TCREUR_Public/061129.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

          Wednesday, November 29, 2006, Vol. 7, No. 237

                            Headlines


A U S T R I A

BUCHDRUCKEREI PEISSER: Graz Court Orders Business Shutdown
FIVE STARS: Vienna Court Orders Business Shutdown
HZHB LLC: Vienna Court Orders Business Shutdown
KUEHLGERATEVERTRIEB LLC: Manager Declares Insufficient Assets
RAS WIRTSCHAFTS: Claims Registration Period Ends December 5

RIVO GEBAUDETECHNIK: Creditors' Meeting Slated for Dec. 11
SACHS & CO: Wiener Neustadt Court Orders Branch Closure
TYROMAR & CO: Claims Registration Period Ends December 7
VERITAS VERSICHERUNGSMAKLER: Claims Filing Period Ends Dec. 4
WOHNERLEBNIS PROJEKTENTWICKLUNG: Meeting Slated for December 14


D E N M A R K

NOVOLIPETSK STEEL: To Create Joint Venture with Duferco Group


F R A N C E

EUROTUNNEL GROUP: CEO Gounon Targets EUR450-Millon State Aid
EUROTUNNEL GROUP: Principal Suppliers Approve Restructuring Plan


G E R M A N Y

ADE GESELLSCHAFT: Claims Registration Ends December 10
BLUM KUNSTSTOFFTECHNIK: Claims Registration Ends December 10
DEUTSCHE BANK: Fitch Affirms BB- Ratings to EUR38.8-Mln Notes
GLB GESELLSCHAFT: Claims Registration Ends December 11
HE HEIZUNGS: Claims Registration Ends December 11

KUEHN HAUSTECHNIK: Claims Registration Ends December 11
PRO-KUECHENWELT: Claims Registration Ends December 10
PROMISE I: Fitch Keeps BB+ Rating to EUR5.3-Mln Series E Notes
SACHSEN-FINANZGRUPPE: Fitch Affirms Individual Rating at C
STOP & SOUP: Claims Registration Ends December 11

TRINK-ONE GROSS: Claims Registration Ends December 9
U. BOLLE: Claims Registration Ends December 10
ULRICH BOCK: Claims Registration Ends December 11


I R E L A N D

SCOTTISH RE: Sells 68.8% Stake to MassMutual Capital & Cerberus
SCOTTISH RE: Majority Stake Sale Cues Moody's to Review Ratings
SCOTTISH RE: Liquidity Concerns Cue AM Best to Cut FSR to B
SCOTTISH RE: New Equity Cues Fitch to Keep Ratings on Neg. Watch
SCOTTISH RE: S&P Revises Watch to Positive on Equity Infusion


I T A L Y

PARMALAT SPA: Court Extends Temporary Protection to January 25
PARMALAT SPA: Debt Swap Hikes Equity Capital by EUR169,505
PARMALAT SPA: Hits Administrative Court Ruling on Latte di Roma


K A Z A K H S T A N

AGROLUXE-2004 LLP: Creditors' Claims Due Jan. 5, 2007
ASIAN LLP: Claims Filing Period Ends Jan. 9, 2007
BEKZAT & CO: South Kazakhstan Court Starts Bankruptcy Procedure
BETAR LLP: Claims Registration Ends Jan. 5, 2007
JER-KEN LLP: Aktube Court Begins Bankruptcy Proceedings

KAZCABLE-PETROPAVLOVSK: Creditors' Claims Due Jan. 9, 2007
KRYLO-M LLP: North Kazakhstan Court Starts Bankruptcy Procedure
LAKOS ENGINEERING: Almaty Court Begins Bankruptcy Proceedings
MTS-ENBEKSHY LLP: Creditors' Claims Due Jan. 5, 2007
MYRZAKENT-KURLYS: Court Commences Bankruptcy Proceedings

RUBI STAR: Claims Filing Period Ends Jan. 9, 2007
SOLTKAZJOL LLP: Court Begins Bankruptcy Proceedings
STROY INVEST-2030: Creditors' Claims Due Jan. 5, 2007
SVOYA GAZETA: Claims Filing Period Ends Jan. 5, 2007
UMIT SUIY: Claims Registration Ends Jan. 5, 2007


K Y R G Y Z S T A N

ALAI-IMPORT-EXPORT: Creditors' Claims Due Jan. 12, 2007
KANT SUT: Claims Registration Ends Jan. 12, 2007


N E T H E R L A N D S

BARRY CALLEBAUT: Moody's Lifts Rating on Stable Credit Metrics
CADOGAN SQUARE: Moody's Rates EUR15-Mln Class E Notes at (P)Ba3
EMERGING MARKET: Moody's Rates Loan Participation Notes at B1


R U S S I A

BANK URALSIB: Earns US$128.2 Million for First 10 Months 2006
BANK URALSIB: Gains Access to US$3-Million Loan Facility
BANK URALSIB: S&P Lifts Rating on Reduced Integration Risks
CENTERTELECOM OJSC: Names Dmitry Parkhomenko to Management Board
CHAYKA CJSC: Bankruptcy Hearing Slated for Feb. 20

DYURTYULINSKOYE MIXEDE: Court Starts Bankruptcy Supervision
ERTILSKAYA OIL: Court Names A. Kuznetsov as Insolvency Manager
GRACHEVSKIY DIARY: Court Names T. Shumskaya to Manage Assets
GRAIN-PRODUCT-SERVICE-M: Court Names I. Gorn to Manage Assets
KHOLOD-MASH OJSC: External Court Starts Reorganization Process

LUKOIL OAO: Volga Unit Changes Names to Lukoil-Norsi-Invest
MASHINOSTROITEL OJSC: Names A. Sherykhanov to Manage Assets
NOVOLIPETSK STEEL: To Create Joint Venture with Duferco Group
PYELDINSKAYA: Komi Court Names A. Parollo as Insolvency Manager
RUSSIAN LEASING: Moscow Bankruptcy Hearing Slated for Mar. 6

SAPOZHKOVSKIY MECHANICAL: Names A. Androsov to Manage Assets
SEVERSTAL OAO: Earns RUR23.5 Billion for January-September 2006
SEVERSTAL OAO: Nominates Non-Executive Directors to Board
SIBIRSKIY ELECTRODE: Names V. Trostonetskaya to Manage Assets
SOUTH URAL: Court Names V. Yusov as Insolvency Manager

TROYA LLC: Court Names A. Razmakhova as Insolvency Manager
VNESHTORGBANK: State to Retain Controlling Stake for Next 5 Yrs.
WOOD-KHOZ-MASH: Court Names O. Gorbatyuk as Insolvency Manager


S P A I N

FONCAIXA FTGENCAT 3: Fitch Junks EUR6.5-Million Series E Notes
FTPYME TDA: Moody's Junks EUR29.3-Million Series D Notes
RURALPYME 2: Moody's Junks EUR24.05-Million Series D Notes
SANTANDER EMPRESAS: Fitch Junks EUR53.7-Mln Series F Notes


S W I T Z E R L A N D

A. SCHIFFERLE: Asset Sale Auction Slated for December 4
BARRY CALLEBAUT: Moody's Lifts Rating on Stable Credit Metrics
DETTWILER CTEATION: Court Closes Bankruptcy Proceedings
DP KREATIVKELLER: Basel-Stadt Court Suspends Bankruptcy Process
GOEREN LLC: Basel-Stadt Court Suspends Bankruptcy Proceedings

HANS ODERMATT: Arlesheim Court Suspends Bankruptcy Proceedings
INTEGRATION MANAGEMENT: Aargau Court Closes Bankruptcy Process
ITC INTER TRADING: Asset Sale Auction Slated for Nov. 30
MEDISAFEGATE JSC: Berne Court Closes Bankruptcy Proceedings
PJ DRIVE: Arlesheim Court Suspends Bankruptcy Proceedings

VERSICHERUNGSBORSE VB: Liestal Court Closes Bankruptcy Process
WARME & WASSER: Basel-Stadt Court Suspends Bankruptcy Process


U K R A I N E

ALFA BANK UKRAINE: Moody's Rates Loan Participation Notes at B1


U N I T E D   K I N G D O M

3DATA-NET LIMITED: Creditors Confirm Liquidators' Appointment
AQUA 2006: Nominates Gary Stones as Liquidator
ARELEY HOUSE: Appoints Peter Nottingham to Liquidate Assets
ASTON HOUSE: M. D. Hardy Leads Liquidation Procedure
AUTOMARQUE SIGNS: Hires Liquidator from Langley Group

B&W LAW: Names Situl Devji Raithatha Liquidator
BATH BLIND: Brings In BDO Stoy as Joint Administrators
BECKTON FINISHERS: Hires Liquidator from Valentine & Co.
CHERRY PIE: Appoints Liquidator from Begbies Traynor
COMPOSITE TRADE: Brings In Joint Liquidators from Mazars LLP

COSTS CERTAINTY: Claims Filing Period Ends Jan. 31, 2007
D.M.S. BRICKWORK: Hires Liquidator from Bishop Fleming
DAVIS MARINE: Creditors' Claims Due Dec. 29
DOLPHIN TRUCKING: Brings In Gerald Edelman to Administer Assets
EURODRIVE CAR: Taps Vantis as Joint Administrators

EUROTUNNEL GROUP: CEO Gounon Targets EUR450-Millon State Aid
EUROTUNNEL GROUP: Principal Suppliers Approve Restructuring Plan
FORD MOTOR: Fitch Lowers Senior Unsecured Debt to B/RR4
FORKNALL LTD: Calls In Liquidator from Kay Johnson Gee
FUTURA PRINTING: Creditors Confirm Liquidators' Appointment

GRAYS TYRE: Names Joint Administrators from Chantrey Vellacott
GREAT NORTH: Government Decides to End GBP1.3-Bln Franchise
H & M LIMITED: Appoints Paul John Webb as Administrator
HELPSTEEL LTD: Appoints Devdutt Patel to Liquidate Assets
HRS JOBS: Joint Liquidators Take Over Operations

J & K AGRISERVICES: Liquidator Sets Dec. 10 Claims Bar Date
KEYS COMPUTER: Names Claire L. Dwyer Liquidator
MC PARKING: Brings In Liquidator from Marriotts LLP
NEW YORK NAIL: Kingston Smith Selling Beauty Business
PEAK GROUP: Appoints Joint Administrators from Begbies Traynor

PGM RECRUITMENT: Taps Chantrey Vellacott as Administrators
PRINT BUSINESS: Names Duncan Roderick Morris as Administrator
RECREM CLEANING: Names Liquidator to Wind Up Business
SCOTTISH RE: Sells 68.8% Stake to MassMutual Capital & Cerberus
SCOTTISH RE: Majority Stake Sale Cues Moody's to Review Ratings

SCOTTISH RE: Liquidity Concerns Cue AM Best to Cut FSR to B
SCOTTISH RE: New Equity Cues Fitch to Keep Ratings on Neg. Watch
SCOTTISH RE: S&P Revises Watch to Positive on Equity Infusion
SEAS 2005-1: Fitch Keeps BB Rating on EUR18.7-Mln Class E Notes
SEVERSTAL OAO: Earns RUR23.5 Billion for January-September 2006

SEVERSTAL OAO: Nominates Non-Executive Directors to Board
SK CORP: Set to Sell 25% Stake in Incheon Unit on December 12
TERSUS GROUP: Hires Administrators from Vantis Plc
VENDITTO PROPERTY: Appoints PwC as Joint Administrators
YELLOWPATTER HOLDINGS: Taps Administrators from DTE Leonard

                            *********

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


BUCHDRUCKEREI PEISSER: Graz Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Graz entered Oct. 12 an order shutting down
the business of LLC Buchdruckerei Peisser & Vogel (FN 58344a).

Court-appointed property manager Norbert Kollerics 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. Norbert Kollerics
         Klosterwiesgasse 61
         8010 Graz, Austria
         Tel: 0316/819291
         Fax: 0316/819291-9
         E-mail: office@kollerics.at

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 10 (Bankr. Case No. 25 S 90/06g).


FIVE STARS: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Oct. 11 an order shutting down
the business of LLC Five Stars Versicherungs- und Reisebuero (FN
196027a).

Court-appointed property manager Daniel Lampersberger
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. Daniel Lampersberger
         c/o Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2005 (Bankr. Case No. 4 S 130/05b).  Karl F.
Engelhart represents Mag. Lampersberger in the bankruptcy
proceedings.


HZHB LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Oct. 11 an order shutting down
the business of LLC HZHB (FN 268239w).

Court-appointed property manager Eva Maria Bachmann-Lang
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. Eva Maria Bachmann-Lang
         c/o Dr. Christian Bachmann
         Opernring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 5 (Bankr. Case No. 4 S 138/06f).  Christian Bachman
represents Dr. Bachmann-Lang in the bankruptcy proceedings.


KUEHLGERATEVERTRIEB LLC: Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Karl Nobauer, the court-appointed property manager for LLC
Kuehlgeratevertrieb (FN 172407s), declared Oct. 11 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Ried im Innkreis is yet to rule on the
property manager's claim.

Headquartered in St. Pantaleon, Austria, the Debtor declared
bankruptcy on Sept. 19 (Bankr. Case No. 17 S 33/06v).

The property manager can be reached at:

         Dr. Karl Nobauer
         Stadtplatz 17
         5280 Braunau/Inn, Austria
         Tel: 07722/84 4 04
         Fax: 07722/63 5 76
         E-mail: office@ra-noebauer.at


RAS WIRTSCHAFTS: Claims Registration Period Ends December 5
-----------------------------------------------------------
Creditors owed money by LLC RAS Wirtschafts- &
Finanzierungsberatung (FN 104259y) have until Dec. 5 to file
written proofs of claims to court-appointed property manager
Guenther Hoedl at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Email: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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 148/06m).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


RIVO GEBAUDETECHNIK: Creditors' Meeting Slated for Dec. 11
----------------------------------------------------------
Creditors owed money by LLC Rivo Gebaudetechnik (FN 234996h) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
Dec. 11 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 28 S 60/06m).  Norbert Abel serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Norbert Abel
         Franz Josefs-Kai 49/19
         1010 Vienna, Austria
         Tel: 5335272
         Fax: 533527215
         E-mail: office@abel-abel.at


SACHS & CO: Wiener Neustadt Court Orders Branch Closure
-------------------------------------------------------
The Land Court of Wiener Neustadt entered Oct. 11 an order
closing the enterprise branch of LLC Sachs & Co (FN 119076m).

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

The property manager can be reached at:

         Dr. Gernot Hain
         c/o Dr. Ulrike Gruenling-Schopf
         Hauptplatz 14
         2700 Wiener Neustadt, Austria
         Tel: 02622/84141
         Fax: 02622/84141-23
         E-mail: hain.advocat@utanet.at

Headquartered in Woellersdorf, Austria, the Debtor declared
bankruptcy on Aug. 17 (Bankr. Case No. 10 S 71/06d).  Ulrike
Gruenling-Schopf represents Dr. Hain in the bankruptcy
proceedings.


TYROMAR & CO: Claims Registration Period Ends December 7
--------------------------------------------------------
Creditors owed money by LLC Tyromar & Co (FN 21915d) have until
Dec. 7 to file written proofs of claims to court-appointed
property manager Stefan Geiler at:

         Dr. Stefan Geiler
         Maria-Theresien-Road 17/19
         6020 Innsbruck, Austria
         Tel: 0512/ 58 27 60
         Fax: 0512/58 27 60 6
         Email: office@ullmann-geiler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 22 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         2nd Floor
         New Building
         Maximilianstrasse 4
         A-6020 Innsbruck, Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Oct. 12 (Bankr. Case No. 9 S 25/06k).


VERITAS VERSICHERUNGSMAKLER: Claims Filing Period Ends Dec. 4
-------------------------------------------------------------
Creditors owed money by LLC Veritas Versicherungsmakler (FN
222106b) have until Dec. 4 to file written proofs of claims to
court-appointed property manager Guenther Hoedl at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Email: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 18 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 45 S 71/06d).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


WOHNERLEBNIS PROJEKTENTWICKLUNG: Meeting Slated for December 14
---------------------------------------------------------------
Creditors owed money by LLC Wohnerlebnis Projektentwicklung (FN
245589k) are encouraged to attend the creditors' meeting at
9:45 a.m. on Dec. 14 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 5 S 142/06a).  Katharina Widhalm-
Budak serves as the court-appointed property manager of the
bankrupt estate.  Guenther Hoedl represents Dr. Widhalm-Budak in
the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Katharina Widhalm-Budak
         c/o  Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: widhalm-budak@anwaltsteam.at


=============
D E N M A R K
=============


NOVOLIPETSK STEEL: To Create Joint Venture with Duferco Group
-------------------------------------------------------------
Novolipetsk Steel and Duferco Group have reached a definitive
agreement to create a joint venture company to acquire certain
steel production and distribution facilities currently owned by
Duferco in Europe and U.S.A.

The principal terms of the transaction are:

   -- NLMK and Duferco will form a joint venture through Steel
      Invest & Finance S.A. (Luxembourg), a limited liability
      company (societe anonyme) established under the laws of
      Luxembourg in which they both will hold a 50% interest.
      NLMK will acquire its 50% interest for approximately
      US$805 million, subject to a purchase price adjustment
      based on the results of the audited financial statements
      of the joint venture group for the fiscal year ended
      Sept. 30, 2006.  NLMK will finance the transaction out of
      existing cash funds;

   -- the joint venture will hold 100% or (in cases where there
      is an existing minority party) majority interests in 22
      companies currently owned by Duferco.  This includes one
      steel making plant and five steel rolling facilities with
      total finished steel output of 4.5 million tons in 2006 as
      well as a network of steel service centers;

   -- the joint venture companies will be managed by Duferco,
      subject to a shareholders agreement between the parties.
      Duferco management will remain responsible for
      operational, financial and technical issues as well as
      relations with employees, trade unions and local
      communities;

   -- the parties have agreed to embark on an ambitious
      technical upgrade and expansion program for the joint
      venture companies providing for total investments of
      around EUR375 million. The program, which will be
      overseen by Duferco management will draw on the financial
      support and expertise of NLMK and is intended to boost
      production while increasing supply of semi-finished steel
      products from NLMK;

   -- the transaction agreements provide for put option
      arrangements for each party in the event of future major
      corporate events, including future disagreements; and

   -- the parties received clearance for the transaction from
      the European Commission on Nov. 20, 2006.  The Hart-Scott-
      Rodino1 waiting period expired on Nov. 6, completing the
      process of obtaining U.S. antitrust clearances for the
      transaction.

The strategies of NLMK and Duferco are complimentary.  According
to the recently announced Sustainable Growth Strategy 2007-2011,
NLMK aims to expand its upstream platform, to increase
production of low cost, high quality slabs and to convert them
into value-added finished steel products in its core markets by
acquiring re-rolling facilities.  The increase in slab
production by NLMK is envisaged at 3.4 million tons while
Duferco plans to increase the production of high value-added and
specialty steel grades.  However, Duferco lacks semi-finished
steel products capacity and has excess rolling capacity. This
makes both companies natural partners in this joint venture.

