TCREUR_Public/061206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, December 6, 2006, Vol. 7, No. 242

                            Headlines


A U S T R I A

AKBULUT GASTRONOMIE: Klagenfurt Court Orders Business Shutdown
BCM BROKER: Creditors' Meeting Slated for December 19
BRIGITTA SCHOEN: Creditors' Meeting Slated for December 18
CM RADER: Linz Court Orders Business Shutdown
GROSS UND SCHINDLER: Wiener Neustadt Court Shuts Down Business

HRID LLC: Vienna Court Orders Business Shutdown
KFM LLC: Creditors' Meeting Slated for December 11
KRENN HERWIG: Creditors' Meeting Slated for December 11


B E L G I U M

ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe


F R A N C E

LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share


G E R M A N Y

ANKON GEBAUDEREINIGUNG: Claims Registration Ends December 10
ASN-CONSULT: Claims Registration Ends December 8
B U B BODENVERBESSERUNGEN: Claims Registration Ends December 12
BERLINER STRICKMODEN: Creditors' Meeting Slated for December 12
BETA ZWEITE: Creditors' Meeting Slated for December 12

DAIMLERCHRYSLER AG: Chrysler Group Achieves 14% Sales Increase
DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee
GUELDNER GMBH: Claims Registration Ends December 11
PROFI-JAGD: Claims Registration Ends December 13

PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes
REGAIN LOGISTIK: Claims Registration Ends December 14
SOLARFUSION ENERGIESYSTEME: Claims Registration Ends Dec. 13
V + S HOCH: Claims Registration Ends December 13
WEERS POELMANN: Claims Registration Ends December 14


H U N G A R Y

INVESTSBERBANK: Fitch Assigns D/E Individual Rating


I C E L A N D

STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D


I R E L A N D

PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes
SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes
TITAN EUROPE: Fitch Assigns BB Ratings on EUR14.87-Million Notes
TITAN EUROPE: S&P Rates EUR14.86-Million Class F Notes at BB


K A Z AK H S T A N

BANK TURANALEM: S&P Revises Outlook to Positive on Capital Plan
CENTRAL ASIA OIL: Creditors Must File Claims by Jan. 12, 2007
COMPASS LLP: Creditors' Claims Due Jan. 10, 2007
DORSNABREGION LLP: Claims Registration Ends Jan. 12, 2007
GOLD INDUSTRIES: Claims Filing Period Ends Jan. 12, 2007

GRUP SERVICII: Claims Registration Ends Jan. 12, 2007
KAZINVESTBANK: S&P Assigns B/B Counterparty Credit Ratings
MECHANOMONTAGE OJSC: Creditors' Claims Due Jan. 12, 2007
NEDEJDA-98 LLP: Proof of Claim Deadline Slated for Jan. 12, 2007
STROY TORG: Almaty Court Opens Bankruptcy Proceedings

TECHNOCOM-SERVICE: Almaty Court Begins Bankruptcy Proceedings
THREE STARS: Almaty Court Starts Bankruptcy Procedure


K Y R G Y Z S T A N

SPK IMANTAY: Final Creditors' Meeting Slated for Dec. 14
SULUKTA KOMUR: Public Auction Scheduled for Dec. 14


N E T H E R L A N D S

FIXED-LINK FINANCE 2: Fitch Downgrades GBP120-Mln Notes to B-
GETRONICS NV: Presents Strategy Updates to Shareholders
GRESHAM CAPITAL: Moody's Puts Low-B Ratings on Class E & F Notes
KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln


P O L A N D

KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln


R U S S I A

BALTIC TRANSIT: Court Names A. Trifonov as Insolvency Manager
BAYKALSKIYE WATERS: Court Names S. Mikhaylenko to Manage Assets
BUILDING COMPANY: Court Names P. Tarasov as Insolvency Manager
BUILDER LLC: Court Starts Bankruptcy Supervision Procedure
CHAINSKIY MASLODEL: Court Names Y. Chigarev to Manage Assets

FROLOVSKIY FACTORY: Court Names E. Slushkin to Manage Assets
GAZPROMBANK OAO: Central Bank Registers US$1.3-Bln Share Issue
GAZPROMBANK OAO: Eyes Up to US$1.5-Billion Foreign Loans in 2007
GAZPROMBANK OAO: Floating RUR5-Billion Bonds on MICEX Today
INVESTSBERBANK: Fitch Assigns D/E Individual Rating

KOLSKIY GRANITE: Murmansk Bankruptcy Hearing Slated for Jan. 31
KRASNAYA USHNA: Court Names A. Shurov as Insolvency Manager
NORTH-WEST OIL: Court Names A. Trifonov to Manage Assets
OIL-INVEST LLC: Court Names A. Trifonov as Insolvency Manager
PETRAKOVSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 26

RYBINSK-WOOD CJSC: Court Names P. Tarasov as Insolvency Manager
ROSNEFT OIL: Inks Interim Deal to Explore Arctic with BP
SBERBANK ROSSII: Russian Government Eyes Favorable IPO Terms
TUNAYCHA-M-FISH FACTORY: Names N. Kopytova to Manage Assets
VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms

WHEAT OJSC: Asset Sale Slated for December 19
YUZHINSKOYE CJSC: Bankruptcy Hearing Slated for March 5

* Fitch Rates Ryazan Oblast at Long-Term Foreign Currency B+


S P A I N

DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee
GETRONICS NV: Presents Strategy Updates to Shareholders
MADRID RMBS: Moody's Rates EUR18.9-Mln Series E Notes at (P)Ba1
MADRID RMBS II: Fitch Rates EUR18.9-Mln Class E Notes at BB+


S W E D E N

ROYAL & SUN: Forming Joint Venture with Direct Insurance


S W I T Z E R L A N D

AS GROUP: March Court Suspends Bankruptcy Proceedings
DETTWILER CTEATION: Berner Court Closes Bankruptcy Proceedings
DIGITAL ART: Bern Court Suspends Bankruptcy Proceedings
ESESIX COMPUTER: Aargau Court Starts Bankruptcy Proceedings
GBN IMMOBILIEN: Liquidator Sets Dec. 7 Asset Sale Auction

HANS LINDER: Berner Court Closes Bankruptcy Proceedings
JENNI + CO: Berner Court Starts Bankruptcy Proceedings
KAUFMANN TRANSPORT: Sursee Court Suspends Bankruptcy Proceedings
MED IMPLANT: Zug Court Starts Bankruptcy Proceedings

MORTEZAWI BUILDING: Zug Court Starts Bankruptcy Proceedings
SWIFFEX JSC: Bern Court Suspends Bankruptcy Proceedings


U K R A I N E

UKREXIMBANK: Fitch Upgrades Individual Rating to D
VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms


U N I T E D   K I N G D O M

ADM RECRUITMENT: Appoints Sandra Marshall as Liquidator
ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe
ALISON HAWKES: Taps Tony Mitchell to Liquidate Assets
APEK QUALITY: Names Simon Thornton as Administrator
AXIMIS RECRUITMENT: Appoints BWC Business to Administer Assets

BRADLEY & PARTNER: Brings In Hurst Morrison as Administrators
CABLE & WIRELESS: To Add Staff in Asia Amid Job Cuts in U.K.
CASADECOR LIMITED: Names Administrators from Grant Thornton
CITY CENTRE: Creditors Confirm Liquidator's Appointment
COLLINS & AIKMAN: Seeks Bridge Order on Exclusive Period

COLLINS & AIKMAN: Textron Wants to Sell C&A Products' Shares
COLLINS & AIKMAN: Rejects Ten Contracts and Leases
COMPLETE SHOPFITTING: Creditors' Meeting Slated for December 8
COYOTE BARS: Appoints Gagen Dulari Sharma to Administer Assets
DEAS SOLUM: Brings In Joint Liquidators from Dains

DRAGON FABRICATIONS: Appoints Administrators from B & C
ENRON CORP: Energen Sells US$12.5 Million Bankruptcy Claim
EUROPEAN RECRUITMENT: Joint Liquidators Take Over Operations
GENERAL MOTORS: Sells 5% Stake to Bank of America
GENERAL MOTORS: Total Nov. US Sales for New Cars & Trucks Up 6%

GETTY IMAGES: Bondholders View Delayed 10-Q Filing as Default
GETTY IMAGES: 10-Q Filing Delay Cues S&P to Cut Rating to B+
HAMMOND WHITEOAK: Names T. Papanicola as Administrator
IMPRESS3 LIMITED: Appoints Administrators from Kroll
INCO LTD: Forms Joint Venture with Germany's Sud-Chemie

INEOS GROUP: Fitch Assigns B+ Rating on EUR1.63-Billion Notes
J V BAKER: Appoints Administrator from Milsted Langdon
LAKES & DALES: Leslie Ross Leads Liquidation Procedure
LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
NEPTUNE TELECOM: Names Robert Martin Rutherford Liquidator

OVERSEAS SHIPHOLDING: Completes US$471-Bln Purchase of Maritrans
P J TOOL: Hires Administrator from Butcher Woods
PARSELL MINNI-DIE: Calls In Liquidators from Blades Insolvency
PROJECT SOLUTIONS: Creditors' Claims Due Jan. 31, 2007
R-BAR AND RESTAURANT: Brings In E J Stonham as Administrator

RION LIMITED: Taps Kroll as Joint Administrators
ROADCHEF FINANCE: Fitch Affirms BB Rating on GBP42-Million Notes
ROUTEONE SOLUTIONS: Hires Alun Evans to Liquidate Assets
ROYAL & SUN: Forming Joint Venture with Direct Insurance
RSG INSULATION: Claims Filing Period Ends Jan. 5, 2007

RSR FRONT: Brings In Administrators from Berg Kaprow
SCOTIA SERVICES: Taps Liquidator from Price & Co.
SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes
SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12
SEA CONTAINERS: Wants to Hire Appleby Hunter as Special Counsel

SHAW GROUP: S&P Holds BB Rating & Removes Negative CreditWatch
SOUTH COAST: Taps Portland Business as Administrators
STAPLEWOOD SERVICES: Swift Fire Taps MPH Recovery as Receiver
TA CAR: Claims Registration Ends Feb. 20, 2007
VACANCY FIELD: Liquidator Sets Feb. 23, 2007 Claims Bar Date

WASTE BY WATER: Hires Susan Joy Casey as Liquidator
WOODLAND LEISURE: Brings In Butcher Woods as Administrator
WOODVALE EVENTS: Brings In Administrator from Begbies Traynor
WRDCLOGSYS LIMITED: Taps Joint Administrators from PwC

                            *********

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


AKBULUT GASTRONOMIE: Klagenfurt Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Klagenfurt entered Oct. 16 an order shutting
down the business of OEG Akbulut Gastronomie (FN 218999h).
Court-appointed property manager Robert Steiner recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Robert Steiner
         Ortenburgerstrasse 4
         9800 Spittal/Drau, Austria
         Tel: 04762/22 47
         Fax: 04762/4038
         E-mail: office@ra-spittal.at

Headquartered in Spittal an der Drau, Austria, the Debtor
declared bankruptcy on Oct. 6 (Bankr. Case No. 41 S 105/06y).


BCM BROKER: Creditors' Meeting Slated for December 19
-----------------------------------------------------
Creditors owed money by LLC BCM Broker (FN 244632d) are
encouraged to attend the creditors' meeting at 10:40 a.m. on
Dec. 19 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 17 (Bankr. Case No. 2 S 151/06b).  Alexander Gruber
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna, Austria
         Tel: 533 14 17
         E-mail: gruberkeg@law-mediation.at


BRIGITTA SCHOEN: Creditors' Meeting Slated for December 18
----------------------------------------------------------
Creditors owed money by LLC Brigitta Schoen (FN 114050x) are
encouraged to attend the creditors' meeting at 10:20 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 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 17 (Bankr. Case No. 38 S 59/06p).  Karl Schirl serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

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


CM RADER: Linz Court Orders Business Shutdown
---------------------------------------------
The Land Court of Linz entered Oct. 16 an order shutting down
the business of LLC CM Rader (FN 181470v).  Court-appointed
property manager Thomas Kurz recommended the business shutdown
after determining that the continuing operations would reduce
the value of the estate.

The property manager can be reached at:

         Mag. Thomas Kurz
         Roseggerstrasse 58
         4020 Linz, Austria
         Tel: 78 43 31-0
         Fax: 78 43 31-57
         E-mail: manuela.winkelmayr@haslinger-nagele.com

Headquartered in Herzogsdorf, Austria, the Debtor declared
bankruptcy on Sept. 27 (Bankr. Case No. 12 S 84/06z).


GROSS UND SCHINDLER: Wiener Neustadt Court Shuts Down Business
--------------------------------------------------------------
The Land Court of Wiener Neustadt entered Oct. 16 an order
shutting down the business of LLC Gross und Schindler (FN
157734m).  Court-appointed property manager Valentin Piskernik
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The property manager can be reached at:

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

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


HRID LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Oct. 16 an order shutting down
the business of LLC HRID (FN 249214t).  Court-appointed property
manager Walter Kainz recommended the business shutdown after
determining that the continuing operations would reduce the
value of the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No. 4 S 142/06v).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


KFM LLC: Creditors' Meeting Slated for December 11
--------------------------------------------------
Creditors owed money by LLC KFM (FN 221589t) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Dec. 11 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 17 (Bankr. Case No. 3 S 138/06y).  Ulla Reisch serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at


KRENN HERWIG: Creditors' Meeting Slated for December 11
-------------------------------------------------------
Creditors owed money by KEG Krenn Herwig (FN 215399p) are
encouraged to attend the creditors' meeting at 10:45 a.m. on
Dec. 11 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 17 (Bankr. Case No. 3 S 141/06i).  Kurt Freyler serves
as the court-appointed property manager of the bankrupt estate.
Hans Rant represents Dr. Freyler in the bankruptcy proceedings.

The property manager and his representative can be reached at:

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


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


ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe
---------------------------------------------------------------
Advanced Micro Devices Inc. received a subpoena from the U.S.
Department of Justice Antitrust Division in connection with the
DOJ's investigation into potential antitrust violations related
to graphics processors and cards.

AMD entered the graphics processor business following the
company's acquisition of ATI Technologies Inc. on Oct. 25, 2006.
The DOJ has not made any specific allegations against AMD or
ATI.  AMD intends to cooperate with the investigation.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.  The company
has a facility in Singapore.  It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.


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


LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
---------------------------------------------------------------
Lazard Ltd. has priced an offering of 13,000,000 shares of
Lazard Ltd Class A common stock at a price to the public of
US$45.42 per share.

Of the 13,000,000 shares, Lazard will sell 7,000,000 shares and
the selling shareholders will sell 6,000,000 shares.  Lazard
will not receive any proceeds from the sale of shares by its
selling shareholders.

Lazard also granted the underwriters a 30-day option to purchase
an additional 1,950,000 shares of common stock from the company
at the public offering price to cover over-allotments, if any.

Goldman, Sachs & Co. and Lazard Capital Markets were the
underwriters of the offering.  Copies of the final prospectus
relating to the offering may be obtained by contacting:

          Goldman, Sachs & Co.
          Prospectus Department
          85 Broad Street
          New York, NY 10004
          Tel: (212) 902-1171

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  In Europe, the firm maintains operations in
France, Germany, Spain and the United Kingdom, among others.

At June 30, 2006, the company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities
resulting in US$745 million stockholders' deficit.


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


ANKON GEBAUDEREINIGUNG: Claims Registration Ends December 10
------------------------------------------------------------
Creditors of ANKON Gebaudereinigung und Dienstleistungs GmbH
have until Dec. 10 to register their claims with court-appointed
provisional administrator Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against ANKON Gebaudereinigung und Dienstleistungs GmbH on
Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ANKON Gebaudereinigung und Dienstleistungs GmbH
         80333 Munich, Germany

The administrator can be contacted at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Munich, Germany
         Tel: 089/5427300
         Fax: 089/54273015


ASN-CONSULT: Claims Registration Ends December 8
------------------------------------------------
Creditors of ASN-Consult GmbH have until Dec. 8 to register
their claims with court-appointed provisional administrator
Christof Koehling.

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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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 Moenchengladbach opened bankruptcy
proceedings against ASN-Consult GmbH on Oct. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         ASN-Consult GmbH
         Pastorsgasse 12 a
         41199 Moenchengladbach
         Germany

         Attn: Gordon Genenger, Manager
         Watelerstrasse 23
         41239 Moenchengladbach
         Germany

The administrator can be contacted at:

         Christof Koehling
         Schillerstrasse 22
         41061 Moenchengladbach
         Germany


B U B BODENVERBESSERUNGEN: Claims Registration Ends December 12
---------------------------------------------------------------
Creditors of B u B Bodenverbesserungen unter Bauwerken GmbH have
until Dec. 12 to register their claims with court-appointed
provisional administrator Justus Schneidewind.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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 Frankfurt (Oder) opened bankruptcy
proceedings against B u B Bodenverbesserungen unter Bauwerken
GmbH on Nov. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         B u B Bodenverbesserungen unter Bauwerken GmbH
         Neutornow 38a
         16259 Bad Freienwalde (Oder)
         Germany

The administrator can be contacted at:

         Justus Schneidewind
         Eisenhartstrasse 1
         14469 Potsdam, Germany


BERLINER STRICKMODEN: Creditors' Meeting Slated for December 12
---------------------------------------------------------------
The court-appointed provisional administrator for Berliner
Strickmoden Handelsgesellschaft mbH, Petra Hilgers, will present
her first report on the Company's insolvency proceedings at a
creditors' meeting at 9:25 a.m. on Dec. 12.

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 9:15 a.m. on March 20, 2007, at the
same venue.

Creditors have until Feb. 1, 2007, to register their claims with
the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Berliner Strickmoden Handelsgesellschaft mbH
on Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Berliner Strickmoden Handelsgesellschaft mbH
         Poststr. 2
         10178 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


BETA ZWEITE: Creditors' Meeting Slated for December 12
------------------------------------------------------
The court-appointed provisional administrator for Beta Zweite
Beteiligungsgesellschaft fuer Wohnungsbau mbH & Co. Wohnen am
See KG, Wolfgang Schroeder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:45 a.m. on Dec. 12.

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 9:25 a.m. on March 13, 2007, at the
same venue.

