TCREUR_Public/061207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, December 7, 2006, Vol. 7, No. 243

                            Headlines


A U S T R I A

ANGEL GEBAUDEREINIGUNG: Vienna Court Orders Business Shutdown
ATLANTIS PERSONALLEASING: Vienna Court Shuts Down Business
ARTIFEX-COMMUNICATIONS: Creditors' Meeting Slated for Dec. 19
ENTSORGUNGSPROFI PARADEISER: Creditors' Meeting Set for Dec. 13
JOHANN BRUNNER: St. Poelten Court Orders Branch Closure

JOHANN MEISTER: Property Manager Declares Insufficient Assets
MP FRAISSL: Linz Court Orders Business Shutdown
PONZER TRANSPORT: Property Manager Declares Insufficient Assets
POSTILLON SPEDITION: Creditors' Meeting Slated for December 20
PREISITZ LLC: Leoben Court Orders Business Closure


C Y P R U S

SHIP FINANCE: Hires Moore Stephens P.C. as Auditors
SHIP FINANCE: Hikes Ordinary Cash Dividend to US$0.53 per Share
SHIP FINANCE: Earns US$45.72 Million for Third Quarter 2006
SHIP FINANCE: S&P Lifts Rating to BB on Predictable Cash Flows


F R A N C E

ALCATEL-LUCENT: S&P Cuts Debt Ratings to BB- on Merger Approval
ALCATEL-LUCENT: Alenia Unit Inks EUR661-Mln Deal with Globalstar
ALCATEL-LUCENT: Inks Deal to Test Maxis Communications' WiMAX
LEAR CORP: Moody's Lifts Ratings on Unit's Asset Disposal
LUCENT TECHNOLOGIES: S&P Lifts Junk Ratings Following Merger

MOSAIC COMPANY: Completes US$2 Billion Refinancing
NEVRAX FRANCE: Gamers Start Campaign to Buy Out Bankrupt Firm
NEXANS S.A.: Completes Deal to Acquire Olex for AU$515 Million
NEXANS S.A.: S&P Affirms Low-B Ratings on Acquisition Closing


G E R M A N Y

AKTAON VERMOEGENSVERWALTUNGS: Claims Registration Ends Dec. 14
DAIMLERCHRYSLER AG: Eyes 24% Beiqi Foton Stake for CNY817 Mln
DAIMLERCHRYSLER: Chrysler's Joe Eberhardt Moves to Mercedes-Benz
IMTM INNOVATIVE: Claims Registration Ends December 11
JOSEF MOTTER: Claims Registration Ends December 12

KABEL DEUTSCHLAND: Moody's Keeps Stable Outlook on Ba3 Rating
KAMO-BAU: Claims Registration Ends December 13
KOCH TRANSPORTTECHNIK: Claims Registration Ends December 13
KURT BUCHLOH: Claims Registration Ends December 15
LEAR CORP: Moody's Lifts Ratings on Unit's Asset Disposal

PRESTIGE BEKLEIDUNGSGESELLSCHAFT: Claims Bar Date Ends Dec. 15
PROMISE-C: Fitch Keeps BB Rating on EUR6.5-Million Class E Notes
PROMISE-I: Fitch Affirms BB Rating on EUR11.5-Mln Class E Notes
SCHLEUTER VERWALTUNGS: Claims Registration Ends December 13
SCHUH-RAUSCH: Creditors' Meeting Slated for December 13

STATION PARK: Creditors' Meeting Slated for December 13


H U N G A R Y

BORSODCHEM NYRT: Returned Shares Hike Treasury Stock


I T A L Y

IT HOLDING: Moody's Affirms B3 Rating on Improved Performance


K A Z A K H S T A N

AIKO LTD: Almaty Court Opens Bankruptcy Proceedings
ALEX-TRADE LLP: Creditors' Claims Due Jan. 10, 2007
ATYRAU CONSTRUCTION: Claims Filing Period Ends Jan. 10, 2007
GAUHAR LLP: Claims Registration Ends Jan. 12, 2007
JAN-U-BEK: Creditors' Claims Due Jan. 12, 2007

KAMBIZ TRADING: Court Begins Bankruptcy Proceedings
MECHANOMONTAGE OJSC: Creditors' Claims Due Jan. 12, 2007
MEGATEKS LLP: Claims Filing Period Ends Jan. 12, 2007
MONTAJNIK LTD: Claims Registration Ends Jan. 12, 2007
NAD FURNITURE: Proof of Claim Deadline Slated for Jan. 12, 2007


K Y R G Y Z S T A N

ELADA-SERVICE LLC: Creditors' Claims Due Jan. 17, 2007
SHAKE HAND: Claims Filing Period Ends Jan. 19, 2007
TRANSPORT LINE: Claims Registration Ends Jan. 24, 2007
VITTA LLC: Creditors Must File Claims by Jan. 19, 2007


N E T H E R L A N D S

ALCATEL-LUCENT: S&P Cuts Debt Ratings to BB- on Merger Approval
ALCATEL-LUCENT: Alenia Unit Inks EUR661-Mln Deal with Globalstar
ALCATEL-LUCENT: Inks Deal to Test Maxis Communications' WiMAX


N O R W A Y

AKER KVAERNER: Inks Deals to Modify Norsk Hydro's Brage Platform
SHIP FINANCE: Hires Moore Stephens P.C. as Auditors
SHIP FINANCE: Hikes Ordinary Cash Dividend to US$0.53 per Share
SHIP FINANCE: Earns US$45.72 Million for Third Quarter 2006
SHIP FINANCE: S&P Lifts Rating to BB on Predictable Cash Flows


P O L A N D

BORSODCHEM NYRT: Returned Shares Hike Treasury Stock


R U S S I A

ADAMANTAN-FURNITURE: Court Names I. Gorn as Insolvency Manager
AIR-SERVICE: Moscow Court Names I. Gorn as Insolvency Manager
BIVERST CJSC: Court Starts Bankruptcy Supervision Procedure
CHILDREN FASHION-KLIN: Court Names I. Gorn as Insolvency Manager
CHUKHLOMSKIY WOOD: Asset Sale Slated for December 19

CHUPINSKIY ORE: Court Names I. Benyaminov as Insolvency Manager
DIAMOND CJSC: Court Names S. Suvorov as Insolvency Manager
ELETSKAYA TOBACCO: Lipetsk Bankruptcy Hearing Slated for Feb. 15
KIRSANOV-AUTO-TRANS: Tambov Court Starts Bankruptcy Supervision
LARGE-GRAIN BUILDING: Court Names I. Gorn as Insolvency Manager

LENINSKOYE OJSC: Orenburg Bankruptcy Hearing Slated for Dec. 12
MIKHAYLOVSKIY DIARY: Court Names E. Bogdanov to Manage Assets
ORENBURGSKAYA OIL-GAS: Names S. Pototskaya to Manage Assets
PROMSVYAZBANK: Fitch Changes Outlook on B+ IDR to Positive
SPIROVO-WOOD CJSC: Court Names A. Lebedev as Insolvency Manager

TEBLESHSKIY FLAX: Tver Court Names B. Yun as Insolvency Manager
TNK-BP HOLDING: US$1-Billion Loan Attracts Little Interests


S W I T Z E R L A N D

AR-BAU: Liestal Court Suspends Bankruptcy Proceedings
ARTPOWER LLC: Zug Court Suspends Bankruptcy Proceedings
DISCOUNT LINE: Zug Court Suspends Bankruptcy Proceedings
DURMULLER & SOHN: Luzern-Land Court Closes Bankruptcy Process
F & R GASTRO: Luzern-Land Court Closes Bankruptcy Process

HCA INC: Earns US$240 Million in Quarter Ended Sept. 30
JEANS STATION: Binningen Court Suspends Bankruptcy Proceedings
ROHRER GENERALBAUUNTERNEHMUNG: Court Closes Bankruptcy Process
SCHMID INFORMATIK: Court Closes Bankruptcy Proceedings
SWIBRAS JSC: Liestal Court Starts Bankruptcy Proceedings

ZENTRAL-TRANS: Willisau Court Starts Bankruptcy Proceedings


U K R A I N E

MOSAIC COMPANY: Completes US$2 Billion Refinancing
TNK-BP HOLDING: US$1-Billion Loan Attracts Little Interests


U N I T E D   K I N G D O M

AGENDA LEISURE: Up for Sale as Going Concern
AKER KVAERNER: Inks Deals to Modify Norsk Hydro's Brage Platform
ALPRO PRODUCTS: Brings In Begbies Traynor as Administrators
ASSET CONSTRUCTION: Creditors Confirm Liquidator's Appointment
B-LIVE ENTERTAINMENT: Appoints Gordon Craig to Administer Assets

BETTA STATIONERS: Appoints Barry P. Knights as Liquidator
BRAVO! FOODS: Sept. 30 Balance Sheet Upside-Down by US$35.6 Mln
BRECONRIDGE MANUFACTURING: Administrators Begin Asset Sale
CONTRACT GAS: Taps Lloyd Biscoe to Liquidate Assets
EASTMAN KODAK: Posts US$37 Mil. Net Loss in 2006 Third Quarter

ENRON CORP: Plaintiffs Barred from Prosecuting Derivative Claims
ENRON CORP: Court Approves Deseret Generation Settlement Pact
FELDAROLL FOUNDRY: Taps Smith & Williamson as Administrators
FLOWER SHOP: John Paul Bell Leads Liquidation Procedure
FORD MOTOR: Moody's Junks US$3-Billion Senior Convertible Notes

FORD MOTOR: Fitch Assigns B/RR4 Ratings to US$3-Billion Notes
FORD MOTOR: S&P Junks Rating on Proposed US$3-Bil. Senior Debt
FORD MOTOR: November U.S. Sales Down 10% Compared with Last Year
FORD SMITH: Brings In D. L. Platt to Liquidate Assets
GENERAL MOTORS: Kerkorian Sells Remaining 5% Stake to BofA

HCA INC: Earns US$240 Million in Quarter Ended Sept. 30
J EDWARDS: Brings In Joint Administrators from Tenon Recovery
KASHMALA AND ZARA: Names Harjinder Johal Liquidator
KEYSTONE MEDIA: Brings In Mazars LLP to Administer Assets
MARSHALL STREET: Hires J. N. Bleazard as Liquidator

MASTERPLAN PUBLISHING: Creditors' Claims Due Jan. 30, 2007
NORLAND HALIFAX: Joint Liquidators Take Over Operations
NTL INC: Declares Lack of Interest in Making ITV Offer
P & H CONTRACT: Appoints Vantis as Joint Administrators
RADIX MICRO: Calls In Liquidators from BRI Business Recovery

REFCO INC: To Present 16 Witnesses at Plan Confirmation Hearing
REFCO INC: Ch. 11 Trustee Wants US$101MM JPMorgan Claim Settled
S.P.C. MOULDS: Claims Filing Period Ends Feb. 23, 2007
SEA CONTAINERS: Wants Richards Butler as Special Foreign Counsel
SGM GROUP: Deloitte Selling Grass-Cutting Equipment Maker

SOLUTIA INC: Court Approves January 15 Plan-Filing Deadline
SOUTHWARK LAND: Creditors Confirm Liquidator's Appointment
SURE GB: Appoints Administrator from K J Watkin
T & C ELECTRICAL: Claims Registration Ends May 24, 2007
TONIC DESIGN: Taps Menzies to Administer Assets

UNIVERSAL GRINDING: Appoints Administrators from Vantis
VISION METALCRAFT: Appoints Liquidator from Findlay James
WHITEOAK PRESS: Names T. Papanicola as Administrator

* Fitch Eyes Further Slump in Credit Profiles for Auto Suppliers

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ANGEL GEBAUDEREINIGUNG: Vienna Court Orders Business Shutdown
-------------------------------------------------------------
The Trade Court of Vienna entered Oct. 18 an order shutting down
the business of LLC Angel Gebaudereinigung (FN 238704k).  Court-
appointed property manager Michael Neuhauser 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. Michael Neuhauser
         c/o Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 8 (Bankr. Case No. 3 S 129/06z).  Stefan Jahns
represents Mag. Neuhauser in the bankruptcy proceedings.


ATLANTIS PERSONALLEASING: Vienna Court Shuts Down Business
----------------------------------------------------------
The Trade Court of Vienna entered Oct. 18 an order shutting down
the business of LLC Atlantis Personalleasing (FN 259713g).
Court-appointed property manager Guenther Hoedl 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. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         E-mail: Hoedl@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 14 (Bankr. Case No. 2 S 140/06k).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


ARTIFEX-COMMUNICATIONS: Creditors' Meeting Slated for Dec. 19
-------------------------------------------------------------
Creditors owed money by LLC ARTIFEX-COMMUNICATIONS (FN 98357v)
are encouraged to attend the creditors' meeting at 11:00 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 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 4 S 89/06z).  Karl F. Engelhart
serves as the court-appointed property manager of the bankrupt
estate.  Daniel Lampersberger represents Dr. Engelhart in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

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


ENTSORGUNGSPROFI PARADEISER: Creditors' Meeting Set for Dec. 13
---------------------------------------------------------------
Creditors owed money by LLC Entsorgungsprofi Paradeiser (FN
172121w) are encouraged to attend the creditors' meeting at
9:30 a.m. on Dec. 13 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Horn, Austria, the Debtor declared bankruptcy
on Oct. 18 (Bankr. Case No. 9 S 51/06g).  Alois Autherith serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Alois Autherith
         Utzstrasse 13
         3500 Krems, Austria
         Tel: 02732/83485
         Fax: 02732/83485-10
         E-mail: advoc.autham@netway.at


JOHANN BRUNNER: St. Poelten Court Orders Branch Closure
-------------------------------------------------------
The Land Court of St. Poelten entered Oct. 17 an order closing
the Bureu branch of LLC Johann Brunner & Co (FN 21856t).  Court-
appointed property manager Walter Anzboeck recommended the
business closure after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Neuaigen, Austria, the Debtor declared
bankruptcy on Oct. 9 (Bankr. Case No. 14 S 165/06i).


JOHANN MEISTER: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Michael Schwarz, the court-appointed property manager for
LLC Johann Meister (FN 56451t), declared Oct. 17 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of St. Poelten is yet to rule on the property
manager's claim.

Headquartered in Herzogenburg, Austria, the Debtor declared
bankruptcy on March 13 (Bankr. Case No. 14 S 48/06h).

The property manager can be reached at:

         Dr. Michael Schwarz
         Josefstrasse 13
         3100 St. Poelten, Austria
         Tel: 02742/72222
         Fax: 02742/72222-10
         E-mail: kanzlei@tws-rae.at


MP FRAISSL: Linz Court Orders Business Shutdown
-----------------------------------------------
The Land Court of Linz entered Oct. 18 an order shutting down
the business of LLC MP Fraissl (FN 250192f).  Court-appointed
property manager Georg Maxwald 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. Georg Maxwald
         Dametzstrasse 51
         4020 Linz, Austria
         Tel: 77 11 41
         Fax: 78 30 44
         E-mail: maxwald-bauer@aon.at

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 13 (Bankr. Case No. 12 S 88/06p).


PONZER TRANSPORT: Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Dr. Walter Anzboeck, the court-appointed property manager for
LLC Ponzer Transport- u. Transportvermittlung (FN 168765i),
declared Oct. 17 that the Debtor's property is insufficient to
cover creditors' claim.

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

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

The property manager can be reached at:

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


POSTILLON SPEDITION: Creditors' Meeting Slated for December 20
--------------------------------------------------------------
Creditors owed money by LLC Postillon Spedition (FN 251230g) are
encouraged to attend the creditors' meeting at 8:30 a.m. on
Dec. 20 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         2nd Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 18 (Bankr. Case No. 44 S 36/06b).  Karin
Wintersberger serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Dr. Karin Wintersberger
         Getreidegasse 31
         5020 Salzburg, Austria
         Tel: 0662/844202
         Fax: 0662/84420244
         E-mail: office@drw.at


PREISITZ LLC: Leoben Court Orders Business Closure
--------------------------------------------------
The Land Court of Leoben entered Oct. 17 an order closing the
business of LLC Preisitz (FN 79281s).  Court-appointed property
manager Werner Seifried recommended the business closure after
determining that the continuing operations would reduce the
value of the estate.

The property manager can be reached at:

         Mag. Werner Seifried
         Burggasse 40
         8750 Judenburg, Austria
         Tel: 03572-82127
         Fax: 03572-82127-4
         E-mail: mag.seifried@derAnwalt.or.at

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on Sept. 28 (Bankr. Case No. 17 S 73/06p).


===========
C Y P R U S
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SHIP FINANCE: Hires Moore Stephens P.C. as Auditors
---------------------------------------------------
Ship Finance International Limited reveals that at the 2006
Annual General Meeting of the company on Dec. 1, 2006, these
resolutions were passed to:

   -- reelect Tor Olav Troim as a Director;

   -- reelect Paul Leand Jr. as a Director;

   -- reelect Kate Blankenship as a Director;

   -- appoint Moore Stephens, P.C. as auditors and to
      authorize the Directors to determine their remuneration;

   -- approve an amendment to the Company's Bye-law 104. to
      change the requirements for the form of, and signatories
      to, the seal of the Company.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, Moody's Investors
Service affirmed Ship Finance International Ltd.'s ratings,
including the Ba3 Corporate Family Rating, the Ba2 Senior
Secured Bank Credit Facilities and the B1 Senior Unsecured Notes
rating.  Moody's said the ratings outlook remains stable.


SHIP FINANCE: Hikes Ordinary Cash Dividend to US$0.53 per Share
---------------------------------------------------------------
The Board of Directors of Ship Finance International Ltd.
reviewed the long-term prospects for the Company including its
significant fixed charter backlog and growth prospects, and
decided to increase the ordinary cash dividend basis from
US$0.45 per share to US$0.50 per share.

In addition, the Board of Directors decided to pay a
supplementary extraordinary dividend of US$0.03 per share,
bringing the total dividend payment for the quarter to US$0.53
per share.

The dividend will be paid on Dec. 21, to shareholders of record
as of Dec. 7. The ex dividend date is Dec. 5, 2006.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Moody's
Investors Service affirmed Ship Finance International Ltd.'s
ratings, including the Ba3 Corporate Family Rating, the Ba2
Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  The ratings outlook remains stable.


SHIP FINANCE: Earns US$45.72 Million for Third Quarter 2006
-----------------------------------------------------------
Ship Finance International Ltd. released its financial results
for the third quarter and nine months ended Sept. 30, 2006.

Ship Finance posted US$45.72 million in net profit against
US$121.8 million in revenues for the third quarter of 2006,
compared with US$65.27 million in net profit against
US$118.4 million in revenues for same period in 2005.

The company posted US$122.99 million in net profit against
US$296.82 million in revenues for the first nine months of 2006,
compared with US$126.47 million in net profit against US$295.57
in revenues for same period in 2005.

The Company's net income for the third quarter of 2006 was
reduced by a US$16.4 million unrealized loss, representing the
change in the fair value of the Company's interest rate swaps
related to its secured credit facilities.  A part of the
Company's debt is on floating rate terms and lower interest
rates in the future will, if sustained, improve long-term
earnings.

For the first nine months of 2006, the Company estimates that a
total of US$63.9 million ($0.88 per share) in profit share from
Frontline Ltd. has accumulated.  Based on U.S. GAAP, around
US$43 million has been accounted for in the period, of which
US$37.5 million was included in the third quarter.

The unrecognized income of US$20.9 million will be recognized in
the fourth quarter provided Ship Finance's vessels continue to
earn in excess of the fixed charter rates received from
Frontline Ltd.

The single-hull VLCC "Front Tobago" has been sold for a gross
sales price of US$45.0 million. Delivery to the new owners is
expected in December 2007.

The single-hull Suezmax "Front Sunda" will be converted to a
heavy-lift vessel.  The vessel will be delivered from the
shipyard at the beginning of the second quarter of 2007.

After delivery, the vessel will commence a new 10 year fixed-
rate charter to Frontline Shipping II Limited.

Two Suezmax newbuildings have been ordered in China for delivery
in 2009. The vessels will be marketed for medium to long-term
charters, consistent with the Company's strategy.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Moody's
Investors Service affirmed Ship Finance International Ltd.'s
ratings, including the Ba3 Corporate Family Rating, the Ba2
Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


SHIP FINANCE: S&P Lifts Rating to BB on Predictable Cash Flows
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Bermuda-based Ship Finance
International Ltd., a ship-owning company tied to Frontline
Ltd., to 'BB' from 'BB-'.  The outlook is stable.

At the same time, Standard & Poor's raised its senior unsecured
debt rating on Ship Finance's US$580-million bonds to 'B+' from
'B'.

"The rating action reflects Ship Finance's better-than-expected
operating and financial performance over the past three years,
the recent change to a Frontline-independent management team,
and expectations of continued stable and predictable cash flows
through the company's largely long-term contract-based revenue
structure," said Standard & Poor's credit analyst Per Karlsson.

Total debt was US$1.74 billion at Sept. 30, 2006.

Ship Finance benefits from relatively predictable cash flows,
which are secured through long-term contracts.  The stable
outlook also reflects the continual favorable near-term outlook
for the oil tanker segment.  In addition, the US$274 million
charter service reserve provides significant protection
against downside risk.

The potential for a 20% share in Frontline's profits above
certain rate thresholds could strengthen financial measures in
good tanker market years.  Standard & Poor's nevertheless
believes that Ship Finance will maintain its high leverage, as
excess cash flows are likely to be paid out as dividends or
invested in additional vessels.

Standard & Poor's expects that future vessel additions will be
funded largely by debt (about 70%-75%) and that vessels acquired
will be backed by medium-to long-term charter agreements with
creditworthy shipping operators, which is key to the ratings.
As the company expands its vessel fleet, an adequate liquidity
buffer is expected to be generated and held on the balance sheet
to protect against weak market conditions and the counterparty
credit risk assumed.

"Further rating upside potential is limited, while downside
pressure could come from lower fleet contract coverage than
expected, higher leverage, or prolonged weak market conditions,"
Mr. Karlsson added.


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F R A N C E
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ALCATEL-LUCENT: S&P Cuts Debt Ratings to BB- on Merger Approval
---------------------------------------------------------------
Standard & Poor's said that following news that the merger
between French telecoms equipment supplier Alcatel and U.S. peer
Lucent Technologies Inc. has received final approval from the
U.S. Committee on Foreign Investments, it has lowered its
long-term corporate credit and senior unsecured debt ratings on
Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7, 2006,
research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.

All of the long-term ratings on Alcatel-Lucent and on Lucent
were removed from CreditWatch -- except Lucent's senior
unsecured debt ratings, which remain on CreditWatch with
positive implications -- where they had been placed with
negative and positive implications, respectively, on March 24,
2006, on news of the merger plans.

The completion of the proposed consent solicitation for Lucent's
2.75% Series A and B convertible senior debentures due
respectively in 2023 and 2025, in return for a full and
unconditional subordinated guarantee from Alcatel, will be a
first step toward resolving the CreditWatch status on Lucent's
senior unsecured debt.  Resolution will also depend on our
analysis of the ranking and support mechanisms for the various
debt classes within the merged group, in particular Lucent's
senior debt.

"The downgrade reflects the challenges that Alcatel-Lucent will
face combining two large organizations, integrating different
technology platforms while preserving key customer
relationships, implementing a large restructuring program, and
continuing to support significant levels of debt and unfunded
health care obligations," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "Nevertheless, we believe the merger
has a clear logic, given continuing carrier consolidation and
the convergence of fixed-and mobile-network technologies."

The combined group will have a larger scale, greater product
depth, wider geographic reach, and stronger R&D capability.

Alcatel-Lucent will be headquartered in Paris, France.  Pro
forma for the Thales S.A. transaction and the acquisition of
Nortel's third-generation (3G) activities, Standard & Poor's
estimates that Alcatel-Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities and bank
debt outstanding at Sept. 30, 2006.

The ratings on Alcatel-Lucent are supported by:

   -- S&P's assessment of the industry's moderate revenue
      growth prospects, as well as by

   -- the group's broad portfolio of wireline and
      wireless systems,

   -- large-scale and geographically diversified operations,

   -- strong customer relations,

   -- R&D capabilities that are among the largest in
      the industry, and

   -- robust liquidity.

These positive factors are constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation, reflecting
      moderate sales growth, health care payments,
      restructuring costs, and working-capital changes.

"An upgrade is possible over the next 18 months if the group
shows clear progress in integrating the two former entities and
in achieving its targeted synergies, reaching high-single-digit
operating margins (adjusted for purchase accounting) and
meaningful sustained free cash flow generation, as well as
maintaining solid liquidity in stable market conditions," said
Mr. de Torres.

Conversely, the outlook would be revised to stable if the
integration of the two companies and the extraction of synergies
did not proceed apace and had harmful effects on profitability
and free cash flow generation.


ALCATEL-LUCENT: Alenia Unit Inks EUR661-Mln Deal with Globalstar
----------------------------------------------------------------
Alcatel Alenia Space, a division of Alcatel-Lucent, signed a
EUR661-million contract with Globalstar Inc. to provide their
second-generation satellite constellation.

Under the agreement, Alcatel Alenia Space, as prime contractor,
will design, manufacture and deliver 48 low-earth-orbit (LEO)
Globalstar satellites as well as launch support services prior
to and during the launches and mission operations support.

Jay Monroe, Chairman and CEO of Globalstar, Inc. and Pascale
Sourisse, President and CEO of Alcatel Alenia Space formally
signed the contract agreement in New York, N.Y.

This definitive contract occurs a few weeks after the
preliminary contract (Authorization To Proceed) signature aimed
at defining the program readiness review and developing program
milestones.

"We are extremely pleased with this agreement, which not only
secures the Globalstar space segment through at least 2025, but
also takes us another step to offering a host of exciting future
services while assisting us in our strategy to maximize our
global spectrum opportunity," said Mr. Monroe.  "We are thrilled
to be working with Alcatel Alenia Space again on something so
vital to the long term success of Globalstar and look forward to
a mutually beneficial relationship as we move through the next
decade and beyond."

"I would like to thank Globalstar for their trust in Alcatel
Alenia Space for the delivery of their second-generation LEO
satellite constellation," Pascale Sourisse, President and CEO of
Alcatel Alenia Space commented.  "We are grateful for the
confidence demonstrated through this contract and are looking
forward to a beneficial relationship over the next several years
with Globalstar.

"This contract highlights Alcatel Alenia Space's strong
competences and resources to design, manufacture and integrate
Globalstar's whole satellite constellation as well as our
expertise in providing competitive satellite solutions.  It
confirms Alcatel Alenia Space worldwide leadership in
telecommunications satellite orders for the year 2006."

With a launch mass of approximately 700 kg and an end-of-life
power of 1.7 kW, Globalstar satellites will be fitted with 32
transponders in C-band, S-band and L-band. Starting in 2009,
Globalstar satellites will be launched by 6 to 8 at the same
time and will have a lifetime of 15 years.

This agreement will involve Alcatel Alenia Space's production
sites in France, Italy, Spain and Belgium.  Globalstar's second-
generation satellites will be assembled and integrated in
Alcatel Alenia Space facility in Rome, Italy.  The payloads will
be provided by the company's facility in Toulouse, France; the
structures as well as the thermal subsystems being provided by
its facility in Cannes, France.

Alcatel Alenia Space participated in the design of the complete
first generation system and was responsible for the supply of
satellites payloads, structures, thermal subsystems as well as
the complete satellite integration.  The company was also
responsible for manufacturing and installing the Globalstar
ground station antenna terminals.

In order to supplement Globalstar current constellation, Alcatel
Alenia Space is currently conducting a complete performance
review comprising testing and pre-launch preparations for the
eight Globalstar's first-generation ground spare satellites, in
its facility in Rome, Italy.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                           *     *     *

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

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

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

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

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

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


ALCATEL-LUCENT: Inks Deal to Test Maxis Communications' WiMAX
-------------------------------------------------------------
Alcatel-Lucent and Maxis Communications Berhad signed an
agreement to conduct Malaysia's first field trial of the
Universal 802.16e -2005 WiMAX solution.

This field trial is an important step towards offering
commercial services and satisfying growing demand for wireless
broadband access, especially in residential areas in Malaysia.
In order to support the start of the field trial that will take
place later this year, Alcatel-Lucent will ship its 9100 WiMAX
equipment in the next few weeks. In preparation for the field
trial, Maxis undertook and successfully completed Malaysia's
first lab test of 802.16e WiMAX using WiMAX 2.5 GHz spectrum at
the Alcatel-Lucent Malaysia Regional Support Centre in November
2006.

Under the terms of the agreement, Alcatel-Lucent will deploy its
Alcatel-Lucent 9100 WiMAX end-to-end radio solution (2.5 GHz),
including base stations, Wireless Access Controller, Operation
and Maintenance Center as well as supply indoor customer
premises equipment (CPE), mobile terminals and integration
services. Alcatel-Lucent will also provide design, planning and
provisioning support for the solution to meet Maxis' trial
requirements.

"Alcatel-Lucent is a leader in wireless WiMAX technology and
Maxis is particularly impressed with the effective time to
market strategy that Alcatel-Lucent has adopted," Maxis' Head of
Products and New Businesses Dr. Nikolai Dobberstein said.  "It
has a clear product roadmap hence the commercial availability of
Universal WIMAX IEEE 802.16e-2005 standard equipment for initial
network deployments."

"The joint WiMAX 802.16e Alcatel-Lucent/Maxis field trial will
result in an even closer collaboration between the two companies
in what they both see as a revolutionary broadband access
technology," Marc Rouanne, Head of Alcatel-Lucent's convergence
activities noted.  "Alcatel-Lucent has made the early necessary
investments in R&D to succeed and these are now paying off," he
added.

                          About Maxis

Headquartered in Malaysia, The Maxis Group --
http://www.maxis.com.my/-- with operations in India through
subsidiary, Aircel Limited, and Indonesia through subsidiary, PT
Natrindo Telepon Seluler, provides services to 12.7 million
customers in the region.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                           *     *     *

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

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

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

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

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

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


LEAR CORP: Moody's Lifts Ratings on Unit's Asset Disposal
---------------------------------------------------------
Moody's Investors Service has raised Lear Corp.'s rating outlook
to stable from negative and affirmed all other Lear ratings.

The action follows Lear's announcement that it has entered into
an agreement to contribute the assets of its North American
Interior unit to International Automotive Components Group North
America LLC.

While Lear will not receive any proceeds from the sale, indeed
it will initially have to contribute US$25 million of cash into
IAC North America, the disposition will remove a business that
has had negative EBITDA.  The transaction will effectively
increase Lear's cash flow by curtailing those losses and amount
to a de-leveraging of the company.

While automotive industry pressures in North America and Western
Europe will continue to affect its remaining seating and
electronics business units, Lear will be both better positioned
within the B2 Corporate Family Rating and be less vulnerable to
those pressures through the improved complexion of its cash
flows.

Lear's North American interior business has had operating losses
for the last two years.  Combined with the earlier sale of its
European interior unit, the segment would account for roughly
US$3.3 billion in annual revenue, combined operating losses of
approximately US$0.2 billion, and EBITDA of roughly
(US$0.1 billion).  Prior to working capital requirements and at
recent run-rates of the business, Moody's would estimate the
transaction could save Lear some US$0.2 billion in cash flow.
While Lear will have to invest an initial US$25 million into IAC
North America, and may have to add a further US$40 million if
defined EBITDA targets for 2007 in IAC North America are not
met, Lear has recently received US$200 million from an equity
investment from funds managed by Mr. Carl Icahn to effectively
these requirements.

Lear will receive a 25% interest in IAC North America in
addition to its 33% interest in International Automotive
Components Group LLC (into which it contributed assets of its
European interior business).  Lear expects to report a loss on
the sale of the North American assets of approximately US$675
million.  Combined with the US$29 million loss on the sale of
the European business, US$1.01 billion of goodwill impairment
charges take in 2005 and a further fixed asset impairment in
that year of US$82 million, Lear will have incurred a cumulative
reduction in the value of its investment in the interior segment
of some US$1.8 billion over the last 15 months (prior to
operating losses or other restructuring charges).

Adjusting 3rd quarter results pro forma for the transactions,
Moody's would estimate Lear's debt/EBITDA would improve to
3.9 times compared to 4.3 times; EBIT/Interest would have been
1.9 times compared to 1.4 times; and positive free cash flow of
around US$0.1 billion would have been generated compared to the
(US$0.1) billion experienced.  The transaction will also lower
Lear's book net worth and raise its debt to book capitalization
ratio.

The stable outlook considers the improved prospects for Lear's
free cash flow which will make it less vulnerable to potential
industry pressure in 2007 and beyond, while the company
continues with ongoing exposure to build rates at General
Motors, Ford and DaimlerChrysler, and the current mix of
vehicles it supports may be adversely affected by recent trends
in consumer vehicle preferences, its credit metrics are better
positioned within the B2 Corporate Family rating and more likely
to remain in an acceptable range for the rating category.  The
stable outlook also incorporates Lear's favorable liquidity
profile, recently lengthened debt maturities, and the benefits
of its new business awards which will, over time, facilitate
improved customer diversification.

All other ratings have been affirmed.  The last rating action
was on November 20, 2006 when ratings were assigned to Lear's
US$900 million offering of unsecured notes.

Lear Corp., headquartered in Southfield, MI, is focused on
providing complete seat systems, electrical distribution systems
and various electronic products to major automotive
manufacturers across the world.  The company had revenue of
US$17 billion in 2005 and has more than 110,000 employees in 34
countries.


LUCENT TECHNOLOGIES: S&P Lifts Junk Ratings Following Merger
------------------------------------------------------------
Standard & Poor's said that following news that the merger
between French telecoms equipment supplier Alcatel and U.S. peer
Lucent Technologies Inc. has received final approval from the
U.S. Committee on Foreign Investments, it has lowered its
long-term corporate credit and senior unsecured debt ratings on
Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7, 2006,
research update.  The 'B' short-term corporate credit rating on
Alcatel-Lucent was affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.

All of the long-term ratings on Alcatel-Lucent and on Lucent
were removed from CreditWatch -- except Lucent's senior
unsecured debt ratings, which remain on CreditWatch with
positive implications -- where they had been placed with
negative and positive implications, respectively, on March 24,
2006, on news of the merger plans.

The completion of the proposed consent solicitation for Lucent's
2.75% Series A and B convertible senior debentures due
respectively in 2023 and 2025, in return for a full and
unconditional subordinated guarantee from Alcatel, will be a
first step toward resolving the CreditWatch status on Lucent's
senior unsecured debt.  Resolution will also depend on our
analysis of the ranking and support mechanisms for the various
debt classes within the merged group, in particular Lucent's
senior debt.

"The downgrade reflects the challenges that Alcatel-Lucent will
face combining two large organizations, integrating different
technology platforms while preserving key customer
relationships, implementing a large restructuring program, and
continuing to support significant levels of debt and unfunded
health care obligations," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "Nevertheless, we believe the merger
has a clear logic, given continuing carrier consolidation and
the convergence of fixed-and mobile-network technologies."

The combined group will have a larger scale, greater product
depth, wider geographic reach, and stronger R&D capability.

Alcatel-Lucent will be headquartered in Paris, France.  Pro
forma for the Thales S.A. transaction and the acquisition of
Nortel's third-generation (3G) activities, Standard & Poor's
estimates that Alcatel-Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities and bank
debt outstanding at Sept. 30, 2006.

The ratings on Alcatel-Lucent are supported by:

   -- S&P's assessment of the industry's moderate revenue
      growth prospects, as well as by

   -- the group's broad portfolio of wireline and
      wireless systems,

   -- large-scale and geographically diversified operations,

   -- strong customer relations,

   -- R&D capabilities that are among the largest in
      the industry, and

   -- robust liquidity.

These positive factors are constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation, reflecting
      moderate sales growth, health care payments,
      restructuring costs, and working-capital changes.

"An upgrade is possible over the next 18 months if the group
shows clear progress in integrating the two former entities and
in achieving its targeted synergies, reaching high-single-digit
operating margins (adjusted for purchase accounting) and
meaningful sustained free cash flow generation, as well as
maintaining solid liquidity in stable market conditions," said
Mr. de Torres.

Conversely, the outlook would be revised to stable if the
integration of the two companies and the extraction of synergies
did not proceed apace and had harmful effects on profitability
and free cash flow generation.


MOSAIC COMPANY: Completes US$2 Billion Refinancing
--------------------------------------------------
The Mosaic Company has completed a refinancing pursuant to
which:

     * subsidiaries of Mosaic purchased approximately
       US$1,410,991,676 aggregate principal amount of their
       outstanding senior notes and debentures pursuant to
       tender offers.

     * Mosaic refinanced a US$345 million term loan B facility
       under its existing senior secured bank credit agreement.

     * Mosaic funded the purchase of the existing senior notes
       and debentures and the refinancing of the existing term
       loan B facility through the issuance of US$475 million
       aggregate principal amount of 7-3/8% Senior Notes due
       2014 and US$475 million aggregate principal amount of 7-
       5/8% Senior Notes due 2016, and new US$400 million term
       loan A-1 and US$612 million term loan B facilities under
       its amended and restated senior secured bank credit
       agreement.

The senior notes and debentures purchased by subsidiaries of
Mosaic pursuant to tender offers consisted of US$124,038,000
aggregate principal amount of Mosaic Global Holdings Inc.'s
6.875% Debentures due 2007, US$370,979,676 aggregate principal
amount of its 10.875% Senior Notes due 2008, US$374,065,000
aggregate principal amount of its 11.250% Senior Notes due 2011,
and US$396,090,000 aggregate principal amount of its 10.875%
Senior Notes due 2013, and US$145,819,000 aggregate principal
amount of Phosphate Acquisition Partners L.P.'s 7% Senior Notes
due 2008.

After giving effect to these purchases, US$25,962,000 aggregate
principal amount of Mosaic Global Holdings Inc.'s 6.875%
Debentures due 2007, US$23,908,324 aggregate principal amount of
its 10.875% Senior Notes due 2008, US$29,395,000 aggregate
principal amount of its 11.250% Senior Notes due 2011, and
US$3,525,000 aggregate principal amount of its 10.875% Senior
Notes due 2013 and US$4,181,000 aggregate principal amount of
Phosphate Acquisition Partners L.P.'s 7% Senior Notes due 2008
remain outstanding.  The indentures pursuant to which these
senior notes and debentures were issued were amended to remove
substantially all of their restrictive covenants.

                   About The Mosaic Company

The Mosaic Company -- http://www.mosaicco.com/-- produces and
markets concentrated phosphate and potash crop nutrients.  For
the global agriculture industry, Mosaic is a single source of
phosphates, potash, nitrogen fertilizers and feed ingredients.
In Europe, the company maintains operations and/or sales offices
in Ukraine, France and Russia.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 14,
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  Standard & Poor's affirmed
its 'BB' long-term and 'B-1' short-term corporate credit ratings
on the company.

As reported in the TCR-Europe on Nov. 9, 2006, Fitch assigned a
'BB' rating to The Mosaic Company's proposed senior unsecured
notes due 2014 and 2016 and a 'BB+' rating to the company's
proposed senior secured term loans.  The ratings affected
approximately US$950 million of new senior notes and  US$1.05
billion of new term loans.

Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to US$900
million of proposed senior unsecured debt.  Mosaic's Ba3
corporate family rating was affirmed but the ratings of the
existing revolver and the term loan A were downgraded to Ba1
from Baa3 and those of the existing senior unsecured debt
lowered to B1 from Ba3 in accordance with the LGD methodology.
Moody's said the ratings outlook is stable.


NEVRAX FRANCE: Gamers Start Campaign to Buy Out Bankrupt Firm
-------------------------------------------------------------
Gamers of Ryzom band together to raise capital to buy out the
multiplayer online game from Nevrax France SARL, the French
development firm that runs Ryzom games, according to published
reports.

The company, which launched The Saga of Ryzom in September 2004,
was forced to file bankruptcy proceedings at the commerce
tribunal "due to market conditions and other unforeseen
circumstances".

The move sparked up The Free Ryzom Campaign, which aims to
release Ryzom to the free software community financed by
donations.

The campaigners, led by a group of former Nevrax employees,
members of the NeL community and other Ryzom gamers, have
collected EUR60,000 in the hope of buying the source code for
the game.

"So far we do not know the conditions the liquidator may impose
on the sale, nor the exact sum of money that will be required.
We estimate that the amount will be, at least, tens of thousands
of euros, and in the worst case, hundreds of thousands Euros,"
the campaigners said in a statement.

According to Emma Boyes of GameSpot UK, current subscribers will
continue to receive one month of free online access, while new
subscribers will not be able to upgrade their trial accounts for
the time being.

                           About Nevrax

Founded in early 2000, Paris-based Nevrax France SARL is an
online game and software development company that specializes in
Massively Multi Players' Online Games.  Utilizing NeL, its open
source platform, NEVRAX's team of 50+ engineers and designers
are nearing the completion of their first MMORPG, a Science
Fantasy game entitled, "The Saga of Ryzom".

Ryzom is an innovative MMORPG, which has been developed since
the year 2000 by the independent studio, Nevrax.  For the past
two years Ryzom has been marketed and sold to gamers, developing
a fiercly loyal fanbase.


NEXANS S.A.: Completes Deal to Acquire Olex for AU$515 Million
--------------------------------------------------------------
Nexans S.A. has competed its acquisition of Australian company
Olex.

The acquisition reinforces Nexans' position in energy cables,
its core activity, and doubles its exposure to the buoyant
markets of the Asia-Pacific region.

The cost of the operation was AU$515 million (approximately
EUR310 million).

As previously reported in the TCR-Europe on Nov. 13, the
investment of around EUR310 million (that is to say 7 times
expected 2007 EBITDA before synergies) will be entirely financed
from Nexans' existing credit lines.  It will have an accretive
impact as from the first fiscal year.  This acquisition will
generate balance sheet goodwill of around EUR185 million and
result in the Group's gearing reaching at the end of
December 2006 about 47%.

Headquartered in Paris, France, Nexans S.A. -
http://www.nexans.com/-- designs, manufactures, and distributes
copper and fiber-optic wires and cabling systems for use by many
sectors including: automotive and aerospace industries,
shipbuilding, railways, telecommunication and energy networks,
oil & gas, etc.  The company has industrial presence in 29
countries and commercial activities throughout the world.  It
employs 20,000 people and had sales in 2005 of EUR5.4 billion.

                       *     *     *

As reported in the TCR-Europe on June 27, Standard & Poor's
Ratings Services lowered its long- and short-term corporate
credit ratings on French cable manufacturer Nexans S.A. to
'BB+/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


NEXANS S.A.: S&P Affirms Low-B Ratings on Acquisition Closing
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
and 'B' short-term corporate credit ratings on French cable
manufacturer Nexans S.A. and removed them from CreditWatch,
where they had been placed with negative implications
on Nov. 9, 2006, on news of Nexans' EUR310 million
(A$515 million) bid for 100% of Australian cable manufacturer
Olex.  The outlook is stable.

The affirmation follows the completion of the acquisition.

"We expect Nexans' business profile to benefit from the
increased geographic diversification in Australia and New
Zealand," said Standard & Poor's credit analyst Barbara
Castellano.  "After the acquisition, Nexans' sales in this area
will rise to an estimated 11% of total sales, from 6%
previously."

Synergies should come more from incremental revenues than from
cost savings.  In fact, given the large geographic distance
between the two companies, it is difficult to adopt common
purchasing strategies or plant flexibility.  Standard & Poor's
also expect some benefits for profitability, given that,
historically, Olex has reported higher operating margins than
Nexans.

From a financial-risk standpoint, Standard & Poor's expects
Nexans' credit measures to weaken as consequence of the
additional EUR310 million in debt taken on to finance the
transaction.

"Nevertheless, pro forma key credit ratios should still be at
about the minimum required for the existing ratings," said Ms.
Castellano.

