TCREUR_Public/061213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 13, 2006, Vol. 7, No. 247

                            Headlines


A U S T R I A

ALLGEMEINE BAUMASCHINEN: Linz Court Orders Branch Closure
C.I.D.-TRANSPORT: Claims Registration Period Ends December 22
FAHRTENDIENST KLOUDA: Creditors' Meeting Slated for December 18
PRO.TE.X ENGINEERING: Claims Registration Period Ends Jan. 8
RB - BAU: Claims Registration Period Ends December 23


B E L G I U M

COMPAGNIE EUROPEENNE: Proposes Run-Off Scheme to Creditors
DOLE FOOD: Posts US$56.1 Million Net Loss in Period Ended Oct. 7
DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B


F I N L A N D

BENEFON OYJ: Lists New Shares at OMX Helsinki Stock Exchange


F R A N C E

ALCATEL-LUCENT: U.K. University Deploys VoIP Solutions
ALCATEL-LUCENT: Inks Network Solution Deal with Tekomsel
ALCATEL-LUCENT: Moody's Lowers Corporate Family Rating at Ba2
COMPAGNIE GENERALE: Shareholders' Meeting Set for Jan. 9, 2007
COMPAGNIE GENERALE: S&P Rates Sr. Secured Facilities at BB-

REMY COINTREAU: Analysts See Possible Takeover Bids
REMY COINTREAU: Earns EUR75.7 Mln in Period Ended Sept. 30, 2006
TEMBEC INC: DBRS Confirms Sr. Unsec. Debentures' Rating at CCC
VALASSIS COMMS: Releases Pretrial Brief on ADVO Litigation


G E R M A N Y

AUTOHAUS WEDEKIND: Claims Registration Ends December 15
BRAUER GMBH: Claims Registration Ends December 15
BURGDORF TRANSPORTE: Claims Registration Ends December 19
CHARTER KURIER: Claims Registration Ends December 15
DIENSTLEISTUNGS GMBH: Claims Registration Ends December 15

GEBR. HOFFMANN: Claims Registration Ends December 18
HOGAZI GASTRONOMIE: Claims Registration Ends December 16
HSK GMBH: Claims Registration Ends December 18
M.S.P. SPEISENPRODUKTIONS: Creditors' Meeting Slated for Dec. 18
MAXDATA AG: Synergy Woes Cue Board to Drop Yakumo GmbH Takeover

MUSIKBOX GASTSTATTEN: Claims Registration Ends December 19
SIKA ANLAGEN: Claims Registration Ends December 18
VOLKSWAGEN AG: Reports 3.09 Million Vehicles Sold in 11 Months


H U N G A R Y

GRAHAM PACKAGING: Warren Knowlton Replaces Philip Yates as CEO
GRAHAM PACKAGING: Sept. 30 Equity Deficit Tops US$526.1 Million


I R E L A N D

EMI GROUP: Inks Video-on-Demand Deal with Yahoo! Music


I T A L Y

PARMALAT SPA: U.S. Case Parties Told to Submit Settlement Stance


K A Z A K H S T A N

A-SERVICE LLP: Creditors Must File Claims by Jan. 17, 2007
ASTANA FINANCE: Fitch Gives Local Currency Default Rating at BB+
ATA-TRANS LLP: Proof of Claim Deadline Slated for Jan. 16, 2007
JAN LTD: Claims Registration Ends Jan. 16, 2007
KARAJAL LLP: Karaganda Court Opens Bankruptcy Proceedings

KAZRUDSERVICE LLP: Claims Filing Period Ends Jan. 16, 2007
KRYLO LLP: Claims Registration Ends Jan. 19, 2007
NAN JSC: East Kazakhstan Court Starts Bankruptcy Procedure
NURASYL LLP: Claims Filing Period Ends Jan. 16, 2007
ROSTECHNIKA LLP: Creditors' Claims Due Jan. 19, 2007


K Y R G Y Z S T A N

OFFICE POLYGRAPHY: Claims Filing Period Ends Jan. 24, 2007


N E T H E R L A N D S

ALCATEL-LUCENT: U.K. University Deploys VoIP Solutions
ALCATEL-LUCENT: Inks Network Solution Deal with Tekomsel
ALCATEL-LUCENT: Moody's Lowers Corporate Family Rating at Ba2
CORUS GROUP: CSN Tops Tata Offer with US$9.6-Billion Bid
CORUS GROUP: Agrees to Terms of CSN's GBP4.9-Bln Purchase Deal

CORUS GROUP: S&P Holds BB Rating on Developing Watch
CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds


N O R W A Y

AKER KVAERNER: Inks NOK900-Mln Service Deal with ConocoPhillips
FALCONBRIDGE LTD: Xstrata Guarantees Notes and Preferred Shares


P O L A N D

LUKOIL OAO: Buys ConocoPhillips' Gas Stations in Europe
MAXDATA AG: Synergy Woes Cue Board to Drop Yakumo GmbH Takeover


P O R T U G A L

COMPANHIA SIDERURGICA: Hikes Corus Offer to US$9.6 Billion
COMPANHIA SIDERURGICA: Parties Agree on GBP4.9-Bln Corus Deal
COMPANHIA SIDERURGICA: Cash Bid Increase Cues S&P's Watch Neg.


R U S S I A

BANK ROSSIYA: Fitch Rates Issuer Default at B-
BUYNAKSKIY ASPHALT-CONCRETE: Court Hearing Slated for Dec. 20
CAUCASUS TRANS-SERVICE: Names A. Dzamykhov as Insolvency Manager
COMPAGNIE GENERALE: Shareholders' Meeting Set for Jan. 9, 2007
COMPAGNIE GENERALE: S&P Rates Sr. Secured Facilities at BB-

FREGAT CJSC: Bankruptcy Hearing Slated for March 13
HARVEST LLC: Court Names K. Dovbenko as Insolvency Manager
KOLOMENSKIY BUILDING: Court Names A. Lantsov to Manage Assets
KURKINSKIY BAKERY: Bankruptcy Hearing Slated for March 29
MELIORATION OJSC: Court Names A. Sabirov as Insolvency Manager

NORTH-MONIKA LLC: Bankruptcy Hearing Slated for Dec. 20
LUKOIL OAO: Buys ConocoPhillips' Gas Stations in Europe
REINFORCED CONCRETE: Names S. Chernobrovenko to Manage Assets
RUSSIAN FOOD: Court Names A. Brekhov as Insolvency Manager
SLYUDYANSKOYE CJSC: Court Names A. Generalov to Manage Assets

SPECIAL PAPERS: Bankruptcy Hearing Slated for March 13
SOSNOVO-BORSKIY ALUMINIUM: Names I. Babenko to Manage Assets
TNK-BP HOLDING: Mulls Developing Siberian Gas Field with Gazprom
YAKHROMSKIY TEXTILE: Court Names A. Zhukov as Insolvency Manager


S P A I N

IM CAJA: Moody's Junks EUR10.8-Million Series E Notes
INTERPUBLIC GROUP: Moody's Rates New US$250 Million Notes at Ba3
INTERPUBLIC GROUP: S&P's B Rating Remains on Negative Watch


S W E D E N

DOLE FOOD: Posts US$56.1 Million Net Loss in Period Ended Oct. 7
DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B


S W I T Z E R L A N D

BAREN IMMOBILIEN: Aargau Court Closes Bankruptcy Proceedings
BEST DINE: Zug Court Suspends Bankruptcy Proceedings
BOLLIGER BEDACHUNGEN: Court Closes Bankruptcy Proceedings
ENERTECH KÄLTETECHNIK: Court Closes Bankruptcy Proceedings
EPV COMMERZ: Zug Court Closes Bankruptcy Proceedings

FUND MONTESSORI-ADLER: Court Suspends Bankruptcy Proceedings
M & S BAUTECHNIK: Aargau Court Starts Bankruptcy Proceedings
MONTECRISTO WERBEAGENTUR: Court Suspends Bankruptcy Proceedings
ROLF MEYER: Zug Court Closes Bankruptcy Proceedings
TECHNO-RESIN: Zug Court Closes Bankruptcy Proceedings


T U R K E Y

DOGUS HOLDING: Fitch Revises Outlook to Positive on BB- IDRs
NOBEL GROUP: Fitch Rates Local & Foreign Currency IDR at B-
NOBEL GROUP: Fitch Assigns B-/RR4 Rating on Prospective Bond
PETROL OFISI: S&P Keeps B+ Rating on Fine Payment Concerns


U K R A I N E

TNK-BP HOLDING: Mulls Developing Siberian Gas Field with Gazprom


U N I T E D   K I N G D O M

21ST CENTURY: Creditors' Claims Due Feb. 28, 2007
AKER KVAERNER: Inks NOK900-Mln Service Deal with ConocoPhillips
AMERICAN AXLE: Moody's Holds Corporate Family Rating at Ba3
BAA PLC: OFT Refers Airport Services Supply for Deeper Probe
BUILDERS SUPPLY: Appoints Liquidator from David Horner & Co.

CORUS GROUP: CSN Tops Tata Offer with US$9.6-Billion Bid
CORUS GROUP: Agrees to Terms of CSN's GBP4.9-Bln Purchase Deal
CORUS GROUP: S&P Holds BB Rating on Developing Watch
CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
EMI GROUP: Inks Video-on-Demand Deal with Yahoo! Music

FALCONBRIDGE LTD: Xstrata Guarantees Notes and Preferred Shares
FORD MOTOR: Prices US$4.5 Bil. of Sr. Convertible Notes Due 2036
FORD MOTOR: S&P Holds Junk Rating on Proposed US$4.5-Bln Debt
FORUM E.D.M.: Names Eileen T. F. Sale Liquidator
GEM SECURITY: Richard Rones Leads Liquidation Procedure

GRAHAM PACKAGING: Warren Knowlton Replaces Philip Yates as CEO
GRAHAM PACKAGING: Sept. 30 Equity Deficit Tops US$526.1 Million
HUXLEY COACHES: Taps Ian C. Brown to Liquidate Assets
MIDLAND TOYS: Creditors' Meeting Slated for December 18
PREMIER PERFORMANCE: Brings In Liquidator from Mazars LLP

PRISTINE PRINT: Hires Liquidator from Bond Partners LLP
R.T.O. CONSTRUCTION: Nominates Alex Kachani as Liquidator
RANK GROUP: Peter Johnson Succeeds Alun Cathcart as Chairman
REBUILD CENTRE: Appoints Ian Pattinson to Liquidate Assets
ROMFORD BATHROOMS: Calls In Liquidator from Carter Clark

SAMSONITE CORP: Moody's Junks US$205-Million 8.875% Notes
SQUEEZE U.K.: Nominates Lane Bednash to Liquidate Assets
STEAMLINE LAUNDRY: Hires Liquidator from Rifsons
TIMKEN CO: Sells Latrobe Steel to Watermill, Hicks for US$215MM
VEDARIO LIMITED: Creditors' Meeting Slated for December 15

                            *********

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


ALLGEMEINE BAUMASCHINEN: Linz Court Orders Branch Closure
---------------------------------------------------------
The Land Court of Linz entered Oct. 23 an order closing the
Thondorf, Langenzersdorf and Haid branches of LLC Allgemeine
Baumaschinen (FN 178853w).

Court-appointed property manager Rudolf Mitterlehner recommended
the closure after determining that the continuing operations
would reduce the value of the estate.

The property manager can be reached at:

         Dr. Rudolf Mitterlehner
         Highway 9
         4020 Linz, Austria
         Tel: 77 16 53-0
         Fax: 77 16 53-18
         E-mail: office@bom.at

Headquartered in Haid bei Ansfelden, Austria, the Debtor
declared bankruptcy on Oct. 11 (Bankr. Case No. 38 S 48/06x).


C.I.D.-TRANSPORT: Claims Registration Period Ends December 22
-------------------------------------------------------------
Creditors owed money by LLC C.I.D.-Transport (FN 122032i) have
until Dec. 22 to file written proofs of claims to court-
appointed property manager Guenther Grassner at:

         Dr. Guenther Grassner
         c/o Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz, Austria
         Tel: 0732/77 08 15
         Fax: 0732/77 08 16
         Email: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on Jan. 9 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 Rohr im Kremstal, Austria, the Debtor declared
bankruptcy on Oct. 23 (Bankr. Case No. 14 S 55/06w).  Norbert
Mooseder represents Dr. Grassner in the bankruptcy proceedings.


FAHRTENDIENST KLOUDA: Creditors' Meeting Slated for December 18
---------------------------------------------------------------
Creditors owed money by LLC Fahrtendienst Klouda & Pernsteiner
(FN 159019b) are encouraged to attend the creditors' meeting at
10:00 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. 23 (Bankr. Case No. 3 S 143/06h).  Johannes Jaksch
serves as the court-appointed property manager of the bankrupt
estate.  Stephan Riel represents Dr. Jaksch in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


PRO.TE.X ENGINEERING: Claims Registration Period Ends Jan. 8
------------------------------------------------------------
Creditors owed money by LLC pro.te.X Engineering (FN 152887i)
have until Jan. 8, 2007, to file written proofs of claims to
court-appointed property manager Herbert Waltl at:

         Dr. Herbert Waltl
         Georg-Wagner-Gasse 5
         5020 Salzburg, Austria
         Tel: 0662/829316-0
         Fax: 0662/829311-32
         Email: kanzlei@waltl-vargha.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Jan. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Saalfelden am Steinernen Meer, Austria, the
Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 44 S
38/06x).


RB - BAU: Claims Registration Period Ends December 23
-----------------------------------------------------
Creditors owed money by LLC RB - Bau- u. Montagebau (FN 106195w)
have until Dec. 23 to file written proofs of claims to court-
appointed property manager Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstrasse 12
         4020 Linz, Austria
         Tel: 65 69 69
         Fax: 65 69 69-60
         Email: office@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 8 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. 23 (Bankr. Case No. 12 S 90/06g).


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


COMPAGNIE EUROPEENNE: Proposes Run-Off Scheme to Creditors
----------------------------------------------------------
Compagnie Europeenne d'Assurances Industrielles s.a. is
proposing a solvent scheme of arrangement under Section 425 of
the Companies Act 1985 to certain of its insurance and
reinsurance creditors.

The primary objective of the proposed arrangement is to conclude
the run-off of the business included within the scope of the
arrangement earlier than would be the case if claims were left
to mature in the ordinary course of business.

The arrangement deals with the company's existing and potential
future liabilities under these categories of insurance and
reinsurance contract only:

   -- all policies underwritten on the company's behalf by
      H. S. Weavers (Underwriting Agencies Limited); and

   -- all policies underwritten on the company's behalf by
      UIC Insurance Company Limited, all reinsurance
      policies underwritten by the company in Brussels, and
      all direct non-proportional contracts of the
      insurance that were underwritten by the company
      in Brussels and placed with the company by the
      Belgian brokers Henrijean & Cie s.a., Thilly van
      Eessel s.a. and Charles Brin s.a., all of which now
      form part of Guy Carpenter & Company, s.a.

Business excluded from the scope of the arrangement will
continue to be run off in the ordinary course, unaffected by the
arrangement.  The company will continue to pay claims arising
out of Weavers Business and Non-Weavers Business, which have
been advised to and agreed by the company as due and payable
notwithstanding the arrangement.

Under the arrangement, creditors will have a period of 150 days
to submit claims.  Creditors' claims will be paid in full at the
value agreed, or in default of agreement, determined by an
independent expert.  There will be two independent experts, one
based in the United States and dealing with claims arising out
of Weavers Business and the other based in the United Kingdom
and dealing with claims arising out of Non-Weavers Business.
The independent experts will each have expertise in valuing the
relevant type of risks.  Claims will be discounted for the time
value of money although the discount rate to be applied is lower
than that which would be applied in a commercial commutation.

The company intends to convene two meetings of creditors for the
purposes of considering and voting on the arrangement, one
meeting for creditors with Notified Outstanding Claims and one
meeting for creditors with IBNR Claims.

The company's application for leave to convene a meeting of
creditors to vote on the arrangement is scheduled to take place
on Feb. 20, 2007, at:

         The Royal Courts of Justice
         Strand
         London WCS
         United Kingdom

Creditors who wish to raise any issues at the constitution of
the meetings of creditors or otherwise relating to the conduct
of those meetings are requested to contact the company as soon
as possible so that these issues may be drawn to the attention
of the court at the hearing of the application.

The company can be reached at:

         Compagnie Europeenne d'Assurances Industrielles s.a.
         c/o KMS Insurance Services Limited
         2nd Floor
         America House
         2 America Square
         London EC3N 2LU
         United Kingdom
         Tel +44 (0) 207488 5460
         E-mail: ceaihelpdesk@kmsim.com
         ref: Paul Corver

Compagnie Europeenne d'Assurances Industrielles s.a. is a
private company incorporated with limited liability under the
laws of Belgium.


DOLE FOOD: Posts US$56.1 Million Net Loss in Period Ended Oct. 7
----------------------------------------------------------------
Dole Food Company Inc. reported a US$56.1 million net loss on
US$1.8 billion of revenues for the third quarter ended Oct. 7,
2006, compared with US$17.6 million of net income on US$1.6
billion of revenues for the third quarter ended Oct. 8, 2005.

Revenues increased as a result of higher sales in the company's
fresh fruit, fresh vegetables and packaged foods operating
segments.

The net loss is primarily due to an operating loss of US$22
million in the third quarter of 2006, compared to an operating
income of US$26.7 million earned in the prior year, due to lower
operating results from the company's fresh-cut flowers, packaged
foods and fresh fruit operating segments, and the US$15.7
million increase in interest expenses as a result of additional
borrowings and higher effective market-based borrowing rates on
the company's debt facilities.

At Oct. 7, 2006, the company's balance sheet showed US$4.5
billion in total assets, US$4.1 billion in total liabilities,
US$23.6 million in minority interests, and US$378.3 million in
total stockholders' equity.

In the three quarters ended Oct. 7, 2006, cash flows provided by
operating activities were US$85.3 million lower, primarily due
to lower earnings and lower payables, due in part to the 2005
accrual of income taxes payable related to the provision on
repatriated foreign earnings, as well as the timing of payments,
partially offset by lower levels of expenditures for inventory,
primarily in the packaged foods business due to lower inventory
build, and higher accrued liabilities due in part to the timing
of payments.

Cash flows used in investing activities decreased US$41.9
million during 2006 primarily due to the first quarter 2005
payment of US$47.1 million to Saba shareholders in connection
with the company's purchase of the remaining 40% minority
interest.

Cash flows provided by financing activities increased
US$63.8 million due to higher current year debt borrowings of
US$155.3 million, net of repayments and an equity contribution
of US$28.4 million made by Dole Holding Company, LLC, the
company's immediate parent during 2006.  These items were offset
by an increase in dividends of US$89.8 million paid to Dole
Holding Company, LLC, during 2006 compared to 2005 as well as a
distribution of additional paid-in capital to Dole Holding
Company, LLC during the third quarter of 2006 of US$31 million.

              Fresh-cut Flowers Business Restructuring

During the third quarter of 2006, the company restructured its
fresh-cut flowers division to better focus on high-value
products and flower varieties, and position the business unit
for future growth.  In connection with this restructuring, the
fresh-cut flowers division has ceased its farming operations in
Ecuador and will close two farms in Colombia and downsize other
Colombian farms.

During the third quarter ended Oct. 7, 2006, total restructuring
and impairment costs incurred amounted to approximately
US$5.9 million and US$22.3 million, respectively.  The US$5.9
million of restructuring costs relate to approximately 3,500
employees who will be severed by the end of fiscal 2007.  As of
Oct. 7, 2006, no restructuring costs had been paid.

                Restructuring of Saba Business

During the first quarter of 2006, the commercial relationship
substantially ended between the company's wholly owned
subsidiary, Saba Trading AB and Saba's largest customer.  Saba
imports and distributes fruit, vegetables and flowers in
Scandinavia.  Saba's financial results are included in the fresh
fruit reporting segment.

The company restructured certain lines of Saba's business and
expects to incur approximately US$13 million of total related
costs.  Total restructuring and fixed asset write-offs incurred
as of Oct. 7, 2006, amounted to approximately US$10.1 million,
of which US$7.7 million is included in cost of products sold and
US$2.4 million in selling, marketing, and general and
administrative expenses in the condensed consolidated statements
of operations.  Total restructuring costs of US$9.6 million
include US$7.9 million of employee severance costs, which
impacted 245 employees as well as US$1.7 million of contractual
lease obligations.  Fixed asset write-offs of US$0.5 million
were also incurred as a result of the restructuring.

                Write-off of Crop Related Costs

In connection with the company's on-going farm optimization
programs in Asia, approximately US$6.7 million of crop related
costs were written-off during the third quarter of 2006.  The
US$6.7 million non-cash charge has been included in cost of
products sold in the condensed consolidated statements of
operations.

          Amendment and Restatement of Credit Facilities

On April 12, 2006, the company completed an amendment and
restatement of its senior secured credit facilities.  The
company obtained US$975 million of term loan facilities
consisting of:

    * US$225 million related to "Term Loan B;"
    * US$750 million related to "Term Loan C;" and
    * US$100 million in a pre-funded letter of credit facility.

The proceeds of the term loans were used to repay the
outstanding term loans under the company's then existing senior
secured credit facilities which consisted of Term Loan A,
denominated in Japanese yen, and Term Loan B.  In addition, the
company paid a dividend of US$160 million during the second
quarter of 2006 to its immediate parent, Dole Holding Company,
LLC, which proceeds were used to repay its Second Lien Senior
Credit Facility.  The weighted average variable interest rate at
Oct. 7, 2006, for the term loan facilities was 7.5%.

In addition, the Company entered into a new asset based
revolving credit facility of US$350 million.  The facility is
secured and is subject to a borrowing base consisting of up to
85% of eligible accounts receivable plus a predetermined
percentage of eligible inventory, as defined in the credit
facility.  As of Oct. 7, 2006, the ABL revolver borrowing base
was US$305.6 million and the amount outstanding under the ABL
revolver was US$111.2 million.  The weighted average variable
interest rate at Oct. 7, 2006, for the ABL revolver was 7.7%.

                    Interest Rate Swap Agreement

During June 2006, the company entered into an interest rate swap
agreement in order to hedge future changes in interest rates.
This agreement effectively converted US$320 million of
borrowings under Term Loan C, which is variable-rate debt, to a
fixed rate basis through June 2011.  The interest rate swap
fixed the interest rate at 7.2%.  The fair value of the interest
rate swap was a liability of US$6.2 million at Oct. 7, 2006.

Simultaneously, the company executed a cross currency swap to
synthetically convert US$320 million of Term Loan C into
Japanese yen denominated debt in order to effectively lower the
U.S. dollar fixed interest rate of 7.2% to a Japanese yen
interest rate of 3.6%.  Since the cross currency swap does not
qualify for hedge accounting, all gains and losses are recorded
through other income (expense), net in the condensed
consolidated statements of operations.  The fair value of the
cross currency swap was an asset of US$19.4 million at Oct. 7,
2006.

                       Business Acquisition

On Oct. 3, 2006, Jamaica Producers Group Ltd. accepted the
company's offer to purchase from JPG the 65% of JP Fruit
Distributors Ltd. that the company does not already own for
US$41.9 million in cash.  The transaction closed during the
fourth quarter of 2006.  JP Fruit Distributors Ltd. imports and
sells fresh produce in the United Kingdom.  The company is
considering expressions of interest by potential partners with
respect to the ownership and operation of Jamaica Producers
Group Ltd.

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?168a

                        About Dole Food Co.

Based in Westlake Village, California, Dole Food Company, Inc.,
-- http://www.dole.com/-- is the world's largest producer and
marketer of high-quality fresh fruit, fresh vegetables, and
fresh-cut flowers based on revenues.  Dole markets a growing
line of packaged and frozen foods and is a produce industry
leader in nutrition education and research.  The fresh
vegetables segment contains operating segments that produce and
market commodity vegetables and ready-to-eat packaged vegetables
to wholesale, retail and institutional customers primarily in
North America, Europe and Asia.  The packaged foods segment
contains several operating segments that produce and market
packaged foods, including fruit, juices and snack foods.  Dole's
fresh-cut flowers segment sources, imports and markets fresh-cut
flowers, grown mainly in Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the United States.  In
Europe, the company maintains operations in Sweden, France,
Spain, Italy, Belgium, Austria and Germany.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 28,
Moody's Investors Service's confirmed its Ba3 Corporate Family
Rating for Dole Food Company Inc.


DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Westlake Village, Calif.-based Dole Food Co. Inc. and Dole
Holding Co. LLC, including its corporate credit rating, to 'B'
from 'B+'.

The ratings were removed from CreditWatch, where they were
placed on Aug. 9, 2006, with negative implications, following
materially weaker-than-expected financial performance in the
first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.
Total debt outstanding at the company was about US$2.3 billion
as of Oct. 7, 2006.

"The downgrade follows Dole's recent third-quarter earnings
release and reflects continued weak operating performance and
significantly higher than expected leverage," said Standard &
Poor's credit analyst Alison Sullivan.

For the 12 months ended Oct. 7, 2006, adjusted EBITDA declined
by 39%, compared with the prior-year period, because of higher
operating costs.  Dole also is faced with ongoing challenging
conditions in Europe following the tariff change effective
Jan. 1, 2006, that has increased competition, leading to lower
pricing and higher net tariff costs.  As a result, credit
measures have weakened further than anticipated.  Lease and
pension adjusted total debt to EBITDA increased to about 9.5x
for the 12 months ended Oct. 7, 2006, from about 6x at Dec. 31,
2006.  Given expected ongoing difficult industry conditions,
Standard & Poor's believes Dole will not meet prior expectations
of leverage at around 6x and EBITDA interest coverage in the
low-2x area for fiscal 2006.

The ratings on Dole reflect its highly leveraged financial
profile and participation in the competitive and commodity-
oriented fresh produce industry, that is subject to seasonality.


=============
F I N L A N D
=============


BENEFON OYJ: Lists New Shares at OMX Helsinki Stock Exchange
------------------------------------------------------------
Benefon Oyj disclosed of a delay in listing the new investment
series shares in OMX Helsinki Stock Exchange.  The Company
announced on Nov. 27 that the shares subscribed for in the
directed share issue would be applied for listing in OMX
together with company's existing investment series shares by
Dec. 8, 2006, at the latest.

Due to technical problems related to registering the shares, the
new shares were listed in OMX together with company's existing
investment series shares on Dec. 11, 2006.

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.
The company also operates in the Czech Republic, Russia and the
U.K.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total
assets and EUR7.30 million in total liabilities, resulting in a
EUR2.33 million stockholders' deficit.


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


ALCATEL-LUCENT: U.K. University Deploys VoIP Solutions
------------------------------------------------------
Alcatel-Lucent disclosed that the University of the West of
England is currently deploying Alcatel-Lucent's converged
communications solutions to improve staff and student
collaboration, as well as communication with external
organizations.

The ongoing project, which is being led by Alcatel-Lucent
business partner South West Communications Group, involves
migrating UWE to a dual IP/TDM environment, connecting seven
different campuses with IP based voice and collaboration.  The
University also plans to install several departmental contact
centres, and to extend the combined Alcatel-Lucent solution to
all 4,000 UWE users over the next few years.

In order to reduce the cost of circuit rentals, Bristol, U.K.-
based UWE has already deployed a VoIP solution with the Alcatel-
Lucent OmniPCX Enterprise IP-PBX phone system and supported by
Alcatel-Lucent OmniVista network management platform. Users have
been equipped with Alcatel-Lucent IP Touch 4018 and Alcatel-
Lucent IP Touch 4028 handsets to enable IP call features, while
the system supports a number of DECT handset users on a single
site.

The key driver of the project was a new UWE student village and
sports centre, both of which required communications links with
other sites and campuses.  As it examined ways to reduce the
cost of campus-wide communications, the University proposed
converged voice and data network migration that would not only
provide cost-savings but have the potential to improve internal
processes throughout the entire organisation.

"The introduction of the new facilities marked the perfect
opportunity for us to conduct an overhaul of our existing
communications infrastructure, and Alcatel-Lucent and South West
Communications stood out as being the best equipped to integrate
all of the different sites and environments," said Jonathan
Barstow, telecommunications team leader, UWE.  "Linking our new
buildings using IP telephony has not only reduced call costs and
management overheads, it has also improved our communications.
The next stage is for us to roll out these benefits across the
University's seven campuses and introduce unified communications
solutions that will further enhance staff and student
collaboration."

The University is piloting Alcatel-Lucent's Unified
Communications offerings, including Alcatel-Lucent My Messaging
and My Teamwork for collaboration, to deliver feature rich voice
and video conferencing, document sharing, and intelligent rich
presence, which allows the staff to instantly see the
availability of colleagues.  The University expects to gain
overall productivity among staff using real time communications
tools, as well as a higher standard of support for students
through the integration of advanced voice mail handling
capabilities. The University expects to compound these benefits
with a lower total cost of ownership, due to reduced
administrative and cabling requirements.

"By taking the time to evaluate not just costs, but also the way
UWE wants to communicate, both internally and externally, we've
been able to design and deploy a solution that will have a
significant positive impact on how employees and departments
interact," said Sarah Flowers, sales director, South West
Communications.  "Many end-users recognise that there are
benefits in collaboration and converged technology, but it is
important to show them exactly how the solutions can be tailored
to meet their specific needs."

"Universities have long faced pressure to adopt the best
practices of the business world, but UWE is going one better and
looking to deploy a solution that businesses should observe as a
best practice example of internal collaboration," said Graeme
Allan, for Alcatel-Lucent enterprise activities in U.K. and
Ireland.  "Alcatel-Lucent continues to make great strides within
the education sector, providing organizations of all sizes with
campus-wide collaborative technology that has a genuine impact
on the way they operate, as well as offering a swift return on
investment."

             About South West Communications Group

South West Communications -- http://www.swcomms.co.uk/-- helps
businesses to maximize the benefits of voice, data and Internet
technologies and are leading the way with convergence solutions
throughout the UK.  With over 23 years experience of designing,
installing and maintaining complex sites, South West
Communications prides itself on delivering quality, high
performance and well managed applications to a varied platform
of businesses.

                      About Alcatel-Lucent

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

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

                           *     *     *

As reported in the TCR-Europe on Dec. 12, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative
following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent:

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

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

  -- Issuer Default Rating BB-;
  -- Senior unsecured debt BB-;
  -- Convertible subordinated debt B; and
  -- Convertible trust preferred securities B.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

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


ALCATEL-LUCENT: Inks Network Solution Deal with Tekomsel
--------------------------------------------------------
Alcatel-Lucent is deploying its intelligent optical networking
solution for PT Telekomunikasi Selular, Indonesia's largest
mobile operator.

Alcatel-Lucent is expanding and upgrading the existing network
with its optical cross-connect and multi-service technologies to
enhance the current backhaul capacity and aggregation
capabilities.  The project will lay the foundation for the
smooth and cost-effective transformation of PT Telekomunikasi
Selular's network to accelerate the rollout of new, IP-based
business and entertainment mobile services.

With the largest network coverage in the archipelago, PT
Telekomunikasi Selular delivers 2G and 3G mobile services to
more than 32 million subscribers and provides network coverage
to over 90% of Indonesia's population.  Alcatel-Lucent's optical
transport solution will enable the Indonesian mobile operator to
offer innovative mobile data services to its end-users over a
converged infrastructure.  By delivering enhanced aggregation
functionality, the network will enable tremendous flexibility
and reliability, as well as investment protection for highly
efficient backhaul consolidation.

The Alcatel-Lucent solution, based on its 1678 Metro Core
Connect and data-aware Optical Multi-Service Node systems, is
also integrating Automatic Switched Optical Network and
Generalized MPLS technologies.  Addressing the critical demand
for a highly reliable and automatic multi-service transport
network, these technologies empower intelligent optical
connectivity by enabling the end-to-end set-up and control of
optical connections.  The Alcatel-Lucent solution will be
managed by its 1350 management suite, a portfolio of
applications to manage packet, circuit and wavelength services.

              About PT Telekomunikasi Selular

PT Telekomunikasi Selular -- http://www.telkomsel.com/-- is the
leading operator of mobile telecommunications industry in
Indonesia with a market share of more than 50%.   By end of
September 2006, Telkomsel has achieved slightly over 32.4
million active subscribers.  Telkomsel provides GSM cellular
services in Indonesia, through its own nationwide Dual band
900/1800 MHz GSM network, and internationally, through 356
international roaming partners networks in 145 countries (June
2005).

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

                        *     *     *

As reported in the TCR-Europe on Dec. 12, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative
following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent:

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

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

  -- Issuer Default Rating BB-;
  -- Senior unsecured debt BB-;
  -- Convertible subordinated debt B; and
  -- Convertible trust preferred securities B.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

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


ALCATEL-LUCENT: Moody's Lowers Corporate Family Rating at Ba2
-------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.

The ratings for senior debt of Alcatel were equally lowered to
Ba2 from Ba1 and its Not-Prime rating for short-term debt was
affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

"The rating downgrade reflects execution challenges related to
the integration of two large companies while keeping major
customers, market share and key personnel in an increasingly
competitive telecommunication equipment market, but also the
broad market position of Alcatel-Lucent and the potential for
realizing and retaining substantial cost-savings that could
drive EBITA-margins into the high single-digits medium-term."
Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent said.  "While the outlook for the ratings is
stable, we would see potential for a rating upgrade if the
company were to keep sales growth above 5% and to reach EBITA-
margins during 2007 close to double-digit levels, all while
maintaining a strong and liquid capital structure."

The Ba2 CFR reflects:

   (i) Alcatel-Lucent's strong customer relationships and the
       large installed base supporting its market shares;

  (ii) the broadest offering of all telecom equipment providers
       with very advanced technology allowing the company to
       service its customers for their feature-rich
       telecommunications and convergence strategies;

(iii) the potential for realizing synergy savings targeted at
       about EUR1.4 billion by management;

  (iv) the strengthening credit profile of Alcatel on a
       standalone basis providing the financial basis for the
       combination; and

   (v) as a result of the for-share merger, a strong liquidity
       position with a relatively moderately levered capital
       structure (Moody's estimates pro-forma net debt/EBITDA
       for calendar year 2005 at 2.8-times initially after the
       merger and the Thales transaction, which involves selling
       Alcatel's transportation, security and space activities
       to Thales in return for an additional 11.5% stake in the
       company and about EUR710 million cash) of the combined
       group.

These credit positives, however, are balanced by:

   (i) the challenges related to the integration of two
       corporate cultures and various technology platforms;

  (ii) execution risk for realizing and retaining the bulk of
       the targeted synergy benefits in an increasing price
       competitive equipment market;

(iii) a relatively weak fiscal 2006 performance of Lucent in
       its core markets -- although the fourth fiscal quarter
       showed some improvement;

  (iv) a complex technology roadmap in 3rd generation (3G)
       wireless telephony; and

   (v) modest pro-forma calendar year 2005 profitability (EBITA-
       margin: 5.7%) and interest coverage (0.6-times) initially
       after adjusting EBIT for amortization of acquired
       intangibles particularly and after the Thales
       transaction.

The outlook for Alcatel-Lucent's Ba2 CFR is stable. It
anticipates:

   (i) mid-single digit growth for the company;

  (ii) measurable progress on the integration and realization of
       synergy benefits in 2007;

(iii) modest improvements in profitability during 2007; but

  (iv) no further material M&A activity in the integration phase
       even though opportunities may well present themselves.

The last rating action of April 3, 2006, placed the Ba1 senior
debt ratings for Alcatel on review for possible downgrade and
the B1 unsecured debt ratings of Lucent on review for possible
upgrade following the merger announcement.

Downgrades:

Issuer: Alcatel-Lucent

   -- Corporate Family Rating, Downgraded to Ba2 from Ba1;

   -- Senior Unsecured Bank Credit Facility, Downgraded to
      Ba2 from Ba1;

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded
      to Ba2 from Ba1;

   -- Senior Unsecured Medium-Term Note Program, Downgraded to
      Ba2 from Ba1; and

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Ba2 from Ba1.

Upgrades:

Issuer: Lucent Technologies Capital Trust I

   -- Preferred Stock Preferred Stock, Upgraded to B2 from B3.

Issuer: Lucent Technologies, Inc.

   -- Multiple Seniority Shelf, Upgraded to a range of
      (P)B3 to (P)Ba3 from a range of (P)Caa1 to (P)B1;

   -- Subordinate Conv./Exch. Bond/Debenture, Upgraded to
      B2 from B3;

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded
      to Ba3 from B1; and

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to
      Ba3 from B1.

Outlook Actions:

Issuer: Alcatel-Lucent

   -- Outlook, Changed To Stable From Rating Under Review.

Issuer: Lucent Technologies Capital Trust I

   -- Outlook, Changed To Stable From Rating Under Review.

Issuer: Lucent Technologies, Inc.

   -- Outlook, Changed To Stable From Rating Under Review.

Withdrawals:

Issuer: Lucent Technologies, Inc.

   -- Speculative Grade Liquidity Rating, Withdrawn, previously
      rated SGL-2;

   -- Corporate Family Rating, Withdrawn, previously rated B1.

Headquartered in Paris, France, Alcatel Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments with 2005 pro-forma sales of
EUR18.6 billion after the Thales transaction.

Lucent Technologies Inc. is headquartered in Murray Hill, New
Jersey with revenues of US$8.8 billion and net income of
US$527 million in its fiscal year ending Sept. 30, 2006.


COMPAGNIE GENERALE: Shareholders' Meeting Set for Jan. 9, 2007
--------------------------------------------------------------
Compagnie Generale de Geophysique will hold a Combined Ordinary
and Extraordinary General Meeting at 3:00 p.m. on Jan. 9, 2007,
at:

         Palais Brongniart
         Petit Auditorium
         75002 Paris
         France

This meeting will resolve in particular the issue of shares to
be made in favor of VERITAS DGC Inc. shareholders.

In order to participate personally or to be represented at the
Meeting:

   -- holders of registered shares must have the shares
      registered in their name at least five days prior to the
      date of the Meeting;

   -- holders of bearer shares should, at least five days prior
      to the date of the Meeting, provide evidence that the
      shares are being held in a blocked account, in the form of
      a certificate issued by the financial intermediary holding
      the shares on account. Such certificate should be sent to:

         BNP Paribas Securities Services
         GIS Emetteurs
         Assemblees
         Immeuble Tolbiac
         75450 Paris Cedex 09
         France

Postal voting or proxy forms and admission cards may be obtained
on request from BNP Paribas Securities Services.

Shareholders wishing to cast a postal vote may obtain the
appropriate form by writing to:

         Compagnie Generale de Geophysique
         Corporate Legal Department
         1 rue Leon Migaux
         91341 Massy Cedex
         France

            -- or --

         BNP Paribas Securities Services
         GIS Emetteurs
         Assemblees
         Immeuble Tolbiac
         75450 Paris Cedex 09
         France

by registered letter with acknowledgment of receipt, at least
six days prior to the date of the Meeting.

In the case of holders of bearer shares, postal votes will only
be accepted subject to prior receipt of the certificate
evidencing the fact that the shares are being held in a blocked
account.

            About Compagnie Generale de Geophysique

Headquartered in Massy, France, Compagnie Generale de
Geophysique -- http://www.cgg.com/-- provides a wide range of
seismic data acquisition, processing and reservoir services to
clients in the oil and gas exploration and production business.
It is also a global manufacturer of geophysical equipment
through its subsidiary Sercel.  The company also operates in
Angola, Australia, Austria, Brazil, Canada, China, Egypt, United
Kingdom, India, Indonesia, Kazakhstan, Libya, Malaysia, Mexico,
Morocco, Netherlands, Nigeria, Norway, Oman, Pakistan, Russia,
Saudi Arabia, Singapore, South Africa, Switzerland, Thailand,
Tunisia, United Arab Emirates, U.S.A., Venezuela and Yemen.

                          *     *     *

As reported in the TCR-Europe on Dec. 11, Moody's Investors
Services assigned (P)Ba2 ratings with stable outlook to
Compagnie Generale de Geophysique's proposed US$1.1-billion
credit facilities comprising of a US$800-million Term Loan due
2014 and two Revolving Credit Facilities of US$100 million and
US$200 million, respectively, due 2012.  The final confirmation
of the ratings is subject to the signing of the credit
agreement.

Standard & Poor's Ratings Services has placed its 'BB-' long-
term corporate credit and senior unsecured debt ratings on
France-based Compagnie Generale de Geophysique on CreditWatch
with negative implications.  The placement follows the
announcement by CGG of a friendly US$3.1 billion takeover bid
for U.S. competitor Veritas DGC Inc.

In addition, Moody's Investors Services assigned a rating of
(P)Ba3, stable outlook, to Compagnie Generale de Geophysique's
proposed new Senior Notes of US$165 million due May 2015.  The
final confirmation of the rating is subject to signing of the
offering circular.


COMPAGNIE GENERALE: S&P Rates Sr. Secured Facilities at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
debt rating and '2' recovery rating to France-based Compagnie
Generale de Geophysique's proposed US$1.1-billion senior secured
facilities, of which US$900 million is issued by subsidiary
Volnay Acquisition Co. I.

The 'BB-' rating is the same as the corporate credit rating on
the group.  The '2' recovery rating indicates our expectation of
substantial (80%-100%) recovery of principal for senior secured
lenders in the event of a payment default.  Of the new debt, the
US$800-million Term Loan B will be used to refinance CGG's
existing bridge facility, and US$300 million will fund working
capital needs.

Furthermore, Standard & Poor's said that its 'BB-' long-term
corporate credit and all debt ratings on CGG remain on
CreditWatch with negative implications, where they were placed
on Sept. 5, 2006, following CGG's US$3.2 billion takeover bid
for Veritas DGC Inc.

Since the CreditWatch placement, CGG has obtained several
regulatory approvals, and the transaction is likely to close
early January 2007, once approval for the merger from the
shareholders of both companies has been obtained.

"We have reviewed the group's medium-term and de-leveraging
plans, and expect to affirm the corporate credit rating on CGG
at 'BB-' and to equalize the rating on Veritas with that on CGG
once the transaction closes," said Standard & Poor's credit
analyst Karl Nietvelt.  "The outlook on the combined
group is likely to be positive."

In addition, Standard & Poor's expects to downgrade CGG's
unsecured high-yield bonds outstanding by one notch to 'B+', one
notch below the corporate credit rating, reflecting their deep
subordination to the proposed US$1.1 billion secured facilities.
The notching down by just one notch takes into account an
expected fairly rapid decrease of the secured debt and the
latter's fairly weak security package.


REMY COINTREAU: Analysts See Possible Takeover Bids
---------------------------------------------------
Analysts have suggested a likely takeover bid for Remy Cointreau
S.A., the maker of Remy Martin Cognac and the Cointreau orange
liqueur, Simon Clow of The Wall Street Journal relates.

According to WSJ, U.S.-based Brown-Forman Corp., owner of Jack
Daniels whiskey, and Bermuda-based Bacardi & Co., could possibly
bid for the company, as could Constellation Brands Inc. and
Diageo plc.  Neither Remy nor the two families who hold a
controlling stake in the company have shed their plans.

The French group's shares spiked to almost 25% in the past five
months on talks of a possible approach for Remy, Mr. Clow
states.  This was fueled by the company's decision to halt a
distribution alliance with the Maxxium distribution joint
venture effective March 30, 2009, he adds.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

Remy Cointreau's senior unsecured debt carries a Ba2 rating from
Moody's Investors Service since 2003.  Standard & Poor's rated
the Company's issuer credit at BB- in 2004.


REMY COINTREAU: Earns EUR75.7 Mln in Period Ended Sept. 30, 2006
----------------------------------------------------------------
Remy Cointreau S.A. disclosed its interim results for the first
six months of the 2006/2007 financial year.

Remy has recorded 21.9% organic growth in profit from operations
to EUR61.9 million, on turnover of EUR354.4 million for the
first six-month period.

"This excellent growth, achieved for the third consecutive year,
is fully in line with the Group's profitable and long-term
growth strategy, with its refocused and lasting brand
portfolio," the company said.

For the period ended Sept. 30, 2006, the company earned EUR75.7
million in net income, compared with a EUR42.9 million net
income for the same period in 2005.

Cognac

Remy Martin continued to develop premium and super premium
qualities in order to prioritize profitability.  Turnover grew
organically by 4.2%, whereas profit from operations of EUR38.7
million represented organic growth of 38.1%.

Liqueurs & Spirits

The division registered overall organic growth of 2.7% in
turnover, while profit from operations grew by 9.1%.  Over the
first six months of the year, Cointreau in the US with its new
"Be Cointreauversial" campaign, and Passoa in Europe, performed
particularly well.

Champagne

An excellent performance by Piper-Heidsieck throughout the first
six months of the year enabled the brand to record organic
growth of 10.8% in turnover.  Profit from operations recorded
sharp 48.7% organic growth, due to higher selling prices and
increased volumes, as well as an improved product/market mix.

Partner Brands

Following the cessation of a number of distribution contracts,
turnover declined by 17.1% to EUR45.7 million, resulting in an
operating loss of EUR1 million, after allocation of distribution
and central costs.

                    Consolidated Results

Turnover of EUR354.4 million represented overall organic growth
of 1.3%.  Group brands increased by 4.8%.

Profit from operations totaled EUR61.9 million, a 12.8%
increase, after including a EUR4.9 million impact due to the
unfavorable euro/dollar exchange rate.  Organic growth was
21.9%.  Profit from operations margin improved by 2 pp compared
with the same period of the previous financial year (15.5%).

Operating profit increased by 7.3% to EUR58.9 million. This
includes a EUR3 million non-recurring expense relating to a
demand for business and property tax arrears, recognized under
"other operating income and expenses".

Financial charges of EUR20 million were a significant EUR11.6
million improvement, due to the substantial effect of debt
reduction (from EUR838 million at Sept. 30, 2005 to EUR641
million at Sept. 30, 2006).  At Sept. 30, 2006, the net
indebtedness to EBITDA ratio was 3.65 (3.93 at Sept. 30, 2005).

Net profit from continuing activities totaled EUR34 million, an
increase of 86.8% compared with the first six months of 2005.
This result includes a lower taxation charge and the reversal of
a provision no longer required for tax payable.

Net profit from discontinued activities of EUR42.1 million
included net capital gains from the disposal of Dutch and
Italian liqueurs at the end of March 2006, with a cash effect in
April, together with Cognac de Luze and Bols Hungary, which were
sold in July 2006.

Total net indebtedness fell by 17.4% to EUR637.3 million, a
reduction of EUR134.2 million compared with the end of March
2006. This decrease was a result of operations sold and a
continued improvement in working capital requirements.

Maxxium

On Nov. 23, Remy Cointreau announced its decision to terminate
the Maxxium Global Distribution Agreement effective March 30,
2009.  This strategic decision will enable Remy Cointreau to
consider alternative distribution options in priority markets
such as Asia.

The financial consequences anticipated as a result of
terminating the Maxxium distribution agreements are as follows:
Payment by Remy Cointreau of compensation estimated at EUR240
million before tax.  A provision relating to the compensation
will be recognized at March 31, 2007, with effective payment in
2009.

After March 30, 2009, the planned exit of Remy Cointreau as a
Maxxium shareholder, with disposal on a contractual basis of its
stake in Maxxium's equity, after deducting restructuring costs,
if applicable.

At Sept. 30, 2006, Remy Cointreau's equity share amounted to
EUR76.9 million.

                         Outlook

Remy Cointreau confirms its target of double-digit organic
growth in profit from operations for the 2006/07 financial year
ending March 31, 2007.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

Remy Cointreau's senior unsecured debt carries a Ba2 rating from
Moody's Investors Service since 2003.  Standard & Poor's rated
the Company's issuer credit at BB- in 2004.


TEMBEC INC: DBRS Confirms Sr. Unsec. Debentures' Rating at CCC
--------------------------------------------------------------
Dominion Bond Rating Service confirmed the rating of Tembec
Inc.'s Senior Unsecured Debentures at CCC.  DBRS downgraded the
rating of Tembec on Jan. 31, 2006.

The rating action reflected the sharper-than-expected decline in
Tembec's operating performance and liquidity position, and the
risk that the Company would not have the liquidity required to
fund its operations substantially beyond the next 12 months.
However, the repayment of lumber duties in fiscal first quarter
2007 will provide additional cash of US$242 million ensuring
that Tembec's liquidity will be sufficient to meet near-term
requirements.  The Company's financial risk has been reduced to
a level commensurate with the above rating.

Despite the much-needed cash infusion, the trend remains
Negative, reflecting the high probability that:

   (1) a deterioration in operating performance could occur in
       the next year, and

   (2) continued weak earnings and cash flows may jeopardize the
       refinancing of a large debt maturity in 2009.

Successful supply management strategies have enabled pulp and
paper manufacturers to implement cost-push product price
increases over the past year.  However, industry supply
discipline may be increasingly difficult to maintain since most
of the high-cost production capacity has been closed.  Failure
to close a widening demand/supply gap would result in price
erosion and declining earnings.

Continued weak pulp and paper markets and the possibility
that industry production curtailments may not be sufficient to
support cost-push price increases elevates the risk that
Tembec's operating performance and liquidity could quickly
deteriorate.  The declining U.S. residential construction
industry, continuing lumber trade restrictions, and the
potential of a U.S. economic slowdown exacerbates the situation.

The Company is highly exposed to weakness in the U.S. dollar
relative to the Canadian dollar and the euro, and additional
strength in the Canadian dollar will have a significant impact
on earnings.  Equally important is the significant cost
pressures facing Tembec, which are showing no signs of abating.
The trend will remain Negative until the Company's financial
performance significantly improves and the 2009 debt maturity is
successfully refinanced.

Headquartered in Canada, Tembec Inc. -- http://www.tembec.com/
-- is an integrated forest products company, with extensive
operations in North America and France.  With sales of
approximately US$3.8 billion and some 10,000 employees, it
operates 50 market pulp, paper and wood product manufacturing
units, and produces silvichemicals from by-products of its
pulping process and specialty chemicals.  Tembec markets its
products worldwide and has sales offices in Canada, the United
States, the United Kingdom, Switzerland, China, Korea, Japan,
and Chile.  The Company also manages 40 million acres of forest
land in accordance with sustainable development principles and
has committed to obtaining Forest Stewardship Council (FSC)
certification for all forests under its care.


VALASSIS COMMS: Releases Pretrial Brief on ADVO Litigation
----------------------------------------------------------
A public version of Valassis Communications Inc.'s reply to ADVO
Inc.'s pretrial brief is available for free at:

              http://researcharchives.com/t/s?16be

A copy of the company's pretrial brief is also available at:

              http://researcharchives.com/t/s?16c1

Valassis filed suit on Aug. 30, 2006, seeking to rescind its
US$1.3 billion merger agreement with ADVO based on fraud and
material adverse changes.

As reported in the Troubled Company Reporter on July 7, Valassis
inked a definitive merger agreement with ADVO under which it
will acquire all of the outstanding common shares of ADVO stock
for US$37 per share in cash in a merger.  The fully financed
transaction was valued at US$1.3 billion, including US$125
million in existing ADVO debt that Valassis planned to
refinance.

Valassis subsequently sued ADVO in the Delaware Chancery Court
to rescind the merger agreement based on fraud and material
adverse changes, alleging that ADVO management materially
misrepresented the financial health of the company and failed to
reveal internal control deficiencies.

                            About ADVO

Based in Windsor, Conn., ADVO, Inc. -- http://www.ADVO.com/--
is a direct mail media company, with annual revenues of US$1.4
billion.  Serving 17,000 national, regional and local retailers,
the company reaches 114 million households, more than 90% of the
nation's homes, with its ShopWise(R) shared mail advertising.
ADVO employs 3,700 people at its 23 mail processing facilities,
33 sales offices.

                           About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, France, Mexico and Canada.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and on-
page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.  Valassis has been listed as one of
FORTUNE magazine's "Best Companies to Work For" for nine
consecutive years.  Valassis subsidiaries include Valassis
Canada, Promotion Watch, Valassis Relationship Marketing
Systems, LLC and NCH Marketing Services, Inc.

                           *     *     *

As reported in the TCR-Europe on Nov. 1, Moody's Investors
Service downgraded Valassis Communications, Inc.'s senior
unsecured note ratings to Ba1 from Baa3.  Moody's also assigned
a Ba1 Corporate Family Rating, Ba1 Probability of Default
Rating, and LGD4 loss given default assessments to Valassis'
debt securities.  The ratings remain on review for downgrade.

Standard & Poor's Ratings Services lowered on July 9, 2006, its
corporate credit and senior unsecured ratings on Valassis
Communications Inc. to 'BB' from 'BB+' and left the ratings on
CreditWatch with negative implications.


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


AUTOHAUS WEDEKIND: Claims Registration Ends December 15
-------------------------------------------------------
Creditors of Autohaus Wedekind GmbH have until Dec. 15 to
register their claims with court-appointed provisional
administrator Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Area 35
         Untermarkt 17
         Muehlhausen, Germany

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

The District Court of Muehlhausen opened bankruptcy proceedings
against Autohaus Wedekind GmbH on Oct. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Wedekind GmbH
         Attn: Hartwig Wedekind, Manager
         Langensalzaer Highway 17
         99974 Muehlhausen, Germany

The administrator can be contacted at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen, Germany


BRAUER GMBH: Claims Registration Ends December 15
-------------------------------------------------
Creditors of Brauer GmbH have until Dec. 15 to register their
claims with court-appointed provisional administrator Gerhard
Fichter.

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

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Insolvency Court
         Rollwagstr. 10a
         74072 Heilbronn, 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 Heilbronn opened bankruptcy proceedings
against Brauer GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Brauer GmbH
         Attn: Klaus Brauer, Manager
         Seeligstrasse 6
         74080 Heilbronn, Germany

The administrator can be contacted at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn, Germany
         Tel: 07131/888666
         Fax: 07131/888667


BURGDORF TRANSPORTE: Claims Registration Ends December 19
---------------------------------------------------------
Creditors of Burgdorf Transporte GmbH & Co. KG have until
Dec. 19 to register their claims with court-appointed
provisional administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 9, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Burgdorf Transporte GmbH & Co. KG on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Burgdorf Transporte GmbH & Co. KG
         Tonstr. 3a
         32549 Bad Oeynhausen,
         Germany

         Attn: Dirk Burgdorf, Manager
         Rudolf-Harbig-Str. 36
         32549 Bad Oeynhausen,
         Germany

The administrator can be contacted at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford, Germany


CHARTER KURIER: Claims Registration Ends December 15
----------------------------------------------------
Creditors of Charter Kurier Neumann + Heuser GbR have until
Dec. 15 to register their claims with court-appointed
provisional administrator Ulrich Sonntag.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Room 415
         4th Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen, 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 Giessen opened bankruptcy proceedings
against Charter Kurier Neumann + Heuser GbR on Nov. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Charter Kurier Neumann + Heuser GbR
         Ursulum 7
         35396 Giessen, Germany

         Attn: Frank Heuser, Manager
         Talstrasse 4
         35457 Lollar, Germany

         Bernd Uwe Neumann, Manager
         Alte Road 8
         35435 Wettenberg, Germany

The administrator can be contacted at:

         Ulrich Sonntag
         Hanauer Road 25
         63674 Altenstadt, Germany
         Tel: 06047/954760
         Fax: 06047/9547620


DIENSTLEISTUNGS GMBH: Claims Registration Ends December 15
----------------------------------------------------------
Creditors of Dienstleistungs GmbH & Co. KG Sondershausen have
until Dec. 15 to register their claims with court-appointed
provisional administrator Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Area 35
         Untermarkt 17
         Muehlhausen, Germany

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

The District Court of Muehlhausen opened bankruptcy proceedings
against Dienstleistungs GmbH & Co. KG Sondershausen on Oct. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Dienstleistungs GmbH & Co. KG Sondershausen
         Attn: Helmut Gorges, Manager
         Planplatz 8
         99706 Sondershausen, Germany

The administrator can be contacted at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen, Germany


GEBR. HOFFMANN: Claims Registration Ends December 18
----------------------------------------------------
Creditors of Gebr. Hoffmann Transporte GmbH have until Dec. 18
to register their claims with court-appointed provisional
administrator Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 16, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Gebr. Hoffmann Transporte GmbH on Nov. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gebr. Hoffmann Transporte GmbH
         Halberstadter Str. 5
         06484 Quedlinburg, Germany

         Attn: Helmut Talaga, Manager
         Alfelder Str. 25A
         31139 Hildesheim, Germany

The administrator can be contacted at:

         Karina Schwarz
         Klausener Str. 24
         39112 Magdeburg, Germany
         Tel: 0391/6286260
         Fax: 0391/6286261
         Web: http://www.brf-partner.de/
         E-mail: magdeburg@brf-partner.de


HOGAZI GASTRONOMIE: Claims Registration Ends December 16
--------------------------------------------------------
Creditors of HOGAZI Gastronomie GmbH & Co. KG have until Dec. 16
to register their claims with court-appointed provisional
administrator Eckhard Finke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach, 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 Bad Kreuznach opened bankruptcy
proceedings against HOGAZI Gastronomie GmbH & Co. KG on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HOGAZI Gastronomie GmbH & Co. KG
         Flugplatz Hahn
         Gebaude 1381
         55491 Buechenbeuren, Germany

         Attn: Winfried Friedrich, Manager
         Leisniger Str. 6
         12627 Berlin, Germany

The administrator can be contacted at:

         Eckhard Finke
         Mannheimer Road 173
         55543 Bad Kreuznach, Germany
         Tel: 0671/84007-68
         Fax: 0671/84007-43


HSK GMBH: Claims Registration Ends December 18
----------------------------------------------
Creditors of HSK GmbH have until Dec. 18 to register their
claims with court-appointed provisional administrator Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:33 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, Germany

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

The District Court of Moenchengladbach opened bankruptcy
proceedings against HSK GmbH on Nov. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HSK GmbH
         Volksgartenstrasse 85
         41065 Moenchengladbach, Germany

         Attn: Guido Gillissen, Manager
         Ratheimer Road 79
         41849 Wassenberg, Germany

The administrator can be contacted at:

         Dr. Paul Fink
         Rheinort 1
         40213 Duesseldorf, Germany


M.S.P. SPEISENPRODUKTIONS: Creditors' Meeting Slated for Dec. 18
----------------------------------------------------------------
The court-appointed provisional administrator for M.S.P.
Speisenproduktionsgesellschaft mbH, Udo Feser, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:50 a.m. on Dec. 18.

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 10:30 a.m. on March 12, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against M.S.P. Speisenproduktionsgesellschaft mbH on
Oct. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         M.S.P. Speisenproduktionsgesellschaft mbH
         Sonnenallee 47
         12045 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


MAXDATA AG: Synergy Woes Cue Board to Drop Yakumo GmbH Takeover
---------------------------------------------------------------
Maxdata AG will not acquire Yakumo GmbH and the brand of the
same name, the company's Management Board resolved on Dec. 11,
2006.

An extensive review revealed that the acquisition of Yakumo
would not lead to the expected synergy effects.  In addition, a
takeover at the current point in time would result in the tying
up of extensive resources.

On Oct. 10, 2006, Maxdata announced the planned takeover of
Yakumo in an ad-hoc notification, which has been issued in the
same manner.  Yakumo GmbH -- headquartered in Braunschweig,
Germany, and owned by Adam Riesig GmbH -- markets and sells PCs,
laptops, TFT monitors and consumer electronic products.

Maxdata had initiated a comprehensive restructuring program in
March 2006.  This foresees, among other things, personnel cuts,
which have already been implemented and the further optimisation
of sales and purchasing structures.  This should result in
savings totaling EUR30 million a year -- the full effect of the
restructuring program is expected to make itself felt from 2007.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata AG has been posting net losses since 2003: EUR20.7
million in 2003, EUR1.5 million in 2004 and EUR39.6 million in
2005.  For the nine months ended Sept. 30, 2006, Maxdata posted
EUR36.4 million in net losses.  The company is currently under
restructuring, with effects expected to show in 2007.


MUSIKBOX GASTSTATTEN: Claims Registration Ends December 19
----------------------------------------------------------
Creditors of Musikbox Gaststatten GmbH have until Dec. 19 to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 9, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Musikbox Gaststatten GmbH on Oct. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Musikbox Gaststatten GmbH
         Attn: Heinz Eichler, Manager
         Friller Str. 26
         31675 Bueckeburg, Germany

The administrator can be contacted at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford, Germany


SIKA ANLAGEN: Claims Registration Ends December 18
--------------------------------------------------
Creditors of SIKA Anlagen und Verwaltungs GmbH have until
Dec. 18 to register their claims with court-appointed
provisional administrator Eduard Uebelacker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 24, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against SIKA Anlagen und Verwaltungs GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SIKA Anlagen und Verwaltungs GmbH
         Attn: Dirk Heuser, Manager
         Kohlersgehau 59
         98544 Zella-Mehlis,
         Germany

The administrator can be contacted at:

         Eduard Uebelacker
         Schwanthalerstr. 32/IV
         80336 Munich, Germany


VOLKSWAGEN AG: Reports 3.09 Million Vehicles Sold in 11 Months
--------------------------------------------------------------
Volkswagen AG disclosed that Volkswagen brand sold a total of
3.094 million vehicles for 11 months ended November 2006, an
increase of 11.4% compared with the same period in 2005.

The brand also exceeded last year's total sales of 3.088 million
units.  Volkswagen recorded 293,000 sales in November.

"Customers all over the world are delighted with the attractive
and increasingly individual model range presented by the
Volkswagen brand.  We have never before sold so many vehicles in
the first eleven months of a year.  That is very satisfactory
and confirms our proactive product policy.  We will continue
with the systematic implementation of this policy to maintain an
equally good presence on the world market in future, too," said
Dr. Michael Kern, member of the Volkswagen brand board of
management responsible for sales and marketing.

Volkswagen sold 1.504 million vehicles in Europe from January to
November, 7.5 percent more than during the same period last
year.  In November alone, deliveries to customers rose by 9.7%
to 141,700 units.

New vehicles registered in Germany totaled 628,035 for the
11 months ended November.

"This means we again have a monthly result on our domestic
market that is well above average.  The Volkswagen brand has
expanded its commanding market lead even further.  That is not
only due to the upcoming rise in value added tax.  Our models as
well as our packages offering mobility, service, insurance and
attractive financing are very popular with customers," Dr. Kern
commented.

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

                        *    *    *

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

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

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


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


GRAHAM PACKAGING: Warren Knowlton Replaces Philip Yates as CEO
--------------------------------------------------------------
Graham Packaging Holdings Company disclosed that Warren D.
Knowlton has been named as the company's chief executive
officer, effective Dec. 4, 2006, replacing Philip R. Yates, who
has retired.  Mr. Knowlton will also join the company's board of
directors.

Mr. Knowlton, served as chief executive officer and executive
director of Morgan Crucible PLC, from December 2002 to
August 2006.  Morgan Crucible is a specialty manufacturer of
carbon and ceramic products.  Prior to joining Morgan Crucible,
he was an executive director of a glass-maker Pilkington PLC.
With Pilkington, he first served as president of Global Building
Products and then as president of Global Automotive.  Mr.
Knowlton joined Pilkington in 1997.  Since 2000, Mr. Knowlton
has served as a non-executive director of Smith & Nephew PLC,
Filtrona PLC, and Ameriprise Financial.

Philip R. Yates, who has been with Graham Packaging for more
than 30 years and has served as chief executive officer since
1998, has agreed to continue with the company as chairman of the
board.  Mr. Yates will continue to be involved in the oversight
of the company's operations.  Mr. Yates already serves on the
Board and the company expects he will be named chairman at the
next meeting.

               Appointment of Mark Burgess as CFO

Mark Burgess has been named chief financial officer, succeeding
John E. Hamilton, who is leaving after a 22-year career with
Graham Packaging to pursue other interests, including his
family's business.

Mr. Burgess served as president and chief executive officer, as
well as chief financial officer, of Anchor Glass Container
Corporation, from May 2005 until September 2006, where he led
the company through a successful financial restructuring.  He
previously served as executive vice president and chief
financial officer of Clean Harbors Environmental Services, Inc.,
from May 2003 until May 2005 and prior to that he served as
executive vice president and chief financial officer at JL
French Automotive Castings, Inc, from November 2000 to May 2003.

Chinh Chu, senior managing director of The Blackstone Group,
majority owner of Graham Packaging, said, "Warren Knowlton and
Mark Burgess are extremely talented and experienced executives,
and we are excited to have them join Graham Packaging.  We would
also like to thank Phil Yates and John Hamilton for their many
dedicated years of service to Graham Packaging.  We are pleased
that Phil will be remaining as the company's chairman."

                  About Graham Packaging Holdings

Graham Packaging Holdings Company is a Pennsylvania limited
partnership.  Graham Packaging Company, L.P., Holdings' wholly
owned subsidiary is a worldwide leader in the design,
manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,
personal care/specialty and automotive lubricants product
categories and, as of the end of September 2006, operated 85
manufacturing facilities throughout North America, Europe and
South America.  The Company currently operates 88 plants
worldwide including France, Hungary, the Netherlands, Poland,
Spain, Turkey and the United Kingdom.

The Blackstone Group, an investment firm, holds 78.6 percent
equity in Graham Packaging Holdings Company. MidOcean Capital
Investors, L.P., holds 4.1 percent. A group of management
executives holds 2.3 percent. The family of Graham Packaging
founder Donald Graham holds 15 percent.

                          *      *      *

Graham Packaging Holdings Company carries Standard & Poor's B
rating for both its LT Foreign Issuer Credit and LT Local Issuer
Credit.


GRAHAM PACKAGING: Sept. 30 Equity Deficit Tops US$526.1 Million
---------------------------------------------------------------
Graham Packaging Holdings Company reported a US$15 million net
loss on US$643 million of sales for the third quarter ended
Sept. 30, 2006, compared with a US$2.2 million net loss on
US$615.1 million of sales in the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$2.52 billion in total assets and US$3.05 billion in total
liabilities, resulting in a US$526.1 million total partners'
deficit.

The increase in net loss is primarily due to the decrease in
gross profits to US$69.1 million in the third quarter of 2006,
from US$79.2 million in the third quarter of 2005.

Net sales for the three months ended Sept. 30, 2006, increased
US$27.9 million to US$643.0 million from US$615.1 million for
the three months ended Sept. 30, 2005.  The increase in sales
was primarily due to an increase in resin pricing and volume,
net of changes in mix and price erosion.

The decrease in gross profit was primarily due to a reduction to
depreciation expense in 2005 related to finalizing the fixed
asset valuation for O-I Plastic of US$11.5 million, a net
increase in project costs of US$1.6 million and a net decrease
in gross profit related to ongoing business of US$3.4 million,
partially offset by a decrease in non-recurring charges of
US$2.7 million, a favorable impact from changes in foreign
currency exchange rates of US$0.5 million and a net decrease in
the loss on disposal of fixed assets of US$3.2 million.

Interest expense increased US$900,000 to US$48.3 million for the
three months ended Sept. 30, 2006, from US$47.4 million for the
three months ended Sept. 30, 2005.  The increase was primarily
related to an increase in interest rates.

Income tax provision increased US$2 million to US$6.6 million
for the three months ended Sept. 30, 2006, from US$4.6 million
for the three months ended Sept. 30, 2005.  The increase was
primarily related to the establishment of a valuation allowance
on a portion of the tax benefit due to taxable losses and tax
credits in North America, partially offset by decreased earnings
in North America and Europe.

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?1633

                  About Graham Packaging Holdings

Graham Packaging Holdings Company is a Pennsylvania limited
partnership.  Graham Packaging Company, L.P., Holdings' wholly
owned subsidiary is a worldwide leader in the design,
manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,
personal care/specialty and automotive lubricants product
categories and, as of the end of September 2006, operated 85
manufacturing facilities throughout North America, Europe and
South America.  The Company currently operates 88 plants
worldwide including France, Hungary, the Netherlands, Poland,
Spain, Turkey and the United Kingdom.

The Blackstone Group, an investment firm, holds 78.6 percent
equity in Graham Packaging Holdings Company. MidOcean Capital
Investors, L.P., holds 4.1 percent. A group of management
executives holds 2.3 percent. The family of Graham Packaging
founder Donald Graham holds 15 percent.

                          *      *      *

Graham Packaging Holdings Company carries Standard & Poor's B
rating for both its LT Foreign Issuer Credit and LT Local Issuer
Credit.


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


EMI GROUP: Inks Video-on-Demand Deal with Yahoo! Music
------------------------------------------------------
EMI Music, a unit of EMI Group Plc, has signed a pan-European
agreement with Yahoo! Music to enable consumers of the online
service to watch videos from EMI's digital catalogue.

Yahoo! Music will now offer European music fans free access to
videos from EMI Music artists including Lily Allen, Corinne
Bailey Rae, Coldplay, Gorillaz, Janet Jackson, Norah Jones, KT
Tunstall and Robbie Williams, as well as Bebe (Spain), Tiziano
Ferro (Italy), LaFee (Germany) and Diam's (France).

The Yahoo! Music portal allows consumers to select videos by
their favorite artists and stream them free of charge on their
PC.  The service is supported by targeted advertising.

The service also enables music fans to create their own
personalized "My Video" list, which tracks recently played
videos and lists videos that have been rated by the fan.  They
can also discover videos by brand new artists through expert
recommendations.

"As the digital music market grows, we must continue to look for
new ways to offer consumers the opportunity to enjoy our
artists' content," Jean-Francois Cecillon, chairman and CEO of
EMI Music Continental Europe, said.  "Thanks to services such as
Yahoo! Music, video-on-demand is becoming a valuable new channel
that enables us to connect fans with the music they love."

"It's important to maximize the value of our artists' music in
this rapidly changing market and the recent growth of
advertising spending on line is just one of the many ways in
which we seek to do this," said Tony Wadsworth, chairman and CEO
of EMI Music U.K. and Ireland.

"We are extremely excited to add videos from EMI Music to the
web's largest collection of music videos," said Shannon
Ferguson, Managing Director of Yahoo! Music Europe.  "Yahoo! is
committed to giving consumers a compelling and comprehensive
music experience, and the addition of EMI Music classic and new
release videos, from both international and European artists, is
critical to providing depth of choice for fans."

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including
Brazil, and with licensees in a further 20.  The group employs
over 6,600 people.  Revenues in 2005 were near EUR2 billion and
operating profit generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                         *     *     *

As reported in the TCR-Europe on Nov. 1, Standard & Poor's
Rating Services lowered to 'BB' from 'BB+' its long-term
corporate and senior unsecured ratings on U.K.-based music
producer and distributor EMI Group PLC, following an annual
review.  S&P said the outlook is negative.

Moody's Investors Service also downgraded EMI Group plc's senior
debt and guaranteed debt ratings to Ba2 from Ba1.  At the same
time Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  Moody's said the
rating outlook is now stable.


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


PARMALAT SPA: U.S. Case Parties Told to Submit Settlement Stance
----------------------------------------------------------------
The Honorable Lewis Kaplan Kaplan of the Southern District of
New York has ordered Bank of America Corp., Grant Thornton
International and Deloitte & Touche to send in writing their
position on a possible settlement, The Financial Times says.

As reported in the TCR-Europe on Nov. 28, Judge Kaplan adjourned
until Dec. 31, 2006, all damages lawsuits by Parmalat S.p.A.
against Bank of America, Grant Thornton and Deloitte & Touche.
Judge Kaplan directed the parties to explore a possible
settlement of the lawsuits filed against the bank and the
auditors.  The ruling, however, does not include a New Jersey
suit filed by Parmalat against Citigroup.

Judge Lewis Kaplan also instructed Parmalat to send in writing
what the company would accept to settle the case.  The judge
told all the parties involved to send in their written position
to Judge Henry Pitman, who will review the documents on Dec. 18
and gauge whether a global settlement is possible, FT reports.

"The time may be ripe to precipitate, if it is conceivable to
do, a global settlement or as close to a global settlement as
can be achieved," FT quoted Judge Kaplan.  "I am directing you
all to talk to each other and to see where we can go."

As reported in the TCR-Europe on Nov. 27, Credit Suisse Group
and Banca Nazionale del Lavoro S.p.A. filed a memorandum of
understanding in a Federal District Court in Manhattan to settle
for US$25 million each a class action filed by investors of
Parmalat S.p.A.  Aside from the monetary settlement, the
financial institutions agreed to institute changes in their
corporate governance that will hopefully prevent future
problems.

Parmalat is seeking US$10 billion in damages from several
financial institutions for their alleged role in the company's
EUR14-billion collapse in December 2003.  Parmalat filed the
lawsuits in Italy and the U.S.

People privy with the bank and auditors, however, said a
settlement is possible if it includes ending a separate class
action in the U.S.  Talks between the parties failed months ago
since the parties could not meet up their offers.

                         About Parmalat

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

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

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

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


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


A-SERVICE LLP: Creditors Must File Claims by Jan. 17, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP A-Service insolvent on Oct. 18.

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

         LLP A-Service
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola Region
         Kazakhstan


ASTANA FINANCE: Fitch Gives Local Currency Default Rating at BB+
----------------------------------------------------------------
Fitch Ratings launched its National ratings scale in Kazakhstan
and assigned a National Rating of A+ with a Stable Outlook to
JSC Astana Finance.  A local currency Issuer Default rating of
BB+ with a Stable Outlook was also assigned.  The agency's
existing ratings for AF are also listed.

"Our decision to introduce the National ratings scale in
Kazakhstan is driven by the rapid development of the domestic
corporate bond market and by the consequent demand for this
product from the issuers and investors," Dmitri Surkov, Managing
Director and Head of Fitch's CIS office in Moscow disclosed.

"Fitch is committed to providing high-quality, independent
opinions and credit research to aid investors and issuers in the
Kazakhstani capital markets," Mr. Surkov added.

National ratings have been successfully used by Fitch since 1997
in the emerging economies with speculative- or low investment-
grade international sovereign ratings.  Kazakhstan is the 31st
country in which the National rating scale has been introduced.

National ratings are designed to indicate relative
creditworthiness of issuers and issues within one country.  By
making available a complete range of notches on a separate
national scale, they permit better credit differentiation than
is possible on the international scale, where ratings tend to
bunch below the sovereign ceiling.

In addition to the National Rating and local currency IDR
assigned, AF's current ratings are:

   -- Foreign currency IDR: BB+ Outlook Stable;
   -- Short-term foreign currency: B;
   -- Individual: D/E; and
   -- Support: 3.

AF's ratings reflect Fitch's opinion that there is a moderate
likelihood that support would be made available to it from the
municipality of Astana or potentially the Kazakhstani sovereign,
should support be required.  AF was created in 1997 by the
municipality of Astana to facilitate development finance for the
rapidly growing new capital of Kazakhstan and for the
surrounding Akmola region.  It has since diversified
geographically and into certain aspects of investment banking.
AF is 25.5%-owned by the municipality of Astana.

Fitch currently rates 23 issuers in Kazakhstan on the
international rating scale and expects to see strong development
of its National ratings in Kazakhstan in the next year,
including further assignment of such ratings to its
internationally rated issuers.


ATA-TRANS LLP: Proof of Claim Deadline Slated for Jan. 16, 2007
---------------------------------------------------------------
LLP Ata-Trans has declared insolvency.  Creditors have until
Jan. 16, 2007, to submit written proofs of claim to:

         LLP Ata-Trans
         Panfilov Str. 106-208
         Almaty, Kazakhstan


JAN LTD: Claims Registration Ends Jan. 16, 2007
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Jan Ltd. insolvent.

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

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


KARAJAL LLP: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Karajal
(RNN 302800210338).

LLP Karajal is located at:

         Block 12, 4
         Karajal
         Karaganda Region
         Kazakhstan


KAZRUDSERVICE LLP: Claims Filing Period Ends Jan. 16, 2007
----------------------------------------------------------
LLP Kazrudservice has declared insolvency.  Creditors have until
Jan. 16, 2007, to submit written proofs of claim to:

         LLP Kazrudservice
         Sharipov Str. 90
         480012 Almaty, Kazakhstan


KRYLO LLP: Claims Registration Ends Jan. 19, 2007
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Krylo insolvent on Nov. 1 without
the introduction of the bankruptcy proceedings.

Creditors have until Jan. 19, 2007, to submit written proofs of
claim to:

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


NAN JSC: East Kazakhstan Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against JSC Nan on
Nov. 6.


NURASYL LLP: Claims Filing Period Ends Jan. 16, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Nurasyl insolvent.

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

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


ROSTECHNIKA LLP: Creditors' Claims Due Jan. 19, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Rostechnika insolvent on Nov. 1
without the introduction of the bankruptcy proceedings.

Creditors have until Jan. 19, 2007, to submit written proofs of
claim to:

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


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


OFFICE POLYGRAPHY: Claims Filing Period Ends Jan. 24, 2007
----------------------------------------------------------
LLC Office Polygraphy has declared insolvency.  Creditors have
until Jan. 24, 2007, to submit written proofs of claim to:

         LLC Office Polygraphy
         Kulatov Str. 1a
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 90-60-70


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


ALCATEL-LUCENT: U.K. University Deploys VoIP Solutions
------------------------------------------------------
Alcatel-Lucent disclosed that the University of the West of
England is currently deploying Alcatel-Lucent's converged
communications solutions to improve staff and student
collaboration, as well as communication with external
organizations.

The ongoing project, which is being led by Alcatel-Lucent
business partner South West Communications Group, involves
migrating UWE to a dual IP/TDM environment, connecting seven
different campuses with IP based voice and collaboration.  The
University also plans to install several departmental contact
centres, and to extend the combined Alcatel-Lucent solution to
all 4,000 UWE users over the next few years.

In order to reduce the cost of circuit rentals, Bristol, U.K.-
based UWE has already deployed a VoIP solution with the Alcatel-
Lucent OmniPCX Enterprise IP-PBX phone system and supported by
Alcatel-Lucent OmniVista network management platform. Users have
been equipped with Alcatel-Lucent IP Touch 4018 and Alcatel-
Lucent IP Touch 4028 handsets to enable IP call features, while
the system supports a number of DECT handset users on a single
site.

The key driver of the project was a new UWE student village and
sports centre, both of which required communications links with
other sites and campuses.  As it examined ways to reduce the
cost of campus-wide communications, the University proposed
converged voice and data network migration that would not only
provide cost-savings but have the potential to improve internal
processes throughout the entire organisation.

"The introduction of the new facilities marked the perfect
opportunity for us to conduct an overhaul of our existing
communications infrastructure, and Alcatel-Lucent and South West
Communications stood out as being the best equipped to integrate
all of the different sites and environments," said Jonathan
Barstow, telecommunications team leader, UWE.  "Linking our new
buildings using IP telephony has not only reduced call costs and
management overheads, it has also improved our communications.
The next stage is for us to roll out these benefits across the
University's seven campuses and introduce unified communications
solutions that will further enhance staff and student
collaboration."

The University is piloting Alcatel-Lucent's Unified
Communications offerings, including Alcatel-Lucent My Messaging
and My Teamwork for collaboration, to deliver feature rich voice
and video conferencing, document sharing, and intelligent rich
presence, which allows the staff to instantly see the
availability of colleagues.  The University expects to gain
overall productivity among staff using real time communications
tools, as well as a higher standard of support for students
through the integration of advanced voice mail handling
capabilities. The University expects to compound these benefits
with a lower total cost of ownership, due to reduced
administrative and cabling requirements.

"By taking the time to evaluate not just costs, but also the way
UWE wants to communicate, both internally and externally, we've
been able to design and deploy a solution that will have a
significant positive impact on how employees and departments
interact," said Sarah Flowers, sales director, South West
Communications.  "Many end-users recognise that there are
benefits in collaboration and converged technology, but it is
important to show them exactly how the solutions can be tailored
to meet their specific needs."

"Universities have long faced pressure to adopt the best
practices of the business world, but UWE is going one better and
looking to deploy a solution that businesses should observe as a
best practice example of internal collaboration," said Graeme
Allan, for Alcatel-Lucent enterprise activities in U.K. and
Ireland.  "Alcatel-Lucent continues to make great strides within
the education sector, providing organizations of all sizes with
campus-wide collaborative technology that has a genuine impact
on the way they operate, as well as offering a swift return on
investment."

             About South West Communications Group

South West Communications -- http://www.swcomms.co.uk/-- helps
businesses to maximize the benefits of voice, data and Internet
technologies and are leading the way with convergence solutions
throughout the UK.  With over 23 years experience of designing,
installing and maintaining complex sites, South West
Communications prides itself on delivering quality, high
performance and well managed applications to a varied platform
of businesses.

                      About Alcatel-Lucent

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

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

                           *     *     *

As reported in the TCR-Europe on Dec. 12, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative
following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent:

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

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

  -- Issuer Default Rating BB-;
  -- Senior unsecured debt BB-;
  -- Convertible subordinated debt B; and
  -- Convertible trust preferred securities B.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

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


ALCATEL-LUCENT: Inks Network Solution Deal with Tekomsel
--------------------------------------------------------
Alcatel-Lucent is deploying its intelligent optical networking
solution for PT Telekomunikasi Selular, Indonesia's largest
mobile operator.

Alcatel-Lucent is expanding and upgrading the existing network
with its optical cross-connect and multi-service technologies to
enhance the current backhaul capacity and aggregation
capabilities.  The project will lay the foundation for the
smooth and cost-effective transformation of PT Telekomunikasi
Selular's network to accelerate the rollout of new, IP-based
business and entertainment mobile services.

With the largest network coverage in the archipelago, PT
Telekomunikasi Selular delivers 2G and 3G mobile services to
more than 32 million subscribers and provides network coverage
to over 90% of Indonesia's population.  Alcatel-Lucent's optical
transport solution will enable the Indonesian mobile operator to
offer innovative mobile data services to its end-users over a
converged infrastructure.  By delivering enhanced aggregation
functionality, the network will enable tremendous flexibility
and reliability, as well as investment protection for highly
efficient backhaul consolidation.

The Alcatel-Lucent solution, based on its 1678 Metro Core
Connect and data-aware Optical Multi-Service Node systems, is
also integrating Automatic Switched Optical Network and
Generalized MPLS technologies.  Addressing the critical demand
for a highly reliable and automatic multi-service transport
network, these technologies empower intelligent optical
connectivity by enabling the end-to-end set-up and control of
optical connections.  The Alcatel-Lucent solution will be
managed by its 1350 management suite, a portfolio of
applications to manage packet, circuit and wavelength services.

              About PT Telekomunikasi Selular

PT Telekomunikasi Selular -- http://www.telkomsel.com/-- is the
leading operator of mobile telecommunications industry in
Indonesia with a market share of more than 50%.   By end of
September 2006, Telkomsel has achieved slightly over 32.4
million active subscribers.  Telkomsel provides GSM cellular
services in Indonesia, through its own nationwide Dual band
900/1800 MHz GSM network, and internationally, through 356
international roaming partners networks in 145 countries (June
2005).

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

                        *     *     *

As reported in the TCR-Europe on Dec. 12, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative
following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent:

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

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

  -- Issuer Default Rating BB-;
  -- Senior unsecured debt BB-;
  -- Convertible subordinated debt B; and
  -- Convertible trust preferred securities B.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

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


ALCATEL-LUCENT: Moody's Lowers Corporate Family Rating at Ba2
-------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.

The ratings for senior debt of Alcatel were equally lowered to
Ba2 from Ba1 and its Not-Prime rating for short-term debt was
affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

"The rating downgrade reflects execution challenges related to
the integration of two large companies while keeping major
customers, market share and key personnel in an increasingly
competitive telecommunication equipment market, but also the
broad market position of Alcatel-Lucent and the potential for
realizing and retaining substantial cost-savings that could
drive EBITA-margins into the high single-digits medium-term."
Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent said.  "While the outlook for the ratings is
stable, we would see potential for a rating upgrade if the
company were to keep sales growth above 5% and to reach EBITA-
margins during 2007 close to double-digit levels, all while
maintaining a strong and liquid capital structure."

The Ba2 CFR reflects:

   (i) Alcatel-Lucent's strong customer relationships and the
       large installed base supporting its market shares;

  (ii) the broadest offering of all telecom equipment providers
       with very advanced technology allowing the company to
       service its customers for their feature-rich
       telecommunications and convergence strategies;

(iii) the potential for realizing synergy savings targeted at
       about EUR1.4 billion by management;

  (iv) the strengthening credit profile of Alcatel on a
       standalone basis providing the financial basis for the
       combination; and

   (v) as a result of the for-share merger, a strong liquidity
       position with a relatively moderately levered capital
       structure (Moody's estimates pro-forma net debt/EBITDA
       for calendar year 2005 at 2.8-times initially after the
       merger and the Thales transaction, which involves selling
       Alcatel's transportation, security and space activities
       to Thales in return for an additional 11.5% stake in the
       company and about EUR710 million cash) of the combined
       group.

These credit positives, however, are balanced by:

   (i) the challenges related to the integration of two
       corporate cultures and various technology platforms;

  (ii) execution risk for realizing and retaining the bulk of
       the targeted synergy benefits in an increasing price
       competitive equipment market;

(iii) a relatively weak fiscal 2006 performance of Lucent in
       its core markets -- although the fourth fiscal quarter
       showed some improvement;

  (iv) a complex technology roadmap in 3rd generation (3G)
       wireless telephony; and

   (v) modest pro-forma calendar year 2005 profitability (EBITA-
       margin: 5.7%) and interest coverage (0.6-times) initially
       after adjusting EBIT for amortization of acquired
       intangibles particularly and after the Thales
       transaction.

The outlook for Alcatel-Lucent's Ba2 CFR is stable. It
anticipates:

   (i) mid-single digit growth for the company;

  (ii) measurable progress on the integration and realization of
       synergy benefits in 2007;

(iii) modest improvements in profitability during 2007; but

  (iv) no further material M&A activity in the integration phase
       even though opportunities may well present themselves.

The last rating action of April 3, 2006, placed the Ba1 senior
debt ratings for Alcatel on review for possible downgrade and
the B1 unsecured debt ratings of Lucent on review for possible
upgrade following the merger announcement.

Downgrades:

Issuer: Alcatel-Lucent

   -- Corporate Family Rating, Downgraded to Ba2 from Ba1;

   -- Senior Unsecured Bank Credit Facility, Downgraded to
      Ba2 from Ba1;

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded
      to Ba2 from Ba1;

   -- Senior Unsecured Medium-Term Note Program, Downgraded to
      Ba2 from Ba1; and

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Ba2 from Ba1.

Upgrades:

Issuer: Lucent Technologies Capital Trust I

   -- Preferred Stock Preferred Stock, Upgraded to B2 from B3.

Issuer: Lucent Technologies, Inc.

   -- Multiple Seniority Shelf, Upgraded to a range of
      (P)B3 to (P)Ba3 from a range of (P)Caa1 to (P)B1;

   -- Subordinate Conv./Exch. Bond/Debenture, Upgraded to
      B2 from B3;

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded
      to Ba3 from B1; and

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to
      Ba3 from B1.

Outlook Actions:

Issuer: Alcatel-Lucent

   -- Outlook, Changed To Stable From Rating Under Review.

Issuer: Lucent Technologies Capital Trust I

   -- Outlook, Changed To Stable From Rating Under Review.

Issuer: Lucent Technologies, Inc.

   -- Outlook, Changed To Stable From Rating Under Review.

Withdrawals:

Issuer: Lucent Technologies, Inc.

   -- Speculative Grade Liquidity Rating, Withdrawn, previously
      rated SGL-2;

   -- Corporate Family Rating, Withdrawn, previously rated B1.

Headquartered in Paris, France, Alcatel Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments with 2005 pro-forma sales of
EUR18.6 billion after the Thales transaction.

Lucent Technologies Inc. is headquartered in Murray Hill, New
Jersey with revenues of US$8.8 billion and net income of
US$527 million in its fiscal year ending Sept. 30, 2006.


CORUS GROUP: CSN Tops Tata Offer with US$9.6-Billion Bid
--------------------------------------------------------
Brazillian steelmaker Companhia Siderurgica Nacional increased
its purchase offer for Corus Group Plc to US$9.6 billion or 515
pence a share, topping Tata Steel Ltd.'s 500 pence per share
offer.

Companhia Siderurgica's move pushed Corus's stock to rise as
high as 529.5 pence, signaling that investors expect another
bid, Bloomberg News says.

Regardless of who wins the bidding war, a merger would Corus
would result to the fifth largest steel firm in the world.

Companhia Siderurgica and Corus have held merger talks in 2002
but competition issues and unfavorable conditions in the steel
industry hindered negotiations.

Companhia Siderurgica proposed purchase of Corus will be funded
through a BP4.35 billion of debt underwritten by Barclays Plc,
ING Groep NV and Goldman Sachs Group Inc., Bloomberg says,
citing Chief Financial Officer Otavio Lazcano.

Meanwhile, Companhia Siderurgica promised to pay BP138 million
to fund the deficit in the Corus Engineering Steels Pension
Scheme, Bloomberg says.  Also, the steelmaker will up the
contribution rate on the British Steel Pension Scheme to 12%
from 10% until March 31, 2009.  The company's success in
acquiring Corus hinges on the unions support, according to
published reports.

Shares of Corus rose Monday to 27.25 pence, or 5.5%, to 527.25
pence in London.  Companhia Siderurgica's stock dropped 1% to
BRL63.9 in Sao Paulo.

Tata shares are the worst performers on India's benchmark index
in the past three months, according to Bloomberg.  The stock
slumped 29 rupees, or 6%, to 453.4 rupees in Mumbai on Monday,
the sharpest decline since June 26.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                  About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                      About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

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.


CORUS GROUP: Agrees to Terms of CSN's GBP4.9-Bln Purchase Deal
--------------------------------------------------------------
The boards of Companhia Siderurgica Nacional and Corus Group plc
have agreed on the terms of a recommended pre-conditional cash
acquisition by CSN Acquisitions of the entire issued and to be
issued share capital of Corus at a price of 515 pence for each
Corus Share, valuing Corus at around GBP4.9 billion.

CSN believes there is compelling strategic and industrial logic
for a combination with Corus as it would:

   -- create a top five global steel group with around
      24 million tons of annual steel production and, by 2010,
      around 50 million tons of annual iron ore production;

   -- enable Corus to secure supply of high quality, low cost
      iron ore from CSN's Casa de Pedra mine, one of the largest
      captive mines in the world, leading to incremental annual
      cash-flow in Corus of around US$450 million on a pre-tax
      basis by 2009;

   -- in time, provide Corus with access to increasing
      quantities of low cost semi-finished steel for further
      processing through its downstream facilities in Europe;

   -- allow Corus greater access to fast growing markets as
      well as providing opportunities for cross-selling
      the enlarged portfolio of products;

   -- create the potential to capture significant annual
      synergy benefits of around US$300 million on a pre-tax
      basis by 2009, through initiatives including global
      procurement savings, optimization of product flows,
      integrated commercial policy and the sharing of
      best practices; and

   -- give CSN the ability to leverage Corus' exceptional
      research and development and engineering expertise across
      the combined group.

The price of 515 pence per Corus Share represents:

   -- a premium of around 42.9% to the average closing mid-
      market price of 360.5 pence per Corus share for the twelve
      months to and including Oct. 4, 2006, being the last
      business day before the announcement by Tata Steel Ltd.
      that it was evaluating various opportunities, including
      Corus;

   -- a premium of around 26.4% to the closing mid-market price
      of 407.5 pence per Corus Share on Oct. 4, 2006; and

   -- a premium of around 3% to the revised offer price made by
      Tata at 500 pence per Corus share.

CSN Acquisitions has held constructive and satisfactory
discussions with the trustees of Corus' two main U.K. pension
schemes and has agreed with committees of the relevant boards of
pension trustees an arrangement, which will be recommended to
the full boards of the pensions trustees, whereby CSN
Acquisitions will:

   -- fund upfront the IAS 19 deficit on the Corus Engineering
      Steels Pension Scheme by paying GBP138 million into the
      scheme; and

   -- increase the contribution rate on the British Steel
      Pension Scheme from 10% to 12% until March 31, 2009.

The acquisition is subject to the satisfaction or waiver of the
Pre-Condition that either:

   -- Corus Shareholders reject the Tata Scheme; or

   -- the Tata Scheme is otherwise withdrawn by Corus for
      lapses.

Subject to the satisfaction or waiver of the Pre-Condition, the
acquisition will be made by CSN Acquisitions, an indirect wholly
owned subsidiary of CSN, and is proposed to be implemented by
way of a scheme of arrangement under section 425 of the
Companies Act.  The scheme will be put to Corus shareholders at
the Court Meeting and at the Extraordinary General Meeting,
which will be convened in due course.

The scheme document will be posted to Corus Shareholders within
28 days of satisfaction or waiver of the Pre-Condition.
In addition, a further document setting out further details of
the Acquisition and information relating to the CSN Group will
be sent to Corus Shareholders as soon as possible.

The Loan Note Alternative will be made available to Corus
Shareholders.

As at the date of this announcement, the CSN Group owns
34,072,613 Corus Shares, representing around 3.8% of Corus'
existing issued share capital.

The Corus Directors, who have been so advised by Credit Suisse,
JPMorgan Cazenove and HSBC, consider the terms of the
acquisition to be fair and reasonable, so far as Corus
Shareholders are concerned.  Accordingly, the Corus Directors
intend unanimously to recommend that Corus Shareholders vote in
favor of the scheme at the Court Meeting and Extraordinary
General Meeting to be convened in relation to the acquisition.
In providing their advice, Credit Suisse, JPMorgan Cazenove and
HSBC have taken into account the commercial assessments of the
Corus Directors.

"The strategic impetus for this combination is growth -- growth
in Brazil, in Europe and for our combined workforces," Benjamin
Steinbruch, Chairman and Chief Executive Officer of CSN, said.
Our goal is to unlock the value of our iron ore assets through
Corus, transforming them into cost effective, high quality steel
products using Corus' advanced engineering capabilities and its
excellent European distribution platform.  This is a winning
combination for all stakeholders."

"As I informed shareholders in my letter of Nov. 27, 2006, once
the Corus Directors received an approach from CSN, we provided
information and made our senior management available to enable
CSN to meet its pre-conditions and complete its due diligence.

This offer is both higher than the initial proposal by CSN as
well as the revised Tata offer of 500 pence per share.  It is
also consistent with our strategic objective of securing access
to raw materials, low cost production and growth markets.  The
combination of the two businesses will create a strong platform
from which to compete and grow in an increasingly global
market," Jim Leng, Chairman of Corus, said.

Lazard is acting as lead financial adviser, Goldmans Sachs
International as financial adviser and joint broker, and UBS as
joint broker to CSN and CSN Acquisitions in relation to the
acquisition.  Credit Suisse is acting as lead financial adviser,
JPMorgan Cazenove as joint financial adviser and corporate
broker and HSBC as independent financial adviser for the
purposes of Rule 3 of the Takeover Code to Corus.

                      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.


CORUS GROUP: S&P Holds BB Rating on Developing Watch
----------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit rating on U.K.-based steelmaker Corus Group PLC
on CreditWatch with developing implications, following the start
of a bidding war between India-based steel manufacturer Tata
Steel Ltd. and Brazil-based steel maker Companhia Siderurgica
Nacional.

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, 2006, following
the announcement of an initial bid for the company from Tata
Steel.

On Dec. 10, 2006, Tata Steel revised its offer, increasing its
price to 500 pence per share, and subsequently, on Dec. 11,
2006, CSN announced its higher bid of 515 pence per share.

Standard & Poor's continues to note that integration with the
low-cost operations of either of the bidders might benefit
Corus' weak business profile.

"Following the revised bids there is still insufficient clarity
regarding the financial structure of each transaction and the
eventual impact on Corus' credit quality," said Standard &
Poor's credit analyst Tatiana Kordyukova.

Both bidders have referred to nonrecourse debt as part of the
respective financial structures, but it is not yet clear how
feasibly such debt could be served from the cash flows of Corus
and to what extent this could impair Corus' financial position.
Upside potential remains if the Tata Steel bid is successful: As
Tata Steel has higher stand-alone creditworthiness, the
combined entity could have stronger credit quality than Corus on
a stand-alone basis--provided there is sufficient evidence that
Tata Steel will provide financial support to Corus.  At the same
time, as the bid price increases, the possibility of an upgrade
of Corus declines.  As the price increases the debt burden of
the combined entity grows, as does possibly a portion of debt to
be served by Corus.  This might imply a lower ability of and
incentives for the combined entity to support Corus in the
future.

"In resolving the CreditWatch placement, Standard & Poor's will
seek further information on the progress of the proposed offers
made by both Tata Steel and CSN," said Ms. Kordyukova.

Standard & Poor's will also need more clarity regarding how such
a transaction would be financed, and will need to assess whether
Corus' weak business risk profile would be enhanced.
Furthermore, the rating agency will consider the potentially
substantial integration challenges.


CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
-----------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirmed that as of Dec. 11, 2006, it
had these relevant securities in issue (including any ordinary
shares represented by American Depositary Shares but excluding
any ordinary shares held in treasury):

   -- 898,815,415 ordinary shares of 50p each under
      ISIN code GB00B127GF29.

   -- 3% guaranteed convertible unsubordinated bonds
      due 2007 amounting to EUR307,000,000 convertible
      into 46,870,230 ordinary shares of Corus Group plc.

      The ISIN code for these securities is XS0140136523.

   -- 4.625% convertible subordinated bonds due 2007
      amounting to NLG345,000,000 convertible into
      19,338,687 ordinary shares of Corus Group plc.

      The ISIN code for these securities is NL0000183184.

Each American Depositary Share represents two ordinary shares of
the company.

                      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.


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


AKER KVAERNER: Inks NOK900-Mln Service Deal with ConocoPhillips
---------------------------------------------------------------
ConocoPhillips has awarded Aker Kvaerner ASA a service contract
for provision of personnel and equipment for well intervention
services on the Norwegian Continental Shelf.

The firm contract period is three years with an estimated value
of NOK900 million.  The contract includes an option to extend
another 2 x 2 years.

"This is a strategically important contract which ensures Aker
Kvaerner Well Service's position as the leading provider of well
intervention services on the Norwegian Continental Shelf," said
Mads Andersen, Executive Vice President in Aker Kvaerner.

The scope of work comprises mechanical wireline services,
wireline tractor services and cased and open hole logging
services.  The work will be undertaken by the Aker Kvaerner
subsidiary, Aker Kvaerner Well Service in Stavanger. Data
acquisitions services are subcontracted to Baker Atlas.

Through this agreement, Aker Kvaerner continues a good
cooperation with an important client.

"We look forward to jointly developing and implementing new well
intervention technologies that will further enhance safety and
increase operational efficiency," says Ole Petter Thomesen,
President of Aker Kvaerner Well Service.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


FALCONBRIDGE LTD: Xstrata Guarantees Notes and Preferred Shares
---------------------------------------------------------------
Xstrata plc has fully and unconditionally guaranteed
Falconbridge Ltd.'s Notes and its cumulative redeemable
preferred shares, Series 2, Series 3 and Series H.

Falconbridge will not file interim financial statements for the
nine months ended Sept. 30, 2006, as it has obtained an order
from Canadian securities regulators permitting Falconbridge to
satisfy its continuous disclosure obligations as a reporting
issuer by filing Xstrata's U.K. disclosure documents in place of
disclosure documents relating solely to Falconbridge.

These senior debt of Falconbridge has been guaranteed by
Xstrata:

    * US$250 million principal amount of 6.2% notes
      due June 15, 2035;

    * US$250 million principal amount of 5.5% notes
      due June 15, 2017;

    * US$350 million principal amount of 6% notes
      due Oct. 15, 2015;

    * US$250 million principal amount of 5.375% notes
      due June 1, 2015;

    * US$250 million principal amount of 7.35% notes
      due June 5, 2012;

    * US$300 million principal amount of 7.25% notes
      due July 15, 2012;

    * US$300 million principal amount of 8.375% notes
      due Feb. 15, 2011; and

    * CDN$175 million principal amount of 8.5% debentures
      due Dec. 8, 2008.

The guarantee of Falconbridge's Notes was implemented by
amending the trust indentures pursuant to which the Notes were
issued.  Pursuant to the terms of the Note Indentures, as
amended by supplemental indentures to implement the guarantees,
Xstrata has fully and unconditionally guaranteed the payment,
within 15 days of when due, of the principal and interest owing
by Falconbridge to the holders of the Notes.  Computershare
Trust Company of Canada is the trustee for the holders of the
Notes under the terms of the Note Indentures.

The guarantee of the Preferred Shares is governed by the terms
of a guarantee indenture entered into by Xstrata, Falconbridge
and Computershare Trust Company of Canada, as guarantee trustee.
Pursuant to the terms of the Guarantee Indenture, Xstrata has
fully and unconditionally guaranteed in favor of the holders of
the Preferred Shares the payment, within 15 days of when due, of
all financial liabilities and obligations of Falconbridge to
such holders under the terms of the Preferred Shares, whether in
respect of:

   -- any accrued and unpaid dividends on the
      Preferred Shares, regardless of the ability
      of Falconbridge to satisfy any financial or
      legal condition to the declaration or payment
      of dividends;

   -- the redemption price and all accrued and unpaid
      dividends to the date of redemption with respect to
      the Preferred Shares called for redemption; or

   -- the liquidation amount payable on the
      Preferred Shares upon a voluntary or
      involuntary dissolution, liquidation or winding up
      of Falconbridge, without regard to the amount of assets
      of Falconbridge available for distribution.

Xstrata's obligation to make a guarantee payment may be
satisfied by direct payment of the required amounts by Xstrata
to the holders of Preferred Shares entitled to those payments or
by causing Falconbridge to pay those amounts to the holders.

                    Structural Subordination

Xstrata's guarantees of the Notes and the Preferred Shares
constitute unsecured obligations of Xstrata.

The terms of the guarantees do not limit the ability of Xstrata
to incur additional indebtedness, nor do they limit the ability
of Xstrata's subsidiaries or joint ventures to incur additional
secured or unsecured indebtedness.  Xstrata's obligations under
the guarantees will be effectively subordinate to all
indebtedness and other liabilities of Xstrata's subsidiaries and
joint ventures, except to the extent Xstrata is a creditor of
such subsidiaries or joint ventures ranking at least pari passu
with such other creditors.

The Notes and the Preferred Shares, as guaranteed by Xstrata,
have been rated by the following rating agencies as follows:

                             Notes              Preferred Shares
Rating agency               Rating                  Rating
-------------               ------             ----------------
Moody's Investor Service    Baa2                  not rated

Standard & Poor's           BBB+                    BBB-

Dominion Bond Rating
Service Limited             BBB(high)            Pfd-3(high)

Holders of the Notes and the Preferred Shares should consult the
Rating Agencies with respect to the interpretation of the
foregoing ratings and their implications.

The credit ratings accorded to the Notes and the Preferred
Shares by the Rating Agencies are not recommendations to
purchase, hold or sell the Notes or the Preferred Shares
inasmuch as such ratings do not comment as to market price or
suitability for a particular investor.  There is no assurance
that the ratings will remain in effect for any period of time or
that the ratings will not be revised or withdrawn entirely by
one or more of the Rating Agencies at any time in the future if,
in the judgment of one or more of the Rating Agencies,
circumstances so warrant.

      Tax Consequences of Guarantee of Preferred Shares

The guarantee of the Preferred Shares constitutes a 'guarantee
agreement' for purposes of subsection 112(2.2) of the Income Tax
Act (Canada).  Accordingly, a dividend received on a Preferred
Share of a particular series by a holder of Preferred Shares
that is a corporation resident in Canada for purposes of the
Tax Act generally will not be deductible in computing the
taxable income of the corporation unless the Preferred Share is
of a class or series of shares of the capital stock of
Falconbridge that is listed on a prescribed stock exchange,
which includes the Toronto Stock Exchange and the corporation,
and persons with which the corporation does not deal at arm's
length, or any partnership or, in certain circumstances, trust
of which the corporation or any such person is a member or
beneficiary, do not, at the time the dividend is received,
receive dividends in respect of more than 10% of the issued
and outstanding shares to which the guarantee agreement applies.

Holders of Falconbridge Preferred Shares to which these
provisions may be relevant are urged to consult their own tax
advisors.

                      Guarantee of Payment

Each guarantee constitutes a guarantee of payment and not of
collection.  This means that legal proceedings may be brought
directly against Xstrata to enforce its obligations under each
guarantee without first instituting a legal proceeding against
Falconbridge.  The guarantees of the Notes will not be
discharged except by payment in full of Falconbridge's
obligations to the holders of the Notes.  The guarantee of the
Preferred Shares will not be discharged except by payment of the
related guaranteed payments in full to the extent not paid by
Falconbridge or upon the cancellation of the Preferred Shares.

                   Amendments and Assignment

The guarantees of the Notes may not be amended without the prior
approval of the holders of the Notes in accordance with the
terms of the Note Indentures, provided that no approval of the
holders of the Notes is required for certain changes that do not
adversely affect the rights of holders of the Notes.

The guarantee of the Preferred Shares may not be amended without
the prior approval of the holders representing not less than a
majority of the aggregate liquidation amount of the outstanding
Preferred Shares, or, in the event that a meeting is held to
obtain the consent of the holders of the Preferred Shares,
representing not less than a majority of the aggregate
liquidation amount of the outstanding Preferred Shares held by
holders of the Preferred Shares present at the meeting, provided
that no approval of the holders of the Preferred Shares is
required for certain changes that do not adversely affect the
rights of holders of the Preferred Shares.  For purposes of the
guarantee, a meeting of the holders of the Preferred Shares
requires a quorum consisting of holders of the Preferred Shares
holding at least 25% of the aggregate liquidation amount of the
outstanding Preferred Shares.

The guarantees of the Notes and the Preferred Shares will be
binding on the successors and assigns of Xstrata and will enure
to the benefit of the holders of the Notes and Preferred Shares
then outstanding.

                          Termination

The guarantee of the Notes will terminate upon the repayment in
full and discharge of all Notes.  The guarantee of the Preferred
Shares will terminate and be of no further force and effect upon
full payment of the applicable redemption price of all Preferred
Shares, including any accrued and unpaid dividends at the time
of redemption.

                          Governing Law

The guarantees of the Notes (other than the CDN$175 million 8.5%
debentures due 2008) are governed by and construed in accordance
with the laws of the State of New York except with respect to
the rights, powers, duties and responsibilities of the Note
Trustee under the Note Indentures, which are governed by the
laws of the Province of Ontario.

The guarantees of the CDN$175 million 8.5% debentures due 2008
and the Preferred Shares are governed by and construed in
accordance with the laws of the Province of Ontario.

               Consent to Jurisdiction and Service

Xstrata has appointed CT Corporation System, 111 Eighth Avenue,
New York, New York, as its agent for service of process in any
suit, action or proceeding arising out of or relating to its
guarantee of the Notes (other than the CDN$175 million 8.5%
debentures due 2008) and for actions brought under United States
federal or state securities laws brought in any federal or state
court located in the City of New York and submits to such
jurisdiction.

Xstrata has appointed Falconbridge as its agent for service of
process in any suit, action or proceeding arising out of or
relating to its guarantee of the Preferred Shares or the
CDN$175 million 8.5% debentures due 2008 and for actions brought
under provincial securities laws brought in any court located in
the City of Toronto and submits to such jurisdiction.

               Information Concerning the Trustee

Computershare Trust Company of Canada is the Note Trustee under
the terms of the Note Indentures and is the guarantee trustee
for the holders of the Preferred Shares.  The terms of the
Guarantee Indenture and the terms of the Note Indentures provide
that, except in certain circumstances, no action may be brought
against Xstrata to enforce the guarantees except by the Trustee.

                   Changes to Falconbridge
               Continuous Disclosure Reporting

In connection with Xstrata's guarantees of the Notes and the
Preferred Shares, the securities commissions of each Canadian
province -- other than Prince Edward Island -- and territory
have granted Falconbridge an exemption from certain requirements
of the securities legislation that will permit Falconbridge to
satisfy its continuous disclosure obligations as a reporting
issuer by filing Xstrata's U.K. disclosure documents, including
Xstrata's annual and interim financial statements, in place of
disclosure documents relating solely to Falconbridge.  As a
result of this relief, in lieu of the quarterly interim
financial statements that Falconbridge has historically filed,
Falconbridge will file on SEDAR Xstrata's annual and half-yearly
financial statements, prepared in accordance with International
Financial Reporting Standards.  As a result, Falconbridge will
not be filing interim financial statements for the nine months
ended September 30, 2006.  The terms of the exemption require
that Falconbridge file on SEDAR copies of all documents filed by
Xstrata pursuant to the continuous disclosure requirements of
the United Kingdom.

Falconbridge will file Xstrata's financial statements on SEDAR
at the same time they are filed in the United Kingdom.  The
continuous disclosure requirements of the United Kingdom require
that Xstrata file its financial statements as soon as possible
after they have been approved, with annual financial statements
filed no later than six months after its Dec. 31 year end and
half yearly financial statements filed no later than 90 days
after the end of the six month period ending June 30.  Xstrata
generally publishes its annual financial statements in March and
its half yearly financial statements in August.

The availability of the exemption is subject to Falconbridge and
Xstrata satisfying a number of other conditions that are set
forth in the decision of the securities commissions.  A copy of
the decision is available on the website of the Ontario
Securities Commission at http://www.osc.gov.on.ca/

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                      About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


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


LUKOIL OAO: Buys ConocoPhillips' Gas Stations in Europe
-------------------------------------------------------
OAO Lukoil has acquired a chain of gasoline stations in Europe
from ConocoPhillips, RIA Novosti reports citing Lukoil Vice
President Leonid Fedun as saying.

The gasoline stations are located in:

   -- Czech Republic,
   -- Slovakia,
   -- Belgium,
   -- Poland,
   -- Hungary and
   -- Finland.

Mr. Fedun said the acquisitions would boost Lukoil's annual
retail sales jump by 11.4 million metric tons.  Lukoil's Vice
President, however, refused to divulge the value of the deal.

Mr. Fedun said that Lukoil would soon disclose the acquisition
of an oil refinery in Eastern Europe, RIA Novosti says.  He
added that the company considers acquiring a stake in Unipetrol,
a Czech petrochemical consortium.  ConocoPhillips holds a 19%
stake in Lukoil.

                          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.


MAXDATA AG: Synergy Woes Cue Board to Drop Yakumo GmbH Takeover
---------------------------------------------------------------
Maxdata AG will not acquire Yakumo GmbH and the brand of the
same name, the company's Management Board resolved on Dec. 11,
2006.

An extensive review revealed that the acquisition of Yakumo
would not lead to the expected synergy effects.  In addition, a
takeover at the current point in time would result in the tying
up of extensive resources.

On Oct. 10, 2006, Maxdata announced the planned takeover of
Yakumo in an ad-hoc notification, which has been issued in the
same manner.  Yakumo GmbH -- headquartered in Braunschweig,
Germany, and owned by Adam Riesig GmbH -- markets and sells PCs,
laptops, TFT monitors and consumer electronic products.

Maxdata had initiated a comprehensive restructuring program in
March 2006.  This foresees, among other things, personnel cuts,
which have already been implemented and the further optimisation
of sales and purchasing structures.  This should result in
savings totaling EUR30 million a year -- the full effect of the
restructuring program is expected to make itself felt from 2007.

                         About Maxdata AG

Headquartered in Marl, Germany, Maxdata AG --
http://www.maxdata.com/-- manufactures of computer hardware and
provides built-to-order PC, notebook and server solutions.  The
Company offers servers, personal computers, laptops and
notebooks under the Maxdata brand name, as well as a range of
monitors and displays under the Belinea brand.  The Company
operates in Austria, Switzerland, France, Spain, Poland, Italy,
the Netherlands and the United Kingdom.

Maxdata AG has been posting net losses since 2003: EUR20.7
million in 2003, EUR1.5 million in 2004 and EUR39.6 million in
2005.  For the nine months ended Sept. 30, 2006, Maxdata posted
EUR36.4 million in net losses.  The company is currently under
restructuring, with effects expected to show in 2007.


===============
P O R T U G A L
===============


COMPANHIA SIDERURGICA: Hikes Corus Offer to US$9.6 Billion
----------------------------------------------------------
Brazillian steelmaker Companhia Siderurgica Nacional increased
its purchase offer for Corus Group Plc to US$9.6 billion or 515
pence a share, topping Tata Steel Ltd.'s 500 pence per share
offer.

Companhia Siderurgica's move pushed Corus's stock to rise as
high as 529.5 pence, signaling that investors expect another
bid, Bloomberg News says.

Regardless of who wins the bidding war, a merger would Corus
would result to the fifth largest steel firm in the world.

Companhia Siderurgica and Corus have held merger talks in 2002
but competition issues and unfavorable conditions in the steel
industry hindered negotiations.

Companhia Siderurgica proposed purchase of Corus will be funded
through a BP4.35 billion of debt underwritten by Barclays Plc,
ING Groep NV and Goldman Sachs Group Inc., Bloomberg says,
citing Chief Financial Officer Otavio Lazcano.

Meanwhile, Companhia Siderurgica promised to pay BP138 million
to fund the deficit in the Corus Engineering Steels Pension
Scheme, Bloomberg says.  Also, the steelmaker will up the
contribution rate on the British Steel Pension Scheme to 12%
from 10% until March 31, 2009.  The company's success in
acquiring Corus hinges on the unions support, according to
published reports.

Shares of Corus rose Monday to 27.25 pence, or 5.5%, to 527.25
pence in London.  Companhia Siderurgica's stock dropped 1% to
BRL63.9 in Sao Paulo.

Tata shares are the worst performers on India's benchmark index
in the past three months, according to Bloomberg.  The stock
slumped 29 rupees, or 6%, to 453.4 rupees in Mumbai on Monday,
the sharpest decline since June 26.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                      About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

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.

              About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Portugal and the U.S.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corporation or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


COMPANHIA SIDERURGICA: Parties Agree on GBP4.9-Bln Corus Deal
-------------------------------------------------------------
The boards of Companhia Siderurgica Nacional and Corus Group plc
have agreed on the terms of a recommended pre-conditional cash
acquisition by CSN Acquisitions of the entire issued and to be
issued share capital of Corus at a price of 515 pence for each
Corus Share, valuing Corus at around GBP4.9 billion.

CSN believes there is compelling strategic and industrial logic
for a combination with Corus as it would:

   -- create a top five global steel group with around
      24 million tons of annual steel production and, by 2010,
      around 50 million tons of annual iron ore production;

   -- enable Corus to secure supply of high quality, low cost
      iron ore from CSN's Casa de Pedra mine, one of the largest
      captive mines in the world, leading to incremental annual
      cash-flow in Corus of around US$450 million on a pre-tax
      basis by 2009;

   -- in time, provide Corus with access to increasing
      quantities of low cost semi-finished steel for further
      processing through its downstream facilities in Europe;

   -- allow Corus greater access to fast growing markets as
      well as providing opportunities for cross-selling
      the enlarged portfolio of products;

   -- create the potential to capture significant annual
      synergy benefits of around US$300 million on a pre-tax
      basis by 2009, through initiatives including global
      procurement savings, optimization of product flows,
      integrated commercial policy and the sharing of
      best practices; and

   -- give CSN the ability to leverage Corus' exceptional
      research and development and engineering expertise across
      the combined group.

The price of 515 pence per Corus Share represents:

   -- a premium of around 42.9% to the average closing mid-
      market price of 360.5 pence per Corus share for the twelve
      months to and including Oct. 4, 2006, being the last
      business day before the announcement by Tata Steel Ltd.
      that it was evaluating various opportunities, including
      Corus;

   -- a premium of around 26.4% to the closing mid-market price
      of 407.5 pence per Corus Share on Oct. 4, 2006; and

   -- a premium of around 3% to the revised offer price made by
      Tata at 500 pence per Corus share.

CSN Acquisitions has held constructive and satisfactory
discussions with the trustees of Corus' two main U.K. pension
schemes and has agreed with committees of the relevant boards of
pension trustees an arrangement, which will be recommended to
the full boards of the pensions trustees, whereby CSN
Acquisitions will:

   -- fund upfront the IAS 19 deficit on the Corus Engineering
      Steels Pension Scheme by paying GBP138 million into the
      scheme; and

   -- increase the contribution rate on the British Steel
      Pension Scheme from 10% to 12% until March 31, 2009.

The acquisition is subject to the satisfaction or waiver of the
Pre-Condition that either:

   -- Corus Shareholders reject the Tata Scheme; or

   -- the Tata Scheme is otherwise withdrawn by Corus for
      lapses.

Subject to the satisfaction or waiver of the Pre-Condition, the
acquisition will be made by CSN Acquisitions, an indirect wholly
owned subsidiary of CSN, and is proposed to be implemented by
way of a scheme of arrangement under section 425 of the
Companies Act.  The scheme will be put to Corus shareholders at
the Court Meeting and at the Extraordinary General Meeting,
which will be convened in due course.

The scheme document will be posted to Corus Shareholders within
28 days of satisfaction or waiver of the Pre-Condition.
In addition, a further document setting out further details of
the Acquisition and information relating to the CSN Group will
be sent to Corus Shareholders as soon as possible.

The Loan Note Alternative will be made available to Corus
Shareholders.

As at the date of this announcement, the CSN Group owns
34,072,613 Corus Shares, representing around 3.8% of Corus'
existing issued share capital.

The Corus Directors, who have been so advised by Credit Suisse,
JPMorgan Cazenove and HSBC, consider the terms of the
acquisition to be fair and reasonable, so far as Corus
Shareholders are concerned.  Accordingly, the Corus Directors
intend unanimously to recommend that Corus Shareholders vote in
favor of the scheme at the Court Meeting and Extraordinary
General Meeting to be convened in relation to the acquisition.
In providing their advice, Credit Suisse, JPMorgan Cazenove and
HSBC have taken into account the commercial assessments of the
Corus Directors.

"The strategic impetus for this combination is growth -- growth
in Brazil, in Europe and for our combined workforces," Benjamin
Steinbruch, Chairman and Chief Executive Officer of CSN, said.
Our goal is to unlock the value of our iron ore assets through
Corus, transforming them into cost effective, high quality steel
products using Corus' advanced engineering capabilities and its
excellent European distribution platform.  This is a winning
combination for all stakeholders."

"As I informed shareholders in my letter of Nov. 27, 2006, once
the Corus Directors received an approach from CSN, we provided
information and made our senior management available to enable
CSN to meet its pre-conditions and complete its due diligence.

This offer is both higher than the initial proposal by CSN as
well as the revised Tata offer of 500 pence per share.  It is
also consistent with our strategic objective of securing access
to raw materials, low cost production and growth markets.  The
combination of the two businesses will create a strong platform
from which to compete and grow in an increasingly global
market," Jim Leng, Chairman of Corus, said.

Lazard is acting as lead financial adviser, Goldmans Sachs
International as financial adviser and joint broker, and UBS as
joint broker to CSN and CSN Acquisitions in relation to the
acquisition.  Credit Suisse is acting as lead financial adviser,
JPMorgan Cazenove as joint financial adviser and corporate
broker and HSBC as independent financial adviser for the
purposes of Rule 3 of the Takeover Code to Corus.

                      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.

              About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Portugal and the U.S.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corporation or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


COMPANHIA SIDERURGICA: Cash Bid Increase Cues S&P's Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' long-term
corporate credit ratings on Brazil-based steel maker Companhia
Siderurgica Nacional remain on CreditWatch with negative
implications (where they were placed on Nov. 17, 2006) following
the announcement of an increase in its conditional all-cash bid
for Corus Group PLC  to 515 pence per share, up from its initial
offer of 475 per share.

CSN's counterbid follows Tata Steel Ltd.'s proposal to raise its
offer for Corus to 500 pence per share, which was announced on
Dec. 10, 2006.

S&P understand that, apart from the change in the proposed
acquisition price, the characteristics of the transaction remain
unchanged, such as the conditional aspects of the proposal,
including completion of confirmatory due diligence satisfactory
to CSN, finalization of financing arrangements, and a
recommendation from Corus's board.  S&P also understand the
financial package negotiated by CSN with its partner banks to
fund the acquisition already incorporates a potential change in
the final acquisition price, and that it still includes debt
instruments primarily nonrecourse to the company's assets
in Brazil.

S&P emphasize the concerns about the impact of the proposed
transaction on CSN's financial profile, as CSN has indicated its
intention to use part of its cash holdings (which totaled
US$1.4 billion as of Sept. 30, 2006) for the transaction and
that it does not envision an equity issuance to finance the
acquisition.  While it is unclear whether Tata Steel would
revise its offer and, in that case, whether CSN would consider
another counterbid, the eventual acquisition price and cash
outflow from CSN in its offer for Corus could have an adverse
impact on its consolidated financial profile.

The resolution of the CreditWatch continues to be subject to the
developments of the transaction, including progress of offers
made by both CSN and Tata, and further clarity on the resulting
financial profile for the consolidated new entity.


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


BANK ROSSIYA: Fitch Rates Issuer Default at B-
----------------------------------------------
Fitch Ratings assigned Russia-based Bank Rossiya ratings of
Issuer Default B-, Short-term B, Support 5, Individual D/E, and
National Long-term BB-.  A Stable Outlook has been assigned to
both Issuer Default and National Long-term ratings.

The ratings reflect BR's rapid loan portfolio growth, which has
the potential for increased loan losses, high concentrations in
both assets and liabilities, and moderate capitalization,
undermined by significant equity investments made through the
bank's subsidiary, and underdeveloped corporate governance.

The ratings also acknowledge the bank's reasonable earnings
generation to date, its growing customer base -- the
sustainability of which, however, is of concern -- its currently
low loan impairment and limited market risk.

In late 2004/early 2005, BR acquired a 51% stake in Sogaz, one
of the country's largest insurance groups.  Although Fitch
Ratings acknowledge the latter's strong franchise and sound
capital generation, the support of Sogaz's credit profile for
the bank's ratings is at present limited due to lack of
operational integration between group entities and the leveraged
acquisition structure, the latter likely to constrain the up-
streaming of dividends to the bank in the medium-term.  However,
potential support for BR could still be forthcoming from Sogaz
in the form of liquidity injections.

The successful integration of Sogaz and the repayment of debt
used to finance the acquisition, as well as the bank's further
business expansion, accompanied by lower concentration trends on
both sides of the balance sheet, improved risk management,
better corporate governance and stronger capitalization may
cause upward pressure on the ratings.

Downward pressure might arise mainly from a deterioration of
asset quality following the above noted rapid loan growth, a
decrease of capitalization levels or potential liquidity
shortfalls, the latter as a result, for example, of key customer
losses.  Further acquisitions by BR or its subsidiaries --
particularly should they be debt financed and therefore increase
leverage -- could also have a negative impact.

BR is a medium-sized corporate-focused bank with operations in
northwestern Russia and the Moscow region.  The bank has
interests in a number of non-banking entities, including the
above noted stake in Sogaz.  BR is majority owned by local
businessmen, of whom Mr. Yuri Kovalchuk has the largest stake at
30%.


BUYNAKSKIY ASPHALT-CONCRETE: Court Hearing Slated for Dec. 20
-------------------------------------------------------------
The Arbitration Court of Dagestan Republic will convene at
4:00 p.m. on Dec. 20 to hear the bankruptcy supervision
procedure on Municipal Unitary Enterprise Buynakskiy Asphalt-
Concrete Factory (TIN 0543014038, OGRN 1020502055078).

The case is docketed under Case No. A15-1144/2006.

The Temporary Insolvency Manager is:

         M. Datsiev
         Apartment 34
         I. Kazaka Str. 5a
         Makhachkala
         367003 Dagestan Republic
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Buynakskiy Asphalt-
         Concrete Factory
         Stepnoj
         Buynaksk
         368220 Dagestan Republic
         Russia


CAUCASUS TRANS-SERVICE: Names A. Dzamykhov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Dzamykhov as Insolvency Manager for CJSC Company Caucasus Trans-
Service.  He can be reached at:

         A. Dzamykhov
         Internatsionalnaya Str. 48
         Cherkessk
         Karachaevo Cherkessiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-15364/2006-27/986-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Company Caucasus Trans-Service
         Privokzlnaya Str. 41
         Belaya Glina
         Beloglinskiy Region
         Krasnodar Region
         Russia


COMPAGNIE GENERALE: Shareholders' Meeting Set for Jan. 9, 2007
--------------------------------------------------------------
Compagnie Generale de Geophysique will hold a Combined Ordinary
and Extraordinary General Meeting at 3:00 p.m. on Jan. 9, 2007,
at:

         Palais Brongniart
         Petit Auditorium
         75002 Paris
         France

This meeting will resolve in particular the issue of shares to
be made in favor of VERITAS DGC Inc. shareholders.

In order to participate personally or to be represented at the
Meeting:

   -- holders of registered shares must have the shares
      registered in their name at least five days prior to the
      date of the Meeting;

   -- holders of bearer shares should, at least five days prior
      to the date of the Meeting, provide evidence that the
      shares are being held in a blocked account, in the form of
      a certificate issued by the financial intermediary holding
      the shares on account. Such certificate should be sent to:

         BNP Paribas Securities Services
         GIS Emetteurs
         Assemblees
         Immeuble Tolbiac
         75450 Paris Cedex 09
         France

Postal voting or proxy forms and admission cards may be obtained
on request from BNP Paribas Securities Services.

Shareholders wishing to cast a postal vote may obtain the
appropriate form by writing to:

         Compagnie Generale de Geophysique
         Corporate Legal Department
         1 rue Leon Migaux
         91341 Massy Cedex
         France

            -- or --

         BNP Paribas Securities Services
         GIS Emetteurs
         Assemblees
         Immeuble Tolbiac
         75450 Paris Cedex 09
         France

by registered letter with acknowledgment of receipt, at least
six days prior to the date of the Meeting.

In the case of holders of bearer shares, postal votes will only
be accepted subject to prior receipt of the certificate
evidencing the fact that the shares are being held in a blocked
account.

            About Compagnie Generale de Geophysique

Headquartered in Massy, France, Compagnie Generale de
Geophysique -- http://www.cgg.com/-- provides a wide range of
seismic data acquisition, processing and reservoir services to
clients in the oil and gas exploration and production business.
It is also a global manufacturer of geophysical equipment
through its subsidiary Sercel.  The company also operates in
Angola, Australia, Austria, Brazil, Canada, China, Egypt, United
Kingdom, India, Indonesia, Kazakhstan, Libya, Malaysia, Mexico,
Morocco, Netherlands, Nigeria, Norway, Oman, Pakistan, Russia,
Saudi Arabia, Singapore, South Africa, Switzerland, Thailand,
Tunisia, United Arab Emirates, U.S.A., Venezuela and Yemen.

                          *     *     *

As reported in the TCR-Europe on Dec. 11, Moody's Investors
Services assigned (P)Ba2 ratings with stable outlook to
Compagnie Generale de Geophysique's proposed US$1.1-billion
credit facilities comprising of a US$800-million Term Loan due
2014 and two Revolving Credit Facilities of US$100 million and
US$200 million, respectively, due 2012.  The final confirmation
of the ratings is subject to the signing of the credit
agreement.

Standard & Poor's Ratings Services has placed its 'BB-' long-
term corporate credit and senior unsecured debt ratings on
France-based Compagnie Generale de Geophysique on CreditWatch
with negative implications.  The placement follows the
announcement by CGG of a friendly US$3.1 billion takeover bid
for U.S. competitor Veritas DGC Inc.

In addition, Moody's Investors Services assigned a rating of
(P)Ba3, stable outlook, to Compagnie Generale de Geophysique's
proposed new Senior Notes of US$165 million due May 2015.  The
final confirmation of the rating is subject to signing of the
offering circular.


COMPAGNIE GENERALE: S&P Rates Sr. Secured Facilities at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
debt rating and '2' recovery rating to France-based Compagnie
Generale de Geophysique's proposed US$1.1-billion senior secured
facilities, of which US$900 million is issued by subsidiary
Volnay Acquisition Co. I.

The 'BB-' rating is the same as the corporate credit rating on
the group.  The '2' recovery rating indicates our expectation of
substantial (80%-100%) recovery of principal for senior secured
lenders in the event of a payment default.  Of the new debt, the
US$800-million Term Loan B will be used to refinance CGG's
existing bridge facility, and US$300 million will fund working
capital needs.

Furthermore, Standard & Poor's said that its 'BB-' long-term
corporate credit and all debt ratings on CGG remain on
CreditWatch with negative implications, where they were placed
on Sept. 5, 2006, following CGG's US$3.2 billion takeover bid
for Veritas DGC Inc.

Since the CreditWatch placement, CGG has obtained several
regulatory approvals, and the transaction is likely to close
early January 2007, once approval for the merger from the
shareholders of both companies has been obtained.

"We have reviewed the group's medium-term and de-leveraging
plans, and expect to affirm the corporate credit rating on CGG
at 'BB-' and to equalize the rating on Veritas with that on CGG
once the transaction closes," said Standard & Poor's credit
analyst Karl Nietvelt.  "The outlook on the combined
group is likely to be positive."

In addition, Standard & Poor's expects to downgrade CGG's
unsecured high-yield bonds outstanding by one notch to 'B+', one
notch below the corporate credit rating, reflecting their deep
subordination to the proposed US$1.1 billion secured facilities.
The notching down by just one notch takes into account an
expected fairly rapid decrease of the secured debt and the
latter's fairly weak security package.


FREGAT CJSC: Bankruptcy Hearing Slated for March 13
---------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
will convene at 2:35 p.m. on March 13, 2007, to hear the
bankruptcy supervision procedure on CJSC Trading Company Fregat.
The case is docketed under Case No. A56-31813/2006.

The Temporary Insolvency Manager is:

         M. Brylev
         Post User Box 119
         191123 St. Petersburg Region
         Russia

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 Trading Company Fregat
         Building 1
         Shlisselburgskiy Pr. 17
         193177 St. Petersburg Region
         Russia


HARVEST LLC: Court Names K. Dovbenko as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. K.
Dovbenko as Insolvency Manager for LLC Harvest.  He can be
reached at:

         K. Dovbenko
         Osipenko Str. 10
         355004 Stavropol Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-45729/2005-37/571-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Harvest
         Kalininskaya St.
         Krasnodar Region
         Russia


KOLOMENSKIY BUILDING: Court Names A. Lantsov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Lantsov
as Insolvency Manager for CJSC Kolomenskiy Building Combine.  He
can be reached at:

         A. Lantsov
         Post User Box 58
         121614 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-15895/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Kolomenskiy Building Combine
         Derskiy Proezd 6
         Kolomenskoye
         140400 Moscow Region
         Russia


KURKINSKIY BAKERY: Bankruptcy Hearing Slated for March 29
---------------------------------------------------------
The Arbitration Court of Tula Region will convene at 11:00 a.m.
on March 29, 2007, to hear the bankruptcy supervision procedure
on CJSC Kurkinskiy Bakery.  The case is docketed under Case No.
A68-594/B-06.

The Temporary Insolvency Manager is:

         T. Shakhmina
         Post User Box 1164
         Rostov-na-Donu
         344091 Rostov Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         CJSC Kurkinskiy Bakery
         Lenina Str. 5a
         Kurkino
         Kurkinskiy Region
         301940 Tula Region
         Russia


MELIORATION OJSC: Court Names A. Sabirov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. A.
Sabirov as Insolvency Manager for OJSC Muslyumovskoye Enterprise
Melioration.  He can be reached at:

         A. Sabirov
         Post User Box 236
         Kazan
         420012 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-12866/2006-SG4-21.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Muslyumovskoye Enterprise Melioration
         Urozhaynaya Str. 1
         Muslimovo
         Muslimovskiy Region
         423970 Tatarstan Republic
         Russia


NORTH-MONIKA LLC: Bankruptcy Hearing Slated for Dec. 20
-------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
Will convene on Dec. 20 to hear the bankruptcy supervision
procedure on LLC North-Monika (TIN 7825373285).  The case is
docketed under Case No. A56-28540/2006.

The Temporary Insolvency Manager is:

         G. Grishenkov
         Apartment 9
         Sveaborgskaya Str. 15
         196105 St. Petersburg Region
         Russia

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

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

The Debtor can be reached at:

         LLC North-Monika
         Premise 16N
         Ligovskiy Pr. 29
         St. Petersburg Region
         Russia


LUKOIL OAO: Buys ConocoPhillips' Gas Stations in Europe
-------------------------------------------------------
OAO Lukoil has acquired a chain of gasoline stations in Europe
from ConocoPhillips, RIA Novosti reports citing Lukoil Vice
President Leonid Fedun as saying.

The gasoline stations are located in:

   -- Czech Republic,
   -- Slovakia,
   -- Belgium,
   -- Poland,
   -- Hungary and
   -- Finland.

Mr. Fedun said the acquisitions would boost Lukoil's annual
retail sales jump by 11.4 million metric tons.  Lukoil's Vice
President, however, refused to divulge the value of the deal.

Mr. Fedun said that Lukoil would soon disclose the acquisition
of an oil refinery in Eastern Europe, RIA Novosti says.  He
added that the company considers acquiring a stake in Unipetrol,
a Czech petrochemical consortium.  ConocoPhillips holds a 19%
stake in Lukoil.

                          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.


REINFORCED CONCRETE: Names S. Chernobrovenko to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. S.
Chernobrovenko as Insolvency Manager for LLC Factory of
Reinforced Concrete Constructions (TIN 3255045170).  He can be
reached at:

         S. Chernobrovenko
         Office 14
         Zelenaya Str. 2v
         Dubovoye
         Belgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-2944/06-26.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Constructions
         Bryansk Region
         Russia


RUSSIAN FOOD: Court Names A. Brekhov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Brekhov as Insolvency Manager for OJSC Russian
Food.  He can be reached at:

         A. Brekhov
         Post User Box 84
         Kazanskaya Str. 9
         191186 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-11399/2006.

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

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

The Debtor can be reached at:

         A. Brekhov
         Post User Box 84
         Kazanskaya Str. 9
         191186 St. Petersburg Region
         Russia


SLYUDYANSKOYE CJSC: Court Names A. Generalov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. A. Generalov
as Insolvency Manager for CJSC Slyudyanskoye.  He can be reached
at:

         A. Generalov
         Post User Box 3923
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-12067/06-B.

The Debtor can be reached at:

         CJSC Slyudyanskoye
         Slyudyanka
         Ust'-Kalmanskiy Region
         Altay Region
         Russia


SPECIAL PAPERS: Bankruptcy Hearing Slated for March 13
------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
commenced bankruptcy supervision procedure on Cjsc Factory of
Special Papers and Tapes.  The case is docketed under Case No.
A56-32196/2006.

The Temporary Insolvency Manager is:

         A. Pankov
         Post User Box 7
         198334 St. Petersburg Region
         Russia

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 Factory of Special Papers and Tapes
         Malookhtinskiy Pr. 8
         195112 St. Petersburg Region
         Russia


SOSNOVO-BORSKIY ALUMINIUM: Names I. Babenko to Manage Assets
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. I. Babenko as Insolvency Manager for CJSC Sosnovo-
Borskiy Aluminium Factory.  He can be reached at:

         I. Babenko
         Post User Box 6
         194214 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-24869/06.

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 Sosnovo-Borskiy Aluminium Factory
         Post User Box 28/6
         188540 Leningrad Region
         Russia


TNK-BP HOLDING: Mulls Developing Siberian Gas Field with Gazprom
----------------------------------------------------------------
TNK-BP Holding OAO and OAO Gazprom are nearing a deal to jointly
develop Russia's East Siberian natural gas field, Bloomberg News
says.

Alexei Miller, Gazprom's Chief Executive Officer, and Viktor
Vekselberg, TNK-BP's director and shareholder, discussed twice
last week over possible gas project cooperation in East Siberia,
particularly TNK-BP's Kovytka field, TNK-BP spokeswoman Maria
Dracheva said.

The companies are mulling to build a gas and chemicals complex
at the area, Gazprom said in a statement.  TNK-BP, through its
Rusia Petroleum unit, holds the license to the US$18-billion
Kovytka field.

                        Chinese Demand

TNK-BP has petitioned to construct a pipeline and export gas
directly from the Kovykta field to China or Korea, but met
resistance from Gazprom, which controls the adjacent South
Kovytka gas field.

With the pressing demand from Chinese gas markets, Gazprom wants
to develop and fully tap the Kovytka field by 2011.  Nadia
Kazakova, an analyst at MDM Bank, said a deal between Gazprom
and TNK-BP needs to happen soon due to Chinese export
obligations, adding that the Kovytka field needs around three-
four years to reach output capacity.  The field holds two
trillion cubic meters of gas, enough to power Asia for about six
years, Bloomberg News relays.

Ms. Kazakova suggested that the companies have reached a casual
agreement and are now discussing the investment, market strategy
and stakes in the planned joint venture.  Ms. Kazakova told
Bloomberg that she expects Gazprom to push for a controlling
stake.

According to Bloomberg, production at Kovytka field currently
stands at a minimal level, with gas sold exclusively in the
domestic market.

                        About Gazprom

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

                          About TNK-BP

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

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

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

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

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


YAKHROMSKIY TEXTILE: Court Names A. Zhukov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Zhukov
as Insolvency Manager for CJSC Yakhromskiy Textile.  He can be
reached at:

         A. Zhukov
         Post User Box 12
         109443 Moscow Region
         Russia
         Tel: 749-04-16

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-18997/02.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         A. Zhukov
         Post User Box 12
         109443 Moscow Region
         Russia
         Tel: 749-04-16


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


IM CAJA: Moody's Junks EUR10.8-Million Series E Notes
-----------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt to be issued by Im Caja Laboral 1 Fondo De Titulizacion
De Activos:

   -- EUR856.3-million Series A notes: Aaa;
   -- EUR10.8-million Series B notes: Aa2;
   -- EUR14.9-million Series C notes: A1;
   -- EUR18-million Series D notes: Baa3; and
   -- EUR10.8-million Series E notes: Ca.

This is the first transaction where Caja Laboral comes to market
on its own.  It had previously participated in TDA 9 FTH.  The
transaction consists of prime mortgage loans originated under
Caja Laboral's regular business practices.

The transaction will be structured with five different tranches.
As in other deals, the SPV will use the proceeds from the
issuance of the notes to purchase the mortgage loans portfolio.
The total initial purchase price of the mortgage loans will be
equal to the proceeds received from the issue of the rated Class
A, Class B Class C, and class D notes.  With the benefits from
the Equity tranche the Fondo will finance the reserve fund.

Strong features include:

   (1) good collateral in terms of LTV (CLTV = 63.23%);

   (2) a reserve fund to cover potential shortfalls in interest
       or principal;

   (3) a 12-month artificial write-off mechanism;

   (4) the fact that all the loans are secured by a first-lien
       mortgage guarantee and

   (5) a very strong seasoning. It is worth pointing out that
       the reserve fund will be fully funded with the benefits
       from the issuance of Series E Notes.

Weaker features include:

   (1) geographical concentration in the regions of Vasque
       Country and Navarra;

   (2) pro rata amortisation of the notes; and

   (3) the negative impact of the interest deferral trigger on
       the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

Moody's based its ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

   ii) historical performance information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the pool spread, the reserve fund and the subordination
       of the notes; and

   (v) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (October 2049).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A, B, C and D at par on or before
the rated legal final maturity date, and for ultimate payment of
interest and principal at par on or before the rated legal final
maturity date on Series E.


INTERPUBLIC GROUP: Moody's Rates New US$250 Million Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured debt
rating to Interpublic Group of Companies Inc.'s new US$250
million floating rate notes due 2010. The Ba3 rating reflects a
loss given default of about 66% given the company's all-bond
debt capital structure.

The rating outlook is negative.

The new notes are being offered in exchange for IPG's US$250
million of floating rate notes due 2008.  The Ba3 rating
reflects the senior priority of the new notes, pari passu with
all of IPG's other senior unsecured debt.  The exchange period
expires Dec. 21, 2006 with early participators receiving a
payment of US$41.25 in cash per US$1,000 principal amount of old
notes exchanged.  The early participation payment ended Dec. 7,
2006, with all US$250 million exchanged.  As compared to the
exchanged floating rate notes, all terms are substantially
identical except the new notes bear a lower interest rate at
LIBOR plus 200 versus LIBOR plus 325.

"The exchange is another significant step in reducing the 2008
maturities and provides IPG with added liquidity headroom to get
its house in order, since it is still in the midst of a
significant turnaround and internal control weakness remediation
program", said Moody's Senior Vice President Neil Begley.

Moody's also notes that the company is showing signs of
turnaround traction despite the recent Draft/FCB surprising loss
of Wal-Mart's marketing account, and stated that the company
will need to maintain its momentum around its other recent
notable client wins and the operating performance improvement of
the third quarter in order to remove the negative outlook and be
comfortable within the Ba3 rating category.

The Interpublic Group of Companies, Inc., with headquarters in
New York, is one of the world's largest advertising, marketing
and corporate communications holding companies.  The company has
operations worldwide, including in Argentina, Australia, Chile,
China, India, Indonesia, Ireland, Japan, Malaysia, Panama,
Spain, Thailand, the United States and Venezuela, among others.


INTERPUBLIC GROUP: S&P's B Rating Remains on Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services reported that its ratings on
The Interpublic Group of Cos. Inc., including the corporate
credit rating of 'B', remain on CreditWatch with negative
implications, where they were placed on March 22, 2006.

The CreditWatch update came after the news that Wal-Mart Stores
Inc. has decided to place under review its business with one of
Interpublic's advertising agencies, although other Interpublic
units may pitch for the business.  The New York-based global
advertising agency holding company had approximately US$2.2
billion in debt outstanding at Sept. 30, 2006.

"Standard & Poor's remains concerned about the resolution of
Interpublic's financial and reporting issues resulting from
material weaknesses in internal controls, the negative trends in
auto advertising, and the overall earnings outlook, especially
in light our lower GDP growth forecast for 2007," said Standard
& Poor's credit analyst Deborah Kinzer.

In resolving our CreditWatch listing, Standard & Poor's will
evaluate the sustainability of recent trends in the company's
organic revenues, margin, and cash flow, and monitor its
progress in resolving control deficiencies.

Standard & Poor's will also address issues relating to client
retention, including implications, if any, of the Wal-Mart
review.


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


DOLE FOOD: Posts US$56.1 Million Net Loss in Period Ended Oct. 7
----------------------------------------------------------------
Dole Food Company Inc. reported a US$56.1 million net loss on
US$1.8 billion of revenues for the third quarter ended Oct. 7,
2006, compared with US$17.6 million of net income on US$1.6
billion of revenues for the third quarter ended Oct. 8, 2005.

Revenues increased as a result of higher sales in the company's
fresh fruit, fresh vegetables and packaged foods operating
segments.

The net loss is primarily due to an operating loss of US$22
million in the third quarter of 2006, compared to an operating
income of US$26.7 million earned in the prior year, due to lower
operating results from the company's fresh-cut flowers, packaged
foods and fresh fruit operating segments, and the US$15.7
million increase in interest expenses as a result of additional
borrowings and higher effective market-based borrowing rates on
the company's debt facilities.

At Oct. 7, 2006, the company's balance sheet showed US$4.5
billion in total assets, US$4.1 billion in total liabilities,
US$23.6 million in minority interests, and US$378.3 million in
total stockholders' equity.

In the three quarters ended Oct. 7, 2006, cash flows provided by
operating activities were US$85.3 million lower, primarily due
to lower earnings and lower payables, due in part to the 2005
accrual of income taxes payable related to the provision on
repatriated foreign earnings, as well as the timing of payments,
partially offset by lower levels of expenditures for inventory,
primarily in the packaged foods business due to lower inventory
build, and higher accrued liabilities due in part to the timing
of payments.

Cash flows used in investing activities decreased US$41.9
million during 2006 primarily due to the first quarter 2005
payment of US$47.1 million to Saba shareholders in connection
with the company's purchase of the remaining 40% minority
interest.

Cash flows provided by financing activities increased
US$63.8 million due to higher current year debt borrowings of
US$155.3 million, net of repayments and an equity contribution
of US$28.4 million made by Dole Holding Company, LLC, the
company's immediate parent during 2006.  These items were offset
by an increase in dividends of US$89.8 million paid to Dole
Holding Company, LLC, during 2006 compared to 2005 as well as a
distribution of additional paid-in capital to Dole Holding
Company, LLC during the third quarter of 2006 of US$31 million.

              Fresh-cut Flowers Business Restructuring

During the third quarter of 2006, the company restructured its
fresh-cut flowers division to better focus on high-value
products and flower varieties, and position the business unit
for future growth.  In connection with this restructuring, the
fresh-cut flowers division has ceased its farming operations in
Ecuador and will close two farms in Colombia and downsize other
Colombian farms.

During the third quarter ended Oct. 7, 2006, total restructuring
and impairment costs incurred amounted to around US$5.9 million
and US$22.3 million, respectively.  The US$5.9 million of
restructuring costs relate to approximately 3,500 employees who
will be severed by the end of fiscal 2007.  As of Oct. 7, 2006,
no restructuring costs had been paid.

                Restructuring of Saba Business

During the first quarter of 2006, the commercial relationship
substantially ended between the company's wholly owned
subsidiary, Saba Trading AB and Saba's largest customer.  Saba
imports and distributes fruit, vegetables and flowers in
Scandinavia.  Saba's financial results are included in the fresh
fruit reporting segment.

The company restructured certain lines of Saba's business and
expects to incur approximately US$13 million of total related
costs.  Total restructuring and fixed asset write-offs incurred
as of Oct. 7, 2006, amounted to approximately US$10.1 million,
of which US$7.7 million is included in cost of products sold and
US$2.4 million in selling, marketing, and general and
administrative expenses in the condensed consolidated statements
of operations.  Total restructuring costs of US$9.6 million
include US$7.9 million of employee severance costs, which
impacted 245 employees as well as US$1.7 million of contractual
lease obligations.  Fixed asset write-offs of US$0.5 million
were also incurred as a result of the restructuring.

                  Write-off of Crop Related Costs

In connection with the company's on-going farm optimization
programs in Asia, approximately US$6.7 million of crop related
costs were written-off during the third quarter of 2006.  The
US$6.7 million non-cash charge has been included in cost of
products sold in the condensed consolidated statements of
operations.

          Amendment and Restatement of Credit Facilities

On April 12, 2006, the company completed an amendment and
restatement of its senior secured credit facilities.  The
company obtained US$975 million of term loan facilities
consisting of:

    * US$225 million related to "Term Loan B;"
    * US$750 million related to "Term Loan C;" and
    * US$100 million in a pre-funded letter of credit facility.

The proceeds of the term loans were used to repay the
outstanding term loans under the company's then existing senior
secured credit facilities which consisted of Term Loan A,
denominated in Japanese yen, and Term Loan B.  In addition, the
company paid a dividend of US$160 million during the second
quarter of 2006 to its immediate parent, Dole Holding Company,
LLC, which proceeds were used to repay its Second Lien Senior
Credit Facility.  The weighted average variable interest rate at
Oct. 7, 2006, for the term loan facilities was 7.5%.

In addition, the Company entered into a new asset based
revolving credit facility of US$350 million.  The facility is
secured and is subject to a borrowing base consisting of up to
85% of eligible accounts receivable plus a predetermined
percentage of eligible inventory, as defined in the credit
facility.  As of Oct. 7, 2006, the ABL revolver borrowing base
was US$305.6 million and the amount outstanding under the ABL
revolver was US$111.2 million.  The weighted average variable
interest rate at Oct. 7, 2006, for the ABL revolver was 7.7%.

                    Interest Rate Swap Agreement

During June 2006, the company entered into an interest rate swap
agreement in order to hedge future changes in interest rates.
This agreement effectively converted US$320 million of
borrowings under Term Loan C, which is variable-rate debt, to a
fixed rate basis through June 2011.  The interest rate swap
fixed the interest rate at 7.2%.  The fair value of the interest
rate swap was a liability of US$6.2 million at Oct. 7, 2006.

Simultaneously, the company executed a cross currency swap to
synthetically convert US$320 million of Term Loan C into
Japanese yen denominated debt in order to effectively lower the
U.S. dollar fixed interest rate of 7.2% to a Japanese yen
interest rate of 3.6%.  Since the cross currency swap does not
qualify for hedge accounting, all gains and losses are recorded
through other income (expense), net in the condensed
consolidated statements of operations.  The fair value of the
cross currency swap was an asset of US$19.4 million at Oct. 7,
2006.

                       Business Acquisition

On Oct. 3, 2006, Jamaica Producers Group Ltd. accepted the
company's offer to purchase from JPG the 65% of JP Fruit
Distributors Ltd. that the company does not already own for
US$41.9 million in cash.  The transaction closed during the
fourth quarter of 2006.  JP Fruit Distributors Ltd. imports and
sells fresh produce in the United Kingdom.  The company is
considering expressions of interest by potential partners with
respect to the ownership and operation of Jamaica Producers
Group Ltd.

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?168a

                        About Dole Food Co.

Based in Westlake Village, California, Dole Food Company, Inc.,
-- http://www.dole.com/-- is the world's largest producer and
marketer of high-quality fresh fruit, fresh vegetables, and
fresh-cut flowers based on revenues.  Dole markets a growing
line of packaged and frozen foods and is a produce industry
leader in nutrition education and research.  The fresh
vegetables segment contains operating segments that produce and
market commodity vegetables and ready-to-eat packaged vegetables
to wholesale, retail and institutional customers primarily in
North America, Europe and Asia.  The packaged foods segment
contains several operating segments that produce and market
packaged foods, including fruit, juices and snack foods.  Dole's
fresh-cut flowers segment sources, imports and markets fresh-cut
flowers, grown mainly in Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the United States.  In
Europe, the company maintains operations in Sweden, France,
Spain, Italy, Belgium, Austria and Germany.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 28,
Moody's Investors Service's confirmed its Ba3 Corporate Family
Rating for Dole Food Company Inc.


DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Westlake Village, Calif.-based Dole Food Co. Inc. and Dole
Holding Co. LLC, including its corporate credit rating, to 'B'
from 'B+'.

The ratings were removed from CreditWatch, where they were
placed on Aug. 9, 2006, with negative implications, following
materially weaker-than-expected financial performance in the
first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.
Total debt outstanding at the company was about US$2.3 billion
as of Oct. 7, 2006.

"The downgrade follows Dole's recent third-quarter earnings
release and reflects continued weak operating performance and
significantly higher than expected leverage," said Standard &
Poor's credit analyst Alison Sullivan.

For the 12 months ended Oct. 7, 2006, adjusted EBITDA declined
by 39%, compared with the prior-year period, because of higher
operating costs.  Dole also is faced with ongoing challenging
conditions in Europe following the tariff change effective
Jan. 1, 2006, that has increased competition, leading to lower
pricing and higher net tariff costs.  As a result, credit
measures have weakened further than anticipated.  Lease and
pension adjusted total debt to EBITDA increased to about 9.5x
for the 12 months ended Oct. 7, 2006, from about 6x at Dec. 31,
2006.  Given expected ongoing difficult industry conditions,
Standard & Poor's believes Dole will not meet prior expectations
of leverage at around 6x and EBITDA interest coverage in the
low-2x area for fiscal 2006.

The ratings on Dole reflect its highly leveraged financial
profile and participation in the competitive and commodity-
oriented fresh produce industry, that is subject to seasonality.


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


BAREN IMMOBILIEN: Aargau Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau entered Nov. 3 an order closing
the bankruptcy proceedings of JSC Baren Immobilien.

The Debtor can be reached at:

         JSC Baren Immobilien
         Landhausweg 6
         5742 Kolliken
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department of Oberentfelden
         5036 Oberentfelden
         Aargau
         Switzerland


BEST DINE: Zug Court Suspends Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of LLC Best Dine on Oct. 26, pursuant to Article 230 of the
Swiss Bankruptcy Code.  The right for the additional deposit is
retained.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,000
deposit.

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

         LLC Best Dine
         Im Rank 140
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


BOLLIGER BEDACHUNGEN: Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Aargau entered Nov. 1 an order closing
the bankruptcy proceedings of LLC Bolliger Bedachungen.

The Debtor can be reached at:

         LLC Bolliger Bedachungen
         Ruederstrasse 39
         5040 Schöftland
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department of Oberentfelden
         5036 Oberentfelden
         Aargau
         Switzerland


ENERTECH KÄLTETECHNIK: Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau entered Oct 31 an order closing
the bankruptcy proceedings of JSC Enertech Kältetechnik.

The Debtor can be reached at:

         JSC Enertech Kaltetechnik
         Scheidweg 13
         5452 Oberrohrdorf
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department of Baden
         5402 Baden
         Aargau
         Switzerland


EPV COMMERZ: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 25 an order closing the
bankruptcy proceedings of JSC Epv Commerz.

The Debtor can be reached at:

         JSC Epv Commerz
         6340 Baar
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


FUND MONTESSORI-ADLER: Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Hottingen-Zurich suspended the
bankruptcy proceedings of Fund Montessori-Adler Stiftung on
Oct. 27, pursuant to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,000
deposit.  The right for the additional deposit is retained.

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

         Fund Montessori-Adler Stiftung
         Carmenstrasse 57
         8032 Zurich
         Switzerland

The Bankruptcy Service of Hottingen-Zurich can be reached at:

         Bankruptcy Service of Hottingen-Zurich
         8032 Zurich
         Switzerland


M & S BAUTECHNIK: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC M & S Bautechnik on Nov. 2.

The Debtor can be reached at:

         JSC M & S Bautechnik
         Schwarzackerstrasse 60
         4303 Kaiseraugst
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department of Brugg
         5201 Brugg
         Aargau
         Switzerland


MONTECRISTO WERBEAGENTUR: Court Suspends Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Unterstrass-Zürich suspended the
bankruptcy proceedings of JSC montecristo werbeagentur on
Oct. 23, pursuant to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Sept. 13, can be reached at:

         JSC montecristo werbeagentur
         Rötelstrasse 10
         8006 Zürich
         Switzerland

The Bankruptcy Service of Unterstrass-Zürich can be reached at:

         Bankruptcy Service of Unterstrass-Zürich
         8042 Zürich
         Switzerland


ROLF MEYER: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 24 an order closing the
bankruptcy proceedings of JSC Rolf Meyer Architekturburo.

The Debtor can be reached at:

         JSC Rolf Meyer Architekturburo
         Seeblick 1
         6330 Cham
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


TECHNO-RESIN: Zug Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 24 an order closing the
bankruptcy proceedings of JSC Techno-Resin.

The Debtor can be reached at:

         JSC Techno-Resin
         Sihlbruggstrasse
         6340 Baar
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


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


DOGUS HOLDING: Fitch Revises Outlook to Positive on BB- IDRs
------------------------------------------------------------
Fitch Ratings revised the Outlook to Positive from Stable for
Turkey-based Dogus Holding A.S.'s for local and foreign currency
Issuer Default ratings.  The IDRs are affirmed at BB-.

The Outlook revision is based on Fitch's assessment of Dogus's
plans to invest its increased liquidity in projects yielding
potentially higher returns and cash flows than the current
levels of interest income on the liquidity held by the holding
company.

On a consolidated level, excluding financial services
subsidiaries, Dogus Holding had just over US$800 million net
cash at end FY05 compared to just under US$900 million net debt
at end FY04.  Fitch expects Dogus to have around US$600 million
net cash at end FY06, again excluding financial services from
the consolidated holding results.  Dogus Holding, on a stand-
alone basis, had slightly over US$400 milllion gross debt at end
FY05, expected to reach c.US$100 million by end FY06.

Fitch notes the improvements in the business and financial
profiles of the operating subsidiaries of Dogus during FY05 and
so far in FY06, especially in Turkiye Garanti Bankasi A.S., with
respect to their potential dividend contributions to Dogus cash
flows in the future.

While Garanti Bank has materially improved its intrinsic
financial strength during 2005, Dogus' stake has been reduced to
31.67% at 31.12.2005, limiting its share of the potential
dividend flows from the bank as well as the net asset value
contribution to the holding company's consolidated asset base.

Fitch acknowledges that the forecast FYE06 c.US$600 million net
cash position provides financial flexibility to Dogus, the
future strategy of which focuses on expanding Garanti Bank
jointly with General Electric Consumer Finance, as well as
possible new investments in Turkey, including automotive,
construction, tourism, media and real estate.  Such investments
are likely to be financed from existing resources and are not
expected to result in substantial re-leveraging.

The holding company's future cash flows remain dependent on the
returns realized on the cash position, rental income from its
real estate portfolio as well as the operating profitability of
its subsidiaries and potential future investments.  While
assigning a Positive Outlook, Fitch will continue to scrutinize
the sustainability of the operating improvements at Dogus's
subsidiaries, the use of the net liquidity held at the holding
level and net leverage level of Dogus.


NOBEL GROUP: Fitch Rates Local & Foreign Currency IDR at B-
-----------------------------------------------------------
Fitch Ratings assigned Turkey-based generic drug manufacturer
Nobel Group, local and foreign currency Issuer Default ratings
of B-, both with Stable Outlooks.

Separately, Fitch assigned Nobel Group's senior notes an
expected rating of B- and an expected Recovery Rating of RR4.

The ratings reflect Nobel Group's positioning as a small-sized
vertically integrated player in the Turkish generic drugs
industry, which shows strong underlying fundamentals.  The
ratings are supported by the company's good brands and marketing
capabilities as well as its full pipeline and good product
portfolio, including the anti-rheumatic, muscle relaxant Etol
Fort, the best-selling prescription drug in Turkey in 2005.

Negative rating factors are single-family ownership, the
company's over-reliance on the Turkish healthcare system,
product concentration, which although not unusually high for the
industry, makes Nobel Group somewhat reliant on single drugs.
Furthermore, its financial constraints limit its flexibility to
participate in future consolidation.

These factors contributed to a 12.1% EBITDA margin in FY05,
which is below that of larger international players in the
generic drugs industry.  Due to large cash outflows for working
capital and capital expenditure over the past three years, Nobel
Group's free cash flow was negative.

Capital spending in FY05, FY04 and FY03 stood at a high 15%, 12%
and 8% of sales, respectively and was used for investments in
buildings and new equipment which should be completed by FY07.
Cash outflow for working capital was at an enormous 43% and 52%
of sales in FY03 and FY04, respectively before falling in FY05
to 42%.

Fitch expects Nobel Group's free cash flow to continue to be
tight, even though capital expenditure as a percentage of sales
is projected to be reduced significantly over the next three
years.  At FYE05 the company's net debt/EBITDA coverage was 3.5x
and it is expected to increase to above 4x at FYE06.  The
group's EBITDA net interest cover was 2.7x and is expected to
decrease slightly by FYE06.

Nobel Group is exposed to the risks of a sudden devaluation of
the Turkish lira against the USD and the EUR.  This is because
almost all of the group's operations are domestic while its debt
is foreign-currency denominated.  Furthermore, there is no
hedging in place and only a limited natural hedge.


NOBEL GROUP: Fitch Assigns B-/RR4 Rating on Prospective Bond
------------------------------------------------------------
Fitch Ratings assigned Turkey-based pharmaceutical company Nobel
Group's prospective issue of USD senior notes due 2011 an
expected B- rating and an expected Recovery Rating of RR4.  The
expected rating of the notes is in line with Nobel Group's
foreign currency and local currency Issuer Default B- ratings.

The final ratings are contingent upon receipt of final documents
conforming to information already received, as well as the
receipt of satisfactory legal opinions, including in particular,
the enforceability of the guarantees referred to below.

The three entities constituting the Nobel Group will guarantee
the obligations of Terramar Financing S.A. in relation to the
notes on an unconditional, irrevocable, joint and several basis.
The guarantors account for 100% of group assets as of
Dec. 31, 2005.

Based on the market dynamics and the business characteristics,
Fitch assumes a distressed EV/EBITDA multiple of 7x.  This
reflects the good fundamentals supporting Nobel Group's
business, as the generic market in Turkey is expected to
continue its strong growth.  This is offset by Nobel Group's
poor geographical diversification, small size, and exposure to
pharmaceutical sector risks; namely failure of reimbursement of
existing drugs, pipeline failures and normal business plan
execution risks.

Although Fitch expects under these assumptions outstanding
recoveries for secured bank lenders and bondholders, the maximum
recovery rating applicable to the senior secured debt is capped
at RR4 in light of the Turkish jurisdiction.  As a result, Fitch
has assigned an expected RR4 to the senior secured facilities,
which translates into an expected B- instrument rating.

The terms and conditions of the notes include European high
yield-style covenants such as a limitation on additional debt
based on minimum EBITDA interest cover of 2.5x for the group.
There are also certain restrictions on dividend payments and
asset sales by the guarantors.

In the event of a change of control relating to Nobel Group,
note holders have the right to put the notes at 101%.  There is
also a cross default clause in the documentation and covenants
relating to transactions with affiliates, mergers and disposals.


PETROL OFISI: S&P Keeps B+ Rating on Fine Payment Concerns
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit rating on Turkey-based petroleum products
distributor Petrol Ofisi A.S. on CreditWatch with negative
implications, where it was placed on Sept. 1, 2006.

The rating was placed on CreditWatch following the Turkish
energy market regulator's decision to fine the company new
Turkish lira TRY599.4 million (US$418.7 million; including fines
levied against POAS' subsidiary ERK Petrol A.S.) for allegedly
supplying petroleum products to unlicensed gas stations.

The CreditWatch update reflects that POAS is required to pay the
fine now.  POAS, together with the other Turkish petroleum
product retail companies (aggregate fines for the sector total
TRY1.7 billion), is in the process of appealing the decision.
Instead of a lump sum payment, the company has agreed to an
18-month installment plan commencing December 2006.  In the
interim, until the appeal process (which could take two-three
years) is resolved, POAS has filed for a stay of execution with
respect to the monthly payments.

"Failure to obtain a stay of execution may result in POAS paying
the full fine over the next 18 months before an outcome is
reached regarding the appeal," said Standard & Poor's credit
analyst Sophia Dedemadis.

"Standard & Poor's expects to resolve the CreditWatch listing
once the outcome with respect to the stay of execution is
clear," Ms. Dedemadis added.

POAS' fine is large compared with its total debt, which stood at
TRY1.95 billion at Sept. 30, 2006, including large working
capital financings under TRY995 million of LOCs.  Full payment
of the fine and a resulting increase in debt could result in the
rating being lowered by one notch.  If the parties agree a lower
settlement, if part of the fine is paid with free cash flows
and/or a reduction in dividends, and if liquidity is not
affected, the financial profile could remain in line with the
rating, and the rating would therefore remain unchanged.
Standard & Poor's requires funds from operations to adjusted
debt of about 30% for the rating.

Before resolving the CreditWatch, Standard & Poor's will also
need to be satisfied that POAS' future cash flow generation will
not be negatively affected.


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


TNK-BP HOLDING: Mulls Developing Siberian Gas Field with Gazprom
----------------------------------------------------------------
TNK-BP Holding OAO and OAO Gazprom are nearing a deal to jointly
develop Russia's East Siberian natural gas field, Bloomberg News
says.

Alexei Miller, Gazprom's Chief Executive Officer, and Viktor
Vekselberg, TNK-BP's director and shareholder, discussed twice
last week over possible gas project cooperation in East Siberia,
particularly TNK-BP's Kovytka field, TNK-BP spokeswoman Maria
Dracheva said.

The companies are mulling to build a gas and chemicals complex
at the area, Gazprom said in a statement.  TNK-BP, through its
Rusia Petroleum unit, holds the license to the US$18-billion
Kovytka field.

                        Chinese Demand

TNK-BP has petitioned to construct a pipeline and export gas
directly from the Kovykta field to China or Korea, but met
resistance from Gazprom, which controls the adjacent South
Kovytka gas field.

With the pressing demand from Chinese gas markets, Gazprom wants
to develop and fully tap the Kovytka field by 2011.  Nadia
Kazakova, an analyst at MDM Bank, said a deal between Gazprom
and TNK-BP needs to happen soon due to Chinese export
obligations, adding that the Kovytka field needs around three-
four years to reach output capacity.  The field holds two
trillion cubic meters of gas, enough to power Asia for about six
years, Bloomberg News relays.

Ms. Kazakova suggested that the companies have reached a casual
agreement and are now discussing the investment, market strategy
and stakes in the planned joint venture.  Ms. Kazakova told
Bloomberg that she expects Gazprom to push for a controlling
stake.

According to Bloomberg, production at Kovytka field currently
stands at a minimal level, with gas sold exclusively in the
domestic market.

                        About Gazprom

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

                          About TNK-BP

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

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

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

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

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


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


21ST CENTURY: Creditors' Claims Due Feb. 28, 2007
-------------------------------------------------
Creditors of 21st Century Computers Limited have until
Feb. 28, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator Gerald Frederick Davis at:

         Heathcote & Coleman LLP
         Heathcote House
         136 Hagley Road
         Edgbaston
         Birmingham B16 9PN
         United Kingdom

The company can be reached at:

         21st Century Computers Limited
         Office 1 Shenstone Court
         Forge Lane
         Halesowen
         West Midlands B62 8EA
         United Kingdom
         Tel: 0121 585 8559


AKER KVAERNER: Inks NOK900-Mln Service Deal with ConocoPhillips
---------------------------------------------------------------
ConocoPhillips has awarded Aker Kvaerner ASA a service contract
for provision of personnel and equipment for well intervention
services on the Norwegian Continental Shelf.

The firm contract period is three years with an estimated value
of NOK900 million.  The contract includes an option to extend
another 2 x 2 years.

"This is a strategically important contract which ensures Aker
Kvaerner Well Service's position as the leading provider of well
intervention services on the Norwegian Continental Shelf," said
Mads Andersen, Executive Vice President in Aker Kvaerner.

The scope of work comprises mechanical wireline services,
wireline tractor services and cased and open hole logging
services.  The work will be undertaken by the Aker Kvaerner
subsidiary, Aker Kvaerner Well Service in Stavanger. Data
acquisitions services are subcontracted to Baker Atlas.

Through this agreement, Aker Kvaerner continues a good
cooperation with an important client.

"We look forward to jointly developing and implementing new well
intervention technologies that will further enhance safety and
increase operational efficiency," says Ole Petter Thomesen,
President of Aker Kvaerner Well Service.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AMERICAN AXLE: Moody's Holds Corporate Family Rating at Ba3
-----------------------------------------------------------
Moody's Investors Service confirmed American Axle &
Manufacturing Holdings Inc.'s Corporate Family Rating of Ba3 and
affirmed American Axle & Manufacturing, Inc.'s Speculative Grade
Liquidity rating of SGL-2.

Unsecured debt ratings of Ba3 LGD-4, 57% at both American Axle
and Holdings have also been confirmed.

The outlook is negative.

The actions conclude a ratings review reported on Oct. 5, 2006,
after the company's disclosure of a special attrition program
and other restructuring actions which will be implemented at the
end of the fourth quarter of 2006 and early 2007.

Collectively, the programs are anticipated to involve special
charges of between US$150-$250.  In confirming the ratings,
Moody's noted that these programs will involve substantial cash
disbursements and cause higher debt levels to persist in the
short-term.

However, it will have a relatively quick pay-back period through
establishing a lower cost structure which is anticipated to
improve future performance and cash flows.  Metrics more
consistent with the Ba3 rating category could develop during
2007 assuming industry conditions stabilize and sufficient
consumer demand for vehicles based on the GMT-900 platform
develops.

The Corporate Family rating of Ba3 reflects weighting placed on
scores under the Auto Supplier Methodology for elevated
leverage, customer concentration and deterioration in coverage
ratios which has occurred over the last year.  Scores on those
factors are partially mitigated by stronger results from the
company's sound capitalization, good liquidity profile,
efficient operations, and the long-term nature of its business
awards.

Moody's would expect free cash flow in 2006 to be close to
break-even as the company's investment in organic growth has
coincided with sharply lower production at its major customers.
The rating also emphasizes potential volatility to the company's
cash flows arising from its ongoing customer, geographic and
platform concentration.  American Axle has a capital intensive
business model which creates significant operating leverage as
well as ongoing capital expenditure requirements.  Those traits
tend to compound its exposure to challenges faced by its largest
customer, GM.

Improved customer, geographic and platform diversification will
slowly evolve.  Substantial disbursements to facilitate those
objectives, the SAP and other restructuring actions will be
required.  Weak debt service ratios, elevated leverage and
constricted free cash flows are anticipated to continue over the
near term.  However, over the intermediate period, improvements
in the company's cost structure and enhanced free cash flow
generated from the SAP and other restructuring actions combined
with lower capital expenditures in 2007 ought to position key
credit metrics within a more acceptable range for Ba3 rated
credits.

The outlook is negative and reflects the company's continued
concentration with GM, whose Corporate Family rating is B3, and
issues related to the mix of vehicles it supports.

While uncertainty exists on what build rates consumer demand may
ultimately support for models based on the GMT-900 platform, the
rating agency would expect American Axle to remain profitable
during the intermediate term.  In the near term, the company's
leverage and debt service coverage ratios will remain weak as
interest expense will increase as higher debt levels incurred
from funding the combination of 2006 capital expenditures and
significant SAP disbursements and other restructuring actions
will continue.  The company remains vulnerable to downside
developments at GM and the potential that labor contract issues
in late 2007 at the Big 3 OEMs could disrupt build-rate
assumptions.

The SGL-2 rating represents good liquidity over the coming
twelve months.  American Axle should generate internal funds to
meet basic operating needs during the coming year.  However, the
cash impact of its SAP and other restructuring programs are
likely to cause incremental borrowings towards the end of the
fourth quarter and early 2007.  While the company maintained
only minimal balance sheet cash, it does have access to a US$600
million unsecured revolving credit facility whose commitment
extends to April 2010.  At the end of the third quarter, the
company had approximately US$486 million available under the
facility.

Ratings confirmed:

   * American Axle & Manufacturing, Inc.

      -- Senior Unsecured notes, Ba3, LGD-4, 57%
      -- Senior Unsecured term loan, Ba3, LGD-4, 57%
      -- American Axle & Manufacturing Holdings, Inc.
      -- Corporate Family Rating, Ba3
      -- Probability of Default Rating, Ba3
      -- Senior Unsecured convertible notes, Ba3, LGD-4, 57%

Ratings affirmed:

   * American Axle & Manufacturing, Inc.

      -- Speculative Grade Liquidity rating, SGL-2

American Axle & Manufacturing, headquartered in Detroit,
Michigan, is engaged in the manufacture, design, engineering and
validation of driveline systems and related components and
modules, chassis systems, and metal formed products for light
truck, SUVs and passenger cars.  The company has manufacturing
locations in the U.S.A., Mexico, the United Kingdom and Brazil.
The company reported revenues of US$3.4 billion in 2005 and has
approximately 10,900 employees.


BAA PLC: OFT Refers Airport Services Supply for Deeper Probe
------------------------------------------------------------
The U.K. Office of Fair Trading has signaled its intention to
refer the supply of airport services by BAA plc to the
Competition Commission for more detailed investigation.  It has
also made a recommendation that the airports regulator advise
the government on the case for the de-regulation of Manchester
airport.

BAA owns Heathrow, Gatwick, Stansted and Southampton in South
East England, and Edinburgh, Glasgow and Aberdeen in Scotland.
These airports have an annual turnover of GBP2 billion and
handle over 60% of all air passengers in the U.K.

The OFT market study has found:

   -- in the South East, BAA's airports handle 90% of
      passenger trips, and these airports could under
      separate ownership compete to attract air passengers;

   -- evidence of poor customer satisfaction;

   -- significant investment at airports in the South East
      of England is planned.  Without competition --
      investment could be inefficient -- costly for
      air passengers and for the U.K.;

   -- BAA's Scottish airports which carry over 80% of
      Scottish air passengers, are not price regulated,
      and charges to airlines are higher than Gatwick
      and Stansted;

   -- Glasgow, which faces some competition from Prestwick,
      has had the largest price decreases of BAA's airports
      in Scotland; and

   -- the study also found further evidence that
      competition between independently owned airports --
      such as Liverpool and Manchester -- leads to improved
      value for air travelers.

The conclusion on referring BAA to the CC is provisional -- the
OFT now invites comments before reaching a final conclusion.

John Fingleton, OFT Chief Executive, said: "We believe that the
current market structure does not deliver best value for air
travelers in the U.K., and that greater competition within the
industry could bring significant benefits for passengers. There
is evidence of poor quality and high charges -- BAA's investment
plans, which are of great importance to the U.K., have raised
significant concerns among its customers.  These are signs of a
market not working well for consumers and we believe that a full
inquiry into BAA's structure is justified."

The consultation will last for eight weeks and will end on
Feb. 8, 2007.

As reported in the TCR-Europe on Sept. 6, BAA dismissed calls
for the break-up of its U.K. airports, arguing that a more
fragmented ownership structure would undermine vitally needed
investment in airport capacity.

In a submission to the OFT study on the U.K. airports market,
BAA urged the OFT to focus upon the true interests of consumers.

                         About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Healthrow, the world's busiest
international airport, and Budapest Airport, serving 700
destination by around 300 airlines.  Its U.K. airports handled
over 117 million international passenger during the 12 months up
to October 2005.  International passengers make up 81% of its
total U.K. airport traffic.  BAA had total assets of GBP15.2
billion and pre-tax profits of GBP757 million for the year ended
March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BUILDERS SUPPLY: Appoints Liquidator from David Horner & Co.
------------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of Builders Supply (Castleford) Ltd. (formerly
Practical Building Products Limited) on for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Builders Supply (Castleford) Ltd.
         Oxford Street
         Castleford
         West Yorkshire WF105DF
         United Kingdom
         Tel: 01977 552 440
         Fax: 01977 603 107


CORUS GROUP: CSN Tops Tata Offer with US$9.6-Billion Bid
--------------------------------------------------------
Brazillian steelmaker Companhia Siderurgica Nacional increased
its purchase offer for Corus Group Plc to US$9.6 billion or 515
pence a share, topping Tata Steel Ltd.'s 500 pence per share
offer.

Companhia Siderurgica's move pushed Corus's stock to rise as
high as 529.5 pence, signaling that investors expect another
bid, Bloomberg News says.

Regardless of who wins the bidding war, a merger would Corus
would result to the fifth largest steel firm in the world.

Companhia Siderurgica and Corus have held merger talks in 2002
but competition issues and unfavorable conditions in the steel
industry hindered negotiations.

Companhia Siderurgica proposed purchase of Corus will be funded
through a BP4.35 billion of debt underwritten by Barclays Plc,
ING Groep NV and Goldman Sachs Group Inc., Bloomberg says,
citing Chief Financial Officer Otavio Lazcano.

Meanwhile, Companhia Siderurgica promised to pay BP138 million
to fund the deficit in the Corus Engineering Steels Pension
Scheme, Bloomberg says.  Also, the steelmaker will up the
contribution rate on the British Steel Pension Scheme to 12%
from 10% until March 31, 2009.  The company's success in
acquiring Corus hinges on the unions support, according to
published reports.

Shares of Corus rose Monday to 27.25 pence, or 5.5%, to 527.25
pence in London.  Companhia Siderurgica's stock dropped 1% to
BRL63.9 in Sao Paulo.

Tata shares are the worst performers on India's benchmark index
in the past three months, according to Bloomberg.  The stock
slumped 29 rupees, or 6%, to 453.4 rupees in Mumbai on Monday,
the sharpest decline since June 26.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                  About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                      About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

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.


CORUS GROUP: Agrees to Terms of CSN's GBP4.9-Bln Purchase Deal
--------------------------------------------------------------
The boards of Companhia Siderurgica Nacional and Corus Group plc
have agreed on the terms of a recommended pre-conditional cash
acquisition by CSN Acquisitions of the entire issued and to be
issued share capital of Corus at a price of 515 pence for each
Corus Share, valuing Corus at around GBP4.9 billion.

CSN believes there is compelling strategic and industrial logic
for a combination with Corus as it would:

   -- create a top five global steel group with around
      24 million tons of annual steel production and, by 2010,
      around 50 million tons of annual iron ore production;

   -- enable Corus to secure supply of high quality, low cost
      iron ore from CSN's Casa de Pedra mine, one of the largest
      captive mines in the world, leading to incremental annual
      cash-flow in Corus of around US$450 million on a pre-tax
      basis by 2009;

   -- in time, provide Corus with access to increasing
      quantities of low cost semi-finished steel for further
      processing through its downstream facilities in Europe;

   -- allow Corus greater access to fast growing markets as
      well as providing opportunities for cross-selling
      the enlarged portfolio of products;

   -- create the potential to capture significant annual
      synergy benefits of around US$300 million on a pre-tax
      basis by 2009, through initiatives including global
      procurement savings, optimization of product flows,
      integrated commercial policy and the sharing of
      best practices; and

   -- give CSN the ability to leverage Corus' exceptional
      research and development and engineering expertise across
      the combined group.

The price of 515 pence per Corus Share represents:

   -- a premium of around 42.9% to the average closing mid-
      market price of 360.5 pence per Corus share for the twelve
      months to and including Oct. 4, 2006, being the last
      business day before the announcement by Tata Steel Ltd.
      that it was evaluating various opportunities, including
      Corus;

   -- a premium of around 26.4% to the closing mid-market price
      of 407.5 pence per Corus Share on Oct. 4, 2006; and

   -- a premium of around 3% to the revised offer price made by
      Tata at 500 pence per Corus share.

CSN Acquisitions has held constructive and satisfactory
discussions with the trustees of Corus' two main U.K. pension
schemes and has agreed with committees of the relevant boards of
pension trustees an arrangement, which will be recommended to
the full boards of the pensions trustees, whereby CSN
Acquisitions will:

   -- fund upfront the IAS 19 deficit on the Corus Engineering
      Steels Pension Scheme by paying GBP138 million into the
      scheme; and

   -- increase the contribution rate on the British Steel
      Pension Scheme from 10% to 12% until March 31, 2009.

The acquisition is subject to the satisfaction or waiver of the
Pre-Condition that either:

   -- Corus Shareholders reject the Tata Scheme; or

   -- the Tata Scheme is otherwise withdrawn by Corus for
      lapses.

Subject to the satisfaction or waiver of the Pre-Condition, the
acquisition will be made by CSN Acquisitions, an indirect wholly
owned subsidiary of CSN, and is proposed to be implemented by
way of a scheme of arrangement under section 425 of the
Companies Act.  The scheme will be put to Corus shareholders at
the Court Meeting and at the Extraordinary General Meeting,
which will be convened in due course.

The scheme document will be posted to Corus Shareholders within
28 days of satisfaction or waiver of the Pre-Condition.
In addition, a further document setting out further details of
the Acquisition and information relating to the CSN Group will
be sent to Corus Shareholders as soon as possible.

The Loan Note Alternative will be made available to Corus
Shareholders.

As at the date of this announcement, the CSN Group owns
34,072,613 Corus Shares, representing around 3.8% of Corus'
existing issued share capital.

The Corus Directors, who have been so advised by Credit Suisse,
JPMorgan Cazenove and HSBC, consider the terms of the
acquisition to be fair and reasonable, so far as Corus
Shareholders are concerned.  Accordingly, the Corus Directors
intend unanimously to recommend that Corus Shareholders vote in
favor of the scheme at the Court Meeting and Extraordinary
General Meeting to be convened in relation to the acquisition.
In providing their advice, Credit Suisse, JPMorgan Cazenove and
HSBC have taken into account the commercial assessments of the
Corus Directors.

"The strategic impetus for this combination is growth -- growth
in Brazil, in Europe and for our combined workforces," Benjamin
Steinbruch, Chairman and Chief Executive Officer of CSN, said.
Our goal is to unlock the value of our iron ore assets through
Corus, transforming them into cost effective, high quality steel
products using Corus' advanced engineering capabilities and its
excellent European distribution platform.  This is a winning
combination for all stakeholders."

"As I informed shareholders in my letter of Nov. 27, 2006, once
the Corus Directors received an approach from CSN, we provided
information and made our senior management available to enable
CSN to meet its pre-conditions and complete its due diligence.

This offer is both higher than the initial proposal by CSN as
well as the revised Tata offer of 500 pence per share.  It is
also consistent with our strategic objective of securing access
to raw materials, low cost production and growth markets.  The
combination of the two businesses will create a strong platform
from which to compete and grow in an increasingly global
market," Jim Leng, Chairman of Corus, said.

Lazard is acting as lead financial adviser, Goldmans Sachs
International as financial adviser and joint broker, and UBS as
joint broker to CSN and CSN Acquisitions in relation to the
acquisition.  Credit Suisse is acting as lead financial adviser,
JPMorgan Cazenove as joint financial adviser and corporate
broker and HSBC as independent financial adviser for the
purposes of Rule 3 of the Takeover Code to Corus.

                      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.


CORUS GROUP: S&P Holds BB Rating on Developing Watch
----------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit rating on U.K.-based steelmaker Corus Group PLC
on CreditWatch with developing implications, following the start
of a bidding war between India-based steel manufacturer Tata
Steel Ltd. and Brazil-based steel maker Companhia Siderurgica
Nacional.

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, 2006, following
the announcement of an initial bid for the company from Tata
Steel.

On Dec. 10, 2006, Tata Steel revised its offer, increasing its
price to 500 pence per share, and subsequently, on Dec. 11,
2006, CSN announced its higher bid of 515 pence per share.

Standard & Poor's continues to note that integration with the
low-cost operations of either of the bidders might benefit
Corus' weak business profile.

"Following the revised bids there is still insufficient clarity
regarding the financial structure of each transaction and the
eventual impact on Corus' credit quality," said Standard &
Poor's credit analyst Tatiana Kordyukova.

Both bidders have referred to nonrecourse debt as part of the
respective financial structures, but it is not yet clear how
feasibly such debt could be served from the cash flows of Corus
and to what extent this could impair Corus' financial position.
Upside potential remains if the Tata Steel bid is successful: As
Tata Steel has higher stand-alone creditworthiness, the
combined entity could have stronger credit quality than Corus on
a stand-alone basis--provided there is sufficient evidence that
Tata Steel will provide financial support to Corus.  At the same
time, as the bid price increases, the possibility of an upgrade
of Corus declines.  As the price increases the debt burden of
the combined entity grows, as does possibly a portion of debt to
be served by Corus.  This might imply a lower ability of and
incentives for the combined entity to support Corus in the
future.

"In resolving the CreditWatch placement, Standard & Poor's will
seek further information on the progress of the proposed offers
made by both Tata Steel and CSN," said Ms. Kordyukova.

Standard & Poor's will also need more clarity regarding how such
a transaction would be financed, and will need to assess whether
Corus' weak business risk profile would be enhanced.
Furthermore, the rating agency will consider the potentially
substantial integration challenges.


CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
-----------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirmed that as of Dec. 11, 2006, it
had these relevant securities in issue (including any ordinary
shares represented by American Depositary Shares but excluding
any ordinary shares held in treasury):

   -- 898,815,415 ordinary shares of 50p each under
      ISIN code GB00B127GF29.

   -- 3% guaranteed convertible unsubordinated bonds
      due 2007 amounting to EUR307,000,000 convertible
      into 46,870,230 ordinary shares of Corus Group plc.

      The ISIN code for these securities is XS0140136523.

   -- 4.625% convertible subordinated bonds due 2007
      amounting to NLG345,000,000 convertible into
      19,338,687 ordinary shares of Corus Group plc.

      The ISIN code for these securities is NL0000183184.

Each American Depositary Share represents two ordinary shares of
the company.

                      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.


EMI GROUP: Inks Video-on-Demand Deal with Yahoo! Music
------------------------------------------------------
EMI Music, a unit of EMI Group Plc, has signed a pan-European
agreement with Yahoo! Music to enable consumers of the online
service to watch videos from EMI's digital catalogue.

Yahoo! Music will now offer European music fans free access to
videos from EMI Music artists including Lily Allen, Corinne
Bailey Rae, Coldplay, Gorillaz, Janet Jackson, Norah Jones, KT
Tunstall and Robbie Williams, as well as Bebe (Spain), Tiziano
Ferro (Italy), LaFee (Germany) and Diam's (France).

The Yahoo! Music portal allows consumers to select videos by
their favorite artists and stream them free of charge on their
PC.  The service is supported by targeted advertising.

The service also enables music fans to create their own
personalized "My Video" list, which tracks recently played
videos and lists videos that have been rated by the fan.  They
can also discover videos by brand new artists through expert
recommendations.

"As the digital music market grows, we must continue to look for
new ways to offer consumers the opportunity to enjoy our
artists' content," Jean-Francois Cecillon, chairman and CEO of
EMI Music Continental Europe, said.  "Thanks to services such as
Yahoo! Music, video-on-demand is becoming a valuable new channel
that enables us to connect fans with the music they love."

"It's important to maximize the value of our artists' music in
this rapidly changing market and the recent growth of
advertising spending on line is just one of the many ways in
which we seek to do this," said Tony Wadsworth, chairman and CEO
of EMI Music U.K. and Ireland.

"We are extremely excited to add videos from EMI Music to the
web's largest collection of music videos," said Shannon
Ferguson, Managing Director of Yahoo! Music Europe.  "Yahoo! is
committed to giving consumers a compelling and comprehensive
music experience, and the addition of EMI Music classic and new
release videos, from both international and European artists, is
critical to providing depth of choice for fans."

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including
Brazil, and with licensees in a further 20.  The group employs
over 6,600 people.  Revenues in 2005 were near EUR2 billion and
operating profit generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                         *     *     *

As reported in the TCR-Europe on Nov. 1, Standard & Poor's
Rating Services lowered to 'BB' from 'BB+' its long-term
corporate and senior unsecured ratings on U.K.-based music
producer and distributor EMI Group PLC, following an annual
review.  S&P said the outlook is negative.

Moody's Investors Service also downgraded EMI Group plc's senior
debt and guaranteed debt ratings to Ba2 from Ba1.  At the same
time Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  Moody's said the
rating outlook is now stable.


FALCONBRIDGE LTD: Xstrata Guarantees Notes and Preferred Shares
---------------------------------------------------------------
Xstrata plc has fully and unconditionally guaranteed
Falconbridge Ltd.'s Notes and its cumulative redeemable
preferred shares, Series 2, Series 3 and Series H.

Falconbridge will not file interim financial statements for the
nine months ended Sept. 30, 2006, as it has obtained an order
from Canadian securities regulators permitting Falconbridge to
satisfy its continuous disclosure obligations as a reporting
issuer by filing Xstrata's U.K. disclosure documents in place of
disclosure documents relating solely to Falconbridge.

These senior debt of Falconbridge has been guaranteed by
Xstrata:

    * US$250 million principal amount of 6.2% notes
      due June 15, 2035;

    * US$250 million principal amount of 5.5% notes
      due June 15, 2017;

    * US$350 million principal amount of 6% notes
      due Oct. 15, 2015;

    * US$250 million principal amount of 5.375% notes
      due June 1, 2015;

    * US$250 million principal amount of 7.35% notes
      due June 5, 2012;

    * US$300 million principal amount of 7.25% notes
      due July 15, 2012;

    * US$300 million principal amount of 8.375% notes
      due Feb. 15, 2011; and

    * CDN$175 million principal amount of 8.5% debentures
      due Dec. 8, 2008.

The guarantee of Falconbridge's Notes was implemented by
amending the trust indentures pursuant to which the Notes were
issued.  Pursuant to the terms of the Note Indentures, as
amended by supplemental indentures to implement the guarantees,
Xstrata has fully and unconditionally guaranteed the payment,
within 15 days of when due, of the principal and interest owing
by Falconbridge to the holders of the Notes.  Computershare
Trust Company of Canada is the trustee for the holders of the
Notes under the terms of the Note Indentures.

The guarantee of the Preferred Shares is governed by the terms
of a guarantee indenture entered into by Xstrata, Falconbridge
and Computershare Trust Company of Canada, as guarantee trustee.
Pursuant to the terms of the Guarantee Indenture, Xstrata has
fully and unconditionally guaranteed in favor of the holders of
the Preferred Shares the payment, within 15 days of when due, of
all financial liabilities and obligations of Falconbridge to
such holders under the terms of the Preferred Shares, whether in
respect of:

   -- any accrued and unpaid dividends on the
      Preferred Shares, regardless of the ability
      of Falconbridge to satisfy any financial or
      legal condition to the declaration or payment
      of dividends;

   -- the redemption price and all accrued and unpaid
      dividends to the date of redemption with respect to
      the Preferred Shares called for redemption; or

   -- the liquidation amount payable on the
      Preferred Shares upon a voluntary or
      involuntary dissolution, liquidation or winding up
      of Falconbridge, without regard to the amount of assets
      of Falconbridge available for distribution.

Xstrata's obligation to make a guarantee payment may be
satisfied by direct payment of the required amounts by Xstrata
to the holders of Preferred Shares entitled to those payments or
by causing Falconbridge to pay those amounts to the holders.

                    Structural Subordination

Xstrata's guarantees of the Notes and the Preferred Shares
constitute unsecured obligations of Xstrata.

The terms of the guarantees do not limit the ability of Xstrata
to incur additional indebtedness, nor do they limit the ability
of Xstrata's subsidiaries or joint ventures to incur additional
secured or unsecured indebtedness.  Xstrata's obligations under
the guarantees will be effectively subordinate to all
indebtedness and other liabilities of Xstrata's subsidiaries and
joint ventures, except to the extent Xstrata is a creditor of
such subsidiaries or joint ventures ranking at least pari passu
with such other creditors.

The Notes and the Preferred Shares, as guaranteed by Xstrata,
have been rated by the following rating agencies as follows:

                             Notes              Preferred Shares
Rating agency               Rating                  Rating
-------------               ------             ----------------
Moody's Investor Service    Baa2                  not rated

Standard & Poor's           BBB+                    BBB-

Dominion Bond Rating
Service Limited             BBB(high)            Pfd-3(high)

Holders of the Notes and the Preferred Shares should consult the
Rating Agencies with respect to the interpretation of the
foregoing ratings and their implications.

The credit ratings accorded to the Notes and the Preferred
Shares by the Rating Agencies are not recommendations to
purchase, hold or sell the Notes or the Preferred Shares
inasmuch as such ratings do not comment as to market price or
suitability for a particular investor.  There is no assurance
that the ratings will remain in effect for any period of time or
that the ratings will not be revised or withdrawn entirely by
one or more of the Rating Agencies at any time in the future if,
in the judgment of one or more of the Rating Agencies,
circumstances so warrant.

      Tax Consequences of Guarantee of Preferred Shares

The guarantee of the Preferred Shares constitutes a 'guarantee
agreement' for purposes of subsection 112(2.2) of the Income Tax
Act (Canada).  Accordingly, a dividend received on a Preferred
Share of a particular series by a holder of Preferred Shares
that is a corporation resident in Canada for purposes of the
Tax Act generally will not be deductible in computing the
taxable income of the corporation unless the Preferred Share is
of a class or series of shares of the capital stock of
Falconbridge that is listed on a prescribed stock exchange,
which includes the Toronto Stock Exchange and the corporation,
and persons with which the corporation does not deal at arm's
length, or any partnership or, in certain circumstances, trust
of which the corporation or any such person is a member or
beneficiary, do not, at the time the dividend is received,
receive dividends in respect of more than 10% of the issued
and outstanding shares to which the guarantee agreement applies.

Holders of Falconbridge Preferred Shares to which these
provisions may be relevant are urged to consult their own tax
advisors.

                      Guarantee of Payment

Each guarantee constitutes a guarantee of payment and not of
collection.  This means that legal proceedings may be brought
directly against Xstrata to enforce its obligations under each
guarantee without first instituting a legal proceeding against
Falconbridge.  The guarantees of the Notes will not be
discharged except by payment in full of Falconbridge's
obligations to the holders of the Notes.  The guarantee of the
Preferred Shares will not be discharged except by payment of the
related guaranteed payments in full to the extent not paid by
Falconbridge or upon the cancellation of the Preferred Shares.

                   Amendments and Assignment

The guarantees of the Notes may not be amended without the prior
approval of the holders of the Notes in accordance with the
terms of the Note Indentures, provided that no approval of the
holders of the Notes is required for certain changes that do not
adversely affect the rights of holders of the Notes.

The guarantee of the Preferred Shares may not be amended without
the prior approval of the holders representing not less than a
majority of the aggregate liquidation amount of the outstanding
Preferred Shares, or, in the event that a meeting is held to
obtain the consent of the holders of the Preferred Shares,
representing not less than a majority of the aggregate
liquidation amount of the outstanding Preferred Shares held by
holders of the Preferred Shares present at the meeting, provided
that no approval of the holders of the Preferred Shares is
required for certain changes that do not adversely affect the
rights of holders of the Preferred Shares.  For purposes of the
guarantee, a meeting of the holders of the Preferred Shares
requires a quorum consisting of holders of the Preferred Shares
holding at least 25% of the aggregate liquidation amount of the
outstanding Preferred Shares.

The guarantees of the Notes and the Preferred Shares will be
binding on the successors and assigns of Xstrata and will enure
to the benefit of the holders of the Notes and Preferred Shares
then outstanding.

                          Termination

The guarantee of the Notes will terminate upon the repayment in
full and discharge of all Notes.  The guarantee of the Preferred
Shares will terminate and be of no further force and effect upon
full payment of the applicable redemption price of all Preferred
Shares, including any accrued and unpaid dividends at the time
of redemption.

                          Governing Law

The guarantees of the Notes (other than the CDN$175 million 8.5%
debentures due 2008) are governed by and construed in accordance
with the laws of the State of New York except with respect to
the rights, powers, duties and responsibilities of the Note
Trustee under the Note Indentures, which are governed by the
laws of the Province of Ontario.

The guarantees of the CDN$175 million 8.5% debentures due 2008
and the Preferred Shares are governed by and construed in
accordance with the laws of the Province of Ontario.

               Consent to Jurisdiction and Service

Xstrata has appointed CT Corporation System, 111 Eighth Avenue,
New York, New York, as its agent for service of process in any
suit, action or proceeding arising out of or relating to its
guarantee of the Notes (other than the CDN$175 million 8.5%
debentures due 2008) and for actions brought under United States
federal or state securities laws brought in any federal or state
court located in the City of New York and submits to such
jurisdiction.

Xstrata has appointed Falconbridge as its agent for service of
process in any suit, action or proceeding arising out of or
relating to its guarantee of the Preferred Shares or the
CDN$175 million 8.5% debentures due 2008 and for actions brought
under provincial securities laws brought in any court located in
the City of Toronto and submits to such jurisdiction.

               Information Concerning the Trustee

Computershare Trust Company of Canada is the Note Trustee under
the terms of the Note Indentures and is the guarantee trustee
for the holders of the Preferred Shares.  The terms of the
Guarantee Indenture and the terms of the Note Indentures provide
that, except in certain circumstances, no action may be brought
against Xstrata to enforce the guarantees except by the Trustee.

                   Changes to Falconbridge
               Continuous Disclosure Reporting

In connection with Xstrata's guarantees of the Notes and the
Preferred Shares, the securities commissions of each Canadian
province -- other than Prince Edward Island -- and territory
have granted Falconbridge an exemption from certain requirements
of the securities legislation that will permit Falconbridge to
satisfy its continuous disclosure obligations as a reporting
issuer by filing Xstrata's U.K. disclosure documents, including
Xstrata's annual and interim financial statements, in place of
disclosure documents relating solely to Falconbridge.  As a
result of this relief, in lieu of the quarterly interim
financial statements that Falconbridge has historically filed,
Falconbridge will file on SEDAR Xstrata's annual and half-yearly
financial statements, prepared in accordance with International
Financial Reporting Standards.  As a result, Falconbridge will
not be filing interim financial statements for the nine months
ended September 30, 2006.  The terms of the exemption require
that Falconbridge file on SEDAR copies of all documents filed by
Xstrata pursuant to the continuous disclosure requirements of
the United Kingdom.

Falconbridge will file Xstrata's financial statements on SEDAR
at the same time they are filed in the United Kingdom.  The
continuous disclosure requirements of the United Kingdom require
that Xstrata file its financial statements as soon as possible
after they have been approved, with annual financial statements
filed no later than six months after its Dec. 31 year end and
half yearly financial statements filed no later than 90 days
after the end of the six month period ending June 30.  Xstrata
generally publishes its annual financial statements in March and
its half yearly financial statements in August.

The availability of the exemption is subject to Falconbridge and
Xstrata satisfying a number of other conditions that are set
forth in the decision of the securities commissions.  A copy of
the decision is available on the website of the Ontario
Securities Commission at http://www.osc.gov.on.ca/

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                      About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FORD MOTOR: Prices US$4.5 Bil. of Sr. Convertible Notes Due 2036
----------------------------------------------------------------
Ford Motor Co. priced US$4.5 billion principal amount of
unsecured Senior Convertible Notes due 2036 (increased from US$3
billion).  Ford expects to close the sale of the notes on
Dec. 15, 2006, subject to the satisfaction of customary closing
conditions.

The notes will pay interest semiannually at a rate of 4.25% per
annum.  The notes will be convertible into shares of Ford's
common stock, based on a conversion rate (subject to adjustment)
of 108.6957 shares per US$1,000 principal amount of notes (which
is equal to a conversion price of US$9.20 per share,
representing a 25% conversion premium based on the closing price
of US$7.36 per share on Dec. 6, 2006).

Ford expects to use the net proceeds from the offering for
general corporate purposes.  In addition, Ford has granted the
underwriters an over-allotment option to purchase up to US$450
million principal amount of additional notes.

The joint-book running managers for this offering are:

   -- Citigroup Corporate and Investment Banking,
   -- Goldman, Sachs & Co.,
   -- J.P. Morgan Securities Inc.,
   -- Deutsche Bank Securities Inc.,
   -- Lehman Brothers Inc.,
   -- Merrill Lynch,
   -- Pierce, Fenner & Smith Incorporated and
   -- Morgan Stanley & Co. Incorporated.

The joint- lead manager for this offering is BNP Paribas
Securities Corp.

A copy of the prospectus and prospectus supplement can be
obtained from:

          Citigroup Corporate and Investment Banking
          Brooklyn Army Terminal, 140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 718-765-6732 or Fax: 718-765-6734

          Goldman, Sachs & Co.
          Attn: Prospectus Dept., 85 Broad St.
          New York, NY 10004
          Fax: 212-902-9316
          E-mail: prospectus-ny@ny.email.gs.com

          J.P. Morgan Securities Inc.
          National Statements Processing
          4 Chase Metrotech Center, CS Level
          Brooklyn, NY  11245
          Tel: 718-242-8002
          Fax: 718-242-1350

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


FORD MOTOR: S&P Holds Junk Rating on Proposed US$4.5-Bln Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The 'B' bank loan rating and '2' recovery rating indicate the
expectation of substantial recovery of principal in the event of
a payment default.

In addition, Standard & Poor's affirmed its 'CCC+' issue rating
on Ford's proposed US$4.5 billion senior unsecured convertible
debt issue, which Ford increased from the earlier US$3 billion.
The size of this issue may increase to US$4.95 billion if
underwriters exercise their option to purchase an additional
US$450 million of notes.

The secured credit facilities consist of a revolving credit
facility, which Standard & Poor's believes will not exceed
US$11.5 billion, up from the original US$8 billion, and a US$7
billion term loan B.  The size of the term loan B, as well as a
US$1.5 billion permitted basket of non-loan exposure, remains
unchanged.

Although the substantial increase in the size of the revolving
credit facility does not change our '2' recovery rating,
estimated recoveries according to Standard & Poor's default and
emergence scenario are now at the lower end of the '2' range.

Standard & Poor's also notes that the increased revolving credit
facility reduces the cushion Ford has above a 1x borrowing-base
coverage test, one of the primary loan covenants afforded to
secured lenders.  Pro forma for the proposed transactions, Ford
would have availability to fully draw the revolving credit
facility with borrowing-base coverage of about 1.15x, down from
1.4x earlier.

Because Ford must maintain coverage of at least 1x under this
test, a significant future decline in collateral book values or
eligibility may reduce availability under the revolving credit
facility.

In addition to increasing the size of the financing package,
Ford also amended the terms under which it may borrow an
additional US$2 billion of first-lien debt at a later date.  To
access this additional US$2 billion of borrowings, Ford must add
its minority investment in Mazda Motor Corp. as collateral for
all senior secured facilities or reduce the amount of
availability under the revolving credit facility by a like
amount.

Ratings List:

   * Ford Motor Co.

      -- Corporate credit rating at B/Negative/B-3;
      -- Senior secured credit facilities at B; and
      -- US$4.5 billion senior unsecured debt at CCC+


FORUM E.D.M.: Names Eileen T. F. Sale Liquidator
------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Forum E.D.M. Limited on Nov. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Forum E.D.M. Limited
         33 Lionel Street
         Birmingham
         West Midlands B3 1AP
         United Kingdom
         Tel: 0121 333 7210


GEM SECURITY: Richard Rones Leads Liquidation Procedure
-------------------------------------------------------
Richard Rones of ThorntonRones LLP was appointed Liquidator of
Gem Security Group Limited on Nov. 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Gem Security Group Limited
         215 London Road
         Greenhithe
         Kent DA9 9DQ
         United Kingdom
         Tel: 01322222699
         Fax: 01322222692


GRAHAM PACKAGING: Warren Knowlton Replaces Philip Yates as CEO
--------------------------------------------------------------
Graham Packaging Holdings Company disclosed that Warren D.
Knowlton has been named as the company's chief executive
officer, effective Dec. 4, 2006, replacing Philip R. Yates, who
has retired.  Mr. Knowlton will also join the company's board of
directors.

Mr. Knowlton, served as chief executive officer and executive
director of Morgan Crucible PLC, from December 2002 to
August 2006.  Morgan Crucible is a specialty manufacturer of
carbon and ceramic products.  Prior to joining Morgan Crucible,
he was an executive director of a glass-maker Pilkington PLC.
With Pilkington, he first served as president of Global Building
Products and then as president of Global Automotive.  Mr.
Knowlton joined Pilkington in 1997.  Since 2000, Mr. Knowlton
has served as a non-executive director of Smith & Nephew PLC,
Filtrona PLC, and Ameriprise Financial.

Philip R. Yates, who has been with Graham Packaging for more
than 30 years and has served as chief executive officer since
1998, has agreed to continue with the company as chairman of the
board.  Mr. Yates will continue to be involved in the oversight
of the company's operations.  Mr. Yates already serves on the
Board and the company expects he will be named chairman at the
next meeting.

               Appointment of Mark Burgess as CFO

Mark Burgess has been named chief financial officer, succeeding
John E. Hamilton, who is leaving after a 22-year career with
Graham Packaging to pursue other interests, including his
family's business.

Mr. Burgess served as president and chief executive officer, as
well as chief financial officer, of Anchor Glass Container
Corporation, from May 2005 until September 2006, where he led
the company through a successful financial restructuring.  He
previously served as executive vice president and chief
financial officer of Clean Harbors Environmental Services, Inc.,
from May 2003 until May 2005 and prior to that he served as
executive vice president and chief financial officer at JL
French Automotive Castings, Inc, from November 2000 to May 2003.

Chinh Chu, senior managing director of The Blackstone Group,
majority owner of Graham Packaging, said, "Warren Knowlton and
Mark Burgess are extremely talented and experienced executives,
and we are excited to have them join Graham Packaging.  We would
also like to thank Phil Yates and John Hamilton for their many
dedicated years of service to Graham Packaging.  We are pleased
that Phil will be remaining as the company's chairman."

                  About Graham Packaging Holdings

Graham Packaging Holdings Company is a Pennsylvania limited
partnership.  Graham Packaging Company, L.P., Holdings' wholly
owned subsidiary is a worldwide leader in the design,
manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,
personal care/specialty and automotive lubricants product
categories and, as of the end of September 2006, operated 85
manufacturing facilities throughout North America, Europe and
South America.  The Company currently operates 88 plants
worldwide including France, Hungary, the Netherlands, Poland,
Spain, Turkey and the United Kingdom.

The Blackstone Group, an investment firm, holds 78.6 percent
equity in Graham Packaging Holdings Company. MidOcean Capital
Investors, L.P., holds 4.1 percent. A group of management
executives holds 2.3 percent. The family of Graham Packaging
founder Donald Graham holds 15 percent.

                          *      *      *

Graham Packaging Holdings Company carries Standard & Poor's B
rating for both its LT Foreign Issuer Credit and LT Local Issuer
Credit.


GRAHAM PACKAGING: Sept. 30 Equity Deficit Tops US$526.1 Million
---------------------------------------------------------------
Graham Packaging Holdings Company reported a US$15 million net
loss on US$643 million of sales for the third quarter ended
Sept. 30, 2006, compared with a US$2.2 million net loss on
US$615.1 million of sales in the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$2.52 billion in total assets and US$3.05 billion in total
liabilities, resulting in a US$526.1 million total partners'
deficit.

The increase in net loss is primarily due to the decrease in
gross profits to US$69.1 million in the third quarter of 2006,
from US$79.2 million in the third quarter of 2005.

Net sales for the three months ended Sept. 30, 2006, increased
US$27.9 million to US$643.0 million from US$615.1 million for
the three months ended Sept. 30, 2005.  The increase in sales
was primarily due to an increase in resin pricing and volume,
net of changes in mix and price erosion.

The decrease in gross profit was primarily due to a reduction to
depreciation expense in 2005 related to finalizing the fixed
asset valuation for O-I Plastic of US$11.5 million, a net
increase in project costs of US$1.6 million and a net decrease
in gross profit related to ongoing business of US$3.4 million,
partially offset by a decrease in non-recurring charges of
US$2.7 million, a favorable impact from changes in foreign
currency exchange rates of US$0.5 million and a net decrease in
the loss on disposal of fixed assets of US$3.2 million.

Interest expense increased US$900,000 to US$48.3 million for the
three months ended Sept. 30, 2006, from US$47.4 million for the
three months ended Sept. 30, 2005.  The increase was primarily
related to an increase in interest rates.

Income tax provision increased US$2 million to US$6.6 million
for the three months ended Sept. 30, 2006, from US$4.6 million
for the three months ended Sept. 30, 2005.  The increase was
primarily related to the establishment of a valuation allowance
on a portion of the tax benefit due to taxable losses and tax
credits in North America, partially offset by decreased earnings
in North America and Europe.

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?1633

                  About Graham Packaging Holdings

Graham Packaging Holdings Company is a Pennsylvania limited
partnership.  Graham Packaging Company, L.P., Holdings' wholly
owned subsidiary is a worldwide leader in the design,
manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,
personal care/specialty and automotive lubricants product
categories and, as of the end of September 2006, operated 85
manufacturing facilities throughout North America, Europe and
South America.  The Company currently operates 88 plants
worldwide including France, Hungary, the Netherlands, Poland,
Spain, Turkey and the United Kingdom.

The Blackstone Group, an investment firm, holds 78.6 percent
equity in Graham Packaging Holdings Company. MidOcean Capital
Investors, L.P., holds 4.1 percent. A group of management
executives holds 2.3 percent. The family of Graham Packaging
founder Donald Graham holds 15 percent.

                          *      *      *

Graham Packaging Holdings Company carries Standard & Poor's B
rating for both its LT Foreign Issuer Credit and LT Local Issuer
Credit.


HUXLEY COACHES: Taps Ian C. Brown to Liquidate Assets
-----------------------------------------------------
Ian C. Brown of Parkin S Booth & Co. was appointed Liquidator of
Huxley Coaches Limited on Nov. 30 for the creditors' voluntary
winding-up proceeding.

Headquartered in Malpas, England, Huxley Coaches Limited --
http://www.huxleycoachholidays.co.uk/-- operates a fleet of
executive coaches for holidays in Britain and Europe, excursions
and special offers.


MIDLAND TOYS: Creditors' Meeting Slated for December 18
-------------------------------------------------------
Creditors of Midland Toys Ltd. (Company Number 03280332)(t/a
Carols Superstore, Carols Megastore, Seasons & Pound Plaza) will
meet at 10:00 a.m. on Dec. 18 at:

         Oak Farm Hotel
         Watling Street
         Cannock WS11 1SF
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 15 at:

         Mark Hopkins and Robert Jonathan Hunt
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham B3 2DT
         United Kingdom
         Tel: [44] (121) 200 3000
         Fax: [44] (121) 200 2464

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.


PREMIER PERFORMANCE: Brings In Liquidator from Mazars LLP
---------------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed Liquidator of
Premier Performance Limited on Nov. 29 for the creditors'
voluntary winding-up proceeding.

         Premier Performance Limited
         Downing Street
         Sutton-In-Ashfield
         Nottinghamshire NG174EF
         United Kingdom
         Tel: 01623 553 357
         Fax: 01623 555 792
         Web: http://www.prem-performance.co.uk/


PRISTINE PRINT: Hires Liquidator from Bond Partners LLP
-------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Pristine Print Limited on Nov. 29 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Pristine Print Limited
         241a Selbourne Road
         Luton
         Bedfordshire LU4 8NP
         United Kingdom
         Tel: 01582 583 377
         Fax: 01582 583 366


R.T.O. CONSTRUCTION: Nominates Alex Kachani as Liquidator
---------------------------------------------------------
Alex Kachani of Crawfords was nominated Liquidator of R.T.O.
Construction Limited on Nov. 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         R.T.O. Construction Limited
         13 Fladgate Road
         Waltham Forest
         London E11 1LX
         United Kingdom
         Tel: 020 8553 3028


RANK GROUP: Peter Johnson Succeeds Alun Cathcart as Chairman
------------------------------------------------------------
The Rank Group Plc appointed Peter Johnson as Chairman, to
succeed Alun Cathcart who retires from the Board at the end of
February 2007.

Mr. Johnson is currently the chairman of Inchcape Plc and a non-
executive director of Bunzl Plc.  He will join the Board of Rank
as Deputy Chairman from Jan. 1, 2007 and will become Chairman on
March 1, 2007.

Mr. Cathcart has been Chairman of the Group for almost six
years.  Under his chairmanship, Rank has transformed itself from
a broad-based conglomerate into a focused gaming and leisure
business.

Ian Burke, Chief Executive of Rank said, "On behalf of the Board
I wish to thank Alun for the leading role that he has played in
re-shaping The Rank Group.  Under his guidance the Group has
sold a number of non-core businesses and established a leading
position in the U.K. gaming sector."

"Rank is entering a new phase in its development, adapting to
the range of social, regulatory and legislative influences that
are changing the U.K. gaming market.  Peter Johnson's depth of
retail experience and his proven qualities of leadership are of
great importance to the Group as we seek to grasp the
opportunities and to overcome the challenges presented by our
changing business environment," Mr. Burke added.
About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Dec. 11, Fitch Ratings
downgraded Rank Group Plc's Issuer Default and Senior Unsecured
Ratings to B+ from BB-.

Fitch assigned a RR4 Recovery rating to Rank's outstanding
bonds.  The Short-term rating is affirmed at B and the Outlook
remains Negative.

On March 6, Moody's Investors Service assigned a Ba2 corporate
family rating to The Rank Group Plc and concurrently downgraded
the senior unsecured long-term debt ratings of Rank Group
Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.


REBUILD CENTRE: Appoints Ian Pattinson to Liquidate Assets
----------------------------------------------------------
Ian Pattinson was appointed Liquidator of The Rebuild Centre
Limited on Nov. 28 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         The Rebuild Centre Limited
         3, Hilary Bevins Close
         Higham-on-the-Hill
         Nuneaton
         Warwickshire CV13 6AQ
         United Kingdom
         Tel: 07860 673975


ROMFORD BATHROOMS: Calls In Liquidator from Carter Clark
--------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Romford
Bathrooms Direct Limited on Nov. 28 for the creditors' voluntary
winding-up procedure.

Headquartered in Romford, England, Romford Bathrooms Direct
Limited -- http://www.romfordbathroomsdirect.co.uk/-- offers
bathroom planning, design and installation services.  The
company operates throughout Essex and Romford.


SAMSONITE CORP: Moody's Junks US$205-Million 8.875% Notes
---------------------------------------------------------
Moody's Investors Service confirmed the B1 corporate family
rating for Samsonite Corp.

Moody's also assigned Ba3 ratings to the proposed US$80-million
senior secured revolving credit facility and US$450-million term
loan B.  Proceeds from the new facilities, along with a portion
out outstanding cash balances, will be used to fund a special
dividend and debt repurchase, and pay associated fees and
premiums.  The outlook is positive.  This concludes the review
for possible upgrade that commenced on Sept. 13, 2006.

The confirmation reflects Moody's concern that the proposed
US$175-million special dividend, which was announced as part of
a series of transactions in November 2006, will significantly
increase leverage and weaken credit metrics to a level that is
inconsistent with an upgrade at this time.  Moody's estimates
that pro forma leverage (debt-to-EBITDA) would exceed 6 times
upon completion of the transaction, up from 4.1 times for the
LTM period ending July 30, 2006.  The positive rating outlook
reflects Moody's expectation that the company will continue its
profitable growth, both organically and through further
investment, while improving free cash flow generation and
rapidly reducing leverage.  A ratings upgrade would likely occur
if leverage approaches 4.5 times while maintaining positive free
cash flow and EBITA margins of over 10% by the end of FYE
January 2008.

On Nov. 21, 2006, Samsonite announced a series of transactions
including:

   1) an offer to purchase for cash any and all of its
      outstanding 8-7/8% Senior Subordinated Notes due 2011 and
      Floating Rate Senior Notes due 2010;

   2) the conversion of at least 90% of the Company's
      outstanding shares of convertible preferred stock into
      shares of its common stock;

   3) the entering into a new credit facility consisting of an
      approximately US$450-Mln term loan facility and an
      approximately US$80-Mln revolving credit facility; and

   4) the distribution of US$175-Mln in cash in the form of
      a special dividend to the company's stockholders.

Ratings assigned and confirmed:

Samsonite Corp.

   -- US$80-Mln senior secured revolving credit facility at
      Ba3 (LGD2, 25%);

   -- US$450-Mln senior secured term loan at Ba3
     (LGD2, 25%); and

   -- Corporate Family Rating at B1.

Ratings downgraded:

Samsonite Corp.

   -- EUR100-Mln senior unsecured notes to B1 from Ba3; and
   -- US$205-Mln 8.875% subordinated to Caa1 from B3.

The ratings on both instruments will be withdrawn upon
completion of the transaction.

Samsonite's ratings are supported by the global strength of its
brands, strong global market share, good geographic and
distribution diversity, and solid cash flow generation and
liquidity.  However, the ratings are currently constrained by
high pro forma leverage (debt to EBITDA) and weak pro forma
credit metrics as a result of the proposed special dividend, its
small size relative to other global consumer products companies,
and limited product diversification.

The new revolver and term loan are secured by substantially all
assets of Samsonite Corp. and all wholly owned domestic direct
and indirect subsidiaries.  The obligations of Samsonite Europe
N.V. will be secured by a first priority lien on those same
assets and by a first priority pledge of a portion of the equity
of SC International Holdings C.V. and all of the equity of SC
Denmark ApS and Samsonite Europe N.V.  However, a portion of the
Samsonite's assets are pledged as security to the Pension
benefit Guaranty Corporation under a 2003 agreement.

Both the revolver and term loan are guaranteed by the U.S.
subsidiaries, while borrowings from Samsonite Europe N.V. also
benefit from additional guarantees by Samsonite Corp., SC
International Holdings C.V. and SC Denmark ApS.  A mechanism in
the credit facilities will provide for pari passu sharing of
collateral between the lenders to Samsonite Corp. and Samsonite
Europe N.V. The facilities will include one financial covenant
limiting the level of total debt to EBITDA at levels to be
determined.

Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended July 30, 2006, were US$996 million.
Executive offices are located in London, United Kingdom.


SQUEEZE U.K.: Nominates Lane Bednash to Liquidate Assets
--------------------------------------------------------
Lane Bednash of David Rubin & Partners was nominated Liquidator
of Squeeze U.K. Limited on Nov. 29 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Squeeze U.K. Limited
         Unit 9
         Latimer Road
         London W10 6RA
         United Kingdom
         Tel: 020 8969 6606


STEAMLINE LAUNDRY: Hires Liquidator from Rifsons
------------------------------------------------
Arif Anwar of Rifsons was appointed Liquidator of Steamline
Laundry Limited on Nov. 30 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Steamline Laundry Limited
         40 Waterloo Road
         Brent
         London NW2 7UH
         United Kingdom
         Tel: 020 8452 4546


TIMKEN CO: Sells Latrobe Steel to Watermill, Hicks for US$215MM
---------------------------------------------------------------
The Timken Company completed the sale of its subsidiary, Latrobe
Steel, to a group of investors led by the Watermill Group, Hicks
Holdings and Sankaty Advisors, for approximately US$215 million
in cash.

The proceeds provide resources for general corporate purposes,
including strategic growth initiatives and pension funding.

"We are taking actions across our portfolio to increase the
ability to generate consistent profitable growth," James W.
Griffith, president and chief executive officer, said.  "We
believe the divestment of Latrobe Steel will create new
opportunities for us to invest in key industrial markets that
have the potential to generate greater value for our
shareholders over time."

Steven E. Karol, founder and managing partner of the Watermill
Group said, "Watermill has a long history of buying and helping
businesses improve.  Latrobe Steel is attractive to us due to
its position in growing and profitable markets and a strong
management team.  Latrobe has manufacturing and distribution
facilities that are up-to-date, well-maintained and which will
support the company's continued growth.  We look forward to
partnering with Hicks, Sankaty and local management in this
endeavor."

"As with our recent sale of the precision steel components
business in Europe and our intention to exit the tubing business
in the United Kingdom, the sale of Latrobe Steel reinforces our
focus on the alloy steel business," Salvatore J. Miraglia, Jr.,
president of Timken's Steel Group, said.  "We invested in our
alloy steelmaking capabilities during 2006, adding a new
induction heat-treat line and expanding large bar capacity, and
will continue to look for opportunities to strengthen our
portfolio in this core area going forward."

                      About Latrobe Steel

Headquartered in Latrobe, Pa., Latrobe Steel through its two
primary business units, Latrobe Steel Manufacturing and Latrobe
Steel Distribution, produces and distributes more than 300
grades of specialty steels for use in aerospace applications,
high performance cutting tools, aluminum casting dies, extrusion
and thread roll dies and other demanding applications.  Latrobe
Steel has more than 800 associates across the United States,
including approximately 530 in Latrobe, Pa.

                   About The Watermill Group

The Watermill Group -- http://www.watermill.com-- is a private
strategic investment firm that focuses on acquiring middle-
market companies in which it can add value through strategic and
operational guidance as well as investment capital.

                    About Hicks Holdings LLC

Dallas, Tex.-based Hicks Holdings LLC is a private investment
firm that makes corporate acquisitions as well as owns and
manages assets in sports and real estate.  The firm's strategy
is based on the "buy build" concept pioneered by Tom Hicks in
the mid-1980s. Examples of the buy build strategy include Dr
Pepper/7-Up, International Home Foods and Chancellor/Clear
Channel.

                     About Sankaty Advisors

Sankaty Advisors, LLC, the credit affiliate of Bain Capital,
LLC, is a private manager of high yield debt obligations.  With
approximately US$13 billion in assets, Sankaty invests in a
variety of securities, including leveraged loans, high-yield
bonds, stressed debt, distressed debt, mezzanine debt,
structured products and equity investments.

                   About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The Company has
operations in 27 countries and employs 27,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service confirmed The Timken Company's Ba1
Corporate Family Rating and the Ba1 rating on the company's
US$300 Million Unsecured Medium Term Notes Series A due 2028 in
connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


VEDARIO LIMITED: Creditors' Meeting Slated for December 15
----------------------------------------------------------
Creditors of Vedario Ltd. (t/a Don Antonio) (Company Number
01442809) will meet at 11:00 a.m. on Dec. 15 at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

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

         D. P. Hennessy
         Joint Administrator
         Cresswall Associates Ltd.
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *