TCREUR_Public/061204.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

            Monday, December 4, 2006, Vol. 7, No. 240

                            Headlines


A U S T R I A

EASY PHONE: Claims Registration Period Ends December 5
GETTINGER HELMUT: Creditors' Meeting Slated for December 12
GRUBER SANIERUNG: Claims Registration Period Ends December 28
HAWLE KEG: Creditors' Meeting Slated for December 12
HOSPOGA LLC: Claims Registration Period Ends December 21

KELLER-HART: Creditors' Meeting Slated for December 6
MAGIC METAL: Creditors' Meeting Slated for December 13
MONTLEEY LLC: Creditors' Meeting Slated for December 18
NESCHNER & CO: Creditors' Meeting Slated for December 12
PLANAG INSTALLATION: Claims Registration Period Ends December 7


F R A N C E

ALCATEL SA: Completes Merger with Lucent Technologies Inc.
GRAFTECH INT'L: Sept. 30 Balance Sheet Upside-Down by US$186 Mln
LUCENT TECHNOLOGIES: Completes Merger with Alcatel SA


G E R M A N Y

ALERIS INT'L: Moody's Lowers B1 Corporate Family Rating to B2
ALERIS INT'L: S&P Cuts Rating to B+ on Increased Debt Leverage
ANTARES LASER: Claims Registration Ends December 6
ASS AGENTUR: Claims Registration Ends December 8
BAUFRA GMBH: Claims Registration Ends December 7

BENQ CORP: Works with Berlitz's Mexican Unit to Bolster Sales
DELIVITA IMPORT: Claims Registration Ends December 6
GMAC LLC: Moody's Confirms Ba1 Rating on 51% Stake Sale Closing
GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
HS TEXTIL: Claims Registration Ends December 6

INVERNESS MEDICAL: Posts US$9.6 Million Net Loss in Third Qtr.
LEAR CORP: Transferring North American Assets to Joint Venture
LEAR CORP: 2006 Third Quarter Net Loss Down to US$74 Million
NETOPSYSTEMS AG: Creditors' Meeting Slated for December 7
PMP DIENSTLEISTUNG: Claims Registration Ends December 6

SAGARRA WOHNDECOR: Creditors' Meeting Slated for December 6
SCHEFENACKER AG: S&P Lowers Junk Corporate Credit Rating
STARPRODUCTION GMBH: Creditors' Meeting Slated for December 6
TIEFBAU KAHMANN: Claims Registration Ends December 6
Z.A.P. MANAGEMENT: Claims Registration Ends December 8


G R E E C E

CENTRAL PARKING: Retains Blackstone Group as Financial Advisor
CENTRAL PARKING: Blackstone Engagement Cues S&P's Negative Watch
NAVIOS MARITIME: Offering US$300-Million Senior Notes Due 2014
NAVIOS MARITIME: Moody's Rates US$300-Mln Sr. Notes at (P)B2
NAVIOS MARITIME: High Leverage Cues S&P's BB- Credit Rating


I R E L A N D

CORNERSTONE TITAN: S&P Affirms BB Rating on Class G Notes
EUROMAX V: Fitch Rates EUR5-Million Class B2 Notes at BB-
SCOTTISH RE: Declares Dividend on Perpetual Preferred Shares
STIEFEL LAB: Moody's Assigns Low-B Ratings on Credit Facilities


K A Z A K H S T A N

AHELES LLP: Creditors' Claims Due Jan. 5, 2007
AIRO TRAVEL: Claims Filing Period Ends Jan. 5, 2007
ALAU-PROGRESS: Almaty Court Starts Bankruptcy Procedure
KABIKOV & K: Claims Registration Ends Jan. 5, 2007
LUMINA LLP: Almaty Court Begins Bankruptcy Proceedings

OREL LLP: Creditors' Claims Due Jan. 9
PETROPAVLOVSK LLP: Claims Filing Period Ends Jan. 3, 3007
PROMMARKETSERVICE LLP: Aktube Court Starts Bankruptcy Procedure
URALSK AUDIT: Proof of Claim Deadline Slated for Jan. 9, 2007


K Y R G Y Z S T A N

TECHNICHESKOYE SERVISNOYE: Creditors' Claims Due Jan. 12, 2007


N E T H E R L A N D S

LUCENT TECHNOLOGIES: Completes Merger with Alcatel SA
SENSATA TECHNOLOGIES: Names Jeff Cote as Chief Financial Officer


R U S S I A

ALFA BANK: Earns RUR4.73 Billion for First 10 Months 2006
BLEK CJSC: Court Starts Bankruptcy Supervision Procedure
BUYUKLY LLC: Court Names I. Bashmakova as Insolvency Manager
CENTERTELECOM OAO: Launches CyberPlat Electronic Payment System
FAR EAST: Khabarovsk Court Names A. Krylov as Insolvency Manager

GRAFTECH INT'L: Sept. 30 Balance Sheet Upside-Down by US$186 Mln
KOTELNICHSKAYA GARMENT: Bankruptcy Hearing Slated for March 12
LUKOIL OAO: Okays Regulations for Long-Term Workers' Incentives
MAST CJSC: Moscow Court Names V. Leonov as Insolvency Manager
NIZGNEDEVITSKIY OJSC: Bankruptcy Hearing Slated for Feb. 1

NOMOS-BANK: To Issue US$125 Million Eurobonds in February 2007
PACKING MACHINES: Court Names S. Bogay as Insolvency Manager
PERVOMAYSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
RAMON' LLC: Voronezh Court Names A. Rufanov to Manage Assets
ROSNEFT OIL: Inks Strategic Cooperation Deal with OAO Gazprom

RUZSKIY OJSC: Court Names I. Ovchinnikov as Insolvency Manager
SAKHALINSKIY WOOD: Court Names I. Bashmakova to Manage Assets
SELEN-INVEST: Court Names D. Krugov as Insolvency Manager
SITRONICS JSC: Inks Regional Alliance Deal with Cisco Systems
SITRONICS JSC: Intracom Unit Inks EUR1.1-Mln Deal with T-HT

SMIRNYKHOVSKIY WOOD: Court Names I. Bashmakova to Manage Assets
SUSUMANSKIY: Court Names A. Khimkus as Insolvency Manager
TATNEFT OAO: Merrill Lynch to Coordinate Ordinary Share Offering
TRANSNEFT OAO: Receives Green Light to Build ESPO Extension
VIMPEL-COMMUNICATIONS: Earns US$268 Million in Third Quarter

VNESHTORGBANK: VTB24 Unit Earns RUR900 Mln for First 10 Months


S P A I N

CENTRAL PARKING: Retains Blackstone Group as Financial Advisor
CENTRAL PARKING: Blackstone Engagement Cues S&P's Negative Watch
TDA 27: Fitch Puts Low-B Ratings to EUR14.6 Million Notes
FTPYME TDA: Standard & Poor's Junks EUR29.3-Mln Class D Notes
MILLS CORP: Replies to Gazit's Revised Recapitalization Offer


S W I T Z E R L A N D

AHP INFORMATIK: St. Gallen Court Closes Bankruptcy Proceedings
ANDREAS STEGER: St. Gallen Court Starts Bankruptcy Proceedings
BAUTEC GIPS: St. Gallen Court Starts Bankruptcy Proceedings
E. URBINATI: St. Gallen Court Begins Bankruptcy Proceedings
GT GASTRO: St. Gallen Court Suspends Bankruptcy Proceedings

OBERHAMMER & PARTNER: St. Gallen Court Starts Bankruptcy Process
OFF PRICE: St. Gallen Court Suspends Bankruptcy Proceedings
SOLUZIONE LLC: Thurgau Court Suspends Bankruptcy Proceedings
THURTECH PUMP: St. Gallen Court Suspends Bankruptcy Process


T U R K E Y

ALTERNATIFBANK AS: Fitch Places B+ IDR on Rating Watch Positive


U K R A I N E

ALFA BANK: Earns RUR4.73 Billion for First 10 Months 2006
SITRONICS JSC: Inks Regional Alliance Deal with Cisco Systems
SITRONICS JSC: Intracom Unit Inks EUR1.1-Mln Deal with T-HT
VIMPEL-COMMUNICATIONS: Earns US$268 Million in Third Quarter
VNESHTORGBANK: VTB24 Unit Earns RUR900 Mln for First 10 Months


U N I T E D   K I N G D O M

ADVANCED MOBILE: Appoints Gerald Irwin as Liquidator
ALERIS INT'L: Moody's Lowers B1 Corporate Family Rating to B2
ALERIS INT'L: S&P Cuts Rating to B+ on Increased Debt Leverage
ALL 4 PETS: Taps Liquidator from David Horner & Co.
ARROWAK SECURITY: Names Gordon Craig as Administrator

ASPIRE WINDOWS: Appoints Antony Robert Fanshawe as Administrator
COLTRANE CLO: Fitch Assigns BB Ratings to EUR3.75-Million Notes
CONNECTIONS DATA: Claims Filing Period Ends Feb. 14, 2007
CRAEGMOOR FUNDING: Moody's May Downgrade Ratings After Review
D & S RUSHTON: Creditors' Claims Due Dec. 16

DSA BILINGUAL: Appoints Joint Liquidators from Begbies Traynor
DIAGNATEK LIMITED: Calls In Joint Liquidators from Vantis
DIASYS CORP: Deloitte & Touche Raises Going Concern Doubt
DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
EUROMAX V: Fitch Rates EUR5-Million Class B2 Notes at BB-

GENERAL MOTORS: Completes 51% GMAC Stake Sale for US$14 Billion
GENERAL MOTORS: Kirk Kerkorian Sells Another 14 Million Shares
GENERAL MOTORS: GMAC Releases Composition of New Board
GEORGE MAJOR: Hires Ian C. Brown to Liquidate Assets
GEORGICA PLC: Moody's Changes Rating Outlook to Negative

GMAC LLC: GM Sells 51% Stake to Cerberus for US$14 Billion
GMAC LLC: Releases Composition of New Board of Directors
GMAC LLC: Moody's Confirms Ba1 Rating on 51% Stake Sale Closing
GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
HANOVER GOLF: Nominates Joint Liquidators from Abbott Fielding

KINGSBURY TRAVEL: Nominates Liquidator from Neville Eckley
L.A. DESIGNER: Brings in P&A to Administer Assets
LANDMARK PROPERTY: Brings In Liquidator from B&C Associates
LATIN TRAVELLER: Appoints Liquidator from Kallis & Co.
LEAR CORP: Transferring North American Assets to Joint Venture

LEAR CORP: 2006 Third Quarter Net Loss Down to US$74 Million
LESLIE POWELL: Names John Paul Bell Liquidator
LSM PROCESSING: Taps Ninos Koumettou to Administer Assets
MAINE-WILSON ADVERTISING: Claims Registration Ends Dec. 31
MIDLAND PROPERTY: Creditors' Meeting Slated for December 6

MILLS CORP: Replies to Gazit's Revised Recapitalization Offer
NORTEL NETWORKS: Mulls Joint Venture Agreement with SECI
NORTH WEST: Liquidators Set Dec. 31 Claims Bar Date
NORTH WEST WAREHOUSING: Creditors' Claims Due Feb. 16, 2007
ORGASMIC LIMITED: Hires Liquidator from Begbies Traynor

OVAL 316: Brings In Administrators from Roger Evans
PEAK AQUATICS: Nominates Liquidator from Simmonds & Company
PROFESSIONAL CARE: Taps David Field to Liquidate Assets
PROFIT THROUGH PEOPLE: Taps Liquidator from Poppleton & Appleby
RCE LIMITED: Claims Filing Period Ends Dec. 31

QUALICARE LIMITED: Creditors' Claims Due Jan. 5, 2007
RJS BUILDING: Nominates Alex Kachani as Liquidator
SCOTTISH RE: Declares Dividend on Perpetual Preferred Shares
SEA CONTAINERS: Sells 50% Stake in Aegean Speed Lines
SELECTA CDO: Moody's Upgrades Rating on Class D Notes to Ba1

SHELTEX LTD: Nominates Ninos Koumettou as Liquidator
SKYEPHARMA PLC: HBOS Plc No Longer Holds Material Interest
SKYEPHARMA PLC: Lehman Brothers Increases Holdings to 7.25%
SOFTBANK MOBILE: S&P Withdraws Rating on Economic Defeasance
SOUTHLAKE HOLDINGS: Claims Registration Ends Jan. 31, 2007

STIEFEL LAB: Moody's Assigns Low-B Ratings on Credit Facilities
TAMS GROUP: Creditors' Meeting Slated for December 13
U.S. ENERGY: U.S. Unit Files Chapter 11 Petition in New York
VEDANTA RESOURCES: Extends Offer for Sterlite's Common Shares
W LAKE: Brings In Administrator from Bond Partners

                            *********

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


EASY PHONE: Claims Registration Period Ends December 5
------------------------------------------------------
Creditors owed money by LLC Easy Phone Telekommunikation Service
(FN 191305g) have until Dec. 5 to file written proofs of claims
to court-appointed property manager Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 28 33
         Email: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 2 S 149/06h).  Katharina Widhalm-
Budak represents Dr. Dallinger in the bankruptcy proceedings.


GETTINGER HELMUT: Creditors' Meeting Slated for December 12
-----------------------------------------------------------
Creditors owed money by LLC Gettinger Helmut (FN 86363f) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Dec. 12 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. 12 (Bankr. Case No. 4 S 146/06g).  Alexander Illedits
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Alexander Illedits
         Gonzagagasse 14
         1010 Vienna, Austria
         Tel: 533 77 04
         Fax: 533 77 05
         E-mail: office@law-wire.at


GRUBER SANIERUNG: Claims Registration Period Ends December 28
-------------------------------------------------------------
Creditors owed money by LLC Gruber Sanierung- und Projektentwick
lung (FN 207522f) have until Dec. 28 to file written proofs of
claims to court-appointed property manager Wolfgang Kleibel at:

         Dr. Wolfgang Kleibel
         Erzabt-Klotz-Str. 4
         5020 Salzburg, Austria
         Tel: 0662-842281
         Fax: 0662-842281-29
         Email: wolfgang.kleibel@k-b-k.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 11, 2007, to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         2nd Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 12 (Bankr. Case No. 23 S 70/06y).


HAWLE KEG: Creditors' Meeting Slated for December 12
----------------------------------------------------
Creditors owed money by KEG Hawle (FN 245166p) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Dec. 12 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. 12 (Bankr. Case No. 4 S 147/06d).  Wolfgang Leitner
serves as the court-appointed property manager of the bankrupt
estate.  Helmut Platzgummer represents Dr. Leitner in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Wolfgang Leitner
         c/o Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at


HOSPOGA LLC: Claims Registration Period Ends December 21
--------------------------------------------------------
Creditors owed money by LLC Hospoga (FN 250875i) have until
Dec. 21 to file written proofs of claims to court-appointed
property manager Martin Prett at:

         Mag. Martin Prett
         Ringmauergasse 8
         9500 Villach, Austria
         Tel: 04242/22 681
         Fax: 04242/ 22681-20
         Email: prett+fattinger@villach.net

Headquartered in Faak am See, Austria, the Debtor declared
bankruptcy on Oct. 12 (Bankr. Case No. 41 S 109/06m).


KELLER-HART: Creditors' Meeting Slated for December 6
-----------------------------------------------------
Creditors owed money by LLC Keller-Hart-Haus Errichtung (FN
156287i) are encouraged to attend the creditors' meeting at
9:30 a.m. on Dec. 6 to consider the adoption of the rule by
compensation.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor's compensation case
started on Oct. 12 (Case No. 3 Sa 3/06w).  Walter Kainz serves
as the court-appointed compensation manager of the estate.

The compensation manager can be reached at:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


MAGIC METAL: Creditors' Meeting Slated for December 13
------------------------------------------------------
Creditors owed money by LLC Magic Metal System (FN 192375f) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Dec. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Gerasdorf bei Wien, Austria, the Debtor
declared bankruptcy on Oct. 12 (Bankr. Case No. 36 S 101/06d).
Robert Klein serves as the court-appointed property manager of
the bankrupt estate.  Thomas Deschka represents Dr. Klein in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Robert Klein
         c/o Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna, Austria
         Tel: 01/513 99 39
         Fax: 01/513 99 39 30
         E-mail: klein@lawcenter.at
                 deschka@lawcenter.at


MONTLEEY LLC: Creditors' Meeting Slated for December 18
-------------------------------------------------------
Creditors owed money by LLC Montleey (FN 231702p) are encouraged
to attend the creditors' meeting at 10:30 a.m. on Dec. 18 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. 12 (Bankr. Case No. 45 S 70/06g).  Karl Schirl serves as
the court-appointed property manager of the bankrupt estate.
Markus Siebinger represents Dr. Schirl in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at
                 markus.siebinger@der-rechtsanwalt.at


NESCHNER & CO: Creditors' Meeting Slated for December 12
--------------------------------------------------------
Creditors owed money by LLC Neschner & Co (FN 225971k) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Dec. 12 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 38 S 58/06s).  Guenther Hoedl serves
as the court-appointed property manager of the bankrupt estate.
Klemens Dallinger represents Dr. Hoedl in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Guenther Hoedl
         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 5131655
         Fax: 513165533
         E-mail: Hoedl@anwaltsteam.at
                 dallinger@anwaltsteam.at


PLANAG INSTALLATION: Claims Registration Period Ends December 7
---------------------------------------------------------------
Creditors owed money by LLC Planag Installation (FN 96949y) have
until Dec. 7 to file written proofs of claims to court-appointed
property manager Horst Winkelmayr at:

         Mag. Horst Winkelmayr
         c/o Dr. Carl Knittl
         Porzellangasse 22A/7
         1090 Vienna, Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         Email: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Dec. 21 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 6 S 92/06f).  Carl Knittl represents
Mag. Winkelmayr in the bankruptcy proceedings.


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


ALCATEL SA: Completes Merger with Lucent Technologies Inc.
----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. completed their merger
transaction and will begin operating as the world's leading
communication solutions provider on Dec. 1, 2006.

The new company Alcatel-Lucent, with one of the largest global
R&D capabilities in communications and the broadest wireless,
wire-ine and services portfolio, is incorporated in France, with
executive offices located in Paris.

The company will be traded on Euronext Paris and the New York
Stock Exchange (NYSE) from Dec. 1, 2006 under a new common
ticker (Euronext Paris and NYSE: ALU).

As a result of the merger, each outstanding share of Lucent
common stock has been converted into the right to receive 0.1952
of an Alcatel ADS.  In connection with the merger, Alcatel has
issued around 878 million shares, which is equivalent to the
total number of ADS to be issued to the holders of Lucent common
stock. Following the completion of the merger, around 2.31
billion ordinary shares of Alcatel-Lucent are outstanding.

"Alcatel-Lucent will be for our customers a partner with the
scale and scope to design, build and manage increasingly complex
networks that deliver advanced converged services and
communications experience to the end-user," Serge Tchuruk, newly
appointed Chairman of the Board of Alcatel-Lucent, said.  "That
is what Alcatel-Lucent will deliver with an unparalleled focus
on execution, innovation and service for our customers: the
company will have the most experienced global services team in
the telecommunications industry, as well as one of the largest
research, technology and innovation organizations in the
industry.  In fact, our combined company is ideally positioned
to help our customers transform their networks so they can offer
new kinds of personalized, blended applications and services."

"Through this merger, we are bringing together two top-ranking
companies to form an undisputed leader in the industry, a
company poised to enrich people's lives by transforming the way
the world communicates," Patricia Russo, newly appointed Chief
Executive Officer of Alcatel-Lucent, added.  "Alcatel-Lucent is
a strong and enduring ally that service providers, governments
and enterprises can count on to help them unlock new market and
revenue opportunities.  This combination represents a strategic
fit of vision, geography, solutions and people, leveraging the
best of both companies to deliver meaningful communications
solutions that are personalized, simple to adopt and available
globally.  Both Alcatel and Lucent embraced a common culture of
innovation and excellence that will help ensure the success of
our merger."

With a comprehensive and diversified portfolio of complementary
products, Alcatel-Lucent is well positioned to address the
fastest growing areas of network transformation.  The company is
a leader in IPTV, broadband access, carrier IP, IMS and next-
generation networks, and 3G spread spectrum (UMTS and CDMA).
With more than 18,000 employees working in services worldwide,
the company has the largest and most experienced global services
team in the industry.  In enterprise communications solutions,
Alcatel-Lucent is No. 1 in Europe and has more than 250,000
enterprise and government customers worldwide.

With a worldwide presence in 130 countries, 79,000 employees
-- after completion of the Thales transaction -- and balanced
revenues across all regions, Alcatel-Lucent has strong customer
relationships with the 100 largest telecommunications operators
in the world.  The company will have four geographic regions:
Asia-Pacific, Europe and North, Europe and South and North
America, to answer the needs of service providers, enterprises
and end-users in the most advanced telecommunication markets, as
well as in high-growth economies.

There will be five Business Groups:

   -- the Wireline Business Group,

   -- the Wireless Business Group and the Convergence Business
      Group (addressing the needs of the carrier market),

   -- the Enterprise Business Group, and

   -- the Service Business Group.

Each Business Group will have a decentralized regional
organization that will provide strong local support to
customers.

In addition there will be several corporate functions that
support the company including worldwide-integrated supply chain
and procurement, finance, information technology, marketing,
human resources, legal and communications.

"While our respective corporate structures have changed, one
constant remains: our commitment to be a first class corporate
citizen and to act in a socially responsible way in interactions
with all our stakeholders," said Ms. Russo.

Around 23,000 of the 79,000 total number of employees at
Alcatel-Lucent are in R&D, including global Bell Labs which will
remain headquartered in New Jersey, USA.  With EUR2.7 billion
invested in R&D in calendar year 2005 by Alcatel and Lucent and
25,000 active patents, Alcatel-Lucent stands as an innovation
powerhouse, featuring one of the largest global R&D capabilities
in communications ready to partner and collaborate with
customers on breakthrough technology.  Alcatel-Lucent also leads
standards initiatives with some 600 experts participating in 130
standardization bodies.

Significant cost synergies are expected to be achieved within
three years of closing and will come from several areas,
including:

   -- consolidating support functions,

   -- optimizing the supply chain and procurement structure,

   -- leveraging R&D and services across a larger base, and

   -- reducing the combined worldwide workforce by around 9,000
      employees.

The merger is expected to result in around EUR1.4 billion in
pre-tax annual cost synergies.  A substantial majority of the
restructuring activity will be completed within 24 months after
closing.  The transaction is expected to be accretive to
earnings per share in the first year post closing with
synergies, excluding restructuring charges and amortization of
intangible assets.

The 14 Members of the Board of Directors are:

   -- Daniel Bernard,
   -- W. Frank Blount,
   -- Jozef Cornu,
   -- Linnet Deily,
   -- Robert Denham,
   -- Edward Hagenlocker,
   -- Jean-Pierre Halbron,
   -- Karl Krapek,
   -- Daniel Lebègue,
   -- Patricia Russo,
   -- Henry Schacht,
   -- Serge Tchuruk, and
   -- Sylvia Jay and Jean-Cyril Spinetta, who were not members
      of either Alcatel Board of Directors or Lucent Board of
      Directors prior to the merger.

There will be two Board observers representing the employee
shareholders of the company's Employee Investment Fund:
Jean-Pierre Desbois and Thierry de Loppinot.

                   About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                         About Alcatel

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

                         *     *     *

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

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


GRAFTECH INT'L: Sept. 30 Balance Sheet Upside-Down by US$186 Mln
----------------------------------------------------------------
Graftech International Ltd. reported a US$9.8 million net income
on US$246.6 million of net sales for the quarter ended
Sept. 30, 2006, compared with a US$15.6 million net income on
US$208.2 million of net sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$875.5 million in total assets, US$1.06 billion in total
liabilities and US$28.3 million in minority interests resulting
in a US$185.7 million stockholders' deficit.

Net sales of US$246.6 million in the 2006 third quarter
represented a US$38.4 million, or 18.4%, increase from net sales
of US$208.2 million in the 2005 third quarter, primarily due to
a US$44.1 million increase in net sales in the company's
synthetic graphite segment that was offset by a decrease of
US$5.7 million in net sales in the company's carbon electrodes
and natural graphite products segment.

Cost of sales of US$175.7 million in the 2006 third quarter
represented a US$25.7 million, or 17.1%, increase from cost of
sales of US$150.0 million in the 2005 third quarter, primarily
due to higher sales volumes and increases in raw material and
other production costs.

Gross profit of US$70.8 million in the 2006 third quarter
represented a US$12.6 million, or 21.6%, increase from gross
profit of US$58.2 million in the 2005 third quarter.

Cash and cash equivalents at the end of the nine-month period
ended Sept. 30, 2006, was US$18.7 million compared to US$5.8
million at the end of the nine-month period ended
Sept. 30, 2005.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at http://researcharchives.com/t/s?15d0

Headquartered in Parma, Ohio, Graftech International Ltd.--
http://www.graftech.com/GrafTech-- manufactures a range of
graphite electrodes, products essential to the production of
electric arc furnace (EAF) steel and various other ferrous and
non-ferrous metals.  The Company also manufactures natural
graphite products enabling thermal management solutions for the
electronics industry, and fuel cell solutions for the
transportation and power generation industries.  The products,
which include carbon and graphite electrodes, carbon and
graphite cathode blocks, advanced carbon and graphite materials,
and flexible graphite, are manufactured on four continents and
sold in over 70 countries around the world.  In Europe, Graftech
maintains operations facilities and/or sales offices in Russia,
France, Spain, Italy and Switzerland.


LUCENT TECHNOLOGIES: Completes Merger with Alcatel SA
-----------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. completed their merger
transaction and will begin operating as the world's leading
communication solutions provider on Dec. 1, 2006.

The new company Alcatel-Lucent, with one of the largest global
R&D capabilities in communications and the broadest wireless,
wire-ine and services portfolio, is incorporated in France, with
executive offices located in Paris.

The company will be traded on Euronext Paris and the New York
Stock Exchange (NYSE) from Dec. 1, 2006 under a new common
ticker (Euronext Paris and NYSE: ALU).

As a result of the merger, each outstanding share of Lucent
common stock has been converted into the right to receive 0.1952
of an Alcatel ADS.  In connection with the merger, Alcatel has
issued around 878 million shares, which is equivalent to the
total number of ADS to be issued to the holders of Lucent common
stock. Following the completion of the merger, around 2.31
billion ordinary shares of Alcatel-Lucent are outstanding.

"Alcatel-Lucent will be for our customers a partner with the
scale and scope to design, build and manage increasingly complex
networks that deliver advanced converged services and
communications experience to the end-user," Serge Tchuruk, newly
appointed Chairman of the Board of Alcatel-Lucent, said.  "That
is what Alcatel-Lucent will deliver with an unparalleled focus
on execution, innovation and service for our customers: the
company will have the most experienced global services team in
the telecommunications industry, as well as one of the largest
research, technology and innovation organizations in the
industry.  In fact, our combined company is ideally positioned
to help our customers transform their networks so they can offer
new kinds of personalized, blended applications and services."

"Through this merger, we are bringing together two top-ranking
companies to form an undisputed leader in the industry, a
company poised to enrich people's lives by transforming the way
the world communicates," Patricia Russo, newly appointed Chief
Executive Officer of Alcatel-Lucent, added.  "Alcatel-Lucent is
a strong and enduring ally that service providers, governments
and enterprises can count on to help them unlock new market and
revenue opportunities.  This combination represents a strategic
fit of vision, geography, solutions and people, leveraging the
best of both companies to deliver meaningful communications
solutions that are personalized, simple to adopt and available
globally.  Both Alcatel and Lucent embraced a common culture of
innovation and excellence that will help ensure the success of
our merger."

With a comprehensive and diversified portfolio of complementary
products, Alcatel-Lucent is well positioned to address the
fastest growing areas of network transformation.  The company is
a leader in IPTV, broadband access, carrier IP, IMS and next-
generation networks, and 3G spread spectrum (UMTS and CDMA).
With more than 18,000 employees working in services worldwide,
the company has the largest and most experienced global services
team in the industry.  In enterprise communications solutions,
Alcatel-Lucent is No. 1 in Europe and has more than 250,000
enterprise and government customers worldwide.

With a worldwide presence in 130 countries, 79,000 employees
-- after completion of the Thales transaction -- and balanced
revenues across all regions, Alcatel-Lucent has strong customer
relationships with the 100 largest telecommunications operators
in the world.  The company will have four geographic regions:
Asia-Pacific, Europe and North, Europe and South and North
America, to answer the needs of service providers, enterprises
and end-users in the most advanced telecommunication markets, as
well as in high-growth economies.

There will be five Business Groups:

   -- the Wireline Business Group,

   -- the Wireless Business Group and the Convergence Business
      Group (addressing the needs of the carrier market),

   -- the Enterprise Business Group, and

   -- the Service Business Group.

Each Business Group will have a decentralized regional
organization that will provide strong local support to
customers.

In addition there will be several corporate functions that
support the company including worldwide-integrated supply chain
and procurement, finance, information technology, marketing,
human resources, legal and communications.

"While our respective corporate structures have changed, one
constant remains: our commitment to be a first class corporate
citizen and to act in a socially responsible way in interactions
with all our stakeholders," said Ms. Russo.

Around 23,000 of the 79,000 total number of employees at
Alcatel-Lucent are in R&D, including global Bell Labs which will
remain headquartered in New Jersey, USA.  With EUR2.7 billion
invested in R&D in calendar year 2005 by Alcatel and Lucent and
25,000 active patents, Alcatel-Lucent stands as an innovation
powerhouse, featuring one of the largest global R&D capabilities
in communications ready to partner and collaborate with
customers on breakthrough technology.  Alcatel-Lucent also leads
standards initiatives with some 600 experts participating in 130
standardization bodies.

Significant cost synergies are expected to be achieved within
three years of closing and will come from several areas,
including:

   -- consolidating support functions,

   -- optimizing the supply chain and procurement structure,

   -- leveraging R&D and services across a larger base, and

   -- reducing the combined worldwide workforce by around 9,000
      employees.

The merger is expected to result in around EUR1.4 billion in
pre-tax annual cost synergies.  A substantial majority of the
restructuring activity will be completed within 24 months after
closing.  The transaction is expected to be accretive to
earnings per share in the first year post closing with
synergies, excluding restructuring charges and amortization of
intangible assets.

The 14 Members of the Board of Directors are:

   -- Daniel Bernard,
   -- W. Frank Blount,
   -- Jozef Cornu,
   -- Linnet Deily,
   -- Robert Denham,
   -- Edward Hagenlocker,
   -- Jean-Pierre Halbron,
   -- Karl Krapek,
   -- Daniel Lebègue,
   -- Patricia Russo,
   -- Henry Schacht,
   -- Serge Tchuruk, and
   -- Sylvia Jay and Jean-Cyril Spinetta, who were not members
      of either Alcatel Board of Directors or Lucent Board of
      Directors prior to the merger.