The growing supply of high quality slabs from NLMK to the joint
venture rolling facilities is expected to create substantial
synergies.  With the planned volume of slab supply increasing
from 0.5 million tons in 2006 to 3.6 million tons by 2012, the
total cumulative synergy effect including industrial,
commercial, and R&D synergies is estimated at around US$330
million.  The creation of this joint venture perfectly fits the
strategies of both NLMK and Duferco and provides for substantial
industrial benefits, increased sustainability of earnings,
stronger market positions and technological advancements.

"This transaction is another step of NLMK's strategy of
developing high value-added product portfolio while enhancing
its presence in the international markets," Vladimir Lisin,
Chairman of the NLMK Board of Directors, said.  "The creation of
the joint venture will allow maximum utilization of NLMK's core
competitive advantage in low cost steel production and will
ensure sustainable growth of the company's earnings.  Continued
Duferco management will ensure smooth implementation of the
joint venture business plan and quick ramp-up of synergies.  We
are confident that NLMK and Duferco will develop a value-
creating partnership bringing strong benefits to all their
shareholders."

"We welcome the creation of a joint venture with NLMK, a lowest
cost Russian-based steel producer, representing an opportunity
to increase capacity and production of high value-added steel
products by the joint venture companies," Bruno Bolfo, Chairman
of the Duferco Board of Directors, said.  "The Duferco-NLMK
partnership is an excellent example of the global steel industry
consolidation. The joint venture transforms successful long-term
business cooperation into a solid partnership with high growth
potential. The joint venture companies and their employees will
fully benefit from a tie-up with one of the most efficient steel
producers in the world."

The parties expect to complete the transaction by the end of
this year.

                         About Duferco

Headquartered in La Louviere, Belgium, Duferco S.A. --
http://www.duferco.com/-- manufactures and processes steel.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on July 14, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based steelmaker OJSC Novolipetsk Steel to 'BB+' from
'BB'.  S&P said the outlook is stable.  The Russia national
scale rating was also raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


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F R A N C E
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EUROTUNNEL GROUP: CEO Gounon Targets EUR450-Millon State Aid
------------------------------------------------------------
Eurotunnel Group Chairman Jacques Gounon expressed plans to seek
state aid from the U.K. and French governments, AFX News Ltd.
reports.

Mr. Gounon eyes a EUR450 million aid within three years for
Eurotunnel's rail freight development, he said on BFM radio.

"Eurotunnel is a normal company and I don't see why...it cannot
benefit from state aid," AFX quoted Mr. Gounon as saying.

Mr. Gounon hopes that plans to restructure Eurotunnel's GBP6.2
billion debt would advance so that the channel operator's
investment units could resume trading by January 2007, AFX
relates.

In May 2006, the Financial Services Authority and the French
Regulatory Authority decided to suspend Eurotunnel shares from
trading on Euronext and on the London Stock Exchange after it
failed to file its 2005 accounts.

"This uncertainty will not be removed until the Paris commercial
court approves the plan," Mr. Gounon said.


EUROTUNNEL GROUP: Principal Suppliers Approve Restructuring Plan
----------------------------------------------------------------
Eurotunnel Group disclosed that the principal suppliers, who
have participated in the vote under safeguard procedure,
approved unanimously the proposed restructuring plan.

As reported in the TCR-Europe on Nov. 28, creditors representing
72% of the financial establishment committee voted in favor of
the proposed safeguard-restructuring plan.

The committee holds 70% of the company's GBP6.2 billion debt.

Eurotunnel Group sent out its Draft Safeguard Restructuring Plan
Proposals on Oct. 31, in accordance with the French Safeguard
Procedure.

                      Terms of the Plan

The principal elements of the proposals include:

   1) the creation of a new company, Groupe Eurotunnel, which
      will launch an Exchange Tender Offer (ETO) to Eurotunnel's
      current shareholders.  The shareholders will hold a
      minimum 13% of the equity in Groupe Eurotunnel;

   2) Groupe Eurotunnel will subscribe to a new long-term loan
      of GBP2.840 billion (less than half of the current debt)
      from an international banking consortium;

   3) Groupe Eurotunnel will issue GBP1.275 billion of
      convertible hybrid notes.  The hybrid notes will be
      convertible over a maximum of three years and one month.
      Approximately 61.7% of the hybrids are redeemable by the
      company.

   4) current Eurotunnel shareholders, who subscribe to the ETO,
      will hold a minimum of 13% of the equity in Groupe
      Eurotunnel.  They can subscribe directly to the hybrid, up
      to a value of GBP60 million (EUR87.7 million) and will
      benefit from free warrants.  The redemption of hybrid
      notes by the company would allow them to increase their
      share of the equity from 13% to 67%.

                         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).


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


ADE GESELLSCHAFT: Claims Registration Ends December 10
------------------------------------------------------
Creditors of ade Gesellschaft fuer selektiven Rueckbau mbH have
until Dec. 10 to register their claims with court-appointed
provisional administrator Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against ade Gesellschaft fuer selektiven Rueckbau mbH on
Oct. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ade Gesellschaft fuer selektiven Rueckbau mbH
         Bonnstr. 15
         50226 Frechen, Germany

         Attn: Karlheinz Thierbach, Manager
         Seydelstr. 27
         10017 Berlin, Germany

The administrator can be contacted at:

         Dr. Bruno Kuebler
         Aachener Str. 222
         50931 Cologne, Germany


BLUM KUNSTSTOFFTECHNIK: Claims Registration Ends December 10
------------------------------------------------------------
Creditors of Blum Kunststofftechnik und Werkzeugbau GmbH have
until Dec. 10 to register their claims with court-appointed
provisional administrator Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 12, 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 Detmold
         Hall 12
         Gerichtsstr. 6
         Auxiliary Building
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against Blum Kunststofftechnik und Werkzeugbau GmbH on Oct. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Blum Kunststofftechnik und Werkzeugbau GmbH
         Attn: Hubert Meyer, Manager
         Lehmstich 5 b
         32689 Kalletal, Germany

The administrator can be contacted at:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold, Germany
         Tel: 05231/9210-0
         Fax: 05231/9210-50


DEUTSCHE BANK: Fitch Affirms BB- Ratings to EUR38.8-Mln Notes
-------------------------------------------------------------
Fitch Ratings affirmed Deutsche Bank AG CAST 2000-2 credit-
linked notes:

   -- EUR20,000,000 Class A-1 floating-rate notes (ISIN
      DE0005936728) at A;

   -- EUR9,000,000 Class A-1A fixed-rate notes (ISIN
      DE0005936496) at A;

   -- EUR10,000,000 Class A-2 fixed-rate notes at A;

   -- EUR11,000,000 Class A-3 fixed-rate notes at A;

   -- EUR10,000,000 Class B-1 floating-rate notes (ISIN
      DE0005943252) at BBB;

   -- EUR20,000,000 Class B-2 fixed-rate notes at BBB;

   -- EUR21,200,000 Class B-3 fixed-rate notes at BBB;

   -- EUR28,800,000 Class C-1 fixed-rate notes (ISIN
      DE0005943260) at BB-; and

   -- EUR10,000,000 Class C-2 fixed-rate notes at BB-.

Fitch notes that outstanding defaults have slightly reduced to
2.07% of the maximum portfolio balance from 2.21% in August
2005.  Losses have slightly increased to 0.19% from 0.12% in
August 2005.

This is due to the increasing number of defaulted loans
completing the work out process.  However, the average recovery
rate has increased slightly to 82.6% from 78.1% in August 2005.
The weighted average credit quality has improved slightly to
21.61 from 25.58.

The notes assume the economic risk of a maximum reference
portfolio of EUR2.5 billion, above a first loss threshold of
EUR75.4 million, provided by the unrated Class D note.  The
portfolio contains loans to small- and medium-sized companies
based in Germany.

The transaction has a scheduled maturity in January 2008, and
the portfolio can be replenished until that date.  The legal
final maturity of the transaction is in January 2010.  The Class
A, B and C notes are issued directly by Deutsche Bank AG without
collateral and hence the ratings are linked to DBAG's.


GLB GESELLSCHAFT: Claims Registration Ends December 11
------------------------------------------------------
Creditors of GLB Gesellschaft fuer Licht- und Bautechnik mbH
have until Dec. 11 to register their claims with court-appointed
provisional administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against GLB Gesellschaft fuer Licht- und Bautechnik mbH on
Oct. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         GLB Gesellschaft fuer Licht- und Bautechnik mbH
         Heinrich-Hertz-Str. 2
         44227 Dortmund, Germany

         Attn: Axel Leuchter, Manager
         Junkerstr. 87
         52064 Aachen, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf, Germany


HE HEIZUNGS: Claims Registration Ends December 11
-------------------------------------------------
Creditors of HE Heizungs- u. Energietechnik GmbH have until
Dec. 11 to register their claims with court-appointed
provisional administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Jan. 10, 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 HE Heizungs- u. Energietechnik GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HE Heizungs- u. Energietechnik GmbH
         Attn: Wilfried Buntrock, Manager
         Krepenstr. 6
         30165 Hanover, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Markte 13
         30159 Hanover, Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40


KUEHN HAUSTECHNIK: Claims Registration Ends December 11
-------------------------------------------------------
Creditors of Kuehn Haustechnik GmbH have until Dec. 11 to
register their claims with court-appointed provisional
administrator Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 15, 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 Bonn
         Meeting Room W1.24A
         1st Floor
         William Route 23
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
Kuehn Haustechnik GmbH on Oct. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kuehn Haustechnik GmbH
         Burgstr 1
         53859 Niederkassel, Germany

         Attn: Manfred Kuehn, Manager
         Bruesseler Str. 17
         53859 Niederkassel, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Road 94 a
         53225 Bonn, Germany


PRO-KUECHENWELT: Claims Registration Ends December 10
-----------------------------------------------------
Creditors of Pro-Kuechenwelt GmbH have until Dec. 10 to register
their claims with court-appointed provisional administrator
Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on Dec. 15, 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 Krefeld
         Meeting Room H 131
         1st Floor
         Nordwall 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 11:01 a.m. on Feb. 9, 2007, at the
same venue.

The District Court of Krefeld opened bankruptcy proceedings
against Pro-Kuechenwelt GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Pro-Kuechenwelt GmbH
         Kruetzpoort 7
         47804 Krefeld, Germany

         Attn: Helmut Schneider, Manager
         Grner Way 24
         41189 Moenchengladbach, Germany

The administrator can be contacted at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf, Germany


PROMISE I: Fitch Keeps BB+ Rating to EUR5.3-Mln Series E Notes
--------------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2005-1 Plc notes due
in May 2014:

   -- EUR250,000 Class A+ (ISIN: DE000A0D0HT6): affirmed at AAA;

   -- EUR27,800,000 Class A (ISIN: DE000A0D0HU4): affirmed at
      AAA;

   -- EUR8,300,000 Series B (ISIN: DE000A0D0HV2): affirmed at
      AA;

   -- EUR7,500,000 Series C (ISIN: DE000A0D0HW0): affirmed at A;

   -- EUR5,300,000 Series D (ISIN: DE000A0D0HX8): affirmed at
      BBB; and

   -- EUR5,300,000 Series E (ISIN: DE000A0D0HY6): affirmed at
      BB+.

This transaction is a synthetic securitization of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft to certain small- and medium-sized enterprise
clients domiciled in Germany but not restricted to carrying out
business there.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 0.61% of the maximum portfolio
notional balance.  None of the defaulted loans have completed
their work out process and no losses have been realized in the
reference portfolio to date.

The proportion of lower-rated assets, measured by the bank's
internal rating, has increased slightly to 2.9% from 0% at close
in March 2005.  The notional balance of the portfolio currently
stands at EUR748.2 million.  The first loss threshold has
remained at EUR21 million since closing.  The deal is in its
replenishment period until 2009.

The debt obligations are denominated in GBP, USD, CHF and EUR
and consist of drawn and undrawn facilities, loans and
guarantees.  Promise I Mobility 2005-1 Plc is a special purpose
vehicle incorporated with limited liability under the laws of
the Republic of Ireland.

At closing, IKB bought protection under a bank swap in respect
of a EUR750 million reference portfolio from the German public
agency KfW, which in turn hedged its exposure by issuing
certificates of indebtedness credit-linked to the performance of
the underlying portfolio of debt obligations.  The latter was
purchased by the issuer using the notes proceeds, and by
entering into a senior credit default swap with a senior swap
provider.


SACHSEN-FINANZGRUPPE: Fitch Affirms Individual Rating at C
----------------------------------------------------------
Fitch Ratings affirmed Germany's Sachsen-Finanzgruppe's and
Landesbank Sachsen Girozentrale's ratings at Issuer Default A+,
Short-term F1+, and Support 1.  The Individual ratings are
affirmed at C and C/D, respectively.

At the same time, the agency affirmed SFG's and SLB's guaranteed
obligations at Long-term AAA.  Fitch has also affirmed the eight
savings banks, which are members of SFG, and SLB's subsidiary,
SachsenLB Europe Plc, at Issuer Default A+ Short-term F1+.
SLBE's Support rating of 1 is also affirmed.  The Outlooks on
all Issuer Default ratings are Stable.

The Issuer Default, Short-term and Support ratings of SFG
reflect its ownership structure, strong regional market share
and its relationship with the German Free State of Saxony.  The
creation of a single economic group -- backed by implicit state
support and enhanced by SFG's strong commitment to its eight
savings banks and SLB -- ensures that all members of the group
enjoy the same Issuer Default and Short-term ratings.

"The group suffers from a lack of substantial lending
opportunities in its home market and has a high share of credit
substitute business.  SFG's main challenge is therefore building
up its asset franchise and generating revenue growth," Holger
Horn, Associate Director in Fitch's Financial Institutions team
disclosed.  "The group is increasingly cooperating with regards
to central risk management and credit processing and will
benefit further from closer cooperation among its members.
Intra-group business is increasing but from a very low level."

SFG's Individual rating based on consolidated figures reflects
its weak asset franchise, low core profitability, its high share
of non-performing loans, but also its focused strategy, high
market share in the FSS and adequate capitalization.

"Although the bank has started to implement a catalogue of
initiatives after the loss of the state guarantees in July
2005," says Michael Steinbarth, Director in Fitch's Financial
Institutions team, "it will take time for these to filter
through.  As is the case for SFG, the Landesbank may find it
challenging to develop a sufficiently large franchise to
generate sustainable profits in the medium- to long-term."

Management initiated the restructuring in 2005, including a
review of SLB's loan portfolio.  This resulted in higher loan
loss provisions in 2005 and a higher volume of problem loans,
but also greater transparency.  SLB has had to replace all
senior executives at its Dublin subsidiary SLBE.

SLB's Individual rating reflects its dependence on business from
its core subsidiaries SLBE and East Merchant Bank as well as its
low underlying profitability, which is exposed to higher funding
costs post-July 2005 although the bank has taken measures to
mitigate these in the medium term.  It also reflects moderate
asset quality of the corporate loan book, as well as a low, but
gradually increasing risk profile. FSS and SFG own 37% and 63%,
respectively in SLB.

The eight savings banks are:

   -- Ostsaechsische Sparkasse Dresden;
   -- Stadt- und Kreissparkasse Leipzig;
   -- Sparkasse Vogtland;
   -- Kreissparkasse Freiberg;
   -- Sparkasse Erzgebirge;
   -- Sparkasse Mittleres Erzgebirge;
   -- Kreissparkasse Aue-Schwarzenberg; and
   -- Kreissparkasse Mittweida.


STOP & SOUP: Claims Registration Ends December 11
-------------------------------------------------
Creditors of Stop & Soup Verwaltungs GmbH have until Dec. 11 to
register their claims with court-appointed provisional
administrator Heinz Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Jan. 11, 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against Stop & Soup Verwaltungs GmbH on Oct. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Stop & Soup Verwaltungs GmbH
         Kaiser-Wilhelm-Ring 40
         50672 Cologne, Germany

         Attn: Volker Pohl and Roland Wolz, Managers
         Mandelstr. 17
         58640 Iserlohn, Germany

The administrator can be contacted at:

         Dr. Heinz Dieter Klein
         Waldpark 11
         50996 Cologne, Germany


TRINK-ONE GROSS: Claims Registration Ends December 9
----------------------------------------------------
Creditors of TRINK-ONE Gross- und Einzelhandels GmbH have until
Dec. 9 to register their claims with court-appointed provisional
administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 4, 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 Duesseldorf
         Area A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against TRINK-ONE Gross- und Einzelhandels GmbH on Oct. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TRINK-ONE Gross- und Einzelhandels GmbH
         Ubierstr. 18
         40223 Duesseldorf, Germany

         Attn: Mesut Caliskan, Manager
         Altenbrueckstr. 61
         40595 Duesseldorf, Germany

The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


U. BOLLE: Claims Registration Ends December 10
----------------------------------------------
Creditors of U. Bolle GmbH have until Dec. 10 to register their
claims with court-appointed provisional administrator Burghard
Wegener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 17, 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 Goettingen
         Hall B 11
         Berliner Road 8
         37073 Goettingen, 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 Goettingen opened bankruptcy proceedings
against U. Bolle GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         U. Bolle GmbH
         Attn: Frank, Michael and Torsten Bolle, Managers
         Voehreweg 20
         37136 Ebergoetzen, Germany

The administrator can be contacted at:

         Burghard Wegener
         Obere Karspuele 36
         D-37073 Goettingen, Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


ULRICH BOCK: Claims Registration Ends December 11
-------------------------------------------------
Creditors of Ulrich Bock GmbH have until Dec. 11 to register
their claims with court-appointed provisional administrator Gert
Wasner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 9, 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 Uelzen
         Hall 1
         Main Building
         Fritz Roever Road 5
         29525 Uelzen, 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 Uelzen opened bankruptcy proceedings
against Ulrich Bock GmbH on Oct. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Ulrich Bock GmbH
         Attn: Michael Baganz, Manager
         Moor 5
         29484 Langendorf, Germany

The administrator can be contacted at:

         Dr. Gert Wasner
         Veersser Road 41
         29525 Uelzen, Germany
         Tel: 0581/16006
         Fax: 0581/17159


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


SCOTTISH RE: Sells 68.8% Stake to MassMutual Capital & Cerberus
---------------------------------------------------------------
Scottish Re Group Limited entered into an agreement wherein
MassMutual Capital Partners LLC, and affiliates of Cerberus
Capital Management, L.P. will each invest US$300 million into
the company, resulting in a total new equity investment of
US$600 million.

Under the terms of the agreement, MassMutual Capital and
Cerberus will purchase a total of 1,000,000 newly issued
convertible preferred shares of Scottish Re.

According to the transaction agreement, the Convertible
Preferred Shares may be converted into 150,000,000 ordinary
shares of Scottish Re at any time, representing a 68.8% Ordinary
Share ownership on a fully diluted basis at the time of
investment.  Scottish Re's board of directors has unanimously
approved the transaction.

