TCREUR_Public/061130.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

          Thursday, November 30, 2006, Vol. 7, No. 238

                            Headlines

A U S T R I A

BAYERISCHE HYPO: Cutting Munich Re Equity Stake to 2.2%
BAYERISCHE HYPO: Earns EUR2.6 Billion for First Nine Months 2006
BAU-SOLUTION: Claims Registration Period Ends December 27
GLANZER OEG: Creditors' Meeting Slated for December 7
GROSS UND SCHINDLER: Claims Registration Ends December 5

HTBR LLC: Creditors' Meeting Slated for December 13
MONEY POINT: Creditors' Meeting Slated for December 11
PUCHNER LLC: Creditors' Meeting Slated for December 11


B E L G I U M

M. FABRIKANT & SONS: Quashes Speculations on Units' Bankruptcy


D E N M A R K

AGCO CORP: Launches US$175 Million Sr. Sub. Notes Plan Offering
TDC A/S: Adds Three New Members to Executive Committee


F I N L A N D

BRIGHTPOINT INC: Earns US$8.7 Million in Third Quarter 2006


F R A N C E

CONVERIUM HOLDING: VP Presents Results in London Conference
INTERSHOP COMMUNICATIONS: Launches Wolford AG's Internet Store


G E R M A N Y

BALKAN GROSSKUECHEN: Claims Registration Ends December 12
BARANNEK MOEBEL: Claims Registration Ends December 12
BAYERISCHE HYPO: Cutting Munich Re Equity Stake to 2.2%
BAYERISCHE HYPO: Earns EUR2.6 Billion for First Nine Months 2006
FARBE + PUTZ: Creditors' Meeting Slated for December 12

G.F. WEBER: Claims Registration Ends December 11
INTERSHOP COMMUNICATIONS: Launches Wolford AG's Internet Store
KERAMONT GMBH: Claims Registration Ends December 13


I R E L A N D

AFFILIATED COMPUTER: S&P Puts B+ Credit Rating on Negative Watch
CLIENTLOGIC CORP: Moody's Affirms B3 Corporate Family Rating


I T A L Y

BURGER KING: Earns US$40 Million in Quarter Ended September 30
M. FABRIKANT & SONS: Quashes Speculations on Units' Bankruptcy


K A Z A K H S T A N

ASTANA FINANCE: Fitch Gives BB+ Rating on US$175-Mln Eurobond
A-DARHAN LLP: Kyzylorda Court Opens Bankruptcy Proceedings
BIOZASHITA-KASPYI LLP: Creditors' Claims Due Dec. 15
BOLEK LLP: Almaty Court Begins Bankruptcy Proceedings
BUSINESS GROUP: Claims Registration Ends Jan. 10, 2007

INVEST-REGION LLP: Aktube Court Commences Bankruptcy Proceedings
KAZ ROS LIFT: Claims Filing Period Ends Dec. 19
KAZ ROS PHARM-F: Creditors' Claims Due Dec. 15
KOKTAU-KENMYS LLP: Aktube Court Starts Bankruptcy Procedure
KUAT JSC: Claims Filing Period Ends Jan. 12, 2007

MAESTRO PLUS: Almaty Court Begins Bankruptcy Proceedings
RENATO FIEND: Creditors' Claims Due Jan. 10, 2007
RUTEL LLP: Aktube Court Opens Bankruptcy Proceedings
SAAD LLP: Akmola Court Commences Bankruptcy Proceedings
TARAZ-LADA OJSC: Claims Filing Period Ends Dec. 22

TRETYAKOVKA LLP: Akmola Court Starts Bankruptcy Procedure
TURK CONSULTING: Aktube Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

BTD RIVA: Creditors' Claims Due Jan. 12, 2007


N O R W A Y

AGCO CORP: Launches US$175 Million Sr. Sub. Notes Plan Offering
AKER KVAERNER: Inks EUR50-Million Supply Pact with Oevik Energi
AKER KVAERNER: Closes EUR600-Mln Refinancing; Increases Facility


P O L A N D

AFFILIATED COMPUTER: S&P Puts B+ Credit Rating on Negative Watch
NETIA SA: Unveils Terms of Merger with Pro Futuro SA Unit


R U S S I A

ALEUSSKIY WOODWORKING: Bankruptcy Hearing Slated for March 14
ALFA BANK: Fitch Changes Outlook to Positive & Keeps BB- IDR
BANK URALSIB: Fitch Upgrades Issuer Default Rating to B+
BUSINESS-TOUR CJSC: Court Names P. Tarasov as Insolvency Manager
CHEMICAL PRODUCT: Court Names A. Trifonov as Insolvency Manager

EAST WEST: Moscow Court Names S. Suvorov as Insolvency Manager
INSURANCE COMPANY: Court Names P. Tarasov as Insolvency Manager
KRASNOSELSKOYE AGENCY: Court Names A. Trifonov to Manage Assets
MARIBERG OJSC: Court Starts Bankruptcy Supervision Procedure
MDM BANK: Fitch Revises BB- Default Rating's Outlook to Positive

MEAT PRODUCTS: Court Names P. Tarasov as Insolvency Manager
MIASSKIY FISH: Bankruptcy Hearing Slated for December 7
NEVA-LINE CJSC: Court Names A. Trifonov as Insolvency Manager
NORTH OIL: Court Names P. Tarasov as Insolvency Manager
NORTH-WEST WALLPAPER: Court Names A. Trifonov to Manage Assets

ORGRESBANK: Moody's Assigns E+ Financial Strength Rating
POLEZHAEVSKIY PARK: Court Names A. Trifonov to Manage Assets
RUSSIAN INT'L: Moody's Assigns E+ Financial Strength Rating
SBERBANK: Moody's Upgrades Financial Strength Rating to D
SLAVINVESTBANK: Moody's Rates Loan Participation Notes at B1

VISHERSKAYA PAPER: Bankruptcy Hearing Slated for April 17
VNESHTORGBANK JSC: State to Tackle VTB Share Issue on Dec. 7


S L O V A K   R E P U B L I C

BRIGHTPOINT INC: Earns US$8.7 Million in Third Quarter 2006


S P A I N

FTPYME TDA: Fitch Junks EUR29.3-Million Series D Notes


S W I T Z E R L A N D

CONVERIUM HOLDING: VP Presents Results in London Conference
DENNER SATELLIT: St. Gallen Court Begins Bankruptcy Process
EG TRADING: Zug Court Closes Bankruptcy Proceedings
KELU GASTRO: Court Begins Bankruptcy Proceedings Against Firm
MATO HANDELS: Zug Court Begins Bankruptcy Proceedings

PREVENTIS LLC: Zug Court Suspends Bankruptcy Proceedings
STAMPFLI TORSYSTEME: Solothurn Court Rules on Bankruptcy
UNIVERSAL SERVICE: March Court Begins Bankruptcy Proceedings
UPLAN COMMCONSULT: Zug Court Suspends Bankruptcy Proceedings
VARIA HOLDING: Zug Court Begins Bankruptcy Proceedings

WOHNHEIM MERKURIA: Court Starts Bankruptcy Proceedings


U K R A I N E

VNESHTORGBANK JSC: State to Tackle VTB Share Issue on Dec. 7


U N I T E D   K I N G D O M

AKER KVAERNER: Inks EUR50-Million Supply Pact with Oevik Energi
AKER KVAERNER: Closes EUR600-Mln Refinancing; Increases Facility
ARADAN LTD: Taps Chantrey Vellacott to Administer Assets
CAMBORNE RADIATOR: Claims Filing Period Ends Jan. 31, 2007
CLEARBRAY SHOPFITTERS: Claims Filing Period Ends Dec. 29

CLIENTLOGIC CORP: Moody's Affirms B3 Corporate Family Rating
CORUS GROUP: Earns GBP142 Million in 2006 Third Quarter
DANA CORP: Equity & Creditor Committees Tap European Counsel
DEI POWER: Creditors Confirm Liquidator's Appointment
DURA AUTOMOTIVE: Court Approves US$300 Million DIP Financing

DURA AUTOMOTIVE: Gets Court's Final Nod to Use Cash Collateral
EMI GROUP: Permira Advisers Possible Offer at GBP2 Billion
EMI GROUP: Inks Mobile Music Deal with Jamba & Jamster
ESSEX BUILDERS: Nominates Liquidator from Ansers!
EUROSAIL 06-4: Fitch Rates GBP6.7-Mln Class E1c Notes at BB

EVENLODE ESTATES: Brings In Tenon Recovery as Administrators
FEDERAL-MOGUL: Mesothelioma Claimants Balk at US$500M Settlement
FENTON IMPORTERS: Creditors' Meeting Slated for December 6
FIRST CALL: Appoints Alan R. Price to Liquidate Assets
FIRST CLASS: Appoints SFP to Administer Assets

FORD MOTOR: S&P Junks Senior Unsecured Debt Issue Ratings
FRANSEN TRANSPORT: Brings In Joint Administrators from SFP
FREEDOM INNOVATIONS: Taps P&A as Joint Administrators
GENERAL STEELS: Creditors' Meeting Slated for December 19
GMAC LLC: GM Stake Sale Cues S&P to Upgrade Credit Rating to BB+

GREAT RACK: Names J. Harvey Madden as Administrator
INCURION RESOURCE: Hires Liquidator from B & C Associates
INVERHAVENS LIMITED: Appoints John Bell as Administrator
JOAN COPE: HSBC Bank Appoints PKF as Joint Receivers
KVA POWER: Appoints Administrator from Hazlewoods

LAITHWAITE & WARD: Brings In Administrators from PKF
LAVERICK ELECTRICAL: Appoints Administrator from Taylor Rowlands
LOGIC FIRE: Creditors' Meeting Slated for December 6
NEMUS II: Fitch Places BB on GBP1.1-Million Class F Notes
NORMANS BAY: Claims Registration Ends Feb. 15, 2007

POWER STEERING: Nominates Paul John Webb as Liquidator
PRECISION COLD: Creditors' Claims Due Jan. 18, 2007
QUINTON WINDOWS: Claims Filing Period Ends Jan. 5, 2007
TIMBER TO GO: Brings In Liquidator from Poppleton & Appleby
ZEBRA LUGGAGE: Nominates Liquidator from Hodgsons

ZUCCI SPORTS: David E. M. Mond Leads Liquidation Procedure

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BAYERISCHE HYPO: Cutting Munich Re Equity Stake to 2.2%
-------------------------------------------------------
Bayerische Hypo- und Vereinsbank AG is reducing its stake in
Munich Re through an accelerated offering from 4.9% to around
2.2%.

HVB is selling around 6.16 million shares representing around
2.7% of the outstanding share capital of Munich Re.

The transaction has a market volume of around EUR782 million
based on EUR126.95, the closing price on Nov. 15, 2006.  HVB
will thereby realize a disposal gain in a low three-digit
million euro range.

With this step HVB continues its ongoing strategy to align its
financial holdings.  The successful and mutually beneficial
cooperation with Munich Re and Ergo is not affected and will be
continued.

Goldman Sachs International and UniCredit Markets & Investment
Banking acted as joint bookrunners.  The offer is directed to
institutional investors.

                           About HVB

Headquartered in Munich, Germany, Bayerische Hypo-und
Vereinsbank AG (HVB) -- http://www.hypovereinsbank.de/-- offers
a large portfolio of banking and financial products to both
corporate and private customers.  Its services include consumer
banking, personal, mortgage and business loans, brokerage
services, portfolio and asset management, securities
transactions and real estate financing.  The HVB Group also
includes Bank Austria Creditanstalt AG, which offers a full
range of financial services in Austria and the CEE region.

                          *     *     *

As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings
upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on the banks' Issuer Default ratings to Positive
from Stable.  Its IDR is affirmed at A.  The other ratings are
affirmed at Short-term F1 and Support 1.


BAYERISCHE HYPO: Earns EUR2.6 Billion for First Nine Months 2006
----------------------------------------------------------------
Bayerische Hypo- und Vereinsbank AG released it financial
results for the nine months and third quarter ended Sept. 30,
2006.

HVB posted EUR2.55 billion in net profit against EUR4.35 billion
in revenues for the first nine months of 2006, compared with
EUR890 million in net profit against EUR4.2 billion in revenues
for the same period in 2005.

HVB posted EUR842 million in net profit against EUR1.47 billion
in total revenues for the third quarter of 2006, compared with
EUR324 million in net profit against EUR1.41 billion in revenues
for the same period in 2005.

As of Sept. 30, 2006, HVB had EUR495.11 billion in total assets,
EUR476.57 billion in total liabilities and EUR18.54 million in
shareholders equity.

                           About HVB

Headquartered in Munich, Germany, Bayerische Hypo-und
Vereinsbank AG (HVB) --  http://www.hypovereinsbank.de/--
offers a large portfolio of banking and financial products to
both corporate and private customers.  Its services include
consumer banking, personal, mortgage and business loans,
brokerage services, portfolio and asset management, securities
transactions and real estate financing.  The HVB Group also
includes Bank Austria Creditanstalt AG, which offers a full
range of financial services in Austria and the CEE region.

                          *     *     *

As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings
upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on the banks' Issuer Default ratings to Positive
from Stable.  Its IDR is affirmed at A.  The other ratings are
affirmed at Short-term F1 and Support 1.


BAU-SOLUTION: Claims Registration Period Ends December 27
---------------------------------------------------------
Creditors owed money by KEG Bau-Solution Limited & Co (FN
262125d) have until Dec. 27 to file written proofs of claims to
court-appointed property manager Georg Rupprecht at:

         Mag. Georg Rupprecht
         c/o Mag. Michael Troethandl
         Hauptplatz 9-13
         2500 Baden bei Vienna, Austria
         Tel: 02252/86580
         Fax: 02252/86580-3
         Email: rupprecht@lexacta.com
                troethandl@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 9, 2007, to consider
the adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on Oct. 16 (Bankr. Case No. 11 S 108/06b).  Michael
Troethandl represents Mag. Rupprecht in the bankruptcy
proceedings.


GLANZER OEG: Creditors' Meeting Slated for December 7
-----------------------------------------------------
Creditors owed money by OEG Glanzer (FN 265246v) are encouraged
to attend the creditors' meeting at 10:10 a.m. on Dec. 7 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 222
         1st Floor
         Graz, Austria

Headquartered in Koeflach, Austria, the Debtor declared
bankruptcy on Oct. 16 (Bankr. Case No. 26 S 95/06z).  Wolfgang
Klobassa serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Wolfgang Klobassa
         Conrad-von-Hoetzendorf-Road 15
         8570 Voitsberg, Austria
         Tel: 03142/21850
         Fax: 03142/21850-6
         E-mail: insolvenz@ra-semlitsch-klobassa.at


GROSS UND SCHINDLER: Claims Registration Ends December 5
--------------------------------------------------------
Creditors owed money by LLC Gross und Schindler (FN 157734m)
have until Dec. 5 to file written proofs of claims to court-
appointed property manager Valentin Piskernik at:

         Mag. Valentin Piskernik
         Hochstrasse 31
         2380 Perchtoldsdorf, Austria
         Tel: 01/8693888
         Fax: 01/869166033
         Email: anwalt@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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 Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on Oct. 3 (Bankr. Case No. 11 S 102/06w).


HTBR LLC: Creditors' Meeting Slated for December 13
---------------------------------------------------
Creditors owed money by LLC HTBR (FN 266267w) are encouraged to
attend the creditors' meeting at 9:15 a.m. on Dec. 13 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No. 4 S 150/06w).  Thomas Steiner serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Thomas Steiner
         Weihburggasse 18
         1010 Vienna, Austria
         Tel: 513 53 63
         Fax: 513 53 63 17
         E-mail: steiner.steiner@aon.at


MONEY POINT: Creditors' Meeting Slated for December 11
------------------------------------------------------
Creditors owed money by LLC Money Point Tausch (FN 196159w) are
encouraged to attend the creditors' meeting at 9:50 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 3 (Bankr. Case No. 45 S 66/06v).  Kurt Freyler serves as
the court-appointed property manager of the bankrupt estate.
Hans Rant represents Dr. Freyler in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerststte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


PUCHNER LLC: Creditors' Meeting Slated for December 11
------------------------------------------------------
Creditors owed money by LLC Puchner (FN 246313a) are encouraged
to attend the creditors' meeting at 9:00 a.m. on Dec. 11 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz, Austria

Headquartered in Ried in der Riedmark, Austria, the Debtor
declared bankruptcy on Oct. 3 (Bankr. Case No. 12 S 82/06f).
Sigrun Teufer - Peyrl serves as the court-appointed property
manager of the bankrupt estate.  Gunter Peyrl represents Mag.
Teufer-Peyrl in the bankruptcy proceedings.

The property manager can be reached at:

         Mag. Sigrun Teufer - Peyrl
         c/o Dr. Gunter Peyrl
         Pfarrgasse 20
         4240 Freistadt, Austria
         Tel: 07942/ 7 51 51
         Fax: 07942/7 51 51-9
         E-mail: ra.peyrl@epnet.at


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


M. FABRIKANT & SONS: Quashes Speculations on Units' Bankruptcy
--------------------------------------------------------------
On Nov. 17, 2006, M. Fabrikant and Sons, Inc., and its domestic
affiliate Fabrikant-Leer International Ltd., filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code. Since that time, there has been speculation as
to the status of various other Fabrikant affiliated or related
entities.

Fabrikant-Tara International, LLC, a diamond and gemstone
jewelry wholesaler, primarily owned by Tara Jewels Holdings,
Inc. and, in part, by M. Fabrikant & Sons, has not filed for
chapter 11 relief of the Bankruptcy Code and does not anticipate
that the bankruptcy filings of M. Fabrikant & Sons, Inc. or
Fabrikant-Leer International, Ltd. will adversely affect its
operations.  Fabrikant-Tara International, LLC, continues to
operate its business and fulfill all of its commitments to its
vendors and customers.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries.
Established in 1895, the Company is one of the oldest diamond
and jewelry wholesaler in the world, including Canada, China,
Japan, Thailand, Israel, Belgium and Italy.  The Company and its
affiliates, Fabrikant-Leer International, Ltd.,
filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Mar. 17, 2007.