There will be two Board observers representing the employee
shareholders of the company's Employee Investment Fund:
Jean-Pierre Desbois and Thierry de Loppinot.

                         About Alcatel

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

                   About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Standard & Poor's
Ratings Services said that its 'BB' long-term corporate credit
rating on France-based Alcatel and its 'B' long-term corporate
credit rating on U.S.-based Lucent Technologies Inc. remain on
CreditWatch with negative and positive implications,
respectively, where they were placed on March 24 on news of the
two telecoms equipment makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


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


ALERIS INT'L: Moody's Lowers B1 Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service downgraded Aleris International Inc.'s
corporate family rating to B2 from B1.

At the same time Moody's assigned these ratings to Aurora
Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan at B2;

   -- proposed senior unsecured notes at B3;

   -- proposed senior subordinated notes at Caa1; and,

   -- a B2 rating to Aleris Deutschland Holding GMBH's proposed
      senior secured term loan.

The rating actions are prompted by the merger of Aleris
International with Texas Pacific Group in a leveraged
transaction under which TPG will acquire the outstanding stock
of Aleris for around US$1.7 billion plus the assumption of
roughly US$1.6 billion in debt.  The ratings for the proposed
debt instruments assume that the merger will close as
contemplated.

The rating outlook is stable

Moody's also confirmed the Ba3 ratings on Aleris and Aleris
Deutschland's existing term loans, which ratings will be
withdrawn upon closing of the merger.  This concludes the review
for possible downgrade initiated on Aug. 8, 2006.  In
conjunction with the proposed merger of Aleris and TPG, Aurora,
the newly created acquisition vehicle, will issue US$2.2 billion
in debt through the instruments rated above.  Upon consummation
of the merger, Aurora will merge with and into Aleris and Aleris
will be the continuing company, legally assuming all obligations
of Aurora.

The downgrade of Aleris's corporate family rating reflects:

   -- the substantial increase in debt resulting from the
      leveraged acquisition of the company, with LTM
      Sept. 30, 2006 pro forma leverage of roughly 4.8x;

   -- its weakened debt protection metrics; and,

   -- the execution risks for timely deleveraging, particularly
      for a company with relatively thin margins and high
      sensitivity to volume levels.

Aleris's propensity towards acquisitions, which Moody's believes
will be a continuing impetus for growth over the intermediate
term, and the integration risks associated with the recently
closed Corus acquisition, remain ongoing considerations in the
rating.  Including around US$230 million in drawings under a
US$750 million asset backed loan facility, total debt will be
around US$2.4 billion versus roughly US$1.5 billion currently on
the same asset and business operating base.

In addition, the rating considers the lack of comparative
financials for any meaningful time frame given the recent
history of mergers and acquisitions, commencing with the late
2004 merger between IMCO Recycling and Commonwealth Industries
and including the four acquisitions in late 2005 and the more
recent acquisition of certain downstream aluminum assets of
Corus.

However, the corporate family rating reflects:

   -- Aleris's broadened diversity and size after the
      acquisition of certain aluminum rolling assets from Corus,
      including a portfolio of higher value-added end use
      markets;

   -- its improving cost position; and,

   -- favorable demand trends expected to continue in many of
      the company's end markets into 2007.

Embedded in the rating is Moody's expectation that Aleris will
apply free cash flow generated in the more positive aluminum
market environment currently existing to deleverage, although
Moody's expects meaningful debt reduction will take two to three
years.

The stable outlook reflects Moody's expectation that the current
favorable business environment for aluminum products for
aerospace, automotive, commercial construction and industrial
applications will continue into 2007, allowing for good earnings
and cash flow generation over the near term.

Moody's expects that operating margins will remain in the mid
single-digit range, that free cash flow to debt will be at least
5% on a sustainable basis, and that financial leverage will
remain under 5.5x.

Although Moody's acknowledges that the company's pro forma
credit metrics remain weakly positioned in the B rating
category, the ratings and outlook are predicated on our
expectation that the company will generate positive free cash in
2006 and 2007, allowing for a reduction in debt to levels more
reasonable for a cyclical business.

Financing for the merger includes a US$750 million secured asset
backed loan secured by receivables and inventory with a second
priority interest in plant and equipment, a US$700 million
secured term loan at Aleris, secured by domestic plant and
equipment
and guaranteed by domestic subsidiaries and an approximate
$400 million secured term loan at Aleris Deutschland, GMBH
secured by foreign plant and equipment and guaranteed by Aleris
International, its domestic subsidiaries and the subsidiaries of
Aleris Deutschland.  The term loans are cross-collateralized and
also have a second priority interest in the assets securing the
ABL.

While the term loans are not at parity in the overall capital
structure, in that the term loan to Aleris does not benefit from
guarantees from the foreign subsidiaries, Moody's has equalized
the ratings on the term loans reflective of the low leverage at
the European level and the overall level of combined collateral.
The B2 rating on the secured term loans under Moody's loss given
default methodology reflects their position in the capital
structure and liability waterfall, and the dilution in
collateral coverage attributable to the significant increase in
the size of the term loans in this transaction relative to plant
and equipment values.

Under Moody's loss given default methodology, the B3 rating on
the US$600 million unsecured notes and the Caa1 rating on the
US$500 million subordinated notes reflects their weak position
in the capital structure, the absence of available collateral
from Moody's perspective given the level of secured debt ahead
of these instruments and therefore the lower recovery prospects
of these instruments.  Although the senior unsecured notes
include a PIK interest option at the company's discretion, this
feature does not add any lift to the rating.

These ratings were downgraded:

   * Aleris International

     -- corporate family rating to B2 from B1

These ratings were confirmed:

   * Aleris International

     -- US$400 million senior secured guaranteed term loan at
        Ba3

   * Aleris Deutschland Holding GMBH

     -- EUR200 million senior secured guaranteed term loan at
         Ba3

These ratings were assigned:

   * Aurora Acquisition Merger Sub, Inc.

     -- B2 Corporate Family Rating
     -- B2 PDR, Probability of default rating
     -- B2, LGD3, 46% senior secured guaranteed term loan,
     -- B3, LGD4, 63% senior unsecured notes,
     -- Caa1, LGD6, 93% senior subordinated notes.
     -- Probability of default at B2

   * Aleris Deutschland Holding GMBH

     -- B2, LGD3, 46% senior secured guaranteed term loan

Aleris, headquartered in Beachwood, Ohio, had revenues of
$2.4 billion in 2005.  LTM Sept. 30, 2006 pro-forma revenues for
the acquisitions made by Aleris in late 2005 and for the
acquisition of select assets of Corus were US$5.6 billion.
Along with company's aluminum recycling operations in Germany,
the United Kingdom, Mexico and Brazil and magnesium recycling
operations in Germany and the Netherlands, with the Corus
Aluminum acquisition, the company now has rolled products and
extrusions operations in Germany, Belgium, Canada and China. In
addition, the company is in the process of constructing a zinc
recycling facility in China.


ALERIS INT'L: S&P Cuts Rating to B+ on Increased Debt Leverage
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Beachwood, Ohio-based Aleris International Inc. to
'B+' from 'BB-'and removed it from CreditWatch, where it was
placed with negative implications on Aug. 9, 2006.

The CreditWatch placement followed the announcement that Texas
Pacific Group had agreed to acquire Aleris' outstanding stock
for nearly US$3.4 billion, consisting of US$1.7 billion in cash
plus assumed debt, representing a 6.8x trailing-12-months EBITDA
multiple.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' and '2'
recovery ratings to the company's proposed US$1.1-billion senior
secured term loan.  The '2' recovery rating indicates the
expectation of a substantial (80%-100%) recovery of principal in
the event of a payment default.  Aleris International Inc., a
U.S. corporation, and Aleris Deutschland Holding GmbH, its
German subsidiary, will be co-borrowers under the term loan
facility.  The company contemplates that Aleris International
will borrow US$700 million, with the remaining US$400 million
borrowed in a combination of euros and dollars by
Aleris Deutschland.

Standard & Poor's also assigned its 'B-' ratings to Aleris'
proposed US$500-million senior subordinated notes and proposed
US$600-million senior unsecured notes.  The senior unsecured
notes carry a payment-in-kind "toggle" feature.  The ratings are
based on preliminary terms and conditions and are predicated
on the completion of the TPG transaction and related financings
substantially in the form currently anticipated.

The proceeds from the issues, along with proceeds from a
revolving credit facility, will primarily be used to refinance
existing debt, finance the acquisition, and fund working capital
and transactions costs.

"The downgrade reflects the company's substantial increase in
debt leverage stemming from the TPG transaction and weakened
credit protection measures," said Standard & Poor's credit
analyst Marie Shmurak.  "We remain concerned that management
will continue to opportunistically make cash-financed
acquisitions and that economic weakness will cause credit
metrics to decline.  However, we expect Aleris' markets to
remain relatively healthy in the intermediate term, which should
enable the company to reduce leverage.

"We could change the outlook to positive if management reaches
and maintains more moderate debt levels.  We could change the
outlook to negative and ratings on Aleris could be pressured if
the company's debt levels remain high and performance weakens
materially because of intensified competition or market
conditions deteriorate."


ANTARES LASER: Claims Registration Ends December 6
--------------------------------------------------
Creditors of ANTARES Laser GmbH i.L. have until Dec. 6 to
register their claims with court-appointed provisional
administrator Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 8, 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 Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, 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 Nuernberg opened bankruptcy proceedings
against ANTARES Laser GmbH i.L. on Oct. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ANTARES Laser GmbH i.L.
         Attn: Hermann Domke and Katharina Knoppik, Liquidators
         Hauptstr. 9
         90453 Nuernberg, Germany

The administrator can be contacted at:

         Dr. Carlos Mack
         Gibitzenhofstr. 86
         90443 Nuernberg, Germany
         Tel: 0911/2369398


ASS AGENTUR: Claims Registration Ends December 8
------------------------------------------------
Creditors of ASS Agentur fuer Stenographie- und
Schriftdolmetscherleistungen GmbH have until Dec. 8 to register
their claims with court-appointed provisional administrator
Joerg Spies.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 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 Leipzig
         Hall 056
         Leipzig, Germany

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

The District Court of Leipzig opened bankruptcy proceedings
against ASS Agentur fuer Stenographie- und
Schriftdolmetscherleistungen GmbH on Oct. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ASS Agentur fuer Stenographie- und
         Schriftdolmetscherleistungen GmbH
         Attn: Kerstin Kiaulehn, Manager
         Calvisiusstrasse 38
         04177 Leipzig, Germany

The administrator can be contacted at:

         Joerg Spies
         Glashuetter Str. 104
         01277 Dresden, Germany


BAUFRA GMBH: Claims Registration Ends December 7
------------------------------------------------
Creditors of Baufra GmbH have until Dec. 7 to register their
claims with court-appointed provisional administrator Andreas
Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 23, 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 Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Baufra GmbH on Oct. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Baufra GmbH
         Attn: Marco Siegel and Gunnar Parlitz, Managers
         Gewerbestrasse 9
         08427 Fraureuth OT Beiersdorf, Germany

The administrator can be contacted at:

         Andreas Schenk
         Franz-Mehring-Str. 15
         08058 Zwickau, Germany


BENQ CORP: Works with Berlitz's Mexican Unit to Bolster Sales
-------------------------------------------------------------
BenQ Corp. has collaborated with the Mexican subsidiary of
Berlitz to boost sales during the holiday season, the company
said in a statement.

Business News Americas relates that costumers who buy BenQ
mobiles from Nov. 15 to Jan. 31 will get a free language course
at the end of February 2007.

BenQ Mexico -- the Mexican unit of BenQ -- is seeking to market
its mobiles in the holiday retail season.  The mobiles include
added features like pocket PC, MP3 player, and camera.

BenQ has experienced difficulties after failing to revive the
ailing mobile unit of Germany's Siemens in October 2005.  BenQ
was forced to cut staff internationally and close operations in
Chile, Argentina, Argentina, Paraguay and Uruguay, BNamericas
states.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, with Martin Prager serving as insolvency
manager.  The collapse came a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

                        *     *     *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp.
affirmed its twBB+/twB corporate credit ratings and twBB+
unsecured corporate bond issue rating on BenQ Corp.  The outlook
on the long-term rating is negative.  At the same time, Taiwan
Ratings removed all ratings from Credit Watch with negative
implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


DELIVITA IMPORT: Claims Registration Ends December 6
----------------------------------------------------
Creditors of DELIVITA Import-Export, Lebensmittel Gross- und
Einzelhandel GmbH have until Dec. 6 to register their claims
with court-appointed provisional administrator Thomas Heilmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against DELIVITA Import-Export, Lebensmittel Gross- und
Einzelhandel GmbH on Oct. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         DELIVITA Import-Export, Lebensmittel Gross- und
         Einzelhandel GmbH
         Attn: Vrionis Efstathios, Manager
         Jagdschankenstrasse 17
         09117 Chemnitz, Germany

The administrator can be contacted at:

         Thomas Heilmann
         Barbarossastrasse 2
         09112 Chemnitz, Germany


GMAC LLC: Moody's Confirms Ba1 Rating on 51% Stake Sale Closing
---------------------------------------------------------------
Moody's Investors Service confirmed GMAC LLC's Ba1 senior
unsecured ratings, following GM's announcement that it has
closed the sale of a 51% stake in GMAC to FIM Holdings, LLC, an
investor consortium led by Cerberus FIM Investors, LLC.

Moody's also assigned a new rating of Ba3 to GMAC's US$1.9
billion preferred equity securities, which were issued to GMAC's
owners in connection with the sale transaction.  The outlook for
GMAC's ratings is negative.

Concurrently, Moody's also confirmed Residential Capital LLC's
Baa3 unsecured and Prime-3 short-term ratings, with a stable
outlook.  GM's ratings (B3 corporate family, Caa1 senior
unsecured) are unchanged as they already take into consideration
the impact of the sale on the company's credit profile.

Moody's confirmation of GMAC's ratings incorporates these key
factors:

   -- GM's sale of a 51% stake in GMAC results in ratings
      de-linkage from GM on the basis of a change in control in
      favor of the Cerberus consortium.

   -- The transaction reduces GMAC's direct and indirect
      exposure to GM and eliminates its potential liability for
      GM's pension obligations, which improves the firm's risk
      profile.

   -- GMAC's new owners are expected to have a positive
      influence on GMAC's operating strategy, which will
      emphasize profitability improvements through gains in
      operating and funding efficiency, capital strengthening
      through earnings retention and dividend reinvestment, and
      enhanced liquidity through improved access to the capital
      markets.

   -- GMAC will have a continuing business concentration
      with GM, which, given GM's operating challenges, poses
      ongoing risks to GMAC's operating metrics and access to
      confidence sensitive funding, constraining the rating and
      outlook.

   -- GM's call option on GMAC's automotive operations
      represents an upside ceiling on GMAC's unsecured rating
      (the higher of Baa2 or one-notch higher than GM's rating)
      based upon a re-linkage of ratings should GM exercise the
      option.

Moody's noted that GMAC's negative rating outlook could improve
to stable in the near term should the firm succeed in
strengthening its liquidity profile, in particular, by
mitigating the GM bankruptcy risk embedded within its wholesale
receivable funding facility, SWIFT.  Developments in GM's
condition and performance will also be very important
considerations in reassessing GMAC's rating outlook.

Confirmation of ResCap's ratings reflects these considerations:

   * the sale of a 51% interest of GMAC to Cerberus will
     result in ratings de-linkage from GM and likely improve
     ResCap's access to alternative funding sources.

   * ResCap has had significant success in gaining strong
     access to diverse funding sources in the global public
     capital markets, thus eliminating its reliance on
     intercompany borrowings from GMAC.

   * ResCap has made solid progress in integrating its
     GMAC Residential and GMAC RFC mortgage businesses.

However, ResCap has further progress to make to complete the
integration of its business platforms and reduce business
infrastructure costs.

ResCap's limited independent operating track record, the highly
competitive residential mortgage banking environment in which it
operates and its moderate capitalization continue to be rating
factors.

ResCap's stable outlook implies that following a change in
ownership there will not be a material alteration to ResCap's
leadership, business model or capital structure.  The stable
outlook also reflects a reduction in the linkage between ResCap
and GMAC.  Moody's expects that the sale will lead to an
enhancement of ResCap's operational structure and flexibility,
which should result in further earnings and funding diversity
over time.  Nonetheless, ResCap's rating continues to be linked
to that of its parent.  Thus, an action regarding GMAC's ratings
could result in a similar action with ResCap's ratings, assuming
no material changes in ResCap's corporate ownership.  Notching
between the two firms' ratings could increase to as much as two
notches, once existing operational and funding structure
uncertainties are resolved, demonstrating ResCap's independence
from GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, primarily in support of GM's auto operations.
GMAC reported earnings of US$2.4 billion in 2005.

ResCap is a holding company for the real estate financing
businesses of GMAC, including GMAC-RFC Holding and GMAC
Residential Holding Corp.


GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
-----------------------------------------------------
Fitch Ratings upgraded GMAC LLC's Issuer Default Rating to BB+
from BB and Residential Capital LLC's IDR to BBB from BBB-
following the closing of the sale of a controlling interest in
GMAC to a consortium led by Cerberus FIM Investors, LLC.

The ratings for GMAC and ResCap have also been removed from
Rating Watch Positive, where they were originally placed on
April 3, 2006.  The Rating Outlook for GMAC, ResCap and related
subsidiaries is Positive.  The rating of GMAC Bank have been
withdrawn and this entity has been effectively merged into GMAC
Automotive Bank.

With the closing of the transaction, the ratings of GMAC will no
longer be directly linked to those of General Motors Corp., in
the sense that a rating action on GM will not automatically
translate into a similar action at GMAC.  Rather, Fitch will
view GMAC's relationship with GM as one of a significant
customer concentration.

As such Fitch would consider how issues at GM, such as labor
disruption or weakening market share could impact GMAC's
business.  If such events would be material, Fitch would factor
that into the rating.  Nonetheless, Fitch's ratings can
withstand a fair degree of weakening at GM.

Fitch's upgrade of GMAC reflects a number of factors.  First, it
recognizes the good record of operating performance the company
has demonstrated, despite significant challenges over the past
five years.  The company's most recent quarter notwithstanding,
Fitch expects GMAC will continue to maintain good operating
performance, with solid earnings while maintaining credit and
capital discipline.

Fitch's upgrade also considers the company's capitalization on a
risk-adjusted basis.  Under Fitch's own standards, GMAC has over
the past few years reported solid risk-adjusted capital levels,
commensurate with a higher rating.  Fitch continues to believe
that the good capital discipline witnessed at the company will
remain.

Fitch also recognizes the good liquidity management the company
has demonstrated over a very stressful period.  GMAC has been
successful obtaining alternative financing sources such as whole
loan sales and greater use of securitization to fund its balance
sheet as access to capital became more difficult.

In addition, the company has carried significant committed
liquidity support to protect itself.  Fitch notes that the
company's dealer floorplan securitization program, SWIFT, has
covenants related to a GM bankruptcy.

Under such a scenario, a filing by GM would accelerate
maturities of the notes issued out of the trust, creating a
significant call on liquidity.  At Nov. 30, 2006, there was
around US$18 billion of SWIFT notes outstanding.  Although a
concern, Fitch expects GMAC to have in place contingent
liquidity to address such a scenario.  Moreover, Fitch expects
that future floorplan transactions would not contain such a GM
bankruptcy trigger.

Fitch is maintaining its two notch differential between GMAC and
ResCap, however, given certain changes in the operating
agreement between GMAC and ResCap, necessitated by the GMAC Bank
restructuring, Fitch may narrow the notching between GMAC and
ResCap over time particularly as ResCap approaches its stand-
alone rating of mid to high BBB.

The Positive Rating Outlook reflects Fitch's view that should
GMAC be successful in prudently growing non-GM related financing
and insurance businesses, improving operational efficiencies,
and maintaining disciplined underwriting, ratings could be
raised from the current levels.

Fitch has upgraded and removed these ratings from Rating Watch
Positive:

* GMAC LLC
* GMAC International Finance B.V.
* GMAC Bank GmbH
* General Motors Acceptance Corp., Australia
* General Motors Acceptance Corp. of Canada Ltd.

   -- Issuer Default Rating to BB+ from BB; and
   -- Senior unsecured debt to BB+ from BB.

* Residential Capital LLC

   -- Issuer Default Rating to BBB from BBB-;
   -- Senior debt to BBB from BBB-;
   -- Subordinated debt to BBB- from BB+; and
   -- Short-term Issuer to F2 from F3.

The Rating Outlook is Positive.

Ratings affirmed by Fitch include:

* GMAC LLC
* GMAC International Finance B.V.
* GMAC Bank GmbH
* GMAC Australia Finance
* General Motors Acceptance Corp. (U.K.) Plc.
* General Motors Acceptance Corp. Australia
* General Motors Acceptance Corp. of Canada Ltd.
* General Motors Acceptance Corp. (N.Z.) Ltd.

   -- Short-term Issuer B; and
   -- Short-term debt B.

These ratings are removed from Rating Watch Evolving, affirmed
and subsequently withdrawn:

* GMAC Bank

   -- Issuer Default Rating BBB-;
   -- Long-term deposits BBB;
   -- Short-term deposits F3;
   -- Short-term Issuer F3;
   -- Individual B/C; and
   -- Support 3.


HS TEXTIL: Claims Registration Ends December 6
----------------------------------------------
Creditors of HS Textil Nahservice GmbH have until Dec. 6 to
register their claims with court-appointed provisional
administrator Ingo Koelsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, 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 Wuppertal opened bankruptcy proceedings
against HS Textil Nahservice GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HS Textil Nahservice GmbH
         Attn: Heinz Uwe Senftleben, Manager
         Obere Sehlhofstr. 5
         42289 Wuppertal, Germany

The administrator can be contacted at:

         Ingo Koelsch
         Bundesallee 217
         42103 Wuppertal, Germany


INVERNESS MEDICAL: Posts US$9.6 Million Net Loss in Third Qtr.
--------------------------------------------------------------
For the three months ended Sept. 30, 2006, Inverness Medical
Innovations Inc. posted a US$9.6 million net loss on US$144.9
million of net revenues compared to a US$6.5 million net loss on
US$106.2 million of net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$1
billion in total assets and US$373.8 million in total
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?15cf

On July 17, 2006, the Company signed a non-binding letter of
intent with The Procter & Gamble Company to form a joint venture
to develop and market consumer diagnostic products.

On Nov. 17, 2006, discussions with P&G regarding Inverness
Medical's previously disclosed consumer diagnostics joint
venture remain on course and the Company continues to be hopeful
that definitive agreements can be signed during the fourth
quarter.

While the joint venture will be complex, the Company expects the
core of the arrangement to involve a 50/50 partnership to
develop, acquire and market consumer diagnostic and monitoring
products, other than for cardiology and diabetes.

The Company will contribute its assets related to this business
to the joint venture in exchange for US$325 million cash,
however the Company will retain all of its manufacturing assets
and it will supply the joint venture with its products.  P&G
will retain an option to put its interest in the venture back to
us at market value on the 4th anniversary of the closing.  The
nature of any relationship that the Company enters into with P&G
remains subject to negotiation and may ultimately differ
significantly.

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. -- http://www.invernessmedical.com/-- makes diagnostic
products including home pregnancy tests and fertility monitors.
The Company also manufactures consumer vitamins and nutritional
products.

The company has offices in Australia, Canada, China, Germany,
Japan, and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and 'CCC+' subordinated debt rating for Inverness
Medical Innovations Inc. on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Oct. 13, 2006,
Moody's Investors Service upgraded Inverness Medical
Innovations, Inc.'s corporate family rating to B2 from B3.
Additionally, Moody's upgraded the company's Probability of
Default rating to B2 from B3, the rating on its senior
subordinated notes to Caa1 from Caa2, and revised the rating
outlook to stable from negative.


LEAR CORP: Transferring North American Assets to Joint Venture
--------------------------------------------------------------
Lear Corp. has reached a definitive agreement with WL Ross & Co.
LLC and Franklin Mutual Advisers LLC to transfer substantially
all of the assets of its North American Interior business and
US$25 million of cash to a newly formed joint venture,
International Automotive Components Group North America LLC.

Lear will hold a 25% equity interest in IAC North America and
warrants for an additional 7% equity interest in IAC North
America.  This transaction completes a series of strategic
initiatives intended to improve the Company's ongoing operating
results, strengthen its balance sheet, and increase operating
flexibility.

                     Private Offering

Separately, Lear successfully completed a private offering of
US$900 million in new senior notes on November 24 and has
commenced a tender offer for its outstanding 2008 and 2009
senior notes. Also, on November 8, Lear completed a US$200
million sale of common stock in a private placement to
affiliates of, and funds managed by, Carl C. Icahn.

"We are very pleased to have reached a definitive agreement to
transfer our North American Interior business to IAC North
America.  This transaction combined with our recent financing
initiatives have significantly strengthened the Company's
financial and competitive position," Lear's chairman and chief
executive officer Bob Rossiter said.

"Our focus going forward is to concentrate on delivering
superior quality and service to our customers and to invest in
further strengthening and growing our core businesses to
increase value for our shareholders."

Under the terms of the agreement with respect to the company's
North American Interior business, WL Ross and Franklin would
make aggregate cash contributions of US$75 million to IAC North
America, in exchange for the remaining equity, and extend a
US$50 million term loan.

Lear's North American Interior business has annual sales of
approximately US$2.5 billion.  Lear expects to record a charge
of about US$675 million related to the divestiture of the North
American Interior business in the fourth quarter of 2006, and
recognize its investment in IAC North America under the equity
method of accounting.

The closing of the transaction is subject to various conditions,
such as the receipt of required third-party consents and other
closing conditions customary for transactions of this type.

Citigroup Corporate and Investment Banking and UBS Investment
Bank acted as financial advisors to Lear in connection with this
transaction.

In October, Lear said that it had completed the contribution of
substantially all of its European Interior business to
International Automotive Components Group LLC, another joint
venture with WL Ross and Franklin, in exchange for a one-third
equity interest in IAC Europe.  IAC Europe also owns the
European Interior business formerly held by Collins & Aikman
Corporation.

A full-text copy of the asset purchase agreement is available
for free at http://ResearchArchives.com/t/s?1638

A full-text copy of the limited liability company agreement is
available for free at http://ResearchArchives.com/t/s?1639

Southfield, Mich.-based Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 23,
Fitch Ratings assigned a rating of 'B/RR4' to Lear's US$900
million senior unsecured notes.

In a TCR-Europe report on Nov. 22, Standard & Poor's Ratings
Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LEAR CORP: 2006 Third Quarter Net Loss Down to US$74 Million
------------------------------------------------------------
Lear Corp. has filed its third quarter financial statements
ended Sept. 30, 2006, with the U.S. Securities and Exchange
Commission.

For the three months ended Sept. 30, 2006, the company reported
a US$74 million net loss compared with a US$750.1 million net
loss in the comparable quarter of 2005.

For the third quarter of 2006, Lear posted net sales of
US$4.1 billion and a pretax loss of US$65.9 million, including
US$46.1 million related to restructuring costs and a loss on the
divestiture of the Company's European Interior business.

These results compare with year-earlier net sales of US$4
billion and a pretax loss of US$787.8 million, including
US$777.7 million related to impairments and restructuring costs.
Net loss for the third quarter of 2006 was US$74 million.  This
compares with a net loss of US$750.1 million for the third
quarter of 2005.

"In response to very challenging industry conditions, we are
continuing to aggressively implement cost reduction and
restructuring actions to improve future profitability.  Margins
in our Seating business are showing solid improvement, and the
actions we are taking to improve our manufacturing footprint
will benefit our Electronic and Electrical margins in the
future.  We are also moving forward with our strategy to put in
place a new, more sustainable business model for our Interior
segment," Lear chairman and chief executive officer Bob Rossiter
said.

Net sales were up from the prior year, primarily reflecting the
addition of new business globally, offset in large part by lower
production in North America and Europe.  Operating performance
was slightly below the year-earlier results, reflecting the
adverse impact of lower production and higher raw material
costs, largely offset by the benefit of new business and cost
reductions in our core businesses.

Free cash flow was negative US$48.2 million for the third
quarter of 2006. (Net cash provided by operating activities was
negative US$8.1 million.)

Lear continued to make progress on important strategic
initiatives, including the completion of a transaction to
contribute substantially all of its European Interior business
to International Automotive Components Group LLC in return for a
1/3 equity interest.

With respect to the Company's North American Interior business,
it has reached a definitive agreement with WL Ross & Co. LLC and
Franklin Mutual Advisers LLC to transfer substantially all of
its assets.

Lear is also aggressively expanding its business in Asia and
with Asian automakers globally, and was awarded several new
Asian programs during the third quarter.

The Company's recent agreement to issue US$200 million of common
stock provides additional operating and financial flexibility,
allowing the Company to invest in and further strengthen its
core businesses.

Additionally, the company continued to develop new products and
technologies, including the industry's first solid-state Smart
Junction Box.

                     Full-Year 2006 Guidance

On Oct. 16, 2006, the Company completed the contribution of
substantially all of its European Interior business to
International Automotive Components Group, LLC. Accordingly,
Lear's full-year financial results will reflect Lear's minority
interest in the joint venture on an equity basis for the fourth
quarter.

For the full year of 2006, Lear expects worldwide net sales of
about US$17.7 billion, reflecting recently announced production
cuts in North America and the divestiture of the Company's
European Interior business.

Lear anticipates full-year income before interest, other
expense, income taxes, impairments, restructuring costs and
other special items (core operating earnings) to be in the range
of US$345 million to US$375 million.  Restructuring costs for
the full year are estimated to be in the range of US$105 million
to US$115 million.

Full-year interest expense is estimated to be in the range of
US$210 million to US$215 million.  Pretax income before
impairments, restructuring costs and other special items is
estimated to be in the range of US$65 to US$95 million.  Income
tax expense is estimated to be approximately US$40 million in
the fourth quarter, subject to the actual mix of financial
results by country.

Full-year capital spending is estimated to be in the range of
US$380 million to US$390 million.  Free cash flow for the full
year is expected to be about breakeven.

Fourth quarter industry production assumptions underlying Lear's
financial outlook include 3.7 million units in North America,
down 5% from a year ago, and 4.7 million units in Europe, down
1% from a year ago.  Lear's major platforms in North America are
expected to be down significantly more than the industry
average.

                     Preliminary 2007 Outlook

With respect to its core Seating, Electronic and Electrical
businesses, the company estimates that it will add new business
of about US$800 million.  Seating margins are expected to
continue to improve to the mid-5% level.  In the Electronic and
Electrical segment, the company is continuing to implement
aggressive restructuring actions, and it expects margins to
improve during the course of the year to the 5.5% to 6% range.
These margins assume an industry production environment roughly
in line with 2006 and reflect underlying operating margins,
excluding restructuring costs and other special items.  Capital
spending for 2007 in its core businesses is expected to be in
the range of US$250 million to US$280 million.  Free cash flow
is expected to return to a solid positive level.

At Sept. 30, 2006, the company's balance sheet showed US$8.451
billion in total assets, US$7.328 billion in total liabilities,
and US$1.123 billion in total stockholders' equity.

Full-text copies of the company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?163a

Southfield, Mich.-based Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 23,
Fitch Ratings assigned a rating of 'B/RR4' to Lear's US$900
million senior unsecured notes.

In a TCR-Europe report on Nov. 22, Standard & Poor's Ratings
Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


NETOPSYSTEMS AG: Creditors' Meeting Slated for December 7
---------------------------------------------------------
The court-appointed provisional administrator for Netopsystems
AG, Detlef Ruediger Beckmann, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on Dec. 7.

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

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 10:05 a.m. on March 15, 2007, at the
same venue.

Creditors have until Jan. 18, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Netopsystems AG on Oct. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Netopsystems AG
         c/o Rechtsanwalte Brehm & v. Moers
         Anna-Louisa-Karsch-Road 2
         10178 Berlin, Germany

The administrator can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lietzenburger Road 77
         10719 Berlin, Germany


PMP DIENSTLEISTUNG: Claims Registration Ends December 6
-------------------------------------------------------
Creditors of PMP Dienstleistung GmbH have until Dec. 6 to
register their claims with court-appointed provisional
administrator Tatjana Gotsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 17, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against PMP Dienstleistung GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PMP Dienstleistung GmbH
         Attn: Jens Poege, Manager
         Heinrich-Heine-Road 12-14
         08223 Falkenstein, Germany

The administrator can be contacted at:

         Tatjana Gotsch
         Buettenstr. 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de


SAGARRA WOHNDECOR: Creditors' Meeting Slated for December 6
-----------------------------------------------------------
The court-appointed provisional administrator for Sagarra
Wohndecor GmbH Stilmoebel Inneneinrichtung, Udo Feser, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:25 a.m. on Dec. 6.

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

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on March 21, 2007, at the
same venue.

Creditors have until Jan. 22, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Sagarra Wohndecor GmbH Stilmoebel
Inneneinrichtung on Oct. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sagarra Wohndecor GmbH Stilmoebel Inneneinrichtung
         Fasanenstr. 67
         10719 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


SCHEFENACKER AG: S&P Lowers Junk Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German automotive parts supplier
Schefenacker AG to 'SD' (selective default) from 'CCC-'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

The 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.

The downgrade follows Schefenacker's announcement that it has
extended until mid-December 2006 its standstill agreement
reached on Nov. 2, 2006, with the majority of the lenders of its
EUR50-million revolving credit facility and EUR155-million
senior term loan.  The agreement grants a deferral of interest
payments on these facilities.

"According to our criteria, the missed payment of contractually
due interest constitutes a selective default," said Standard &
Poor's credit analyst Barbara Castellano.

The company has stated that it is current in all scheduled
payments for its other liabilities.

Schefenacker is working on a financial restructuring plan
involving the injection of fresh capital from its sole
shareholder, the acceptance of less onerous conditions by the
second lien lenders, and the conversion of the EUR200-million
subordinated bond into equity.  At the same time, Schefenacker
AG is waiting for the approval from bondholders to migrate to
the U.K.  The aim is to conclude the restructuring negotiations
by year-end.

"Assuming the described plan is completed, we will likely
subsequently raise the rating to reflect the group's longer term
operating and financial outlook," said Ms. Castellano.  "Failure
to accomplish the financial restructuring, however, would push
Schefenacker's rating into default."


STARPRODUCTION GMBH: Creditors' Meeting Slated for December 6
-------------------------------------------------------------
The court-appointed provisional administrator for StarProduction
GmbH, Udo Feser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
Dec. 6.

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

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on March 21, 2007, at the
same venue.

Creditors have until Jan. 22, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against StarProduction GmbH on Oct. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         StarProduction GmbH
         Monbijouplatz 10
         10178 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


TIEFBAU KAHMANN: Claims Registration Ends December 6
----------------------------------------------------
Creditors of Tiefbau Kahmann GmbH & Co KG have until Dec. 6 to
register their claims with court-appointed provisional
administrator Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Stralsund
         Hall A4 21
         4th Floor
         House A
         Franconia Dam 17
         Stralsund, 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 Stralsund opened bankruptcy proceedings
against Tiefbau Kahmann GmbH & Co KG on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Tiefbau Kahmann GmbH & Co KG
         Attn: Hans-Dieter Kahmann, Manager
         Industriestr. 12
         18528 Bergen, Germany

The administrator can be contacted at:

         Joerg Sievers
         R.-Blum-Str. 1
         17489 Greifswald, Germany


Z.A.P. MANAGEMENT: Claims Registration Ends December 8
------------------------------------------------------
Creditors of Z.A.P. Management GmbH have until Dec. 8 to
register their claims with court-appointed provisional
administrator Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Z.A.P. Management GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Z.A.P. Management GmbH
         Attn: Marcus Planer, Manager
         Wandsbeker Chaussee 224
         22089 Hamburg, Germany

The administrator can be contacted at:

         Hendrik Rogge
         Albert-Einstein-Ring 15
         22761 Hamburg, Germany


===========
G R E E C E
===========


CENTRAL PARKING: Retains Blackstone Group as Financial Advisor
--------------------------------------------------------------
Central Parking Corporation has retained The Blackstone Group
L.P. as its financial advisor to assist the Company in exploring
strategic alternatives to enhance stockholder value.

"The Company has engaged The Blackstone Group L.P. to assist
management and the Board in evaluating the assets and operations
of the Company in order to develop possible alternative
strategies to achieve greater stockholder value," Emanuel J.
Eads, President and Chief Executive Officer of Central Parking,
said.

"These alternatives may include a complete or partial sale of
the Company, a merger or a decision to take no action at this
time.  Although the Company has met with certain interested
parties, at this time no agreements or understandings have been
reached with any party as to the terms of a possible
transaction.  There is no certainty that any such transaction
will actually occur in either the short or long term and the
Company is continuing to implement its previously announced
strategic plan.

"Central Parking does not intend to issue any other press
release or make any other comments relating to the subject
matter referenced above until such time, if ever, as it enters
into a definitive agreement with a third party or parties in
connection with any such transaction or series of transactions
or determines to terminate this strategic process," Mr. Eads
added.

Headquartered in Nashville, Tennessee, Central Parking
Corporation -- http://www.parking.com/-- provides parking and
transportation-related services.  As of Sept. 30, 2006, the
Company operated around 3,100 parking facilities containing
around 1.5 million spaces at locations in 37 states, the
District of Columbia, Canada, Puerto Rico, the United Kingdom,
the Republic of Ireland, Chile, Colombia, Peru, Spain,
Switzerland, and Greece.

                           *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector in September
2006, the rating agency confirmed its Ba3 Corporate Family
Rating for Central Parking Corporation.  Additionally, Moody's
revised or held its probability-of-default ratings and assigned
loss-given-default ratings on these loan obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$74-million
   Sec. term loan
   due 2010              Ba3      Baa3     LGD2     15%

   US$225 million
   Sec. revolver
   due 2008              Ba3      Baa3     LGD2     15%

   US$78 million
   5.25% convertible
   trust issued
   preferred securities  B2       B2       LGD6     93%


CENTRAL PARKING: Blackstone Engagement Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Nashville, Tennessee-based Central Parking Corp., including the
'B+' corporate credit rating, on CreditWatch with negative
implications.  The company had about US$209.4 million of total
debt at June 30, 2006.

The CreditWatch listing comes after Central Parking's recent
report that it has engaged The Blackstone Group L.P. to assist
management and the board of directors in pursuing various
strategic alternatives, including a partial or complete sale of
the company, or a possible merger.  The company does not plan to
release any additional information about the status of this
review until a definitive agreement is entered into or the
strategic review process is completed.

"Although the ultimate outcome of this process is uncertain,
these strategic alternatives could potentially weaken credit
protection measures to levels below those appropriate for the
current rating," noted Standard & Poor's credit analyst Mark
Salierno.

"In the event that a sale to a financially stronger company is
announced, we would consider revising the CreditWatch listing.
We will monitor developments associated with a potential sale of
the company in order to assess the rating implications."


NAVIOS MARITIME: Offering US$300-Million Senior Notes Due 2014
--------------------------------------------------------------
Navios Maritime Holdings Inc. intends to offer around US$300
million of senior notes due 2014, subject to market and other
conditions.

The Notes will be offered and sold in the United States only to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended -- and in offshore
transactions to non-United States persons in reliance on
Regulation S under the Securities Act.

The Notes to be issued by Navios will be fully and
unconditionally guaranteed by the Company's existing
subsidiaries, except for Corporacion Navios Sociedad Anonima,
and certain future subsidiaries.  The net proceeds of the
offering are intended to be used to repay borrowings under the
Company's existing credit facility.

The Notes and related guarantees have not been registered under
the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States
or for the benefit of U.S. persons unless so registered except
pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and
applicable securities laws in other jurisdictions.

                       About the Company

Navios Maritime Holdings Inc. -- http://www.navios.com/-- is a
vertically integrated global seaborne shipping company,
specializing in the worldwide carriage, trading, storing, and
other related logistics of international dry bulk cargo
transportation.  The company also owns and operates a
port/storage facility in Uruguay and has in-house technical ship
management expertise.  It maintains offices in Piraeus, Greece,
South Norwalk, Connecticut and Montevideo, Uruguay.

                          *    *    *

In November 2006, Standard & Poor's Ratings Services assigned
its 'BB-' long-term corporate credit rating to Greece-based
dry-bulk shipping company Navios Maritime Holdings Inc.  At the
same time, Standard & Poor's assigned its preliminary 'B' debt
rating to Navios' proposed US$300-million senior unsecured
bonds.  S&P said the outlook is stable.


NAVIOS MARITIME: Moody's Rates US$300-Mln Sr. Notes at (P)B2
------------------------------------------------------------
Moody's Investors Service assigned a Corporate Family Rating of
B1 to Navios Maritime Holding Inc., at the same time it assigned
a (P)B2 to the company proposed US$300-million Senior Unsecured
Notes issuance due 2014.

The one notch below the CFR reflects the level of relative
subordination in the capital structure to the current amount of
priority secured debt outstanding, as well as any future secured
debt that may be incurred.  The proceeds of the issuance will be
utilized to repay part of the existing indebtedness.

Moody's expects to remove the provisional status and affirm the
rating upon satisfactory review of final documentation and
completion of the issuance.  The outlook of the ratings is
stable.

The CFR B1 rating reflects:

    (i) Navios's efficient and modern fleet;

   (ii) the good quality of the current customer base;

  (iii) the experienced management team; and

   (iv) strong market fundamentals. However the CFR also take
        into account:

           (i) Navios's limited size and diversification;

          (ii) the high operational and financial leverage; and

         (iii) the long term risk of highly cyclical dry bulk
              sector.

Ratings assigned:

Navios Maritime Holding Inc

   -- B1 Corporate Family Rating; and

   -- (P)B2 Senior Unsecured Rating of (P)B2 to the
       US$300-million notes due 2014.

All ratings are stable.

Navios is a vertically integrated global seaborne shipping
company, specializing in the worldwide carriage, trading,
storing, and other related logistics of international dry bulk
cargo transportation.  Currently, the Company operates a fleet
of 33 vessels (2.2 million DWT).  In Financial Year 2005 Navios
totalled revenues for about US$240 million.


NAVIOS MARITIME: High Leverage Cues S&P's BB- Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Greece-based dry-bulk shipping
company Navios Maritime Holdings Inc.  At the same time,
Standard & Poor's assigned its preliminary 'B' debt rating to
Navios' proposed US$300-million senior unsecured bonds.  The
outlook is stable.

"The ratings reflect the dry-bulk shipping sector's below-
average industry characteristics; Navios' relatively weak credit
measures, largely owing to high leverage; and some exposure
toward short-term speculative derivatives trading," said
Standard & Poor's credit analyst Andreas Kindahl.

"These risks are balanced by Navios' high level of medium-term
contract coverage; solid reputation as a quality operator; and
modern, high-quality vessel fleet."

At Sept. 30, 2006, NASDAQ-listed Navios owned 16 dry-bulk
vessels (10 Ultra-Handymax and six Panamax vessels) and
chartered in 16 vessels on favorable long-term charters (the
company has purchase options on eight of these, one of which was
recently exercised).  The average age of Navios' fleet is 4.4
years, which compares favorably with the industry average of
about 15 years.  The company also owns and operates the largest
bulk terminal in Uruguay.

"Standard & Poor's expects that the company's modern fleet and
high--albeit relatively short--contract coverage should enable
it to maintain a credit profile and competitive position in line
with the ratings in the medium term," Mr. Kindahl added.

The ratings incorporate our expectation of fairly significant
cyclical swings in earnings and cash flows as a result of the
inherent volatility of the sector in which Navios operates.
Investments are expected to be funded to ensure that the
company's financial profile does not deteriorate from expected
levels.  Standard & Poor's expects EBITDA interest coverage and
funds from operations to debt to average about 3x and 20%,
respectively, over the business cycle.

Negative pressure on the ratings could be exerted through
excessive debt-funded investments, an unexpected large dividend
distribution, or a prolonged market downturn, which would lead
to a deterioration of credit measures.  Positive rating
movement, although unlikely in the near to medium term, could
arise if strong market conditions are sustained, the balance
sheet is successfully deleveraged, and the company maintains a
careful expansion policy.


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


CORNERSTONE TITAN: S&P Affirms BB Rating on Class G Notes
---------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its credit ratings on the class
C and D notes issued by Cornerstone Titan 2005-2 PLC.

At the same time, the ratings on the class A, X, B, F, and G
notes were affirmed and the class E notes were removed from
CreditWatch and affirmed.

The rating actions follow a review of the Cornerstone Titan
2005-2 transaction based on data provided by the servicer,
Capmark Services (Ireland) Ltd.

The transaction closed in December 2005 and was originally
backed by seven loans secured on nine commercial real estate
properties in England with a concentration in central London.
It was the second transaction in the Cornerstone Titan program
to be undertaken by Credit Suisse and GMAC Commercial Mortgage
Bank Europe PLC.

Of the original loan pool, two loans have fully prepaid to date.
The Bankside Estate Portfolio loans: Bankside and New Court
(together 61.3% of the original pool balance), prepaid at the
October 2006 interest payment date.

"The prepayments have resulted in improved credit enhancement
levels and LTV ratios and, subsequently, [Thurs]day's raising of
the ratings on the class C and D notes," said credit analyst
Esther Robinson Wild.

The original portfolio consisted of eight buildings,
predominantly in office use, and one retail building. Currently,
six of the offices and the retail property remain in the
portfolio.

                          Ratings List
                  Cornerstone Titan 2005-2 PLC
EUR398.78-Million Commercial Mortgage-Backed Floating-Rate Notes

                                     Rating
                                     ------
              Class            To             From
              -----            --             ----
Ratings Removed From CreditWatch With Positive Implications
and Raised

              C                AAA            AA/Watch Pos
              D                AA             A/Watch Pos

Rating Removed From CreditWatch With Positive Implications
and Affirmed

              E                BBB            BBB/Watch Pos

Ratings Affirmed

              A                AAA
              X                AAA
              B                AAA
              F (1)            BBB
              G (1)            BB

   (1) Subject to an available funds cap mechanism.  Holders of
       the class F and G notes may receive a variable interest
       coupon in the event of certain loan prepayment scenarios.


EUROMAX V: Fitch Rates EUR5-Million Class B2 Notes at BB-
---------------------------------------------------------
Fitch Ratings assigned Euromax V ABS PLC's issue of EUR307.5
million floating-rate notes final ratings.  The transaction is a
securitization of structured finance assets including primarily
residential and commercial mortgage-backed securities.

   -- EUR4.5 million Class X floating-rate note due 2013: AAA;

   -- EUR210 million Class A1 floating-rate note due 2095: AAA;

   -- EUR20 million Class A2 floating-rate note due 2095: AAA;

   -- EUR18 million Class A3 floating-rate note due 2095: AA;

   -- EUR21.5 million Class A4 deferrable floating-rate note due
      2095: A;

   -- EUR22 million Class B1 deferrable floating-rate note due
      2095: BBB-;

   -- EUR5 million Class B2 deferrable floating-rate note due
      2095: BB-;

   -- EUR5 million Class D1 combination notes due 2095: A; and

   -- EUR7.5 million Class D2 combination notes due 2095: A.

The ratings on the Class X, A1, A2 and A3 notes address the
likelihood that investors will receive full and timely payments
of interest and ultimate repayment of principal by the legal
final maturity date, according to the conditions of the notes.

The ratings on the Class A4, B1 and B2 notes address the
likelihood that investors will receive ultimate repayment of
principal and interest, including deferred interest, by the
legal final maturity date, according to the conditions of the
notes.  The ratings on the Class D1 and D2 combination notes
address the ultimate receipt of the rated balance from funds
received on their components by the legal final maturity date,
according to the conditions of the notes.

The ratings are based on the credit enhancement provided to the
various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A1 notes totals 30%, of which
6.7% is provided by the A2 notes, 6% by the A3 notes, 7.2% by
the A4 notes, 7.3% by the B1 notes, 1.7% by the B2 notes and
1.17% by the unrated subordinated C notes.

Some of the EUR6.5 million proceeds from the subordinated notes
will be used to pay certain initial expenses of the issuer
rather than to purchase collateral and therefore will not be
available for subordination.

The ratings are also based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Collineo Asset Management GmbH, subject to the
guidelines outlined in the collateral management agreement.

The guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Collineo will actively manage the collateral over the six-year
reinvestment period.

Collineo has the ability, amongst other things, to invest in
primarily RMBS and CMBS assets, and, to a lesser extent, CDOs,
SME CDOs and real estate B-notes.  Euromax V is one of the first
Fitch-rated European CDOs of ABS to include the ability for the
manager to invest in B-notes.

Collineo's CDO Asset Manager Rating of CAM 2 was affirmed on
Oct. 27.

Euromax V ABS PLC is a limited liability company incorporated
under the laws of Ireland.  At the closing date, the issuer
purchased or committed to purchase at least 70% of the target
portfolio; the remainder will be purchased over the following
nine months.


SCOTTISH RE: Declares Dividend on Perpetual Preferred Shares
------------------------------------------------------------
The Board of Directors of Scottish Re Group Ltd. declared a cash
dividend of US$0.4531 per Perpetual Preferred Share outstanding
to be paid on Jan. 15, 2007 to Perpetual Preferred Share
shareholders of record as of the close of business on Jan. 2,
2007.

                        About Scottish Re

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

                         *     *     *

As reported in the TCR-Europe on Nov. 29, Moody's Investors
Service continues to review the ratings of Scottish Re Group
Ltd. with direction uncertain following the announcement by the
company that it has entered into an agreement to sell a majority
stake to MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group and Cerberus Capital Management,
L.P., a private investment firm.

These ratings continue on review with direction uncertain:

    * Scottish Re Group Limited:

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

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

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

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

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

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

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

At the same time, Standard & Poor's Ratings Services revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.

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

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

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

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.

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

The ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at BBB.

Scottish Re (U.S.) Inc.

   -- IFS at BBB.

Scottish Re Limited

   -- IFS at BBB.

Scottish Re Group Limited

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

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.

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

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

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

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

   Scottish Re Group Limited

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

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

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

   Stingray Pass-thru Trust

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

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

   Scottish Re Group Limited --

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

   Scottish Holdings Statutory Trust II and III

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


STIEFEL LAB: Moody's Assigns Low-B Ratings on Credit Facilities
---------------------------------------------------------------
Moody's assigned a Ba3 and a B3 rating to the proposed first and
second lien credit facilities, respectively, of Stiefel
Laboratories, Inc.  Moody's also assigned Stiefel a Corporate
Family Rating of B1.  The outlook for the ratings is stable.

This is the first time Moody's has assigned ratings for Stiefel.
The proceeds of the proposed offering are expected to be used
primarily to acquire the stock of Connetics Corp. for around
US$620 million, retire Connectics' outstanding debt and
refinance the existing debt of Stiefel.

Stiefel's rating reflects the key factors enumerated in Moody's
Global Pharmaceutical Rating Methodology.  The B1 Corporate
Family Rating reflects the modest scale of the combined company
with pro forma revenue for the twelve months ended Sept. 30 of
around US$730 million.  The proposed acquisition of Connetics is
the company's largest acquisition to date and the related
financing will result in a significant increase in financial
leverage.  Following the transaction, the company's funded debt
of US$810 million will exceed pro forma revenue.  The
considerable financial leverage along with increased capital
spending in the next few years are also expected to constrain
cash flow coverage of debt in the near term.

However, Moody's expects the company to be able to generate
sufficient cash flow to fund the increased capital spending and
to reduce debt.  Additionally, the combined company will have a
fairly diverse product mix with the top three products
generating about 34% of pro forma sales for the fiscal year
ended March 31, 2006.  Moody's believes the company's diverse
product portfolio, spanning multiple indications, including
acne, psoriasis and dermatoses, should be a credit positive over
the rating horizon.  Further, the combined company has modest
exposure to patent expirations and challenges over the near
term.

The stable ratings outlook reflects our expectation that
sustained sales growth and cost savings initiatives associated
with the combination of the two companies should contribute to a
continuation of positive operating results and stable cash flow
over the rating horizon.  Sales of dermatological products
should continue to be fueled by favorable demographics and
lifestyle trends.  Also contributing to the stable outlook is
the expectation of a conservative acquisition strategy following
the Connetics transaction and the anticipation that free cash
flow will be used to repay debt.

If Stiefel continues to grow revenues, maintains its positive
margin performance and returns to its conservative leverage
profile, Moody's could change the rating outlook to positive or
upgrade the rating.

Downward rating pressure could result from any of these
circumstances:

   * integration issues arising from the acquisition of
     Connetics;

   * a material decline in revenue and cash flow caused by
     generic competition for Soriatane;

   * the loss of patent protection and resulting competition
     for OLUX; or large cash-financed acquisitions.

These are the summary of ratings assigned.  The ratings remain
subject to Moody's review of final documentation.

   -- US$75-million senior secured first lien revolving credit
      facility, Ba3 (LGD3, 41%);

   -- US$623-million senior secured first lien term loan,
      Ba3 (LGD3, 41%);

   -- US$150-million senior secured second lien term loan,
      B3 (LGD6, 91%);

   -- Corporate Family Rating, B1; and

   -- Probability of Default Rating, B1.

Headquartered in Coral Gables, Florida, Stiefel Laboratories,
Inc. is a privately held pharmaceutical company specializing in
dermatological products.  Stiefel has nearly 160 years of
experience in dermatology and currently markets over 160
products in more than 100 countries.  The company manufactures
and markets a variety of prescription and non-prescription
dermatological products, including Duac, Brevoxyl and Rosac
Cream.  Stiefel recognized around US$550 million of revenue for
the twelve months ended Sept. 30, 2006.


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


AHELES LLP: Creditors' Claims Due Jan. 5, 2007
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 25 an order placing
LLP Aheles into compulsory liquidation.

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

         LLP Aheles
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 46-46-26
         Fax: 8 (3152) 46-35-83


AIRO TRAVEL: Claims Filing Period Ends Jan. 5, 2007
---------------------------------------------------
LLP Airo Travel has declared insolvency.  Creditors have until
Jan. 5, 2007, to submit written proofs of claim to:

         LLP Airo Travel
         Micro District 9, 52-8
         Almaty, Kazakhstan
         Tel: 8 (3272) 42-69-57, 92-92-47


ALAU-PROGRESS: Almaty Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Scientific-
Manufacturing Company Alau-Progress (RNN 600200082998) on
Nov. 3.


KABIKOV & K: Claims Registration Ends Jan. 5, 2007
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 25 an order placing
LLP Kabikov & K into compulsory liquidation.

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

         LLP Kabikov & K
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 46-46-26
         Fax: 8 (3152) 46-35-83


LUMINA LLP: Almaty Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Lumina
(RNN 600200082932) on Oct. 31.


OREL LLP: Creditors' Claims Due Jan. 9
--------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Orel insolvent on Oct. 9.

Creditors have until Jan. 9 to submit written proofs of claim
to:

         LLP Orel
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel/Fax: 8 (3232) 26-24-41


PETROPAVLOVSK LLP: Claims Filing Period Ends Jan. 3, 3007
---------------------------------------------------------
LLP Preko Consulting Petropavlovsk has declared insolvency.
Creditors have until Jan. 3, 2007, to submit written proofs of
claim to:

         LLP Petropavlovsk
         Jumabaev Str. 109-502
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


PROMMARKETSERVICE LLP: Aktube Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceeding against LLP Prommarketservice on
Oct. 24.


URALSK AUDIT: Proof of Claim Deadline Slated for Jan. 9, 2007
-------------------------------------------------------------
LLP Uralsk Audit has declared insolvency.  Creditors have until
Jan. 9, 2007, to submit written proofs of claim to:

         LLP Uralsk Audit
         Savichev Str. 43/1
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 50-05-71


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


TECHNICHESKOYE SERVISNOYE: Creditors' Claims Due Jan. 12, 2007
--------------------------------------------------------------
LLC Technical Service Supply Technicheskoye Servisnoye
Snabjeniye has declared insolvency.  Creditors have until
Jan. 12, 2007, to submit written proofs of claim to:

         LLP Technicheskoye Servisnoye Snabjeniye
         Shota Rustaveli Str. 60-16
         Bishkek, Kyrgyzstan


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


LUCENT TECHNOLOGIES: Completes Merger with Alcatel SA
-----------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. completed their merger
transaction and will begin operating as the world's leading
communication solutions provider on Dec. 1, 2006.

The new company Alcatel-Lucent, with one of the largest global
R&D capabilities in communications and the broadest wireless,
wire-ine and services portfolio, is incorporated in France, with
executive offices located in Paris.

The company will be traded on Euronext Paris and the New York
Stock Exchange (NYSE) from Dec. 1, 2006 under a new common
ticker (Euronext Paris and NYSE: ALU).

As a result of the merger, each outstanding share of Lucent
common stock has been converted into the right to receive 0.1952
of an Alcatel ADS.  In connection with the merger, Alcatel has
issued around 878 million shares, which is equivalent to the
total number of ADS to be issued to the holders of Lucent common
stock. Following the completion of the merger, around 2.31
billion ordinary shares of Alcatel-Lucent are outstanding.

"Alcatel-Lucent will be for our customers a partner with the
scale and scope to design, build and manage increasingly complex
networks that deliver advanced converged services and
communications experience to the end-user," Serge Tchuruk, newly
appointed Chairman of the Board of Alcatel-Lucent, said.  "That
is what Alcatel-Lucent will deliver with an unparalleled focus
on execution, innovation and service for our customers: the
company will have the most experienced global services team in
the telecommunications industry, as well as one of the largest
research, technology and innovation organizations in the
industry.  In fact, our combined company is ideally positioned
to help our customers transform their networks so they can offer
new kinds of personalized, blended applications and services."

"Through this merger, we are bringing together two top-ranking
companies to form an undisputed leader in the industry, a
company poised to enrich people's lives by transforming the way
the world communicates," Patricia Russo, newly appointed Chief
Executive Officer of Alcatel-Lucent, added.  "Alcatel-Lucent is
a strong and enduring ally that service providers, governments
and enterprises can count on to help them unlock new market and
revenue opportunities.  This combination represents a strategic
fit of vision, geography, solutions and people, leveraging the
best of both companies to deliver meaningful communications
solutions that are personalized, simple to adopt and available
globally.  Both Alcatel and Lucent embraced a common culture of
innovation and excellence that will help ensure the success of
our merger."

With a comprehensive and diversified portfolio of complementary
products, Alcatel-Lucent is well positioned to address the
fastest growing areas of network transformation.  The company is
a leader in IPTV, broadband access, carrier IP, IMS and next-
generation networks, and 3G spread spectrum (UMTS and CDMA).
With more than 18,000 employees working in services worldwide,
the company has the largest and most experienced global services
team in the industry.  In enterprise communications solutions,
Alcatel-Lucent is No. 1 in Europe and has more than 250,000
enterprise and government customers worldwide.

With a worldwide presence in 130 countries, 79,000 employees
-- after completion of the Thales transaction -- and balanced
revenues across all regions, Alcatel-Lucent has strong customer
relationships with the 100 largest telecommunications operators
in the world.  The company will have four geographic regions:
Asia-Pacific, Europe and North, Europe and South and North
America, to answer the needs of service providers, enterprises
and end-users in the most advanced telecommunication markets, as
well as in high-growth economies.

There will be five Business Groups:

   -- the Wireline Business Group,

   -- the Wireless Business Group and the Convergence Business
      Group (addressing the needs of the carrier market),

   -- the Enterprise Business Group, and

   -- the Service Business Group.

Each Business Group will have a decentralized regional
organization that will provide strong local support to
customers.

In addition there will be several corporate functions that
support the company including worldwide-integrated supply chain
and procurement, finance, information technology, marketing,
human resources, legal and communications.

"While our respective corporate structures have changed, one
constant remains: our commitment to be a first class corporate
citizen and to act in a socially responsible way in interactions
with all our stakeholders," said Ms. Russo.

Around 23,000 of the 79,000 total number of employees at
Alcatel-Lucent are in R&D, including global Bell Labs which will
remain headquartered in New Jersey, USA.  With EUR2.7 billion
invested in R&D in calendar year 2005 by Alcatel and Lucent and
25,000 active patents, Alcatel-Lucent stands as an innovation
powerhouse, featuring one of the largest global R&D capabilities
in communications ready to partner and collaborate with
customers on breakthrough technology.  Alcatel-Lucent also leads
standards initiatives with some 600 experts participating in 130
standardization bodies.

Significant cost synergies are expected to be achieved within
three years of closing and will come from several areas,
including:

   -- consolidating support functions,

   -- optimizing the supply chain and procurement structure,

   -- leveraging R&D and services across a larger base, and

   -- reducing the combined worldwide workforce by around 9,000
      employees.

The merger is expected to result in around EUR1.4 billion in
pre-tax annual cost synergies.  A substantial majority of the
restructuring activity will be completed within 24 months after
closing.  The transaction is expected to be accretive to
earnings per share in the first year post closing with
synergies, excluding restructuring charges and amortization of
intangible assets.

The 14 Members of the Board of Directors are:

   -- Daniel Bernard,
   -- W. Frank Blount,
   -- Jozef Cornu,
   -- Linnet Deily,
   -- Robert Denham,
   -- Edward Hagenlocker,
   -- Jean-Pierre Halbron,
   -- Karl Krapek,
   -- Daniel Lebègue,
   -- Patricia Russo,
   -- Henry Schacht,
   -- Serge Tchuruk, and
   -- Sylvia Jay and Jean-Cyril Spinetta, who were not members
      of either Alcatel Board of Directors or Lucent Board of
      Directors prior to the merger.

There will be two Board observers representing the employee
shareholders of the company's Employee Investment Fund:
Jean-Pierre Desbois and Thierry de Loppinot.

                         About Alcatel

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

                   About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Standard & Poor's
Ratings Services said that its 'BB' long-term corporate credit
rating on France-based Alcatel and its 'B' long-term corporate
credit rating on U.S.-based Lucent Technologies Inc. remain on
CreditWatch with negative and positive implications,
respectively, where they were placed on March 24 on news of the
two telecoms equipment makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


SENSATA TECHNOLOGIES: Names Jeff Cote as Chief Financial Officer
----------------------------------------------------------------
Sensata Technologies Chief Executive Officer and Chairman of the
Board Tom Wroe disclosed the appointment of Jeff Cote as chief
financial officer effective Jan. 2, 2007.

Mr. Cote will join Sensata from Ropes & Gray LLP, where he was
the Chief Operating Officer responsible for the firm's
administrative and operational initiatives, including finance,
information technology, facilities management, human resources,
marketing and business development. Cote also served as Chief
Operating, Financial and Administrative Officer for Digitas,
Inc., where he had similar responsibilities.

Additionally, he served as corporate controller for the Monitor
Group, where he was in charge of all aspects of the finance
department worldwide, including internal and external financial
reporting, treasury, taxes, budgeting, and risk management.  Mr.
Cote has a breadth of experience with mergers and acquisitions,
regulatory and filing requirements and initial public offerings
and holds a bachelor's and master's degree in Accounting.  He is
a CPA in Florida and Massachusetts.

Robert Kearney, the current CFO, will transition to a newly
created role as vice president of Corporate Services.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.

                        *     *     *

As reported in the Troubled Company Reporter - Europe on
April 11, Standard & Poor's Ratings Services assigned its 'B+'
corporate credit rating to Sensata Technologies B.V., a global
manufacturer of customized, engineered sensors and controls.
The company, which is domiciled in the Netherlands, has
executive headquarters in Attleboro, Mass.

Sensata, formerly the S&C business of Texas Instruments Inc., is
being acquired by Bain Capital LLC, a coinvestor, and by Sensata
management.

In addition, Moody's Investors Service confirmed the B2
Corporate Family Rating for Sensata Technologies B.V., as well
as the Caa1 rating on the company's US$301.6 million of Senior
Subordinate Notes Due 2016 in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. manufacturing sector.
Those debentures were assigned an LGD6 rating suggesting
noteholders will experience a 93% loss in the event of default.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations of the company:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Mil.
   Multicurrency
   Revolver due 2012      B1       B1      LGD3       32%

   US$950 Mil.
   TL B & 325m
   ($400m) TL B
   due 2013               B1       B1      LGD3       32%

   US$450 Mil. 8%
   Sr. Notes
   Due 2014               B2       Caa1    LGD5       81%


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


ALFA BANK: Earns RUR4.73 Billion for First 10 Months 2006
---------------------------------------------------------
Alfa Bank released its financial results for the 10 months ended
Oct. 31, 2006.

Alfa Bank posted an 80% year-on-year rise in net profit to
RUR4.73 billion for the first 10 months of 2006.  The company
also registered an 80% year-on-year rise in pre-tax profit to
RUR5.95 billion for the same period.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


BLEK CJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
supervision procedure on CJSC Blek.  The case is docketed under
Case No. A41-K-2-11750/06.

The Temporary Insolvency Manager is:

         I. Ovchinnikov
         Apartment 27
         Ignatova Str. 33
         302027 Orel Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Blek
         Ognikovo 22
         Istrinskiy Region
         Moscow Region
         Russia


BUYUKLY LLC: Court Names I. Bashmakova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. I.
Bashmakova as Insolvency Manager for LLC Woodworking Enterprise
Buyukly.  She can be reached at:

         I. Bashmakova
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2089/06-S4.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         LLC Woodworking Enterprise Buyukly
         Rabochaya Str. 48
         Buyukly
         Sakhalin Region
         Russia


CENTERTELECOM OAO: Launches CyberPlat Electronic Payment System
---------------------------------------------------------------
Starting February 2007, subscribers of OAO CenterTelecom will
get opportunity to pay for telecommunication services via
universal electronic multi-bank payment system CyberPlat(R) due
to the agreement concluded between the Company and the
settlement bank of the system -- Commercial Bank Platina.

Payments receipt for the telecommunication services rendered by
OJSC CenterTelecom over CyberPlat(R) system will be organized in
the largest trade centers, branches of banks, petrol stations,
supermarkets, communication salon-shops and payment receipt
centers. All in all there are over 3 000 centers for payment
receipt via CyberPlat(R) system in the Central Federal District.

Sergei Pridantsev, General Director of OJSC CenterTelecom, noted
that improvement of the customer service system was one of the
Company's business priorities.

"Increase of payment receipt centers number and provision of our
users with the most convenient variants of payment for
telecommunication services on the territory of the Central
Federal District is the next step of OJSC CenterTelecom on the
way of the customer service effectiveness and quality
improvement," Mr. Pridantsev added.  "Besides that, the
agreement envisages that when making payments no additional
commission will be charged, this fact, no doubt, will become one
more advantage for a subscriber."

                       About CenterTelecom

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

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

                         *     *     *

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

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

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


FAR EAST: Khabarovsk Court Names A. Krylov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for CJSC Far East Forest (TIN
2727021695).  He can be reached at:

         A. Krylov
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-10265/2006-9.

The Debtor can be reached at:

         CJSC Far East Forest
         Truda Avenue 19
         Komsomolsk-na-Amure
         Russia


GRAFTECH INT'L: Sept. 30 Balance Sheet Upside-Down by US$186 Mln
----------------------------------------------------------------
Graftech International Ltd. reported a US$9.8 million net income
on US$246.6 million of net sales for the quarter ended
Sept. 30, 2006, compared with a US$15.6 million net income on
US$208.2 million of net sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$875.5 million in total assets, US$1.06 billion in total
liabilities and US$28.3 million in minority interests, resulting
in a US$185.7 million stockholders' deficit.

Net sales of US$246.6 million in the 2006 third quarter
represented a US$38.4 million, or 18.4%, increase from net sales
of US$208.2 million in the 2005 third quarter, primarily due to
a US$44.1 million increase in net sales in the company's
synthetic graphite segment that was offset by a decrease of
US$5.7 million in net sales in the company's carbon electrodes
and natural graphite products segment.

Cost of sales of US$175.7 million in the 2006 third quarter
represented a US$25.7 million, or 17.1%, increase from cost of
sales of US$150.0 million in the 2005 third quarter, primarily
due to higher sales volumes and increases in raw material and
other production costs.

Gross profit of US$70.8 million in the 2006 third quarter
represented a US$12.6 million, or 21.6%, increase from gross
profit of US$58.2 million in the 2005 third quarter.

Cash and cash equivalents at the end of the nine-month period
ended Sept. 30, 2006, was US$18.7 million compared to US$5.8
million at the end of the nine-month period ended
Sept. 30, 2005.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at http://researcharchives.com/t/s?15d0

Headquartered in Parma, Ohio, Graftech International Ltd.--
http://www.graftech.com/GrafTech-- manufactures a range of
graphite electrodes, products essential to the production of
electric arc furnace (EAF) steel and various other ferrous and
non-ferrous metals.  The Company also manufactures natural
graphite products enabling thermal management solutions for the
electronics industry, and fuel cell solutions for the
transportation and power generation industries.  The products,
which include carbon and graphite electrodes, carbon and
graphite cathode blocks, advanced carbon and graphite materials,
and flexible graphite, are manufactured on four continents and
sold in over 70 countries around the world.  In Europe, Graftech
maintains operations facilities and/or sales offices in Russia,
France, Spain, Italy and Switzerland.


KOTELNICHSKAYA GARMENT: Bankruptcy Hearing Slated for March 12
--------------------------------------------------------------
The Arbitration Court of Kirov Region will convene at 1:30 p.m.
on March 12, 2007, to hear the bankruptcy supervision procedure
on LLC Kotelnichskaya Garment Factory.  The case is docketed
under Case No. A28-408/06-256/3.

The Temporary Insolvency Manager is:

         V. Alalykin
         Surikova Str. 33
         610014 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         LLC Kotelnichskaya Garment Factory
         Oktyabrskaya Str. 95
         Kotelnich
         Kirov Region
         Russia


LUKOIL OAO: Okays Regulations for Long-Term Workers' Incentives
---------------------------------------------------------------
A meeting of OAO LUKOIL Board of Directors was held in Moscow to
approve the regulations on long-term incentives for employees of
OAO Lukoil and its subsidiaries.

The Regulations have been formulated as the contract term of the
Employee Restricted Share Plan for the employees of OAO LUKOIL
and its subsidiaries comes to an end on Dec. 31, 2006.  The
Regulations are aimed at maintaining continuous and stable
incentives for the employees and ensuring their interest in the
growth of the Company's capitalization in next three-year period
(2007-2009).

The Regulations extend to the executives of the Company, heads
of subsidiaries, and certain employees by decision of the Board
of Directors of the Company. The number of participants of the
program increased from 100 to 500.

In accordance with the Regulations, employees are assigned
phantom shares. The date of assignment of phantom shares to
employees will be Jan. 9, 2007.  Total number of phantom shares
are 14,105,000.

Long-term bonus payments to employees consist of two parts:

   1) bonuses in the form of dividends paid annually on
      employees' phantom shares.

      The amount of this bonus is determined as the product of
      the number of the employee's phantom shares and the size
      of the dividend per share announced at the annual general
      meeting of shareholders.  This part of the bonus is paid
      based on the results for 2007, 2008, and 2009;

   2) bonus determined using the formula:

      S = K (C2 - C1), where

          K - quantity of phantom shares of the employee;
         C1 - weighted-average price of LUKOIL shares on the RTS
              for December 2006;

         C2 - weighted-average price of LUKOIL shares on the RTS
              for December 2009.

This part of the bonus is accrued on the expiration of three
years from the date the phantom shares were assigned.

The Human Resource and Compensation Committee of the Board of
Directors of LUKOIL reviewed the issue on long-term incentives
for employees.

                          About Lukoil

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

                          *     *     *

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


MAST CJSC: Moscow Court Names V. Leonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. V. Leonov
as Insolvency Manager for CJSC Building Company Mast.  He can be
reached at:

         V. Leonov
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-35239/06-73-505B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Mast
         Building 2
         Sadovaya Str. 76/71
         113035 Moscow Region
         Russia


NIZGNEDEVITSKIY OJSC: Bankruptcy Hearing Slated for Feb. 1
----------------------------------------------------------
The Arbitration Court of Voronezh Region will convene at 10:00
a.m. on Feb. 1, 2007, to hear the bankruptcy supervision
procedure on OJSC Butter Making Plant Nizgnedevitskiy.  The case
is docketed under Case No. A14-13717-2006/178/33b.

The Temporary Insolvency Manager is:

         V. Semenov
         Post User Box 59
         394030 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Butter Making Plant Nizgnedevitskiy
         Nizhnedevitsk
         Voronezh Region
         Russia


NOMOS-BANK: To Issue US$125 Million Eurobonds in February 2007
--------------------------------------------------------------
Nomos-Bank will issue US$125 million in Eurobonds in February
2007, RIA Novosti reports citing bank president Dmitry Sokolov.

Nomos-Bank will approve the bond issue this month, Mr. Sokolov
told RIA Novosti.

Mr. Sokolov also revealed that in line with Nomos' development
strategy, the company would hold an initial public offering in
late 2008.  Under the strategy, Nomos will develop its branch
network, retail business, and relations with medium-sized
corporate clients by 2008.

                           About Nomos

Headquartered in Moscow, Russia, Nomos-Bank --
http://ib.nomos.ru/-- provides a range of corporate and retail
banking services and engages in securities and foreign exchange
trading, trade and export credit agency finance, precious metals
operations, investment banking and leasing.

As at July 31, 2006, Nomos-Bank had RUR87.91 billion in total
assets, RUR80.45 billion in total liabilities and RUR7.46
billion in shareholder equity.

                        *     *     *

As reported in the TCR-Europe on Oct. 5, Moody's Investors
Service assigned a B1 rating to Nomos-Bank's US$150-million 10-
year subordinated eurobonds.  Moody's said the outlook for the
rating is stable.

Moody's notes that the B1 rating assigned to the Notes is based
on the fundamental credit quality of the underlying obligor,
Nomos-Bank, rated at Ba3/NP/D- (stable), and does not factor in
any support from the bank's shareholders or the Russian
financial authorities.

Nomos-Bank has been given a long-term rating of "B+" by Fitch
Ratings and "Ba3" by Moody's Investors Service, Inc.


PACKING MACHINES: Court Names S. Bogay as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Bogay
as Insolvency Manager for CJSC Factory of Packing Machines.  He
can be reached at:

         S. Bogay
         Srednemoskovskaya Str. 6a
         Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-13536/2006/173/33b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Factory of Packing Machines
         Patriotov Pr. 21
         Voronezh Region
         Russia


PERVOMAYSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on OJSC Starch Factory
Pervomayskiy.  The case is docketed under Case No. A79-4976/
2006.

The Temporary Insolvency Manager is:

         S. Salnik
         Post User Box 1068
         432026 Ulyanovsk Region
         Russia

The Debtor can be reached at:

         OJSC Starch Factory Pervomayskiy
         Batyrevskiy Region
         Chuvashiya Republic
         Russia


RAMON' LLC: Voronezh Court Names A. Rufanov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Rufanov as Insolvency Manager for LLC Agricultural Company
Ramon'.  He can be reached at:

         A. Rufanov
         Post User Box 59
         394030 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3739-2005 116/7b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Ramon'
         F. Engelsa Str. 18
         Voronezh Region
         Russia


ROSNEFT OIL: Inks Strategic Cooperation Deal with OAO Gazprom
-------------------------------------------------------------
OAO Rosneft Oil Co. and OAO Gazprom have signed a parity deal on
strategic oil and gas cooperation, RIA Novosti says.

"In line with agreements reached, Rosneft and Gazprom will
develop cooperation in prospecting, producing, transporting and
processing crude hydrocarbon resources, and purchasing and
selling natural and associated gas," the companies said in a
joint statement.

Under the deal, which runs until 2015, the parties would:

   -- jointly participate in tenders and auctions to receive
      rights for mineral resource extraction;

   -- implement joint projects;

   -- coordinate activities and exchange information;

   -- carry out exploration and prospecting work; and

   -- compile geological and geophysical databases.

Gazprom and Rosneft will also cooperate in implementing projects
to build gas-processing sites in East Siberia and the Far East.
The companies will create a task force to review joint
implementation of projects with high potential in Russia and
abroad.

The agreement also entails Gazprom acquiring gas extracted from
Rosneft's West Siberian deposits, which are connected to the gas
transportation system.

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                        About Rosneft

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

                        *     *     *

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


RUZSKIY OJSC: Court Names I. Ovchinnikov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I.
Ovchinnikov as Insolvency Manager for OJSC Food Combine Ruzskiy.
He can be reached at:

         I. Ovchinnikov
         Apartment 27
         Ignatova Str. 33
         302027 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-41-K-2-10860/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Food Combine Ruzskiy
         Volokolamskoye Shosse 9A
         Ruza
         143103 Moscow Region
         Russia


SAKHALINSKIY WOOD: Court Names I. Bashmakova to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. I.
Bashmakova as Insolvency Manager for CJSC Sakhalinskiy Wood.
She can be reached at:

         I. Bashmakova
         Mira Str. 23-36
         Shaktersk
         Sakhalin Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2372/06-S4.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         CJSC Sakhalinskiy Wood
         Mira Str. 23-36
         Shaktersk
         Sakhalin Region
         Russia


SELEN-INVEST: Court Names D. Krugov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. D.
Krugov as Insolvency Manager for OJSC Investment Company Selen-
Invest.  He can be reached at:

         D. Krugov
         Office 804v
         Svobody Str. 173
         Izhevsk
         426011 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-7098/2006 G29.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Investment Company Selen-Invest
         Beregovaya Str. 9-115
         Izhevsk
         Udmurtiya Republic
         Russia


SITRONICS JSC: Inks Regional Alliance Deal with Cisco Systems
-------------------------------------------------------------
Cisco Systems Inc. and Sitronics JSC disclosed of regional
alliance to address the rapidly expanding telecommunications
market in Russia and CIS countries and other emerging markets,
such as Central and Eastern Europe, and Middle East and Africa.

Cisco and SITRONICS will focus on providing advanced
communication solutions in countries that are undergoing major
economic and social transformation.  This includes Information
and Communications Technologies planning and implementation to
increase the productivity of businesses, ramp up connectivity
and find new ways to educate the populace.

"The ability to connect countries and communities in a way that
is replicable across multiple regions, in alignment with
government policies and beneficial to both the population and
the economy, is a major area of focus for Cisco," commented Paul
Mountford, President of Emerging Markets Theatre for Cisco.
"The go-to-market model developed by Cisco and SITRONICS will
help telecoms operators increase their profitability and market
reach, as well as help improve broadband penetration which, at
present, is around 11 percent for the regions in question."

Initially focused on migrating existing public switched
telephone network infrastructure to an IP network platform, the
modernization solution offered will be built around Sitronics'
IP-NGN soft-switching and OSS portfolio, and Cisco's core
routing and switching products, including the CRS-1 Carrier
Routing System.  MGTS, the leading Russian telecommunications
operator that has 4.3 million subscribers in the Moscow region,
is already successfully implementing the solution.

The advanced solution for our network modernization is based on
NGN technology developed by Cisco and Sitronics.

"It's the optimal solution for our company," commented Alexei
Goltsov, MGTS CEO.  "Their collaboration helps MGTS offer its
subscribers advanced telecom services in a short timeframe."

In addition to the PSTN Modernization solution, Cisco and
SITRONICS are also investigating potential engagements in
additional areas of technology, such as IPTV, wireless broadband
and managed services.

"The competitive challenges in developing markets can differ
significantly.  That is why the creation of strong working
relationship with Cisco will ensure our continued growth in the
region," commented Evgeni Utkin, CEO at Sitronics.  "Sitronics
is a unique technology company that, geographically, covers the
entire Russia and CIS region, as well as the developing markets
of Southern Europe and Middle East.   The alliance demonstrates
Cisco's and SITRONICS' commitment to the Emerging Markets
theatre."

                          About Cisco

Cisco Systems Inc. -- http://www.cisco.com/-- is the worldwide
leader in networking that transforms how people connect,
communicate and collaborate.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

On Feb. 16, the TCR-Europe reported that Fitch Ratings gave
Concern Sitronics JSC a Long-term IDR rating of B- with a Stable
Outlook and an expected rating of B- to Sitronics' guaranteed up
to US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


SITRONICS JSC: Intracom Unit Inks EUR1.1-Mln Deal with T-HT
-----------------------------------------------------------
Intracom Telecom, a unit of Sitronics JSC, has signed an
agreement for provisioning and implementing a Network Management
project to T-HT Croatian Telecom Inc.

The EUR1.1 million project includes the extension -- 3rd in
three years -- of the Real Time Traffic Management System, the
extension of the Signaling Monitoring System for SS7, as well as
the equivalent support and maintenance services for a two years
period.

Within the framework of the agreement, apart from the relevant
hardware and software, Intracom Telecom will provide associated
professional services including installation, configuration,
training and support & maintenance services.

Intracom Telecom's provisioning is based on two different
products:

   -- RTTMS is an Intracom Telecom product, which encompasses
      all the functions necessary to identify and mitigate /
      resolve the conditions that adversely affect the PSTN/ISDN
      network performance and customer quality of service, by
      collecting the related Key Performance Indicators and by
      automatically applying the necessary network controls.
      The new RTTMS extension will provide T-HT with new RTTMS
      capabilities and enable more efficient management of the
      PSTN/ISDN network.

   -- SIGNALING Monitoring System (acceSS7) Solution was
      developed by Agilent Technologies and will enable T-HT
      Croatia to have prompt and efficient supervision of the
      entire SS7 network protocol by retrieving valuable
      information for the rendered services in order to ensure a
      high quality of service level offered to their customers.

                           About T-HT

Croatian Telecom Inc. is the leading provider of
elecommunications services in Croatia and the sole company to
offer the full range of telecommunication services.  The basic
activities of Croatian Telecom Inc. and its subsidiary T-Mobile
Croatia LLC, or T-HT Group, comprise provision of
telecommunications services, design and construction of
telecommunications networks on the territory of the Republic of
Croatia.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

On Feb. 16, TCR-Europe reported that Fitch Ratings gave Concern
Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook
and an expected rating of B- to Sitronics' guaranteed up to
US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


SMIRNYKHOVSKIY WOOD: Court Names I. Bashmakova to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. I.
Bashmakova as Insolvency Manager for CJSC Smirnykhovskiy Wood.
She can be reached at:

         I. Bashmakova
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2093/06-S4.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         CJSC Smirnykhovskiy Wood
         Lenina Str. 40
         Smirnykh
         Sakhalin Region
         Russia


SUSUMANSKIY: Court Names A. Khimkus as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Magadan Region appointed Mr. A. Khimkus
as Insolvency Manager for Municipal Enterprise Meat and Milk
Food Combine Susumanskiy.  He can be reached at:

         A. Khimkus
         Office 77, 78
         Prolterskaya Str. 12
         685000 Magadan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1223/06-3b.

The Debtor can be reached at:

         Municipal Enterprise Meat and Milk Food Combine
         Susumanskiy
         Svetlaya Str. 1-v
         Susuman
         Magadan Region
         Russia


TATNEFT OAO: Merrill Lynch to Coordinate Ordinary Share Offering
----------------------------------------------------------------
OAO Tatneft disclosed that Merrill Lynch will coordinate the
offering of around 35.5 million ordinary shares of the Company
held by The Bank of New York underlying the former American
Depositary Receipts which became ineligible GDRs as a result of
the reorganization of the Company's American Depositary Receipt
facility undertaken in connection with the Company's intention
to terminate the registration of its securities with the U.S.
Securities and Exchange Commission.

The securities will be sold in the form of ordinary shares as
well as Global Depositary Receipts representing those shares
outside the United States of America in reliance on Regulation S
under the U.S. Securities Act of 1933.  The transaction will not
include a public offering of the Company's securities or an
offering of any securities by the Company in any jurisdiction.

The proceeds available from the sale of the securities, after
deductions and withholdings relating to the sale, will be made
available to the holders of ineligible GDRs pursuant to the
terms of the Amended and Restated Deposit Agreement relating to
the Company's depositary receipts facility.  The Company will
announce the price at which the sale will be made when the price
becomes known to it.

On June 26, 2006, the Company announced its intention to
terminate the registration of its securities with the SEC when
circumstances permit.

On July 10, 2006, the Company and the Depositary entered into
the Amended and Restated Deposit Agreement.

On Sept. 15, 2006, the Company's delisting from The New York
Stock Exchange took effect.

The Company subsequently designated Nov. 15, 2006, as a
Certification Date under the Amended and Restated Deposit
Agreement.  On or before the Certification Date all holders of
the Company's depositary receipts had to certify to the
Depositary that they are either non-resident in the United
States or Qualified Institutional Buyers wishing to continue to
hold the Company's depositary receipts.

The depositary receipts beneficially owned by persons who have
provided respective certifications to the Depositary were
redesignated as GDRs (CUSIP: US6708312052).  Currently, the
Company's ordinary shares are traded on MICEX and RTS, and GDRs
are traded on the London Stock Exchange and Deutsche Boerse.

                          About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                        *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings upgraded
Tatarstan-based Tatneft's Issuer Default rating to B+ from B and
affirmed the Short-term rating at B.  Fitch said the outlook
remains Positive.

As reported in the TCR-Europe on Aug. 28, Standard & Poor's
Ratings Services withdrew its 'B-' long-term corporate credit
rating on Russia-based oil company Tatneft OAO.

The rating had been placed on CreditWatch with negative
implications on April 14, due to a continuing lack of consistent
information on the company's financial position.


TRANSNEFT OAO: Receives Green Light to Build ESPO Extension
-----------------------------------------------------------
OAO Transneft has gained permission to construct the first phase
of an oil pipeline under its Extension of East Siberia-Pacific
Ocean project, RIA Novosti says.

The approval came after the company's feasibility study received
a positive assessment from a state expert appraisal agency.

Transneft will start building the 540-km first leg in January
2007, after selecting a contractor for the project.  The first
leg will connect Ust-Kut and Talakan oilfields and will pass the
village of Tynda, where it will connect with the preliminary
projected ESPO system.

The company began constructing the US$11.5-billion ESPO pipeline
in April 2006.  Transneft had laid more than 100 kilometers of
pipeline and has have prepared 330 kilometers for futher
installation.  ESPO is expected to to pump 80 million metric
tons of oil per year, including 30 million metric tons to China
via a still-to-be constructed offshoot.

Early this year, the ESPO project received criticisms from
environmentalists as its path was within 800 meters of Lake
Baikal.   President Vladimir Putin then issued an order in April
to reroute the oil pipeline from its original path.  Transneft
announced in May  the new pipeline route would be around 400
kilometers away from Lake Baikal.

                     About the Company

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                        *     *     *

Transneft carries 'BB' rating from Fitch and BB+ local and
foreign issuer credit ratings from Standard & Poor's.


VIMPEL-COMMUNICATIONS: Earns US$268 Million in Third Quarter
------------------------------------------------------------
OJSC Vimpel-Communications released financial results for the
third quarter and first nine months ended Sept. 30, 2006.

Vimpelcom posted US$268.37 million in net profit against
US$1.36 billion in revenues for the third quarter of 2006,
compared with US$194.88 million in net profit against
US$890.29 million in revenues for same period in 2005.

The company posted US$613.54 million in net profit against
US$3.42 billion in revenues for the first nine months of 2006,
compared with US$463.38 million in net profit against
US$2.3 billion in revenues for same period in 2005.

"We had a very successful third quarter with quarter-on-quarter
growth rates for operating revenues, OIBDA and net income
exceeding 20%," Alexander Izosimov, Chief Executive Officer of
VimpelCom, said.  "All-time high financial figures underline our
ability to deliver top line results against strategic
priorities, and with good cost control, drive OIBDA faster than
revenue.

"In Russia, we continued to focus on the quality of our
subscriber base, revenue growth and profitability.  We again
delivered year-on-year ARPU growth, with the third quarter
increase much more pronounced than in the previous quarter.
This improvement was driven by improved quality of our
subscriber base, growing traffic, conservative pricing policy
and increased interconnect charges between mobile operators.

"Growth in Kazakhstan continues.  Our priorities remain on
increasing subscriber market share and expanding usage.  An 11%
gain in market share and a 30% increase in usage over the past
12 months led to substantial improvements in our financial
performance.  Net operating revenues for the third quarter of
2006 more than doubled as compared with the third quarter of
2005 and OIBDA grew by more than 2.5 times during the same
period.

"In Ukraine, our focus is on growing our subscriber base and, at
the same time, improving network coverage and quality.  We made
substantial progress in these areas, leading to improved
performance of our key financial and operating indicators.
Currently our subscriber base in Ukraine is just under 1.6
million.  Going forward we plan to continue to enhance our
position in Ukraine.

"In Uzbekistan and Tajikistan, we launched our "Beeline" brand
in September 2006 as planned.  We are now concentrating on
network build-out, functional improvements of operations and
quality growth of our subscriber base.

"In the Caucasus, we recently completed the acquisition of
ArmenTel, a telecom operator in Armenia.  Coupled with our
recent entry into Georgia, we are on the way to becoming an
important telecom operator in this part of the world."

As of Sept. 30, 2006, Vimplecom has US$7.75 billion in total
assets, US$3.86 in total liabilities, and US$3.89 billion in
shareholders' equity.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VNESHTORGBANK: VTB24 Unit Earns RUR900 Mln for First 10 Months
--------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of JSC
Vneshtorgbank, released its financial results for the 10 months
ended Oct. 31, 2006.

VTB24 hiked its net profit by 220% year-on-year to RUR900.7
million for the first 10 months of 2006.  The unit also
increased its operating profit by 113% increase from RUR519.3
million for the first 10 months of 2006 to RUR1.1 billion for
the same period of 2005.

VTB24 specializes in servicing individuals, private
entrepreneurs and small business organizations.

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


CENTRAL PARKING: Retains Blackstone Group as Financial Advisor
--------------------------------------------------------------
Central Parking Corporation has retained The Blackstone Group
L.P. as its financial advisor to assist the Company in exploring
strategic alternatives to enhance stockholder value.

"The Company has engaged The Blackstone Group L.P. to assist
management and the Board in evaluating the assets and operations
of the Company in order to develop possible alternative
strategies to achieve greater stockholder value," Emanuel J.
Eads, President and Chief Executive Officer of Central Parking,
said.

"These alternatives may include a complete or partial sale of
the Company, a merger or a decision to take no action at this
time.  Although the Company has met with certain interested
parties, at this time no agreements or understandings have been
reached with any party as to the terms of a possible
transaction.  There is no certainty that any such transaction
will actually occur in either the short or long term and the
Company is continuing to implement its previously announced
strategic plan.

"Central Parking does not intend to issue any other press
release or make any other comments relating to the subject
matter referenced above until such time, if ever, as it enters
into a definitive agreement with a third party or parties in
connection with any such transaction or series of transactions
or determines to terminate this strategic process," Mr. Eads
added.

Headquartered in Nashville, Tennessee, Central Parking
Corporation -- http://www.parking.com/-- provides parking and
transportation-related services.  As of Sept. 30, 2006, the
Company operated around 3,100 parking facilities containing
around 1.5 million spaces at locations in 37 states, the
District of Columbia, Canada, Puerto Rico, the United Kingdom,
the Republic of Ireland, Chile, Colombia, Peru, Spain,
Switzerland, and Greece.

                           *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector in September
2006, the rating agency confirmed its Ba3 Corporate Family
Rating for Central Parking Corporation.  Additionally, Moody's
revised or held its probability-of-default ratings and assigned
loss-given-default ratings on these loan obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$74-million
   Sec. term loan
   due 2010              Ba3      Baa3     LGD2     15%

   US$225 million
   Sec. revolver
   due 2008              Ba3      Baa3     LGD2     15%

   US$78 million
   5.25% convertible
   trust issued
   preferred securities  B2       B2       LGD6     93%


CENTRAL PARKING: Blackstone Engagement Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Nashville, Tenn.-based Central Parking Corp., including the 'B+'
corporate credit rating, on CreditWatch with negative
implications.

The company had about US$209.4 million of total debt at June 30,
2006 (including US$78.1 million in subordinated convertible
debentures outstanding, and excluding operating lease
obligations).

The CreditWatch listing follows Central Parking's recent
announcement that it has engaged The Blackstone Group L.P. to
assist management and the board of directors in pursuing various
strategic alternatives, including a partial or complete sale of
the company, or a possible merger.  The company does not plan to
release any additional information about the status of this
review until a definitive agreement is entered into or the
strategic review process is completed.

"Although the ultimate outcome of this process is uncertain,
these strategic alternatives could potentially weaken credit
protection measures to levels below those appropriate for the
current rating," noted Standard & Poor's credit analyst Mark
Salierno.  "In the event that a sale to a financially stronger
company is announced, we would consider revising the CreditWatch
listing.  We will monitor developments associated with a
potential sale of the company in order to assess the rating
implications."


TDA 27: Fitch Puts Low-B Ratings to EUR14.6 Million Notes
---------------------------------------------------------
Fitch Ratings assigned expected ratings to TDA 27, Fondo de
Titulizacion de Activos' EUR930 million mortgage-backed
floating-rate notes:

   -- EUR302.3 million Class A1 due in December 2050: AAA;

   -- EUR395.2 million Class A2 due in December 2050: AAA;

   -- EUR181.3 million Class A3 due in December 2050: AAA;

   -- Non-accelerated interest-only security due in
      December 2009: AAA;

   -- EUR13.9 million Class B due in December 2050: AA;

   -- EUR9.3 million Class C due in December 2050: A;

   -- EUR14 million Class D due in December 2050: BBB;

   -- EUR14 million Class E due in December 2050: BB; and

   -- EUR0.6 million Class F due in December 2050: B+.

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

This transaction is a cash flow securitization of a EUR930
million static pool of first and second-ranking Spanish
residential mortgage loans originated and serviced by Caixa
d'Estalvis de Terrassa, Caja General de Ahorros de Granada, Caja
de Ahorros de Vitoria y Alava, and Union de Credito Financiero
Mobiliario e Inmobiliario.

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos, S.G.F.T.,
S.A.'s administrative capabilities.

Initial CE for the A to D notes will be provided by
subordination and a reserve fund, which will be funded at
closing using part of the proceeds from the issuance of the
notes.  Initial CE for the Class E notes will be provided by the
reserve fund only.

The class F notes are uncollateralized by mortgage loans but
benefit from the excess spread available within the structure.
The expected ratings of the Class A, B, C, D, E and F notes
address payment of interest on the notes according to the terms
and conditions of the documentation, subject to a deferral
trigger on the Class B, C, D and E notes, as well as the
repayment of principal by the legal final maturity date of the
fund. The expected rating of the NAS-IO strip addresses the
timely payment of interest.

Spanish Securitisation Law 19/1992 and Royal Decree 926/1998
will regulate the fund.  Its sole purpose will be to transform
into fixed-income securities a portfolio of mortgage
participations and mortgages certificates acquired from the
sellers.  The PHs and CTHs will be subscribed by Titulizacion de
Activos, S.G.F.T., S.A., whose sole function is to manage asset-
backed notes on behalf of the fund.

The NAS-IO notes will pay a coupon on a notional balance defined
as the minimum of 16% of the initial balance of the Class A3
notes or the current balance of the Class A3 notes at any point
in time.

The coupon will be equivalent to 7.7% per year until the fourth
interest payment date of the transaction, 5.8% per year for the
fifth to the eight interest payment date of the transaction, and
3.8% per year for the ninth to the 12th and final interest
payment dates until the expected maturity date of the NAS-IO
strip in December 2009.

During this period, some collateral revenues will be used to pay
the NAS-IO note coupon, reducing the amount of excess spread
available for first loss protection.


FTPYME TDA: Standard & Poor's Junks EUR29.3-Mln Class D Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.5-billion floating-rate notes to be
issued by FTPYME TDA CAM 4, Fondo de Titulizacion de Activos.
At the same time, FTPYME TDA CAM 4 will issue EUR29.3-million of
class D notes to fund the reserve fund.

The originator is Caja de Ahorros del Mediterraneo.  At closing,
CAM will sell to FTPYME TDA CAM 4 a EUR1.5-billion closed
portfolio of secured and unsecured loans granted to Spanish
SMEs.

To fund this purchase, Titulizacipn de Activos, S.G.F.T., S.A.,
the trustee, will issue five classes of floating-rate, quarterly
paying notes on behalf of FTPYME TDA CAM 4.

FTPYME TDA CAM 4 is the fourth CLO of loans to SME corporate
clients to be completed by CAM.  This securitization comprises a
mixed pool of underlying mortgage-backed and other guarantee
assets.  Some of the loans in the pool are loans granted to
self-employed borrowers.

The ratings on the notes reflect some structural enhancements
provided by the class subordination, the reserve fund, the
presence of the interest rate swap (which provides excess spread
of 50 bps), and comfort provided by various other contracts.

CAM is the fourth-largest savings bank in Spain and ranks among
the top eight leading financial institutions in the country in
terms of net income attributable and total business volume.  It
enjoys an outstanding regional presence in its original home
market, Valencia and Murcia, which is one of its main business
strengths.  Its primary business is lending to SMEs and retail
banking.

                          Ratings List
           FTPYME TDA CAM 4 Fondo de Titulizacion de Activos
               EUR1.5-Billion Floating-Rate Notes

                             Prelim.        Prelim.
              Class          rating         amount (Mil. EUR)
              -----          ------         ------
              A1             AAA            337.5
              A2             AAA            931.5
              A3(CA)(1)      AAA            127
              B              A              66
              C              BBB-           38
              D(2)           CCC-           29.3

   (1) The class A3(CA) notes will be protected by a guarantee
    from the Kingdom of Spain (AAA/Stable/A-1+).

   (2) The class D notes will be used to finance the reserve
    fund and are not included in the total issuance amount.


MILLS CORP: Replies to Gazit's Revised Recapitalization Offer
-------------------------------------------------------------
The Mills Corp. responded Tuesday to a revised version of Gazit-
Globe's conditional proposal to invest in a recapitalization of
The Mills.

The Mills said it welcomes Gazit-Globe and its chairman, Chaim
Katzman, to participate in The Mills' ongoing exploration of
strategic alternatives.  The Mills' management and Board of
Directors have repeatedly invited Gazit-Globe to enter that
process by signing a confidentiality and standstill agreement on
terms similar to those agreed to by numerous other interested
parties, including one of The Mills' largest shareholders.  The
Board of Directors is considering all possible alternatives that
would enhance shareholder value, and in that light would like to
evaluate a Gazit-Globe proposal that is fully informed by due
diligence in order to compare it against any other proposals
that The Mills may receive from other bidders.

The Mills says that unfortunately, Gazit-Globe has repeatedly
refused to agree to the ground rules that the Board has set, and
other very credible suitors are following, to ensure a fair,
orderly and competitive process.  As a consequence, Gazit has
put itself in a position where it is unable to review all
relevant information necessary to submit a fully informed,
unconditional proposal.  Gazit-Globe's current revised proposal,
like its previous offer, is highly conditional and subject to
completion of due diligence that is has refused to begin.

The Board, informed by its discussions with management and its
advisors, has numerous specific concerns about Gazit-Globe's
highly conditional proposal, including among others:

     * the fact that the proposal requires the completion of a
       due diligence investigation of The Mills -- which Gazit-
       Globe has so far refused to commence due to their refusal
       to sign an appropriate confidentiality and standstill
       agreement; and

     * the fact that Gazit-Globe's proposal, as currently
       structured, would give Mr. Katzman control of the
       Company, leaving public shareholders with both an
       unprotected minority position and no opportunity to
       receive a control premium.

All other interested parties have engaged in a due diligence
process.  Without carefully reviewing the diligence information
that has been provided to all other potential bidders, Gazit-
Globe will not be able to produce an unconditional offer in the
same timeframe as other bidders.  Access to The Mills' diligence
information has repeatedly been offered to Mr. Katzman on the
condition that Gazit-Globe sign an appropriate confidentiality
and standstill agreement.

The Mills believes that Gazit-Globe can best address its
concerns by joining the strategic alternatives process and
developing a fully informed proposal that can be compared on a
level playing field against other potential proposals.  Numerous
well-capitalized potential buyers have already substantially
completed due diligence and are waiting for the restated
financials to submit their final bids.  The Mills' strategic
alternatives process is deliberate, well considered and well
advised and the Company believes it will deliver maximum value
to The Mills' shareholders.  By contrast, The Mills believes
that Gazit-Globe's actions and initiation of litigation only
disrupt the orderly conclusion of the strategic alternatives
process and frustrate the best interests of its shareholders.

The Mills has recently taken numerous actions to streamline the
Company and prepare it for a strategic transaction.  A few of
the recent accomplishments include:

     * the restructuring of the Meadowlands Xanadu partnership
       to eliminate The Mills' financial obligations;

     * the sale of The Mills' international assets which enabled
       the Company to reduce its Senior Term Loan by
       around US$458 million and simplify its
       organizational structure;

     * the sale of non-core development projects such as the
       office and residential portion of 108 North State Street
       and Mercati Generali; and

     * changing virtually all of the senior management team,
       including the CEO and CFO.

These actions were accomplished in close coordination with The
Mills' Board and members of the Special Committee who are
assisting the Company in its strategic alternatives process.

The Audit Committee of the Board has been working extensively
with its outside auditors at Ernst & Young LLP, and with its
special legal counsel at Gibson, Dunn & Crutcher LLP, to
complete the restatement of The Mills' financials and the
related investigation into the Company's historic accounting
practices.  When that process is complete, the Company intends
to move forward rapidly to complete its strategic alternatives
process and request final proposals from interested parties.

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world including Spain and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation.  The SEC
initiated an informal inquiry in January after the Company
reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through
2004 and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.

As reported in the Troubled Company Reporter on April 17,
The Mills Limited Partnership entered into an Amendment No. 3
and Waiver to its Second Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of Dec. 17, 2004, among Mills
Limited, JPMorgan Chase Bank, N.A., as lender and administrative
agent, and the other lenders.

The agreement provides a conditional waiver through Dec. 31,
2006, of events of default under the facility that are
associated, among other things, with: the pending restatement of
the financial statements of Mills Corporation and Mills Limited,
and the delay in the filing of the 2005 Form 10-K of Mills Corp.
and Mills Limited.


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


AHP INFORMATIK: St. Gallen Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen entered Oct. 19 an order
closing the bankruptcy proceedings of JSC AHP Informatik.

The Debtor can be reached at:

         JSC AHP Informatik
         Schuppisstrasse 13
         9016 St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Claudius Platzer
         9001 St. Gallen
         Switzerland


ANDREAS STEGER: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen in Zweigstelle Buchs
commenced bankruptcy proceedings against JSC Andreas Steger on
Oct. 9.

The Debtor can be reached at:

         JSC Andreas Steger
         Muhlibachstrasse 10
         9450 Altstatten
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Zweigstelle Buchs
         Hartmann
         9471 Buchs
         St. Gallen
         Switzerland


BAUTEC GIPS: St. Gallen Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Bautec Gips + Fassaden on Oct. 16.

The Debtor can be reached at:

         JSC Bautec Gips + Fassaden
         Bleicheweg 6
         9403 Goldach
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Urs Benz
         9001 St. Gallen
         St. Gallen
         Switzerland


E. URBINATI: St. Gallen Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen in Oberuzwil commenced
bankruptcy proceedings against LLC E. Urbinati
Prazisionsmechanik on Aug. 3.

The Debtor can be reached at:

         LLC E. Urbinati Prazisionsmechanik
         Burerfeld 16
         9245 Oberburen
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Zweigstelle Oberuzwil, Fritz
         Buchschacher
         9242 Oberuzwil
         St. Gallen
         Switzerland


GT GASTRO: St. Gallen Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen in Addolorata Tazza suspended
the bankruptcy proceedings against LLC GT Gastro Trade on
Nov. 8, pursuant to Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Oct. 17, can be reached at:

         LLC GT Gastro Trade
         Martinsbruggstrasse 45
         9016 St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland


OBERHAMMER & PARTNER: St. Gallen Court Starts Bankruptcy Process
----------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Oberhammer & Partner on Oct. 17.

The Debtor can be reached at:

         JSC Oberhammer & Partner
         Martinsbruggstrasse 98a
         9016 St. Gallen
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen, Urs Benz
         9001 St. Gallen
         St. Gallen
         Switzerland


OFF PRICE: St. Gallen Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of LLC OFF Price Handel on Nov. 2, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Sept. 25, can be reached at:

         LLC OFF Price Handel
         Ruheberg 15
         9327 Tubach
         Rorschach, St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Max Banziger
         9001 St. Gallen
         Switzerland


SOLUZIONE LLC: Thurgau Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Thurgau suspended the bankruptcy
proceedings of LLC Soluzione on Nov. 2, pursuant to Article 230
of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Sept. 28, can be reached at:

         LLC Soluzione
         Poststrasse 46
         8274 Tagerwilen
         Thurgau
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


THURTECH PUMP: St. Gallen Court Suspends Bankruptcy Process
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen in Oberuzwil suspended the
bankruptcy proceedings of JSC Thurtech, Pump- und Ruhranlagen,
on Nov. 8, pursuant to Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Oct. 11, can be reached at:

         JSC Thurtech, Pump- und Ruhranlagen
         Burerfeld 16a
         9245 Oberburen
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Zweigstelle Oberuzwil
         Urs Ghirlanda
         9242 Oberuzwil
         St. Gallen
         Switzerland


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


ALTERNATIFBANK AS: Fitch Places B+ IDR on Rating Watch Positive
---------------------------------------------------------------
Fitch Ratings affirmed Alpha Bank ratings at Issuer Default A-
with a Stable Outlook, Short-term F2, Individual B/C and Support
2.  It also placed Turkey-based Alternatifbank A.S.'s foreign
and local currency Issuer Default B+, National Long-term BBB+
and Support 4 ratings on Rating Watch Positive.  Its other
ratings are affirmed at Short-term B and Individual D.

The rating actions follow Alpha's announcement on Nov. 23, that
it has reached an agreement with Anadolu Group to jointly
establish a 50-50 holding company that would ultimately own all
the financial assets that are currently owned by Anadolu Group.

The RWP reflects Fitch's belief that there is a high propensity
for Alpha Bank to support ABank should the need arise.  However,
the ability to do so could be constrained by Turkey's BB Country
Ceiling.  Alpha Bank estimates the acquisition to be finalized
by Q107, upon which the RWP will be resolved.

Alpha Bank and Anadolu Group will launch a public offer for the
acquisition of the minority shares of ABank upon regulatory
approvals.  The parties have also agreed to have equal
representation on the Board of Directors to pursue a joint
decision-making process in all strategic issues.

Both parties are jointly committed to the goal of turning ABank
into a mid-sized bank with 100 branches in the medium term
offering a wide spectrum of services, capitalizing on Alpha
Bank's banking expertise and Anadolu Group's business presence
in Turkey.  The affirmation of Alpha Bank's ratings reflects the
limited impact on its capital adequacy and financial
fundamentals expected from the acquisition, although it will
increase Alpha Bank's risk profile and earnings volatility.

ABank is a lower mid-sized bank in Turkey, mainly focused on
small and medium-sized enterprises.  It had 28 branches and
employed 614 staff at end-H106.  ABank is majority-owned by the
Anadolu Group; the remaining 6% of the shares are publicly held.

The Anadolu Group is one of the largest conglomerates in Turkey
and has interests in beverages, bottling, brewing, food,
automotive manufacturing and distribution, consumer durables,
stationery, packaging, tourism, health and financial services
through several joint ventures with international companies.  In
2005 the Anadolu Group's total turnover, excluding the finance
sector, was US$2.9 billion, 70% of which was generated by
beverages.

Alpha Bank is Greece's third-largest banking group by total
assets, with leading positions in most financial services
sectors.  At end-H106, it had a network of 383 branches in
Greece plus 209 abroad, and employed 11,911 staff.

Its shares are fully listed on the Athens Stock Exchange, with
the bank's original founder, the Costopoulos family, holding 9%
of its share capital at end-H106.


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


ALFA BANK: Earns RUR4.73 Billion for First 10 Months 2006
---------------------------------------------------------
Alfa Bank released its financial results for the 10 months ended
Oct. 31, 2006.

Alfa Bank posted an 80% year-on-year rise in net profit to
RUR4.73 billion for the first 10 months of 2006.  The company
also registered an 80% year-on-year rise in pre-tax profit to
RUR5.95 billion for the same period.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


SITRONICS JSC: Inks Regional Alliance Deal with Cisco Systems
-------------------------------------------------------------
Cisco Systems Inc. and Sitronics JSC disclosed of regional
alliance to address the rapidly expanding telecommunications
market in Russia and CIS countries and other emerging markets,
such as Central and Eastern Europe; and Middle East and Africa.

Cisco and SITRONICS will focus on providing advanced
communication solutions in countries that are undergoing major
economic and social transformation.  This includes Information
and Communications Technologies planning and implementation to
increase the productivity of businesses, ramp up connectivity
and find new ways to educate the populace.

"The ability to connect countries and communities in a way that
is replicable across multiple regions, in alignment with
government policies and beneficial to both the population and
the economy, is a major area of focus for Cisco," commented Paul
Mountford, President of Emerging Markets Theatre for Cisco.
"The go-to-market model developed by Cisco and SITRONICS will
help telecoms operators increase their profitability and market
reach, as well as help improve broadband penetration which, at
present, is around 11 percent for the regions in question."

Initially focused on migrating existing public switched
telephone network infrastructure to an IP network platform, the
modernization solution offered will be built around Sitronics'
IP-NGN soft-switching and OSS portfolio, and Cisco's core
routing and switching products, including the CRS-1 Carrier
Routing System.  MGTS, the leading Russian telecommunications
operator that has 4.3 million subscribers in the Moscow region,
is already successfully implementing the solution.

The advanced solution for our network modernization is based on
NGN technology developed by Cisco and Sitronics.

"It's the optimal solution for our company," commented Alexei
Goltsov, MGTS CEO.  "Their collaboration helps MGTS offer its
subscribers advanced telecom services in a short timeframe."

In addition to the PSTN Modernization solution, Cisco and
SITRONICS are also investigating potential engagements in
additional areas of technology, such as IPTV, wireless broadband
and managed services.

"The competitive challenges in developing markets can differ
significantly.  That is why the creation of strong working
relationship with Cisco will ensure our continued growth in the
region," commented Evgeni Utkin, CEO at Sitronics.  "Sitronics
is a unique technology company that, geographically, covers the
entire Russia and CIS region, as well as the developing markets
of Southern Europe and Middle East.   The alliance demonstrates
Cisco's and SITRONICS' commitment to the Emerging Markets
theatre."

                          About Cisco

Cisco Systems Inc. -- http://www.cisco.com/-- is the worldwide
leader in networking that transforms how people connect,
communicate and collaborate.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

On Feb. 16, the TCR-Europe reported that Fitch Ratings gave
Concern Sitronics JSC a Long-term IDR rating of B- with a Stable
Outlook and an expected rating of B- to Sitronics' guaranteed up
to US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


SITRONICS JSC: Intracom Unit Inks EUR1.1-Mln Deal with T-HT
-----------------------------------------------------------
Intracom Telecom, a unit of Sitronics JSC, has signed an
agreement for provisioning and implementing a Network Management
project to T-HT Croatian Telecom Inc.

The EUR1.1 million project includes the extension -- 3rd in
three years -- of the Real Time Traffic Management System, the
extension of the Signaling Monitoring System for SS7, as well as
the equivalent support and maintenance services for a two years
period.

Within the framework of the agreement, apart from the relevant
hardware and software, Intracom Telecom will provide associated
professional services including installation, configuration,
training and support & maintenance services.

Intracom Telecom's provisioning is based on two different
products:

   -- RTTMS is an Intracom Telecom product, which encompasses
      all the functions necessary to identify and mitigate /
      resolve the conditions that adversely affect the PSTN/ISDN
      network performance and customer quality of service, by
      collecting the related Key Performance Indicators and by
      automatically applying the necessary network controls.
      The new RTTMS extension will provide T-HT with new RTTMS
      capabilities and enable more efficient management of the
      PSTN/ISDN network.

   -- SIGNALING Monitoring System (acceSS7) Solution was
      developed by Agilent Technologies and will enable T-HT
      Croatia to have prompt and efficient supervision of the
      entire SS7 network protocol by retrieving valuable
      information for the rendered services in order to ensure a
      high quality of service level offered to their customers.

                           About T-HT

Croatian Telecom Inc. is the leading provider of
elecommunications services in Croatia and the sole company to
offer the full range of telecommunication services.  The basic
activities of Croatian Telecom Inc. and its subsidiary T-Mobile
Croatia LLC, or T-HT Group, comprise provision of
telecommunications services, design and construction of
telecommunications networks on the territory of the Republic of
Croatia.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

On Feb. 16, the TCR-Europe reported that Fitch Ratings gave
Concern Sitronics JSC a Long-term IDR rating of B- with a Stable
Outlook and an expected rating of B- to Sitronics' guaranteed up
to US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


VIMPEL-COMMUNICATIONS: Earns US$268 Million in Third Quarter
------------------------------------------------------------
OJSC Vimpel-Communications released financial results for the
third quarter and first nine months ended Sept. 30, 2006.

Vimpelcom posted US$268.37 million in net profit against
US$1.36 billion in revenues for the third quarter of 2006,
compared with US$194.88 million in net profit against
US$890.29 million in revenues for same period in 2005.

The company posted US$613.54 million in net profit against
US$3.42 billion in revenues for the first nine months of 2006,
compared with US$463.38 million in net profit against
US$2.3 billion in revenues for same period in 2005.

"We had a very successful third quarter with quarter-on-quarter
growth rates for operating revenues, OIBDA and net income
exceeding 20%," Alexander Izosimov, Chief Executive Officer of
VimpelCom, said.  "All-time high financial figures underline our
ability to deliver top line results against strategic
priorities, and with good cost control, drive OIBDA faster than
revenue.

"In Russia, we continued to focus on the quality of our
subscriber base, revenue growth and profitability.  We again
delivered year-on-year ARPU growth, with the third quarter
increase much more pronounced than in the previous quarter.
This improvement was driven by improved quality of our
subscriber base, growing traffic, conservative pricing policy
and increased interconnect charges between mobile operators.

"Growth in Kazakhstan continues.  Our priorities remain on
increasing subscriber market share and expanding usage.  An 11%
gain in market share and a 30% increase in usage over the past
12 months led to substantial improvements in our financial
performance.  Net operating revenues for the third quarter of
2006 more than doubled as compared with the third quarter of
2005 and OIBDA grew by more than 2.5 times during the same
period.

"In Ukraine, our focus is on growing our subscriber base and, at
the same time, improving network coverage and quality.  We made
substantial progress in these areas, leading to improved
performance of our key financial and operating indicators.
Currently our subscriber base in Ukraine is just under 1.6
million.  Going forward we plan to continue to enhance our
position in Ukraine.

"In Uzbekistan and Tajikistan, we launched our "Beeline" brand
in September 2006 as planned.  We are now concentrating on
network build-out, functional improvements of operations and
quality growth of our subscriber base.

"In the Caucasus, we recently completed the acquisition of
ArmenTel, a telecom operator in Armenia.  Coupled with our
recent entry into Georgia, we are on the way to becoming an
important telecom operator in this part of the world."

As of Sept. 30, 2006, Vimplecom has US$7.75 billion in total
assets, US$3.86 in total liabilities, and US$3.89 billion in
shareholders' equity.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VNESHTORGBANK: VTB24 Unit Earns RUR900 Mln for First 10 Months
--------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of JSC
Vneshtorgbank, released its financial results for the 10 months
ended Oct. 31, 2006.

VTB24 hiked its net profit by 220% year-on-year to RUR900.7
million for the first 10 months of 2006.  The unit also
increased its operating profit by 113% increase from RUR519.3
million for the first 10 months of 2006 to RUR1.1 billion for
the same period of 2005.

VTB24 specializes in servicing individuals, private
entrepreneurs and small business organizations.

                      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
===========================


ADVANCED MOBILE: Appoints Gerald Irwin as Liquidator
----------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Advanced Mobile Systems Limited on Nov. 17 for the creditors'
voluntary winding-up procedure.

Headquartered in Warrington, England, Advanced Mobile Systems
Limited -- http://www.advancedmobilesystems.co.uk/--
distributes hands free car kits and accessories, tracking --
navigation, vehicle security products and reversing aids.  The
company also offers a nationwide fitting service to complement
its range of products.


ALERIS INT'L: Moody's Lowers B1 Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service downgraded Aleris International Inc.'s
corporate family rating to B2 from B1.

At the same time Moody's assigned these ratings to Aurora
Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan at B2;

   -- proposed senior unsecured notes at B3;

   -- proposed senior subordinated notes at Caa1; and,

   -- a B2 rating to Aleris Deutschland Holding GMBH's proposed
      senior secured term loan.

The rating actions are prompted by the merger of Aleris
International with Texas Pacific Group in a leveraged
transaction under which TPG will acquire the outstanding stock
of Aleris for around US$1.7 billion plus the assumption of
roughly US$1.6 billion in debt.  The ratings for the proposed
debt instruments assume that the merger will close as
contemplated.

The rating outlook is stable

Moody's also confirmed the Ba3 ratings on Aleris and Aleris
Deutschland's existing term loans, which ratings will be
withdrawn upon closing of the merger.  This concludes the review
for possible downgrade initiated on Aug. 8, 2006.  In
conjunction with the proposed merger of Aleris and TPG, Aurora,
the newly created acquisition vehicle, will issue US$2.2 billion
in debt through the instruments rated above.  Upon consummation
of the merger, Aurora will merge with and into Aleris and Aleris
will be the continuing company, legally assuming all obligations
of Aurora.

The downgrade of Aleris's corporate family rating reflects:

   -- the substantial increase in debt resulting from the
      leveraged acquisition of the company, with LTM
      Sept. 30, 2006 pro forma leverage of roughly 4.8x;

   -- its weakened debt protection metrics; and,

   -- the execution risks for timely deleveraging, particularly
      for a company with relatively thin margins and high
      sensitivity to volume levels.

Aleris's propensity towards acquisitions, which Moody's believes
will be a continuing impetus for growth over the intermediate
term, and the integration risks associated with the recently
closed Corus acquisition, remain ongoing considerations in the
rating.  Including around US$230 million in drawings under a
US$750 million asset backed loan facility, total debt will be
around US$2.4 billion versus roughly US$1.5 billion currently on
the same asset and business operating base.

In addition, the rating considers the lack of comparative
financials for any meaningful time frame given the recent
history of mergers and acquisitions, commencing with the late
2004 merger between IMCO Recycling and Commonwealth Industries
and including the four acquisitions in late 2005 and the more
recent acquisition of certain downstream aluminum assets of
Corus.

However, the corporate family rating reflects:

   -- Aleris's broadened diversity and size after the
      acquisition of certain aluminum rolling assets from Corus,
      including a portfolio of higher value-added end use
      markets;

   -- its improving cost position; and,

   -- favorable demand trends expected to continue in many of
      the company's end markets into 2007.

Embedded in the rating is Moody's expectation that Aleris will
apply free cash flow generated in the more positive aluminum
market environment currently existing to deleverage, although
Moody's expects meaningful debt reduction will take two to three
years.

The stable outlook reflects Moody's expectation that the current
favorable business environment for aluminum products for
aerospace, automotive, commercial construction and industrial
applications will continue into 2007, allowing for good earnings
and cash flow generation over the near term.

Moody's expects that operating margins will remain in the mid
single-digit range, that free cash flow to debt will be at least
5% on a sustainable basis, and that financial leverage will
remain under 5.5x.

Although Moody's acknowledges that the company's pro forma
credit metrics remain weakly positioned in the B rating
category, the ratings and outlook are predicated on our
expectation that the company will generate positive free cash in
2006 and 2007, allowing for a reduction in debt to levels more
reasonable for a cyclical business.

Financing for the merger includes a US$750 million secured asset
backed loan secured by receivables and inventory with a second
priority interest in plant and equipment, a US$700 million
secured term loan at Aleris, secured by domestic plant and
equipment and guaranteed by domestic subsidiaries and an
approximate $400 million secured term loan at Aleris
Deutschland, GMBH secured by foreign plant and equipment and
guaranteed by Aleris International, its domestic subsidiaries
and the subsidiaries of Aleris Deutschland.  The term loans are
cross collateralized and also have a second priority interest in
the assets securing the ABL.

While the term loans are not at parity in the overall capital
structure, in that the term loan to Aleris does not benefit from
guarantees from the foreign subsidiaries, Moody's has equalized
the ratings on the term loans reflective of the low leverage at
the European level and the overall level of combined collateral.
The B2 rating on the secured term loans under Moody's loss given
default methodology reflects their position in the capital
structure and liability waterfall, and the dilution in
collateral coverage attributable to the significant increase in
the size of the term loans in this transaction relative to plant
and equipment values.

Under Moody's loss given default methodology, the B3 rating on
the US$600 million unsecured notes and the Caa1 rating on the
$500 million subordinated notes reflects their weak position in
the capital structure, the absence of available collateral from
Moody's perspective given the level of secured debt ahead of
these instruments and therefore the lower recovery prospects of
these instruments.  Although the senior unsecured notes include
a PIK interest option at the company's discretion, this feature
does not add any lift to the rating.

These ratings were downgraded:

   * Aleris International

     -- corporate family rating to B2 from B1

These ratings were confirmed:

   * Aleris International

     -- US$400 million senior secured guaranteed term loan at
        Ba3

   * Aleris Deutschland Holding GMBH

     -- EUR200 million senior secured guaranteed term loan at
         Ba3

These ratings were assigned:

   * Aurora Acquisition Merger Sub, Inc.

     -- B2 Corporate Family Rating
     -- B2 PDR, Probability of default rating
     -- B2, LGD3, 46% senior secured guaranteed term loan,
     -- B3, LGD4, 63% senior unsecured notes,
     -- Caa1, LGD6, 93% senior subordinated notes.
     -- Probability of default at B2

   * Aleris Deutschland Holding GMBH

     -- B2, LGD3, 46% senior secured guaranteed term loan

Aleris, headquartered in Beachwood, Ohio, had revenues of
$2.4 billion in 2005.  LTM Sept. 30, 2006 pro-forma revenues for
the acquisitions made by Aleris in late 2005 and for the
acquisition of select assets of Corus were US$5.6 billion.
Along with company's aluminum recycling operations in Germany,
the United Kingdom, Mexico and Brazil and magnesium recycling
operations in Germany and the Netherlands, with the Corus
Aluminum acquisition, the company now has rolled products and
extrusions operations in Germany, Belgium, Canada and China. In
addition, the company is in the process of constructing a zinc
recycling facility in China.


ALERIS INT'L: S&P Cuts Rating to B+ on Increased Debt Leverage
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Beachwood, Ohio-based Aleris International Inc. to
'B+' from 'BB-'and removed it from CreditWatch, where it was
placed with negative implications on Aug. 9, 2006.

The CreditWatch placement followed the announcement that Texas
Pacific Group had agreed to acquire Aleris' outstanding stock
for nearly US$3.4 billion, consisting of US$1.7 billion in cash
plus assumed debt, representing a 6.8x trailing-12-months EBITDA
multiple.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' and '2'
recovery ratings to the company's proposed US$1.1-billion senior
secured term loan.  The '2' recovery rating indicates the
expectation of a substantial (80%-100%) recovery of principal in
the event of a payment default.  Aleris International Inc., a
U.S. corporation, and Aleris Deutschland Holding GmbH, its
German subsidiary, will be co-borrowers under the term loan
facility.  The company contemplates that Aleris International
will borrow US$700 million, with the remaining US$400 million
borrowed in a combination of euros and dollars by
Aleris Deutschland.

Standard & Poor's also assigned its 'B-' ratings to Aleris'
proposed US$500-million senior subordinated notes and proposed
US$600-million senior unsecured notes.  The senior unsecured
notes carry a payment-in-kind "toggle" feature.  The ratings are
based on preliminary terms and conditions and are predicated
on the completion of the TPG transaction and related financings
substantially in the form currently anticipated.

The proceeds from the issues, along with proceeds from a
revolving credit facility, will primarily be used to refinance
existing debt, finance the acquisition, and fund working capital
and transactions costs.

"The downgrade reflects the company's substantial increase in
debt leverage stemming from the TPG transaction and weakened
credit protection measures," said Standard & Poor's credit
analyst Marie Shmurak.  "We remain concerned that management
will continue to opportunistically make cash-financed
acquisitions and that economic weakness will cause credit
metrics to decline.  However, we expect Aleris' markets to
remain relatively healthy in the intermediate term, which should
enable the company to reduce leverage.

"We could change the outlook to positive if management reaches
and maintains more moderate debt levels.  We could change the
outlook to negative and ratings on Aleris could be pressured if
the company's debt levels remain high and performance weakens
materially because of intensified competition or market
conditions deteriorate."


ALL 4 PETS: Taps Liquidator from David Horner & Co.
---------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of All 4 Pets Limited on Nov. 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         All 4 Pets Limited
         Beck House
         Scagglethorpe
         Malton
         North Yorkshire YO178ED
         United Kingdom
         Tel: 01944 758 717
         Fax: 01944 758 137


ARROWAK SECURITY: Names Gordon Craig as Administrator
-----------------------------------------------------
Gordon Craig of Cresswell Associates Ltd. was named
administrator of Arrowak Security Ltd. (Company Number 05184985)
on Nov. 16.

The administrator can be reached at:

         Gordon Craig
         Cresswell Associates Limited
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

Arrowak Security Ltd. can be reached at:

         Suite 143
         Riverpark Road
         Manchester
         Lancashire M40 2XS
         United Kingdom
         Tel: 0161 223 8020
         Fax: 0161 223 8022


ASPIRE WINDOWS: Appoints Antony Robert Fanshawe as Administrator
----------------------------------------------------------------
Antony Robert Fanshawe of Fanshawe Lofts was appointed
administrator of Aspire Windows & Conservatories Ltd. (Company
Number 05223768) on Nov. 16.

The administrator can be reached at:

         Antony Robert Fanshawe
         Fanshawe Lofts
         41 Castle Way
         Southampton
         Hampshire SO14 2BW
         United Kingdom
         Tel: 023 8023 3522
         Fax: 023 8023 3504
         E-mail: sa@fanshawe-lofts.co.uk
                 arf@fanshawe-lofts.co.uk

Aspire Windows & Conservatories Ltd. can be reached at:

         Unit 6
         Stanstead Business Park
         Stanstead Road
         Eastleigh
         Hampshire SO50 4RZ
         United Kingdom
         Tel: 023 8065 3005
         Fax: 023 8065 3180


COLTRANE CLO: Fitch Assigns BB Ratings to EUR3.75-Million Notes
---------------------------------------------------------------
Fitch Ratings assigned ratings to Coltrane CLO Plc floating-rate
notes:

   -- EUR26 million Class B due January 2022 A;
   -- EUR45 million Class C due January 2022 BBB;
   -- EUR1.75 million Class D-1 due January 2022 BB; and
   -- EUR2 million Class D-2 due January 2022 BB.


CONNECTIONS DATA: Claims Filing Period Ends Feb. 14, 2007
---------------------------------------------------------
Creditors of Connections Data Services Limited have until
Feb. 14, 2007, to prove their debts by sending written
statements of the amounts they claim to be due to them from the
Company to appointed Joint Liquidator J. N. R. Pitts at:

         J. N. R. Pitts
         Begbies Traynor
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds LS14 1PQ
         United Kingdom

The company can be reached at:

         Connections Data Services Limited
         Unit 3
         Temple Street
         Hull
         North Humberside HU5 1AD
         United Kingdom
         Tel: 01482 887 844
         Fax: 01482 880 144


CRAEGMOOR FUNDING: Moody's May Downgrade Ratings After Review
-------------------------------------------------------------
Moody's Investors Service confirmed the rating of Class M Notes
issued by Craegmoor Funding (No.2) Limited, a securitization of
a U.K. portfolio of elderly and specialist homes.  The ratings
of Class B1 and B2 Notes remain on review for possible
downgrade.

Moody's placed Class M, class B1 and B2 Notes on review for
possible downgrade on Oct. 25, 2006.  Moody's review took into
account:

    (i) the progress in asset disposals,
   (ii) updated financial information up to September 2006, and
  (iii) discussions with management.

Asset sales are progressing and disposal proceeds are within
management's expectations.  To date, 29 properties have been
sold out of the 31 that were earmarked for sale.  According to
management, disposal proceeds will be used to acquire additional
properties from the non-securitized estate.  Even though Moody's
has not analyzed any potential new assets, Moody's expectation
is that the cash flow from these additional assets will further
improve the net cash flow available to service the transaction.

Operating performance has improved, primarily through a
reduction in costs.  Management confirmed that cost reductions
can be attributed to the sale of non-profitable assets.  Moody's
notes that revenues have remained relatively stable but
occupancy has decreased.  To continue to meet DSCR targets in
the future, management will need to deliver results comparable
with last quarter's performance.

Improvements in the shared services centre continue to lag
behind moody's expectations.  Moody's anticipates, based on
discussions with management, that 2006 audited financials will
not contain any audit qualifications.

Moody's review concluded that the additional cash flow
anticipated from the new assets to be included in the pool
together with the improvement in the portfolio's performance was
sufficient to confirm the ratings of Class M.  However, Class B1
and B2 are still exposed to potential delays in further cash
flow improvements and to management's ability to succesfully
complete the restructuring.

Moody's rating review for the Class B1 and B2 Notes will focus
on:

   (1) management's ability to provide to Moody's detailed
       information on next year's budget and proposed plans to
       improve performance going forward;

   (2) the sustainability of the underlying operating
       performance, especially regarding revenue growth, cost
       reductions and progress in the shared service center;

   (3) the anticipated cash flow increase from new assets; and

   (4) Moody's view on the strategy of Craegmoor's management to
       improve the portfolio's performance in the near term.
       Moody's expects to meet with Craegmoor management and
       receive budget information by February 2007.

Rating actions in detail (amounts reflect current outstandings):

   -- GBP30-Mln Class M Floating Rate Notes Baa2, rating
      confirmed;

   -- GBP15-Mln Class B1 Floating Rate Notes Ba3, remains on
      review for possible downgrade; and

   -- GBP42.2-Mln Class B2 Fixed Rate Notes Ba3, remains on
      review for possible downgrade.


D & S RUSHTON: Creditors' Claims Due Dec. 16
--------------------------------------------
Creditors of D & S Rushton Contracting Limited have until
Dec. 16 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 Stephen P. J. White at:

         White & Co.
         Suite 508
         Daisyfield Business Centre
         Appleby Street
         Blackburn
         United Kingdom

The company can be reached at:

         D & S Rushton Contracting Limited
         Acre Hill Farm
         Lane Ends
         Bolton By Bowland
         Clitheroe
         Lancashire BB7 4PH
         United Kingdom
         Tel: 01200 447 126


DSA BILINGUAL: Appoints Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed Joint Liquidators of DSA
Bilingual Limited (formerly Busylock Limited) on Nov. 15 for the
creditors' voluntary winding-up procedure.

Headquartered in London, England, DSA Bilingual Limited --
http://www.dsabilingual.co.uk/-- is a recruitment firm
specializing in support staff with foreign language skills and
office experience.


DIAGNATEK LIMITED: Calls In Joint Liquidators from Vantis
---------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Limited were
appointed Joint Liquidators of Diagnatek Limited on Nov. 15 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Diagnatek Limited
         11 Bridle Close
         St. Albans
         Hertfordshire AL3 5HX
         United Kingdom
         Tel: 01727 762 367


DIASYS CORP: Deloitte & Touche Raises Going Concern Doubt
---------------------------------------------------------
Deloitte & Touche LLP expressed substantial doubt about DiaSys
Corporation's ability to continue as a going concern after
auditing the company's financial statements for the fiscal years
ended June 30, 2006 and 2005.  The auditing firm pointed to the
company's recurring losses from operations, cash used by
operating activities, negative working capital, and accumulated
deficit.

DiaSys Corp.'s net loss decreased US$981,451 from US$2,029,245
in fiscal year 2005 to US$1,047,794 in fiscal year 2006.  This
decrease was due primarily to the implementation and completion
of the consolidation of the company's manufacturing facilities
into the United Kingdom, along with other cost reduction plans
begun in fiscal year 2005.

Net sales decreased 11.8% or US$225,980 from US$1,914,077 in
fiscal year 2005 to US$1,688,097 in fiscal 2006.  Domestic US
sales decreased US$88,049 from US$386,854 in fiscal year 2005 to
US$298,805 in fiscal year 2006.  International sales decreased
US$137,931 from US$1,527,223 in fiscal year 2005 to US$1,389,292
in fiscal year 2006.

The decrease in international sales can be largely attributed to
the decrease in sales to the company's distributor in China.
During its 2006 fiscal year, the company entered into additional
distribution agreements.  The company believes that the effects
of these distribution agreements will impact sales primarily in
future periods.

At June 30, 2006, the company's balance sheet showed
US$4,368,428 in total assets, US$1,013,773 in total liabilities
and stockholders' equity of US$3,354,655.

Working capital deficiency increased by US$229,541 from June 30,
2005 to June 30, 2006.  Cash and equivalents as of June 30, 2006
increased by US$40,047 over the same period.  Cash used in
operating activities was US$280,091 for the current fiscal year.

The cash used in operations resulted primarily from the
operating loss, offset by a reduction in inventories and an
increase in accounts payable and accrued expenses.  The cash
shortfall was funded primarily by:

   -- borrowings from management;

   -- the exercising of options by the Chairman of the Board
      of Directors; and

   -- the issuance of shares of capital stock and warrants to
      a group of outside investors.

Management says the company will require additional financing to
discharge its obligations for at least the next twelve months.
The company had unshipped orders totaling US$425,247 as of
June 30, 2006.

A full-text copy of the company's annual report is available for
free at http://researcharchives.com/t/s?163f

                     Continued OTCBB Listing

On Nov. 20, DiaSys disclosed that it has satisfied requirements
for continued listing of its Common Stock on the OTC Bulletin
Board, under the symbol DYXC.OB, after filing its Annual Report
on Form 10-KSB for its fiscal year ended June 30,2006.

Headquartered in Waterbury, Connecticut, DiaSys Corporation --
http://www.diasys.com/-- designs, develops, manufactures and
distributes proprietary medical laboratory equipment,
consumables and infectious disease test-kits to healthcare &
veterinary laboratories worldwide.  The Company operates in
Europe through its wholly owned subsidiary based in Wokingham,
England and through distributors in South America.


DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Brunswick Group LLC as corporate
communications consultants, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, the company's chief financial officer, notes
that Brunswick has extensive experience in corporate and crisis
communications.

The company says that since its founding in 1987, Brunswick has
provided public relations services to companies experiencing
financial and operating difficulties.  It has recently provided
services in a number of large and mid-sized bankruptcy
restructurings.

As communications consultants, Brunswick will:

    (a) prepare materials to be distributed to the Debtors'
        employees explaining the impact of the Reorganization
        Cases,

    (b) draft correspondence to creditors, vendors, employees
        and other interested parties regarding the
        Reorganization Cases,

    (c) prepare written guidelines for head office and location
        managers to assist them in addressing employee and
        customer concerns,

    (d) prepare news releases for dissemination to the media for
        distribution,

    (e) interface and coordinate media reports to contain the
        correct facts and the Debtors' perspective as an ongoing
        business,

    (f) assist the Debtors in maintaining their public image as
        a viable business and going concern during the
        Chapter 11 reorganization process,

    (g) assist the Debtors, and develop internal systems, in
        handling inquiries,

    (h) coordinate public relations services with a third party
        making an investment in the Debtors,

    (i) perform other strategic communications consulting
        services as may be required by the Debtors in the
        Reorganization Cases, and

    (j) provide additional public relations services appropriate
        and necessary to the benefit of the Debtors' estates.

The Debtors will pay Brunswick based on the firm's hourly rates:

             Professional    Hourly Rate
             ------------    -----------
             Partner             US$700
             Director            US$550
             Associate           US$450
             AD                  US$325
             Exec                US$225

The Debtors will also reimburse Brunswick for its actual and
necessary out-of-pocket expenses.  Production-related
expenditures -- e.g., photography, printing, etc. -- will be
charged to the Debtors at cost.

The Debtors have made prepetition payments totaling US$227,917
to Brunswick in the year preceding the bankruptcy filing date.

The payments have been applied to outstanding invoices and on
account of fees and expenses incurred in providing services to
the Debtors in connection with the restructuring activities.

The payments received include:

    (a) US$91,495 for fees and expenses incurred for periods
        before Oct. 13, and

    (b) US$136,422 on Oct. 24, 2006.

The Debtors do not owe Brunswick any amount for services
performed or expenses incurred prior to its bankruptcy filing
and thus Brunswick is not a pre-petition creditor of the
Debtors.

Robert Mead, a partner at Brunswick, assures the Court that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, and it does not hold nor
represent any interest adverse to the Debtors or their estates.

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 Oct. 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).


EUROMAX V: Fitch Rates EUR5-Million Class B2 Notes at BB-
---------------------------------------------------------
Fitch Ratings assigned Euromax V ABS PLC's issue of EUR307.5
million floating-rate notes final ratings.  The transaction is a
securitization of structured finance assets including primarily
residential and commercial mortgage-backed securities.

   -- EUR4.5 million Class X floating-rate note due 2013: AAA;

   -- EUR210 million Class A1 floating-rate note due 2095: AAA;

   -- EUR20 million Class A2 floating-rate note due 2095: AAA;

   -- EUR18 million Class A3 floating-rate note due 2095: AA;

   -- EUR21.5 million Class A4 deferrable floating-rate note due
      2095: A;

   -- EUR22 million Class B1 deferrable floating-rate note due
      2095: BBB-;

   -- EUR5 million Class B2 deferrable floating-rate note due
      2095: BB-;

   -- EUR5 million Class D1 combination notes due 2095: A; and

   -- EUR7.5 million Class D2 combination notes due 2095: A.

The ratings on the Class X, A1, A2 and A3 notes address the
likelihood that investors will receive full and timely payments
of interest and ultimate repayment of principal by the legal
final maturity date, according to the conditions of the notes.

The ratings on the Class A4, B1 and B2 notes address the
likelihood that investors will receive ultimate repayment of
principal and interest, including deferred interest, by the
legal final maturity date, according to the conditions of the
notes.  The ratings on the Class D1 and D2 combination notes
address the ultimate receipt of the rated balance from funds
received on their components by the legal final maturity date,
according to the conditions of the notes.

The ratings are based on the credit enhancement provided to the
various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A1 notes totals 30%, of which
6.7% is provided by the A2 notes, 6% by the A3 notes, 7.2% by
the A4 notes, 7.3% by the B1 notes, 1.7% by the B2 notes and
1.17% by the unrated subordinated C notes.

Some of the EUR6.5 million proceeds from the subordinated notes
will be used to pay certain initial expenses of the issuer
rather than to purchase collateral and therefore will not be
available for subordination.

The ratings are also based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Collineo Asset Management GmbH, subject to the
guidelines outlined in the collateral management agreement.

The guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Collineo will actively manage the collateral over the six-year
reinvestment period.

Collineo has the ability, amongst other things, to invest in
primarily RMBS and CMBS assets, and, to a lesser extent, CDOs,
SME CDOs and real estate B-notes.  Euromax V is one of the first
Fitch-rated European CDOs of ABS to include the ability for the
manager to invest in B-notes.

Collineo's CDO Asset Manager Rating of CAM 2 was affirmed on
Oct. 27.

Euromax V ABS PLC is a limited liability company incorporated
under the laws of Ireland.  At the closing date, the issuer
purchased or committed to purchase at least 70% of the target
portfolio; the remainder will be purchased over the following
nine months.


GENERAL MOTORS: Completes 51% GMAC Stake Sale for US$14 Billion
---------------------------------------------------------------
General Motors Corp. has completed the sale of a 51% interest in
GMAC LLC to a consortium of investors led by Cerberus FIM
Investors LLC and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank Ltd. and The PNC Financial
Services Group, Inc.

The transaction will preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC will provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives and strengthen its balance
sheet.

"This has been a year of significant actions and progress for
GM, as we aggressively execute our North America turnaround plan
and position the company for long-term growth and profitability.
Successfully completing the GMAC transaction has been a key
priority for the company, and an important step to further
support GM's turnaround," said GM Chairman and Chief Executive
Officer Rick Wagoner.  "This transaction will result in a
stronger GMAC, with enhanced access to funding at lower costs
and greater opportunities for growth, including leveraging their
traditionally strong relationships with GM dealers.

"Although GMAC will have a new majority owner, GM and GMAC will
remain strategic partners through various long-term agreements.
GM will retain a 49% ownership stake in GMAC, and the close
operating relationship between the companies will continue,"
Wagoner said.  "We look forward to working with the Cerberus-led
consortium as majority owners of GMAC in the future.  All the
parties are committed to maintaining a high degree of service to
our dealers by providing the right wholesale, retail and lease
products to support the sale of GM cars and trucks."

GM expects to receive around US$14 billion in net cash proceeds
and distributions over three years, after repayment of
intercompany debt but before purchases of preferred equity in
GMAC.  This includes a US$7.4 billion purchase price, a
US$2.7 billion cash dividend from GMAC and other transaction
related cash flows including the monetization of certain
retained assets.  GM and the Cerberus-led consortium invested
US$1.9 billion of cash in preferred equity in GMAC --
US$1.4 billion by GM and US$500 million by the consortium.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                            *    *    *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


GENERAL MOTORS: Kirk Kerkorian Sells Another 14 Million Shares
--------------------------------------------------------------
Billionaire investor Kirk Kerkorian's Tracinda Corp. sold
14 million shares of General Motors Corp.'s common stock in a
private transaction for US$28.75 per share, bringing his stake
down to 4.95%.

According to a regulatory filing with the U.S. Securities and
Exchange Commission, Tracinda sold the shares on Nov. 28.

On Nov. 20, Tracinda sold 14 million shares for US$33.00 per
share, reducing its stake to 7.4%.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 318,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                            *    *    *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


GENERAL MOTORS: GMAC Releases Composition of New Board
------------------------------------------------------
GMAC Financial Services became an independent global financial
services company after 87 years as a wholly owned subsidiary of
General Motors Corp.

GM completed Thursday the sale of a majority equity stake in
GMAC to an investment consortium led by Cerberus FIM Investors
LLC and including wholly owned subsidiaries of Citigroup Inc.,
Aozora Bank Ltd., and The PNC Financial Services Group Inc.

As a result of this transaction, GMAC expects to benefit from
access to a lower cost of funds as it assumes a separate and
independent credit profile and independent governance by a new
board.

In addition, GM and GMAC have entered into 10-year agreements
under which GMAC will remain the exclusive provider of
GM-sponsored auto finance programs and will continue to provide
GM dealers and their customers with the same broad range of
financial products and services as it does today.

GMAC's existing management team will remain in place and is led
by chief executive officer Eric Feldstein, president William
Muir, and chief financial officer Sanjiv Khattri.

"GMAC has had tremendous success -- more than US$9.4 billion of
net income since the beginning of 2003 -- during a time when our
credit ratings were under pressure and our access to capital was
constrained," said Feldstein.  "This accomplishment reflects the
consistently strong operating results of our core business units
despite the funding challenges we encountered."

GMAC has established itself as the leading global auto finance
company, the largest provider of automotive extended warranty
and dealer vehicle inventory insurance, and a Top 10 participant
in real estate finance with nine consecutive years of market
share growth.  The company has a superior asset origination
capability -- more than US$60 billion per year just in the auto
segment -- and a world-class servicing capability in both auto
and mortgage.

"The prospects for GMAC look quite promising as we now combine
our existing business strengths with improved credit ratings, a
more competitive cost of funds, and a strengthened capital base
to support profitable growth," Feldstein said.

                 New GMAC Board of Directors Named

The company's new 13-member board was also named last week.  The
board includes independent members as well as representatives
from the Cerberus-led consortium and GM.  Ezra Merkin, a
managing partner with Gabriel Capital Group, has been named non-
executive chairman of the GMAC Board.

Other members of the board are:

   * Walter Borst, General Motors Treasurer;

   * Frank Bruno, Cerberus Global Investments LLC President and
     Managing Director;

   * T.K. Duggan, Durham Asset Management Co-Founder;

   * Fritz Henderson, General Motors Vice Chairman and
     Chief Financial Officer;

   * Douglas Hirsch, Seneca Capital Founder and Managing
     Partner;

   * Michael Klein, Citigroup Chief Executive Officer,
     Global Banking;

   * Mark LaNeve, General Motors Vice President North America
     Vehicle Sales, Service and Marketing;

   * Mark Neporent, Cerberus Capital Management L.P.
     Chief Operating Officer and Senior Managing Director;

   * Seth Plattus, Cerberus Capital Management L.P.
     Chief Administrative Officer and Senior Managing Director;

   * Bob Scully, Morgan Stanley Co-President;

   * Lenard Tessler, Cerberus Capital Management L.P.
     Managing Director;

   * Rick Wagoner, General Motors Chairman and Chief Executive
     Officer;

The consortium, which will hold a 51% interest in GMAC, is
committed to a long-term investment horizon through a five-year
minimum hold period.  Cerberus has also committed to reinvest
all of its after-tax distributions into GMAC preferred stock in
years 3-5 after closing.

"Cerberus Capital and the investor consortium are committed to a
long-term partnership that will bring sustained growth,
diversity of product offerings and lasting benefits to GMAC,"
Cerberus' chief operating officer and senior managing director
Mark Neporent said.

"We're committed to helping GMAC compete even more effectively
and continuing its tradition of strong growth and success.
Cerberus has great confidence and respect for the people of GMAC
and we look forward to the continued success of GMAC as an
independent company."

GMAC's capital base has been bolstered by US$1.9 billion through
its issuance of preferred equity to GM ($1.4 billion) and
Cerberus ($500 million).  The company's previously announced
US$10 billion asset-backed facility, arranged through Citibank,
will offer an additional source of liquidity.  Strengthened by
the company's new ownership and independent governance
structure, GMAC expects improved credit ratings will lead to
lower-cost funding.

"[This] marks an exciting new era for GMAC.  Our improved
capital position and credit profile enable us to play offense
again," Mr. Feldstein said.

"With a global franchise spanning nearly 40 countries, and
world-class asset origination and servicing capabilities, GMAC
is well positioned to generate increasing revenue at higher
returns across all of our businesses long-term."

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 318,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                            *    *    *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


GEORGE MAJOR: Hires Ian C. Brown to Liquidate Assets
----------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of George Major Limited on Nov. 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         George Major Limited
         The Old Coal Depot
         Wallasey Bridge Road
         Birkenhead
         Merseyside CH411EB
         United Kingdom
         Tel: 0151 653 0733
         Fax: 0151 651 2121


GEORGICA PLC: Moody's Changes Rating Outlook to Negative
--------------------------------------------------------
Moody's Investors Service changed the rating outlook for
Georgica Plc to negative (from stable).

The change of outlook follows the announcement that Georgica has
decided to separate Georgica's operations into two distinct
companies, one comprising Georgica's bowling operations and the
other its poker, snooker and pool operations as well as its
freehold and long leasehold properties.  Any such transaction
remains amongst other things subject to U.K. tax approval to
treat the separation as a tax-exempt de-merger.

The outlook change reflects uncertainties regarding the
allocation of debt between the companies and the future strategy
for the contemplated stand-alone units.  It also reflects
Georgica's weak operating performance for the year-to-date and
an uncertain outlook for 2007, which will see the negative
impact on Georgica's business from the introduction of smoking
bans for England and Wales.

Georgica has indicated that it would approach its shareholders
about the contemplated de-merger as and when favorable tax
treatment has been achieved.  Moody's notes that from mid-2007
onwards the rated notes can be redeemed at the option of the
company at a premium.

In the 39 weeks ended 1st Oct 2006 both total sales and EBITDA
as reported by Georgica were lower than in the 39 week period
ended 25th September 2005.  Sales were 2% lower at GBP
92.3million and reported EBITDA was 24% lower at GBP 12 million.
While Georgica points to unusually good weather since the
beginning of spring in 2006 and the fact that the financial year
began on Jan. 2, thereby excluding the New Year and the negative
effects on attendance from the football World Cup in June, it
remains to be seen whether the usually strong 4th quarter will
bring any meaningful improvement.

While the ratio of Adjusted Debt/ EBITDA for the company for the
year ending Jan. 1, 2006, improved to 5.4x as compared to 6.7x
for 2004 it deteriorated again to around 6x on a Oct. 1 LTM
basis.  Against this background ratings pressure would ensue if
Adj. Debt leverage were to move towards 6.5x or if as the
consequence of the de-merger of either the snooker or the
bowling operations Georgica is reduced in scale and scope.

Ratings affected:

Georgica plc

   -- CFR at B2; and

   -- Sr. Second Priority Notes due 2012 at Caa1.

Headquartered in London, Georgica is a leading U.K. indoor
leisure operator with market leading positions in cue sports and
tenpin bowling.  For the financial year ended Jan. 1, 2006 the
company reported consolidated sales of GBP129.04 million and
EBITDA of GBP22.64 million.


GMAC LLC: GM Sells 51% Stake to Cerberus for US$14 Billion
----------------------------------------------------------
General Motors Corp. completed the sale of a 51% interest in
GMAC LLC to a consortium of investors led by Cerberus FIM
Investors LLC and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank Ltd., and The PNC Financial Services
Group Inc.

The transaction will preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC will provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives, and strengthen its balance
sheet.

"This has been a year of significant actions and progress for
GM, as we aggressively execute our North America turnaround plan
and position the company for long-term growth and profitability.
Successfully completing the GMAC transaction has been a key
priority for the company, and an important step to further
support GM's turnaround," GM chairman and chief executive
officer Rick Wagoner said.

"This transaction will result in a stronger GMAC, with enhanced
access to funding at lower costs and greater opportunities for
growth, including leveraging their traditionally strong
relationships with GM dealers.

"Although GMAC will have a new majority owner, GM and GMAC will
remain strategic partners through various long-term agreements.
GM will retain a 49% ownership stake in GMAC, and the close
operating relationship between the companies will continue," Mr.
Wagoner said.

"We look forward to working with the Cerberus-led consortium as
majority owners of GMAC in the future.  All the parties are
committed to maintaining a high degree of service to our dealers
by providing the right wholesale, retail, and lease products to
support the sale of GM cars and trucks."

GM expects to receive around USUS$14 billion in net cash
proceeds and distributions over three years, after repayment of
intercompany debt but before purchases of preferred equity in
GMAC.  This includes a USUS$7.4 billion purchase price, a
USUS$2.7 billion cash dividend from GMAC, and other transaction
related cash flows including the monetization of certain
retained assets.  GM and the Cerberus-led consortium invested
USUS$1.9 billion of cash in preferred equity in GMAC -- USUS$1.4
billion by GM and USUS$500 million by the consortium.

GMAC LLC -- http://www.gmacfs.com/-- is a global financial
services company that operates in around 40 countries, in auto
finance, real estate finance, commercial finance and insurance
businesses. With more than US$300 billion in assets, it
generated US$2.5 billion in net income in 2005, on revenue of
US$19.2 billion.

                        *     *     *

As reported in the TCR-Europe on Nov. 30, 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.  S&P said the outlook is
now developing.

In a TCR-Europe on Nov. 17, Moody's expects to confirm the Ba1
long-term ratings of GMAC LLC and its subsidiaries upon the
closing of GM's sale of a 51% interest in the firm to FIM
Holdings LLC, the buyer consortium led by Cerberus Capital
Management.


GMAC LLC: Releases Composition of New Board of Directors
--------------------------------------------------------
GMAC Financial Services became an independent global financial
services company after 87 years as a wholly owned subsidiary of
General Motors Corp.

GM completed Thursday the sale of a majority equity stake in
GMAC to an investment consortium led by Cerberus FIM Investors
LLC and including wholly owned subsidiaries of Citigroup Inc.,
Aozora Bank Ltd., and The PNC Financial Services Group Inc.

As a result of this transaction, GMAC expects to benefit from
access to a lower cost of funds as it assumes a separate and
independent credit profile and independent governance by a new
board.

In addition, GM and GMAC have entered into 10-year agreements
under which GMAC will remain the exclusive provider of
GM-sponsored auto finance programs and will continue to provide
GM dealers and their customers with the same broad range of
financial products and services as it does today.

GMAC's existing management team will remain in place and is led
by chief executive officer Eric Feldstein, president William
Muir, and chief financial officer Sanjiv Khattri.

"GMAC has had tremendous success -- more than US$9.4 billion of
net income since the beginning of 2003 -- during a time when our
credit ratings were under pressure and our access to capital was
constrained," said Feldstein.  "This accomplishment reflects the
consistently strong operating results of our core business units
despite the funding challenges we encountered."

GMAC has established itself as the leading global auto finance
company, the largest provider of automotive extended warranty
and dealer vehicle inventory insurance, and a Top 10 participant
in real estate finance with nine consecutive years of market
share growth.  The company has a superior asset origination
capability -- more than US$60 billion per year just in the auto
segment -- and a world-class servicing capability in both auto
and mortgage.

"The prospects for GMAC look quite promising as we now combine
our existing business strengths with improved credit ratings, a
more competitive cost of funds, and a strengthened capital base
to support profitable growth," Feldstein said.

                 New GMAC Board of Directors Named

The company's new 13-member board was named yesterday.  The
board includes independent members as well as representatives
from the Cerberus-led consortium and GM.  Ezra Merkin, a
managing partner with Gabriel Capital Group, has been named non-
executive chairman of the GMAC Board.

Other members of the board are:

   * Walter Borst, General Motors Treasurer;

   * Frank Bruno, Cerberus Global Investments LLC President and
     Managing Director;

   * T.K. Duggan, Durham Asset Management Co-Founder;

   * Fritz Henderson, General Motors Vice Chairman and
     Chief Financial Officer;

   * Douglas Hirsch, Seneca Capital Founder and Managing
     Partner;

   * Michael Klein, Citigroup Chief Executive Officer,
     Global Banking;

   * Mark LaNeve, General Motors Vice President North America
     Vehicle Sales, Service and Marketing;

   * Mark Neporent, Cerberus Capital Management L.P.
     Chief Operating Officer and Senior Managing Director;

   * Seth Plattus, Cerberus Capital Management L.P.
     Chief Administrative Officer and Senior Managing Director;

   * Bob Scully, Morgan Stanley Co-President;

   * Lenard Tessler, Cerberus Capital Management L.P.
     Managing Director;

   * Rick Wagoner, General Motors Chairman and Chief Executive
     Officer;

The consortium, which will hold a 51% interest in GMAC, is
committed to a long-term investment horizon through a five-year
minimum hold period.  Cerberus has also committed to reinvest
all of its after-tax distributions into GMAC preferred stock in
years 3-5 after closing.

"Cerberus Capital and the investor consortium are committed to a
long-term partnership that will bring sustained growth,
diversity of product offerings and lasting benefits to GMAC,"
Cerberus' chief operating officer and senior managing director
Mark Neporent said.

"We're committed to helping GMAC compete even more effectively
and continuing its tradition of strong growth and success.
Cerberus has great confidence and respect for the people of GMAC
and we look forward to the continued success of GMAC as an
independent company."

GMAC's capital base has been bolstered by US$1.9 billion through
its issuance of preferred equity to GM ($1.4 billion) and
Cerberus ($500 million).  The company's previously announced
US$10 billion asset-backed facility, arranged through Citibank,
will offer an additional source of liquidity.  Strengthened by
the company's new ownership and independent governance
structure, GMAC expects improved credit ratings will lead to
lower-cost funding.

"[This] marks an exciting new era for GMAC.  Our improved
capital position and credit profile enable us to play offense
again," Mr. Feldstein said.

"With a global franchise spanning nearly 40 countries, and
world-class asset origination and servicing capabilities, GMAC
is well positioned to generate increasing revenue at higher
returns across all of our businesses long-term."

GMAC LLC -- http://www.gmacfs.com/-- is a global financial
services company that operates in around 40 countries, in auto
finance, real estate finance, commercial finance and insurance
businesses. With more than US$300 billion in assets, it
generated US$2.5 billion in net income in 2005, on revenue of
US$19.2 billion.

                        *     *     *

As reported in the TCR-Europe on Nov. 30, 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.  S&P said the outlook is
now developing.

In a TCR-Europe on Nov. 17, Moody's expects to confirm the Ba1
long-term ratings of GMAC LLC and its subsidiaries upon the
closing of GM's sale of a 51% interest in the firm to FIM
Holdings LLC, the buyer consortium led by Cerberus Capital
Management.


GMAC LLC: Moody's Confirms Ba1 Rating on 51% Stake Sale Closing
---------------------------------------------------------------
Moody's Investors Service confirmed GMAC LLC's Ba1 senior
unsecured ratings, following GM's announcement that it has
closed the sale of a 51% stake in GMAC to FIM Holdings, LLC, an
investor consortium led by Cerberus FIM Investors, LLC.

Moody's also assigned a new rating of Ba3 to GMAC's US$1.9
billion preferred equity securities, which were issued to GMAC's
owners in connection with the sale transaction.  The outlook for
GMAC's ratings is negative.

Concurrently, Moody's also confirmed Residential Capital LLC's
Baa3 unsecured and Prime-3 short-term ratings, with a stable
outlook.  GM's ratings (B3 corporate family, Caa1 senior
unsecured) are unchanged as they already take into consideration
the impact of the sale on the company's credit profile.

Moody's confirmation of GMAC's ratings incorporates these key
factors:

   -- GM's sale of a 51% stake in GMAC results in ratings
      de-linkage from GM on the basis of a change in control in
      favor of the Cerberus consortium.

   -- The transaction reduces GMAC's direct and indirect
      exposure to GM and eliminates its potential liability for
      GM's pension obligations, which improves the firm's risk
      profile.

   -- GMAC's new owners are expected to have a positive
      influence on GMAC's operating strategy, which will
      emphasize profitability improvements through gains in
      operating and funding efficiency, capital strengthening
      through earnings retention and dividend reinvestment, and
      enhanced liquidity through improved access to the capital
      markets.

   -- GMAC will have a continuing business concentration
      with GM, which, given GM's operating challenges, poses
      ongoing risks to GMAC's operating metrics and access to
      confidence sensitive funding, constraining the rating and
      outlook.

   -- GM's call option on GMAC's automotive operations
      represents an upside ceiling on GMAC's unsecured rating
      (the higher of Baa2 or one-notch higher than GM's rating)
      based upon a re-linkage of ratings should GM exercise the
      option.

Moody's noted that GMAC's negative rating outlook could improve
to stable in the near term should the firm succeed in
strengthening its liquidity profile, in particular, by
mitigating the GM bankruptcy risk embedded within its wholesale
receivable funding facility, SWIFT.  Developments in GM's
condition and performance will also be very important
considerations in reassessing GMAC's rating outlook.

Confirmation of ResCap's ratings reflects these considerations:

   * the sale of a 51% interest of GMAC to Cerberus will
     result in ratings de-linkage from GM and likely improve
     ResCap's access to alternative funding sources.

   * ResCap has had significant success in gaining strong
     access to diverse funding sources in the global public
     capital markets, thus eliminating its reliance on
     intercompany borrowings from GMAC.

   * ResCap has made solid progress in integrating its
     GMAC Residential and GMAC RFC mortgage businesses.

However, ResCap has further progress to make to complete the
integration of its business platforms and reduce business
infrastructure costs.

ResCap's limited independent operating track record, the highly
competitive residential mortgage banking environment in which it
operates and its moderate capitalization continue to be rating
factors.

ResCap's stable outlook implies that following a change in
ownership there will not be a material alteration to ResCap's
leadership, business model or capital structure.  The stable
outlook also reflects a reduction in the linkage between ResCap
and GMAC.  Moody's expects that the sale will lead to an
enhancement of ResCap's operational structure and flexibility,
which should result in further earnings and funding diversity
over time.  Nonetheless, ResCap's rating continues to be linked
to that of its parent.  Thus, an action regarding GMAC's ratings
could result in a similar action with ResCap's ratings, assuming
no material changes in ResCap's corporate ownership.  Notching
between the two firms' ratings could increase to as much as two
notches, once existing operational and funding structure
uncertainties are resolved, demonstrating ResCap's independence
from GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, primarily in support of GM's auto operations.
GMAC reported earnings of US$2.4 billion in 2005.

ResCap is a holding company for the real estate financing
businesses of GMAC, including GMAC-RFC Holding and GMAC
Residential Holding Corp.


GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
-----------------------------------------------------
Fitch Ratings upgraded GMAC LLC's Issuer Default Rating to BB+
from BB and Residential Capital LLC's IDR to BBB from BBB-
following the closing of the sale of a controlling interest in
GMAC to a consortium led by Cerberus FIM Investors, LLC.

The ratings for GMAC and ResCap have also been removed from
Rating Watch Positive, where they were originally placed on
April 3, 2006.  The Rating Outlook for GMAC, ResCap and related
subsidiaries is Positive.  The rating of GMAC Bank have been
withdrawn and this entity has been effectively merged into GMAC
Automotive Bank.

With the closing of the transaction, the ratings of GMAC will no
longer be directly linked to those of General Motors Corp., in
the sense that a rating action on GM will not automatically
translate into a similar action at GMAC.  Rather, Fitch will
view GMAC's relationship with GM as one of a significant
customer concentration.

As such Fitch would consider how issues at GM, such as labor
disruption or weakening market share could impact GMAC's
business.  If such events would be material, Fitch would factor
that into the rating.  Nonetheless, Fitch's ratings can
withstand a fair degree of weakening at GM.

Fitch's upgrade of GMAC reflects a number of factors.  First, it
recognizes the good record of operating performance the company
has demonstrated, despite significant challenges over the past
five years.  The company's most recent quarter notwithstanding,
Fitch expects GMAC will continue to maintain good operating
performance, with solid earnings while maintaining credit and
capital discipline.

Fitch's upgrade also considers the company's capitalization on a
risk-adjusted basis.  Under Fitch's own standards, GMAC has over
the past few years reported solid risk-adjusted capital levels,
commensurate with a higher rating.  Fitch continues to believe
that the good capital discipline witnessed at the company will
remain.

Fitch also recognizes the good liquidity management the company
has demonstrated over a very stressful period.  GMAC has been
successful obtaining alternative financing sources such as whole
loan sales and greater use of securitization to fund its balance
sheet as access to capital became more difficult.

In addition, the company has carried significant committed
liquidity support to protect itself.  Fitch notes that the
company's dealer floorplan securitization program, SWIFT, has
covenants related to a GM bankruptcy.

Under such a scenario, a filing by GM would accelerate
maturities of the notes issued out of the trust, creating a
significant call on liquidity.  At Nov. 30, 2006, there was
around US$18 billion of SWIFT notes outstanding.  Although a
concern, Fitch expects GMAC to have in place contingent
liquidity to address such a scenario.  Moreover, Fitch expects
that future floorplan transactions would not contain such a GM
bankruptcy trigger.

Fitch is maintaining its two notch differential between GMAC and
ResCap, however, given certain changes in the operating
agreement between GMAC and ResCap, necessitated by the GMAC Bank
restructuring, Fitch may narrow the notching between GMAC and
ResCap over time particularly as ResCap approaches its stand-
alone rating of mid to high BBB.

The Positive Rating Outlook reflects Fitch's view that should
GMAC be successful in prudently growing non-GM related financing
and insurance businesses, improving operational efficiencies,
and maintaining disciplined underwriting, ratings could be
raised from the current levels.

Fitch has upgraded and removed these ratings from Rating Watch
Positive:

* GMAC LLC
* GMAC International Finance B.V.
* GMAC Bank GmbH
* General Motors Acceptance Corp., Australia
* General Motors Acceptance Corp. of Canada Ltd.

   -- Issuer Default Rating to BB+ from BB; and
   -- Senior unsecured debt to BB+ from BB.

* Residential Capital LLC

   -- Issuer Default Rating to BBB from BBB-;
   -- Senior debt to BBB from BBB-;
   -- Subordinated debt to BBB- from BB+; and
   -- Short-term Issuer to F2 from F3.

The Rating Outlook is Positive.

Ratings affirmed by Fitch include:

* GMAC LLC
* GMAC International Finance B.V.
* GMAC Bank GmbH
* GMAC Australia Finance
* General Motors Acceptance Corp. (U.K.) Plc.
* General Motors Acceptance Corp. Australia
* General Motors Acceptance Corp. of Canada Ltd.
* General Motors Acceptance Corp. (N.Z.) Ltd.

   -- Short-term Issuer B; and
   -- Short-term debt B.

These ratings are removed from Rating Watch Evolving, affirmed
and subsequently withdrawn:

* GMAC Bank

   -- Issuer Default Rating BBB-;
   -- Long-term deposits BBB;
   -- Short-term deposits F3;
   -- Short-term Issuer F3;
   -- Individual B/C; and
   -- Support 3.


HANOVER GOLF: Nominates Joint Liquidators from Abbott Fielding
--------------------------------------------------------------
Nedim Ailyan and Hasan Mirza of Abbot Fielding were nominated
Joint Liquidators of Hanover Golf & Country Club Limited on
Nov. 24 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Hanover Golf & Country Club Limited
         Bookings
         Hullbridge Road
         Rayleigh
         Essex SS6 9QS
         United Kingdom
         Tel: 01702 230 033
         Fax: 01702 231 811


KINGSBURY TRAVEL: Nominates Liquidator from Neville Eckley
----------------------------------------------------------
Neville Richard Eckley of Neville Eckley was nominated
Liquidator of Kingsbury Travel Agency Limited on Nov. 16 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Kingsbury Travel Agency Limited
         Travel House
         549 Kingsbury Road
         Brent
         London NW9 9EN
         United Kingdom
         Tel: 020 8204 4272
         Fax: 020 8204 3261


L.A. DESIGNER: Brings in P&A to Administer Assets
-------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of L.A. Designer
Kitchens Ltd. (Company Number 05459443) on Nov. 17.

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, L.A. Designer Kitchens Ltd.
manufactures kitchen furniture.


LANDMARK PROPERTY: Brings In Liquidator from B&C Associates
-----------------------------------------------------------
Jeffrey Mark Brenner of B&C Associates was appointed Liquidator
of Landmark Property Letting Limited on Nov. 20 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Landmark Property Letting Limited
         16 Thackeray Street
         London W8 5ET
         United Kingdom
         Tel: 020 7937 3623
         Fax: 020 7938 3008


LATIN TRAVELLER: Appoints Liquidator from Kallis & Co.
------------------------------------------------------
Elizabeth Arakapiotis of Kallis & Co. was appointed Liquidator
of The Latin Traveller Ltd. on Nov. 20 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         The Latin Traveller Ltd.
         30 Churton Street
         City Of Westminster
         London SW1V2LP
         United Kingdom
         Tel: 0870 499 1305
         Fax: 0870 499 1304


LEAR CORP: Transferring North American Assets to Joint Venture
--------------------------------------------------------------
Lear Corp. has reached a definitive agreement with WL Ross & Co.
LLC and Franklin Mutual Advisers LLC to transfer substantially
all of the assets of its North American Interior business and
US$25 million of cash to a newly formed joint venture,
International Automotive Components Group North America LLC.

Lear will hold a 25% equity interest in IAC North America and
warrants for an additional 7% equity interest in IAC North
America.  This transaction completes a series of strategic
initiatives intended to improve the Company's ongoing operating
results, strengthen its balance sheet, and increase operating
flexibility.

                     Private Offering

Separately, Lear successfully completed a private offering of
US$900 million in new senior notes on November 24 and has
commenced a tender offer for its outstanding 2008 and 2009
senior notes. Also, on November 8, Lear completed a US$200
million sale of common stock in a private placement to
affiliates of, and funds managed by, Carl C. Icahn.

"We are very pleased to have reached a definitive agreement to
transfer our North American Interior business to IAC North
America.  This transaction combined with our recent financing
initiatives have significantly strengthened the Company's
financial and competitive position," Lear's chairman and chief
executive officer Bob Rossiter said.

"Our focus going forward is to concentrate on delivering
superior quality and service to our customers and to invest in
further strengthening and growing our core businesses to
increase value for our shareholders."

Under the terms of the agreement with respect to the company's
North American Interior business, WL Ross and Franklin would
make aggregate cash contributions of US$75 million to IAC North
America, in exchange for the remaining equity, and extend a
US$50 million term loan.

Lear's North American Interior business has annual sales of
approximately US$2.5 billion.  Lear expects to record a charge
of about US$675 million related to the divestiture of the North
American Interior business in the fourth quarter of 2006, and
recognize its investment in IAC North America under the equity
method of accounting.

The closing of the transaction is subject to various conditions,
such as the receipt of required third-party consents and other
closing conditions customary for transactions of this type.

Citigroup Corporate and Investment Banking and UBS Investment
Bank acted as financial advisors to Lear in connection with this
transaction.

In October, Lear said that it had completed the contribution of
substantially all of its European Interior business to
International Automotive Components Group LLC, another joint
venture with WL Ross and Franklin, in exchange for a one-third
equity interest in IAC Europe.  IAC Europe also owns the
European Interior business formerly held by Collins & Aikman
Corporation.

A full-text copy of the asset purchase agreement is available
for free at http://ResearchArchives.com/t/s?1638

A full-text copy of the limited liability company agreement is
available for free at http://ResearchArchives.com/t/s?1639

Southfield, Mich.-based Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 23,
Fitch Ratings assigned a rating of 'B/RR4' to Lear's US$900
million senior unsecured notes.

In a TCR-Europe report on Nov. 22, Standard & Poor's Ratings
Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LEAR CORP: 2006 Third Quarter Net Loss Down to US$74 Million
------------------------------------------------------------
Lear Corp. has filed its third quarter financial statements
ended Sept. 30, 2006, with the U.S. Securities and Exchange
Commission.

For the three months ended Sept. 30, 2006, the company reported
a US$74 million net loss compared with a US$750.1 million net
loss in the comparable quarter of 2005.

For the third quarter of 2006, Lear posted net sales of
US$4.1 billion and a pretax loss of US$65.9 million, including
US$46.1 million related to restructuring costs and a loss on the
divestiture of the Company's European Interior business.

These results compare with year-earlier net sales of US$4
billion and a pretax loss of US$787.8 million, including
US$777.7 million related to impairments and restructuring costs.
Net loss for the third quarter of 2006 was US$74 million.  This
compares with a net loss of US$750.1 million for the third
quarter of 2005.

"In response to very challenging industry conditions, we are
continuing to aggressively implement cost reduction and
restructuring actions to improve future profitability.  Margins
in our Seating business are showing solid improvement, and the
actions we are taking to improve our manufacturing footprint
will benefit our Electronic and Electrical margins in the
future.  We are also moving forward with our strategy to put in
place a new, more sustainable business model for our Interior
segment," Lear chairman and chief executive officer Bob Rossiter
said.

Net sales were up from the prior year, primarily reflecting the
addition of new business globally, offset in large part by lower
production in North America and Europe.  Operating performance
was slightly below the year-earlier results, reflecting the
adverse impact of lower production and higher raw material
costs, largely offset by the benefit of new business and cost
reductions in our core businesses.

Free cash flow was negative US$48.2 million for the third
quarter of 2006. (Net cash provided by operating activities was
negative US$8.1 million.)

Lear continued to make progress on important strategic
initiatives, including the completion of a transaction to
contribute substantially all of its European Interior business
to International Automotive Components Group LLC in return for a
1/3 equity interest.

With respect to the Company's North American Interior business,
it has reached a definitive agreement with WL Ross & Co. LLC and
Franklin Mutual Advisers LLC to transfer substantially all of
its assets.

Lear is also aggressively expanding its business in Asia and
with Asian automakers globally, and was awarded several new
Asian programs during the third quarter.

The Company's recent agreement to issue US$200 million of common
stock provides additional operating and financial flexibility,
allowing the Company to invest in and further strengthen its
core businesses.

Additionally, the company continued to develop new products and
technologies, including the industry's first solid-state Smart
Junction Box.

                     Full-Year 2006 Guidance

On Oct. 16, 2006, the Company completed the contribution of
substantially all of its European Interior business to
International Automotive Components Group, LLC. Accordingly,
Lear's full-year financial results will reflect Lear's minority
interest in the joint venture on an equity basis for the fourth
quarter.

For the full year of 2006, Lear expects worldwide net sales of
about US$17.7 billion, reflecting recently announced production
cuts in North America and the divestiture of the Company's
European Interior business.

Lear anticipates full-year income before interest, other
expense, income taxes, impairments, restructuring costs and
other special items (core operating earnings) to be in the range
of US$345 million to US$375 million.  Restructuring costs for
the full year are estimated to be in the range of US$105 million
to US$115 million.

Full-year interest expense is estimated to be in the range of
US$210 million to US$215 million.  Pretax income before
impairments, restructuring costs and other special items is
estimated to be in the range of US$65 to US$95 million.  Income
tax expense is estimated to be approximately US$40 million in
the fourth quarter, subject to the actual mix of financial
results by country.

Full-year capital spending is estimated to be in the range of
US$380 million to US$390 million.  Free cash flow for the full
year is expected to be about breakeven.

Fourth quarter industry production assumptions underlying Lear's
financial outlook include 3.7 million units in North America,
down 5% from a year ago, and 4.7 million units in Europe, down
1% from a year ago.  Lear's major platforms in North America are
expected to be down significantly more than the industry
average.

                     Preliminary 2007 Outlook

With respect to its core Seating, Electronic and Electrical
businesses, the company estimates that it will add new business
of about US$800 million.  Seating margins are expected to
continue to improve to the mid-5% level.  In the Electronic and
Electrical segment, the company is continuing to implement
aggressive restructuring actions, and it expects margins to
improve during the course of the year to the 5.5% to 6% range.
These margins assume an industry production environment roughly
in line with 2006 and reflect underlying operating margins,
excluding restructuring costs and other special items.  Capital
spending for 2007 in its core businesses is expected to be in
the range of US$250 million to US$280 million.  Free cash flow
is expected to return to a solid positive level.

At Sept. 30, 2006, the company's balance sheet showed US$8.451
billion in total assets, US$7.328 billion in total liabilities,
and US$1.123 billion in total stockholders' equity.

Full-text copies of the company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?163a

Southfield, Mich.-based Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 23,
Fitch Ratings assigned a rating of 'B/RR4' to Lear's US$900
million senior unsecured notes.

In a TCR-Europe report on Nov. 22, Standard & Poor's Ratings
Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LESLIE POWELL: Names John Paul Bell Liquidator
----------------------------------------------
John Paul Bell was appointed Liquidator of Leslie Powell Group
Ltd. on Nov. 14 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Leslie Powell Group Ltd.
         Kay Street
         Manchester
         Lancashire M11 2DU
         United Kingdom
         Tel: 0161 231 3231
         Fax: 0161 230 6578


LSM PROCESSING: Taps Ninos Koumettou to Administer Assets
---------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was appointed
administrator of LSM Processing Ltd. (Company Number 04476688)
on Nov. 16.

The administrator can be reached at:

         Ninos Koumettou
         AlexanderLawsonJacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590

Headquartered in London, England, LSM Processing Ltd. provides
business process outsourcing.


MAINE-WILSON ADVERTISING: Claims Registration Ends Dec. 31
----------------------------------------------------------
Creditors of Maine-Wilson Advertising Limited have until
Dec. 31 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 Phillip Anthony Roberts at:

         Phillip Anthony Roberts
         Sterling Ford
         Centurion Court
         83 Camp Road
         St. Albans
         Hertfordshire AL1 5JN
         United Kingdom

The company can be reached at:

         Maine-Wilson Advertising Limited
         Premier House
         112 Station Road
         Edgware
         Middlesex HA8 7BJ
         United Kingdom
         Tel: 020 8238 5400


MIDLAND PROPERTY: Creditors' Meeting Slated for December 6
----------------------------------------------------------
Creditors of Midland Property Services Ltd. (Company Number
04569143) will meet at 11:30 a.m. on Dec. 6 at:

         Quality Hotel Walsall
         20 Wolverhampton Road
         West Bentley
         Walsall
         West Midlands WS2 0BS
         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:

         Clive Morris
         Joint Administrator
         Marshall Peters Ltd.
         Heskin Hall Farm
         Wood Lane
         Heskin
         Preston PR7 5PA
         United Kingdom
         Tel: 01257 452 021
         Fax: 01257 450 951


MILLS CORP: Replies to Gazit's Revised Recapitalization Offer
-------------------------------------------------------------
The Mills Corporation responded Tuesday to a revised version of
Gazit-Globe's conditional proposal to invest in a
recapitalization of The Mills.

The Mills said it welcomes Gazit-Globe and its chairman, Chaim
Katzman, to participate in The Mills' ongoing exploration of
strategic alternatives.  The Mills' management and Board of
Directors have repeatedly invited Gazit-Globe to enter that
process by signing a confidentiality and standstill agreement on
terms similar to those agreed to by numerous other interested
parties, including one of The Mills' largest shareholders.  The
Board of Directors is considering all possible alternatives that
would enhance shareholder value, and in that light would like to
evaluate a Gazit-Globe proposal that is fully informed by due
diligence in order to compare it against any other proposals
that The Mills may receive from other bidders.

The Mills says that unfortunately, Gazit-Globe has repeatedly
refused to agree to the ground rules that the Board has set, and
other very credible suitors are following, to ensure a fair,
orderly and competitive process.  As a consequence, Gazit has
put itself in a position where it is unable to review all
relevant information necessary to submit a fully informed,
unconditional proposal.  Gazit-Globe's current revised proposal,
like its previous offer, is highly conditional and subject to
completion of due diligence that is has refused to begin.

The Board, informed by its discussions with management and its
advisors, has numerous specific concerns about Gazit-Globe's
highly conditional proposal, including among others:

     * the fact that the proposal requires the completion of a
       due diligence investigation of The Mills -- which Gazit-
       Globe has so far refused to commence due to their refusal
       to sign an appropriate confidentiality and standstill
       agreement; and

     * the fact that Gazit-Globe's proposal, as currently
       structured, would give Mr. Katzman control of the
       Company, leaving public shareholders with both an
       unprotected minority position and no opportunity to
       receive a control premium.

All other interested parties have engaged in a due diligence
process.  Without carefully reviewing the diligence information
that has been provided to all other potential bidders, Gazit-
Globe will not be able to produce an unconditional offer in the
same timeframe as other bidders.  Access to The Mills' diligence
information has repeatedly been offered to Mr. Katzman on the
condition that Gazit-Globe sign an appropriate confidentiality
and standstill agreement.

The Mills believes that Gazit-Globe can best address its
concerns by joining the strategic alternatives process and
developing a fully informed proposal that can be compared on a
level playing field against other potential proposals.  Numerous
well-capitalized potential buyers have already substantially
completed due diligence and are waiting for the restated
financials to submit their final bids.  The Mills' strategic
alternatives process is deliberate, well considered and well
advised and the Company believes it will deliver maximum value
to The Mills' shareholders.  By contrast, The Mills believes
that Gazit-Globe's actions and initiation of litigation only
disrupt the orderly conclusion of the strategic alternatives
process and frustrate the best interests of its shareholders.

The Mills has recently taken numerous actions to streamline the
Company and prepare it for a strategic transaction.  A few of
the recent accomplishments include:

     * the restructuring of the Meadowlands Xanadu partnership
       to eliminate The Mills' financial obligations;

     * the sale of The Mills' international assets which enabled
       the Company to reduce its Senior Term Loan by
       around US$458 million and simplify its
       organizational structure;

     * the sale of non-core development projects such as the
       office and residential portion of 108 North State Street
       and Mercati Generali; and

     * changing virtually all of the senior management team,
       including the CEO and CFO.

These actions were accomplished in close coordination with The
Mills' Board and members of the Special Committee who are
assisting the Company in its strategic alternatives process.

The Audit Committee of the Board has been working extensively
with its outside auditors at Ernst & Young LLP, and with its
special legal counsel at Gibson, Dunn & Crutcher LLP, to
complete the restatement of The Mills' financials and the
related investigation into the Company's historic accounting
practices.  When that process is complete, the Company intends
to move forward rapidly to complete its strategic alternatives
process and request final proposals from interested parties.

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world including Spain and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation.  The SEC
initiated an informal inquiry in January after the Company
reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through
2004 and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.

As reported in the Troubled Company Reporter on April 17, 2006,
The Mills Limited Partnership entered into an Amendment No. 3
and Waiver to its Second Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of Dec. 17, 2004, among Mills
Limited, JPMorgan Chase Bank, N.A., as lender and administrative
agent, and the other lenders.

The agreement provides a conditional waiver through Dec. 31,
2006, of events of default under the facility that are
associated, among other things, with: the pending restatement of
the financial statements of Mills Corporation and Mills Limited,
and the delay in the filing of the 2005 Form 10-K of Mills Corp.
and Mills Limited.


NORTEL NETWORKS: Mulls Joint Venture Agreement with SECI
--------------------------------------------------------
Nortel Networks and Southeast European Communications and
Investments Inc. intend to establish a joint venture in
southeast Europe.  The creation of the joint venture with SECI -
- a company that is actively involved with providing advisory
services in telecommunications, energy and various
infrastructure projects in southeast Europe -- will allow Nortel
to reach this rapidly growing regional market.

The proposed joint venture will bring the expertise of SECI's
existing broad network of representatives and contacts in
southeastern Europe to drive sales of Nortel's next-generation
Carrier Ethernet, optical, converged multimedia and mobility
solutions to carriers in the region.  The parties have been in
discussion for some time and have now summarized their
intentions in a Memorandum of Understanding.  The non-binding
MOU is expected to result in a definitive agreement in early
2007.

The new company formed through the joint venture will operate
under the name Nortel SE and will initially have offices in
Bulgaria, Macedonia and Serbia.  Nortel SE will be responsible
for driving Nortel sales in Albania, Bosnia-Herzegovina,
Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Serbia and
Slovenia.  Initial plans are for Nortel SE to have a sales and
marketing staff of around 30 people.

"Southeastern Europe is a rapidly growing region of opportunity
for Nortel which is why we are increasing our presence here,"
said Sorin Lupu, leader Eastern European Markets, Nortel.
"Carriers and enterprises in southeast Europe are transforming
themselves in order to meet the growing need for anywhere,
anytime communications.  With a move towards 4G happening, and
with WiMAX licenses to be granted or implemented in almost all
countries in southeast Europe, this new JV will help Nortel
address new market opportunities and deliver improved support
for existing customers."

"SECI management has been focusing exclusively on the southeast
Europe region for many years.  We have established relationships
throughout the region and have worked in an advisory capacity on
several privatizations and telecommunications restructuring
projects," said Constantine Aloupis, CEO, SECI.  "The
opportunity for us to combine local knowledge and industry
expertise with Nortel's technical innovation and global
understanding of carrier needs will be a catalyst for advancing
telecommunications in southeast Europe."

The proposed joint venture is subject to execution of definitive
agreements and required regulatory approvals.

                           About SECI

Southeast European Communications and Investments Inc.'s
(SECI's) team of regional telecommunications experts has
provided advisory services for investments and projects in the
Southeast European region in the energy and telecommunications
fields, and has been very active recently in the development of
broadband strategies with a number of operators in the region.
SECI's entire management team is very familiar with Southeast
Europe, having spent a number of years with large multinational
companies in that region.  For more information, visit SECI on
the Web at http://seci.us/.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Limited
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband.
Nortel does business in more than 150 countries.

                          *    *    *

As reported in the Troubled Company Reporter on July 10,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS said all trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd- 5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


NORTH WEST: Liquidators Set Dec. 31 Claims Bar Date
---------------------------------------------------
Creditors of North West Aerosols Limited have until Dec. 31 to
send their names and addresses and particulars of their debts or
claims, and the names and addresses of the Solicitors (if any)
to appointed Joint Liquidators D. Bailey and G. N. Lee at:

         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester M3 3BP
         United Kingdom

The company can be reached at:

         Brookfield Centre
         Brookfield Drive
         Liverpool
         Merseyside L9 7AS
         United Kingdom
         Tel: 0151 521 5215
         Fax: 0151 521 5216


NORTH WEST WAREHOUSING: Creditors' Claims Due Feb. 16, 2007
-----------------------------------------------------------
Creditors of North West Warehousing Limited have until
Feb. 16, 2007, to send in their full names and addresses, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Joint
Liquidators D. Bailey and G. N. Lee at:

         D. Bailey and G. N. Lee
         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester M3 3BP
         United Kingdom

The company can be reached at:

         North West Warehousing Limited
         26-30 South Road
         Weston Point
         Runcorn
         Cheshire WA7 4EZ
         United Kingdom
         Tel: 01928 575 926
         Fax: 01928 568 150


ORGASMIC LIMITED: Hires Liquidator from Begbies Traynor
-------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Orgasmic Limited (t/a Orgasmic Chocolates) on Nov. 20 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Orgasmic Limited
         The Penthouse Suite 154
         Business Design Centre
         52 Upper Street
         London N1 0QH
         United Kingdom
         Tel: 020 7359 6622


OVAL 316: Brings In Administrators from Roger Evans
---------------------------------------------------
David Patrick Meany and Simon John Lowes of Roger Evans was
appointed administrator of Oval 316 Ltd. (Company Number
01752774) on Nov. 15.

The administrator can be reached at:

         David Patrick Meany and Simon John Lowes
         Rogers Evans
         20 Brunswick Place
         Southampton
         Hampshire SO1 2AQ
         Tel: 023 8033 5888
         Fax: 023 8033 4400
         E-mail: tevans@rogersevans.co.uk

Oval 316 Ltd. can be reached at:

         10 Cowley Road
         Poole
         Dorset BH17 0UJ
         United Kingdom
         Tel: 01202 682 830
         Fax: 01202 665 572


PEAK AQUATICS: Nominates Liquidator from Simmonds & Company
-----------------------------------------------------------
Gordon Allan Mart Simmonds of Simmonds & Company was nominated
Liquidator of Peak Aquatics Limited on Nov. 21 for the
creditors' voluntary winding-up procedure.

Headquartered in Buxton, England, Peak Aquatics Limited --
http://www.peakaquatics.com/-- manufactures and installs fish
retail display units.  The company also provides a range of
coldwater and tropical freshwater fish, amphibians and
invertebrates.


PROFESSIONAL CARE: Taps David Field to Liquidate Assets
-------------------------------------------------------
David Field of Centrum Recovery Limited was appointed Liquidator
of Professional Care (Essex) Limited on Nov. 17 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Professional Care (Essex) Limited
         West Road
         Westcliff On Sea
         Essex SS0 9DE
         United Kingdom
         Tel: 01702 346 960


PROFIT THROUGH PEOPLE: Taps Liquidator from Poppleton & Appleby
---------------------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed Liquidator of
Profit Through People Limited (fka Dormant 12345 Limited) on
Nov. 17 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Profit Through People Limited
         Blackpole Trading Estate East
         Blackpole Road
         Worcester
         Worcestershire WR3 8ZL
         United Kingdom
         Tel: 01905 454 747
         Fax: 01905 456 969


RCE LIMITED: Claims Filing Period Ends Dec. 31
----------------------------------------------
Creditors of RCE Limited have until Dec. 31 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 John Paul Sugden
at:

         Auker Rhodes Limited
         Royd House
         286 Manningham Lane
         Bradford BD8 7BP
         United Kingdom


QUALICARE LIMITED: Creditors' Claims Due Jan. 5, 2007
-----------------------------------------------------
Creditors of Qualicare Limited (t/a The Laminating Company) have
until Jan. 5 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 D. G. Platt at:

         David Platt Associates
         Northwood
         76 Currier Lane
         Ashton under Lyne OL6 6TB
         United Kingdom


RJS BUILDING: Nominates Alex Kachani as Liquidator
--------------------------------------------------
Alex Kachani of Crawfords was nominated Liquidator of
RJS Building Contractors Limited on Nov. 16 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         RJS Building Contractors Limited
         34 Loughborough Road
         Quorn
         Loughborough
         Leicestershire LE128DX
         United Kingdom
         Tel: 0845 331 2729
         Fax: 0845 094 0072


SCOTTISH RE: Declares Dividend on Perpetual Preferred Shares
------------------------------------------------------------
The Board of Directors of Scottish Re Group Ltd. declared a cash
dividend of US$0.4531 per Perpetual Preferred Share outstanding
to be paid on Jan. 15, 2007 to Perpetual Preferred Share
shareholders of record as of the close of business on Jan. 2,
2007.

                        About Scottish Re

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

                         *     *     *

As reported in the TCR-Europe on Nov. 29, Moody's Investors
Service continues to review the ratings of Scottish Re Group
Ltd. with direction uncertain following the announcement by the
company that it has entered into an agreement to sell a majority
stake to MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group and Cerberus Capital Management,
L.P., a private investment firm.


These ratings continue on review with direction uncertain:

    * Scottish Re Group Limited:

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

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

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

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

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

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

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

At the same time, Standard & Poor's Ratings Services revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.

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

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

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

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.

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

The ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at BBB.

Scottish Re (U.S.) Inc.

   -- IFS at BBB.

Scottish Re Limited

   -- IFS at BBB.

Scottish Re Group Limited

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

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.

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

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

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

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

   Scottish Re Group Limited

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

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

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

   Stingray Pass-thru Trust

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

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

   Scottish Re Group Limited --

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

   Scottish Holdings Statutory Trust II and III

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


SEA CONTAINERS: Sells 50% Stake in Aegean Speed Lines
-----------------------------------------------------
Sea Containers, Ltd., and Speed Shipping Company Limited each
own 50% interest in a certain Aegean Speed Lines NE joint
venture.

In February 2005, SCL and Speed Shipping entered into a
shareholders' agreement under which the parties each subscribed
for 2,500 shares in ASL, and agreed on the manner in which the
affairs of ASL were to be conducted.

ASL has no other operations aside from operating Speedrunner 1,
a passenger ferry.  Hoverspeed GB Limited, an indirect, wholly
owned subsidiary of SCL, owns Speedrunner 1 and charters it to
Sea Containers Cyprus Holdings Limited.  SC Cyprus, in turn,
sub-charters the ferry to ASL.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, relates that ASL incurred a
EUR1,600,000 loss in 2005, and is forecasted to make a
EUR1,400,000 loss in 2006.

Under the Shareholders' Agreement, SCL is obliged to make
subordinated loans to ASL in amounts necessary to meet its
portion of ASL's liability to third party creditors.  SCL
estimates a US$600,000 potential loan advance obligation for
2006.

HGB has agreed to sell the Vessel to Speed Shipping for
US$2,000,000.  The Vessel is not a property of the Debtors'
estates, Mr. Brady relates.

In conjunction with the sale, SCL has agreed to sell its 50%
stake in the ASL joint venture to Speed Shipping for the nominal
fee of EUR1 and the release of its obligations under the
Shareholders' Agreement.

The Shareholders' Agreement provides that before transferring
its 50% joint venture interest in ASL to a third-party, SCL must
first offer its 2,500 shares in SCL to Speed Shipping.  SCL may
only proceed to transfer to a third-party those shares which
Speed Shipping declines to purchase, and may only transfer the
shares on terms no less favorable than those offered to Speed
Shipping.

Mr. Brady discloses that SCL has not formally marketed its Joint
Venture Interest for sale for these reasons:

   (1) the ASL business has generated losses and is expected to
       generate a loss for 2007;

   (2) ASL has no meaningful assets other than its interest in
       the Vessel's sub-charter and the goodwill generated by
       the business operations;

   (3) any buyer of SCL's Joint Venture Interest would be liable
       to pay, by way of subordinated loan, US$600,000 in
       respect of estimated losses incurred by ASL; and

   (4) to retain the Vessel's class status as a "High Speed
       Craft," ASL would be required to overhaul two of the
       Vessel's engines, which is estimated to cost
       US$1,900,000.

SCL believes that it can maximize the value of its Joint Venture
Interest and minimize its liability to ASL only through a
combined sale transaction of its Joint Venture Interest together
with the Vessel.

Hence, the Debtors seek the Court's approval to sell SCL's 50%
interest in ASL to Speed Shipping pursuant to a sale agreement
dated November 2006 between SCL, Speed Shipping, ASL, Niver
Lines Shipping Co SA as Speed Shipping's parent company, HGB,
and SC Cyprus.

Pursuant to the Sale Agreement:

   (a) the Vessel will be transferred to Speed Shipping on the
       terms contained in a memorandum of agreement;

   (b) the head-charter and the sub-charter will be terminated
       with effect from the delivery of the Vessel to Speed
       Shipping;

   (c) SCL will transfer its shares in ASL to Speed Shipping for
       EUR1;

   (d) upon the delivery of the Vessel, the payment of the
       purchase price, and the share transfer, all obligations
       of each of the parties under the Shareholders' Agreement,
       the Head-Charter and the Sub Charter will be deemed
       satisfied, with every liability that any party may have
       considered settled or waived and with each party deemed
       to have fully complied with its obligations under the
       agreements; and

   (e) HGB may retain the proceeds of any insurance recovery
       arising out of a claim for engine damage sustained by the
       Vessel in July 2006.

Speed Shipping may opt to cancel the Memorandum of Agreement
should the Vessel's delivery not occur prior to Dec. 7.  Because
the sale of the Vessel is contingent upon the sale of SCL's
interest in ASL, the Debtors also ask the Court to approve the
sale of the Joint Venture Interest on the terms agreed and not
require competitive bidding through a formal, court-supervised
auction process.

A full-text copy of the Sale Agreement and the Memorandum of
Agreement is available for free at:

              http://ResearchArchives.com/t/s?162e

Mr. Brady tells Judge Carey that the Sale should be approved
because, among other things:

    -- the proposed sale enables the Debtors to liquidate an
       asset that is unnecessary to their core business
       operations, and to exit a joint venture that has not been
       and is not projected to be profitable in 2007 without
       incurring further liability;

    -- the transaction represents the highest and best offer for
       the Joint Venture Interest; and

    -- the Sale Agreement and the MOA are the product of good
       faith, arm's-length negotiations between SCL and Speed
       Shipping.

Furthermore, Mr. Brady says there are no known liens or
encumbrances that exist in, to, or against the Joint Venture
Interest.  Mr. Brady however says that there are certain
restrictions contained in the public note indentures of SCL that
might be read to prohibit the sale of the Joint Venture
Interest.

As required pursuant to the Sale Agreement, the Debtors further
seek the Court's authority to transfer the Joint Venture
interest free and clear of any and all liens, claims and
encumbrances, except those expressly assumed by Speed Shipping
under the Sale Agreement.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SELECTA CDO: Moody's Upgrades Rating on Class D Notes to Ba1
------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by Selecta CDO Limited.

Selecta CDO:

   -- upgrades to Aa1 from Aa2, the 2005-1 EUR80.25-Mln Class B1
      Secured Floating Rate Notes due 2012, upgraded to Aa1 from
      Aa2;

   -- upgrades to Aa1 from Aa2, the 2005-2 USD50-Mln Class B2
      Secured Floating Rate Notes due 2012;

   -- upgrades to A1 from A2, the 2005-1 EUR9.75-Mln Class C1
      Secured Floating Rate Notes due 2012; and

   -- upgrades to A1 from A2, the 2005-2 USD8-Mln Class C2
      Secured Floating Rate Notes due 2012.

Selecta CDO II:

   -- upgrades to Ba1 from Ba2, the 2005-3 EUR12-Mln Class D
      Secured Floating Rate Notes due 2012.

The notes are credit linked to a dynamic reference portfolio,
and each class represents a percentage of the credit risk
associated to it.  The reference portfolio is fully managed by
Credit Agricole Asset Management.  The reference portfolio is
composed of 135 credits (corporate and sovereigns), it has an
initial exposure per credit that varies from around 0.1% to
1.5%, and a diversity score of 58.

These upgrades are the result of an upwards credit migration in
the porfolio and a reduced time to maturity.


SHELTEX LTD: Nominates Ninos Koumettou as Liquidator
----------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of Sheltex Ltd. (t/a Holts) on Nov. 16 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Sheltex Ltd.
         105 Stanstead Road
         Lewisham
         London SE231HH
         United Kingdom
         Tel: 020 8699 3243


SKYEPHARMA PLC: HBOS Plc No Longer Holds Material Interest
----------------------------------------------------------
SkyePharma PLC, in accordance with the Companies Act 1985, was
informed on Nov. 27, 2006, by HBOS plc and its subsidiaries that
they no longer have a notifiable material interest in the
Ordinary Shares of the Company.

HBOS plc and its subsidiaries previously held a material
interest in the Company.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now twelve approved products
incorporating SkyePharma's technologies in the areas of oral,
injectable, inhaled and topical delivery, supported by advanced
solubilisation capabilities.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 1,
PricewaterhouseCoopers LLP in London raised substantial doubt
about Skyepharma PLC's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2005.  The auditing firm pointed to the
uncertainty as to when Skyepharma's certain strategic
initiatives may be concluded and their effect on the company's
working capital requirements.


SKYEPHARMA PLC: Lehman Brothers Increases Holdings to 7.25%
-----------------------------------------------------------
SkyePharma PLC, in accordance with the Companies Act 1985, was
informed by Lehman Brothers International (Europe) of its
increased holding in the Company by 14,492,734 since their last
filing on Oct. 19.

Lehman's revised holding amounts to 54,670,736 ordinary shares,
representing 7.25% of the issued share capital of the Company.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now twelve approved products
incorporating SkyePharma's technologies in the areas of oral,
injectable, inhaled and topical delivery, supported by advanced
solubilisation capabilities.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 1,
PricewaterhouseCoopers LLP in London raised substantial doubt
about Skyepharma PLC's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2005.  The auditing firm pointed to the
uncertainty as to when Skyepharma's certain strategic
initiatives may be concluded and their effect on the company's
working capital requirements.


SOFTBANK MOBILE: S&P Withdraws Rating on Economic Defeasance
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+/Watch Neg'
corporate credit rating on Softbank Mobile Corp. and its
'BB+/Watch Pos' senior unsecured rating on Softbank Mobile's
bonds at its discretion.

These ratings were placed on CreditWatch with negative
implications on March 3, following the agreement by former owner
Vodafone Group PLC to sell the company to the lower-rated
Softbank Corp.  Subsequently, the rating on Softbank Mobile's
bonds was moved to CreditWatch with positive implications on
Nov. 20, following the announcement of the plan of the economic
defeasance on the bonds.

The corporate credit rating is withdrawn due to its reduced
relevance given Softbank Mobile's corporate securitization
implemented Thursday and the economic defeasance of its bonds
implemented along with the securitization.

As a result, nearly all Softbank Mobile's debt now falls within
the bounds of the securitization or economic defeasance.

The rating on the bonds is withdrawn following the economic
defeasance of the debt by the trust scheme adopted in tandem
with the corporate securitization.  Withdrawal of the bond
ratings is in accordance with Standard & Poor's general policy
requiring an issuer rating when we rate economically defeased
debt.

The implementation of economic defeasance in this instance
improves the credit quality of Softbank Mobile's bonds
significantly, mainly because the cash in the defeasance trust
will be invested in assets with high credit quality.  As long as
Softbank Mobile does not enter bankruptcy, the risk of
default on the bonds is very limited.  At the same time, the
probability of Softbank Mobile entering into bankruptcy is also
reduced through various security packages in the corporate
business securitization.  Even in the hypothetical scenario that
Softbank Mobile entered into bankruptcy proceedings, this would
not automatically trigger a default on the debt that had already
been defeased.


SOUTHLAKE HOLDINGS: Claims Registration Ends Jan. 31, 2007
----------------------------------------------------------
Creditors of Southlake Holdings Limited have until
Jan. 31, 2007, to send their full names and addresses, together
with full particulars of their debts or claims, to appointed
Liquidator Peter O'Duffy at:

         IP Services Ltd.
         9 Woodhill Road
         Portishead
         Bristol BS20 7EU
         United Kingdom

The company can be reached at:

         Southlake Holdings Limited
         Somerton Business Park
         Bancombe Road
         Somerton
         Somerset TA116SB
         United Kingdom
         Tel: 01458 273 154


STIEFEL LAB: Moody's Assigns Low-B Ratings on Credit Facilities
---------------------------------------------------------------
Moody's assigned a Ba3 and a B3 rating to the proposed first and
second lien credit facilities, respectively, of Stiefel
Laboratories, Inc.  Moody's also assigned Stiefel a Corporate
Family Rating of B1.  The outlook for the ratings is stable.

This is the first time Moody's has assigned ratings for Stiefel.
The proceeds of the proposed offering are expected to be used
primarily to acquire the stock of Connetics Corp. for around
US$620 million, retire Connectics' outstanding debt and
refinance the existing debt of Stiefel.

Stiefel's rating reflects the key factors enumerated in Moody's
Global Pharmaceutical Rating Methodology.  The B1 Corporate
Family Rating reflects the modest scale of the combined company
with pro forma revenue for the twelve months ended Sept. 30 of
around US$730 million.  The proposed acquisition of Connetics is
the company's largest acquisition to date and the related
financing will result in a significant increase in financial
leverage.  Following the transaction, the company's funded debt
of US$810 million will exceed pro forma revenue.  The
considerable financial leverage along with increased capital
spending in the next few years are also expected to constrain
cash flow coverage of debt in the near term.

However, Moody's expects the company to be able to generate
sufficient cash flow to fund the increased capital spending and
to reduce debt.  Additionally, the combined company will have a
fairly diverse product mix with the top three products
generating about 34% of pro forma sales for the fiscal year
ended March 31, 2006.  Moody's believes the company's diverse
product portfolio, spanning multiple indications, including
acne, psoriasis and dermatoses, should be a credit positive over
the rating horizon.  Further, the combined company has modest
exposure to patent expirations and challenges over the near
term.

The stable ratings outlook reflects our expectation that
sustained sales growth and cost savings initiatives associated
with the combination of the two companies should contribute to a
continuation of positive operating results and stable cash flow
over the rating horizon.  Sales of dermatological products
should continue to be fueled by favorable demographics and
lifestyle trends.  Also contributing to the stable outlook is
the expectation of a conservative acquisition strategy following
the Connetics transaction and the anticipation that free cash
flow will be used to repay debt.

If Stiefel continues to grow revenues, maintains its positive
margin performance and returns to its conservative leverage
profile, Moody's could change the rating outlook to positive or
upgrade the rating.

Downward rating pressure could result from any of these
circumstances:

   * integration issues arising from the acquisition of
     Connetics;

   * a material decline in revenue and cash flow caused by
     generic competition for Soriatane;

   * the loss of patent protection and resulting competition
     for OLUX; or large cash-financed acquisitions.

These are the summary of ratings assigned.  The ratings remain
subject to Moody's review of final documentation.

   -- US$75-million senior secured first lien revolving credit
      facility, Ba3 (LGD3, 41%);

   -- US$623-million senior secured first lien term loan,
      Ba3 (LGD3, 41%);

   -- US$150-million senior secured second lien term loan,
      B3 (LGD6, 91%);

   -- Corporate Family Rating, B1; and

   -- Probability of Default Rating, B1.

Headquartered in Coral Gables, Florida, Stiefel Laboratories,
Inc. is a privately held pharmaceutical company specializing in
dermatological products.  Stiefel has nearly 160 years of
experience in dermatology and currently markets over 160
products in more than 100 countries.  The company manufactures
and markets a variety of prescription and non-prescription
dermatological products, including Duac, Brevoxyl and Rosac
Cream.  Stiefel recognized around US$550 million of revenue for
the twelve months ended Sept. 30, 2006.


TAMS GROUP: Creditors' Meeting Slated for December 13
-----------------------------------------------------
Creditors of Tams Group Ltd. (Company Number 03958399) will meet
at 11:00 a.m. on Dec. 13 at:

         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent ST3 6HP
         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. 12 at:

         Robert M. Young and Ian M. Rose
         Joint Administrative Receivers
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent ST3 6HP
         United Kingdom

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


U.S. ENERGY: U.S. Unit Files Chapter 11 Petition in New York
------------------------------------------------------------
U.S. Energy Biogas Corp. has filed for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the Southern District
of New York.

USEB said that its business is operationally healthy with
attractive growth opportunities, it is current in its payment of
all principal and interest, no monetary defaults exist or are
alleged by any creditors, and it has honored every material
reporting requirement under its loans.

However, USEB said that its current capital structure is
impaired by a flawed and unjustifiably onerous loan agreement
negotiated by its former management with Countryside Power
Income Fund that, absent a restructuring, would cause USEB to
become insolvent.

Having failed in good faith efforts to renegotiate the
Countryside loan, including offering to repay the loan in full,
USEB's board of directors determined that Chapter 11 is the best
venue for pursuing and establishing an appropriate capital
structure to support the continued operation and growth of
USEB's business.   USEB believes that it will be able to achieve
a Plan of Reorganization that will honor 100% of all valid pre-
petition claims.

                 Continuing Operations Unaffected

USEB said that all of its facilities are open and operating as
usual, and that its ongoing operations will be funded by USEB's
substantial continuing cash flow.  USEB intends to continue
normal business relationships and functions with utility
customers during the Chapter 11 process.

USEB has filed a motion for cash collateral that, if granted by
the Court, will provide ample liquidity to pay all vendors and
suppliers in full and under normal terms for goods and services
received by USEB after its Chapter 11 filing.  USEB also has
filed First Day Motions that, if granted by the Court, will
ensure that employees will continue to be paid as usual, and
health care plans and other benefits for employees and retirees
will continue. USEB's qualified retirement plans for retirees
and vested employees are fully funded and protected by federal
law.

             Parent and Parent's U.K. Subsidiary
                     Not Included in Filing

USEB and its parent company, U.S. Energy Systems, Inc. (Nasdaq:
USEY), said that USEB's Chapter 11 filing did not include USEY
or USEY's other subsidiary, a U.K.-based natural gas exploration
and development business, U.K. Energy Systems. Moreover, neither
USEY's nor UKEY's operations are affected by USEB's Chapter 11
filing.

USEY is a "clean and green" energy company that owns and
operates renewable energy, clean energy and power generation
businesses in the U.S. and UK.

       The Best Strategic Alternative for USEY Shareholders

"USEB is an operationally healthy business with exciting growth
potential, and it should also be a valuable business, but
instead its value has been nullified by its capital structure
and it has been on a collision course with insolvency," said
Asher E. Fogel, Chairman of USEB and Chief Executive Officer of
USEY.  "Without meaningful progress in our discussions with
Countryside, and with our opportunity costs continuing to rise,
we decided that it is in the best interests of USEB, and
therefore USEY's shareholders, to move our efforts to
recapitalize USEB into the Chapter 11 venue at this juncture."

"The Countryside loan traps around US$33 million in cash that
could fund growth investments and help to meaningfully contain
our cost of funds.  Our efforts to improve USEB's capital
structure and enable it to take advantage of its growth
opportunities are consistent with our fundamental business
strategy," Mr. Fogel said.

"USEY's strategy is to identify and acquire high potential clean
and green energy businesses whose values are depressed due to
financial or operating constraints," Mr. Fogel said.  "Our
experienced executive and operating management team work
together to develop and execute focused plans for unlocking
trapped value and building strong and successful businesses for
the benefit of customers, business partners and the USEY's
shareholders."

"USEB's U.S. landfill gas business currently generates strong
profit margins and has attractive growth potential.  We believe
that resolving the flawed and unjustifiably onerous Countryside
loan arrangement will unlock significant value for USEY
shareholders.  Moreover, we are moving forward with our highly
experienced renewable energy leadership team to execute business
development plans that we believe can double the level of USEB's
current free cash flow over the next four years," Mr. Fogel
concluded.

In connection with USEB's Chapter 11 filing, USEY stated that it
has agreed to grant a reduced number of warrants to a Secured
Term Loan lender and that it has no further obligation to
deliver additional warrants under a previous warrant purchase
agreement. As announced by USEY on Aug. 10, a Secured Term Loan
lender required from USEY by Dec. 31, 2006 either an unsecured
guaranty of the USEB business in support of its loan to a USEY
affiliate, or warrants for around 4.0 million shares of USEY
common stock exercisable at US$0.01 and with a term of 7.5
years.  With USEB's Chapter 11 filing, USEY is unable to obtain
the necessary waiver from Countryside in order to provide the
unsecured guaranty to the Secured Term Loan lender, and USEY has
agreed to grant the Secured Term Loan lender warrants for around
1.1 million (instead of around 4.0 million) shares of common
stock at the same term and conditions. USEY also has agreed to
extend the exclusive agreement with the Secured Term Loan lender
to arrange financing for the Company for an additional 12
months.

                   USEY Completes Transaction to
                   Consolidate Ownership of USEB

Reflecting USEY's confidence in USEB's operational performance,
intrinsic value and growth potential, USEY also reported that it
has completed the acquisition of the around 46% of USEB's stock
it previously did not own.  In consideration for the USEB stock,
USEY agreed to assume a promissory note with remaining payments
aggregating US$430,000; a contingent obligation based on the
value of Section 29 tax credits, with a face amount of US$4.3
million; and other capital and operating expense obligations not
to exceed US$1 million.  Management currently anticipates that
the total assumed payments and obligations in the USEB stock
transaction will not exceed an aggregate of US$1.43 million.  As
part of the transaction, USEY also agreed to enter into a
defined commercial relationship with the selling stockholder.
Further information about USEY's acquisition of the USEB stock
is contained in a Form 8-K filed by USEY.

In connection with USEY's consolidation of ownership in USEB, it
also appointed USEY Senior Vice President Adam D. Greene as
USEB's Chief Executive Officer.  Richard J. Augustine will
remain USEB President and continue to oversee day-to-day
operations.

                       The Countryside Loan

USEB believes the Countryside loan is flawed and unjustifiably
onerous because, among other factors:

   -- The Countryside loan was the result of a self-dealing
      transaction by members of Countryside's management who, at
      the time, were also serving as USEB's management;

   -- The Countryside loan includes an unduly burdensome 15-year
      "make-whole" provision that in effect constitutes a
      penalty, preventing pre-payment, regardless of current
      market rates; and

   -- The Countryside loan includes covenants that require USEB
      to set aside significant amounts from cash flow in reserve
      accounts, needlessly trapping cash that might otherwise
      help grow the enterprise.

A copy of U.S. Energy Biogas' case summary was published in
yesterday's Troubled Company Reporter.

                      About U.S. Energy

Headquartered in Avon, Connecticut, U.S. Energy Biogas Corp. --
http://www.usenergysystems.com/-- develops landfill gas
projects in the United States.  Formerly known as Zahren
Alternative Power Corporation or ZAPCO, the company was formed
in May 2001 after ZAPCO's acquisition by U.S. Energy Systems,
Inc.  Currently, the Debtor owns and operates 23 LFG to energy
projects with 52 megawatts of generating capacity.  The Debtor
and 31 of its affiliates filed separate voluntary chapter 11
petitions on Nov. 29, 2006 (Bankr. S.D.N.Y. Case Nos. 06-12827
through 06-12857).  Joseph J. Saltarelli, Esq., at Hunton &
Williams represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.


VEDANTA RESOURCES: Extends Offer for Sterlite's Common Shares
-------------------------------------------------------------
Vedanta Resources plc has further extended its previously
disclosed offer, made through its wholly owned subsidiary
Twin Star International Ltd., for all of the outstanding common
shares of Sterlite Gold Ltd. not already owned by TSI and its
affiliates, excluding those common shares held by United States
shareholders, on the basis of CDN0.258 in cash per common share.
The Offer will now expire at 5:00 p.m. (Toronto time) on
Jan. 9, 2007, unless further extended.

The Offer has been extended to allow time for, among other
things, remaining Sterlite Gold shareholders to tender their
common shares to the Offer and the satisfaction of certain
applicable United States regulatory requirements in order to
permit Vedanta to extend the Offer to Sterlite Gold shareholders
in the United States.

A notice of extension will promptly be mailed to those
Sterlite Gold shareholders to whom the Offer to Purchase and
Circular was originally sent.  Subject to applicable securities
laws, any common shares validly deposited to the Offer must be
taken up and paid for within ten days of the deposit of such
common shares.  Sterlite Gold shareholders are encouraged to
tender their remaining common shares to the Offer as soon as
possible to receive prompt payment.

As of Nov. 30, 2006, a total of 75,506,127 common shares of
Sterlite Gold had been taken up under the Offer, representing,
together with common shares already owned by TSI at the
commencement of the Offer, around 83.5% of the outstanding
common shares of Sterlite Gold (on a fully diluted basis).

As previously disclosed, Vedanta Resources' Indian-based
subsidiary, Sterlite Industries (India) Limited, filed a Form
F-1 registration statement with the U.S. Securities and Exchange
Commission on Nov. 15 in relation to a proposed offering of
Sterlite's equity shares in the form of American Depositary
Shares.

The Offering enables the Group to capitalize on attractive
growth opportunities in India and maintain a strong balance
sheet.  It will allow Sterlite to exercise its call option to
acquire the Government of India's remaining interest in HZL, the
Group's zinc business, after the call option becomes exercisable
on or after April 11, 2007, assuming the Government of India
does not exercise its right to make a public offering of its
remaining interest or sell part of its remaining interest to HZL
employees prior to Sterlite's exercise of the call option.  The
Offering will also enable the Group to expand into the
commercial energy sector in India.  The Board believes that with
India's large coal reserves, ongoing government deregulation and
high demand for power relative to supply, this business
represents an attractive growth opportunity.

The Board believes that Sterlite is well positioned to undertake
these growth opportunities and will enhance the Group's
competitive advantage in India.  The Group's entry into the
commercial energy sector will leverage Sterlite's experienced
management, strong project execution skills and experience in
building and operating captive power plants in its existing
operations.  The entry into the commercial energy sector and
consolidation of HZL minorities are consistent with the Group's
strategy to create a world-class metals and mining business,
leverage its established skills and generate strong returns.

The Group currently has a 76.0% effective interest in Sterlite's
issued share capital.  Following the Offering Vedanta will
continue to own a majority of Sterlite's equity shares and will
retain management control.

Headquartered in London, England, Vedanta Resources PLC --
http://www.vedantaresources.com/-- is a FTSE 100 diversified
metals and mining group.  Its principal operations are located
throughout India, with further operations in Zambia and
Australia.  The major metals produced are aluminum, copper, zinc
and lead.

                        *     *     *

As reported in the TCR-Europe on Nov. 21, Moody's Investors
Service placed the Baa3 corporate family rating and the Ba1
long-term senior unsecured rating of Vedanta Resources plc on
review for possible downgrade.

In February 2006, Standard & Poor's Ratings Services assigned
its 'BB' rating to the US$725 million convertible bond issue of
Vedanta Finance (Jersey) Ltd., a wholly owned subsidiary of
London-based mining company Vedanta Resources PLC (foreign
currency BB/Negative/--).


W LAKE: Brings In Administrator from Bond Partners
--------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of W Lake (Birmingham) Ltd. (Company Number 02245164) on
Nov. 22.

The administrator can be reached at:

         T. Papanicola
         Bond Partners LLP
         Turnpike Gate House
         Alcester Heath
         Alcester
         Warwickshire B49 5NJ
         United Kingdom
         Tel: 01789 766406

W Lake (Birmingham) Ltd. can be reached at:

         2 Vine Street
         Aston
         Birmingham
         West Midlands B6 5TS
         United Kingdom
         Tel: 0121 327 1602
         Fax: 0121 328 3591

                           *********

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 * * *