"This completes the process announced earlier this year to
evaluate strategic alternatives, and will stabilize Scottish Re
while providing long-term liquidity benefits," Paul Goldean,
Chief Executive Officer of Scottish Re Group Limited, said.  "In
addition to the financial strength afforded by MassMutual
Capital and Cerberus as majority shareholders, these firms offer
Scottish Re extraordinary insurance, operational and investment
expertise.  We look forward to their input and guidance as we
move aggressively towards our financial and business goals in
the interest of returning value to all of our stakeholders."

"This transaction provides the best available opportunity to
deliver long-term shareholder value and reclaim our position as
one of the top life reinsurance specialists in the industry,"
Glenn Schafer, non-executive Chairman of the Board, stated.

The Convertible Preferred Shares acquired by MassMutual Capital
and Cerberus will have the same voting rights as holders of
Ordinary Shares of Scottish Re.  The Convertible Preferred
Shares will rank senior to Ordinary Shares of Scottish Re, and
subordinate to existing securities that rank senior to the
Ordinary Shares.  The Convertible Preferred Shares are
convertible at any time and are mandatorily convertible nine
years from their issuance date.

The transaction is subject to approval by the holders of 66-2/3%
of Scottish Re's outstanding ordinary shares who are entitled to
vote at the special meeting.  They will be requested to vote for
the transaction via proxy.  Proxy voting cards will be mailed
within approximately 45 days of the agreement to all
shareholders by Scottish Re and will include the voting
instructions.

                    Board Appointments

In accordance with the transaction agreement, MassMutual Capital
and Cerberus are entitled to appoint two-thirds of the members
of Scottish Re's board of directors.  Initially, there will be
eleven directors on Scottish Re's board, of which MassMutual and
Cerberus will appoint six, including three directors chosen by
MassMutual Capital and three chosen by Cerberus.  Also, in
addition to the Chief Executive Officer, MassMutual Capital and
Cerberus will nominate three independent directors and a
designee of The Cypress Group to the Board.  The Cypress Group
is a New York-based private equity firm and a major Scottish Re
shareholder.

                        Closing Criteria

Completion of the transaction is subject to customary closing
conditions, including regulatory approvals.  The transaction is
expected to close as early as the second quarter of 2007.

Scottish Re will continue to operate its business under its
current structure, and will remain traded on the New York Stock
Exchange under ticker "SCT."

Citigroup Corporate and Investment Banking and Morgan Stanley
served as financial advisors and Debevoise & Plimpton LLP,
Schulte Roth & Zabel LLP and Ropes & Gray LLP served as legal
counsel to both MassMutual Capital and Cerberus in the
transaction.  Goldman Sachs and Bear, Stearns & Co. served as
Scottish Re's financial advisors and LeBoeuf, Lamb, Greene &
MacRae, LLP together with Maples & Calder served as the
Company's legal counsel.

                        About MassMutual

MassMutual Financial Group is the fleet name for Massachusetts
Mutual Life Insurance Company and its affiliates, with more than
13 million clients and over US$395 billion in assets under
management at year-end 2005.  Founded in 1851, MassMutual is a
mutually owned financial protection, accumulation and income
management company headquartered in Springfield, Mass.
MassMutual's major affiliates include: OppenheimerFunds, Inc.;
Babson Capital Management LLC; Baring Asset Management Limited;
Cornerstone Real Estate Advisers LLC; MML Investors Services,
Inc., MassMutual International LLC and The MassMutual Trust
Company, FSB.

MassMutual Capital is a limited liability company created by
Massachusetts Mutual Life Insurance Company to focus on
strategically investing in business opportunities as a means of
optimizing the value of the enterprise on behalf of MassMutual
and other investors.

                About Cerberus Capital Management

Established in 1992, Cerberus Capital Management, L.P. --
http://www.cerberuscapital.com/-- is one of the world's leading
private investment firms with approximately US$22 billion under
management in funds and accounts.  Through its team of more than
275 investment and operations professionals, Cerberus
specializes in providing both financial resources and
operational expertise to help transform undervalued companies
into industry leaders for long-term success and value creation.
Cerberus is headquartered in New York City, with offices in
Chicago, Los Angeles, and Atlanta, as well as advisory offices
in London, Baarn, Frankfurt, Tokyo, Osaka and Taipei.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--  
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.


SCOTTISH RE: Majority Stake Sale Cues Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

The Consortium investment of US$600 million, split evenly
between the two investing partners, is in the form of a
preferred equity investment, manditorily convertible into common
stock nine years from issuance or earlier at the option of the
Consortium.  After closing, the Consortium would hold preferred
shares that are convertible, in whole or in part, to 150 million
ordinary shares of Scottish Re, representing 68.8% of the total
outstanding ordinary shares of the company on a fully diluted
basis.

According to Scott Robinson, Moody's Vice President & Senior
Credit Officer, "Should the transaction be successfully
completed, the investment will provide the company with much
needed liquidity as well as a robust capital position."  In
addition, upon shareholder approval of the transaction, the
Consortium will provide Scottish Re with a bridge liquidity
facility of US$100 million to assist the company through the
time period prior to closing of the deal.

Moody's indicated that under the terms of an existing bank
credit facility, Scottish Re has been constrained in its ability
to move funds from SALIC to the holding company, which is
necessary to provide Scottish Re the liquidity to pay off the
US$115 million of convertible notes that are putable at par to
the holding company on December 6, 2006.  The company is
currently working to cancel remaining letters on credit (LOCs)
totaling less than US$5 million that are outstanding on its bank
credit facility, after which it plans to terminate the facility.
Under the scenario that Scottish Re is unable to cancel the
LOCs, the company is also working to secure a back-up LOC, the
receipt of which would permit the movement of funds from SALIC
to the holding company under a pre-negotiated agreement
permitting an amendment to the bank credit facility agreement.
Scottish Re has already received a commitment letter from a
financial institution allowing it to issue a back-up letter of
credit.

The rating agency noted that should the announced deal not
close, there would be significant downward pressure on the
company's ratings.  According to Robinson, "failure to raise
capital and liquidity would result in a multi-notch downgrade of
the ratings of Scottish Re.  We believe that the company would
be significantly challenged in such a runoff scenario."

During the continuing review, Moody's intends to closely monitor
the probability of a successful closing of the announced
transaction.  A successful closing requires approval by two-
thirds of Scottish Re's shareholders as well as the approval of
various insurance regulators.

In determining whether or not the company's ratings will be
raised following a successful closing of the transaction,
Moody's said that it will also evaluate Scottish Re's post-
investment business plan, operating strategy, and plans to
improve internal controls and risk management at the company.
Additionally, Moody's highlighted that the review will focus on
Scottish Re's plan to secure a collateral solution to support
the company's XXX statutory reserving needs associated with its
existing level premium term reinsurance business, as well as its
ability to manage a runoff scenario, which should be
considerably enhanced by the capital infusion.

While the Consortium indicated that it intends to run Scottish
Re as a going concern, the rating agency noted that it believes
Scottish Re will have to regain the confidence of cedants before
it will be able to write meaningful amounts of new business.
Aside from the investment by the Consortium, this will likely
require a track record of stable earnings and cash flows,
something which the company has been unable to produce in recent
reporting periods.

These ratings continue on review with direction uncertain:

    * Scottish Re Group Limited:

      -- senior unsecured debt of Ba3;
      -- senior unsecured shelf of (P)Ba3;
      -- subordinate shelf of (P)B1;
      -- junior subordinate shelf of (P)B1;
      -- preferred stock of B2; and
      -- preferred stock shelf of (P)B2.

    * Scottish Holdings Statutory Trust II: preferred stock
      shelf of (P)B1;

    * Scottish Holdings Statutory Trust III: preferred stock
      shelf of (P)B1;

    * Scottish Annuity & Life Insurance Co (Cayman) Ltd.:
      insurance financial strength of Baa3;

    * Premium Asset Trust Series 2004-4: senior secured
      debt of Baa3 (based on IFS of SALIC);

    * Scottish Re (U.S.), Inc.: insurance financial
      strength of Baa3;

    * Stingray Pass-Through Certificates: senior secured
      debt of Baa3 (based on IFS rating of SALIC).

On September 5, 2006 Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte NC, Denver CO, and Windsor
England.  On September 30, 2006, Scottish Re reported assets of
US$13.8 billion and shareholders' equity of US$1.3 billion.

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


SCOTTISH RE: Liquidity Concerns Cue AM Best to Cut FSR to B
-----------------------------------------------------------
A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.

A.M. Best has also downgraded the ICR of Scottish Re to "b" from
"bb-" and all of Scottish Re's debt ratings.  All ratings remain
under review with negative implications.

These rating actions reflect A.M. Best's review of Scottish Re's
short-term liquidity and collateral needs following the release
of its third quarter financial statements.

A.M. Best notes that, as indicated in its recent Securities and
Exchange Commission filings, Scottish Re's liquidity and
collateral position remains very tight over the near term and
tenuous into 2007.  Note holders have the right to require
Scottish Re to repurchase US$115 million of the 4.5% senior
convertible notes on Dec. 6, 2006, and this source of liquidity
has not yet been finalized.  A.M. Best acknowledges management's
efforts at seeking strategic alternatives and capital and
liquidity sources since the last rating action on Aug. 22, 2006.

However, the timing and execution of any capital raising
initiatives to alleviate these near and longer-term liquidity
concerns remains uncertain.

As a result, the maintenance of a "Secure" FSR is no longer
appropriate.  Should a transaction be announced, A.M. Best would
determine if a change in the under review status is appropriate.

The FSR has been downgraded to B from B+ and the ICRs have been
downgraded to "bb+" from "bbb-" and remain under review with
negative implications for the following subsidiaries of Scottish
Re Group Limited:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.;
   -- Scottish Re (U.S.), Inc.;
   -- Scottish Re Life Corporation;
   -- Scottish Re Limited; and
   -- Orkney Re, Inc.

The ICR has been downgraded to "b" from "bb-" and remains under
review with negative implications for Scottish Re Group Limited.

These debt ratings have been downgraded and remain under review
with negative implications:

   Scottish Re Group Limited

   -- to "b" from "bb-" on US$115 million 4.5% senior unsecured
      convertible notes, due 2022;

   -- to "ccc+" from "b" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- to "ccc+" from "b" on US$125 million non-cumulative
      preferred shares.

   Stingray Pass-thru Trust

   -- to "bb" from "bbb-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf
registration have been downgraded and remain under review with
negative implications:

   Scottish Re Group Limited --

   -- to "ccc+" from "b" on preferred stock;
   -- to "b-" from "b+" on subordinated debt; and
   -- to "b" from "bb-" on senior unsecured debt;

   Scottish Holdings Statutory Trust II and III

   -- to "b-" from "b+" on preferred securities


SCOTTISH RE: New Equity Cues Fitch to Keep Ratings on Neg. Watch
----------------------------------------------------------------
Fitch Ratings commented that Scottish Re Group Ltd.'s ratings
remain on Rating Watch Negative following the announcement that
SCT has entered into an agreement, which will result in a new
equity investment into the company of US$600 million.

SCT's ratings were placed on Rating Watch Negative on
July 31, due to concerns regarding the company's ability to
repay US$115 million of senior convertible notes that will be
put to the company on Dec. 6.

Fitch believes that SCT has made good progress in resolving the
key liquidity and collateral issues, and expects that remaining
issues will be resolved over the next several days that will
allow affiliate Scottish Annuity & Life Insurance (Cayman) Ltd.
to dividend funds to SCT to fund the expected put.

Once these remaining issues are resolved, Fitch expects to
change the direction of the Rating Watch to Evolving to reflect
the pending agreement with MassMutual Capital Partners LLC and
Cerberus Capital Management, L.P.

The ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at BBB.

Scottish Re (U.S.) Inc.

   -- IFS at BBB.

Scottish Re Limited

   -- IFS at BBB.

Scottish Re Group Limited

   -- IDR at BB;
   -- 4.5% US$115 million senior convertible notes at BB-;
   -- 5.875% US$142 million hybrid capital units at B+; and
   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock at B+.


SCOTTISH RE: S&P Revises Watch to Positive on Equity Infusion
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
status of its ratings on Scottish Re Group Ltd., Scottish Re's
operating companies, and dependent unwrapped securitized deals
to positive from negative.

The ratings on securitizations that are wrapped or independent
of the credit quality of Scottish Re have been affirmed.

Scottish Re has a 'CCC' counterparty credit rating, and Scottish
Re's operating companies have 'B+' counterparty credit and
financial strength ratings.

These ratings were placed on CreditWatch negative on July 31,
2006, when Scottish Re announced poor second-quarter results and
that liquidity was tight.

"The revision of the CreditWatch status to positive follows two
announcements made by Scottish Re," explained Standard & Poor's
credit analyst Neil Strauss.  "Scottish Re announced in a press
release that it had reached an agreement with Mass Mutual
Capital Partners LLC and affiliates of Cerberus Capital
Management L.P. related to a planned equity infusion of
US$300 million by each in the second quarter of 2007."  This
agreement requires regulatory and shareholder approval.

Scottish Re also stated that it had brought down the outstanding
letters of credit under its bank credit facility to less than
US$5 million and had negotiated a backup facility for letters of
credit for the remainder.  As a result, an agreement is likely
with the bank syndicate on its credit facility within a week to
allow funds to be upstreamed from the operating companies, where
liquidity is available, to the holding company, where liquidity
is tight.

The release of the funds will enable repayment of
US$115 million of convertible notes to the noteholders, who are
likely to exercise a put option on Dec. 6, 2006.  The payment of
the noteholders from holding-company funds had been at risk
since the summer's announcements regarding second-quarter
results.  These results created an adverse event for Scottish
Re's credit facility, which precluded the upstreaming of funds
for the past several months.

Standard & Poor's views the progress related to near-elimination
of the dividend restriction related to the bank credit facility
as an immediate improvement to the liquidity profile at the
holding company.  The planned capital infusion has the potential
for improving longer-term liquidity and business issues at both
the holding and operating companies.

On Dec. 6, 2006, following repayment of the US$115 million to
the noteholders, Standard & Poor's anticipates it will raise the
credit rating on Scottish Re to 'B' and the counterparty credit
and financial strength ratings on Scottish Re's operating
companies to 'BB'.  This upgrade would reflect the solution of
the immediate liquidity issue at the holding company and the
potential solution of its longer-term issues should the
transaction be consummated.

At closing, Standard & Poor's would evaluate the ratings based
on the terms of the transaction and the expected prospective
financial profile of Scottish Re as well as Standard and Poor's
view of the viability of the franchise and business prospects
following the events of the past several months.


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


PARMALAT SPA: Court Extends Temporary Protection to January 25
--------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York adjourned the hearing to
consider entry of a permanent injunction in Parmalat SpA and its
affiliates' Section 304 cases until Jan. 23, 2007.

In the interim, the preliminary injunction is extended until
Jan. 25, 2007.  All persons subject to the jurisdiction of
the U.S. court are enjoined and restrained from engaging in any
action against the Foreign Debtors without obtaining permission
from the U.S. Bankruptcy Court for the Southern District of New
York.

The Civil and Criminal Court of Parma, in Italy, will continue
to have exclusive jurisdiction to hear and determine any suit,
action, claim or proceeding, other than an enforcement action
initiated by the U.S. Securities and Exchange Commission, and to
settle all disputes which may arise out of (i) the construction
or interpretations of the Foreign Debtors' restructuring plan
approved by the Italian Court, or (ii) any action taken or
omitted to be taken by any person or entity in connection with
the administration of the Italian Plan.

As reported in the Troubled Company Reporter-Europe on Sept. 8,
five creditors and parties-in-interest filed with the U.S. Court
their objections to Dr. Enrico Bondi's request for a permanent
injunction order in Parmalat's ancillary proceedings.

Dr. Bondi is the authorized foreign representative of Parmalat
Finanziaria S.p.A. and certain of its affiliates.

In his request, Dr. Bondi filed with the Court a proposed
permanent injunction order pursuant to Section 304 of the
Bankruptcy Code.  Dr. Bondi also submitted with the Court a
memorandum of law supporting his permanent injunction request.

A full-text copy of the proposed Permanent Injunction Order is
available for free at http://researcharchives.com/t/s?e22

Creditors BankBoston, N.A., FleetBoston Financial, Bank of
America Corporation, Bank of America National Trust & Savings
Association, Banc of America Securities, LLC, and Bank of
America, N.A., told the Court that the proposed Permanent
Injunction Order cannot be approved because it would constitute
an inappropriate anti-foreign suit injunction.

BofA, et al. also argued that the Foreign Debtors' request for
extra-territorial application of the Permanent Injunction would
unduly limit the ability of domestic and foreign creditors to
pursue all appropriate remedies outside of the United States in
accordance with applicable foreign law.

The Pension Benefit Guaranty Corporation, which provides
termination insurance for all of the Debtors' Pension Plans,
said the proposed Permanent Injunction Order contains illegal
discharges, releases, exculpations and injunctions.

The PBGC said it was willing to withdraw its objections if the
proposed Permanent Injunction Order clarifies that:

   -- no provisions of or proceeding within the Foreign Debtors'
      reorganization cases in Italy and the Section 304 cases
      before the U.S. Bankruptcy Court will in any way be
      construed as discharging, releasing, limiting or relieving
      the Foreign Debtors, or any other party from any liability
      with respect to the Pension Plans or any other defined
      benefit pension plan; and

   -- the PBGC and the Pension Plans will not be enjoined or
      precluded from enforcing liability resulting from any of
      the provisions of the Foreign Debtors' restructuring plan
      approved by the Italian court, or the entry of a Permanent
      Injunction Order.

Grant Thornton International does not want the Permanent
Injunction to apply to it in any manner in the conduct of:

   -- a securities fraud class action pending before the U.S.
      District Court for the Southern District of New York;

   -- three actions initiated by Dr. Bondi against banks and
      accounting firms; and

   -- actions commenced by the trustees of the U.S. Debtors and
      two liquidators of Parmalat SpA's Cayman Islands
      affiliates.

Grant Thornton is a defendant in those actions.

On behalf of Israel Discount Bank of New York, Bruce S. Nathan,
Esq., at Lowenstein Sandler PC, in New York, argues that in
seeking entry of a permanent injunction order, the Foreign
Debtors must demonstrate that claimholders in the Italian
proceedings are receiving "just treatment" and not experiencing
"prejudice and inconvenience" in the claims administration
process.  The Foreign Debtors cannot meet this burden as to IDB,
Mr. Nathan says.

IDB's claims arise from promissory notes totaling US$6,000,000
in principal plus interest, guaranteed by Parmalat S.p.A.

Hermes Focus Asset Management Europe, Ltd.; Cattolica
Partecipazioni, S.p.A.; Capital & Finance Asset Management S.A.;
Societe Monderne des Terrassements Parisiens; and Solarat -- the
lead plaintiffs in a securities class action -- want the
proposed Permanent Injunction Order modified to clarify that it
does not impact their rights to pursue claims against
Reorganized Parmalat.

In July 2006, the District Court granted the Hermes Focus, et
al. leave to file an amended complaint against Reorganized
Parmalat.

                         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.


PARMALAT SPA: Debt Swap Hikes Equity Capital by EUR169,505
----------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by EUR169,505
to EUR1,641,153,271 from EUR1,640,983,766.

The share capital increase is due to the assignation of 23,460
shares and the conversion of warrants for 146,045 shares.

The latest status of the share allotment is 50,238,095 shares,
representing approximately 3.1% of the share capital are still
in a deposit account c/o Parmalat S.p.A., of which:

   -- 16,930,986 or 1.0% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      16,984,617 shares as at Oct. 26, 2006;

   -- 33,307,109 or 2,0% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

         -- 120,000 shares representing the initial share
            capital of Parmalat S.p.A.; and

         -- 33,187,109 or 2.0% of the share capital that pertain
            to currently undisclosed  creditors (compared with
            34,858,009 shares as at Oct. 26, 2006).

                         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.


PARMALAT SPA: Hits Administrative Court Ruling on Latte di Roma
---------------------------------------------------------------
Parmalat S.p.A., with reference to the article published on
newspaper Finanza e Mercati, in relation to its subsidiary
Centrale del Latte di Roma communicates:

   -- the judgment of the TAR Lazio (n. 2883/06) has not
      considered the fact that Parmalat is not a party to the
      proceedings concerning the privatization and the sale
      of Centrale del Latte di Roma, which proceedings
      are pending only between the Comune di Roma S.p.A.
      as Seller, Cirio S.p.A. as Purchaser and Ariete Fattoria
      Latte Sano as Counterpart;

   -- should the sale be declared null and void, such invalidity
      could not impact the subsequent transfers of the shares of
      Centrale del Latte di Roma from Cirio to Eurolat and then
      from Eurolat to the Parmalat Group, then its ruling could
      not affect the final transfer to Parmalat;

   -- in fact the transfer of the shares from Cirio to Eurolat
      took place in 1999 by means of a capital increase of
      Eurolat and of the subsequent transfer to Eurolat also of
      the shareholdings in Centrale del Latte S.p.A.; and

   -- such capital increase and the subsequent transfer deed can
      no longer be attacked in order to be finally declared
      invalid or null and void.

Due to the fact that the share transfer from Cirio to Eurolat
and the subsequent transfer from Eurolat to the Parmalat Group
can no longer be questioned, such transfer appears to be
immaterial in connection with the proceedings between Comune di
Roma, Cirio and the counterpart Ariete Fattoria Latte Sano,
proceedings which could not affect Parmalat and cannot cause
Parmalat to transfer shares it lawfully acquired.

                         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.


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


AGROLUXE-2004 LLP: Creditors' Claims Due Jan. 5, 2007
-----------------------------------------------------
LLP Agroluxe-2004 has declared insolvency.  Creditors have until
Jan. 5, 2007, to submit written proofs of claim to:

         LLP Agroluxe-2004
         Jambyl Str. 3-22
         Karaganda
         Karaganda Region
         Kazakhstan


ASIAN LLP: Claims Filing Period Ends Jan. 9, 2007
-------------------------------------------------
LLP Corporation Asian has declared insolvency.  Creditors have
until Jan. 9, 2007, to submit written proofs of claim to:

         LLP Asian
         Pushkin Str. 166/4
         Sary-Arka District
         Astana, Kazakhstan


BEKZAT & CO: South Kazakhstan Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Bekzat & Co.


BETAR LLP: Claims Registration Ends Jan. 5, 2007
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Betar insolvent on July 12.

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

         LLP Betar
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


JER-KEN LLP: Aktube Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Jer-Ken on Oct. 17.


KAZCABLE-PETROPAVLOVSK: Creditors' Claims Due Jan. 9, 2007
----------------------------------------------------------
LLP Kazcable-Petropavlovsk has declared insolvency.  Creditors
have until Jan. 9, 2007, to submit written proofs of claim to:

         LLP Kazcable-Petropavlovsk
         Jumabaev Str. 109-207
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


KRYLO-M LLP: North Kazakhstan Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against
LLP Krylo-M on Oct. 30.


LAKOS ENGINEERING: Almaty Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Lakos Engineering
(RNN 600700233209) on Oct. 31.


MTS-ENBEKSHY LLP: Creditors' Claims Due Jan. 5, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP MTS-Enbekshy insolvent on Aug. 9.

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

         LLP MTS-Enbekshy
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


MYRZAKENT-KURLYS: Court Commences Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Myrzakent-Kurlys.


RUBI STAR: Claims Filing Period Ends Jan. 9, 2007
-------------------------------------------------
LLP Rubi Star Industrial Co. Ltd. has declared insolvency.
Creditors have until Jan. 9, 2007, to submit written proofs of
claim to:

         LLP Rubi Star Industrial Co. Ltd.
         Polejaev Str. 92a
         Almaty, Kazakhstan

              -- or --

         LLP Rubi Star Industrial Co. Ltd.
         Jybek-Joly Str. 81
         Almaty, Kazakhstan


SOLTKAZJOL LLP: Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against
LLP Soltkazjol on Oct. 30.


STROY INVEST-2030: Creditors' Claims Due Jan. 5, 2007
-----------------------------------------------------
LLP Stroy Invest-2030 has declared insolvency.  Creditors have
until Jan. 5, 2007, to submit written proofs of claim to:

         LLP Stroy Invest-2030
         Corps 5
         Pushkin Str. 166
         Astana, Kazakhstan


SVOYA GAZETA: Claims Filing Period Ends Jan. 5, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Svoya Gazeta insolvent on
July 11.

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

         LLP Svoya Gazeta
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


UMIT SUIY: Claims Registration Ends Jan. 5, 2007
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Umit Suiy insolvent on Sept. 20.

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

         LLP Umit Suiy
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


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


ALAI-IMPORT-EXPORT: Creditors' Claims Due Jan. 12, 2007
-------------------------------------------------------
LLC Alai-Import-Export has declared insolvency.  Creditors have
until Jan. 12, 2007, to submit written proofs of claim to:

         LLC Alai-Import-Export
         Kurmanjan Datka Str. 181/1
         Osh, Kyrgyzstan


KANT SUT: Claims Registration Ends Jan. 12, 2007
------------------------------------------------
LLC Kant Sut Plus has declared insolvency.  Creditors have until
Jan. 12, 2007, to submit written proofs of claim to:

         LLC Kant Sut Plus
         Pushkin Str. 70
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 66-19-19


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


BARRY CALLEBAUT: Moody's Lifts Rating on Stable Credit Metrics
--------------------------------------------------------------
Moody's upgraded the corporate family rating of Barry Callebaut
AG to Ba1 and upgraded to Ba3 the rating on the EUR165-million
senior subordinated notes due 2010 issued by its subsidiary
Barry Callebaut Services N.V.  The outlook is stable.

The upgrade reflects the company's solid track record of stable
operating margins and credit metrics amidst modest top line
growth in the company's core markets.

Moody's believes that management is taking the necessary steps
to address the main challenges in the chocolate industry,
notably diversifying sourcing within volatile West African
markets, investing in new production sites and sales outlets in
higher growth markets, notably Russia and China, while
introducing new products in more mature markets aimed at
increasingly health cautious consumers.

Moody's believes that these factors, combined with cost savings
emanating from recent restructuring at Stollwerck and Brachs and
the implementation of SAP, should benefit the company's future
performance and cash flow characteristics.  The company has also
addressed the early redemption of its senior subordinated notes
on or after March 2007 with its bank facilities, which is
expected to reduce the company's overall interest burden.

The ratings remain constrained, however, by the still fairly
high leverage of the company, with Adjusted Total Debt to EBITDA
at 4x in fiscal year 2006.  In addition, the company's operating
cash flow is still likely to remain volatile as a result of
swings in working capital requirements, as was the case in
fiscal year 2006.  Free cash flow generation will be impacted by
the company's investment spending in coming years.

The stable outlook reflects Moody's view that the company's
market position and innovative abilities will enable it to
retain a steady growth in profitability, while swings in working
capital volatility are likely to remain an inherent feature of
the credit profile.

An upward revision in the outlook could result from a sustained
strengthening in operating profits and cash flows from more
rapid market growth, potentially from investments in new
markets.  Downward pressure on the rating or outlook could occur
if credit metrics weakened as a result of raw material supply
difficulties of if the investments in new markets fail to
achieve the desired benefits.  The rating is also likely to be
revisited if the company embarks upon a material increase in M&A
activity.

Headquartered in Zurich, Switzerland, Barry Callebaut is a
leading worldwide manufacturer of industrial chocolate and
chocolate-based consumer products.  For the financial year ended
Aug. 31, 2006, Barry Callebaut reported sales and EBIT (before
restructuring charges) of CHF4.26 billion and CHF293.1 million,
respectively.


CADOGAN SQUARE: Moody's Rates EUR15-Mln Class E Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to six
classes of notes issued by Cadogan Square CLO III B.V., a
bankruptcy-remote special purpose vehicle incorporated under the
laws of The Netherlands.

The ratings assigned are:

   -- EUR274,000,000 Class A Senior Secured Floating Rate Notes
      due 2023: (P)Aaa;

   -- EUR29,000,000 Class B Senior Secured Floating Rate Notes
      due 2023: (P)Aa2;

   -- EUR22,000,000 Class C Senior Secured Deferrable Floating
      Rate Notes due 2023: (P)A2;

   -- EUR 24,000,000 Class D Senior Secured Deferrable Floating
      Rate Notes due 2023: (P)Baa3;

   -- EUR15,000,000 Class E Senior Secured Deferrable Floating
      Rate Notes due 2023: (P)Ba3; and

   -- EUR7,000,000 Class X Combination Notes due 2023: (P)Baa1.


The EUR46,000,000 Class M Subordinated Notes due 2023 will not
be rated.

The ratings address the expected loss posed to investors by the
legal final maturity date in 2023.

The Class X Combination Notes represent a combination of a
principal amount of EUR3,000,000 Class C Notes, EUR2,500,000
Class D Notes and EUR1,500,000 Class M Subordinated Notes.  The
rating assigned to the Class X Combination Notes addresses the
expected loss posed to the investors by the legal final maturity
as a proportion of the Rated Balance, where the Rated Balance is
equal on any payment date to the Rated Balance on the preceding
payment date increased by the Rated Coupon of 0.25% per annum
and reduced by the aggregate of all payments made on such
payment date, either through interest or principal.

This transaction is a high yield collateralized loan obligation
related to a EUR388,833,500 portfolio comprised primarily of
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include high
yield debt, structured finance securities and synthetic
exposures, as well as non-Euro issues. This portfolio will be
partially acquired at closing and partially during the six month
ramp-up period in compliance with portfolio guidelines.
Thereafter, the portfolio of debt obligations will be actively
managed and the investment manager will be able to buy or sell
debt obligations on behalf of the Issuer.  Any addition or
removal of debt obligations will be subject to a number of
portfolio criteria.

Credit Suisse International, with the advice of Leveraged
Investments Group, will act as investment manager.  The
investment management team currently manages sixteen USD-
denominated high yield CLOs and two Euro-denominated CLOs.


EMERGING MARKET: Moody's Rates Loan Participation Notes at B1
-------------------------------------------------------------
Moody's Investors Service Inc. assigned a rating of B1 to the
Loan Participation Notes to be issued on a limited recourse
basis by Dutch-based special purpose vehicle Emerging Market
Structured Products B.V. for the sole purpose of funding a loan
from VTB Bank Europe plc (Baa2/Prime-2/D+) to Alfa Bank Ukraine.
The volume and the tenor of the issue have yet to be determined.
The outlook for the rating is stable.

Moody's B1 long-term foreign currency debt rating is based on
the fundamental credit quality of ABU as an underlying borrower,
which is reflected in the B1 long-term local currency deposit
rating that was notched up from the standalone level based on
implicit support the bank may receive from affiliated companies;
the Ba2 deposit rating of Alfa Bank (Russia) was used as a proxy
for evaluating the capacity to provide such support, although
this bank may not necessarily be the supporting entity itself.
The loan to the bank, which is the only source of repayment of
the notes, will rank at least pari passu with the claims of all
ABU's other unsecured creditors, save those whose claims are
preferred by any bankruptcy, insolvency, liquidation or similar
laws of general application.

The underlying loan agreement contains a standard set of
covenants such as negative pledge, limitations on mergers,
disposals, transactions with affiliates and restricted payments.
The rating agency notes that, while the likelihood of any of the
above covenants being triggered is relatively low, if such were
to occur, it could potentially have adverse liquidity
implications for the bank and might exert severe downward
pressure on its ratings.

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if during
the three months after the occurrence of change of control of
Alfa Bank Ukraine, its ratings are downgraded by one or more
notches or are placed on review for possible downgrade.

Moody's notes that any occurrence of change of control of ABU
will be viewed as a risk factor: should any change of control
occur Moody's may revise its stance toward the level of implicit
support embedded in the bank's ratings, while if the
noteholders' put option were to be exercised, this could result
in the need to repay a sizeable obligation, thus placing a
burden on the bank's financial resources and potentially further
destabilizing its ratings.

Headquartered in Kyiv, Ukraine, Alfa Bank Ukraine reported total
audited assets of US$641 million under IFRS as of Aug. 31, 2006.


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


BANK URALSIB: Earns US$128.2 Million for First 10 Months 2006
-------------------------------------------------------------
OJSC Bank Uralsib released its results for the 10 months ended
Oct. 31, 2006.

Bank Uralsib posted US$158.4 million in pre-tax profits for the
first 10 months of 2006, a 59% slide from US$388.4 million in
pre-tax income for the same period in 2005.

The company also registered US$128.2 million in net profits for
the first 10 months of 2006, a 64% slide from US$358.2 million
in net income for the same period in 2005.

Headquartered in Ufa, Russia, OJSC Bank Uralsib --
http://www.uralsibbank.ru/-- provides a range of banking and
financial products and services.  The Bank mainly focuses on two
banking sectors.

                         *     *     *

Bank Uralsib carries these ratings from:

Moody's:

   -- Long-Term Bank Deposit: Ba3
   -- Bank Financial Strength: D-
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: B+
   -- Long-Term Local Issuer Credit: B+
   -- Short-Term Foreign Issuer Credit: B
   -- Short-Term Local Issuer Credit: B
   -- Outlook: Positive

Fitch:

   -- Senior Unsecured Debt: B
   -- Short-Term: B
   -- Outlook: Positive


BANK URALSIB: Gains Access to US$3-Million Loan Facility
--------------------------------------------------------
OJSC Bank Uralsib signed an US$3-million 18-month Syndicated
Term Loan Facility, jointly arranged by Bank of Tokyo-Mitsubishi
UFJ, Commerzbank, Dresdner Kleinwort, Raiffeisen Zentralbank,
and Sumitomo Mitsui Banking Corporation Europe.

The Loan is priced at 70 basis points over Libor.  The amount of
the Loan was increased by 50% due to over-subscription.

"The new Facility is the first URALSIB's Syndicated Loan with
tenor over a year; it was placed very successfully, and we saw
good demand from a number of new lenders as well as from our
traditional partners," Alexander Dementiev, Deputy Chairman of
the Board of Bank Uralsib, said.  "This reflects our good
position in this market and strong international reputation."

Headquartered in Ufa, Russia, OJSC Bank Uralsib --
http://www.uralsibbank.ru/provides a range of banking and
financial products and services.  The Bank mainly focuses on two
banking sectors.

                         *     *     *

Bank Uralsib carries these ratings from:

Moody's:

   -- Long-Term Bank Deposit: Ba3
   -- Bank Financial Strength: D-
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: B+
   -- Long-Term Local Issuer Credit: B+
   -- Short-Term Foreign Issuer Credit: B
   -- Short-Term Local Issuer Credit: B
   -- Outlook: Positive

Fitch:

   -- Senior Unsecured Debt: B
   -- Short-Term: B
   -- Outlook: Positive


BANK URALSIB: S&P Lifts Rating on Reduced Integration Risks
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-and short-
term counterparty credit ratings on Russia-based Bank Uralsib
(OJSC) to 'B+/B' from 'B/C'.  The outlook remains positive.

"The upgrade was driven by reduced integration risks linked to
the complex merger of the five banks that formed URALSIB in
2005, and by the increasing business diversification of the
enlarged bank," said Standard & Poor's credit analyst Eugene
Tarzimanov.

The ratings are constrained by:

   -- URALSIB's still risky, albeit gradually improving,
      operating environment;

   -- modest core profitability;

   -- concentrated funding base; and

   -- high exposure to market risk.

"These constraints are mitigated, however, by the bank's strong
growth potential in a rapidly expanding market; relatively good
customer franchise in Russia, particularly in the 'BB' rated
Republic of Bashkortostan; and good capitalization," added Mr.
Tarzimanov.

With total assets of about US$10 billion, URALSIB was the sixth-
largest bank in Russia by assets at June 30, 2006.

Standard & Poor's expects the enlarged URALSIB to continue to
extend its customer base in the context of harsher competition
in Russia.  The bank's franchise is set to further benefit from
regional expansion, larger critical mass, and better cross-
selling opportunities throughout the group.

"The ratings could be raised if the integration process within
URALSIB continues without setbacks, and the bank's initiatives
to diversify its customer base and business lines are
successful," said Mr. Tarzimanov.

The ratings could come under pressure, however, if the
integration process falters, or if the bank's financial or
commercial profiles deteriorate significantly.


CENTERTELECOM OJSC: Names Dmitry Parkhomenko to Management Board
----------------------------------------------------------------
The Board of Directors of OJSC CenterTelecom has terminated
Mikhail Batmanov and Yury Bilibin authorities as the members of
its Management Board, Nov. 24, 2006.

The Board of Directors appointed Dmitry Parkhomenko, Director on
the Legal Issues and Government Relations, as member of the
Management Board with the term in office from Nov. 25, 2006 up
to Aug. 1, 2007.

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides
fixed-line and mobile communications in the Russian Central
Federal District.  CenterTelecom had a charter capital of
RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings changed
OAO Centertelecom's Outlook to Positive from Stable.  Its
ratings are affirmed at Issuer Default B- and Short-term B.
CT's National Long-term rating is affirmed at BB+.  The Outlook
on the National Long-term rating has been changed to Positive
from Stable.

Fitch has also assigned a BB+ rating to CT's RUB3 billion bond
with a maturity in August 2011.

Standard & Poor's Ratings Services also raised its long-term
corporate credit rating on CenterTelecom to B from B- (with
stable outlook) as well as its long-term Russian national scale
rating to ruBBB+ from ruBBB-.


CHAYKA CJSC: Bankruptcy Hearing Slated for Feb. 20
--------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
will convene on Feb. 20, 2007, to hear the bankruptcy
supervision procedure on CJSC Chayka.  The case is docketed
under Case No. A56-18510/05.

The Temporary Insolvency Manager is:

         P. Zimin
         Zavodskoy Pr. 48-62
         Kolpino
         196657 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Chayka
         Shkolnaya Str. 27
         Sovetskiy
         Vyborgskiy Region
         188918 Leningrad Region
         Russia


DYURTYULINSKOYE MIXEDE: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on.  The case is docketed under
Case No. A07-18644/06-G-GRA.