Creditors have until Feb. 1, 2007, to register their claims with
the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Beta Zweite Beteiligungsgesellschaft fuer
Wohnungsbau mbH & Co. Wohnen am See KG on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Beta Zweite Beteiligungsgesellschaft fuer Wohnungsbau
         mbH & Co. Wohnen am See KG
         Scharnweberstr. 1
         13405 Berlin, Germany

The administrator can be reached at:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin, Germany


DAIMLERCHRYSLER AG: Chrysler Group Achieves 14% Sales Increase
--------------------------------------------------------------
For Chrysler Group operations outside North America, November
sales gains marked the milestone of 18 consecutive months of
year-over-year sales gains; and with one full month left,
year-to-date sales have already surpassed the total for all of
2005.

This month was the best November sales for Chrysler Group's
International operations in 10 years, and the sale of 18,900
units marked an increase of 17% over the same month last year.
Dodge Caliber sales accounted for much of the growth in November
with 2,867 units sold (15,042 units year-to-date), while
top-selling vehicles, such as Jeep(R) Grand Cherokee and
Chrysler 300C, continued to perform well.

"We are confident that we made a sound decision by increasing
the number of vehicles equipped to meet the needs of customers
outside North America," said Thomas Hausch, Executive Director
of International Sales and Marketing.  "This works hand-in-hand
with our long-standing initiative to continuously improve
customer experience, and our dealers' performance this year has
been a major factor in our success."

Chrysler Group's year-to-date sales outside North America
climbed 14% compared to the same time period last year with
186,080 units sold.  All three of Chrysler Group's brands
contributed to this gain, with Chrysler brand sales up 6%
(82,142 units), Jeep brand up 1% (77,220 units) and Dodge brand
up 176% (26,718 units).

"All three brands working together to reach customers with very
diverse needs is responsible for boosting sales.  However,
despite the significant gains we've made in some of our key
markets, the competition is intense, and we must continue to
work hard to maintain sales growth," said Hausch.

Western and Central European sales, which account for the
largest part of Chrysler Group's sales outside North America,
have reached 100,583 units, a 20% increase over the region's
2005 sales through November.  The top-three markets, Italy, U.K.
and Germany respectively, are all in Western Europe and
continued to experience double-digit sales improvement.

Growth in Latin America has been another driving force in the
sales increases, with year-to-date sales climbing 23% (33,202
units) so far in 2006.  Venezuela, the highest-volume market for
Chrysler Group in Latin America, ranks as the Company's
number-four market outside North America, and has seen
33% growth so far in 2006.

For the year, product sales were led by the Jeep Grand Cherokee,
with 35,558 units sold year-to-date.  It was closely followed by
the Chrysler Voyager (32,616 units) and the Jeep Cherokee
(24,733 units).  The significant sales growth for the Chrysler
300C, 130% year-to-date, has landed the vehicle in the number
four position with 23,283 units sold outside North
America.

"We anticipate continued positive results as more new products
reach dealerships in the local markets.  By the end of this
year, we are confident that a double-digit increase in
performance is a lofty, yet attainable goal," said Hausch.  "It
means, however, that we cannot let up, and must remain dedicated
to the business and needs of customers outside North America."

Chrysler Group sells and services vehicles in more than 125
countries around the world, and Chrysler Group sales outside
North America currently account for approximately 8% of the
Company's total global sales.  Vehicles available range across
all three Chrysler Group brands, with limited availability on
some trucks and SUV models.  The Company's operations outside
North America have been experiencing year-over-year sales
increases since 2004, and will continue to increase the number
of product offerings, powertrain options and RHD availability
through 2007.

                      About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.

It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                        *     *     *

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                           Outlook

As reported in the TCR-Europe on Oct. 30, DaimlerChrysler said
it expects a slight decrease in worldwide demand for automobiles
in the fourth quarter and thus slower market growth than in Q4
2005.  For full-year 2006, the company anticipates market growth
of around 3%.  It expects unit sales in 2006 to be lower than in
the previous year (4.8 million units).

On Sept. 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of US$6.3
billion.  Although the company now has to assume that the profit
contribution from EADS will be US$0.3 billion lower than
originally anticipated because of the delayed delivery of the
Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions
Mercedes Car Group, Truck Group and Financial Services.


DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee
----------------------------------------------------------------
Relative to DURA Automotive Systems, Inc. and its debtor
affiliates' Chapter 11 cases, Kelly Beaudin Stapleton, U.S.
Trustee for Region 3 pursuant to Section 1102(a)(1) of the
Bankruptcy Code, appointed seven creditors to the Official
Committee of Unsecured Creditors.

The appointed creditors are:

     (1) Wilfrid Aubrey LLC
         Attn: Nicholas W. Walsh
         100 William Street
         Suite 1850
         New York, NY 10038
         Phone: 212-675-4906
         Fax: 212-675-3626

     (2) BNY Trust Company Midwest.
         Attn: Robert H. Major
         6525 W. Campus Oval
         New Albany, OH 43054
         Phone: 614-775-5278
         Fax:614-775-5636

     (3) US Bank National Association.
         Attn: James E. Murphy
         100 Wall Street
         Suite 1600
         New York, NY 10005
         Phone: 212-361-6174
         Fax: 212-514-6841

     (4) International Union, UAW
         Attn: Niraj Ganatra, Esq.
         8000 East Jefferson Avenue
         Detroit, MI 48214
         Phone: 313-926-5216
         Fax: 313-926-5240

     (5) Pension Benefit Guaranty Corporation
         Attn: William McCarron, Jr.
         1200 K Street N.W.
         Washington, D.C. 20005
         Phone: 202-326-4000, ex. 3471
         Fax: 202-326-4112

     (6) Johnson Electric N.A., Inc.
         Attn: Douglas G. Eberle
         47660 Halyard Drive
         Plymouth, MI 48170
         Phone: 734-392-5308
         Fax: 734-392-5388

     (7) Thompson I.G., LLC
         Attn: Christine Maria DeSonia
         3196 Thompson Rd.
         Fenton, MI 48430
         Phone: 810-629-9558
         Fax: 810-629-8342

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- 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 and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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.  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. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


GUELDNER GMBH: Claims Registration Ends December 11
---------------------------------------------------
Creditors of Gueldner GmbH have until Dec. 11 to register their
claims with court-appointed provisional administrator Michael
Schoor.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Road 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against Gueldner GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Gueldner GmbH
         Anger 6
         06800 Jessnitz, Germany

         Attn: Hartmut Gueldner, Manager
         Dessauer Str. 78
         06800 Jessnitz, Germany

The administrator can be contacted at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig, Germany
         Tel: 0341/4903650
         Fax: 0341/4903699


PROFI-JAGD: Claims Registration Ends December 13
------------------------------------------------
Creditors of Profi-Jagd GmbH have until Dec. 13 to register
their claims with court-appointed provisional administrator
Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against Profi-Jagd GmbH on Oct. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Profi-Jagd GmbH
         Attn: Frank Poll and Jan-Friedrich Lambrecht, Managers
         Strasschen 2-4
         53925 Kall, Germany

The administrator can be contacted at:

         Siegfried Mueller
         Markt 10
         53894 Mechernich, Germany


PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes
---------------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2005-2 Plc notes due
in February 2015:

   -- EUR500,000 Class A+ (ISIN: DE000A0GJ9A9): affirmed at AAA;

   -- EUR54.9 million Class A (ISIN: DE000A0GJ9B7): affirmed at
      AAA;

   -- EUR21.6 million Series B (ISIN: DE000A0GJ9C5): affirmed at
      AA;

   -- EUR22.5 million Series C (ISIN: DE000A0GJ9D3): affirmed at
      A;

   -- EUR21.6 million Series D (ISIN: DE000A0GJ9E1): affirmed at
      BBB; and

   -- EUR14.4 million Series E (ISIN: DE000A0GJ9F8): affirmed at
      BB+.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 0.23% of the maximum portfolio
notional balance.  None of the defaulted loans have completed
their work out process, and no losses have been realized in the
reference portfolio to date.

The proportion of lower-rated assets, measured by the bank's
internal rating, has increased slightly to 0.68% from 0% at
close in December 2005.  The notional balance of the portfolio
currently stands at EUR1.8 billion.  The first loss threshold
has remained at EUR45 million since closing.  The deal is in its
replenishment period until 2009.

This transaction is a synthetic securitization of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft to certain small- and medium-sized enterprise
clients domiciled in Germany but not restricted to carrying out
business there.  The reference portfolio may also contain up to
10% of non-German loans provided that the debtor is EU-domiciled
or Swiss.

The debt obligations may be denominated in GBP, USD, CHF and EUR
and consist of drawn and undrawn facilities, loans and
guarantees.  Promise-I Mobility 2005-2 plc is a special purpose
vehicle incorporated with limited liability under the laws of
the Republic of Ireland.

At closing, IKB bought protection under a bank swap in respect
of a EUR1.8 billion reference portfolio from the German public
agency Kreditanstalt fur Wiederaufbau.  KfW in turn hedged its
exposure by issuing certificates of indebtedness credit-linked
to the performance of the underlying portfolio of debt
obligations, which were purchased by the issuer using the notes
proceeds, and by entering into a senior credit default swap with
a senior swap provider.  The first loss protection was issued
directly by IKB.


REGAIN LOGISTIK: Claims Registration Ends December 14
-----------------------------------------------------
Creditors of REGAIN Logistik GmbH have until Dec. 14 to register
their claims with court-appointed provisional administrator
Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 REGAIN Logistik GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         REGAIN Logistik GmbH
         Theodorstrasse 42-90 Hs.9
         22761 Hamburg, Germany

         Attn: Gunnar Burmann, Manager
         Grabauerstrasse 1
         21493 Basthorst, Germany

         Thomas Eydeler, Manager
         Tinsdaler Weg 69a
         22880 Wedel, Germany

The administrator can be contacted at:

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


SOLARFUSION ENERGIESYSTEME: Claims Registration Ends Dec. 13
------------------------------------------------------------
Creditors of SolarFUSION Energiesysteme GmbH have until Dec. 13
to register their claims with court-appointed provisional
administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 24, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against SolarFUSION Energiesysteme GmbH on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SolarFUSION Energiesysteme GmbH
         Bremer Str. 57
         01067 Dresden, Germany

The administrator can be contacted at:

         Ulrich Kraft
         Wasastr. 15
         01219 Dresden, Germany
         Web: http://www.hww-kanzlei.de/


V + S HOCH: Claims Registration Ends December 13
------------------------------------------------
Creditors of V + S Hoch- und Trockenbau GbR have until Dec. 13
to register their claims with court-appointed provisional
administrator Dieter Kuehne.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 17, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against V + S Hoch- und Trockenbau GbR on Oct. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         V + S Hoch- und Trockenbau GbR
         Attn: Marina Vondran and Bernhard Schaper, Managers
         Voigtstedter Feld 7
         06528 Edersleben, Germany

The administrator can be contacted at:

         Dr. Dieter Kuehne
         Walter-Koehn-Road 1b
         D-04356 Leipzig, Germany
         Tel: 0341/339890
         Fax: 0341/3398929
         Web: http://www.kuebler-gbr.de/


WEERS POELMANN: Claims Registration Ends December 14
----------------------------------------------------
Creditors of Weers Poelmann Bautrager GmbH & Co. KG have until
Dec. 14 to register their claims with court-appointed
provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 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 Duesseldorf
         Area A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Weers Poelmann Bautrager GmbH & Co. KG on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Weers Poelmann Bautrager GmbH & Co. KG
         Attn: Wilfried Weers, Manager
         Venloer Road 7
         40477 Duesseldorf, Germany

The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


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


INVESTSBERBANK: Fitch Assigns D/E Individual Rating
---------------------------------------------------
Fitch Ratings assigned Russia-based Investsberbank ratings of
Issuer Default BBB-, Short-term F3, Support 2, Individual D/E,
and National Long-term AA+.  A Stable Outlook was assigned to
both Issuer Default and National Long-term ratings.

The Issuer Default, Short-term, Support and National Long-term
ratings of ISB are driven by the high potential for support from
Hungary's Orszagos Takarekpenztar es Kereskedelmi Bank
Nyilvanosan Mukodo Reszvenytarsasag, the largest Hungaria bank,
and since recently ISB's major shareholder.

The Individual rating reflects ISB's small size by international
standards and risks stemming from rapid growth of unsecured
retail exposure, which to date have been mitigated by high
margins.  It also reflects the bank's modest capitalization and
the still challenging operating environment.

In addition, the Individual rating takes into account the bank's
growing franchise, both as a result of organic development and
merger with two regional banks in August 2006, adequate asset
quality to date and limited market risks.  Risk management
procedures, business development and the funding profile should
also benefit from OTP's involvement.

Upward or downward pressure on the bank's IDR will be linked to
the financial position of OTP.  A successful further
diversification into new regions and products, improvement in
earnings generation, as well as the realization of funding
diversification plans may cause an upgrade in ISB's Individual
rating.  Downward pressure on the Individual rating is unlikely
at present, but the greatest threat to the bank's stand-alone
strength might come mainly from deterioration of asset quality
following rapid loan growth.

Fitch notes that ISB's strong revenue growth in 2005-9M06 was
mainly driven by aggressive consumer lending.  However, bottom
line profitability was adversely affected by expansion-related
expenditure and high provisioning charges, which are likely also
to be the main sources of profitability pressure in the medium
term.

The loan portfolio grew 78% in 2005 and a further 60% in 9M06,
the latter in part due to the merger.  Write-offs have been
negligible in the last two years; however, continued expansion
into the regions, where payment discipline is lower and
collection is more difficult to manage, may result in asset
quality deterioration and impaired recovery.  Liquidity is
adequate, although due to high dependence on retail accounts, is
still vulnerable to potential disruptions in the economy.

ISB aims to tap international capital markets and plans to
increase the share of international borrowings to 25% of
liabilities in the medium term.  Capital adequacy is under
pressure from rapid asset growth; the regulatory capital ratio
was 11.4% at end-9M06. To support continued growth, OTP plans to
contribute RUR5.3 billion of new capital in 2007, of which
RUR1.3bn may come in Q107.

ISB is a medium-sized Russian bank formed as a result of the
merger during 2005-2006 of four banks, including three in the
regions, under the Investsberbank brand.  With total
consolidated assets of US$1.4 billion, ISB was the 37th-largest
Russian bank at end-9M2006.  In October 2006, OTP acquired 96.4%
of ISB.


=============
I C E L A N D
=============


STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D
---------------------------------------------------------
Fitch Ratings affirmed Straumur-Burdaras Investment Bank ratings
at Issue Default BBB-, Short-term F3, Individual C/D, and
Support 3.  The Outlook on the Issuer Default rating is Stable.

The ratings reflect Straumur's strong capital base, the rapid
growth of its more sustainable revenue streams, the growing
geographic diversification of its assets and revenues and its
very low cost-base.  They also factor in the bank's large equity
exposures, high concentrations in its balance sheet, high
reliance on wholesale funding and limited track record in
corporate and debt finance activities.  Fitch views as
encouraging the progress made in these areas during 2006, and
further marked improvements would support a positive rating
action.

Management has been focusing on developing the bank's corporate
and debt finance franchise.  Recent initiatives include
investments in overseas operations and the acquisition of a
majority stake in U.K. corporate finance boutique Stamford
Partners.  These represent positive steps that will support
further growth.

Net interest and fee income grew substantially, benefiting from
the growing franchise and favorable environment.  However,
reported performance over the first nine months of 2006 was also
characterized by considerable, unsustainable financial gains on
the back of large equity holdings.  These equity holdings remain
significant, although they have decreased to around 90% of the
bank's equity at end-September 2006 from 143% at end-2005.

The quality of the loan book is supported by negligible non-
performing loans, offset by the lack of seasoning of the book
and still high, albeit decreasing, concentration.  Funding is
highly reliant on wholesale markets, although the recent launch
of a European CLO helps diversify the bank's funding sources.
Straumur's strong capital base represents a buffer against some
of the bank's specific risks and is instrumental in supporting
the planned asset growth.

At end-September 2006, Straumur was the fourth-largest bank in
Iceland by total assets, although its equity base is comparable
in size to Landsbanki Islands' and Glitnir Banki's.  It received
its investment-banking license in January 2004, and has since
pursued its strategy to become a leading specialized investment
bank in the Nordic region.


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


PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes
---------------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2005-2 Plc notes due
in February 2015:

   -- EUR500,000 Class A+ (ISIN: DE000A0GJ9A9): affirmed at AAA;

   -- EUR54.9 million Class A (ISIN: DE000A0GJ9B7): affirmed at
      AAA;

   -- EUR21.6 million Series B (ISIN: DE000A0GJ9C5): affirmed at
      AA;

   -- EUR22.5 million Series C (ISIN: DE000A0GJ9D3): affirmed at
      A;

   -- EUR21.6 million Series D (ISIN: DE000A0GJ9E1): affirmed at
      BBB; and

   -- EUR14.4 million Series E (ISIN: DE000A0GJ9F8): affirmed at
      BB+.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 0.23% of the maximum portfolio
notional balance.  None of the defaulted loans have completed
their work out process, and no losses have been realized in the
reference portfolio to date.

The proportion of lower-rated assets, measured by the bank's
internal rating, has increased slightly to 0.68% from 0% at
close in December 2005.  The notional balance of the portfolio
currently stands at EUR1.8 billion.  The first loss threshold
has remained at EUR45 million since closing.  The deal is in its
replenishment period until 2009.

This transaction is a synthetic securitization of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft to certain small- and medium-sized enterprise
clients domiciled in Germany but not restricted to carrying out
business there.  The reference portfolio may also contain up to
10% of non-German loans provided that the debtor is EU-domiciled
or Swiss.

The debt obligations may be denominated in GBP, USD, CHF and EUR
and consist of drawn and undrawn facilities, loans and
guarantees.  Promise-I Mobility 2005-2 plc is a special purpose
vehicle incorporated with limited liability under the laws of
the Republic of Ireland.

At closing, IKB bought protection under a bank swap in respect
of a EUR1.8 billion reference portfolio from the German public
agency Kreditanstalt fur Wiederaufbau.  KfW in turn hedged its
exposure by issuing certificates of indebtedness credit-linked
to the performance of the underlying portfolio of debt
obligations, which were purchased by the issuer using the notes
proceeds, and by entering into a senior credit default swap with
a senior swap provider.  The first loss protection was issued
directly by IKB.


SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes
-------------------------------------------------------------
Scottish Re Group Limited has amended its bank credit facility
agreement that permits a payment of up to US$115 million from
Scottish Annuity & Life Insurance Company (Cayman) Ltd. to
Scottish Re Group Limited.

The payment was transferred to Scottish Re Group Limited on
Monday, Dec. 4, 2006.

These actions will enable the Company to repurchase the US$115
million 4.5% convertible notes should the holders elect to
exercise their put options.  The repurchase will occur today,
Dec. 6.

                        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,
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


TITAN EUROPE: Fitch Assigns BB Ratings on EUR14.87-Million Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Titan Europe 2006-5
Plc's commercial mortgage-backed floating-rate notes due 2019:

   -- EUR330 million Class A1: AAA;
   -- EUR50,000 Class X: AAA;
   -- EUR112.3 million Class A2: AAA;
   -- EUR61.89 million Class A3: AAA;
   -- EUR56.81 million Class B: AA;
   -- EUR43 million Class C: A;
   -- EUR37 million Class D: BBB;
   -- EUR5 million Class E: BBB-;
   -- EUR14.87 million Class F: BB; and
   -- EUR50,000 Class V: Not rated.

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

The expected ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral and
the integrity of the legal and financial structures.  The
ratings also address the timely payment of interest on the notes
and the ultimate repayment of principal by the final legal
maturity in July 2019.

This transaction is a securitization of eight commercial
mortgage loans with a current aggregate balance of EUR660.9
million and an aggregate market value of EUR980.9 million.  The
loans are secured by 48 properties, including multifamily,
hotel, mixed-use, retail, office and warehouse assets, located
across Germany and Spain.  The pool's weighted average loan-to-
value ratio will be 68.9% at closing, scheduled to reduce to
65.7% at loan maturity.

Interest and principal on the notes will be paid quarterly in
arrears, commencing in January 2007.  Prepayments and balloon
payments on the loans will be allocated to the notes according
to a "bucket" structure: on a modified pro rata basis, depending
on the group to which the loan in question is allocated.

The structure will benefit from a EUR50.5 million liquidity
facility, which is equivalent to 7% of the initial aggregate
outstanding principal balance of the collateral.  The amount
available for drawdown will decrease as the principal amount
outstanding on the loans diminishes but the percentage will
represent 12% of the initial aggregate outstanding collateral
principal balance.

The three largest loans account for 78.3% of the loan pool by
current aggregate balance.  DIVA is the largest loan and is
secured by 14 multifamily assets predominantly located in
eastern Germany and Berlin.

Rental income from the Adlon, Balneario Blancafort, Carat Park,
Monzanova and Hilite loans is either entirely or substantially
derived from a single tenant.  The portfolio displays some
concentration in the multifamily and hotel sectors.  The DIVA
and Quartier 206 loans have subordinated B-note tranches, which
have been carved out of the whole loan and are not included in
this transaction.


TITAN EUROPE: S&P Rates EUR14.86-Million Class F Notes at BB
------------------------------------------------------------
Standard & Poor's Ratings Services it assigned its preliminary
credit ratings to the EUR660.919-million commercial mortgage-
backed floating-rate notes to be issued by Titan Europe 2006-5
PLC, a special purpose entity incorporated in Ireland.  At the
same time, it will issue EUR0.05 of unrated notes.

At closing, the issuer will use the note issuance proceeds to
acquire a portfolio of eight commercial real-estate loans
originated by Credit Suisse International.  The loans are
secured by commercial properties in Germany and Spain.

This transaction is the eighth in the Titan Europe series,
originated and arranged by CSI.  It uses a similar structure as
the previous transactions.

A liquidity facility of EUR50.5 million will be available to
cover any shortfalls in interest payments on the loans, issuer's
senior expenses, and any property protection payments.  This
amount is equivalent to 7% of the initial loan/subordinate debt
principal amount outstanding.

                          Ratings List
                    Titan Europe 2006-5 PLC
  EUR660.969 Million Commercial Mortgage-Backed Floating-Rate
                             Notes

                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             A1             AAA            333
             X(1)           AAA              0.05
             A2             AAA            112
             A3             AAA             61.89
             B              AA              56.8
             C              A               43
             D              BBB             37
             E              BBB-             5
             F(2)           BB              14.86
             V              NR               0.05

   (1) Excess spread in the transaction is monetized using the
       class X notes.

   (2) Subject to an available funds cap. Interest on the
       class F notes is paid subject to an available funds cap
       and after paying certain liquidity costs.  Consequently,
       holders of the class F notes may receive less than the
       stated three-month EURIBOR plus a margin, under certain
       prepayment scenarios.

       NR-Not rated.


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


BANK TURANALEM: S&P Revises Outlook to Positive on Capital Plan
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kazakhstan-based Bank TuranAlem to positive from stable.  At the
same time, its 'BB/B' long- and short-term counterparty credit
ratings were affirmed.

The rating action reflects the shareholders' plan to inject a
total of US$400 million of new capital by the end of the first
quarter of 2007, demonstrating their commitment and support to
the bank -- although this is just enough to maintain
capitalization at tight levels given continued fast balance
sheet growth.

"It also reflects the bank's less aggressive future growth
strategy, improving ownership transparency, and clearer group
disclosure regarding subsidiaries in Russia and CIS, which are
expected to be fully consolidated by year-end 2007," said
Standard & Poor's credit analyst Magar Kouyoumdjian.

"The outlook reflects BTA's relatively strong financials and
good infrastructure, which put the bank in a good position to
take advantage of the current positive economic trends and to
mature with the market," added Mr. Kouyoumdjian.  The bank is
adapting to the changing nature of Kazakhstan's banking market,
currently characterized by shrinking margins and smaller
foreign-exchange gains, through product and revenue
diversification.

Ratings could be raised if:

   -- BTA demonstrates a good track record of
      effectively managing its continued fast loan
      growth, particularly in riskier external markets;

   -- diversifying risk; and

   -- addressing its weak core capitalization.

Any adverse development on these fronts could be detrimental to
ratings.  Further improvements in ownership transparency could
also be beneficial for the ratings on BTA ratings.


CENTRAL ASIA OIL: Creditors Must File Claims by Jan. 12, 2007
-------------------------------------------------------------
LLP Central Asia Oil Services has declared insolvency.
Creditors have until Jan. 12, 2007, to submit written proofs of
claim to:

         LLP Central Asia Oil Services
         Shevchenko Str. 157
         Almaty, Kazakhstan


COMPASS LLP: Creditors' Claims Due Jan. 10, 2007
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Compass insolvent.

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

         LLP Compass
         Gogol Str. 177a
         Kostanai
         Kostanai Region
         Kazakhstan


DORSNABREGION LLP: Claims Registration Ends Jan. 12, 2007
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Dorsnabregion insolvent.

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

         LLP Dorsnabregion
         Altynsarin Str. 31
         Aktobe
         Aktube Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


GOLD INDUSTRIES: Claims Filing Period Ends Jan. 12, 2007
--------------------------------------------------------
LLP Gorno-Rudnaya Companiya Mining Company Gold Industries has
declared insolvency.  Creditors have until Jan. 12, 2007, to
submit written proofs of claim to:

         LLP Gold Industries
         Micro District 12, 9/1-24
         Almaty, Kazakhstan


GRUP SERVICII: Claims Registration Ends Jan. 12, 2007
-----------------------------------------------------
The Branch of the Company Grup Servicii Petroliere S.A. has
declared insolvency.  Creditors have until Jan. 12, 2007, to
submit written proofs of claim to:

         Grup Servicii Petroliere S.A.
         Shevchenko Str. 157
         Almaty, Kazakhstan


KAZINVESTBANK: S&P Assigns B/B Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/B' long- and
short-term counterparty credit ratings to Kazakhstan-based
KazInvestBank.  At the same time, it assigned its 'kzBB+'
Kazakhstan national scale rating to the bank.  The outlook is
stable.

"The ratings on KazInvestBank are constrained by its modest
domestic franchise with a short track record of operations,
rapid loan growth, high concentration on both sides of the
balance sheet, low financial flexibility, and low
profitability," said Standard & Poor's credit analyst
Annette Ess.

Supportive rating factors are:

   -- its niche strategy, which is focused on
      profitability versus market share,

   -- its strong management team,

   -- better developed risk management than at other
      local banks, and

   -- transparent and supportive shareholders.

The stable outlook reflects S&P's expectations that the longer
track record of the bank's focused niche strategy implemented by
the strong management team should translate into profitability
improvements, that shareholder capital injections will support
its growth, and that capitalization ratios will remain adequate.

"An upgrade will result from a longer track record, improved
profitability, reduction in loan concentration levels, and
funding diversification," added Ms. Ess.  Conversely, a
deterioration of capitalization levels and asset quality will
result in a downgrade.


MECHANOMONTAGE OJSC: Creditors' Claims Due Jan. 12, 2007
--------------------------------------------------------
The Temirtausky Montajny Branch No.1 of OJSC Mechanomontage has
declared insolvency.  Creditors have until Jan. 12, 2007, to
submit written proofs of claim to:

         OJSC Mechanomontage
         Michurin Str. 30
         Temirtau
         Karaganda Region
         Kazakhstan


NEDEJDA-98 LLP: Proof of Claim Deadline Slated for Jan. 12, 2007
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Nedejda-98 insolvent.

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

Inquiries can be addressed to 8 (3142) 22-02-93, 26-62-66.


STROY TORG: Almaty Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Construction
Company Stroy Torg Meterialy (RNN 600800506512) on Oct. 31.


TECHNOCOM-SERVICE: Almaty Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Technocom-Service
(RNN 6007000176283) on Nov. 3.


THREE STARS: Almaty Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Three Stars Company
(RNN 600900180993) on Nov. 3.


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


SPK IMANTAY: Final Creditors' Meeting Slated for Dec. 14
--------------------------------------------------------
The temporary insolvency manager of the SPK Imantay will discuss
his final report at a creditors' meeting at 11:00 a.m. on
Dec. 14 at:

         Building of Ortoevsky Local Government
         Garaj District, 13
         Telman
         Chui Region
         Kyrgyzstan
         Tel: (0-502) 69-39-97


SULUKTA KOMUR: Public Auction Scheduled for Dec. 14
---------------------------------------------------
The State Tax Inspection will auction OJSC Sulukta Komur's
properties to the public at 10:00 a.m. on Dec. 14 at:

         Building of ABK OJSC Sulukta Komur
         Shahta Str. 6-18
         Sulukta
         Batken Region
         Kyrgyzstan

The assets for sale include:

   -- Lot 1: building of ABK OJSC Sulukta Komur

      Location: Shahta Str. 6-18
                Sulukta
                Batken Region
                Kyrgyzstan

      Starting price: KGS2,042,645

   -- Lot 2: building of OJSC Sulukta Komur's substation

      Location: Shahta Str. 6-18
                Sulukta
                Batken Region
                Kyrgyzstan

      Starting price: KGS72,073

Participants have until 5:30 p.m. on Dec. 13 to submit their
bids and necessary documents to:

         Room 2
         Building of State Tax Inspection
         Razzakov Str. 7
         Batken Region
         Kyrgyzstan
         Tel: (+996 3653) 2-27-00
              (+996 3653) 2-25-31
              (+996 3653) 2-25-61


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


FIXED-LINK FINANCE 2: Fitch Downgrades GBP120-Mln Notes to B-
-------------------------------------------------------------
Fitch Ratings downgraded the ratings of Fixed-Link Finance 2
B.V.'s unwrapped debt tranche to B- from B.  Its Recovery rating
is affirmed at RR1, denoting "outstanding recovery prospects
given default."  Its guaranteed notes are affirmed at AAA.

The ratings for Fixed-Link Finance B.V.'s Class A, Class B and
Class C notes remain on Rating Watch Negative and its guaranteed
Class G notes are affirmed at AAA.  FLF1 and FLF2 are
Eurotunnel-related debt repackaging vehicles.

Even though Eurotunnel is progressing with the various classes
of creditor voting for the restructuring plan, it looks very
certain that January and February 2007 interest payments on
Eurotunnel's debt will not be paid.  This is expected to
constitute an event of default under FLF2's documentation.

Under the French "procedure de sauvegarde" court protection
Eurotunnel is protected from paying interest payments until a
restructuring plan is implemented.

However, as part of the restructuring plan, which creditors are
voting upon, Eurotunnel has disclosed that Tier 1A principal
plus accrued interest is expected to be repaid from proceeds of
a new term loan when the plan is implemented.

The earliest expected timing for the refinancing to be
implemented is end-March 2007 or thereafter.  Furthermore, as
expected, it is stated that Tier 1A's principal is expected to
be repaid in full at par.  This will therefore be used to repay
FLF2's debt at par.  Taking into account other potential costs
within FLF2, Fitch has maintained the RR1 Recovery rating for
its unwrapped notes.

The ratings of FLF1 are unaffected by the expected interest
shortfalls in January 2007 as this vehicle has sufficient forms
of liquidity to pay its Class A, B and C bonds' interest
payments over the short-term.

The ratings for FLF1 and FLF2 are:

FLF 1:

  -- GBP200 million Class A1 notes due 2025: BB+ RWN;
  -- EUR103 million Class A2 notes due 2025: BB+ RWN;
  -- GBP0.05 million Class B1 notes due 2025: B+ RWN;
  -- EUR135 million Class B2 notes due 2025: B+ RWN;
  -- EUR142 million Class C2 notes due 2025: B- RWN; and
  -- GBP232 million Class G1 and EUR365 million Class G2 notes,
     all due 2025, are affirmed at AAA.

FLF 2:

   -- GBP120 million Class A notes due 2026 downgraded to B-
      from B.  RR1 affirmed;

   -- GBP620 million guaranteed notes due 2027/28 affirmed at
      AAA.  Eurotunnel's Tier 1A debt forms the collateral for
      the FLF2 notes.


GETRONICS NV: Presents Strategy Updates to Shareholders
-------------------------------------------------------
Klaas Wagenaar, CEO of Getronics N.V., gave shareholders an
update on the strategy of the company in an Extraordinary
General Meeting of Shareholders on Dec. 1 in Amsterdam.

Key elements of the update are Getronics' commitment to:

   -- Excellence - enabling its clients to increase their
      employees' performance and to meet their business
      objectives through providing high quality ICT services;

   -- Focus - focusing on maintaining Getronics' leading market
      position in the Netherlands, and strengthening its
      position in Belgium, the U.K. and the U.S.;

   -- Value - maximizing value, and further lowering the risk
      profile of the company by analyzing all parts of its
      business outside its key markets in the Netherlands,
      Belgium, the United Kingdom and the United States, and,
      where appropriate, replacing non-core operations with
      local partners; and

   -- Financial Strength - reducing the ratio of debt to EBITDA
      to 2 or less by the end of 2008 by improving the operating
      margin and by reducing gross debt.

                           Excellence

The market and Getronics' clients continue to demand services
and solutions that are high quality, cost-effective, and support
a more centralized or remote model.  With the Future-Ready
Workspace, Getronics is leading the way in enabling workforce
productivity, providing full support and services to its clients
worldwide through its strong local presence and its Global
Service Delivery Model.  Mr. Wagenaar confirmed Getronics' focus
on helping its clients to maximize workforce productivity
through its Future-Ready Workspace proposition and applications
services.

Getronics has publicly declared its intention to become one of
the top three companies in the world in workspace management.
In 2006, Getronics has moved from number five to number four in
the list of top global workspace management companies.  The
launch of the Future-Ready Workspace in November has further
strengthened its position in this area.

In addition, the company will continue to build on its expertise
in applications services and professional and transformation
consulting services to enable high performance enterprises by
boosting workforce productivity.

                         Focus and Value

The company will focus on maintaining its leading market
position in the Netherlands and strengthening its position in
Belgium, the U.K. and the U.S.  Getronics will continue to carry
out reviews of its business outside the four key geographies to
identify non-core operations.  Where appropriate, these will be
divested and added to Getronics' long established Certified
Service Partner network.  These divestments will lower the
company's overall risk profile, support the market and our
clients' demands, and enable selected investments in key service
areas or geographies.

                       Financial Strength

In order to accomplish its objectives, in addition to its
Portfolio services and strong market proposition, Getronics
needs a strong financial position. This requires a sharper focus
on its key markets and core capabilities. In particular, the
company aims to reduce the ratio of debt to EBITDA to 2 or less
by the end of 2008 by improving the operating margin and by
reducing gross debt.

"In our view, the Board of Management has a clear and convincing
strategy and should be given the opportunity to carry it
through," Rinus Minderhoud, Chairman of the Supervisory Board,
added.  "We fully support the Board of Management under the
leadership of its CEO, Klaas Wagenaar."

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


GRESHAM CAPITAL: Moody's Puts Low-B Ratings on Class E & F Notes
----------------------------------------------------------------
Moody's assigned provisional ratings to these notes to be issued
by Gresham Capital CLO III B.V., a special purpose company
established under the laws of the Netherlands:

   -- Class A-1E Senior Secured Floating Rate Notes
      due 2027: (P)Aaa;

   -- Class A-1S Senior Secured Floating Rate Notes
      due 2027: (P)Aaa;

   -- Class A-1R Senior Secured Revolving Floating Rate Notes
      due 2027:(P)Aaa;

   -- Class A-2 Senior Secured Floating Rate Notes
      due 2027; (P)Aaa;

   -- Class B Senior Secured Floating Rate Notes
      due 2027:(P)Aa2;

   -- Class C Senior Secured Deferrable Floating Rate Notes
      due 2027: (P)A2;

   -- Class D Senior Secured Deferrable Floating Rate Notes
      due 2027: (P)Baa2;

   -- Class E Senior Secured Deferrable Floating Rate Notes
      due 2027: (P)Ba2; and

   -- Class F Senior Secured Deferrable Floating Rate Notes
      due 2027: (P)B2.

Subordinated Notes will also be issued but are not rated by
Moody's.

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

This transaction is a high yield collateralized loan obligation
related to a portfolio comprised primarily of European senior
and mezzanine loans (with a predominance of senior secured
loans).  The investments may also include CLOs and synthetic
securties.  The Senior Secured Revolving Floating Rate Notes
provide for drawings denominated either in EUR, GBP, US$, DKK,
NOK, SEK and CHF or any other currency subject to Rating Agency
Confirmation.  This portfolio will be partially acquired at
closing and partially during the nine month ramp-up period.
Thereafter, the portfolio of debt obligations will be actively
managed and the investment manager will be able to buy or sell
debt obligations on behalf of the Issuer.  Any addition or
removal of debt obligations will be subject to a number of
portfolio criteria.  Investec Bank (U.K.) Ltd. will act as
investment manager for the transaction.  This is the investment
manager's third European CLO.

The transaction was arranged by Barclay's Capital.

Moody's assigns provisional ratings prior to the closing of the
transaction based on the available information.  After complete
review of the final documentation, Moody's will endeavor to
assign definitive ratings and will disseminate them through our
Client Service Desk.  A definitive rating may differ from a
provisional rating.


KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln
---------------------------------------------------------------
Koninklijke Ahold N.V. has reached agreement on the divestment
of its retail operation in Poland to Carrefour through the sale
of the shares of Ahold Polska Sp. z o.o.

The transaction is valued at EUR375 million, and will consist of
a cash consideration and assumed debt.  The final purchase price
is subject to customary price adjustments.  Closing of the
transaction is expected in the first half of 2007 and is subject
to the fulfillment of certain conditions, including anti-trust
approval.

Throughout Poland, Ahold operates 179 supermarkets that trade
under the Albert banner, 15 compact hypermarkets trading under
the Hypernova banner and four gas stations.

"As part of our Strategic Retail Review, we announced last month
that we would be divesting our Polish retail operation," Anders
Moberg, Ahold President & CEO, commented.  "I would like to
express my gratitude to our Polish colleagues for their
commitment to customer service and operational excellence as we
move towards completion of the transaction next year."

Ahold has been active in Poland since 1995 and currently employs
approximately 10,000 people.

                         About Ahold

Headquartered in Amsterdam, the Netherlands, Koninklijke Ahold
N.V. -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, and Europe.  The company's chain stores include
Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's have assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln
---------------------------------------------------------------
Koninklijke Ahold N.V. has reached agreement on the divestment
of its retail operation in Poland to Carrefour through the sale
of the shares of Ahold Polska Sp. z o.o.

The transaction is valued at EUR375 million, and will consist of
a cash consideration and assumed debt.  The final purchase price
is subject to customary price adjustments.  Closing of the
transaction is expected in the first half of 2007 and is subject
to the fulfillment of certain conditions, including anti-trust
approval.

Throughout Poland, Ahold operates 179 supermarkets that trade
under the Albert banner, 15 compact hypermarkets trading under
the Hypernova banner and four gas stations.

"As part of our Strategic Retail Review, we announced last month
that we would be divesting our Polish retail operation," Anders
Moberg, Ahold President & CEO, commented.  "I would like to
express my gratitude to our Polish colleagues for their
commitment to customer service and operational excellence as we
move towards completion of the transaction next year."

Ahold has been active in Poland since 1995 and currently employs
approximately 10,000 people.

                         About Ahold

Headquartered in Amsterdam, the Netherlands, Koninklijke Ahold
N.V. -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, and Europe.  The company's chain stores include
Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's have assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


BALTIC TRANSIT: Court Names A. Trifonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC Baltic
Transit.  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-27300/2006.

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

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

The Debtor can be reached at:

         CJSC Baltic Transit
         Ligovskiy Pr. 29 16N
         St. Petersburg Region
         Russia


BAYKALSKIYE WATERS: Court Names S. Mikhaylenko to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. S.
Mikhaylenko as Insolvency Manager for OJSC Baykalskiye Waters.
He can be reached at:

         S. Mikhaylenko
         30th Divizii Str. 7-71
         664081 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-754/05-38.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Baykalskiye Waters
         Office 501
         Mayakovskogo Str. 25
         664005 Irkutsk Region
         Russia


BUILDING COMPANY: Court Names P. Tarasov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed Mr. P.
Tarasov as Insolvency Manager for CJSC Building Company.  He can
be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-11942/06-3-B/473.

The Debtor can be reached at:

         CJSC Building Company
         Pestretsovo
         Zavolzhye
         Yaroslavl Region
         Russia


BUILDER LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on LLC Builder.  The case is docketed
under Case No. A63-5449/06-S5.

The Temporary Insolvency Manager is:

         A. Alikhanov
         Apartment 6
         45 Parallel Str. 14
         355000 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Builder
         Nizyaeva Str. 41
         Nevinnomyssk
         Stavropol Region
         Russia


CHAINSKIY MASLODEL: Court Names Y. Chigarev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. Y. Chigarev
as Insolvency Manager for OJSC Chainskiy Maslodel.  He can be
reached at:

         Y. Chigarev
         Office 10
         Komsomolskiy Pr. 58
         634021 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-20262/05.

The Debtor can be reached at:

         OJSC Chainskiy Maslodel
         Ostrovskogo Str. 12
         Podgornoye
         Tomsk Region
         Russia


FROLOVSKIY FACTORY: Court Names E. Slushkin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. E.
Slushkin as Insolvency Manager for LLC Frolovskiy Factory of
Reinforced-Concrete Goods.  He can be reached at:

         E. Slushkin
         Post User Box 1034
         400105 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-32214/06-s48.

The Debtor can be reached at:

         LLC Frolovskiy Factory of Reinforced-Concrete Goods
         Zelenovskiy
         Frolovskiy Region
         Volgograd Region
         Russia


GAZPROMBANK OAO: Central Bank Registers US$1.3-Bln Share Issue
--------------------------------------------------------------
The Central Bank of Russia has registered OAO Gazprombank's
additional 6.666-million share issue, RIA Novosti says.

Gazprombank set the offering's price at RUR5,184 apiece for a
total worth of US$1.3 billion.  The issue comprises common
registered shares with par value of RUR1,000 each, RIA Novosti
cites a company statement.

The share issue will increase Gapzrombank's charter capital by
50% from RUR13.33 billion to RUR20 billion.  Gazpfond, OAO
Gazprom's pension, will acquire the entire share issue,
increasing its stake in Gazprombank to 33.3%.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

Standard & Poor's Ratings Services also assigned its preliminary
credit ratings to the EUR143.2-million and RUR864-million
mortgage-backed fixed- and floating-rate notes to be issued by
Dali Capital PLC, a special purpose entity incorporated as a
limited liability company in Ireland.

The proceeds from the note issuance will be used to buy three
classes of loan notes issued by a special purpose entity
incorporated under Luxembourg law.  The Luxembourg SPE,
Gazprombank Mortgage Funding 1 S.A., will in turn use the
proceeds from the sale of the loan notes to purchase a pool of
performing mortgage certificates granted to Russian individuals.
The certificates are denominated in Russian rubles and are
secured over residential properties in Russia.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


GAZPROMBANK OAO: Eyes Up to US$1.5-Billion Foreign Loans in 2007
----------------------------------------------------------------
OAO Gazprombank plans to secure up to US$1.5 billion in loans
from foreign markets in 2007, Deputy CEI Alexander Sobol told
RIA Novosti.

Mr. Sobol revealed that the bank might start issuing yen-
denominated Samurai bonds after acquiring a rating from Japanese
Credit Rating Agency.  Mr. Sobol expects the company to receive
a rating from JCR within two months and issue Samurai bonds no
sooner than May 2007.

Mr. Sobol, however, said that the bank would still issue ruble-
denominated bonds to secure loans on the domestic market in
2007.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

Standard & Poor's Ratings Services also assigned its preliminary
credit ratings to the EUR143.2-million and RUR864-million
mortgage-backed fixed- and floating-rate notes to be issued by
Dali Capital PLC, a special purpose entity incorporated as a
limited liability company in Ireland.

The proceeds from the note issuance will be used to buy three
classes of loan notes issued by a special purpose entity
incorporated under Luxembourg law.  The Luxembourg SPE,
Gazprombank Mortgage Funding 1 S.A., will in turn use the
proceeds from the sale of the loan notes to purchase a pool of
performing mortgage certificates granted to Russian individuals.
The certificates are denominated in Russian rubles and are
secured over residential properties in Russia.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


GAZPROMBANK OAO: Floating RUR5-Billion Bonds on MICEX Today
-----------------------------------------------------------
OAO Gazprombank will float a second tranche of bonds worth
RUR5 billion (US$190 million) on the Moscow Interbank Currency
Exchange today, Dec. 6, RIA Novsoti says.

The company will issue 5 million bonds at RUR1,000 apiece with a
maturity date of Nov. 20, 2013.  The bonds will be placed though
open subscription at par value, RIA Novsoti relates.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, 2006, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

Standard & Poor's Ratings Services also assigned its preliminary
credit ratings to the EUR143.2-million and RUR864-million
mortgage-backed fixed- and floating-rate notes to be issued by
Dali Capital PLC, a special purpose entity incorporated as a
limited liability company in Ireland.

The proceeds from the note issuance will be used to buy three
classes of loan notes issued by a special purpose entity
incorporated under Luxembourg law.  The Luxembourg SPE,
Gazprombank Mortgage Funding 1 S.A., will in turn use the
proceeds from the sale of the loan notes to purchase a pool of
performing mortgage certificates granted to Russian individuals.
The certificates are denominated in Russian rubles and are
secured over residential properties in Russia.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


INVESTSBERBANK: Fitch Assigns D/E Individual Rating
---------------------------------------------------
Fitch Ratings assigned Russia-based Investsberbank ratings of
Issuer Default BBB-, Short-term F3, Support 2, Individual D/E,
and National Long-term AA+.  A Stable Outlook was assigned to
both Issuer Default and National Long-term ratings.

The Issuer Default, Short-term, Support and National Long-term
ratings of ISB are driven by the high potential for support from
Hungary's Orszagos Takarekpenztar es Kereskedelmi Bank
Nyilvanosan Mukodo Reszvenytarsasag, the largest Hungaria bank,
and since recently ISB's major shareholder.

The Individual rating reflects ISB's small size by international
standards and risks stemming from rapid growth of unsecured
retail exposure, which to date have been mitigated by high
margins.  It also reflects the bank's modest capitalization and
the still challenging operating environment.

In addition, the Individual rating takes into account the bank's
growing franchise, both as a result of organic development and
merger with two regional banks in August 2006, adequate asset
quality to date and limited market risks.  Risk management
procedures, business development and the funding profile should
also benefit from OTP's involvement.

Upward or downward pressure on the bank's IDR will be linked to
the financial position of OTP.  A successful further
diversification into new regions and products, improvement in
earnings generation, as well as the realization of funding
diversification plans may cause an upgrade in ISB's Individual
rating.  Downward pressure on the Individual rating is unlikely
at present, but the greatest threat to the bank's stand-alone
strength might come mainly from deterioration of asset quality
following rapid loan growth.

Fitch notes that ISB's strong revenue growth in 2005-9M06 was
mainly driven by aggressive consumer lending.  However, bottom
line profitability was adversely affected by expansion-related
expenditure and high provisioning charges, which are likely also
to be the main sources of profitability pressure in the medium
term.

The loan portfolio grew 78% in 2005 and a further 60% in 9M06,
the latter in part due to the merger.  Write-offs have been
negligible in the last two years; however, continued expansion
into the regions, where payment discipline is lower and
collection is more difficult to manage, may result in asset
quality deterioration and impaired recovery.  Liquidity is
adequate, although due to high dependence on retail accounts, is
still vulnerable to potential disruptions in the economy.

ISB aims to tap international capital markets and plans to
increase the share of international borrowings to 25% of
liabilities in the medium term.  Capital adequacy is under
pressure from rapid asset growth; the regulatory capital ratio
was 11.4% at end-9M06. To support continued growth, OTP plans to
contribute RUR5.3 billion of new capital in 2007, of which
RUR1.3bn may come in Q107.

ISB is a medium-sized Russian bank formed as a result of the
merger during 2005-2006 of four banks, including three in the
regions, under the Investsberbank brand.  With total
consolidated assets of US$1.4 billion, ISB was the 37th-largest
Russian bank at end-9M2006.  In October 2006, OTP acquired 96.4%
of ISB.


KOLSKIY GRANITE: Murmansk Bankruptcy Hearing Slated for Jan. 31
---------------------------------------------------------------
The Arbitration Court of Murmansk Region will convene at 11:00
a.m. on Jan. 31, 2007, to hear the bankruptcy supervision
procedure on LLC Kolskiy Granite.  The case is docketed under
Case No. A42-5708/2006.

The Temporary Insolvency Manager is:

         K. Ipatov
         Metallurgov Pr. 2 A
         Monchegorsk
         184511 Murmansk Region
         Russia

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         LLC Kolskiy Granite
         Monchegorsk
         Murmansk Region
         Russia


KRASNAYA USHNA: Court Names A. Shurov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. A. Shurov
as Insolvency Manager for OJSC Glass Factory Krasnaya Ushna.  He
can be reached at:

         A. Shurov
         Radiozavodskoye Shosse 2a
         Murom
         602264 Vladimir Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-4042/2006-K1-182B.

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Glass Factory Krasnaya Ushna
         Krasnaya Ushna
         Selivanovskiy Region
         602223 Vladimir Region
         Russia


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

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-31770/2006.

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

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

The Debtor can be reached at:

         CJSC North-West Oil Group
         Tambasova Str. 12
         St. Petersburg Region
         Russia


OIL-INVEST LLC: Court Names A. Trifonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for LLC Oil-
Invest.  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-27459/2006.

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

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

The Debtor can be reached at:

         LLC Oil-Invest
         Dekabristov Per. 5/17
         St. Petersburg Region
         Russia


PETRAKOVSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 26
---------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
Feb. 26, 2007, to hear the bankruptcy supervision procedure on
CJSC Petrakovskoye.  The case is docketed under Case No.
A45-17412/06-48/335.

The Temporary Insolvency Manager is:

         Ya. Gomerov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Petrakovskoye
         Petraki
         Zdvinskiy Region
         Novosibirsk Region
         Russia


RYBINSK-WOOD CJSC: Court Names P. Tarasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed Mr. P.
Tarasov as Insolvency Manager for CJSC Rybinsk-Wood.  He can be
reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-10845/2006-56-B/445.

The Debtor can be reached at:

         CJSC Rybinsk-Wood
         Krestovaya Str. 28
         Rybinsk
         Yaroslavl Region
         Russia


ROSNEFT OIL: Inks Interim Deal to Explore Arctic with BP
--------------------------------------------------------
OAO Rosneft Oil Co. and BP Plc signed a bilateral Letter of
Intent to carry out joint studies in the basins of the Arctic
region of the Russian Federation.

The main purpose of the document is to identify specific areas
of mutual interest within the region for the purposes of jointly
accessing hydrocarbon exploration opportunities.

The LoI states that the parties and their affiliates will seek
to work together to obtain any rights to geological study and/or
production of hydrocarbons in the region that may be offered by
the Russian Government.

Rosneft and BP agreed to form a joint working group by the end
of 2006 to negotiate a cooperation agreement in the Arctic
region based on the principles of the LoI.

The companies agreed that the LoI would be effective until 31
December 2007 with the possibility of further extension.

                           About BP

Headquartered in London, United Kingdom, BP plc --
http://www.bp.com/has three operating segments: Exploration and
Production; Refining and Marketing, and Gas, Power and
Renewables.

                        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.


SBERBANK ROSSII: Russian Government Eyes Favorable IPO Terms
------------------------------------------------------------
The Russia government will ensure beneficial terms for initial
public offerings of state-controlled banks, OAO Sberbank Rossii
and Vneshtorgbank JSC, RIA Novosti cites Finance Minister Alexei
Kudrin as saying.

"I think everything will happen at the agreed time," Mr. Kudrin
said.

As reported in the TCR-Europe on Nov. 29, the Russian government
intends to retain its controlling stakes in foreign trade bank
Vneshtorgbank and savings bank Sberbank for the next five years.
The Russian government holds a 99.9% stake in VTB while the
Central Bank owns 65.7% of Sberbank's shares.

As previously reported, Mr. Kudrin said the government plans an
IPO for Sberbank in the first quarter of 2007, and for
Vneshtorgbank in the second quarter.  Andrei Kostin, VTB's Chief
Executive, said both banks may hold IPOs in May 2007.

"I think we and Sberbank should first obtain authorization for
this, and then launch negotiations," said Mr. Kostin, adding
that the talks were necessary because the public offerings would
affect the same group of investors.

Mr. Kostin said that VTB would agree to delay with Industry &
Construction Bank of St. Petersburg or Promstroybank if
necessary, RIA Novosti relays.  Mr. Kostin added VTB might or
might not include Promstroybank in its financial report before
launching the IPO.

Mr. Kudrin previously disclosed that the private investors'
shares in the two banks will be gradually increased although he
did not specify the size of additional share issues.  The
state's control over the banks will be gradually reduced in the
coming years.

                      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.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank
of the Russian Federation) -- http://www.sbrf.ru/eng/--
provides a full range of banking services, including commercial,
investment, merchant, mortgage and retail banking, and a
complete range of travel, lending and credit services.  The Bank
operates through 17 territorial banks, 921 divisions and 19,390
subdivisions across Russia.

                        *     *     *

As reported in the TCR-Europe on Nov. 30, Moody's Investors
Service upgraded Sberbank's Financial Strength Rating to D from
D-.  The outlook on the rating remains stable.

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

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

As reported in the TCR-Europe on July 31, Fitch ratings lifted
Sberbank-Savings Bank of the Russian Federation ratings:

   -- Issuer Default Rating to BBB+ from BBB, Outlook Stable;
   -- Short-term upgraded to F2 from F3;
   -- Individual affirmed at C/D;
   -- Support affirmed at 2;

Sberbank's outstanding senior unsecured debt is also upgraded to
BBB+ from BBB.  Its US$1 billion subordinated debt issue, due
2015, is upgraded to BBB from BBB-.  The rating actions reflect
Fitch's view of the Russian authorities' improved capacity to
support the bank, if required.


TUNAYCHA-M-FISH FACTORY: Names N. Kopytova to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Moscow Region appointed Ms. N. Kopytova
as Insolvency Manager for CJSC Tunaycha-M-Fish Factory (TIN
5074022657).  She can be reached at:

         N. Kopytova
         Tel: 338-20-33

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-11200/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Tunaycha-M-Fish Factory
         L'vovo
         Voronovo
         Podolskiy Region
         Moscow Region
         Russia


VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms
--------------------------------------------------------------
The Russia government will ensure beneficial terms for initial
public offerings of state-controlled banks, OAO Sberbank Rossii
and Vneshtorgbank JSC, RIA Novosti cites Finance Minister Alexei
Kudrin as saying.

"I think everything will happen at the agreed time," Mr. Kudrin
said.

As reported in the TCR-Europe on Nov. 29, the Russian government
intends to retain its controlling stakes in foreign trade bank
Vneshtorgbank and savings bank Sberbank for the next five years.
The Russian government holds a 99.9% stake in VTB while the
Central Bank owns 65.7% of Sberbank's shares.

As previously reported, Mr. Kudrin said the government plans an
IPO for Sberbank in the first quarter of 2007, and for
Vneshtorgbank in the second quarter.  Andrei Kostin, VTB's Chief
Executive, said both banks may hold IPOs in May 2007.

"I think we and Sberbank should first obtain authorization for
this, and then launch negotiations," said Mr. Kostin, adding
that the talks were necessary because the public offerings would
affect the same group of investors.