Nexans should be able to reach Standard & Poor's stated 20%-25%
target for FFO to adjusted debt and return to positive free cash
flow generation in the medium term.

"Furthermore, profitability should continue to improve, and we
expect liquidity to remain sufficient," added Ms. Castellano.

An upgrade is remote, given the nature of the business.  High
cyclicality and exposure to metal price fluctuations are two of
the main risks Nexans must face.  An outlook revision to
negative or a downgrade could be triggered by new acquisitions
or by the evidence that there are no signs of improvement in
cash generation.


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


AKTAON VERMOEGENSVERWALTUNGS: Claims Registration Ends Dec. 14
--------------------------------------------------------------
Creditors of "Aktaon" Vermoegensverwaltungsgesellschaft mbH have
until Dec. 14 to register their claims with court-appointed
provisional administrator Helmut Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 "Aktaon" Vermoegensverwaltungsgesellschaft mbH on
Oct. 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         "Aktaon" Vermoegensverwaltungsgesellschaft mbH
         Bautzner Road 34/36
         01099 Dresden, Germany

The administrator can be contacted at:

         Dr. Helmut Schwarz
         Dreikoenigskirche 10
         01097 Dresden, Germany
         Web: http://www.cmslegal.de/


DAIMLERCHRYSLER AG: Eyes 24% Beiqi Foton Stake for CNY817 Mln
-------------------------------------------------------------
DaimlerChrysler AG will buy a 24% stake in China's light truck
manufacturer, Beiqi Foton Motor, for CNY816.8 million, various
reports say.

The 297 million new A shares purchase will make DaimlerChrysler
the second largest shareholder in the Chinese truck maker after
Beijing Automotive Industry Corp, Foton said in statement.

China Daily recounts that a strategic agreement was reached in
2003 by DaimlerChrysler and BAIC to make Mercedes-Benz sedans
and form a new venture with Foton to manufacture Mercedes-Benz
heavy-duty trucks.  Mercedes-Benz is an affiliate brand of
DaimlerChrysler.

Production of Mercedes-Benz E-Class sedans kicked off at the
beginning of this year in Beijing, China Daily adds.  However,
the plan to form a truck venture with Foton has been suspended
as a result of DaimlerChryler's multiple partnerships with
different Chinese companies and restrictions from the nation's
auto industry policy.

Chinese policy allows overseas automakers to set up, at most,
two joint ventures to make commercial vehicles and two for
passenger cars.  DaimlerChrysler has two partners in China
making commercial vehicles, Yaxing Benz and Fujian Motor
Industry Group but it also makes Mercedes-Benz sedans and Jeep
Cherokee sport utility vehicles with BAIC, the International
Herald Tribune relates.

However, it has been reported that DaimlerChrysler will pull out
of the bus venture in Yangzhou to make room for its planned
truck venture with Foton, the Daily says.

Asked by the China Daily on how its truck venture plan with
Foton will go, Trevor Hale -- spokesman for DaimlerChrysler
(China) Investment Co Ltd -- said "they can't comment further
until the deal is complete."

Meanwhile, the Tribune relates that rising sales of trucks in
China, in contrasts to shrinking demand in DaimlerChrysler's
other main truck markets of the United States, Japan and Europe
makes a positive note on the deal for the company.
DaimlerChrysler earned more from trucks and buses last year than
from its Mercedes Car Group, the paper notes.

"Demand for trucks in China will surge as the economy expands
and the country builds more highways," said Yale Zhang, an
analyst in Shanghai at CSM Asia, which advises overseas
automakers on the Chinese automotive market.  "DaimlerChrysler
stands to benefit from that growth."

                      About the Company

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.


DAIMLERCHRYSLER: Chrysler's Joe Eberhardt Moves to Mercedes-Benz
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group president and chief
executive officer Tom LaSorda disclosed that Joe Eberhardt,
executive vice president for global sales, marketing, and
service, will be leaving the company in order to return to
automotive retailing within the Mercedes-Benz network in the
United States.

The senior vice presidents and vice presidents of sales,
marketing, international and service will report directly to Mr.
LaSorda until further notice.

"Joe brought a much-needed discipline to our sales, marketing
and service organizations when he arrived in the summer of
2003," Mr. LaSorda said.  "Being back in the retail world is
something he has talked about for some time now, and having a
proven track record in that arena, makes it a natural."

Mr. Eberhardt joined Mercedes-Benz in Germany in 1982 as a
student in a work-study program.  In the early 1990s, he left
the corporate environment and became General Manager of
Mercedes-Benz Manhattan, turning it into one of the most
successful dealerships in the country.

He returned to Mercedes-Benz in 1995 and, in 1999, was named
President and CEO of DaimlerChrysler U.K. Ltd., where Mr.
Eberhardt more than doubled sales and improved dealer
profitability in a stagnant market.

"Joe's deep understanding of the automotive industry and his
proven leadership will continue to serve the Company well as he
moves back to the retail side," Dieter Zetsche, chairman of the
board of Management DaimlerChrysler/Head of Mercedes Car Group,
said.

Mr. Eberhardt was born in Stuttgart, Germany, on Aug. 26, 1963.
He received his BA and MS degrees in Germany, and earned his
Masters of Business Administration degree at New York
University's Leonard N. Stern School of Business in 1992.

                       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.


IMTM INNOVATIVE: Claims Registration Ends December 11
-----------------------------------------------------
Creditors of IMTM Innovative Medizintechnik Mittelrhein GmbH
have until Dec. 11 to register their claims with court-appointed
provisional administrator Gerd Seibert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Neuwied
         Hall 126
         1 Stick
         Hermannstr. 39
         56564 Neuwied, 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 Neuwied opened bankruptcy proceedings
against IMTM Innovative Medizintechnik Mittelrhein GmbH on
Oct. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         IMTM Innovative Medizintechnik Mittelrhein GmbH
         Attn: Wolfgang Schneider, Manager
         Hauptstr. 12
         56599 Leutesdorf/Rhein,
         Germany

The administrator can be contacted at:

         Gerd Seibert
         Hermannstr. 16
         56203 Hoehr-Grenzhausen,
         Germany
         Tel: 02624/95950
         Fax: 02624/959595


JOSEF MOTTER: Claims Registration Ends December 12
--------------------------------------------------
Creditors of Josef Motter GmbH i. L. have until Dec. 12 to
register their claims with court-appointed provisional
administrator Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 23, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Josef Motter GmbH i. L. on Oct. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Josef Motter GmbH i. L.
         Attn: Petra and Sabine Motter, Managers
         Lehrer-Friesenstr. 1
         52152 Simmerath, Germany

The administrator can be contacted at:

         Dr. Martin Dreschers
         Juelicher Road 116
         52070 Aachen, Germany


KABEL DEUTSCHLAND: Moody's Keeps Stable Outlook on Ba3 Rating
-------------------------------------------------------------
Moody's Investors Service commented on the announcement of Kabel
Deutschland GmbH at its second quarter 2006 financial results
conference call of its marketing initiative to promote free set
top boxes to its direct subscribers (approximately 2.5 million)
to stimulate the transition to a digital platform.  The company
also announced an increase in its digital access fee from
EUR14.13 / 14.83 to EUR16.90 from March 1, 2007.

Additionally, KDG indicated an increase in its capital
expenditures with a guidance towards EUR240 million versus
previous EUR200-220 million.  At the same time, the company's
public EBITDA guidance for the fiscal year 2006/07 was in the
range of EUR370 million to EUR400 million.  Given the above
guidance, Moody's believes that the company is likely to be free
cash flow negative for this fiscal year.

The currently anticipated free cash flow generation is below
Moody's earlier expectations.  The potential free cash flow
deficit is somewhat mitigated by the committed revolving
facility in the amount of EUR200 million and approximately
EUR38 million in cash and cash equivalents on the company's
balance sheet as of Sept. 30, 2006.

Moody's notes that at this juncture the company has exhausted
its financial flexibility within its current Ba3 corporate
rating.  The outlook on the rating remains stable as the rating
agency believes that the free cash flow deficit is unlikely to
lead to a material increase in debt and that the company is
likely to be modestly free cash flow positive in the next fiscal
year.

The Ba3 rating assumes that the company will report a continued
trend towards sustainable positive free cash flow generation by
the end 2008.  However, in the event KDG further accelerates its
transition to the digital platform thus putting pressure on its
EBITDA and / or free cash flow generation, the rating would come
under negative pressure.

Based in Germany, KDG is the largest network Level 3 cable
television provider in Germany.  For the six months ended
Sept. 30, 2006, the company generated total revenues of
EUR540 million.


KAMO-BAU: Claims Registration Ends December 13
----------------------------------------------
Creditors of Kamo-Bau GmbH have until Dec. 13 to register their
claims with court-appointed provisional administrator Stephan
Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 5, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings
against Kamo-Bau GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kamo-Bau GmbH
         Attn: Kay Juers, Manager
         Sievershüttener Road 29
         24568 Kattendorf, Germany

The administrator can be contacted at:

         Stephan Muenzel
         Bachstrasse 85a
         22083 Hamburg, Germany


KOCH TRANSPORTTECHNIK: Claims Registration Ends December 13
-----------------------------------------------------------
Creditors of Koch Transporttechnik GmbH have until Dec. 13 to
register their claims with court-appointed provisional
administrator Guenter Staab.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 26, 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 Saarbruecken
         Meeting Room 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, 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 Saarbruecken opened bankruptcy proceedings
against Koch Transporttechnik GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Koch Transporttechnik GmbH
         Attn: Bernhard and Karl Peter Koch, Managers
         Karl-Koch-Road 1
         66787 Wadgassen, Germany

The administrator can be contacted at:

         Guenter Staab
         Sulzbachstrasse 26
         66111 Saarbruecken, Germany


KURT BUCHLOH: Claims Registration Ends December 15
--------------------------------------------------
Creditors of Kurt Buchloh Bauunternehmung GmbH have until
Dec. 15 to register their claims with court-appointed
provisional administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 12, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against Kurt Buchloh Bauunternehmung GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kurt Buchloh Bauunternehmung GmbH
         Attn: Jens-Rainer Buchloh, Manager
         Langekamp 10
         45475 Muelheim an der Ruhr,
         Germany

The administrator can be contacted at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld, Germany


LEAR CORP: Moody's Lifts Ratings on Unit's Asset Disposal
---------------------------------------------------------
Moody's Investors Service has raised Lear Corp.'s rating outlook
to stable from negative and affirmed all other Lear ratings.

The action follows Lear's announcement that it has entered into
an agreement to contribute the assets of its North American
Interior unit to International Automotive Components Group North
America LLC.

While Lear will not receive any proceeds from the sale, indeed
it will initially have to contribute US$25 million of cash into
IAC North America, the disposition will remove a business that
has had negative EBITDA.  The transaction will effectively
increase Lear's cash flow by curtailing those losses and amount
to a de-leveraging of the company.

While automotive industry pressures in North America and Western
Europe will continue to affect its remaining seating and
electronics business units, Lear will be both better positioned
within the B2 Corporate Family Rating and be less vulnerable to
those pressures through the improved complexion of its cash
flows.

Lear's North American interior business has had operating losses
for the last two years.  Combined with the earlier sale of its
European interior unit, the segment would account for roughly
US$3.3 billion in annual revenue, combined operating losses of
approximately US$0.2 billion, and EBITDA of roughly
(US$0.1 billion).  Prior to working capital requirements and at
recent run-rates of the business, Moody's would estimate the
transaction could save Lear some US$0.2 billion in cash flow.
While Lear will have to invest an initial US$25 million into IAC
North America, and may have to add a further US$40 million if
defined EBITDA targets for 2007 in IAC North America are not
met, Lear has recently received US$200 million from an equity
investment from funds managed by Mr. Carl Icahn to effectively
these requirements.

Lear will receive a 25% interest in IAC North America in
addition to its 33% interest in International Automotive
Components Group LLC (into which it contributed assets of its
European interior business).  Lear expects to report a loss on
the sale of the North American assets of approximately US$675
million.  Combined with the US$29 million loss on the sale of
the European business, US$1.01 billion of goodwill impairment
charges take in 2005 and a further fixed asset impairment in
that year of US$82 million, Lear will have incurred a cumulative
reduction in the value of its investment in the interior segment
of some US$1.8 billion over the last 15 months (prior to
operating losses or other restructuring charges).

Adjusting 3rd quarter results pro forma for the transactions,
Moody's would estimate Lear's debt/EBITDA would improve to
3.9 times compared to 4.3 times; EBIT/Interest would have been
1.9 times compared to 1.4 times; and positive free cash flow of
around US$0.1 billion would have been generated compared to the
(US$0.1) billion experienced.  The transaction will also lower
Lear's book net worth and raise its debt to book capitalization
ratio.

The stable outlook considers the improved prospects for Lear's
free cash flow which will make it less vulnerable to potential
industry pressure in 2007 and beyond, while the company
continues with ongoing exposure to build rates at General
Motors, Ford and DaimlerChrysler, and the current mix of
vehicles it supports may be adversely affected by recent trends
in consumer vehicle preferences, its credit metrics are better
positioned within the B2 Corporate Family rating and more likely
to remain in an acceptable range for the rating category.  The
stable outlook also incorporates Lear's favorable liquidity
profile, recently lengthened debt maturities, and the benefits
of its new business awards which will, over time, facilitate
improved customer diversification.

All other ratings have been affirmed.  The last rating action
was on November 20, 2006 when ratings were assigned to Lear's
US$900 million offering of unsecured notes.

Lear Corp., headquartered in Southfield, MI, is focused on
providing complete seat systems, electrical distribution systems
and various electronic products to major automotive
manufacturers across the world.  The company had revenue of
US$17 billion in 2005 and has more than 110,000 employees in 34
countries.


PRESTIGE BEKLEIDUNGSGESELLSCHAFT: Claims Bar Date Ends Dec. 15
--------------------------------------------------------------
Creditors of Prestige Bekleidungsgesellschaft mbH have until
Dec. 15 to register their claims with court-appointed
provisional administrator Klaus Thiery.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 12, 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 Saarbruecken
         Meeting Room 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, 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 Saarbruecken opened bankruptcy proceedings
against Prestige Bekleidungsgesellschaft mbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Prestige Bekleidungsgesellschaft mbH
         Holzer Road 126 b
         66287 Quierschied, Germany

         Attn: Frank Ossig, Manager
         Beim Franzosengrab 9
         66386 St. Ingbert, Germany

The administrator can be contacted at:

         Klaus Thiery
         Poststrasse 30
         66687 Wadern, Germany


PROMISE-C: Fitch Keeps BB Rating on EUR6.5-Million Class E Notes
----------------------------------------------------------------
Fitch Ratings affirmed all PROMISE-C 2002-1's floating-rate
credit-linked notes:

   -- EUR0.25 million Class A+ (ISIN XS0157370429): AAA;
   -- EUR45 million Class A (ISIN XS0157370692): AAA;
   -- EUR30 million Class B (ISIN XS0157370775): AAA;
   -- EUR19.5 million Class C (ISIN XS0157370858): AA;
   -- EUR18 million Class D (ISIN XS0157370932): BBB+; and
   -- EUR6.5 million Class E (ISIN XS0157371070): BB.

The affirmation reflects the relatively low loss rate and a
reduced risk horizon to maturity.  The default volume, despite
rising to EUR6.02 million from EUR4.9 million at the last review
in September 2005 is still relatively low.  Realized losses,
despite rising to EUR472,203 from zero at the last review, are
also relatively low.

The weighted average internal rating is currently 2.69 out of a
maximum of 6.50.  The healthy credit enhancement, the high
recovery rates and the seasoning effect also contribute towards
the ratings affirmation.  Further no triggers have been breached
and the portfolio is fully compliant with all reference
portfolio guidelines.

Promise-C 2002-1 is a bankruptcy-remote special-purpose vehicle,
incorporated in Ireland.  The Class A+ to E notes are backed by
credit-linked certificates of indebtedness issued by
Kreditanstalt fur Wiederaufbau, and purchased by Promise-C 2002-
1 with the proceeds from the notes.

KfW sold protection on a reference portfolio held by Commerzbank
under a credit default swap, and bought protection on its
exposure under this swap by entering into a junior CDS and a
mezzanine CDS, issuing the credit-linked certificates of
indebtedness, and entering into a senior CDS.  The portfolio
currently stands at nearly the maximum portfolio balance of
EUR1.5 billion.

The reference portfolio consists of payment claims granted by
Commerzbank to German small- and medium-sized corporates and
some larger corporates.


PROMISE-I: Fitch Affirms BB Rating on EUR11.5-Mln Class E Notes
---------------------------------------------------------------
Fitch Ratings affirmed Promise-I 2002-1's floating-rate credit-
linked notes, following a satisfactory performance review:

   -- EUR250,000 Class A+ (ISIN DE0008508532) at AAA;
   -- EUR91.25 million Class A (ISIN DE0008508540) at AAA;
   -- EUR60.2 million Class B (ISIN DE0008508581) at AA;
   -- EUR45.65 million Class C (ISIN DE0008508599) at A;
   -- EUR51.1 million Class D (ISIN DE0008508615) at BBB; and
   -- EUR11.5 million Class E (ISIN DE0008508649) at BB.

The affirmation reflects the portfolio's relatively stable
credit quality to date.  As of the August 2006 trustee report,
the number of assets in IKB Deutsche Industriebank's lowest
internal rating category has increased to 4.82% from 3.86% in
September 2005.  However, losses remain low at 0.10%, and the
recovery rate remains very high, currently at around 92% on
average.

Last year, due to the high default volume, the suspension
trigger was breached, leading to the temporary suspension of
portfolio replenishment.  The defaulted reference claims,
however, went back to below the 1.85% limit in February 2006.
Since then, none of the triggers have been breached.

The issuer is a bankruptcy-remote special-purpose vehicle
incorporated in Ireland.  The Class A+ to E notes are backed by
credit-linked certificates of indebtedness issued by
Kreditanstalt fur Wiederaufbau, purchased by Promise-I with the
proceeds from the notes.

KfW sold protection on a reference portfolio held by IKB under a
credit default swap and bought protection on its exposure under
this swap by entering into a junior CDS and a mezzanine CDS,
issuing the credit-linked certificates of indebtedness, and
entering into a senior CDS.

The notes bear the economic risk of a reference portfolio, with
a maximum size of EUR3.5 billion, above a EUR109.5 million
threshold amount.  The reference portfolio consists of payment
claims granted by IKB to German small and medium-sized
enterprises.  Replenishment is allowed until May 2007.  The
scheduled maturity date is in September 2009.


SCHLEUTER VERWALTUNGS: Claims Registration Ends December 13
-----------------------------------------------------------
Creditors of Schleuter Verwaltungs GmbH have until Dec. 13 to
register their claims with court-appointed provisional
administrator Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 12, 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 Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller),
         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 Verden (Aller) opened bankruptcy
proceedings against Schleuter Verwaltungs GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schleuter Verwaltungs GmbH
         Industriestrasse 3-5
         28876 Oyten, Germany

         Attn: Klaus Baden, Manager
         Nedderland 73
         28355 Bremen, Germany

         Walter Bischoff, Manager
         Holzdamm 18
         28876 Oyten, Germany

The administrator can be contacted at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller),
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55


SCHUH-RAUSCH: Creditors' Meeting Slated for December 13
-------------------------------------------------------
The court-appointed provisional administrator for Schuh-Rausch
KG, Christoph Schulte-Kaubruegger, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 8:45 a.m. on Dec. 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on March 28, 2007, at the
same venue.

Creditors have until Jan. 29, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Schuh-Rausch KG on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schuh-Rausch KG
         Reichsstrasse 94
         14052 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


STATION PARK: Creditors' Meeting Slated for December 13
-------------------------------------------------------
The court-appointed provisional administrator for Station Park
Kulturgastronomie GmbH & Co. KG, Joachim Heitsch, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 8:50 a.m. on Dec. 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on March 28, 2007, at the
same venue.

Creditors have until Jan. 29, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Station Park Kulturgastronomie GmbH & Co. KG
on Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Station Park Kulturgastronomie GmbH & Co. KG
         Goerlitzer Str. 1-2
         10997 Berlin, Germany

The administrator can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin, Germany


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


BORSODCHEM NYRT: Returned Shares Hike Treasury Stock
----------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that due to developments concerning its
Registered Employee Share Ownership Program, the number of the
Company's treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on
Nov. 9, 2005, the Company received back 103 pieces with a value
date of Nov. 13, 2006, from employees terminating their
employment relations.

Following the transaction the number of the Company's treasury
shares increased by 103 pieces to 1,193,066.

                      About BorsodChem

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

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

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

                        *     *     *

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


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


IT HOLDING: Moody's Affirms B3 Rating on Improved Performance
-------------------------------------------------------------
Moody's Investors Service affirmed IT Holding S.p.A.'s corporate
family rating of B3 and the senior unsecured Caa1 rating on the
notes due 2012 issued by IT Holding Finance S.A. and changed the
outlook on all ratings from negative to stable.

The rating action reflects the improvements in ITH's operating
performance and the reduction in financial leverage achieved by
the company over the last few quarters.

The stable outlook anticipates the smaller size of the company
starting from 2007 after the termination of the D&G license at
the end of the current FY ending December 2006 and recognizes
management' achievements in streamlining the Group's cost
structure and in extending key licenses in the context of
difficult market conditions.  Following the recovery in
operating performance and cash flow generation, group's
financial leverage also recovered from historic high levels and
Moody's would expect Debt to EBITDA (adjusted for pension,
leases, securitization program and investments in collection
development) going forward to remain well below the 7.1x
reported at FYE Dec. 2005.

IT Holding B3 Corporate Family Rating reflects:

   -- the company's exposure to the cyclical luxury
      goods market,

   -- the risk of license termination (although currently
      there are no licenses expiring before 2009), and

   -- relatively high geographic concentration
      in conjunction with financial leverage that, despite
      the recent improvements, remains high for the
      rating category.

However, the ratings also take into consideration:

   -- the company's well known owned and licensed brands,
   -- the sound market position,
   -- the conservative expansion policy, and
   -- the high barriers to entry in its markets.