The Temporary Insolvency Manager is:

         N. Muttalapov
         Post User Box 1193
         Main Post Office
         Ufa
         450000 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Dyurtyulinskoye Mixed Fodder Enterprise
         Internatsionalnaya Str. 4/1
         Dyurtyuli
         Bashkortostan Republic
         Russia


ERTILSKAYA OIL: Court Names A. Kuznetsov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Kuznetsov as Insolvency Manager for CJSC Ertilskaya Oil Base.
He can be reached at:

         A. Kuznetsov
         Apartment 1
         Proletarskaya Str. 10
         Anna
         396250 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-9629-2006 204/206.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Ertilskaya Oil Base
         Chapaeva Str. 1
         Ertil
         Voronezh Region
         Russia


GRACHEVSKIY DIARY: Court Names T. Shumskaya to Manage Assets
------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. T.
Shumskaya as Insolvency Manager for OJSC Grachevskiy Diary.  She
can be reached at:

         T. Shumskaya
         Post User Box 1515
         460001 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-1510/06-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Grachevskiy Diary
         Grachevka
         Grachevskiy Region
         461800 Orenburg Region
         Russia


GRAIN-PRODUCT-SERVICE-M: Court Names I. Gorn to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Grain-Product-Service-M.  He can be
reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-45259/06-95-989B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Grain-Product-Service-M
         Building 6
         Basmannaya N. Str. 29
         Moscow Region
         Russia


KHOLOD-MASH OJSC: External Court Starts Reorganization Process
--------------------------------------------------------------
The Arbitration Court of Yaroslavl Region commenced external
management bankruptcy procedure on OJSC Kholod-Mash.  The case
is docketed under Case No. A82-17100/05-3-B/71.

The External Insolvency Manager is:

         E. Ryndenko
         Post User Box 13
         152930 Rybinsk Region
         Russia

The Debtor can be reached at:

         OJSC Kholod-Mash
         Gromova Str. 9
         150061 Yaroslavl Region
         Russia


LUKOIL OAO: Volga Unit Changes Names to Lukoil-Norsi-Invest
-----------------------------------------------------------
Lukoil-Volganefteprodukt LLC, a unit of OAO Lukoil, changed its
name to Lukoil-Norsi-Invest on Nov. 13, RIA Novosti says citing
a company document.

"The company has been renamed to bring its name into compliance
with changes in its charter-stipulated activity," the statement
said.

Lukoil-Norsi-Invest's activities now include investing and
financing the construction of visbreaking units and a deep
refining site in Kstovo, Nizhny Novgorod Region.  The company
primary operations entails wholesale and retail sale of oil
products in the Vladimir Region, the Vologda Region, the Nizhny
Novgorod Region, and the republics of Mari-El and Chuvashia on
the Volga River.

The unit, according to RIA Novosti, commands large market shares
in its covered areas.

Following the name change, Lukoil made corresponding changes to
the single state register of corporate entities.

                          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.


MASHINOSTROITEL OJSC: Names A. Sherykhanov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A.
Sherykhanov as Insolvency Manager for OJSC Voskresenskiy Factory
Mashinostroitel.  He can be reached at:

         A. Sherykhanov
         Post User Box 85
         Lenina Str. 26A
         Krasnogorsk-9
         143409 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-14340/05.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Voskresenskiy Factory Mashinostroitel
         Garazhnaya Str. 1
         Voskresensk
         140200 Moscow Region
         Russia


NOVOLIPETSK STEEL: To Create Joint Venture with Duferco Group
-------------------------------------------------------------
Novolipetsk Steel and Duferco Group have reached a definitive
agreement to create a joint venture company to acquire certain
steel production and distribution facilities currently owned by
Duferco in Europe and U.S.A.

The principal terms of the transaction are:

   -- NLMK and Duferco will form a joint venture through Steel
      Invest & Finance S.A. (Luxembourg), a limited liability
      company (societe anonyme) established under the laws of
      Luxembourg in which they both will hold a 50% interest.
      NLMK will acquire its 50% interest for approximately
      US$805 million, subject to a purchase price adjustment
      based on the results of the audited financial statements
      of the joint venture group for the fiscal year ended
      Sept. 30, 2006.  NLMK will finance the transaction out of
      existing cash funds;

   -- the joint venture will hold 100% or (in cases where there
      is an existing minority party) majority interests in 22
      companies currently owned by Duferco.  This includes one
      steel making plant and five steel rolling facilities with
      total finished steel output of 4.5 million tons in 2006 as
      well as a network of steel service centers;

   -- the joint venture companies will be managed by Duferco,
      subject to a shareholders agreement between the parties.
      Duferco management will remain responsible for
      operational, financial and technical issues as well as
      relations with employees, trade unions and local
      communities;

   -- the parties have agreed to embark on an ambitious
      technical upgrade and expansion program for the joint
      venture companies providing for total investments of
      around EUR375 million. The program, which will be
      overseen by Duferco management will draw on the financial
      support and expertise of NLMK and is intended to boost
      production while increasing supply of semi-finished steel
      products from NLMK;

   -- the transaction agreements provide for put option
      arrangements for each party in the event of future major
      corporate events, including future disagreements; and

   -- the parties received clearance for the transaction from
      the European Commission on Nov. 20, 2006.  The Hart-Scott-
      Rodino1 waiting period expired on Nov. 6, completing the
      process of obtaining U.S. antitrust clearances for the
      transaction.

The strategies of NLMK and Duferco are complimentary. According
to the recently announced Sustainable Growth Strategy 2007-2011,
NLMK aims to expand its upstream platform, to increase
production of low cost, high quality slabs and to convert them
into value-added finished steel products in its core markets by
acquiring re-rolling facilities.  The increase in slab
production by NLMK is envisaged at 3.4 million tons while
Duferco plans to increase the production of high value-added and
specialty steel grades.  However, Duferco lacks semi-finished
steel products capacity and has excess rolling capacity. This
makes both companies natural partners in this joint venture.

The growing supply of high quality slabs from NLMK to the joint
venture rolling facilities is expected to create substantial
synergies.  With the planned volume of slab supply increasing
from 0.5 million tons in 2006 to 3.6 million tons by 2012, the
total cumulative synergy effect including industrial,
commercial, and R&D synergies is estimated at around US$330
million.  The creation of this joint venture perfectly fits the
strategies of both NLMK and Duferco and provides for substantial
industrial benefits, increased sustainability of earnings,
stronger market positions and technological advancements.

"This transaction is another step of NLMK's strategy of
developing high value-added product portfolio while enhancing
its presence in the international markets," Vladimir Lisin,
Chairman of the NLMK Board of Directors, said.  "The creation of
the joint venture will allow maximum utilization of NLMK's core
competitive advantage in low cost steel production and will
ensure sustainable growth of the company's earnings.  Continued
Duferco management will ensure smooth implementation of the
joint venture business plan and quick ramp-up of synergies.  We
are confident that NLMK and Duferco will develop a value-
creating partnership bringing strong benefits to all their
shareholders."

"We welcome the creation of a joint venture with NLMK, a lowest
cost Russian-based steel producer, representing an opportunity
to increase capacity and production of high value-added steel
products by the joint venture companies," Bruno Bolfo, Chairman
of the Duferco Board of Directors, said.  "The Duferco-NLMK
partnership is an excellent example of the global steel industry
consolidation. The joint venture transforms successful long-term
business cooperation into a solid partnership with high growth
potential. The joint venture companies and their employees will
fully benefit from a tie-up with one of the most efficient steel
producers in the world."

The parties expect to complete the transaction by the end of
this year.

                         About Duferco

Headquartered in La Louviere, Belgium, Duferco S.A. --
http://www.duferco.com/-- manufactures and processes steel.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on July 14, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based steelmaker OJSC Novolipetsk Steel to 'BB+' from
'BB'.  S&P said the outlook is stable.  The Russia national
scale rating was also raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


PYELDINSKAYA: Komi Court Names A. Parollo as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. A. Parollo
as Insolvency Manager for Municipal Unitary Enterprise
Agricultural Enterprise Pyeldinskaya.  He can be reached at:

         A. Parollo
         Post User Box 528
         Syktyvkar
         167016 Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-5192/06-3B.

The Arbitration Court of Komi Republic is located at:

         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Agricultural Enterprise
         Pyeldinskaya
         Pyeldino
         Sysolskiy Region
         Komi Republic
         Russia


RUSSIAN LEASING: Moscow Bankruptcy Hearing Slated for Mar. 6
------------------------------------------------------------
The Arbitration Court of Moscow Region will convene at 2:30 p.m.
on Mar. 7, 2007 to hear the bankruptcy supervision procedure on
LLC Russian Leasing Company.  The case is docketed under Case
No. A40-58441/06-73-1109B.

The Temporary Insolvency Manager is:

         D. Ryndenko
         Post User Box 13
         152930 Rybinsk Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Russian Leasing Company
         Building 1
         Dmitrovskoye Shosse 107
         127247 Moscow Region
         Russia


SAPOZHKOVSKIY MECHANICAL: Names A. Androsov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. A. Androsov
as Insolvency Manager for OJSC Sapozhkovskiy Mechanical Factory.
He can be reached at:

         A. Androsov
         Post User Box 269
         390039 Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-1341/2006-S6.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Sapozhkovskiy Mechanical Factory
         Svobody Str. 4
         Sapozhok
         391940 Ryazan Region
         Russia


SEVERSTAL OAO: Earns RUR23.5 Billion for January-September 2006
---------------------------------------------------------------
OAO Severstal released its financial results for the nine months
ended Sept. 30, 2006.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

Severstal's nine-months figures were prepared according to
Russian Accounting Standards.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.


SEVERSTAL OAO: Nominates Non-Executive Directors to Board
---------------------------------------------------------
OAO Severstal discloses of the nominations for Non-Executive
Directors, subject to their appointment to the Board by
Severstal's shareholders at an EGM in December 2006.

The nominees include:

   -- Chris Clark as Independent Director and Non-executive
      Chairman of the Board;

   -- Martin Angle as Independent Director and Chairman of the
      Audit Committee; and

   -- Ron Freeman and Dr Peter Kraljic as Independent Directors.

Following the nomination of Rolf Stomberg as Senior Independent
Director, announced on Nov. 2, these are the remaining four Non-
Executive Director appointments to be made as part of
Severstal's new corporate governance arrangements designed to
comply with the key elements of the U.K.'s corporate governance
standards.

Once appointed, Severstal will have a 10-person Board comprising
five Executive Directors and five Non-Executive Directors
including Chris Clark as Non-Executive Chairman.

                          Backgrounds

   -- Chris Clark is Chairman of Associated British Ports and
      Chairman of Urenco Ltd and Wagon Plc.  He spent his
      executive career with Johnson Matthey plc, the FTSE 100
      specialty chemicals and precious metals group becoming
      Chief Executive in 1998.

   -- Martin Angle has been an Operational Managing Director at
      Terra Firma Capital Partners (previously Nomura
      International, Principal Finance Group) since 2001 and is
      a former group Finance Director of TI Group plc.

   -- Ronald Freeman is a board member, advisory partner and
      shareholder of investment bank and securities dealer,
      Troika Dialog, (Moscow) and was head of the Banking
      Department of the European Bank for Reconstruction and
      Development (EBRD) for two consecutive terms.

   -- Dr. Peter Kraljic is currently a Director Emeritus at
      McKinsey following his 32-year career at the company and
      has held a number of senior positions until his retirement
      in 2002.

"We have now completed the selection of all five of our Non-
Executive Directors well before the year end, as planned, Alexey
Mordashov, CEO of Severstal, said.  "I am delighted to welcome
the new additions to the Board and believe that our investors
will recognise the exceptional calibre and reputation of the
team we have assembled.  I am confident that they will
contribute significantly to the success of our growth strategy
and ensure that our governance is maintained to the highest
international standards."

"Severstal is an excellent company with great growth prospects
which has undergone significant changes over the last year,"
Chris Clark said.  "I believe that the new Board represents one
of the strongest teams in the industry and I look forward to
playing my role as the company pursues opportunities for growth
and value creation."

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                          *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.


SIBIRSKIY ELECTRODE: Names V. Trostonetskaya to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. V.
Trostonetskaya as Insolvency Manager for OJSC Sibirskiy
Electrode Factory (TIN 5441104115, OGRN 1025405019991).  She can
be reached at:

         V. Trostonetskaya
         Post User Box 69
         630004 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 45-8364/06-436.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Sibirskiy Electrode Factory
         Pushkina Str. 8
         Chistoozernoye
         Chistoozernyj Region
         632720 Novosibirsk Region
         Russia


SOUTH URAL: Court Names V. Yusov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Chelybinsk Region appointed Mr. V.
Yusov as Insolvency Manager for OJSC South Ural.  He can be
reached at:

         V. Yusov
         Post User Box 6426
         454071 Chelybinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-7215/06-55-47.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC South Ural
         Molodyezhnaya Str.
         Kidysh
         456432 Chelybinsk Region
         Russia


TROYA LLC: Court Names A. Razmakhova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Ms. A.
Razmakhova as Insolvency Manager for LLC Tobacco Factory Troya.
She can be reached at:

         A. Razmakhova
         Tsiolkovsogo Str. 33/19
         248000 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A23-692/06B-17-33.

The Debtor can be reached at:

         A. Razmakhova
         Tsiolkovsogo Str. 33/19
         248000 Kaluga Region
         Russia


VNESHTORGBANK: State to Retain Controlling Stake for Next 5 Yrs.
---------------------------------------------------------------
The Russian government intends to retain its controlling stakes
in foreign trade bank Vneshtorgbank and savings bank Sberbank
for the next five years, Finance Minister Alexei Kudrin was
quoted by RIA Novosti as saying.

"We are planning a Sberbank IPO in the first quarter of 2007,
and for Vneshtorgbank in the second quarter," Mr. Kudrin told
RIA Novosti.

The Russian government holds a 99.9% stake in VTB while the
Central Bank owns 65.7% of Sberbank's shares.

Mr. Kudrin said that the private investors' shares in the two
banks will be gradually increased although he did not specify
the size of additional share issues.

The state's control over the banks, however, is expected to be
gradually reduced in the coming years, the Russian news and
information service relates.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


WOOD-KHOZ-MASH: Court Names O. Gorbatyuk as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. O. Gorbatyuk
as Insolvency Manager for OJSC Dmitrievskiy Factory Wood-Khoz-
Mash (TIN 4605000645).  He can be reached at:

         O. Gorbatyuk
         Litovskaya Str. 12A
         305023 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3869/06g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Dmitrievskiy Factory Wood-Khoz-Mash
         Promyshlennaya Str. 2
         Dmitriev-Lgovskiy
         307500 Kursk Region
         Russia


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


FONCAIXA FTGENCAT 3: Fitch Junks EUR6.5-Million Series E Notes
--------------------------------------------------------------
Fitch Ratings affirmed FONCAIXA FTGENCAT 3, Fondo de
Titulizacion de Activos notes due in September 2038:

   -- EUR449,300,000 Class A(G) (ISIN: ES0337937017): affirmed
      at AAA;

   -- EUR175,700,000 Class A(S) (ISIN: ES0337937009): affirmed
      at AA+;

   -- EUR10,700,000 Series B (ISIN: ES0337937025): affirmed at
      AA;

   -- EUR7,800,000 Series C (ISIN: ES0337937033): affirmed at
      BBB+;

   -- EUR6,500,000 Series D (ISIN: ES0337937041): affirmed at
      BB+; and

   -- EUR6,500,000 Series E (ISIN: ES0337937058): affirmed at
      CCC-.

The affirmations reflect the transaction's stable performance to
date.  Credit enhancement levels have remained the same since
closing in November 2005 since no de-leveraging has taken place.
As of the October 2006 trustee report, the levels of
delinquencies were low and there have been no defaults to date.

Delinquencies greater than three months comprise only 0.05% of
the outstanding collateral balance, and loans in arrears over
180 days are currently 0.02% of the portfolio.  The largest
regional concentration remains in the Barcelona region at
approximately 66%.

This transaction is a cash flow securitization of a EUR650
million static pool of loans granted by Caja de Ahorros y
Pensiones de Barcelona to small and medium-sized Spanish
enterprises.

The Generalitat de Cataluna guarantees ultimate payment of
interest and principal on the Series A(G) notes.  The issuer is
legally represented and managed by GestiCaixa SGFT, SA a
special-purpose management company with limited liability
incorporated under the laws of Spain.


FTPYME TDA: Moody's Junks EUR29.3-Million Series D Notes
--------------------------------------------------------
Moody's Investors Service assigned these provisional (P) ratings
to the debt to be issued by FTPYME TDA CAM 4, Fondo de
Titulizacion de Activos:

   -- EUR337.5 million Series A1 notes: (P)Aaa;
   -- EUR931.5 million Series A2 notes: (P)Aaa;
   -- EUR127 million Series A3(CA) notes: (P)Aaa;
   -- EUR66 million Series B notes: (P)A2;
   -- EUR38 million Series C notes: (P)Baa3; and
   -- EUR29.3 million Series D notes: (P)Ca.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (Sept. 28, 2045).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2,
A3(CA), B and C at par on or before the rated final legal
maturity date, and for ultimate payment of interest and
principal at par on or before the rated final legal maturity
date on Series D.

FTPYME TDA CAM 4, Fondo de Titulizacion de Activos, a
securitization of small-and medium-sized enterprise loans under
the FTPYME program carried out by Caja de Ahorros del
Mediterraneo, comes after the concession by the Spanish Ministry
of Economy of a new guarantee budget for the current year.  In
line with the reduction observed in 2005, the amount assigned by
the Ministry has decreased sharply from the EUR1.8 billion
guarantee assigned in 2002, 2003 and 2004, to the current level
of EUR800 million.

According to Moody's, this deal benefits from several credit
strengths including:

   (1) a strong swap agreement guaranteeing an excess spread
       of 0.50%;

   (2) a 1.95% reserve fund to cover potential shortfalls
       in interest or principal;

   (3) a 12-month artificial write-off mechanism;

   (4) the guarantee of the Kingdom of Spain (Aaa/P-1), as
       concerns the Series A3(CA) notes; and

   (5) the fact that the management company will elect the loans
       from the provisional pool that will result in the least
       concentrated securitised pool.

However, Moody's notes that the deal also features credit
weaknesses, notably:

   (1) prorata amortisation of the notes;

   (2) geographical concentration in the regions of Valencia
       and Murcia; and

   (3) the negative impact of the interest deferral trigger on
       the  subordinated series. These increased risks were
       reflected in the credit enhancement calculation.

The provisional pool of underlying assets was, as of
Nov. 14, 2006, composed of a portfolio of 14,971 loans and
12,726 borrowers, granted to Spanish enterprises and self-
employed individuals.  The loans have been originated between
1991 and 2006, with a weighted average seasoning of 2.04 years
and a weighted average remaining life of 9.91 years.  Around 57%
of the outstanding of the portfolio is secured by mortgage
guarantee over different types of properties (54% being first
lien).  Geographically the pool is concentrated in Valencia
(49.66%), Murcia (24.12%) and Catalonia (7.66%).  At closing,
there will be no loans more than 30 days in arrears.


