TCREUR_Public/061208.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

           Friday, December 8, 2006, Vol. 7, No. 244

                            Headlines


A U S T R I A

ABC SAUNA: Creditors' Meeting Slated for December 19
ALEKSANDAR KUKIC: Vienna Court Orders Business Shutdown
BCM BROKER: Vienna Court Replaces Property Manager
COLAJ LLC: Creditors' Meeting Slated for December 19
FS-GASTSTATTENBETRIEB: Salzburg Court Orders Business Closure

KURTZ BAUPLANUNG: Property Manager Declares Insufficient Assets
MOTORCYCLES SPIEGL: Creditors' Meeting Slated for December 20
PUCHNER LLC: Linz Court Orders Business Shutdown
SAMY TADROS: Property Manager Declares Insufficient Assets


C Z E C H   R E P U B L I C

BORSODCHEM NYRT: Effects Changes in Personnel Structure


D E N M A R K

NYCO HOLDINGS: Nycomed Names Anders Ullman as New R&D Head
NYCO HOLDINGS: S&P Keeps B Credit Rating on CreditWatch Positive


F R A N C E

ALCATEL-LUCENT: Inks IP Solution Deal with China Telecom Units
ALCATEL-LUCENT: Inks Network Solution Contract with Korea's KT
EURO DISNEY: Center-Tainment Fails to Submit Formal Takeover Bid
LEAR CORP: Majority of Noteholders Tender Senior Notes
MOSAIC COMPANY: Fitch Affirms BB- Issuer Default Rating

SOCIETE FONCIERE: S&P Cuts Ratings to BB+/B on Stake Purchase


G E R M A N Y

AUTOHAUS PLINKE: Claims Registration Ends December 18
BAUPLANUNGSBUERO OBERMEIER: Claims Registration Ends Dec. 11
BENQ CORP: Siemens Secures Job Market for BenQ Mobile Employees
BENQ CORP: Posts NT$11.9 Billion Sales for November 2006
BSS BERATUNG: Claims Registration Ends December 12

CAS GMBH: Claims Registration Ends December 18
CENTRO INTERNATIONALER: Claims Registration Ends December 13
GOLDEN FLOWERS: Claims Registration Ends December 12
HARTSTEINWERKE WILLI: Claims Registration Ends Dec. 11
HEINING & MUELLER: Claims Registration Ends December 18

HELMUT WACHENFELD: Claims Registration Ends December 12
LEAR CORP: Majority of Noteholders Tender Senior Notes
VOLKSWAGEN AG: Rupert Stadler Succeeds Dr. Winterkorn at Audi


H U N G A R Y

BORSODCHEM NYRT: Effects Changes in Personnel Structure


I R E L A N D

SCOTTISH RE: Completes Buyback of US$115 Million Senior Notes


I T A L Y

PARMALAT: Court Permits Citibank to Pursue Actions from Dec. 29
REVLON CONSUMER: Plans to Increase Term Loan to US$840 Million
REVLON CONSUMER: S&P Junks US$840-Mln Senior Secured Term Loan
REVLON INC: To Launch US$100-Million Additional Share Issue
UNIPOL BANCA: Fitch Keeps Individual Rating at C

WIND ACQUISITION: Moody's Says Loan Does Not Affect Ba3 Rating


K A Z A K H S T A N

AKTOBE LEASING: Creditors' Claims Due Jan. 12, 2007
AKTOBE-SERVICE STROY: Claims Registration Ends Jan. 19, 2007
ALMATY TRANS: Claims Filing Period Ends Jan. 12, 2007
ASAR LLP: Proof of Claim Deadline Slated for Jan. 12, 2007
BERKUL LLP: Creditors Must File Claims by Jan. 16, 2007

CASPIY TELECOM: Creditors' Claims Due Jan. 16, 2007
CHANCE-T LLP: Creditors Must File Claims by Jan. 12, 2007
MERKE SHEKER: Jambyl Court Opens Bankruptcy Proceedings
MURAGER LLP: Claims Filing Period Ends Jan. 16, 2007
TRANS-CASPIAN TRADING: Creditors' Claims Due Jan. 16, 2007


K Y R G Y Z S T A N

LAND CAPITAL: Claims Filing Period Ends Jan. 19, 2007
RUSSKY DOM: Creditors' Claims Due Jan. 19, 2007


L I T H U A N I A

SEB VILNIAUS: Fitch Affirms Individual Rating at C


N E T H E R L A N D S

ALCATEL-LUCENT: Inks IP Solution Deal with China Telecom Units
ALCATEL-LUCENT: Inks Network Solution Contract with Korea's KT


R O M A N I A

BANCA TRANSILVANIA: Fitch Keeps Issuer Default Rating at BB-


R U S S I A

ALFA-BANK: Eyes US$2-Billion Investment in Indonesia
ALFA BANK: Forms PatriotCapital with NPO OboronReformProekt
BRASOVSKAYA FURNITURE: Court Names Y. Kayturov to Manage Assets
EXPERIENCE CJSC: Court Names I. Gorn as Insolvency Manager
GALANT OJSC: Court Names D. Ivanov as Insolvency Manager

KRASNYE GORKI: Samara Bankruptcy Hearing Slated for Jan. 16
KUMINSKAYA TIMBER: Court Names Y. Kostylev as Insolvency Manager
KUZNETSK-MEAT CJSC: Court Names A. Sobitnyuk to Manage Assets
MOSAIC COMPANY: Fitch Affirms BB- Issuer Default Rating
NESTEROVSKIY SPIRIT: Bankruptcy Hearing Slated for Jan. 30

OLENINSKIY DIARY: Court Names A. Lebedev as Insolvency Manager
ORGERSBANK: Fitch Keeps B- Default Rating on Watch Positive
SEVERSTAL OAO: Hikes Authorized Capital Following Share Issue
SOUTHERN TELECOM: Ends Term of Two Management Board Members
STERLING GROUP: Moscow Bankruptcy Hearing Slated for May 15

TATNEFT OAO: Earns RUR45 Billion for January-October 2006
TORZHOKSKAYA GARMENT: Court Names A. Glebova to Manage Assets
UZH-URAL-LEATHER: Bankruptcy Hearing Slated for January 18
UZLOVSKAYA GARMENT: Court Names N. Pavlov as Insolvency Manager
VOLGOGRADSKIY FACTORY: Court Names M. Voloshkin to Manage Assets

TULSKIYE ENGINEERING: Court Names M. Voloshkin to Manage Assets
TSON OJSC: Asset Sale Slated for December 21


S W I T Z E R L A N D

CCR CLASSIC: St. Gallen Court Starts Bankruptcy Proceedings
EURO DISNEY: Center-Tainment Fails to Submit Formal Takeover Bid
GOLDSTEIN ROSENBERG: St. Gallen Court Starts Bankruptcy Process
HC ZENTRALSCHWEIZ: Court Suspends Bankruptcy Proceedings
HEKA HANDELS: Lucerne Court Suspends Bankruptcy Proceedings

JASARI KUNSTSTOFFE: Liestal Court Suspends Bankruptcy Process
MADER TREUHAND: St. Gallen Court Starts Bankruptcy Proceedings
OETTERLI JSC: Lucerne Court Closes Bankruptcy Proceedings
RUEDI BACHMANN: March Court Starts Bankruptcy Proceedings
TELOS HOLDING: Lucerne Court Starts Bankruptcy Proceedings

X-PHONE LLC: Lucerne Court Suspends Bankruptcy Proceedings


T U R K E Y

HD CAPITAL: Fitch Assigns B Rating on EUR50-Million Bond


U K R A I N E

ALFA-BANK: Eyes US$2-Billion Investment in Indonesia
ALFA BANK: Forms PatriotCapital with NPO OboronReformProekt


U N I T E D   K I N G D O M

ALLIED CONCRETE: Nominates Gary Stones as Liquidator
BLEEP NORTH: Nominates Liquidator from T H Associates
CONTEMPORARY FURNISHINGS: Joint Liquidators Take Over Operations
CONVERGENCE GROUP: Hires Administrators from Geoffrey Martin
CRYSTAL CLEAR: Appoints Joint Liquidators from Deloitte & Touche

DISCOUNT AUTOPARTS: Brings In Liquidators from Grant Thornton
ELITE SECURITY: Brings In Hurst Morrison to Administer Assets
EMPOWER INTERACTIVE: Brings In Grant Thornton as Administrators
EUROPEAN GOLF: Appoints BDO Stoy to Administer Assets
FORD MOTOR: Fitch Lowers Ratings to B-/RR5 on Upsized Financings

GLYN WEBB: Names Joint Administrators from Milner Boardman
J W LEWIS: Creditors Confirm Voluntary Liquidation
K.C. COMPONENTS: Creditors Confirm Liquidator's Appointment
LUTON RECRUITMENT: Claims Filing Period Ends Jan. 2, 2007
NASDAQ STOCK: London Mayor Calls for Probe Into LSE Takeover

PROMINENT CMBS: Fitch Affirms BB Rating on GBP34.8-Million Notes
RAFIQUES LIMITED: Hires Liquidators from Recovery hjs
REFCO INC: Submits Modified First Amended Chapter 11 Plan
REVLON CONSUMER: Plans to Increase Term Loan to US$840 Million
REVLON CONSUMER: S&P Junks US$840-Mln Senior Secured Term Loan

REVLON INC: To Launch US$100-Million Additional Share Issue
SANDWELL 1: Fitch Affirms BB Rating on GBP5-Mln Class E Notes
SANDWELL 2: Fitch Keeps BB Rating on GBP14-Million Class E Notes
SCOTTISH RE: Completes Buyback of US$115 Million Senior Notes
SEVERSTAL OAO: Hikes Authorized Capital Following Share Issue

SKILL 2000: Nominates Joint Liquidators from Abbott Fielding
TRAC PROPERTIES: Nominates Liquidator from Stones & Co.
VENTURE COBURG: Creditors' Meeting Slated for December 15
W.H. WILSON: Brings In Administrators from Kroll
WINSFORD FABRICATIONS: Taps Administrators from Royce Peeling

WOODEN HEART: Creditors Ratify Voluntary Liquidation
ZEROPLUS U.K.: Creditors Confirm Liquidators' Appointment

* BOOK REVIEW: A Treatise on the Right of Property in Tide
               Waters

                            *********

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


ABC SAUNA: Creditors' Meeting Slated for December 19
----------------------------------------------------
Creditors owed money by LLC ABC Sauna Betriebs (FN 234741h) 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 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 2 S 152/06z).  Christian Bachmann
serves as the court-appointed property manager of the bankrupt
estate.  Eva-Maria Bachmann-Lang represents Dr. Bachmann in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

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


ALEKSANDAR KUKIC: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered Oct. 13 an order shutting down
the business of LLC Aleksandar Kukic (FN 168510i).  Court-
appointed property manager Herbert Hochegger 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. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 61-9
         E-mail: office@hoch.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 28 (Bankr. Case No. 3 S 133/06p).  Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.


BCM BROKER: Vienna Court Replaces Property Manager
--------------------------------------------------
The Trade Court of Vienna dismissed Oct. 18 Dr. Alexander Gruber
from his position as property manager of LLC BCM Broker (FN
244632d).  Andreas Alzinger will replace Dr. Gruber as property
manager.

The new property manager can be reached at:

         Dr. Andreas Alzinger
         Karntner Ring 12
         1010 Vienna, Austria
         Tel: 516 20
         Fax: 512 44 55
         E-mail: a.alzinger@baierlambert.com

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 17 (Bankr. Case No. 2 S 151/06b).


COLAJ LLC: Creditors' Meeting Slated for December 19
----------------------------------------------------
Creditors owed money by LLC COLAJ (FN 241267f) are encouraged to
attend the creditors' meeting at 10:40 a.m. on Dec. 19 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 13 (Bankr. Case No. 2 S 150/06f).  Christiane Pirker
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna, Austria
         Tel: 817 57 57
         Fax: 817 57 55 17
         E-mail: Dr.Christiane.Pirker@chello.at


FS-GASTSTATTENBETRIEB: Salzburg Court Orders Business Closure
-------------------------------------------------------------
The Land Court of Salzburg entered Oct. 19 an order closing the
business of LLC FS-Gaststattenbetrieb (FN 154151v).  Court-
appointed property manager Michael Pallauf 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. Michael Pallauf
         Petersbrunstr. 13
         5020 Salzburg, Austria
         Tel: 0662-841202
         Fax: 0662-841202-50
         E-mail: officesalzburg@aaa-law.at

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 5 (Bankr. Case No. 23 S 72/06t).


KURTZ BAUPLANUNG: Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Dr. Norbert Scherbaum, the court-appointed property manager for
LLC Kurtz Bauplanung (FN 191468x), declared Oct. 19 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 26 S 84/06g).

The property manager can be reached at:

         Dr. Norbert Scherbaum
         Scherbaum/Seebacher Rechtsanwalte
         Einspinnergasse 3
         2nd Floor
         8010 Graz, Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at


MOTORCYCLES SPIEGL: Creditors' Meeting Slated for December 20
-------------------------------------------------------------
Creditors owed money by KEG Motorcycles Spiegl (FN 274967p) 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 Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No. 9 S 53/06a).  Martina
Withoff serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Martina Withoff
         Hauptplatz 5
         3910 Zwettl, Austria
         Tel: 02822/52417
         Fax: 02822/52417-4
         E-mail: dr.withoff@nextra.at


PUCHNER LLC: Linz Court Orders Business Shutdown
------------------------------------------------
The Land Court of Linz entered Oct. 18 an order shutting down
the business of LLC Puchner (FN 246313a).  Court-appointed
property manager Sigrun Teufer - Peyrl 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. Sigrun Teufer - Peyrl
         c/o Dr. Gunter Peyrl
         Pfarrgasse 20
         4240 Freistadt, Austria
         Tel: 07942/ 7 51 51
         Fax: 07942/ 7 51 51-9
         E-mail: ra.peyrl@epnet.at

Headquartered in Ried in der Riedmark, Austria, the Debtor
declared bankruptcy on Oct. 3 (Bankr. Case No. 12 S 82/06f).
Gunter Peyrl represents Mag. Teufer - Peyrl in the bankruptcy
proceedings.


SAMY TADROS: Property Manager Declares Insufficient Assets
----------------------------------------------------------
Dr. Thomas Engelhart, the court-appointed property manager for
KEG Samy Tadros Mesiha (FN 191888p), declared Oct. 18 that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna declared business shutdown on the same
day.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 18 (Bankr. Case No. 45 S 56/06y).  Clemens Richter
represents Dr. Engelhart in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Thomas Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at


===========================
C Z E C H   R E P U B L I C
===========================


BORSODCHEM NYRT: Effects Changes in Personnel Structure
-------------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that in line with the goals of its Strategy
2007-2012, the following organizational and personnel changes
take place with immediate effect at BorsodChem Nyrt. and its
subsidiary BC-MCHZ s.r.o, Ostrava, Czech Republic:

    * Bela S. Varga has been appointed as Chief Executive
      Officer of BC-MCHZ and replaces Alexander Palffy who
      decided to leave the company.

    * Chief Financial Officer Dr Janos Illessy will take
      additional corporate-wide responsibilities of Human
      Resources, Legal, Communications and Internal Audit
      affairs.

    * Dr. Zoltan Gazdik has been appointed as Finance & IT
      Director of BorsodChem Nyrt. and will take responsibility
      of all Finance and IT matters of BorsodChem Group.

                        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.


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


NYCO HOLDINGS: Nycomed Names Anders Ullman as New R&D Head
----------------------------------------------------------
Anders Ullman has been appointed to lead Nycomed AS's research
and development function upon approval and completion of the
deal to purchase Altana Pharma AG.

Mr. Ullman has a 16-year track record of medical research and
development, most recently as Senior Vice President, Research &
Development, at the European biopharma company Biovitrum.

"With the head of R&D in place, the Executive Committee for the
new Nycomed is set.  This gives us the possibility to join
ALTANA Pharma and Nycomed together as soon as all the approvals
are received from authorities and shareholders," Hakan
Bjoerklund, Nycomed CEO disclosed.

"I have every confidence that Anders Ullman has what it takes to
lead the Nycomed R&D organization so that it fulfils its
potential and makes a real difference to the needs of patients
and healthcare professionals," Mr. Bjoerklund added.

"The new Nycomed will be an outstanding company and I am very
excited about this opportunity.  I'm looking forward to start
work and align the two companies' R&D strategies in the new
company next year," expressed Anders Ullman who will lead the
new R&D function from Konstanz, Germany.

The new Executive Committee will be effective from the closing
of the deal to purchase ALTANA Pharma expected by year-end.

                    ALTANA Pharma acquisition

On Sept. 21, 2006, Nycomed announced that it had reached an
agreement to acquire ALTANA Pharma AG, the pharmaceutical
business of German-based international pharmaceuticals and
chemical group, ALTANA AG.

Closing of the transaction will be subject to the approval of
the shareholders of ALTANA AG and necessary antitrust
clearances.  Pending the final approvals, closing is expected to
take place at the turn of the year.  The combined group will
continue under the Nycomed corporate brand name and will be
headquartered in Zurich, Switzerland.

                          About Nycomed

Headquartered in Roskilde, Denmark, Nycomed AS --
http://www.nycomed.com/-- provides hospital products throughout
the region and general practitioner and pharmacy medicines in
selected markets.

The company employs about 3,500 people throughout Europe and
Russia-CIS.  Nycomed is privately owned and had a 2005 revenue
of EUR747.5 million.


NYCO HOLDINGS: S&P Keeps B Credit Rating on CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Denmark-based pharmaceuticals company
Nyco Holdings ApS, the holding company of Nycomed AS, remains
CreditWatch with positive implications, where it was placed on
Sept. 25, 2006, following the announcement that Nycomed will
acquire Germany-based pharmaceuticals company Altana Pharma from
Altana AG.

"We plan to raise the corporate credit rating on Nycomed to 'B+'
on completion of the EUR4.2 billion equity- and debt-financed
acquisition, subject to satisfactory final documentation and
assuming that the transaction is closed successfully without
major changes," said Standard & Poor's credit analyst Michael
Seewald.  The outlook will be stable.

At the same time, the debt rating on the subordinated notes
issued by Nycomed will be raised to 'B-' from 'CCC+'.  The
acquisition is likely to be completed by year-end 2006 once
approval has been received from Altana AG's shareholders and the
antitrust authorities.  Nycomed has also announced that it will
refinance its outstanding debt of about EUR1 billion through the
new financing structure.

The positive CreditWatch placement reflects the gradual
improvement in credit quality of the combined group.  Standard &
Poor's considers that the transaction will initially have a
somewhat positive effect on Nycomed's business risk profile.
Altana Pharma will add critical size, business diversity, and a
larger R&D platform, despite being over-dependent on one product
with a major patent expiry pending.  The combined entity will
have pro-forma 2006 sales of about EUR3.3 billion, compared with
Nycomed's fiscal-year 2005 sales of about EUR750 million.

Furthermore, the acquisition will have a positive initial effect
on Nycomed's financial risk profile, even if the funding for the
transaction includes a large debt component.  Owing to Altana's
currently strong cash generation capacity, Nycomed's post-
acquisition leverage is expected to decrease to a level of about
5.5x of total adjusted debt to EBITDA, down from the current
level of 6.5x.  After the acquisition, Nycomed's total debt
position is likely to increase to about EUR4.5 billion, which
compares with about EUR1 billion at the end of the third quarter
2006.

"Despite an improved post-transaction business profile, we
consider that any upside potential for the rating appears
remote, owing to Nycomed's aggressive financial policy track
record," said Mr. Seewald.  Although the combined entity has the
potential to deleverage quickly over the coming years, Nycomed's
capital structure will still be highly leveraged post the
transaction.


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


ALCATEL-LUCENT: Inks IP Solution Deal with China Telecom Units
--------------------------------------------------------------
Alcatel Shanghai Bell, Chinese unit of Alcatel-Lucent, has won
IP contracts with Shanghai Telecom and Zhejiang Telecom, two
subsidiaries of China Telecom.

The Alcatel-Lucent IP solution has been selected by Shanghai
Telecom and Zhejiang Telecom to optimize their provincial IP
metropolitan area networks.

Alcatel Shanghai Bell will supply the industry-leading Alcatel-
Lucent 7750 Service Router (SR) and 7450 Ethernet Service Switch
(ESS) for Shanghai Telecom's VPLS network.  With the newly
deployed network, 8 million subscribers of Shanghai Telecom will
be able to enjoy premium IP services.  The network will also be
ready to support advanced carrier-grade services such as
Ethernet VPN to its end users within the city in the future.

For Zhejiang Telecom, Alcatel Shanghai Bell will also deploy the
industry-leading Alcatel-Lucent 7750 SR in the cities of Ningbo,
Jinhua, Lishui, Quzhou, Jiaxing and Huzhou.  Upon completion of
the project by the end of 2006, Zhejiang Telecom will be able to
deliver voice, data and video services throughout the province
as well as reliable, high-speed Internet access over a single IP
network infrastructure.

"Market demand for broadband services is growing on a day-to-day
basis," Zhang Xinjian, General Manager, Zhejiang Telecom, said.
"We anticipate that this will result in requirements for a wider
variety of new and highly-reliable IP-based data services, so we
have deployed Alcatel Shanghai Bell's industry-leading IP
solution to equip ourselves to meet current and future broadband
service requirements."

"Alcatel-LucentIP portfolio is well suited to the rigorous
requirements of these densely populated Chinese provinces," said
Gerard Dega, President of Alcatel Shanghai Bell.  "We are
honored that Shanghai Telecom and Zhejiang Telecom selected our
solution for their IP metropolitan area network optimization
projects, further reinforcing Alcatel-Lucent's strong IP
position in China, with deployments in 25 provinces."

Presently, all major Chinese operators including China Netcom,
China Telecom, China Unicom, and China Mobile have selected the
Alcatel-Lucent7750 Service Router to optimize the delivery of
high-performance carrier-grade data, voice and video services.
Worldwide, more than 150 service providers in 60 countries,
including AT&T, BT, Telia Sonera, Telefonica and France Telecom,
have selected the Alcatel-Lucent IP portfolio.

                      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 Network Solution Contract with Korea's KT
--------------------------------------------------------------
Alcatel-Lucent reveals that KT, the leading fixed incumbent
operator in Korea, is deploying Alcatel-Lucent's optical
solution to enhance the flexibility and the managed capacity of
its transport network.

The solution will enable KT to cope with the growing bandwidth
needs driven by new and existing broadband services, to address
its mobile traffic backhaul requirements and to simplify its
operations.

KT is deploying Alcatel-Lucent's 1678 Metro Core Connect (MCC),
a scalable platform for metro and core applications that
integrates data and transport functionality into a single node,
thus optimizing network investments.  Simplifying network
operations, the Alcatel-Lucent 1678 MCC offers a cost-efficient
solution to fixed and mobile operators who want to aggregate and
consolidate multi-protocol traffic streams from the metro
towards the core.  Furthermore, its industry-leading density
allows service providers to further reduce operating costs.
Alcatel-Lucent's solution will be managed by its 1350 management
suite, which allows the supervision of packet, TDM and
wavelength services.

"As data and transport worlds move closer and increase network
traffic, we need to accommodate this growth while continuing to
focus on network simplification and high-density solutions,"
said Chul Kim, Vice President of International Network Planning
Division, KT.   "Alcatel-Lucent offers us the ability to rely on
a modular architecture that we can scale for anticipated growth
when and where needed."

"We are committed to help its customers to operate in a single
network for current and new services, with secure, seamless
connectivity, while minimizing the total cost of network
ownership," said Romano Valussi, Alcatel-Lucent's optical
activities.  "Our solution offers a solid and cutting-edge
platform allowing Korea Telecom to succeed in serving its end-
user demands for broadband services."

The award further strengthens the long-lasting cooperation in
optical networking with KT, who already deployed Alcatel-
Lucent's data-aware Optical Multi-Service Node (OMSN) systems
and the 1696 Metrospan WDM platform.

                           *     *     *

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.


EURO DISNEY: Center-Tainment Fails to Submit Formal Takeover Bid
----------------------------------------------------------------
French financial regulatory body Autorite des Marches Financiers
told Reuters that Swiss company Center-Tainment AG has failed to
submit a formal takeover bid for Euro Disney SCA.

The AMF had given Center-Tainment until Dec. 4 to formalize its
takeover offer or it will not be allowed to bid for Euro Disney
for the next six months.

Center-Tainment CEO Ulf H. Werner disclosed at a press
conference last week that the company will launch a bid in the
coming days when its legal counsel recovers from illness and
will notify the AMF of its plans, AFX News Limited relates.

According to Bloomberg, Center-Tainment is offering a share swap
deal that values Euro Disney shares at 11 cents each.

Euro Disney's biggest shareholders include Walt Disney (39.8%)
and Saudi Arabian Prince Alwaleed bin Talal (10%).

                       About the Company

Headquartered in France, Euro Disney S.C.A. --
http://www.eurodisney.com/-- and its subsidiaries operate the
Disneyland Resort Paris, which includes Disneyland Park, Walt
Disney Studios Park, seven themed hotels with approximately
5,800 rooms (excluding 2,074 additional third party rooms
located on the site), two convention centers, Disney Village, a
dining, shopping and entertainment center, and a 27-hole golf
facility.  The Group's operating activities also include the
management and development of the 2,000-hectare site, which
currently includes approximately 1,000 hectares of undeveloped
land.

                        *     *     *

                         Delisting

Market trends and changes in the regulatory environment,
combined with the high cost of maintaining separate listings
relative to historical trading volumes, have led to the
Company's decision to cancel its share listings on the London
Stock Exchange and Euronext Brussels.  Following the
cancellation of the listings, investors will still be able to
trade in the Company's shares on Euronext Paris.

In February 2005, the Company implemented a comprehensive
restructuring of the Group's financial obligations.  The
restructuring included amendments to the Group's principal
financing agreements as well as its license and management
agreements with The Walt Disney Company; changes to the Group's
organizational structure; and a EUR253.3 million share capital
increase.

Euro Disney SCA incurred consecutive net losses for the last
five years in accordance with U.S. GAAP.  The Company reported
net losses of EUR46.5 million in 2005, EUR77.5 million in 2004,
EUR54.4 million in 2003, EUR67.3 million in 2002, and EUR50.6
million in 2001.  Management expects that even under its growth
assumptions, the Group will incur a significant aggregate amount
of net losses over the next several fiscal years.


LEAR CORP: Majority of Noteholders Tender Senior Notes
------------------------------------------------------
Lear Corp. disclosed the results to date of its tender offer
commenced Nov. 21, 2006, for up to US$850 million aggregate
principal amount of its 8.125% senior notes due 2008, of which
around EUR237 million are outstanding, and its 8.11% senior
notes due 2009, of which around US$593 million are outstanding.

The early tender date with respect to the notes has expired.
As of 5:00 p.m., New York City time, on Dec. 5, 2006, holders of
around EUR170.3 million in aggregate principal amount of 2008
notes and around US$543.2 million in aggregate principal amount
of 2009 notes had tendered their notes pursuant to the offer.
This represents around 72% and 92% of the outstanding principal
amount of 2008 notes and 2009 notes, respectively. Rights to
withdraw tendered notes terminated at 5:00 p.m., New York City
time, on Dec. 5, 2006.

Holders of the 2008 notes who delivered valid tenders by the
early tender date and whose notes are accepted for payment will
receive the total consideration of EUR1,045 per EUR1,000
principal amount at maturity plus accrued interest.  The payment
date for the 2008 notes tendered as of the early tender date
will occur promptly following the acceptance of such tenders,
which is currently expected to occur on Dec. 6, 2006.

Lear also announced that all holders whose 2009 notes are
validly tendered on or prior to the expiration date will be
eligible to receive the total consideration offered pursuant to
the tender offer.  Accordingly, all holders whose 2009 notes are
validly tendered on or prior to the expiration date, including
notes validly tendered after the early tender date of Dec. 5,
2006, will be eligible to receive a purchase price of US$1,055
per US$1,000 principal amount at maturity for the 2009 notes.

The tender offer will expire at midnight, New York City time, on
Dec. 19, 2006, unless extended.  The purchase price for any 2008
notes validly tendered after Dec. 5, 2006 and prior to the
expiration of the tender offer is EUR1,025 per EUR1,000
principal amount at maturity plus accrued interest.  The tender
offer for the 2009 notes will be in an aggregate amount such
that the aggregate principal amount of 2008 notes and 2009 notes
purchased in the tender offer will not exceed an aggregate
maximum tender offer amount of US$850 million.

All notes purchased in the tender offer will be retired upon
consummation of the tender offer.  The consummation of the
tender offer is conditioned upon certain customary closing
conditions. If any of the conditions are not satisfied, Lear is
not obligated to accept for payment, purchase or pay for, or may
delay the acceptance for payment of, any tendered notes, and may
terminate the tender offer.  Subject to applicable law, Lear may
waive any condition applicable to the tender offer and extend or
otherwise amend the tender offer.

Citigroup Corporate and Investment Banking is the dealer manager
for the tender offer.  Global Bondholder Services Corporation is
acting as information agent and the depositary.  The Company has
also retained Dexia Banque Internationale a Luxembourg to act as
depositary for the 2008 notes.

                      About the Company

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

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

                           *     *     *

As reported in the TCR-Europe on Nov. 23, Moody's Investors
Service raised Lear Corp.'s rating outlook to stable from
negative and affirmed all other Lear ratings.

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

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

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.  At the same time, Moody's affirmed Lear's Corporate
Family Rating of B2, Speculative Grade Liquidity rating of SGL-2
and negative outlook.  All other long-term ratings are
unchanged.


MOSAIC COMPANY: Fitch Affirms BB- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings affirmed and removed The Mosaic Company from
Rating Watch Evolving, where it was originally placed on July 26
of this year.  Fitch has also assigned ratings to new issues
following Mosaic's refinancing completed late last week.

Fitch's rating actions affect around US$2.5 billion of
outstanding debt, including the undrawn US$450 million revolving
credit facility and US$1.06 billion of term debt.  The Rating
Outlook is Stable.

Fitch affirms the following ratings:

The Mosaic Company

   -- Issuer Default Rating at BB-; and
   -- Senior secured revolver rating at BB+.

Mosaic Global Holdings

   -- IDR at BB-;
   -- Senior unsecured notes at BB; and
   -- Senior unsecured notes and debentures at BB-.

Phosphate Acquisition Partnership LP

   -- IDR at BB-; and
   -- Senior secured note rating at BB-.

Fitch has withdrawn Mosaic Global Holdings senior secured term
loan rating at BB+.

Fitch has assigned:

The Mosaic Company

   -- Senior secured term loans rating BB+; and
   -- Senior unsecured notes rating BB.

Mosaic Colonsay ULC

   -- IDR BB-; and
   -- Senior secured term loan rating BB+.

An IDR of BB- for Mosaic and its issuing subsidiaries reflects
the company's good market positions in the global potash and
phosphate markets, and its improving earnings profile.  The
ratings continue to be tempered by Mosaic's high debt level and
modest cash flow.

Fitch anticipates an improvement in cash flow over the next year
as changes to the phosphate cost structure become apparent;
however, the amount of cash flow improvement remains uncertain.
Additionally, market dynamics favor an increase in domestic
fertilizer demand next spring while tightening global potash
supply could support higher pricing.

Fitch forecasts that Mosaic's operating EBITDA-to-gross interest
expense could remain just under 4 times while total debt-to-
operating EBITDA declines to 3.5x for its fiscal year 2007 with
modest earnings improvement, stronger cash flow and some debt
reduction.

The BB+ rating on Mosaic's proposed senior secured term loans
reflects the superior collateral coverage.  The rating is equal
to that of Mosaic's existing revolver, which would share in the
same collateral package.

The BB rating on Mosaic's new 7.375% senior notes due 2014 and
7.625% senior notes due 2016 is one notch higher that the IDR of
BB- due primarily to the notes' guarantees from domestic and
certain foreign subsidiaries.  The rating also reflects the new
notes senior unsecured position relative to a substantial amount
of senior secured debt upon the closing of the refinancing.

In a worst case scenario, senior secured debt could be as high
as US$1.5 billion, assuming a fully drawn revolver, compared to
around US$1.4 billion of unsecured debt.

The IDR of BB- at Mosaic Colonsay reflects its position as a
wholly owned subsidiary of Mosaic.  The BB+ rating on Mosaic
Colonsay's existing term loan reflects its collateral position.
This term loan would share the credit facility collateral with
the revolver and new term loans at parent Mosaic.

The Stable Rating Outlook reflects Fitch's expectation for
modest improvement in earnings and cash flow, which will allow
for the start of debt reduction over the next twelve months.
Improving global fertilizer industry dynamics and anticipated
cost improvements in Mosaic's phosphate business support Fitch's
view on improving cash flow and the likelihood of modest debt
reduction near term.

The Mosaic Company is one of the largest global suppliers of
phosphate and potash fertilizers.  Mosaic earned around US$655.9
million in EBITDA on US$5.2 billion in revenue LTM
Aug. 31, 2006; the company had US$2.6 billion in debt at that
time.


SOCIETE FONCIERE: S&P Cuts Ratings to BB+/B on Stake Purchase
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Societe Fonciere Lyonnaise
S.A., one of the largest listed office property-investment
companies in France, to 'BB+/B' from 'BBB-/A-3', respectively.

At the same time, the short-term rating was removed from
CreditWatch with negative implications, where it had been placed
on June 9, 2006.  The long-term rating remains on CreditWatch
with negative implications.

"The downgrade follows Spanish property company Grupo Inmocaral
S.A.'s acquisition of a 93.4% stake in Inmobiliaria Colonial,
which holds 79% of SFL, and Inmocaral's announced agreement to
buy 15.07% of Fomento de Construcciones y Contratas SA from
Acciona SA," said Standard & Poor's credit analyst Xavier
Buffon.

The cost to acquire Inmobiliaria Colonial will be about
EUR3.5 billion, with 57% debt financed and the remainder
financed by part of the group's successful EUR2.7 billion
capital increase.  The purchase price for the second acquisition
will total EUR1.534 billion.

"The CreditWatch status reflects Inmocaral's very aggressive
strategy and highly leveraged financial profile," added Mr.
Buffon.  "Credit metrics are below levels required for an
investment-grade rating."

Standard & Poor's expects to resolve the CreditWatch status
within the next few months, after its has more visibility
regarding future credit metrics, as well as an update on the new
combined group's business and financial strategy.


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


AUTOHAUS PLINKE: Claims Registration Ends December 18
-----------------------------------------------------
Creditors of Autohaus Plinke GmbH have until Dec. 18 to register
their claims with court-appointed provisional administrator Axel
Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 22, 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings
against Autohaus Plinke GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Plinke GmbH
         Elfser Way 3-4
         59494 Soest, Germany

         Attn: Ralf Otto Plinke, Manager
         Kuemken 5
         59494 Soest, Germany

The administrator can be contacted at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund, Germany


BAUPLANUNGSBUERO OBERMEIER: Claims Registration Ends Dec. 11
------------------------------------------------------------
Creditors of Bauplanungsbuero Obermeier GmbH have until Dec. 11
to register their claims with court-appointed provisional
administrator Peter May.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Dec. 21, 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 Landshut
         Meeting Room 8/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut, 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 Landshut opened bankruptcy proceedings
against Bauplanungsbuero Obermeier GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bauplanungsbuero Obermeier GmbH
         Koernerstr. 25
         09130 Chemnitz, Germany

The administrator can be contacted at:

         Dr. Peter May
         Bachstr. 6
         84036 Landshut, Germany
         Tel: 0871/94321-0
         Fax: 0871/9432150


BENQ CORP: Siemens Secures Job Market for BenQ Mobile Employees
---------------------------------------------------------------
Siemens AG, IG Metall and the Siemens Central Works Council have
succeeded in securing the financing of job placement companies
for employees affected by the bankruptcy of BenQ Mobile GmbH
&Co. OHG and Inservio GmbH.

Together with the bankruptcy administrator of BenQ Mobile, Dr.
Martin Prager, Siemens had already developed a plan to make
additional funds available to job placement companies.

Now, with the commitment of the other "roundtable" parties, the
financing of the job placement companies from Jan. 1, 2007, to
the end of 2007 is secure.

"The primary goal of the two job placement companies in Munich
and in Kamp-Lintfort is to place BenQ Mobile employees in the
job market.  If former BenQ Mobile employees in the job
placement companies have not found a job by Jan. 1, 2008,
Siemens will find ways to alleviate severe financial need," said
Dr. Jürgen Radomski, head of Corporate Personnel of Siemens AG.

In an act of solidarity with its former workforce, Siemens had
set up a EUR35 million aid fund for BenQ Mobile employees
immediately after BenQ Mobile Germany filed for bankruptcy.
Siemens is making EUR25 million of this aid fund available to
the job placement companies.  An additional EUR10 million are
earmarked for supporting employees in financial difficulties.

Together with the provisional bankruptcy administrator, Siemens
had already developed a plan at the end of October intended to
secure the financing and the results of job placement companies.
The plan calls for making EUR24 million available to job
placement companies in addition to the aid fund and to provide
access to an additional EUR12 million, both amounts currently
bound in escrow accounts in conjunction with receivables Siemens
AG owes BenQ OHG.

In addition to this support, Siemens has opened the internal
human resources market to former BenQ Mobile employees and
secured the continuation of training for 88 trainees.  So far,
around 80 BenQ Mobile employees have been placed or offered jobs
via the so-called Siemens job exchange.  In the past weeks,
about 420 jobseekers have been scheduled for job interviews with
representatives of Siemens Groups.  The goal of these job
interviews is to offer BenQ Mobile employees full-time
positions.  Siemens hopes to successfully place further former
BenQ employees in the near future.

As reported in the TCR-Europe on Sept. 29, the board of
directors of BenQ Corp. decided to discontinue capital injection
into BenQ Mobile in order to stem unsustainable losses in the
latter's operations.  Subsequently it filed an insolvency
petition for the company's German mobile phone unit.

Siemens has faced criticisms from German politicians and its own
employees for irresponsibility over the sale of the business to
BenQ, according to published reports.

Siemens had said that its previous decision to sell its mobile
phone activities to BenQ was the solution with the greatest
employee benefits.

According to Siemens, the Taiwanese company assured of its
intentions to operate and expand the German locations in the
future and presented a credible plan for accomplishing this.
Siemens said it contributed some 600 patent families, allowed
BenQ to use its brand name for five years and provided
substantial financial support for a successful launch.

                       About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a
global powerhouse in electrical engineering and electronics.
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2005
(ended September 30), Siemens had sales from continuing
operations of EUR75.4 billion and net income of EUR3.058
billion.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

On Aug. 24, BenQ disclosed of plans to spin-off its
manufacturing operations in early 2007, separating contract
manufacturing and own-brand divisions.

                        *     *     *

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


BENQ CORP: Posts NT$11.9 Billion Sales for November 2006
--------------------------------------------------------
BenQ Corp. disclosed of its consolidated revenue for the month
of November.  The company's core business recorded sales of
NT$11.9 billion.

Unit sales of projectors hit a record high again in November as
the company recorded sales growth four quarters in a row.
"Projector strength is especially apparent in Europe and Asia
Pacific," according to Eric Ky Yu, BenQ's Senior Vice President
of Finance and Spokesperson.  BenQ projectors continued its
strong performance in third quarter, ranking No. 1 in twelve
markets, including Germany, according to DTC Worldwide, a
leading market research firm.

                  Organizational Restructuring

BenQ is moving ahead with its organizational re-alignment as
previously announced.  With BenQ's handset business, "we plan to
continue making adjustments to headcount and capacity,"
continued Mr. Yu, and additionally, following the announced re-
alignment of the company's Integrated Manufacturing Services
business, "customers have responded quite favorably as evidenced
by BenQ's recent customers wins."

For purposes of improving the company's balance sheet and
financial structure, BenQ's board of directors convened Dec. 6
to approve a proposed issuance of unsecured bonds exchangeable
into shares of AU Optronics and NT$5 billion in syndication
financing.

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

                        *     *     *

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


BSS BERATUNG: Claims Registration Ends December 12
--------------------------------------------------
Creditors of BSS Beratung und Software-Systeme GmbH have until
Dec. 12 to register their claims with court-appointed
provisional administrator Martin Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings
against BSS Beratung und Software-Systeme GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BSS Beratung und Software-Systeme GmbH
         Attn: Horst Kloppsteck, Manager
         Dungestr. 84
         59757 Arnsberg, Germany

The administrator can be contacted at:

         Martin Buchheister
         Rathausplatz 21-23
         58507 Luedenscheid, Germany


CAS GMBH: Claims Registration Ends December 18
----------------------------------------------
Creditors of CAS GmbH Chemieanlagenbau Suedharz have until
Dec. 18 to register their claims with court-appointed
provisional administrator Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:50 p.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Area 35
         Untermarkt 17
         Muehlhausen, 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 Muehlhausen opened bankruptcy proceedings
against CAS GmbH Chemieanlagenbau Suedharz on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CAS GmbH Chemieanlagenbau Suedharz
         Attn: Dr. Thomas Schlieper, Manager
         Leipziger Strasse 2
         99762 Niedersachswerfen,
         Germany

The administrator can be contacted at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen, Germany


CENTRO INTERNATIONALER: Claims Registration Ends December 13
------------------------------------------------------------
Creditors of Centro Internationaler Gastronomie-Service Gross-
und Einzelhandelsgesellschaft mbH have until Dec. 13 to register
their claims with court-appointed provisional administrator Rolf
Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Centro Internationaler Gastronomie-Service Gross- und
Einzelhandelsgesellschaft mbH on Nov. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Centro Internationaler Gastronomie-Service
         Gross- und Einzelhandelsgesellschaft mbH
         Attn: Danny Mecke, Manager
         Riedinger Road 16
         45141 Essen, Germany

The administrator can be contacted at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen, Germany
         Tel: 0201/437760
         Fax: 02014377620


GOLDEN FLOWERS: Claims Registration Ends December 12
----------------------------------------------------
Creditors of Golden Flowers GmbH have until Dec. 12 to register
their claims with court-appointed provisional administrator
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 9, 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 Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Golden Flowers GmbH on Oct. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Golden Flowers GmbH
         Attn: Cornelia de Groot, Manager
         Asternweg 12
         65232 Taunusstein, Germany

The administrator can be contacted at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden, Germany
         Tel: 0611/15040
         Fax: 0611/301774


HARTSTEINWERKE WILLI: Claims Registration Ends Dec. 11
------------------------------------------------------
Creditors of Hartsteinwerke Willi Setz GmbH & Co. KG have until
Dec. 11 to register their claims with court-appointed
provisional administrator Marc Herbert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on Dec. 13, 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 24
         2nd 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 Hartsteinwerke Willi Setz GmbH & Co. KG on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hartsteinwerke Willi Setz GmbH & Co. KG
         Gresaubacher Road
         66822 Lebach, Germany

The administrator can be contacted at:

         Marc Herbert
         Neikesstrasse 3
         66111 Saarbruecken, Germany


HEINING & MUELLER: Claims Registration Ends December 18
-------------------------------------------------------
Creditors of Heining & Mueller GmbH have until Dec. 18 to
register their claims with court-appointed provisional
administrator Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C407
         4th 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 Heining & Mueller GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Heining & Mueller GmbH
         Lahnstr. 30
         45478 Muelheim, Germany

         Attn: Georg Kueppers, Manager
         Laarer Bach 17
         41379 Brueggen, Germany

         Martin Oldenhoff, Manager
         Fischenbeck 14
         45472 Muelheim, Germany

The administrator can be contacted at:

         Dr. Andreas Roepke
         Dammstr. 26
         47119 Duisburg, Germany


HELMUT WACHENFELD: Claims Registration Ends December 12
-------------------------------------------------------
Creditors of Helmut Wachenfeld GmbH have until Dec. 12 to
register their claims with court-appointed provisional
administrator Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Jan. 11, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, Germany

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

The District Court of Wuppertal opened bankruptcy proceedings
against Helmut Wachenfeld GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Helmut Wachenfeld GmbH
         Uellendahler Str. 353
         42109 Wuppertal, Germany

         Attn: Carsten Hoeffler, Manager
         Cronenfelder Str. 52
         42349 Wuppertal, Germany

The administrator can be contacted at:

         Dr. Helmuth Liesegang
         Briller Road 2
         42103 Wuppertal, Germany


LEAR CORP: Majority of Noteholders Tender Senior Notes
------------------------------------------------------
Lear Corp. disclosed the results to date of its tender offer
commenced Nov. 21, 2006, for up to US$850 million aggregate
principal amount of its 8.125% senior notes due 2008, of which
around EUR237 million are outstanding, and its 8.11% senior
notes due 2009, of which around US$593 million are outstanding.

The early tender date with respect to the notes has expired.
As of 5:00 p.m., New York City time, on Dec. 5, 2006, holders of
around EUR170.3 million in aggregate principal amount of 2008
notes and around US$543.2 million in aggregate principal amount
of 2009 notes had tendered their notes pursuant to the offer.
This represents around 72% and 92% of the outstanding principal
amount of 2008 notes and 2009 notes, respectively. Rights to
withdraw tendered notes terminated at 5:00 p.m., New York City
time, on Dec. 5, 2006.

Holders of the 2008 notes who delivered valid tenders by the
early tender date and whose notes are accepted for payment will
receive the total consideration of EUR1,045 per EUR1,000
principal amount at maturity plus accrued interest.  The payment
date for the 2008 notes tendered as of the early tender date
will occur promptly following the acceptance of such tenders,
which is currently expected to occur on Dec. 6, 2006.

Lear also announced that all holders whose 2009 notes are
validly tendered on or prior to the expiration date will be
eligible to receive the total consideration offered pursuant to
the tender offer.  Accordingly, all holders whose 2009 notes are
validly tendered on or prior to the expiration date, including
notes validly tendered after the early tender date of Dec. 5,
2006, will be eligible to receive a purchase price of US$1,055
per US$1,000 principal amount at maturity for the 2009 notes.

The tender offer will expire at midnight, New York City time, on
Dec. 19, 2006, unless extended.  The purchase price for any 2008
notes validly tendered after Dec. 5, 2006 and prior to the
expiration of the tender offer is EUR1,025 per EUR1,000
principal amount at maturity plus accrued interest.  The tender
offer for the 2009 notes will be in an aggregate amount such
that the aggregate principal amount of 2008 notes and 2009 notes
purchased in the tender offer will not exceed an aggregate
maximum tender offer amount of US$850 million.

All notes purchased in the tender offer will be retired upon
consummation of the tender offer.  The consummation of the
tender offer is conditioned upon certain customary closing
conditions. If any of the conditions are not satisfied, Lear is
not obligated to accept for payment, purchase or pay for, or may
delay the acceptance for payment of, any tendered notes, and may
terminate the tender offer.  Subject to applicable law, Lear may
waive any condition applicable to the tender offer and extend or
otherwise amend the tender offer.

Citigroup Corporate and Investment Banking is the dealer manager
for the tender offer.  Global Bondholder Services Corporation is
acting as information agent and the depositary.  The Company has
also retained Dexia Banque Internationale a Luxembourg to act as
depositary for the 2008 notes.

                      About the Company

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

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

                           *     *     *

As reported in the TCR-Europe on Nov. 23, Moody's Investors
Service raised Lear Corp.'s rating outlook to stable from
negative and affirmed all other Lear ratings.

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

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

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.  At the same time, Moody's affirmed Lear's Corporate
Family Rating of B2, Speculative Grade Liquidity rating of SGL-2
and negative outlook.  All other long-term ratings are
unchanged.


VOLKSWAGEN AG: Rupert Stadler Succeeds Dr. Winterkorn at Audi
-------------------------------------------------------------
The Supervisory Board of Audi AG appointed Rupert Stadler, Board
Member for Finance and Organization, as the company's acting
Chairman of the Board of Management effective Jan. 1, 2007.  Mr.
Stadler will retain responsibility for his previous portfolio on
top of his new role.

At the same time Prof. Dr. Martin Winterkorn, who is taking over
as Chairman of the Board of Management of Volkswagen AG on
Jan. 1, 2007, will be switching to the company's Supervisory
Board and has been elected as the new Chairman of the
Supervisory Board of Audi AG by its members.

Dr. Winterkorn thanked Dr. Bernd Pischetsrieder, who had served
as Supervisory Board Chairman of Audi AG since Jan. 1, 2002, for
his reliable, effective work and his contribution as Audi's
Supervisory Board Chairman, commending the part he had played in
helping the company to develop attractive models, bring them
successfully to market, and thus strengthen Audi's worldwide
profile as a premium brand.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


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


BORSODCHEM NYRT: Effects Changes in Personnel Structure
-------------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that in line with the goals of its Strategy
2007-2012, the following organizational and personnel changes
take place with immediate effect at BorsodChem Nyrt. and its
subsidiary BC-MCHZ s.r.o, Ostrava, Czech Republic:

    * Bela S. Varga has been appointed as Chief Executive
      Officer of BC-MCHZ and replaces Alexander Palffy who
      decided to leave the company.

    * Chief Financial Officer Dr Janos Illessy will take
      additional corporate-wide responsibilities of Human
      Resources, Legal, Communications and Internal Audit
      affairs.

    * Dr. Zoltan Gazdik has been appointed as Finance & IT
      Director of BorsodChem Nyrt. and will take responsibility
      of all Finance and IT matters of BorsodChem Group.

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


SCOTTISH RE: Completes Buyback of US$115 Million Senior Notes
-------------------------------------------------------------
Scottish Re Group Limited has repurchased nearly all of the
US$115-million 4.5% Senior Convertible Notes issued by Scottish
Re, which note holders had the right to put to the Company.

Scottish Re has begun the process of calling the remaining
US$8,000 in Senior Convertible Notes that were not put in order
to retire the full issue.

                        About Scottish Re

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

                         *     *     *

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

These ratings continue on review with direction uncertain:

    * Scottish Re Group Limited:

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

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

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

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

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

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

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

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

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

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

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

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

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

The ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at BBB.

Scottish Re (U.S.) Inc.

   -- IFS at BBB.

Scottish Re Limited

   -- IFS at BBB.

Scottish Re Group Limited

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

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

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

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

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

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

   Scottish Re Group Limited

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

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

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

   Stingray Pass-thru Trust

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

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

   Scottish Re Group Limited --

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

   Scottish Holdings Statutory Trust II and III

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


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


PARMALAT: Court Permits Citibank to Pursue Actions from Dec. 29
---------------------------------------------------------------
In a stipulation approved by the U.S. Bankruptcy Court for the
Southern District of New York, Citibank, N.A., and Citibank,
N.A. International Banking Facility, on one hand, and Dr. Enrico
Bondi, extraordinary administrator of Parmalat Finanziaria
S.p.A. and certain of its affiliates and CEO of Reorganized
Parmalat, on the other hand, amend their previous stipulation
and agree that:

    a. at 5:00 p.m., New York time, on Dec. 29, 2006, the
       Preliminary Injunction Order will automatically be deemed
       modified to permit Citibank to take any action to enforce
       its rights against Parmalat Paraguay S.A. or otherwise
       with respect to Parmalat Paraguay's obligations to
       Citibank in Paraguay;

    b. during the standstill period, which runs from Nov. 30,
       to Dec. 29, 2006, Reorganized Parmalat will provide
       Citibank, concerning Parmalat Paraguay and its
       subsidiaries, with:

       * access to company management;

       * access to their Paraguayan advisers;

       * access to their books and records; and

       * copies of, and access to, forecasts, budgets,
         restructuring plans, term sheets relating to a sale or
         other disposition of the assets, purchase and sale
         agreements, and correspondence relating to a sale or
         other disposition of assets or the restructuring of
         indebtedness; and

    c. during the Standstill Period, Reorganized Parmalat will
       not sell, transfer, encumber or incur new debt on any of
       the assets or shares of any of the Parmalat Paraguay
       Entities without Citibank's prior written consent.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


REVLON CONSUMER: Plans to Increase Term Loan to US$840 Million
--------------------------------------------------------------
Revlon Consumer Products Corp., a wholly owned operating
subsidiary of Revlon Inc., plans to refinance its existing
credit agreement as part of the Company's overall plans to
improve cash flow and strengthen its balance sheet and capital
structure.

As part of the refinancing, RCPC expects to refinance and
replace its existing US$800 million term loan with a new 5-year
US$840 million term loan facility and amend its existing
US$160 million multi-currency revolving credit facility and
extend its maturity through the same 5-year period.

It is expected that the 2006 Term Loan Facility would be secured
by substantially the same collateral package and guarantees that
secure RCPC's existing term loan facility and the 2006 Revolving
Credit Facility will continue to be secured by its existing
collateral package and guarantees.

While there can be no assurances that the 2006 Credit Facilities
will be finalized and closed, if RCPC completes this
refinancing, the Company believes that it will result in annual
interest savings due to expected lower interest margins, provide
the Company with greater financial and other covenant
flexibility and extend the maturity dates of RCPC's existing
bank credit agreement.

RCPC expects to use the proceeds of the 2006 Credit Facilities
to repay in full the around US$800 million of outstanding
indebtedness (plus accrued interest and a prepayment fee) under
its existing term loan facility.  The balance of such proceeds
is expected to be available for general corporate purposes,
after paying fees and expenses incurred in connection with
consummating the 2006 Credit Facilities.

RCPC expects to close and fund the 2006 Credit Facilities in
late December 2006.  Consummation of the 2006 Credit Facilities
transactions is subject to a number of customary conditions,
including, among other things, the execution of definitive
documentation, perfection of security interests in collateral
and that Revlon launch a rights offering for at least US$100
million in equity securities.

Citicorp Global Markets Inc. has agreed to act as Sole Lead
Arranger and Sole Bookrunner, with Citicorp USA, Inc. acting as
Administrative Agent on the 2006 Term Loan Facility and 2006
Revolving Credit Facility.  JPMorgan Chase Bank, N.A. has agreed
to act as Syndication Agent on the 2006 Term Loan Facility.

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, Moody's Investors
Service lowered Revlon Consumer Products Corporation's long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


REVLON CONSUMER: S&P Junks US$840-Mln Senior Secured Term Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to New York, N.Y.-based Revlon Consumer
Products Corp.'s new US$840-million senior secured term loan due
2012.

The loan rating is 'CCC+', with a recovery rating of '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  At the same
time, Standard & Poor's affirmed its existing ratings on Revlon,
including the 'CCC+' corporate credit rating.  The rating
outlook is negative.

In addition to the proposed term loan facility, Revlon also
announced that it intends to increase the size of its previously
planned US$75 million rights offering to US$100 million.
McAndrews & Forbes is committed to purchasing its 60% pro rata
share of the equity covered by the offering.  M&F will also
backstop up to US$75 million of the offering, and will continue
to provide an additional US$50 million line of credit through
January 2008.  The bank refinancing will close in December 2006,
and the rights offering will be completed in January 2007.

Proceeds from the new term loan facility will be used to
refinance Revlon's existing US$800 million term loan facility,
and the balance will be available for general corporate purposes
after the repayment of transaction related fees and expenses.

Proceeds from the rights offering will be used to repay
US$50 million of its 8.625% subordinated notes (rated 'CCC-')
due in 2008, with the remainder used to pay down its existing
revolver balance after fees and expenses (the US$160 million
maximum revolver commitment remains unchanged).

At Sept. 30, 2006, the company had about US$1.465 billion in
total debt outstanding and, on a pro forma basis, will have
about US$1.404 billion of total debt outstanding at the closing
of the bank refinancing and rights offering.


REVLON INC: To Launch US$100-Million Additional Share Issue
-----------------------------------------------------------
Revlon Inc. intends to launch, in December 2006, a
US$100 million rights offering that would allow stockholders to
purchase additional shares of Revlon Class A common stock.
Revlon plans to use the proceeds of such equity issuance to
reduce debt.

Pursuant to the rights offering, Revlon would distribute at no
charge to each stockholder of record of its Class A and Class B
common stock, as of the close of business on Dec. 11, 2006, the
record date set by Revlon's Board of Directors, transferable
subscription rights that would enable such stockholders to
purchase shares of Class A common stock at a subscription price
to be determined by a committee of Revlon's Board of Directors
composed solely of independent directors within the meaning of
Section 303A.02 of the NYSE Listed Company Manual and the
Board's Guidelines for Assessing Director Independence, and
based on market conditions at the time of the rights offering.

Pursuant to an over-subscription privilege in the rights
offering, each rights holder that exercises its basic
subscription privilege in full may also subscribe for additional
shares at the same subscription price per share, to the extent
that other stockholders do not exercise their subscription
rights in full.  If an insufficient number of shares is
available to fully satisfy the over-subscription privilege
requests, the available shares will be sold pro-rata among
subscription rights holders who exercised their over-
subscription privilege, based on the number of shares each
subscription rights holder subscribed for under the basic
subscription privilege.

MacAndrews & Forbes, Revlon's parent company, which is wholly
owned by Ronald O. Perelman, has agreed to purchase its pro rata
share of the US$100 million of Class A common stock covered by
the rights offering, which share M&F would otherwise have been
entitled to subscribe for in the rights offering pursuant to its
basic subscription right.  Additionally, pursuant to its
existing backstop obligation, if any shares remain following the
exercise of the basic subscription privilege and the over-
subscription privilege by other rights holders, MacAndrews &
Forbes will backstop US$75 million of the rights offering by
purchasing such number of remaining shares of Class A common
stock offered but not purchased by other stockholders as would
be sufficient for the aggregate gross proceeds of the rights
offering to total US$75 million.

Although MacAndrews & Forbes would otherwise be entitled to an
over-subscription right, it has agreed not to exercise its
over-subscription right, which will maximize the shares
available for purchase by other stockholders pursuant to their
over-subscription rights.

The rights offering of around US$100 million would be conducted
via an existing effective shelf registration statement.  Around
US$50 million of the proceeds from the rights offering are
expected to be used to redeem around US$50 million principal
amount of the 8 5/8% Senior Subordinated Notes due 2008 of
Revlon Consumer Products Corp., Revlon's wholly owned operating
subsidiary, with the remainder of such proceeds to be used to
repay indebtedness outstanding under RCPC's US$160 million
multi-currency revolving credit facility, without any permanent
reduction in that commitment, after paying fees and expenses
incurred in connection with the proposed rights offering.

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, Moody's Investors
Service lowered Revlon Consumer Products Corporation's long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


UNIPOL BANCA: Fitch Keeps Individual Rating at C
------------------------------------------------
Fitch Ratings upgraded Unipol Banca's Long-term IDR to BBB+ from
BBB and its Short-term rating to F2 from F3.  UB's Individual
and Support ratings are affirmed at C and 2 respectively.  The
IDR has a Stable Outlook.

The rating action reflects Fitch's assessment of Unipol
Assicurazioni's improved ability to provide support to its
banking subsidiary UB, following an increase in UA's
capitalization, the arrival of new senior management in UA and a
new strategic plan.

The IDR, Short-term and Support ratings of UB all reflect the
potential support which, Fitch considers it could expect to
receive from its 85% shareholder, in case of need.  UA was
Italy's third largest insurance group by premium income in 2005.

The bank's Individual rating takes into account its small size
and limited physical presence, still vulnerable and untested
profitability and a high degree of concentration and connected
lending in its loan book.  It also reflects, however, reasonable
asset quality and acceptable capital adequacy.

UB was set up by UA to widen its distribution channels and to
act as its banking arm.  UA has provided it with all the
necessary capital required to fund its extremely fast growth.
Furthermore, the bank forms an important part of the group's
overall strategy.

Profitability is low because of the high costs UB has incurred
to expand its distribution capabilities, as well as new staff
hires and revised IT systems.  Revenues have also not yet
reached full potential and management has to demonstrate that
the bank's business model can generate an adequate and stable
level of profitability by attracting more business and keeping
costs under control.

Impaired loans are low, although they are understated by the
fast loan growth and by the relative youth of the loan book.
Impaired loans rose in 2005 and in H106 and are expected to
continue to rise over the long run.  Loan impairment allowance
is moderate compared to other Italian banks rated by Fitch but
adequate in light of the high level of mortgage lending in the
portfolio and hence, the level of collateral.

Market risk exposure is minimal and UB is refining its controls
to measure and manage its risk more accurately.  Funding is
relatively diversified although the bank is somewhat reliant on
connected parties for customer funds.  UA manages capital at a
group level and has supplied fresh capital to UB as it was
required.  The bank's planned growth is likely to cause its
current c.8% Tier 1 capital ratio to decline c.7%, an acceptable
level.

UA acquired Banca dell'Economia Cooperativa in 1998, a small
local bank based in Bologna, and renamed it Unipol Banca, to
create the banking arm of the group.  By end-June 2006, the bank
operated with a network of 256 branches, 136 of which are
integrated with UA, and 428 financial advisers.


WIND ACQUISITION: Moody's Says Loan Does Not Affect Ba3 Rating
--------------------------------------------------------------
Moody's Investors Service proposed EUR1.67-billion payment-in-
kind loan issued by Wind Acquisition Holdings Finance S.A. adds
additional complexity to the broader ownership group but does
not warrant a change in the current Ba3 Corporate Family Rating
of Wind Acquisition Finance.

Moody's nevertheless acknowledges that the proposed transaction
could potentially reduce financial flexibility within the
broader ownership group in the event that the proposed loan is
not ultimately redeemed through an IPO or other shareholder
action as intended at this stage.

Moody's understands that the EUR1.67-billion five-year floating-
rate PIK loan will be used to pay the first installment of the
acquisition of Enel's 26.1% stake in Weather Investments S.p.A.
for EUR1.96 billion.  The PIK loan will also refinance the
existing EUR587-million PIK loan at Wind Acquisition Holdings
Finance S.A.

In Moody's opinion, WAF's ratings remain unchanged by this
transaction on the basis of our understanding and expectation
that the tight ring-fence provisions within the debt instruments
within the rated "restricted" group will protect WAF from being
called upon to directly support the PIK loan, particularly given
the absence of an inter-company credit relationship between the
PIK issuing entity and the rated entity.

Moody's assessment is therefore based on the understanding that
the assets of the PIK lenders are limited to the shareholder
interest held by Wind Acquisition Holdings in the rated group
where they would have only an equity claim on the restricted
group in the event of a distress situation.

Moody's furthermore acknowledges that the proposed transaction
may ultimately accelerate the company's plans to complete an IPO
in the future, which could help strengthen the group's financial
flexibility.

The new PIK loan will not be rated by Moody's.

The company's current ratings are:

   -- Ba3 corporate family rating at Wind Acquisition
      Finance S.p.A.;

   -- Ba3 senior secured credit facilities at Wind
      Telecomunicazioni S.p.A.;

   -- B1 second-lien facility at Wind Finance SL S.A.; and

   -- B2 senior notes issued by Wind Acquisition Finance S.A.

The outlook for all ratings is stable.


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


AKTOBE LEASING: Creditors' Claims Due Jan. 12, 2007
---------------------------------------------------
LLP Aktobe Leasing Service N has declared insolvency.  Creditors
have until Jan. 12, 2007, to submit written proofs of claim to:

         LLP Aktobe Leasing Service N
         Abulhair han ave. 71-54
         Aktube
         Aktube Region
         Kazakhstan


AKTOBE-SERVICE STROY: Claims Registration Ends Jan. 19, 2007
------------------------------------------------------------
LLP Aktobe-Service Story has declared insolvency.  Creditors
have until Jan. 19, 2007, to submit written proofs of claim to:

         LLP Aktobe-Service Story
         Micro District 11, 106-116
         Aktube
         Aktube Region
         Kazakhstan


ALMATY TRANS: Claims Filing Period Ends Jan. 12, 2007
-----------------------------------------------------
LLP Almaty Trans Terminal has declared insolvency.  Creditors
have until Jan. 12, 2007, to submit written proofs of claim to:

         LLP Almaty Trans Terminal
         Baizak baatyr Str. 247
         Taraz
         Jambyl Region
         Kazakhstan


ASAR LLP: Proof of Claim Deadline Slated for Jan. 12, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Asar insolvent.

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

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


BERKUL LLP: Creditors Must File Claims by Jan. 16, 2007
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Berkul insolvent.

Creditors have until Jan. 16, 2007, to submit written proofs of
claim to:

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


CASPIY TELECOM: Creditors' Claims Due Jan. 16, 2007
---------------------------------------------------
LLP Caspiy Telecom Invest has declared insolvency.  Creditors
have until Jan. 16, 2007, to submit written proofs of claim to:

         LLP Caspiy Telecom Invest
         House of Communication
         Micro District 2
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 50-00-73


CHANCE-T LLP: Creditors Must File Claims by Jan. 12, 2007
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Chance-T insolvent.

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

         LLP Chance-T
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


MERKE SHEKER: Jambyl Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP Merke Sheker
Service on Nov. 6.


MURAGER LLP: Claims Filing Period Ends Jan. 16, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Publishing House Murager insolvent on Oct. 3.

Creditors have until Jan. 16, 2007, to submit written proofs of
claim to:

         LLP Murager
         Floor 3
         Makataev Str. 117
         Almaty, Kazakhstan
         Tel/Fax: 8 (3272) 34-38-91
                  8 (7011) 11-77-02


TRANS-CASPIAN TRADING: Creditors' Claims Due Jan. 16, 2007
----------------------------------------------------------
LLP Trans-Caspian Trading S.A. has declared insolvency.
Creditors have until Jan. 16, 2007, to submit written proofs of
claim to:

         LLP Trans-Caspian Trading S.A.
         Furmanov Str. 119-14
         Almalinsky District
         Almaty, Kazakhstan


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


LAND CAPITAL: Claims Filing Period Ends Jan. 19, 2007
-----------------------------------------------------
LLC Land Capital has declared insolvency.  Creditors have until
Jan. 19, 2007, to submit written proofs of claim.

Inquiries can be addressed to (+996-555) 96-03-10.


RUSSKY DOM: Creditors' Claims Due Jan. 19, 2007
-----------------------------------------------
LLC Russky Dom has declared insolvency.  Creditors have until
Jan. 19, 2007, to submit written proofs of claim to:

         LLC Russky Dom
         Tynystanov Str. 64-4
         Bishkek, Kyrgyzstan


=================
L I T H U A N I A
=================


SEB VILNIAUS: Fitch Affirms Individual Rating at C
--------------------------------------------------
Fitch Ratings affirmed Lithuania-based SEB Vilniaus Bankas's
ratings at Issuer Default A, Short-term F1, Individual C, and
Support 1.  The Outlook remains Positive.

The Issuer Default, Short-term and Support ratings of VB reflect
the potential support it can expect to receive from its
shareholder, the Swedish group Skandinaviska Enkilda Banken, in
case of need.  There is quite strong integration between VB and
SEB.  Treasury operations are managed centrally by SEB, and VB
has group-wide risk management procedures.

"The Individual rating reflects VB's considerable franchise in
Lithuania, decent profitability and healthy asset quality," Tim
Beck of Fitch's Financial Institutions group disclosed.

"However, capitalisation is declining and has become relatively
low.  Further declines could be negative for the Individual
rating," Mr. Beck added.

Fitch also acknowledges the risks associated with rapid loan
growth, including increasing exposure to the real estate
markets, though there is no indication of a downturn in loan
performance at present.

VB is the largest bank in Lithuania and is 99% owned by SEB.  It
has subsidiaries involved in leasing, investment banking,
mortgages, life assurance, asset management, venture capital and
real estate.  It sold the Ukrainian Bank Agio to SEB in Q306.


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


ALCATEL-LUCENT: Inks IP Solution Deal with China Telecom Units
--------------------------------------------------------------
Alcatel Shanghai Bell, Chinese unit of Alcatel-Lucent, has won
IP contracts with Shanghai Telecom and Zhejiang Telecom, two
subsidiaries of China Telecom.

The Alcatel-Lucent IP solution has been selected by Shanghai
Telecom and Zhejiang Telecom to optimize their provincial IP
metropolitan area networks.

Alcatel Shanghai Bell will supply the industry-leading Alcatel-
Lucent 7750 Service Router (SR) and 7450 Ethernet Service Switch
(ESS) for Shanghai Telecom's VPLS network.  With the newly
deployed network, 8 million subscribers of Shanghai Telecom will
be able to enjoy premium IP services.  The network will also be
ready to support advanced carrier-grade services such as
Ethernet VPN to its end users within the city in the future.

For Zhejiang Telecom, Alcatel Shanghai Bell will also deploy the
industry-leading Alcatel-Lucent 7750 SR in the cities of Ningbo,
Jinhua, Lishui, Quzhou, Jiaxing and Huzhou.  Upon completion of
the project by the end of 2006, Zhejiang Telecom will be able to
deliver voice, data and video services throughout the province
as well as reliable, high-speed Internet access over a single IP
network infrastructure.

"Market demand for broadband services is growing on a day-to-day
basis," Zhang Xinjian, General Manager, Zhejiang Telecom, said.
"We anticipate that this will result in requirements for a wider
variety of new and highly-reliable IP-based data services, so we
have deployed Alcatel Shanghai Bell's industry-leading IP
solution to equip ourselves to meet current and future broadband
service requirements."

"Alcatel-LucentIP portfolio is well suited to the rigorous
requirements of these densely populated Chinese provinces," said
Gerard Dega, President of Alcatel Shanghai Bell.  "We are
honored that Shanghai Telecom and Zhejiang Telecom selected our
solution for their IP metropolitan area network optimization
projects, further reinforcing Alcatel-Lucent's strong IP
position in China, with deployments in 25 provinces."

Presently, all major Chinese operators including China Netcom,
China Telecom, China Unicom, and China Mobile have selected the
Alcatel-Lucent7750 Service Router to optimize the delivery of
high-performance carrier-grade data, voice and video services.
Worldwide, more than 150 service providers in 60 countries,
including AT&T, BT, Telia Sonera, Telefonica and France Telecom,
have selected the Alcatel-Lucent IP portfolio.

                      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 Network Solution Contract with Korea's KT
--------------------------------------------------------------
Alcatel-Lucent reveals that KT, the leading fixed incumbent
operator in Korea, is deploying Alcatel-Lucent's optical
solution to enhance the flexibility and the managed capacity of
its transport network.

The solution will enable KT to cope with the growing bandwidth
needs driven by new and existing broadband services, to address
its mobile traffic backhaul requirements and to simplify its
operations.

KT is deploying Alcatel-Lucent's 1678 Metro Core Connect (MCC),
a scalable platform for metro and core applications that
integrates data and transport functionality into a single node,
thus optimizing network investments.  Simplifying network
operations, the Alcatel-Lucent 1678 MCC offers a cost-efficient
solution to fixed and mobile operators who want to aggregate and
consolidate multi-protocol traffic streams from the metro
towards the core.  Furthermore, its industry-leading density
allows service providers to further reduce operating costs.
Alcatel-Lucent's solution will be managed by its 1350 management
suite, which allows the supervision of packet, TDM and
wavelength services.

"As data and transport worlds move closer and increase network
traffic, we need to accommodate this growth while continuing to
focus on network simplification and high-density solutions,"
said Chul Kim, Vice President of International Network Planning
Division, KT.   "Alcatel-Lucent offers us the ability to rely on
a modular architecture that we can scale for anticipated growth
when and where needed."

"We are committed to help its customers to operate in a single
network for current and new services, with secure, seamless
connectivity, while minimizing the total cost of network
ownership," said Romano Valussi, Alcatel-Lucent's optical
activities.  "Our solution offers a solid and cutting-edge
platform allowing Korea Telecom to succeed in serving its end-
user demands for broadband services."

The award further strengthens the long-lasting cooperation in
optical networking with KT, who already deployed Alcatel-
Lucent's data-aware Optical Multi-Service Node (OMSN) systems
and the 1696 Metrospan WDM platform.

                           *     *     *

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.


=============
R O M A N I A
=============


BANCA TRANSILVANIA: Fitch Keeps Issuer Default Rating at BB-
------------------------------------------------------------
Fitch Ratings affirmed the ratings of Romania-based Banca
Transilvania at Issuer Default BB-, Short-term B, Support 4 and
Individual D.  The Outlook on the Issuer Default rating remains
Stable.

BT's ratings reflect good level of profitability and the
franchise the bank has developed.  They also reflect modest
levels of capitalization combined with relatively low loan
reserve levels, as well as risks associated with its fast
expansion.

"BT has developed a decent franchise in the retail and SME
sectors, and has grown to be the fifth largest bank in the
country," says Tim Beck, Director in Fitch's Financial
Institutions Group.  "However, this level of growth does lead to
risks, most notably in the loan book, where performance may
worsen as loans season."

Profitability is reasonably strong, but the bank has seen some
margin pressure, particularly on the lending side.

"Margin pressure is likely to continue," added Mr. Beck.  "The
Romanian banking sector is becoming increasingly competitive as
foreign owners complete their restructuring programs and strive
to establish a meaningful franchise."

As noted above, BT is now the fifth largest Romanian bank, with
the fourth largest branch network, representing 4.5% of system
assets.  It has a nation-wide presence, though its market shares
are greater in its home region of Transilvania, which accounts
for around half of the bank's business.

Ownership is fairly widespread with shares listed on Bucharest
stock exchange.  The largest shareholder is the European Bank
for Reconstruction and Development with 15%.  No other
shareholder owns more than 5%.


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


ALFA-BANK: Eyes US$2-Billion Investment in Indonesia
----------------------------------------------------
Alfa-Bank's President Peter Aven met with Indonesian President
Susilo Bambang Yudhoyono during the latter's state visit to
Russia.

Discussing the possibilities of expanding Russian-Indonesian
economic cooperation, Mr. Aven announced the intentions of the
Alfa Group to invest in telecommunication and other sectors of
Indonesian economy to the amount of up to US$2 billion.

The President of Indonesia welcomed this announcement and
declared that his government will back this initiative.
President Yudhoyono has underlined that the expansion of
cooperation between Russia and Indonesia, covering the whole
spectrum of mutual interests, is in line with the intentions of
both countries' presidents.

"Russian companies have a chance to take a deserved place among
major international investors, and we are not going to miss this
opportunity," Mr. Aven said.  "We believe that there is a huge
potential for successful development of business for Russian
companies in Indonesia in particular, and throughout the South-
East Asia as well.  Alfa-Group has extensive investment
expertise in foreign telecom markets, in particular, the largest
ever investment deal of Russian business with the purchase of
shares in Turkcell, a Turkish telecom company. We have a clear
intention to use our experience in Indonesia in a way that will
promote strengthening of economic cooperation between our two
countries."

                         About Alfa Bank

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

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

                        *     *     *

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

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

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

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

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


ALFA BANK: Forms PatriotCapital with NPO OboronReformProekt
-----------------------------------------------------------
Alfa Bank and NPO OboronReformProekt have established
PatriotCapital company to promote the formation of financially
sound integrated structures in the defense sector.

The form of incorporation is a limited liability company with
its registered capital of RUR400 million.  The founders have
equal shares (50% each) in the capital and equally divided votes
on the board of directors of the new company.

PatriotCapital will be involved in the process of solving
problems that face defense enterprises through optimization of
their financial operations, debt restructuring, trust management
of assets and rendering assistance to fight raiders.  Alfa Bank
intends to encourage investments for the development,
modernization and reconstruction of these enterprises.

Alexander Chernikov, Director of OboronReformProekt, said Alfa
Bank was chosen owing to its "hands-on skills at working with
specific and viable projects."  Within the framework of the
Federal Program for Restructuring and Conversion of the Defense
Sector in Russia through 2010 it is planned to establish 40-45
vertically integrated holdings incorporating nearly 46% of the
enterprises listed the register of the military-industrial
complex.

"Most of them are federal state unitary enterprises," Mr.
Chernikov said.  "They are going to be transformed into joint
stock companies -- and in such a way that the state would retain
power over them, including financial control.  Here the
experience of Alfa Bank would be invaluable."

"It is not a classical lending," Alexandr Bugaevsky, senior
vice-president at Alfa Bank, said.  "One of the objectives for
PatriotCapital lies in helping enterprises of the military
industrial complex to become creditworthy.  Alfa Bank will
provide loans and assist clients in accessing open capital
markets."

"We will be working as sort of a tool that in a crisis situation
would promptly analyze the problem and advise on how to overcome
it, furnishing financial assistance if necessary," Alexei
Trufanov, chairman of the board at OboronReformProekt, said.
"This is aimed to make the enterprise able to improve the
situation and at the same time retain state control."

Alfa Bank is actively developing cooperation with the largest
state-run companies and government agencies.  Early in 2006,
Alfa Bank signed two agreements for cooperation with the
Ministry of Transport of the Russian Federation and the Federal
Agency for Atomic Energy (Rosatom) to become a financial advisor
and investment projects manager for both institutions.

NPO OboronReformProekt -- a company founded by Oboronimpex --
was established in February 2006 with the objective to monitor
financial and economic situation of defense enterprises while
executing export contracts.  NPO is developing measures to
prevent hostile take-over initiatives, and is preparing and
implementing anti-crisis programs for defense enterprises.

                         About Alfa Bank

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

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

                        *     *     *

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

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

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

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

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


BRASOVSKAYA FURNITURE: Court Names Y. Kayturov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed
Mr. Y. Kayturov as Insolvency Manager for OJSC Brasovskaya
Furniture Factory.  He can be reached at:

         Y. Kayturov
         Kanatnyj Per. 5-312
         241050 Bryansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-3529/06-8.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Brasovskaya Furniture Factory
         Lesozavodskaya Str. 17
         Lokot'
         Bryansk Region
         Russia


EXPERIENCE CJSC: Court Names I. Gorn as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Insurance Company Experience.  He
can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-62130/06-44-1119B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Insurance Company Experience
         Leningskaya Sloboda Str. 9
         109280 Moscow Region
         Russia


GALANT OJSC: Court Names D. Ivanov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. D. Ivanov as Insolvency Manager for OJSC
Tikhvinskiy Factory Galant.  He can be reached at:

         D. Ivanov
         Post User Box 151
         196105 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-36164/2005.

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

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

The Debtor can be reached at:

         OJSC Tikhvinskiy Factory Galant
         Borovaya Str. 1
         Tikhvin
         187500 Leningrad Region
         Russia


KRASNYE GORKI: Samara Bankruptcy Hearing Slated for Jan. 16
-----------------------------------------------------------
The Arbitration Court of Samara Region will convene at
1:25 p.m. on Jan. 16, 2007, to hear the bankruptcy supervision
procedure on LLC Agricultural Company Krasnye Gorki.  The case
is docketed under Case No. A55-14891/2006(48).

The Temporary Insolvency Manager is:

         A. Chirkizov
         Post User Box 3167
         460001 Orenburg Region
         Russia

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Krasnye Gorki
         Sovetskaya Str. 1
         Stavropolskiy Region
         Piskaly
         445139 Samara Region
         Russia


KUMINSKAYA TIMBER: Court Names Y. Kostylev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
appointed Mr. Y. Kostylev as Insolvency Manager for CJSC
Kuminskaya Timber Industry Enterprise.  He can be reached at:

         Y. Kostylev
         Titova Str. 26A
         Mezhdurezhenskiy
         Kondinskiy Region
         628200 Khanty-Mansiyskiy Autonomous Region-Yugra
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A75-2964/2006.

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC Kuminskaya Timber Industry Enterprise
         Titova Str. 26A
         Mezhdurezhenskiy
         Kondinskiy Region
         628200 Khanty-Mansiyskiy Autonomous Region-Yugra
         Russia


KUZNETSK-MEAT CJSC: Court Names A. Sobitnyuk to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. A. Sobitnyuk
as Insolvency Manager for CJSC Kuznetsk-Meat (TIN 5819001447).

He can be reached at:

         A. Sobitnyuk
         Post User Box 969
         Dimitrovograd
         433513 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-2412/2005-426/20.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Kuznetsk-Meat
         Pravdy Str. 86
         Kuznetsk
         Penza Region
         Russia


MOSAIC COMPANY: Fitch Affirms BB- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings affirmed and removed The Mosaic Company from
Rating Watch Evolving, where it was originally placed on July 26
of this year.  Fitch has also assigned ratings to new issues
following Mosaic's refinancing completed late last week.

Fitch's rating actions affect around US$2.5 billion of
outstanding debt, including the undrawn US$450 million revolving
credit facility and US$1.06 billion of term debt.  The Rating
Outlook is Stable.

Fitch affirms the following ratings:

The Mosaic Company

   -- Issuer Default Rating at BB-; and
   -- Senior secured revolver rating at BB+.

Mosaic Global Holdings

   -- IDR at BB-;
   -- Senior unsecured notes at BB; and
   -- Senior unsecured notes and debentures at BB-.

Phosphate Acquisition Partnership LP

   -- IDR at BB-; and
   -- Senior secured note rating at BB-.

Fitch has withdrawn Mosaic Global Holdings senior secured term
loan rating at BB+.

Fitch has assigned:

The Mosaic Company

   -- Senior secured term loans rating BB+; and
   -- Senior unsecured notes rating BB.

Mosaic Colonsay ULC

   -- IDR BB-; and
   -- Senior secured term loan rating BB+.

An IDR of BB- for Mosaic and its issuing subsidiaries reflects
the company's good market positions in the global potash and
phosphate markets, and its improving earnings profile.  The
ratings continue to be tempered by Mosaic's high debt level and
modest cash flow.

Fitch anticipates an improvement in cash flow over the next year
as changes to the phosphate cost structure become apparent;
however, the amount of cash flow improvement remains uncertain.
Additionally, market dynamics favor an increase in domestic
fertilizer demand next spring while tightening global potash
supply could support higher pricing.

Fitch forecasts that Mosaic's operating EBITDA-to-gross interest
expense could remain just under 4 times while total debt-to-
operating EBITDA declines to 3.5x for its fiscal year 2007 with
modest earnings improvement, stronger cash flow and some debt
reduction.

The BB+ rating on Mosaic's proposed senior secured term loans
reflects the superior collateral coverage.  The rating is equal
to that of Mosaic's existing revolver, which would share in the
same collateral package.

The BB rating on Mosaic's new 7.375% senior notes due 2014 and
7.625% senior notes due 2016 is one notch higher that the IDR of
BB- due primarily to the notes' guarantees from domestic and
certain foreign subsidiaries.  The rating also reflects the new
notes senior unsecured position relative to a substantial amount
of senior secured debt upon the closing of the refinancing.

In a worst case scenario, senior secured debt could be as high
as US$1.5 billion, assuming a fully drawn revolver, compared to
around US$1.4 billion of unsecured debt.

The IDR of BB- at Mosaic Colonsay reflects its position as a
wholly owned subsidiary of Mosaic.  The BB+ rating on Mosaic
Colonsay's existing term loan reflects its collateral position.
This term loan would share the credit facility collateral with
the revolver and new term loans at parent Mosaic.

The Stable Rating Outlook reflects Fitch's expectation for
modest improvement in earnings and cash flow, which will allow
for the start of debt reduction over the next twelve months.
Improving global fertilizer industry dynamics and anticipated
cost improvements in Mosaic's phosphate business support Fitch's
view on improving cash flow and the likelihood of modest debt
reduction near term.

The Mosaic Company is one of the largest global suppliers of
phosphate and potash fertilizers.  Mosaic earned around US$655.9
million in EBITDA on US$5.2 billion in revenue LTM
Aug. 31, 2006; the company had US$2.6 billion in debt at that
time.


NESTEROVSKIY SPIRIT: Bankruptcy Hearing Slated for Jan. 30
----------------------------------------------------------
The Arbitration Court of Ryazan Region will convene at
2:30 p.m. on Jan. 30, 2007, to hear the bankruptcy supervision
procedure on OJSC Nesterovskiy Spirit Distillery.  The case is
docketed under Case No. A54-47777/2006 S20.

The Temporary Insolvency Manager is:

         I. Khlystov
         Post User Box 155
         390035 Ryazan Region
         Russia

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Nesterovskiy Spirit Distillery
         Zavodskaya Str. 11
         Nesterova
         Pitelenskiy Region
         391621 Ryazan Region
         Russia


OLENINSKIY DIARY: Court Names A. Lebedev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. A. Lebedev as
Insolvency Manager for Municipal Enterprise Oleninskiy Diary.
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.
A66-6225/2006.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         Municipal Enterprise Oleninskiy Diary
         Olenino
         172400 Tver Region
         Russia


ORGERSBANK: Fitch Keeps B- Default Rating on Watch Positive
-----------------------------------------------------------
Fitch Ratings is keeping Russia-based Orgersbank's ratings of
Issuer Default B-, Short-term B, Support 5, and National Long-
term BB+ on Rating Watch Positive.  The Individual D rating is
affirmed.

The keeping of the ratings at the current levels, for the time
being, follows the completion of a full review of Orges'
financial position, and reflects the bank's limited franchise,
concentrations on both sides of the balance sheet and modest
profitability.  The ratings also take into account its robust
asset quality supported by a favorable economic environment, a
moderate level of market risk and reasonable liquidity position.

On Nov. 8, following the announcement that Nordea Bank AB, a
leading financial institution in the Nordic region, will
purchase a controlling stake in Orgres, Fitch put the bank's
ratings on RWP, reflecting the increasing probability of support
for the bank should the transaction go through.

Fitch believes that Orgres' stand-alone financial position could
also benefit significantly from this transaction mainly through
improved funding and access to Nordea's product and risk
management expertise.  Orgres's ratings will be revised upon the
completion of the transaction, with the Issuer Default rating
likely to be upgraded to investment grade.

Orgres is a mid-sized Moscow based bank with a primary focus on
the SME and retail sectors.  The bank operates 37 branches and
outlets in five regions, and is further expanding its regional
presence, both organically and by acquisitions.  Orgres also
operates as a settlement center for the Russian regional
interbank market, in particular due to its participation in the
Interbank Clearing System.


SEVERSTAL OAO: Hikes Authorized Capital Following Share Issue
-------------------------------------------------------------
Shareholders of OAO Severstal exercised their pre-emptive rights
to acquire 91% of the company's additional share issue, AK&M
says.

The shareholders acquired a total of 76,916,692 of shares at
RUR0.01 apiece.  Unplaced shares amount to 8,083,308.

Following the share issue, Severstal's authorized capital will
increase from RUR9.31 million RUR10.157 million.

                        About Severstal

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

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

                        *     *     *

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

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

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

Severstal, which raised just over US$1 billion placing shares in
London this month, plans to acquire more assets on the way to
becoming the world's second-largest steel maker, its 41-year-old
billionaire owner, Alexei Mordashov, has said.


SOUTHERN TELECOM: Ends Term of Two Management Board Members
-----------------------------------------------------------
The Board of Directors of Southern Telecommunications Co.
terminated the powers of Lyudmila Ivanovna Devyatkina and
Yevgeny Nikolaevich Poyarkov as the members of UTK's Management
Board before the appointed time.

The Board of Directors also changed the numerical composition of
UTK's Management Board from nine to seven members.

                       About the Company

Headquartered in Krasnodar, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

As reported in the TCR-Europe on Oct. 30, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based fixed-line telecommunications operator Southern
Telecommunications Co. (OJSC) to 'B-' from 'CCC+', in light of
the company's improving financial risk profile.  S&P said the
outlook is stable.

At the same time, Standard & Poor's raised its long-term Russia
national scale rating on STC to 'ruBBB' from 'ruBB'.  STC is the
incumbent fixed-line telecoms operator in the southern region of
Russia.

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.


STERLING GROUP: Moscow Bankruptcy Hearing Slated for May 15
-----------------------------------------------------------
The Arbitration Court of Moscow will convene at May 15, 2007,
to hear the bankruptcy supervision procedure on CJSC Sterling
Group (tin 7730078098).  The case is docketed under Case No.
A40-39709/06-78-816 B.

The Temporary Insolvency Manager is:

         N. Bychkova
         Post User Box 21
         109469 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Sterling Group
         Building 1
         Bolshaya Dorogomilovskaya Str. 14
         121059 Moscow Region
         Region


TATNEFT OAO: Earns RUR45 Billion for January-October 2006
---------------------------------------------------------
The Board of Directors of OAO Tatneft has reviewed the results
of executing OAO Tatneft budget for 10 months of 2006 and has
approved the budget for December of the current year.

The Board has discussed the results of OAO Tatneft financial and
business activity for the nine months of 2006.

The amount of 19,102,000 tons of crude oil has been produced for
the reporting period accounting for the excess in the amount of
41,000 tons of crude oil versus a similar period of the previous
year.

The revenues from selling the shipped production of OAO Tatneft
amounted to RUR140 billion and increased by 8.8% versus a
respective period of the previous year.  The Company's financial
and business activity resulted in earning over RUR45 billion of
balance sheet profit.

OAO Tatneft continues to introduce various new technologies in
drilling and crude oil production.  Some 18 multibranch downhole
splitters with an average production rate of 11 tons per day and
23 horizontal wells with an average production rate of 7.4 tons
per day have been drilled and commissioned for the reporting
period. Radial drilling projects have been implemented at 39
wells resulting in a 1.5-fold increase of the production rate.

The Board of Directors has been presented the information about
OAO Tatneft incremental growth of reserve base for the year 2006
and the incremental reserve growth tasks for the year 2007.  The
company holds 77 licensees for development of 79 fields in the
Republic of Tatarstan and also in Ulyanovsk and Samara areas and
the Nenetz Autonomous Okrug.

The Company received 10 licensees in 2006 including seven
licenses for prospecting and appraisal of the crude oil
deposits.

In accordance with evaluation of Miller & Lents Company the
proved, probable and possible reserves of crude oil amount to 1
billion 192,000,000 tons allowing to provide for the production
of crude in the area for a period of 33 years.

The incremental growth of OAO Tatneft reserves was 1.2 times
higher than the production volume during the last decade period.
It is expected that the volume of prospecting and exploration
drilling will amount to 50,000 meters of rock penetration in
2006.

The Board of Directors has positively assessed the work
performed and has assigned the Executive Management Board to
actively proceed with studying the oil bearing perspectives in
the western regions of Tatarstan.

The Board of Directors has reviewed the information about the
construction of the Oil Refining and Petrochemical Plants
Complex in Nizhnekamsk.  It has been acknowledged that the works
at the construction site are performed in accordance with the
earlier elaborated schedule.

The Board of Directors has also reviewed a number of issues in
relation with preparation to the commemorative event: production
of the three billionth ton of crude oil.

The Board of Directors has also reviewed a number of other
issues of financial and business activity of OAO Tatneft.

                          About Tatneft

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

                        *     *     *

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

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

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


TORZHOKSKAYA GARMENT: Court Names A. Glebova to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tver Region appointed Ms. A. Glebova as
Insolvency Manager for CJSC Tokorzhskaya Garment Factory.  She
can be reached at:

         A. Glebova
         Post User Box 402
         OPS-100
         Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-2800/2005.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         CJSC Torzhokskaya Garment Factory
         Krasnyj Gorodok 1
         Torzhok
         Tver Region
         Russia


UZH-URAL-LEATHER: Bankruptcy Hearing Slated for January 18
----------------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene at
2:00 p.m. on Jan. 18, 2007, to hear the bankruptcy supervision
procedure on OJSC Uzh-Ural-Leather.  The case is docketed under
Case No. A76-33123/2005-52-180.

The Temporary Insolvency Manager is:

         K. Sergeev
         Office 615
         Lenina Str. 81
         454080 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Uzh-Ural-Leather
         Kozhzavodskaya Str. 1
         454084 Chelyabinsk Region
         Russia


UZLOVSKAYA GARMENT: Court Names N. Pavlov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. N. Pavlov
as Insolvency Manager for LLC Trading Company of Uzlovskaya
Garment Factory (TIN 7724190246).  He can be reached at:

         N. Pavlov
         Building 2
         Stolovyj Per. 6
         121069 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-33709/06-44-480b.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Trading Company of Uzlovskaya Garment Factory
         Kashirskoye Shosse 13-3
         115230 Moscow Region
         Russia


VOLGOGRADSKIY FACTORY: Court Names M. Voloshkin to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. M.
Voloshkin as Insolvency Manager for OJSC Volgogradskiy Factory
of Irrigative Equipment.  He can be reached at:

         M. Voloshkin
         Post User Box 1927
         400087 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-29239/05-s49.

The Debtor can be reached at:

         OJSC Volgogradskiy Factory of Irrigative Equipment
         Institutskaya Str. 8a
         Yasnogorsk
         400002 Volgograd Region
         Russia


TULSKIYE ENGINEERING: Court Names M. Voloshkin to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. M. Voloshkin
as Insolvency Manager for OJSC Tulskiye Engineering Plants.  He
can be reached at:

         M. Voloshkin
         Zavodskaya Str. 3
         Yasnogorsk
         Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-4/B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Tulskiye Engineering Plants
         Zavodskaya Str. 3
         Yasnogorsk
         Tula Region
         Russia


TSON OJSC: Asset Sale Slated for December 21
--------------------------------------------
The insolvency manager, the bidding organizer for OJSC
Agricultural Company Tson, will open a public auction for the
company's properties at 11:00 a.m. on Dec. 21 at:

         The Insolvency Manager, the Bidding Organizer
         Office 20-22
         2nd floor
         Leskova Str. 19
         Orel Region
         Russia

The company has set a RUR1,221,710 as a starting price for the
auctioned assets.

Interested participants have until 5:00 p.m. on Dec. 15 to
deposit an amount equivalent to 20% of the starting price to:

         OJSC Agricultural Company Tson
         Settlement Account 40702810700010000575 in
         OJSC VBRR in Branch in Orel
         BIK 045402775
         Correspondent Account 3010181070000000775
         TIN 5725002364
         KPP 572501001

Bidding documents must be submitted to:

         The Insolvency Manager, the Bidding Organizer
         Office 20-22
         2nd floor
         Leskova Str. 19
         Orel Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Tson
         Uritskiy Region
         Orel Region
         Russia


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


CCR CLASSIC: St. Gallen Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC CCR Classic Car Restauration on Oct. 24.

The Debtor can be reached at:

         LLC CCR Classic Car Restauration
         Lochriet
         8890 Flums
         St. Gallen
         Switzerland

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

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


EURO DISNEY: Center-Tainment Fails to Submit Formal Takeover Bid
----------------------------------------------------------------
French financial regulatory body Autorite des Marches Financiers
told Reuters that Swiss company Center-Tainment AG has failed to
submit a formal takeover bid for Euro Disney SCA.

The AMF had given Center-Tainment until Dec. 4 to formalize its
takeover offer or it will not be allowed to bid for Euro Disney
for the next six months.

Center-Tainment CEO Ulf H. Werner disclosed at a press
conference last week that the company will launch a bid in the
coming days when its legal counsel recovers from illness and
will notify the AMF of its plans, AFX News Limited relates.

According to Bloomberg, Center-Tainment is offering a share swap
deal that values Euro Disney shares at 11 cents each.

Euro Disney's biggest shareholders include Walt Disney (39.8%)
and Saudi Arabian Prince Alwaleed bin Talal (10%).

                       About the Company

Headquartered in France, Euro Disney S.C.A. --
http://www.eurodisney.com/-- and its subsidiaries operate the
Disneyland Resort Paris, which includes Disneyland Park, Walt
Disney Studios Park, seven themed hotels with approximately
5,800 rooms (excluding 2,074 additional third party rooms
located on the site), two convention centers, Disney Village, a
dining, shopping and entertainment center, and a 27-hole golf
facility.  The Group's operating activities also include the
management and development of the 2,000-hectare site, which
currently includes approximately 1,000 hectares of undeveloped
land.

                        *     *     *

                         Delisting

Market trends and changes in the regulatory environment,
combined with the high cost of maintaining separate listings
relative to historical trading volumes, have led to the
Company's decision to cancel its share listings on the London
Stock Exchange and Euronext Brussels.  Following the
cancellation of the listings, investors will still be able to
trade in the Company's shares on Euronext Paris.

In February 2005, the Company implemented a comprehensive
restructuring of the Group's financial obligations.  The
restructuring included amendments to the Group's principal
financing agreements as well as its license and management
agreements with The Walt Disney Company; changes to the Group's
organizational structure; and a EUR253.3 million share capital
increase.

Euro Disney SCA incurred consecutive net losses for the last
five years in accordance with U.S. GAAP.  The Company reported
net losses of EUR46.5 million in 2005, EUR77.5 million in 2004,
EUR54.4 million in 2003, EUR67.3 million in 2002, and EUR50.6
million in 2001.  Management expects that even under its growth
assumptions, the Group will incur a significant aggregate amount
of net losses over the next several fiscal years.


GOLDSTEIN ROSENBERG: St. Gallen Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against Goldstein, Rosenberg & Partner Limited on
Oct. 24.

The Debtor can be reached at:

         Goldstein, Rosenberg & Partner Limited
         Stockport (Cheshire/GB), St. Gallen
         Kornhausstrasse 3
         9000 St. Gallen
         Switzerland

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

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


HC ZENTRALSCHWEIZ: Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt suspended the bankruptcy
proceedings of JSC HC Zentralschweiz on Nov. 16, 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. 1, can be contacted at:

         JSC HC Zentralschweiz
         Tribschenstrasse 9
         6005 Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Lucerne
         Switzerland


HEKA HANDELS: Lucerne Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Luzern-Land suspended the bankruptcy
proceedings of LLC Heka Handels 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 CHF4,500
deposit.  The right for the additional deposit is retained.

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

         LLC Heka Handels
         6030 Ebikon
         Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


JASARI KUNSTSTOFFE: Liestal Court Suspends Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Liestal suspended the bankruptcy
proceedings of LLC Jasari Kunststoffe 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 CHF4,000
deposit.  The right for the additional deposit is retained.

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

         LLC Jasari Kunststoffe
         Netzibodenstrasse 34
         4133 Pratteln
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Basel-Landschaft
         Switzerland


MADER TREUHAND: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Mader Treuhand on Oct. 18.

The Debtor can be reached at:

         LLC Mader Treuhand
         Rickenstrasse 25
         8737 Gommiswald
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Branch Kaltbrunn, Katharina Kuster
         8722 Kaltbrunn
         St. Gallen
         Switzerland


OETTERLI JSC: Lucerne Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt entered Oct. 19 an order
closing the bankruptcy proceedings of JSC Oetterli.

The Debtor can be reached at:

         JSC Oetterli
         Obergrundstrasse 109
         6003 Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Lucerne
         Switzerland


RUEDI BACHMANN: March Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of March commenced bankruptcy proceedings
against JSC Ruedi Bachmann Mode on Oct. 24.

The Debtor can be reached at:

         JSC Ruedi Bachmann Mode
         Marktstr. 2
         8853 Lachen
         Schwyz
         Switzerland

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         Schwyz
         Switzerland


TELOS HOLDING: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt commenced bankruptcy
proceedings against JSC Telos Holding on Sept. 28.

The Debtor can be reached at:

         JSC Telos Holding
         Pilatusstrasse 38
         6002 Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Lucerne
         Switzerland


X-PHONE LLC: Lucerne Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt suspended the bankruptcy
proceedings of LLC x-phone (fka LLC Trendcall Telemarketing) on
Nov. 16, 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 CHF8,000
deposit.  The right for the additional deposit is retained.

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

         LLC x-phone
         Arsenalstrasse 4
         6005 Luzern
         Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Lucerne
         Switzerland


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


HD CAPITAL: Fitch Assigns B Rating on EUR50-Million Bond
--------------------------------------------------------
Fitch Ratings assigned HD Capital S.A.'s EUR50 million 10.75%
loan participation notes maturing in 2011 a final foreign
currency senior unsecured rating of B and a final Recovery
Rating of RR4.

HD Capital S.A. is the debt-issuing vehicle of Turkey-based
Profilo Telra Elektronik Sanayi ve Ticaret A.S.

The final ratings on the LPNs follows a review of the final
terms and conditions conforming to information already received
when Fitch assigned the expected ratings of B/RR4 on Oct. 20, as
well as receipt of satisfactory legal opinions.  Fitch's
expected ratings were based on an initial prospective EUR100
million debt issuance.

HD Capital has the sole purpose of using the LPNs proceeds to
finance a loan to Profilo as set out in a loan agreement, the
rights and benefits of which are charged to the benefit of LPN
noteholders.  The B rating of the LPNs is in line with Profilo's
Issuer Default rating of B published on Oct. 20.

Proceeds of the notes are used to fund working capital
requirements, refinance existing debt and for general corporate
purposes.  The notes constitute direct, unsecured and
unconditional obligations of Profilo.  The notes rank equally
with all other present or future unsecured and un-subordinated
obligations of Profilo.

The terms and conditions of the loan agreement include a
limitation on Profilo's debt, using a maximum leverage ratio of
4x and consolidated fixed charge coverage ratio of 2.25x.
However, the final terms and conditions of the LPNs include an
additional investor protection covenant in the form of a put
option whereby HD Capital will redeem the notes at par plus
accrued interest by Dec. 7, 2009.

Interest on the notes are payable annually.  There are also
restrictions on dividend payments by Profilo.  Furthermore, upon
asset sales by Profilo above a certain amount, noteholders can
request that these proceeds be used to prepay their LPNs at par.
In the event of a change of control relating to Profilo that
results in a rating downgrade, noteholders have the right to
require the issuer to prepay their LPNs.

There are also covenants relating to transactions with
affiliates, mergers and disposals as described in the loan
agreement.  The governing law of the loan agreement, including
the guarantees in place and the LPNs, is English and the
jurisdiction is the courts of England.


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


ALFA-BANK: Eyes US$2-Billion Investment in Indonesia
----------------------------------------------------
Alfa-Bank's President Peter Aven met with Indonesian President
Susilo Bambang Yudhoyono during the latter's state visit to
Russia.

Discussing the possibilities of expanding Russian-Indonesian
economic cooperation, Mr. Aven announced the intentions of the
Alfa Group to invest in telecommunication and other sectors of
Indonesian economy to the amount of up to US$2 billion.

The President of Indonesia welcomed this announcement and
declared that his government will back this initiative.
President Yudhoyono has underlined that the expansion of
cooperation between Russia and Indonesia, covering the whole
spectrum of mutual interests, is in line with the intentions of
both countries' presidents.

"Russian companies have a chance to take a deserved place among
major international investors, and we are not going to miss this
opportunity," Mr. Aven said.  "We believe that there is a huge
potential for successful development of business for Russian
companies in Indonesia in particular, and throughout the South-
East Asia as well.  Alfa-Group has extensive investment
expertise in foreign telecom markets, in particular, the largest
ever investment deal of Russian business with the purchase of
shares in Turkcell, a Turkish telecom company. We have a clear
intention to use our experience in Indonesia in a way that will
promote strengthening of economic cooperation between our two
countries."

                         About Alfa Bank

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

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

                        *     *     *

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

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

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

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

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


ALFA BANK: Forms PatriotCapital with NPO OboronReformProekt
-----------------------------------------------------------
Alfa Bank and NPO OboronReformProekt have established
PatriotCapital company to promote the formation of financially
sound integrated structures in the defense sector.

The form of incorporation is a limited liability company with
its registered capital of RUR400 million.  The founders have
equal shares (50% each) in the capital and equally divided votes
on the board of directors of the new company.

PatriotCapital will be involved in the process of solving
problems that face defense enterprises through optimization of
their financial operations, debt restructuring, trust management
of assets and rendering assistance to fight raiders.  Alfa Bank
intends to encourage investments for the development,
modernization and reconstruction of these enterprises.

Alexander Chernikov, Director of OboronReformProekt, said Alfa
Bank was chosen owing to its "hands-on skills at working with
specific and viable projects."  Within the framework of the
Federal Program for Restructuring and Conversion of the Defense
Sector in Russia through 2010 it is planned to establish 40-45
vertically integrated holdings incorporating nearly 46% of the
enterprises listed the register of the military-industrial
complex.

"Most of them are federal state unitary enterprises," Mr.
Chernikov said.  "They are going to be transformed into joint
stock companies -- and in such a way that the state would retain
power over them, including financial control.  Here the
experience of Alfa Bank would be invaluable."

"It is not a classical lending," Alexandr Bugaevsky, senior
vice-president at Alfa Bank, said.  "One of the objectives for
PatriotCapital lies in helping enterprises of the military
industrial complex to become creditworthy.  Alfa Bank will
provide loans and assist clients in accessing open capital
markets."

"We will be working as sort of a tool that in a crisis situation
would promptly analyze the problem and advise on how to overcome
it, furnishing financial assistance if necessary," Alexei
Trufanov, chairman of the board at OboronReformProekt, said.
"This is aimed to make the enterprise able to improve the
situation and at the same time retain state control."

Alfa Bank is actively developing cooperation with the largest
state-run companies and government agencies.  Early in 2006,
Alfa Bank signed two agreements for cooperation with the
Ministry of Transport of the Russian Federation and the Federal
Agency for Atomic Energy (Rosatom) to become a financial advisor
and investment projects manager for both institutions.

NPO OboronReformProekt -- a company founded by Oboronimpex --
was established in February 2006 with the objective to monitor
financial and economic situation of defense enterprises while
executing export contracts.  NPO is developing measures to
prevent hostile take-over initiatives, and is preparing and
implementing anti-crisis programs for defense enterprises.