Ongoing improvements in profitability and cash flow generation,
resulting in a reduction in leverage below 5x are likely to
place upward pressure on the ratings.  On the contrary margin
contraction and negative free cash flow together with loss of
licenses are likely to result in downward rating pressure.

Ratings affirmed:

IT Holdings S.p.A

    * Corporate Family Rating of B3; and

IT Holding Finance S.A.

    * EUR185-million 9.875% senior unsecured notes due
      2012 rated Caa1.

Based in Italy, IT Holding S.p.A. is a European leading operator
in the branded apparel and accessories market mainly focused on
the young lines segment.  During the last nine months ended
Sept. 2006, IT Holding reported EUR579 million of consolidated
net revenues and EUR68.9 million of EBITDA (adjusted only for
investments in collection development during the 9 months).


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


AIKO LTD: Almaty Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Company Aiko Ltd.
(RNN 600500514430) on Oct. 31.


ALEX-TRADE LLP: Creditors' Claims Due Jan. 10, 2007
---------------------------------------------------
LLP Alex-Trade has declared insolvency.  Creditors have until
Jan. 10, 2007, to submit written proofs of claim to:

         LLP Alex-Trade
         Kamzin Str. 72-75
         Pavlodar
         Pavlodar Region
         Kazakhstan


ATYRAU CONSTRUCTION: Claims Filing Period Ends Jan. 10, 2007
------------------------------------------------------------
LLP Atyrau Construction Service (RNN 150100240259) has declared
insolvency.  Creditors have until Jan. 10, 2007, to submit
written proofs of claim to:

         LLP Atyrau Construction Service
         Azattyk Ave. 74v
         Atyrau
         Atyrau Region
         Kazakhstan
         Tel: 8 (3122) 45-19-21


GAUHAR LLP: Claims Registration Ends Jan. 12, 2007
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Gauhar insolvent on Oct. 24.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

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


JAN-U-BEK: Creditors' Claims Due Jan. 12, 2007
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Jan-U-Bek insolvent.

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

         LLP Jan-U-Bek
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


KAMBIZ TRADING: Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Kambiz Trading.


MECHANOMONTAGE OJSC: Creditors' Claims Due Jan. 12, 2007
--------------------------------------------------------
The Temirtausky Montajny Branch No.2 Of OJSC Mechanomontage has
declared insolvency.  Creditors have until Jan. 12, 2007, to
submit written proofs of claim to:

         OJSC Mechanomontage
         Mir Ave. 1a
         Temirtau
         Karaganda Region
         Kazakhstan


MEGATEKS LLP: Claims Filing Period Ends Jan. 12, 2007
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Megateks insolvent.

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

         LLP Megateks
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


MONTAJNIK LTD: Claims Registration Ends Jan. 12, 2007
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Montajnik Ltd. insolvent.

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

         LLP Montajnik Ltd.
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


NAD FURNITURE: Proof of Claim Deadline Slated for Jan. 12, 2007
---------------------------------------------------------------
LLP Nad Furniture Kazakhstan Inc. has declared insolvency.
Creditors have until Jan. 12, 2007, to submit written proofs of
claim to:

         LLP Nad Furniture Kazakhstan Inc.
         Zavodskaya Str. 1
         Pervomaika
         Iliy District
         Almaty Region
         Kazakhstan


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


ELADA-SERVICE LLC: Creditors' Claims Due Jan. 17, 2007
------------------------------------------------------
LLC Elada-Service has declared insolvency.  Creditors have until
Jan. 17, 2007, to submit their written proofs of claim.

Inquiries can be addressed to (+996 312) 29-31-32, 21-86-38.


SHAKE HAND: Claims Filing Period Ends Jan. 19, 2007
---------------------------------------------------
LLC Shake Hand International Investment and Trading Company has
declared insolvency.  Creditors have until Jan. 19, 2007, to
submit their written proofs of claim.

Inquiries can be addressed to (+996 312) 29-00-90.


TRANSPORT LINE: Claims Registration Ends Jan. 24, 2007
------------------------------------------------------
LLC Transport Line has declared insolvency.  Creditors have
until Jan. 24, 2007, to submit their written proofs of claim.

Inquiries can be addressed to (+996 312) 65-48-84.


VITTA LLC: Creditors Must File Claims by Jan. 19, 2007
------------------------------------------------------
Joint Kyrgyz-Russian LLC Vitta has declared insolvency.
Creditors have until Jan. 19, 2007, to submit written proofs of
claim to:

         LLC Vitta
         Tynystanov Str. 64-4
         Bishkek, Kyrgyzstan


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


ALCATEL-LUCENT: S&P Cuts Debt Ratings to BB- on Merger Approval
---------------------------------------------------------------
Standard & Poor's said that following news that the merger
between French telecoms equipment supplier Alcatel and U.S. peer
Lucent Technologies Inc. has received final approval from the
U.S. Committee on Foreign Investments, it has lowered its
long-term corporate credit and senior unsecured debt ratings on
Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7, 2006,
research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.

All of the long-term ratings on Alcatel-Lucent and on Lucent
were removed from CreditWatch -- except Lucent's senior
unsecured debt ratings, which remain on CreditWatch with
positive implications -- where they had been placed with
negative and positive implications, respectively, on March 24,
2006, on news of the merger plans.

The completion of the proposed consent solicitation for Lucent's
2.75% Series A and B convertible senior debentures due
respectively in 2023 and 2025, in return for a full and
unconditional subordinated guarantee from Alcatel, will be a
first step toward resolving the CreditWatch status on Lucent's
senior unsecured debt.  Resolution will also depend on our
analysis of the ranking and support mechanisms for the various
debt classes within the merged group, in particular Lucent's
senior debt.

"The downgrade reflects the challenges that Alcatel-Lucent will
face combining two large organizations, integrating different
technology platforms while preserving key customer
relationships, implementing a large restructuring program, and
continuing to support significant levels of debt and unfunded
health care obligations," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "Nevertheless, we believe the merger
has a clear logic, given continuing carrier consolidation and
the convergence of fixed-and mobile-network technologies."

The combined group will have a larger scale, greater product
depth, wider geographic reach, and stronger R&D capability.

Alcatel-Lucent will be headquartered in Paris, France.  Pro
forma for the Thales S.A. transaction and the acquisition of
Nortel's third-generation (3G) activities, Standard & Poor's
estimates that Alcatel-Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities and bank
debt outstanding at Sept. 30, 2006.

The ratings on Alcatel-Lucent are supported by:

   -- S&P's assessment of the industry's moderate revenue
      growth prospects, as well as by

   -- the group's broad portfolio of wireline and
      wireless systems,

   -- large-scale and geographically diversified operations,

   -- strong customer relations,

   -- R&D capabilities that are among the largest in
      the industry, and

   -- robust liquidity.

These positive factors are constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation, reflecting
      moderate sales growth, health care payments,
      restructuring costs, and working-capital changes.

"An upgrade is possible over the next 18 months if the group
shows clear progress in integrating the two former entities and
in achieving its targeted synergies, reaching high-single-digit
operating margins (adjusted for purchase accounting) and
meaningful sustained free cash flow generation, as well as
maintaining solid liquidity in stable market conditions," said
Mr. de Torres.

Conversely, the outlook would be revised to stable if the
integration of the two companies and the extraction of synergies
did not proceed apace and had harmful effects on profitability
and free cash flow generation.


ALCATEL-LUCENT: Alenia Unit Inks EUR661-Mln Deal with Globalstar
----------------------------------------------------------------
Alcatel Alenia Space, a division of Alcatel-Lucent, signed a
EUR661-million contract with Globalstar Inc. to provide their
second-generation satellite constellation.

Under the agreement, Alcatel Alenia Space, as prime contractor,
will design, manufacture and deliver 48 low-earth-orbit (LEO)
Globalstar satellites as well as launch support services prior
to and during the launches and mission operations support.

Jay Monroe, Chairman and CEO of Globalstar, Inc. and Pascale
Sourisse, President and CEO of Alcatel Alenia Space formally
signed the contract agreement in New York, N.Y.

This definitive contract occurs a few weeks after the
preliminary contract (Authorization To Proceed) signature aimed
at defining the program readiness review and developing program
milestones.

"We are extremely pleased with this agreement, which not only
secures the Globalstar space segment through at least 2025, but
also takes us another step to offering a host of exciting future
services while assisting us in our strategy to maximize our
global spectrum opportunity," said Mr. Monroe.  "We are thrilled
to be working with Alcatel Alenia Space again on something so
vital to the long term success of Globalstar and look forward to
a mutually beneficial relationship as we move through the next
decade and beyond."

"I would like to thank Globalstar for their trust in Alcatel
Alenia Space for the delivery of their second-generation LEO
satellite constellation," Pascale Sourisse, President and CEO of
Alcatel Alenia Space commented.  "We are grateful for the
confidence demonstrated through this contract and are looking
forward to a beneficial relationship over the next several years
with Globalstar.

"This contract highlights Alcatel Alenia Space's strong
competences and resources to design, manufacture and integrate
Globalstar's whole satellite constellation as well as our
expertise in providing competitive satellite solutions.  It
confirms Alcatel Alenia Space worldwide leadership in
telecommunications satellite orders for the year 2006."

With a launch mass of approximately 700 kg and an end-of-life
power of 1.7 kW, Globalstar satellites will be fitted with 32
transponders in C-band, S-band and L-band. Starting in 2009,
Globalstar satellites will be launched by 6 to 8 at the same
time and will have a lifetime of 15 years.

This agreement will involve Alcatel Alenia Space's production
sites in France, Italy, Spain and Belgium.  Globalstar's second-
generation satellites will be assembled and integrated in
Alcatel Alenia Space facility in Rome, Italy.  The payloads will
be provided by the company's facility in Toulouse, France; the
structures as well as the thermal subsystems being provided by
its facility in Cannes, France.

Alcatel Alenia Space participated in the design of the complete
first generation system and was responsible for the supply of
satellites payloads, structures, thermal subsystems as well as
the complete satellite integration.  The company was also
responsible for manufacturing and installing the Globalstar
ground station antenna terminals.

In order to supplement Globalstar current constellation, Alcatel
Alenia Space is currently conducting a complete performance
review comprising testing and pre-launch preparations for the
eight Globalstar's first-generation ground spare satellites, in
its facility in Rome, Italy.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                           *     *     *

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

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

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

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

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

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


ALCATEL-LUCENT: Inks Deal to Test Maxis Communications' WiMAX
-------------------------------------------------------------
Alcatel-Lucent and Maxis Communications Berhad signed an
agreement to conduct Malaysia's first field trial of the
Universal 802.16e -2005 WiMAX solution.

This field trial is an important step towards offering
commercial services and satisfying growing demand for wireless
broadband access, especially in residential areas in Malaysia.
In order to support the start of the field trial that will take
place later this year, Alcatel-Lucent will ship its 9100 WiMAX
equipment in the next few weeks. In preparation for the field
trial, Maxis undertook and successfully completed Malaysia's
first lab test of 802.16e WiMAX using WiMAX 2.5 GHz spectrum at
the Alcatel-Lucent Malaysia Regional Support Centre in November
2006.

Under the terms of the agreement, Alcatel-Lucent will deploy its
Alcatel-Lucent 9100 WiMAX end-to-end radio solution (2.5 GHz),
including base stations, Wireless Access Controller, Operation
and Maintenance Center as well as supply indoor customer
premises equipment (CPE), mobile terminals and integration
services. Alcatel-Lucent will also provide design, planning and
provisioning support for the solution to meet Maxis' trial
requirements.

"Alcatel-Lucent is a leader in wireless WiMAX technology and
Maxis is particularly impressed with the effective time to
market strategy that Alcatel-Lucent has adopted," Maxis' Head of
Products and New Businesses Dr. Nikolai Dobberstein said.  "It
has a clear product roadmap hence the commercial availability of
Universal WIMAX IEEE 802.16e-2005 standard equipment for initial
network deployments."

"The joint WiMAX 802.16e Alcatel-Lucent/Maxis field trial will
result in an even closer collaboration between the two companies
in what they both see as a revolutionary broadband access
technology," Marc Rouanne, Head of Alcatel-Lucent's convergence
activities noted.  "Alcatel-Lucent has made the early necessary
investments in R&D to succeed and these are now paying off," he
added.

                          About Maxis

Headquartered in Malaysia, The Maxis Group --
http://www.maxis.com.my/-- with operations in India through
subsidiary, Aircel Limited, and Indonesia through subsidiary, PT
Natrindo Telepon Seluler, provides services to 12.7 million
customers in the region.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                           *     *     *

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

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

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

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

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

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


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


AKER KVAERNER: Inks Deals to Modify Norsk Hydro's Brage Platform
----------------------------------------------------------------
Norsk Hydro ASA has awarded Aker Kvaerner ASA a contract for
upgrading of the system for re-injection of produced water on
the Brage platform.

The scope of the contract includes engineering, procurement and
constructional installation.  The contract value is around
NOK150 million and project completion is scheduled for the end
of 2008.

Aker Kvaerner will execute the Brage modification project in
Bergen.  Pre-fabrication of steel and pipework will be carried
out at the company's workshops. Design and procurement will
begin immediately and pre-fabrication will start in April 2007.
The offshore installation work will take place during 2007 and
2008. The main scope will be installed during a shut-down in
2008.

Maintenance and modification work is one of the core business
streams in Aker Kvaerner and is a key strategic focus area for
the company in the North Sea and internationally. Aker Kvaerner
has established broad competence within this market segment
through long-term contracts with the operating companies.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


SHIP FINANCE: Hires Moore Stephens P.C. as Auditors
---------------------------------------------------
Ship Finance International Limited reveals that at the 2006
Annual General Meeting of the company on Dec. 1, 2006, these
resolutions were passed to:

   -- reelect Tor Olav Troim as a Director;

   -- reelect Paul Leand Jr. as a Director;

   -- reelect Kate Blankenship as a Director;

   -- appoint Moore Stephens, P.C. as auditors and to
      authorize the Directors to determine their remuneration;

   -- approve an amendment to the Company's Bye-law 104. to
      change the requirements for the form of, and signatories
      to, the seal of the Company.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, Moody's Investors
Service affirmed Ship Finance International Ltd.'s ratings,
including the Ba3 Corporate Family Rating, the Ba2 Senior
Secured Bank Credit Facilities and the B1 Senior Unsecured Notes
rating.  Moody's said the ratings outlook remains stable.


SHIP FINANCE: Hikes Ordinary Cash Dividend to US$0.53 per Share
---------------------------------------------------------------
The Board of Directors of Ship Finance International Ltd.
reviewed the long-term prospects for the Company including its
significant fixed charter backlog and growth prospects, and
decided to increase the ordinary cash dividend basis from
US$0.45 per share to US$0.50 per share.

In addition, the Board of Directors decided to pay a
supplementary extraordinary dividend of US$0.03 per share,
bringing the total dividend payment for the quarter to US$0.53
per share.

The dividend will be paid on Dec. 21, to shareholders of record
as of Dec. 7. The ex dividend date is Dec. 5, 2006.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Moody's
Investors Service affirmed Ship Finance International Ltd.'s
ratings, including the Ba3 Corporate Family Rating, the Ba2
Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  The ratings outlook remains stable.


SHIP FINANCE: Earns US$45.72 Million for Third Quarter 2006
-----------------------------------------------------------
Ship Finance International Ltd. released its financial results
for the third quarter and nine months ended Sept. 30, 2006.

Ship Finance posted US$45.72 million in net profit against
US$121.8 million in revenues for the third quarter of 2006,
compared with US$65.27 million in net profit against
US$118.4 million in revenues for same period in 2005.

The company posted US$122.99 million in net profit against
US$296.82 million in revenues for the first nine months of 2006,
compared with US$126.47 million in net profit against US$295.57
in revenues for same period in 2005.

The Company's net income for the third quarter of 2006 was
reduced by a US$16.4 million unrealized loss, representing the
change in the fair value of the Company's interest rate swaps
related to its secured credit facilities.  A part of the
Company's debt is on floating rate terms and lower interest
rates in the future will, if sustained, improve long-term
earnings.

For the first nine months of 2006, the Company estimates that a
total of US$63.9 million ($0.88 per share) in profit share from
Frontline Ltd. has accumulated.  Based on U.S. GAAP, around
US$43 million has been accounted for in the period, of which
US$37.5 million was included in the third quarter.

The unrecognized income of US$20.9 million will be recognized in
the fourth quarter provided Ship Finance's vessels continue to
earn in excess of the fixed charter rates received from
Frontline Ltd.

The single-hull VLCC "Front Tobago" has been sold for a gross
sales price of US$45.0 million. Delivery to the new owners is
expected in December 2007.

The single-hull Suezmax "Front Sunda" will be converted to a
heavy-lift vessel.  The vessel will be delivered from the
shipyard at the beginning of the second quarter of 2007.

After delivery, the vessel will commence a new 10 year fixed-
rate charter to Frontline Shipping II Limited.

Two Suezmax newbuildings have been ordered in China for delivery
in 2009. The vessels will be marketed for medium to long-term
charters, consistent with the Company's strategy.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Moody's
Investors Service affirmed Ship Finance International Ltd.'s
ratings, including the Ba3 Corporate Family Rating, the Ba2
Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


SHIP FINANCE: S&P Lifts Rating to BB on Predictable Cash Flows
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Bermuda-based Ship Finance
International Ltd., a ship-owning company tied to Frontline
Ltd., to 'BB' from 'BB-'.  The outlook is stable.

At the same time, Standard & Poor's raised its senior unsecured
debt rating on Ship Finance's US$580-million bonds to 'B+' from
'B'.

"The rating action reflects Ship Finance's better-than-expected
operating and financial performance over the past three years,
the recent change to a Frontline-independent management team,
and expectations of continued stable and predictable cash flows
through the company's largely long-term contract-based revenue
structure," said Standard & Poor's credit analyst Per Karlsson.

Total debt was US$1.74 billion at Sept. 30, 2006.

Ship Finance benefits from relatively predictable cash flows,
which are secured through long-term contracts.  The stable
outlook also reflects the continual favorable near-term outlook
for the oil tanker segment.  In addition, the US$274 million
charter service reserve provides significant protection
against downside risk.

The potential for a 20% share in Frontline's profits above
certain rate thresholds could strengthen financial measures in
good tanker market years.  Standard & Poor's nevertheless
believes that Ship Finance will maintain its high leverage, as
excess cash flows are likely to be paid out as dividends or
invested in additional vessels.

Standard & Poor's expects that future vessel additions will be
funded largely by debt (about 70%-75%) and that vessels acquired
will be backed by medium-to long-term charter agreements with
creditworthy shipping operators, which is key to the ratings.
As the company expands its vessel fleet, an adequate liquidity
buffer is expected to be generated and held on the balance sheet
to protect against weak market conditions and the counterparty
credit risk assumed.

"Further rating upside potential is limited, while downside
pressure could come from lower fleet contract coverage than
expected, higher leverage, or prolonged weak market conditions,"
Mr. Karlsson added.


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


BORSODCHEM NYRT: Returned Shares Hike Treasury Stock
----------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that due to developments concerning its
Registered Employee Share Ownership Program, the number of the
Company's treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on
Nov. 9, 2005, the Company received back 103 pieces with a value
date of Nov. 13, 2006, from employees terminating their
employment relations.

Following the transaction the number of the Company's treasury
shares increased by 103 pieces to 1,193,066.

                      About BorsodChem

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

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

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

                        *     *     *

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


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


ADAMANTAN-FURNITURE: Court Names I. Gorn as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Adamantan-Furniture.  He can be
reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-18322/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Adamantan-Furniture
         Sovetskaya 178
         Egoryevsk
         Moscow Region
         Russia


AIR-SERVICE: Moscow Court Names I. Gorn as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for Joint-Stock Insurance Company Air-
Service.  He can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-20620/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         Joint-Stock Insurance Company Air-Service
         Molodyezhnaya Str., 8/1.
         Belozerskiy
         Moscow region
         Russia


BIVERST CJSC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Biverst.  The case is docketed under Case No.
A40-39709/06-78-816 B.

The Temporary Insolvency Manager is:

         K. Bodrov
         Office 112
         Konnaya Str. 2
         180007 Pskov Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Biverst
         Leningradskoye Shosse 46/1
         Moscow Region
         Russia


CHILDREN FASHION-KLIN: Court Names I. Gorn as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Garment Factory Children Fashion-
Klin.  He can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-16204/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Garment Factory Children Fashion-Klin
         Staroyamskaya Str. 6
         Klin
         Moscow Region
         Russia


CHUKHLOMSKIY WOOD: Asset Sale Slated for December 19
----------------------------------------------------
The insolvency manager, the bidding organizer for
LLC Chukhlomskiy Wood Combine, will open a public auction for
the company's properties at 10:00 a.m. on Dec. 19 at:

         Svobody Str. 38
         Chukhloma
         Kostroma Region
         Russia

Interested participants have until 4:00 p.m. on Dec. 18 to
deposit an amount equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         The Insolvency Manager, The Bidding Organizer
         Lunacharskogo Str. 29
         Kostroma Region
         Tel/Fax: (49431)7-57-65
         Russia

The Debtor can be reached at:

         LLC Chukhlomskiy Wood Combine
         Revolyutsii Str. 11
         Nerekhta
         Kostroma Region
         Russia


CHUPINSKIY ORE: Court Names I. Benyaminov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. I.
Benyaminov as Insolvency Manager for CJSC Chupinskiy Ore Mining
and Processing Enterprise.  He can be reached at:

         I. Benyaminov
         Post User Box 8
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-680/2006-18.

The Arbitration Court of Kareliya Republic is located at:

         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya Republic
         Russia

The Debtor can be reached at:

         CJSC Chupinskiy Ore Mining and Processing Enterprise
         Pionerskaya Str. 42
         Chupa
         Loukhskiy Region
         Kareliya Republic
         Russia


DIAMOND CJSC: Court Names S. Suvorov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. S. Suvorov
as Insolvency Manager for CJSC Diamond.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-45604/06-74-1006B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Diamond
         Ryazanskiy Pr. 67
         Moscow Region
         Russia


ELETSKAYA TOBACCO: Lipetsk Bankruptcy Hearing Slated for Feb. 15
----------------------------------------------------------------
The Arbitration Court of Lipetsk Region will convene on
Feb. 15, 2007, to hear the supervision procedure on LLC
Eletskaya Tobacco Factory.  The case is docketed under Case No.
A36-2331/2006.