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


AGCO CORP: Launches US$175 Million Sr. Sub. Notes Plan Offering
---------------------------------------------------------------
AGCO Corp. plans to offer US$175 million aggregate principal
amount of convertible senior subordinated notes due 2036 through
a public offering.

As part of the offering, AGCO will grant the underwriters a 30-
day option, solely to cover over-allotments, to purchase up to
an additional US$26.25 million aggregate principal amount of the
notes.  The interest rate, conversion price and other terms of
the notes will be determined by negotiations between AGCO and
the underwriters.

AGCO reported that it expects to use the net proceeds from the
offering of the notes to repay a portion of the term loans
outstanding under its existing bank credit agreement.

Morgan Stanley & Co. Inc. and Goldman, Sachs & Co. will act as
joint book-running managers for the offering of the notes.  Rabo
Securities USA, Inc. and Lazard Capital Markets LLC are acting
as co-managers for the offering.

Headquartered in Duluth, Georgia, AGCO Corp. is a global
manufacturer and distributor of agricultural equipment and
related replacement parts.  The Company offers a full line of
products under multiple brands through one of the largest global
distribution networks in the industry, including more than 3,900
independent dealers and distributors in more than 140 countries
including Denmark, Finland, Germany, Italy, France, Spain and
the United Kingdom.

                        *     *     *

On Aug. 17, 2006, Moody's Investors Service affirmed AGCO
Corporation's Ba2 corporate family rating and B1 senior
subordinated rating, and changed the company's outlook to stable
from negative.  The affirmation and change in outlook reflect
Moody's expectation that the company's successful cost reduction
and working capital management initiatives will support further
improvement in free cash flow and key credit metrics, despite
the severe slowdown in Latin American agricultural equipment
markets and the more moderate declines in North American and
European markets.


TDC A/S: Adds Three New Members to Executive Committee
------------------------------------------------------
The Board of Directors of TDC A/S has decided to enlarge the
Executive Committee now consisting of CEO Jens Alder and
CFO Hans Munk Nielsen and three new members with effect from
Jan. 1, 2007.

The three new members of the Executive Committee are:

    * Kim Frimer, aged 47, who has been with the TDC
      Group since 1986, and as CEO of TDC Totalløsninger
      A/S since 2004.

      Besides being a member of the Executive Committee of
      TDC A/S, Kim Frimer will continue as CEO of
      TDC Totalløsninger A/S.

    * Mads Middelboe, aged 46, who has been with the
      TDC Group since 2000, and as CEO of TDC Mobil A/S since
      2002.

      Besides being a member of the Executive Committee of
      TDC A/S, Mads Middelboe will continue as CEO of
      TDC Mobil A/S.

    * Henriette Fenger Ellekrog, aged 40, who has been with
      the TDC Group since 1998, and as Group HR manager
      since 2004.

The new members of the Executive Committee will be registered
with the Danish Commerce and Companies Agency as soon as
possible after a contemplated amendment of the company's
Articles of Association has been adopted at the annual general
meeting in 2007.  The contemplated amendment implies that
TDC A/S shall have an Executive Committee consisting of
2-7 members.

                           About TDC

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in the TCR-Europe on May 11, Fitch affirmed TDC
A/S's Issuer Default Rating at BB- with Stable Outlook and
senior secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


=============
F I N L A N D
=============


BRIGHTPOINT INC: Earns US$8.7 Million in Third Quarter 2006
-----------------------------------------------------------
Brightpoint Inc. reported net income of US$8.7 million for the
third quarter ended Sept. 30, 2006, compared with a net loss of
US$6.1 million for the same period in 2005 due to a US$14.4
million total loss from discontinued operations.

Total revenue increased 16% to US$633.7 million for the three
months ended Sept. 30, 2006, from US$544.9 million for the same
period in the prior year.

At Sept. 30, 2006, the Company's balance sheet showed
US$686.178 million in total assets, US$509.359 million in total
liabilities, and US$176.819 million in total shareholders'
equity.

               Financing Activities of Subsidiaries

The Company disclosed that, in April 2006, the credit facility
utilized by its primary operating subsidiary in the Philippines,
Brightpoint Philippines Inc., matured and was not renewed.  In
addition, the credit facility utilized by its primary operating
subsidiary in the Slovak Republic, Brightpoint Slovakia s.r.o.,
matured in May 2006 and was not renewed.

In August 2006, Brightpoint Slovakia s.r.o. entered into a
credit facility with Vseobecna uverova banka, a.s.  The
facility, which matures in August 2007, provides borrowing
availability of up to a maximum of US$21 million, bears interest
at the one- month Libor rate plus 0.60% and is supported by a
guarantee from the Company.  The Facility, at Sept. 30, 2006,
had no amounts outstanding.

The Company also disclosed that Brightpoint North America L.P.
entered into an agreement with GE Capital in 2001, which has
been amended in October 2006.  The amendment, among other
things, allows the Company to request an increase in aggregate
commitments of up to US$40 million, and it lowers the fixed
charge coverage ratios to be maintained before causing a change
in the level of applicable margin to be added to the applicable
interest rate.

              Significant Purchase of Wireless Device

In September 2006, the Company further disclosed that, it made a
significant purchase of wireless device inventory as part of its
expanded global relationship with a major original equipment
manufacturer.  The wireless devices were procured under the
terms of an existing supply agreement in the Philippines.
However, the Company intends to sell the products through all of
its international operations including outside the Asia-Pacific
region.  The purchase will be funded using cash generated from
the sale the product.

Full-text copies of Company's third quarter financials may be
viewed at no charge at http://ResearchArchives.com/t/s?15de

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

                          *     *     *

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


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F R A N C E
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CONVERIUM HOLDING: VP Presents Results in London Conference
-----------------------------------------------------------
Benjamin Gentsch, Executive Vice President of Converium Holding
AG, addressed KBW's European Insurance Conference in London on
Nov. 29, 2006.

The presentation focused on Converium as a viable alternative in
the global reinsurance market.  Mr. Gentsch highlighted
Converium's strong year-to-date financial performance, the
agreed sale of the Company's North American operations and the
good prospects for a near-term improvement of Converium's
financial strengths ratings.  He also reported on the ongoing
year-end renewals and the strong support Converium is
experiencing from clients.

The presentation will be similar to the one given by Inga Beale,
CEO of Converium, at the Sal. Oppenheim European Financials
Conference in Zurich where she outlined the key drivers of
Converium's profitable growth following an upgrade:

   -- earnings are expected to grow on the back of increasing
      shares of wallet in existing client relationships as well
      as the establishment of new relationships;

   -- the combined ratio is expected to improve as the business
      mix shifts towards non-proportional business and
      administration expenses are supported by a growing volume
      of business; and

   -- returns on assets are expected to increase reflecting an
      optimized asset allocation through a reduction of
      collateralization requirements.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.  The company also operates in
Germany, United Kingdom, France, Malaysia, Singapore, Australia,
Japan, Bermuda, Argentina, U.S.A., Brazil and Canada.

                          *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings placed
Swiss-based Converium AG's Insurer Financial Strength BBB-
rating on Rating Watch Positive.  The agency has also placed
other ratings within the Converium group on RWP.

Converium group ratings are:

   -- Converium AG's IFS BBB- on RWP;

   -- Converium AG's Issuer Default rating BBB- on RWP;

   -- Converium Insurance (U.K.) Limited's IFS BBB- on RWP;

   -- Converium Ruckversicherungs (Deutschland) AG's IFS BBB- on
      RWP;

   -- Converium Holding AG's IDR BB on RWP; and

   -- Converium Finance S.A.'s US$200 million subordinated debt
      due 2032 BB+ on RWP.


INTERSHOP COMMUNICATIONS: Launches Wolford AG's Internet Store
--------------------------------------------------------------
The first customer for Intershop Communication AG's full-service
e-commerce offering, Austrian fashion company Wolford AG,
launches its e-commerce portal.

This project involves Intershop handling all online business
processes for Bregenz-based Wolford.  In addition to providing
its packaged Enfinity Suite 6 software to power the shopping
portal, for the first time, Intershop is also delivering all the
related e-commerce services, from online marketing and managing
accounts receivable to payment, logistics, and returns handling.

The http://www.wolford.de/or http://www.wolford.at/portals
will enable 24/7 access to around 150 models from the company's
range, providing a convenient online alternative to existing
brick-and-mortar outlets.  The web store will initially only be
available to Internet users in Germany and Austria, but there
are already plans to gradually expand into other international
markets.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enable
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in France, U.K., Sweden, Czech Republic,
China, Australia, Singapore, South Korea, Taiwan and the U.S.A.

The Company has been posting annual losses: EUR87.5 million in
2000; EUR102.5 million in 2001; EUR59.7 million in 2002, EUR15.5
million in 2003; EUR14.3 million in 2004; and EUR7.8 million in
2005.


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


BALKAN GROSSKUECHEN: Claims Registration Ends December 12
---------------------------------------------------------
Creditors of Balkan Grosskuechen- und Ladeneinrichtungs GmbH
have until Dec. 12 to register their claims with court-appointed
provisional administrator Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Balkan Grosskuechen- und Ladeneinrichtungs GmbH on
Oct. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Balkan Grosskuechen- und Ladeneinrichtungs GmbH
         Ruhrorter Str. 108-110
         45478 Muelheim an der Ruhr, Germany

         Attn: Mehmet Edip Eranil, Manager
         Zirkelstr. 2
         47053 Duisburg, Germany

The administrator can be contacted at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim an der Ruhr, Germany


BARANNEK MOEBEL: Claims Registration Ends December 12
-----------------------------------------------------
Creditors of Barannek Moebel GmbH have until Dec. 12 to register
their claims with court-appointed provisional administrator
Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Barannek Moebel GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Barannek Moebel GmbH
         Friedenstr. 36
         46485 Wesel, Germany

         Attn: Bernhard Barannek, Manager
         Fluerener Way 44
         46487 Wesel, Germany

The administrator can be contacted at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim an der Ruhr, Germany


BAYERISCHE HYPO: Cutting Munich Re Equity Stake to 2.2%
-------------------------------------------------------
Bayerische Hypo- und Vereinsbank AG is reducing its stake in
Munich Re through an accelerated offering from 4.9% to around
2.2%.

HVB is selling around 6.16 million shares representing around
2.7% of the outstanding share capital of Munich Re.

The transaction has a market volume of around EUR782 million
based on EUR126.95, the closing price on Nov. 15, 2006.  HVB
will thereby realize a disposal gain in a low three-digit
million euro range.

With this step HVB continues its ongoing strategy to align its
financial holdings.  The successful and mutually beneficial
cooperation with Munich Re and Ergo is not affected and will be
continued.

Goldman Sachs International and UniCredit Markets & Investment
Banking acted as joint bookrunners.  The offer is directed to
institutional investors.

                           About HVB

Headquartered in Munich, Germany, Bayerische Hypo-und
Vereinsbank AG (HVB) --  http://www.hypovereinsbank.de/--
offers a large portfolio of banking and financial products to
both corporate and private customers.  Its services include
consumer banking, personal, mortgage and business loans,
brokerage services, portfolio and asset management, securities
transactions and real estate financing.  The HVB Group also
includes Bank Austria Creditanstalt AG, which offers a full
range of financial services in Austria and the CEE region.

                          *     *     *

As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings
upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on the banks' Issuer Default ratings to Positive
from Stable.  Its IDR is affirmed at A.  The other ratings are
affirmed at Short-term F1 and Support 1.


BAYERISCHE HYPO: Earns EUR2.6 Billion for First Nine Months 2006
----------------------------------------------------------------
Bayerische Hypo- und Vereinsbank AG released it financial
results for the nine months and third quarter ended Sept. 30,
2006.

HVB posted EUR2.55 billion in net profit against EUR4.35 billion
in revenues for the first nine months of 2006, compared with
EUR890 million in net profit against EUR4.2 billion in revenues
for the same period in 2005.

HVB posted EUR842 million in net profit against EUR1.47 billion
in total revenues for the third quarter of 2006, compared with
EUR324 million in net profit against EUR1.41 billion in revenues
for the same period in 2005.

As of Sept. 30, 2006, HVB had EUR495.11 billion in total assets,
EUR476.57 billion in total liabilities and EUR18.54 million in
shareholders equity.

                           About HVB

Headquartered in Munich, Germany, Bayerische Hypo-und
Vereinsbank AG (HVB) --  http://www.hypovereinsbank.de/--
offers a large portfolio of banking and financial products to
both corporate and private customers.  Its services include
consumer banking, personal, mortgage and business loans,
brokerage services, portfolio and asset management, securities
transactions and real estate financing.  The HVB Group also
includes Bank Austria Creditanstalt AG, which offers a full
range of financial services in Austria and the CEE region.

                          *     *     *

As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings
upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on the banks' Issuer Default ratings to Positive
from Stable.  Its IDR is affirmed at A.  The other ratings are
affirmed at Short-term F1 and Support 1.


FARBE + PUTZ: Creditors' Meeting Slated for December 12
-------------------------------------------------------
The court-appointed provisional administrator for Farbe + Putz
GmbH Rodalben, Georg Utzinger, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on Dec. 12.

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

         The District Court of Pirmasens
         Meeting Room 153
         Pirmasens, Germany

The Court will also verify the claims set out in the
administrator's report at 2:00 p.m. on Jan. 23, 2007, at the
same venue.

The District Court of Pirmasens opened bankruptcy proceedings
against Farbe + Putz GmbH Rodalben on Oct. 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Farbe + Putz GmbH Rodalben
         Hauptstrasse 168
         66976 Rodalben, Germany

The administrator can be reached at:

         Georg Utzinger
         Bahnhofstrasse 2
         66953 Pirmasens, Germany
         Tel: 06331/55220
         Fax: 06331/552255


G.F. WEBER: Claims Registration Ends December 11
------------------------------------------------
Creditors of G.F. Weber GmbH i.L. have until Dec. 11 to register
their claims with court-appointed provisional administrator
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 11, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against G.F. Weber GmbH i.L. on Oct. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         G.F. Weber GmbH i.L.
         Ida-Ehre-Place 14
         20095 Hamburg, Germany

         Attn: Peter Matthiesen, Manager
         Neue Road 17
         27432 Bremervoerde, Germany

The administrator can be contacted at:

         Joern Weitzmann
         Arnold-Heise-Road 9
         20249 Hamburg, Germany


INTERSHOP COMMUNICATIONS: Launches Wolford AG's Internet Store
--------------------------------------------------------------
The first customer for Intershop Communication AG's full-service
e-commerce offering, Austrian fashion company Wolford AG,
launches its e-commerce portal.

This project involves Intershop handling all online business
processes for Bregenz-based Wolford.  In addition to providing
its packaged Enfinity Suite 6 software to power the shopping
portal, for the first time, Intershop is also delivering all the
related e-commerce services, from online marketing and managing
accounts receivable to payment, logistics, and returns handling.

The http://www.wolford.de/or http://www.wolford.at/portals
will enable 24/7 access to around 150 models from the company's
range, providing a convenient online alternative to existing
brick-and-mortar outlets.  The web store will initially only be
available to Internet users in Germany and Austria, but there
are already plans to gradually expand into other international
markets.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enable
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in France, U.K., Sweden, Czech Republic,
China, Australia, Singapore, South Korea, Taiwan and the U.S.A.

The Company has been posting annual losses: EUR87.5 million in
2000; EUR102.5 million in 2001; EUR59.7 million in 2002, EUR15.5
million in 2003; EUR14.3 million in 2004; and EUR7.8 million in
2005.


KERAMONT GMBH: Claims Registration Ends December 13
---------------------------------------------------
Creditors of Keramont GmbH have until Dec. 13 to register their
claims with court-appointed provisional administrator Gunther
Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof, 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 Hof opened bankruptcy proceedings against
Keramont GmbH on Oct. 5.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Keramont GmbH
         Ernst-Reuter-Road 48 A
         95032 Hof, Germany

The administrator can be contacted at:

         Gunther Neef
         Bismarckstrasse 21
         95028 Hof, Germany
         Tel: 09281/140056
         Fax: 09281/14005777


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


AFFILIATED COMPUTER: S&P Puts B+ Credit Rating on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc. including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

"ACS has announced that it has completed its internal
investigation into its historical stock option practices; in
response to the finding, the company's chief executive officer
and chief financial officer have resigned," said Standard &
Poor's credit analyst Philip Schrank.

Additionally, the company is continuing to review and evaluate
the results of the internal investigation to determine the
accounting consequences of the use of incorrect measurement
dates during the period from 1994 through 2005.

The company currently expects that the incremental cumulative
noncash compensation expense related to incorrect accounting
measurement dates will be approximately US$51 million, plus
additional tax related expenses.

This estimate may increase or decrease when finalized.  The
company has not yet determined the impact of these accounting
adjustments on its historical and current period consolidated
financial statements or on its assessment of effectiveness
of internal control over financial reporting, nor whether it
will be required to restate its consolidated financial
statements as a result of these adjustments.

Standard & Poor's will continue to monitor the progress being
made with regard to the filing of audited financial reports and
financial restatements, negotiations with lenders and other
triggering events that might cause a payment acceleration of
ACS' debentures, as well as the company's available sources of
liquidity.

Additionally, Standard & Poor's will review with new management
any changes to the strategy and corporate governance practices
that may stem from the management departures and internal
investigation.

Ratings List:

   * Affiliated Computer Services Inc.

   * Ratings Remain On Credit Watch

     -- Corporate credit rating at B+/Watch Negative
     -- Senior secured debt at B+/Watch Negative


CLIENTLOGIC CORP: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed ClientLogic Corp.'s B3
corporate family rating after the disclosure of its plan to
merge with SITEL Corp.

Concurrently, Moody's has withdrawn the B1 rating on
ClientLogic's former US$122 million first lien bank credit
facility and Caa1 rating on the company's former US$35 million
second lien bank credit facility, both of which have been
refinanced.