RURALPYME 2: Moody's Junks EUR24.05-Million Series D Notes
----------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to the debt to be issued by RURALPYME 2 FTPYME, FTA:

   -- EUR487-million Series A1 notes: Aaa;
   -- EUR53.7-million Series A2(G) notes: Aaa;
   -- EUR29.1-million Series B notes: A2;
   -- EUR23.2-million Series C notes: Baa3; and
   -- EUR24.05-million Series D notes: Ca.

RURALPYME 2 FTPYME, FTA, a securitization of loans to small-and
medium-sized enterprises carried out by 14 Spanish rural savings
banks under the FTPYME program, follows the Spanish Ministry of
Economy's allocation of a new guarantee budget for such
transactions for the current year.  In line with the reduction
observed in 2005, the amount assigned by the Ministry for 2006
is, at EUR800 million, significantly lower than the EUR1.8
billion guarantee assigned in 2002, 2003 and 2004.

In Moody's view, the strong features within this deal include:

   (1) an 18-month artificial write-off mechanism;

   (2) the guarantee of the Kingdom of Spain (Aaa/P-1) as
       regards the Series A2(G) notes; and

   (3) the high proportion of loans secured by a first-lien
       mortgage guarantee.

The weaker features include:

   (1) the fact that no historical information has been provided
       in a format satisfactory to Moody's;

   (2) the significant amount of loans paying through semi-
       annual or annual instalments;

   (3) the pro-rata amortisation of the notes; and

   (4) the negative impact of the interest deferral trigger on
       the subordinated series. These increased risks were
       reflected in the credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
October 2006, a portfolio of 4,971 loans granted to 4,163
borrowers, all of which are Spanish SMEs (95.6% being
enterprises and 4.4% self-employed individuals).  The loans have
been originated between 1992 and March 2006, with a weighted
average seasoning of 2.61 years and a weighted average remaining
term of 10.03 years.  The weighted average interest rate is
4.28%, with all the loans linked to floating reference rates,
and the weighted average margin over the reference rate is
1.07%.  69% of the outstanding of the portfolio is secured by a
first-lien mortgage guarantee over different types of properties
(14% being residential properties), with a weighted average loan
to value equal to 52%.

Geographically the pool is concentrated in Andalusia (31%),
Aragon (28%) and Valencia (11%), a natural consequence of the
location of the originators, and is around 26% concentrated in
the "farming and agriculture" sector according to Moody's
industry classification.  At closing, there will be no loans
more than 30 days in arrears.

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information from the Spanish SME
       loan market;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

   (v) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (April 2030).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Series A1, A2(G), B and
C notes, and for ultimate payment of interest and principal at
par with respect to the Series D notes, on or before the final
legal maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


SANTANDER EMPRESAS: Fitch Junks EUR53.7-Mln Series F Notes
----------------------------------------------------------
Fitch Ratings assigned expected ratings to Fondo de Titulizacion
de Activos Santander Empresas 2, notes totaling EUR2.95 billion
due in June 2050:

   -- EUR1.30 billion Series A1: AAA;
   -- EUR1.36 billion Series A2: AAA;
   -- EUR84.1 million Series B: AA;
   -- EUR62.3 million Series C: A;
   -- EUR59.5 million Series D: BBB+;
   -- EUR29 million Series E: BB+; and
   -- EUR53.7 million Series F: CCC.

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

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Series B, C, D and E notes.

This transaction is a cash-flow securitization of a EUR2.9
billion static pool of secured and unsecured loans granted by
Banco Santander Central Hispano to small- and medium-sized
enterprises, self-employed borrowers and larger companies in
Spain.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the financial structure of the
deal, the underwriting and servicing of the collateral and
Sociedad Gestora's administrative capabilities.  Additionally,
SAN provides the first layer of protection under an interest
rate swap agreement that guarantees an excess spread of 65 basis
points.

SAN continues to be an active player in the Spanish
securitization arena.  To date, SAN has originated a number of
securitization transactions such as SME collateralized loan
obligations, asset-backed securities and residential mortgage-
backed securities.

This transaction is among the largest, in volume terms, seen in
the Spanish market, together with its predecessor, Santander
Empresas 1, rated by Fitch in November 2005, which shares
identical structural features.


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


A. SCHIFFERLE: Asset Sale Auction Slated for December 4
-------------------------------------------------------
JSC A. Schifferle & Co will auction its assets at 2:00 p.m. on
Dec. 4 at the conference hall of the District Court of Brugg in
Hauptstrasse 60, Aargau.

The assets for sale include land records in Dottingen, Aargau,
estimated at CHF750,000.  Technical and equipment facilities --
which comprised of buildings, offices, and a furniture plant,
among others -- are estimated at CHF6,805.  The building has
several floors and heated by firewood.

Interested bidders must deposit CHF100,000 in cash or through
check from one of the Swiss banks.  This sum includes CHF6,000,
which covers the warranty of the expenses for transferring the
assets, the balance included to the final price at the auction.

The Debtor can be reached at:

         JSC A. Schifferle & Co
         Aaretalstrasse 9
         5312 Dottingen
         Aargau
         Switzerland

The Bankruptcy Service of Aargau in Brugg can be reached at:

         Bankruptcy Service of Aargau, Amtsstelle Brugg
         5201 Brugg 1
         Aargau
         Switzerland


BARRY CALLEBAUT: Moody's Lifts Rating on Stable Credit Metrics
--------------------------------------------------------------
Moody's upgraded the corporate family rating of Barry Callebaut
AG to Ba1 and upgraded to Ba3 the rating on the EUR165-million
senior subordinated notes due 2010 issued by its subsidiary
Barry Callebaut Services N.V.  The outlook is stable.

The upgrade reflects the company's solid track record of stable
operating margins and credit metrics amidst modest top line
growth in the company's core markets.

Moody's believes that management is taking the necessary steps
to address the main challenges in the chocolate industry,
notably diversifying sourcing within volatile West African
markets, investing in new production sites and sales outlets in
higher growth markets, notably Russia and China, while
introducing new products in more mature markets aimed at
increasingly health cautious consumers.

Moody's believes that these factors, combined with cost savings
emanating from recent restructuring at Stollwerck and Brachs and
the implementation of SAP, should benefit the company's future
performance and cash flow characteristics.  The company has also
addressed the early redemption of its senior subordinated notes
on or after March 2007 with its bank facilities, which is
expected to reduce the company's overall interest burden.

The ratings remain constrained, however, by the still fairly
high leverage of the company, with Adj.  Total Debt to EBITDA at
4x in fiscal year 2006.  In addition, the company's operating
cash flow is still likely to remain volatile as a result of
swings in working capital requirements, as was the case in
fiscal year 2006.  Free cash flow generation is also expected to
be impacted by the company's investment spending in coming
years.

The stable outlook reflects Moody's view that the company's
market position and innovative abilities will enable it to
retain a steady growth in profitability, while swings in working
capital volatility are likely to remain an inherent feature of
the credit profile.

An upward revision in the outlook could result from a sustained
strengthening in operating profits and cash flows from more
rapid market growth, potentially from investments in new
markets.  Downward pressure on the rating or outlook could occur
if credit metrics weakened as a result of raw material supply
difficulties of if the investments in new markets fail to
achieve the desired benefits.  The rating is also likely to be
revisited if the company embarks upon a material increase in M&A
activity.

Headquartered in Zurich, Switzerland, Barry Callebaut is a
leading worldwide manufacturer of industrial chocolate and
chocolate-based consumer products.  For the financial year ended
Aug. 31, 2006, Barry Callebaut reported sales and EBIT (before
restructuring charges) of CHF4.26 billion and CHF293.1 million,
respectively.


DETTWILER CTEATION: Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Berner Jura-Seeland in Biel/Bienne
closed the bankruptcy proceedings of JSC Dettwiler Cteation on
Oct. 12.

The Debtor can be reached at:

         JSC Dettwiler Cteation
         Portstrasse 28
         2503 Biel
         Berne


DP KREATIVKELLER: Basel-Stadt Court Suspends Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Basel-Stadt suspended the bankruptcy
proceedings of DP Kreativkeller Basel on Nov. 5, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Aug. 22, can be reached at:

         DP Kreativkeller Basel
         Socinstrasse 13
         4051 Basel
         Basel-City
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Basel-City
         Switzerland


GOEREN LLC: Basel-Stadt Court Suspends Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Basel-Stadt suspended the bankruptcy
proceedings of LLC Goeren on Nov. 5, pursuant to Article 230 of
the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Aug. 10, can be reached at:

         Steinenbachgasslein 29
         4001 Basel
         Basel-City
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Basel-City
         Switzerland


HANS ODERMATT: Arlesheim Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Arlesheim suspended the bankruptcy
proceedings of JSC Hans Odermatt on Nov. 6, pursuant to Article
230 of the Swiss Bankruptcy Code.

Headquartered in Reinach, Basel-Country, JSC Hans Odermatt was
declared bankrupt on Dec. 14, 2004.


INTEGRATION MANAGEMENT: Aargau Court Closes Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Aargau in Oberentfelden entered an order
Oct. 17 closing the bankruptcy proceedings of JSC Integration
Management.

The company can be reached at:

         JSC Integration Management
         Igelweid 22
         5000 Aarau
         Aargau
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Aargau, Amtsstelle Oberentfelden
         5036 Oberentfelden
         Aargau
         Switzerland


ITC INTER TRADING: Asset Sale Auction Slated for Nov. 30
--------------------------------------------------------
JSC ITC Inter Trading Consulting will hold an auction at 2:00
p.m. on Nov. 30 to sell certain land records in Fischingen,
Thurgau.

The assets for sale include:

   1) Building # S2

       * 10/1000 shared ownership # 1336 with the special right
         for the garage and first floor in Kurhausstrasse 44

       * The cost of lot according to the Bankruptcy Service
         estimation: CHF 15'000.00, deposit: CHF 3'000.00.

   2) Building # S15

       * 125/1000 shared ownership # 1336, with the special
         right for the 4,5 rooms apartment in the third floor,
         basement #1 and roof space #1,

       * The cost of lot according to the Bankruptcy Service
         estimation: CHF 335'000.00, deposit: CHF 50'000.00.

The winner at the auction must pay the deposit in cash or
through a banking check of any Swiss bank, according to the
direction of the District Bankruptcy Service of Frauenfeld.

The auction will be held at:

         District Bankruptcy Service of Frauenfeld
         First Floor
         Bahnhofstrasse 53
         8500 Fraunfeld


MEDISAFEGATE JSC: Berne Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Berne entered Oct. 13 an order closing
the bankruptcy proceedings of JSC medisafegate.

The Debtor can be reached at:

         JSC medisafegate
         Burglenstrasse 5
         3006 Bern
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Dienststelle Bern
         3011 Bern
         Switzerland


PJ DRIVE: Arlesheim Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Arlesheim suspended the bankruptcy
proceedings of LLC PJ Drive Inn on Nov. 6, pursuant to Article
230 of the Swiss Bankruptcy Code.

Headquartered in Muttenz, Basel-Country, LLC PJ Drive Inn was
declared bankrupt on Aug. 22.


VERSICHERUNGSBORSE VB: Liestal Court Closes Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Liestal entered an order Oct. 5 closing
the bankruptcy proceedings of LLC Versicherungsborse VB.

The company can be reached at:

         LLC Versicherungsborse VB
         Rutiweg 9
         4133 Pratteln
         Basel-Country
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Basel-Country
         Switzerland


WARME & WASSER: Basel-Stadt Court Suspends Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Basel-Stadt suspended the bankruptcy
proceedings of JSC Warme & Wasser on Nov. 5, pursuant to Article
230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Aug. 24, can be reached at:

         Guterstrasse 187
         4053 Basel
         Basel-City
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Basel-City
         Switzerland


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


ALFA BANK UKRAINE: Moody's Rates Loan Participation Notes at B1
---------------------------------------------------------------
Moody's Investors Service Inc. assigned a rating of B1 to the
Loan Participation Notes to be issued on a limited recourse
basis by Dutch special purpose vehicle Emerging Market
Structured Products B.V. for the sole purpose of funding a loan
from VTB Bank Europe plc (Baa2/Prime-2/D+) to Alfa Bank Ukraine.
The volume and the tenor of the issue have yet to be determined.
The outlook for the rating is stable.

Moody's B1 long-term foreign currency debt rating is based on
the fundamental credit quality of ABU as an underlying borrower,
which is reflected in the B1 long-term local currency deposit
rating that was notched up from the standalone level based on
implicit support the bank may receive from affiliated companies;
the Ba2 deposit rating of Alfa Bank (Russia) was used as a proxy
for evaluating the capacity to provide such support, although
this bank may not necessarily be the supporting entity itself.
The loan to the bank, which is the only source of repayment of
the notes, will rank at least pari passu with the claims of all
ABU's other unsecured creditors, save those whose claims are
preferred by any bankruptcy, insolvency, liquidation or similar
laws of general application.

The underlying loan agreement contains a standard set of
covenants such as negative pledge, limitations on mergers,
disposals, transactions with affiliates and restricted payments.
The rating agency notes that, while the likelihood of any of the
above covenants being triggered is relatively low, if such were
to occur, it could potentially have adverse liquidity
implications for the bank and might exert severe downward
pressure on its ratings.

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if during
the three months after the occurrence of change of control of
Alfa Bank Ukraine, its ratings are downgraded by one or more
notches or are placed on review for possible downgrade.

Moody's notes that any occurrence of change of control of ABU
will be viewed as a risk factor: should any change of control
occur Moody's may revise its stance toward the level of implicit
support embedded in the bank's ratings, while if the
noteholders' put option were to be exercised, this could result
in the need to repay a sizeable obligation, thus placing a
burden on the bank's financial resources and potentially further
destabilizing its ratings.

Headquartered in Kyiv, Ukraine, Alfa Bank Ukraine reported total
audited assets of US$641 million under IFRS as of Aug. 31, 2006.


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


3DATA-NET LIMITED: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of 3Data-Net Limited (formerly 3D Data-Net Limited)
confirmed on Nov. 14 the appointment of Gordon Smythe Goldie and
Allan David Kelly of Tait Walker as the company's Liquidators.

The company can be reached at:

         3Data-Net Limited
         2 Albert Street
         Seaham
         County Durham SR7 7LJ
         United Kingdom
         Tel: 0191 581 9240


AQUA 2006: Nominates Gary Stones as Liquidator
----------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Aqua
2006 Limited (formerly Rabelais Limited), of SML Worldwide
(Management) Limited (formerly R.C. Brickwork Limited), Aqua
2008 Limited (formerly Yachttrans (Europe) Limited), Aqua 2009
Limited (formerly Euro Chemicals Limited), and Global Yacht
Shipping Limited on Nov. 17 for the creditors' voluntary
winding-up procedure.

The companies can be reached at:

         Enterprise House
         Ocean Way
         Southampton
         Hampshire SO143XB
         United Kingdom
         Tel: 023 8057 4560


ARELEY HOUSE: Appoints Peter Nottingham to Liquidate Assets
-----------------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
Liquidator of Areley House Limited on Nov. 16 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Areley House Limited
         Areley Lane
         Stourport-On-Severn
         Worcestershire DY13 0AB
         United Kingdom
         Tel: 01299 871344


ASTON HOUSE: M. D. Hardy Leads Liquidation Procedure
----------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed Liquidator of
Aston House Joinery Limited (formerly Ovation Windows Limited
and Sherwood (GB) Limited and Ovation Windows Limited) on
Nov. 15 for the creditors' voluntary winding-up procedure.

Headquartered in Rugby, England, Aston House Joinery Limited --
http://www.astonhousejoinery.co.uk/-- is the exclusive licensee
for the WindovationSystem of pre-finished double-glazed windows,
doors and conservatories in wood.


AUTOMARQUE SIGNS: Hires Liquidator from Langley Group
-----------------------------------------------------
Alan Simon of Langley Group LLP was appointed Liquidator of
Automarque (Signs) Limited on Nov. 15 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Automarque (Signs) Limited
         Milton House
         114 Milton Road
         Gravesend
         Kent DA122PF
         United Kingdom
         Tel: 01474 535 927
         Fax: 01474 535 927


B&W LAW: Names Situl Devji Raithatha Liquidator
-----------------------------------------------
Situl Devji Raithatha of Springfields Business Recovery &
Insolvency Ltd. was appointed Liquidator of B&W Law LLP on
Nov. 16 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         B&W Law LLP
         98 London Road
         Leicester
         Leicestershire LE2 0QS
         United Kingdom
         Tel: 0116 254 5566
         Fax: 0116 254 0033


BATH BLIND: Brings In BDO Stoy as Joint Administrators
------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Bath Blind
Company Ltd. (Company Number 05139049) on Nov. 15.

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.

Headquartered in Bristol, England, Bath Blind Company Ltd.
manufactures textiles.


BECKTON FINISHERS: Hires Liquidator from Valentine & Co.
--------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Beckton Finishers Limited on Nov. 15 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Beckton Finishers Limited
         Atlas Wharf
         Berkshire Road
         Hackney
         London E9 5NB
         United Kingdom
         Tel: 020 8510 9200
         Fax: 020 8510 9230


CHERRY PIE: Appoints Liquidator from Begbies Traynor
----------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of
Cherry Pie Limited on for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Cherry Pie Limited
         Unit D Whitworth Road
         St. Leonards on Sea TN37 7PZ
         East Sussex
         United Kingdom
         Tel: 01424 755233
         Fax: 01424 756091


COMPOSITE TRADE: Brings In Joint Liquidators from Mazars LLP
------------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
Joint Liquidators of Composite Trade Doors Ltd. on Nov. 15 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Composite Trade Doors Ltd.
         Unit 1 Blow House Industrial Estate
         Leeming Bar
         Northallerton
         North Yorkshire DL7 9LQ
         United Kingdom
         Tel: 01677 425941
         Fax: 01677 425940


COSTS CERTAINTY: Claims Filing Period Ends Jan. 31, 2007
--------------------------------------------------------
Creditors of Costs Certainty Limited have until Jan. 31, 2007,
to send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to the appointed Liquidator Gary Bell at:

         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton BL1 4QR
         United Kingdom

The company can be reached at:

         Costs Certainty Limited
         Westwood House
         Cross Lane
         Marple
         Stockport
         Cheshire SK6 7QD
         United Kingdom
         Tel: 08700 661 168
         Fax: 08700 661 169


D.M.S. BRICKWORK: Hires Liquidator from Bishop Fleming
------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of D.M.S. Brickwork Limited on Nov. 15 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         D.M.S. Brickwork Limited
         46 Marlborough Road
         Gloucester
         Gloucestershire GL4 6GF
         United Kingdom
         Tel: 01452 386 529


DAVIS MARINE: Creditors' Claims Due Dec. 29
-------------------------------------------
Creditors of Davis Marine Services Limited have until Dec. 29 to
send their names and addresses with particulars of their debts
or claims, and the names and addresses of their Solicitors (if
any), to appointed Liquidator Ashok K. Bhardwaj at:

         Bhardwaj Insolvency Practitioners
         47-49 Green Lane
         Northwood
         Middlesex HA6 3AE
         United Kingdom

The company can be reached at:

         7 Military Road
         Ramsgate
         Kent CT119LG
         United Kingdom
         Tel: 01843 586 172
         Fax: 01843 586 845


DOLPHIN TRUCKING: Brings In Gerald Edelman to Administer Assets
---------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of Dolphin
Trucking (U.K.) Ltd. (Company Number 03416832) on Oct. 30.

Gerald Edelman -- http://www.geraldedelman.com/-- is registered
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority.  Gerald Edelman Financial
Solutions Ltd. is an appointed representative of Independent
Solutions Group Ltd. who is regulated by the Financial Services
Authority.

Dolphin Trucking (U.K.) Ltd. can be reached at:

         9 Rushenden Road
         Queenborough
         Kent ME11 5HB
         United Kingdom
         Tel: 01795 581 585
         Fax: 01795 581 586


EURODRIVE CAR: Taps Vantis as Joint Administrators
--------------------------------------------------
Robert Knight and Nicholas O'Reilly of Vantis Business Recovery
Services were appointed joint administrators of Eurodrive Car
Rental Ltd. (Company Number 02883607) on Nov. 17.

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

Eurodrive Car Rental Ltd. can be reached at:

         127-129 London Road
         Cowplain
         Waterlooville
         Hampshire PO8 8XJ
         United Kingdom
         Tel: 01730 895999


EUROTUNNEL GROUP: CEO Gounon Targets EUR450-Millon State Aid
------------------------------------------------------------
Eurotunnel Group Chairman Jacques Gounon expressed plans to seek
state aid from the U.K. and French governments, AFX News Ltd.
reports.

Mr. Gounon eyes a EUR450 million aid within three years for
Eurotunnel's rail freight development, he said on BFM radio.

"Eurotunnel is a normal company and I don't see why...it cannot
benefit from state aid," AFX quoted Mr. Gounon as saying.

Mr. Gounon hopes that plans to restructure Eurotunnel's GBP6.2
billion debt would advance so that the channel operator's
investment units could resume trading by January 2007, AFX
relates.

In May 2006, the Financial Services Authority and the French
Regulatory Authority decided to suspend Eurotunnel shares from
trading on Euronext and on the London Stock Exchange after it
failed to file its 2005 accounts.

"This uncertainty will not be removed until the Paris commercial
court approves the plan," Mr. Gounon said.


EUROTUNNEL GROUP: Principal Suppliers Approve Restructuring Plan
----------------------------------------------------------------
Eurotunnel Group disclosed that the principal suppliers, who
have participated in the vote under safeguard procedure,
approved unanimously the proposed restructuring plan.

As reported in the TCR-Europe on Nov. 28, creditors representing
72% of the financial establishment committee voted in favor of
the proposed safeguard-restructuring plan.

The committee holds 70% of the company's GBP6.2 billion debt.

Eurotunnel Group sent out its Draft Safeguard Restructuring Plan
Proposals on Oct. 31, in accordance with the French Safeguard
Procedure.

                      Terms of the Plan

The principal elements of the proposals include:

   1) the creation of a new company, Groupe Eurotunnel, which
      will launch an Exchange Tender Offer (ETO) to Eurotunnel's
      current shareholders.  The shareholders will hold a
      minimum 13% of the equity in Groupe Eurotunnel;

   2) Groupe Eurotunnel will subscribe to a new long-term loan
      of GBP2.840 billion (less than half of the current debt)
      from an international banking consortium;

   3) Groupe Eurotunnel will issue GBP1.275 billion of
      convertible hybrid notes.  The hybrid notes will be
      convertible over a maximum of three years and one month.
      Approximately 61.7% of the hybrids are redeemable by the
      company.

   4) current Eurotunnel shareholders, who subscribe to the ETO,
      will hold a minimum of 13% of the equity in Groupe
      Eurotunnel.  They can subscribe directly to the hybrid, up
      to a value of GBP60 million (EUR87.7 million) and will
      benefit from free warrants.  The redemption of hybrid
      notes by the company would allow them to increase their
      share of the equity from 13% to 67%.

                         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).


FORD MOTOR: Fitch Lowers Senior Unsecured Debt to B/RR4
-------------------------------------------------------
Fitch Ratings downgraded Ford Motor Company's senior unsecured
debt to B/RR4 from B+/RR3 following the announcement that Ford
intends to raise US$18 billion in new financing.

The downgrade is based on the expected subordination of
unsecured debtholders, as the financing includes approximately
US$15 billion in secured bank facilities.

The components include a US$7 billion term loan and an US$8
billion revolving credit facility.  Total secured facilities of
US$15 billion would compare to total unsecured automotive debt
of approximately US$18 billion at Sept. 30, 2006.  Ford's Issuer
Default Rating remains at B.  The ratings of Ford Motor Credit
are unaffected.  The Rating Outlook is Negative.

Fitch's analysis indicates that unsecured debtholders would be
expected to recovery approximately 34% in the event of default,
placing Ford's unsecured debt at the low end of the RR4
category.

The recovery value for unsecured debt holders incorporates a
significant restructuring of Ford's North American manufacturing
operations in a bankruptcy scenario, value from Ford's 100%
ownership in Ford Credit and certain international holdings,
with minimal value ascribed to Ford's PAG holdings.

Significant non-debt liabilities were also factored into the
recovery rating.  With the recovery rating at the low end of the
RR4 range, any changes to Fitch's assumptions or Ford's
liability structure could result in a review of the unsecured
rating for further downgrade.

It is also expected that as Ford Credit's balance sheet
continues to shrink, the value of Ford Credit equity to Ford
unsecured holders will also diminish, and Fitch will update the
recovery ratings as necessary.

The transactions, as announced, are expected to raise US$10
billion in funded debt, plus further availability of US$8
billion under the revolving credit facility.  Coupled with
Ford's projected cash portfolio of approximately US$20 billion
at year-end 2006, the new financings are expected to allay
liquidity concerns during 2007 despite very heavy cash outflows.
Annual negative cash flows are expected by Fitch to exceed US$8
billion in 2006 and 2007, due to operating losses, restructuring
costs and working capital outflows.

Despite some progress in Ford's passenger car segment, revenues
are projected to remain under severe pressure in 2007 as a
result of slowing economic conditions, production cutbacks,
continued share loss, and competitive and economic pressures in
the critical pickup category.  Progress on the cost side will be
insufficient to offset revenue pressures in 2007 given the
extended timetable for cost-reduction actions to be realized,
high commodity costs, and the severe stresses in the supply
base.

Recent efforts to reduce costs will still leave Ford with a high
fixed cost structure, and the bulk of capacity reductions will
not be completed until 2008.  The September 2007 UAW contract
re-opening will be a critical component of Ford's ability to
achieve a competitive cost structure, and the possibility of
labor actions cannot be ruled out.

Fitch expects to assign a rating of BB to the new secured
facilities, given expected over-collateralization and full
recovery under Fitch's recovery analysis.  The facilities will
be secured by first-priority liens on Ford's principal domestic
manufacturing facilities, substantially all of the Company's
U.S. automotive assets, all or a portion of the stock of certain
subsidiaries including Ford Motor Credit Company, and inter-
company notes.

Fitch's recovery analysis is based on a going-concern basis of a
restructured Ford, and Ford's U.S. assets would be expected to
have very limited value under an alternate-use scenario.

Fitch downgrades the following ratings with a Negative Rating
Outlook:

Ford Motor Co.

   -- Senior unsecured debt to B from B+.

Ford Holdings, Inc.

   -- Senior unsecured debt to B from B+.

Ford Motor Co. of Australia

   -- Senior unsecured debt to B from B+.


FORKNALL LTD: Calls In Liquidator from Kay Johnson Gee
------------------------------------------------------
Jonathan Avery-Gee of Kay Johnson Gee was appointed Liquidator
of Forknall Ltd. on Nov. 15 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Forknall Ltd.
         11 Putney Road
         Leicester
         Leicestershire LE2 7TF
         United Kingdom
         Tel: 0116 285 5510
         Fax: 0116 285 5515


FUTURA PRINTING: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Futura Printing Limited (formerly Featuremist
Limited) confirmed Nov. 9 the appointment of Simon Elliott Glyn
and Nicholas Hugh O'Reilly as the company's Joint Liquidators.

The company can be reached at:

         Futura Printing Limited
         Unit 21 Perseverance Works
         Kingsland Road
         Hackney
         London E2 8DD
         United Kingdom
         Tel: 020 7739 4995
         Fax: 020 7739 9673


GRAYS TYRE: Names Joint Administrators from Chantrey Vellacott
--------------------------------------------------------------
Richard Howard Toone and William John Turner of Chantrey
Vellacott DFK LLP were appointed joint administrators of Grays
Tyre & Exhaust Centres Ltd. (Company Number 01885256) on Nov. 8.

Chantrey Vellacott DFK LLP -- http://www.cvdfk.com/-- is one of
the oldest firms of chartered accountants in the United Kingdom.
It provides accounting, taxation and related advisory services.

Grays Tyre & Exhaust Centres Ltd can be reached at:

         418 Romford Road
         London E7 8DF
         United Kingdom
         Tel: 020 8470 5858


GREAT NORTH: Government Decides to End GBP1.3-Bln Franchise
-----------------------------------------------------------
The British government decided to end Great North Eastern
Railways' GBP1.3-billion franchise agreement to operate the East
Coast main line railway, reports say.

The Department of Transport temporarily authorized GNER to run
the East Coast main line railway for up to two years on new
terms and conditions until a new invitation to tender can be
produced and a train operating company selected.

Sea Containers and the Department of Transport were in
negotiations on the terms of the new arrangement.

According to the Times, GNER's financial situation is
unsustainable under the terms of the current franchise.  GNER's
former Chief Executive Christopher Garnett has admitted they
overbid to win the franchise auction.

                     About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.


H & M LIMITED: Appoints Paul John Webb as Administrator
-------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed administrator of H & M (Vehicle Consultancy) Ltd.
(Company Number 01572429) on Nov. 3.

The administrator can be reached at:

         Paul John Webb
         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen
         West Midlands B63 4AB
         United Kingdom
         Tel: 0121 550 0011

H & M (Vehicle Consultancy) Ltd. can be reached at:

         Trench Lock Garage
         Trench Lock
         Telford
         Shropshire TF1 6SZ
         United Kingdom
         Tel: 01952 223 753


HELPSTEEL LTD: Appoints Devdutt Patel to Liquidate Assets
---------------------------------------------------------
Devdutt Patel was appointed Liquidator of Helpsteel Ltd. on
Nov. 17 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Helpsteel Ltd.
         10 Mount Road
         Burntwood
         Staffordshire WS7 0AJ
         United Kingdom
         Tel: 01543 676 997


HRS JOBS: Joint Liquidators Take Over Operations
------------------------------------------------
Gary E. Blackburn and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators of HRS Jobs Galore Limited on
Nov. 14 for the creditors' voluntary winding-up procedure.

Headquartered in Halifax, England, HRS Jobs Galore Limited
-- http://www.hrsjobsgalore.co.uk/-- is an independently owned
employment agency specializing in the recruitment of temporary
and permanent vacancies in such fields as: secretarial,
administration, customer services, middle management, forklift
truck drivers, laborers, machine minders and production
operators.


J & K AGRISERVICES: Liquidator Sets Dec. 10 Claims Bar Date
-----------------------------------------------------------
Creditors of J & K Agriservices Limited have until Dec. 10 to
send their names and addresses with particulars of their debts
or claims to appointed Liquidator Timothy Calverley at:

         Timothy Calverley
         Haines Watts
         First Floor
         Park House
         Park Square West
         Leeds LS1 2PS
         United Kingdom

The company can be reached at:

         J & K Agriservices Limited
         Frank Lane
         Nun Monkton
         York
         North Yorkshire YO268EJ
         United Kingdom
         Tel: 01423 331 344
         Fax: 01904 744 958


KEYS COMPUTER: Names Claire L. Dwyer Liquidator
-----------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of Keys Computer Solutions Limited on Nov. 17 for the
creditors' voluntary winding-up procedure.

Headquartered in Deeside, Wales, Key Computer Solutions Limited
http://www.keycomputersolutionsltd.co.uk/-- offers a range of
computer and network services that include computer software
development, computer consultancy, IT support and training, and
Internet consultancy.


MC PARKING: Brings In Liquidator from Marriotts LLP
---------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed Liquidator of
MC Parking Limited on Nov. 9 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         MC Parking Limited
         Railway Arch 126 128a
         Black Prince Road
         Lambeth
         London SE116AB
         United Kingdom
         Fax: 020 7582 2889


NEW YORK NAIL: Kingston Smith Selling Beauty Business
-----------------------------------------------------
Ian Robert and Nicholas John Miller, in their capacity as Joint
Administrators, are offering to sell the business and assets of
The New York Nail Company Limited, a well-established U.S.-
styled nail & beauty bars.

The asset for sale features:

   -- up to GBP2 million turnover;

   -- five prestigious London West End high street leaseholds;

   -- premium core client base benefiting from exclusive own-
      branded products; and

   -- dedicated management and experienced therapists.

Inquiries can be addressed to:

         Kingston Smith & Partners LLP
         Devonshire House,
         60 Goswell Road
         London EC1M 7AD
         Tel: 020 7566 4020
         Fax: 020 7566 4021

Kingston Smith -- http://www.kingstonsmith.co.uk/-- advises
owner-managers seeking solutions to business problems.  The
company has over 400 people, including 45 partners, based in six
offices in London and the South East, and was founding member of
KS International, a network of over 100 offices in 49 countries
around the world.  It was originally formed in 1923.


PEAK GROUP: Appoints Joint Administrators from Begbies Traynor
--------------------------------------------------------------
Richard Andrew Segal and Mark Robert Fry of Begbies Traynor
(South) LLP were appointed joint administrators of Peak Group
Ltd. (Company Number 04379116) 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.

Peak Group Ltd. can be reached at:

         Unit 8
         Hardwick Court
         Hardwick View Road
         Holmewood
         Chesterfield
         Derbyshire S42 5SA
         United Kingdom
         Tel: 01246 856758


PGM RECRUITMENT: Taps Chantrey Vellacott as Administrators
----------------------------------------------------------
David John Oprey and Kenneth William Touhey of Chantrey
Vellacott DFK LLP were appointed joint administrators of PGM
Recruitment Specialists Ltd. (Company Number 05514933) on
Nov. 13.

Chantrey Vellacott DFK -- http://www.cvdfk.com/-- is one of the
oldest firms of chartered accountants in the United Kingdom.  It
provides accounting, taxation and related advisory services.

PGM Recruitment Specialists Ltd can be reached at:

         Abbey House
         18-24 Stoke Road
         Slough
         Berkshire SL2 5AG
         United Kingdom
         Tel: 01753 722240


PRINT BUSINESS: Names Duncan Roderick Morris as Administrator
-------------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was named
administrator of The Print Business Ltd. (Company Number
01206142) on Nov. 15.

The administrator can be reached at:

         Duncan Roderick Morris
         The Till Morris Partnership
         2 Church Street
         Warwick
         Warwickshire CV34 4BL
         United Kingdom
         Tel: 01926 497 722
         Fax: 01926 497 733
         E-mail: duncan.morris@tillmorris.co.uk

The Print Business Ltd. can be reached at:

         Unit 4
         Gardener Industrial Estate
         Kent House Lane
         Beckenham
         Kent BR3 1QZ
         United Kingdom
         Tel: 020 8659 2422


RECREM CLEANING: Names Liquidator to Wind Up Business
-----------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of Recrem Cleaming on Nov. 17 for the creditors'
voluntary winding-up procedure.

Headquartered in Warrington, England, Recrem Cleaning Limited --
http://www.recremcleaning.co.uk/-- offers a wide range of
cleaning and support services including retail cleaning, office
cleaning, industrial cleaning, specialist cleaning and
janitorial supplies.


SCOTTISH RE: Sells 68.8% Stake to MassMutual Capital & Cerberus
---------------------------------------------------------------
Scottish Re Group Limited entered into an agreement wherein
MassMutual Capital Partners LLC, and affiliates of Cerberus
Capital Management, L.P. will each invest US$300 million into
the company, resulting in a total new equity investment of
US$600 million.

Under the terms of the agreement, MassMutual Capital and
Cerberus will purchase a total of 1,000,000 newly issued
convertible preferred shares of Scottish Re.

According to the transaction agreement, the Convertible
Preferred Shares may be converted into 150,000,000 ordinary
shares of Scottish Re at any time, representing a 68.8% Ordinary
Share ownership on a fully diluted basis at the time of
investment.  Scottish Re's board of directors has unanimously
approved the transaction.

"This completes the process announced earlier this year to
evaluate strategic alternatives, and will stabilize Scottish Re
while providing long-term liquidity benefits," Paul Goldean,
Chief Executive Officer of Scottish Re Group Limited, said.  "In
addition to the financial strength afforded by MassMutual
Capital and Cerberus as majority shareholders, these firms offer
Scottish Re extraordinary insurance, operational and investment
expertise.  We look forward to their input and guidance as we
move aggressively towards our financial and business goals in
the interest of returning value to all of our stakeholders."

"This transaction provides the best available opportunity to
deliver long-term shareholder value and reclaim our position as
one of the top life reinsurance specialists in the industry,"
Glenn Schafer, non-executive Chairman of the Board, stated.

The Convertible Preferred Shares acquired by MassMutual Capital
and Cerberus will have the same voting rights as holders of
Ordinary Shares of Scottish Re.  The Convertible Preferred
Shares will rank senior to Ordinary Shares of Scottish Re, and
subordinate to existing securities that rank senior to the
Ordinary Shares.  The Convertible Preferred Shares are
convertible at any time and are mandatorily convertible nine
years from their issuance date.

The transaction is subject to approval by the holders of 66-2/3%
of Scottish Re's outstanding ordinary shares who are entitled to
vote at the special meeting.  They will be requested to vote for
the transaction via proxy.  Proxy voting cards will be mailed
within approximately 45 days of the agreement to all
shareholders by Scottish Re and will include the voting
instructions.

                    Board Appointments

In accordance with the transaction agreement, MassMutual Capital
and Cerberus are entitled to appoint two-thirds of the members
of Scottish Re's board of directors.  Initially, there will be
eleven directors on Scottish Re's board, of which MassMutual and
Cerberus will appoint six, including three directors chosen by
MassMutual Capital and three chosen by Cerberus.  Also, in
addition to the Chief Executive Officer, MassMutual Capital and
Cerberus will nominate three independent directors and a
designee of The Cypress Group to the Board.  The Cypress Group
is a New York-based private equity firm and a major Scottish Re
shareholder.

                        Closing Criteria

Completion of the transaction is subject to customary closing
conditions, including regulatory approvals.  The transaction is
expected to close as early as the second quarter of 2007.

Scottish Re will continue to operate its business under its
current structure, and will remain traded on the New York Stock
Exchange under ticker "SCT."

Citigroup Corporate and Investment Banking and Morgan Stanley
served as financial advisors and Debevoise & Plimpton LLP,
Schulte Roth & Zabel LLP and Ropes & Gray LLP served as legal
counsel to both MassMutual Capital and Cerberus in the
transaction.  Goldman Sachs and Bear, Stearns & Co. served as
Scottish Re's financial advisors and LeBoeuf, Lamb, Greene &
MacRae, LLP together with Maples & Calder served as the
Company's legal counsel.

                        About MassMutual

MassMutual Financial Group is the fleet name for Massachusetts
Mutual Life Insurance Company and its affiliates, with more than
13 million clients and over US$395 billion in assets under
management at year-end 2005.  Founded in 1851, MassMutual is a
mutually owned financial protection, accumulation and income
management company headquartered in Springfield, Mass.
MassMutual's major affiliates include: OppenheimerFunds, Inc.;
Babson Capital Management LLC; Baring Asset Management Limited;
Cornerstone Real Estate Advisers LLC; MML Investors Services,
Inc., MassMutual International LLC and The MassMutual Trust
Company, FSB.

MassMutual Capital is a limited liability company created by
Massachusetts Mutual Life Insurance Company to focus on
strategically investing in business opportunities as a means of
optimizing the value of the enterprise on behalf of MassMutual
and other investors.

                About Cerberus Capital Management

Established in 1992, Cerberus Capital Management, L.P. --
http://www.cerberuscapital.com/-- is one of the world's leading
private investment firms with approximately US$22 billion under
management in funds and accounts.  Through its team of more than
275 investment and operations professionals, Cerberus
specializes in providing both financial resources and
operational expertise to help transform undervalued companies
into industry leaders for long-term success and value creation.
Cerberus is headquartered in New York City, with offices in
Chicago, Los Angeles, and Atlanta, as well as advisory offices
in London, Baarn, Frankfurt, Tokyo, Osaka and Taipei.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--  
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.


SCOTTISH RE: Majority Stake Sale Cues Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

The Consortium investment of US$600 million, split evenly
between the two investing partners, is in the form of a
preferred equity investment, manditorily convertible into common
stock nine years from issuance or earlier at the option of the
Consortium.  After closing, the Consortium would hold preferred
shares that are convertible, in whole or in part, to 150 million
ordinary shares of Scottish Re, representing 68.8% of the total
outstanding ordinary shares of the company on a fully diluted
basis.

According to Scott Robinson, Moody's Vice President & Senior
Credit Officer, "Should the transaction be successfully
completed, the investment will provide the company with much
needed liquidity as well as a robust capital position."  In
addition, upon shareholder approval of the transaction, the
Consortium will provide Scottish Re with a bridge liquidity
facility of US$100 million to assist the company through the
time period prior to closing of the deal.

Moody's indicated that under the terms of an existing bank
credit facility, Scottish Re has been constrained in its ability
to move funds from SALIC to the holding company, which is
necessary to provide Scottish Re the liquidity to pay off the
US$115 million of convertible notes that are putable at par to
the holding company on December 6, 2006.  The company is
currently working to cancel remaining letters on credit (LOCs)
totaling less than US$5 million that are outstanding on its bank
credit facility, after which it plans to terminate the facility.
Under the scenario that Scottish Re is unable to cancel the
LOCs, the company is also working to secure a back-up LOC, the
receipt of which would permit the movement of funds from SALIC
to the holding company under a pre-negotiated agreement
permitting an amendment to the bank credit facility agreement.
Scottish Re has already received a commitment letter from a
financial institution allowing it to issue a back-up letter of
credit.

The rating agency noted that should the announced deal not
close, there would be significant downward pressure on the
company's ratings.  According to Robinson, "failure to raise
capital and liquidity would result in a multi-notch downgrade of
the ratings of Scottish Re.  We believe that the company would
be significantly challenged in such a runoff scenario."

During the continuing review, Moody's intends to closely monitor
the probability of a successful closing of the announced
transaction.  A successful closing requires approval by two-
thirds of Scottish Re's shareholders as well as the approval of
various insurance regulators.

In determining whether or not the company's ratings will be
raised following a successful closing of the transaction,
Moody's said that it will also evaluate Scottish Re's post-
investment business plan, operating strategy, and plans to
improve internal controls and risk management at the company.
Additionally, Moody's highlighted that the review will focus on
Scottish Re's plan to secure a collateral solution to support
the company's XXX statutory reserving needs associated with its
existing level premium term reinsurance business, as well as its
ability to manage a runoff scenario, which should be
considerably enhanced by the capital infusion.

While the Consortium indicated that it intends to run Scottish
Re as a going concern, the rating agency noted that it believes
Scottish Re will have to regain the confidence of cedants before
it will be able to write meaningful amounts of new business.
Aside from the investment by the Consortium, this will likely
require a track record of stable earnings and cash flows,
something which the company has been unable to produce in recent
reporting periods.

These ratings continue on review with direction uncertain:

    * Scottish Re Group Limited:

      -- senior unsecured debt of Ba3;
      -- senior unsecured shelf of (P)Ba3;
      -- subordinate shelf of (P)B1;
      -- junior subordinate shelf of (P)B1;
      -- preferred stock of B2; and
      -- preferred stock shelf of (P)B2.

    * Scottish Holdings Statutory Trust II: preferred stock
      shelf of (P)B1;

    * Scottish Holdings Statutory Trust III: preferred stock
      shelf of (P)B1;

    * Scottish Annuity & Life Insurance Co (Cayman) Ltd.:
      insurance financial strength of Baa3;

    * Premium Asset Trust Series 2004-4: senior secured
      debt of Baa3 (based on IFS of SALIC);

    * Scottish Re (U.S.), Inc.: insurance financial
      strength of Baa3;

    * Stingray Pass-Through Certificates: senior secured
      debt of Baa3 (based on IFS rating of SALIC).

On September 5, 2006 Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte NC, Denver CO, and Windsor
England.  On September 30, 2006, Scottish Re reported assets of
US$13.8 billion and shareholders' equity of US$1.3 billion.

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


SCOTTISH RE: Liquidity Concerns Cue AM Best to Cut FSR to B
-----------------------------------------------------------
A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.

A.M. Best has also downgraded the ICR of Scottish Re to "b" from
"bb-" and all of Scottish Re's debt ratings.  All ratings remain
under review with negative implications.

These rating actions reflect A.M. Best's review of Scottish Re's
short-term liquidity and collateral needs following the release
of its third quarter financial statements.

A.M. Best notes that, as indicated in its recent Securities and
Exchange Commission filings, Scottish Re's liquidity and
collateral position remains very tight over the near term and
tenuous into 2007.  Note holders have the right to require
Scottish Re to repurchase US$115 million of the 4.5% senior
convertible notes on Dec. 6, 2006, and this source of liquidity
has not yet been finalized.  A.M. Best acknowledges management's
efforts at seeking strategic alternatives and capital and
liquidity sources since the last rating action on Aug. 22, 2006.

However, the timing and execution of any capital raising
initiatives to alleviate these near and longer-term liquidity
concerns remains uncertain.

As a result, the maintenance of a "Secure" FSR is no longer
appropriate.  Should a transaction be announced, A.M. Best would
determine if a change in the under review status is appropriate.

The FSR has been downgraded to B from B+ and the ICRs have been
downgraded to "bb+" from "bbb-" and remain under review with
negative implications for the following subsidiaries of Scottish
Re Group Limited:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.;
   -- Scottish Re (U.S.), Inc.;
   -- Scottish Re Life Corporation;
   -- Scottish Re Limited; and
   -- Orkney Re, Inc.

The ICR has been downgraded to "b" from "bb-" and remains under
review with negative implications for Scottish Re Group Limited.

These debt ratings have been downgraded and remain under review
with negative implications:

   Scottish Re Group Limited

   -- to "b" from "bb-" on US$115 million 4.5% senior unsecured
      convertible notes, due 2022;

   -- to "ccc+" from "b" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- to "ccc+" from "b" on US$125 million non-cumulative
      preferred shares.

   Stingray Pass-thru Trust

   -- to "bb" from "bbb-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf
registration have been downgraded and remain under review with
negative implications:

   Scottish Re Group Limited --

   -- to "ccc+" from "b" on preferred stock;
   -- to "b-" from "b+" on subordinated debt; and
   -- to "b" from "bb-" on senior unsecured debt;

   Scottish Holdings Statutory Trust II and III

   -- to "b-" from "b+" on preferred securities


SCOTTISH RE: New Equity Cues Fitch to Keep Ratings on Neg. Watch
----------------------------------------------------------------
Fitch Ratings commented that Scottish Re Group Ltd.'s ratings
remain on Rating Watch Negative following the announcement that
SCT has entered into an agreement, which will result in a new
equity investment into the company of US$600 million.

SCT's ratings were placed on Rating Watch Negative on
July 31, due to concerns regarding the company's ability to
repay US$115 million of senior convertible notes that will be
put to the company on Dec. 6.

Fitch believes that SCT has made good progress in resolving the
key liquidity and collateral issues, and expects that remaining
issues will be resolved over the next several days that will
allow affiliate Scottish Annuity & Life Insurance (Cayman) Ltd.
to dividend funds to SCT to fund the expected put.

Once these remaining issues are resolved, Fitch expects to
change the direction of the Rating Watch to Evolving to reflect
the pending agreement with MassMutual Capital Partners LLC and
Cerberus Capital Management, L.P.

The ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at BBB.

Scottish Re (U.S.) Inc.

   -- IFS at BBB.

Scottish Re Limited

   -- IFS at BBB.

Scottish Re Group Limited

   -- IDR at BB;
   -- 4.5% US$115 million senior convertible notes at BB-;
   -- 5.875% US$142 million hybrid capital units at B+; and
   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock at B+.


SCOTTISH RE: S&P Revises Watch to Positive on Equity Infusion
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
status of its ratings on Scottish Re Group Ltd., Scottish Re's
operating companies, and dependent unwrapped securitized deals
to positive from negative.

The ratings on securitizations that are wrapped or independent
of the credit quality of Scottish Re have been affirmed.

Scottish Re has a 'CCC' counterparty credit rating, and Scottish
Re's operating companies have 'B+' counterparty credit and
financial strength ratings.

These ratings were placed on CreditWatch negative on July 31,
2006, when Scottish Re announced poor second-quarter results and
that liquidity was tight.

"The revision of the CreditWatch status to positive follows two
announcements made by Scottish Re," explained Standard & Poor's
credit analyst Neil Strauss.  "Scottish Re announced in a press
release that it had reached an agreement with Mass Mutual
Capital Partners LLC and affiliates of Cerberus Capital
Management L.P. related to a planned equity infusion of
US$300 million by each in the second quarter of 2007."  This
agreement requires regulatory and shareholder approval.

Scottish Re also stated that it had brought down the outstanding
letters of credit under its bank credit facility to less than
US$5 million and had negotiated a backup facility for letters of
credit for the remainder.  As a result, an agreement is likely
with the bank syndicate on its credit facility within a week to
allow funds to be upstreamed from the operating companies, where
liquidity is available, to the holding company, where liquidity
is tight.

The release of the funds will enable repayment of
US$115 million of convertible notes to the noteholders, who are
likely to exercise a put option on Dec. 6, 2006.  The payment of
the noteholders from holding-company funds had been at risk
since the summer's announcements regarding second-quarter
results.  These results created an adverse event for Scottish
Re's credit facility, which precluded the upstreaming of funds
for the past several months.

Standard & Poor's views the progress related to near-elimination
of the dividend restriction related to the bank credit facility
as an immediate improvement to the liquidity profile at the
holding company.  The planned capital infusion has the potential
for improving longer-term liquidity and business issues at both
the holding and operating companies.

On Dec. 6, 2006, following repayment of the US$115 million to
the noteholders, Standard & Poor's anticipates it will raise the
credit rating on Scottish Re to 'B' and the counterparty credit
and financial strength ratings on Scottish Re's operating
companies to 'BB'.  This upgrade would reflect the solution of
the immediate liquidity issue at the holding company and the
potential solution of its longer-term issues should the
transaction be consummated.

At closing, Standard & Poor's would evaluate the ratings based
on the terms of the transaction and the expected prospective
financial profile of Scottish Re as well as Standard and Poor's
view of the viability of the franchise and business prospects
following the events of the past several months.


SEAS 2005-1: Fitch Keeps BB Rating on EUR18.7-Mln Class E Notes
---------------------------------------------------------------
Fitch Ratings affirmed SEAS 2005-1's credit-linked floating-rate
notes due March 2017:

   -- EUR250,000 Class A+ at AAA;
   -- EUR60,100,000 Class A1 at AAA;
   -- EUR13,000,000 Class A2 at AAA;
   -- EUR16,300,000 Class B at AAA;
   -- EUR10,000,000 Class C at AA;
   -- EUR13,000,000 Class D at A-; and
   -- EUR18,700,000 Class E at BB.

The affirmation reflects the transaction's consistent
performance to date.  As of the September 2006 trustee report,
the transaction was in compliance with all the portfolio
guidelines and tests.  There have been no defaults in the
portfolio to date.

There is one loan that has been delinquent for one to two
months, representing about 0.07% of the current portfolio.  The
current portfolio is EUR580 million compared to the maximum
portfolio of EUR650 million.

The Weighted Average Rating Factor has slightly deteriorated
since closing to 8.28 from 6.33.  The subordination in the
capital structure is sufficient to withstand the current rating
stresses.

SEAS 2005-1 is a pan-European securitization of acquisition
finance exposures, predominantly to small- and medium-sized
enterprises in certain Western European countries including
Germany, France, the U.K. and Spain.  Replenishment is allowed
for three years, beginning on and including the issue date,
subject to certain criteria.

KfW sold protection against losses exceeding the junior
outstanding threshold amount of EUR11,245,000 on a EUR650
million reference portfolio held by IKB Deutsche Industriebank
Aktiengesellschaft under a credit default swap.

KfW has bought protection on its exposure under this swap by
issuing the credit-linked certificates of indebtedness above an
unrated EUR20,155,000 sub-mezzanine outstanding threshold amount
and by entering into a senior CDS.  The terms and conditions of
each certificate of indebtedness match those of the associated
notes.


SEVERSTAL OAO: Earns RUR23.5 Billion for January-September 2006
---------------------------------------------------------------
OAO Severstal released its financial results for the nine months
ended Sept. 30, 2006.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

Severstal's nine-months figures were prepared according to
Russian Accounting Standards.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.


SEVERSTAL OAO: Nominates Non-Executive Directors to Board
---------------------------------------------------------
OAO Severstal discloses of the nominations for Non-Executive
Directors, subject to their appointment to the Board by
Severstal's shareholders at an EGM in December 2006.

The nominees include:

   -- Chris Clark as Independent Director and Non-executive
      Chairman of the Board;

   -- Martin Angle as Independent Director and Chairman of the
      Audit Committee; and

   -- Ron Freeman and Dr Peter Kraljic as Independent Directors.

Following the nomination of Rolf Stomberg as Senior Independent
Director, announced on Nov. 2, these are the remaining four Non-
Executive Director appointments to be made as part of
Severstal's new corporate governance arrangements designed to
comply with the key elements of the U.K.'s corporate governance
standards.

Once appointed, Severstal will have a 10-person Board comprising
five Executive Directors and five Non-Executive Directors
including Chris Clark as Non-Executive Chairman.

                          Backgrounds

   -- Chris Clark is Chairman of Associated British Ports and
      Chairman of Urenco Ltd and Wagon Plc.  He spent his
      executive career with Johnson Matthey plc, the FTSE 100
      specialty chemicals and precious metals group becoming
      Chief Executive in 1998.

   -- Martin Angle has been an Operational Managing Director at
      Terra Firma Capital Partners (previously Nomura
      International, Principal Finance Group) since 2001 and is
      a former group Finance Director of TI Group plc.

   -- Ronald Freeman is a board member, advisory partner and
      shareholder of investment bank and securities dealer,
      Troika Dialog, (Moscow) and was head of the Banking
      Department of the European Bank for Reconstruction and
      Development (EBRD) for two consecutive terms.

   -- Dr. Peter Kraljic is currently a Director Emeritus at
      McKinsey following his 32-year career at the company and
      has held a number of senior positions until his retirement
      in 2002.

"We have now completed the selection of all five of our Non-
Executive Directors well before the year end, as planned, Alexey
Mordashov, CEO of Severstal, said.  "I am delighted to welcome
the new additions to the Board and believe that our investors
will recognise the exceptional calibre and reputation of the
team we have assembled.  I am confident that they will
contribute significantly to the success of our growth strategy
and ensure that our governance is maintained to the highest
international standards."

"Severstal is an excellent company with great growth prospects
which has undergone significant changes over the last year,"
Chris Clark said.  "I believe that the new Board represents one
of the strongest teams in the industry and I look forward to
playing my role as the company pursues opportunities for growth
and value creation."

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                          *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.


SK CORP: Set to Sell 25% Stake in Incheon Unit on December 12
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, SK Corp. plans to sell its stake in SK Incheon
Oil through an initial public offering in the London Stock
Exchange in December.  According to the report, the exact number
of shares will be determined after considering market
conditions.

SK Corp. is set to sell 88.3 million of global depositary
receipts of Incheon Oil, or 25% of the unit, on December 12, the
Wall Street Journal reveals, citing a person familiar with the
situation.

SK Corp. wanted the London listing because South Korea
regulations disallow a company to list after it has posted an
annual net loss.  SK Incheon incurred a KRW167-billion net loss
in 2005.

WSJ's source estimates the IPO to raise between US$700 million
and US$750 million.  The source further discloses that:

   -- the IPO has an over-allotment option equivalent to 12% of
      the deal;

   -- the road show is to begin Nov. 22 and with pricing set for
      Dec. 7;

   -- Merrill Lynch & Co. is leading the deal; and

   -- proceeds of the sale will go to SK Corp. for general
      corporate purposes, including partially funding their
      share buyback, among others.

As SK Corp. disclosed in its Web site, the company is
repurchasing 13,000,000 of its outstanding common shares.

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


TERSUS GROUP: Hires Administrators from Vantis Plc
--------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis Plc
were appointed joint administrators of Tersus Group Ltd.
(Company Number 0515432) on Nov. 10.

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

Tersus Group Ltd. can be reached at:

         The Hyde Business Park
         The Hyde
         Brighton
         East Sussex BN2 4JE
         United Kingdom
         Tel: 020 7467 4000


VENDITTO PROPERTY: Appoints PwC as Joint Administrators
-------------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of Venditto Property Investments Ltd. (Company Number 03839698)
on Nov. 15.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Cardiff, Wales, Venditto Property Investments
Ltd. manages Italian restaurants and late night bars.


YELLOWPATTER HOLDINGS: Taps Administrators from DTE Leonard
-----------------------------------------------------------
A. Clifton and N. A. Bennett of DTE Leonard Curtis were
appointed joint administrators of Yellowpatter Holdings Ltd.
(Company Number 05044803) on Nov. 10.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Yellowpatter Holdings Ltd. can be reached at:

         64 Whitchurch Road
         Cardiff
         South Glamorgan CF14 3LX
         United Kingdom
         Tel: 0121 200 2111

                           *********

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.


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