The Temporary Insolvency Manager is:

         G. Udelnov
         Tkatskaya Str. 5
         105318 Moscow Region
         Russia

The Arbitration Court of Lipetsk Region is located at:

         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         LLC Eletskaya Tobacco Factory
         Lenina Str. 74
         Letsk
         399770 Lipetsk Region
         Russia


KIRSANOV-AUTO-TRANS: Tambov Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Tambov Region commenced bankruptcy
supervision procedure on OJSC Kirsanov-Auto-Trans.  The case is
docketed under Case No. A64-2688-06-10.

The Temporary Insolvency Manager is:

         A. Anikeev
         Apartment 2
         Sverdlova Str. 116
         Rzhaksa
         Tambov Region
         Russia

The Debtor can be reached at:

         OJSC Kirsanov-Auto-Trans
         Sportivnaya Str. 17a
         Kirsanov
         Tambov Region
         Russia


LARGE-GRAIN BUILDING: Court Names I. Gorn as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for LLC Factory of Large-Grain Building.  He
can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-19027/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Factory of Large-Grain Building
         Promyshlennaya Str. 1
         Malino
         Stupinskiy Region
         Moscow Region
         Russia


LENINSKOYE OJSC: Orenburg Bankruptcy Hearing Slated for Dec. 12
---------------------------------------------------------------
The Arbitration Court of Orenburg Region will convene at 1:30
p.m. on Dec. 12 to hear the bankruptcy supervision procedure on
OJSC Leninskoye (TIN 5650004690, KPP 565001001).  The case is
docketed under Case No. A47-6710/2006-14GK.

The Temporary Insolvency Manager is:

         D. Samoylov
         Gaya Str. 23A
         460000 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Leninskoye
         Shakhtostroitelnaya Str. 24
         Tyulgan
         462010 Orenburg Region
         Russia


MIKHAYLOVSKIY DIARY: Court Names E. Bogdanov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. E. Bogdanov
as Insolvency Manager for CJSC Mikhaylovskiy Diary Combine.  He
can be reached at:

         E. Bogdanov
         Chkalova Str. 21
         Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-4017/2006-S1.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         CJSC Mikhaylovskiy Diary Combine
         Rabochiy Poselok 13
         Mikhaylov
         391710 Ryazan Region
         Russia


ORENBURGSKAYA OIL-GAS: Names S. Pototskaya to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. S.
Pototskaya as Insolvency Manager for LLC Orenburgskaya Oil-Gas
Company.  She can be reached at:

         S. Pototskaya
         Post User Box 1515
         460001 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-10380/2006-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         LLC Orenburgskaya Oil-Gas Company
         B. Korostelevykh Pr. 42-20
         Orenburg Region
         Russia


PROMSVYAZBANK: Fitch Changes Outlook on B+ IDR to Positive
----------------------------------------------------------
Fitch Ratings changed the Outlook on the Issuer Default Rating
of Russia-based Promsvyazbank to Positive from Stable.  The
bank's ratings are affirmed at IDR B+, Short-term B, Individual
D, and Support 5.

The change in Outlook follows the recent announcement that
German-based Commerzbank Auslandsbanken Holding AG, a wholly
owned subsidiary of Commerzbank AG, has acquired a 15.3% stake
in the bank.  In Fitch's view, even as a minority shareholder
Commerzbank could have a positive impact on certain aspects of
PSB's governance and business development.

Fitch also notes that Commerzbank may increase its stake and
seek to gain control over the bank in the medium term.  Fitch
also notes the improving, albeit still challenging, Russian
operating environment and hence the enhanced prospects for the
country's leading privately owned banks.

More generally, the ratings of PSB reflect significant balance
sheet concentrations and risks inherent in the bank's rapid loan
growth, which may also put pressure on liquidity and
capitalisation levels.  However, Fitch Ratings also acknowledges
the broadening of PSB's franchise and regional coverage,
improved funding profile and reduced related-party exposures and
non-core assets.  The ratings are also supported by the bank's
acceptable profitability and asset quality to date.

PSB is one of the largest Russian privately held banks, and is
majority-owned by the Ananiev brothers, who are well-connected
businessmen.  PSB mainly serves large and mid-sized corporate
clients.  It has built a network of more than 120 points of sale
across Russia to facilitate an ongoing regional diversification
and franchise expansion into the retail and SME segments.


SPIROVO-WOOD CJSC: Court Names A. Lebedev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. A. Lebedev as
Insolvency Manager for CJSC Enterprise on Logging and Working Of
Wood Spirovo-Wood.  He can be reached at:

         A. Lebedev
         Post User Box 2616
         170026 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-2810/05.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         CJSC Enterprise on Logging and Working of Wood
         Spirovo-Wood
         Pushkina Str. 76
         Spirovo
         171170 Tver region
         Russia


TEBLESHSKIY FLAX: Tver Court Names B. Yun as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. B. Yun as
Insolvency Manager as Insolvency Manager for OJSC Tebleshskiy
Flax Factory.  He can be reached at:

         B. Yun
         Orlovskiy Per. 5
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-66-6265/2006B.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         B. Yun
         Orlovskiy Per. 5
         129110 Moscow Region
         Russia


TNK-BP HOLDING: US$1-Billion Loan Attracts Little Interests
-----------------------------------------------------------
Bookrunners for OAO TNK-BP Holding are struggling to attract
interest for the company's US$1-billion loan, Euroweek reports.

"It's not doing that great in syndication," admitted a banker at
one of the bookrunners, which include Bank of Tokyo-Mitsubishi-
UFJ, Barclays Capital, BNP Paribas and Mizuho.  The banks
started inviting interests for the five-year loan in November.

"The loan is extremely aggressive, especially considering how
recently the borrower was in the market," a banker told
Euroweek.

TNK-BP launched the loan to refinance a US$1-billion nine-month
loan it acquired in February.  In exchange for the loan, TNK-BP
is promising to pay 57.5bp over Libor for the first three years
62.5bp for the last years.

"Banks are quite exhausted and how does one justify the lower
margin on a longer tenor?" the bank told Euroweek, referring to
the new loan's 69.5bp over Libor, lower than a previous deal's
73.75bp.

TNK-BP recently completed a US$1.8 billion four-year unsecured
refinancing, which pays margin of 65bp over Libor.  The deal --
which has ABN Amro, Calyon and Citigroup as bookrunners --
raised a modest over-subscription but was not increased.

Another banker at one of the bookrunners agreed that the loan's
syndication was going slowly but expressed optimism that "it
will get done by the end of the year."

"People just seem to operate at different times," the banker
told Euroweek.

A lead bank for the load said the bookrunners had gone
selectively to a small syndicate and that wider syndication
would follow.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding OAO --
http://www.tnk-bp.com/-- operates six refineries in Russia and
Ukraine, and markets products through 2,100 retail service
stations operating under TNK and BP brand.  TNK owns 56.5% of
TNK-BP Holding, and Onako and Sidanco hold 6.8% and 30.9%,
respectively.  The other 5.8% belongs to TNK-BP shareholders.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for around 18% of Russia's total crude oil
production.

                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


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


AR-BAU: Liestal Court Suspends Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court for the District of Liestal suspended the
bankruptcy proceedings of LLC AR-Bau on Nov. 13, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

         LLC AR-Bau
         Rheinstrasse 79
         4402 Frenkendorf
         Liestal
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Basel-Landschaft
         Switzerland


ARTPOWER LLC: Zug Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court for the District of Zug suspended the
bankruptcy proceedings of LLC Artpower on Nov. 6, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on May 9, can be contacted at:

         LLC Artpower
         Rutiweid 2
         6330 Cham
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


DISCOUNT LINE: Zug Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court for the District of Zug suspended the
bankruptcy proceedings of LLC discount line on Nov. 6, pursuant
to Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Oct. 2, can be contacted at:

         LLC discount line
         Chamerstrasse 172
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


DURMULLER & SOHN: Luzern-Land Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Luzern-Land entered Oct. 19 an order
closing the bankruptcy proceedings of JSC Durmuller & Sohn.

The Debtor can be reached at:

         JSC Durmuller & Sohn
         Rothenring 22
         6015 Reussbuh.l
         Switzerland

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


F & R GASTRO: Luzern-Land Court Closes Bankruptcy Process
---------------------------------------------------------
The Bankruptcy Court of Luzern-Land entered Oct. 19 an order
closing the bankruptcy proceedings of LLC F & R Gastro.

The Debtor can be reached at:

         LLC F & R Gastro
         Hartenfelsstrasse 2
         6030 Ebikon
         Lucerne
         Switzerland

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


HCA INC: Earns US$240 Million in Quarter Ended Sept. 30
-------------------------------------------------------
HCA Inc. disclosed of its results for the quarter ended
Sept. 30, 2006.

Net income for the third quarter of 2006 totaled US$240 million,
compared with US$280 million in the third quarter of 2005.
Results for the third quarter of 2006 include gains on sales of
facilities of US$41 million and transaction costs related to the
proposed merger of US$9 million.  Third quarter 2005 results
include costs, net of estimated recoveries, of US$33 million
related to hurricane damage and business interruption and a tax
benefit of US$22 million from the repatriation of foreign
earnings.

                       Third Quarter Results

Third quarter 2006 results include additional compensation costs
of US$11 million due to the expensing of stock options and
employee stock purchase plan shares associated with the Jan. 1,
2006, adoption of FASB Statement 123, "Share-Based Payment."

Revenues in the third quarter of 2006 totaled US$6.2 billion
compared to US$6.0 billion in the third quarter of 2005.  Same
facility revenues increased 5.4% compared to the third quarter
of 2005.  Same facility revenue per equivalent admission
increased 6.4% in the third quarter of 2006 (6.8% increase when
adjusted for uninsured discounts) compared to the third quarter
of 2005.

Same facility admissions increased 0.1% in the third quarter of
2006 compared to the prior year's third quarter.  Same facility
equivalent admissions, which take into consideration outpatient
volumes, decreased 0.9% compared to the third quarter of 2005.
Same facility outpatient surgical cases declined 2.8% in the
third quarter of 2006, due to declines of 4.3% in hospital based
outpatient surgeries and 0.1% in freestanding ambulatory
surgical cases compared to the third quarter of 2005.

The provision for doubtful accounts in the third quarter of 2006
totaled US$677 million, or 10.9% of revenues, compared to US$618
million, or 10.3% of revenues, in the prior year.  Adjusted to
reflect uninsured discounts, the provision for doubtful accounts
totaled US$954 million, or 14.7% of revenues, in the third
quarter of 2006, compared to US$859 million, or 13.7% of
revenues, in the third quarter of 2005.

Uninsured discounts in the third quarters of 2006 and 2005 were
US$277 million and US$241 million, respectively.  HCA's
uninsured discount policy, which became effective in the first
quarter of 2005, lowers revenues and the provision for doubtful
accounts by generally corresponding amounts.  Charity care
totaled US$329 million in the third quarter of 2006, compared to
US$298 million in the previous year's third quarter.  Same
facility uninsured admissions, which include charity patients,
increased by 2,257 admissions or 10.1%, in the third quarter of
2006 compared to the same period of 2005.

                            Assets Sold

Effective July 1, 2006, the company sold four hospitals (three
in West Virginia and one in Virginia) to LifePoint Hospitals,
Inc. for US$256 million.  A gain of US$32 million pretax on the
sale of the hospital located in Virginia was recognized in the
third quarter of 2006.  Certificates of Need are required for
the sale of the three West Virginia hospitals included in the
transaction.  Because filings seeking the revocation of the CONs
were pending at the time of the closing, HCA and LifePoint have
agreed that under certain circumstances, LifePoint may require
us to repurchase the three West Virginia Hospitals.  Generally,
those circumstances require a final and nonappealable order
revoking the CONs or an order requiring LifePoint to divest the
hospitals or cease operations.  In the event of such a
repurchase, the repurchase price would be based upon the
original purchase price and adjusted for working capital
changes, capital expenditures and other items.  Due to the CON
proceedings and the repurchase provision, the company has
deferred the recognition of the gain of approximately US$61
million pretax related to the three West Virginia hospitals
until the CON appeals are resolved.

Effective Oct. 1, 2006, the company sold two hospitals in
Florida for US$266 million.  A pretax gain of approximately
US$91 million will be recognized in the fourth quarter of 2006
related to this sale.

                    Cash Flow and Balance Sheet

HCA's cash flows from operations totaled US$653 million in the
third quarter of 2006 compared to US$938 million in the third
quarter of 2005.  Cash flows from operations during the third
quarter of 2006 were negatively affected by the combined impact
of lower net income and an increase of US$153 million in net
accounts receivable during the third quarter of 2006 (primarily
due to a delay by CMS in the processing of Medicare claims in
September as mandated by provisions of the Deficit Reduction
Act) compared to a decrease of US$78 million in net accounts
receivable during the third quarter of 2005.

As of Sept. 30, 2006, HCA's balance sheet reflected total debt
of US$11.3 billion, stockholders' equity (including common and
minority equity) of US$6.0 billion and total assets of US$23.1
billion.  HCA's ratio of debt-to-debt plus common and minority
equity was 65.2% at Sept. 30, 2006, compared to 64.8% at
Dec. 31, 2005.

HCA had 409.7 million common shares outstanding at Sept. 30,
2006, compared to 417.5 million shares at Dec. 31, 2005.

Headquartered in Nashville, Tennessee, HCA (Hospital Corporation
of America) Inc. (NYSE: HCA) -- http://www.hcahealthcare.com/--
is a healthcare services provider, composed of locally managed
facilities that include approximately 182 hospitals and 94
outpatient surgery centers in 22 states, England and
Switzerland.  At its founding in 1968, HCA was one of the
nation's first hospital companies.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Fitch downgraded and removed from Rating Watch Negative HCA,
Inc.'s existing ratings as a result of the completion of its
leveraged buyout.  Fitch's rating action includes a downgrade of
the company's Issuer Default Rating to 'B' from 'BB+' and a
downgrade of its senior unsecured notes to 'CCC+/RR6' from
'BB+'.  Fitch has also withdrawn the 'BB+' rating on the
Unsecured Bank Facility.

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Moody's Investors Service downgraded the ratings of the senior
unsecured notes assumed in the capital structure of HCA Inc. to
Caa1 from Ba2 after the closing of the leveraged buyout of the
company.


JEANS STATION: Binningen Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court for the District of Binningen suspended the
bankruptcy proceedings of LLC Jeans Station on Nov. 13, pursuant
to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,000
deposit.  The right for the additional deposit is retained.

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

         LLC Jeans Station
         Muhlemattstrasse 25
         4104 Oberwil
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Binningen can be reached at:

         Bankruptcy Service of Binningen
         4102 Binningen
         Basel-Landschaft
         Switzerland


ROHRER GENERALBAUUNTERNEHMUNG: Court Closes Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Luzern-Land entered Oct. 19 an order
closing the bankruptcy proceedings of LLC Rohrer
Generalbauunternehmung.

The Debtor can be reached at:

         LLC Rohrer Generalbauunternehmung
         Hellmuhlestrasse 9
         6344 Meierskappel
         Lucerne
         Switzerland

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


SCHMID INFORMATIK: Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Luzern-Land entered Oct. 19 an order
closing the bankruptcy proceedings of JSC Schmid Informatik.

The Debtor can be reached at:

         JSC Schmid Informatik
         6102 Malters
         Lucerne
         Switzerland

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


SWIBRAS JSC: Liestal Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Liestal commenced bankruptcy proceedings
against JSC Swibras on Oct. 18.

The Debtor can be reached at:

         JSC Swibras
         Grussenholzliweg 3
         4133 Pratteln
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Basel-Country
         Switzerland


ZENTRAL-TRANS: Willisau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Willisau commenced bankruptcy
proceedings against LLC Zentral-Trans on Oct. 25.

The Debtor can be reached at:

         LLC Zentral-Trans
         Dorfmatte 7
         6243 Egolzwil
         Lucerne
         Switzerland

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau
         Lucerne
         Switzerland


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


MOSAIC COMPANY: Completes US$2 Billion Refinancing
--------------------------------------------------
The Mosaic Company has completed a refinancing pursuant to
which:

     * subsidiaries of Mosaic purchased approximately
       US$1,410,991,676 aggregate principal amount of their
       outstanding senior notes and debentures pursuant to
       tender offers.

     * Mosaic refinanced a US$345 million term loan B facility
       under its existing senior secured bank credit agreement.

     * Mosaic funded the purchase of the existing senior notes
       and debentures and the refinancing of the existing term
       loan B facility through the issuance of US$475 million
       aggregate principal amount of 7-3/8% Senior Notes due
       2014 and US$475 million aggregate principal amount of 7-
       5/8% Senior Notes due 2016, and new US$400 million term
       loan A-1 and US$612 million term loan B facilities under
       its amended and restated senior secured bank credit
       agreement.

The senior notes and debentures purchased by subsidiaries of
Mosaic pursuant to tender offers consisted of US$124,038,000
aggregate principal amount of Mosaic Global Holdings Inc.'s
6.875% Debentures due 2007, US$370,979,676 aggregate principal
amount of its 10.875% Senior Notes due 2008, US$374,065,000
aggregate principal amount of its 11.250% Senior Notes due 2011,
and US$396,090,000 aggregate principal amount of its 10.875%
Senior Notes due 2013, and US$145,819,000 aggregate principal
amount of Phosphate Acquisition Partners L.P.'s 7% Senior Notes
due 2008.

After giving effect to these purchases, US$25,962,000 aggregate
principal amount of Mosaic Global Holdings Inc.'s 6.875%
Debentures due 2007, US$23,908,324 aggregate principal amount of
its 10.875% Senior Notes due 2008, US$29,395,000 aggregate
principal amount of its 11.250% Senior Notes due 2011, and
US$3,525,000 aggregate principal amount of its 10.875% Senior
Notes due 2013 and US$4,181,000 aggregate principal amount of
Phosphate Acquisition Partners L.P.'s 7% Senior Notes due 2008
remain outstanding.  The indentures pursuant to which these
senior notes and debentures were issued were amended to remove
substantially all of their restrictive covenants.

                     About The Mosaic Company

The Mosaic Company -- http://www.mosaicco.com/-- produces and
markets concentrated phosphate and potash crop nutrients.  For
the global agriculture industry, Mosaic is a single source of
phosphates, potash, nitrogen fertilizers and feed ingredients.
In Europe, the company maintains operations and/or sales offices
in Ukraine, France and Russia.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 14,
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  Standard & Poor's affirmed
its 'BB' long-term and 'B-1' short-term corporate credit ratings
on the company.

As reported in the TCR-Europe on Nov. 9, 2006, Fitch assigned a
'BB' rating to The Mosaic Company's proposed senior unsecured
notes due 2014 and 2016 and a 'BB+' rating to the company's
proposed senior secured term loans.  The ratings affected
approximately US$950 million of new senior notes and  US$1.05
billion of new term loans.

Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to US$900
million of proposed senior unsecured debt.  Mosaic's Ba3
corporate family rating was affirmed but the ratings of the
existing revolver and the term loan A were downgraded to Ba1
from Baa3 and those of the existing senior unsecured debt
lowered to B1 from Ba3 in accordance with the LGD methodology.
Moody's said the ratings outlook is stable.


TNK-BP HOLDING: US$1-Billion Loan Attracts Little Interests
-----------------------------------------------------------
Bookrunners for OAO TNK-BP Holding are struggling to attract
interest for the company's US$1-billion loan, Euroweek reports.

"It's not doing that great in syndication," admitted a banker at
one of the bookrunners, which include Bank of Tokyo-Mitsubishi-
UFJ, Barclays Capital, BNP Paribas and Mizuho.  The banks
started inviting interests for the five-year loan in November.

"The loan is extremely aggressive, especially considering how
recently the borrower was in the market," a banker told
Euroweek.

TNK-BP launched the loan to refinance a US$1-billion nine-month
loan it acquired in February.  In exchange for the loan, TNK-BP
is promising to pay 57.5bp over Libor for the first three years
62.5bp for the last years.

"Banks are quite exhausted and how does one justify the lower
margin on a longer tenor?" the bank told Euroweek, referring to
the new loan's 69.5bp over Libor, lower than a previous deal's
73.75bp.

TNK-BP recently completed a US$1.8 billion four-year unsecured
refinancing, which pays margin of 65bp over Libor.  The deal --
which has ABN Amro, Calyon and Citigroup as bookrunners --
raised a modest over-subscription but was not increased.

Another banker at one of the bookrunners agreed that the loan's
syndication was going slowly but expressed optimism that "it
will get done by the end of the year."

"People just seem to operate at different times," the banker
told Euroweek.

A lead bank for the load said the bookrunners had gone
selectively to a small syndicate and that wider syndication
would follow.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding OAO --
http://www.tnk-bp.com/-- operates six refineries in Russia and
Ukraine, and markets products through 2,100 retail service
stations operating under TNK and BP brand.  TNK owns 56.5% of
TNK-BP Holding, and Onako and Sidanco hold 6.8% and 30.9%,
respectively.  The other 5.8% belongs to TNK-BP shareholders.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for around 18% of Russia's total crude oil
production.

                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


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


AGENDA LEISURE: Up for Sale as Going Concern
--------------------------------------------
Kerry Bailey and Jon Newell of PKF (U.K.) LLP, in their capacity
as joint administrators for Agenda Leisure Ltd. (t/a Deva
Marine), are offering to sell the company's business and assets
as a going concern.

Features:

   -- a well-established North Wales based business dealing in
      the sale of new and used sports/power boats and cruisers,
      brokerage, repairs & servicing and storage;

   -- agents for Jeanneau, Maxum and Baja power boats;

   -- three leasehold premises totaling 4,890 square meter
      comprising a retail/sales outlet at Conway Marina and a
      sales area, workshops and indoor & outdoor storage
      facilities at Pentraeth, Anglesey;

   -- turnover for the year ended Oct. 31, 2006, at GBP6
      million;

   -- skilled sales and workshop personnel; and

   -- substantial order book.

Inquiries can be addressed to:

         Kerry Bailey
         PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester M2 5HR
         United Kingdom

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


AKER KVAERNER: Inks Deals to Modify Norsk Hydro's Brage Platform
----------------------------------------------------------------
Norsk Hydro ASA has awarded Aker Kvaerner ASA a contract for
upgrading of the system for re-injection of produced water on
the Brage platform.

The scope of the contract includes engineering, procurement and
constructional installation.  The contract value is around
NOK150 million and project completion is scheduled for the end
of 2008.

Aker Kvaerner will execute the Brage modification project in
Bergen.  Pre-fabrication of steel and pipework will be carried
out at the company's workshops. Design and procurement will
begin immediately and pre-fabrication will start in April 2007.
The offshore installation work will take place during 2007 and
2008. The main scope will be installed during a shut-down in
2008.

Maintenance and modification work is one of the core business
streams in Aker Kvaerner and is a key strategic focus area for
the company in the North Sea and internationally. Aker Kvaerner
has established broad competence within this market segment
through long-term contracts with the operating companies.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


ALPRO PRODUCTS: Brings In Begbies Traynor as Administrators
-----------------------------------------------------------
P. Stanley and Kevin Coates of Begbies Traynor were appointed
joint administrators of Alpro Products Ltd. (Company Number
1960447) on Nov. 23.

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

Alpro Products Ltd. can be reached at:

         Hibbert House
         Baxters Lane
         St. Helens
         Merseyside WA9 3NP
         United Kingdom
         Tel: 01744 851 900
         Fax: 01744 851 990


ASSET CONSTRUCTION: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Asset Construction Limited confirmed Nov. 23 the
appointment of Roderick Graham Butcher of Butcher Woods as the
company's Liquidator.

The company can be reached at:

         Asset Construction Limited
         Knowle House
         51 Station Road
         Knowle
         Solihull
         West Midlands B93 0HN
         United Kingdom
         Tel: 01564 732 010
         Fax: 01564 732 001


B-LIVE ENTERTAINMENT: Appoints Gordon Craig to Administer Assets
----------------------------------------------------------------
Gordon Craig of Cresswall Associates Ltd. was appointed
administrator of B-Live Entertainment Ltd. (Company Number
05319587) on Oct. 31.

The administrator can be reached at:

         Gordon Craig
         Cresswall Associates Ltd.
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

B-Live Entertainment Ltd. can be reached at:

         507 Old York Road
         Wandsworth
         London SW18 1TF
         United Kingdom
         Tel: 020 8875 2525


BETTA STATIONERS: Appoints Barry P. Knights as Liquidator
---------------------------------------------------------
Barry P. Knights of Knights & Company was appointed Liquidator
of Betta Stationers Limited (formerly D&E Total Installations
Ltd.) on Nov. 23 for the creditors' voluntary winding-up
procedure.

Headquartered in London, England, Betta Stationers Limited --
http://www.bettastationers.co.uk/-- supplies computer and I.T.
equipment, toners and ink cartridges, envelopes, and office
furniture, The company also provides printing services.


BRAVO! FOODS: Sept. 30 Balance Sheet Upside-Down by US$35.6 Mln
---------------------------------------------------------------
Bravo! Foods International Corp. (nka Bravo! Brands Inc.)
reported a US$1.2 million net loss on US$5.1 million of net
revenues for the three months ended Sept. 30, 2006, compared
with US$17.6 million of net income earned on US$3.2 million of
net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$39.7 million in total assets and US$72.9 million in total
liabilities, resulting in a US$35.6 million stockholders'
deficit.  The company previously had US$32.8 million equity
deficit at June 30, 2006.

The company's Sept. 30 balance sheet also showed strained
liquidity with US$18 million in total current assets available
to pay US$72.7 million in total current liabilities.

As of Sept. 30, 2006, the company reported that net cash used in
operating activities was US$16,594,704, net cash provided by
financing activities was US$13,462,392 and net cash used in
investing activities was US$708,044 during the nine months ended
Sept. 30, 2006.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?165d

The company says that its operating losses, negative cash flow
from operations and negative working capital is largely the
effect of its recording of US$37,075,023 for derivative
liabilities.

In addition, the company relates that it has experienced delays
in filing its financial statements and registration statements
due to errors in historical accounting that now have been
corrected.  The inability to make these filings resulted in the
recognition of penalties payable to the investors.  These
penalties have ceased with the completed filings and the
registration of the common shares into which the investors'
financial instruments are convertible.

                        Going Concern Doubt

Lazar Levine & Felix LLP expressed substantial doubt about
Bravo! Foods' ability to continue as a going concern after
auditing the Company's financial statements for the years ended
Dec. 31, 2005 and 2004.  The auditing firm pointed to the
Company's net losses, working capital deficiency at Dec. 31,
2005, and delinquency in the payment of certain debts.

Based in North Palm Beach, Florida, Bravo! Foods International
Corp. nka Bravo! Brands Inc. -- http://www.bravobrands.com/--
develops, brands, markets, distributes and sells flavored milk
products throughout the 50 United States, Great Britain and
various Middle Eastern countries.


BRECONRIDGE MANUFACTURING: Administrators Begin Asset Sale
----------------------------------------------------------
Andy Peters and Dominic Wong, in their capacity as Joint
Administrators for Breconridge Manufacturing Solutions Ltd., are
offering to sell the company's business and assets.

Features:

   -- turnover of US$7 million to May 2006;

   -- established provider of repairs, distribution and final
      assembly services to the telecommunications sector;

   -- leasehold premises of 30,000 square feet in Caldicot,
      Monmouthshire;

   -- skilled workforce of 58 full & part time staff; and

   -- ISO 9001-2000 and 14001-2004.

Inquiries can be addressed to:

         Brian Walford
         Deloitte & Touche LLP
         Four Brindleyplace
         Birmingham B1 2HZ
         United Kingdom
         Tel: +44 (0)121 695 5285
         Fax: +44 (0)121 695 5555
         E-mail: bwalford@deloitte.co.uk

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.


CONTRACT GAS: Taps Lloyd Biscoe to Liquidate Assets
---------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Contract Gas Services Limited on Nov. 22 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Contract Gas Services Limited
         10 Essex Gardens
         Leigh-On-Sea
         Essex SS9 4HG
         United Kingdom
         Tel: 01702 716 816


EASTMAN KODAK: Posts US$37 Mil. Net Loss in 2006 Third Quarter
--------------------------------------------------------------
Eastman Kodak Company filed its third quarter financial
statements ended Sept. 30, 2006, with the Securities and
Exchange Commission disclosing a US$37 million net loss on
US$3.2 billion of revenues, compared with a US$914 million net
loss on US$3.6 billion of total revenues for the same period in
2005.

Net worldwide sales were US$3.2 billion for the third quarter of
2006 as compared with US$3.6 billion for the third quarter of
2005, representing a decrease of US$349 million or 10%.  The
decrease in net sales was primarily due to declines in volume
and unfavorable price-mix, which decreased third quarter sales.

Net sales in the U.S. were US$1.3 billion for the third quarter
of 2006 as compared with US$1.4 billion for the prior year
quarter, representing a decrease of US$158 million, or 11%.  Net
sales outside the U.S. were US$1.9 billion for the current
quarter as compared with US$2.1 billion for the third quarter of
2005, representing a decrease of US$191 million, or 9%, which
includes the positive impact of foreign currency fluctuations of
US$25 million, or 1%.

                           Gross Profit

Gross profit was US$874 million for the third quarter of 2006 as
compared with US$922 million for the third quarter of 2005,
representing a decrease of US$48 million, or 5%.  The gross
profit margin was 27.3% in the current quarter as compared with
25.9% in the prior year quarter.  The increase was primarily
attributable to:

   (1) reductions in manufacturing costs, which increased gross
       profit margins by approximately 1.2 percentage points;

   (2) positive price/mix, primarily attributable to the year-
       over-year increase in royalty income related to digital
       capture, which increased gross profit margins by
       approximately 0.5 percentage points; and

   (3) foreign exchange, which positively impacted gross profit
       margins by approximately 0.3 percentage points.

These increases were partially offset by volume declines in each
of the company's business lines.

                     Loss From Continuing Operations

The loss from continuing operations for the third quarter of
2006 was US$37 million as compared with a loss from continuing
operations for 2005 third quarter of US$915 million,
representing an increase in earnings of US$878 million.  This
decrease in loss from continuing operations is attributable to
the following factors:

(1) Selling, General and Administrative Expenses

Selling, general and administrative expenses (SG&A) were US$565
million for the third quarter of 2006 as compared with US$670
million for the prior year quarter, representing a decrease of
US$105 million, or 16%.  SG&A as a percentage of sales decreased
from 19% for the third quarter of 2005 to 18% for the current
year quarter.  The absolute dollar decrease in SG&A is primarily
attributable to declines in advertising spending, a reduction in
selling expenses, and lower employee benefit costs resulting
from ongoing company-wide cost reduction initiatives.

(2) Research and Development Costs

Research and development costs (R&D) were US$170 million for the
third quarter of 2006 as compared with US$212 million for the
third quarter of 2005, representing a decrease of US$42 million,
or 20%. R&D as a percentage of sales was 5% for the third
quarter of 2006 as compared with the prior year quarter of 6%.
This decrease was primarily driven by significant spending
reductions in the current quarter related to traditional
products and services, and was also impacted by reductions in
R&D spending related to the display business.

(3) Restructuring Costs and Others

Restructuring costs and other were US$137 million for the third
quarter of 2006 as compared with US$163 million for the third
quarter of 2005, representing a decrease of US$26 million or
16%.

(4) Interest Expense

Interest expense for the third quarter of 2006 was US$74 million
as compared with US$57 million for the prior year quarter,
representing an increase of US$17 million, or 30%.  Higher
interest expense is a result of a non-recurring charge related
to a non-U.S. export tax claim, and higher interest rates under
the Company's October 2005 US$2.7 billion Senior Secured Credit
Facilities.

                Earnings/Loss From Continuing Operations

Earnings from continuing operations before interest, other
income, net and income taxes for the third quarter of 2006 were
US$2 million as compared with a loss of US$123 million for the
third quarter of 2005, representing an increase in earnings of
US$125 million.

                Company's Solvency and Cash Flow Activity

At Sept. 30, 2006, the company's balance sheet showed US$14
billion in total assets, US$12.2 billion in total liabilities,
and US$1.8 billion in stockholders' equity.  At Dec. 31, 2005,
the company had US$15.2 billion in total assets, US$13 billion
in total liability, and US$2.3 billion in stockholders' equity.

The company's cash and cash equivalents decreased US$563 million
from US$1.7 billion at Dec. 31, 2005, to US$1.1 billion at
Sept. 30, 2006.  The decrease resulted primarily from US$72
million of net cash used in operating activities, US$182 million
of net cash used in investing activities, and US$319 million of
net cash used in financing activities.

                    2004 - 2007 Restructuring Program

The company announced on Jan. 22, 2004, that it planned to
develop and execute a comprehensive cost reduction program
throughout the 2004 to 2006 timeframe.  The objective of these
actions is to achieve a business model appropriate for the
company's traditional businesses, and to sharpen the company's
competitiveness in digital markets.

The Program was expected to result in total charges of US$1.3
billion to US$1.7 billion over the three-year period, of which
US$700 million to US$900 million are related to severance, with
the remainder relating to the disposal of buildings and
equipment.  Overall, the company's worldwide facility square
footage will be reduced by approximately one-third.
Approximately 12,000 to 15,000 positions worldwide will be
eliminated through these actions primarily in global
manufacturing, selected traditional businesses and corporate
administration.

On July 20, 2005, the company announced that it would extend the
restructuring activity, originally announced in January 2004, as
part of its efforts to accelerate its digital transformation and
to respond to a faster-than-expected decline in consumer film
sales.  As a result of this announcement, the overall
restructuring program was renamed the "2004-2007 Restructuring
Program."  Under the 2004-2007 Restructuring Program, the
company expected to increase the total employment reduction to a
range of 22,500 to 25,000 positions, and to reduce its
traditional manufacturing infrastructure to approximately US$1
billion, compared with US$2.9 billion as of Dec. 31, 2004.

These changes were expected to increase the total charges under
the Program to a range of US$2.7 billion to US$3.0 billion.
Based on the actual actions taken through the end of the third
quarter of 2006 under this Program and an understanding of the
estimated remaining actions to be taken, the Company expects
that the employment reductions and total charges under this
Program will be within the ranges of 25,000 to 27,000 positions
and US$3.0 billion to US$3.4 billion, respectively, as indicated
in the second quarter 2006 Form 10-Q.  When essentially
completed in 2007, the activities under this Program will result
in a business model consistent with what is necessary to compete
profitably in digital markets.

A full-text copy of the company's financial statements for the
quarterly period ended Sept. 30, 2006 are available for free at
http://researcharchives.com/t/s?15af

                      About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. --
http://www.kodak.com/-- develops, manufactures, and markets
digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2006,
Moody's Investors Service placed Eastman Kodak Company's B1
Corporate Family Rating on review for a possible downgrade.
Moody's will continue to focus on the company's potential sale
of the Kodak Health Group as well as the fundamental operating
performance of the company.  Moody's commented that if the sale
of KHG was not pending, Moody's would expect to confirm the
company's B1 rating with a negative outlook.

The company intends to announce the outcome of the KHG strategic
review by calendar year end 2006.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


ENRON CORP: Plaintiffs Barred from Prosecuting Derivative Claims
----------------------------------------------------------------
The Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for
the Southern District of New York has enjoined Enron Corp. and
its debtor-affiliates' Official Committee of Unsecured
Creditors, the plaintiffs in the Chinn, Young and McMurray
Actions, from further prosecuting any claims in the derivative
claim actions initiated by the reorganized Debtors.

The Debtors had filed a request for a global order to enforce
the automatic stay and prevent various plaintiffs in 13 actions
against current or former officers and directors of Enron Corp.,
as well as certain third-party entities, such as Arthur Andersen
LLP, from further prosecuting derivative claims in violation of
the automatic stay.

The 13 actions were:

    -- Chinn, et al. v. Belfer, et al., C.A. No. 03-CV-862 (S.D.
       Tex.);

    -- Young v. Andersen L.L.P., C.A. No. 04-1546 (S.D. Tex.);

    -- Pearson, et al. v. Fastow, et al., C.A. No. 03-5332 (S.D.
       Tex.);

    -- Rosen, et al. v. Fastow, et al., C.A. No. 03-5333 (S.D.
       Tex.);

    -- Ahlich, et al. v. Arthur Andersen, L.L.P., et al., C.A.
       No. 03-5334 (S.D. Tex.);

    -- Delgado, et al. v. Fastow, et al., C.A. No. 03-5335 (S.D.
       Tex.);

    -- Jose, et al. v. Arthur Andersen, L.L.P., et al., C.A. No.
       H-03-1087 (S.D. Tex.)

    -- Coy, et al. v. Arthur Andersen, L.L.P., et al., C.A. No.
       H-01-4248 (S.D. Tex.);

    -- McLaren, et al. v. Arthur Andersen, L.L.P., Cause No.
       01CV1059 (Dist. Ct. Tex.);

    -- Spector v. Lay, et al., C.A. No. 02-394-HA (D. Or.);

    -- Odam, et al. v. Enron Corp., et al., H-01-3914 (S.D.
       Tex.); and

    -- Bullock, et al. v. Arthur Andersen, L.L.P., et al., Cause
       No. 32716 (Dist. Ct. Tex.)

Certain of the plaintiffs objected to the Debtors' request,
asserting, among others, that the Bankruptcy Court lacked
jurisdiction over the Derivative Actions.

On Oct. 4, 2002, Judge Gonzalez granted in part the Debtors'
request to the extent that:

   1. the relief sought against the S&C plaintiffs is reserved
      awaiting a determination by the state court as to whether
      any of their claims are direct or derivative, provided
      however, that if the state court determines that any claim
      is derivative, the claim would be subject to the Section
      362 automatic stay of the Bankruptcy Code;

   2. the Coy and McClaren plaintiffs are stayed from continuing
      to prosecute their claims because they are based on injury
      to the corporation that devolved upon the claimants, thus,
      are derivative claims that are property of the Debtors'
      estate and subject to Section 362 automatic stay of the
      Bankruptcy Code;

   3. the relief sought against the Bullock plaintiffs is
      reserved awaiting a decision by the state court of whether
      any of their "holding" claims are direct or derivative,
      provided however, that if any of those claims are
      determined to be derivative by the state court, further
      prosecution of those claims would be stayed by Section
      362; and

   4. the plaintiffs in the remaining F&A actions and the Young
      action are ordered to contact the Chambers for the purpose
      of scheduling a hearing at which time the parties can
      advise the Court as to the status of those actions.

The Reorganized Debtors eventually filed a supplemental motion
asking the Court that the Plaintiffs in the Remaining Actions
and the McMurray Action be enjoined from further prosecuting
their Holding Claims, and to rule that the Claims are derivative
and constitute property of the Debtors' Chapter 11 estates.

               Chinn and McMurray Plaintiffs Oppose

The Chinn and McMurray Plaintiffs pointed out that, in reality,
the Debtors are asking the Court to reconsider its Global Stay
Order, in which the Court ruled, with specific reference to the
Chinn Plaintiffs, "that the relief sought in the Motion against
the S&C plaintiffs is reserved awaiting a determination by the
state court as to whether any of their claims are direct or
derivative, provided, however, that if the state court
determines that any claim is derivative, such claim would be
subject to the Section 362 automatic stay of the Bankruptcy
Code."

Michael S. Etkin, Esq., at Lowenstein Sandler, PC, in New York,
noted that the question of whether or not Plaintiffs' claims
were, in fact, derivative, still awaited a final ruling by the
Southern District of Texas.  Accordingly, the Plaintiffs sought
an adjournment of the hearing on the supplemental motion pending
Judge Harmon's final ruling on their reconsideration motion.

After due consideration, Judge Gonzalez orders that:

   (1) the Plaintiffs in the Chinn, Young and McMurray Actions
       are enjoined from further prosecuting any claims in the
       Actions because all of the claims are based on diminution
       in the value of Enron stock, which the Plaintiffs held
       during the relevant period;

   (2) the Claims are derivative claims as a matter of law and
       constitute property of Enron's Chapter 11 estates
       pursuant to Section 541(a) and subject to the automatic
       stay under Section 362(a)(3); and

   (3) the Order will not have any affect on, or stay the
       prosecution of any claims alleged in the Stayed Actions
       by the Official Committee of Unsecured Creditors pursuant
       to:

       (a) the Aug. 28, 2006 Order of the U.S. District Court
           for the Southern District of Texas in C.A. Nos.
           01-3645, H-03-5542 and H-04-1546,

       (b) the Feb. 28, 2005 Order of the District Court for
           the Southern District of Texas in C.A. Nos. H-01-3645
           and H-04-1546, and

       (c) the June 14, 2004 and Sept. 12, 2005 Orders of the
           District Court for the Southern District of Texas in
           C.A. No. H-03-862.

                       About Enron Corp.

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.  (Enron Bankruptcy News, Issue
No. 182; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Court Approves Deseret Generation Settlement Pact
-------------------------------------------------------------
The Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for
the Southern District of New York approved a settlement
agreement among Enron Corp., Enron North America Corp., and
Enron Power Marketing Inc., and Deseret Generation &
Transmission Co-Operative.

As reported in the Troubled Company Reporter on Nov. 23, 2006,
the Enron Entities and Deseret Generation are parties to an
Oct. 31, 2001, electricity SWAP agreement and an contingent call
contract, dated April 30, 2001.  EPMI and Deseret had also
entered into a Confirmation Agreement, dated April 30, 2001, for
an electricity swap pursuant to the Western Systems Power Pool
Agreement.

On May 1, 2001, Enron executed a US$75,000,000 Guaranty to
support ENA's obligations to Deseret under the Contingent Call
Contract.

On Aug. 1, 2002, Deseret filed Claim Nos. 2594, 2595 and 2597
each for US$16,548,209 against Enron, EPMI and ENA.  Deseret
alleges that Enron agreed to guaranty ENA and EPMI's obligations
arising under the Contracts through the Guaranty and an
unexecuted guaranty agreement attached to the EPMI SWAP
Contract.

The Debtors subsequently filed objections to Deseret's claims
seeking to avoid the contracts and to reduce Deseret's claim
amounts.

To settle their disputes, the parties reached a settlement
agreement, which specifically provides that:

   (1) Deseret's Claim No. 2597 will be reduced and allowed as a
       Class 5 Allowed General Unsecured Claim against ENA for
       US$2,150,925;

   (2) Deseret's Claim No. 2595 will be reduced and allowed as a
       Class 6 Allowed General Unsecured Claim against ENA for
       US$6,772,315;

   (3) Deseret's Claim No. 2594 will be disallowed and expunged
       in its entirety;

   (4) they will mutually release each other from all claims
       related to the Contracts; and

   (5) the Adversary Proceeding will be dismissed with
       prejudice.

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.  (Enron Bankruptcy News, Issue
No. 183; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FELDAROLL FOUNDRY: Taps Smith & Williamson as Administrators
------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint administrators of Feldaroll
Foundry Ltd. (Company Number 01390493) on Nov. 20.

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.

Feldaroll Foundry Ltd. can be reached at:

         Bailie Gate Industrial Estate
         Sturminster Marshall
         Wimborne
         Dorset BH21 4DB
         United Kingdom
         Tel: 01258 857 754
         Fax: 01258 857 353


FLOWER SHOP: John Paul Bell Leads Liquidation Procedure
-------------------------------------------------------
John Paul Bell of Clark Bell was appointed Liquidator of The
Flower Shop Limited on Nov. 17 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         The Flower Shop Limited
         90 Witton Street
         Northwich
         Cheshire CW9 5AE
         United Kingdom
         Tel: 01606 430 09
         Fax: 01606 496 92


FORD MOTOR: Moody's Junks US$3-Billion Senior Convertible Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1 (LGD4, 62%) rating to
Ford Motor Co.'s US$3 billion of senior convertible notes due
2036.  The rating reflects Moody's expectation that proceeds
will be used to enhance Ford's liquidity position, and also
reflects Moody's Loss Given Default Methodology.

Bruce Clark, senior vice president with Moody's, said that "This
convertible issue is an expected component of Ford's liquidity-
building funding program that also includes an announced US$8
billion secured revolving credit facility and a US$7 billion
secured term loan."

Ford has indicated that due to the level of market interest, the
ultimate size of the revolver and the convertible notes could be
larger than the originally indicated amounts of US$8 billion and
US$3 billion respectively.  Should such increases occur, Moody's
anticipates that the company's current rating levels would be
maintained.  These ratings are:

   -- corporate family - B3/negative outlook;
   -- secured debt - Ba3(LGD2,19%);
   -- senior unsecured debt - Caa1 (LGD4, 62%); and
   -- trust preferred - Caa2(LGD6, 93%).

Ford Motor Co., headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.


FORD MOTOR: Fitch Assigns B/RR4 Ratings to US$3-Billion Notes
-------------------------------------------------------------
Fitch Ratings assigned B/RR4 ratings to the US$3 billion in
senior unsecured convertible notes being offered by Ford Motor
Co.  The securities rank pari-pasu with other existing senior
unsecured debt.  The notes are part of an US$18 billion
financing plan underway by Ford to shore up liquidity as it
faces several years of very heavy negative cash flows.

Under Fitch's Recovery Rating analysis, it is estimated that
unsecured holders would recovery between 30%-35% of principal
value in the event of a bankruptcy.  Fitch could review the
rating of the unsecured debt for further downgrade if the final
amount of the financings being arranged is meaningfully larger
than currently anticipated, further impairing the recovery of
unsecured holders, or if changes to Fitch's assumptions are
warranted.

Recovery estimates assume a significant restructuring of North
American operations, values associated with various
international holdings, and 100% ownership of Ford Motor Credit
Company.  The Rating Outlook remains Negative.

Ford has estimated that cash outflows over the next several
years will approximate US$17 billion as a result of operating
losses, restructuring costs and working capital outflows.  Ford
is expected to have cash of approximately US$20 billion at year-
end 2006, plus an additional US$3 billion in long-term VEBA that
is expected to be spent over the next several years.

Of the US$18 billion in new financing being arranged,
approximately US$15 billion is in the form of secured bank
lines, thereby subordinating existing unsecured debt of
approximately US$18 billion and the planned offering of US$3
billion in convertible notes.

Approximately US$7 billion of expected cash outflows are
associated with restructuring costs.  Ford also faces a
renegotiation of its UAW contract in September 2007, and a
stressed supply base, both of which represent event risk through
potential production disruptions.


FORD MOTOR: S&P Junks Rating on Proposed US$3-Bil. Senior Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
Ford Motor Co.'s proposed US$3-billion senior unsecured
convertible debt issue.

The company is in the process of raising several billion dollars
of financing, including the proposed convertible offering.  Much
of the pending financing is secured, resulting in Ford's
unsecured debt being rated two notches below the credit
corporate rating.

Ford intends to use the proceeds from the various borrowings
under the senior secured credit facilities and from the offering
of the unsecured notes to fund prospective cash operating losses
and restructuring plans while preserving cash and short-term
VEBA trust balances near current levels of about US$20 billion.


FORD MOTOR: November U.S. Sales Down 10% Compared with Last Year
----------------------------------------------------------------
Ford Motor Company's dealers delivered 182,259 vehicles to U.S.
customers in November, down 10% compared with a year ago.

November car sales were 3% lower than a year ago, reflecting
lower deliveries to fleet customers.  Sales to individual retail
customers were up reflecting higher sales for the company's new
mid-size sedans (Ford Fusion, Mercury Milan and Lincoln MKZ).
Fusion was up 66%, Milan was up 29% and MKZ was up 83%.  These
2007 models feature standard side-air bags and available all-
wheel drive.

Overall, truck sales were down 13%, but the company's all-new,
full-size sport utility vehicles (Ford Expedition and Lincoln
Navigator) posted higher sales.  Expedition sales were up 14%
and Navigator sales were up 65%.

At the end of November, Ford, Lincoln and Mercury inventories
were estimated at 631,000 units.  This level is 122,000 units
lower than a year ago.  The company estimates 85% of the
inventory is new 2007 models.

                    North American Production

In the fourth quarter 2006, the company plans to produce 620,000
vehicles (240,000 cars and 380,000 trucks).  This plan is 15,000
units lower than the previously announced plan reflecting the
temporary suspension of Freestar production at the Oakville
Assembly Plant in Ontario, Canada.

In the first quarter 2007, the company plans to produce 750,000
vehicles (240,000 cars and 510,000 trucks).  In the first
quarter 2006, the company produced 876,000 vehicles (316,000
cars and 560,000 trucks).  Earlier, the company indicated first
half 2007 production would be 8-12% lower than the first half
2006.  The first quarter 2007 plan is consistent with the high
end of this range.

                            About Ford

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and
distributes automobiles in 200 markets across six continents.
With more than 324,000 employees worldwide, the company's core
and affiliated automotive brands include Aston Martin, Ford,
Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its
automotive-related services include Ford Motor Credit Company
and The Hertz Corporation.


FORD SMITH: Brings In D. L. Platt to Liquidate Assets
-----------------------------------------------------
D. L. Platt of SPW Poppleton & Appleby was appointed Liquidator
of Ford Smith & Co. Limited on Nov. 23 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Ford Smith & Co. Limited
         Felixstowe Road
         Greenwich
         London SE2 9SG
         United Kingdom
         Tel: 020 8310 8127
         Fax: 020 8310 9563


GENERAL MOTORS: Kerkorian Sells Remaining 5% Stake to BofA
----------------------------------------------------------
Bank of America has bought billionaire investor Kirk Kerkorian's
remaining 5% stake in General Motors Corp., according to
published reports.

Mr. Kerkorian sold the rest of his shares in GM this week for
US$28.75 to US$29.25 per share.  According to reports, the 5%
stake was worth more than US$800 million.

As reported in the Troubled Company Reporter-Europe on Dec. 4,
Mr. Kerkorian's Tracinda Corp. sold 14 million shares of GM's
stock in a private transaction for US$28.75 per share.  This
transaction came on the heels of the sale of another 14 million
of Tracinda-held GM stock for US$33 per share.  Tom Krisher at
the Associated Press writes that this week's sale was the last
block of the nearly 10% percent stake Mr. Kerkorian once held in
GM.

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

Mr. Kerkorian and Mr. York, who was a member of GM's board,
lobbied for a global alliance between GM and Renault-Nissan.
Mr. Kerkorian believed that the proposed alliance would allow GM
to realize substantial synergies and cost savings.  Alliance
talks between the automakers collapsed in October after GM's
board concluded that the alliance framework required by Renault-
Nissan would substantially disadvantage GM's shareholders.

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.


HCA INC: Earns US$240 Million in Quarter Ended Sept. 30
-------------------------------------------------------
HCA Inc. disclosed of its results for the quarter ended
Sept. 30, 2006.

Net income for the third quarter of 2006 totaled US$240 million,
compared with US$280 million in the third quarter of 2005.
Results for the third quarter of 2006 include gains on sales of
facilities of US$41 million and transaction costs related to the
proposed merger of US$9 million.  Third quarter 2005 results
include costs, net of estimated recoveries, of US$33 million
related to hurricane damage and business interruption and a tax
benefit of US$22 million from the repatriation of foreign
earnings.

                       Third Quarter Results

Third quarter 2006 results include additional compensation costs
of US$11 million due to the expensing of stock options and
employee stock purchase plan shares associated with the Jan. 1,
2006, adoption of FASB Statement 123, "Share-Based Payment."

Revenues in the third quarter of 2006 totaled US$6.2 billion
compared to US$6.0 billion in the third quarter of 2005.  Same
facility revenues increased 5.4% compared to the third quarter
of 2005.  Same facility revenue per equivalent admission
increased 6.4% in the third quarter of 2006 (6.8% increase when
adjusted for uninsured discounts) compared to the third quarter
of 2005.

Same facility admissions increased 0.1% in the third quarter of
2006 compared to the prior year's third quarter.  Same facility
equivalent admissions, which take into consideration outpatient
volumes, decreased 0.9% compared to the third quarter of 2005.
Same facility outpatient surgical cases declined 2.8% in the
third quarter of 2006, due to declines of 4.3% in hospital based
outpatient surgeries and 0.1% in freestanding ambulatory
surgical cases compared to the third quarter of 2005.

The provision for doubtful accounts in the third quarter of 2006
totaled US$677 million, or 10.9% of revenues, compared to US$618
million, or 10.3% of revenues, in the prior year.  Adjusted to
reflect uninsured discounts, the provision for doubtful accounts
totaled US$954 million, or 14.7% of revenues, in the third
quarter of 2006, compared to US$859 million, or 13.7% of
revenues, in the third quarter of 2005.

Uninsured discounts in the third quarters of 2006 and 2005 were
US$277 million and US$241 million, respectively.  HCA's
uninsured discount policy, which became effective in the first
quarter of 2005, lowers revenues and the provision for doubtful
accounts by generally corresponding amounts.  Charity care
totaled US$329 million in the third quarter of 2006, compared to
US$298 million in the previous year's third quarter.  Same
facility uninsured admissions, which include charity patients,
increased by 2,257 admissions or 10.1%, in the third quarter of
2006 compared to the same period of 2005.

                            Assets Sold

Effective July 1, 2006, the company sold four hospitals (three
in West Virginia and one in Virginia) to LifePoint Hospitals,
Inc. for US$256 million.  A gain of US$32 million pretax on the
sale of the hospital located in Virginia was recognized in the
third quarter of 2006.  Certificates of Need are required for
the sale of the three West Virginia hospitals included in the
transaction.  Because filings seeking the revocation of the CONs
were pending at the time of the closing, HCA and LifePoint have
agreed that under certain circumstances, LifePoint may require
us to repurchase the three West Virginia Hospitals.  Generally,
those circumstances require a final and nonappealable order
revoking the CONs or an order requiring LifePoint to divest the
hospitals or cease operations.  In the event of such a
repurchase, the repurchase price would be based upon the
original purchase price and adjusted for working capital
changes, capital expenditures and other items.  Due to the CON
proceedings and the repurchase provision, the company has
deferred the recognition of the gain of approximately US$61
million pretax related to the three West Virginia hospitals
until the CON appeals are resolved.

Effective Oct. 1, 2006, the company sold two hospitals in
Florida for US$266 million.  A pretax gain of approximately
US$91 million will be recognized in the fourth quarter of 2006
related to this sale.

                    Cash Flow and Balance Sheet

HCA's cash flows from operations totaled US$653 million in the
third quarter of 2006 compared to US$938 million in the third
quarter of 2005.  Cash flows from operations during the third
quarter of 2006 were negatively affected by the combined impact
of lower net income and an increase of US$153 million in net
accounts receivable during the third quarter of 2006 (primarily
due to a delay by CMS in the processing of Medicare claims in
September as mandated by provisions of the Deficit Reduction
Act) compared to a decrease of US$78 million in net accounts
receivable during the third quarter of 2005.

As of Sept. 30, 2006, HCA's balance sheet reflected total debt
of US$11.3 billion, stockholders' equity (including common and
minority equity) of US$6.0 billion and total assets of US$23.1
billion.  HCA's ratio of debt-to-debt plus common and minority
equity was 65.2% at Sept. 30, 2006, compared to 64.8% at
Dec. 31, 2005.

HCA had 409.7 million common shares outstanding at Sept. 30,
2006, compared to 417.5 million shares at Dec. 31, 2005.

Headquartered in Nashville, Tennessee, HCA (Hospital Corporation
of America) Inc. (NYSE: HCA) -- http://www.hcahealthcare.com/--
is a healthcare services provider, composed of locally managed
facilities that include approximately 182 hospitals and 94
outpatient surgery centers in 22 states, England and
Switzerland.  At its founding in 1968, HCA was one of the
nation's first hospital companies.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Fitch downgraded and removed from Rating Watch Negative HCA,
Inc.'s existing ratings as a result of the completion of its
leveraged buyout.  Fitch's rating action includes a downgrade of
the company's Issuer Default Rating to 'B' from 'BB+' and a
downgrade of its senior unsecured notes to 'CCC+/RR6' from
'BB+'.  Fitch has also withdrawn the 'BB+' rating on the
Unsecured Bank Facility.

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Moody's Investors Service downgraded the ratings of the senior
unsecured notes assumed in the capital structure of HCA Inc. to
Caa1 from Ba2 after the closing of the leveraged buyout of the
company.


J EDWARDS: Brings In Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint administrators of J Edwards & Son
(Waterlooville) Ltd. (Company Number 562910) on Nov. 24.

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

J Edwards & Son (Waterlooville) Ltd. can be reached at:

         13B St. Georges Walk
         Waterlooville
         Hampshire PO7 7TU
         United Kingdom
         Tel: 023 9225 6031
         Fax: 023 9226 8021


KASHMALA AND ZARA: Names Harjinder Johal Liquidator
---------------------------------------------------
Harjinder Johal of Ashcrofts was appointed Liquidator of
Kashmala and Zara Limited on Nov. 27 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Kashmala and Zara Limited
         46 Canterbury Street
         Gillingham
         Kent ME7 5TX
         United Kingdom
         Tel: 01634 577 171


KEYSTONE MEDIA: Brings In Mazars LLP to Administer Assets
---------------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed joint administrators of Keystone Media (South
West) Ltd. (Company Number 05078132) on Nov. 17.

Mazars -- http://www.mazars.com/-- is an international,
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Headquartered in Bridgwater, England, Keystone Media (South
West) Ltd. wholesales office stationery.


MARSHALL STREET: Hires J. N. Bleazard as Liquidator
---------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of Marshall Street Motors Limited on Nov. 24 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Marshall Street Motors Limited
         50-52 Marshall Street
         Crossgates
         Leeds
         West Yorkshire LS158DY
         United Kingdom
         Tel: 0113 264 4589
         Fax: 0113 264 6195


MASTERPLAN PUBLISHING: Creditors' Claims Due Jan. 30, 2007
----------------------------------------------------------
Creditors of Masterplan Publishing Limited have until Jan. 30,
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 Richard Howard Toone at:

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

The company can be reached at:

         Masterplan Publishing Limited
         Thames House 63 67
         Kingston Road
         New Malden
         Surrey KT3 3PB
         United Kingdom
         Tel: 020 8942 9442
         Fax: 020 8949 4396


NORLAND HALIFAX: Joint Liquidators Take Over Operations
-------------------------------------------------------
David L. Cockshott and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators of Norland Halifax Limited
(formerly Echo's Answer Limited) on Nov. 24 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Norland Halifax Limited
         95 High Street
         Yeadon
         Leeds
         West Yorkshire LS197TA
         United Kingdom
         Tel: 0870 757 5128
         Fax: 0870 757 5129


NTL INC: Declares Lack of Interest in Making ITV Offer
------------------------------------------------------
NTL Inc. disclosed that it has no present intention of making an
offer for ITV Plc, as it believes a transaction between ITV and
NTL is unlikely to be attained on terms acceptable to NTL.

NTL is continuing to focus on integrating NTL, Telewest and
Virgin Mobile, driving cost synergies, improving operational
effectiveness and leveraging its content assets.  In the first
quarter of 2007, NTL will rebrand to "Virgin Media" and will
exploit its unique ability to offer an unrivalled quad-play of
digital TV, broadband, mobile and home phone services.  The
rebranding is underpinned by a substantial improvement in
customer service and operational efficiency, both hallmarks of
the Virgin brand.

NTL notes that Sky purchased a 17.9% interest in ITV, paying a
substantial control premium.  NTL has submitted its views on
this purchase to the Office of Fair Trading and OFCOM, because
it presents serious competition and public interest issues.  The
fact that Sky would spend nearly US$2 billion to acquire its
stake immediately following the mere announcement of NTL's
proposed combination, before the ITV board had an opportunity to
respond, highlights the magnitude of the competition issues
involved.

For the purposes of Rule 2.8 of the City Code on Takeovers and
Mergers, NTL reserves the right to make or participate in an
offer within the next six months in the event that:

   -- an agreement or recommendation from the board of ITV
      is forthcoming;

   -- a third party announces a firm or possible offer for ITV;

   -- ITV announces a "whitewash" proposal for the purposes
      of Rule 9 of the City Code or a reverse takeover;

   -- ITV announces its intention to pursue a
      Class 1 transaction under the Listing Rules of the FSA;
      or

   -- Sky sells all or a material part of its stake in ITV.

                         About ITV PLC

Headquartered in London, England, ITV PLC --
http://www.itvplc.com/-- is a U.K. media company, owning all of
the regional Channel 3 licenses in England and Wales. The
company wholly owns three leading free-to-air digital channels:
ITV2, ITV3 and ITV4.  It owns the market leading cinema screen
advertising businesses in the U.K. and Republic of Ireland and
has similar joint ventures in continental Europe and the United
States.

                          About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of UK homes and 85% of UK
businesses.

                          *     *     *

As reported in the TCR-Europe on July 17, Fitch Ratings assigned
NTL Cable PLC's upcoming GBP300 million 10-year senior notes an
expected rating of B and a Recovery Rating of RR5.  NTL Cable's
existing senior notes remain on Rating Watch Negative.  Fitch
will resolve the Rating Watch status on the NTL Cable notes and
assign final rating to the new notes upon completion of the new
senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.


P & H CONTRACT: Appoints Vantis as Joint Administrators
-------------------------------------------------------
Lynn Robert Bailey and Alan Roy Limb of Vantis were appointed
joint administrators of P & H Contract Packers Ltd. (Company
Number 04363677) on Nov. 22.

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

P & H Contract Packers Ltd. can be reached at:

         Unit 51
         100 Ross Walk
         Leicester
         Leicestershire LE4 5HH
         United Kingdom
         Tel: 0116 261 1081
         Fax: 0116 261 1137


RADIX MICRO: Calls In Liquidators from BRI Business Recovery
------------------------------------------------------------
Peter John Windatt and Gary Steven Pettit of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Radix Micro Devices PLC (formerly Immediate Business Systems
Plc) on Nov. 23 for the creditors' voluntary winding-up
proceeding.

Headquartered in Milton Keynes, England, Radix --
http://www.radix-intl.com/-- manufactures and designs handheld
computers, peripherals and portable printers with benefit
applications such as meter reading, transport and logistics,
route accounting/doorstep deliveries, traffic and parking
enforcement and inspection, and maintenance and research.  With
operations in the U.S., the company serves its customers through
a direct sales force and a network of specialized business
partners in over 70 countries.


REFCO INC: To Present 16 Witnesses at Plan Confirmation Hearing
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved procedures governing discovery with respect to the
confirmation of the Chapter 11 Plan filed by Refco, Inc., and
its debtor-affiliates; Marc S. Kirschner, the Chapter 11 Trustee
for Refco Capital Markets, Ltd.; and the Joint Sub-Committee of
the Official and Additional Committees of Unsecured Creditors,
the Troubled Company Reporter reported on Nov. 17, 2006.

The Court also authorizes the Plan Proponents to file a list of:

   (a) names of witnesses that the Plan Proponents anticipate
       presenting at the Dec. 15, 2006, Plan confirmation
       hearing; and

   (b) specific area for which the testimony of any witness will
       be offered including any opinions that the witnesses will
       offer, provided that, in the event that the Plan
       Proponents determine the need to supplement their Witness
       List based on a need that was not anticipated at the time
       the list was filed, the Debtors will file a supplement to
       that list on or before December 4, 2006, providing
       additional witnesses and the general areas of testimony
       to be offered.

              Plan Proponents Present Witness List

In accordance with the Discovery Order, the Plan Proponents
presented 16 potential witnesses who may testify by direct
testimony, declaration, deposition, or prior testimony before
the Court at the Plan Confirmation Hearing.

The Witnesses are:

   * David Pauker, Refco's Chief Restructuring Officer,
   * the RCM Trustee,
   * Brad Geer of Houlihan Lokey Howard & Zukin Capital, Inc.,
   * Jane Sullivan of Financial Balloting Group,
   * Todd Brents of Alix Partners, LLC,
   * Louis Dudley of Alix Partners, LLC,
   * Brian Osborne of Omni Management,
   * M. Freddie Reiss of FTI Consulting, Inc.,
   * Richard Deitz of VR Global Partners, L.P.,
   * Rodrigo Alvarez of RCM,
   * Juan Carlos Moreno of Inter Financial Services, Ltd.,
   * Gerald Scherer of Refco, Inc.,
   * Vera Kraker of RCM,
   * Thomas Yorke of RCM,
   * Stephen Dispenza of RCM, and
   * Jeffery Leadholm of Leuthold Funds, Inc., and Leuthold
     Industrial Metals Fund, L.P.

Topics of anticipated testimonies, as well as opinions, include:

   -- facts relating to the Section 1129 requirements, including
      assumptions underlying the liquidation analysis;

   -- facts relating to the assets and liabilities of the
      Debtor entities;

   -- fairness of settlements;

   -- claims asserted against RCM and by RCM creditors against
      any of the Debtors;

   -- opinion testimony regarding the creation and reliability
      of computerized recovery model, as used for projecting
      recoveries under the Plan, and in the absence of
      confirmation, including in the event of liquidation;

   -- opinion testimony regarding the reliability of recovery
      model for determining the allocation of joint and several
      liabilities among the Contributing Debtors; and

   -- voting and tabulation of votes accepting or rejecting the
      Plan.

The Plan Proponents reserve the right to modify, supplement or
amend the Witness List.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in New York, advises the Court that the Witness List
is not a representation or commitment that a person will be
called to testify.  The Witness List also does not include all
of the witnesses that the Plan Proponents may call as rebuttal
witnesses at the Confirmation Hearing.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Ch. 11 Trustee Wants US$101MM JPMorgan Claim Settled
---------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 trustee for the estate of
Refco Capital Markets Ltd., asks the Court to approve a
Settlement Agreement and Mutual Release dated Nov. 20, 2006,
with JPMorgan Chase Bank N.A.

JPMC serves as custodian, and cleared and settled trades for
RCM.  JPMC also provides monthly valuations of securities held
in custody for RCM's account.

In December 2005, JPMC, through its counsel, served a letter
setting forth the basis for its claims against the RCM estate
together with supporting documentation.  JPMC asserted claims
aggregating US$101,547,404, comprised of:

   (i) a balance outstanding for amounts loaned in the principal
       amount of US$79,500,000, plus fees and interest.  The
loan
       is secured by a perfected security interest in RCM
       securities in and cash in the possession of JPMC in an
       aggregate approximate amount of US$780,000,000; and

  (ii) a net overdraft totaling US$22,047,404 in RCM's foreign
       currency accounts at JPMC.

Mr. Kirschner relates that there is a US$21,947,767 credit due
RCM from JPMC as a result of the liquidation of certain
repurchase agreements and cash collateral previously posted with
JPMC in connection with forward and swap contracts with RCM.

JPMC timely filed a formal proof of claim -- Claim No. 4796 --
setting forth the same bases for the JPMC Claims and attaching
supporting documentation.

According to Mr. Kirschner, the conflicts counsel to the
Official Committee of Unsecured Creditors -- and later, the
counsel for the Additional Committee -- began analyzing the
validity and amount of the JPMC Claims and the attachment,
perfection and priority of the Security Interest, and to
determine whether there exist any viable defenses thereto, in
December 2005.  The probe continued after the RCM Trustee was
appointed in April 2006.

After arm's-length negotiations with business persons at JPMC,
the RCM Trustee, on RCM's behalf, agrees to pay JPMC the
principal amount of the Loan together with 70% of non-default
interest, calculated at the daily opening Federal Funds Rate
plus 50 basis points, without compounding.

The amount, Mr. Kirschner explains, represents a 200 basis point
discount from the contractual default rate alleged by JPMC to
apply, and an additional 30% discount to the non-default
contract rate of interest.  The total potential savings to the
estate from this concession, Mr. Kirschner says, by JPMC is
approximately US$5,500,000 as of December 12, 2006.

The Settlement Agreement also provides for the US$22,041,280
Debit Balance to be set off against US$21,968,247 of credits RCM
alleges are due to it from JPMC.  The Bank will waive its rights
to assert a claim for the US$99,636 difference between the two
amounts.

RCM will also pay JPMC's reasonable attorneys fees as required
by the underlying agreements, which are currently in the
estimated amount of US$1,175,000 as of October 31, 2006,
together with US$26,135 of fees that are due and owing with
respect to the monthly transaction charges and fees for the
movement of securities and value of the Portfolio in RCM's
securities account at JPMC.  The final amount of the attorneys'
fees is to be determined on the day before the effectiveness of
the Settlement Agreement.

In addition, the Settlement Agreement provides for an exchange
of mutual releases between the parties and the expungement of
JPMC's proof of claim against RCM.

The Settlement Agreement further contains terms providing for
RCM to utilize JPMC for future securities custody accounts and
dealer services, and to provide valuations of the securities and
other financial assets held by the RCM estate as contemplated by
the settlement agreement between the RCM Trustee and certain
customers and creditors of RCM, for appropriate fees, as well as
other customary terms.

Mr. Kirschner notes that pursuant to the Court-approved RCM
Settlement Agreement, the RCM Trustee is required to engage one
or more independent persons of recognized standing to act as a
valuation expert with respect to RCM customer property.  As
custodian, JPMC has become familiar with many of the securities
in the RCM portfolio.  In addition, the Portfolio Management
Advisory Committee has advised the RCM Trustee that JPMC is
experienced and highly regarded in trading emerging market debt,
which comprises a large percentage of the RCM portfolio.

JPMC has a Client Valuation Group, which provides independent
valuation services to its clients.  Mr. Kirschner believes that
valuations prepared by the Client Valuation Group, in
consultation with the emerging markets trading desk, will result
in a fair and independent valuation of customer property
pursuant to the RCM Settlement Agreement.

The RCM Trustee also asks the Court to approve the retention of
JPMC to provide the valuations under the RCM Settlement
Agreement.

"I believe that any objection to the JPMC Claims and Security
Interest has very little likelihood of success, and submit that
the Settlement Agreement therefore is fair and equitable and
falls well within the range of reasonableness," Mr. Kirschner
tells Judge Drain.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


S.P.C. MOULDS: Claims Filing Period Ends Feb. 23, 2007
------------------------------------------------------
Creditors of S.P.C. Moulds Limited (formerly Speed 7510 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 Anthony Hyams at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         United Kingdom

The company can be reached at:

         S.P.C. Moulds Limited
         Unit 9
         Kencot Way
         Erith
         Kent DA184AB
         United Kingdom
         Tel: 020 8312 9555
         Fax: 020 8312 9555


SEA CONTAINERS: Wants Richards Butler as Special Foreign Counsel
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask permission
from the U.S. Bankruptcy Court for the District of Delaware to
employ Richards Butler LLP as special counsel for certain
foreign legal matters, nunc pro tunc to Oct. 15, 2006.

Richards Butler has served as the Debtors' outside counsel on
legal matters in the United Kingdom and France as well as
matters involving their interests in their non-debtor subsidiary
Great North Eastern Railway, Ltd., since 1987, relates Edwin S.
Hetherington, vice president, general counsel, and secretary of
Sea Containers Ltd.

Mr. Hetherington discloses 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 outside the United
States.

As the Debtors' Special Foreign Counsel, Richards Butler will
continue to advise and represent the Debtors with respect to the
foreign legal matters as well as other non-bankruptcy related
matters, which may arise in the Debtors' Chapter 11 cases in the
ordinary course of business.

Richards Butler's services will be paid in accordance with its
customary hourly rates:

         Professional                  Hourly Rate
         ------------                  -----------
         Partners                      US$522 - US$997
         Associates                    US$360 - US$740
         Paraprofessionals             US$295 - US$360

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

Mr. Hetherington tells the Court that Richards Butler has
received a replenishing prepetition retainer, with a remaining
balance of US$150,461, for providing the Debtors with
representation on certain of the foreign legal matters prior to
the Petition Date.  In addition, Richards Butler also received
$4,412,000 from the Debtors within one year prior to the
Petition Date for services rendered to certain Foreign Legal
Matters.

Jonathan Yorke, Esq., a member of Richards Butler LLP, assures
the Court that his firm does not hold or represent any interests
adverse to the Debtors, or to their estates in matters upon
which his firm is to be engaged.

                      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)


SGM GROUP: Deloitte Selling Grass-Cutting Equipment Maker
---------------------------------------------------------
J. C. Reid and I. Brown, in their capacity as Joint
Administrators of the SGM Group -- SGM Group Ltd., Scottish
Grass Machinery Ltd., SGM Finance Ltd. and Select Contract
Maintenance Ltd., are offering to sell the companies' businesses
and assets.

Features:

   -- market leader in the provision of commercial grass
      cutting equipment and servicing on short and long-term
      contracts to blue chip customers U.K.-wide, supplying both
      the public and private sectors;

   -- over 6,500 assets with a book value in excess of
      GBP20 million;

   -- grass-cutting equipment and other equipment sales from its
      dealership in Scotland;

   -- over 3.5 acre freehold office and warehouse
      premises at Belleknowes Industrial Estate, a
      prominent location within Fife, near Edinburgh;

   -- freehold office and industrial unit in Centurion
      Business Park, Rotherham, South Yorkshire, a
      predominantly industrial locality.

   -- servicing depots in 18 locations across the U.K.;

   -- experienced and committed workforce; and

   -- consolidated turnover of GBP13.1 million for the 10 months
      to Sept. 30, 2006, producing an EBITDA of GBP3.5 million.

Inquiries can be addressed to:

         Tracey Culbertson
         Deloitte & Touche LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh EH1 2DB
         Tel: 0131 221 0002
              0131 535 7428
         Fax: 0131 535 7888

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.


SOLUTIA INC: Court Approves January 15 Plan-Filing Deadline
-----------------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York granted Solutia Inc.
and its debtor-affiliates a 60-day extension of the Exclusive
Periods, Bloomberg News reports.  Accordingly, Solutia has the
exclusive right to file a plan until Jan. 15, 2007, and the
exclusive right to solicit acceptances of that plan until
Feb. 9, 2007.

Bruce Bennett, Esq., at Hennigan, Bennett & Dorman LLP, counsel
to the Noteholders Committee, told Bloomberg's Thom Weidlich
that the Court's ruling reflects that it is not satisfied with
the progress of the case and that there hasn't been any serious
effort by other parties to adequately deal with the rights of
the bondholders.

              Equity Panel to Continue Plan Talks

Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in
New York, had informed the Court that the Official Committee of
Equity Security Holders continued to explore alternate plan
structures regarding the Debtors' Plan of Reorganization and
Disclosure Statement.  She said the Equity Committee and the Old
and New Monsanto were pursuing mediation that could alter the
Plan, if successful.

The Equity Committee reserved its rights with respect to the
Debtors' request to extend their exclusive periods to file and
solicit acceptances of the Plan.

Ms. Dine stated that despite the mediation efforts, the Equity
Committee remained concerned that the Debtors intended to
pressure creditors to give in to their reorganization demands
despite their assertion that they were willing to work with
other constituencies to create a new plan.

While the Equity Committee had determined to not formally object
to the requested extension at this time, it continued to be
concerned about the confirmability of the Debtors' Plan, Ms.
Dine says.  While the Committee hoped that mediation would help
lead to a consensual Plan, it wanted confirmation that any
further extension of the Debtors' Exclusive Periods would not
unduly prejudice the panel's rights to either seek to terminate
the exclusivity or object to any further extensions.

                 Noteholders Committee Objects

Representing the Ad Hoc Committee of Solutia Noteholders,
Bennett J. Murphy, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California, stated that in three years, the Debtors
had not presented a viable Plan.  He added that they had misused
the privilege of the Exclusive Periods to make wrong choices,
resulting to a retarded, rather than advanced, conclusion and
the "dead-letter global settlement."

Mr. Murphy related that the Debtors' failed management and
strategy had taken millions of the estate's money.  He noted
that recent public filings revealed US$52,000,000 in
professional fees paid in the year ending Sept. 30, 2006, -- a
burn rate of more than US$4,300,000 each month, equating to
nearly 20% of the Debtors' projected 2006 EBITDAR.

Mr. Murphy said the Noteholders Committee, whose professionals
had not been paid by the estate, was the only party pushing for
serious and conclusive plan negotiations.  He also contended
that Monsanto Company and Pharmacia, Inc., had refused to engage
the Noteholders Committee in a negotiation to a substantive
give-and-take.

The Noteholders Committee had wanted the Extension Motion denied
because the Debtors:

   1) repeatedly failed to submit a memorandum of law despite
      the Court's admonishment, indicating their doubtful
      sincerity to the request;

   2) failed to provide any evidence to warrant another
      extension since cause does not exist;

   3) squandered the given extensions and, at estate's expense,
      assembled a legion of lawyers and advisors to hold a trial
      over their claim for millions in bonuses;

   4) merely repeated their previous reasons for an extension,
      without offering any progress towards a Plan;

   5) filled their Motion with excuses as to why they remain
      in bankruptcy and offer no viable plan on how to
      emerge;

   6) did not use their leadership to create a process where all
      key parties engage in a bone fide give and take;

   7) were improperly using their Exclusive Periods to favor a
      single bloc -- Monsanto and Pharmacia -- and pressure the
      Noteholders into submitting to their demands;

   8) used the JPMorgan and Equity Committee adversary
      proceedings as contingencies to justify the extension,
      which is entirely self-inflicted; and

   9) emphasized the size and complexity of their cases for
      their past Motions and the argument is now stale and
      insufficient.

                         Debtors Respond

Based on conversations with the Creditors Committee and Trade
Committee, the Debtors had agreed to reduce the requested
extensions to Feb. 16, 2007, to file a plan and April 19, 2007,
to solicit plan votes.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
told Judge Beatty that all of the Debtors' constituencies except
the Noteholders Committee, had engaged and were willing to
cooperate in good faith negotiations to reach a consensual
agreement regarding modifications to the Plan.  Mr. Henes noted
that each of the parties understood that a negotiation required
compromise and they must make concessions from their original
positions.  However, he continued, the Noteholders refused to
acknowledge that risks existed to their litigation position and
instead, attempted to dictate the path for the cases to the
detriment of the other parties-in-interest.

Mr. Henes pointed out to the Court that sufficient cause exists
to extend the Debtors' Exclusive Periods:

   (a) the JPMorgan and Equity Committee adversary proceedings
       needed to be resolved;

   (b) after discussions with constituencies, the Debtors and
       their stakeholders had agreed to the Standstill Period to
       enable negotiations;

   (c) it was for the stakeholders' best interests for the
       Debtors to be the sole fiduciary of the estates, to
       continue to bring their various constituencies together
       to reach consensus and enable Solutia to emerge from
       bankruptcy;

   (d) the Debtors spent the last several months working to
       negotiate and develop an amendment to the Plan.

The Noteholders announced their so-called "detailed roadmap for
a consensual plan" but that was not even attached to their
objection nor shared to other parties, Mr. Henes says.  He added
that the Noteholders had assumed to be the only one desirous of
a consensual deal, when they had not even recognized their risks
and were not willing to make concessions to achieve a deal.

Mr. Henes disclosed that the Debtors and other constituents had
devised a proposal wherein cash would be reserved to pay the
secured claim in full in the event that a final, non-appealable
Court order ruling that Noteholders were secured.  He said the
amendment as embodied in the Proposal preserved the three key
goals of the Plan:

   (a) Monsanto would take financial responsibility for
       significant legacy liabilities;

   (b) Solutia would receive necessary new money to fund the
       Retiree Settlement and legacy liabilities through the
       sale reorganized Debtors' stocks; and

   (c) cash -- as opposed to equity -- would be distributed to
       Monsanto and Solutia's unsecured creditor.

Mr. Henes related that the Debtors tried to win the Equity
Committee's support for the Proposal by bringing it to
negotiations for the resolution of the Equity panel's adversary
proceeding.

Terminating the Exclusive Periods was highly detrimental to
the Chapter 11 cases and the Debtors' businesses, Mr. Henes
asserted.  The current progress in the negotiations, the
customer and vendor relationships, and the Debtors' ability to
generate new business would be greatly affected, he continued.

Jeffry N. Quinn, chairman, president and CEO of Solutia, told
the Court that contrary to the Noteholders Committee's claims,
the Debtors had enhanced their businesses as evidenced by:

   (a) improved financial performance;
   (b) continuing grooming of the asset portfolio;
   (c) development of new robust business strategies; and
   (d) selective strategic investments made.

Mr. Quinn relates that since the beginning of 2004, sales
increased 23% despite shutting down or exiting several
businesses, operating income increased over 1000%, EBIT
increased 460% and EBITDAR more than doubled.

However, Mr. Quinn said these improvements were not enough to
get them out of bankruptcy; they had to balance among obtaining
new capital, addressing obligations and reallocating legacy
liabilities inherited from Old Monsanto.  Through discussions
and negotiations with Monsanto, Pharmacia, and the Creditors and
Retirees Committees, the Global Settlement materialized that
became the basis for the Plan.

Aside from negotiations, Mr. Quinn said their professionals were
also resolving the adversary cases of the Equity Committee and
JPMorgan.  He added that they also spent the last months on
meetings and discussions on the original Plan's modification, as
embodied in the Proposal, to find a compromise that would be
acceptable to all constituents, including the Noteholders.

                 Other Parties Support Extension

Monsanto and the various committees representing the Retirees,
Creditors and Trade Claimants agreed that the Debtors' Exclusive
Periods should be extended.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 73; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SOUTHWARK LAND: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Southwark Land Regeneration PLC confirmed
Nov. 23 the appointment of Iain John Allan of Smith & Williamson
Limited as the company's Liquidator.

The company can be reached at:

         Southwark Land Regeneration PLC
         22 Old Bond St.
         City Of Westminster
         London W1S 4PY
         United Kingdom
         Tel: 020 7493 5596


SURE GB: Appoints Administrator from K J Watkin
-----------------------------------------------
C. H. I. Moore of K. J. Watkin & Co. was appointed administrator
of Sure GB Ltd. (Company Number 3818169) on Nov. 21.

The administrator can be reached at:

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

Sure GB Ltd. can be reached at:

         117 High Street
         Kinver
         Stourbridge
         West Midlands DY7 6HL
         United Kingdom
         Tel: 01384 878 777
         Fax: 01384 872 104


T & C ELECTRICAL: Claims Registration Ends May 24, 2007
-------------------------------------------------------
Creditors of T & C Electrical Services Limited have until
May 24, 2007, to send in their full particulars of their debts
or claims and the names and addresses of their Solicitors (if
any), to appointed Liquidator Michael F. McCarthy at:

         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent ST1 3AF
         United Kingdom

The company can be reached at:

         T & C Electrical Services Limited
         Unit 1
         Winghay Close
         Stoke-On-Trent
         Staffordshire ST6 4DU
         United Kingdom
         Tel: 01782 822 600
         Fax: 01782 822 601


TONIC DESIGN: Taps Menzies to Administer Assets
-----------------------------------------------
Paul David Williams and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Tonic
Design Ltd. (Company Number 03564616) on Nov. 23.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Tonic Design Ltd. can be reached at:

         2 Church Studios
         Camden Park Road
         Camden
         London NW1 9AY
         United Kingdom
         Tel: 020 7691 2227
         Fax: 020 7691 2228


UNIVERSAL GRINDING: Appoints Administrators from Vantis
-------------------------------------------------------
G. Mummery and Alpa Raja of Vantis Business Recovery Services
were appointed joint administrators of Universal Grinding
Services Ltd. (Company Number 02084297) on Nov. 23.

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

Universal Grinding Services Ltd. can be reached at:

         Unit 1 2 Kings Road Works
         Kings Road
         New Haw
         Addlestone
         Surrey KT15 3BG
         United Kingdom
         Tel: 01932 346 806


VISION METALCRAFT: Appoints Liquidator from Findlay James
---------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
Vision Metalcraft Limited on Nov. 22 for the creditors'
voluntary winding-up proceeding.

Headquartered in Walsall, England, Vision Metalcraft Limited
-- http://www.visionmetalcraft.co.uk/-- supplies wrought iron
goods and castings including gates, steel staircases, beams,
among others.  The company manufactures replicas and repair
original ironwork.


WHITEOAK PRESS: Names T. Papanicola as Administrator
----------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Whiteoak Press Ltd. (Company Number 01714120) 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

Whiteoak Press Ltd. can be reached at:

         Channel House
         Channel View Road
         Dover
         Kent CT17 9TJ
         United Kingdom
         Tel: 01304 863 011
         Fax: 01304 863 467


* Fitch Eyes Further Slump in Credit Profiles for Auto Suppliers
----------------------------------------------------------------
Fitch Ratings expected a further deterioration of credit
profiles for leveraged European auto suppliers.  The rating
outlook for more than 40% of Fitch's privately rated leveraged
buyouts in this sector remains negative even though a large
number of transactions have already been downgraded during 2006.

While new LBO's increasingly target aftermarket of wholesale
companies with more stable business profiles, such as A.T.U.
(Auto-Teile-Unger), the downgrades and negative outlooks
assigned refer predominantly to auto parts manufacturers.

The operating performance of a number of leveraged automotive
suppliers has deteriorated further during 2006.  EBITDA levels
continued to decline, due to higher input prices as well as
continuing pricing pressure from OEMs.

Manufacturers of mature products with limited added-value to
their customers and in particular those that still produce
predominantly in Western Europe have suffered the greatest
pressure on EBITDA levels and exhibit weakening credit profiles.
Moreover, the niche suppliers targeted by LBOs in the past are
exposed to significantly higher cash flow volatility due to
their reliance on particular OEMs and end products.

Because the capex-intensive auto supply sector cannot generally
support demanding amortization profiles, capital structures have
had to become more back-ended.  On average, the amortizing A
tranche in automotive LBOs amounted to only one third of total
debt, implying minimal foreseeable debt paydown.

The original deals were predicated on deleveraging through
increasing sales and EBITDA levels, and these companies will
therefore require not only stabilization but also a substantial
improvement of current market conditions and/or operating
results in order to meet deleveraging targets.

As a result of both weak operating performance and minimal debt
paydown, the average total leverage of existing auto supplier
LBOs monitored by Fitch has increased to 4.8x in 2006, up from
3.6x in 2004 and 4.2x in 2005.  At the same time senior leverage
increased to 3.8x in 2006, up from 2.6x in 2004.  For the 60% of
leverage auto suppliers rated by Fitch at B- or below, there is
only very limited headroom before these companies require long-
term financial restructuring.

Fitch expects this trend of compressed financial flexibility to
continue as a result of high raw material costs, high customer-
and product-concentration and increasing price competition in
the market.  While the rating outlook on credit profiles of
leveraged automotive suppliers who effectively managed these
challenges - through the restructuring of their cost base or
increasing their value-added for customers - is stable rather
than positive, a significant proportion of auto supply LBOs
monitored by Fitch are expected to experience further downward
pressure on ratings, as reflected in the negative outlooks
assigned.

Fitch anticipates extremely limited recoveries for junior
lenders in a distress scenario.  In the application of its
Recovery Ratings methodology reflecting the different levels of
niche differentiation and/ or added-value provided, the agency
has used a range of distressed EV multiples of between 4.0x and
4.5x, with a median multiple of 4.5x for the privately rated
sample.

Given current leverage levels and in view of recent debt
restructurings it is likely that restructured deals will entail
limited cash recoveries for junior lenders in particular,
leaving such creditors largely reliant on equity conversion to
recoup their investment.


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

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

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

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

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

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

January 11, 2007
   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
      Actionable, Achievable Solutions
         Contact: 240-629-3300 or
                  http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences, and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *