TCREUR_Public/061211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 11, 2006, Vol. 7, No. 245

                            Headlines


A U S T R I A

BBKT BAUMGARTNER: Claims Registration Ends December 28
HOLZSTUBE HOCHSTEINER: Claims Registration Ends December 22
ING. LUGNER: Creditors' Meeting Slated for December 18
INTEGANET SOFTWARE: Claims Registration Period Ends December 22
STEHER HOCH: Vienna Court Orders Business Shutdown


C Y P R U S

PROMSVYAZBANK JSCB: Acquires EUR1.7-Million Five-Year Loans
PROMSVYAZBANK JSCB: Moody's Keeps D- Financial Strength Rating


D E N M A R K

NOVOLIPETSK STEEL: Earns US$1.6-Billion for Nine Months 2006


F R A N C E

ALCATEL-LUCENT: Strikes Dresdner Kleinwort's Research Note
ALCATEL-LUCENT: Inks Triple Play Deal with Triple T Broadband
ALCATEL-LUCENT: BT Global Awards US$350MM Maintenance Deal
CHEMTURA CORP: Posts US$39.9 Mil. Net Loss in 2006 Third Quarter
EUTELSAT COMMUNICATIONS: Albertis Telecom to Acquire 32% Stake


G E R M A N Y

3D PHOTONIK: Creditors' Meeting Slated for December 14
A & S JACOB: Claims Registration Ends December 14
ANNINA GMBH: Claims Registration Ends December 15
AUTOHAUS FLEISCHER: Claims Registration Ends December 15
DURA AUTOMOTIVE: Court Okays Richards Layton as Local Counsel

DURA AUTOMOTIVE: Court Gives Final Nod on Vendor Claims Payment
EUROFLEST GMBH: Claims Registration Ends December 15
FLOWSERVE CORP: Opens New Quick Response Center in Germany
GEWINNIDEE E-SOLUTIONS: Claims Registration Ends December 15
HWR VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 13

INTERDEKO BETRIEBS: Claims Registration Ends December 15
MTU AERO: Appoints Wolfgang Konrad as Unit's New President & CEO
MTU AERO: Moody's Changes Outlook on Improved Credit Profile
NOSTRO GRUNDSTUECKS: Creditors' Meeting Slated for December 14
SPECTRUM BRANDS: Fourth Quarter Net Loss Widens to US$439.4 Mil.


H U N G A R Y

HERTZ CORP: Commences Exchange Offers for Senior Notes


I T A L Y

ARES FINANCE: Fitch Affirms Low-B Ratings on EUR45-Million Notes
FIAT SPA: Sells Stake in Meridian Technologies for EUR132 Mln


K A Z A K H S T A N

AKMOLINSKY LLP: Creditors' Claims Due Jan. 17, 2007
JANARJAN LLP: Claims Registration Ends Jan. 12, 2007
KASPYI TUR: Claims Filing Period Ends Jan. 16, 2007
KOS-KARAGAI LLP: Creditors Must File Claims by Jan. 17, 2007
RSU HLEBOPRODUKT: Creditors' Claims Due Jan. 19, 2007

SANTECHMONTAJ-NS: Claims Filing Period Ends Jan. 19, 2007


K Y R G Y Z S T A N

AUTOEXPERT LLC: Creditors' Claims Due Jan. 19, 2007


N E T H E R L A N D S

ALCATEL-LUCENT: Strikes Dresdner Kleinwort's Research Note
ALCATEL-LUCENT: Inks Triple Play Deal with Triple T Broadband
ALCATEL-LUCENT: BT Global Awards US$350MM Maintenance Deal


R U S S I A

ALTAY-SOY CJSC: Court Names M. Shelipova as Insolvency Manager
AMKODOR CJSC: Court Names U. Sidorova as Insolvency Manager
CENTERTELECOM OAO: To Impose New Tariff Rates in February 2007
FAVORIT CJSC: Court Names S. Kuznetsov as Insolvency Manager
KRAEVAYA BUILDING: Court Starts Bankruptcy Supervision
LUKOIL OAO: To Commence Issue of Documentary Bonds on Dec. 14

MEAT PRODUCTS: Court Names M. Shelipova as Insolvency Manager
NORTH-WEST TELECOMS: Fitch Affirms Issuer Default Rating at B+
NOVOLIPETSK STEEL: Earns US$1.6-Billion for Nine Months 2006
NOVOUSMANSJKIY DIARY: Court Names L. Prokopenko to Manage Assets
ORLOVSKIY EAR: Court Names S. Galakhov as Insolvency Manager

PRICHULYMSKAYA CJSC: Court Names V. Poroshkov to Manage Assets
PROMSVYAZBANK JSCB: Acquires EUR1.7-Million Five-Year Loans
PROMSVYAZBANK JSCB: Moody's Keeps D- Financial Strength Rating
ROGOVSKAYA OJSC: Court Names G. Utka as Insolvency Manager
ROSNEFT OIL: Forms Second Joint Venture with Sinopec Corp.

SIBERIAN METALLURGIC: Court Names Sh. Fazailov to Manage Assets
STARO-STEKLYANNYJ SPIRIT: Names E. Porkhunov to Manage Assets
TYRNYAUZSKIY MINING: Bankruptcy Hearing Slated for May 4
VOLOGODSKAYA HOLDING: Bankruptcy Hearing Slated for Dec. 21
ZNAMENSKAYA OJSC: Orel Bankruptcy Hearing Slated for Jan. 17


S P A I N

CHEMTURA CORP: Posts US$39.9 Mil. Net Loss in 2006 Third Quarter


S W I T Z E R L A N D

CENTRE RADIANCE: Lucerne Court Suspends Bankruptcy Proceedings
CNP PARTNERS: St. Gallen Court Suspends Bankruptcy Proceedings
D&S PROMOTIONS: St. Gallen Court Suspends Bankruptcy Process
DIESEINEREI LLC: Olten Court Closes Bankruptcy Proceedings
EGRA SOLUTIONS: St. Gallen Court Suspends Bankruptcy Process

EITEL PRESSES: Thurgau Court Closes Bankruptcy Proceedings
ICONE S.A.G.L: Hofe Court Suspends Bankruptcy Proceedings


U N I T E D   K I N G D O M

ACE NORTHAMPTON: Joint Liquidators Take Over Operations
AERCO LTD: S&P Puts Junk Class D-2 Notes on Watch Negative
AVANTI HOUSEWARES: Names Joint Liquidators to Wind Up Business
BELL & BULPITT: Appoints Colin Prescott to Liquidate Assets
BELLE OF NORTHAMPTON: Hires Joint Liquidators from Insol House

CB RICHARD: Completes 9-3/4% Senior Notes Tender Offer
CORUS GROUP: Tata Steel Increases Bid to GBP4.7 Billion
D & M CONTRACT: Taps Joint Liquidators from Blades Insolvency
DESIGNBYTANGERINE LIMITED: Names Liquidator from Maidment Judd
DIGITEC MANAGEMENT: Taps Poppleton & Appleby as Administrators

ENRON CORP: UC Inks Settlement Pacts with Andersen and Kirkland
ENRON CORPORATION: Wants Defendants' Interlocutory Appeal Denied
HEWSTON ENGINEERING: Brings In Liquidator from Muras Baker Jones
INCREDIBLE GROUP: Joint Liquidators Take Over Operations
INTELSAT LTD: Sept. 30 Balance Sheet Upside-Down by US$494.6 Mln

INTERHAIR SOUTHAMPTON: Appoints Liquidator from Roger Evans
KENT CONSERVATORIES: Creditors' Claims Due Feb. 28, 2007
MANHICK ENGINEERING: Taps A. Turpin to Liquidate Assets
MICHAEL KINGSLEY: Names T. Papanicola as Administrator
MOORSFRESH LIMITED: Creditors Confirm Voluntary Liquidation

RANDLES FABRICATIONS: Claims Filing Period Ends May 24, 2007
REFCO INC: Ch. 11 Trustee Wants RCM's Case Converted to Ch. 7
REFCO INC: BDO Stoy Appointed as Refco Trading's Liquidator
REFCO INC: GAIN Capital Wins FXA's Customer List for US$750,000

SEA CONTAINERS: GNER's UK East Coast Operation Franchise Ceased
SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
SIMON WORLDWIDE: Sept. 30 Stockholders' Deficit Tops US$5.2 Mln
SKY PEALS: Appoints Recovery Hjs to Administer Assets

                            *********

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


BBKT BAUMGARTNER: Claims Registration Ends December 28
------------------------------------------------------
Creditors owed money by LLC BBKT Baumgartner
Buerokommunikationstechnik (FN 183447a) have until Dec. 28 to
file written proofs of claims to court-appointed property
manager Richard Proksch at:

         Dr. Richard Proksch
         c/o Dr. Edmund Roehlich
         Heumarkt 9/I/11
         1030 Vienna, Austria
         Tel: 713 46 51
         Fax: 713 84 35
         Email: proksch@eurojuris.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 11 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20 (Bankr. Case No. 2 S 153/06x).  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


HOLZSTUBE HOCHSTEINER: Claims Registration Ends December 22
-----------------------------------------------------------
Creditors owed money by KEG Holzstube Hochsteiner (FN 179219h)
have until Dec. 22 to file written proofs of claims to court-
appointed property manager Heinz Kassmannhuber at:

         Dr. Heinz Kassmannhuber
         c/o Dr. Gerwald Schmidberger
         Stelzhamerstrasse 11
         4400 Steyr, Austria
         Tel: 07252/50 300
         Email: office@sks-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 a.m. on Jan. 9, 2007, to consider
the adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Behamberg, Austria, the Debtor declared
bankruptcy on Oct. 20 (Bankr. Case No. 14 S 54/06y).  Gerwald
Schmidberger represents Dr. Kassmannhuber in the bankruptcy
proceedings.


ING. LUGNER: Creditors' Meeting Slated for December 18
------------------------------------------------------
Creditors owed money by LLC Ing. Lugner (FN 236031f) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Dec. 18 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20 (Bankr. Case No. 3 S 142/06m).  Guenther Hoedl serves
as the court-appointed property manager of the bankrupt estate.  

The property manager can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Fax: 513 16 55-33
         E-mail: RA_Hoedl@aon.at   


INTEGANET SOFTWARE: Claims Registration Period Ends December 22
---------------------------------------------------------------
Creditors owed money by LLC Integanet Software-Training (FN
199193g) have until Dec. 22 to file written proofs of claims to
court-appointed property manager Ransmayr Christian at:

         Ransmayr Christian
         Huemerstr. 1
         Kaplanhofstrasse 2
         4020 Linz, Austria
         Tel: 0732/796900
         Fax: 0732/796907
         Email: c.ransmayr@m-r-s.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:10 a.m. on Jan. 8, 2007, to consider
the adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 20 (Bankr. Case No. 12 S 89/06k).  


STEHER HOCH: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Oct. 19 an order shutting down
the business of LLC Steher Hoch- u. Tiefbau (FN 219870p).  
Court-appointed property manager Annemarie Kosesnik-Wehrle
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. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 5 S 139/06k).  Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.


===========
C Y P R U S
===========


PROMSVYAZBANK JSCB: Acquires EUR1.7-Million Five-Year Loans
-----------------------------------------------------------
JSCB Promsvyazbank signed two five-years loan agreements for a
total of EUR1.7 million.

DZ Bank AG of Germany will provide Promsvyazbank with EUR885,846
loan, guaranteed by Euler Hermes, German export credit agency.

Promsvyazbank will also receive a loan of EUR848,301 from Danske
Bank A/S of Denmark, the deal is guaranteed by export agency of
Sweden-EKN.

The raised funds will be allocated to finance the purchase of
semi-trailers and chassis for trucks within the contracts
between Promsvyazbank's client and Fahrzeugwerk Bernard Krone
GmbH and Volvo Truck Corporation companies.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,  
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

As reported in the TCR-Europe on Dec. 8, Fitch Ratings changed
the Outlook on the Issuer Default Rating of Russia-based
Promsvyazbank to Positive from Stable.  The bank's ratings are
affirmed at IDR B+, Short-term B, Individual D, and Support 5.

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

As reported in the TCR-Europe on Oct. 5, Fitch has assigned an
expected Long-term rating of B+ to PSB's upcoming senior
unsecured eurobond and an expected Long-term rating of B- to its
upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.

Moody's Investors Service assigned a Ba3 foreign currency debt
rating to the Loan Participation Notes to be issued on a limited
recourse basis by PSB Finance S.A. for the sole purpose of
funding a loan to Promsvyazbank.  The outlook for the rating is
stable.

Moody's Ba3 debt rating is based on the fundamental credit
quality of Promsvyazbank.  The holders of the notes will be
relying for repayment solely and exclusively on the ability of
Promsvyazbank to make payments under the loan agreement


PROMSVYAZBANK JSCB: Moody's Keeps D- Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service changed from stable to positive the
outlook on Promsvyasbank's Ba3 long-term foreign currency
deposit and debt ratings.  

The outlook on the bank's D- financial strength rating remains
unchanged.  

At the same time the outlook for the Ba3 long-term foreign
currency debt rating assigned to US$125 million 8.75% senior
unsecured loan participation notes and the B1 long-term foreign
currency debt rating assigned to the US$200 million 9.625%
subordinated loan participation notes issued by PSB Finance S.A.
have also been changed to positive.

Moody's change of outlook is prompted by a recent announcement
of the successful acquisition of a 15% stake of PSB by
Commerzbank AG, which is likely to be followed by the
acquisition of a controlling stake.  The change of outlook
reflects the increased probability of the successful acquisition
of the controlling stake of the bank by CB in the future.

Moody's notes that the positive outlook on the foreign currency
deposit and debt ratings reflects the increased likelihood that
this rating may be raised by several notches following
finalization of the acquisition of the controlling stake in PSB,
as a result of factoring in parental support.  However, the
ratings have not been upgraded because the final outcome of the
transaction still carries a high degree of uncertainty, as the
negotiations are still underway and the structure of the
transaction is still to be developed.

Moody's notes that the bank's D- FSR could also experience
positive pressure in the future stemming from more active
participation of CB in PSB's activity, leading to a more defined
strategy, development of franchise, improved capital, funding
sources and internal systems, a decrease in risk appetite, as
well as greater brand recognition and more strict corporate
governance procedures.

Moody's notes, however, that the positive outlook is likely to
be returned to stable if the transaction of acquiring a
controlling stake does not go through as expected.

Headquartered in Moscow, Russia, Promsvyazbank had total
IFRS-consolidated assets of US$4.6 billion as of June 30, 2006.


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D E N M A R K
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NOVOLIPETSK STEEL: Earns US$1.6-Billion for Nine Months 2006
------------------------------------------------------------
OJSC Novolipetsk Steel released its unaudited interim
consolidated financial results for the first nine months ended
Sept. 30, 2006, prepared according to U.S. GAAP.

The Company posted US$1.68 billion in net profit against
US$4.36 billion in sales revenues for the first nine months
ended Sept. 30, 2006, compared with US$1.05 billion in net
income against US$3.36 billion in sales revenues for the same
period in 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$8.29 billion in total assets, US$1.84 billion in total
liabilities and US$6.45 billion in stockholders' equity.

"NLMK has demonstrated strong financial results for the first
nine months of 2006," Galina Aglyamova, NLMK's CFO, said.  
"EBITDA margin for the nine months 2006 stood at 42%.  The
Company's sound performance was driven by growth in steel output
and consolidation of the newly acquired assets, including those
with increased share of higher value-added products, supported
by favorable steel market environment. NLMK's solid financial
results demonstrate successful execution of the Company's
strategy aimed at increasing vertical integration and supply of
key raw materials, modernization of production facilities and
stringent cost management."

"We aim to further strengthen NLMK's key competitive advantages
in order to achieve sustained financial performance and improved
efficiency in the future," Ms. Aglyamova added.  "In line with
the corporate strategy for 2007-2011 NLMK aims to further
improve vertical integration, maintain low cost slab production
platform and increase output of value-added products. Stable
operating cash flow provides the Company with financial
flexibility necessary to implement its development strategy."

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-  
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on Dec. 5, Standard & Poor's
Ratings Services said that its ratings and outlook on Russian
steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia
national scale 'ruAA+') are unchanged by the announcement of
NLMK's acquisition of a 50% share in a joint venture with
Duferco Group for US$850 million.


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


ALCATEL-LUCENT: Strikes Dresdner Kleinwort's Research Note
----------------------------------------------------------
Alcatel-Lucent hits an equity research note by Dresdner
Kleinwort, saying it contains misleading, incomplete and
inaccurate statements.

Alcatel-Lucent said that Dresdner Kleinwort stated that the
company posted EUR22-billion in revenues, but did not provide
the reference period for the figure.  The company noted that its
combined unaudited results -- prior to the Thales transaction --
for 2005 stand at EUR21 billion, which was reported in April 2,
May 9, and Nov. 22.

Alcatel-Lucent added that Dresdner Kleinwort -- without
mentioning a reference period -- noted that due to expected
Thales transaction and a lower-than-expected organic
performance, the company's 2005 revenues fell to EUR18.6
billion.  The note could be misinterpreted as a revenue warning,
Alcatel-Lucent said.

The company clarified that on Nov.30, it reiterated EUR18.6
billion in revenues for 2005 to provide the combined pro-forma
revenues after the Thales transaction, as explicitly and clearly
mentioned in all footnotes.  Alcatel-Lucent noted that the level
of revenues is consistent with press releases issued on May 9
and Nov. 14, thus it could not be considered as a newly
disclosed figure.

Alcatel-Lucent said Dresdner Kleinwort issued a second note,
which was not a corrective one as the company repeatedly
requested -Lucent.

                      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.

                           *     *     *

Standard & Poor's, on Dec. 6, said that following news that the
merger between French telecoms equipment supplier Alcatel and
U.S. peer Lucent Technologies Inc. has received final approval
from the U.S. Committee on Foreign Investments, it has lowered
its long-term corporate credit and senior unsecured debt ratings
on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7 research
update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: Inks Triple Play Deal with Triple T Broadband
-------------------------------------------------------------
Alcatel-Lucent reveals that Triple T Broadband, a wholly owned
telecom subsidiary of TT&T Public Company Limited, and Jasmine
Telecom Systems PCL, the project system integrator, have
selected Alcatel-Lucent's broadband access infrastructure to
roll out triple play services in Bangkok and provinces in
Thailand.  

The operator is targeting 300,000 broadband subscribers by the
end of 2006, and a cumulative total of 500,000 by the end of
2007.

Alcatel-Lucent previously completed the installation of a core
IP/MPLS network and WDM equipment to serve Triple T Broadband's
nationwide backbone of triple play services and the gateway of
interconnections from international and domestic Internet
Service Providers and other telecommunications service
providers.

By linking the access network to its core IP/MPLS network and
WDM equipment, Triple T Broadband now has a full end-to-end
triple play network from Alcatel-Lucent, and subscribers enjoy a
seamless user-experience when using voice, rich multimedia and
Internet services simultaneously.

Under the terms of the agreement, Alcatel-Lucent has supplied,
installed and implemented its 7302 Intelligent Services Access
Manager (ISAM), the industry's most deployed IP access platform
for triple play, managed by the 5523 ADSL Work Station, in
Chiangmai and Chonburi provinces.

"We trust Alcatel-Lucent to have the unparalleled experience in
providing quality end-to-end broadband infrastructure and
services. As newly established broadband services provider,
time-to-market is a significant factor for us,"' Subhoj
Sunyabhisithkul, President of Jasmine Telecom Systems PCL, said.  
Thanks to their fast and on time delivery of the equipment, we
have been able to offer our subscribers the complete range of
broadband services by November as planned."

"Alcatel-Lucent has unparalleled triple play integration
experience, gained from more than 40 projects around the globe,"
said Michel Rahier, Head of Alcatel-Lucent's wireline
activities. "Based on this experience, we partner with our
customers to help them accelerate their time-to-market and bring
an innovative service to their customers."

Alcatel-Lucent's ISAM family is a key strategic asset for
service providers and has been chosen by more than 100 service
providers worldwide over the past two years. With more than 115
million DSL lines shipped, Alcatel-Lucent remains the
uncontested global market leader in broadband access.

                 About Jasmine Telecom Systems

Jasmine Telecom systems' major share is owned by Jasmine group.
The company is a turnkey telecommunications system integrator
and information technology provider, whose services range from
design, supply, installation and testing.

                      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, 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.

                           *     *     *

Standard & Poor's, on Dec. 6, said that following news that the
merger between French telecoms equipment supplier Alcatel and
U.S. peer Lucent Technologies Inc. has received final approval
from the U.S. Committee on Foreign Investments, it has lowered
its long-term corporate credit and senior unsecured debt ratings
on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7 research
update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: BT Global Awards US$350MM Maintenance Deal
----------------------------------------------------------
BT Global Services has awarded an eight-year equipment
maintenance contract worth US$350 million (GBP176 million) to
Alcatel-Lucent, ComputerWeekly relates.

According to the report, the managed services deal will see
Alcatel-Lucent assume responsibility for most of BT Global
Services' current equipment maintenance and spares management
contracts.

BT Global expects the consolidation of its equipment maintenance
contracts with Alcatel-Lucent to generate more than US$100
million in cost savings over the term of the deal,
ComputerWeekly notes.

BT Global's president of customer service and network operation,
Roel Louwhoff, said that by moving to a single-point-of-contact
supplier, they will benefit from having one primary interface
for support services rather than having to manage a large number
of service vendors, while service level agreements will remain
at the current high level, or be improved where needed.

The report further cites Mr. Louwhoff as saying that the
approach was in line with the company's strategy of combining
efficiency savings with improvements in customer service.

The contract will come into operation as BT Global carries out
its transition from legacy corporate networks to an all-IP
platform under its 21CN program, the report points out.

                      About the Company

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, 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.

                           *     *     *

Standard & Poor's, on Dec. 6, said that following news that the
merger between French telecoms equipment supplier Alcatel and
U.S. peer Lucent Technologies Inc. has received final approval
from the U.S. Committee on Foreign Investments, it has lowered
its long-term corporate credit and senior unsecured debt ratings
on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7 research
update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


CHEMTURA CORP: Posts US$39.9 Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Chemtura Corp. reported a US$39.9 million net loss on US$917
million of sales for the third quarter ended Sept. 30, 2006,
compared with a US$118.9 million net loss on US$918.4 million of
sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$4.62 billion in total assets, US$2.79 billion in total
liabilities, and US$1.83 billion in total stockholders' equity.

Third quarter 2006 net sales of US$917.0 million were less than
1% below third quarter 2005 net sales of US$918.4 million.  The
decrease is due to lower sales of US$13.6 million related to the
sale of the company's Industrial Water Additives business in May
2006 and a US$21.7 million decrease in sales volume, which were
mostly offset by increased selling prices of US$26.5 million and
favorable foreign currency translation of US$7.0 million.

"This year's third quarter results reflect a number of operating
challenges and several notable accomplishments," said Robert L.
Wood, Chairman and CEO.

"Crop Protection results were negatively impacted by high bad
debt reserves and lower sales in Latin America and competitive
pressures in the U.S. mite market, and we continued to struggle
in Rubber Additives and EPDM Elastomers.  We've begun
recapturing volume in our non-flame retardant Plastic Additives
business but it has not yet translated into the margin recovery
we anticipate.  Flame Retardants, Consumer Products, Lubricant
Additives and Urethanes all turned in solid performances.

Included in the operating loss for the three month period ended
Sept. 30, 2006, is a pre-tax impairment charge of US$51.9
million, due primarily to continued weak market share and the
projected loss of revenue in the Fluorine business resulting
from the loss of a customer.  Additionally, the company recorded
an impairment charge related to certain assets used in the
Fluorine business of US$22.7 million.  

The operating loss for the third quarter of 2006 was US$51.9
million as compared to an operating loss of US$49.7 million for
the third quarter of 2005

The loss from continuing operations for the third quarter of
2006 was US$85.8 million compared to US$120.3 million for the
third quarter of 2005.  The improvement is partly due to lower
interest expense of US$6.8 million and a higher tax benefit in
2006 compared to 2005 principally due to the absence of non-
recurring taxes in 2005 on dividends under the Foreign Earnings
Repatriation provisions of the 2004 American Jobs Creation Act
and the lack of any tax benefit in 2005 for the write-off of in-
process research and development.  These increases were
partially offset by higher costs of US$13.5 million for the loss
on early extinguishment of debt principally related to the early
retirement of the company's 9.875% Notes in July 2006.

During the third quarter of 2006, the company recorded a gain on
sale of discontinued operations of US$45.9 million related to
the sale of the OrganoSilicones business to General Electric
Company in July of 2003.  This gain represents the recognition
of the additional contingent earn-out proceeds related to the
combined performance of GE's existing Silicones business and the
OrganoSilicones business from the date of the sale through
Sept. 30, 2006.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available for free at: http://researcharchives.com/t/s?1630

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In Europe, the company maintains operations in
Belgium, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.

                        *    *    *

In a TCR-Europe on Oct. 23, Standard & Poor's Ratings Services
revised its outlook on Middlebury, Conn.-based Chemtura Corp. to
stable from positive and affirmed the existing 'BB+' corporate
credit and senior unsecured debt ratings.

The outlook revision reflects diminished expectations for the
strengthening of key cash flow protection measures because of
poor profitability in certain businesses and less-than-expected
debt reduction.

Chemtura's progress toward the improvement of the balance sheet
has been hampered in part by payments for antitrust litigation,
restructuring activities, and debt retirement premiums.

As reported in the TCR-Europe on Oct. 11, Moody's Investors
Service confirmed its Ba1 Corporate Family Rating for Chemtura
Corp. in connection with Moody's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the Chemicals and Allied Products sector.


EUTELSAT COMMUNICATIONS: Albertis Telecom to Acquire 32% Stake
--------------------------------------------------------------
Abertis Infraestructuras SA, through its telecommunications
subsidiary, abertis telecom, will acquire a 32% stake in
Eutelsat Communications SA in a transaction that will make it
the company's largest shareholder.

Albertis will purchase the stake from Texas Pacific Group,
Spectrum Equity Investors, Cinven Group Ltd. and Goldman Sachs
Group Inc. -- all minority shareholders in Eutelsat
Communications.

The transaction, which sizes EUR1.07 billion, entails the
payment of EUR15.5 per share.  abertis plans to finance the deal
with a syndicated bridge loan.  The deal is subject to approval
by anti-trust authorities.

With its fleet of 23 satellites in geostationary orbit, Eutelsat
is the leading European satellite provide with a market share of
30%, and the third largest player worldwide with a global market
share of 13%.

The signal from Eutelsat's satellites, whose orbit positioning
is unique (exclusive rights thereto) reaches 90% of the world's
population and offers total or partial coverage on all
continents.  It provides signal transmission and broadcasting
services to over 2,100 television channels and 970 radio
broadcasters.  Around 53 million households in Western Europe
receive the TV signal directly from Eutelsat satellites.

In its last fiscal year, ended June 30, 2006, Eutelsat recorded
revenues of EUR791 million, EBITDA of EUR617 million (78%
margin) and net profit, before extraordinary items, of
EUR102 million.  In the last four years the company has invested
EUR830 million.  In relation to key financial indicators, it is
important to highlight Eutelsat's long-term customer order
backlog, which currently stands at EUR4 billion.

Operating activities break down as follows: 68% of Eutelsat's
revenues are generated from radio and TV signal distribution
services and 17% from data transmission for private networks,
corporate TV channels and mobile services.  The remaining 12% is
accounted for by Internet access services, corporate IP networks
and GSM coverage for remote areas and maritime services.

Eutelsat owns a 27.7% stake in Hispasat, the Spanish satellite
service provider.

The investment by abertis telecom in Eutelsat marks a very
significant qualitative jump in abertis' telecommunications
subsidiary's growth strategy.  It is a major step in terms of
international expansion, marking abertis telecom's first foray
beyond Spain and underpinning the abertis group's strategic
commitment across its businesses to France.  The deal marks an
equally important quantum leap in terms of technology.
Eutelsat's technology complements abertis telecom's strong
presence in terrestrial signal transmission with a satellite
transmission network.

A satellite operator's profile is similar to that of an
infrastructure operator, characterized by high levels of capital
intensity, long-term returns and stable cash flows.  Customer
relations are also long-term in nature and notably stable.

Against this backdrop, Eutelsat is destined to become a
noteworthy component of abertis' core equity investments, within
the framework of an investment model based on the principle of
commitment to, and invigoration of, growth-oriented industrial
projects, guided by a vision of stability and a long-term
investment horizon.

Abertis CEO Salvador Alemany has highlighted the strategic value
of this investment to the company as it will significantly boost
abertis telecom's international profile.  Telecommunications is
the infrastructure group's second largest business unit.

"The investment by abertis, via abertis telecom, in Eutelsat
represents a major and clearly very decisive step in our
strategy of sector and geographical diversification.  It brings
greater visibility, of a complementary nature, to our activity
in the telecommunications sector, in addition to reinforcing our
position as an integrated infrastructure operator in the fields
of transportation, mobility and telecommunications," Mr. Alemany
said.

"I am particularly pleased we have reached this agreement in
France, where we also closed the acquisition of the toll road
operator sanef this year.  Our presence in France and the
strategic focus we are placing on our neighboring country,
together with the merger process underway with autostrade,
reinforces yet again the European identity of the abertis story
and the solidity and conviction with which we wish to continue
to grow from Europe to the rest of the world," he added.

The proportional addition (32%) of the main financial indicators
of Eutelsat to those of abertis will cement abertis telecom's
position as the second largest business within abertis with
revenues and EBITDA that would account for 18% and 16% of the
group total, respectively.  When it factors in the merger with
autostrade, this activity would still be the second largest
contributor, accounting for 9% and 8% of revenues and EBITDA,
respectively.

                         About Abertis

Headquartered in Barelona, Spain, Abertis Infraestructuras --
http://www.abertis.com/-- oversees a network of companies  
engaged in tollway development and maintenance.  Besides its
operations in Spain (where the company manages more than 1,500
km of roads), Abertis has highway holdings in Argentina, Chile,
Colombia, France, Italy, Portugal, Puerto Rico, and the U.K.
Abertis has expanded by taking control of Spanish tollway
operators Iberpistas and Aurea, and it has agreed to buy Italy's
Autostrade.  Abertis' Saba unit manages nearly 80,000 parking
places in more than 60 cities in Spain, Andorra, Chile, Italy,
Morocco, and Portugal.  Other Abertis subsidiaries provide
telecommunications, airport management, and logistics services.

                        About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

As reported in the TCR-Europe on Sept. 11, Moody's Investors
Service upgraded the Corporate Family Rating of Eutelsat
Communications S.A. to Ba2 from Ba3.  Concurrently the rating
agency upgraded to Ba3 from B1 the existing ratings on both the
Term Loan and the Revolving Credit Facility.  Moody's said the
outlook for all ratings is now stable.

Ratings upgraded include:

* Eutelsat Communications SA

   -- Corporate Family Rating to Ba2 from Ba3;

   -- EUR1.6 billion Term Loan due 2013 to Ba3 from B1; and

   -- EUR300 million Revolving Credit Facility due 2013 to
      Ba3 from B1.


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


3D PHOTONIK: Creditors' Meeting Slated for December 14
------------------------------------------------------
The court-appointed provisional administrator for 3D PHOTONIK
GmbH, Sebastian Laboga, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on Dec. 14.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on March 22, 2007, at the
same venue.

Creditors have until Jan. 25, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against 3D PHOTONIK GmbH on Oct. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         3D PHOTONIK GmbH
         Buelowstr. 66/ D2
         10783 Berlin, Germany

The administrator can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin, Germany


A & S JACOB: Claims Registration Ends December 14
-------------------------------------------------
Creditors of A & S Jacob Malerbetrieb GmbH have until Dec. 14 to
register their claims with court-appointed provisional
administrator Christoph Munz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 24, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against A & S Jacob Malerbetrieb GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         A & S Jacob Malerbetrieb GmbH
         Alt-Rottwerndorf 32
         01796 Pirna, Germany

The administrator can be contacted at:

         Dr. Christoph Munz
         Gustav-Adolf-Road 6b
         01219 Dresden, Germany
         Web: http://www.munz-anwaelte.de/


ANNINA GMBH: Claims Registration Ends December 15
-------------------------------------------------
Creditors of ANNINA GmbH Italienische Schuhe und Mode have until
Dec. 15 to register their claims with court-appointed
provisional administrator Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 26, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against ANNINA GmbH Italienische Schuhe und Mode on Nov. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ANNINA GmbH Italienische Schuhe und Mode
         Attn: Anne Daverkausen, Manager
         Mainstr. 36
         50859 Cologne, Germany

The administrator can be contacted at:

         Dr. Bruno Kuebler
         Aachener Str. 222
         50931 Cologne, Germany


AUTOHAUS FLEISCHER: Claims Registration Ends December 15
--------------------------------------------------------
Creditors of Autohaus Fleischer GmbH have until Dec. 15 to
register their claims with court-appointed provisional
administrator Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 a.m. on Jan. 11, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         Court Place 2
         Cottbus, 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 Cottbus opened bankruptcy proceedings
against Autohaus Fleischer GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Fleischer GmbH
         Laugkfeld 28
         01968 Senftenberg, Germany

The administrator can be contacted at:

         Dr. Rolf-Dieter Moenning
         Lieberoser Str. 7
         03046 Cottbus, Germany


DURA AUTOMOTIVE: Court Okays Richards Layton as Local Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized DURA Automotive Systems Inc. and its debtor
affiliates to employ Richards, Layton & Finger P.A. as their
local counsel, general co-counsel, and conflicts counsel, nunc
pro tunc to Oct. 30, 2006.

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Richards, Layton & Finger will:

    * provide legal advice to the Debtors with respect to their
      rights, powers, and duties as debtors-in-possession in the
      continued operation of their business and management of
      their properties;

    * take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of di8sputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

    * prepare and pursue confirmation of the Debtors' plan,
      approval of that plan, and approval of the Debtors'
      disclosure statement;

    * prepare necessary applications, motions, answers, order,
      reports, and other legal papers on behalf of the Debtors;

    * appear in Court and protect the interests of the debtors
      before the Court; and

    * perform all other legal services for the Debtors that may
      be necessary and proper in the bankruptcy proceeding.

The principal attorneys and paralegals presently designated to
represent the Debtors will be paid:

          Professionals                   Hourly Rate
          -------------                   -----------
          Directors:                     US$390 - US$605

          Mark D. Collins, Esq.              US$520
          Daniel J. DeFranceschi, Esq.       US$465

          Associates:                    US$210 - US$350

          Jason M. Madron, Esq.              US$270
          Mark Kurtz, Esq.                   US$225

          Paralegals:                    US$125 - US$180

          Ann Jerominski                     US$165
          Rebecca V. Speaker                 US$165

Daniel J. DeFranceschi, Esq., a director of RL&F, assured the
Court that his firm is disinterested pursuant to Section 101(14)
of the Bankruptcy Code.  RL&F does not hold or represent an
interest adverse to the Debtors or their estates, Mr.
DeFranceschi said.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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


DURA AUTOMOTIVE: Court Gives Final Nod on Vendor Claims Payment
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware approved on a final basis DURA
Automotive Systems, Inc. and its debtor affiliates request to
direct all applicable banks and other financial institutions to
receive, process, honor and pay any and all checks and fund
transfer requests made by the Debtors related to Critical Vendor
Claims or Priority Vendor Claims.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that certain parties supply goods
or services critical to the continued operation of the Debtors'
business.

The Debtors are the sole manufacturers of certain essential
component parts and vehicle systems used by major automobile
original equipment manufacturers, including Ford Motor Company,
General Motors Corporation and DaimlerChrysler Corporation, as
well as a number of tier one automotive parts suppliers.  If
outside suppliers are needed, the Debtors typically contract
with one vendor for a particular component and rely on that
vendor as their sole source supplier.

In general, the Critical Vendors fall into two main categories:

    (1) The materials vendors supply, among other things, bulk
        raw materials like coil steel, wire, bulk resins, and
        flat glass; components and parts directly assembled into
        the Debtors' products; production materials like welding
        wire and lubricants; and other materials consumed in the
        production process.

    (2) The maintenance vendors provide parts, materials, and
        services to the Debtors' specialized manufacturing
        equipment and machinery.

Without timely shipments from their sole-source suppliers, the
Debtors' manufacturing facilities would lack the requisite goods
necessary for their operational needs, and in some instances,
could be forced to shut down certain facilities shortly after a
missed shipment, Mr. Collins says.

By this motion, the Debtors seek the Court's authority to pay
the prepetition claims of certain critical vendors and
administrative claimholders, subject to these cap amounts:

                      Estimated       Interim          Final
                      Payables        Relief           Relief
                      as of 10/26     Sought           Sought
                      -----------     -------          ------
   Critical Vendor
   Claims           US$28,830,384    US$9,250,000  US$29,000,000

   Priority Vendor
   Claims              24,321,404       9,250,000     25,000,000

Priority Vendors are vendors who sold or transferred goods to
the Debtors in the ordinary course of their business during the
20-day period prior to the bankruptcy filing date.  Priority
Vendor Claims are entitled to administrative expense priority
under Section 503(b)(9) of the Bankruptcy Code.

The Debtors estimate that the claims of about 500 vendors
constitute Critical Vendor Claims.

The Debtors also ask the Court to approve a procedure for
addressing those vendors who repudiate and refuse to honor their
postpetition contractual obligations to the Debtors.

                    Identifying Critical Vendors

The Debtors, in conjunction with Glass & Associates, Inc.,
closely reviewed their accounts payable and prepetition vendor
lists and consulted with facility management and others
throughout the Debtors' management and purchasing operations to
identify those creditors most essential to their operations.

The criteria considered included whether:

    (a) a particular vendor is a "sole-source" provider;

    (b) certain quality control requirements of the OEMs prevent
        the Debtors from replacing the vendor;

    (c) the Debtors currently receive advantageous pricing or
        other terms from a vendor; and

    (d) a vendor additionally might face its own liquidity
        crisis, due to that vendor's operational or cash flow
        issues, if Debtors do not immediately pay its
        prepetition claim.

The Debtors also considered whether a vendor would make good on
its threat to stop shipping goods and whether an amount less
than the full amount of a vendor's claim could induce
continuation of shipments.

The Debtors propose to condition payment to Critical Vendors and
Priority Vendors upon agreement to continue supplying goods and
services to the Debtors on terms that are acceptable to the
Debtors with an awareness of industry trade terms between the
parties.  The Debtors reserve the right to negotiate trade terms
with any vendor demanding terms less favorable to them.

The Debtors seek the Court's authority to enter into Trade
Agreements with certain Critical Vendors, if and at the time the
Debtors determine in their discretion that the agreement is
necessary to their postpetition operations.

The Debtors also seek the Court's authority to make payments on
account of a Critical/Priority Vendor's claims in the event that
no Trade Agreement has been reached, if the Debtors determine,
in their business judgment, that failure to pay the
Critical/Priority Vendor Claim is likely to result in
irreparable harm to their business operations.

The Debtors will maintain a matrix summarizing, as of the
date of bankruptcy filing:

    1. the name of each Critical/Priority Vendor;

    2. the amount each Critical/Priority Vendor was been paid on
       account of its Critical/Priority Vendor Claims; and

    3. the goods and/or services provided by each
       Critical/Priority Vendor.

Mr. Collins maintains that the Debtors have anticipated access
to sufficient DIP financing to pay all Critical Vendor Claims
and Priority Vendor Claims as the amounts become due in the
ordinary course of their businesses.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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


EUROFLEST GMBH: Claims Registration Ends December 15
----------------------------------------------------
Creditors of Euroflest GmbH have until Dec. 15 to register their
claims with court-appointed provisional administrator Peter-
Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 12:35 p.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be contacted at:

         Euroflest GmbH
         Attn: Andreas Thomsen, Manager
         Johann-Mohr-Way 16a
         22763 Hamburg, Germany

The administrator can be contacted at:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg, Germany


FLOWSERVE CORP: Opens New Quick Response Center in Germany
----------------------------------------------------------
Flowserve Corp. opened new administrative headquarters for its
Flow Solutions Europe, Middle East, and Africa operations.

Located in Essen, Germany, the facility houses a Quick Response
Center that provides local sales, service, support and
manufacturing of seals and associated products, and a Learning
Resource Center that offers maintenance-training programs for
pumps and seals for employees and customers.

The Essen QRC provides Flowserve customers with local access to
spare parts inventory, repair, quick turnaround manufacturing,
CAD design, and technical services for sealing requirements.  
The QRC also manufactures pump seals, mixer seals, and piston
rod packing rings for large reciprocating compressors, which are
widely used in chemical refining and manufacturing applications.

The LRC specializes in hands-on training in pumps, valves, and
seals for engineers, operators, craftsmen, and other plant
professionals.  Experienced instructors teach OEM-standard
procedures through a combination of classroom instruction and
hands-on experience in state-of-the-art static and power labs.

The Essen LRC cross-trains with other Flowserve facilities in
the United States, Saudi Arabia, and Singapore, as well as
university and government sites around the world, to provide
education on the most modern and consistent installation and
maintenance practices.

In addition to supporting active OEM customers in Germany and
providing faster service and support to end user customers, the
Flowserve Essen facility provides direct, local access to the
company's LifeCycle AdvantageT equipment management program.
Easy access to LCA technical consultants, replacement parts, and
extensive service and repair offerings enable participating
customers to streamline inventory, reduce product life cycle
costs, and extend equipment life.

"With the opening of the Essen facility, Flowserve continues its
promise to support customers throughout the life of their
equipment - from spare parts to maintenance to training," Andy
Beall, president, Flowserve Flow Solutions disclosed.

"Our growing network of QRCs and learning centers provide
Flowserve customers with consistent, outstanding service, across
the board and around the world," Mr. Beall added.

                     About Flowserve Corp.

Headquartered in Dallas, Texas, U.S.A., Flowserve Corp. --
http://www.flowserve.com-- is a global provider of fluid motion  
and control products and services.  Operating in 56 countries,
the company produces engineered and industrial pumps, seals and
valves as well as a range of related flow management services.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Standard & Poor's
Ratings Services raised its short-term rating on Flowserve Corp.
to 'B-2' from 'B-3'.

All other ratings on the Irving, Texas-based engineered pumps
manufacturer, including its 'BB-' long-term corporate credit
rating, were affirmed.  S&P said the outlook is stable.

In a TCR-Latin America report on Oct. 26, Moody's Investors
Service revised the Corporate Family Rating for Flowserve Corp.
to B1 from Ba3, as well as the ratings on the company's US$400
million revolver due 2010 and the US$600 million term loan due
2012 to Ba2 from Ba3 in connection with Moody's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector.  These debentures
were assigned an LGD3 rating suggesting that creditors will
experience a 41% loss in the event of a default.


GEWINNIDEE E-SOLUTIONS: Claims Registration Ends December 15
------------------------------------------------------------
Creditors of Gewinnidee e-solutions GmbH have until Dec. 15 to
register their claims with court-appointed provisional
administrator Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 12:50 p.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against Gewinnidee e-solutions GmbH on Oct. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Gewinnidee e-solutions GmbH
         Attn: Sven Wolter-Rousseaux and
         Winrich Derlien, Managers
         Sportallee 41
         22335 Hamburg, Germany

The administrator can be contacted at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg, Germany


HWR VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 13
-------------------------------------------------------------
Creditors of hwr Verwaltungsgesellschaft mbH have until Dec. 13
to register their claims with court-appointed provisional
administrator Christian Willmer.

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

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Verden (Aller) opened bankruptcy
proceedings against hwr Verwaltungsgesellschaft mbH on Oct. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         hwr Verwaltungsgesellschaft mbH
         Rehland 12-14
         28832 Achim, Germany

The administrator can be contacted at:

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


INTERDEKO BETRIEBS: Claims Registration Ends December 15
--------------------------------------------------------
Creditors of Interdeko Betriebs-GmbH & Co. KG have until Dec. 15
to register their claims with court-appointed provisional
administrator Claus-Peter Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against Interdeko Betriebs-GmbH & Co. KG on Oct. 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Interdeko Betriebs-GmbH & Co. KG
         Landsberger Str. 154
         80339 Munich, Germany

The administrator can be contacted at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich, Germany
         Tel: 236858-0
         Fax: 2603440


MTU AERO: Appoints Wolfgang Konrad as Unit's New President & CEO
----------------------------------------------------------------
Wolfgang Konrad will succeed Andre Wall as President and Chief
Executive Officer of MTU Aero Engines' Ludwigsfelde-based
affiliate MTU Maintenance Berlin-Brandenburg, effective
Feb. 1, 2007.

Mr. Wall will be leaving the company to accept an executive
management position at Swiss-based Jet Aviation.

Mr. Konrad, 44, has held various management positions at BMW
since 1998, ultimately as head of quality management, body
engineering.

From 1993 to 1998, Mr. Konrad had been working for BMW Rolls-
Royce Aero Engines GmbH at Dahlewitz.  He started out in the
combustion, components, aerodynamics area, became manager of the
staged combustor group and finally general manager, air and oil
systems.  

He had accumulated international experience already in his years
studying in France and at Cornell in the U.S., receiving his
doctor's degree from Princeton, U.S.

From 2002 to 2005, Mr. Konrad served as Head of Quality
Assurance and Manufacturing Engineering at BMW's Plant Hams Hall
in Great Britain.

MTU Maintenance Berlin-Brandenburg, an affiliate of MTU Aero
Engines, specializes in the maintenance, repair and overhaul of
aircraft engines in the lower thrust and power categories, as
well as industrial gas turbines.

The company is headquartered in Ludwigsfelde near Berlin, where
it also does the final assembly of most of the low-pressure
turbines manufactured by the MTU group.  The company has a
significant role in the TP400-D6 engine to power the Airbus
A400M military transport: MTU Maintenance Berlin-Brandenburg has
Europe's only TP400-D6 production test cell to conduct the
development and acceptance tests on the engine.  Final assembly
of the European production TP400-D6s also is the sole
responsibility of the Ludwigsfelde site.

Headquartered in Munich, Germany, MTU Aero Engines --
http://www.mtu.de/-- develops, manufactures, markets and  
repairs commercial and military engine modules and components
for aircraft engines and industrial gas turbines.  

                         *     *     *

As reported in the TCR-Europe on June 22, Standard & Poor's
Ratings raised its long-term corporate credit rating on Germany-
based aircraft engine and component manufacturer MTU Aero
Engines Holding AG, and on related entity MTU Aero Engines
Investment GmbH to 'BB+' from 'BB', reflecting improvements in
the group's operating performance.

S&P said the outlook is stable.  At the same time, the rating on
MTU Investment's subordinated debt was raised to 'BB-' from
'B+'.


MTU AERO: Moody's Changes Outlook on Improved Credit Profile
------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba2
Corporate Family Rating of MTU Aero Engines Investment GmbH to
positive from stable and affirmed the Ba2 Corporate Family
rating as well as the Ba3 rating for the senior notes.  

The last rating action was on July 18, 2005, when the ratings
were upgraded from Ba3/B2 respectively.

"The outlook change to positive reflects the constant
improvements in MTU's credit profile, driven by an improving
operating performance and cash generation resulting from
favourable industry trends, a successful strategy implementation
as well as a reduction in financial leverage.  

This trend is evidenced by improvements of credit metrics in
line with the higher range of the Ba rating category -- notably
Debt to EBITDA of 2.3x in the 12 months ended Sept. 2006 up from
2.8x in 2005 -- which are expected to be generated on a
sustained basis as a driver for a possible rating upgrade," said
Christian Hendker, the lead-analyst at Moody's for MTU.

The outlook change to positive was prompted by further
strengthened operating performance resulting from:

   (1) strong growth in the Maintenance, Repair and Overhaul
       (MRO) division due to rising demand for maintenance
       services;

   (2) solid growth in the commercial and military original
       equipment manufacturer (OEM) business; and

   (3) the constant implementation of cost reduction measures
       and efficiency improvements.

Further supported by positive free cash flows and proceeds of
the IPO in 2005, the majority of MTU's credit metrics have
consequently improved towards the higher range of the Ba rating
category.  The positive outlook reflects Moody's expectation
that MTU should be able to further strengthen its operating
performance on a sustained basis driven by the benefits of
continued global air traffic growth and further cost structure
adjustments.  In addition Moody's expects continuous
improvements in segmental diversification by further profitably
expanding the commercial MRO division to increasingly offsets
the cyclicality of the OEM business as well as the
implementation of measures to successfully reduce the foreign
exchange exposure also in the scenario of a potentially
weakening US-Dollar.

An upgrade in MTU's ratings within the next 12 to 18 months
would be triggered by evidence of a sustained strengthening of
the Group's financial profile in 2007 and beyond, as evidenced
by:

   (i) an EBITA-Margin between 8-10%;

  (ii) constant positive free cash flow generation;

(iii) sustained improvement of credit metrics, supported
       by RCF to net debt constantly above mid-teens,
       and improving EBIT to Interest Coverage towards 3.0x;

  (iv) preservation of a solid liquidity cushion supported by
       moderate Working Capital volatility, and

   (v) modest shareholder orientation.

Downward pressure on MTU's ratings could be prompted by a
reduction in EBITA-margins resulting from a deterioration in the
underlying operational performance of the Group.  Further,
whilst Moody's expects the company may undertake debt-financed
bolt-on acquisitions, any acquisition resulting in a
deterioration of credit metrics beyond the company's current
metrics is likely to constrain the rating.

MTU's Ba2 rating reflects:

   (1) the company's leadership position as a global supplier of
       aero engines, sub-systems and components,

   (2) benefits from revenue diversity due to the company's
       diverse engine portfolio and segmental diversification;

   (3) revenue stability and visibility based on long-term
       contracts and the high market barriers to entry that
       exist in the aeronautical industry;

   (4) its long-term customer relationships and its position as
       the main provider of military engines and MRO services to
       the German Air Force; and

   (5) solid liquidity position given access to EUR250 million
       senior revolving credit facility.

MTU's Ba2 rating is constrained by:

   (1) Cash Flow variability driven by Working Capital
       volatility;

   (2) funding needs that are highly determined by customers'
       willingness to continuously provide substantial advance
       payments;

   (3) substantial R&D spending and investment needs to sustain
       competitive advantage;

   (4) exposure to U.S. dollar/euro fluctuations; and

   (5) a cyclical industry with event risk, and the influence of
       high jet fuel prices on market conditions.

Issuer: MTU Aero Engines Investment GmbH

    * Outlook, Changed To Positive From Stable

Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components and
a provider of MRO services for commercial and military jet
engines.  For the 12 months ended Sept. 2006, MTU reported
revenues of EUR2.353 billion.


NOSTRO GRUNDSTUECKS: Creditors' Meeting Slated for December 14
--------------------------------------------------------------
The court-appointed provisional administrator for Nostro
Grundstuecks-GmbH & Co. Taunusstrasse KG, Wolfgang Schroeder,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:35 a.m. on Dec. 14.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:05 a.m. on March 22, 2007, at the
same venue.

Creditors have until Jan. 25, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Nostro Grundstuecks-GmbH & Co. Taunusstrasse
KG on Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Nostro Grundstuecks-GmbH & Co. Taunusstrasse KG
         Scharnweberstr. 1
         13405 Berlin, Germany

The administrator can be reached at:

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


SPECTRUM BRANDS: Fourth Quarter Net Loss Widens to US$439.4 Mil.
----------------------------------------------------------------
Spectrum Brands Inc. reported a US$439.4 million net loss for
the
fourth quarter ended Sept. 30, 2006, compared with a US$2.9
million net loss for the same period in 2005.

The company's 2006 fourth quarter net sales were US$608.4
million, a 4% increase over the comparable period last year.  
Organic growth in the quarter was 3% and foreign exchange rates
added 1%.  Global battery sales increased 2% year over year, as
strong results from North America and Latin America more than
offset a decline in Europe/ROW sales.

Global Pet reported good growth of 7%.  Home and Garden sales
increased by 8%.  Sales of Remington branded products declined
by 2% on a worldwide basis.

Commenting on the results, Dave Jones, the company's chairman
and chief executive officer, said, "Our fourth quarter results
were encouraging and show marked improvement in revenue trends
in a number of key areas, including North American battery
sales, Global Pet, and Home & Garden.  While hard work remains
ahead of us, we are pleased with the progress we are seeing
throughout the company despite a challenging environment.  We
remain committed to further reducing costs while making the
necessary investments to transform our business for long-term
success."

Included in the company's quarterly results are:

   -- a non-cash pretax impairment charge of US$433 million
      related to the value of certain trade names and goodwill
      carried on the company's books.  This charge resulted from
      an evaluation of goodwill and indefinite-lived intangibles
      as required by SFAS 142, "Goodwill and Other Intangible
      Assets,"

   -- a non-cash charge in the amount of US$18.9 million
      increasing the valuation allowance against certain net
      deferred tax assets, and

   -- pre-tax restructuring and related charges of US$28.8
million
      related to the rationalization of the company's European
      business and ongoing integration activities resulting
      primarily from the 2005 acquisitions of United Industries
      and Tetra Holding GmbH.

Gross profit and gross margin for the quarter were US$210.8
million and 34.6%, respectively, versus US$215.4 million and
36.7% for the same period last year.  Current year cost of goods
sold included US$18 million in restructuring and related costs;
fiscal 2005 cost of goods sold included US$2.7 million in
restructuring and related costs and a US$2.6 million inventory
valuation allowance.  Increased raw material costs in the
quarter were offset by improved margins in Remington branded
products and the benefit of integration cost savings.

The company's operating loss for the quarter was US$423.2
million versus fiscal 2005's fourth quarter operating income of
$32.8 million.  The primary reasons for the decline are the
$433 million impairment charge and US$28.8 million in
restructuring and related charges taken in fiscal 2006 versus
US$13.6 million of restructuring and related charges and
inventory valuation charges in fiscal 2005.  Significantly
higher distribution costs also contributed to the increase in
operating expenses.

For the year ended Sept. 30, 2006, the company recorded a net
loss of US$434 million compared with net earnings of US$46.8
million last year.

Included in the current year's results are:

   -- restructuring and related charges of US$56.1 million
      primarily related to the integration of acquisitions and
the
      company's European restructuring programs,

   -- the aforementioned non-cash asset impairment charge of
      US$433 million

   -- the aforementioned non-cash charge increasing the
valuation
      allowance for certain net deferred tax assets in the
amount
      of US$18.9 million,

   -- a gain on sale of assets of US$7.9 million, and

   -- other non-cash benefits totaling US$1.0 million.

The net impact of these items is a decrease in the current
year's net earnings of US$499.1 million.

Fiscal 2005 results included:

   -- inventory valuation charges of US$37.5 million related to
      the acquisitions of United Industries and Tetra Holding
      GmbH,

   -- restructuring and related charges of US$26.3 million
      primarily related to the integration of acquisitions,

   -- debt issuance costs write-off of US$12.0 million,

   -- income from discontinued operations of US$5.5 million, and

   -- other non-cash benefits totaling US$0.5 million.

The net impact of these items is a decrease in fiscal 2005 net
earnings of US$69.8 million.

Net sales for fiscal 2006 of US$2.55 billion represented an
increase of US$244.6 million, as a result of the acquisitions of
United Industries, acquired on Feb. 7, 2005, Tetra Holding GmbH,
acquired on April 29, 2005, and Jungle Labs, acquired on Sept.
1, 2005.

Excluding the impact of acquisitions on current year results,
net sales declined 4%, primarily a result of weakness in battery
sales in Europe and North America.  The operating loss for the
year was US$283.2 million.  In addition to the restructuring and
related
charges and other costs, 2006 operating loss was negatively
affected by significantly increased raw material and
distribution costs.

                  Fourth Quarter Segment Results

North American net sales were US$257.8 million, a 5% improvement
compared with US$246.5 million reported last year.  The increase
was driven by strong growth in batteries and in home and garden
sales, somewhat offset by a decline in Remington branded
products.  Battery sales were up significantly, largely due to
the successful launch of Rayovac's new Power Challenge marketing
campaign.  In the company's home and garden business, consumer
purchases of
Spectrum Brands products at retail grew 8% during the fourth
quarter, in line with reported results.  North American segment
profits were US$20.5 million versus US$17.5 million reported
last year.

European/ROW net sales were US$143 million versus US$153.8
million in the prior year.  Foreign exchange translation
contributed
$5.2 million.  Remington branded product sales showed strong
growth, but this growth was more than offset by continuing
weakness in the battery category, particularly in Western
Europe.
Segment profitability for the quarter was US$13.7 million
compared with US$21.2 million last year, primarily a function of
lower battery sales volume and higher raw material costs.

Latin America continued its positive 2006-operating trend with a
quarterly net sales increase of 20% versus the prior year,
benefiting from strong growth in both Rayovac batteries and
Remington branded products.  Latin America segment profitability
was US$9.1 million compared with US$5.4 million last year as a
result of increased sales and the positive impact of foreign
currency translation.

Global Pet segment net sales of US$140.3 million represent a 7%
increase in the quarter largely driven by robust growth from
Tetra branded products.  Global Pet segment profits were US$21.2
million versus US$17.1 million reported last year.  Last year's
profits included a US$2.6 million inventory allowance charge.

Corporate expenses were US$25.9 million, or 4.3% of net sales,
as compared with US$17.4 million, or 3% of net sales, in the
prior year period.  The biggest contributor to the increase was
the comparison to last year's fourth quarter compensation
expense, which was reduced by a reversal of annual incentive
bonus accruals.  Corporate expense was also affected by the
continuing expansion of the global operations support
infrastructure in Asia.

Fourth quarter interest expense was US$47 million versus
$39.5 million last year due to higher interest rates.  Total
debt at Sept. 30, 2006 was US$2.277 billion.

                      Asset Impairment Charge

Statement of Financial Accounting Standards, "Goodwill and Other
Intangible Assets" requires companies to test goodwill and
indefinite-lived intangibles for impairment annually, or more
often if an event or circumstance indicates that an impairment
loss may have been incurred.  In accordance with SFAS 142,
Spectrum Brands, with the assistance of independent third party
valuation specialists, conducted its annual impairment testing
of goodwill and indefinite-lived intangible assets.  The results
using the discounted cash flow method were also tested for
reasonableness by comparison to the market capitalization of the
company.  As a result of these analyses the company recorded a
non-cash pretax impairment charge of approximately US$433.0
million ($398.3 million, net of tax).  The impairments will not
result in any future cash expenditures.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC) -
- http://www.spectrumbrands.com/-- is a consumer products    
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.   
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company's European
headquarters is located at Sulzbach, Germany.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 16,
Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


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


HERTZ CORP: Commences Exchange Offers for Senior Notes
------------------------------------------------------
The Hertz Corp. commenced exchange offers pursuant to which it
is offering to exchange:

   -- US$1,800,000,000 in aggregate principal amount of its
      8.875% Senior Notes due 2014,

   -- US$600,000,000 in aggregate principal amount of its 10.5%
      Senior Subordinated Notes due 2016 and

   -- EUR225,000,000 in aggregate principal amount of its 7.875%
      Senior Notes due 2014,

which have been registered under the Securities Act of 1933, as
amended, for equal principal amounts of its outstanding:

   -- 8.875% Senior Notes due 2014,
   -- 10.5% Senior Subordinated Notes due 2016 and
   -- 7.875% Senior Notes due 2014,

which were issued on Dec. 21, 2005, in a transaction exempt from
registration under the Securities Act.

As of Dec. 6, 2006, there were US$1,800,000,000, US$600,000,000
and EUR225,000,000 aggregate principal amount of old senior
dollar notes, old senior subordinated notes and old senior euro
notes, respectively, outstanding.  The terms of the new notes
will be substantially identical to those of the old notes,
except that the transfer restrictions and registration rights
relating to the old notes will not apply to the new notes.  The
terms and conditions of the exchange offers are set forth in The
Hertz Corporation's prospectus dated Dec. 6, 2006, and with
respect to the old senior dollar notes and the old senior
subordinated notes, the related letter of transmittal.

The Hertz Corporation will accept for exchange any and all old
notes validly tendered and not validly withdrawn on or before
5:00 p.m., New York City time, on Jan. 5, 2007, which is the
expiration date of the exchange offers, unless the exchange
offers are extended by the company.

Copies of the prospectus and other documents relating to the
exchange offers may be obtained from the Exchange Agents:

By Telephone for old senior notes and old senior subordinated
notes:

          Wells Fargo Bank, National Association
          Attn: Bondholder Communications
          Tel: (800) 344-5128
               (612) 667-9764

For old senior euro notes:

          Deutsche Bank AG, London Branch
          Winchester House
          1 Great Winchester Street
          London EC2N 2DB, United Kingdom
          Tel: + 44 (0) 207 547 5000
          E-mail: xchange.offer@db.com

Hertz Corp. -- https://www.hertz.com/ -- the largest global car
rental company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car
rental business that is less cyclical and more profitable, but
which is dominated by 'A-' rated Enterprise Rent-A-Car Co.  
Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  Hertz has operations in Hungary,
Philippines and Peru, among others.

                        *    *    *

As reported in the TCR-Europe on Nov. 24, Moody's Investors
Service changed the rating outlook of The Hertz Corp. to stable
from negative following the completion of a US$1.3 billion IPO
by Hertz Global Holdings, Inc., the acquisition vehicle through
which equity sponsors Clayton, Dubilier & Rice, Inc., The
Carlyle Group and Merrill Lynch Global Private Equity acquired
Hertz in December of 2005.

In a TCR-Europe report on Nov. 23, Standard & Poor's Ratings
Services affirmed its ratings on two synthetic securities
related to Hertz Corp. and its related entities and removed them
from CreditWatch, where they were placed with negative
implications on June 30.

The rating actions reflect the affirmation of the long-term
corporate credit and senior unsecured debt ratings on
Hertz Corp. (BB-/Negative/NR) and its related entities and their
removal from CreditWatch negative on Nov. 16, 2006.


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


ARES FINANCE: Fitch Affirms Low-B Ratings on EUR45-Million Notes
----------------------------------------------------------------
Fitch Ratings upgraded Ares Finance S.r.l.'s Class C and D
asset-backed floating rate notes due 2011 and affirmed Class B,
E, and F:

   -- EUR23 million Class B (XS0134904654) affirmed at AAA;

   -- EUR49 million Class C (XS0134905032) upgraded to AAA from
      AA;

   -- EUR45 million Class D (XS0134905206) upgraded to A+ from
      A-;

   -- EUR30 million Class E (XS0134905388) affirmed at BB; and

   -- EUR15 million Class F (XS0134905545) affirmed at B+.

The upgrades are mainly due to the limited size of the notes
still outstanding compared with the credit quality of the
remaining portfolio of non-performing loans to be resolved, even
if the latter is deteriorating.

The collections performance is worsening, and in the last six
months between March and September 2006, gross recoveries were
only EUR28.3 million.  Total cumulative gross collections are
now at EUR578.3 million, some EUR100 million behind Fitch's
revised base case.

The continuously deteriorating collections in the latest period
and the reducing credit quality of the portfolio outstanding are
still exposing the most junior Classes of rated notes to the
risk of missed principal payment by their final legal maturity.

Therefore these Classes have been affirmed at their current
ratings even if the size of the total rated debt outstanding is
reduced by 72% since closing in September 2001.  This is mainly
due to uncertainties in the remaining collateral following the
previous downgrade in May 2004.

During the last collection period, loans to 70 borrowers were
fully resolved.  The recovery rate over resolved gross book
value for this period was well above the transaction's average,
at 101%.  However, the borrower claims resolved were all of
small size, with an average of EUR140,000 for a total of EUR9.8
million.  The total recovery rate improved slightly to 62% from
61.2% in the previous period.

Fitch's further analysis shows that the current required
recovery rate on the remaining pool to redeem all rated notes,
assuming consistent collection to legal final maturity in 2011,
is 26%.  This ratio, compared with the current recovery rate of
62%, represents 2.4x the current level of collections.

Between September 2005 and September 2006, borrowers who were in
the process of bankruptcy went up to 70% by GBV from 68%.  Of
these, 56.5% was still waiting for a valuation from the court.
This, together with the increasing concentration of the
portfolio in southern and central Italy where judicial
procedures are notoriously longer than the rest of the country,
indicates that the timing to enforce the loans is becoming
longer.

This could have a negative impact on the future performance of
the transaction. Following the full pay-down of the Class A
notes, and 59% of the Class B notes, the total advance rate of
the rated notes has improved to 17% from 37.7% at closing.

Ares Finance is a securitization of a portfolio of Italian NPL
principled by Whitehall 2001 and Goldman Sachs International and
serviced by Societa Gestione Crediti and Archon Group Italian
Srl, rated RSS2+IT/CSS2+IT.

At closing, in 2001, the GBV of the pool was EUR1.54 billion.
Fitch will continue to monitor the performance of the
transaction.  


FIAT SPA: Sells Stake in Meridian Technologies for EUR132 Mln
-------------------------------------------------------------
Fiat S.p.A., through Teksid S.p.A., and Norsk Hydro reached an
agreement for the sale of their interests in Meridian
Technologies Inc. to a consortium of investors headed by the
Swiss holding company Estatia AG.  Fiat holds 51% in Meridian
while Norsk Hydro holds 49%.

The total value of the transaction, subject to usual price
adjustment conditions, is worth around CDN200 million equivalent
to EUR132 million.

The transaction is part of Teksid's strategy to focus on its
core business and is subject to the closing of the financing to
the purchaser by financial institutions and approval by
competent authorities.

For the Fiat Group this disposal will entail a loss at the
consolidated level of around EUR20 million and a lower net debt
for over EUR80 million.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, Moody's Investors
Service changed the outlook on Fiat S.p.A.'s Ba3 Corporate
Family Rating to positive from stable and affirmed the long-term
senior unsecured ratings as well as the short-term non-Prime
rating.

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

Fiat's Ba3/non-Prime ratings continue to reflect

   -- Fiat Group's scope and geographically
      well spread operations,

   -- the solid market position of Case New Holland and
      its potential to improve its highly indebted
      financial profile, and

   -- Iveco's stable market share in the European truck
      markets.

On Oct. 4, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default
and senior unsecured ratings at BB- and Short-term rating at B.
This follows Fiat's exercise of its call option to buy back 29%
of Ferrari's capital from a consortium led by Mediobanca.  Fitch
said the Outlook is Positive.

On Aug. 8, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Fiat S.p.A. to 'BB' from 'BB-'.
At the same time, Standard & Poor's affirmed its 'B' short-term
rating on Fiat.  S&P said the outlook is stable.


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


AKMOLINSKY LLP: Creditors' Claims Due Jan. 17, 2007
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Akmolinsky insolvent on Oct. 17.

Creditors have until Jan. 17, 2007, to submit written proofs of
claim to:

         LLP Akmolinsky
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola Region
         Kazakhstan


JANARJAN LLP: Claims Registration Ends Jan. 12, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Janarjan insolvent.

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

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


KASPYI TUR: Claims Filing Period Ends Jan. 16, 2007
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Kaspyi Tur insolvent.

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

         LLP Kaspyi Tur
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


KOS-KARAGAI LLP: Creditors Must File Claims by Jan. 17, 2007
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Kos-Karagai insolvent on Oct. 26.

Creditors have until Jan. 17, 2007, to submit written proofs of
claim to:

         LLP Kos-Karagai
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola Region
         Kazakhstan


RSU HLEBOPRODUKT: Creditors' Claims Due Jan. 19, 2007
-----------------------------------------------------
JSC RSU Hleboprodukt RSU Bread Product has declared insolvency.
Creditors have until Jan. 19, 2007, to submit written proofs of
claim to:

         JSC RSU Hleboprodukt RSU Bread Product
         Universalnaya Str. 30
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


SANTECHMONTAJ-NS: Claims Filing Period Ends Jan. 19, 2007
---------------------------------------------------------
LLP Santechmontaj-NS Sanitary Engineering Mounting has declared
insolvency.  Creditors have until Jan. 19, 2007, to submit
written proofs of claim to:

         LLP Santechmontaj-NS Sanitary Engineering Mounting
         Birjan Sal Str. 3-10
         Saryarka District
         Astana, Kazakhstan


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


AUTOEXPERT LLC: Creditors' Claims Due Jan. 19, 2007
---------------------------------------------------
LLC Autoexpert has declared insolvency.  Creditors have until
Jan. 19, 2007, to submit their written proofs of claim.

Inquiries can be addressed to (+996 312) 27-11-45.


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


ALCATEL-LUCENT: Strikes Dresdner Kleinwort's Research Note
----------------------------------------------------------
Alcatel-Lucent issues information regarding an equity research
note published on Dec. 4, 2006, by Dresdner Kleinwort entitled
"Customers May Pause."

It has come to our attention that this note contains misleading,
incomplete and inaccurate statements as highlighted below.
Further to our discussions, Dresdner Kleinwort issued a second
note, but not a corrective note as repeatedly requested by
Alcatel-Lucent.

The Dresdner Kleinwort analyst inaccurately said that Alcatel-
Lucent published a EUR22-billion revenue, while not even
providing a period reference to which it applies.  The combined
pro-forma revenues for Alcatel-Lucent in Calendar Year 2005
stand at EUR21 billion before the Thales transaction and were
consistently disclosed of from April 2 (press release), May 9
(Form F4 filed with the SEC) and Nov. 14 (Form F3 filed with the
SEC).

The Dresdner Kleinwort analyst also inaccurately mentioned a
fall to EUR18.6 billion revenues -- still without mentioning the
period reference -- as a consequence of the expected Thales
transaction and a lower than expected organic performance, which
could be misinterpreted as a revenue warning.

Alcatel-Lucent reiterated revenues of EUR18.6 billion for
Calendar Year 2005 on Nov. 30 to provide the combined pro-forma
revenues after the Thales transaction, as explicitly and clearly
mentioned in all footnotes.  This level of revenues is
consistent with prior communication on May 9 and Nov. 14 and
shall not be considered as a newly disclosed figure.

                      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, 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.

                           *     *     *

Standard & Poor's, on Dec. 6, said that following news that the
merger between French telecoms equipment supplier Alcatel and
U.S. peer Lucent Technologies Inc. has received final approval
from the U.S. Committee on Foreign Investments, it has lowered
its long-term corporate credit and senior unsecured debt ratings
on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7 research
update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: Inks Triple Play Deal with Triple T Broadband
-------------------------------------------------------------
Alcatel-Lucent reveals that Triple T Broadband, a wholly owned
telecom subsidiary of TT&T Public Company Limited, and Jasmine
Telecom Systems PCL, the project system integrator, have
selected Alcatel-Lucent's broadband access infrastructure to
roll out triple play services in Bangkok and provinces in
Thailand.  

The operator is targeting 300,000 broadband subscribers by the
end of 2006, and a cumulative total of 500,000 by the end of
2007.

Alcatel-Lucent previously completed the installation of a core
IP/MPLS network and WDM equipment to serve Triple T Broadband's
nationwide backbone of triple play services and the gateway of
interconnections from international and domestic Internet
Service Providers and other telecommunications service
providers.

By linking the access network to its core IP/MPLS network and
WDM equipment, Triple T Broadband now has a full end-to-end
triple play network from Alcatel-Lucent, and subscribers enjoy a
seamless user-experience when using voice, rich multimedia and
Internet services simultaneously.

Under the terms of the agreement, Alcatel-Lucent has supplied,
installed and implemented its 7302 Intelligent Services Access
Manager (ISAM), the industry's most deployed IP access platform
for triple play, managed by the 5523 ADSL Work Station, in
Chiangmai and Chonburi provinces.

"We trust Alcatel-Lucent to have the unparalleled experience in
providing quality end-to-end broadband infrastructure and
services. As newly established broadband services provider,
time-to-market is a significant factor for us,"' Subhoj
Sunyabhisithkul, President of Jasmine Telecom Systems PCL, said.  
Thanks to their fast and on time delivery of the equipment, we
have been able to offer our subscribers the complete range of
broadband services by November as planned."

"Alcatel-Lucent has unparalleled triple play integration
experience, gained from more than 40 projects around the globe,"
said Michel Rahier, Head of Alcatel-Lucent's wireline
activities. "Based on this experience, we partner with our
customers to help them accelerate their time-to-market and bring
an innovative service to their customers."

Alcatel-Lucent's ISAM family is a key strategic asset for
service providers and has been chosen by more than 100 service
providers worldwide over the past two years. With more than 115
million DSL lines shipped, Alcatel-Lucent remains the
uncontested global market leader in broadband access.

                 About Jasmine Telecom Systems

Jasmine Telecom systems' major share is owned by Jasmine group.
The company is a turnkey telecommunications system integrator
and information technology provider, whose services range from
design, supply, installation and testing.

                      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, 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.

                           *     *     *

Standard & Poor's, on Dec. 6, said that following news that the
merger between French telecoms equipment supplier Alcatel and
U.S. peer Lucent Technologies Inc. has received final approval
from the U.S. Committee on Foreign Investments, it has lowered
its long-term corporate credit and senior unsecured debt ratings
on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7 research
update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: BT Global Awards US$350MM Maintenance Deal
----------------------------------------------------------
BT Global Services has awarded an eight-year equipment
maintenance contract worth US$350 million (GBP176 million) to
Alcatel-Lucent, ComputerWeekly relates.

According to the report, the managed services deal will see
Alcatel-Lucent assume responsibility for most of BT Global
Services' current equipment maintenance and spares management
contracts.

BT Global expects the consolidation of its equipment maintenance
contracts with Alcatel-Lucent to generate more than US$100
million in cost savings over the term of the deal,
ComputerWeekly notes.

BT Global's president of customer service and network operation,
Roel Louwhoff, said that by moving to a single-point-of-contact
supplier, they will benefit from having one primary interface
for support services rather than having to manage a large number
of service vendors, while service level agreements will remain
at the current high level, or be improved where needed.

The report further cites Mr. Louwhoff as saying that the
approach was in line with the company's strategy of combining
efficiency savings with improvements in customer service.

The contract will come into operation as BT Global carries out
its transition from legacy corporate networks to an all-IP
platform under its 21CN program, the report points out.

                      About the Company

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, 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.

                           *     *     *

Standard & Poor's, on Dec. 6, said that following news that the
merger between French telecoms equipment supplier Alcatel and
U.S. peer Lucent Technologies Inc. has received final approval
from the U.S. Committee on Foreign Investments, it has lowered
its long-term corporate credit and senior unsecured debt ratings
on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7 research
update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


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


ALTAY-SOY CJSC: Court Names M. Shelipova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Altay Region appointed Ms. M. Shelipova
as Insolvency Manager for CJSC Agricultural Company-Altay-Soy.  
She can be reached at:

         M. Shelipova
         Post User Box 21
         Rubtsovsk
         658201 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company-Altay-Soy
         Sorochiy Log
         Pervomayskiy Region
         Altay Region
         Russia


AMKODOR CJSC: Court Names U. Sidorova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Ms. U. Sidorova as Insolvency Manager for CJSC
Auditing Company Amkodor (TIN 7825083890, OGRN 1037843077106).  
She can be reached at:

         U. Sidorova
         Post User Box 7
         117321 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-59838/2005.

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:

         CJSC Auditing Company Amkodor
         Premise 12-N
         Letter D
         Radisheva Str. 39
         191123 St. Petersburg Region
         Russia


CENTERTELECOM OAO: To Impose New Tariff Rates in February 2007
--------------------------------------------------------------
Sergei Pridantsev, the general director of OJSC CenterTelecom,
has set new tariffs and tariff plans for the local telephone
communication services provided by CenterTelecom, which are to
come into force on Feb. 1, 2007.  

The move is in accordance with the Decision of the Management
Board of the Federal Tariff Service of Russia.

In the locations of the Central Federal District, where there is
an opportunity to introduce time-based billing, three compulsory
tariff plans are to be introduced for private subscribers.  The
tariff rates will include fee for provision of subscriber line
for unlimited usage and fee for local telephone connection:

1. Tariff plan with subscriber services payment system


Region           Subscriber Fee            Including fee
                  for unlimited number      for provision
                  of local telephone        of subscriber line
                  connections               for unlimited usage
                  (VAT inclusive), RUR      (VAT inclusive), RUR  

Belgorod, Bryansk,         250                       120
Vladimir, Voronezh,
Ivanovo, Kaluga,
Kostroma, Kursk,
Lipetsk, Orel,
Ryazan, Smolensk,
Tambov, Tver,
Tula, Yaroslavl
  
Moscow                     290                       130
  

2. Tariff plan with time-based services payment system

  
Region           Fee for provision         Fee for a minute
                  of subscriber line        of local connection
                  for unlimited usage       (VAT inclusive), RUR
                  (VAT inclusive), RUR
  
Belgorod, Bryansk,         120                       0.22
Vladimir, Voronezh,
Ivanovo, Kaluga,
Kostroma, Kursk,
Lipetsk, Orel,
Ryazan, Smolensk,
Tambov, Tver,
Tula, Yaroslavl
  
Moscow                     130                       0.24
  
New system of local telephone connections tariff will allow the
Company's subscribers to choose the most favorable tariff plan
and effectively manage their local telephone communication
costs.  At the same time the initial choice of tariff plan will
be possible to make free of charge.  Every other change of
tariff plan (only once a month) will cost RUR120.

The introduction of tariffs on Feb. 1, 2007 will allow
subscribers to look through the approved tariffs and choose the
most favorable.  In order to exercise the right to choose a
tariff plan private subscribers of OJSC CenterTelecom should
conclude supplementary agreement to the current agreement on
provision of telephone communication services until Jan. 20,
2007.

If subscriber does not conclude this agreement, on Feb. 1, 2007,
the method of payment for local telephone communication for such
subscribers will remain unchanged in accordance with the
precontract.

In the absence of technical opportunity to introduce time-based
local telephone connections billing subscriber fee for legal
entities will make RUR245 without VAT (including fee for
provision of subscriber line).  

If there is a technical opportunity to introduce time-based
billing, legal entities will be switched to the tariff plan with
time-based payment system, according to which fee for provision
of subscriber line for unlimited usage will make RUR145 (without
VAT), and fee for a minute in the Moscow region -- RUR0.24
rubles (without VAT), for other regions of the CFO -- RUR0.22
rubles (without VAT).

Only outgoing local telephone connections will be subject to
tariff.  Incoming telephone connections will remain free of
charge.  Besides that, first six seconds of the call, emergency
calls, complimentary I&R calls and calls to Internet access
nodes of OJSC CenterTelecom or access nodes of other providers
participating in the contracts on connection to the OJSC
CenterTelecom network will remain charge-free.

Besides that, tariffs for provision of intra-areal telephone
connections during the peak hours from 08-00 to 20-00 in 2nd
tariff zone will be decreased by 5% for all categories of
subscribers.

                       About CenterTelecom

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

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

                        *     *     *

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

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

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


FAVORIT CJSC: Court Names S. Kuznetsov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. S.
Kuznetsov as Insolvency Manager for CJSC Leasing Company Favorit
(TIN 7714232680).  He can be reached at:

         S. Kuznetsov
         To be called for Mr. S. Kuznetsov
         125009 Moscow Russia
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-53654/06-101-811 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Leasing Company Favorit
         Building 1
         Yamskogo Polya 3rd Str. 17/19
         125040 Moscow Region
         Russia


KRAEVAYA BUILDING: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on LLC Kraevaya Building Company.  The
case is docketed under Case No. A73-696/2006-38.

The Temporary Insolvency Manager is:

         MG. Chmutina
         Office 806
         Sheribiva Str. 56a
         680000 Khabarovsk Region
         Russia

The Debtor can be reached at:

         LLC Kraevaya Building Company
         M. Amurskogo Str. 32-205
         Khabarovsk
         Russia


LUKOIL OAO: To Commence Issue of Documentary Bonds on Dec. 14
-------------------------------------------------------------
Vagit Alekperov, President of OAO Lukoil, fixed the bond
offering commencement date of 8,000,000 non-convertible
interest-bearing documentary bonds to bearer with nominal value
RUR1,000 each, with maturity of five years on Dec. 14, 2006.

Offering price is set at 100% of the bond nominal value.  The
bonds have 10 coupon periods.  The coupon yield for the first
coupon period will be determined based on the tender results
among potential buyers.  Early redemption and pre-emptive rights
are not envisaged.

The President of OAO Lukoil also fixed the bond offering
commencement date of 6,000,000 non-convertible interest-bearing
documentary bonds to bearer with nominal value RUR1,000 each,
with maturity of seven years on Dec. 14.

Offering price is set at 100% of the bond nominal value.  The
bonds have 14 coupon periods. The coupon yield for the first
coupon period will be determined based on the tender results
among potential buyers.  Early redemption and pre-emptive rights
are not envisaged.

The bonds will be placed through an open subscription on the
Moscow Interbank Currency Exchange (MICEX).

ABN AMRO Bank ZAO will act as an underwriter of the issue.  The
exclusive arrangers and leading managers are ABN AMRO Bank ZAO,
Drezdner Bank ZAO and the Renaissance Capital Group.

The ruble-denominated bond offering is implemented in accordance
with the previously approved debt program for 2006. In addition
to that, this issue will reduce the Company's bank loans.
Macroeconomic forecasts also make long-term ruble borrowings
advantageous.

                          About Lukoil

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

                          *     *     *

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


MEAT PRODUCTS: Court Names M. Shelipova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Ms. M. Shelipova
as Insolvency Manager for Municipal Unitary Enterprise Meat
Products.  She can be reached at:

         M. Shelipova
         Post User Box 21
         Rubtsovsk
         658201 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-12480/06-B.

The Debtor can be reached at:

         Municipal Unitary Enterprise Meat Products
         Slavgorod
         Altay Region
         Russia


NORTH-WEST TELECOMS: Fitch Affirms Issuer Default Rating at B+
--------------------------------------------------------------
Fitch Ratings affirmed Russia-based OAO North-West Telecoms'
ratings at Issuer Default B+, and National Long-term A and
removed them from Rating Watch Evolving.  Stable Outlooks are
assigned to both ratings.  

Its Short-term rating is affirmed at B.  Fitch has also assigned
NWT's planned RUR2 billion domestic bond maturing in five years
an expected National Long-term rating of A.

The final rating on the bond is contingent on the receipt of
final documents conforming to information already received.

The Rating Watch is resolved after NWT's board recommended an
acquisition of 100% of PTT, an alternative telecoms operator in
the city of St.Petersburg.  The Board's decision was put up for
an AGM approval scheduled to take place on Dec. 18.  In an AGM
pack the company disclosed additional information such as the
transaction price and a summary of the valuation report,
allowing Fitch to take a rating decision.

Fitch notes that this acquisition will allow NWT to become the
owner of core infrastructure on which it is heavily dependent,
increasing its operating flexibility.  The transaction is
unlikely to result in a significant increase in NWT's leverage.
However, the valuation report suggests that long-term financial
synergies of the acquisition are likely to be lower than implied
by PTT's historical results.

PTT owns a backbone network in the city of St. Petersburg and
derives most of its revenues from providing access to its
infrastructure to other operators and interconnect.  PTT and NWT
are heavily interdependent as NWT heavily relies on PTT's
network to carry its traffic around the city while NWT is PTT's
dominant client.

NWT is acquiring 100% of PTT for US$97 million, which is very
close to the lower end of the US$96 million-US$122 million
valuation range estimated by an independent appraiser at end-
2006.  

Fitch notes, however, that the appraiser is expecting a
significant decline in PTT's EBITDA to US$6.9 million in H206
and US$24.3 million in 2007 compared to US$18.2 million in H106
and US$31 million in 2005.  PTT's interconnect tariffs are
likely to come under regulatory pressure after it becomes a
subsidiary of the regulated NWT.


NOVOLIPETSK STEEL: Earns US$1.6-Billion for Nine Months 2006
------------------------------------------------------------
OJSC Novolipetsk Steel released its unaudited interim
consolidated financial results for the first nine months ended
Sept. 30, 2006, prepared according to U.S. GAAP.

The Company posted US$1.68 billion in net profit against
US$4.36 billion in sales revenues for the first nine months
ended Sept. 30, 2006, compared with US$1.05 billion in net
income against US$3.36 billion in sales revenues for the same
period in 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$8.29 billion in total assets, US$1.84 billion in total
liabilities and US$6.45 billion in stockholders' equity.

"NLMK has demonstrated strong financial results for the first
nine months of 2006," Galina Aglyamova, NLMK's CFO, said.  
"EBITDA margin for the nine months 2006 stood at 42%.  The
Company's sound performance was driven by growth in steel output
and consolidation of the newly acquired assets, including those
with increased share of higher value-added products, supported
by favorable steel market environment. NLMK's solid financial
results demonstrate successful execution of the Company's
strategy aimed at increasing vertical integration and supply of
key raw materials, modernization of production facilities and
stringent cost management."

"We aim to further strengthen NLMK's key competitive advantages
in order to achieve sustained financial performance and improved
efficiency in the future," Ms. Aglyamova added.  "In line with
the corporate strategy for 2007-2011 NLMK aims to further
improve vertical integration, maintain low cost slab production
platform and increase output of value-added products. Stable
operating cash flow provides the Company with financial
flexibility necessary to implement its development strategy."

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-  
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on Dec. 5, Standard & Poor's
Ratings Services said that its ratings and outlook on Russian
steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia
national scale 'ruAA+') are unchanged by the announcement of
NLMK's acquisition of a 50% share in a joint venture with
Duferco Group for US$850 million.


NOVOUSMANSJKIY DIARY: Court Names L. Prokopenko to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. L.
Prokopenko as Insolvency Manager for LLC Novousmansjkiy Diary
(TIN/KPP 3616007143/361601001).  He can be reached at:

         L. Prokopenko
         Apartment 63
         Pobedy Avenue 17
         394077 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-7378-2006/94/33b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         L. Prokopenko
         Apartment 63
         Pobedy Avenue 17
         394077 Voronezh Region
         Russia


ORLOVSKIY EAR: Court Names S. Galakhov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Galakhov
as Insolvency Manager for CJSC Orlovskiy Ear.  He can be reached
at:

         S. Galakhov
         Pugacheva Str. 93
         302004 Orel Region
         Russia
         Tel: (4862)75-02-81

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-4659/06-20B.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         CJSC Orlovskiy Ear
         Pishevoy Per. 11
         302043 Orel Region
         Russia


PRICHULYMSKAYA CJSC: Court Names V. Poroshkov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. V. Poroshkov
as Insolvency Manager for CJSC Agricultural Machinery
Prichulymskaya.  He can be reached at:

         V. Poroshkov
         Post User Box 337
         630102 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-1578/06.

The Debtor can be reached at:

         CJSC Agricultural Machinery Prichulymskaya
         Prichulymskiy
         Zyryanskiy Region
         Tomsk Region
         Russia


PROMSVYAZBANK JSCB: Acquires EUR1.7-Million Five-Year Loans
-----------------------------------------------------------
JSCB Promsvyazbank signed two five-years loan agreements for a
total of EUR1.7 million.

DZ Bank AG of Germany will provide Promsvyazbank with EUR885,846
loan, guaranteed by Euler Hermes, German export credit agency.

Promsvyazbank will also receive a loan of EUR848,301 from Danske
Bank A/S of Denmark, the deal is guaranteed by export agency of
Sweden-EKN.

The raised funds will be allocated to finance the purchase of
semi-trailers and chassis for trucks within the contracts
between Promsvyazbank's client and Fahrzeugwerk Bernard Krone
GmbH and Volvo Truck Corporation companies.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,  
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

As reported in the TCR-Europe on Dec. 8, Fitch Ratings changed
the Outlook on the Issuer Default Rating of Russia-based
Promsvyazbank to Positive from Stable.  The bank's ratings are
affirmed at IDR B+, Short-term B, Individual D, and Support 5.

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

As reported in the TCR-Europe on Oct. 5, Fitch has assigned an
expected Long-term rating of B+ to PSB's upcoming senior
unsecured eurobond and an expected Long-term rating of B- to its
upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.

Moody's Investors Service assigned a Ba3 foreign currency debt
rating to the Loan Participation Notes to be issued on a limited
recourse basis by PSB Finance S.A. for the sole purpose of
funding a loan to Promsvyazbank.  The outlook for the rating is
stable.

Moody's Ba3 debt rating is based on the fundamental credit
quality of Promsvyazbank.  The holders of the notes will be
relying for repayment solely and exclusively on the ability of
Promsvyazbank to make payments under the loan agreement


PROMSVYAZBANK JSCB: Moody's Keeps D- Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service changed from stable to positive the
outlook on Promsvyasbank's Ba3 long-term foreign currency
deposit and debt ratings.  

The outlook on the bank's D- financial strength rating remains
unchanged.  

At the same time the outlook for the Ba3 long-term foreign
currency debt rating assigned to US$125 million 8.75% senior
unsecured loan participation notes and the B1 long-term foreign
currency debt rating assigned to the US$200 million 9.625%
subordinated loan participation notes issued by PSB Finance S.A.
have also been changed to positive.

Moody's change of outlook is prompted by a recent announcement
of the successful acquisition of a 15% stake of PSB by
Commerzbank AG, which is likely to be followed by the
acquisition of a controlling stake.  The change of outlook
reflects the increased probability of the successful acquisition
of the controlling stake of the bank by CB in the future.

Moody's notes that the positive outlook on the foreign currency
deposit and debt ratings reflects the increased likelihood that
this rating may be raised by several notches following
finalization of the acquisition of the controlling stake in PSB,
as a result of factoring in parental support.  However, the
ratings have not been upgraded because the final outcome of the
transaction still carries a high degree of uncertainty, as the
negotiations are still underway and the structure of the
transaction is still to be developed.

Moody's notes that the bank's D- FSR could also experience
positive pressure in the future stemming from more active
participation of CB in PSB's activity, leading to a more defined
strategy, development of franchise, improved capital, funding
sources and internal systems, a decrease in risk appetite, as
well as greater brand recognition and more strict corporate
governance procedures.

Moody's notes, however, that the positive outlook is likely to
be returned to stable if the transaction of acquiring a
controlling stake does not go through as expected.

Headquartered in Moscow, Russia, Promsvyazbank had total
IFRS-consolidated assets of US$4.6 billion as of June 30,


ROGOVSKAYA OJSC: Court Names G. Utka as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. G. Utka
as Insolvency Manager for OJSC Agricultural Company Rogovskaya.  
He can be reached at:

         G. Utka
         Ogorodnaya Str. 7
         Dyadkovskaya St.
         Korenovskiy Region
         353165 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-19193/2005-44/276B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Rogovskaya
         Lenina Str. 86
         Rogovskaya St.
         352725 Krasnodar Region
         Russia


ROSNEFT OIL: Forms Second Joint Venture with Sinopec Corp.
----------------------------------------------------------
OAO Rosneft Oil Co. and China National Petroleum Corporation has
formed a joint venture to build an oil refinery in Beijing,
China, RIA Novosti says.

The parties expect to complete in 2007 the creation of the joint
venture, of which Rosneft will own 49% and Sinopec, through its
PetroChina unit, will control 51%, RIA Novosti relays.  

The joint venture, RIA Novosti reports, will build and operate
an oil refinery that will refine crude, sell oil derivatives and
operate a network of 300 gasoline stations.  

OAO Rosneft Oil Co. expects to complete all legal procedures for
its planned joint ventures with China National Petroleum Corp.
by the end of 2006, RIA Novosti states.

"The plant will refine about 10 million metric tons of oil, and
will be completed by 2010," Sergei Goncharov, head of Rosneft in
China, said.

The new joint venture is one of two joint projects between
Rosneft and Sinopec.  On March 21, 2006, Sergey Bogdanchikov,
President of Rosneft, and Chen Geng, President of Sinopec,
agreed to create joint venturecompanies in Russia and China in
order to expand cooperation between Rosneft and CNPC.  The
agreement, FT reported, suggests that Rosneft is looking to
better streamline its oil production, refining and sales for
China, which has been trying to diversify its foreign sources of
oil and natural gas.

As reported in the TCR-Europe on Oct. 23, Mr. Bogdanchikov and
Mr. Geng signed a protocol on the creation of Vostok Energy Ltd.  
Rosneft will hold a 51% stake in the company, and Sinopec will
hold 49%.  The joint venture company was established primarily
to conduct exploration work in Russia and obtain licenses for
various types of subsoil resource use.  

Mr. Goncharov also reiterated Mr. Bogdanchikov's promise to
increase oil deliveries to China.  As reported in the TCR-Europe
on Nov. 16, Mr. Bogdanchikov also assured that Rosneft could
supply China the oil it needs even if demand rises.

"In theory, we can raise supplies by 6.5-7 million metric tons
and provide about 20 million," Mr. Bogdanchikov said.  

Mr. Bogdanchikov added that Rosneft could supply oil to China
through:

   -- a pipeline from Kazakhstan to China on stream;
   -- full operation of the Sakhalin-I oil;
   -- gas project in Russia's Far East; and
   -- delivering oil by rail from Russia to China via Mongolia.

Mr. Bogdanchikov, however, noted that Europe is also demanding a
lot of fuel, thus competing with China.

"We are ready to resume supplies of thee million tons a year but
have yet to agree on the price," Mr. Bogdanchikov said.

                        About Sinopec

Headquartered in Beijing, China, China Petroleum & Chemical
Corporation (Sinopec Corp.) -- http://www.sinopec.com.cn/--  
along with its subsidiaries engages in exploring for and
developing, producing and trading crude oil and natural gas;
processing crude oil into refined oil products, producing
refined oil products and trading, transporting, distributing and
marketing refined oil products, and producing, distributing and
trading petrochemical products.

                        About Rosneft

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

                        *     *     *

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

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


SIBERIAN METALLURGIC: Court Names Sh. Fazailov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. Sh.
Fazailov as Insolvency Manager for CJSC Siberian Metallurgic
Holding.  He can be reached at:

         Sh. Fazailov
         Mira Pr. 101V
         129085 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-23895/06-38-262 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Siberian Metallurgic Holding
         Building 1
         B. Kozikhinskiy Per. 22
         123001 Moscow Region
         Russia


STARO-STEKLYANNYJ SPIRIT: Names E. Porkhunov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. E.
Porkhunov as Insolvency Manager for OJSC Staro-Steklyannyj
Spirit Distillery.  He can be reached at:

         E. Porkhunov
         Office 14
         Zavrazhnova Pr. 5
         Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-1342/2006 1.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Staro-Steklyannyj Spirit Distillery
         Staro-Steklyannoye
         Spasskiy Region
         Ryazan Region
         Russia


TYRNYAUZSKIY MINING: Bankruptcy Hearing Slated for May 4
--------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya Republic will
convene on May 4, 2007, to hear the bankruptcy supervision
procedure on OJSC Tyrnyauzskiy Mining and Concentration Complex.
The case is docketed under Case No. A20-5770/2004.

The Temporary Insolvency Manager is:

         I. Gorelov
         Apartment 63
         Botanicheskiy Pr. 14
         355038 Stavropol Region
         Russia

The Debtor can be reached at:

        OJSC Tyrnyauzskiy Mining and Concentration Complex
        445139 Kabardino-Balkariya Republic
        Russia


VOLOGODSKAYA HOLDING: Bankruptcy Hearing Slated for Dec. 21
-----------------------------------------------------------
The Arbitration Court of Vologda Region will convene at
10:00 a.m. on Dec. 21 to hear the bankruptcy supervision
procedure on OJSC Vologodskaya Holding Company.  The case is
docketed under Case No. A13-7628/2006-25.

The Temporary Insolvency Manager is:

         A. Krasilnikov
         Office 18a
         Chekhova Str. 4
         160009 Vologda Region
         Russia

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Vologodskaya Holding Company
         Vologda Region
         Russia


ZNAMENSKAYA OJSC: Orel Bankruptcy Hearing Slated for Jan. 17
------------------------------------------------------------
The Arbitration Court of Orel Region will convene at 2:00 p.m.
on Jan. 17, 2007, to hear the bankruptcy supervision procedure
on OJSC APK Agricultural Company Znamenskaya.  The case is
docketed under Case No. A48-4209/06-16B.

The Temporary Insolvency Manager is:

         M. Bolotov
         3rd Kurskaya Str. 15
         302004 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC APK Agricultural Company Znamenskaya
         Kirova Str. 16
         Znamenskoye
         Znamenskiy Region
         Orel Region
         Russia


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


CHEMTURA CORP: Posts US$39.9 Mil. Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Chemtura Corp. reported a US$39.9 million net loss on US$917
million of sales for the third quarter ended Sept. 30, 2006,
compared with a US$118.9 million net loss on US$918.4 million of
sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$4.62 billion in total assets, US$2.79 billion in total
liabilities, and US$1.83 billion in total stockholders' equity.

Third quarter 2006 net sales of US$917.0 million were less than
1% below third quarter 2005 net sales of US$918.4 million.  The
decrease is due to lower sales of US$13.6 million related to the
sale of the company's Industrial Water Additives business in May
2006 and a US$21.7 million decrease in sales volume, which were
mostly offset by increased selling prices of US$26.5 million and
favorable foreign currency translation of US$7.0 million.

"This year's third quarter results reflect a number of operating
challenges and several notable accomplishments," said Robert L.
Wood, Chairman and CEO.

"Crop Protection results were negatively impacted by high bad
debt reserves and lower sales in Latin America and competitive
pressures in the U.S. mite market, and we continued to struggle
in Rubber Additives and EPDM Elastomers.  We've begun
recapturing volume in our non-flame retardant Plastic Additives
business but it has not yet translated into the margin recovery
we anticipate.  Flame Retardants, Consumer Products, Lubricant
Additives and Urethanes all turned in solid performances.

Included in the operating loss for the three month period ended
Sept. 30, 2006, is a pre-tax impairment charge of US$51.9
million, due primarily to continued weak market share and the
projected loss of revenue in the Fluorine business resulting
from the loss of a customer.  Additionally, the company recorded
an impairment charge related to certain assets used in the
Fluorine business of US$22.7 million.  

The operating loss for the third quarter of 2006 was US$51.9
million as compared to an operating loss of US$49.7 million for
the third quarter of 2005

The loss from continuing operations for the third quarter of
2006 was US$85.8 million compared to US$120.3 million for the
third quarter of 2005.  The improvement is partly due to lower
interest expense of US$6.8 million and a higher tax benefit in
2006 compared to 2005 principally due to the absence of non-
recurring taxes in 2005 on dividends under the Foreign Earnings
Repatriation provisions of the 2004 American Jobs Creation Act
and the lack of any tax benefit in 2005 for the write-off of in-
process research and development.  These increases were
partially offset by higher costs of US$13.5 million for the loss
on early extinguishment of debt principally related to the early
retirement of the company's 9.875% Notes in July 2006.

During the third quarter of 2006, the company recorded a gain on
sale of discontinued operations of US$45.9 million related to
the sale of the OrganoSilicones business to General Electric
Company in July of 2003.  This gain represents the recognition
of the additional contingent earn-out proceeds related to the
combined performance of GE's existing Silicones business and the
OrganoSilicones business from the date of the sale through
Sept. 30, 2006.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available for free at: http://researcharchives.com/t/s?1630

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In Europe, the company maintains operations in
Belgium, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.

                        *    *    *

In a TCR-Europe on Oct. 23, Standard & Poor's Ratings Services
revised its outlook on Middlebury, Conn.-based Chemtura Corp. to
stable from positive and affirmed the existing 'BB+' corporate
credit and senior unsecured debt ratings.

The outlook revision reflects diminished expectations for the
strengthening of key cash flow protection measures because of
poor profitability in certain businesses and less-than-expected
debt reduction.

Chemtura's progress toward the improvement of the balance sheet
has been hampered in part by payments for antitrust litigation,
restructuring activities, and debt retirement premiums.

As reported in the TCR-Europe on Oct. 11, Moody's Investors
Service confirmed its Ba1 Corporate Family Rating for Chemtura
Corp. in connection with Moody's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the Chemicals and Allied Products sector.


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


CENTRE RADIANCE: Lucerne Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Luzern-Land suspended the bankruptcy
proceedings of LLC Centre Radiance Suisse 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 July 17, can be contacted at:

         LLC Centre Radiance Suisse
         Wurzenrain 11
         6013 Eigenthal (Gde. Schwarzenberg)
         Kriens, Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


CNP PARTNERS: St. Gallen Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of JSC CNP Partners on Nov. 15, 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 Oct. 17, can be contacted at:

         JSC CNP Partners
         Rainstrasse 17
         8645 Jona
         St. Gallen
         Switzerland

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

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


D&S PROMOTIONS: St. Gallen Court Suspends Bankruptcy Process
------------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of LLC D&S Promotions on Nov. 15, 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 CHF5,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 23, can be contacted at:

         LLC D&S Promotions
         Industriestrasse 36
         9400 Rorschach
         St. Gallen
         Switzerland

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

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


DIESEINEREI LLC: Olten Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Olten entered Oct. 18 an order closing
the bankruptcy proceedings of LLC Dieseinerei.

The Debtor can be reached at:

         LLC Dieseinerei
         Parkstrasse 16a
         5012 Schonenwerd
         Olten
         Switzerland

The Bankruptcy Service of Olten can be reached at:

         Bankruptcy Service of Olten
         4702 Oensingen
         Solothurn
         Switzerland


EGRA SOLUTIONS: St. Gallen Court Suspends Bankruptcy Process
------------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of LLC EGRA solutions on Nov. 15, 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 Oct. 17, can be contacted at:

         LLC EGRA solutions
         Ulmenstrasse 2
         9470 Buchs
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs
         St. Gallen
         Switzerland


EITEL PRESSES: Thurgau Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Thurgau entered Oct. 26 an order closing
the bankruptcy proceedings of LLC Dieseinerei.

The Debtor can be reached at:

         LLC Eitel Presses International
         Langfeldstrasse 88
         8500 Frauenfeld
         Thurgau
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


ICONE S.A.G.L: Hofe Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Hofe suspended the bankruptcy
proceedings of Icone S.a.g.l. on Nov. 13, pursuant to Article
230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 16, can be contacted at:

         Icone S.a.g.l.
         Speerstrasse 19
         8832 Wilen
         Thurgau
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


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


ACE NORTHAMPTON: Joint Liquidators Take Over Operations
-------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Ace (Northampton) Limited
(t/a Ace Windows) on Nov. 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Ace (Northampton) Limited
         Burns Street
         Northampton
         Northamptonshire NN1 3QE
         United Kingdom
         Tel: 01604 629 670
         Fax: 01604 629 682


AERCO LTD: S&P Puts Junk Class D-2 Notes on Watch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class B-1, B-2, C-1, C-2, and D-2 notes issued by AerCo Ltd.
on CreditWatch with negative implications.  The senior class
A-2, A-3, and A-4 notes in this transaction remain unaffected by
the CreditWatch placements.
  
The CreditWatch placements reflect Standard & Poor's view that
all of the subordinated notes in the transaction are susceptible
to missing interest payments in the near- to medium-term.
Standard & Poor's rating on each tranche of notes addresses the
full and timely payment of interest.  
  
The CreditWatch placement follows an initial review of the most
recent information received by Standard & Poor's.  The rating
agency will now carry out a more detailed analysis of the
transaction, and any changes in the ratings are expected within
a month of this media release.
  
                          Ratings List
                           AerCo Ltd.
                    US$1.52 Billion Floating-
                and Fixed-Rate Asset-Backed Notes

                                      Rating
                                      ------
                Class            To             From
                -----            --             ----
Ratings placed on creditwatch with negative implications

                B-1         B+/Watch Neg      B+/Stable
                B-2         B+/Watch Neg      B+/Stable
                C-1         B-/Watch Neg      B-/Negative
                C-2         B-/Watch Neg      B-/Negative
                D-2         CCC-/Watch Neg    CCC-/Negative


AVANTI HOUSEWARES: Names Joint Liquidators to Wind Up Business
--------------------------------------------------------------
Richard Frank Simms and Steven Peter Ford of Insol House were
appointed Joint Liquidators of Avanti Housewares Limited on
Nov. 24 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Avanti Housewares Limited
         Unit 3-6 Laurel Farm
         Claverham
         Bristol
         Avon BS494QA
         United Kingdom
         Tel: 01934 830 555
         Fax: 01934 830 666


BELL & BULPITT: Appoints Colin Prescott to Liquidate Assets
-----------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed Liquidator of
Bell & Bulpitt Limited on Nov. 17 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Bell & Bulpitt Limited
         Eling Wharf
         Totton
         Southampton
         Hampshire SO404TE
         United Kingdom
         Tel: 023 8086 2881


BELLE OF NORTHAMPTON: Hires Joint Liquidators from Insol House
--------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Belle of Northampton Limited
on Nov. 22 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Belle of Northampton Limited
         Kings House
         40 Billing Road
         Northampton
         Northamptonshire NN1 5BA
         United Kingdom
         Tel: 01604 632 547


CB RICHARD: Completes 9-3/4% Senior Notes Tender Offer
------------------------------------------------------
CB Richard Ellis Services Inc., a wholly owned subsidiary of CB
Richard Ellis Group Inc., disclosed the completion of the
company's reported cash tender offer and consent solicitation to
purchase all of its 9-3/4% Senior Notes due 2010.

A total of US$126,690,000 in aggregate principal amount of
Notes, or approximately 97.5% of the outstanding principal
amount of the Notes, were tendered prior to the expiration date
of 5:00 p.m., New York City time, on Dec. 4, 2006.  The company
has accepted for purchase and has paid for, all Notes tendered
pursuant to the Offer.

On Nov. 17, 2006, the company, CB Richard Ellis Group, Inc.,
certain subsidiary guarantors and the indenture trustee executed
a supplemental indenture effecting certain amendments to the
indenture governing the Notes.  The amendments, which eliminate
or modify the restrictive covenants and certain events of
default, became operative upon acceptance of the Notes for
purchase.

Credit Suisse Securities (USA) LLC acted as Dealer Manager in
connection with the Offer.

Headquartered in Los Angeles, California, CB Richard Ellis
Group, Inc. (NYSE: CBG) -- http://www.cbre.com/-- a FORTUNE  
1000 company, is the world's largest commercial real estate
services firm (in terms of 2005 revenue).  With approximately
14,500 employees, the company serves real estate owners,
investors, and occupiers through more than 200 offices
worldwide, including those in Argentina, Japan, and the United
Kingdom.

                        *     *     *

As reported in the TCR-Europe on Nov. 15, Standard & Poor's
Ratings Services affirmed its ratings on CB Richard Ellis
Services Inc., including its 'BB+' long-term counterparty credit
rating, and removed them from CreditWatch Negative where they
were placed Oct. 31.  S&P said the outlook is stable.

In a TCR-Europe report on Nov. 2, Moody's Investors Service
affirmed the senior debt ratings of CB Richard Ellis Services
Inc. at Ba1 with a stable outlook following the announcement
that CBRE will acquire Trammell Crow Company in a transaction
valued at US$2.2 billion.  

Ratings affirmed:

CB Richard Ellis Services, Inc.

    * senior secured bank credit facility at Ba1; and
    * senior unsecured debt at Ba1.

In April 2006, Moody's raised the senior debt ratings of CB
Richard Ellis Services, Inc. to Ba1, from Ba3.


CORUS GROUP: Tata Steel Increases Bid to GBP4.7 Billion
-------------------------------------------------------
The boards of directors of Tata Steel Ltd. and Corus Group plc
have agreed the terms of an increased recommended revised
acquisition at a price of 500 pence in cash per Corus share.

"We remain convinced of the compelling strategic rationale of
this partnership and the revised terms deliver substantial
additional value to Corus shareholders," Ratan Tata, chairman of
Tata Steel, said.

Jim Leng, chairman of Corus, said, "The Revised Acquisition
terms from Tata Steel are a substantial increase from the
previous offer.  Accordingly, the Corus Board are pleased to
recommend this to Corus Shareholders."

                 Terms of the Revised Acquisition

Under the terms of the Revised Acquisition, Corus Shareholders
will be entitled to receive 500 pence in cash for each Corus
Share.  This represents a price of 1,000 pence in cash for each
Corus ADS.

The terms of the Revised Acquisition value the entire existing
issued and to be issued share capital of Corus at approximately
GBP4.7 billion and the Revised Price represents:

   * an increase of approximately 10% compared with 455 pence,
     being the Price under the original terms of the
Acquisition;

   * on an enterprise value basis, a multiple of approximately
     7.5x EBITDA from continuing operations for the 12 months to
     Sept. 30, 2006 (excluding the non-recurring pension credit
of
     GBP96 million) and a multiple of approximately 5.9x EBITDA
     from continuing operations for the year ended Dec. 31,
2005;

   * a premium of approximately 38.7% to the average closing
     mid-market price of 360.5 pence per Corus Share for the
     12 months ended Oct. 4, 2006, being the last business day
     before the announcement by Tata Steel that it was
evaluating
     various opportunities including Corus; and

   * a premium of approximately 22.7% to the closing mid-market
     price of 407.5 pence per Corus Share on Oct. 4, 2006, being
     the last business day before the announcement by Tata Steel
     that it was evaluating various opportunities including
Corus.

The terms of the Revised Acquisition remain subject to the
conditions and do not affect Tata Steel's intentions regarding
the business of Corus, its management, employees and locations,
nor the proposals relating to Corus's pension schemes, the Corus
Share Schemes, Convertible Bonds or cancellation of the Deferred
Shares.

On Dec. 4, 2006, the EGM and Court Meeting of Corus were
adjourned to Dec. 20, 2006.  Corus intends to advise
shareholders as appropriate in due course, and in any event in
advance of the meetings, on the action that shareholders should
take at those meetings.

                          Recommendation

The Corus Directors, who have been advised by Credit Suisse as
its lead financial adviser, JPMorgan Cazenove and HSBC, consider
the terms of the Revised Acquisition to be fair and reasonable,
so far as Corus Shareholders are concerned.

Accordingly, the Corus Directors unanimously recommend that
Corus Shareholders vote in favour of the Revised Acquisition as
they have undertaken to do in respect of their own beneficial
holdings of Corus Shares, representing approximately 0.1% of the
existing share capital of Corus.

Although Credit Suisse is acting as lead financial adviser to
Corus, other members of the Credit Suisse Group are, with the
consent of Corus, providing acquisition finance and related
services to Tata Steel in relation to the Revised Acquisition
and, as a consequence, Credit Suisse is a connected party to
Tata Steel.

JPMorgan Cazenove, as part of the JPMorgan group, has historical
relationships with the Tata companies and, as a consequence, is
also a connected party to Tata Steel.

HSBC is providing independent advice to the Board of Corus in
connection with the Revised Acquisition for the purposes of Rule
3 of the Code.

In providing advice to the Corus Directors, Credit Suisse,
JPMorgan Cazenove, and HSBC have taken into account the
commercial assessments of the Corus Directors.

                             Financing

The financing arrangements relating to Tata Steel UK remain in
place.  The additional funding required under the proposed terms
of the Revised Acquisition will be funded by way of two letter
of credit facility agreements dated Dec. 5, 2006, and Dec. 10,
2006, respectively, among TATASTEEL Asia Holdings Pte. Ltd.,
Tata Steel, Standard Chartered Bank, and Standard Chartered
First Bank of Korea.

ABN AMRO and Deutsche Bank, as joint financial advisers to Tata
Steel and Tata Steel UK, are satisfied that sufficient resources
are available to satisfy in full the consideration payable to
Corus Shareholders under the proposed terms of the Revised
Acquisition.

            Implementation Agreement and Inducement Fee

The Implementation Agreement remains in effect.  The amount of
the Inducement Fee referred to in the Implementation Agreement
is 1% of the value of the Revised Acquisition calculated by
reference to the price per Corus Share and the fully diluted
share capital of Corus, together with an amount equal to any VAT
which is recoverable by Corus (if applicable).

                      Disclosure of Interests

Tata Limited, a wholly owned subsidiary of Tata Sons, holds
2,125 Corus Shares.  Since Corus Shares held either by members
of the Tata Steel Group or by Tata Limited are excluded from the
definition of Scheme Shares, Tata Steel will not be entitled to
vote these Shares at the Court Meeting.

Tata Steel UK has received irrevocable undertakings to vote in
favor of the Revised Acquisition and the resolutions at the
Court Meeting and EGM from the directors of Corus in respect of
1,164,416 Corus Shares, representing approximately 0.1% of the
existing issued ordinary share capital of Corus.  These
undertakings are in respect of their entire beneficial holdings
of Corus Shares.

The interests of the Deutsche Bank Group consist of, as at Dec.
7, 2006, a long position of 4,786,061 Corus Shares, a long
position of 472,597 Dutch Bonds and a long position of 76,336
Euro Bonds.

                       About Corus Group

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

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

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

                          *     *     *

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

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

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

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

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

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

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

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

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

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

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

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


D & M CONTRACT: Taps Joint Liquidators from Blades Insolvency
-------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of D & M Contracts
Limited on Nov. 27 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         D & M Contracts Limited
         77 Roundwood Road
         Arnold
         Nottingham
         Nottinghamshire NG5 6GB
         United Kingdom
         Tel: 0115 966 1195
         Fax: 0115 877 3787


DESIGNBYTANGERINE LIMITED: Names Liquidator from Maidment Judd
--------------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Designbytangerine Limited on Nov. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Designbytangerine Limited
         Harthall Lane
         Kings Langley
         Hertfordshire WD4 8JJ
         United Kingdom
         Tel: 01923 261 266
         Fax: 01923 261 267


DIGITEC MANAGEMENT: Taps Poppleton & Appleby as Administrators
--------------------------------------------------------------
A. Turpin and M. T. Coyne of Poppleton & Appleby were appointed
joint administrators of Digitec Management Ltd. (Company Number
05101557) on Nov. 23.

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

Digitec Management Ltd. can be reached at:

         Unit 1
         Buntsford Park Road
         Bromsgrove
         Worcestershire B60 3DX
         United Kingdom
         Tel: 01527576000
         Fax: 01527576001


ENRON CORP: UC Inks Settlement Pacts with Andersen and Kirkland
---------------------------------------------------------------
The University of California Board of Regents has reached a
US$72,500,000 settlement with Arthur Andersen LLP and a
USUS$13,500,000 settlement with Kirkland & Ellis LLP in the
Enron Corp. securities litigation.

Arthur Andersen, former Enron auditor, signed off on many of the
company's allegedly false and misleading financial reports.  

Kirkland & Ellis served as legal counsel for a number of the
off-books entities through which Enron was able to manipulate
its financial statements.  The U.S. District Court for the
Southern District of Texas dismissed all of the claims against
K&E by order dated Dec. 19, 2002, but that order remained
subject to appeal.

According to UC, with the latest settlements, it has now
obtained more than USUS$7,300,000,000 (including interest) for
Enron investors, including:

    -- USUS$2,400,000,000 from Canadian Imperial Bank of
       Commerce,

    -- USUS$2,200,000,000 from JPMorgan Chase,

    -- USUS$2,000,000,000 from Citigroup,

    -- USUS$222,500,000 from Lehman Brothers,

    -- USUS$69,000,000 from Bank of America,

    -- USUS$168,000,000 from Enron's outside directors, and

    -- USUS$32,000,000 from Andersen Worldwide.  

UC will also secure a USUS$37,000,000 distribution for investors
through Enron's Chapter 11 proceedings for the LJM2 partnership
involved in the Enron scheme.

Remaining defendants in the investors' lawsuit include former
officers of Enron, the law firm of Vinson & Elkins and a number
of major financial institutions that allegedly set up false
investments in clandestinely controlled Enron partnerships, used
offshore companies to disguise loans and facilitated phony sales
of phantom Enron assets.  As a result, Enron executives were
allegedly able to deceive investors by reporting increased cash
flow from operations and by moving billions of dollars of debt
off Enron's balance sheet, thereby artificially inflating
securities prices.

In February 2002, UC was named lead plaintiff in the Enron
shareholders' class action suit previously filed against top
executives of Enron and Arthur Andersen.  The university filed a
consolidated complaint on April 8, 2002, adding nine banks and
two law firms as defendants in the case.  In April 2003, the
Honorable Melinda Harmon of the U.S. District Court for the
Southern District of Texas completed her rulings on the various
defendants' motions to dismiss and lifted the stay on discovery.  
Following those rulings, UC filed an amended complaint on
May 14, 2003.

Other institutional investors acting as representative
plaintiffs on behalf of Enron investors include Washington State
Investment Board, the Amalgamated Bank and its Long View Funds,
San Francisco City and County Employees' Retirement System,
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund,
Hawaii Laborers Pension Plan, Greenville Plumbers Pension Plan,
and Archdiocese of Milwaukee.

Trial in the case is slated to begin in Houston, Texas, on
April 9, 2007.

         Enron's Former Lenders Oppose Andersen Settlement

Merrill Lynch & Co. and Credit Suisse Group asked Judge Harmon
to reject the USUS$72,500,000 settlement agreement between Enron
Corp.'s investors and Arthur Andersen LLP, Jef Feeley of
Bloomberg News reports.

The two former Enron lenders asserted that the Andersen
Settlement allows an obvious wrongdoer to get out of the case
too cheaply, Bloomberg says.  The two banks were also sued by
Enron shareholders over the company's financial collapse.

According to Bloomberg, counsel for the two banks contend that
the Andersen Settlement is flawed because it contains a
provision that declares it void if Enron investors end up having
jurors decide their claims against the company's former lenders.  
The Banks' lawyers tell the Court that the danger of jury
confusion is obvious and denies the financial institution
defendants a fair trial.

The University of California Board of Regents, however, says
that the Andersen Settlement is reasonable, considering the
accounting firm's condition.  The regents serve as lead
plaintiff in the Enron securities litigation because the
institution lost US$145,000,000 in Enron's bankruptcy filing.

"This is a fair resolution given what we could have reasonably
expected to recover from Andersen at this point," U.C. Board of
Regents spokesman Trey Davis said.

Andersen has shut down its auditing practice after it was
convicted in 2002 of obstructing a federal investigation into
the firm's review of Enron's books.

                       About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  (Enron Bankruptcy News, Issue
No. 180 and 183; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORPORATION: Wants Defendants' Interlocutory Appeal Denied
----------------------------------------------------------------
Enron Corp. and its debtor-affiliates asks the Honorable Arthur
Gonzalez of the U.S. Bankruptcy Court for the Southern District
of New York to deny the Bank Defendants' request to file an
interlocutory appeal from the Bankruptcy Court's Core Order.

Bank defendants Barclays PLC, Citigroup Inc., and Deutsche Bank
AG, together with their affiliates, had sought leave to appeal
an interlocutory order of the Bankruptcy Court determining that
certain claims in the MegaClaim Litigation are "core" claims
under 28 U.S.C. Section 157(b)(3).

Since the request was filed, plaintiffs Enron Corp. and its
debtor-affiliates, reached a settlement with Barclays, pursuant
to which Barclays agreed to suspend its participation in the
Motion for Leave, subject only to its right to reinstate its
participation if the settling parties do not execute a
definitive settlement agreement or the Court does not approve
the settlement agreement.

In light of the Barclays Settlement, the Motion for Leave is now
brought on behalf of Citigroup and Deutsche Bank.

                     Enron Wants To Dismiss
                    Bank Defendants' Request

H. Lee Godfrey, Esq., at Susman Godfrey LLP, in Houston, Texas,
says that interlocutory, piecemeal appeals from bankruptcy court
rulings are appropriate only where:

   (1) the bankruptcy court's order involves a controlling
       question of law;

   (2) there is substantial ground for difference of opinion
       over the Core Order;

   (3) an immediate appeal would materially advance the ultimate
       determination of the litigation; and

   (4) the movant demonstrates that there are "exceptional
       circumstances" justifying "a departure from the basic
       policy of postponing appellate review until after the
       entry of a final judgment."

Mr. Godfrey asserts that the Bank Defendants' Motion for Leave
satisfies none of the standards, and should therefore be denied.

Whether some of the claims in the MegaClaim Litigation are core
or non-core claims is not a controlling question of law, Mr.
Godfrey says.

He also notes that there is no substantial ground for difference
of opinion over the Bankruptcy Court's decision.  The Bankruptcy
Court correctly held that Enron's claims against the Bank
Defendants were core claims because the Bank Defendants asserted
their proofs of claim in the form of set-offs against Enron's
bankruptcy estates, Mr. Godfrey maintains.

Furthermore, granting leave to appeal the Bankruptcy Court's
Core Order will not materially advance the ultimate
determination of the MegaClaim Litigation, Mr. Godfrey notes.

The Bank Defendants made two arguments to demonstrate
"exceptional circumstances" in their request:

   (a) If the District Court refuses the appeal, a subsequent
       court hearing their request to withdraw the reference
       will be bound by the Bankruptcy Court's finding that
       Enron's common law claims are core; and

   (b) That the Bankruptcy Court's Core Order unconstitutionally
       expands the jurisdiction of the bankruptcy courts.

Mr. Godfrey contends that both arguments lack merit.

Citing Bianco v. Hoehn (In re Gaston & Snow), 173 B. R. 302, 306
(S.D.N.Y. 1994), Mr. Godfrey notes that the U.S. District Court
for the Southern District of New York rejected the argument that
failure to appeal a bankruptcy court's determination that a
proceeding was core binds a district court's consideration of
that element in a later request to withdraw the reference.

Even if this were a legitimate concern, Mr. Godfrey says, it
does not constitute exceptional circumstances warranting
acceptance of the Bank Defendants' appeal.  If the District
Court finds it appropriate, it can note in its order refusing
leave to appeal that the Bankruptcy Court's Core Order is to be
considered by the District Court if and when the Bank Defendants
seek to withdraw the reference, Mr. Godfrey says.

Mr. Godfrey also contends that the Bank Defendants' second
argument is incorrect.  Citing Statutory Committee of Unsecured
Creditors v. Motorola Inc. (In re Iridium Operating LLC), 285
B.R. 822 (S.D.N.Y. 2002), he points out that Courts in the
Southern District of New York that have applied the "same
transaction" test in determining that common law claims brought
by debtors against creditors who file proofs of claim are core
claims have considered and rejected the argument.

The Bank Defendants pepper their papers with references to their
alleged right to have Enron's common law claims tried to a jury
and the alleged prejudice to that right if the Bankruptcy
Court's ruling is not reversed, Mr. Godfrey relates.

The extent to which the Bank Defendants are entitled to a jury
trial, if at all, was not placed before the Bankruptcy Court,
and thus should not be a factor in the District Court's decision
on the Motion for Leave, Mr. Godfrey contends.  

Should there be any issue of the Bank Defendants' right to jury
trial, Enron says it is prepared to demonstrate that the Bank
Defendants contractually waived their right to jury trial in
accordance with many of the transaction documents between the
parties.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  (Enron Bankruptcy News, Issue
No. 180 and 183; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


HEWSTON ENGINEERING: Brings In Liquidator from Muras Baker Jones
----------------------------------------------------------------
Mark Jonathan Botwood of Muras Baker Jones was appointed
Liquidator of Hewston Engineering (Midlands) Ltd. on Nov. 24 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Hewston Engineering (Midlands) Ltd.
         Unit 7 Modular Court
         Enterprise Drive
         Four Ashes
         Wolverhampton
         West Midlands WV107DF
         United Kingdom
         Tel: 01902 791 492
         Fax: 01902 791 073


INCREDIBLE GROUP: Joint Liquidators Take Over Operations
--------------------------------------------------------
Peter John Windatt and Gary Steven Pettit of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Incredible Group Limited (fka Dirt Shirts Limited, The
Incredible Showroom Company Limited and Exhibitions by
Incredible Limited) on Nov. 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Incredible Group Limited
         12 Potters Lane
         Kiln Farm
         Milton Keynes
         Buckinghamshire MK113HE
         United Kingdom
         Tel: 01908 263 264
         Fax: 01908 263 195


INTELSAT LTD: Sept. 30 Balance Sheet Upside-Down by US$494.6 Mln
----------------------------------------------------------------
Intelsat Ltd. incurred a US$172.5 million net loss on US$528.4
million of net revenues for the three months ended Sept. 30,
2006, compared to a US$54.5 million net loss on US$293.5 million
of net revenues for the same period in 2005.  

The increase of net loss was primarily due to the acquired
operations of PanAmSat Holdco, and the net lower impairment
charge and lower professional fees expenses in 2006 due to the
one-time costs incurred in 2005 associated with the Acquisition
Transactions.

At Sept. 30, 2006, the company's balance sheet showed US$12.4
billion in total assets and US$12.9 billion in total
liabilities, resulting in a US$494.6 million stockholders'
deficit.

At Sept. 30, 2006, the company had approximately US$381 million
of expenditures remaining under existing satellite construction
contracts and satellite launch contracts.  Satellite launch and
in-orbit insurance contracts related to future satellites to be
launched are cancelable up to thirty days prior to the
satellite's launch.  As of Sept. 30, 2006, the company did not
have any non-cancelable commitments related to existing launch
insurance or in-orbit insurance contracts for satellites to be
launched.

The company expects its most significant cash outlays for the
remainder of 2006 to be the payment of interest on our
outstanding debt and, to a lesser extent, capital expenditures.  
The company plans to spend approximately US$85 million
throughout the remainder of 2006 for capital expenditures.  The
company intends to fund these requirements through cash on hand,
cash provided by operating activities and, if necessary,
borrowings under the new senior secured credit facilities
entered into by Intelsat Sub Holdco and the amended and restated
credit facilities entered into by Intelsat Corp., in connection
with the PanAmSat Acquisition Transactions.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1694

Intelsat, Ltd. -- http://www.intelsat.com/-- offers telephony,   
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

                           *     *     *

Fitch upgraded the Issuer Default Rating for Intelsat to 'B'
from 'B-' pro forma for its pending acquisition of PanAmSat.
The ratings were also removed from Rating Watch Negative, where
they had originally been placed on Aug. 30, 2005.  Fitch said
the Rating Outlook is Stable.

Moody's Investors Service affirmed the B2 corporate family
rating of Intelsat, Ltd., and downgraded the corporate family
rating of PanAmSat Corporation to B2, given the greater clarity
regarding the final capital structure and the near-term
completion of the PanAmSat acquisition by Intelsat.


INTERHAIR SOUTHAMPTON: Appoints Liquidator from Roger Evans
-----------------------------------------------------------
John William Lewis of Rogers Evans was appointed Liquidator of
Interhair (Southampton) Ltd. on Nov. 28 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Interhair (Southampton) Ltd.
         182-184 Above Bar Street
         Southampton
         Hampshire SO147DW
         United Kingdom
         Tel: 023 80223552
         Fax: 023 80228820


KENT CONSERVATORIES: Creditors' Claims Due Feb. 28, 2007
--------------------------------------------------------
Creditors of Kent Conservatories Limited have until
Feb. 28, 2007, to send their names and addresses and the
particulars of their claims, and the names and addresses of
their Solicitors (if any), to appointed Liquidator Simon
Gwinnutt at:

         Smith Cooper
         Wilmot House
         St. James Court
         Friar Gate
         Derby DE1 1BT
         United Kingdom
      
The company can be reached at:

         Kent Conservatories Limited
         3 Huss's La
         Long Eaton
         Nottingham
         Nottinghamshire NG101GS
         United Kingdom
         Tel: 011 5972 4343
         Fax: 0115 972 7772
         Web: http://www.kentconservatoriesltd.co.uk/


MANHICK ENGINEERING: Taps A. Turpin to Liquidate Assets
-------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
Manhick Engineering Limited on Nov. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Manhick Engineering Limited
         7 Wise Street
         Leamington Spa
         Warwickshire CV313AP
         United Kingdom
         Tel: 01926 332 323
         Fax: 01926 315 950


MICHAEL KINGSLEY: Names T. Papanicola as Administrator
------------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Michael Kingsley Education and Training College Ltd. (Company
Number 04950851) on Nov. 27.

The administrator can be reached at:

         Bond Partners LLP
         Turnpike Gate House
         Alcester Heath
         Alcester
         Warwickshire B49 5NJ
         United Kingdom
         Tel: 01789 766406  

Michael Kingsley Education & Training College Ltd. can be
reached at:

         Crown House
         Hagley Road
         Birmingham
         West Midlands B16 8LD
         United Kingdom
         Tel: 0121 454 7949


MOORSFRESH LIMITED: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Moorsfresh Limited confirmed on Nov. 24 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood of The P&A Partnership as
Liquidators of the company.

The company can be reached at:

         Moorsfresh Limited
         Thornton Road Industrial Estate
         Thornton Road
         Pickering
         North Yorkshire YO187JB
         United Kingdom
         Tel: 01439 748 373


RANDLES FABRICATIONS: Claims Filing Period Ends May 24, 2007
------------------------------------------------------------
Creditors of Randles Fabrications Limited have until
May 24, 2007, to send in their full particulars of their debts
or claims, and the names and addresses of their Solicitors (if
any), to appointed Liquidator Michael F. McCarthy at:

         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent ST1 3AF
         United Kingdom

The company can be reached at:

         Randles Fabrications Limited
         Unit 18a Riverdane Road
         Daneside Business Park
         Congleton CW12 1UN
         Cheshire
         United Kingdom
         Tel: 01260 270949
         Fax: 01260 280900


REFCO INC: Ch. 11 Trustee Wants RCM's Case Converted to Ch. 7
-------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee of Refco Capital
Markets, Ltd., asks the U.S. Bankruptcy Court for the Southern
District of New York to convert RCM's chapter 11 case to a
chapter 7 liquidation proceeding.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
relates that in March 2006, the Court issued a preliminary
ruling that RCM is a stockbroker subject to Subchapter III of
Chapter 7.  The Court deferred entry of a conversion order,
finding that there were "unusual circumstances" that might
militate against conversion, at least at that time, he says.

Instead, Mr. DeSieno continues, the Court appointed the RCM
Trustee to maximize RCM's asset values while he and the other
parties-in-interest sought to globally resolve Refco, Inc. and
its debtor-affiliates' Chapter 11 cases.  Within three months,
the RCM Trustee had brought the major RCM securities customers
and general unsecured creditors to consensus on a settlement of
their pending disputes.  Mr. DeSieno states that the core of the
litigation over the RCM estate has been subsequently resolved,
the settlement has been approved, and the RCM Trustee, the other
debtors, and the official creditors committees in the Refco
cases have co-proposed a global plan of reorganization.

           Plan Implementation Through RCM Conversion

The Plan incorporates, by reference, the terms and conditions of
the RCM Settlement Agreement.  Specifically, the Plan requires a
confirmation by Dec. 15, 2006, and an effective date to occur no
later than Dec. 31, 2006.

Consistent with the Preliminary Conversion Ruling, the RCM
Settlement resolves disputed issues surrounding possible
application of Chapter 7 to RCM's estate.  The RCM Settlement
also contemplates that it may be effectuated through the
conversion of RCM's Chapter 11 case.  In addition, the proposed
Plan contemplates that RCM's case will be converted to
Subchapter III of Chapter 7, unless the Debtors and the RCM
Trustee agree that the RCM estate should be administered under
Chapter 11.

Mr. DeSieno tells Judge Drain that the planned sequencing is
that the Conversion Motion would be heard and RCM's case would
be converted after the Plan confirmation, with conversion of
RCM's case as part of the Plan's means of implementation.  
However, the RCM Trustee reserves the right to proceed with the
Motion, or to withdraw the Motion in whole or in part,
regardless of whether and when the Plan is confirmed.

Mr. DeSieno says the RCM Settlement was designed with the
distributive rules of Subchapter III of Chapter 7 and related
preference recoveries in mind.  Subchapter III of Chapter 7
appears likely to be the most efficient path to carry out that
distribution and recovery scheme, he notes.

Mr. DeSieno relates that the RCM Settlement's conditions
precedent to full effectiveness include that either:

    (i) a plan that incorporates the RCM Settlement be confirmed
        and become effective; or

   (ii) in the absence of a confirmed and effective plan, RCM's
        Chapter 11 case be converted to a case under Subchapter
        III of Chapter 7, in each case, before January 15, 2007.

The RCM Trustee asserts that the Conversion Motion effectively
"pre-packages" three important aspects of a Subchapter III case,
in that the requr:

    (1) preserves and continues the RCM Chapter 7 trustee's
        ability to maximize the value of the RCM estate, dealing
        with sales of the RCM portfolio under the Court's
        previous orders in the Chapter 11 case, rather than
        arguably being required to "reduce the assets to money"
        as soon as practicable;

    (2) includes provisions that effectuate the inter-estate
        distributive rules contained in the Plan, if confirmed,
        as between the RCM estate and the estates of the other
        Debtors; and

    (3) includes procedural requirements and clarifications that
        maximize the efficiency of the conversion process and
        minimize the delay that the Chapter 7 conversion might
        otherwise have caused.

                 Applicability of Plan Provisions

The RCM Trustee also asks the Court to extend the applicability
of the Plan provisions to the RCM Trustee or RCM Chapter 7
trustee, as applicable, by granting to either trustee, as the
case may be, authority to:

    -- resolve disputed claims on certain terms and conditions,
       consistent with the authority provided for the Plan
       Administrator in the Plan;

    -- address executory contracts to which RCM is a party on
       the terms and conditions; and

    -- seek expedited tax determinations under Section 505(b).

The RCM Trustee proposes a Court hearing on his request during
the Plan confirmation hearing on Dec. 15, 2006.

                         About Refco Inc.

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

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

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 INC: BDO Stoy Appointed as Refco Trading's Liquidator
-----------------------------------------------------------
Simon Michaels and Malcom Cohen of BDO Stoy Hayward LLP were
appointed Joint Liquidators of Refco Trading Services Ltd. at
the company's Extraordinary Meeting on Aug. 22 for the members'
voluntary winding-up procedure.

The Company's Directors made a Statutory Declaration that:

   -- a full inquiry has been launched into the Company's
      affairs; and

   -- the Company would be able to pay its debts in full within
      12 months from the commencement if the winding-up.

The Joint Liquidators can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         Phone: 020 7486 5888
         Fax: 020 7487 3686
         E-mail: london@bdo.co.uk
         Web: http://www.bdostoyhayward.co.uk/

                         About BDO Stoy

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.

                         About Refco Inc.

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

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

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 INC: GAIN Capital Wins FXA's Customer List for US$750,000
---------------------------------------------------------------
Refco Inc. and its debtor-affiliates conducted on Nov. 9, 2006,
a solicitation conference in connection with their request for
(i) appointment of a consumer privacy ombudsman and (ii)
approval of FXA's proposed Sale of its Customer Lists to Saxo
Bank, subject to higher and better offers.

At the conclusion of the Solicitation Conference, the Debtors
selected the bid of GAIN Capital Group, LLC, as the highest or
otherwise best bid for the assets.

Accordingly, the U.S. Bankruptcy Court for the Southern District
of New York approves the terms and conditions of FXA's Purchase
Agreement with GAIN pursuant to Section 363(b), other than with
respect to matters previously addressed by an order appointing
an ombudsman.

GAIN will pay FXA a $750,000 upfront fee for the Customer List
plus a $100 activation fee per account, payable on every account
over 4,000 opened before the second anniversary of the Closing
Date.

GAIN will pay FXA an Annual Maintenance Fee of 1% of the average
account balance of each Customer, payable on both the first and
second anniversaries of the Closing Date.

The sale closed on November 16, 2006.

Any objections that have not been withdrawn, waived, or settled,
or not otherwise resolved are overruled on the merits with
prejudice.

Judge Drain directs FXA to consummate the Sale transaction with
GAIN.  The Debtors will not transfer or sell to GAIN -- and the
"Purchased Assets" will not include -- any securities, customer
property, other similar instruments, futures, or cash held by
Refco Capital Markets, Ltd., or Refco Securities LLC, wherever
located.  Nothing will constitute a determination as to any
party's rights in those securities, customer property, if any,
or cash.

Furthermore, Judge Drain requires Forex Capital Markets, LLC,
under its Facilities Management Agreement with Refco Group Ltd.,
LLC, to cooperate with the Sale consummation.  In addition, FXCM
will not solicit the Debtors' customers in violation of the FMA.
The Order incorporates by reference the FMA provisions governing
the Debtors' rights to their customers and prohibition against
FXCM's solicitation of the Debtors' customers.

All entities, including FXCM, who are presently holding some or
all of the Purchased Assets in which FXA holds an interest are
directed to surrender possession of the Purchased Assets either
to FXA before the closing date of the Sale, or to GAIN on the
Closing Date.

FXA will not make any disbursements of funds, except for the use
of Sale proceeds to pay its allowed administrative expenses
incurred in the ordinary course of its business.

Any and all valid and perfected liens on or interests in the
Purchased Assets will attach to any proceeds of those
immediately upon receipt of the proceeds by priority, and with
the same validity, force, and effect which they now have against
the Purchased Assets, subject to any rights, claims and defenses
the Debtors' estates or the Debtors may possess.

FXA will deposit all amounts payable to it under the Purchase
Agreement into a segregated investment account, which may
contain the proceeds of one or more Court-approved sales, but no
other cash of the Debtors' estates, and the proceeds will be
invested in accordance with investment guidelines.

Moreover, Judge Drain permits Saxo Bank to receive a break-up
fee and expense reimbursement under and subject to its Oct. 25,
2006 Asset Purchase Agreement with FXA.  If payable, the fee and
reimbursement will be allowed as an administrative expense under
Sections 503(b) and 507(a)(2) against FXA's estate.

GAIN will adopt and honor its privacy policy effective as of
November 15, 2006.

                        GAIN's Statement

Gain Capital entered into a definitive Purchase Agreement with
Refco F/X Associates LLC to purchase the RFXA retail customer
account information and marketing list.  The Purchase Agreement
was approved as submitted by the Honorable Robert D. Drain,
United States Bankruptcy Court for the Southern District of New
York, at a hearing on Nov. 14, 2006.

"Under the terms of the proposed bankruptcy plan for Refco Inc.,
and its subsidiaries, the proceeds of the sale of the RFXA
Customer List will enhance distributions to be made to creditors
of RFXA," Said Refco's Chief Restructuring Officer David Pauker.
"We are pleased to have finalized the sale to GAIN Capital,"
continued Mr. Pauker.

"In addition to operating within a solid regulatory framework,
GAIN offers RFXA clients a reliable, full service trading
solution and a commitment to the highest professional
standards," said GAIN's Chief Executive Officer Mark Galant.  
GAIN Capital Group and FOREX.com are registered with the
National Futures Association as a Futures Commission Merchant.

RFXA clients will be given the option to open an account at
either GAIN Capital or at GAIN's retail division, FOREX.com.

On June 30, 2006, RFXA and GAIN announced they had reached a
preliminary agreement whereby GAIN would acquire the RFXA retail
customer account information and related assets, subject to
Court approval.  On July 26th, 2006, the two parties announced
that the proposed Agreement had been jointly terminated because
the parties were unable to reach terms on a final asset purchase
agreement.  On Oct. 30, 2006, RFXA announced it had entered into
an Agreement with Saxobank to purchase the customer list for
$500,000, subject to higher and better offers.  GAIN and
Saxobank participated in an auction on November 9, 2006, with
GAIN ultimately submitting the highest and best offer for the
RFXA customer list.

                    About Gain Capital Group

GAIN Capital Group LLC is a leading provider of foreign exchange
services, including direct-access trading and asset management.

Founded in 1999 by Wall Street veterans, GAIN Capital Group is
one of the largest, most respected firms in the online forex
industry, servicing clients from more than 140 countries and
supporting trade volume in excess of $100 billion per month.  
Headquartered in Bedminster, New Jersey, the company operates
sales offices in New York and Shanghai.  The company operates
two full service web portals.  FOREX.com services individual
investors of all experience levels with a full-service trading
platform, lower account minimums and extensive education and
training.  The company's flagship service, GAIN Capital focuses
on the needs of professional forex traders, including hedge
funds and money managers.

GAIN Capital Group and FOREX.com are registered with the
National Futures Association as a Futures Commission Merchant.

                         About Refco Inc.

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

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

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).


SEA CONTAINERS: GNER's UK East Coast Operation Franchise Ceased
---------------------------------------------------------------
The British Government ended Great North Eastern Railway's
GBP1,300,000,000 franchise agreement to operate the East Coast
main line railway, London-based The Times reported.

The U.K. Department for Transport will re-let the franchise but
has agreed to allow GNER to run the line for up to two years on
a new, fixed management-contract basis, as a temporary solution.

In 1996, Sea Containers Ltd., GNER's parent, entered into a
franchise agreement with the Strategic Rail Authority of the
British Government to operate the GNER carrying passengers on
high-speed trains along the East Coast main line in Great
Britain, United Kingdom.  Sea Containers and the Transport
Department entered into a new 10-year contract in April 2005,
under which the Debtor agreed to pay the British Government
GBP1,300,000,000 over the course of the franchise.

The Times reports that talks are underway between the Transport
Department and Sea Containers to come up with terms for the new
arrangement.  Under the new arrangement, GNER is expected to
continue running the East Coast line between 18 and 24 months
until a new train operating company is selected.

According to The Times, an agreement is expected given that
GNER's financial situation is unsustainable under the terms of
the current franchise.  Christopher Garnett, GNER's former chief
executive, had previously admitted that GNER had overbid.

GNER is said to be close to breaching the liquidity ratio
legally required to its franchise agreement, The Times relates.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight   
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
---------------------------------------------------------------
GE Capital Container SRL and GE Capital Container Two SRL, Sea
Containers, Ltd., and its debtor-affiliates' partners in a
certain GE SeaCo Srl joint venture, obtained authority from the
Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware to file a request for relief from the
automatic stay under seal and to serve redacted versions of that
request on all entitled parties.

In their request, the GE Parties ask the Court to:

     * grant relief from stay to proceed to mandatory
       arbitration against Sea Containers, Ltd., to determine
       that a change of control occurred; and

     * upon that finding, appoint a third-party arbiter to
       determine a buy out price.

In March 1998, SCL, GE Container One, and Genstar Container
had entered into an omnibus agreement pursuant to which a joint
venture, GE SeaCo Srl, was formed.  SCL and GE Container One
filed articles of organization creating the JV under Barbados
law.

On May 1, 1998, SCL and GE Container One executed a members'
agreement setting forth certain rights, obligations, and duties
related to their membership interests in the JV -- the Quotas.  
Pursuant to certain amendments to the Members' Agreement, GE
Container Two and Quota Holdings, Ltd., were added as members.

Under the JV' Articles of Organization and the Members'
Agreement, the GE Parties have the right to purchase the Quotas
owned by SCL and QHL at their fair market value if a change of
control occurs and if the parties are unable to agree on a
purchase price, a third party arbiter will determine the price.  
The Members' Agreement also requires that any dispute concerning
the buy-out right be decided by binding arbitration.

Howard A. Cohen, Esq., at Drinker Biddle & Reath LLP, in
Wilmington, Delaware, discloses that prior to the Debtors'
filing for bankruptcy, the GE Parties notified SCL and QHL that:

   (1) a change of control had occurred with the resignation
       from various key positions of James Sherwood, a former
       controlling principal of SCL;

   (2) GE was exercising its right to purchase the entire equity
       interest held by SCL and QHL in the JV; and

   (3) GE was prepared to enter into good faith negotiations
       regarding the fair market purchase price of SCL's and
       QHL's Quotas.

SCL and QHL dispute that a change of control occurred.  

Mr. Cohen points out that cause exists to grant GE's request
because, among other things:

   (a) allowing the arbitration of the change of control dispute
       and the valuation will not prejudice SCL;

   (b) no alternative forum that would be quicker, more
       efficient, and more cost effective than arbitration
       exists; and

   (c) the hardship to the GE Parties of continuing the stay
       considerably outweighs the hardship to SCL of modifying
       the stay.

Mr. Cohen notes that, the Third Circuit in Mintze v. Am. Gen.
Fin. Servs., Inc. (In re Mintze), 434 F.3d 222 (3d Cir. 2006),
has held that there is no judicial discretion to deny
arbitration even if the arbitration involves core proceedings
under Section 157(b) of the Bankruptcy Code.

Accordingly, Mr. Cohen asserts, SCL cannot use Chapter 11 to
shield itself from arbitration.  "Because there is no
alternative to arbitration, the Court need not and, indeed,
cannot analyze the costs and benefits of arbitration versus the
costs and benefits of an alternative means of resolving the
disputes, including the bankruptcy process."

Arbitrating now the Change of Control Dispute and the Valuation
will not burden the Debtors or their management, Mr. Cohen
maintains.  He says any delay in the arbitration will prejudice
the Debtors and their estates because resolution of the Change
of Control Dispute and the Valuation is indispensable to the
formulation of any plan of reorganization.

                    About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight   
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SIMON WORLDWIDE: Sept. 30 Stockholders' Deficit Tops US$5.2 Mln
---------------------------------------------------------------
Simon Worldwide Inc. reported a US$728,000 net loss for the
third quarter ended Sept. 30, 2006, compared with a US$1.555
million net loss for the same period in 2005.  Simon Worldwide
did not have any revenue in these periods.

At Sept. 30, 2006, the company's balance sheet showed
US$28.28 million in total assets, US$1.42 million in total
current liabilities, and US$32.06 million in redeemable
preferred stock, resulting in a US$5.19 million stockholders'
deficit.

The company's stockholders' deficit at Dec. 31, 2005, stood at
US$841,000.

Full-text copies of the company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?16a9

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 5, 2006, BDO
Seidman LLP expressed substantial doubt about Simon Worldwide's
ability to continue as a going concern after it audited the
Company's financial statements for the years ended Dec. 31,
2005.  The auditing firm points to the Company's significant
losses from operations, lack of operating revenue, and
stockholders' deficit.

As a result of the loss of its customers, the Company no longer
has any operating business.  Since August 2001, the Company has
concentrated its efforts on reducing its costs and settling
numerous claims, contractual obligations and pending litigation.  
As a result of these efforts, the Company has been able to
resolve a significant number of outstanding liabilities that
existed at December 31, 2001, or arose subsequent to that date.  
At June 30, 2006, the Company had reduced its workforce to 4
employees from 136 employees at December 31, 2001.  The Company
is currently managed by the Chief Executive Officer, together
with a principal financial officer and an acting general
counsel.

Headquartered in Los Angeles, California, Simon Worldwide Inc.
was a diversified marketing and promotion agency with offices
throughout North America, Europe and Asia.  The Company had
worked with some of the largest and best-known brands in the
world and had been involved with some of the most successful
consumer promotional campaigns in history.  Through its wholly
owned subsidiary, Simon Marketing Inc., the company provided
promotional agency services and integrated marketing solutions
including loyalty marketing, strategic and calendar planning,
game design and execution, premium development and production
management.

Before August 2001, the company was a multi-national, full
service promotional marketing company.  In August 2001,
McDonald's Corp, its principal customer, terminated its 25-year
relationship with the company as a result of the embezzlement by
a former employee of winning game pieces from McDonald's
promotional games it administered.  Other customers also
terminated their relationships with the company.


SKY PEALS: Appoints Recovery Hjs to Administer Assets
-----------------------------------------------------
Shane Biddlecombe and Gordon John Johnston of Recovery hjs were
appointed joint administrators of Sky Peals Ltd. (Company Number
04873043) on Nov. 22.

The administrators can be reached at:

         Shane Biddlecombe and Gordon John Johnston
         Recovery hjs
         12-14 Carlton Place
         Southampton
         Hampshire SO15 2EA
         United Kingdom
         Tel: 023 8023 4222
         Fax: 023 8023 4888
         E-mail: gordon.johnston@hjsaccountants.co.uk

Headquartered in London, England, Sky Peals is a cosmetic
surgery hospital.

                           *********

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.

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