                         About Alfa Bank

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

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

                        *     *     *

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

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

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

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

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


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


ALLIED CONCRETE: Nominates Gary Stones as Liquidator
----------------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Allied
Concrete Products Limited on Nov. 28 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Allied Concrete Products Limited
         Phoenix Wharf
         The Docks
         Port Talbot
         West Glamorgan SA131RA
         United Kingdom
         Tel: 01792 539 254


BLEEP NORTH: Nominates Liquidator from T H Associates
-----------------------------------------------------
Timothy John Hargreaves of T H Associates was nominated
Liquidator of Bleep North Limited on Nov. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Bleep North Limited
         Communications House
         Lancaster Gate
         Leyland
         Lancashire PR252EX
         United Kingdom
         Tel: 01772 434 222
         Fax: 01772 435 000


CONTEMPORARY FURNISHINGS: Joint Liquidators Take Over Operations
----------------------------------------------------------------
Creditors of Contemporary Furnishings (U.K.) Ltd. (fka B. A.
Beds & Pine Limited) confirmed Nov. 22 the appointment of T. J.
Binyon and S. J. Parker of Tenon Recovery as the company's Joint
Liquidators.

The company can be reached at:

         Contemporary Furnishings (U.K.) Ltd.
         Joyce Dawson Way
         Greenwich
         London SE288RA
         United Kingdom
         Tel: 020 8310 0200


CONVERGENCE GROUP: Hires Administrators from Geoffrey Martin
------------------------------------------------------------
Stephen Goderski and Geoffrey Martin of Geoffrey Martin & Co.
were appointed joint administrators of Convergence Group
International S.A. (Company Number B57336) on Nov. 20.

The administrators can be reached at:

         Stephen Goderski and Geoffrey Martin
         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds LS1 2SP
         United Kingdom
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

Headquartered in Luxembourg, Convergence Group International
S.A. -- http://www.convergenceholdings.com/-- specializes in
Internet protocol-based local multimedia distribution services
by integrating telephony and computer technologies.


CRYSTAL CLEAR: Appoints Joint Liquidators from Deloitte & Touche
----------------------------------------------------------------
Angus Matthew Martin and Julia Elizabeth Branson of Deloitte &
Touche LLP were appointed Joint Liquidators of Crystal Clear
2006 Limited (formerly South West Acrylics Limited) on Nov. 22
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Crystal Clear 2006 Limited
         Unit 2
         Westbridge Industrial Estate
         Tavistock
         Devon PL198DE
         United Kingdom
         Tel: 01822 617 000


DISCOUNT AUTOPARTS: Brings In Liquidators from Grant Thornton
-------------------------------------------------------------
Joseph McLean and Keith Hinds of Grant Thornton U.K. LLP were
appointed Joint Liquidators of Discount Autoparts Limited on
Nov. 27 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Discount Autoparts Limited
         Front Street
         Framwellgate Moor
         Durham
         County Durham DH1 5AU
         United Kingdom
         Tel: 0191 384 7803
         Fax: 0191 384 7805


ELITE SECURITY: Brings In Hurst Morrison to Administer Assets
-------------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Elite Security
(Southern) Ltd. (Company Number 03231708) on Nov. 27.

The administrators can be reached at:

         Robert C. Keyes and Paul W. Ellison
         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Elite Security (Southern) Ltd. can be reached at:

         Unit 33B
         Kingfisher Court
         Newbury
         Berkshire RG14 5SJ
         United Kingdom
         Tel: 01635 375 20
         Fax: 01635 481 88


EMPOWER INTERACTIVE: Brings In Grant Thornton as Administrators
---------------------------------------------------------------
Nicholas Stewart Wood and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of Empower
Interactive Group Ltd. (Company Number 03962498) on Nov. 24.

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

Headquartered in London, England, Empower Interactive Group Ltd.
is engaged in software publishing, software consultancy and
supply.


EUROPEAN GOLF: Appoints BDO Stoy to Administer Assets
-----------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of European Golf Brands Holdings
Ltd. (Company Number 04992286) and European Golf Brands Ltd.
(Company Number 03880011) on Nov. 23.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Headquartered in Sittingbourne, England, European Golf Brands
Holdings Ltd. and European Golf Brands Ltd. manufactures sports
goods.


FORD MOTOR: Fitch Lowers Ratings to B-/RR5 on Upsized Financings
----------------------------------------------------------------
Fitch Ratings downgraded Ford Motor Co.'s senior unsecured
ratings to B-/RR5 from B/RR4 due to the increase in size of both
the secured facilities and the senior unsecured convertible
notes being offered.

The upsizing of these facilities reduces expected recoveries for
unsecured debtholders to between 25-30% under Fitch's recovery
analysis corresponding to an RR5 rating.  Ford's B Issuer
Default Rating is unaffected, and the Rating Outlook remains
Negative.

Ford has announced its intent to increase the size of its
secured revolving credit facility to US$10.5-US$11.5 billion, up
from US$8 billion previously.  Ford will also increase the size
of its senior unsecured convertible note offering from US$3
billion to US$4.5 billion.

The total amount of the financing package now being raised could
total US$23 billion, up from a previous expectation of US$18
billion.  As much as US$18.5 billion of this amount is expected
to be on a secured basis, further impairing the position of
unsecured holders.

Unsecured debt outstanding that would share in recoveries in the
event of a bankruptcy will expand to US$22.5 billion from around
US$18 billion at Sept. 30, 2006.

The increased liquidity will provide Ford with additional time
and resources as it progresses in its restructuring plan, and is
expected to allay any concerns regarding liquidity during 2007.

Fitch downgrades the following ratings with a Negative Rating
Outlook:

Ford Motor Co.

   -- Senior unsecured debt to B-/RR5 from B/RR4.

Ford Holdings, Inc.

   -- Senior unsecured debt to B-/RR5 from B/RR4.

Ford Motor Co. of Australia

   -- Senior unsecured debt to B-/RR5 from B/RR4.


GLYN WEBB: Names Joint Administrators from Milner Boardman
----------------------------------------------------------
Colin Burke and Darren Brookes of Milner Boardman & Partners
were appointed joint administrators of Glyn Webb Wallpapers Ltd.
(Company Number 01188187) on Nov. 23.

Milner Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Glyn Webb Wallpapers Ltd. can be reached at:

         Chandlers Wharf
         Bridge Road
         Stockton on Tees
         Cleveland TS18 3BA
         United Kingdom
         Tel: 01642 606 699


J W LEWIS: Creditors Confirm Voluntary Liquidation
--------------------------------------------------
Creditors of J W Lewis Engineering Limited confirmed Nov. 28 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood of The P&A Partnership as
Liquidators.

The company can be reached at:

         J W Lewis Engineering Limited
         Old Waleswood Colliery
         Mansfield Road
         Wales Bar
         Sheffield
         South Yorkshire S26 5PQ
         United Kingdom
         Tel: 01909 770 273


K.C. COMPONENTS: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of K.C. Components Limited confirmed on Nov. 27 the
appointment of Ian William Kings of Tenon Recovery as the
company's Liquidator.

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


LUTON RECRUITMENT: Claims Filing Period Ends Jan. 2, 2007
---------------------------------------------------------
Creditors of Luton Recruitment Consultants Limited have until
Jan. 2, 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 David Anthony Ingram at:

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

The company can be reached at:

         Luton Recruitment Consultants Limited
         351 Dunstable Road
         Luton
         Bedfordshire LU4 8BY
         United Kingdom
         Tel: 01582 582 858


NASDAQ STOCK: London Mayor Calls for Probe Into LSE Takeover
------------------------------------------------------------
London Mayor Ken Livingstone has called on the U.K.'s Office of
Fair Trading to initiate an in-depth inquiry into Nasdaq Stock
Market Inc.'s proposed takeover of the London Stock Exchange
PLC, Brian Lysaght writes for Bloomberg News.

In a letter to OFT, Mr. Livingstone said, "This takeover bid by
Nasdaq is an example of a weaker, less competitive body trying
to take over a much more dynamic and successful one."

Mr. Livingstone is concerned that the acquisition would damage
London's position as a leading financial center, as well as the
competitiveness of international markets.  He also fears that
the deal would expose the London exchange to tighter U.S.
regulation, Alistair MacDonald of The Wall Street Journal
relates.

The mayor reiterated that the financial services industry is
crucial to the local economy of London.  "It is the biggest
single creator of wealth and jobs that we have.  We can't take a
risk," he said.

As previously reported in the TCR-Europe on Nov 22, Nightingale
Acquisition Limited, a wholly owned subsidiary of The Nasdaq
Stock Market Inc. offered EUR2.7 billion (USUS$5.12 billion) bid
to acquire the entire issued and to be issued ordinary and B
shares of London Stock Exchange Group plc.

LSE has rejected Nasdaq's bid.

Nasdaq reported third quarter 2006 net income of US$30.2
million, an increase of 69.7% from US$17.8 million in the third
quarter of 2005, and 81.9% from US$16.6 million in the second
quarter of 2006.

Alan Paul, Esq., and Ian Lopez, Esq., at Allen & Overy; and
Michael Hatchard, Esq., and Eric Friedman, Esq., at Skadden Arps
Slate Meagher & Flom give legal advice to Nasdaq.

Freshfields Bruckhaus Deringer is the legal counsel of LSE.

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with approximately 3,200 companies.

                         *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  The 'BB+' rating on Nasdaq's existing
bank loan facility, which financed the initial 29% stake in the
London Stock Exchange (LSE), is affirmed, while the Recovery
Rating is revised to '1' from '2'.  The ratings were removed
from CreditWatch Negative where they were placed on Nov. 20,
2006.  S&P said the outlook is stable.

At the same time, Standard & Poor's has assigned our 'BB+' bank
loan rating to the proposed USUS$750 million senior secured Term
Loan B, USUS$2.0 billion senior secured Term Loan C, and USUS$75
million revolver to be issued by Nasdaq, as well as the
USUS$500 million senior secured Term Loan C to be issued by
Nightingale Acquisition Ltd., a U.K.-based subsidiary of Nasdaq.
The rating agency has assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's has assigned its 'B+' rating to
the proposed USUS$1.75 billion senior unsecured bridge loan to
be issued by Nasdaq and NAL.

Moody's Investors Service assigned in April 2006 ratings to
three new bank facilities of The Nasdaq Stock Market Inc.: a
USUS$750 million Senior Secured Term Loan B, a USUS$1,100
million Secured Term Loan C, and a USUS$75 million Senior
Secured Revolving Credit Facility.  Moody's said each facility
is rated Ba3 with a negative outlook.


PROMINENT CMBS: Fitch Affirms BB Rating on GBP34.8-Million Notes
----------------------------------------------------------------
Fitch Ratings affirmed Prominent CMBS Funding No.1 Plc's notes
due December 2032:

   -- GBP385 million Class A1 (XS0234097128) at AAA;
   -- GBP326.3 million Class A2 (XS0234098365) at AAA;
   -- GBP30 million Class B (XS0234098951) at AA;
   -- GBP76 million Class C (XS0234099256) at A;
   -- GBP54 million Class D at BBB; and
   -- GBP34.8 million Class E at BB.

The affirmation follows Fitch's review of the latest investor
report for the interest payment date of Sept. 20, 2006, which
indicates an approaching breach of substitution criteria on the
category of 'other property concentration type'.  This
particular category refers to any property type that does not
fall into the category of office, retail or mixed.

As the level for 'other property concentration type' increased
to 9.91% during Q306, there was a feasible risk that the
transaction might have experienced a breach of the substitution
criteria in the following periods.  That in turn would preclude
the issuer from being able to make any further advances.

In response to the issuer's request to change the substitutions
criteria for the category of 'other property type' from 10% to
15%, Fitch has re-analyzed the latest pool cut for this
transaction and affirmed the notes as above.

Apart from the abovementioned issue, the transaction is
performing according to Fitch's initial expectations.  The
outstanding balance on the notes decreased only minimally to
GBP921.12 million from GBP1 billion in December 2005 following
substitutions and prepayments.

This reduction accounted to date for 8% of the initial
outstanding balance on the notes.  The portfolio's weighted
average loan-to-value has improved slightly to 67% currently
from 72.3% at XX.  The interest coverage is largely unchanged at
1.56x.

This transaction is a securitization of 33 U.K. commercial
mortgage loans that were originated by Bank of Scotland.
Initially, the issuer had the ability to substitute additional
pre-identified loans from a secondary pool into the securitized
pool as the original loans repaid.  To date, all loans from the
secondary pool have been used, which means that there will be no
further substitutions.

The structure benefits from a reserve fund and a liquidity
facility -- both available to cover interest shortfalls on the
loans as well as certain senior expenses and in the case of the
reserve fund, losses -- with initial balances of GBP10 million
and GBP65 million, respectively.


RAFIQUES LIMITED: Hires Liquidators from Recovery hjs
-----------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs were
appointed Liquidators of Rafiques Limited on Nov. 22 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Rafiques Limited
         51 Derby Road
         Southampton
         Hampshire SO140DG
         United Kingdom
         Tel: 023 8023 1144


REFCO INC: Submits Modified First Amended Chapter 11 Plan
---------------------------------------------------------
Refco Inc. and its debtor-affiliates; Marc S. Kirschner, the
Chapter 11 Trustee for Refco Capital Markets, Ltd.; and the
Official Committee of Unsecured Creditors and the Additional
Committee delivered to the U.S. Bankruptcy Court for the
Southern District of New York a modified First Amended
Chapter 11 Plan on Dec. 4, 2006.

The Plan Proponents tell Judge Robert D. Drain that all
references to the Plan administrator in the Modified Plan will
refer exclusively to the administration of estates of the
Debtors and Refco F/X Associates, LLC.  The RCM Trustee, who
will wind down the RCM Estate in accordance with the terms and
conditions under RCM's settlement agreement with its securities
customers and unsecured creditors, will administer the RCM
estate separately.

With respect to classification and treatment of claims and
interests of the Debtors excluding FXA, the Modified Plan
provides that any allowed Class 3 Secured Lender Claims, to the
extent not paid before the Plan's effective date, will be paid
in full, in cash.  No holder of a Class 7 Subordinated Claim
against the Contributing Debtors will be entitled to any
property or interest-in-property.  In addition, no holder of a
Class 8 Old Equity Interest will be entitled to any property,
provided that the Old Equity Interest Holders have been given
rights to participate in litigation and private actions trusts.

               Litigation & Private Actions Trusts

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that a litigation trustee will serve
as representative of the Debtors' estates with respect to the
Contributed Claims.  To the extent that any Contributed Claims
cannot be transferred to the Litigation Trust because of a
restriction on transferability under applicable non-bankruptcy
law that is not superseded or preempted by Section 1123 or any
other provision of the Bankruptcy Code, those Claims will be
deemed to have been retained by the Reorganized Debtors and RCM,
as applicable, to enforce and pursue the Contributed Claims on
the Estates' behalf.  However, he notes, all net proceeds of the
Contributed Claims will be transferred to effective
beneficiaries consistent with the remaining Plan provisions and
a Litigation Trust Agreement.

Mr. Milmoe states that the Litigation Trust will be structured
in a manner that provides for Tranche A and Tranche B.  All
contributed claims recoveries, whether applicable to Tranche A
or Tranche B, will be distributed pro rata according to the
beneficial interests in Tranche A and Tranche B.

Mr. Milmoe adds that beneficiaries of Tranche B Litigation Trust
Interests will be the holders of Old Equity Interests who have
made a Private Actions Trust Election.  Those beneficiaries will
share the Tranche B Litigation Trust Interests Pro Rate based on
a number of shares held by interest holders or those previously
held to the extent that the holder has asserted a claim related
to those shares.

No holder of Tranche A and Tranche B Litigation Trust Interests
will have any consultation or approval rights whatsoever in
respect of management and operation of the Litigation Trust.

Furthermore, Mr. Milmoe discloses that beneficiaries of the
Private Actions Trust will be holders of Contributing Debtors
General Unsecured Claims, FXA General Unsecured Claims, RCM
Securities Customer Claims, RCM FX/Unsecured Claims, and those
Old Equity Interests that make the Private Actions Trust
Election, who will be given interests in the Private Actions
Trust to the same extent as in the Litigation Trust.

To the extent that any Non-Estate Refco Claims cannot be
transferred to the Private Actions Trust because of a
restriction on transferability under applicable non-bankruptcy
law that is not superseded or preempted by Section 1123, the
Non-Estate Refco Claims will be deemed to have been retained by
a grantor, as applicable, and the Private Actions Trustee will
be deemed to have been designated as a representative of that
grantor to enforce and pursue those Claims, Mr. Milmoe says.
All net proceeds of the Non-Estate Refco Claims will be
transferred to the Private Actions Trust Beneficiaries
consistent with the other provisions of the Plan and the Private
Actions Trust Agreement.

In consideration of the litigation expenses and potential delay
avoided by the withdrawal of Plan confirmation objections
asserted by the Ad Hoc Committee of Equity Interest Holders of
Refco, the Beneficiaries of Tranche A Litigation Trust Interests
will be deemed to have transferred to each Old Equity Interest
Holder who has made a Private Actions Trust Election a Pro Rata
share of the Tranche B Litigation Trust Interests.

Moreover, the Plan Proponents clarify that all BAWAG Contingent
Proceeds, if any, will be treated as part of the Contributing
Debtors Distributive Assets and will be shared between RCM and
Holders of Contributing Debtors General Unsecured Claims
pursuant to the Modified Plan.

             Distribution Provisions & Plan Releases

The Modified Plan provides that any Contributing Debtors General
Unsecured Claim Holders with an independent claim against any
Contributing Debtor based on a contractual guarantee or other
direct contractual undertaking may also recover once from the
Contributing Debtors on that claim based on full underlying
claim amount owed by that Contributing Debtor, as of the
Petition Date, for which the guarantee or other direct
contractual undertaking was provided.

To obtain full benefits of the Court-approved RCM Settlement
Agreement, including final allowance of Secured Lender
Indemnification Claims at zero for purposes of the Chapter 11
cases, all Secured Lender Released Claims, unless previously
made effective under the Early Payment Order, are deemed fully
and forever released on the Plan Effective Date.

A blacklined copy of Refco's Modified First Amended Plan is
available at no charge at:

     http://bankrupt.com/misc/refcoincmodifiedchap11plan.pdf

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).


REVLON CONSUMER: Plans to Increase Term Loan to US$840 Million
--------------------------------------------------------------
Revlon Consumer Products Corp., a wholly owned operating
subsidiary of Revlon Inc., plans to refinance its existing
credit agreement as part of the Company's overall plans to
improve cash flow and strengthen its balance sheet and capital
structure.

As part of the refinancing, RCPC expects to refinance and
replace its existing US$800 million term loan with a new 5-year
US$840 million term loan facility and amend its existing
US$160 million multi-currency revolving credit facility and
extend its maturity through the same 5-year period.

It is expected that the 2006 Term Loan Facility would be secured
by substantially the same collateral package and guarantees that
secure RCPC's existing term loan facility and the 2006 Revolving
Credit Facility will continue to be secured by its existing
collateral package and guarantees.

While there can be no assurances that the 2006 Credit Facilities
will be finalized and closed, if RCPC completes this
refinancing, the Company believes that it will result in annual
interest savings due to expected lower interest margins, provide
the Company with greater financial and other covenant
flexibility and extend the maturity dates of RCPC's existing
bank credit agreement.

RCPC expects to use the proceeds of the 2006 Credit Facilities
to repay in full the around US$800 million of outstanding
indebtedness (plus accrued interest and a prepayment fee) under
its existing term loan facility.  The balance of such proceeds
is expected to be available for general corporate purposes,
after paying fees and expenses incurred in connection with
consummating the 2006 Credit Facilities.

RCPC expects to close and fund the 2006 Credit Facilities in
late December 2006.  Consummation of the 2006 Credit Facilities
transactions is subject to a number of customary conditions,
including, among other things, the execution of definitive
documentation, perfection of security interests in collateral
and that Revlon launch a rights offering for at least US$100
million in equity securities.

Citicorp Global Markets Inc. has agreed to act as Sole Lead
Arranger and Sole Bookrunner, with Citicorp USA, Inc. acting as
Administrative Agent on the 2006 Term Loan Facility and 2006
Revolving Credit Facility.  JPMorgan Chase Bank, N.A. has agreed
to act as Syndication Agent on the 2006 Term Loan Facility.

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, Moody's Investors
Service lowered Revlon Consumer Products Corporation's long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


REVLON CONSUMER: S&P Junks US$840-Mln Senior Secured Term Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to New York, N.Y.-based Revlon Consumer
Products Corp.'s new US$840-million senior secured term loan due
2012.

The loan rating is 'CCC+', with a recovery rating of '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  At the same
time, Standard & Poor's affirmed its existing ratings on Revlon,
including the 'CCC+' corporate credit rating.  The rating
outlook is negative.

In addition to the proposed term loan facility, Revlon also
announced that it intends to increase the size of its previously
planned US$75 million rights offering to US$100 million.
McAndrews & Forbes is committed to purchasing its 60% pro rata
share of the equity covered by the offering.  M&F will also
backstop up to US$75 million of the offering, and will continue
to provide an additional US$50 million line of credit through
January 2008.  The bank refinancing will close in December 2006,
and the rights offering will be completed in January 2007.

Proceeds from the new term loan facility will be used to
refinance Revlon's existing US$800 million term loan facility,
and the balance will be available for general corporate purposes
after the repayment of transaction related fees and expenses.

Proceeds from the rights offering will be used to repay
US$50 million of its 8.625% subordinated notes (rated 'CCC-')
due in 2008, with the remainder used to pay down its existing
revolver balance after fees and expenses (the US$160 million
maximum revolver commitment remains unchanged).

At Sept. 30, 2006, the company had about US$1.465 billion in
total debt outstanding and, on a pro forma basis, will have
about US$1.404 billion of total debt outstanding at the closing
of the bank refinancing and rights offering.


REVLON INC: To Launch US$100-Million Additional Share Issue
-----------------------------------------------------------
Revlon Inc. intends to launch, in December 2006, a
US$100 million rights offering that would allow stockholders to
purchase additional shares of Revlon Class A common stock.
Revlon plans to use the proceeds of such equity issuance to
reduce debt.

Pursuant to the rights offering, Revlon would distribute at no
charge to each stockholder of record of its Class A and Class B
common stock, as of the close of business on Dec. 11, 2006, the
record date set by Revlon's Board of Directors, transferable
subscription rights that would enable such stockholders to
purchase shares of Class A common stock at a subscription price
to be determined by a committee of Revlon's Board of Directors
composed solely of independent directors within the meaning of
Section 303A.02 of the NYSE Listed Company Manual and the
Board's Guidelines for Assessing Director Independence, and
based on market conditions at the time of the rights offering.

Pursuant to an over-subscription privilege in the rights
offering, each rights holder that exercises its basic
subscription privilege in full may also subscribe for additional
shares at the same subscription price per share, to the extent
that other stockholders do not exercise their subscription
rights in full.  If an insufficient number of shares is
available to fully satisfy the over-subscription privilege
requests, the available shares will be sold pro-rata among
subscription rights holders who exercised their over-
subscription privilege, based on the number of shares each
subscription rights holder subscribed for under the basic
subscription privilege.

MacAndrews & Forbes, Revlon's parent company, which is wholly
owned by Ronald O. Perelman, has agreed to purchase its pro rata
share of the US$100 million of Class A common stock covered by
the rights offering, which share M&F would otherwise have been
entitled to subscribe for in the rights offering pursuant to its
basic subscription right.  Additionally, pursuant to its
existing backstop obligation, if any shares remain following the
exercise of the basic subscription privilege and the over-
subscription privilege by other rights holders, MacAndrews &
Forbes will backstop US$75 million of the rights offering by
purchasing such number of remaining shares of Class A common
stock offered but not purchased by other stockholders as would
be sufficient for the aggregate gross proceeds of the rights
offering to total US$75 million.

Although MacAndrews & Forbes would otherwise be entitled to an
over-subscription right, it has agreed not to exercise its
over-subscription right, which will maximize the shares
available for purchase by other stockholders pursuant to their
over-subscription rights.

The rights offering of around US$100 million would be conducted
via an existing effective shelf registration statement.  Around
US$50 million of the proceeds from the rights offering are
expected to be used to redeem around US$50 million principal
amount of the 8 5/8% Senior Subordinated Notes due 2008 of
Revlon Consumer Products Corp., Revlon's wholly owned operating
subsidiary, with the remainder of such proceeds to be used to
repay indebtedness outstanding under RCPC's US$160 million
multi-currency revolving credit facility, without any permanent
reduction in that commitment, after paying fees and expenses
incurred in connection with the proposed rights offering.

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, Moody's Investors
Service lowered Revlon Consumer Products Corporation's long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


SANDWELL 1: Fitch Affirms BB Rating on GBP5-Mln Class E Notes
-------------------------------------------------------------
Fitch Ratings affirmed Sandwell Commercial Finance No. 1 Plc's
commercial mortgage-backed floating-rate notes due 2039:

   -- GBP152.7 million Class A (XS0191369221) at AAA;
   -- GBP17.5 million Class B (XS0191371391) at AA;
   -- GBP12.5 million Class C (XS0191372522) at A;
   -- GBP10 million Class D (XS0191373686) at BBB; and
   -- GBP5 million Class E (XS0191373926) at BB.

The affirmation follows a satisfactory performance review.
Since closing in May 2004 and despite numerous substitutions
taking place within the property portfolio, the transaction has
been fairly stable.

Sandwell 1 is a securitization of commercial mortgage loans
originated in the U.K. by the West Bromwich Building Society.
The initial pool consisted of 176 commercial mortgage loans with
a provisional principal balance of GBP299.6 million.

The interest coverage ratio has decreased slightly to 1.8x from
1.83x at closing.  The debt service coverage ratio has improved
slightly to 1.36x from 1.34x at closing.  The loan-to-value
ratio has also improved slightly, decreasing to 72.2% from 73.7%
at closing.

This transaction has been characterized by consistent changes to
the pool from loan prepayments and loan substitutions.  The
annualized constant prepayment rate has now decreased to 12.7%,
after a long period of being in the 21%-26% range and having
reached 43.8% in October 2005.

Since closing prepayments have amounted to GBP84 million, of
which GBP27.8 million were prepaid since the previous
performance review in December 2005.  Total substitutions have
amounted to GBP63.9 million, of which GBP13.2 million were added
since the previous performance review.  The portfolio now
consists of 118 properties valued at GBP280.3 million.

Following the prepayments credit enhancement levels have
improved.  The size of Class A notes outstanding has decreased
to GBP152.7 million, with an increase in credit enhancement
levels for Classes A, B, C, D and E to 24.7% (19.1%, at
closing), 15.8% (12.1%), 9.5% (7.1%), 4.4% (3.1%) and 1.9%
(1.1%).  Credit enhancement for Class E is provided by a reserve
fund, which is now fully funded to GBP3.75 million.

The payment structure of the deal is sequential, but it may be
switched to pro rata from August 2009 if certain parameters are
met.  The structure also benefits from a liquidity facility of
GBP10.5 million and from a principal deficiency ledger.  The
liquidity facility reduces over time with the principal balance
outstanding down to a minimum amount of GBP2.8 million.

The principal deficiency ledger records losses allocated to
individual Classes of notes and principal funds, which are
allocated to cover shortfalls on the pre-enforcement revenue
priority of payments.


SANDWELL 2: Fitch Keeps BB Rating on GBP14-Million Class E Notes
----------------------------------------------------------------
Fitch Ratings affirmed Sandwell Commercial Finance No. 2 Plc's
commercial mortgage-backed floating-rate notes due 2037:

   -- GBP243.2 million Class A (XS0229030126) at AAA;
   -- GBP18.9 million Class B (XS0229030472) at AA;
   -- GBP17.2 million Class C (XS0229030712) at A;
   -- GBP21.7 million Class D (XS0229031017) at BBB; and
   -- GBP14 million Class E (XS0229031280) at BB.

The affirmation follows a satisfactory performance review.
Since closing in September 2005 and despite numerous
substitutions taking place within the property portfolio, the
transaction has been fairly stable.

Sandwell 2 is a securitization of commercial mortgage loans
originated in the U.K. by the West Bromwich Building Society.
The initial pool consisted of 187 commercial mortgage loans with
a provisional principal balance of GBP364.1 million.

The interest coverage ratio has increased to 1.4x from 1.31x at
closing.  The debt service coverage ratio has improved slightly
to 1.19x from 1.13x at closing.  The loan-to-value ratio has
also improved slightly, decreasing to 76.9% from 78.3% at
closing.

This transaction has been characterized by consistent changes to
the pool from loan prepayments and loan substitutions.  The
annualized constant prepayment rate for the latest quarter is
55.48%.  Since closing prepayments have amounted to GBP113.3
million.  Total substitutions have amounted to GBP75.8 million.
The portfolio now consists of 196 properties valued at GBP417.8
million.

Following the prepayments credit enhancement levels have
improved.  The size of Class A notes outstanding has decreased
to GBP243.2 million, with an increase in credit enhancement
levels for Classes A, B, C, D and E to 25%, 19%, 13.6%, 6.7% and
2.2%.  Credit enhancement for Class E is provided by a reserve
fund, which is now funded to GBP7 million.

Despite interest rate hedging existing at the issuer level,
there is no interest rate hedging at the borrower level.
Accordingly there is a risk that if interest rates rise,
individual borrowers with floating-rate loans may not have
sufficient rental income to meet debt service payments.  As 52%
of the loan pool at closing pays a floating-rate of interest,
this leaves the transaction substantially unhedged.

The payment structure of the deal is sequential, but it may be
switched to pro rata from September 2007 if certain parameters
are met.  The structure also benefits from a liquidity facility
of GBP9.7 million and from a principal deficiency ledger.  The
liquidity facility reduces over time with the principal balance
outstanding down to a minimum amount of GBP2.8 million.

The principal deficiency ledger records losses allocated to
individual Classes of notes and principal funds, which are
allocated to cover shortfalls on the pre-enforcement revenue
priority of payments.


SCOTTISH RE: Completes Buyback of US$115 Million Senior Notes
-------------------------------------------------------------
Scottish Re Group Limited has repurchased nearly all of the
US$115-million 4.5% Senior Convertible Notes issued by Scottish
Re, which note holders had the right to put to the Company.

Scottish Re has begun the process of calling the remaining
US$8,000 in Senior Convertible Notes that were not put in order
to retire the full issue.

                        About Scottish Re

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

                         *     *     *

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

These ratings continue on review with direction uncertain:

    * Scottish Re Group Limited:

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

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

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

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

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

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

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

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

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

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

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

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

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

The ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at BBB.

Scottish Re (U.S.) Inc.

   -- IFS at BBB.

Scottish Re Limited

   -- IFS at BBB.

Scottish Re Group Limited

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

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

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

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

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

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

   Scottish Re Group Limited

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

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

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

   Stingray Pass-thru Trust

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

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

   Scottish Re Group Limited --

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

   Scottish Holdings Statutory Trust II and III

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


SEVERSTAL OAO: Hikes Authorized Capital Following Share Issue
-------------------------------------------------------------
Shareholders of OAO Severstal exercised their pre-emptive rights
to acquire 91% of the company's additional share issue, AK&M
says.

The shareholders acquired a total of 76,916,692 of shares at
RUR0.01 apiece.  Unplaced shares amount to 8,083,308.

Following the share issue, Severstal's authorized capital will
increase from RUR9.31 million RUR10.157 million.

                        About Severstal

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

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

                        *     *     *

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

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

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

Severstal, which raised just over US$1 billion placing shares in
London this month, plans to acquire more assets on the way to
becoming the world's second-largest steel maker, its 41-year-old
billionaire owner, Alexei Mordashov, has said.


SKILL 2000: Nominates Joint Liquidators from Abbott Fielding
------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Skill 2000 Limited (formerly Millenium
Software Limited) on Nov. 24 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Skill 2000 Limited
         16 Essex Road
         Ealing
         London W3 9JA
         United Kingdom
         Tel: 020 8840 4446


TRAC PROPERTIES: Nominates Liquidator from Stones & Co.
-------------------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Trac
Properties (Wales) Limited on Nov. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Trac Properties (Wales) Limited
         Pantybryn
         Heol Ddu
         Ammanford
         Dyfed SA182UG
         United Kingdom
         Tel: 01269 822 375


VENTURE COBURG: Creditors' Meeting Slated for December 15
---------------------------------------------------------
Creditors of Venture Coburg Limited (Company Number 05005719)
will meet at 10:00 a.m. on Dec. 15 at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham B3 3SD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 14 at:

         C. K. Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row,
         Birmingham B3 3SD
         United Kingdom
         Tel: 0121 200 4600
         Fax: 0121 200 4650
         E-mail: birmingham@bdo.co.uk

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


W.H. WILSON: Brings In Administrators from Kroll
------------------------------------------------
D. J. Whitehouse and P. F. Duffy of Kroll Ltd. were appointed
joint administrators of W.H. Wilson (Ellesmere Port) Ltd.
(Company Number 00833855) on Nov. 27.

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

Wilson W H (Ellesmere Port) Ltd. can be reached at:

         Rosscliffe Road
         Ellesmere Port
         Merseyside CH65 3AT
         United Kingdom
         Tel: 015 1355 1931
         Fax: 0151 356 2609


WINSFORD FABRICATIONS: Taps Administrators from Royce Peeling
-------------------------------------------------------------
Peter Jones and R. M. Withinshaw of Royce Peeling Green Ltd.
were appointed joint administrators of Winsford Fabrications
Ltd. (Company Number 04417897) on Nov. 24.

The administrators can be reached at:

         Peter Jones and R. M. Withinshaw
         Royce Peeling Green Ltd.
         The Copper Room
         Deva Centre
         Trinity Way
         Salford
         Lancashire M3 7BG
         United Kingdom
         Tel: 0161 608 0000
         Fax: 0161 608 0001

Winsford Fabrications Ltd. can be reached at:

         Road Five
         Winsford Industrial Estate
         Winsford
         Cheshire CW7 3QX
         United Kingdom
         Tel: 079 8933 1254
         Fax: 016 0659 7308


WOODEN HEART: Creditors Ratify Voluntary Liquidation
----------------------------------------------------
Creditors of Wooden Heart Of Yorkshire Limited ratified Nov. 24
the resolutions for voluntary liquidation and confirmed the
appointment of Jonathan Lord of Bridgestones as Liquidator.

Headquartered in Keighley, England, Wooden Heart of Yorkshire
Limited -- http://www.woodenheartofyorkshire.co.uk/-- supplies
make your own luxury wooden character cards, kits and other folk
art inspired gifts.


ZEROPLUS U.K.: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------
Creditors of Zeroplus U.K. Limited confirmed Nov. 23 the
appointment of Gordon Smythe Goldie and Allan David Kelly of
Tait Walker as the company's Liquidators.

The company can be reached at:

         Zeroplus U.K. Limited
         29 Mosley Street
         Newcastle Upon Tyne
         Tyne And Wear NE1 1YF
         United Kingdom
         Tel: 0191 230 1345
         Fax: 0191 261 2039


* BOOK REVIEW: A Treatise on the Right of Property in Tide
               Waters
----------------------------------------------------------------
Author:     Joseph K. Angell
Publisher:  Beard Books
Paperback:  440 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/158798105X/internetbankru
pt

Joseph Angell's A Treatise on the Right of Property in Tide
Waters has been widely received as a leading authority on this
topic both in the United States and in England.

This was the first detailed work published in the United States
concerning principles, which relate to the right of property in
tide waters, i.e., those waters in which there is an ebbing and
flowing of the tide.

There is a broad scope of topics covering such areas as the
development of common law doctrines, the right of fishery,
delimitation, the right to seaweed, rights acquired by
prescription and custom, statutes and usage, adjoining owner
rights, and wrecked property thrown on the shore.


                           *********

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 * * *