The rating outlook is stable.

Under the terms of the proposed merger, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay US$4.05
per share in cash for all of the outstanding common stock of
SITEL.

The transaction, which Clientlogic expects to be completed in
the first quarter of 2007, is subject to customary closing
conditions, including shareholder approval and regulatory
clearances.

Moody's will continue to focus on the firm's prospective
capitalization, free cash flow, and earnings following the
merger, including the potential for expense reduction.

Headquartered in Nashville, Tennessee, ClientLogic Corporation
provides outsourced call center services worldwide including
Austria, France, Germany, Ireland, Netherlands, and the
United Kingdom.


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


BURGER KING: Earns US$40 Million in Quarter Ended September 30
------------------------------------------------------------
Burger King Corporation reported a US$40,000,000 net income on
US$546,000,000 of revenues for the three months ended Sept. 30,
2006, versus a US$22,000,000 net income on US$508,000,000 of
revenues for the three months ended Sept. 30, 2005.

The increase in net income is primarily the result of:

   * an increase in revenues of US$38 million;

   * an increase in operating costs and expenses of US$33
     million;

   * a US$5 million pre-tax gain from the sale of our investment
     in a joint venture;

   * a benefit of US$12 million due to a pre-tax loss on early
     extinguishment of debt of US$13 million recorded in the
     first quarter of the prior year; and

   * a US$4 million increase in income tax expense.

At Sept. 30, 2006, the Company's balance sheet showed
US$2,413,000,000 in total assets and US$1,814,000,000 in total
liabilities resulting in a stockholders' equity of 599,000,000.

On Oct. 6, 2006, the Company prepaid an additional US$35 million
of term debt, reducing the total outstanding debt balance to
US$912 million.  As a result of this payment, the next scheduled
principal payment on the amended facility is March 31, 2009.

Full-text copies of the Company's financial statements for the
quarter ended Sept. 30, 2006, are available for free at:

              http://ResearchArchives.com/t/s?15ea

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,100
restaurants in all 50 states and in more than 65 countries and
U.S. territories including Austria, Cyprus, Denmark, France,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, Italy,
Iceland, Germany, Malta, and Hungary.  Approximately 90% of
Burger King restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been
in business for decades.  Burger King Holdings Inc., the parent
company, is private and independently owned by an equity sponsor
group comprised of Texas Pacific Group, Bain Capital and Goldman
Sachs Capital Partners.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corporation to Ba3
from Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


M. FABRIKANT & SONS: Quashes Speculations on Units' Bankruptcy
--------------------------------------------------------------
On Nov. 17, 2006, M. Fabrikant and Sons, Inc., and its domestic
affiliate Fabrikant-Leer International Ltd., filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code. Since that time, there has been speculation as
to the status of various other Fabrikant affiliated or related
entities.

Fabrikant-Tara International, LLC, a diamond and gemstone
jewelry wholesaler, primarily owned by Tara Jewels Holdings,
Inc. and, in part, by M. Fabrikant & Sons, has not filed for
chapter 11 relief of the Bankruptcy Code and does not anticipate
that the bankruptcy filings of M. Fabrikant & Sons, Inc. or
Fabrikant-Leer International, Ltd. will adversely affect its
operations.  Fabrikant-Tara International, LLC, continues to
operate its business and fulfill all of its commitments to its
vendors and customers.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries.
Established in 1895, the Company is one of the oldest diamond
and jewelry wholesaler in the world, including Canada, China,
Japan, Thailand, Israel, Belgium and Italy.  The Company and its
affiliates, Fabrikant-Leer International, Ltd.,
filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Mar. 17, 2007.


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


ASTANA FINANCE: Fitch Gives BB+ Rating on US$175-Mln Eurobond
-------------------------------------------------------------
Fitch Ratings assigned Astana Finance B.V.'s US$175 million 9%
eurobond due 2011(ISIN Code: XS0275278256) a final Long-term
rating of BB+.

The bond is guaranteed unconditionally and irrevocably by JSC
Astana Finance and AF's subsidiary, JSC Leasing Company Astana-
Finance.

AF was created in 1997 by the municipality of Astana to
facilitate development finance for Astana, the rapidly growing
new capital of Kazakhstan and for the surrounding Akmola region.
It has since also diversified geographically and into certain
aspects of investment banking. AF is 25.5%-owned by the
municipality of Astana.


A-DARHAN LLP: Kyzylorda Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceedings against A-Darhan on
Oct. 6.


BIOZASHITA-KASPYI LLP: Creditors' Claims Due Dec. 15
----------------------------------------------------
LLP Bio Protection-Kaspyi Biozashita-Kaspyi has declared
insolvency.  Creditors have until Dec. 15 to submit written
proofs of claim to:

         LLP Bio Protection-Kaspyi Biozashita-Kaspyi
         Abai Str. 3-16
         Atyrau
         Atyrau Region
         Kazakhstan


BOLEK LLP: Almaty Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Bolek
(RNN 600700044465) on Nov. 3.


BUSINESS GROUP: Claims Registration Ends Jan. 10, 2007
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Business Group (RNN 600900522510) insolvent on Sept. 13.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Jan. 10, 2007, to submit written proofs of
claim to:

         LLP Business Group
         Office 622
         Gogol Str. 86
         Almaty, Kazakhstan


INVEST-REGION LLP: Aktube Court Commences Bankruptcy Proceedings
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Invest-Region on
Nov. 2.


KAZ ROS LIFT: Claims Filing Period Ends Dec. 19
-----------------------------------------------
LLP Kaz Ros Lift has declared insolvency.  Creditors have until
Dec. 19 to submit written proofs of claim to:

         LLP Kaz Ros Lift
         Lomonosov Str. 52
         Almaty District
         Astana, Kazakhstan


KAZ ROS PHARM-F: Creditors' Claims Due Dec. 15
----------------------------------------------
LLP Kaz Ros Pharm-F has declared insolvency.  Creditors have
until Dec. 15 to submit written proofs of claim to:

         LLP Kaz Ros Pharm-F
         Abai Str. 28
         Shymkent
         South Kazakhstan Region
         Kazakhstan


KOKTAU-KENMYS LLP: Aktube Court Starts Bankruptcy Procedure
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Koktau-Kenmys on
Oct. 30.


KUAT JSC: Claims Filing Period Ends Jan. 12, 2007
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared JSC Kuat insolvent on Oct. 20.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Jan. 12, 2007, to submit written proofs of
claim to:

         JSC Kuat
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 53-84-67


MAESTRO PLUS: Almaty Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Maestro Plus
(RNN 600700216099) on Nov. 3.


RENATO FIEND: Creditors' Claims Due Jan. 10, 2007
-------------------------------------------------
The Branch of JSC Renato Fiend Group Inc. in Kazakhstan has
declared insolvency.  Creditors have until Jan. 10, 2007, to
submit written proofs of claim to:

         The Branch of JSC Renato Fiend Group Inc.
         Abylai han Ave. 135
         Almaty, Kazakhstan


RUTEL LLP: Aktube Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Rutel on Oct. 16.


SAAD LLP: Akmola Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Saad on Oct. 9.


TARAZ-LADA OJSC: Claims Filing Period Ends Dec. 22
---------------------------------------------------
OJSC Taraz-Lada has declared insolvency.  Creditors have until
Dec. 22 to submit written proofs of claim to:

         OJSC Taraz-Lada
         Sahzavodskaya Str. 77
         Taraz
         Jambyl Region
         Kazakhstan


TRETYAKOVKA LLP: Akmola Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Tretyakovka on
Oct. 9.


TURK CONSULTING: Aktube Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Turk Consulting on
Oct. 16.


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


BTD RIVA: Creditors' Claims Due Jan. 12, 2007
---------------------------------------------
LLC BTD Riva Trading has declared insolvency.  Creditors have
until Jan. 12 2007, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 21-82-13.


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


AGCO CORP: Launches US$175 Million Sr. Sub. Notes Plan Offering
---------------------------------------------------------------
AGCO Corp. plans to offer US$175 million aggregate principal
amount of convertible senior subordinated notes due 2036 through
a public offering.

As part of the offering, AGCO will grant the underwriters a 30-
day option, solely to cover over-allotments, to purchase up to
an additional US$26.25 million aggregate principal amount of the
notes.  The interest rate, conversion price and other terms of
the notes will be determined by negotiations between AGCO and
the underwriters.

AGCO reported that it expects to use the net proceeds from the
offering of the notes to repay a portion of the term loans
outstanding under its existing bank credit agreement.

Morgan Stanley & Co. Inc. and Goldman, Sachs & Co. will act as
joint book-running managers for the offering of the notes.  Rabo
Securities USA, Inc. and Lazard Capital Markets LLC are acting
as co-managers for the offering.

Headquartered in Duluth, Georgia, AGCO Corp. is a global
manufacturer and distributor of agricultural equipment and
related replacement parts.  The Company offers a full line of
products under multiple brands through one of the largest global
distribution networks in the industry, including more than 3,900
independent dealers and distributors in more than 140 countries
including Denmark, Finland, Germany, Italy, France, Spain and
the United Kingdom.

                        *     *     *

On Aug. 17, 2006, Moody's Investors Service affirmed AGCO
Corporation's Ba2 corporate family rating and B1 senior
subordinated rating, and changed the company's outlook to stable
from negative.  The affirmation and change in outlook reflect
Moody's expectation that the company's successful cost reduction
and working capital management initiatives will support further
improvement in free cash flow and key credit metrics, despite
the severe slowdown in Latin American agricultural equipment
markets and the more moderate declines in North American and
European markets.


AKER KVAERNER: Inks EUR50-Million Supply Pact with Oevik Energi
---------------------------------------------------------------
Aker Kvaerner ASA has been awarded a contract for the supply of
a large biofuel-fired boiler plant to Oevik Energi AB, for its
new power plant being built close to the town of Oernskoeldsvik,
Sweden.

The contract value to Aker Kvaerner is around EUR50 million.

OEVIK Energi AB is a community-owned, limited company, which
produces district heating locally, as well as electricity for
the national net.  Oevik Energi AB is now expanding its power
plant to increase capacity.  The new power boiler will also lead
to a significant increase in the use of biofuels.

"This contract illustrates how the effective use of alternative
fuels in energy production is growing.  This choice of biofuels
supports the EU's ambitions to cut carbon dioxide emissions, and
increase energy production based on renewable fuels rather than
fossil fuels," Lennart Ohlsson, President of Kvaerner Power,
said.

Kvaerner Power, part of the Aker Kvaerner group, will supply the
power boiler, which utilises bubbling fluidized bed (BFB)
combustion technology, and will burn biofuels.  The boiler will
have a steam capacity of 130 megawatts and steam data of 540ºC
and 139 bar.  The delivery includes engineering, procurement and
construction of the power boiler, the boiler building, and the
electricity & instrumentation systems. The new boiler plant will
be ready in late 2008.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Closes EUR600-Mln Refinancing; Increases Facility
----------------------------------------------------------------
Aker Kvaerner ASA disclosed that it has successfully concluded
its refinancing.  The syndication of the bank facility of EUR600
million has attracted substantial interest in the market and was
significantly oversubscribed.

Aker Kvaerner has therefore decided to increase this facility to
EUR750 million.

The company launched the issuance of the NOK-denominated bonds
on Nov. 15.  The bonds have been very well received in the
market and Aker Kvaerner decided to close the books mid last
week with a total amount of NOK1.6 billion.  The split in the
three-, five- and seven-year tranches were NOK500 million,
NOK650 million and NOK450 million respectively.  Payment date is
Dec. 1, 2006.  Aker Kvaerner will consider further issuances in
the bond market at a later stage.

Aker Kvaerner also formally called the subordinated bond to be
redeemed at the price of 101.2% of the principal loan amount as
agreed in the bondholders meeting Nov. 9.

Aker Kvaerner will neutralize the existing EUR260 million bond
notes through a satisfaction and discharge as previously
announced.

The refinancing of Aker Kvaerner will give a strong and flexible
financing structure for the Group in the coming years.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


AFFILIATED COMPUTER: S&P Puts B+ Credit Rating on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc. including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

"ACS has announced that it has completed its internal
investigation into its historical stock option practices; in
response to the finding, the company's chief executive officer
and chief financial officer have resigned," said Standard &
Poor's credit analyst Philip Schrank.

Additionally, the company is continuing to review and evaluate
the results of the internal investigation to determine the
accounting consequences of the use of incorrect measurement
dates during the period from 1994 through 2005.

The company currently expects that the incremental cumulative
noncash compensation expense related to incorrect accounting
measurement dates will be approximately US$51 million, plus
additional tax related expenses.

This estimate may increase or decrease when finalized.  The
company has not yet determined the impact of these accounting
adjustments on its historical and current period consolidated
financial statements or on its assessment of effectiveness
of internal control over financial reporting, nor whether it
will be required to restate its consolidated financial
statements as a result of these adjustments.

Standard & Poor's will continue to monitor the progress being
made with regard to the filing of audited financial reports and
financial restatements, negotiations with lenders and other
triggering events that might cause a payment acceleration of
ACS' debentures, as well as the company's available sources of
liquidity.

Additionally, Standard & Poor's will review with new management
any changes to the strategy and corporate governance practices
that may stem from the management departures and internal
investigation.

Ratings List:

   * Affiliated Computer Services Inc.

   * Ratings Remain On Credit Watch

     -- Corporate credit rating at B+/Watch Negative
     -- Senior secured debt at B+/Watch Negative


NETIA SA: Unveils Terms of Merger with Pro Futuro SA Unit
---------------------------------------------------------
Netia SA decided to merge with its wholly owned subsidiary Pro
Futuro SA with its registered seat in Warsaw, as part of the
ongoing process of internal consolidation of Netia subsidiaries.

The purpose of the internal consolidation is to simplify and
make the Netia Group's capital structure more transparent.  The
Management Board believes that this will positively impact the
Netia Group's operations through reduction of administrative
costs, including a decrease in the scale of intercompany
transactions in its daily operations.

Pro Futuro SA conducts telecommunications operations.

Consequently, Netia's Management Board and Pro Futuro's
Management Board executed on November 27, 2006, an agreement
implementing the Terms of Merger.

                        Terms of Merger

   1) the merger applies to the publicly listed company
      Netia Spolka Akcyjna with its registered seat in
      Warsaw and its single shareholder company
      Pro Futuro SA with its registered seat in Warsaw.

   2) the merger shall be carried out pursuant to
      Article 492, §1, subsection 1 of the Commercial
      Companies Code in relation to Article 515, §1 of the
      CCC through the transfer of the Company's assets to
      Netia without any increase in Netia's share
      capital, without any share exchanges and without
      amending Netia's Statute.

   3) as the merger shall not involve an exchange of
      the Company's shares into Netia's shares, the
      information required under Article 499, §1, subsections
      2 - 4 of the CCC has been omitted as unnecessary.

   4) the merger shall not result in any of the rights
      referred to in Article 499 §1 subsection 5 of the
      CCC being granted, nor any special benefits as referred
      to in Article 499 §1 subsection 6 of the CCC.

   5) pursuant to Article 499 §2 of the CCC, these documents
      are attached as Schedules to these Terms of Merger:

         a) a draft resolution of Netia's General Meeting
            of Shareholders on the merger (Schedule No. 1);

         b) a draft resolution of the Company's General
            Meeting of Shareholders on the merger
            (Schedule No. 2);

         c) an appraisal of the Company's assets as of
            Oct. 31, 2006 (Schedule No. 3);

         d) a representation containing information on
            Netia's accounting statement made as of
            Oct. 31, 2006 (Schedule No. 4);

         e) a representation containing information on
            the Company's accounting statements made as
            of Oct. 31, 2006 (Schedule No. 5).

The material Schedules to the Terms of Merger concerning Netia
include:

   -- a draft resolution of Netia's General Meeting
      of Shareholders on the merger;

   -- a representation containing information on
      Netia's accounting statement made as of Oct. 31, 2006.

Netia's Management Board notes that the information relating to
the net assets of Pro Futuro, as well as the representations
containing information on Netia's and Pro Futuro's accounting
statements have been made exclusively for the purposes of the
internal consolidation of the Netia Group, do not constitute the
financial statements of Netia or Pro Futuro.  The consolidated
financial statements of the Netia Group as at and for the year
ended Dec. 31, 2005 were published on Feb. 27, 2006.  The
interim condensed consolidated financial statements of the Netia
Group as at and for the three-month and nine-month periods ended
Sept. 30, 2006 were published on Nov. 14, 2006.

Headquartered in Warsaw, Poland, Netia S.A. (WSE: NET)
(B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line
telecommunications operator in Poland.  It operates on the
basisof its own, state-of-the-art fiber-optic backbone network
that connects the largest Polish cities as well as its local
access networks.  Netia provides a broad range of
telecommunications services, including voice, data and network
wholesale services.


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


ALEUSSKIY WOODWORKING: Bankruptcy Hearing Slated for March 14
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
March 14, 2007, to hear the bankruptcy supervision procedure on
OJSC Aleusskiy Woodworking Combine.  The case is docketed under
Case No. A-16920/06-29/337.

The Temporary Insolvency Manager is:

         N. Muttalapov
         Post User Box 7664
         Central Post Office
         644099 Omsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Aleusskiy Woodworking Combine
         Kirillova Str. 48
         Ust-Aleus
         Ordynskiy Region
         633291 Novosibirsk Region
         Russia


ALFA BANK: Fitch Changes Outlook to Positive & Keeps BB- IDR
------------------------------------------------------------
Fitch Ratings changed the Outlooks on Russia-based Alfa Bank's
Issuer Default and National Long-term ratings to Positive from
Stable.

The ratings are affirmed at Issuer Default BB-, National Long-
term A+, Individual C/D, Short-term B, and Support 4.

The Outlook reflects Fitch's view of the improving, albeit still
challenging, Russian operating environment and the enhanced
prospects for the country's leading privately-owned banks, as
well as the ongoing strengthening of Alfa's franchise and
expansion of its equity base.

Alfa's ratings continue to reflect the concentrated balance
sheet and modest capital ratios of the broader Alfa Banking
Group.  However, the ratings also consider ABG's large
franchise, its above-average risk management function, good, to
date, asset quality, improved core earnings and moderate
related-party loan and market risk exposures.

Upward pressure on the ratings could result from further
improvements in the operating environment, the further
strengthening of the bank's franchise in both corporate and
retail markets, greater diversification of lending and funding
and further enhancement of core earnings.

Downward pressure is viewed as unlikely in the near term, but a
significant deterioration in ABG's currently strong asset
quality, a reduction in already moderate target capitalization
levels or further pressure on the bank's liquidity would all be
rating negatives.

ABG is the largest privately owned banking group in Russia by
assets, although market shares are modest, reflecting the
fragmented nature of the sector.  The group is ultimately owned
by six individuals, with the largest stake held by Mikhail
Fridman, the Chairman of the Board.


BANK URALSIB: Fitch Upgrades Issuer Default Rating to B+
--------------------------------------------------------
Fitch Ratings upgraded Russia-based Bank Uralsib's Issuer
Default rating to B+ from B.  The bank's other ratings are
affirmed at Short-term B, Individual D, and Support 4.
Following the upgrade, the Outlook on the IDR is now Stable.

At the same time, Fitch has affirmed Financial Corp. Nikoil's
ratings of Long-term B- with Stable Outlook, Short-term B,
Individual D/E, Support 5 and simultaneously withdrawn them.
Nikoil's ratings are withdrawn in connection with the ongoing
restructuring of Uralsib Financial Corp.

The upgrade reflects Uralsib's strengthened franchise,
substantial equity base and reduced loan concentrations.  It
also takes into account Fitch's view of the improving, albeit
still challenging, Russian operating environment and the
enhanced prospects for the country's leading privately owned
banks.  The ratings are also supported by Uralsib's currently
comfortable liquidity and low levels of loan impairment.

However, the ratings also reflect the bank's modest core
profitability, substantial market risk exposures and significant
related-party lending.  A large, strategic stake in the equity
of Russian oil company Lukoil, coupled with other positions
taken in 2006 in Russian oil and gas stocks, could result in
considerable volatility in the bank's earnings and equity.  At
the same time, Fitch notes that Uralsib's capital ratios could
withstand a large reduction in the value of these investments
and still remain reasonable.

Improvements in core earnings and a reduction in market risk
exposures, coupled with improvements in the operating
environment, could help to create upward pressure on the
ratings.  Downward pressure on the ratings is not expected in
the near term, although any further significant increase in
market risk appetite or deterioration of capitalization could
have a negative effect.

Uralsib was the largest privately owned Russian bank at end-H106
by equity and the second largest by assets.  UFC holds an 89%
stake in Uralsib, and the Bashkortostan Republic government
holds 7%.  UFC has two individual shareholders, one of whom, the
CEO of Uralsib, Nikolai Tsvetkov, is currently consolidating a
majority stake in UFC.


BUSINESS-TOUR CJSC: Court Names P. Tarasov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for CJSC
Business-Tour.  He can be reached at:

         P. Tarasov
         Post User Box 19
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-22542/2006.

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 Business-Tour
         Boytsova Str. 4
         St. Petersburg Region
         Russia


CHEMICAL PRODUCT: Court Names A. Trifonov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC
Chemical Product.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-31942/2006.

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 Chemical Product
         Letter A
         Premise 15N
         Room 1
         Leninskiy Pr. 81
         St. Petersburg Region
         Russia


EAST WEST: Moscow Court Names S. Suvorov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. S. Suvorov
as Insolvency Manager for CJSC East West Audit.  He can be
reached at:

         S. Suvorov
         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.
A40-38171/06-95-810B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC East West Audit
         Krymskiy Val 8
         Moscow Region
         Russia


INSURANCE COMPANY: Court Names P. Tarasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. P.
Tarasov as Insolvency Manager for LLC Insurance Company.  He can
be reached at:

         P. Tarasov
         Post User Box 183
         170100 OPS-100
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-8041/2006-6.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         LLC Insurance Company
         Sadovaya Str. 14 1
         163061 Arkhangelsk Region
         Russia


KRASNOSELSKOYE AGENCY: Court Names A. Trifonov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC
Krasnoselskoye Agency of Immovable Property.  He can be reached
at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-31911/2006.

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

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

The Debtor can be reached at:

         CJSC Krasnoselskoye Agency of Immovable Property
         Chekistov Str. 28
         St. Petersburg Region
         Russia


MARIBERG OJSC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Mariy El Republic commenced bankruptcy
supervision procedure on OJSC Kozmodemyanskiy Bakery Mariberg.
The case is docketed under Case No. A-38-1932-19/243-2006.

The Temporary Insolvency Manager is:

         V. Emelyanov
         Lean house 12
         P. Lumumby Str. 8
         Cheboksary
         428022 Chuvashiya Republic
         Russia

The Debtor can be reached at:

         OJSC Kozmodemyanskiy Bakery Mariberg
         Kozmodemyansk
         Mariy El Republic
         Russia


MDM BANK: Fitch Revises BB- Default Rating's Outlook to Positive
----------------------------------------------------------------
Fitch Ratings changed the Outlooks of Russia-based MDM Bank's
and its ultimate parent MDM Holding GmbH's Issuer Default
ratings and National Long-term ratings to Positive from Stable.
The agency also affirmed the ratings.

MDM Bank:

   -- IDR and foreign currency senior unsecured debt: affirmed
      at BB-; Outlook revised to Positive from Stable;

   -- Subordinated debt: affirmed at B+;

   -- National Long-term rating and RUB senior unsecured debt:
      affirmed at A+; Outlook revised to Positive from Stable;

   -- Short-term rating affirmed at B;

   -- Individual rating: affirmed at C/D; and

   -- Support rating: affirmed at 4.

MDM Holding GmbH:

   -- IDR: affirmed at BB-; Outlook revised to Positive from
      Stable;

   -- Short-term rating: affirmed at B;

   -- Individual rating: affirmed at C/D; and

   -- Support rating: affirmed at 5.

"MDM Bank's strategy to push more comprehensively into the
middle market retail and SME segments, including in the Russian
regions, may push up costs and dampen performance indicators in
the near term, but is important in order to build a more
diversified platform for future, sustainable revenue and
earnings generation.  We believe MDM Bank has the management and
risk management know-how to deliver on its strategy and this
could benefit its ratings over the medium term," says James
Longsdon, Senior Director in Fitch's Financial Institutions
department in London.

"The Positive Outlook also reflects our view of the improving,
albeit still challenging, Russian operating environment and the
enhanced prospects for the country's leading privately-owned
banks," he added.

MDM Bank's ratings reflect significant rollover risk associated
with the bank's reliance on the wholesale markets for its
funding, the bank's moderate profitability and the credit and
liquidity risks associated with a rapid growth trajectory.  They
also reflect the bank's adequate, albeit declining
capitalization, sound management and risk management and
satisfactory asset quality

The quality of MDM Bank's earnings has been improving, with a
greater focus on net interest and commission income.
Nonetheless, profitability was supported by low levels of
impairment charges that will not be sustainable through an
economic cycle and underlying profitability ratios are moderate.

Credit risk is well controlled and loan book concentration
levels have been improving.  Rapid growth may lead to higher
loan impairment as loans season.

MDM Bank has worked hard to improve the diversity and maturity
of its funding base, including most recently through debut
subordinated bonds, a car loan securitization and a diversified
payment rights securitization transaction.  However, the bank's
reliance on wholesale markets for its funding gives rise to
potentially significant rollover risk and development of a more
diversified funding base is likely to be an important rating
consideration.

MDM Bank is by far the largest subsidiary of MDM Holding GmbH
and is Russia's 10th largest bank by assets.  MDM Holding GmbH
had consolidated assets of RUR210 billion and consolidated
equity of RUR29 billion at end-September 2006.

Operating return on average equity was 19.5% for 9M06, a little
lower than the 22% achieved in 9M05, a period that benefited
from exceptionally low impairment charges and higher trading
gains.


MEAT PRODUCTS: Court Names P. Tarasov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for CJSC Meat
Products.  He can be reached at:

         P. Tarasov
         Post User Box 19
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-22595/2006.

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 Meat Products
         Letter A
         Rimsokovo-Korsakova Pr. 105/19
         St. Petersburg Region
         Russia


MIASSKIY FISH: Bankruptcy Hearing Slated for December 7
-------------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene at
2:30 p.m. on Dec. 7 to hear the bankruptcy supervision procedure
on LLC Miasskiy Fish Processing Factory.  The case is docketed
under Case No. A76-12135/2006-52-73.

The Temporary Insolvency Manager is:

         A. Umanskiy
         Office 304
         Rossiyskaya Str. 67
         454006 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         LLC Miasskiy Fish Processing Factory
         Pionerskaya Str. 12
         Uyskoye
         456470 Chelyabinsk Region
         Russia


NEVA-LINE CJSC: Court Names A. Trifonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC Neva-
Line.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-33715/2006.

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 Neva-Line
         Lunacharskogo Str. 38
         St. Petersburg Region
         Russia


NORTH OIL: Court Names P. Tarasov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. P.
Tarasov as Insolvency Manager for LLC North Oil Company.  He can
be reached at:

         P. Tarasov
         Post User Box 19
         Ops-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-7919/2006-28.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         P. Tarasov
         Post User Box 19
         Ops-100
         170100 Tver Region
         Russia


NORTH-WEST WALLPAPER: Court Names A. Trifonov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC North-
West Wallpaper Company.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-31756/2006.

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 North-West Wallpaper Company
         V.O. Bolshoy Pr. 80
         St. Petersburg Region
         Russia


ORGRESBANK: Moody's Assigns E+ Financial Strength Rating
--------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
OrgresBank:

   -- B1 long-term and Not-Prime short-term foreign and
      local currency deposit ratings; and

   -- an E+ financial strength rating.

At the same time, Moscow-based Moody's Interfax Rating Agency
which is majority-owned by Moody's has assigned an A1.ru
long-term national scale credit rating to the bank.
OrgresBank's B1/A1.ru ratings are on review for possible
upgrade, while the outlook on the bank's FSR is stable.

According to Moody's and Moody's Interfax, the B1/NP/E+ global
scale ratings reflect global default and loss expectation, while
the A1.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Moody's notes that the bank's B1 long-term deposit rating and
A1.ru NSR factor in the possibility of external support from
Nordea Bank AB, which has recently signed an agreement to
purchase a 75.01% stake in OrgresBank for US$313.7 million
(EUR246 million).  The remaining 24.99% will be split evenly
between the current management shareholders of OrgresBank and
the European Bank for Reconstruction and Development. After
completion of the acquisition, OrgresBank's Board of Directors
will comprise five members, of which Nordea is to appoint three,
while management shareholders and the EBRD will appoint one
each.  Since the transaction is subject, inter alia, to
regulatory approvals from the relevant authorities and is
expected to be completed by the end of the first quarter of
2007, only a limited degree of support is factored into
OrgresBank's B1/A1.ru ratings.

Moody's review, which will be concluded when the acquisition is
completed, will focus on the support that OrgresBank is likely
to receive from Nordea.  In Moody's' view, successful completion
of the transaction would probably increase the degree of such
support and could lead to further positive rating actions, while
its cancellation would result in the downgrading of the bank's
B1/A1.ru ratings.

OrgresBank's E+ FSR (stable outlook), which is a measure of its
standalone financial strength, reflects its good financial
indicators, notably sound asset quality and stable liquidity, as
well as its key position in the Interbank Clearing System (ICS)
in which more than 200 small and medium-sized Russian banks,
mainly regional, currently participate.  The ICS enables its
members to deal with each other in interbank lending and foreign
exchange operations on a secured basis, while OrgresBank plays
the role of the clearing and depository bank.  Close ties with
many regional banks combined with knowledge of their business
and financial standing give the bank the opportunity to expand
in the Russian regions through acquisitions of local banks with
substantial market share.  OrgresBank's FSR is constrained
primarily by its small size and undeveloped franchise.  Other
negative rating drivers are:

   (i) significant single-party and related-party concentration
       in the loan portfolio, and

  (ii) relatively modest earnings performance, with
       profitability indicators in 2004-2005 below than average
       for the peer group of banks.

OrgresBank is headquartered in Moscow, Russian Federation.  The
bank reported total consolidated assets of US538 million and
total equity of US$93million under IFRS as at Dec. 31, 2005, and
ranked 74th by assets and 67th by regulatory capital among
Russian banks as of Sept. 30, 2006, according to Interfax.


POLEZHAEVSKIY PARK: Court Names A. Trifonov to Manage Assets
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC
Polezhaevskiy Park.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-30597/2006.

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 Polezhaevskiy Park
         Desantnikov Str. 24
         St. Petersburg Region
         Russia


RUSSIAN INT'L: Moody's Assigns E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with stable outlook to Russian International Bank:

   -- B3 long-term and Not-Prime short-term foreign and
      local currency deposit ratings, and

   -- an E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa2.ru long-term national scale credit rating to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa2.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

RIB's ratings are underpinned by the strong business connections
of its beneficiary owners enabling the bank to achieve
relatively firm positions in servicing a number of industries,
particularly metallurgy, coal production and entertainment.  The
bank's strategy is focused on establishing privileged
relationships with companies from these and some other economic
sectors by offering a customer-oriented approach and a
tailor-made product mix including consulting on financial, tax
and legal issues.

Other positive rating drivers are:

   (1) a niche franchise in rendering private banking services
       to wealthy individuals who are mainly owners or managers
       of its corporate clients, and

  (ii) good profitability indicators supported by healthy
       margins and relatively low non-interest expenses.

RIB's ratings are constrained primarily by its weak franchise,
with limited prospects to strengthen it under the niche strategy
in place.  Significant single-party concentrations on both sides
of the balance sheet also exert downward pressure on the
ratings.  However, Moody's notes that the level of concentration
has somewhat declined in 2006.  Other factors which could
negatively influence the bank's ratings include:

   (i) growth of competition in target market segments, as it is
       pressuring margins and may result in deterioration of
       profitability indicators, and

  (ii) very rapid lending expansion, which will test the
       strength of the bank's credit risk management systems.
       The B3/NP foreign and local currency deposit ratings do
       not take into account possible support from the bank's
       beneficial owners.

Russian International Bank is headquartered in Moscow, Russian
Federation.  As at year-end 2005, the bank reported
total assets of US$453 million under IFRS.  RIB ranked 85th by
assets and 92th by regulatory capital among Russian banks as of
Oct. 1, 2006, according to Interfax.


SBERBANK: Moody's Upgrades Financial Strength Rating to D
---------------------------------------------------------
Moody's Investors Service upgraded Sberbank's Financial Strength
Rating to D from D-.  The outlook on the rating remains stable.

Sberbank's other ratings have been affirmed, including its
Baa2/Prime-2 foreign-currency long-term and short-term deposit
ratings as well as its A2 ratings for senior and subordinated
debt issued under foreign law.  Moody's Interfax Rating Agency
has affirmed Sberbank's national scale rating at Aaa.ru.

According to Moody's and Moody's Interfax the FSR upgrade
reflects Sberbank's track record of solid financial performance
and improved efficiency of operations as reported under IFRS in
2005-2006.

The bank's conservative funding profile and manageable asset
quality have also supported the rating action.  Sberbank
continues to dominate the Russian banking sector, with market
shares in terms of total assets, corporate lending and retail
deposits at 26.5%, 32.2% and 54.2%, respectively.

However, if a continued gradual decline of market share is not
accompanied by improvement in efficiency, negative pressure on
the FSR may occur.  Moody's notes that Sberbank's increased
focus on the lucrative business segment of retail lending (where
it is currently occupying a 44.1% market share in Russia) has
been a major contributor to the bank's relatively wide net
interest margins over the last two years.

However, Moody's notes that Sberbank's still high loan book
concentration is a key constraining factor for its FSR, meaning
that further FSR upgrades are unlikely unless there is a
material improvement in single-party concentration levels as
measured in relation to Tier 1 capital.  Although as at end-June
2006 the reported Tier 1 capital adequacy ratio of 10.4% looked
strong, capitalization needs to be considered in light of those
large single-borrower exposures.

In addition, a relatively low level of "free" capital (i.e. that
part of equity which is not tied up in investments and fixed
assets and may therefore be used for absorbing unexpected
losses) puts an additional strain on capitalization.  Sberbank
has recently announced plans for a substantial capital increase
through a public placement of shares in 1Q 2007, which is likely
to remedy these credit issues over the near term.  However, a
lasting improvement in these areas would require substantial
lowering of the bank's appetite for credit risk.

Headquartered in Moscow, Russian Federation, Sberbank is the
largest bank in Central and Eastern Europe, with total assets of
US$107.4 billion and total equity of US$9.7 billion as at
June 30, 2006.  It is majority-owned by the Central Bank of the
Russian Federation.


SLAVINVESTBANK: Moody's Rates Loan Participation Notes at B1
------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the Senior
Unsecured Loan Participation Notes to be issued on a limited
recourse basis by Slavinvest Finance S.A. for the sole purpose
of funding a loan to SlavinvestBank.

The outlook on the rating is positive, reflecting the positive
outlook on the B1 long-term foreign currency deposit rating of
SlavinvestBank.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of SlavinvestBank to make
payments under the loan agreement.

The obligations of SlavinvestBank to make payments under the
loan agreement will rank at all times at least pari-passu with
the claims of all other unsubordinated creditors of the
borrower, save for those claims that are preferred by any
relevant law.

The loan agreement contains a cross-acceleration and a negative
pledge clause as well as covenants that limit mergers,
disposals, transactions with affiliates and payments of
dividends.  The loan agreement stipulates that SlavinvestBank's
total capital ratio calculated in accordance with Basel
requirements should not fall below 12%.  In the event that this
ratio approaches 12%, the bank's ratings would be likely to
encounter significant downward pressure.

According to Moody's, the notes might be eligible for early
redemption by the noteholders if the bank's ratings were to be
downgraded

   (1) if prior to OJSC Bank TuranAlem (Kazakhstan) purchasing a
      controlling stake in Slavinvestbank Bank, TuranAlem
      ceases to directly control 15.63 per cent of the bank's
      voting stock, and

   ii) if immediately following Bank TuranAlem's intended
       acquisition of over 50% of shares in the bank before end-
       2007, as declared in its recent statement, it ceases its
       control of the bank thereafter.

Headquartered in Moscow, Russia, SlavinvestBank reported under
IFRS unaudited consolidated total assets of US$650 million and
total equity of US$65 million as at June 30, 2006.


VISHERSKAYA PAPER: Bankruptcy Hearing Slated for April 17
---------------------------------------------------------
The Arbitration Court of Perm Region will convene on
April 17, 2007, to hear the bankruptcy supervision procedure on
LLC Visherskaya Paper Company.  The case is docketed under Case
No. A50-17376/2006-B.

The Temporary Insolvency Manager is:

         A. Kotelnikov
         Office 35
         Mira Str. 45a
         614095 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Visherskaya Paper Company
         Gagarina Str. 27
         Krasnovishersk
         618590 Perm Region
         Russia


VNESHTORGBANK JSC: State to Tackle VTB Share Issue on Dec. 7
------------------------------------------------------------
The Russian government will discuss an additional share issue
for state-controlled foreign trade bank JSC Vneshtorgbank (VTB)
at its Dec. 7 session, Economic Development and Trade Minister
German Gref told RIA Novosti.

As reported in the TCR-Europe on Nov. 29, the state intends to
retain its controlling stakes in Vneshtorgbank and savings bank
Sberbank for the next five years, Finance Minister Alexei Kudrin
was quoted by RIA Novosti as saying.

Mr. Kudrin said earlier 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.

VTB, which operates in 151 branches in 13 countries, plans to
expand in 21 countries in the next 18 months.  It will be
launching new branches in ex-Soviet republics and in Asia,
including Vietnam, China and India.

                      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.


=============================
S L O V A K   R E P U B L I C
=============================


BRIGHTPOINT INC: Earns US$8.7 Million in Third Quarter 2006
-----------------------------------------------------------
Brightpoint Inc. reported net income of US$8.7 million for the
third quarter ended Sept. 30, 2006, compared with a net loss of
US$6.1 million for the same period in 2005 due to a US$14.4
million total loss from discontinued operations.

Total revenue increased 16% to US$633.7 million for the three
months ended Sept. 30, 2006, from US$544.9 million for the same
period in the prior year.

At Sept. 30, 2006, the Company's balance sheet showed
US$686.178 million in total assets, US$509.359 million in total
liabilities, and US$176.819 million in total shareholders'
equity.

               Financing Activities of Subsidiaries

The Company disclosed that, in April 2006, the credit facility
utilized by its primary operating subsidiary in the Philippines,
Brightpoint Philippines Inc., matured and was not renewed.  In
addition, the credit facility utilized by its primary operating
subsidiary in the Slovak Republic, Brightpoint Slovakia s.r.o.,
matured in May 2006 and was not renewed.

In August 2006, Brightpoint Slovakia s.r.o. entered into a
credit facility with Vseobecna uverova banka, a.s.  The
facility, which matures in August 2007, provides borrowing
availability of up to a maximum of US$21 million, bears interest
at the one- month Libor rate plus 0.60% and is supported by a
guarantee from the Company.  The Facility, at Sept. 30, 2006,
had no amounts outstanding.

The Company also disclosed that Brightpoint North America L.P.
entered into an agreement with GE Capital in 2001, which has
been amended in October 2006.  The amendment, among other
things, allows the Company to request an increase in aggregate
commitments of up to US$40 million, and it lowers the fixed
charge coverage ratios to be maintained before causing a change
in the level of applicable margin to be added to the applicable
interest rate.

              Significant Purchase of Wireless Device

In September 2006, the Company further disclosed that, it made a
significant purchase of wireless device inventory as part of its
expanded global relationship with a major original equipment
manufacturer.  The wireless devices were procured under the
terms of an existing supply agreement in the Philippines.
However, the Company intends to sell the products through all of
its international operations including outside the Asia-Pacific
region.  The purchase will be funded using cash generated from
the sale the product.

Full-text copies of Company's third quarter financials may be
viewed at no charge at http://ResearchArchives.com/t/s?15de

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

                          *     *     *

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


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


FTPYME TDA: Fitch Junks EUR29.3-Million Series D Notes
------------------------------------------------------
Fitch Ratings assigned expected ratings to FTPYME TDA CAM 4,
Fondo de Titulizacion de Activos' notes totaling EUR1.53 billion
due in September 2045:

   -- EUR337.5 million Series A1: AAA;
   -- EUR931.5 million Series A2: AAA;
   -- EUR127 million Series A3 (CA): AAA;
   -- EUR66 million Series B: A;
   -- EUR38 million Series C: BBB-; and
   -- EUR29.3 million Series D: CC.

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 and C notes, as
well as the repayment of principal by legal final maturity date.
The Kingdom of Spain guarantees ultimate payment of interest and
principal on the Series A3 (CA) notes.

This transaction is a cash-flow securitization of a EUR1.5
billion static pool of secured and unsecured loans granted by
Caja de Ahorros Del Mediterraneo to small- and medium-sized
enterprises 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, the first layer of protection is provided by CAM
under an interest rate swap agreement that guarantees an excess
spread of 50 basis points.  The credit enhancement for the
Series A1, A2 and A3 (CA) notes is 8.88%, for the Series B 4.48%
and for the Series C 1.95%.

The AAA expected rating on the Series A3 (CA) notes has been
allocated prior to the benefit of the Kingdom of Spain
guarantee, and is therefore de-linked from the rating of the
guarantor.  The ratings of the Series B and C notes are
dependent of the solvency of the swap counterparty CAM, given
the credit support it will provide through the swap agreement,
while this is not the case for the other AAA-rated notes.

CAM continues to be an active player in the Spanish
securitization arena.  This is the fourth single seller SME loan
securitization that CAM has brought to the market, following
Empresas Hipotecario TDA CAM 3, rated by Fitch in July 2006.


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


CONVERIUM HOLDING: VP Presents Results in London Conference
-----------------------------------------------------------
Benjamin Gentsch, Executive Vice President of Converium Holding
AG, addressed KBW's European Insurance Conference in London on
Nov. 29, 2006.

The presentation focused on Converium as a viable alternative in
the global reinsurance market.  Mr. Gentsch highlighted
Converium's strong year-to-date financial performance, the
agreed sale of the Company's North American operations and the
good prospects for a near-term improvement of Converium's
financial strengths ratings.  He also reported on the ongoing
year-end renewals and the strong support Converium is
experiencing from clients.

The presentation will be similar to the one given by Inga Beale,
CEO of Converium, at the Sal. Oppenheim European Financials
Conference in Zurich where she outlined the key drivers of
Converium's profitable growth following an upgrade:

   -- earnings are expected to grow on the back of increasing
      shares of wallet in existing client relationships as well
      as the establishment of new relationships;

   -- the combined ratio is expected to improve as the business
      mix shifts towards non-proportional business and
      administration expenses are supported by a growing volume
      of business; and

   -- returns on assets are expected to increase reflecting an
      optimized asset allocation through a reduction of
      collateralization requirements.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.   The company also operates in
Germany, United Kingdom, France, Malaysia, Singapore, Australia,
Japan, Bermuda, Argentina, U.S.A., Brazil and Canada.

                          *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings placed
Swiss-based Converium AG's Insurer Financial Strength BBB-
rating on Rating Watch Positive.  The agency has also placed
other ratings within the Converium group on RWP.

Converium group ratings are:

   -- Converium AG's IFS BBB- on RWP;

   -- Converium AG's Issuer Default rating BBB- on RWP;

   -- Converium Insurance (U.K.) Limited's IFS BBB- on RWP;

   -- Converium Ruckversicherungs (Deutschland) AG's IFS BBB- on
      RWP;

   -- Converium Holding AG's IDR BB on RWP; and

   -- Converium Finance S.A.'s US$200 million subordinated debt
      due 2032 BB+ on RWP.


DENNER SATELLIT: St. Gallen Court Begins Bankruptcy Process
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Denner Satellit Mels on Sept. 20.

The Debtor can be reached at:

         JSC Denner Satellit Mels
         Oberdorfstrasse 19
         8887 Mels
         St. Gallen
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Zweigstelle Buchs, Yves Beljean
         9471 Buchs
         St. Gallen
         Switzerland


EG TRADING: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 19 an order closing the
bankruptcy proceedings of EG Trading Ltd.

The Debtor can be reached at:

         EG Trading Ltd.
         Lettenstrasse 7
         6343 Rotkreuz
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


KELU GASTRO: Court Begins Bankruptcy Proceedings Against Firm
-------------------------------------------------------------
The Bankruptcy Court of Prattigau/Davos commenced bankruptcy
proceedings against LLC Kelu Gastro on Oct. 4.

The Debtor can be reached at:

         LLC Kelu Gastro
         Promenade 45
         7270 Davos Platz
         Graubunden
         Switzerland

The Bankruptcy Service of Prattigau/Davos can be reached at:

         Bankruptcy Service of Prattigau/Davos
         7270 Davos Platz
         Graubunden
         Switzerland


MATO HANDELS: Zug Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Mato Handels (fka JSC Fedier Consulting), on
Sept. 26.

The Debtor can be reached at:

         JSC Mato Handels
         Gewerbestrasse 6
         6314 Unterageri
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


PREVENTIS LLC: Zug Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court in Zug suspended the bankruptcy proceedings
of LLC preventis on Nov. 7, pursuant to Article 230 of the Swiss
Bankruptcy Code.

The Debtor, declared bankrupt on April 5, 2005, can be reached
at:

         LLC preventis
         Blegistrasse 13
         6340 Baar
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


STAMPFLI TORSYSTEME: Solothurn Court Rules on Bankruptcy
--------------------------------------------------------
The Bankruptcy Court of Solothurn commenced bankruptcy
proceedings against LLC Stampfli Torsysteme on Sept. 19.

The Debtor can be reached at:

         LLC Stampfli Torsysteme
         Luzernstrasse 2
         4553 Subingen
         Solothurn
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4501 Solothurn
         Solothurn
         Switzerland


UNIVERSAL SERVICE: March Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of March commenced bankruptcy proceedings
against LLC Universal Service on Aug. 29.

The Debtor can be reached at:

         LLC Universal Service
         Brestenburgstrasse 6
         8862 Schubelbach
         March
         Switzerland

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         Schwyz
         Switzerland


UPLAN COMMCONSULT: Zug Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of JSC UPLAN CommConsult on Nov. 6, pursuant to Article 230 of
the Swiss Bankruptcy Code.

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

         JSC UPLAN CommConsult
         Haldenstrasse 5
         6342 Baar
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


VARIA HOLDING: Zug Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Varia Holding on Oct. 9.

The Debtor can be reached at:

         JSC Varia Holding
         Industriestrasse 16
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


WOHNHEIM MERKURIA: Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Schaffhausen commenced bankruptcy
proceedings against LLC Wohnheim Merkuria on Oct. 3.

The Debtor can be reached at:

         LLC Wohnheim Merkuria
         Emmersbergstrasse 51
         8200 Schaffhausen
         Schaffhausen
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Schaffhausen
         Switzerland


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


VNESHTORGBANK JSC: State to Tackle VTB Share Issue on Dec. 7
------------------------------------------------------------
The Russian government will discuss an additional share issue
for state-controlled foreign trade bank JSC Vneshtorgbank (VTB)
at its Dec. 7 session, Economic Development and Trade Minister
German Gref told RIA Novosti.

As reported in the TCR-Europe on Nov. 29, the state intends to
retain its controlling stakes in Vneshtorgbank and savings bank
Sberbank for the next five years, Finance Minister Alexei Kudrin
was quoted by RIA Novosti as saying.

Mr. Kudrin said earlier 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.

VTB, which operates in 151 branches in 13 countries, plans to
expand in 21 countries in the next 18 months.  It will be
launching new branches in ex-Soviet republics and in Asia,
including Vietnam, China and India.

                      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.


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


AKER KVAERNER: Inks EUR50-Million Supply Pact with Oevik Energi
---------------------------------------------------------------
Aker Kvaerner ASA has been awarded a contract for the supply of
a large biofuel-fired boiler plant to Oevik Energi AB, for its
new power plant being built close to the town of Oernskoeldsvik,
Sweden.

The contract value to Aker Kvaerner is around EUR50 million.

OEVIK Energi AB is a community-owned, limited company, which
produces district heating locally, as well as electricity for
the national net.  Oevik Energi AB is now expanding its power
plant to increase capacity.  The new power boiler will also lead
to a significant increase in the use of biofuels.

"This contract illustrates how the effective use of alternative
fuels in energy production is growing.  This choice of biofuels
supports the EU's ambitions to cut carbon dioxide emissions, and
increase energy production based on renewable fuels rather than
fossil fuels," Lennart Ohlsson, President of Kvaerner Power,
said.

Kvaerner Power, part of the Aker Kvaerner group, will supply the
power boiler, which utilises bubbling fluidized bed (BFB)
combustion technology, and will burn biofuels.  The boiler will
have a steam capacity of 130 megawatts and steam data of 540ºC
and 139 bar.  The delivery includes engineering, procurement and
construction of the power boiler, the boiler building, and the
electricity & instrumentation systems. The new boiler plant will
be ready in late 2008.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Closes EUR600-Mln Refinancing; Increases Facility
----------------------------------------------------------------
Aker Kvaerner ASA disclosed that it has successfully concluded
its refinancing.  The syndication of the bank facility of EUR600
million has attracted substantial interest in the market and was
significantly oversubscribed.

Aker Kvaerner has therefore decided to increase this facility to
EUR750 million.

The company launched the issuance of the NOK-denominated bonds
on Nov. 15.  The bonds have been very well received in the
market and Aker Kvaerner decided to close the books mid last
week with a total amount of NOK1.6 billion.  The split in the
three-, five- and seven-year tranches were NOK500 million,
NOK650 million and NOK450 million respectively.  Payment date is
Dec. 1, 2006.  Aker Kvaerner will consider further issuances in
the bond market at a later stage.

Aker Kvaerner also formally called the subordinated bond to be
redeemed at the price of 101.2% of the principal loan amount as
agreed in the bondholders meeting Nov. 9.

Aker Kvaerner will neutralize the existing EUR260 million bond
notes through a satisfaction and discharge as previously
announced.

The refinancing of Aker Kvaerner will give a strong and flexible
financing structure for the Group in the coming years.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


ARADAN LTD: Taps Chantrey Vellacott to Administer Assets
--------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint administrators of Aradan
Ltd. (Company Number 03121161) on Nov. 9.

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.

Aradan Ltd. can be reached at:

         Premier House
         309 Ballards Lane
         Barnet
         London N12 8NE
         United Kingdom
         Tel: 020 8441 4214


CAMBORNE RADIATOR: Claims Filing Period Ends Jan. 31, 2007
----------------------------------------------------------
Creditors of Camborne Radiator Company Limited have until
Jan. 31, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator Geoffrey John Kirk at:

         Geoffrey John Kirk
         6 The Crescent
         Plymouth PL1 3AB
         United Kingdom

The company can be reached at:

         Camborne Radiator Company Limited
         Trevu Road
         Camborne
         Cornwall TR147AE
         United Kingdom
         Tel: 01209 716 497
         Fax: 01209 715 839


CLEARBRAY SHOPFITTERS: Claims Filing Period Ends Dec. 29
--------------------------------------------------------
Creditors of Clearbray (Shopfitters) Limited have until Dec. 29
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Martin C. Armstrong at:

         Turpin Baker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey SM1 4LA
         United Kingdom

The company can be reached at:

         Clearbray (Shopfitters) Limited
         Thornes Lane
         Wakefield
         West Yorkshire WF1 5QJ
         United Kingdom
         Tel: 01924 333 000
         Fax: 01924 333 001


CLIENTLOGIC CORP: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed ClientLogic Corp.'s B3
corporate family rating after the disclosure of its plan to
merge with SITEL Corp.

Concurrently, Moody's has withdrawn the B1 rating on
ClientLogic's former US$122 million first lien bank credit
facility and Caa1 rating on the company's former US$35 million
second lien bank credit facility, both of which have been
refinanced.

The rating outlook is stable.

Under the terms of the proposed merger, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay US$4.05
per share in cash for all of the outstanding common stock of
SITEL.

The transaction, which Clientlogic expects to be completed in
the first quarter of 2007, is subject to customary closing
conditions, including shareholder approval and regulatory
clearances.

Moody's will continue to focus on the firm's prospective
capitalization, free cash flow, and earnings following the
merger, including the potential for expense reduction.

Headquartered in Nashville, Tennessee, ClientLogic Corporation
provides outsourced call center services worldwide including
Austria, France, Germany, Ireland, Netherlands, and the
United Kingdom.


CORUS GROUP: Earns GBP142 Million in 2006 Third Quarter
-------------------------------------------------------
Corus Group PLC released its unaudited financial results for the
third quarter ended Sept. 30, 2006.

The group posted GBP142 million in net profit against
GBP2.49 billion in turnover for the third quarter ended
Sept. 30, 2006, compared with GBP50 million in net profit
against GBP2.13 billion in turnover for the same period in 2005.

Group operating profit for the third quarter ended Sept. 30,
2006, was GBP171 million versus GBP75 million for the same
quarter last year.

At Sept. 30, 2006, the group's unaudited balance sheet showed
GBP7.84 billion in total assets, GBP4.22 billion in total
liabilities and GBP3.62 billion in shareholders' equity.

"As expected, our financial performance has improved in the
third quarter through a combination of better market conditions
and further benefits from our Restoring Success program that is
now drawing to a conclusion.  Overall, the commercial
environment in the fourth quarter remains stable, however our
profitability in this period will reflect seasonal production
shutdowns and the blast furnace reline at IJmuiden," Chief
Executive Philippe Varin commented.

                   Restoring Success Program

Target EBITDA benefits from the group's Restoring Success
program, launched in June 2003, have been revised to
GBP635 million per annum by the end of 2006, to reflect the
disposal of the downstream aluminium businesses.  At the end of
September, annualized exit rate benefits of GBP620 million were
secured and the group remains confident that the target savings
will be delivered in full.

                       About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, Standard & Poor's
Ratings Services kept its 'BB' long-term
corporate rating on U.K.-based steelmaker Corus Group PLC on
CreditWatch with developing implications, following the
announcement by Brazil-based steel maker Companhia Siderurgica
Nacional (BB/Watch Neg/--) of a proposed takeover offer worth
475 pence per share.

At the same time, the 'BB+' senior secured bank loan ratings and
'BB-' unsecured debt ratings on Corus remain on CreditWatch with
developing implications.  The 'B' short-term corporate credit
rating remains on CreditWatch with positive implications.  All
ratings were placed on CreditWatch on Oct. 18  following the
announcement of an initial bid for the company from India-based
steel manufacturer Tata Steel Ltd.

In a TCR-Europe report on Oct. 25, Moody's Investors Service
placed all ratings of Corus Group plc under review with
direction uncertain following the recommendation of the board of
Corus Group in favor of the proposed acquisition of the entire
capital of Corus Group by Tata Steel Limited.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

As reported in the TCR-Europe on Oct. 24, Fitch Ratings changed
the Rating Watch on Corus Group PLC's Issuer Default and senior
unsecured BB- and Short-term B ratings to Negative from
Positive.  This follows the recommendation by the CS Board of an
offer from India-based Tata Steel Ltd. valued at GBP4.3 billion.

The RWN also applies to these debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.


DANA CORP: Equity & Creditor Committees Tap European Counsel
------------------------------------------------------------
The Official Committee of Equity Security Holders and the
Official Committee of Unsecured Creditors in Dana Corp. and its
debtor-affiliates' chapter 11 cases believe that the
Debtors' bankruptcy proceedings in the United States are
intertwined with their European businesses.

The Committees contend that the United States bankruptcy
proceedings will likely give rise to complex legal issues
involving the European subsidiaries.

Thus, the Committees seek the U.S. Bankruptcy Court for the
Southern District of New York's authority to retain Berwin
Leighton Paisner, LLP, as their joint special European counsel,
nunc pro tunc to November 1, 2006.

As special European counsel, Berwin will, among other things,
advise the Committees with respect to the assets, liabilities,
financial condition, and legal issues surrounding any of the
businesses of the Debtors' European affiliates that may be
relevant to the Chapter 11 Cases.

Berwin will be paid in its hourly rates, subject to a 10%
reduction:

      Professional                        Hourly Rates
      ------------                        ------------
      Partners                          GBP440 to GBP500
      Senior Associates                 GBP300 to GBP385
      Junior Associates                 GBP170 to GBP280
      Trainees                          GBP120 to GBP130

Berwin will also be compensated for reasonable out-of-pocket
expenses it incurs.

David Uri Lebowitz, Esq., at Berwin Leighton Paisner, LLP,
assures the Court that his firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code,
and does not represent any interest adverse to the Committees.

                      About Dana Corporation

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

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

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

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

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until March 5, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DEI POWER: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Creditors of DEI Power Solutions Limited confirmed on Nov. 16
the appointment of Stephen Franklin of Panos Eliades, Franklin &
Co. as the company's Liquidator.

The company can be reached at:

         DEI Power Solutions Limited
         Edison House
         Dunslow Road
         Eastfield
         Scarborough
         North Yorkshire YO113UT
         United Kingdom
         Tel: 01723 581 515
         Fax: 01723 585 247


DURA AUTOMOTIVE: Court Approves US$300 Million DIP Financing
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved,
on a final basis, the request of DURA Automotive Systems Inc.
and its debtor affiliates to obtain up to US$300,000,000 of
debtor-in-possession financing under Sections 363 and 364 of the
Bankruptcy Code from Goldman Sachs Capital Partners L.P.,
General Electric Capital Corporation, and other lender parties.

The Court authorized the Debtors to repay in full in cash all
amounts owing and due under the Prepetition First Priority
Credit Agreement dated as of May 3, 2005, by and among Dura
Automotive Systems Inc. and its subsidiaries, as borrowers and
guarantors; JPMorgan Chase Bank, N.A., as administrative agent;
Bank of America, N.A., as collateral agent; and certain
financial institutions and other entities, as lenders.  The
Debtors owed the Prepetition First Priority Lenders the
principal of approximately US$106,400,000, exclusive of accrued
but unpaid interest, costs, fees and expenses, plus
approximately US$19,500,000 in issued and outstanding letters of
credit.

To the extent not resolved, the Court overruled all objections.

               Repayment of First Lien Indebtedness

Within one business day after the receipt by the Prepetition
First Priority Agents of notice of entry of the Final DIP Order,
or as soon as practicable, the Prepetition First Priority Agents
will deliver to the Debtors a payoff letter:

   (i) setting forth their calculation of all amounts then due
       and payable in respect of the Prepetition First Priority
       Indebtedness, including the unpaid principal balance of
       outstanding loans, the face amounts of outstanding
       letters of credit, accrued and unpaid interest, swap
       breakage costs and any other reasonable fees, costs or
       expenses due and payable pursuant to the terms of the
       Prepetition First Priority Financing Documents;

  (ii) agreeing to deliver to the Postpetition Agents all
       Collateral in their possession, together with any
       necessary endorsements immediately upon payment of the
       Asserted Payoff Amount; and

(iii) providing customary further assurance provisions with
       respect to termination or release of Liens.

The Debtors will use the proceeds of borrowings and letters of
credit available under the Postpetition Credit Agreements to
repay the Asserted Payoff Amount.  The Debtors reserve all
rights to seek disgorgement of any amounts paid in excess of the
outstanding principal amount of the Prepetition First Priority
Indebtedness, any accrued but unpaid interest, all swap breakage
costs and any other reasonable fees, costs or expenses due and
payable pursuant to the terms of the Prepetition First Priority
Financing Documents.

Subsequent to the Payment Date, the Debtors will promptly pay or
reimburse the applicable Prepetition First Priority Agents and
Prepetition First Priority Lenders for any and all reasonable
fees, costs, expenses, losses, and damages incurred to the
extent the Prepetition First Priority Credit Agreement expressly
entitles them to the payment, indemnity or reimbursement after
termination of the Prepetition First Priority Credit Agreement.

                  Superpriority Claims and Liens

The Postpetition Agents and Lenders are granted liens and
superpriority claims in all of the Debtors' assets.

All Postpetition Obligations, subject only to the Carve-Out,
constitute under Section 364(c)(1) of the Bankruptcy Code
allowed superpriority administrative expense claims against each
of the Debtors having priority over all administrative expenses
of the kind specified in the Bankruptcy Code.

The Postpetition Revolving Collateral Agent and Postpetition
Term Loan Collateral Agent are each granted for the sole benefit
of the Postpetition Secured Parties valid, binding, enforceable,
first priority and perfected Liens in the Collateral, which
Liens are subject only to:

   (x) the Carve-Out,

   (y) non-avoidable, valid, enforceable, and perfected Liens
       that are capitalized leases, purchase money security
       interests or mechanics' liens in existence on the date
       of bankruptcy filing, and

   (z) non-avoidable, valid, enforceable Liens that are
       capitalized leases, purchase money security interests or
       mechanics' liens in existence on the date of bankruptcy
       filing that are perfected subsequent to the Petition Date
       as permitted by Section 546(b) of the Bankruptcy Code.

Subject to the Carve-Out, the Postpetition Liens will not be:

   (i) subject to any Lien that is avoided and preserved for the
       benefit of the Debtors' estates under Section 551 of the
       Bankruptcy Code or

  (ii) subordinated to or made pari passu with any other Lien
       under Section 364(d) of the Bankruptcy Code or otherwise.

                      Intercreditor Agreement

The ad hoc committee of lenders holding a majority in principal
amount owed by the Debtors under the Prepetition Second Priority
Credit Agreement, dated as of May 3, 2005, as amended,
previously disclosed that it would not consent to the proposed
terms of the DIP Facility, unless the InterCreditor Agreement
dated May 3, 2005, was annulled.

The Official Committee of Unsecured Creditors, however, argued
that the ICA remains in effect notwithstanding the refinancing
pursuant to the DIP Facility.  The Creditors Committee also
refuted the Second Lien Committee's allegations that the Debtors
do not have any rights under the ICA.  To the contrary, the
Creditors Committee pointed out, the Debtors are full-fledged
parties to the agreement, and nothing in the agreement limits in
any way their ability to enforce its terms.

The Debtors also disagreed with the Second Lien Committee's
contentions that "one cannot 'refinance' US$124,400,000 with
US$300,000,000."  Section 8.1 of the ICA provides that a DIP
Facility may refinance existing First Priority Indebtness.
Section 5.2 does not provide for any cap on postpetition
financing.

The Final DIP Order provides that each of the parties reserve
all of their rights in respect of the enforceability,
applicability, and interpretation of the ICA, and nothing in the
Order will be deemed to be a:

   (i) finding or adjudication thereof; including, without
       limitation, with respect to whether the:

        (x) transactions contemplated by the Postpetition
            Financing Documents are an extension, replacement,
            refinancing or refunding in whole or in part of the
            Prepetition First Priority Indebtedness;

        (y) occurrence of the Payment Date is also the
            occurrence of the First Priority Obligations Payment
            Date; or

        (z) transactions contemplated by the Postpetition
            Financing Documents are or will result in a breach
            of the Prepetition Intercreditor Agreement; or

  (ii) waiver or release by any party of any rights, remedies,
       benefits or privileges arising under or in connection
       with the ICA.

                         Challenge Period

The Debtors acknowledge that:

    -- their obligations under the Prepetition Credit Agreements
       constitute the legal, valid and binding obligation of the
       Debtors, enforceable in accordance with their terms;

    -- no objection, offset, defense or counterclaim of any kind
       or nature to the Prepetition Indebtedness exists; and

    -- the Prepetition Indebtness, and any amounts previously
       paid to any Prepetition Agents or Lenders are not subject
       to avoidance, reduction, disallowance, impairment or
       subordination pursuant to the Bankruptcy Code or
       applicable non-bankruptcy law.

The Debtors' acknowledgements and agreements are subject to:

   (i) the rights of any party-in-interest, other than any
       Debtor, to file a complaint pursuant to Rule 7001 of the
       Federal Rules of Bankruptcy Procedure or other proper
       pleading seeking to invalidate, subordinate or otherwise
       challenge the Prepetition Lenders' liens and claims; and

  (ii) the rights of any party-in-interest, including any
       Debtor, to file a complaint or other proper pleading
       pursuant to Bankruptcy Rule 7001 seeking to invalidate,
       subordinate or otherwise challenge the Prepetition Second
       Priority Liens.

The Interim DIP Order provided the Creditors Committee 60 days
from the date it was appointed to investigate and challenge the
Prepetition Lenders' liens and claims.  The Committee complained
that the 60-day period is insufficient under any circumstances
and requested 180 days from the date of the entry of the Final
Order to commence actions in respect of the Prepetition Lenders'
claims and liens.

Judge Carey, however, orders that any complaint or other proper
pleading relating to the Prepetition Lenders' liens and claims
must be filed in the Court within the later of:

    -- Feb. 5, 2007, or 90 days after appointment of the
       Creditors Committee, or

    -- any subsequent date that may be agreed to in writing by
       the corresponding Prepetition Administrative Agent.

          Adequate Protection to Prepetition Lenders

The Second Lien Committee conditioned its consent to the entry
of the Final DIP Order to, among others, the removal of a
provision allowing the Debtors to terminate interest payments
after paying the sixth monthly installment to the Second Lien
Lenders.

Representing the Creditors Committee, M. Blake Cleary, Esq., at
Young Conaway Stargatt and Taylor, in Wilmington, Delaware,
argued that the Second Lien Lenders are not entitled to adequate
protection payments pursuant to the ICA.  He noted that the ICA
limits the Second Lien Lenders to these adequate protection
provisions:

   (i) replacement liens in any additional collateral provided
       to the Prepetition First Lien Lenders as adequate
       protection, and

  (ii) superpriority claims junior in all respects to any
       superpriority claims granted to the Prepetition First
       Lien Lenders.

The Creditors Committee also pointed out that, under the ICA,
the Second Lien Lenders further agreed not to obtain
superpriority claims in the absence of a stipulation that the
claims can be paid in securities or other property.

Notwithstanding the Creditors Committee's objections, the Court
authorizes the Debtors to grant the Prepetition Agents and the
Prepetition Lenders these forms of adequate protection:

   (a) solely to the extent of any diminution in the value of
       their interests in the Prepetition Collateral from and
       after the Petition Date, the Prepetition Agents -- for
       their benefit and the benefit of the Prepetition Lenders
       -- will be entitled to replacement Liens, subject and
       junior only to the Postpetition Liens, Existing Liens
       and the Carve-Out, on all Collateral other than proceeds
       of any avoidance actions under Chapter 5 of the
       Bankruptcy Code.

   (b) the Prepetition Agents and the Prepetition Lenders will
       also be entitled to allowed administrative priority
       claims under Section 507(b) of the Bankruptcy Code solely
       for any diminution in value of their interests in the
       Prepetition Collateral from and after the filing for
       bankruptcy.  The Adequate Protection Claims will be
       payable from and have recourse to all prepetition and
       postpetition property of the Debtors and all proceeds
       other than proceeds of any avoidance actions under
       Chapter 5.

   (c) Except with respect to default rate interest and swap
       breakage costs, subject to Section 506(b), to the extent
       relevant, the Debtors will, on a calendar monthly basis
       until the Payment Date, promptly pay in cash:

         (i) all accrued but unpaid reasonable costs and
             expenses of the Prepetition First Priority Agents
             for which an invoice was delivered to the Debtors,

        (ii) reasonable fees and expenses, for which an invoice
             was delivered to the Debtors, of professionals
             engaged by any Prepetition First Priority Lender,
             up to a maximum aggregate amount of US$50,000 for
             all the fees and expenses of professionals engaged
             by all Prepetition First Priority Lenders, and

       (iii) all accrued but unpaid interest on the Prepetition
             First Priority Indebtedness at the non-default rate
             specified in the Prepetition First Priority Credit
             Agreement and all other reasonable fees, expenses,
             costs and charges provided under the Prepetition
             First Priority Credit Agreement or any other
             Prepetition First Priority Financing Document for
             which an invoice was delivered to the Debtors, in
             each case regardless of whether the amounts accrued
             prior to the bankruptcy filing and all without
             further motion, fee application or Court order.

   (d) subject to Section 506(b), to the extent relevant, the
       Debtors will -- on Nov. 30, 2006 and on the last
       calendar date of each month thereafter -- make current
       cash payments to the Prepetition Second Priority
       Administrative Agent, for the benefit of the Prepetition
       Second Priority Lenders, of interest accruing pursuant to
       the Prepetition Second Priority Credit Agreement at the
       rate equal to:

          -- the Eurodollar Rate plus 4.75% per annum; plus

          -- the positive difference, if any, between (i) the
             weighted average flex in respect of the margins
             applicable to borrowings under the Postpetition
             Credit Agreements and (ii) 0.675%,

       but in no event greater than the Base Rate plus the
       Applicable Margin.

The Adequate Protection Liens and Claims of the Prepetition
Second Priority Agents on any Collateral will be subordinate in
priority to the Prepetition First Priority Agents' Liens.  The
Adequate Protection Claims in favor of any of the Prepetition
Agents or Prepetition Lenders will be subordinate and junior in
right of payment and otherwise to the payment in full in cash
and satisfaction in the manner provided in the Postpetition
Financing Documents of the Postpetition Obligations and the
Carve-Out.

No Prepetition Second Priority Agent or Prepetition Second
Priority lender will be entitled to accrual or payment of any
additional interest that might otherwise accrue at the default
rate under the Prepetition Second Priority Credit Agreement
during any period for which the Debtors make the monthly cash
payments.  The Prepetition Second Priority Agents or Prepetition
Second Priority Lenders, however, reserve their rights to assert
that interest has continued to accrue under the Prepetition
Second Priority Credit Agreement from the Petition Date at the
Base Rate plus the Applicable Margin.

If the Payment Date has not occurred by Nov. 30, 2006, all
interest payments otherwise due on Nov. 30, 2006, will be paid
on Dec. 29, 2006.

After making the monthly interest payment due on April 30, 2007,
the Debtors may, on no less than 20 days' notice, seek entry of
a Court order permitting them to discontinue making any or all
of the monthly interest payments.

If the Debtors make each monthly interest payment through and
including the payment due on Oct. 31, 2007, no Prepetition
Second Priority Agent or Prepetition Second Priority Lender will
have the right to any prepayment fee that might otherwise be or
become due or arise under the Prepetition Second Priority Credit
Agreement.

Subject to Section 506(b), to the extent relevant, within 10
days of the rendering of any invoice, the Debtors will reimburse
the Second Lien Committee and Prepetition Second Priority
Agents, as applicable, for the reasonable fees and expenses of:

    (i) lead counsel and reasonably necessary local counsel to
        the Second Lien Committee,

   (ii) the Prepetition Second Priority Administrative Agent,
        and

  (iii) the Prepetition Second Priority Collateral Agent.

Additionally, subject to Section 506(b), on a monthly basis and
within 10 days of the rendering of an invoice, the Debtors will
reimburse the Second Lien Committee for reasonable monthly fees
and expenses incurred in connection with the retention by the
Second Lien Committee of Lazard Freres & Co. LLC, as financial
advisor, up to a maximum amount of US$150,000 per month plus
reasonable expenses and standard form indemnity consistent with
the United States Trustee's guidelines and the customary
practice in the Court.

After making all payments for fees and expenses incurred through
April 2007, the Debtors may, on no less than 20 days' notice,
seek entry of an order by the Court permitting them to
discontinue making any or all payments.  The Debtors will not
pay for the fees and disbursements and the Prepetition Second
Priority Agents and Prepetition Second Priority Lenders will not
accept, any payments prior to the Payment Date.

In the event that it is determined by a final, non-appealable
order that any of the Prepetition Agents and Prepetition Lenders
were not entitled to receive any adequate protection payments,
or that any payments received could not be applied to
postpetition interest, fees and expenses, any of the payments
may, upon appropriate notice, hearing and order, be
recharacterized as payment of principal or subject to other
relief as the Court may order.

                    Creditors Panel's Concerns

The Creditors Committee requested that, in addition to the
US$10,000,000 of professional fees, the Carve-Out should include
the reimbursement of expenses of Committee members.

The Creditors Committee also opposed to granting the DIP Lenders
a lien on any of the Debtors' avoidance actions.

The Final DIP Order provides that the Carve-Out includes unpaid
and allowed actual and necessary out of pocket expenses of
members of the Creditors Committee or any Committee incurred in
the performance of duties of the Committee, as applicable.

The Final DIP Order, however, provides that the Debtors' DIP
Obligations will be payable from and have recourse to all
prepetition and postpetition property and assets of the Debtors
and all proceeds, including, without limitation, the proceeds of
any avoidance actions under Chapter 5.

The Court directed the Debtors to deliver to the Committee or
its counsel:

   -- invoices relating to the payment of any fees and expenses
      of the DIP Lenders the Prepetition Lenders or other
      persons; and

   -- copies of all budgets, financial information, notices,
      reports and other documents or information delivered to
      any of the DIP Lenders or the Prepetition Lenders.

The Court also directed the Debtors to send the Committee
notices of any:

   (i) increase in the aggregate of the Postpetition Lenders'
       lending commitments,

  (ii) increase in the applicable interest rates, other than
       increases specified in the Debtors' DIP Financing
       request,

(iii) modification of the maturity of the obligations under the
       Postpetition Financing Documents, or

  (iv) modification of the financial covenants or financial
       events of default that are on terns materially more
       onerous or burdensome to the Debtors.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Gets Court's Final Nod to Use Cash Collateral
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems Inc. and its debtor-
affiliates' use of their prepetition lenders' cash collateral
until the occurrence of a termination event, which:

    (a) prior to the repayment in full in cash of the Debtors'
        obligations under the First Lien Revolver, will mean the
        earliest to occur of:

          (i) Dec. 20, 2006;

         (ii) acceleration of the Debtors' direct borrowings and
              reimbursement obligations under the US$300,000,000
              DIP Financing agreements with Goldman Sachs
              Capital Partners L.P., General Electric Capital
              Corp. and other lender parties;

        (iii) the Interim DIP Order or the Final DIP order
              ceases to be in full force and effect; or

         (iv) the Debtors receive authorization from the Court
              to borrow prior to entry of the Final DIP Order
              more than the principal amount of US$50,000,000
              under the DIP Financing Documents; and

    (b) subsequent to the repayment of the Debtors' obligations
        under the First Lien Revolver:

          (1) the acceleration of the Postpetition Obligations;

          (2) the Interim DIP Order or the Final DIP Order
              ceases to be in full force and effect; or

          (3) the Postpetition Lenders' commitments are
              increased in a manner that the aggregate amount of
              the commitments exceeds the US$300,000,000
              principal amount.

The Official Committee of Unsecured Creditors agrees that the
cash collateral of the Prepetition First Lien Lenders may not be
used to object to or contest their liens and claims.

However, according to the Committee, there is no reason to allow
the Second Lien Lenders to preclude the use of cash collateral
to fund an investigation into the serious questions concerning
the validity of their liens, especially since they have
explicitly consented in the Intercreditor Agreement dated May 3,
2005, to the use of their cash collateral without any
reservation whatsoever.

The Court rules that no cash collateral of the Prepetition
Second Lien Lenders may be used directly or indirectly by any of
the Debtors, the Creditors Committee, any Committee or any other
person or entity to object to or contest in any manner the
Prepetition Second Lien Lenders' liens and claims, or to assert
or prosecute any actions, claims or causes of action against any
of the Prepetition Second Lien Agents or Lenders without their
consent.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EMI GROUP: Permira Advisers Possible Offer at GBP2 Billion
----------------------------------------------------------
Permira Advisers Ltd. has approached EMI Group PLC with a
possible bid valued at GBP2 billion, Aaron Patrick and Jason
Singer write for the Wall Street Journal.

EMI revealed that it received a preliminary approach on Nov. 28,
which may or may not lead to an offer being made for the
company.  The company did not mention who made the offer.

According to WSJ, EMI's reliability to generate profits
attracted private-equity buyer Permira to bid.

"There is logic for a deal for spinning off the publishing
business and turning around the operating profitability of the
recorded-music business," Simon Wallis, an analyst at broker
Collins Stewart told WSJ.

Analysts said that Permira could break up EMI and sell half to
reduce debt and it will probably sell EMI's music unit to Warner
Music Group Corp, WSJ relates.

                          About Permira

Permira Advisers Ltd. -- http://www.permira.com/-- is a
European-based private equity firm.  Permira acts as adviser to
the 19 Permira Funds, totaling approximately EUR22 billion, that
have been raised since 1985.  These funds have invested in over
280 transactions in over 15 different countries, in companies
across a variety of sectors and geographies, at all stages of
the business lifecycle.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including
Brazil, and with licensees in a further 20.  The group employs
over 6,600 people.  Revenues in 2005 were near EUR2 billion and
operating profit generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                         *     *     *

As reported in the TCR-Europe on Nov. 1, Standard & Poor's
Rating Services lowered to 'BB' from 'BB+' its long-term
corporate and senior unsecured ratings on U.K.-based music
producer and distributor EMI Group PLC, following an annual
review.  S&P said the outlook is negative.

Moody's Investors Service also downgraded EMI Group plc's senior
debt and guaranteed debt ratings to Ba2 from Ba1.  At the same
time Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  Moody's said the
rating outlook is now stable.


EMI GROUP: Inks Mobile Music Deal with Jamba & Jamster
------------------------------------------------------
Digital entertainment service provider Jamba completed an
agreement with EMI Music, a unit of EMI Group Plc, to make
realtones and music videos by EMI artists available to Jamba and
Jamster customers across Europe, the Middle East and Africa.

In addition, EMI's digital catalogue of around 250,000 full
tracks will be available for a la carte downloads and via
subscription to Jamba Music customers in Germany, with further
markets launching the Jamba Music service soon.

Music from artists including Corinne Bailey Rae, Coldplay,
Depeche Mode, Queen, the Rolling Stones, KT Tunstall and Robbie
Williams, as well as Bebe (Spain), Tiziano Ferro (Italy), LaFee
(Germany) and Diam's (France) are now available through the
Jamba and Jamster portals.

"More and more consumers are using their phones to listen to
music, or using music to personalize their mobile phone.  Music
is now central to the mobile experience, and we are pleased to
be able to expand our relationship with one of the largest
digital entertainment distributors in Europe.  This deal is a
cornerstone in our European mobile strategy, and demonstrates
our commitment to this fast moving sector," said Jean-Francois
Cecillon, chairman and CEO of EMI Music Continental Europe.

"Working with EMI means that we have joined forces with a very
important major music label," Markus Berger-de Leon, Managing
Director of Jamster, stated.  We are extremely pleased to be
able to present our customers an even more diverse selection of
music, ringtones, and videos from great EMI artists."

Currently available in the German market, Jamba Music is Jamba's
new music portal, offering a simple and unlimited music
subscription solution for both the PC and mobile phone
simultaneously.  The specially developed software allows for
automatic synchronization between PC and mobile, meaning that
users no longer need to carry a separate music player - they can
simply connect and download content directly to their mobiles
when on the move.  Jamba Music in Germany allows music fans to
purchase single tracks, sign up to a subscription service, or
use both models concurrently.

                About Jamster International Sarl

Jamster International Sarl -- http://www.jamster.co.uk/--
develops, markets and provides digital content and services.
The wide range of products includes music, graphics, games and
information services, all available directly on mobile devices
via SMS text messages, WAP or the Internet.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including
Brazil, and with licensees in a further 20.  The group employs
over 6,600 people.  Revenues in 2005 were near EUR2 billion and
operating profit generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                         *     *     *

As reported in the TCR-Europe on Nov. 1, Standard & Poor's
Rating Services lowered to 'BB' from 'BB+' its long-term
corporate and senior unsecured ratings on U.K.-based music
producer and distributor EMI Group PLC, following an annual
review.  S&P said the outlook is negative.

Moody's Investors Service also downgraded EMI Group plc's senior
debt and guaranteed debt ratings to Ba2 from Ba1.  At the same
time Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  Moody's said the
rating outlook is now stable.


ESSEX BUILDERS: Nominates Liquidator from Ansers!
-------------------------------------------------
Anthony Julius Donovan Bakonyvari of Ansers! was nominated
Liquidator of Essex Builders Merchants Limited on Nov. 15 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Essex Builders Merchants Limited
         Ardleigh Green Road
         Hornchurch
         Essex RM112JY
         United Kingdom
         Tel: 01708 479 890
         Fax: 01708 475 477


EUROSAIL 06-4: Fitch Rates GBP6.7-Mln Class E1c Notes at BB
-----------------------------------------------------------
Fitch Ratings assigned final ratings to Eurosail 06-4 Plc's
GBP745 million-equivalent mortgage-backed floating-rate notes
due 2024 and 2044:

   -- EUR100 million Class A1a, due 2024: AAA;
   -- US$64 million Class A1b, due 2024: AAA;
   -- GBP133 million Class A1c, due 2024: AAA;
   -- GBP171.3 million Class A2c, due 2044: AAA;
   -- EUR98.5 million Class A3a, due 2044: AAA;
   -- GBP150 million Class A3c, due 2044: AAA;
   -- EUR34 million Class M1a, due 2044: AAA;
   -- GBP12 million Class M1c, due 2044: AAA;
   -- EUR62.6 million Class B1a, due 2044: AA;
   -- EUR20 million Class C1a, due 2044: A;
   -- GBP8 million Class C1c, due 2044: A;
   -- EUR12.4 million Class D1a, due 2044: BBB;
   -- GBP8 million Class D1c, due 2044: BBB;
   -- GBP6.7 million Class E1c, due 2044: BB; and
   -- GBP7.45 million Class DTc, due 2044: BBB.

This transaction is a securitization of prime and near-prime
residential mortgages originated and located in the U.K.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of Southern
Pacific Mortgage Limited, GMAC-RFC, Preferred Mortgages Limited
and the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 16.9%,
provided by the subordination of the Class M notes, the Class B
notes, the Class C notes, the Class D1 notes, the Class E notes
and an initial and target reserve fund of 0.5%.

The Class DTc notes will be repaid solely by excess spread
available in the transaction.

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

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


EVENLODE ESTATES: Brings In Tenon Recovery as Administrators
------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Evenlode Estates Ltd. (Company
Number 3534412) on Nov. 14.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

Evenlode Estates Ltd. can be reached at:

         1 Bankside
         Hanborough Business Park
         Long Hanborough
         Witney
         Oxfordshire OX29 8LJ
         United Kingdom
         Tel: 01865 377 774


FEDERAL-MOGUL: Mesothelioma Claimants Balk at US$500M Settlement
----------------------------------------------------------------
Certain individuals asserting personal injury claims for
exposure either to asbestos-containing products produced by
Federal-Mogul Corporation, its debtor affiliates and Pneumo Abex
LLC, ask the U.S. Bankruptcy Court for the District of Delaware
to deny the US$500,000,000 alternative settlement among the
Debtors; the Asbestos Claimants Committee; Eric D. Green, the
current legal representative of futures asbestos claimants; and
the Pneumo Parties.

The Mesothelioma Claimants, represented by SimmonsCooper LLC,
are defendants in a complaint for declaratory and injunctive
relief under Sections 362 and 105 of the Bankruptcy Code filed
by the Debtors, the Asbestos Committee, and the FCR, styled
Federal-Mogul Corp., et al. v. Bobby Whitley, et al.

On the Mesothelioma Claimants' behalf, Patricia P. McGonigle,
Esq., at Seitz, Van Ogtrop & Green, P.A., in Wilmington,
Delaware, tells the Honorable Judith K. Fitzgerald of the U.S.
Bankruptcy Court for the District of Delaware that the Settling
Parties' request lacks adequate information to constitute fair
notice of the terms of the Plan B Settlement.  She notes that
nowhere in any of the Motion, the Plan B Settlement, or a Second
Term Sheet does it state where the money is coming from to pay
Cooper Industries, LLC, Cooper Industries, Ltd., and Pneumo
Abex.  Thus, she says, no asbestos creditor can possibly
evaluate whether or not to object to the Plan B Settlement
without that additional information.

Ms. McGonigle argues that the Motion and the underlying Plan B
Settlement improperly divide and seek separate approval for what
is clearly a unified settlement under the aegis of the Second
Term Sheet.  While the amount of the Pneumo Protected Parties'
allowed claims may be liquidated by the Plan B Settlement terms,
not all of the binding terms concerning the Settlement's
implementation are contained therein.  Rather, she states, the
Second Term Sheet contains numerous provisions that directly
impact whether and when the Plan B Settlement will take effect,
and certainly provides that the eventual fourth amended plan
will control over the Plan B Settlement.

"For this reason, the Court cannot separately approve the Plan B
Settlement Agreement without also taking under advisement
whether to approve the Second Term Sheet as a whole, or indeed
waiting until all of these terms are incorporated into the
eventual fourth amended plan of reorganization," Ms. McGonigle
points out.

Furthermore, the Mesothelioma Claimants complain that the
interests of current and future PI claimants against Pneumo Abex
are not adequately represented by the FCR.

Ms. McGonigle contends that the FCR has an inescapable and
incurable conflict of interest in his simultaneous
representation of the Abex Claimants, on one hand, and the
remaining future asbestos creditors of the Debtors, on the
other.  She avers that the FCR, instead, has been forced to make
a decision either:

   (i) to take money directly from the trusts for certain
       asbestos creditors of the Debtors to give to the Pneumo
       Protected Parties, and, hence allow the Abex Claims to
       remain in the tort system; or

  (ii) not to take money from the trusts for the Debtors'
       asbestos creditors by choosing to send the Abex Claims to
       a trust.

The Mesothelioma Claimants maintain that the Motion does not
proffer a sufficient evidentiary basis to conclude that the Plan
B Settlement is indeed a reasonable compromise of the Cooper
Industries and Pneumo Abex claims, in that it appears that the
two claimants will be receiving a far greater recovery on their
claims than that enjoyed by other creditors of the Debtors.

The Mesothelioma Claimants insist that the Court should, in the
alternative, refuse to consider whether to approve the Plan B
Settlement until the time as adequate information concerning the
Settlement is disclosed.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some US$6 billion.  The
Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr.
Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 115; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstandor 215/945-7000).


FENTON IMPORTERS: Creditors' Meeting Slated for December 6
----------------------------------------------------------
Creditors of Fenton Importers & Exporters Ltd. (Company Number
04942016) will meet at 11:00 a.m. on Dec. 6 at:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke on Trent ST1 3AF
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 5 at:

         Michael F. McCarthy
         Administrator
         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke on Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: (01782) 212326
         Fax: (01782) 212326


FIRST CALL: Appoints Alan R. Price to Liquidate Assets
------------------------------------------------------
Alan R. Price of Price & Co. was appointed Liquidator of First
Call Drivers Limited on Nov. 16 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         First Call Drivers Limited
         63 Broad Green
         Wellingborough
         Northamptonshire NN8 4LQ
         United Kingdom
         Tel: 01604 706 607


FIRST CLASS: Appoints SFP to Administer Assets
----------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint administrators of First Class Laminators & Specialty
Products Ltd. (Company Number 05464018) on Nov. 15.

The administrators can be reached at:

         Simon Franklin Plant and Daniel Plant
         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom
         Tel: 020 7538 2222

First Class Laminators & Specialty Products Ltd. can be reached
at:

         Unit 2265
         Dunbeath Road
         Elgin Industrial Estate
         Swindon
         Wiltshire SN2 8EA
         United Kingdom
         Tel: 01793 765 285


FORD MOTOR: S&P Junks Senior Unsecured Debt Issue Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its senior unsecured
debt issue ratings on Ford Motor Co. to 'CCC+' from 'B' and
removed the ratings from CreditWatch with negative implications,
where they were placed on Oct. 23.

At the same time, Standard & Poor's affirmed the 'B' corporate
credit rating and all other ratings on Ford, Ford Motor Credit
Co., and related entities.

"The downgrade of the unsecured issues reflects the significant
disadvantage to Ford's unsecured creditors by the planned
introduction of US$15 billion of secured debt into the capital
structure," said Standard & Poor's credit analyst Robert Schulz.

"We estimate that the disadvantage to the unsecured debtholders
is reflected by priority claims to adjusted assets in the high
20% area, but also by the fact that virtually all of the
company's assets will be encumbered," he continued.

In addition, Standard & Poor's  believe that in the event of a
default, there could be other parties with substantial claims
that would be considered pari passu with the unsecured
creditors, thereby diluting any eventual recovery for the
unsecured debtholders.

Ford reported on Nov. 27 that it will seek to raise secured
financing consisting of an US$8 billion revolving credit
facility and a US$7 billion term loan that will be secured by
virtually all of the company's assets.

Standard & Poor's plans to assign ratings to the proposed
financing once further details are disclosed.  The financing is
necessary to fund prospective cash operating losses and
restructuring plans while preserving cash and short-term VEBA
trust balances near current levels of about US$20 billion.

Separately, Standard & Poor's previously indicated that the
ratings on Ford and related entities were not immediately
affected by the company's report that it needed to restate
results dating back to 2001.  Although those restated financial
statements have now been filed, Ford has received informal
inquiry letters from the SEC seeking further information
regarding the restatements.

Standard & Poor's would reassess its views on the rating effect
if the SEC inquiry process were to uncover additional issues or
raise broader concerns about the strength of Ford's internal
controls or risk-management practices, if additional
restatements resulted, or if liquidity were adversely affected.


FRANSEN TRANSPORT: Brings In Joint Administrators from SFP
----------------------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint administrators of Fransen Transport Ltd. (Company Number
01051089) on Nov. 14.

The administrators can be reached at:

         Simon Franklin Plant and Daniel Plant
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom
         Tel: 020 7538 2222

Fransen Transport Ltd. can be reached at:

         6 Lisle Avenue
         Kidderminster
         Worcestershire DY11 7DE
         United Kingdom
         Tel: 01562 820261


FREEDOM INNOVATIONS: Taps P&A as Joint Administrators
-----------------------------------------------------
Christopher Michael White and Brendan Ambrose Guilfoyle of The
P&A Partnership were appointed joint administrators of Freedom
Innovations Ltd. (Company Number 04256555) on Nov. 14.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Headquartered in Sheffield, England, Freedom Innovations Ltd.
manufactures electrical domestic appliances.


GENERAL STEELS: Creditors' Meeting Slated for December 19
---------------------------------------------------------
Creditors of General Steels Ltd. (Company Number 02777360) will
meet at 11:30 a.m. on Dec. 19 at:

         Roman Way Hotel
         Watling Street
         Hatherton
         Cannock
         Staffordshire WS11 1SH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 18 at:

         Bernard Hoffman
         Joint Administrator
         Gerald Edelman
         Suite 2
         Kent House
         Station Road
         Ashford
         Kent TN23 1PP
         United Kingdom
         Tel: 01233 666 280
         Fax: 01233 666 281
         E-mail: gemail@geraldedelman.com

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.


GMAC LLC: GM Stake Sale Cues S&P to Upgrade Credit Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on GMAC
LLC to 'BB+/B-1' from 'BB/B-1' and removed them from
CreditWatch, where they were placed on Oct. 3, 2005.

The outlook is now developing.

At the same time, Standard & Poor's raised its ratings on GMAC's
subsidiary, Residential Capital LLC, to 'BBB/A-3' from 'BBB-A-3'
and removed them from CreditWatch, where they were placed on
Oct. 3, 2005.

The outlook is negative.

The upgrades reflect the benefits to GMAC and ResCap that will
result from ultimate parent General Motors Corp.'s sale of a
51% ownership stake in GMAC to a consortium headed by Cerberus
Capital Management L.P., in a transaction Standard & Poor's
expects will close shortly.

Standard & Poor's believe the transaction will result in a lower
risk of default at GMAC than at GM, making it appropriate to
sever the absolute correlation in the ratings between the two.

"Although GMAC will continue to bear some risks stemming from
its business and ownership ties to GM, the protections afforded
by the transaction, combined with the diversity of GMAC's
mortgage and insurance businesses, its excellent asset quality,
and significant profit potential, are sufficient to justify a
higher rating on GMAC than on GM," explained Standard & Poor's
credit analyst Scott Sprinzen.

The ratings on GM remain on CreditWatch, although the rating
agency is now in the final stages of resolving the analytical
issues in this review.

Chief among the measures that afford substantial protection to
GMAC creditors are:

    * With the reduction in GM's ownership stake in GMAC, if GM
      were to file for bankruptcy, GM would not be able
      unilaterally to cause GMAC to also file for bankruptcy
      protection.

    * Under U.S. pension regulations, GMAC will no longer be
      part of the GM "control group," and so would not be liable
      for any unfunded pension liability of GM's, should GM's
      U.S. pension plans be terminated.

The Pension Benefit Guaranty Corp. has formally agreed that it
will not seek to impose any liability upon GMAC under such
circumstances.

Various existing arrangements between GMAC and GM have been
modified, and intercompany borrowings have been largely repaid,
in order to limit GMAC's ongoing direct credit exposure to GM.
Going forward, GMAC's direct unsecured credit exposure to GM
will be capped at US$1.5 billion.

Under governance procedures that have been implemented, GM's
ability to influence GMAC's operating policies-including its
underwriting standards-will be significantly restricted; GMAC's
financial leverage will decline over the next few years, since
GMAC will retain a significant portion of its earnings, and
Cerberus is contractually committed to reinvest a portion of the
dividends it receives back into GMAC in the form of preferred
stock.

The rating agency assumes the capital markets will, like
Standard & Poor's, view the transaction favorably, which should
enhance GMAC's access to the unsecured term debt market, thereby
improving its funding flexibility and reducing its borrowing
costs; and GMAC's funding flexibility will also benefit from
US$25 billion of new funding facilities, including US$10 billion
already provided by Citigroup, which is one of the consortium
members.

Despite the beneficial aspects of the proposed transaction, GMAC
will continue to face some GM-related risks.  In particular, the
value of GMAC's core automotive finance franchise will still be
influenced by GM's fortunes.

If GM's competitiveness deteriorates further, especially if GM
were ultimately to declare bankruptcy, this could have a severe
effect on the credit and residual loss levels associated with
GMAC's retail and wholesale loan and lease portfolios.

There are limits on GMAC's ability to contain its GM-related
credit exposure: GMAC is required to continue allocating capital
to provide financing to GM customers and wholesale dealers in
accordance with historical practice.

Although GMAC retains the right to make individual credit
decisions, GMAC has committed to funding a broad credit spectrum
of customers and dealers largely consistent with historical
practice.

In addition, some of GMAC's outstanding dealer floor plan
securitizations include a bankruptcy filing by GM among the
early amortization triggers: were there to be a GM bankruptcy,
this would necessitate GMAC drawing on alternative liquidity
sources.

In addition, Standard & Poor's believes there is potential for
future divisiveness among GMAC's owners from diverging business
or economic interests.  Moreover, potential further ownership
changes in the long term are unknown: the consortium is required
to retain its investment in GMAC for only five years.

GMAC has been able to sustain adequate profitability in recent
years, notwithstanding the turmoil caused by GM's business and
financial setbacks.  GMAC's earnings should be bolstered over
the next few years by more favorable funding costs, the reversal
of operating constraints imposed in reaction to funding
constraints, and new growth and cost-cutting initiatives across
its diverse business lines, although broadly worsening consumer
credit conditions and the downturn in the U.S. housing sector
will be limiting factors.

The developing outlook indicates there is some potential for the
ratings on GMAC to be either raised or lowered within the next
two years.  Ratings could be raised if management's strategic
initiatives are more successful than currently assumed by
Standard & Poor's in enhancing GMAC's profitability-for example,
with ROE reaching the upper teens.

Improvement in GM's prospects-for example, stemming from
improvement of operating and financial performance and the
satisfactory resolution of uncertainties regarding its former
affiliate, Delphi Corp. and GM's 2007 labor contract
negotiations-would also be a significant positive development.
However, Standard & Poor's would still need to consider
uncertainty regarding GMAC's ownership structure beyond the next
five years.

On the other hand, the ratings on GMAC could be lowered given
deterioration at GM that threatens to impinge on GMAC's
financial performance and funding flexibility.

While Standard & Poor's now believes GMAC could survive a
bankruptcy filing by GM, the ratings on GMAC would likely be
lowered were this to occur-possibly by several notches-given the
uncertainties such a development would entail for GMAC.

Standard & Poor's sees limited upside potential for the ratings
on ResCap over the next few years, given the current downturn in
its principal markets.  Were the ratings on GMAC to be raised,
though, ResCap's rating outlook would likely be revised to
stable.  On the other hand, the ratings on ResCap would likely
be lowered if those on GMAC were lowered.


GREAT RACK: Names J. Harvey Madden as Administrator
---------------------------------------------------
J. Harvey Madden of Taylor Rowlands was named administrator of
The Great Rack 'N' Rail Swindle Ltd. (Company Number 4636011)
and The Great Rack 'N' Rail Swindle (Middlesbrough) Ltd.
(Company Number 4789436) on Nov. 17.

The administrator can be reached at:

         J. Harvey Madden
         Taylor Rowlands
         8 High Street
         Yarm
         Cleveland TS15 9AE
         United Kingdom
         Tel: 01642 790790
         Fax: 01642 785588
         E-mail: harvey@taylorrowlands.co.uk

The Great Rack 'N' Rail Swindle Ltd can be reached at:

         7 Borough Road
         Middlesbrough
         Cleveland TS1 4AA
         United Kingdom
         Tel: 01642 232726


INCURION RESOURCE: Hires Liquidator from B & C Associates
---------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Incurion Resource Management Limited on Nov. 16
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Incurion Resource Management Limited
         The Oaks
         Shepherds Lane
         Bicton
         Shrewsbury
         Shropshire SY3 8BT
         United Kingdom
         Tel: 0870 722 0203
         Fax: 0870 722 0207


INVERHAVENS LIMITED: Appoints John Bell as Administrator
--------------------------------------------------------
John Bell of Clarke Bell Chartered Accountants was appointed
administrator of Interhavens Ltd. (Company Number 01412829) on
Nov. 8.

The administrator can be reached at:

         John Bell
         Clarke Bell Chartered Accountants
         Parsonage Chambers
         3 The Parsonage
         Manchester
         Greater Manchester M3 2HW
         United Kingdom
         Tel: 0161 907 4044
         Fax: 0161 907 4086
         E-mail: clarkebell@mac56.com

Inverhavens Ltd. can be reached at:

         Howley Lane
         Warrington
         Cheshire WA1 2DN
         United Kingdom
         Fax: 01925 231 204


JOAN COPE: HSBC Bank Appoints PKF as Joint Receivers
----------------------------------------------------
HSBC Bank Plc appointed Matthew Gibson and Kerry Bailey of PKF
(U.K.) LLP joint administrative receivers of Joan Cope Ltd.
(Company Number 04739986) on Nov. 17.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the UK's
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Joan Cope Ltd. can be reached at:

         Unit 5
         Calder Court
         Altham
         Accrington
         Lancashire BB5 5YB
         United Kingdom
         Tel: 0870 420 4215
         Fax: 0870 444 3797


KVA POWER: Appoints Administrator from Hazlewoods
-------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed administrator
of KVA Power Ltd. (Company Number 04972263) on Nov. 14.

Hazlewoods -- http://www.hazlewoods.co.uk/-- offers a service
that sets it apart from other chartered accountancy firms.   It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.

KVA Power Ltd. can be reached at:

         Unit 12
         Spring Mill Industrial Estate
         Avening Road
         Nailsworth
         Stroud
         Gloucestershire GL6 0BS
         United Kingdom
         Tel: 01453 832358


LAITHWAITE & WARD: Brings In Administrators from PKF
----------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint administrators of Laithwaite & Ward Ltd. (Company Number
04541070) on Nov. 10.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the UK's
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Laithwaite & Ward Ltd. can be reached at:

         Cambridge Road
         Whetstone
         Leicester
         Leicestershire LE8 6LG
         United Kingdom
         Tel: 0116 284 9844
         Fax: 0116 284 9843


LAVERICK ELECTRICAL: Appoints Administrator from Taylor Rowlands
----------------------------------------------------------------
J. Harvey Madden of Taylor Rowlands was appointed administrator
of Laverick Electrical Ltd. (Company Number 4848966) on Nov. 17.

The administrator can be reached at:

         J. Harvey Madden
         Taylor Rowlands
         8 High Street
         Yarm
         Cleveland TS15 9AE
         United Kingdom
         Tel: 01642 790790
         Fax: 01642 785588
         E-mail: harvey@taylorrowlands.co.uk

Laverick Electrical Ltd. can be reached at:

         Concorde House
         Concorde Way
         Preston Farm Business Park
         Stockton-On-Tees
         Cleveland TS18 3RB
         United Kingdom
         Tel: 01642 353522


LOGIC FIRE: Creditors' Meeting Slated for December 6
----------------------------------------------------
Creditors of Logic Fire and Security Systems Ltd. (Company
Number 03185714) will meet at 2:30 p.m. on Dec. 6 at:

         BDO Stoy Hayward LLP
         Connaught House
         Alexandra Terrace
         Guildford
         Surrey GU1 3DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 5 at:

         D. B. Coakley
         Joint Administrator
         BDO Stoy Hayward LLP
         Connaught House
         Alexandra Terrace
         Guildford
         Surrey GU1 3DA
         United Kingdom
         Tel: 01483 565666
         Fax: 01483 531306

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.


NEMUS II: Fitch Places BB on GBP1.1-Million Class F Notes
---------------------------------------------------------
Fitch Ratings assigned expected ratings to Nemus II (Arden)
Plc's floating-rate notes due 2020:

   -- GBP204,835,000 Class A: AAA;
   -- GBP16,615,000 Class B: AAA;
   -- GBP11,260,000 Class C: AA;
   -- GBP10,175,000 Class D: A;
   -- GBP16,850,000 Class E: BBB; and
   -- GBP1,135,000 Class F: BB.

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

The expected ratings reflect the credit enhancement provided to
each Class by the subordination of the Classes junior to it, the
positive and negative features of the underlying collateral and
the integrity of the legal and financial structures.

They also address the timely payment of interest on the notes
and the ultimate repayment of principal by final legal maturity
in February 2020.

This transaction is a securitization of six loans secured by 22
properties located throughout the U.K. and Jersey.  The assets
within the pool are office, mixed use and retail properties with
an aggregate market value of GBP375,350,000.

The initial weighted-average loan-to-value ratio of 69.9%
reduces marginally to a weighted-average balloon LTV of 67.6%,
assuming that no changes in value and no prepayments or defaults
occur prior to individual loan maturities.

Interest and principal on the notes will be paid quarterly in
arrears on each payment date, commencing February 2007.  Pre-
enforcement principal payments on the loans will be allocated to
the notes according to a "bucket" structure: on a modified pro
rata basis, depending on the pool to which the loan in question
is allocated.

The structure benefits from a GBP17-million liquidity facility,
which represents 6.5% of the total note issuance.  The facility
will be subject to a minimum balance of GBP13 million.

The three largest loans account for 81.9% of the loan pool.  The
Victoria loan represents 49.7% by aggregate loan balance and is
secured by an office building in London.  Within the loan pool,
three of the loans' income is secured primarily by a single
tenant, but this is somewhat mitigated by the strength of the
respective tenants.

There is limited collateral diversification by geographical
location and property type: 66.1% of the properties, which is
principally made up of offices, are located in London.

Four of the loans (the Victoria, Buchanan House, Kinnaird House
and Somerfield loans) have subordinated B-note tranches, which
have been carved out of the respective whole loans and are not
included within this transaction.


NORMANS BAY: Claims Registration Ends Feb. 15, 2007
---------------------------------------------------
Creditors of Normans Bay Limited have until Feb. 15, 2007, to
send in their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator Gerald Maurice Krasner at:

         Bartfields (UK) Limited
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
         United Kingdom

The company can be reached at:

         Normans Bay Limited
         98 Kirkstall Road
         Leeds
         West Yorkshire LS3 1HJ
         United Kingdom
         Tel: 0113 388 8692
         Fax: 0113 388 8697


POWER STEERING: Nominates Paul John Webb as Liquidator
------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Power Steering Services Limited on
Nov. 16 for the creditors' voluntary winding-up proceeding.

Headquartered in Stourport-on-Severn, England, Power Steering
Services Limited -- http://www.powersteeringservices.co.uk/--
manufactures and re-manufactures power steering racks, boxes and
pumps for cars as well as for light and heavy commercial
vehicles.


PRECISION COLD: Creditors' Claims Due Jan. 18, 2007
---------------------------------------------------
Creditors of Precision Cold Forgings Limited have until
Jan. 18, 2007, to send in their names and addresses, particulars
of their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Liquidator Frank Anthony Hatch
at:

         F A Hatch & Co.
         Castle View
         48 Salop Street
         Dudley
         West Midlands DY1 3AY
         United Kingdom

The company can be reached at:

         Precision Cold Forgings Limited
         Oakdale Trading Estate
         Ham Lane
         Kingswinford
         West Midlands DY6 7JH
         United Kingdom
         Tel: 01384 296 633


QUINTON WINDOWS: Claims Filing Period Ends Jan. 5, 2007
-------------------------------------------------------
Creditors of Quinton Windows Limited have until Jan. 5, 2007, to
send their names and addresses and particulars of their debts or
claims, and the names and addresses of their Solicitors (if any)
to appointed Liquidator Paul Anthony Saxton at:

         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire LE12 7NN
         United Kingdom

The company can be reached at:

         Quinton Windows Limited
         Unit 1
         Hornchurch Close Industrial Estate
         Hornchurch Close
         Coventry
         West Midlands CV1 2QZ
         Tel: 024 7655 2233


TIMBER TO GO: Brings In Liquidator from Poppleton & Appleby
-----------------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed Liquidator of
Timber To Go Limited on Nov. 17 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Timber To Go Limited
         Unit 2
         New Port Road
         Coventry
         West Midlands CV6 4BQ
         United Kingdom
         Tel: 024 7668 8886
         Fax: 024 7668 8869


ZEBRA LUGGAGE: Nominates Liquidator from Hodgsons
-------------------------------------------------
David Emanuel Merton Mond of Hodgsons was nominated Liquidator
of Zebra Luggage International Limited on Nov. 14 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Zebra Luggage International Limited
         243 Barlow Moor Road
         Manchester
         Lancashire M21 7QL
         United Kingdom
         Tel: 0161 860 5913
         Fax: 0161 881 7333


ZUCCI SPORTS: David E. M. Mond Leads Liquidation Procedure
----------------------------------------------------------
David E. M. Mond of Hodgsons was appointed Liquidator of Zucci
Sports Corporation (UK) Limited on Nov. 14 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Zucci Sports Corporation (U.K.) Limited
         243 Barlow Moor Road
         Manchester
         Lancashire M21 7QL
         United Kingdom
         Tel: 0161 881 1777


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
         Carnelian Room, San Francisco, CA
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Garden Grove, CA
            Contact: http://www.ceb.com/

December 4-5, 2006
   PRACTISING LAW INSTITUTE
      Mortgage Servicing & Default Management
         Washington, DC
            Contact: http://www.pli.edu/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Intellectual Property -
      Are You Overlooking Significant Value?
         5th Avenue Suites, Portland, OR
            Contact: http://www.turnaround.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *