoa Deal with Statoil ASA
-----------------------------------------------------------
Statoil ASA and Aker Kvaerner ASA signed a NOK8-billion contract
worth for the semi-submersible platform to be located at the
Gjoa field offshore Norway.

This is in accordance with the memorandum of understanding
presented in Aker Kvaerner's disclosure to the Oslo Stock
Exhange at Sept. 29, 2006.

The scope of work to be performed by Aker Kvaerner will be
detail design of topside and hull, procurement, construction and
hook-up of topside, and mating of topside and hull.  Detailed
engineering will be headed from Aker Kvaerner's office in Oslo,
and a significant part of the engineering hours will be carried
out by Aker Kvaerner's engineering entity in Mumbai in India.

In total, more than 500 Aker Kvaerner engineers will be
mobilized to design the platform.  Peak manning will reach
around 2000 persons.  The platform will be constructed at Aker
Kvaerner Stord AS, who also is Statoil ASA's contract partner.
Several Aker Kvaerner companies will deliver to Gjøa.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AKER KVAERNER: One of Most Reputable Firms, Says Global Reptrak
---------------------------------------------------------------
Reputation Institute, an American organization, released the
results of a large study measuring the reputation of 750
companies in 25 countries with 30,000 people participated in the
survey, Global Reptrak 2006.

Aker Kvaerner's reputation score is above the average rating of
all companies rated by consumers in 25 countries, and places
Aker in an elite group made up of the 200 best regarded
companies in the world.

Among the top 10 companies ranked as the World's Most Respected
Companies are Barilla, Lego, Lufthansa, Ikea, Toyota, Samsung
and Kraft Foods.

Ten large Norwegian companies were measured and six of them made
the RepTrak 200 list: Aker, Reitangruppen, Coop, Statoil, Hydro,
and Veidekke.

The survey uses a method of measurement that is standardized --
so company reputations can be compared across branches and
country borders.

Global reputation winners are recognized for both delivering
good economic results and appealing to the emotions of the
general public.  This includes measurement of the trust, respect
and admiration that survey participants have for the company.
Aker -- with Kjell Inge Røkke at the lead -- scored highest
among Norwegians.  The survey also shows that Kjell Inge Røkke
is the Norwegian top leader that Norwegians admire most.

Research shows that companies that have a good reputation have
an easier time attracting customers, suppliers and job
applicants.

                    About Reputation Institute

Reputation Institute (RI) is a private advisory and research
firm headquartered in New York with representation in more than
20 countries around the world.   Founded in 1997, RI is a
pioneer and global leader in the field of corporate reputation
management, with a mission to help companies create value from
reputation.  In 2006, Reputation Institute's launched the Global
RepTrak Pulse, a project that surveyed more than 30,000 people
in 25 countries, to measure consumer perceptions of over 750
companies in North America, Latin America, Europe, Asia,
Australia, and Africa.   RI works with corporate leaders who
trust RI to use its cutting-edge knowledge, international
network and experienced advisors to help develop resilient
reputing strategies.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


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


BORSODCHEM NYRT: To Join Plast Eurasia Istanbul 2006 Fair
---------------------------------------------------------
BorsodChem Nyrt. will participate at the Plast Eurasia 2006
International Plastic and Rubber Industries Fair organized in
Istanbul, Turkey.

BorsodChem will be available for its partners together with its
Turkish agent Nepa on a 70 m2 stand.

Its sales executives of PVC Resin, Dry Blends and Granules will
represent BorsodChem.

With their help visitors can obtain direct information about
individual products.  As Turkey is a significant PVC resin
market for BorsodChem, the Fair presents an excellent
opportunity to foster and expand sales relations.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


BUILDING CERAMICS: Court Names D. Rybalko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. D.
Rybalko as Insolvency Manager for OJSC Building Ceramics (TIN
0269008920).  He can be reached at:

         D. Rybalko
         Post User Box 178
         Ufa
         450097 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-14249/05-G-PAV.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Building Ceramics
         S. Yulaeva Str. 1
         Tuymazy
         452750 Bashkortostan Republic
         Russia


BURUKTALSKIY METALLURGIC: Names G. Yaparov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. G.
Yaparov as Insolvency Manager for CJSC Buruktalskiy Metallurgic
Works (TIN 5644003352).  He can be reached at:

         G. Yaparov
         Office 31
         Oktyabrya Pr. 10
         450001 Ufa
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-3758/2006-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         CJSC Buruktalskiy Metallurgic Works
         Svetlyj
         Orenburg Region
         Russia


GAZPROM NEFT: Appoints Alexander Dukov as Acting President
---------------------------------------------------------
JSC Gazprom Neft's Board of Directors terminated in advance the
authority of the company's current president Alexander Ryazanov
and appointed Alexander Dukov as the company's acting president
at a meeting on Nov. 22.

Prior to the appointment, Mr. Dukov has held the position of
SIBUR Holding's president.

The Board also scheduled an extraordinary shareholders' meeting
for Dec. 30, which will take place by correspondence.

The agenda of the shareholders' meeting will include:

   -- appointment of Mr. Dukov as company president,

   -- early dismissal of the Board of Directors,
      and

   -- election of new Board of Directors.

Mr. Dukov thanked the Board for their confidence and said: "I
will do my best to pursue the company's policy with continuity.
Gazprom's shareholders set ambitious objectives, which we should
achieve in the recent future.  The active role Gazprom, the main
shareholder, is playing in the Gazprom Neft's development makes
us believe that all the targets set by the oil company will be
achieved."

                       About Gazprom Neft

Headquartered in Moscow, Russia, Gazprom Neft OAO --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                          *     *     *

As reported in the TCR-Europe on Nov. 20, Standard & Poor's
Ratings Services placed its 'BB+' corporate credit rating and
'ruAA+' national scale rating on Russia-based oil company JSC
Gazprom Neft on CreditWatch with positive implications.


ITANTSA-WOOD OJSC: Court Names N. Dubershtejn to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Ms. N.
Dubershtejn as Insolvency Manager for OJSC Itantsa-Wood.  She
can be reached at:

         N. Dubershtejn
         Senchikhina Str. 1-89
         Ulan-Ude
         670024 Buryatiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-4376/06.

The Arbitration Court of Buryatiya Republic is located at:

         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         N. Dubershtejn
         Senchikhina Str. 1-89
         Ulan-Ude
         670024 Buryatiya Republic
         Russia


KOS-WOOD-INDUSTRY: Court Names V. Lukin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. V.
Lukin as Insolvency Manager for CJSC Kos-Wood-Industry.  He can
be reached at:

         V. Lukin
         Tsvetochnaya Str. 11
         Pikayaranta
         186810 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-6831/2006-184.

The Arbitration Court of Kareliya Republic is located at:

         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya Republic
         Russia

The Debtor can be reached at:

         CJSC Kos-Wood-Industry
         Nadezhdy Str. 12-14
         Kostomuksha
         Kareliya Republic
         Russia


KRASNOGVARDEYSKIY BUTTER: Names S. Osipova to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. S.
Osipova as Insolvency Manager for OJSC Krasnogvardeyskiy Butter-
Cheese-Factory.  She can be reached at:

         S. Osipova
         Post User Box 1569
         Vostochnaya Str. 86
         460036 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-14943/2005-14gk.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Krasnogvardeyskiy Butter-Cheese-Factory
         Lugovsk
         Krasnogvardeyskiy Region
         Orenburg Region
         Russia


LUKOIL OAO: Placing Two Series of RUR14-Billion Bonds on MICEX
--------------------------------------------------------------
Lukoil OAO expects to issue its third and fourth series of bonds
totaling RUR14 billion later this month, Ria Novosti reports.

As previously reported in the TCR-Europe on Oct. 23, the bond
issue entails:

   -- 8,000,000 non-convertible documentary interest-bearing
      bonds to bearer with nominal value of RUR1,000 apiece.
      The bonds have 10 coupon periods and mature after
      five years;

   -- 6,000,000 non-convertible documentary interest-bearing
      bonds to bearer with nominal value of RUR1,000 apiece.
      The bonds have 14 coupon periods and matures after seven
      years.

The two series were registered by the Federal Service for
Financial Markets, the company's press service said.

The bonds will be sold by public offering on the Moscow
Interbank Currency Exchange (MICEX), with ABN AMRO Bank acting
as underwriter.

Lukoil CEO Vagit Alekperov told Ria Novosti that the company
plans to place the bond issue in November but did not specify
any date.

As previously disclosed, the bonds are not subject to any prior
redemption and preferential purchase rights.  Lukoil has yet to
set the issue date based on favorable market conditions.

The Ruble borrowing, CBonds reports, will allow the company to
reduce its bank borrowings.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                          *     *     *

As reported in the TCR-Europe on July 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Lukoil OAO to 'BB+' from 'BB'.  S&P said the outlook is
positive.


NOVODUGINO-FLAX: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Smolensk Region commenced bankruptcy
supervision procedure on OJSC Novodugino-Flax.   The case is
docketed under Case No. A62-1043-N/2006 (3858/06).

The Temporary Insolvency Manager is:

         M. Turkov
         Gagarina Str. 15
         Yartsevo
         215800 Smolensk Region
         Russia

The Debtor can be reached at:

         OJSC Novodugino-Flax
         Lipetsy
         Novoduginskiy Region
         215210 Smolensk Region
         Russia


RASSKAZOVSKAYA MOVABLE: Bankruptcy Hearing Slated for Jan. 23
-------------------------------------------------------------
The Arbitration Court of Tambov Region will convene at 10:00
a.m. on Jan. 23, 2007, to hear the bankruptcy supervision
procedure on OJSC Rasskazovskaya Movable Mechanized Column-2.
The case is docketed under Case No. A64-4381/06-18.

The Temporary Insolvency Manager is:

         A. Golovchenko
         Post User Box 18
         394038 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Rasskazovskaya Movable Mechanized Column-2
         Proletarskaya Str. 239
         Rasskazovo
         Tambov Region
         Russia


ROCK CRYSTAL: Court Names S. Mikheev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. S. Mikheev as
Insolvency Manager for LLC Rock Crystal.  He can be reached at:

         S. Mikheev
         Post User Box 6063
         614002 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-15681/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Rock Crystal
         Pobedy Str. 14
         Dobryanka
         618740 Perm Region
         Russia


ROLTOM OJSC: External Court Starts Reorganization Process
---------------------------------------------------------
The Arbitration Court of Tomsk Region commenced external
management bankruptcy procedure on OJSC Roltom.  The case is
docketed under Case No. A67-274/05.

The External Insolvency Manager is:

         N. Razumov
         Zheleznodorozhnaya Str. 3
         634006 Tomsk Region
         Russia

The Debtor can be reached at:

         OJSC Roltom
         Building 51
         Pushkina Str. 63
         634006 Tomsk Region
         Russia


ROSNEFT OIL: Inks Deal to Acquire 51% Udmurtneft from Sinopec
-------------------------------------------------------------
OAO Rosneft Oil Co. and Chinese Petrochemical Corp. (Sinopec)
executed the bilateral agreements indicative of successful
development of cooperation between the largest national oil
companies of Russia and China.

On Nov. 11, Rosneft and Sinopec have signed a shareholder
agreement establishing the joint management principles for the
jointly acquired Russian company of OJSC Udmurtneft.

On Nov. 13, the companies have signed a share transfer agreement
regarding Udmurtneft shares allocation to the joint management
venture through which Rosneft and Sinopec would control
Udmurtneft.  They also signed a loan agreement with the Bank of
China, which facilitated the acquisition financing.

Under the achieved agreements, the Board of Directors of the
Udmurtneft will include nine members:

   -- the General Director to be nominated by Rosneft;
   -- four Rosneft representatives; and
   -- four Sinopec representatives.

The joint Advisory Committee is established at the Board of
Directors to address the strategy and business planning issues
and is to include five people from each company.

In March 2006, Sinopec and Rosneft signed a Memorandum of
Cooperation and agreed upon the joint acquisition of Udmurtneft
assets from TNK-BP.  In April 2006, Rosneft and Sinopec entered
the Option Agreement whereby Rosneft would acquire the shares of
Udmurtneft from the Chinese company, should the latter have won
a tender on the Udmurtneft acquisition from TNK-BP.

Rosneft and Sinopec were to establish a joint venture to manage
Udmurtneft production activities with the Russian company
holding a 51% stake and the Chinese 49%.

In June 2006, Sinopec was pronounced a winner by TNK-BP upon the
open auction for the shares of Udmurtneft.  In August, the
Chinese company completed the acceptance of properties from the
previous owner, followed by the visit of Rosneft and Sinopec
Presidents, Mr. Bogdanchikov and Mr. Cheng Tonghai to Udmurtia,
where they could see the newly acquired assets.

A session of the new shareholders of Udmurtneft took place, the
new Board of Directors was established and launched.  The
company production and commercial operations are performed as
normal.

During the meeting of Rosneft and Sinopec Presidents on Nov. 11,
it was decided that in order to provide further efficiency of
Udmurtneft operations, companies would jointly develop a
business plan and a five-year development program for
Udmurtneft.  In order to set up grounds for long-term
development of the Udmurtian venture, the new shareholders will
expand the investment scope of exploration and development, as
well as the upgrade of production infrastructure.

Successful teamwork of Rosneft and Sinopec in Udmurtneft project
is the evidence of considerable outlooks of the two oil
companies.  No cooperation in exploration and development, oil
refining and sales of petroleum products.  Both companies are
certain about the efficient cooperation serving to reinforce
further strategic partnership between Russia and China.
Udmurtneft was established in 1973.

At present, OJSC Udmurtneft is producing over 60% of the oil in
the Volga-Ural region of Russia.  In 2005, the company produced
5.98 million tons of oil (43.6 million barrels), with daily
production standing at 16,400 tons (115,000 barrels).  As of
Dec. 31, 2005, Udmurtneft's proved reserves stand at 78.4
million tons (551 million barrels), proven and probable reserves
-- at more than 131 million tons (922 million barrels) of oil
equivalent, as estimated by DeGolyer & MacNaughton.

                      About Udmurtneft

Udmurtneft was established in 1973 on the basis of an oil and
gas producing department of the same name, and has been
operating as an open joint stock company since 1994.  At
present, Udmurtneft is the main oil producing enterprise in the
Udmurt Republic, producing over 60% of the oil in the Volga Ural
region.  In 2005, the company produced 5.98 million tons of oil
(43.6 million barrels), with daily production standing at 16,400
tons (115,000 barrels).

                        About Sinopec

China Petroleum & Chemical Corporation (part of the Sinopec
Group) was established in 2000 and is the largest producer of
oil products and petrochemicals in China.  In 2005, the company
produced 39.3 million tons of oil and 6.3 billion cubic meters
of gas.  Sinopec's proved recoverable oil reserves at the end of
2005 stood at 3.3 billion barrels of oil and 2.9 trillion cubic
feet of gas.  In March 2006, during a visit by Rosneft President
Sergey Bogdanchikov to China, a Memorandum of Mutual
Understanding was signed between Rosneft and Sinopec.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


SELIVANOVO CJSC: Court Names D. Porkhunov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. D.
Porkhunov as Insolvency Manager for CJSC Selivanovo.  He can be
reached at:

         D. Porkhunov
         Office 14
         Zavrazhnova Pr. 5
         Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-3898/2006-s1.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         CJSC Selivanovo
         Zelenyj
         Miloslavskiy Region
         Ryazan Region
         Russia


SEREDKINSKIY FLAX: Court Names A. Dzhamaldaev to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. A.
Dzhamaldaev as Insolvency Manager for OJSC Seredkinskiy Flax
Factory (TIN 6018000524).  He can be reached at:

         A. Dzhamaldaev
         Konnaya Str. 2
         180007 Pskov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-3193/2006/4.

The Arbitration Court of Pskov Region is located at:

         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         OJSC Seredkinskiy Flax Factory
         Zavodskaya Str. 33
         Seredka
         Pskov Region
         Russia


TERA-INVEST CJSC: Court Names A. Gvozdeva as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Ms. A. Gvozdeva
as Insolvency Manager for CJSC Tera-Invest.  She can be reached
at:

         A. Gvozdeva
         Popova Str. 30A
         610014 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-464/06-286/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         CJSC Tera-Invest
         Zelenaya Str. 14
         Kilmez
         613570 Kilmezskiy Region
         Russia


THERMAL COMPANY: Bankruptcy Hearing Slated for Nov. 28
------------------------------------------------------
The Arbitration Court of Belgorod Region will convene at
10:00 a.m. on Nov. 28 to hear the bankruptcy supervision
procedure on OJSC Thermal Company.  The case is docketed under
Case No. A08-3865/06-11.

The Temporary Insolvency Manager is:

         V. Bushuev
         1st Yuzhnaya Str. 1A
         Gubkin
         309182 Belgorod Region
         Russia

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Thermal Company
         5th Zavodskoy Per. 38
         308000 Belgorod Region
         Russia


TRANSPORT ENTERPRISE: Court Names S. Mikheev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. S. Mikheev as
Insolvency Manager for LLC Transport Enterprise.  He can be
reached at:

         S. Mikheev
         Post User Box 6063
         614002 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-15603/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Transport Enterprise
         Promuyshlennaya Str. 11
         Chaykovskiy
         617762 Perm Region
         Russia


=========
S P A I N
=========


SANTANDER EMPRESAS: S&P Junks EUR53.7-Million Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by Fondo
de Titulizacion de Activos Santander Empresas 2.

Santander Empresas 2 is the fourth securitization of credit
exposure to a static pool of Banco Santander Central Hispano,
S.A.'s (SCH; AA-/Positive/A-1+) domestic small and midsize
corporate clients.  This securitization comprises a mixed pool
of underlying mortgage-backed and unsecured assets.

SCH is an experienced originator and servicer, and strong
eligibility criteria will ensure the credit quality of the
collateral.

The transaction features some structural enhancements provided
by the swap agreement, amortization of the notes, the reserve
fund, and the servicing provided by SCH.

                           Ratings List
      Fondo de Titulizacion de Activos Santander Empresas 2
            EUR2,953.7-Million Floating-Rate Notes

                       Prelim.        Prelim.
        Class          rating         amount (Mil. EUR)
        -----          ------          ------
        A1             AAA             1,300.1
        A2(1)          AAA             1,365
        B              AA                 84.1
        C              A                  62.3
        D              BBB                59.5
        E              BB-                29
        F(2)           CCC-               53.7


   (1) the class A2 notes will start amortizing on
       Nov. 20, 2008.  Until that date, all amounts due to the
       redemption of these notes will be deposited in an
       amortization account.

   (2) these notes will fund the reserve fund.


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


AS GROUP: Lachen Court Rules on Bankruptcy
------------------------------------------
The Bankruptcy Court for the District of March in Lachen has
declared JSC AS Group bankrupt on Oct. 3, 2006.


DOG BOX: Aarau Court Suspends Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court for the District of Aarau in Oberentfelden
suspended the bankruptcy proceedings of LLC Dog Box on Oct. 30,
pursuant to Article 230 of the Swiss Bankruptcy Code.

Headquartered in Schmiedrued, Kulm, LLC Dog Box was declared
bankrupt on Oct. 2.


DUYAIR LLC: Court Orders Temporary Bankruptcy Suspension
--------------------------------------------------------
The Bankruptcy Court in Zurich entered an order temporarily
suspending the bankruptcy proceedings of LLC Duyair on Oct. 30,
pursuant to Article 230 of the Swiss Bankruptcy Code.

Headquartered in Badenerstrasse, Zurich, LLC Duyair was declared
bankrupt on May 16, 2006.


EUROPEAN REINSURANCE: Scheme Meetings Slated for December 20
------------------------------------------------------------
The High Court of Justice requests Scheme Creditors with
Notified Outstanding Claims and Scheme Creditors with incurred
but not reported (IBNR) claims of Europaische
Rueckversicherungsgesselschaft in Zuerich (European Reinsurance
Company of Zurich) to attend, either in person or by proxy,
separate meetings at 11:00 a.m., on Dec. 20, at:

         PRO Insurance Solutions Ltd.
         One Great Tower Street
         London EC3R 5AA
         United Kingdom

A Scheme Creditor or his proxy must register his attendance
before the commencement of the Scheme Meetings.  Registration
will start at 10:00 a.m., on Dec. 20.

The purpose of the scheme meetings will be for each class of
scheme creditors to consider and to approve a scheme of
arrangement made between the Scheme Company and the Scheme
Creditors pursuant to Section 425 of the Companies Act 1985.

The Chairman of the Creditors' Meeting will address Scheme
Creditors generally on the Scheme and on issues relevant to
voting immediately prior to the commencement of the Creditors'
Meeting.

Scheme Creditors may vote in person at the Creditors' Meeting or
may appoint another person, whether a Scheme Creditor or not, as
their proxy to attend and vote in their place.  Notice of the
Creditors' Meeting and the statement required to be provided to
creditors pursuant to Section 426 of the Companies Act 1985,
together with Voting Forms and Forms of Proxy to use at the
Creditors' Meeting, have been circulated to known Scheme
Creditors as well as brokers and other intermediaries.

Copies of these documents, as well as the Information
Memorandum, the Scheme and blank Forms of Proxy and Voting Forms
may be obtained at:

         The Scheme Manager
         c/o PRO Insurance Solutions Ltd.
         Attn: Kevin McAffe or Dave Armstrong
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel/Fax: +44 (0) 1452 310 171

The documents may be downloaded at no charge at
http://www.rgmpool.com/

Scheme Creditors are given until 5:00 p.m., on Dec. 18, to
submit completed Proxy and Voting Form to the address or by e-
mail at pro_rgmpoolhelpline@pro-ltd.co.uk

Forms may also be handed in at the registration desk before the
Scheme Meetings.  Faxed and e-mailed Forms of Proxy and
Voting forms will be accepted if legible, but Scheme Creditors
are requested to send the originals, to be received by the
Scheme Manager not later than two business days after the date
of the scheme meetings.

The Court appointed Lee Christopher Brandon or, failing him,
Roberth Kingston both of PRO Insurance Solutions Ltd., to act as
Chairman of each Scheme Meeting and has directed the Chairman of
the Scheme Meeting to report the result of each Scheme Meeting
to Court.

If approved by the requisite majority of Scheme Creditors, the
Scheme will be subject to the subsequent approval of the Court.
Any policyholder who has any questions concerning the action he
is required to take should contact the Scheme Manager.


GLOBAL MANAGEMENT: Brugg Court Suspends Bankruptcy Process
----------------------------------------------------------
The Bankruptcy Court of Aargau in Brugg suspended the bankruptcy
proceedings of JSC Global Management & Network on Oct. 16,
pursuant to Article 230 of the Swiss Bankruptcy Code.

Headquartered in Brugg, Aargau, the company was declared
bankrupt on Aug. 17.


IBA-INTERBUCH: Baden Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau in Baden suspended the bankruptcy
proceedings of JSC IBA-Interbuch on Nov. 2, pursuant to Article
230 of the Swiss Bankruptcy Code.

Headquartered in Baden, Aargau, the company was declared
bankrupt on July 12.


LACSAP LLC: Creditors Must File Claims by Nov. 30
-------------------------------------------------
The Bankruptcy Court for the District of Aarau in Oberentfelden
suspended the bankruptcy proceedings of LLC Lacsap on Oct. 30,
pursuant to Article 230 of the Swiss Bankruptcy Code.

Creditors holding pledges against the company have until Nov. 30
to file written proofs of claim to:

         The Bankruptcy Service of Aargau
         5036 Oberentfelden
         Aarau, Aargau
         Switzerland

Headquartered in Lenzburg, Aargau, LLC Lacsap was declared
bankrupt on Sept. 22.


LENIOSOFT LLC: Baden Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau in Baden suspended the bankruptcy
proceedings of LLC LENIOsoft on Oct. 30, pursuant to Article 230
of the Swiss Bankruptcy Code.

Headquartered in Baden, Aargau, the company was declared
bankrupt on Aug. 9.


RED DRAGON: Oberentfelden Court Suspends Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Aargau in Oberentfelden suspended the
bankruptcy proceedings of JSC Red Dragon Food Service on
Oct. 30, pursuant to Article 230 of the Swiss Bankruptcy Code.

Headquartered in Aarau, Aargau, the company was declared
bankrupt on Aug. 7.


T. + R. VOGEL: Baden Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau in Baden suspended the bankruptcy
proceedings of LLC T. + R. Vogel on Oct. 30, pursuant to Article
230 of the Swiss Bankruptcy Code.

Headquartered in Baden, Aargau, the company was declared
bankrupt on July 19.


ZENTRAL LEBENSMITTEL: Baden Court Suspends Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Aargau in Baden suspended the bankruptcy
proceedings of LLC Zentral Lebensmittel on Oct. 30, pursuant to
Article 230 of the Swiss Bankruptcy Code.

Headquartered in Wettingen, Aargau, the company was declared
bankrupt on July 12.


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


AKER KVAERNER: Inks NOK8-Billion Gjoa Deal with Statoil ASA
-----------------------------------------------------------
Statoil ASA and Aker Kvaerner ASA has signed a NOK8-billion
contract worth for the semi-submersible platform to be located
at the Gjoa field offshore Norway.

This is in accordance with the memorandum of understanding
presented in Aker Kvaerner's disclosure to the Oslo Stock
Exhange at Sept. 29, 2006.

The scope of work to be performed by Aker Kvaerner will be
detail design of topside and hull, procurement, construction and
hook-up of topside, and mating of topside and hull.  Detailed
engineering will be headed from Aker Kvaerner's office in Oslo,
and a significant part of the engineering hours will be carried
out by Aker Kvaerner's engineering entity in Mumbai in India.

In total, more than 500 Aker Kvaerner engineers will be
mobilized to design the platform.  Peak manning will reach
around 2000 persons.  The platform will be constructed at Aker
Kvaerner Stord AS, who also is Statoil ASA's contract partner.
Several Aker Kvaerner companies will deliver to Gjøa.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AKER KVAERNER: One of Most Reputable Firms, Says Global Reptrak
---------------------------------------------------------------
Reputation Institute, an American organization, announced the
results of a large study measuring the reputation of 750
companies in 25 countries with 30,000 people participated in the
survey, Global Reptrak 2006.

Aker Kvaerner's reputation score is above the average rating of
all companies rated by consumers in 25 countries, and places
Aker in an elite group made up of the 200 best regarded
companies in the world.

Among the top 10 companies ranked as the World's Most Respected
Companies are Barilla, Lego, Lufthansa, Ikea, Toyota, Samsung
and Kraft Foods.

Ten large Norwegian companies were measured and six of them made
the RepTrak 200 list: Aker, Reitangruppen, Coop, Statoil, Hydro,
and Veidekke.

The survey uses a method of measurement that is standardiZed --
so company reputations can be compared across branches and
country borders.

Global reputation winners are recogniZed for both delivering
good economic results and appealing to the emotions of the
general public.  This includes measurement of the trust, respect
and admiration that survey participants have for the company.
Aker -- with Kjell Inge Røkke at the lead -- scored highest
among Norwegians.  The survey also shows that Kjell Inge Røkke
is the Norwegian top leader that Norwegians admire most.

Research shows that companies that have a good reputation have
an easier time attracting customers, suppliers and job
applicants.

                      About Reputation Institute

Reputation Institute (RI) is a private advisory and research
firm headquartered in New York with representation in more than
20 countries around the world.   Founded in 1997, RI is a
pioneer and global leader in the field of corporate reputation
management, with a mission to help companies create value from
reputation.  In 2006, Reputation Institute's launched the Global
RepTrak Pulse, a project that surveyed more than 30,000 people
in 25 countries, to measure consumer perceptions of over 750
companies in North America, Latin America, Europe, Asia,
Australia, and Africa.   RI works with corporate leaders who
trust RI to use its cutting-edge knowledge, international
network and experienced advisors to help develop resilient
reputing strategies.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AVONMORE ENTERPRISES: Appoints Alan Simon as Liquidator
-------------------------------------------------------
Alan Simon of Langley Group LLP was appointed Liquidator of
Avonmore Enterprises Ltd. (t/a Dapper), Avonmore (Cockfosters)
Limited (t/a Dapper), Avonmore (Watford) Limited (t/a Dapper),
and Avonmore (Dorking) Limited on Nov. 8 for the creditors'
voluntary winding-up procedure.

Avonmore Enterprises Limited -- http://www.dapper.co.uk/--
supplies designer dress wear for men including traditional
morning wear, contemporary wedding wear and evening wear for
retail sale or hire.


BRASSCOURT LIMITED: Taps Andrew T. Clay to Liquidate Assets
-----------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
Liquidator of Brasscourt Limited on Nov. 14 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Brasscourt Limited
         12-14 Balne Lane
         Wakefield
         West Yorkshire WF2 0DA
         United Kingdom
         Tel: 01924 373 777


COLIN CARVER: Hires Joint Liquidators from KPMG LLP
---------------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG LLP were
appointed Joint Liquidators of Colin Carver Transport Limited on
Nov. 15 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Colin Carver Transport Limited
         34 Mayfair Avenue
         Mansfield
         Nottinghamshire NG184EQ
         United Kingdom
         Tel: 01623 456 828
         Fax: 01623 456 828


COUGAR MANUFACTURING: Creditors' Claims Due Dec. 31
---------------------------------------------------
Creditors of Cougar Manufacturing Limited have until Dec. 31 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 appointed Liquidator Patrick
Ellward at:

         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham NG7 6NX
         United Kingdom

The company can be reached at:

         Cougar Manufacturing Limited
         16 Days Lane
         Belper
         Derbyshire DE56 1NP
         United Kingdom
         Tel: 01773 881000
         Fax: 01773 881066


EUROTUNNEL GROUP: Creditors Favor Safeguard Restructuring Plan
--------------------------------------------------------------
Eurotunnel Group disclosed that 28 out of 35 present or
represented creditors of the financial establishments committee,
voted in favor of the proposed safeguard-restructuring plan.
This represents 72% of the senior and junior debt.

The committee that holds 70% of the company's GBP6.2 billion
debt was called to vote Nov. 27 on the proposed restructuring
plan put forward under the French Safeguard Procedure.

This result has been obtained in spite of the abstention by
certain hedge funds that had contested their inclusion in the
financial establishments committee as constituted by the Paris
Commercial Court.

Eurotunnel is grateful to the Mandataires Judiciaires and the
Administrateurs Judiciaires (Court appointed representatives)
who had encouraged a vote in favor of the plan.

The vote, which will be followed by the vote of the Suppliers
Committee and by the Bond holders vote before the middle of
December, is a first decisive step in the process of agreeing
the financial restructuring plan put forward by the company,
with the support of the Court appointed representatives.

"The result of the ballot demonstrates that the proposed plan is
the best balance possible between shareholders and creditors and
that it was not possible to ask the creditors, who have already
agreed to reduce Eurotunnel's debt by more than half, to go any
further," Jacques Gounon, chairman and chief executive of
Eurotunnel disclosed.

"Eurotunnel's creditors have approved a realistic and balanced
plan which will, at last, allow the company's performances to be
seen in their true context and which will permit Eurotunnel to
develop from a solid base," he added.

                         About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


EUROTUNNEL GROUP: Receives Two Financing Proposals
--------------------------------------------------
Eurotunnel Group received two binding proposals from Citigroup
and Goldman Sachs with Deutche Bank AG to finance its GBP6.2
billion debt-restructuring plan.

According to the Financial Times, the offers from both Citigroup
and a consortium of Goldman Sachs and Deutsche Bank would reduce
Eurotunnel's debt from GBP6.2 billion to GBP3.9 billion.

"They both give us the possibility of reducing our interest
payments to below GBP150 million per year from more than GBP300
million," a Eurotunnel spokesman told AFX News Ltd.

"We'll probably decide quite quickly because we need to keep the
momentum going," the spokesman added, reiterating that no
decision had been made yet.

Eurotunnel's audit committee will study the two proposals before
its board makes a decision.

                         About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


EUROPEAN REINSURANCE: Scheme Meetings Slated for December 20
------------------------------------------------------------
The High Court of Justice requests Scheme Creditors with
Notified Outstanding Claims and Scheme Creditors with incurred
but not reported (IBNR) claims of Europaische
Rueckversicherungsgesselschaft in Zuerich (European Reinsurance
Company of Zurich) to attend, either in person or by proxy,
separate meetings at 11:00 a.m., on Dec. 20, at:

         PRO Insurance Solutions Ltd.
         One Great Tower Street
         London EC3R 5AA
         United Kingdom

A Scheme Creditor or his proxy must register his attendance
before the commencement of the Scheme Meetings.  Registration
will start at 10:00 a.m., on Dec. 20.

The purpose of the scheme meetings will be for each class of
scheme creditors to consider and to approve a scheme of
arrangement made between the Scheme Company and the Scheme
Creditors pursuant to Section 425 of the Companies Act 1985.

The Chairman of the Creditors' Meeting will address Scheme
Creditors generally on the Scheme and on issues relevant to
voting immediately prior to the commencement of the Creditors'
Meeting.

Scheme Creditors may vote in person at the Creditors' Meeting or
may appoint another person, whether a Scheme Creditor or not, as
their proxy to attend and vote in their place.  Notice of the
Creditors' Meeting and the statement required to be provided to
creditors pursuant to Section 426 of the Companies Act 1985,
together with Voting Forms and Forms of Proxy to use at the
Creditors' Meeting, have been circulated to known Scheme
Creditors as well as brokers and other intermediaries.

Copies of these documents, as well as the Information
Memorandum, the Scheme and blank Forms of Proxy and Voting Forms
may be obtained at:

         The Scheme Manager
         c/o PRO Insurance Solutions Ltd.
         Attn: Kevin McAffe or Dave Armstrong
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel/Fax: +44 (0) 1452 310 171

The documents may be downloaded at no charge at
http://www.rgmpool.com/

Scheme Creditors are given until 5:00 p.m., on Dec. 18, to
submit completed Proxy and Voting Form to the address or by e-
mail at pro_rgmpoolhelpline@pro-ltd.co.uk

Forms may also be handed in at the registration desk before the
Scheme Meetings.  Faxed and e-mailed Forms of Proxy and
Voting forms will be accepted if legible, but Scheme Creditors
are requested to send the originals, to be received by the
Scheme Manager not later than two business days after the date
of the scheme meetings.

The Court appointed Lee Christopher Brandon or, failing him,
Roberth Kingston both of PRO Insurance Solutions Ltd., to act as
Chairman of each Scheme Meeting and has directed the Chairman of
the Scheme Meeting to report the result of each Scheme Meeting
to Court.

If approved by the requisite majority of Scheme Creditors, the
Scheme will be subject to the subsequent approval of the Court.
Any policyholder who has any questions concerning the action he
is required to take should contact the Scheme Manager.


FEDERAL-MOGUL: Judge Fitzgerald Denies Lloyd's Discovery Plea
-------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware denied, without prejudice, the
discovery request filed by certain Underwriters at Lloyd's,
London, and certain London Market Companies.

The underwriters sought to examine The Travelers Indemnity
Company and Travelers Casualty and Surety Company concerning
certain Vellumoid and Fel-Pro Claims.

As reported in the Troubled Company Reporter on Oct. 11, 2006,
certain underwriters at Lloyd's, London, and Certain London
Market Companies obtained permission from the Bankruptcy Court
to file a reply to The Travelers Indemnity Company and Travelers
Casualty and Surety Company's objection to the Underwriters'
request for discovery concerning Vellumoid and Fel-Pro Claims.

The Travelers Objection has been filed under seal because
Travelers obtained information from American Standard Inc. v.
Admiral Insurance Co., et al., pending in the Superior Court of
New Jersey, which is purportedly subject to a protective order
and mediation protocol.

Among others, Travelers argued that the Underwriters' discovery
request was drawn from certain confidential information provided
in the American Standard Case.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 114; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstandor 215/945-7000).


FIRST IMAGE: Names David Patrick Meany Liquidator
-------------------------------------------------
David Patrick Meany of Rogers Evans was appointed Liquidator of
First Image Printing Limited on Nov. 15 for the creditors'
voluntary winding-up procedure.

Headquartered in Poole, England, First Image Printing Limited --
http://www.firstimageprinting.com/-- offers printing, mounting,
sealing, laminating and encapsulating services.


FORD MOTOR: Obtains US$18 Billion Senior Secured New Financing
--------------------------------------------------------------
Ford Motor Company plans to obtain financing totaling
approximately US$18 billion in order to address near- and
medium-term negative operating-related cash flow, to fund its
restructuring, and to provide added liquidity to protect against
a recession or other unanticipated events.

The financing transactions consist of:

   -- new five-year senior secured revolving credit facility of
      approximately US$8 billion that is intended to replace
      Ford's existing unsecured credit facilities of US$6.3
      billion;

   -- senior secured term loan of approximately US$7 billion;
      and

   -- unsecured capital market transactions of approximately
      US$3 billion, which may include unsecured notes
      convertible into Ford common stock.

The size of the individual components of the financing may vary
depending on market conditions.

Borrowings under the senior secured revolving and term loan
credit facilities will be secured on an equal basis by first-
priority liens on principal domestic manufacturing facilities
(subject to public debt indenture limitations) and substantially
all of the Company's other domestic automotive assets, certain
intellectual property, certain real property, all or a portion
of the stock of certain subsidiaries (including Ford Motor
Credit Company and Volvo), certain intercompany payables and
notes, and up to US$4 billion of domestic cash without
restriction on its use.

The arrangers for the senior secured credit facilities are
Citigroup Corporate and Investment Banking, Goldman Sachs Credit
Partners L.P., and J.P. Morgan Securities Inc.

Ford expects these transactions to close before Dec. 31, 2006.

Upon completion of the transactions, Ford expects to have
Automotive liquidity of approximately US$38 billion at year end
2006, consisting of gross cash (i.e., cash, cash equivalents,
loaned and marketable securities and short-term Voluntary
Employee Beneficiary Association assets) and available credit
facilities.

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and
distributes automobiles in 200 markets across six continents.
With about 300,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 24, 2006,
Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative.

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance led to the downgrade of the company's
long-term rating to B3.


FORMAT IMAGING: Brings In Liquidator from Begbies Traynor
---------------------------------------------------------
D. R. Acland of Begbies Traynor was appointed Liquidator of
Format Imaging Limited (formerly Format Holdings Limited) on
Nov. 14 for the creditors' voluntary winding-up procedure.

Headquartered in Preston, England, Format Imaging Limited --
http://www.formatimaging.co.uk/-- provides photography,
styling, and art direction and design services.


GREENFIELD CONSTRUCTION: Taps Ernst & Young as Administrators
-------------------------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrators of Greenfield Construction Ltd. (Company
Number 0409552) and Greenfield Construction Group Plc (Company
Number 5089895) on Nov. 10.

Headquartered in Birmingham, England, Ernst & Young --
http://www.ey.com/-- is global organization help companies in
businesses across all industries-from emerging growth companies
to global powerhouses-deal with a broad range of business
issues.  It has 107,000 people in 140 countries around the globe
pursue the highest levels of integrity, quality and
professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

Greenfields Construction Ltd. and Greenfields Construction Group
Plc can be reached at:

         Dudley House
         High Street
         Bracknell
         Berkshire RG12 1LL
         United Kingdom
         Tel: 0118 973 3123
         Fax: 0118 973 3123


GROSVENOR REPAIR: Calls In Liquidator from Smith & Williamson
-------------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Limited was
appointed Liquidator of Grosvenor Repair Centre Limited on
Nov. 14 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Grosvenor Repair Centre Limited
         Road 1
         Hoobrook Industrial Estate
         Worcester Road
         Kidderminster
         Worcestershire DY101HY
         United Kingdom
         Tel: 01562 510 560


HEBDEN BRIDGE: Names Andrew T. Clay as Administrator
----------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was named
administrator of Hebden Bridge Biofuels Ltd. (Company Number
05707904) on Nov. 6.

The administrator can be reached at:

         Andrew T. Clay
         Andrew Michaels & Co Ltd
         Concept House
         Brooke Street
         Cleckheaton
         Bradford BD19 3RY
         West Yorkshire
         United Kingdom
         Tel: 0870 750 5411
         Fax: 0870 750 5412
         E-mail: info@andrew-michaels.com

Hebden Bridge Biofuels Ltd. can be reached at:

         Unit 6 Pennine Industrial Estate
         Valley Road
         Hebden Bridge HX7 7BZ
         United Kingdom
         Tel: 01422 843558


IDEALCARE LIMITED: Claims Filing Period Ends Dec. 20
----------------------------------------------------
Creditors of Idealcare Limited have until Dec. 20 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 appointed Joint
Liquidator Richard Howard Toone at:

         Chantrey Vellacott DFK LLP
         Russell Square House
         10-12 Russell Square
         London WC1B 5LF
         United Kingdom

Headquartered in Birmingham, England, Idealcare Limited --
http://www.idealcarelimited.com/-- is a privately owned
warehousing and contract distribution company operating some
8.9 million cubic feet (400,000 sq. ft.) of warehousing at
Saltley/Nechells, Birmingham.


INDEPENDENT NEWS: Terminates Discussions on APN Buy-Out
-------------------------------------------------------
Independent News & Media Plc informed APN News & Media Ltd. on
Nov. 24 that the proposed Consortium was unable to finalize its
own terms to meet its desired timetable, culminating with a
formal offer to APN shareholders.

As a result, the current discussions between the proposed
Consortium members have been terminated at this time.  INM in
conjunction with APN will continue to actively examine the many
opportunities in the Australian market with a view to maximizing
value for all INM shareholders.

IN&M approached the Board of APN on Oct. 26 in respect of a
possible leveraged buy-out of APN.

                       About the Company

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

The Group manages gross assets of EUR4 billion, revenue of
EUR1.8 billion and employs around 10,300 people worldwide.

                        *     *     *

As reported in the TCR-Europe on Oct. 31, Fitch Ratings placed
Independent News & Media Plc's Issuer Default Rating of BB- on
Rating Watch Evolving following the announcement of a leveraged
buyout of its 41% subsidiary APN News & Media Ltd.

Under the announced plan, Providence Private Equity Partners
will buy out all the share capital of APN for AU$3.8 billion
(EUR2.3 billion) using a leveraged acquisition vehicle.  IN&M
will then reinvest some of the proceeds of the share sale to
give it a 40% stake in the vehicle.  The transaction is expected
to release significant cash (approximately AU$600 million or
EUR360 million) to IN&M, which could be used for international
acquisitions, maximization of shareholder returns, or general
corporate purposes.


INDEPENDENT NEWS: Fitch Removes BB- Ratings on Watch Evolving
------------------------------------------------------------
Fitch Ratings took Independent News & Media Plc's Issuer Default
and senior unsecured ratings off Rating Watch Evolving and
affirmed them at BB- following the announcement that talks
surrounding the leveraged buyout of its 41% subsidiary APN News
& Media have been terminated.  The Outlook on the Issuer Default
rating is Stable.

Fitch Had put IN&M's ratings on Rating Watch Evolving on Oct. 26
following the announcement of a plan, in conjunction with
Providence Private Equity Partners, for a leveraged buyout of
APN.

This would have released cash to IN&M, left its stake in the APN
business largely unchanged, but come at the cost of IN&M's
control of APN.  IN&M's plans for the proceeds were, at the time
of this announcement, unclear.

The deal broke down because the consortium had been unable to
finalize its own terms that would have enabled it to have met
its desired timetable.

"While the release of cash would have allowed IN&M to pursue a
number of options, the use of proceeds was not specified and
could have moved the credit profile either way," Alex Griffiths,
Director in Fitch's European TMT group disclosed.

"While there are doubtless international opportunities, Fitch
does not see further large-scale international expansion as a
short-term strategic imperative, and does not see the inability
to complete the deal as negative for IN&M's credit profile.
However, the strategic rationale for the deal remains and there
is still the possibility that it could yet be made to work with
a different partner," he added.

Following the announcement this morning, IN&M has not amended
its internal consolidated net debt/EBITDA leverage target of 3x.
Any subsequent changes could affect the ratings.

Using Fitch's methodology for adjusting the group's ratio for
IN&M's minority ownership in APN leverage as measured by net
debt/EBITDA was 4.4x at FYE05.  This compares to 3.4x on a
headline basis.

APN accounted for 60% of IN&M's consolidated EBITDA in FY05, and
contributed EUR24 million in dividends to the group.


INTERLINE STRUCTURES: Appoints Liquidator from Roger Evans
----------------------------------------------------------
David Patrick Meany of Rogers Evans was appointed Liquidator of
Interline Structures Limited on Nov. 10 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Interline Structures Limited
         50-52 Hiltingbury Road
         Chandlers Ford
         Eastleigh
         Hampshire SO535SS
         United Kingdom
         Tel: 023 8027 0090
         Fax: 023 8026 9962


L.H.M. 2004: Joint Liquidators Take Over Operations
---------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
L.H.M. 2004 Limited on Nov. 14 for the creditors' voluntary
winding-up proceeding.

Headquartered in Leicester, England, L.H.M. 2004 Limited --
http://www.lhm-uk.com/-- provides engineering and contract
maintenance services including full ground works, office
refurbishment, general fencing, shop and bar fitting, full
grounds maintenance and site surveys, among others.


LAFFERTY BUTCHERS: Hires Mark Reynolds to Liquidate Assets
----------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Lafferty Butchers (Holloway) Limited on Nov. 14 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Lafferty Butchers (Holloway) Limited
         498 Holloway Road
         Islington
         London N7 6JA
         United Kingdom
         Tel: 020 7272 2531
         Fax: 020 7272 2531


LONG ROOM: Taps Liquidator from Benedict Mackenzie
--------------------------------------------------
Ian Donald Williams of Benedict Mackenzie LLP was appointed
Liquidator of The Long Room Limited on Nov. 15 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         The Long Room Limited
         18 Cliffe High Street
         Lewes
         East Sussex BN7 2AJ
         United Kingdom
         Tel: 01273 472 444


LUDGATE FUNDING: Fitch Gives Low-B Ratings on GBP5.05-Mln Notes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Ludgate Funding Plc's
Series 2006-FF1 GBP375 million-equivalent mortgage-backed medium
term notes and GBP2.8 million excess spread-backed notes due
December 2060:

   -- GBP67 million Class A1a: AAA;
   -- EUR68 million Class A1b: AAA;
   -- GBP193.75 million Class A2a: AAA;
   -- EUR61 million Class A2b: AAA;
   -- GBP6 million Class Ba: AA;
   -- EUR9 million Class Bb: AA;
   -- EUR11.3 million Class C: A;
   -- EUR7.1 million Class D: BBB;
   -- GBP2.25 million Class E: BB;
   -- GBP2.8 million Class S: BB-; and
   -- Mortgage early redemption certificates: AAA.

This transaction is a securitization of mainly prime/near-prime
and some sub-prime residential mortgages originated and located
in the U.K.  The final ratings are based on the quality of the
collateral, available credit enhancement, the underwriting
criteria of Freedom Funding Ltd and the servicing capabilities
of Mortgages PLC and the back-up servicing capabilities of
Homeloan Management Limited and the transaction's sound legal
structure.

The ratings address the likelihood of investors receiving timely
payments of interest in accordance with the legal documentation,
and ultimate repayment of principal on all Classes of notes by
legal final maturity in December 2060.

Credit enhancement for the Class A notes totals 7.55% and is
provided by the subordination of the Class B notes, the Class C
notes, the Class D notes and the Class E notes and an initial
and target reserve fund of 0.4%.

The Class S notes will receive interest after the replenishment
of the reserve fund, if needed, and before principal on the
Class S notes.

The rating of the MERCs only addresses the likelihood of receipt
of mortgage early redemption charges by the MERC holders,
assuming that payment of such charges is legally valid, binding
and enforceable against the borrowers and such charges are
actually collected from borrowers, and not waived by the issuer.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model, with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


MYBURGH TRADING: Appoints Administrators from Begbies Traynor
-------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Myburg Trading Ltd. (Company Number 03124494) on Nov. 8.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

Myburgh Trading Ltd. can be reached at:

         305 High Road
         Brent
         London NW10 2JT
         United Kingdom
         Tel: 020 8451 3981


NORTEC TRAINING: Tony Mitchell Leads Liquidation Procedure
----------------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
Liquidator of Nortec Training Limited (formerly Nortec Training
Agency Limited) on Nov. 7 for the creditors' voluntary winding-
up procedure.

Headquartered in Oxford, England, Nortec Training Limited --
http://www.nortectraining.com/-- provides training and
consultancy services for businesses and individuals.  Nortec is
an accredited center for both the Institute of Leadership and
Management and the Chartered Management Institute.  It has
management resources and Management Center in Banbury.


OLD GUILD: Appoints Administrator from K.J. Watkin
--------------------------------------------------
C.H.I. Moore of K.J. Watkin & Co was appointed administrator of
Old Guild House Ltd. (Company Number 5421374) on Nov. 10.

The administrator can be reached at:

         C.H.I. Moore
         K. J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         West Midlands WS9 8PH
         United Kingdom
         Tel: 01922 452881
         Fax: 01922 450525
         E-mail: chim@kjwatkin.co.uk

Headquartered in Birmingham, England, Old Guild House Ltd. is
engaged in publishing.


POST HASTE: Appoints T. Papanicola to Liquidate Assets
------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Post Haste Print & Design Limited (formerly Post Haste Design
Limited) on Nov. 13 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Post Haste Print & Design Limited
         Unit 2 Roslin Square
         Roslin Road
         Ealing
         London W3 8DH
         United Kingdom
         Tel: 020 8993 7111
         Fax: 020 8993 2758


PROFILE SPORTS: Liquidator Sets Dec. 20 Claims Bar Date
-------------------------------------------------------
Creditors of Profile Sports Media Limited have until Dec. 20 to
send in their names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Andrew Andronikou at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

The company can be reached at:

         Profile Sports Media Limited
         3 Richmond Hill
         Richmond
         Surrey TW106RE
         United Kingdom
         Tel: 020 8948 5151
         Fax: 020 8948 4111


PURE BLISS: Brings In David Kirk to Administer Assets
-----------------------------------------------------
David Kirk of Kirk Hills Chartered Accountants was appointed
administrator of Pure Bliss (Kitchens & Bathrooms) Ltd. (Company
Number 4893441) on Nov. 14.

The administrator can be reached at:

         David Kirk
         Kirk Hills Chartered Accountants
         5 Barnfield Crescent
         Exeter
         Devon EX1 1RF
         United Kingdom

Pure Bliss (Kitchens & Bathrooms) Ltd. can be reached at:

         Unit 4 Swift Units
         Pound Lane
         Exmouth
         Devon EX8 4NP
         United Kingdom
         Tel: 01395 277 000


R & J HANDLEY: Creditors' Claims Due Feb. 14, 2007
--------------------------------------------------
Creditors of R & J Handley Limited have until Feb. 14, 2007, to
prove their debts by sending written statements of the amounts
they claim to be due to them from the Company to appointed Joint
Liquidator J. N. R. Pitts at:

         Begbies Traynor
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds LS14 1PQ
         United Kingdom

Headquartered in Leeds, England, R & J Handley Limited --
http://www.handley.co.uk/-- manufactures brass band uniforms
for ladies, gentlemen and youth bands.


R & V STRAUGHAN: Nominates Ninos Koumettou as Liquidator
--------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of R & V Straughan Demolition Ltd. on Nov. 10 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         R & V Straughan Demolition Ltd.
         9 St. Andrews Road
         Enfield
         Middlesex EN1 3UA
         United Kingdom
         Tel: 01787 477 617


R A GANDER: Creditors' Meeting Slated for December 1
----------------------------------------------------
Creditors of R A Gander (Haulage) Ltd. (Company Number 00995238)
will meet at 11:00 a.m. on Dec. 1 at:

         Smith & Williamson Limited
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford GU1 4RA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 30 at:

         Anthony Murphy
         Joint Administrator
         Smith & Williamson Ltd.
         No 1 Bishops Wharf
         Walnut Tree Close
         Guildford GU1 4RA
         United Kingdom
         Tel: 01483 407 100
         Fax: 01483 301 232

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.


RACHAMIM CENTRE: Hires Liquidators from Elwell Watchorn
-------------------------------------------------------
Joseph Gordon Maurice Sadler and John Michael Munn of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of
The Rachamim Centre Limited on Nov. 15 for the creditors'
voluntary winding-up procedure.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.


RADIUS2 LIMITED: Hires Begbies Traynor as Joint Administrators
--------------------------------------------------------------
D. Bailey and Kevin Coates of Begbies Traynor were appointed
joint administrators of Radius2 Ltd. (Company Number 052441566)
on Nov. 14.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

Radius2 Ltd. can be reached at:

         Sackville Street
         Manchester
         Lancashire M1 3LZ
         United Kingdom
         Tel: 0161 839 0900
         Fax: 0161 839 7436


SAVVIS INC: Sept. 30 Balance Sheet Upside-Down by US$141 Million
----------------------------------------------------------------
SAVVIS Inc. disclosed that its revenue for the third quarter
of 2006 totaled US$193.7 million, compared to US$166.1 million
in the third quarter of 2005 and US$189.6 million in the second
quarter of 2006.

At Sept. 30, 2006, the company's balance sheet showed a
stockholders' deficit of US$141,675,000, as compared to a
deficit of US$132,009,000 at Dec. 31, 2005.

SAVVIS achieved income from operations of US$4.1 million in the
third quarter, and its consolidated net loss was US$13.6
million, compared to a net loss of US$13.7 million in the third
quarter of 2005 and a net loss of US$11.1 million in the second
quarter of 2006.

Gross profit, defined as total revenue less cost of revenue, was
US$77.3 million, up 31% from a year ago and 7% from the second
quarter 2006.  Gross profit as a percentage of total revenue was
40% in the current quarter, up from 36% a year earlier and 38%
in the prior quarter.  Operating cash flow was US$37.6 million
and cash capital expenditures were US$14.4 million in the
quarter.  SAVVIS paid down its revolving credit facility with
US$32 million of cash at the beginning of the quarter.

"SAVVIS continues to drive robust financial results through our
focus on changing the way businesses manage information
technology," Chief Executive Officer Phil Koen said.  "Our core
hosting and managed IP VPN revenue, combined, rose 31% from a
year ago. Revenue growth, strong sales bookings and record-low
customer churn in the third quarter attest to the quality and
innovation of our broad service array.  We're working to address
the areas of our business that present challenges to our growth,
including evaluating our strategic options for the digital
content services businesses.  I am confident that SAVVIS' long-
term prospects are very positive, and excited by the
opportunities ahead."

Third-Income from operations was US$4.1 million in the third
quarter, compared to US$2.3 million in the same period last year
and US$6 million in the second quarter 2006.  SAVVIS'
consolidated net loss was US$13.6 million in the third quarter,
compared to US$13.7 million in the same period last year and
US$11.1 million in the second quarter 2006.  The current quarter
net loss included a total of US$7.9 million of non-cash
compensation charges, compared to US$500,000 in the third
quarter of 2005 and US$2.8 million in the second quarter of
2006.

Net cash provided by operating activities was US$37.6 million in
the third quarter, compared to US$21.4 million in the same
period last year and US$21.3 million in the second quarter 2006.
Cash capital expenditures for the third quarter 2006 totaled
US$14.4 million.  Overall, around 70% of SAVVIS' capital
expenditures are driven by revenue-generating opportunities.
SAVVIS' cash position at Sept. 30, 2006, was US$78.1 million,
compared to US$86.1 million at June 30, 2006.  During the third
quarter, SAVVIS used US$32 million of cash to pay down its
revolving credit facility.

SAVVIS management's current expectations for 2006 financial
results include:

   * Total revenue in a range of US$758-763 million, including:

     -- Hosting revenue increasing around 30-31%;

     -- Managed IP VPN revenue increasing around 21-22%;
        and

     -- Reuters contributing around US$85-88 million of
        revenue for the full year;

   * Adjusted EBITDA in a range of US$120-122 million;

   * Cash capital expenditures of US$75-80 million; and

   * Positive cash flow.

Headquartered in Town & Country, Missouri, SAVVIS, Inc. (NASDAQ:
SVVS) -- http://www.savvis.net/-- provides managed and
outsourced IT services that focuses exclusively on IT solutions
for businesses.  With an IT services platform that extends to 47
countries, SAVVIS has over 5,000 enterprise customers and leads
the industry in delivering secure, reliable, and scalable
hosting, network, and application services.  These solutions
enable customers to focus on their core business while SAVVIS
ensures the quality of their IT systems and operations.  SAVVIS'
strategic approach combines virtualization technology, a global
network and 25 data centers, and automated management and
provisioning systems.  The company has sales offices in the
U.K., and Singapore.


SOUTH WALES: Brings In BDO Stoy as Joint Administrators
-------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint administrators of South Wales
Mineral Recycling Centre Ltd. (Company Number 03513196) on
Nov. 14.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

South Wales Mineral Recycling Centre Ltd. can be reached at:

         Cornelly Quarry
         Heol Y Splot
         South Cornelly
         Bridgend
         Mid Glamorgan CF33 4RD
         United Kingdom
         Tel: 0165 674 8200


T & R POOLE: Brings In Liquidator from Haines Watts
---------------------------------------------------
Colin Nicholls of Haines Watts was appointed Liquidator of T & R
Poole Ltd. on Nov. 7 for the creditors' voluntary winding-up
procedure.

Headquartered in West Bromwich, England, T & R Poole Limited --
http://www.trpoole.co.uk/-- is a private Limited Company
specializing in the manufacture of electric domestic heating
appliances.  Its range of heaters includes Plint Chrome, Plinth
Brass, BH1 Bathroom Heater, CV2 Convector, among others.


TECHNIQUE CONSERVATORY: Nominates Liquidator from TH Associates
---------------------------------------------------------------
Timothy John Hargreaves of TH Associates was nominated
Liquidator of Technique Conservatory Roofs Limited on Nov. 15
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Technique Conservatory Roofs Limited
         Unit 7
         Manchester Road
         Pilot Industrial Estate
         Bolton
         Lancashire BL3 2ND
         United Kingdom
         Tel: 01204 522 210
         Fax: 01204 522 290
         Web: http://tcr-ltd.co.uk/


TRANSCO GROUP: Appoints Administrators from Begbies Traynor
-----------------------------------------------------------
David Paul Hudson and Alan John Clark of Begbies Traynor were
appointed joint administrators of Transco Group Plc (Company
Number 02218793) on Nov. 13.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

Transco Group Plc can be reached at:

         7 Soho Square
         London W1V 5DD
         United Kingdom
         Tel: +44 (0) 171 544 5400
         Fax: +44 (0) 171 544 5544


TUDOR GLAZING: Brings In Vantis to Administer Assets
----------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis Plc
were appointed joint administrators of Tudor Glazing Ltd.
(Company Number 02123511) on Nov. 15.

Headquartered in London, England, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

Headquartered in Birmingham, England, Tudor Glazing Ltd. --
http://www.tudorwindows.com/-- manufactures and installs
replacement windows.


WESTINGHOUSE AIRBRAKE: Moody's Puts Loss-Given-Default Ratings
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its Probability-of-Default and Loss-Given-Default rating
methodology for the Transportation sector, the rating agency
held its Ba2 Corporate Family Rating for Westinghouse Airbrake
Technologies, and held its Ba2 rating on the company's 6.875%
Guaranteed Senior Unsecured Notes Due 2013.  Additionally,
Moody's assigned an LGD4 rating to those bonds, suggesting
noteholders will experience a 56% loss in the event of a
default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Wilmerding, Pennyslvania, Westinghouse Airbrake
Technologies dba Wabtec Corporation -- http://www.wabtec.com/--
provides various technology-based equipments for the rail
industry worldwide.  It manufactures and services components for
new and existing freight cars and locomotives, and passenger
transit vehicles, such as subway cars and buses.  The company
has operations in Mexico, Australia and the U.K.


WIL GAS: Calls In Liquidator from Irwin & Company
-------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Wil Gas Limited on Nov. 14 for the creditors' voluntary
winding-up proceeding.

The company engages in the retail sale of gas fires and
surrounds.


WOODHALL DEVELOPMENTS: Hires Peter O'Hara as Liquidator
-------------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of
Woodhall Developments West Yorkshire Limited on Nov. 13 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Woodhall Developments West Yorkshire Limited
         Moor End Works
         Heaton Street
         Cleckheaton
         West Yorkshire BD193TN
         United Kingdom
         Tel: 01274 865 775


* AlixPartners Marks 25 Years, to Open Office in India Next Year
----------------------------------------------------------------
AlixPartners plans to open an office in India sometime in 2007.
The firm presently has 12 offices around the world, including
six in the United States, five in Europe and one in Japan.

Two senior AlixPartners executives will be there next week at
the India Economic Summit 2006, and will be available to discuss
"lessons learned" from the firm's 25 years of helping companies
perform complex financial restructuring and large-scale
operational improvements, including for financial institutions
and private equity funds.

The AlixPartners executives attending the conference, which
takes place Nov. 26 to 28 and is jointly hosted by the World
Economic Forum and the Confederation of Indian Industry, are:
Managing Director C.V. Ramachandran and India Initiative
Director Sanjay Shetty, both from AlixPartners' headquarters
office in Detroit.

"When many people think of India today, the first adjective they
think of is 'booming,'" said Ramachandran.  "And, of course, to
a large degree that's true.  However, along with rapid growth
and expansion comes an increased amount of risk -- both
financial and operating -- as well as a more complex web of
stakeholders.  As a result, restructuring in India is
inevitable."

In the U.S. over the past quarter century and, more recently, in
Europe, a similar situation of increased risk has translated
into a large number of corporate restructurings, Ramachandran
went on to note.  "Since 1981, the year AlixPartners literally
helped establish the turnaround industry," he said, "we've
worked to streamline the restructuring process, to bring more
transparency to it and, in general, to help institutions bring,
as we put it, 'the greatest good to the greatest number.'  The
result has been stronger companies and institutions, and saved
jobs.  In other words, a strong social benefit."

Another lesson from AlixPartners' background that Ramachandran
and Shetty will be discussing next week is how Indian firms can
maximize the value of mergers and acquisitions, a topic of great
interest on the subcontinent, given such recent announcements as
Tata Steel Ltd.'s attempt to acquire Anglo-Dutch steelmaker
Corus Group PLC.   "With global private equity firms such as
Blackstone, Warburg Pincus and Henderson Private Capital now
making India one of their highest priorities, we think they'll
be quite interested in the time-tested experience a firm like
AlixPartners can bring to the party," continued Ramachandran.

"One thing we learned long ago at AlixPartners," said Shetty,
"is the reason so many mergers fail to deliver their intended
financial results is that there's not enough true, experienced
focus on the operations that will actually deliver the
financials."

Finally, Ramachandran and Shetty will also be discussing what
they call the "India Opportunity," the continuing, but also
fast-changing, opportunity for foreign-based firms to maximize
India as a low-cost platform not just for services but for
manufactured products as well.

                     About AlixPartners LLP

AlixPartners LLP -- http://www.alixpartners.com/-- provides
business consulting and advisory firm services in five areas:
consulting services financial advisory; performance improvement;
turnaround and restructuring; case management; and information
technology.

The firm has more than 500 employees, with offices in Chicago,
Dallas, Detroit, Duesseldorf, London, Los Angeles, Milan,
Munich, New York, Paris, San Francisco and Tokyo.

                           *    *    *

As reported in the TCR-Europe on Oct. 9, Standard & Poor's
Ratings Services assigned its 'BB-' corporate credit rating and
stable outlook to Southfield, Michigan-based business consulting
firm AlixPartners LLP.

At the same time, S&P assigned its 'BB-' bank loan rating and
recovery rating of '3' to AlixPartners' US$435 million senior
secured credit facility, indicating an expectation of meaningful
(50%-80%) recovery of principal in the event of a payment
default.  The credit facility consists of a US$50 million
revolving credit facility due 2012 and a US$385 million term
loan B due 2013.

Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility -- US$385 million term loan and US$50 million revolver
-- and a B1 corporate family rating.  The ratings for the
secured credit facility reflect both the overall probability of
default of the company, to which Moody's assigns a PDR of B2,
and a loss given default of LGD 3 for the credit facility.  The
rating outlook is stable.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


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
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
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)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
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        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

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)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (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 Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

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/books/to 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 Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  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$575 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 * * *