Mr. Kostin said that VTB would agree to delay with Industry &
Construction Bank of St. Petersburg or Promstroybank if
necessary, RIA Novosti relays.  Mr. Kostin added VTB might or
might not include Promstroybank in its financial report before
launching the IPO.

Mr. Kudrin previously disclosed that the private investors'
shares in the two banks will be gradually increased although he
did not specify the size of additional share issues.  The
state's control over the banks will be gradually reduced in the
coming years.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank
of the Russian Federation) -- http://www.sbrf.ru/eng/--
provides a full range of banking services, including commercial,
investment, merchant, mortgage and retail banking, and a
complete range of travel, lending and credit services.  The Bank
operates through 17 territorial banks, 921 divisions and 19,390
subdivisions across Russia.

                      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.


WHEAT OJSC: Asset Sale Slated for December 19
---------------------------------------------
CJSC Invest-Group, the bidding organizer for OJSC Wheat will
open a public auction for the company's properties at
10:00 a.m. on Dec. 19 at:

         CJSC Invest-Group
         4th floor
         3rd Kurskaya Str. 15
         Orel Region
         Russia

The company has set a RUR1.2 million starting price for the
auctioned assets.

To participate, bidders have until Dec. 15 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Wheat
         Settlement Account 40702810003400000137
         in Branch ORU OJSC MInB in Orel
         BIK 045402790
         TIN 5720009461
         KPP 572001001
         Correspondent Account 3010181080000000790

Interested bidders have until 4:00 p.m. on Dec. 16 to submit
their bids and necessary documents to:

         CJSC Invest-Group
         4th floor
         3rd Kurskaya Str. 15
         Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat
         Severnaya Str. 9
         Orel Region
         Russia


YUZHINSKOYE CJSC: Bankruptcy Hearing Slated for March 5
-------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at
11:00 a.m. on March 5, 2007, to hear the bankruptcy supervision
procedure on CJSC Yuzhinskoye.  The case is docketed under Case
No. A45-16023/06-54/453.

The Temporary Insolvency Manager is:

         V. Larichkin
         Zhurinskaya Str. 37
         630099 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Yuzhinskoye
         Yuzhinskoye
         Kolyvanskiy Region
         Novosibirsk region
         Russia


* Fitch Rates Ryazan Oblast at Long-Term Foreign Currency B+
------------------------------------------------------------
Fitch Ratings assigned the Russian region Ryazan Oblast Long-
term foreign and local currency B+ ratings and a Short-term B
rating. A National Long-term A rating is also assigned.  All the
rating outlooks are stable.

The ratings reflect Ryazan Oblast's diversified and growing
local economy, which provides stable tax revenue growth, its low
public debt and the region's increasing reliance on its own
revenues to fund expenditure.  However, they also take into
account its declining operating and current margins, its growing
budgetary rigidity and its low capital expenditure on the
utility sector.

The regional economy demonstrated high economic growth of an
annual 6.6% on average during 2003-2005, underpinned by a
significant increase in fixed capital formation.  The region
consumes only 40% of electrical power generated on its territory
and exports the surplus to the neighboring regions.

The economic growth of the region is also stimulated by close
proximity to Moscow.  As a result of buoyant economic
development, Ryazan Oblast's share of own revenues out of its
total revenues has grown significantly, reaching 72% in 2005
compared to 52% in 2001.  At the same time the total revenue of
the budget has risen considerably to RUR10.8 billion in 2005
from RUR3.7 billion in 2001.

However, the region has recorded declining operating and current
margins during 2001-2005 to 20% to 6.5% respectively from 20.1%
to 6.8%.  The narrowing margins are the result of an increase in
operating expenditure fuelled by growing social-related
spending, primarily in healthcare and social policy sectors.

The region's need for capital expenditure on its worsening
public infrastructure is also high, while total capital
expenditure in the budget remains low.  Cumulative depreciation
of Ryazan Oblast's public infrastructure averages 70% of total
fixed assets, exposing the region to the hidden risk of
deteriorated infrastructure and ad hoc emergency expenditure.

The region's total debt burden was moderate at an average 11.8%
of total revenue in 2003-2005.  Ryazan Oblast's debt servicing
burden remained stable and very low during 2002-2005 at an
average of 2.5% of current revenue.

Ryazan Oblast is located in the central part of Russian
Federation.  The region accounts for 0.5% of the Russian
Federation's GDP and 0.8% of its population.


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


DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee
----------------------------------------------------------------
Relative to DURA Automotive Systems, Inc. and its debtor
affiliates' Chapter 11 cases, Kelly Beaudin Stapleton, U.S.
Trustee for Region 3 pursuant to Section 1102(a)(1) of the
Bankruptcy Code, appointed seven creditors to the Official
Committee of Unsecured Creditors.

The appointed creditors are:

     (1) Wilfrid Aubrey LLC
         Attn: Nicholas W. Walsh
         100 William Street
         Suite 1850
         New York, NY 10038
         Phone: 212-675-4906
         Fax: 212-675-3626

     (2) BNY Trust Company Midwest.
         Attn: Robert H. Major
         6525 W. Campus Oval
         New Albany, OH 43054
         Phone: 614-775-5278
         Fax:614-775-5636

     (3) US Bank National Association.
         Attn: James E. Murphy
         100 Wall Street
         Suite 1600
         New York, NY 10005
         Phone: 212-361-6174
         Fax: 212-514-6841

     (4) International Union, UAW
         Attn: Niraj Ganatra, Esq.
         8000 East Jefferson Avenue
         Detroit, MI 48214
         Phone: 313-926-5216
         Fax: 313-926-5240

     (5) Pension Benefit Guaranty Corporation
         Attn: William McCarron, Jr.
         1200 K Street N.W.
         Washington, D.C. 20005
         Phone: 202-326-4000, ex. 3471
         Fax: 202-326-4112

     (6) Johnson Electric N.A., Inc.
         Attn: Douglas G. Eberle
         47660 Halyard Drive
         Plymouth, MI 48170
         Phone: 734-392-5308
         Fax: 734-392-5388

     (7) Thompson I.G., LLC
         Attn: Christine Maria DeSonia
         3196 Thompson Rd.
         Fenton, MI 48430
         Phone: 810-629-9558
         Fax: 810-629-8342

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- 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 and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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.  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. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


GETRONICS NV: Presents Strategy Updates to Shareholders
-------------------------------------------------------
Klaas Wagenaar, CEO of Getronics N.V., gave shareholders an
update on the strategy of the company in an Extraordinary
General Meeting of Shareholders on Dec. 1 in Amsterdam.

Key elements of the update are Getronics' commitment to:

   -- Excellence - enabling its clients to increase their
      employees' performance and to meet their business
      objectives through providing high quality ICT services;

   -- Focus - focusing on maintaining Getronics' leading market
      position in the Netherlands, and strengthening its
      position in Belgium, the U.K. and the U.S.;

   -- Value - maximizing value, and further lowering the risk
      profile of the company by analyzing all parts of its
      business outside its key markets in the Netherlands,
      Belgium, the United Kingdom and the United States, and,
      where appropriate, replacing non-core operations with
      local partners; and

   -- Financial Strength - reducing the ratio of debt to EBITDA
      to 2 or less by the end of 2008 by improving the operating
      margin and by reducing gross debt.

                           Excellence

The market and Getronics' clients continue to demand services
and solutions that are high quality, cost-effective, and support
a more centralized or remote model.  With the Future-Ready
Workspace, Getronics is leading the way in enabling workforce
productivity, providing full support and services to its clients
worldwide through its strong local presence and its Global
Service Delivery Model.  Mr. Wagenaar confirmed Getronics' focus
on helping its clients to maximize workforce productivity
through its Future-Ready Workspace proposition and applications
services.

Getronics has publicly declared its intention to become one of
the top three companies in the world in workspace management.
In 2006, Getronics has moved from number five to number four in
the list of top global workspace management companies.  The
launch of the Future-Ready Workspace in November has further
strengthened its position in this area.

In addition, the company will continue to build on its expertise
in applications services and professional and transformation
consulting services to enable high performance enterprises by
boosting workforce productivity.

                         Focus and Value

The company will focus on maintaining its leading market
position in the Netherlands and strengthening its position in
Belgium, the U.K. and the U.S.  Getronics will continue to carry
out reviews of its business outside the four key geographies to
identify non-core operations.  Where appropriate, these will be
divested and added to Getronics' long established Certified
Service Partner network.  These divestments will lower the
company's overall risk profile, support the market and our
clients' demands, and enable selected investments in key service
areas or geographies.

                       Financial Strength

In order to accomplish its objectives, in addition to its
Portfolio services and strong market proposition, Getronics
needs a strong financial position. This requires a sharper focus
on its key markets and core capabilities. In particular, the
company aims to reduce the ratio of debt to EBITDA to 2 or less
by the end of 2008 by improving the operating margin and by
reducing gross debt.

"In our view, the Board of Management has a clear and convincing
strategy and should be given the opportunity to carry it
through," Rinus Minderhoud, Chairman of the Supervisory Board,
added.  "We fully support the Board of Management under the
leadership of its CEO, Klaas Wagenaar."

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


MADRID RMBS: Moody's Rates EUR18.9-Mln Series E Notes at (P)Ba1
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
seven series of "Bonos de Titulizacion de Activos" to be issued
by Madrid RMBS II Fondo de Titulizacion de Activos, a Spanish
asset securitization fund that has been created by Titulizacion
de Activos, S.G.F.T, S.A.:

   -- EUR414-million Series A1 notes: (P)Aaa;
   -- EUR936-million Series A2 notes: (P)Aaa;
   -- EUR270-million Series A3 notes: (P)Aaa;
   -- EUR63-million Series B notes: (P)Aa1;
   -- EUR67.5-million Series C notes: (P)A1;
   -- EUR30.6-million Series D notes: (P)Baa2; and
   -- EUR18.9-million Series E notes: (P)Ba1.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire properties located in Spain), originated by Caja Madrid
(Aa2/Prime-1), which will continue to service them.

As of October 2006, the provisional portfolio comprised 11,152
loans for a total amount of EUR2,073,692,180.  The original
weighted average loan-to-value (WALTV) is 96.49%.  The current
WALTV is 93.81%.  The average loan size is EUR185,948.  The
loans were originated between 2000 and 2006, with a weighted
average seasoning of 1.66 years.  The pool is concentrated in
the Madrid (67%) and Catalonia (12%).

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the notes side
are different, or the risk derived from any amendment in the
terms of the mortgage agreements, the "Fondo" will enter into a
swap agreement with Caja Madrid.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the Madrid RMBS II notes allows
for timely payment of interest and ultimate payment of principal
at par, on or before the final legal maturity date and not at
any other expected maturity date.  The ratings do not address
the full redemption of the notes on the expected maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and any excess spread
       available to cover losses.

According to Moody's, this deal benefits from strong features,
including:

   (1) strong underwriting and risk control criteria (including
       a robust in-house scoring system);

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) a six-month artificial write-off mechanism; and

   (4) the fact that 100% of the loans are secured by
       residential mortgages.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) the collateral consists exclusively of loans with an LTV
       greater than 80%;

   (2) the poolcut has a very strong concentration in Madrid;

   (3) the deferral of interest payments on each of Series B, C,
       D and E increases the expected loss on these subordinated
       series;

   (4) the Reserve Fund amortization trigger is slightly above
       the standard figures for the Spanish market;

   (5) the renegotiation limit of the loans on which the
       maturity can be extended is 15%, compared to the standard
       figure of 10% in the Spanish market; and

   (6) pro-rata amortization of the Series B, C, D and E notes
       leads to reduced credit enhancement of the senior series
       in absolute terms.  These increased risks were reflected
       in Moody's credit enhancement calculation.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavor to assign a definitive rating.  A
definitive rating (if any) may differ from a provisional rating.


MADRID RMBS II: Fitch Rates EUR18.9-Mln Class E Notes at BB+
------------------------------------------------------------
Fitch Ratings assigned expected ratings to the notes issued by
Madrid RMBS II, Fondo de Titulizacion de Activos totaling EUR1.8
billion mortgage-backed floating-rate notes:

   -- EUR414 million Class A1 due in August 2049: AAA;
   -- EUR936 million Class A2 due in August 2049: AAA;
   -- EUR270 million Class A3 due in August 2049: AAA;
   -- EUR63 million Class B due in August 2049: AA;
   -- EUR67.5 million Class C due in August 2049: A;
   -- EUR30.6 million Class D due in August 2049: BBB; and
   -- EUR18.9 million Class E due in August 2049: BB+.

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 EUR1.8
billion static pool of first-ranking residential mortgage loans
granted by Caja de Ahorros y Monte de Piedad de Madrid.

The expected ratings are based on the quality of the collateral,
the underwriting and servicing capabilities of the seller,
available credit enhancement, the integrity of the transaction's
legal and financial structure and the sociedad gestora's
administrative capabilities.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the class B, C, D and E notes,
as well as the repayment of principal by legal final maturity
for each note.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates from the seller into fixed-
income securities.

The fund will be legally represented and managed by Titulizacion
de Activos, S.G.F.T., S.A., a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitization funds.


===========
S W E D E N
===========


ROYAL & SUN: Forming Joint Venture with Direct Insurance
--------------------------------------------------------
Royal & Sun Alliance Insurance Group plc discloses of the
signing of a framework agreement with Direct Insurance Financial
Investments, to form a Joint Venture to access markets in
Eastern Europe and Russia.

The Joint Venture will own Link4, the market leading direct
insurance operation in Poland, and has plans to replicate this
successful business model in the Czech Republic and Russia.  The
proposed investment is consistent with the Group's emerging
markets' strategy and will accelerate delivery of a direct
personal lines proposition in the region.

The agreement is non-binding and subject to confirmatory due
diligence by R&SA. On satisfactory completion of this review,
R&SA will pay GBP44 million in cash for a 50% shareholding in
and joint control of the Joint Venture.  Going forward, Royal &
SunAlliance will invest a further GBP44 million to fund future
growth of the venture, matching DIFI's current investment.

"This is an exciting opportunity to invest in the number 1
direct insurer in the Polish market and a strong base from which
to export this successful model into other attractive markets,
Paul Whittaker, CEO of R&SA's Emerging Markets, commented.  "I
look forward to combining the Group's technical excellence with
DIFI's track record of quickly establishing and building leading
positions in new markets."

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


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


AS GROUP: March Court Suspends Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of March suspended the bankruptcy
proceedings of JSC AS Group on Nov. 8, pursuant to Article 230
of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Oct. 3, can be reached at:

         JSC AS Group
         Zurcherstr. 6
         8852 Altendorf
         Schwyz
         Switzerland

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         Schwyz
         Switzerland


DETTWILER CTEATION: Berner Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Berner Jura-Seeland entered Oct. 12 an
order closing the bankruptcy proceedings of JSC Dettwiler
Cteation.

The Debtor can be reached at:

         JSC Dettwiler Cteation
         Portstrasse 28
         2503 Biel
         Berne
         Switzerland

The Bankruptcy Service of Berner Jura-Seeland can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Dienststelle Seeland
         2501 Biel/Bienne
         Berne
         Switzerland


DIGITAL ART: Bern Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy
proceedings of LLC Digital Art Design Luciano Roncoroni on
Nov. 4, pursuant to Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Sept. 12, can be reached at:

         Digital Art Design Luciano Roncoroni
         Hintere
         Engehaldenstrasse 38
         3004 Bern
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Dienststelle Bern
         3011 Bern
         Switzerland


ESESIX COMPUTER: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC eSeSIX Computer (Schweiz) on Oct. 23.

The Debtor can be reached at:

         LLC eSeSIX Computer (Schweiz)
         Schulstrasse 22
         5621 Zufikon
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Zug
         Administrative Department of Baden
         5400 Baden
         Aargau
         Switzerland


GBN IMMOBILIEN: Liquidator Sets Dec. 7 Asset Sale Auction
---------------------------------------------------------
JSC Acribia will conduct an auction at 2:00 p.m. on Dec. 7 to
liquidate the assets of JSC GBN Immobilien.  The auction will be
held at:

         The Bankruptcy Service of Schaffhausen
         Second Floor Meeting Room
         8200 Schaffhausen
         Schaffhausen
         Switzerland

The assets for sale include:

    * Lot 1: Land records Schaffhausen Nr. 7909, building,
             89/1'000 on the area Nr. 20106, special right for
             office on first floor Nr. 7271 in Herblingerstrasse
             119 and right of using the outside parking.

             The cost of lot according to the estimation of the
             Bankruptcy Service: CHF296,000.

    * Lot 2: Land records Schaffhausen Nr. 7915, building,
             4/1'000 on the area Nr. 20106, Breite, special
             right for archival room in basement of building
             Nr. 7271, in Herblingerstrasse 119.

             The cost of lot according to the estimation of the
             Bankruptcy Service: CHF12,000.

Interested participants must deposit CHF30,000 for the first
lot, and CHF5,000 for the second lot in cash or through check of
any bank located in Switzerland according to instruction of the
Bankruptcy Service of Schaffhausen.

The foreign citizens for purchasing of the land areas have to
pay special attention to the Federal Law about purchasing of
lands abroad (BewG) and federal regulation about purchasing of
lands abroad (BewV).

The Debtor can be contacted at:

         JSC GBN Immobilien
         Siewerdtstrasse 8
         8050 Zürich
         Zurich
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Schaffhausen
         Switzerland


HANS LINDER: Berner Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Berner Oberland entered Oct. 13 an order
closing the bankruptcy proceedings of JSC Hans Linder Brienz.

The Debtor can be reached at:

         JSC Hans Linder Brienz
         Kienholz
         3855 Brienz
         Berne
         Switzerland

The Bankruptcy Service of Berner Oberland can be reached at:

         Bankruptcy Service of Berner Oberland
         3800 Interlaken
         Berne
         Switzerland


JENNI + CO: Berner Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Berner Jura-Seeland commenced bankruptcy
proceedings against JSC Jenni + Co. Bauunternehmung on Oct. 16.

The Debtor can be reached at:

         JSC Jenni + Co. Bauunternehmung
         Hauptstrasse 113
         2553 Safnern
         Berne
         Switzerland

The Bankruptcy Service of Berner Jura-Seeland can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Dienststelle Seeland
         2501 Biel/Bienne
         Berne
         Switzerland


KAUFMANN TRANSPORT: Sursee Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Sursee suspended the bankruptcy
proceedings of LLC Kaufmann Transport on Nov. 8, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Oct. 5, can be reached at:

         LLC Kaufmann Transport
         Gustibergstrasse 35a
         6018 Buttisholz
         Lucerne
         Switzerland

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Lucerne
         Switzerland


MED IMPLANT: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC med implant on Oct. 17.

The Debtor can be reached at:

         JSC med implant
         Alte Steinhauserstrasse 33
         6330 Cham
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


MORTEZAWI BUILDING: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against Mortezawi Building Systems Ltd (fka Sanitecnica SA) on
Oct. 17.

The Debtor can be reached at:

         Mortezawi Building Systems Ltd
         Baarerstrasse 75
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


SWIFFEX JSC: Bern Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy
proceedings of JSC Swiffex on Nov. 4, pursuant to Article 230 of
the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Sept. 1, can be reached at:

         JSC Swiffex
         Todor Todorov
         Weissenbuhlweg 40
         3007 Bern
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Dienststelle Bern
         3011 Bern
         Switzerland


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


UKREXIMBANK: Fitch Upgrades Individual Rating to D
--------------------------------------------------
Fitch Ratings upgraded the Individual rating of The State
Export-Import Bank of Ukraine ("Ukreximbank") to D from D/E.
Its other ratings are affirmed at Issuer Default BB- with a
Positive Outlook, Short-term B, Support 3 and National Long-term
AA with a Stable Outlook.

The upgrade of Ukreximbank's Individual rating reflects improved
profitability and liquidity, resulting from greater scale
following a UAH300 million capital injection in Q405 and
increased access to long-term international funding.  The rating
also considers the good asset quality of recently generated
loans and the bank's strong franchise in its core segment.

However, capitalization is only moderate following recent rapid
asset growth and the balance sheet has become more concentrated.
The operating environment also remains relatively risky and
there are potential political risks for state-owned banks.

From 2000, when a new banking law was approved, Ukreximbank has
been run relatively independently from the state.  However, as
foreign ownership of the banking sector rises, the policy role
of state banks in the Ukrainian economy may increase.  At end-
Q306, Ukreximbank's operations with state entities remained
small, although three of the bank's key senior managers are
former government officials.

Fitch notes that the IDR, Short-term and Support ratings of
Ukreximbank reflect the likelihood of support from the Ukrainian
authorities if needed, based on Ukreximbank's state ownership
and public letters of support signed by the government.  The IDR
has a Positive Outlook, reflecting that of the sovereign, and
any movements in Ukreximbank's IDR and other support-driven
ratings are likely to be linked to the related movements in the
sovereign's IDR.

A further upgrade of the Individual rating would require an
extended track record of sound asset quality, profitability and
liquidity, as well as further demonstration of the bank's
operational independence from the state.  Downside potential is
regarded as low at present but may result from a substantial
deterioration of Ukreximbank's capitalization or significant
deficiencies in corporate governance.

Ukreximbank was founded in 1992 and ranked within the top five
Ukrainian banks by assets as at end-Q306.  Its principal
franchise lies in serving corporate customers and their
workforces.  The bank has a notable national presence through 96
points of sale, which complement its ongoing diversification
efforts.  Apart from commercial activities, Ukreximbank acts as
a sole financial agent for international loans originated,
borrowed or guaranteed by the Ukrainian state.


VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms
--------------------------------------------------------------
The Russia government will ensure beneficial terms for initial
public offerings of state-controlled banks, OAO Sberbank Rossii
and Vneshtorgbank JSC, RIA Novosti cites Finance Minister Alexei
Kudrin as saying.

"I think everything will happen at the agreed time," Mr. Kudrin
said.

As reported in the TCR-Europe on Nov. 29, the Russian government
intends to retain its controlling stakes in foreign trade bank
Vneshtorgbank and savings bank Sberbank for the next five years.
The Russian government holds a 99.9% stake in VTB while the
Central Bank owns 65.7% of Sberbank's shares.

As previously reported, Mr. Kudrin said the government plans an
IPO for Sberbank in the first quarter of 2007, and for
Vneshtorgbank in the second quarter.  Andrei Kostin, VTB's Chief
Executive, said both banks may hold IPOs in May 2007.

"I think we and Sberbank should first obtain authorization for
this, and then launch negotiations," said Mr. Kostin, adding
that the talks were necessary because the public offerings would
affect the same group of investors.

Mr. Kostin said that VTB would agree to delay with Industry &
Construction Bank of St. Petersburg or Promstroybank if
necessary, RIA Novosti relays.  Mr. Kostin added VTB might or
might not include Promstroybank in its financial report before
launching the IPO.

Mr. Kudrin previously disclosed that the private investors'
shares in the two banks will be gradually increased although he
did not specify the size of additional share issues.  The
state's control over the banks will be gradually reduced in the
coming years.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank
of the Russian Federation) -- http://www.sbrf.ru/eng/--
provides a full range of banking services, including commercial,
investment, merchant, mortgage and retail banking, and a
complete range of travel, lending and credit services.  The Bank
operates through 17 territorial banks, 921 divisions and 19,390
subdivisions across Russia.

                      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
===========================


ADM RECRUITMENT: Appoints Sandra Marshall as Liquidator
-------------------------------------------------------
Sandra Marshall of Sandra Marshall & Associates was appointed
Liquidator of ADM Recruitment Services Limited on Nov. 17 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         ADM Recruitment Services Limited
         Mason Building
         28 Exchange Street East
         Liverpool
         Merseyside L2 3PH
         United Kingdom
         Tel: 0151 227 9787


ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe
---------------------------------------------------------------
Advanced Micro Devices Inc. received a subpoena from the U.S.
Department of Justice Antitrust Division in connection with the
DOJ's investigation into potential antitrust violations related
to graphics processors and cards.

AMD entered the graphics processor business following the
company's acquisition of ATI Technologies Inc. on Oct. 25, 2006.
The DOJ has not made any specific allegations against AMD or
ATI.  AMD intends to cooperate with the investigation.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.  The company
has a facility in Singapore.  It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, following the announced
acquisition of unrated ATI Technologies Inc.  The ratings
outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.


ALISON HAWKES: Taps Tony Mitchell to Liquidate Assets
-----------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
Liquidator of Alison Hawkes Limited (t/a Atelier) on Nov. 20 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Alison Hawkes Limited
         26 Regent Street
         Leamington Spa
         Warwickshire CV325EH
         United Kingdom
         Tel: 01926 425 825


APEK QUALITY: Names Simon Thornton as Administrator
---------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
administrator of Apek Quality Services Ltd. (Company Number
04355736) on Nov. 21.

The administrator can be reached at:

         Simon Thornton
         Houghton Stone Business Recovery
         The Conifers
         Filton Road
         Hambrook
         Bristol BS16 1QG
         United Kingdom
         Tel: 0117 957 9009

Apek Quality Services Ltd. can be reached at:

         6 Haviland Road
         Ferndown Industrial Estate
         Wimborne
         Dorset BH21 7RF
         United Kingdom
         Tel: 012 0287 6149
         Fax: 012 0286 1210


AXIMIS RECRUITMENT: Appoints BWC Business to Administer Assets
--------------------------------------------------------------
Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business
Solutions were appointed joint administrators of Aximis
Recruitment Ltd. (Company Number 02897012) on Nov. 23.

The administrators can be reached at:

         Paul Andrew Whitwam and Gary Edgar Blackburn
         BWC Business Solutions
         8 Park Place
         Leeds
         West Yorkshire LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Aximis Recruitment Ltd. can be reached at:

         Unit 8
         Whyteleafe Business Village
         Whyteleafe Hill
         Whyteleafe
         Surrey CR3 0AT
         United Kingdom
         Tel: 01883 621 160
         Fax: 01883 621 221


BRADLEY & PARTNER: Brings In Hurst Morrison as Administrators
-------------------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts of Hurst Morrison
Thomson Corporate Recovery LLP were appointed joint
administrators of Bradley & Partner Ltd. (Company Number
04521582) on Nov. 21.

The administrators can be reached at:

         Paul William Ellison and Gareth Wyn Roberts
         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Headquartered in Farnham, England, Bradley & Partner Ltd. is a
fish and chip shop.


CABLE & WIRELESS: To Add Staff in Asia Amid Job Cuts in U.K.
------------------------------------------------------------
Cable & Wireless PLC intends to employ more people in Asia and
pour investments in the region along with other foreign telecom
firms as it cuts jobs in the United Kingdom in an effort to
restore profitability, The Wall Street Journal reports.

"It wouldn't surprise me if we doubled the head count [in Asia]
within the next 18 months," Cable & Wireless Executive Chairman
John Pluthero told WSJ.  "There is clearly a growth opportunity
in Asia."

Mr. Pluthero added that the company is investing U$40 million to
build a new Internet protocol network for the region and upgrade
platforms for top-end customers, including banks and financial
institutions.  He anticipates a double-digit growth in the
company's percentage revenue from the region over the next two
to three years.

Meanwhile, rival company BT Group PLC expects to generate a
GBP1 billion revenue from its investments in the Asia-Pacific
region.

Cable & Wireless employs just a little more than 300 people in
Asia.

In February, Cable & Wireless disclosed of plans to lay-off as
much as half of its workforce in the United Kingdom as part of a
restructuring program that will reduce its customer base to
focus on large corporate clients, Yun-Hee Kim writes for WSJ.

As of Sept. 30, the company had 5,179 employees, a reduction of
435 since March 31.

Mr. Pluthero is confident that the U.K. operations will return
to profitability following the reorganization.

Sales from the company's traditional phone service were
adversely affected by pricing pressures and intense competition
in the U.K. telecoms market.

In 2005, Cable & Wireless acquired its largest rival, Energis,
in a deal that brought Mr. Pluthero into the company.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

                        *    *    *

On Aug. 10, Moody's Investors Services took these rating actions
on Cable & Wireless PLC:

   -- Corporate family rating affirmed at Ba3;

   -- GBP200 million 8.75 % Eurobonds due 2012 downgraded to B1
      from Ba3;

   -- GBP258 million 4.0% Convertible Eurobonds due 2010
      downgraded to B1 from Ba3.


CASADECOR LIMITED: Names Administrators from Grant Thornton
-----------------------------------------------------------
Keith Hinds and Joseph Peter Francis McLean of Grant Thornton
U.K. LLP were appointed joint administrators of Casadecor Ltd.
(Company Number 05041811) on Nov. 22.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Casadecor Ltd. can be reached at:

         45-51 Clayton Street
         Newcastle Upon Tyne
         Tyne and Wear NE1 5PW
         United Kingdom
         Tel: 0191 232 1091
         Fax: 0191 232 1153


CITY CENTRE: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of City Centre Fitness Limited confirmed Nov. 22 the
appointment of Andrew James Nichols of Redman Nichols as the
company's Liquidator.

The company can be reached at:

         City Centre Fitness Limited
         The Maltings
         Silvester Street
         Hull
         North Humberside HU1 3HA
         United Kingdom
         Tel: 01482 225 302


COLLINS & AIKMAN: Seeks Bridge Order on Exclusive Period
--------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Eastern District of Michigan for a
bridge order extending their exclusive right to file a plan of
reorganization until Jan. 12, 2007, and to solicit plan
acceptances until Feb. 26, 2007, without prejudice to their
right to seek additional extensions.

The Debtors tell Judge Rhodes that the proposed extension is
consistent with their decision to pursue a cooperative sale
process to maximize the value of their estates and to save jobs.

The Debtors expect the sale process to culminate with the Plan
confirmation.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, relates that although all of the parties continue to
work in good faith toward the goal of finalizing an agreement
that will form the basis of the Plan as quickly as possible,
more time is needed so that the parties can complete their
negotiations.  The Debtors anticipate that they would then be in
a position to file a plan shortly and before the Court's hearing
on that agreement.

A brief extension of the Exclusivity Periods is intended to
enable the Debtors to continue the Plan process in an orderly,
efficient and cost-effective manner for the benefit of all
parties, Mr. Schrock maintains.

The Court will convene a hearing to consider the Motion at 2:00
p.m on Dec. 14, 2006.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 46;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Textron Wants to Sell C&A Products' Shares
------------------------------------------------------------
Textron, Inc., notifies the U.S. Bankruptcy Court for the
Eastern District of Michigan that it intends to sell, trade, or
otherwise transfer (i) 56,218 shares of Series A preferred stock
and (ii) 143,700 shares of Series B preferred stock of Collins &
Aikman Products Co.

James E. DeLine, Esq., at Kerr, Russell and Weber, PLC, relates
that Textron originally owned the Stock before the Debtor's
Petition Date.

Mr. DeLine discloses that if the proposed transfer is permitted
to occur, Textron will beneficially own no further shares of
Stock effective Dec. 31, 2006.

C&A Products has until Dec. 21 to object to the Proposed
Transfer.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 46;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Rejects Ten Contracts and Leases
--------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Michigan to reject 10 executory contracts and
unexpired leases pursuant to Court-established rejection
procedures.

The Rejected Contracts and Leases are:

Counterparty              Contract/Lease         Effective Date
------------              --------------         --------------
Primary Energy of North   Steam Purchase Contract     11/01/06
   Carolina, LLC

Vesey Air, LLC            Raytheon aircraft lease     10/31/06

DaimlerChrysler Aviation  Aircraft storage contract   11/30/06
   Services, Inc.

SeaGil Software Company   Software licensing deal     11/10/06

Satcom Direct Comm.       Satcom/Iridium network      11/10/06
                             services

MedAire, Inc.             Business & General          11/10/06
                             Aviation Service Deal

ARINC Incorporated        ARINC Direct Service Pact   11/10/06

TriMas Corporation        Time Sharing Pact           11/10/06

Metaldyne Corporation     Time Sharing Pact           11/10/06

Honeywell                 Turbofan Engine             11/10/06
                             Maintenance Service Plan

The Debtors do not waive any claims against the counterparties
to the Contracts or Leases whether or not those claims are
related to the rejection.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 46;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE SHOPFITTING: Creditors' Meeting Slated for December 8
--------------------------------------------------------------
Creditors of Complete Shopfitting and Interiors Ltd. (Company
Number 03807152) will meet at 11:00 a.m. on Dec. 8 at:

         Smith & Williamson Ltd.
         25 Moorgate
         London EC2R 6AY
         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. 7 at:

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

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


COYOTE BARS: Appoints Gagen Dulari Sharma to Administer Assets
--------------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed administrator
of Coyote Bars Ltd. (Company Number 05575321) on Nov. 21.

The administrator can be reached at:

         Gagen Dulari Sharma
         Sharma & Co.
         50 Newhall Street
         Birmingham
         West Midlands B3 3QE
         United Kingdom
         Tel: 0121 248 5007
         E-mail: gagen@sharmaandco.com

Coyote Bars Ltd. can be reached at:

         The Foxlands
         Fox Road
         Pattingham
         Wolverhampton
         West Midlands WV6 7EL
         United Kingdom
         Fax: 0121 248 5010


DEAS SOLUM: Brings In Joint Liquidators from Dains
--------------------------------------------------
M. F. P. Smith and N. J. Hawksley of Dains were appointed Joint
Liquidators of Deas Solum Limited on Nov. 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Deas Solum Limited
         Unit 6
         Faraday Court
         Centrum One Hundred
         Burton-On-Trent
         Staffordshire DE14 2WX
         United Kingdom
         Tel: 01283 512431


DRAGON FABRICATIONS: Appoints Administrators from B & C
-------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint administrators of Dragon Fabrications Ltd.
(Company Number 04975825) on Nov. 14.

The administrators can be reached at:

         Jeffrey Mark Brenner and Filippa Connor
         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         Fax: 0208 906 7731
         E-mail: filippa@bcassociates.uk.com

Dragon Fabrications Ltd. can be reached at:

         Unit 8
         Bryn Brithdir
         Oakdale Business Park
         Blackwood
         Gwent NP12 4AA
         United Kingdom
         Tel: 01495 240204


ENRON CORP: Energen Sells US$12.5 Million Bankruptcy Claim
----------------------------------------------------------
Energen Resources Corporation, oil and gas subsidiary of Energen
Corporation, has sold its allowed US$12.5 million Enron Corp.
bankruptcy claim.  The Company estimates that the sale of the
claim will generate net income in 2006 of US$6.7 million, or 9
cents per diluted share.

The Company reaffirmed its 2006 earnings guidance range of
US$3.10-US$3.30 per diluted share (non-GAAP), noting that the
Enron settlement is expected to place Energen's 2006 earnings
toward the middle of this range.

Energen Corporation (NYSE: EGN) -- http://www.energen.com/-- is
a diversified energy holding company with headquarters in
Birmingham, Alabama.  Its two lines of business are the
acquisition and development of domestic, onshore natural gas,
oil and NGL reserves and natural gas distribution in central and
north Alabama.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.


EUROPEAN RECRUITMENT: Joint Liquidators Take Over Operations
------------------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions were appointed Joint Liquidators of European
Recruitment Consultants Limited on Nov. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         European Recruitment Consultants Limited
         Enterprise House
         Ocean Way
         Southampton
         Hampshire SO143XB
         United Kingdom
         Tel: 023 8048 8720


GENERAL MOTORS: Sells 5% Stake to Bank of America
-------------------------------------------------
General Motors Corp. has sold a 5% stake to Bank of America
Corp., Charlotte Business Journal reports.

Charlotte Business relates that the stake, which once belonged
to Kirk Kerkorian, was worth over US$800 million.

As reported in the Troubled Company Reporter-Europe on Dec. 4,
Mr. 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%.

Charlotte Business underscores that Mr. Kerkorian then sold the
rest of his shares for US28.75 to US$29.25 per share.

Mr. Kerkorian abandoned his shares in General Motors after
failing to implement major strategic changes at the firm.  Mr.
Kerkorian and adviser Jerome York had pressured the company to
take drastic action in response to its US$10.6-billion loss last
year, Charlotte Business notes.

Industry analysts told Charlotte Business that the move shows
Mr. Kerkorian's lack of trust in the strategy of Rick Wagoner,
the chief executive of General Motors.

Bank of America is a key lender to Mr. Kerkorian, Charlotte
Business states.

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, including Brazil and Mexico, 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: Total Nov. US Sales for New Cars & Trucks Up 6%
---------------------------------------------------------------
General Motors Corp. dealers in the United States sold 297,556
new cars and trucks in November, a 6% increase compared with
last year.

Beginning with the 2007 model year in September, retail sales
are up 13% while retail sales for November were up 11% compared
with a year ago.

Retail truck sales were up 17%, led by a 29% increase in large
pickup retail sales such as Chevy Silverado and GMC Sierra and a
36% increase in luxury utility retail sales, including triple-
digit retail increases for the entire Cadillac Escalade lineup.
Retail car sales were up 1%, led by Chevrolet Impala, Buick
Lucerne, Pontiac G5, Saturn Aura, and Cadillac CTS.

"We continue to experience strong customer demand for our lineup
of fuel efficient vehicles and new launch products.  In a
challenging market, we are pleased to be gaining momentum with
our truck lineup, which we attribute to offering the best fuel
economy and the best warranty in the segment," General Motors
North America vice president for vehicle sales, service, and
marketing Mark LaNeve said.

"Importantly, sales were solid throughout the month with dealers
driving traffic with our annual year-end Red Tag Event."  The
Red Tag Event runs through Jan. 2, 2007.

GMC, Cadillac, Chevrolet, Buick, Saab, and Saturn all had retail
sales increases in November.  GMC was up 23% retail, compared
with a year ago, with double-digit sales increases for the
Sierra, Yukon and Yukon XL.

Cadillac retail sales were up 26%, with a 15% increase in CTS
and triple-digit increases for the entire Escalade lineup.
Chevrolet retail sales were up 9%, with retail increases by
Silverado, up 23%; Tahoe, up 50%; and Suburban, up 36%.

Buick retail sales were up 38%, led by Lucerne, which saw a
sales increase of more than 6,000 vehicles compared with last
November. Saab retail sales were up 25%, driven by an 87% hike
for 9-5, a 64% rise for 9-7X and an 11% retail increase for 9-3.
Lastly, Saturn retail sales were up 14% as the all-new 2007 Aura
and Sky continue to bring new customers into the Saturn family.

"Our Manufacturing team worked extremely hard on a high-quality
launch and has already produced more than 50,000 new 2007 Chevy
Silverados and GMC Sierras," Mr. LaNeve added.

"This accelerated launch means we are in the marketplace 13
weeks ahead of schedule -- and most importantly -- ahead of the
competition with the best quality, fuel economy, and value in
the important full-size pickup segment."

GM continues to reduce its reliance on daily rental sales.
Sales to daily rental companies were down 13% compared with
year-ago levels, while non-daily rental fleet business was up
5%.  Overall fleet sales of 80,452 vehicles were down 7%
compared with last November.

                      Certified Used Vehicles

November sales for GM Certified Used Vehicles, Cadillac
Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles,
and HUMMER Certified Pre-Owned Vehicles, were 42,006 down 1%
comparable with last November's sales.  Certified sales from
Saturn Certified

Pre-Owned Vehicles were not available at the time of this
release. Total year-to-date certified GM sales, excluding
November sales of Saturn Certified Pre-Owned Vehicles, are
478,389 units, down 1% compared with the same period last year.

GM Certified Used Vehicles, the industry's top selling certified
pre-owned brand, posted 36,485 sales in November, down 1.7% from
November 2005.  Year-to-date sales for GM Certified Used
Vehicles are 413,688 units, comparable to last year's results
for the same period.

Cadillac Certified Pre-Owned Vehicles posted 3,545 sales in
November, up 16% from last November.  Saturn certified pre-owned
sold 1,351 units down 25%.  Saab Certified Pre-Owned Vehicles
sold 514 units, up nearly 5%.  In its eleventh month of
operation, HUMMER Certified Pre-Owned sold 112 units.

"Cadillac Certified Pre-Owned Vehicles continues to roll along
with another strong monthly sales performance.  For the month,
they were up 16% over November 2005, with year-to-date sales up
8% from the same period last year," Mr. LaNeve said.  "Through
November, GM Certified Used Vehicles, the industry's top-selling
certified brand, sold 413,688 units, comparable to its category
record annual sales in 2005."

         GM North America Reports November 2006 Production

In November, GM North America produced 360,000 vehicles (148,000
cars and 212,000 trucks).  This is down 71,000 units or 16%
compared with November 2005 when the region produced 431,000
vehicles (169,000 cars and 262,000 trucks).  (Production totals
include joint venture production of 20,000 vehicles in November
2006 and 30,000 vehicles in November 2005.)

The region's 2006 fourth quarter production forecast is
unchanged at 1.110 million vehicles (449,000 cars and 661,000
trucks).  In the fourth quarter of 2005 the region produced
1.281 million vehicles (483,000 cars and 798,000 trucks).

Additionally, the region's initial 2007 first quarter production
forecast is set at 1.140 million vehicles (457,000 cars and
683,000 trucks), down 9% from actual first quarter of 2006
results.  The majority of the production decrease in the first
quarter is attributed to GM's ongoing efforts to reduce low-
margin daily rental fleet sales.  The remainder of the cuts is
attributed to shifting production to the company's new full-size
pickups and the ongoing management of inventories.

          Initial 2007 First Quarter Production Forecasts
                   For Its International Regions

GM Europe

GM Europe's 2006 fourth quarter production forecast is unchanged
at 445,000 units.  In the fourth quarter of 2005 the region
built 443,000 vehicles.  The region's initial 2007 first quarter
production forecast is set at 508,000 vehicles.

GM Asia Pacific

The region's 2006 fourth quarter production forecast is
unchanged at 504,000 units.  In the fourth quarter of 2005 the
region built 420,000 vehicles.  GM Asia Pacific's initial 2007
first quarter production forecast is set at 539,000 vehicles.

GM Latin America, Africa, and the Middle East

The region's 2006 fourth quarter production forecast is
unchanged at 215,000 units.  In the fourth quarter of 2005 the
region built 188,000 vehicles.  The region's 2007 first quarter
production forecast is set as 214,000 vehicles.

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 327,000
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.


GETTY IMAGES: Bondholders View Delayed 10-Q Filing as Default
-------------------------------------------------------------
As of Nov. 22, 2006, Getty Images Inc. received two notices of a
purported default from certain holders of the Company's US$265
million aggregate principal amount of 0.50% Convertible
Subordinated Debentures, Series B due 2023.

The notices, purportedly representing an aggregate of
approximately 29% of the issued and outstanding Debentures,
asserted that because the Company is delinquent in filing its
Quarterly Report on Form 10-Q for the third quarter of 2006 with
the U.S. Securities and Exchange Commission, the Company is in
default under the Indenture dated as of Dec. 16, 2004, between
the Company, as issuer, and The Bank of New York, as Trustee,
relating to the Debentures.

The notices of default demanded that the Company cure the
purported default within 60 days from their receipt, after which
such default would develop into an "Event of Default," as
defined in the Indenture.  The Company is still in the process
of determining the validity of the notices, including the
purported ownership interests represented by the notices.  The
Company has received no other notices of default with regard to
the Debentures.

The Company believes that it has fully performed its obligations
under the Indenture because the Indenture does not contain an
express covenant requiring the Company to provide the Trustee or
the bondholders with periodic reports such as the Quarterly
Report on Form 10-Q for the third quarter of 2006.

While section 314(a) of the Trust Indenture Act of 1940 is
incorporated into the Indenture by virtue of Section 17.01
thereof and contemplates the Company providing the Trustee with
copies of its periodic reports, the Company believes that the
TIA does not require such reports to be provided within any
prescribed period of time.  The Company intends to furnish to
the Trustee copies of its Quarterly Report on Form 10-Q for the
third quarter of 2006 after it files such report with the SEC.
The Company believes that such action would cure any default of
the Indenture provision in question, if any default exists.

Consequently, in the Company's view, these notices of default
are, and any other similar notices of default that may be
received in the future will be, without merit.

While the Company has questioned the claimants' legal theory as
to whether it was in default under the terms of the Indenture,
if an "Event of Default" were to occur following the 60-day cure
period, the Trustee or holders of at least 25% in aggregate
principal amount of the Debentures then outstanding would have
the contractual right to declare all unpaid principal and
accrued interest on the Debentures then outstanding to be
immediately due and payable.

The Company believes that if an "Event of Default" was to occur
and the Debentures were accelerated, it has adequate financial
resources to pay any unpaid principal and any interest that
would then be due on the Debentures.

                       About Getty Images

Headquartered in Seattle, Washington, Getty Images Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                         *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.


GETTY IMAGES: 10-Q Filing Delay Cues S&P to Cut Rating to B+
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Seattle, Wash.-based visual imagery company Getty Images Inc.,
including lowering the corporate credit rating to 'B+' from
'BB', and placed the ratings on CreditWatch with developing
implications.

The rating and CreditWatch actions came after the company
announced that it had received notices from bondholders that its
delayed third-quarter SEC Form 10-Q filing constituted an event
of default.  CreditWatch with developing implications indicates
that the rating could be either raised or lowered.

As of Sept. 30, 2006, Getty had US$265 million of convertible
notes outstanding.

The bondholders in question claim to control 29% of the
outstanding notes.  At least 25% of the bondholders would be
required to accelerate the bonds.

"Although it is not clear whether the late filing would legally
constitute an event of default, the notices received present
heightened risk of an acceleration, and the contentious process
around this issue elevates credit risk," said Standard & Poor's
credit analyst Tulip Lim.

As of Sept. 30, 2006, the company had enough liquid resources to
service the obligation should it become payable.


HAMMOND WHITEOAK: Names T. Papanicola as Administrator
------------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Hammond Whiteoak Press Ltd. (Company Number 01147116) on
Nov. 20.

The administrator can be reached at:

         T. Papanicola
         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Hammond Whiteoak Press Ltd. can be reached at:

         424 Margate Road
         Ramsgate
         Kent CT12 6SR
         United Kingdom
         Tel: 01843 593 329
         Fax: 01843 586 023


IMPRESS3 LIMITED: Appoints Administrators from Kroll
----------------------------------------------------
P. F. Duffy and D. J. Whitehouse of Kroll were appointed joint
administrators of Impress3 Ltd. (Company Number 05322250) on
Nov. 21.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Impress3 Ltd. can be reached at:

         Calf Hall Mill
         Calf Hall Road
         Barnoldswick
         Lancashire BB18 5PX
         United Kingdom
         Tel: 0161 838 4500
         Fax: 0161 838 4501


INCO LTD: Forms Joint Venture with Germany's Sud-Chemie
-------------------------------------------------------
Inco Ltd. and Germany's Sud-Chemie AG agreed to join forces in
forming a new company that will produce and market emission-
control materials for the automotive industry, Canadian Press
relates.

According to the report, interests in the new joint venture
company -- Alantum -- will be divided equally between Inco ECM
GmbH, an indirect subsidiary of Inco Ltd., and Sud-Chemie.

Alantum will first focus on producing diesel oxidation catalyst
and diesel particulate filter applications for European car and
truck markets, Canadian Press relates.  Production is expected
to begin in 2008 and will take place at a new facility at Sud-
Chemie's site in Heufeld, Germany.

Sud-Chemie is a supplier of catalysts for the chemical and
refining industries and for environmental applications.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INEOS GROUP: Fitch Assigns B+ Rating on EUR1.63-Billion Notes
-------------------------------------------------------------
Fitch Ratigns assigned U.K.-based chemical producer Ineos Group
Holdings Plc an Issuer Default rating of BB- with Positive
Outlook.  At the same time, Fitch assigned Ineos' EUR1.63
billion 8.875% and US$700 million 8.5% senior unsecured notes
due 2016 ratings of B+.  The agency also assigned Ineos Holdings
Ltd.'s senior secured facilities a BB+ rating and its second
lien facilities a BB- rating.

"The BB- IDR reflects Ineos' moderate financial flexibility,
integrated business model and potential for operational
improvements," Kirsten O'Byrne, Associate Director in Fitch's
Leveraged Finance team disclosed.

"A leaner cost structure and a turnaround of below-average
utilization rates should place Ineos in a strong long-term
competitive position," Ms. O'Byrne added.

Although execution risk remains in relation to its restructuring
plans, the Positive Outlook reflects Fitch's expectations that
management will achieve the targeted cost savings.

An aggressive restructuring program is expected to deliver
EUR500 million of fixed cost savings by FY08, which are key to
the company's ability to maintain its current financial
flexibility and withstand the cyclical downturn that is expected
in 2008/9.  Ineos is 50% backward integrated into olefins, which
provides an adequate hedge on input price increases without
limiting its flexibility to optimize internal and external
sourcing in a down-cycle.

Scale and degree of integration are key operational parameters
that differentiate Ineos from its peers such as the more
integrated SABIC Europe and the less integrated Basell.

Over the next 1-2 years Fitch expects a continuation of current
favorable market conditions to support excess cash flow
generation and consequently senior debt prepayment and a
reduction in leverage.  At June 2006, total net leverage was
4.1x and cash interest was covered 3.4x with LTM pro forma
EBITDA of EUR2.03 billion.

Fitch expects FY06 EBITDA stable to LTM and funds from
operations of approximately EUR1.1 billion - 1.3 billion.  The
group's scale, as represented by its estimated 15% share of
European and North American polyolefin capacity and its status
as a top five global chemicals producer, provides for greater
access to a variety of sources of funding, which further
supports the rating.

The successful implementation of cost savings plans, which
should become evident in Ineos' FY07 results, ongoing strong
positive cash flow or substantial debt prepayment before FY08
could result in upward movement in the rating.

A reduction of total net leverage to below 3.5x would indicate
that Ineos could maintain its financial flexibility in the down-
cycle.  Conversely, a reduction of FFO below 9% of total
adjusted debt or leverage above 5x would place downward pressure
on the rating, as it would indicate more limited financial
flexibility.

The BB+ rating on the senior secured facilities reflects the
above-average recovery prospects for this instrument upon
default based on its ranking, security package and average
senior leverage.  The BB- rating on the second lien reflects
average recovery prospects and second-ranking security behind
the first priority senior secured creditors, including BP.

The B+ rating on the senior notes reflects their contractual and
structural subordination, junior collateral package and,
therefore, the more limited recoveries expected for this
instrument.

Ineos acquired Innovene from BP in December 2005.  The acquired
petrochemical, intermediate chemical and refining operations
were merged with Ineos' intermediate and specialty operations.
Ineos was established in 1998 by James Ratcliffe, a chemicals
entrepreneur, who owns a 57% stake in parent Ineos Capital Ltd.


J V BAKER: Appoints Administrator from Milsted Langdon
------------------------------------------------------
Timothy Alexander Close of Milstead Langdon was appointed
administrator of J.V. Baker Ltd. (Company Number 00358473) on
Nov. 22.

The administrator can be reached at:

         Timothy Alexander Close
         Milsted Langdon
         Winchester House
         Deane Gate Avenue
         Taunton
         Somerset TA1 2UH
         United Kingdom
         Tel: 01823 445566
         Fax: 01823 445555
         E-mail: risaacs@milsted-langdon.co.uk

J.V. Baker Ltd. can be reached at:

         Barrington Hill
         Broadway
         Ilminster
         Somerset TA19 9LW
         United Kingdom
         Tel: 01823 481 273
         Fax: 01460 573 35


LAKES & DALES: Leslie Ross Leads Liquidation Procedure
------------------------------------------------------
Leslie Ross of Grant Thornton U.K. LLP was appointed Liquidator
of Lakes & Dales Born & Bred Limited on Nov. 22 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Lakes & Dales Born & Bred Limited
         Raisgill Hall
         Tebay
         Penrith
         Cumbria CA103UB
         United Kingdom
         Tel: 015396 244 26
         Fax: 015396 244 95


LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
---------------------------------------------------------------
Lazard Ltd. has priced an offering of 13,000,000 shares of
Lazard Ltd Class A common stock at a price to the public of
US$45.42 per share.

Of the 13,000,000 shares, Lazard will sell 7,000,000 shares and
the selling shareholders will sell 6,000,000 shares.  Lazard
will not receive any proceeds from the sale of shares by its
selling shareholders.

Lazard also granted the underwriters a 30-day option to purchase
an additional 1,950,000 shares of common stock from the company
at the public offering price to cover over-allotments, if any.

Goldman, Sachs & Co. and Lazard Capital Markets were the
underwriters of the offering.  Copies of the final prospectus
relating to the offering may be obtained by contacting:

          Goldman, Sachs & Co.
          Prospectus Department
          85 Broad Street
          New York, NY 10004
          Tel: (212) 902-1171

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  In Europe, the firm maintains operations in
France, Germany, Spain and the United Kingdom, among others.

At June 30, 2006, the company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities
resulting in US$745 million stockholders' deficit.


NEPTUNE TELECOM: Names Robert Martin Rutherford Liquidator
----------------------------------------------------------
Robert Martin Rutherford of Parkin S Booth & Co. was appointed
Liquidator of Neptune Telecom Services Limited on Nov. 23 for
the creditors' voluntary winding-up proceeding.

Headquartered in Liverpool, England, Neptune Telecom Services
Limited -- http://www.nemesisnet.co.uk/-- provides
communications services including data sales, cabling and
testing, convergence and project management.


OVERSEAS SHIPHOLDING: Completes US$471-Bln Purchase of Maritrans
----------------------------------------------------------------
OversOverseas Shipholding Group Inc. completed the acquisition
of Maritrans Inc. for US$471 million.  The acquisition was made
pursuant to the definitive merger agreement between the
companies entered on Sept. 25, 2006.

At a special meeting of stockholders of Maritrans held on
Nov. 28 in Philadelphia, Pennsylvania, stockholders holding
greater than a majority of Maritrans' outstanding shares
approved and adopted the merger agreement.

Following the stockholder vote and in accordance with the merger
agreement, Maritrans was merged with a wholly owned subsidiary
of OSG, and each outstanding share of Maritrans' common stock
was converted into the right to receive US$37.50 per share in
cash.

Based on 12 million shares outstanding and the assumption of net
debt outstanding as of Sept. 30, 2006, the transaction is valued
at US$471 million.  OSG financed the acquisition with borrowings
under its revolving credit agreement and intends to repay up to
US$300 million of this amount from qualified withdrawals under
its Capital Construction Fund.  The transaction is expected to
be immediately accretive to OSG's earnings, before consideration
of any transaction synergies.  Maritrans will be renamed "OSG
America, Inc." in connection with the transaction.

As a result of the combination, OSG's U.S. Flag fleet now totals
35 operating and newbuild vessels that include handysize product
carriers, a car carrier, dry bulk carriers and articulated tug
barges.  OSG's U.S. Flag fleet provides U.S.-based companies
with a broad range of short haul and long haul transportation
and lightering services.  The strategic acquisition also gives
OSG a presence in all four major U.S. trading routes: intra
U.S.-Gulf, U.S. Gulf to the East Coast, U.S. Gulf to the West
Coast and the Alaskan North Slope trades.

"We view having a leading presence in the Jones Act trade as
integral to our long-term strategy of growth and
diversification," Morten Arntzen, President and Chief Executive
Officer of OSG, commented.  "As a leading player in the U.S.
coastwise trade, we can provide commercial and government
customers a diversified portfolio of services.  Our fleet of
high quality tankers and barges coupled with an experienced team
of more than 930 sea and shore-based professionals, enables us
to continue to provide superior customer service as well as
serving as a platform for future expansion."

"The predominantly medium and long-term nature of U.S. Flag
revenues support our balanced chartering strategy, thus
enhancing the stability of OSG's future earnings overall,"
stated Myles Itkin, Executive Vice President and Chief Financial
Officer of OSG.  "Additionally, OSG derives substantial economic
benefit by being able to apply its CCF fund to this
transaction."

Jonathan P. Whitworth, 39, appointed Senior Vice President of
OSG and Head of the U.S. Flag Strategic Business Unit in
conjunction with the transaction, commented, "Since 1998,
Maritrans has been actively engaged in a double-hull rebuilding
program aimed at ensuring that its Jones Act fleet is 100%
compliant with the U.S. Oil Pollution Act of 1990.  Maritrans'
patented barge rebuilding process allows articulated tug barges
to be converted at a significant cost advantage.  The rebuild
and newbuild programs of the newly combined Company comprise
thirteen vessels, including the Overseas Houston, which will be
delivered next month and has been chartered to Shell, and the
articulated tug and barge unit, the Overseas Vision and M350,
which is scheduled to deliver late next year and commence a
long-term charter to Sunoco.  The newbuild program with vessels
delivering through 2010 provides needed tonnage in the Jones Act
trade, which is facing a significant phase-out of non-OPA
compliant vessels."

Mr. Whitworth will lead OSG's U.S. Flag strategic business unit
from its offices in Tampa, Florida and will report directly to
Mr. Arntzen.  The management team of OSG's U.S. Flag unit
includes Eric F. Smith, 41, who previously led the unit, as
Chief Commercial Officer and Head of Government Affairs, Jack
Robinson, 57, as Vice President Marine Operations, Christopher
J. Flanagan, 47, as Vice President Marine Technical, Norman D.
Gauslow, 60, as Vice President Marine Labor Relations and
Matthew J. Yacavone, 39, as Vice President Business Development.

                        About Maritrans

Headquartered in Tampa, Florida, Maritrans Inc., (NYSE: TUG)
-- http://www.maritrans.com/-- is a U.S.-based company with a
78-year commitment to building and operating petroleum transport
vessels for the U.S. domestic trades.  Maritrans employs a fleet
of 11 ATBs, five product carriers, two of which have been
redeployed to transport non-petroleum cargoes, and three large
ATBs under construction.  Approximately 75% of the company's oil
carrying fleet capacity is double-hulled with a fleet capacity
aggregating approximately 3.4 million barrels, 79% of which is
barge capacity.  Maritrans maintains an office in the
Philadelphia area.

                 About Overseas Shipholding

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Manila, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 22,
Moody's Investors Service's confirmed Overseas Shipholding
Group, Inc.'s Ba1 Corporate Family Rating.


P J TOOL: Hires Administrator from Butcher Woods
------------------------------------------------
Roderick Graham Butcher of Butcher Woods Ltd. was appointed
administrator of P J Tool & Mouldings Co. Ltd. (Company Number
03851917) on Nov. 23.

The administrator can be reached at:

         Roderick Graham Butcher
         Butcher Woods Ltd.
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Headquartered in Stourbridge, P J Tool & Mouldings Co. Ltd.
manufactures plastic injection mouldings.


PARSELL MINNI-DIE: Calls In Liquidators from Blades Insolvency
--------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services was appointed Liquidator of Parsell Minni-Die Limited
on Nov. 24 for the creditors' voluntary winding-up proceeding.

Headquartered in Nottingham, England, Parsell Minni-Die Limited
-- http://www.parsellminni-die.com/-- manufactures Minni-Die
C-Frame unitized hole punching, notching and cropping tools for
sheet metals, cold rolled sections, hot rolled sections and
aluminium extrusions.


PROJECT SOLUTIONS: Creditors' Claims Due Jan. 31, 2007
------------------------------------------------------
Creditors of Project Solutions Europe Limited have until
Jan. 31, 2007, to send in their full names and addresses, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
William Antony Batty at:

         Antony Batty & Co.
         Third Floor
         3 Field Court
         Gray's Inn
         London WC1R 5EF
         United Kingdom

The company can be reached at:

         Project Solutions Europe Limited
         Unit 17
         Cam Square
         Wilbury Way
         Hitchin
         Hertfordshire SG4 0TZ
         United Kingdom
         Tel: 01462 442 644


R-BAR AND RESTAURANT: Brings In E J Stonham as Administrator
------------------------------------------------------------
E. J. Stonham of Stonham.Co was appointed administrator of R-Bar
and Restaurant Ltd. (Company Number 04712341) on Nov. 20.

The administrator can be reached at:

         E.J. Stonham
         Stonham & Co.
         13 Southgate
         Chichester
         West Sussex PO19 1ES
         United Kingdom
         Tel: 01243 839000

R-Bar and Restaurant Ltd. can be reached at:

         High Street
         Hamble
         Southampton
         Hampshire SO3 14HA
         United Kingdom
         Tel: 023 8045 4314


RION LIMITED: Taps Kroll as Joint Administrators
------------------------------------------------
Stuart Charles Edward Mackellar and Simon Wilson of Kroll Ltd.
were appointed joint administrators of Rion (U.K.) Ltd. (Company
Number 05570544) on Nov. 23.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Rion (U.K.) Ltd. can be reached at:

         Lowton Wy
         Hellaby
         Rotherham
         South Yorkshire S66 8RY
         United Kingdom
         Tel: 017 0970 3703
         Fax: 017 0970 0880


ROADCHEF FINANCE: Fitch Affirms BB Rating on GBP42-Million Notes
----------------------------------------------------------------
Fitch Ratings affirmed all notes of RoadChef Finance Ltd., after
reviewing the transaction's latest reported financial
performance in the fourth quarter ended Sept. 24, 2006:

   -- Class A1 GBP16.63 million secured floating-rate notes due
      2008 (ISIN XS0092873024) at BBB;

   -- Class A2 GBP133 million secured 7.418% fixed-rate notes
      due 2023 (ISIN XS0092874691) at BBB; and

   -- Class B GBP42 million secured 8.015% fixed-rate notes due
      2026 (ISIN XS0092874857) at BB.

RoadChef's trailing 12 months EBITDA remained flat at GBP27.5
million despite a double-digit growth experienced in the Costa
Coffee format, which now represents 37% of catering sales.
Fitch continues to view that Costa's growth is having a
cannibalizing effect on other catering formats sales,
particularly the unbranded business and has already presented an
analysis of those issues in a performance report published on 25
May 2006 entitled "Caffeine Dependent".

The volume of fuel sales continues to suffer from the increased
price differential between fuel sold in RoadChef's motorways
services and supermarkets.  Despite this, forecourt retail sales
grew by 1.8%.  Other business lines' sales remained flat.

The transaction's EBITDA debt service coverage ratio is
currently at 1.36x against 1.37x last year, due to a slight
increase in debt service.


ROUTEONE SOLUTIONS: Hires Alun Evans to Liquidate Assets
--------------------------------------------------------
Alun Evans of Bevan & Buckland was appointed Liquidator of
Routeone Solutions Ltd. on Nov. 22 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Routeone Solutions Ltd.
         Fitzalan Place
         Cardiff
         South Glamorgan CF240ED
         United Kingdom
         Tel: 029 2046 4111
         Fax: 029 2046 2111


ROYAL & SUN: Forming Joint Venture with Direct Insurance
--------------------------------------------------------
Royal & Sun Alliance Insurance Group plc discloses of the
signing of a framework agreement with Direct Insurance Financial
Investments, to form a Joint Venture to access markets in
Eastern Europe and Russia.

The Joint Venture will own Link4, the market leading direct
insurance operation in Poland, and has plans to replicate this
successful business model in the Czech Republic and Russia.  The
proposed investment is consistent with the Group's emerging
markets' strategy and will accelerate delivery of a direct
personal lines proposition in the region.

The agreement is non-binding and subject to confirmatory due
diligence by R&SA. On satisfactory completion of this review,
R&SA will pay GBP44 million in cash for a 50% shareholding in
and joint control of the Joint Venture.  Going forward, Royal &
SunAlliance will invest a further GBP44 million to fund future
growth of the venture, matching DIFI's current investment.

"This is an exciting opportunity to invest in the number 1
direct insurer in the Polish market and a strong base from which
to export this successful model into other attractive markets,
Paul Whittaker, CEO of R&SA's Emerging Markets, commented.  "I
look forward to combining the Group's technical excellence with
DIFI's track record of quickly establishing and building leading
positions in new markets."

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


RSG INSULATION: Claims Filing Period Ends Jan. 5, 2007
------------------------------------------------------
Creditors of RSG Insulation Services Limited have until
Jan. 5, 2007, to send their names and addresses with particulars
of their debts or claims to appointed Joint Liquidator
David Moore at:

         Begbies Traynor
         No.1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

The company can be reached at:

         RSG Insulation Services Limited
         Whitnalls 1st Floor
         Cotton House
         Old Hall Street
         Liverpool
         Merseyside L3 9TX
         United Kingdom
         Tel: 0151 547 2881


RSR FRONT: Brings In Administrators from Berg Kaprow
----------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of RSR Front
(U.K.) Ltd. (Company Number 05219169) on Nov. 20.

The administrators can be reached at:

         Stewart Trevor Bennett and James Preston Bradney
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121

RSR Front (U.K.) Ltd. can be reached at:

         34-35 Eastcastle Street
         London W1W 8DW
         United Kingdom
         Tel: 020 7436 8484
         Fax: 020 7436 8434


SCOTIA SERVICES: Taps Liquidator from Price & Co.
-------------------------------------------------
Alan R. Price of Price & Co. was appointed Liquidator of Scotia
Services and Railway Civil Engineering Limited on Nov. 21 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Scotia Services And Railway Civil Engineering Limited
         15 Glade Close
         Northampton
         Northamptonshire NN3 9SN
         United Kingdom
         Tel: 01604 403 331
         Fax: 01604 413 334


SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes
-------------------------------------------------------------
Scottish Re Group Limited has executed an amendment to its bank
credit facility agreement that permits a payment of up to US$115
million from Scottish Annuity & Life Insurance Company (Cayman)
Ltd. to Scottish Re Group Limited.

The payment was transferred to Scottish Re Group Limited on
Monday, Dec. 4, 2006.

These actions will enable the Company to repurchase the US$115
million 4.5% convertible notes should the holders elect to
exercise their put options.  The repurchase will occur today,
Dec. 6.

                        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: NYSE ARCA to Remove Securities on December 12
-------------------------------------------------------------
The New York Stock Exchange Arca Inc. notified the U.S.
Securities and Exchange Commission that it intends to remove the
entire Class A and Class B common shares of Sea Containers,
Ltd., from listing and registration on the NYSE Arca at the
opening of business on Dec. 12, 2006.

The NYSE Arca believes that the securities are no longer
suitable for continued listing and trading after a review by the
NYSE Regulation indicated that SCL delayed the filing of its
Form 10-K for Dec. 31, 2005 and certain 2006 Form 10-Q filings
with the SEC.  SCL was unable to give any assurance as to when
the delayed reports may be available for filing because of,
among others, SCL's focus on developing a restructuring plan.

The NYSE had previously determined that the Securities should be
suspended from trading and filed with the SEC an application to
remove the Securities from listing and registration on the NYSE
Arca.  SCL was notified of the decision on Sept. 29 and had a
right to appeal the determination to de-list its Securities to a
Committee of the Board of Directors, provided that it file a
written request for a review with the Secretary of the NYSE
Arca.

SCL did not do so within the specified time period and the
Securities were suspended from trading on Oct. 3.

The NYSE Arca also intends to remove these four classes of
senior notes from their listing:

   (1) 10-3/4% Series B Senior Notes due Oct. 15, 2006,
   (2) 7-7/8% Series B Senior Notes due Feb. 15, 2008,
   (3) 12-1/2% Senior Notes due Dec. 1, 2009, and
   (4) 10-1/2% Senior Notes due May 15, 2012.

                      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. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Wants to Hire Appleby Hunter as Special Counsel
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware for authority to employ Appleby Hunter Bailhache as
their special counsel for Bermuda legal matters, nunc pro tunc
to Oct. 15, 2006.

Edwin S. Hetherington, vice president, general counsel, and
secretary of Sea Containers Ltd., relates that Appleby has
served as the Debtors' outside Bermudian counsel on matters
including corporate and securities law and general litigation
since 1974.

Mr. Hetherington tells Judge Carey that that the firm's
professionals have become very familiar with the Debtors and
their business affairs, and have gained extensive experience in
most aspects of the Debtors' general legal work and needs.

Specifically, Appleby will:

   -- continue to advise and represent SCL in accordance to its
      prior representation; and

   -- advise and represent the Debtors with respect to SCL's
      Bermuda insolvency proceeding and other matters that may
      arise in the Debtors' Chapter 11 cases or the Bermuda
      proceeding in the ordinary course of operations.

Appleby will be paid for its services based on the firm's
customary hourly rates:

         Professionals             Hourly Rate
         -------------             -----------
         Partners                  US$400 - US$625
         Associates                US$200 - US$590
         Paraprofessionals         US$125 - US$260

The firm will also be reimbursed for necessary out-of-pocket
expenses.

Mr. Hetherington relates that Appleby has received a
replenishing prepetition retainer with a remaining balance of
US$183,856 for providing the Debtors with representation on
Bermuda legal matters prior to the Petition Date.  In addition
to the retainer, Appleby has also received US$205,941 from the
Debtors on account of services rendered regarding the Bermuda
legal matters.

Jennifer Yolande Fraser, Esq., a partner at Appleby, assures the
Court that her firm does not hold any interest adverse to
Debtors or their estates with respect to the matters on which it
is to be employed.

Ms. Fraser can be contacted at:

      Jennifer Y. Fraser, Esq.
      Appleby Hunter Bailhache
      Canon's Court, 22 Victoria Street
      P.O. Box HM 1179
      Hamilton HM EX, Bermuda
      Tel: (441) 295-2244
      Fax: (441) 292-8666
      http://www.applebyglobal.com/

                      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. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SHAW GROUP: S&P Holds BB Rating & Removes Negative CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
Oct. 2006.  The outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.

The affirmation comes after the acquisition of a 20% interest in
the Toshiba Corp.-led purchase of Westinghouse Electrical
Company by Shaw subsidiary Nuclear Energy Holdings LLC.

"Ratings are not immediately affected by the acquisition due
largely to the put option rights NEH holds," said Dan Picciotto,
Standard & Poor's credit analyst.

These rights allow NEH to sell all or part of its ownership
interest to Toshiba prior to maturity of the bonds.

Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com/-- is a global provider of services to
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure (E&I); Energy &
Chemicals (E&C); Maintenance, and Fabrication, Manufacturing &
Distribution (F&M).  In January 2005, the company sold
substantially all of the assets of its Shaw Power Technologies,
Inc. and Shaw Power Technologies International, Ltd. units to
Siemens Power Transmission and Distribution Inc., a unit of
Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


SOUTH COAST: Taps Portland Business as Administrators
-----------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of South Coast Maintenance Ltd. (Company Number 5545799) on
Nov. 14.

The administrators can be reached at:

         James Richard Tickell and Carl Derek Faulds
         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

South Coast Property Maintenance Ltd. can be reached at:

         8 The Old Flour Mill
         Queen Street
         Emsworth
         Hampshire PO10 7BT
         United Kingdom
         Tel: 01489 550 440


STAPLEWOOD SERVICES: Swift Fire Taps MPH Recovery as Receiver
-------------------------------------------------------------
Swift Fire & Security Group PLC appointed Martin Paul Halligan
of MPH Recovery joint administrative receiver of Staplewood
Services Ltd. (Company Number 3422093) on Nov. 17.

The administrative receiver can be reached at:

         Martin Paul Halligan
         MPH Recovery
         9 Campus Road
         Listerhills Science Park
         Bradford
         West Yorkshire BD7 1HR
         United Kingdom
         Tel: 01274 370070

Headquartered in Bristol, England, Staplewood Consulting Ltd.
installs integrated electronic security systems.


TA CAR: Claims Registration Ends Feb. 20, 2007
----------------------------------------------
Creditors of Ta Car Sales Limited have until Feb. 20, 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 Joint
Liquidator Gerald Maurice Krasner at:

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

The company can be reached at:

         Ta Car Sales Limited
         Higher Road
         Urmston
         Manchester
         Lancashire M41 9AP
         United Kingdom
         Tel: 0161 748 0642
         Fax: 0161 747 8002


VACANCY FIELD: Liquidator Sets Feb. 23, 2007 Claims Bar Date
------------------------------------------------------------
Creditors of Vacancy Field Limited have until Feb. 23, 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
Gerald Maurice Krasner at:

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

The company can be reached at:

         Vacancy Field Limited
         Level
         7 West Gate
         London W5 1DR
         United Kingdom
         Tel: 020 8991 3388
         Fax: 020 8799 0393


WASTE BY WATER: Hires Susan Joy Casey as Liquidator
---------------------------------------------------
Susan Joy Casey of J Casey & Co. was appointed Liquidator of
Waste By Water Limited on Nov. 24 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Waste By Water Limited
         132 Bognor Road
         Chichester
         West Sussex PO197TQ
         United Kingdom
         Tel: 01243 780 360


WOODLAND LEISURE: Brings In Butcher Woods as Administrator
----------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
administrator of Woodland Leisure Ltd. (Company Number 04537121)
on Nov. 23.

The administrator can be reached at:

         Roderick Graham Butcher
         Butcher Woods Ltd.
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Headquartered in Stourbridge, England, Woodland Leisure Ltd.
manufactures garden furniture.


WOODVALE EVENTS: Brings In Administrator from Begbies Traynor
-------------------------------------------------------------
I. E. Walker of Begbies Traynor was appointed administrator of
Woodvale Events Ltd. (Company Number 03516250) on Nov. 20.

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

Headquartered in Newton Abbot, England, Woodvale Events Ltd.
organizes events for ocean rowing races.


WRDCLOGSYS LIMITED: Taps Joint Administrators from PwC
------------------------------------------------------
Stephen Andrew Ellis and Ian David Stokoe of
PricewaterhouseCoopers LLP were appointed joint administrators
of Wrdclogsys Ltd. (Company Number 03873915) on Nov. 22.

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

Wrdclogsys Ltd. can be reached at:

         Ebor Court
         Westgate
         Leeds
         West Yorkshire LS1 4ND
         United Kingdom
         Tel: 0113 245 4788

                           *********

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
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