TCREUR_Public/061214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, December 14, 2006, Vol. 7, No. 248

                            Headlines


A U S T R I A

AUSTRIAN BUSINESS: Feldkirch Court Orders Business Shutdown
BENQ CORP: Austrian Unit Sets Dec. 18 Creditors' Meeting
GAMAN LLC: Property Manager Declares Insufficient Assets
PETER AUGUSTIN: Creditors' Meeting Slated for December 18
VARTA BAU: Vienna Court Orders Business Shutdown


B E L G I U M

L.V.I. HOLDING: S&P Raises Rating to BB on Good Performance


C Z E C H   R E P U B L I C

ALCATEL-LUCENT Deploys IP Server for Czech Fire Rescue Service
LUCENT TECH: Fitch Withdraws Ratings Over Hazy Alcatel Support


F I N L A N D

METSO OYJ: EC Okays Takeover of Aker Kvaerner's Pulping Unit
METSO OYJ: Merges Business Operations to Form New Unit


F R A N C E

ALCATEL-LUCENT: Deploys IP Server for Czech Fire Rescue Service
ALCATEL-LUCENT: Introduces Mobile TV Service in Asia Pacific
CREDIT FONCIER: Fitch Affirms Individual Rating at C
FG4 S.A.: Strategic Review Spurs S&P's Watch Neg. on BB Rating
FREESCALE SEMICON: Blackstone-Led Consortium Closes Purchase

FREESCALE SEMICON: S&P Pares Corp. Credit Rating to BB- from BB+
FREESCALE SEMICON: Fitch Withdraws Ratings Following Buyout
SAUR S.A.: S&P Places BB Rating on CreditWatch Negative
SOLECTRON CORP: S&P Lifts BB- Rating on Solid Financial Profile


G E O R G I A

METROMEDIA INT'L: Annual Shareholders' Meeting Set for Dec. 15


G E R M A N Y

CL GMBH: Claims Registration Ends December 18
JERSEY ILANY: Claims Registration Ends December 18
JOH. SCHON: Creditors' Meeting Slated for December 19
KA.RO INGENIEUR: Claims Registration Ends December 20
POWERBOWL FRIEDRICHSFELDE: Claims Registration Ends December 20

PREMIUM CLASSICS: Claims Registration Ends December 18
PROMISE-I MOBILITY: Fitch Gives BB+ Rating on EUR10.8-Mln Notes
S.F.G. LOGISTICS: Claims Registration Ends December 18
STRACK-SCHOLL: Claims Registration Ends December 19
WITTE PROJEKTENTWICKLUNG: Claims Registration Ends December 19


G R E E C E

TIM HELLAS: Fitch Keeps IDR at B on Recapitalization Plans


H U N G A R Y

BAA PLC: Hits Office of Fair Trading's Move for In-Depth Probe


I R E L A N D

ENTRY FUNDING: Moody's Puts Low-B Ratings on Two Note Classes
TOWER RECORDS: Appoints Lipman Stevens as Appraiser


I T A L Y

ALITALIA SPA: Italy Commences Search for Sale Advisor
METSO OYJ: EC Okays Takeover of Aker Kvaerner's Pulping Unit
METSO OYJ: Merges Business Operations to Form New Unit
WIND TELECOMUNICAZIONI: S&P Revises Rating Outlook to Stable


K A Z A K H S T A N

AINABULAK LLP: Creditors Must File Claims by Jan. 19, 2007
ALJAN-AIDAR LLP: Claims Registration Ends Jan. 19, 2007
ARALSKY VAGONNO-REMONTNY: Creditors' Claims Due Jan. 19, 2007
ASTAR OIL: Proof of Claim Deadline Slated for Jan. 17, 2007
ATYRAU-MOST LLP: Claims Filing Period Ends Jan. 16, 2007

JARKYN LLP: Creditors Must File Claims by Jan. 19, 2007
KANAT-ATYRAU LLP: Creditors' Claims Due Jan. 16, 2007
LUKOIL OAO: Selling 50% Stake in Kazakh Unit to Mittal Group
OSAKAROVSKAYA AUTO: Claims Filing Period Ends Jan. 19, 2007
TURANALEM FINANCE: Fitch Assigns BB+ Rating on Upcoming Eurobond


K Y R G Y Z S T A N

ASMAN JER: Creditors' Claims Due Jan. 26, 2007


L U X E M B O U R G

EVRAZ GROUP: Valery Khoroshkovsky Steps Down as CEO
EVRAZ GROUP: KH Steel Sells Stake Following CEO Resignation
SISTEMA CAPITAL: Fitch Places B+ Rating on Debt Issuance Program


N E T H E R L A N D S

ALCATEL-LUCENT: Introduces Mobile TV Service in Asia Pacific
HEXION SPECIALTY: Posts US$14 Million Net Loss in Third Quarter
MG ROVER: Nanjing Faces Dispute Over Brand Ownership in Europe


N O R W A Y

AKER KVAERNER: European Commission Okays Unit Sale to Metso Oyj


P O L A N D

LUKOIL OAO: Retains ISO 14001 and OHSAS 18001 Certifications


P O R T U G A L

DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer


R O M A N I A

BANCA ROMANEASCA: Fitch Assigns Individual Rating at D


R U S S I A

CERAMIC BRICK: Court Names N. Chistyukhin as Insolvency Manager
DRUZHBA CJSC: Tyumen Bankruptcy Hearing Slated for February 13
DRUZHNIKOVSKIY PORCELAIN: Names S. Novoshitskiy to Manage Assets
ELECTRO-CONSTRUCTION: Court Names T. Dzhur as Insolvency Manager
EVRAZ GROUP: Valery Khoroshkovsky Steps Down as CEO

EVRAZ GROUP: KH Steel Sells Stake Following CEO Resignation
GEFEST LLC: Omsk Bankruptcy Hearing Slated for January 23
INTERVINKO CJSC: Omsk Bankruptcy Hearing Slated for Jan. 23
INVENT-MARKET OJSC: Court Names I. Gorn as Insolvency Manager
KARAKULINO-OIL-SERVICE: Court Names S. Poryadin to Manage Assets

KHANTY-AIR CJSC: Bankruptcy Hearing Slated for January 9
KOTELNICHSKAYA KNITTING: Names A. Kolyshnitsyn to Manage Assets
KRASNOYARUZHSKIY OJSC: Names A. Ovchinnikov to Manage Assets
LUKOIL OAO: Selling 50% Stake in Kazakh Unit to Mittal Group
LUKOIL OAO: Retains ISO 14001 and OHSAS 18001 Certifications

METROMEDIA INT'L: Annual Shareholders' Meeting Set for Dec. 15
NOVOROSSIYSKOYE LLC: Bankruptcy Hearing Slated for April 4
NOVOUSMANSKOYE TRANSPORT: Names N. Mironova to Manage Assets
SIBIRTELECOM OAO: Fitch Affirms Default Rating at B+
SISTEMA CAPITAL: S&P Assigns B+ Rating on US$3-Bln MTN Program


S L O V A K   R E P U B L I C

TUBE CITY: S&P Holds Corporate Credit Rating at B+


S W I T Z E R L A N D

BIOENERGIE BIRSTAL: Court Suspends Bankruptcy Proceedings
BURLINGTON JSC: Zug Court Starts Bankruptcy Proceedings
CREATE CONSULT: Zug Court Starts Bankruptcy Proceedings
DOLCE VITA: Aargau Court Suspends Bankruptcy Proceedings
JIMMY LLC: Aargau Court Starts Bankruptcy Proceedings

KING MANAGEMENT: Aargau Court Closes Bankruptcy Proceedings
LIBASIT LLC: Arlesheim Court Closes Bankruptcy Proceedings
M-O FASHION: Aargau Court Starts Bankruptcy Proceedings
MAPAN LLC: Arlesheim Court Suspends Bankruptcy Proceedings
OPENLINE-ONLINE LLC: Court Suspends Bankruptcy Proceedings

SICPA HOLDING: S&P Lifts Rating to BB- on Improved Metrics
WYHUUS LLC: Aargau Court Starts Bankruptcy Proceedings


U K R A I N E

BANK FORUM: Moody's Assigns B2 Rating on US$100-Million Notes
BANK KHRESCHATYK: Fitch Places B IDR on Rating Watch Negative
UKREXIMBANK: Fitch Gives Final BB- Rating on US$150-Mln Eurobond


U N I T E D   K I N G D O M

A & J PLUMBING: Creditors' Claims Due Jan. 16, 2007
ADCO GROUP: Brings In David Rubin to Administer Assets
AIM HYDRAULICS: Creditors Confirm Liquidators' Appointment
AKER KVAERNER: European Commission Okays Unit Sale to Metso Oyj
ALMALCO MOTORS: Brings In Joint Liquidators from Larking Gowen

AUDIOPHILES PLUS: Names Anthony David Kent Liquidator
BAA PLC: Hits Office of Fair Trading's Move for In-Depth Probe
BENQ CORP: PwC Leads U.K. Unit's Administrative Proceedings
BRITANNIA FENCING: Taps Unity Business as Administrators
CAPITAL PLANNING: Creditors' Meeting Slated for December 19

CARPET FACTORS: Taps David Field to Liquidate Assets
CENTRAL SOUTHERN: Creditors' Meeting Slated for December 21
CSM BUILDING: Joint Liquidators Take Over Operations
DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
ENRON CORP: Employee Panel to Get US$2.1 Mln from Ex-Trader

FAREPAK MAIL: Creditors' Meeting Slated for December 18
FORD MOTOR: Selling ACH's Climate Control Biz to Valeo
FREESCALE SEMICON: Blackstone-Led Consortium Closes Purchase
FREESCALE SEMICON: S&P Pares Corp. Credit Rating to BB- from BB+
FREESCALE SEMICON: Fitch Withdraws Ratings Following Buyout

GEMMA COMPUTERS: Brings In David Rubin as Administrators
HALLMARQUE ASSISTANCE: Names C.H.I. Moore as Administrator
HOSKINS MANAGEMENT: Creditors' Meeting Slated for December 21
ILIMART LIMITED: Creditors' Meeting Slated for December 21
ITS LINUX: Colin Burke Leads Liquidation Procedure

J.F.P. WHOLESALE: Hires Joint Liquidators from Begbies Traynor
JUNCTION TRANSPORT: Taps Liquidators from Poppleton & Appleby
MEDIARY LIMITED: Appoints Dewey & Co as Administrator
MG ROVER: Nanjing Faces Dispute Over Brand Ownership in Europe
NORFOLK COUNTRY: Creditors Confirm Liquidator's Appointment

NWSG LIMITED: Creditors' Meeting Slated for December 20
PERPETUO LIMITED: Appoints Liquidator from Valentine & Co.
POSITIVE RECRUITMENT: Names Liquidator to Wind Up Business
PRECISION GRINDING: Taps Cresswall Associates as Administrators
PROMETIC LIFE: Initial Public Offering for BioSciences Stalled

QUEBECOR WORLD: Plans to Offer US$400-Mln Sr. Unsecured Notes
QUEBECOR WORLD: Moody's Rates US$400 million Senior Notes at B2
R.A.D WAREHOUSING: Claims Filing Period Ends Jan. 9, 2007
REFCO INC: 14 Parties Object to Plan Confirmation
REFCO INC: Inks US$350,000 Settlement with Trading Technologies

ROCKET DESIGNS: Liquidator Sets Feb. 28, 2007 Claims Bar Date
SAMSONITE CORP: Moody's Rates New US$80-Mln Senior Debt at Ba3
SAMSONITE CORP: S&P Rates US$530-Million Credit Facility at BB-
SOLECTRON CORP: S&P Lifts BB- Rating on Solid Financial Profile
SECAL GROUP: Creditors' Meeting Slated for December 21

SOLUTIA INC: Has Until March 16 to Solicit Plan Acceptances
TECHNOLOGIES TELECOM: Hires Administrators from Vantis
TRAINER 1: Appoints Paul Appleton to Liquidate Assets

* Upcoming Meetings, Conferences and Seminars

                            *********

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A U S T R I A
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AUSTRIAN BUSINESS: Feldkirch Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Feldkirch entered Oct. 24 an order shutting
down the business of Austrian Business Service Limited (Company
No. 05460755).

Court-appointed property manager Lukas Pfefferkorn recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Mag. Lukas Pfefferkorn
         Schulgasse 7
         6850 Dornbirn, Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Oct. 16 (Bankr. Case No. 14 S 46/06m).


BENQ CORP: Austrian Unit Sets Dec. 18 Creditors' Meeting
--------------------------------------------------------
Creditors owed money by LLC BenQ Mobile CEE (FN 267077k) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Dec. 18 to consider the adoption of the rule by compensation.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

                         About BenQ

Headquartered in Vienna, Austria, LLC BenQ Mobile CEE is a
subsidiary of Taiwan-based BenQ Corp. -- http://www.benq.com/
BenQ is principally engaged in manufacturing, developing and
selling of computer peripherals and telecommunication products.
It is also a major provider of 3G handset, 3G handset, Camera
phones, and other products.

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

The Austrian Debtor consented to an out-of-court settlement on
Oct. 24 (Case No. 45 Sa 7/06t) almost a month after the German
unit's insolvency filing.  Johannes Jaksch serves as the
settlement manager for the estate.  Stephan Riel represents Dr.
Jaksch in the proceedings.

The settlement manager and his representative 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


GAMAN LLC: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Dr. Walter Anzboeck, the court-appointed property manager for
LLC Gaman (FN 258235h), declared Oct. 24 that the Debtor's
property is insufficient to cover creditors' claim.

The Land Court of St. Poelten ordered the shutdown of the
Debtor's business on the same day.

Headquartered in Frauendorf, Austria, the Debtor declared
bankruptcy on Oct. 10 (Bankr. Case No. 14 S 161/06a).

The property manager can be reached at:

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


PETER AUGUSTIN: Creditors' Meeting Slated for December 18
---------------------------------------------------------
Creditors owed money by LLC Peter Augustin (FN 132851w) are
encouraged to attend the creditors' meeting at noon on Dec. 18
to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 24 (Bankr. Case No. 38 S 61/06g).  Stephan Riel serves
as the court-appointed property manager of the bankrupt estate.
Johannes Jaksch represents Dr. Riel in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

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


VARTA BAU: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Oct. 24 an order shutting down
the business of LLC Varta Bau (FN 82420g).  Court-appointed
property manager Daniel Lampersberger recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Mag. Daniel Lampersberger
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@cgs.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 45 S 48/06x).  Clemens Richter
represents Mag. Lampersberger in the bankruptcy proceedings.


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B E L G I U M
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L.V.I. HOLDING: S&P Raises Rating to BB on Good Performance
-----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB' from 'BB-' its
long-term corporate credit rating on L.V.I. Holding N.V., the
holding company of Carmeuse Group, a lime producer headquartered
in Belgium.  The outlook is stable.

At the same time, Standard & Poor's raised to 'BB' from 'BB-'
its rating on the EUR175-million senior secured notes issued by
Carmeuse Lime B.V. and guaranteed by L.V.I., and maintained its
recovery rating of '2', indicating the expectation of
substantial (80%-100%) recovery of principal in the event of a
payment default.

"The upgrade primarily reflects three factors, the first two
being Carmeuse's improved cash flow ratios and its re-emphasized
financial policy, which favors the sustainability of those cash
flow metrics," said Standard & Poor's credit analyst Lucas
SÚvenin.  "The third factor is Carmeuse's continuing good EBITDA
margin performance across units, despite high energy and
transportation costs, notably thanks to contractual pass-on
clauses."  The rating also factors in some sensitivity to lower
demand for steel--the main end-market, with 40% of sales--and
gives room for potential debt-funded and material acquisitions
and growth.

Carmeuse had total debt outstanding of about EUR450 million at
end-September 2006.

The stable outlook reflects our expectation that the group will
maintain FFO to adjusted debt at about 25% and continue to
achieve good EBITDA margins of about 20%.

"We believe this will be possible thanks to the benefits of the
group's pass-on clauses and its focus on efficient production
processes, as well as progress at the key U.S. unit," said Mr.
Sevenin.

The rating may come under pressure if significant debt-funded
growth, either internal or external, were to depress key credit
metrics for a significant period.

Alternatively, the rating could improve if the ratio of FFO to
adjusted debt surpasses the 25% mark on a sustainable basis
and/or if expansion were appreciably funded by equity.


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


ALCATEL-LUCENT Deploys IP Server for Czech Fire Rescue Service
--------------------------------------------------------------
Alcatel-Lucent discloses of the implementation of the Alcatel-
Lucent OmniPCX Enterprise IP communication server by the Czech
Fire Rescue Service.  The solution, installed for 8500 lines, is
being used to connect the service's 12 regional fire brigades
and Prague-based central office.

Alcatel-Lucents's communication solution is fully compatible
with the integrated rescue system and its emergency numbers.
Once a call is received, information is passed on, so it is not
necessary to question callers repeatedly.  The new system also
offers the possibility of a future connection with the Health
Service's communication system, and offers a seamless link with
the security arm of the Department of the Interior.

"The new system will simplify and improve the quality of
communication inside the fire-brigade," Miroslav Stepan,
Director of the Fire Rescue Service, said.  "Above all, we
appreciate the compatibility with other security bodies, and the
possibility of speeding up and improving the quality of
intervention by the units of the integrated rescue system."

Thanks to its IP facilities, which automatically transfer phone
calls to all 235 fire brigade stations, the Alcatel-Lucent
OmniPCX Enterprise generates substantial cost savings, by
eliminating the need for telephone operator services.  Besides,
in case of failure in one region, for whatever reason, the
Alcatel-Lucent system allows calls to be immediately redirected
to an alternative region, and telephone lines can be
transferred, without having to inform the potential callers.
The new communication solution also provides unlimited mobility
for all network users.

"We have supplied the Czech Fire Rescue Service with the most
modern communication system and we are very proud of having the
possibility to render our technologies in such sensitive area,
as the population safety," Jiri Nykodym, Head of Alcatel-
Lucent's activities in Czech Republic, commented.

                      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. 13, 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.

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.


LUCENT TECH: Fitch Withdraws Ratings Over Hazy Alcatel Support
--------------------------------------------------------------
Following the completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

   -- 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.

The ratings and Stable Outlook reflect:

   -- the integration risks associated with the merger, as well
      as Fitch's belief that the combined companies will be
      challenged to achieve their targeted US$1.7 billion of
      annual cost reductions within three years;

   -- the anticipated continuation of a volatile demand
      environment, driven by ongoing carrier consolidation, as
      well as more concentrated and uneven carrier capital
      spending;

   -- Fitch's expectations for continued modest annual free cash
      flow over the next few years, which should be pressured by
      significant cash charges associated with Alcatel-Lucent's
      restructuring program; and

   -- Alcatel-Lucent's limited opportunities to meaningfully
      improve credit protection measures over the intermediate-
      term, driven by a combination of weaker profitability
      metrics and financial profile relative to industry leading
      peers.

Ratings strengths center on:

   -- Fitch's expectations for less volatile operating
      performance and free cash flow over the longer-term,
      driven by cost reductions stemming from the company's
      stated restructuring objectives, as well as a more
      balanced geographic and customer mix;

   -- Alcatel-Lucent's leading industry positions in fixed line
      technologies such as DSL access, next generation networks,
      and optical transmission;

   -- a healthier overall supply and demand balance following
      much needed industry consolidation over the past year,
      resulting in increased market share of top tier companies,
      including Alcatel-Lucent; and

   -- sufficient liquidity position and manageable debt maturity
      schedule beyond meeting the company's around US$1.7
      billion of short-term debt, which could be funded by a
      combination of Alcatel-Lucent's nearly US$8 billion of
      cash and cash equivalents and around EUR710 million
      of anticipated proceeds during the first half of calendar
      year 2007 related to the company's sale of its satellite,
      transport and security operations to French defense
      company, Thales SA.

Fitch believes significant challenges exist integrating two
large cross-Atlantic, technology companies, although the
company's fixed line and mobile infrastructure positions should
strengthen.  Alcatel-Lucent's position in GSM/WCDMA will remain
considerably weaker than market leaders Ericsson
Telefonaktiebolaget LM and Nokia Corp. and significant margin
pressure has resulted from emerging markets, a trend that is
expected to continue.

Furthermore, in spite of recent consolidation, Fitch believes
competition will remain intense, particularly upon the
completion of competitors' integration plans and further albeit
less significant carrier consolidation, resulting in continued
pricing pressure across the sector and limiting prospects for
meaningful margin expansion.

Fitch estimates total adjusted leverage will remain at or above
3 times over the intermediate-term absent any material change in
the company's financial policies.

Pro forma liquidity as of Sept. 30, 2006, was sufficient and
consisted of:

   -- cash and equivalents of almost US$8 billion; and
   -- Alcatel's undrawn EUR1 billion senior unsecured revolving
      credit facility maturing 2009.

The aforementioned divestiture proceeds and modest annual free
cash flow will also support liquidity, while pension and post-
retirement health care obligations are not anticipated to be
material over the next few years.

Pro forma for the consummation of the merger, total debt with
equity credit for Lucent's 7.75% convertible trust preferred
securities was around US$7.8 billion as of Sept. 30,
2006.  Aside various tranches of Lucent debt, the support and
guarantee structure for which remains uncertain, total debt
includes the following Alcatel debt:

   -- EUR154 million of 5.675% senior unsecured bonds due 2007;

   -- EUR805 million of 4.375% senior unsecured bonds due 2009;

   -- EUR1 billion of 4.75% senior unsecured convertible bonds
      due 2011; and

   -- EUR462 million of 6.375% senior unsecured bonds due 2014.


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METSO OYJ: EC Okays Takeover of Aker Kvaerner's Pulping Unit
------------------------------------------------------------
The European Commission has approved the sale of Aker Kvaerner
ASA's Pulping and Power businesses to Metso Oyj, Bloomberg News
reports.

The regulator cleared the deal after Metso pledged to dispose of
its cooking and bleaching equipment-making unit to Groupe
Laperriere & Verreault Inc, Bloomberg News relays.

"There is no longer a serious risk that this proposed takeover
could significantly reduce competition in the pulp-equipment
market," Competition Commissioner Neelie Kroes said.

The companies expect to complete the sale by Dec. 31, with the
final transaction value based on the unit's balance sheet as of
the same date.  The estimated deal value is around NOK3 billion
(EUR335 million).  Aker expects the deal to have net cash effect
of around NOK2.6 billion and net gain compared to book value of
about NOK2.4 billion.  The profit earned during 2006 will be
consolidated into Aker Kvaerner's accounts.

The unit will be integrated into Metso once the sale is
completed, Aker said in a statement.

Acquiring Aker's pulping unit will allow Metso add technology
for chemical pulping mills and seek growth as paper prices are
rebounding from a 20% slump for the past five years.

                       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.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


METSO OYJ: Merges Business Operations to Form New Unit
------------------------------------------------------
Metso Oyj has decided to transfer the business operations of the
Finland-based Metso Powdermet Oy, currently a part of Metso
Ventures, to its rock and minerals processing business area
Metso Minerals.

The operation will form a new Metso Materials Technology
business unit within Metso Minerals' Business Development
function, reporting to Ms Tuula Puhakka, SVP, Business
Development.

Metso Materials Technology will provide Metso's business areas
and selected external customers with materials technology based
product solutions and research and development services. With
the transfer Metso aims to strengthen its materials technology
based competence and offering.  The businesses will be
transferred on Jan. 1, 2007, and it affects 15 people.

Metso Powdermet has over the years developed unique technology
into components and wear parts among others for wood processing,
as well as energy, minerals and chemical industries.  The new
name of the business unit is Metso Materials Technology Oy.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


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


ALCATEL-LUCENT: Deploys IP Server for Czech Fire Rescue Service
---------------------------------------------------------------
Alcatel-Lucent discloses of the implementation of the Alcatel-
Lucent OmniPCX Enterprise IP communication server by the Czech
Fire Rescue Service.  The solution, installed for 8500 lines, is
being used to connect the service's 12 regional fire brigades
and Prague-based central office.

Alcatel-Lucents's communication solution is fully compatible
with the integrated rescue system and its emergency numbers.
Once a call is received, information is passed on, so it is not
necessary to question callers repeatedly.  The new system also
offers the possibility of a future connection with the Health
Service's communication system, and offers a seamless link with
the security arm of the Department of the Interior.

"The new system will simplify and improve the quality of
communication inside the fire-brigade," Miroslav Stepan,
Director of the Fire Rescue Service, said.  "Above all, we
appreciate the compatibility with other security bodies, and the
possibility of speeding up and improving the quality of
intervention by the units of the integrated rescue system."

Thanks to its IP facilities, which automatically transfer phone
calls to all 235 fire brigade stations, the Alcatel-Lucent
OmniPCX Enterprise generates substantial cost savings, by
eliminating the need for telephone operator services.  Besides,
in case of failure in one region, for whatever reason, the
Alcatel-Lucent system allows calls to be immediately redirected
to an alternative region, and telephone lines can be
transferred, without having to inform the potential callers.
The new communication solution also provides unlimited mobility
for all network users.

"We have supplied the Czech Fire Rescue Service with the most
modern communication system and we are very proud of having the
possibility to render our technologies in such sensitive area,
as the population safety," Jiri Nykodym, Head of Alcatel-
Lucent's activities in Czech Republic, commented.

                      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. 13, 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.

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: Introduces Mobile TV Service in Asia Pacific
------------------------------------------------------------
Alcatel-Lucent disclosed of the availability of its managed
Mobile Interactive TV service in the Asian Pacific Region.

The solution will allow content and service providers to address
the growing demand for Interactive Mobile TV services by
offering a differentiating user-centric experience to their
customers based on best in class technology.  The managed
business model will enable them to introduce the new service
quickly, cost-effectively and at low risk.

Alcatel-Lucent will deploy, host and operate the end-to-end
solution whilst content and service providers will focus on
developing service marketing programs and enhancing user
satisfaction.  The service also offers content providers an open
environment for content aggregation to easily create compelling
"interactive made-for-mobile channels".

The service is providing a high quality experience for users
thanks to ergonomic and intuitive navigation interfaces such as
fast channel zapping and can accommodate a diverse range of
handset configurations and network delivery methods such as
those that are 3G circuit switched, packet switched or
broadcasted.

"Mobile TV is a reality and is gaining momentum in Asia.  With
more than 80 multimedia services in operation worldwide,
Alcatel-Lucent enjoys a leadership position in the booming
mobile TV market and is ideally positioned to help its customers
deliver a user-centric experience for their subscribers," said
Frederic Rose, Head of Alcatel-Lucent's activities in Asia
Pacific.  "The Alcatel-Lucent's managed Mobile Interactive TV
service gives content and service providers a fantastic
opportunity to deliver revenue generating entertainment services
to their customers."


                      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. 13, 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.

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.


CREDIT FONCIER: Fitch Affirms Individual Rating at C
----------------------------------------------------
Fitch Ratings affirmed Credit Foncier de France's ratings at
Issuer Default AA, Short-term F1+, Individual C, and Support 1.
The Outlook on the Issuer Default rating is Stable.

CFF is the largest specialist institution in the French house
financing market, with a market share of 5.7%.  Its IDR and
Short-term rating are based on its affiliation to its
shareholder.  Caisse Nationale des Caisses d'Epargne et de
Prevoyance is thus, under French banking law, responsible for
ensuring CFF's liquidity and solvency.

In addition, all specialized real estate subsidiaries within GCE
have been transferred to CFF and CFF is positioned as the real
estate specialist for the group.

CFF's Individual rating reflects its sound asset quality,
adequate capitalization and acceptable profitability, but also
its dependence on a French housing market that is approaching
its peak.  CFF's operating profitability has been supported by
the growth in this market with very low delinquencies and a
shift towards reducing less profitable subsidized lending in
favor of free-market mortgage loans.

On the other hand, CFF's interest margin is under pressure from
fierce competition and a sustained low interest-rate
environment.  CFF's cost to income ratio improved to 66.5% in
H106 but remains weak compared with CFF's direct competitors and
any improvement will have to come from higher revenue.  CFF is
consequently developing its lending activities with
professionals to generate higher margins.

CFF's non-performing loan ratio does not compare well with its
peers' but is a legacy from the mid-1990s with real estate
developers.  These are well covered and releases of provisions
are common.  Funding and liquidity are largely assured by the
issuance of Long-term "obligations foncieres," which provide a
cheap source of financing.  Capital ratios are adequate with an
eligible capital/weighted risks ratio of 7.54% at end-June 2006.


FG4 S.A.: Strategic Review Spurs S&P's Watch Neg. on BB Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BB' long-term corporate credit
ratings on France-based FG4 S.A. and Saur S.A., which are
respectively the finance subsidiary and the intermediate holding
company of the Saur water and waste management group.

The CreditWatch placement follows the announcement by PAI, the
private equity firm that owns the Saur group, that it is
reviewing its strategic options with respect to the Saur group.

"We believe that PAI's review could well result in an increase
in the Saur group's already significant leverage," said Standard
& Poor's credit analyst Hugues de La Presle.  The Saur group had
total debt outstanding of EUR771 million at the end of
June 2006.

"The current ratings reflect the group's leveraged financial
profile and constrained financial flexibility, following its LBO
in 2005," said Mr. de La Presle.  These factors are offset by
the group's strong operating performance (with EBITDA up 14% in
the six months to September 2006) and well-established position
in the stable French water management market (76% of
consolidated EBITDA in the six months to September 2006), which
has high barriers to entry.


FREESCALE SEMICON: Blackstone-Led Consortium Closes Purchase
------------------------------------------------------------
Freescale Semiconductor completed the merger of the company with
an entity controlled by a consortium of private equity funds led
by The Blackstone Group and including The Carlyle Group, funds
advised by Permira Advisers LLC and Texas Pacific Group.

Freescale stock will cease to trade on the New York Stock
Exchange at market close and will be delisted.

                        Merger Terms

Under the terms of the merger agreement entered into on
Sept. 15, and adopted by Freescale's stockholders at a special
meeting on Nov. 13, 2006, Freescale stockholders are entitled to
receive US$40 in cash for each share of Freescale common stock
that they hold.

As soon as possible, a paying agent appointed by Freescale will
mail a letter of transmittal and instructions to all
stockholders of record.  The letter of transmittal and
instructions will contain information on how to surrender
Freescale common stock in exchange for the merger consideration,
without interest and less any applicable withholding tax.
Stockholders of record should be in receipt of the letter of
transmittal before surrendering their shares.  Stockholders who
hold shares through a bank or broker will not have to take any
action to have their shares converted into cash as the
conversions will be handled by the bank or broker.

In addition, on Dec. 1, 2006, Freescale completed its tender
offers and consent solicitations for its outstanding
US$350,000,000 aggregate principal amount of 6.875% senior notes
due 2011 and its outstanding US$500,000,000 aggregate principal
amount of 7.125% senior notes due 2014, pursuant to its Offer to
Purchase and Consent Solicitation Statement, dated Oct. 23.  The
tender offers expired at 5:00 p.m. prevailing Eastern time on
Nov. 29, 2006.

On Dec. 1, 2006, Freescale accepted for payment all validly
tendered Notes, consisting of US$349,889,000 in aggregate
principal amount of the 2011 Notes, representing around
99.97% of the outstanding 2011 Notes, and US$499,935,000 in
aggregate principal amount of the 2014 Notes, representing
99.99% of the outstanding 2014 Notes.  Upon acceptance, the
supplemental indenture executed in connection with the consent
solicitations became operative.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  The
company is based in Austin, Texas, and has design, research and
development, manufacturing or sales operations in more than 30
countries, including the Czech Republic, France, Germany,
Ireland, Italy, Romania, Turkey and the United Kingdom.


FREESCALE SEMICON: S&P Pares Corp. Credit Rating to BB- from BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Freescale Semiconductor Inc. to 'BB-' from 'BB+' and
removed the rating from CreditWatch with negative implications,
where it had been placed on Sept. 11, 2006, after the company's
disclosure that it was considering a business transaction, later
confirmed as a leveraged buyout.

The outlook is negative.

At the same time, Standard & Poor's assigned its term loan and
recovery ratings to Freescale Semiconductor's US$4.25 billion
senior secured bank facility.  The facility consists of a
$3.5 billion senior secured term loan and a US$750 million
revolving credit agreement.  The term loan and credit facility
are rated 'BB', one notch higher than the corporate credit
rating, with a recovery rating of '1', indicating an expectation
of a full recovery of principal in the event of a payment
default.

"The rating actions reflect the company's LBO, which has
materially increased debt leverage while substantially reducing
liquidity and free cash flows," said Standard & Poor's credit
analyst Bruce Hyman.

The ratings on Freescale reflect the company's near-investment
grade business profile, balancing a leverage profile that is
high for the rating level.  The business profile reflects the
company's strong position in its industry, offset by substantial
customer concentration in a cyclical, capital-intensive
marketplace. Debt leverage is high, about 5.6x trailing four
quarters' adjusted EBITDA, with an adequate initial cash balance
of about US$600 million.

Freescale is a major supplier to the networking, wireless, and
automotive semiconductor markets.  Most design wins are long-
lived, while the large software content in its products creates
high switching costs for its customers, and substantial barriers
to entry.  However, these markets have experienced substantial
volatility in the past, which could recur, and market shares--
particularly in the wireless handset market--could still
fluctuate materially.

Post-LBO leverage is high for the rating, and is likely to
remain so over at least the next one to two years.  Standard &
Poor's anticipate that market conditions will be good over the
intermediate term and that sales and profitability growth could
lead to leverage more in line with the rating.

However, industry cycles and market conditions are
unpredictable, and if the expected deleveraging does not take
place, the ratings could be lowered in the interim.  A stable
outlook would require substantial reduction in leverage levels,
which is not anticipated within the next one to two years.


FREESCALE SEMICON: Fitch Withdraws Ratings Following Buyout
-----------------------------------------------------------
Fitch Ratings has withdrawn ratings for Freescale Semiconductor,
Inc.:

   -- Issuer Default Rating 'BB+';
   -- Senior Unsecured Bank Credit Facility 'BB+'; and,
   -- Senior Unsecured Notes 'BB+'.

Fitch believes that disclosure of financial information will be
inadequate for Fitch to maintain ratings after the company's
acquisition by a consortium of private equity firms led by The
Blackstone Group in a deal valued at around US$17.5 billion.
Fitch will no longer provide ratings coverage of Freescale.


SAUR S.A.: S&P Places BB Rating on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BB' long-term corporate credit
ratings on France-based FG4 S.A. and Saur S.A., which are
respectively the finance subsidiary and the intermediate holding
company of the Saur water and waste management group.

The CreditWatch placement follows the announcement by PAI, the
private equity firm that owns the Saur group, that it is
reviewing its strategic options with respect to the Saur group.

"We believe that PAI's review could well result in an increase
in the Saur group's already significant leverage," said Standard
& Poor's credit analyst Hugues de La Presle.  The Saur group had
total debt outstanding of EUR771 million at the end of June
2006.

"The current ratings reflect the group's leveraged financial
profile and constrained financial flexibility, following its LBO
in 2005," said Mr. de La Presle.  These factors are offset by
the group's strong operating performance (with EBITDA up 14% in
the six months to September 2006) and well-established position
in the stable French water management market (76% of
consolidated EBITDA in the six months to September 2006), which
has high barriers to entry.


SOLECTRON CORP: S&P Lifts BB- Rating on Solid Financial Profile
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, Calif -based Solectron
Corp. to 'BB-' from 'B+', and its subordinated debt rating to
'B' from 'B-'.  The outlook is revised to stable.

"The rating action is based on the company's solid financial
profile, which has proven resilient despite significant
operating challenges, and modest expectations for improved
revenue and profitability performance in the near to mid term,"
said Standard & Poor's credit analyst Lucy Patricola.

Ratings reflect operating profitability at the low end of the
range of its peers in the highly competitive electronics
manufacturing services industry and expectations of modest,
incremental improvements, offset by a financial profile that is
stronger than the corporate rating with good liquidity and light
leverage.  The company had about US$834 million of
lease-adjusted debt outstanding at Aug. 31, 2006.

Sales continue a four-quarter trend of gradual sequential
improvement from the trough level of August 2005, up 7%
sequentially and up 21% over the year earlier period.  Market
recovery is broad-based, with all end markets expanding in the
August quarter.  Revenue from nontraditional EMS markets,
including consumer, industrial and automotive was up 32%
compared to the year earlier quarter.  Networking was up 21% but
remains volatile because of revenue concentration.  Revenues are
likely to continue to gradually expand, although the company may
experience some quarter-to-quarter volatility because of
uneven order patterns for its key customer, Cisco, and the
increasing share of seasonal consumer business.


=============
G E O R G I A
=============


METROMEDIA INT'L: Annual Shareholders' Meeting Set for Dec. 15
--------------------------------------------------------------
Metromedia International Group, Inc. will hold its 2006 Annual
Meeting of Stockholders at 10:00 a.m. on Dec. 15, 2006, at:

         Paul, Weiss, Rifkind, Wharton & Garrison LLP
         1285 Avenue of the Americas
         New York, New York

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                       *     *     *

As reported in the TCR-Europe on Oct. 5, Metromedia is filing a
Chapter 11 Plan in the U.S. after receiving a binding offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 18, 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 Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against CL GmbH on Oct. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         CL GmbH
         Industriestr. 6
         97258 Gollhofen, Germany

The administrator can be contacted at:

         Dr. Sebastian Braun
         Rudolf-Breitscheid-Str. 16
         90762 Fuerth, Germany
         Tel: 0911/9792491
         Fax: 0911/9792492


JERSEY ILANY: Claims Registration Ends December 18
--------------------------------------------------
Creditors of Jersey Ilany Herbert Gottlieb GmbH have until
Dec. 18 to register their claims with court-appointed
provisional administrator Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Jersey Ilany Herbert Gottlieb GmbH on Nov. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Jersey Ilany Herbert Gottlieb GmbH
         Attn: Yardena Gottlieb, Manager
         Leo-Statz-Str. 2
         40474 Duesseldorf, Germany

The administrator can be contacted at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf, Germany


JOH. SCHON: Creditors' Meeting Slated for December 19
-----------------------------------------------------
The court-appointed provisional administrator for Joh. Schon
GmbH Holzverarbeitung, Andreas Schafft, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on Dec. 19.

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

         The District Court of Fulda
         Room 3100
         District Court Building
         Koenigstrasse 38
         36037 Fulda, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on April 17, 2007, at the
same venue.

Creditors have until Jan. 23, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Fulda opened bankruptcy proceedings
against Joh. Schon GmbH Holzverarbeitung on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Joh. Schon GmbH Holzverarbeitung
         Attn: Bertram Goeb and Johannes Schon, Managers
         Nuester Road 20-22
         36088 Huenfeld, Germany

The administrator can be reached at:

         Andreas Schafft
         Kanzlei Leonhardt, Westhelle & Partner
         Wilhelmshoher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312


KA.RO INGENIEUR: Claims Registration Ends December 20
-----------------------------------------------------
Creditors of KA.RO Ingenieur-, Montage- und Handelsgesellschaft
mbH have until Dec. 20 to register their claims with court-
appointed provisional administrator Thomas Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Jan. 11, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, 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 Erfurt opened bankruptcy proceedings
against KA.RO Ingenieur-, Montage- und Handelsgesellschaft mbH
on Oct. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         KA.RO Ingenieur-, Montage- und Handelsgesellschaft mbH
         Bergstrasse 4
         99092 Erfurt, Germany

The administrator can be contacted at:

         Dr. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt, Germany


POWERBOWL FRIEDRICHSFELDE: Claims Registration Ends December 20
---------------------------------------------------------------
Creditors of Powerbowl Friedrichsfelde GmbH have until Dec. 20
to register their claims with court-appointed provisional
administrator Joachim Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Feb. 2, 2007, at the same
venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against Powerbowl Friedrichsfelde GmbH on Sept. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Powerbowl Friedrichsfelde GmbH
         Gensinger Str. 83
         10315 Berlin, Germany

The administrator can be contacted at:

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


PREMIUM CLASSICS: Claims Registration Ends December 18
------------------------------------------------------
Creditors of Premium Classics GmbH have until Dec. 18 to
register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at noon on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 14
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany

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

The District Court of Cologne opened bankruptcy proceedings
against Premium Classics GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Premium Classics GmbH
         Attn: Bernd Vidahl, Manager
         Vorgebirgsweg 18
         50226 Frechen, Germany

The administrator can be contacted at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne, Germany


PROMISE-I MOBILITY: Fitch Gives BB+ Rating on EUR10.8-Mln Notes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Promise-I Mobility 2006-
1 GmbH's issue of EUR182.9 million credit-linked notes due 2017.

This transaction is a synthetic securitization of exposures
originated by IKB Deutsche Industriebank AG to small- and
medium-sized enterprises located primarily in Germany.

   -- EUR0.50 million Class A+ (ISIN: DE000A0LDYH4): AAA;
   -- EUR67.2 million Class A (ISIN: DE000A0LDYJ0): AAA;
   -- EUR21.6 million Class B (ISIN: DE000A0LDYK8): AA;
   -- EUR36 million Class C (ISIN: DE000A0LDYL6): A;
   -- EUR46.8 million Class D (ISIN: DE000A0LDYM4): BBB; and
   -- EUR10.8 million Class E (ISIN: DE000A0LDYN2): BB+.

The transaction structure is based on Kreditanstalt fur
Wiederaufbau's securitization platform and is the fifth
securitization by IKB under this program.  The transaction will
have a four-year replenishing period during which maturing and
amortizing exposures may be replenished with other exposures,
subject to satisfying certain eligibility criteria.

Credit enhancement for the Class A+ notes and the senior credit
default swap totals 10% and is provided by the Class A notes,
the Class B notes, the Class C notes, the Class D notes, the
Class E notes and the unrated Class F notes.  The ratings of the
notes are linked to the credit quality of the certificate of
indebtedness issued by KfW.  Therefore, if KfW were to be
downgraded below AAA/F1+, any note rated higher than the then-
outstanding rating of KfW will be downgraded accordingly.

The issuer is a German company with limited liability
established under the Act on Companies with limited liability of
the Federal Republic of Germany.  IKB receives protection under
a bank swap in respect of the reference portfolio from KfW.

KfW receives protection on its exposure from a SCDS with a
senior swap provider and its issuance of Schuldscheine purchased
by the issuer using proceeds from the issue of credit-linked
notes.


S.F.G. LOGISTICS: Claims Registration Ends December 18
------------------------------------------------------
Creditors of S.F.G. Logistics GmbH have until Dec. 18 to
register their claims with court-appointed provisional
administrator Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         1st Floor
         Emperor Route 16-18 (Building K18)
         63065 Offenbach am Main,
         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 Offenbach am Main opened bankruptcy
proceedings against S.F.G. Logistics GmbH on Oct. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         S.F.G. Logistics GmbH
         Attn: Guenter-Heinz Hoffmeister, Manager
         Waldstr. 23/A8
         63128 Dietzenbach, Germany

The administrator can be contacted at:

         Goetz Lautenbach
         Zeilweg 42
         D-60439 Frankfurt am Main,
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145


STRACK-SCHOLL: Claims Registration Ends December 19
---------------------------------------------------
Creditors of Strack-Scholl Baudekoration GmbH have until Dec. 19
to register their claims with court-appointed provisional
administrator Jochen Hedderich.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Jan. 30, 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 Wetzlar
         Meeting Room 201
         Building B
         II. Stick
         Wetherstr. 1
         35578 Wetzlar, 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 Wetzlar opened bankruptcy proceedings
against Strack-Scholl Baudekoration GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Strack-Scholl Baudekoration GmbH
         Attn: Thomas Strack-Scholl, Manager
         Philippsteiner Way 12
         35619 Braunfels, Germany

The administrator can be contacted at:

         Jochen Hedderich
         Wertherstrasse 14A
         35578 Wetzlar, Germany
         Tel: 06441/94820
         Fax: 06441/948222
         E-mail: kanzlei@wsr-net.de


WITTE PROJEKTENTWICKLUNG: Claims Registration Ends December 19
--------------------------------------------------------------
Creditors of Witte Projektentwicklung 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 11:45 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
         4th 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 Witte Projektentwicklung GmbH on Oct. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Witte Projektentwicklung GmbH
         Attn: Thomas Witte, Manager
         Scharnweberstr. 8
         12587 Berlin, Germany

The administrator can be contacted at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford, Germany


===========
G R E E C E
===========


TIM HELLAS: Fitch Keeps IDR at B on Recapitalization Plans
----------------------------------------------------------
Fitch Ratings affirmed the Issuer Default rating of TIM Hellas
Telecommunications S.A. at B following the announcement of
recapitalization plans by the company involving the incurrence
of additional EUR1.2 billion in cash-pay debt and payment of an
around EUR900 million dividend.  The rating Outlook is Stable.

Separately, the agency has upgraded the EUR355 million senior
notes due 2013 issued by Hellas Telecommunications (Luxembourg)
III - an affiliate of Greece-based TIM Hellas - to B/RR4 from
B-/RR5.  The agency also assigned an expected rating of CCC+/RR6
to the proposed Subordinated Notes to be issued by Hellas
Telecommunications (Luxembourg) II.  Other debt issue ratings of
TIM Hellas affiliates are affirmed as:

   -- Hellas Telecommunications (Luxembourg) V senior credit
      facility: B+/RR3; and

   -- Hellas Telecommunications (Luxembourg) V senior secured
      floating rate notes due 2012: B+/RR3.

The proposed issuance of additional restricted group debt of
EUR1.2 billion will increase cash-pay leverage significantly, to
6.7x from 3.7x at third quarter 2006.  "While this metric is
somewhat high for a B-rated issuer, the agency anticipates a
reduction to the more acceptable level of approx. 6x within 12-
15 months, and therefore the current rating is affirmed in this
instance," commented Bulent Akgul, Director in Fitch's TMT team.

"The agency also takes comfort from the fact that since the
original transaction in 2005, the company has significantly
outperformed, delivering impressive EBITDA growth and thus de-
leveraging the business from 5.2x cash pay leverage to the 3.7x
on a pro forma basis at third quarter 2006 before the proposed
recapitalization," Mr. Akgul added.

Nonetheless, further additional recapitalizations involving
extraction of cash from within the restricted group would be
monitored closely, as further future releveraging could increase
refinancing risk beyond an acceptable level for a B-rated
credit.

Fitch has also performed its periodic review of its Recovery
analysis.  Based on the market dynamics and the business
characteristics, Fitch assumes a distressed EV/EBITDA multiple
of 6.4x together with a discounted LTM adjusted EBITDA of EUR277
million.  Fitch notes that LTM adjusted EBITDA of EUR369.3
million does not factor in the Vodafone roaming synergies of
EUR33.1 million that represents the savings from transferring
QTel customers' traffic from Vodafone network to the TIM Hellas
network.

Hence, expected recoveries for the Senior Notes have improved to
46% despite the proposed issuance of an additional EUR100
million in Senior Secured FRNs, indicating an eventual upgrade
of one notch to B/RR4 from B-/RR5.  However, the recovery on the
proposed Subordinated Notes to be issued by Hellas
Telecommunications (Luxembourg) II would be 0%, so indicating an
expected rating of CCC+/RR6, two notches down from the IDR.

The expected Subordinated Notes to be issued by Hellas
Telecommunications (Luxembourg) II notes will be structurally
and contractually subordinated to both the EUR1.125 billion
Senior Secured FRNs and the EUR355 million Senior Notes (Hellas
III) and will have no upstream guarantees.

TIM Hellas/Q is the third-largest mobile operator in Greece with
an estimated market share of 27.7% as at third quarter 2006
based on reported customers.  Tim Hellas estimates it gained
44.3% of net subscriber adds in third quarter 2006.

The company reported revenues of EUR712.6 million and adjusted
EBITDA of EUR251.2 million as of 9M06.  Q-Telecom, the fourth
mobile operator, which TIM Hellas acquired in January 2006,
realized revenues and adjusted EBITDA of around EUR135 million
and EUR44.2 million respectively as of 9M06.


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


BAA PLC: Hits Office of Fair Trading's Move for In-Depth Probe
--------------------------------------------------------------
BAA Plc has responded to the Office of Fair Trading's market
study on the U.K. Airports industry, which has called for a more
detailed investigation by the Competition Commission into the
supply of airport services.

"As the operator of the U.K.'s three largest airports, Heathrow,
Gatwick and Stansted, it is right that BAA's ownership is
subject to regular public scrutiny," Stephen Nelson, Chief
Executive of BAA, said.  "Our belief is that BAA's structure has
benefited both passengers and airlines and BAA has not abused
its monopoly.

"The main issue facing the U.K. is a lack of terminal and runway
capacity in the South East of England which results in delay and
congestion.  This problem has not arisen because of BAA's
structure, but instead is the result of the U.K.'s complex
planning laws, an antiquated regulatory system and inflexible
slot allocation.  Lack of capacity is a complex issue therefore
it would be wrong to jump to quick and simplistic conclusions
about structure.

"BAA has both expertise and a strong track record in delivering
new airport facilities and our plans to invest GBP9.5 billion
over the next ten years at Heathrow, Gatwick and Stansted will
transform the passenger experience.  Our investment in new
airport facilities, together with world leading runway
productivity, has helped create the most vibrant air transport
market in Europe, great choice in destinations, low prices for
passengers and some of the most profitable airlines in the
world."

"I fully understand why airlines like British Airways and
Ryanair want to weaken BAA and achieve greater control over
prices and investment at the airports they dominate.  This
should not be confused with acting in the passenger interest,"
Mr. Nelson concluded.

As reported in the TCR-Europe on Dec. 13, the OFT 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.

In a TCR-Europe report 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 the 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.


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


ENTRY FUNDING: Moody's Puts Low-B Ratings on Two Note Classes
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings in
respect of the notes issued by Entry Funding No.1 plc:

   -- Class A Floating Rate Asset Backed Notes: Aaa;
   -- Class B Floating Rate Asset Backed Notes: Aa2;
   -- Class C Floating Rate Asset Backed Notes: A1;
   -- Class D Floating Rate Asset Backed Notes: Baa1;
   -- Class E Floating Rate Asset Backed Notes: Ba2; and
   -- Class F Floating Rate Asset Backed Notes: B2.

The ratings address the expected loss posed to investors by the
legal final maturity in September 2013.

The portfolio comprises loan receivables governed by German law
and denominated in EUR.  The debtors are German small to medium
sized companies.  The loan receivables provide for repayment
either in fixed quarterly installments or in one single amount
at maturity.  Fixed and floating interest payments respectively
are made quarterly in arrears.  Generally, the loan receivables
are not secured by any collateral.  In case insolvency
proceedings are opened against a debtor, Entry would rank just
pari passu to other senior unsecured creditors of such debtor.
Overall, the portfolio consists of 273 loan receivables owed by
244 debtors.

Entry, the issuer, incorporated in Ireland as a limited
liability company, issued six classes of rated Notes: Class A,
Class B, Class C, Class D, Class E and Class F Notes.  The Notes
have quarterly interest payment dates and will pay a margin over
3 months EURIBOR.  The interest rate mismatch between fixed rate
portfolio assets and floating rate liabilities are hedged using
an interest rate swap.  All classes are expected to mature on
the date falling around 5 years after the issue date (which is
in September 2011).  In case not all Notes are redeemed in full
on the expected maturity date, the maturity of the Notes will
extend until the legal maturity in September 2013.


TOWER RECORDS: Appoints Lipman Stevens as Appraiser
---------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates ask the
Honorable Brendan L. Shannon of the U.S. Bankruptcy Court for
the District of Delaware for authority to employ Lipman Stevens
& Carpenter Inc. as their appraiser for certain real property.

Specifically, Lipman Stevens will provide an appraisal of the
fair market value of a parcel of vacant land (APN 441-270-37)
located at W/S Kemper, South of Sports Arena Boulevard, in San
Diego, California.

The Debtors received a US$200,000 offer for the vacant lot.  The
Debtors said that an appraisal is necessary to determine whether
the offer is fair and reasonable.

The Official Committee of Unsecured Creditors and the Unofficial
Committee of Secured Music and Video Vendors have also requested
an appraisal to better assess its fair market value.

Walter J. Stevens, a principal at Lipman Stevens, disclosed that
the Firm will charge a US$2,500 flat fee, including expenses.
Lipman Stevens, however, will not start work if it will not
receive an initial US$1,250 payment.

The Debtors said that, upon Court approval, they will pay an
initial retainer of US$1,250.  The balance of the fee will be
paid upon completion of the appraisal.

Mr. Stevens assures the Court that his firm does not represent
or hold any interest adverse to the Debtors or their estates
with respect to the matters on which it is to be employed.

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores run by licensees in nine different countries
including Hong Kong, Malaysia, Philippines, Republic of Ireland,
Israel, Colombia, Ecuador and Mexico.  The Company and its
affiliates previously filed for chapter 11 protection on Feb. 9,
2004 (Bankr. D. Del. Lead Case No. 04-10394).  The Court
confirmed the Debtors' plan on March 15, 2004.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.


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


ALITALIA SPA: Italy Commences Search for Sale Advisor
-----------------------------------------------------
The Italian government has started inviting banks to act as
advisors for the sale of its 30.1% stake in national carrier
Alitalia S.p.A., Avionews says.

The letters, Avionews reports, were aimed at finding whether the
banks are interested in bidding for the government's stake.  The
letters were sent to:

   -- Sanpaolo Imi S.p.A.,
   -- Unicredit,
   -- Mediobanca,
   -- Morgan Stanley, and
   -- Merrill Lynch.

The sale process will formally start once the Italian Treasury
Ministry hires an advisor, which could happen next week.

As reported in the TCR-Europe on Dec. 13, the Italian government
is selling around 30.1% stake in Alitalia S.p.A., up from 20%-
25% it announced early this month.

Italy, however, glued some conditions on the sale.  The buyer
must:

   -- launch a bid to acquire the whole carrier;

   -- keep Alitalia's logo, brand and national identity;

   -- have convincing and detailed business plans and
      commitments, which may include:

         -- a lock-up,
         -- adequate service offering;
         -- territorial coverage; and
         -- information on job levels

   -- continue to operate out of Milan's Malpensa Airport as
      well as Rome's Fiumicino.

Several Italian entrepreneurs are reportedly interested in
Alitalia, The Times reports.  Local bets include:

   -- Carlo Toto, founder of Air One,
   -- Luca di Montezemolo, head of Fiat and Ferrari;
   -- Diego Della Valle, chief of the Tod's shoe empire; and
   -- Banca Intesa and Sanpaolo IMI;

The government aims to complete the process by January 2007.
Possible advisers include:

   -- Merrill Lynch,
   -- Deutsche Bank,
   -- Lehman Brothers,
   -- Goldman Sachs,
   -- Morgan Stanley,
   -- Rothschild,
   -- JPMorgan, and
   -- Credit Suisse.

                       Bankruptcy Warning

As reported in the TCR-Europe on Oct. 13, Mr. Prodi said he
foresees a bankrupt national carrier in January 2007 unless
involved parties come up with an "agreed solution."

"Alitalia is going through the worst moment in its history," Mr.
Prodi told attendees of the Alitalia Summit.  "The situation is
totally out of control and I do not see any parachutes."

"We have until January to hammer out a solution which can avoid
bankruptcy," Mr. Prodi said, sharing the same observation posed
by Mr. Cimoli.

In a TCR-Europe report on Oct. 11, Mr. Cimoli revealed that
Alitalia is poised for collapse given its current cost structure
and market conditions.

"At present, the national carrier is unable to generate profit,
even for previously invested capital," Mr. Cimoli said.

Mr. Cimoli particularly blamed:

   -- excessive market regulations;
   -- high labor costs;
   -- recurrent labor strikes;
   -- rising oil prices;
   -- airport and regulatory inefficiencies; and
   -- unfair competitive advantages' enjoyed by low-cost
      airlines.

Mr. Cimoli also chided Italy's civil aviation and antitrust
authorities for their failure to secure Alitalia from "unfair"
competition.  Mr. Cimoli said these conditions have made it
unviable for Alitalia to compete with low-cost and foreign
rivals.

Mr. Cimoli had vowed to have Alitalia make a profit by year-end,
but reaching the goal seems unlikely after the carrier posted
EUR221 million in first-half net losses.  Mr. Cimoli said the
carrier is headed for a EUR300-million loss this year.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


METSO OYJ: EC Okays Takeover of Aker Kvaerner's Pulping Unit
------------------------------------------------------------
The European Commission has approved the sale of Aker Kvaerner
ASA's Pulping and Power businesses to Metso Oyj, Bloomberg News
reports.

The regulator cleared the deal after Metso pledged to dispose of
its cooking and bleaching equipment-making unit to Groupe
Laperriere & Verreault Inc, Bloomberg News relays.

"There is no longer a serious risk that this proposed takeover
could significantly reduce competition in the pulp-equipment
market," Competition Commissioner Neelie Kroes said.

The companies expect to complete the sale by Dec. 31, with the
final transaction value based on the unit's balance sheet as of
the same date.  The estimated deal value is around NOK3 billion
(EUR335 million).  Aker expects the deal to have net cash effect
of around NOK2.6 billion and net gain compared to book value of
about NOK2.4 billion.  The profit earned during 2006 will be
consolidated into Aker Kvaerner's accounts.

The unit will be integrated into Metso once the sale is
completed, Aker said in a statement.

Acquiring Aker's pulping unit will allow Metso add technology
for chemical pulping mills and seek growth as paper prices are
rebounding from a 20% slump for the past five years.

                       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.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


METSO OYJ: Merges Business Operations to Form New Unit
------------------------------------------------------
Metso Oyj has decided to transfer the business operations of the
Finland-based Metso Powdermet Oy, currently a part of Metso
Ventures, to its rock and minerals processing business area
Metso Minerals.

The operation will form a new Metso Materials Technology
business unit within Metso Minerals' Business Development
function, reporting to Ms Tuula Puhakka, SVP, Business
Development.

Metso Materials Technology will provide Metso's business areas
and selected external customers with materials technology based
product solutions and research and development services. With
the transfer Metso aims to strengthen its materials technology
based competence and offering.  The businesses will be
transferred on Jan. 1, 2007, and it affects 15 people.

Metso Powdermet has over the years developed unique technology
into components and wear parts among others for wood processing,
as well as energy, minerals and chemical industries.  The new
name of the business unit is Metso Materials Technology Oy.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


WIND TELECOMUNICAZIONI: S&P Revises Rating Outlook to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Italian telecommunications services provider Wind
Telecomunicazioni SpA to stable from positive, and
affirmed its 'B+' long-term corporate credit rating on the
company.

Standard & Poor's also affirmed the 'B+' long-term debt rating
on Wind's EUR6.85-billion senior secured credit facility, as
well as the facility's recovery rating of '2', indicating our
expectation of substantial (at least 80%) recovery of principal
for senior secured lenders in the event of a payment default.
At the same time, the 'B' long-term debt rating on Wind's
EUR700-million second-lien credit facility was affirmed.

"The outlook revision reflects the reduced probability of an
upgrade in the intermediate term, given the increased complexity
and additional financial commitments at Wind's controlling
parent company and the Weather group following the buyout of
Enel SpA's 26.1% stake in Weather Investments SpA,"
said Standard & Poor's credit analyst Leandro de Torres Zabala.

The transaction will be funded through a massive EUR1.67 billion
payment-in-kind (PIK) loan maturing in 2011, incurred at Wind's
indirect parent Wind Acquisition Holdings Finance SpA, and a
EUR962 million deferred payment with an 18-month maturity raised
at Weather Investments II Sarl, an entity fully owned by Mr.
Naguib Sawiris.  The PIK loan will accumulate into a large
fixed-income liability for the group, given its low double-digit
interest rate, and could therefore potentially reduce fairly
quickly the company's financial flexibility in the absence of a
refinancing.

"We will monitor whether Wind's owners will be pressed to offset
the rapidly accumulating PIK debt or refinance the deferred
payment, which could represent a significant event uncertainty
for Wind--positive in the case of a successful IPO, for example,
or negative," said Mr. de Torres.

According to the current senior bank loan documentation,
however, Wind has limitations on incurring additional debt or
upstreaming cash to its parent company, which supports the
current rating.

Pro forma for the transaction and the prepayment of
EUR462-million of senior debt, unadjusted gross debt to last-12-
month EBITDA decreased to 5.5x at Sept. 30, 2006, from 6.6x at
July 31, 2005.  On a Standard & Poor's-adjusted basis (that is,
adjusted for operating leases and employee benefit
obligations), the ratio would have decreased to about 6x at
Sept. 30, 2006, from about 7x in June 2005.

The stable outlook reflects the fact that, despite the company's
healthy performance and deleveraging, upgrade potential suffers
from the complexity and limited visibility embedded in the
financing and ownership structures of both Wind and the wider
Weather group.  Standard & Poor's believe this issue could be
partially addressed within the next 18 months.

If the group addresses the concerns mentioned above and Wind
continues to perform strongly and deleverages to a Standard &
Poor's-adjusted gross debt-to-EBITDA ratio below 5x, the ratings
could benefit from upside.  A successful IPO resulting in
significant deleveraging could also lead to an upgrade,
although, at this stage, Standard & Poor's view an IPO as
uncertain.


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


AINABULAK LLP: Creditors Must File Claims by Jan. 19, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Ainabulak insolvent.

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

         LLP Ainabulak
         Tsvetochnaya Str. 4
         Shemonaiha
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 3-12-79


ALJAN-AIDAR LLP: Claims Registration Ends Jan. 19, 2007
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
entered an order placing LLP Aljan-Aidar (RNN 091900210288) into
compulsory liquidation.

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

         LLP Aljan-Aidar
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 24-19-77


ARALSKY VAGONNO-REMONTNY: Creditors' Claims Due Jan. 19, 2007
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared State Utility Enterprise Aralsky Vagonno-
Remontny Zavod Aralsky Railway-Carriage Repair Works insolvent.

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

         Aralsky Vagonno-Remontny Zavod Aralsky
         Morskaya Str. 1
         Aralsk
         Kyzylorda Region
         Kazakhstan


ASTAR OIL: Proof of Claim Deadline Slated for Jan. 17, 2007
-----------------------------------------------------------
LLP Astar Oil has declared insolvency.  Creditors have until
Jan. 17, 2007, to submit written proofs of claim to:

         LLP Astar Oil
         Kazybek bi Str. 197-44
         Taraz
         Jambyl Region
         Kazakhstan


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

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

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


JARKYN LLP: Creditors Must File Claims by Jan. 19, 2007
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Jarkyn insolvent.

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

         LLP Jarkyn
         Room 40
         Taran Str. 85
         Kostanai
         Kostanai Region
         Kazakhstan
         Tel: 8 (3142) 54-28-39


KANAT-ATYRAU LLP: Creditors' Claims Due Jan. 16, 2007
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Kanat-Atyrau insolvent.

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

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


LUKOIL OAO: Selling 50% Stake in Kazakh Unit to Mittal Group
------------------------------------------------------------
Lukoil Overseas, Lukoil OAO's oil and gas production unit
abroad, will sell its 50% stake in Caspian Investments Resources
Ltd. to Mittal Investments, RIA Novosti reports.

Mittal Investments, a unit of the Mittal group, will pay around
US$980 million for the stake and absorb half of Caspian
Investments' US$160 million debt.

Lukoil expects to complete the deal early next year.

Caspian Investments Resources Ltd. controls oil production
assets in five oil regions in Kazakhstan.

                          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.


OSAKAROVSKAYA AUTO: Claims Filing Period Ends Jan. 19, 2007
-----------------------------------------------------------
CJSC Osakarovskaya Auto Baza Osakarovskaya Motor Depot has
declared insolvency.

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

         CJSC Osakarovskaya Auto Baza
         Osakarovka
         Karaganda Region
         Kazakhstan


TURANALEM FINANCE: Fitch Assigns BB+ Rating on Upcoming Eurobond
----------------------------------------------------------------
Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming GBP
fixed-rate eurobond issue due 2009 an expected BB+ Long-term
rating.  The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The issue is to be guaranteed by Kazakhstan's Bank TuranAlem,
rated foreign currency Issuer Default BB+/Stable, local currency
Issuer Default BBB-/Stable, Short-term foreign currency B,
Short-term local currency F3, Individual C/D and Support 3.
Proceeds from the issue will be deposited with BTA.

The issue is to be made within the framework of BTA's and TAF's
US$3 billion global medium-term note program, rated Long-term
BB+ for senior unsecured foreign currency notes with maturities
in excess of one year and Short-term B for senior unsecured
foreign currency notes with maturities of less than one year.

BTA's guarantee of the upcoming issue is to rank at least
equally with all present or future unsecured senior obligations
of the bank, save those preferred by relevant provisions of law
and of general application.

Under Kazakhstani law, the claims of retail depositors rank
above those of other senior unsecured creditors.  At end of
third quarter 2006, retail deposits accounted for 12% of BTA's
total liabilities, or 40% of customer funding, according to the
bank's reviewed International Financial Reporting Standards
accounts.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-H106, and has top three positions in all major
market segments.  The bank's common stock is owned primarily by
a number of Kazakh investors.


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


ASMAN JER: Creditors' Claims Due Jan. 26, 2007
----------------------------------------------
LLC Asman Jer has declared insolvency.  Creditors have until
Jan. 26, 2007, to submit written proofs of claim to:

         LLC Asman Jer
         Sadygaliev Str. 5
         Bishkek, Kyrgyzstan


===================
L U X E M B O U R G
===================


EVRAZ GROUP: Valery Khoroshkovsky Steps Down as CEO
---------------------------------------------------
Evraz Group S.A. Chief Executive Officer Valery Khoroshkovsky
has tendered his resignation with immediate effect because of
his appointment as the first deputy secretary of the Security
and Defense Council of the Republic of Ukraine.

The Board of Directors has recommended that the extraordinary
meeting of shareholders to be held on Jan. 18, 2007, approve the
resignation of Valery Khoroshkovsky and the appointment of
Alexander Frolov as the new CEO, with effect from Jan. 19, 2007.

Mr. Frolov will keep his position as the chairman of the Board
of Directors.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings affirmed
Luxembourg-based Evraz Group SA's Issuer Default and senior
unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


EVRAZ GROUP: KH Steel Sells Stake Following CEO Resignation
-----------------------------------------------------------
KH Steel Industry Ltd. has sold its 0.93% stake in Evraz Group
S.A. following the resignation of Valery Khoroshkovsky as the
Russian steelmaker's Chief Executive Officer, AFX News reports.

KH Steel, owned by Mr. Khoroshkovsky, sold 1,091,978 shares for
US$80.4 million.

Mr. Khoroshkovsky resigned as Evraz's CEO after he was appointed
as the First Deputy Secretary of the Security and Defense
Council of the Republic of Ukraine.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings affirmed
Luxembourg-based Evraz Group SA's Issuer Default and senior
unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


SISTEMA CAPITAL: Fitch Places B+ Rating on Debt Issuance Program
----------------------------------------------------------------
Fitch Ratings assigned Sistema Capital S.A.'s proposed
guaranteed debt issuance program an expected B+ rating.  The
program, guaranteed by JSFC Sistema, will have a maturity of 30
years and may issue up to US$3 billion.

The final rating is contingent upon receipt of final
documentation that is consistent with information already
received by Fitch.

The program will be structured on par with Sistema's senior
unsecured obligations.  The draft documentation includes a
number of covenants including negative pledge, limitation on
leverage of up to 4x total debt to OIBDA, limitation on
shareholder distributions and certain limitations on assets
sale.  Sistema has to ensure that its subsidiaries are not
restricted in paying dividends and providing loans to the
parent.

Sistema is a diversified Russian holding company with interests
in mobile and fixed-line telecoms, real estate, insurance,
technology, banking and other industries.  Sistema's ratings
reflect the credit quality of its operating subsidiaries, its
ability to move cash around the group and the structural
subordination to creditors at the operating company level.

In 2006 Sistema's key operating subsidiaries move towards the
cash generative stage of their business cycles, leading to a
Positive Outlook.

Telecoms are expected to dominate Sistema's operating and
financial profiles although the holding company has gradually
diversified into other segments, e.g. real estate.  The holding
company's strategic ambitions are narrowed to seven key
industries where its lacks experience, although opportunistic
investments into other sectors are not ruled out.

Sistema is planning to participate in a number of large
acquisitions, which may change its credit profile; however,
Fitch sees it as an event risk.  The holding company has
valuable non-consolidated assets on its balance sheet, providing
considerable financial flexibility.

Group total leverage, while consistent with Sistema's ratings,
has been rising in 2006.  This has been mitigated by a number of
IPOs in its operating subsidiaries, which helped to ease the
leverage metrics on a net debt basis.  More IPOs may follow in
2007.


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


ALCATEL-LUCENT: Introduces Mobile TV Service in Asia Pacific
------------------------------------------------------------
Alcatel-Lucent disclosed of the availability of its managed
Mobile Interactive TV service in the Asian Pacific Region.

The solution will allow content and service providers to address
the growing demand for Interactive Mobile TV services by
offering a differentiating user-centric experience to their
customers based on best in class technology.  The managed
business model will enable them to introduce the new service
quickly, cost-effectively and at low risk.

Alcatel-Lucent will deploy, host and operate the end-to-end
solution whilst content and service providers will focus on
developing service marketing programs and enhancing user
satisfaction.  The service also offers content providers an open
environment for content aggregation to easily create compelling
"interactive made-for-mobile channels".

The service is providing a high quality experience for users
thanks to ergonomic and intuitive navigation interfaces such as
fast channel zapping and can accommodate a diverse range of
handset configurations and network delivery methods such as
those that are 3G circuit switched, packet switched or
broadcasted.

"Mobile TV is a reality and is gaining momentum in Asia.  With
more than 80 multimedia services in operation worldwide,
Alcatel-Lucent enjoys a leadership position in the booming
mobile TV market and is ideally positioned to help its customers
deliver a user-centric experience for their subscribers," said
Frederic Rose, Head of Alcatel-Lucent's activities in Asia
Pacific.  "The Alcatel-Lucent's managed Mobile Interactive TV
service gives content and service providers a fantastic
opportunity to deliver revenue generating entertainment services
to their customers."


                      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. 13, 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.

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.


HEXION SPECIALTY: Posts US$14 Million Net Loss in Third Quarter
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. reported a US$14 million net
loss on US$1.3 billion of net sales for the third quarter ended
Sept. 30, 2006, compared with a US$6 million net loss on US$1.1
billion of net sales for the same period in 2005.

Net loss increased US$8 million due to increases in interest
expense of US$6 million, attributable to higher average debt
levels and higher interest rates, and an increase in income tax
expense of US$3 million, primarily as a result of an increase in
earnings from foreign operations.

Net sales increased US$211 million as a result of incremental
net sales of US$117 million contributed by the acquired
businesses and the Brazil based consumer adhesives company Alba
Adesivos Industria e Comercio Ltda. which was sold in March
2006.

The company was successful in driving volumes higher across
several of its product lines, primarily in the base epoxy and
specialty epoxy resins offset by lower volumes in the inks and
coatings product lines.  The company also achieved stronger
pricing, primarily in its formaldehyde, coatings and inks
product lines, due to the partial pass through of higher raw
material costs to customers.  Net favorable currency translation
of US$14 million also contributed to the increase primarily due
to the strengthened Canadian dollar and Brazilian real as
compared to the U.S. dollar.

Gross profit increased by US$9 million, to US$179 million, in
the third quarter of 2006 compared to US$170 million in the
third quarter of 2005.  In 2006, the net impact of the coatings
acquisition, the inks acquisition and the sale of Alba Adesivos
Industria e Comercio Ltda. added US$8 million of gross.  In
addition, the realization of synergies from the combinations
helped drive the increase, while rising raw material costs that
could not be fully passed along to customers resulted in a
negative lead-lag impact of US$8 million, which contributed to a
decline in gross margin.

Operating income increased by US$2 million, to US$57 million, in
the third quarter of 2006 compared to US$55 million in the third
quarter of 2005.  The increase is due to the impact of the
growth in gross profit, the absence of transaction costs of US$3
million and the realization of synergies from the combinations.
These amounts were partially offset by increased integration
costs of US$18 million.  The increase in integration costs is
primarily due to additional redundancy and plant rationalization
costs and incremental administrative costs associated with
integration programs in 2006, including the implementation of a
single, company wide, management information and accounting
system.

At Sept. 30, 2006, the company's balance sheet showed
US$3.44 billion in total assets, US$3.33 billion in total
liabilities, and US$13 million in minority interest in
consolidated subsidiaries, resulting in a US$970 million
stockholders' deficit.

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?16d4

                  Acquisitions and Divestitures

On Jan. 31, 2006, the company completed the purchase of the
decorative coatings and adhesives business unit of The Rhodia
Group.  The business generated 2005 sales of around US$200
million, with eight manufacturing facilities in Europe and Asia
Pacific.

On Mar. 1, 2006, the company acquired the global wax compounds
business of Rohm and Haas.  The business generated 2005 sales of
around US$10 million.  The purchase included Rohm and Haas' wax
compounds technology and product lines, manufacturing equipment
and other business assets.

On June 1, 2006, the company acquired the ink and adhesive
resins business of Akzo Nobel.  The business generated 2005
sales of around US$215 million and includes ten manufacturing
facilities in Europe, Asia Pacific, North America and South
America.

The aggregate purchase price, net of cash acquired, for the
three acquisitions, including related direct costs, was US$181
million.

On Mar. 31, 2006, the company sold Alba Adesivos Industria e
Comercio Ltda, a producer of branded consumer and professional
grade adhesives.  On Mar. 31, 2006, the company also completed
the sale of its remaining 10% interest in Japan Epoxy Resin Co.,
Ltd., to its joint venture partner.  On June 1, 2006, the
company completed the sale of an additional 5% interest in HA-
International, LLC, a joint venture between the company and
Delta-HA, Inc. At Sept. 30, 2006, the company's remaining
economic interest in HA-International is 60%.

                      Discontinued Operations

On Aug. 1, 2006, the company sold its Taro Plast S.p.A.
business, which was acquired in the Bakelite acquisition and
formerly reported in the Epoxy and Phenolic Resins segment.
Accordingly, Taro Plast has been reported as discontinued
operations.

                      Sources and Uses of Cash

In the nine months ended Sept. 30, 2006, net operating
activities provided cash of US$4 million, compared to US$103
million in the same period in 2005.

In the nine months ended Sept. 30, 2006, investing activities
used cash of US$220 million.  The company used US$181 million
for the coatings acquisition, the wax compound acquisition and
the inks acquisition.  The company also used US$85 million for
capital expenditures, primarily for plant expansions and
improvements.  The company received proceeds of US$47 million
for business divestitures.

In the nine months ended Sept. 30, 2005, investing activities
used cash of US$294 million.  The company used US$234 million
for the acquisitions of the Bakelite and Pacific Epoxy
businesses and US$61 million for capital expenditures, primarily
for plant expansions and improvements.

In the nine months ended Sept. 30, 2006, financing activities
provided cash of US$94 million.  The company made long-term debt
repayments of US$2.15 billion, incurred total long-term
borrowings of US$2.65 billion and net short-term debt borrowings
of US$18 million, primarily related to the debt restructuring
completed in the second quarter.  Also in conjunction with the
debt restructuring, the company paid US$397 million from the
proceeds of the amended and restated credit facility to redeem
preferred stock and paid US$17 million of debt refinancing fees,
which have been capitalized and will be amortized over the term
of the facility. In addition, the company paid US$5 million of
IPO related costs, which were written off when the company
suspended its IPO during the second quarter.

In the nine months ended Sept. 30, 2005, financing activities
provided cash of US$209 million.  Net cash generated by
financing activities was primarily due to long-term debt
borrowings of US$1.19 billion related to the floating rate
second-priority senior secured notes and a US$500 million term
loan under the company's previous credit facility.  These
borrowings were partially offset by net debt repayments and debt
financing fees paid of US$790 million primarily related to the
replacement of the Resolution Performance and Resolution
Specialty credit facilities.  The company paid a dividend of
US$523 million, which was funded through the net proceeds
received from the issuance of preferred stock of US$334 million
and from amounts borrowed under the Hexion credit facility.  The
company also made payments of US$8 million for costs related to
the proposed IPO.

                  About Hexion Specialty Chemicals

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in
18 countries.  The company's European headquarters is located at
Rotterdam in The Netherlands.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hexion Specialty Chemicals Inc. to 'B' from 'B+'.  The
outlook is stable.  S&P also lowered the rating on the existing
$225 million first-lien senior secured revolving credit facility
to 'B' from 'B+'.

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service assigned B3 ratings to the new guaranteed senior secured
second lien notes due 2014 of Hexion Specialty Chemicals Inc.
The company expects to issue roughly US$825 million of notes
split (55/45) between fixed and floating rate notes.


MG ROVER: Nanjing Faces Dispute Over Brand Ownership in Europe
--------------------------------------------------------------
Nanjing Automobile Group and MG-Rover's Dutch administrator are
in dispute over the ownership of the MG brand in continental
Europe, according to published reports.

Anthony Terng, administrator of MG Rover Nederland B.V., claimed
that the insolvent company still owns several MG trademarks in
Europe particularly in France and Germany.

XFN-Asia says, citing a report from the Financial Times, that
Nanjing Auto's purchase in 2005 covered only the British assets
of MG Rover, including the MG name and a plant in Birmingham.

James Mackintosh of FT discloses that Nanjing would need to
secure the trademarks before it can continue its plans to sell
cars in Europe.

Mr. Terng said that talks with Nanjing regarding the sale of the
necessary trademarks are underway.  Mr. Terng declined to reveal
how much they could be worth, but noted that payments to the
company's ordinary creditors would depend on the sale of the MG
marque, FT relates.

Although it has also claimed to own the brand, Nanjing has
reportedly made an offer, which Mr. Terng turned down as too
low, Reuters relates.  Mr. Terng added that he has received
approaches from industry and private parties for the MG brands
but kept them at bay pending talks with Nanjing.

Headquartered in Nanjing, China, Nanjing Automobile Group
Corporation (aka Yuejin Motor Group) -- http://www.nanqi.com.cn/
-- possesses an annual production capacity of 180,000 vehicles
of various models and has three major vehicle production bases,
namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat. The
products cover more than 400 types of models, including
passenger cars, light duty trucks, light duty buses, cross
country vehicles, small-sized passenger/cargo transportation
vehicles, special-purpose vehicles as well as various types of
chasses etc.

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  It appointed Ian Powell, Tony Lomas and Rob Hunt,
partners in PricewaterhouseCoopers, as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.

In a TCR-Europe report on July 26, Nanjing said it would spend
not less than GBP10 million to restart production at the former
MG Rover plant in Longbridge, England.

In the first half of 2007, the Chinese automaker plans to build
13,000 cars based on the Rover 75/MG ZT lower-premium sedan and
7,000 MG TF convertible sports cars.

The company will begin selling MG TFs in the second half of next
year in the U.K. and Europe, while MG ZT sedans will become
available in U.K. in 2008.

By 2011, Nanjing hopes to assemble 85,000 MG 7 a year and 25,000
MG TF, supplying as many parts for both models as possible from
China in order to keep costs at a minimum.


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


AKER KVAERNER: European Commission Okays Unit Sale to Metso Oyj
---------------------------------------------------------------
The European Commission has approved the sale of Aker Kvaerner
ASA's Pulping and Power businesses to Metso Oyj, Bloomberg News
reports.

The regulator cleared the deal after Metso pledged to dispose of
its cooking and bleaching equipment-making unit to Groupe
Laperriere & Verreault Inc, Bloomberg News relays.

"There is no longer a serious risk that this proposed takeover
could significantly reduce competition in the pulp-equipment
market," Competition Commissioner Neelie Kroes said.

The companies expect to complete the sale by Dec. 31, with the
final transaction value based on the unit's balance sheet as of
the same date.  The estimated deal value is around NOK3 billion
(EUR335 million).  Aker expects the deal to have net cash effect
of around NOK2.6 billion and net gain compared to book value of
about NOK2.4 billion.  The profit earned during 2006 will be
consolidated into Aker Kvaerner's accounts.

The unit will be integrated into Metso once the sale is
completed, Aker said in a statement.

Acquiring Aker's pulping unit will allow Metso add technology
for chemical pulping mills and seek growth as paper prices are
rebounding from a 20% slump for the past five years.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                       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.


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


LUKOIL OAO: Retains ISO 14001 and OHSAS 18001 Certifications
------------------------------------------------------------
The third compliance audit of Safety Management, Labor and
Environmental Protection Systems was held in OAO Lukoil, with
its aim being to determine conformity of the Company's systems
with ISO 14001:2004 and OHSAS 18001:1999 requirements.

The Bureau Veritas Certification agency confirmed it had
received evidence of the Systems being operable, effective and
conformable with the audit criteria.  No inconsistencies had
been revealed during the audit, which made it possible to issue
recommendations to prolong the validity of ISO 14001:2004 and
OHSAS 18001:1999 conformance certificates for OAO

Following the audit results, recommendations on further
improvement of the Systems, and, in particular, on implementing
a pilot project for environment supervision system which is to
be introduced in a number of the Lukoil Group organizations in
2007, have been elaborated.

                          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.


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


DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
----------------------------------------------------------------
DURA Automotive Systems Inc. reported that David T. Szczupak
has joined the company as chief operating officer, effective
immediately.  On Dec. 8, 2006, the United States Bankruptcy
Court for the District of Delaware entered an order authorizing
the company to enter into an employment agreement with Mr.
Szczupak.

As chief operating officer, Mr. Szczupak will be responsible for
all aspects of DURA's manufacturing, engineering, quality and
procurement worldwide.

"David is a seasoned automotive industry executive who will be a
great asset to our leadership team," said Larry Denton, chairman
and chief executive officer of DURA Automotive.  "He brings
global operations expertise and will play a pivotal role in the
implementation of DURA's operational restructuring program and
growth initiatives."

Mr. Szczupak's automotive industry experience spans nearly 30
years.  He joins DURA from the Ford Motor Company, where he most
recently served as Ford's group vice president of manufacturing.
In this capacity, he directed global strategy and operations
for all vehicle manufacturing, engineering and operations
at 31 manufacturing plants worldwide, and directed a major
restructuring of Ford's global manufacturing footprint to
reduce costs by 30 percent, among other initiatives.

"I am excited to join DURA's management," said Mr. Szczupak,
"and I look forward to further strengthening the company's
operations and performance, as we successfully complete the
operational restructuring program and build on the company's
reputation for delivering innovative quality products at
competitive prices."

Mr. Szczupak joined Ford in 1990 as chief engineer of Jaguar
Cars, following Ford's acquisition of Jaguar, and has since held
increasingly responsible senior management positions in
engineering and manufacturing operations.  Before that, he
served in engineering positions with U.K.-based Jaguar Cars LTD
and with Holset Engineering (Cummins).

Mr. Szczupak received a master's degree in automotive
engineering from Cranfield University in the United Kingdom.

Mr. Szczupak is a past member of the Volvo Cars Board of
Directors and the Mazda Advisory Board, and past Chairman of the
SAE Global Powertrain Congress 2005. He was named Engineer of
the Year by Autocar Magazine in 1999.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.  It currently operates in 63
locations including joint venture companies and customer service
centers in 14 countries.  In Europe, the company maintains
operations in Germany, the United Kingdom, France, Spain,
Portugal, Czech Republic, Slovakia and Romania.

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


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


BANCA ROMANEASCA: Fitch Assigns Individual Rating at D
------------------------------------------------------
Fitch Ratings assigned ratings to Romania-based Banca Romaneasca
at Issuer Default BBB+, Short-term F2, Support 2, and Individual
D.  The Outlook on the IDR is Stable.

BROM's IDR, Short-term and Support ratings reflect the potential
support the bank can expect to receive from its 89% owner,
National Bank of Greece.  NBG has a growing franchise in
southeastern Europe, with subsidiaries in Bulgaria and the
Former Yugoslav Republic of Macedonia, as well as operating
under its own name in Serbia and Albania.  This area is growing
faster than the Greek operations, and accounted for 10% of group
profit for H106.

BROM's Individual rating reflects the risks of the high levels
of growth seen, as well as the challenges the bank faces in
establishing a franchise in an increasingly competitive market.
It also reflects the positive influence from guidance and advice
from its parent, as well as improvements made in risk management
policies.

"BROM began an aggressive expansion at the beginning of 2005,"
Tim Beck, director in Fitch's Financial Institutions Group
disclosed.

"Loan growth totaled 31% during H106, following 214% in 2005.
This has come from a low base, but does raise both credit and
operational risks," Mr. Beck added.

Capital ratios are currently high, though this is in part a
result of increases following the introduction of NBR
regulations, now lifted, limiting the amount of lending in
foreign currency to three times the size of a bank's equity.  It
is likely that capitalization will be reduced as the bank grows.
Funding is predominantly from NBG, though BROM is aiming to
reduce this as the bank grows.

BROM is a small bank in the Romanian market, with a market share
of around 2%.  It is expanding rapidly, and is intending to be
one of the 10 largest banks in Romania.

Fitch notes that NBG is through to the final round for acquiring
the Romanian Savings Bank, Casa de Economii si Consemnatiuni,
which has over half the country's branches, but just 6.5% of
total deposits.  If NBG is successful in acquiring CEC, it seems
likely that it will be run as a separate bank from BROM while at
least initial restructuring occurs.


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


CERAMIC BRICK: Court Names N. Chistyukhin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. N.
Chistyukhin as Insolvency Manager for CJSC Factory of Ceramic
Brick.  He can be reached at:

         N. Chistyukhin
         Post User Box 98
         308036 Belgorod-36
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-3579/06-24 B.

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         CJSC Factory of Ceramic Brick
         Pervomayskaya Str. 109
         Prokhorovka
         309000 Belgorod Region
         Russia


DRUZHBA CJSC: Tyumen Bankruptcy Hearing Slated for February 13
--------------------------------------------------------------
The Arbitration Court of Tyumen Region will convene at
10:00 a.m. on Feb. 13, 2007, to hear the bankruptcy supervision
procedure on CJSC Garment Factory Druzhba.  The case is docketed
under Case No. A70-8325/3-06.

The Temporary Insolvency Manager is:

         F. Bekshenev
         Respubliki Str. 144
         625026 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Garment Factory Druzhba
         M. Dzhalilya Str. 13
         Tyumen Region
         Russia


DRUZHNIKOVSKIY PORCELAIN: Names S. Novoshitskiy to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. S.
Novoshitskiy as Insolvency Manager for CJSC Druzhnikovskiy
Porcelain (TIN 6113006071).  He can be reached at:

         S. Novoshitskiy
         1st Pyatiletki Str. 102 1
         Matveev-Kurgan
         346970 Rostov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-15192/06-S2-36.

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Druzhnikovskiy Porcelain
         1st Pyatiletki Str. 102 1
         Matveev-Kurgan
         346970 Rostov Region
         Russia


ELECTRO-CONSTRUCTION: Court Names T. Dzhur as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Altay Republic appointed Mr. T. Dzhur
as Insolvency Manager for OJSC Novosibirskiy Factory Electro-
Construction.  He can be reached at:

         T. Dzhur
         Geblera Str. 27a-1
         656049 Barnaul Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A02-240/2006g.

The Debtor can be reached at:

         OJSC Novosibirskiy Factory Electro-Construction
         Gorno-Altaysk
         Altay Republic
         Russia


EVRAZ GROUP: Valery Khoroshkovsky Steps Down as CEO
---------------------------------------------------
Evraz Group S.A. Chief Executive Officer Valery Khoroshkovsky
has tendered his resignation with immediate effect because of
his appointment as the first deputy secretary of the Security
and Defense Council of the Republic of Ukraine.

The Board of Directors has recommended that the extraordinary
meeting of shareholders to be held on Jan. 18, 2007, approve the
resignation of Valery Khoroshkovsky and the appointment of
Alexander Frolov as the new CEO, with effect from Jan. 19, 2007.

Mr. Frolov will keep his position as the chairman of the Board
of Directors.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings affirmed
Luxembourg-based Evraz Group SA's Issuer Default and senior
unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


EVRAZ GROUP: KH Steel Sells Stake Following CEO Resignation
-----------------------------------------------------------
KH Steel Industry Ltd. has sold its 0.93% stake in Evraz Group
S.A. following the resignation of Valery Khoroshkovsky as the
Russian steelmaker's Chief Executive Officer, AFX News reports.

KH Steel, owned by Mr. Khoroshkovsky, sold 1,091,978 shares for
US$80.4 million.

Mr. Khoroshkovsky resigned as Evraz's CEO after he was appointed
as the First Deputy Secretary of the Security and Defense
Council of the Republic of Ukraine.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.

                          *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings affirmed
Luxembourg-based Evraz Group SA's Issuer Default and senior
unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


GEFEST LLC: Omsk Bankruptcy Hearing Slated for January 23
---------------------------------------------------------
The Arbitration Court of Omsk Region will convene at 11:00 a.m.
on Jan. 23, 2007, to hear the bankruptcy supervision procedure
on LLC Gefest (TIN 5501067478).  The case is docketed under Case
No. A46-10324/2006.

The Temporary Insolvency Manager is:

         S. Yurov
         Post User Box 5887
         644058 Omsk Region
         Russia

The Debtor can be reached at:

         LLC Gefest
         Omsk Region
         Russia


INTERVINKO CJSC: Omsk Bankruptcy Hearing Slated for Jan. 23
-----------------------------------------------------------
The Arbitration Court of Omsk Region will convene on
Jan. 23, 2007, to hear the bankruptcy supervision procedure on
CJSC Winemaking Company Intervinko.  The case is docketed under
Case No. A46-9246/2006.

The Temporary Insolvency Manager is:

         A. Grabovetskiy
         Office 11
         Marshala Zhukova Str. 76
         644010 Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Winemaking Company Intervinko
         Leskova Str. 6
         644019 Omsk Region
         Russia


INVENT-MARKET OJSC: Court Names I. Gorn as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. I. Gorn as
Insolvency Manager for OJSC Invent-Market.  He can be reached
at:

         I. Gorn
         Post User Box 2513
         634045 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-8056/06.

The Debtor can be reached at:

         OJSC Invent-Market
         Kommunisticheskiy Pr. 85
         Seversk
         636039 Tomsk Region
         Russia


KARAKULINO-OIL-SERVICE: Court Names S. Poryadin to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. S.
Poryadin as Insolvency Manager for LLC Karakulino-Oil-Service
(TIN 1811001511).  He can be reached at:

         S. Poryadin
         V. Sivkova Str. 88-14
         Izhevsk
         426003 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-001419/2006-G26.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         LLC Karakulino-Oil-Service
         Kamanina Str. 19
         Karakulino
         Udmurtiya Republic
         Russia


KHANTY-AIR CJSC: Bankruptcy Hearing Slated for January 9
--------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
will convene at 10:00 a.m. on Jan. 9, 2007, to hear the
bankruptcy supervision procedure on CJSC Khanty-Air.  The case
is docketed under Case No. A75-3675/2006.

The Temporary Insolvency Manager is:

         S. Vinnik
         Post User Box 2699
         644099 Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Khanty-Air
         Mira Str. 115
         Khanty-Mansiysk
         Khanty-Mansiyskiy Autonomous Region
         Russia


KOTELNICHSKAYA KNITTING: Names A. Kolyshnitsyn to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. A.
Kolyshnitsyn as Insolvency Manager for OJSC Kotelnichskaya
Knitting Factory.  He can be reached at:

         A. Kolyshnitsyn
         Shorsa Str. 26a (ground floor)
         610014 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-566/06-343/20.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Kotelnichskaya Knitting Factory
         Komsomolskaya Str. 7
         Kotelnich
         612601 Kirov Region
         Russia


KRASNOYARUZHSKIY OJSC: Names A. Ovchinnikov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. A.
Ovchinnikov as Insolvency Manager for OJSC Breeding Factory
Krasnoyaruzhskiy (TIN/KPP 3113000945/311301001).  He can be
reached at:

         A. Ovchinnikov
         Rzhevskoye Shosse 11
         Shebekino
         309290 Belgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-4118-06-2 B.

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Krasnoyaruzhskiy
         Parkovaya Str. 38
         Krasnaya Yaruga
         Krasnoyaruzhskiy Region
         309420 Belgorod Region
         Russia


LUKOIL OAO: Selling 50% Stake in Kazakh Unit to Mittal Group
------------------------------------------------------------
Lukoil Overseas, Lukoil OAO's oil and gas production unit
abroad, will sell its 50% stake in Caspian Investments Resources
Ltd. to Mittal Investments, RIA Novosti reports.

Mittal Investments, a unit of the Mittal group, will pay around
US$980 million for the stake and absorb half of Caspian
Investments' US$160 million debt.

Lukoil expects to complete the deal early next year.

Caspian Investments Resources Ltd. controls oil production
assets in five oil regions in Kazakhstan.

                          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.


LUKOIL OAO: Retains ISO 14001 and OHSAS 18001 Certifications
------------------------------------------------------------
The third compliance audit of Safety Management, Labor and
Environmental Protection Systems was held in OAO Lukoil, with
its aim being to determine conformity of the Company's systems
with ISO 14001:2004 and OHSAS 18001:1999 requirements.

The Bureau Veritas Certification agency confirmed it had
received evidence of the Systems being operable, effective and
conformable with the audit criteria.  No inconsistencies had
been revealed during the audit, which made it possible to issue
recommendations to prolong the validity of ISO 14001:2004 and
OHSAS 18001:1999 conformance certificates for OAO

Following the audit results, recommendations on further
improvement of the Systems, and, in particular, on implementing
a pilot project for environment supervision system which is to
be introduced in a number of the Lukoil Group organizations in
2007, have been elaborated.

                          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.


METROMEDIA INT'L: Annual Shareholders' Meeting Set for Dec. 15
--------------------------------------------------------------
Metromedia International Group, Inc. will hold its 2006 Annual
Meeting of Stockholders at 10:00 a.m. on Dec. 15, 2006, at:

         Paul, Weiss, Rifkind, Wharton & Garrison LLP
         1285 Avenue of the Americas
         New York, New York

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                       *     *     *

As reported in the TCR-Europe on Oct. 5, Metromedia is filing a
Chapter 11 Plan in the U.S. after receiving a binding offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


NOVOROSSIYSKOYE LLC: Bankruptcy Hearing Slated for April 4
----------------------------------------------------------
The Arbitration Court of Altay Region will convene on
April 4, 2007, to hear the bankruptcy supervision procedure on
LLC Novorossiyskoye.  The case is docketed under Case No.
A03-11627/06-B.

The Temporary Insolvency Manager is:

         A. Generalov
         Post User Box 3923
         656015 Barnaul Region
         Russia

The Debtor can be reached at:

         LLC Novorossiyskoye
         Zelenyj Lug
         Rodinskiy Region
         Altay Region
         Russia


NOVOUSMANSKOYE TRANSPORT: Names N. Mironova to Manage Assets
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Ms. N.
Mironova as Insolvency Manager for OJSC Novousmanskoye Transport
Joint-Stock Company.  She can be reached at:

         N. Mironova
         Post User Box 542
         394036 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-6044-2006-13/33b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Novousmanskoye Transport Joint-Stock Company
         Dorozhnaya Str. 1
         Novaya Usman
         397944 Voronezh Region
         Russia


SIBIRTELECOM OAO: Fitch Affirms Default Rating at B+
----------------------------------------------------
Fitch Ratings affirmed OAO Sibirtelecom's Issuer Default rating
at B+ with Stable Outlook and Short-term rating at B.

The ratings reflect Sibir's dominant market position in its
operating areas in Eastern and as much of Western Siberia.
Sibir enjoys a better revenue diversification between
traditional voice, mobile and VAS segments than most of its
domestic peers.

In the fixed-line segment the company's market shares have been
stable and are unlikely to come under pressure.  Fitch estimates
that Sibir's leadership in the residential telephony sector will
be unrivalled in the medium term, while competition in the
business segment is not expected to intensify.

Profitable greenfield growth opportunities in the segment have
dwindled; however, the company has come under pressure from its
controlling shareholder Svyazinvest to speed up fixed-line
development to increase penetration in remote/rural areas.
Fitch views positively that the burden to operate the new fixed-
line capacity in the remote/rural areas will be shared with the
government-affiliated Universal Service Fund.

This is because the weaker-than-average economic profile of its
operating area should enable Sibir to be a net receiver of funds
from USF.  As a result, the management projects that Sibir's
leverage is to rise to around 2.5x by end-2006 on lower-than-
expected EBITDA generation and unforeseen increases in capital
expenditure.

"Although a projected temporary spike in leverage can be
accommodated within Sibir's rating, its credit quality may come
under pressure if the higher leverage is sustained," disclosed
Nikolay Lukashevich, Director with Fitch's TMT team.  Fitch
notes, however, that positive surprises should not be ruled out
based on Sibir's very strong H106 results, resulting in a much
lower LTM net debt /EBITDA of 1.75x at end-H106.

Although traditional voice and interconnect segments have been
heavily regulated, a recent shift in tariff-setting to a
combined flat and per minute billing is likely to herald an
easing of regulatory pressure in the key local services segment.
After material losses in 2005, Sibir has managed to stabilize
its mobile market share at 25.1% at end-H106.

It benefits from substantial synergies from operating both fixed
and mobile networks, which help support the margins in the
mobile segment and help Sibir face off mobile competitive
pressure in the medium term.  The ratings also reflect the
influence of the company's 50.7% majority shareholder and
government-controlled Svyazinvest on strategic decision-making
processes and its lobbying support.

In 2005 and H106 Sibir materially improved its debt maturity
profile, reducing its proportion of short-term debt to 26% at
end-H106 from XX in XX.  Available credit lines comfortably
cover Sibir's short-term refinancing exposure although these are
on an uncommitted basis.


SISTEMA CAPITAL: S&P Assigns B+ Rating on US$3-Bln MTN Program
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to the proposed 30-year, up to
US$3 billion MTN program of Sistema Capital S.A., the financing
vehicle for Russian telecommunications and industrials
conglomerate Sistema, the guarantor of the debt.

The rating on the proposed MTN program mirrors the senior
unsecured debt ratings of the conglomerate," said Standard &
Poor's credit analyst Lorenzo Sliusarev.  "We expect that
Sistema will use the proposed MTN facility for
general corporate purposes, including liquidity support and
transaction funding or refinancing of existing debt
obligations."

The rating on Sistema reflects the consolidated credit risk of
its various operating subsidiaries, but principally that of its
key telecoms assets, Mobile TeleSystems and, to a lesser degree,
Moscow City Telephone Network.

The rating remains constrained by:

   -- the group's aggressive financial policy, with a
      strong focus on business growth;

   -- evolving regulation and increasing competition in
      the Russian telecoms industry;

   -- strong predisposition to acquisitions; and

   -- limited revenue diversification.

"The one-notch differential between the debt ratings of Sistema
and MTS reflects our view that the prospective recovery of funds
in a potential default by either company would likely be more
favorable for MTS' creditors than for those of Sistema," added
Mr. Sliusarev.


=============================
S L O V A K   R E P U B L I C
=============================


TUBE CITY: S&P Holds Corporate Credit Rating at B+
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including its 'B+' corporate credit rating, on Glassport,
Pennsylvania-based Tube City IMS Corp. and removed them from
CreditWatch.

The ratings had been placed on CreditWatch with negative
implications on Nov. 14, 2006, after the disclosure that Onex
Partners, a private equity fund managed by Toronto-based
investment company Onex Corp., had agreed to acquire the
company.

The outlook is stable.

"We have affirmed the ratings based on the modest amount of
incremental debt we expect the company to incur as a result of
the acquisition," said Standard & Poor's credit analyst Marie
Shmaruk.

"Pro forma for the transaction, total debt adjusted for debt-
like obligations is expected to be around US$460 million, and
debt to EBITDA about 5x, roughly where it was at Sept. 30,
2006."

Tube City is a provider of on-site services to the North
American steel industry.

"We could revise the outlook to negative if steel industry
conditions deteriorate significantly or aggressive spending on
overseas expansion cause Tube City's financial profile to weaken
or if the company's sponsors adopt even more aggressive
financial policies," Ms. Shmaruk said.

"We could revise the outlook to positive if international
expansion is significantly more rapid and profitable than
expected, debt leverage improves more than the ratings currently
incorporate, and we believe the company intends to maintain its
capital structure at the more moderate levels."


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


BIOENERGIE BIRSTAL: Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Arlesheim suspended the bankruptcy
proceedings of LLC Bioenergie Birstal on Nov. 20, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Oct. 11, can be reached at:

         LLC Bioenergie Birstal
         Tramstr 66
         4142 Munchenstein
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim
         Switzerland


BURLINGTON JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Burlington on Oct. 17.

The Debtor can be reached at:

         JSC Burlington
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


CREATE CONSULT: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Create Consult on Oct. 10.

The Debtor can be reached at:

         LLC Create Consult
         Bahnhofstrasse 21
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


DOLCE VITA: Aargau Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau suspended the bankruptcy
proceedings of LLC Dolce Vita R & D on Nov. 20, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Aug. 28, can be reached at:

         LLC Dolce Vita R & D
         Schutzenhausstrasse 3
         5325 Leibstadt
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Brugg
         5200 Brugg
         Aargau
         Switzerland


JIMMY LLC: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Jimmy on Sept. 18.

The Debtor can be reached at:

         LLC Jimmy
         Langackerstrasse 2
         4332 JSC Stein
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Administrative Department Brugg
         5201 Brugg
         Aargau
         Switzerland


KING MANAGEMENT: Aargau Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau entered Nov. 6 an order closing
the bankruptcy proceedings of JSC King Management.

The Debtor can be reached at:

         JSC King Management
         Wettingerstrasse 21
         5400 Baden
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5402 Baden
         Aargau
         Switzerland


LIBASIT LLC: Arlesheim Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Arlesheim entered Oct. 26 an order
closing the bankruptcy proceedings of LLC Libasit.

The Debtor can be reached at:

         LLC Libasit
         Baselstr 128
         4132 Muttenz
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim
         Switzerland


M-O FASHION: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC M-O Fashion on Oct. 23.

The Debtor can be reached at:

         LLC M-O Fashion
         Zentralstrasse 20
         5610 JSC Wohlen
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Administrative Department Baden
         5400 Baden
         Aargau
         Switzerland


MAPAN LLC: Arlesheim Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Arlesheim suspended the bankruptcy
proceedings of LLC Mapan on Nov. 30, pursuant to Article 230 of
the Swiss Bankruptcy Code.

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

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

         LLC Mapan
         Grabenackerstr 8b
         4142 Munchenstein
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim
         Switzerland


OPENLINE-ONLINE LLC: Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Arlesheim suspended the bankruptcy
proceedings of LLC OpenLINE-online on Nov. 20, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Sept. 26, can be reached at:

         LLC OpenLINE-online
         Angensteinerstr 6
         4153 Reinach BL
         Aargau
         Switzerland

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim
         Switzerland


SICPA HOLDING: S&P Lifts Rating to BB- on Improved Metrics
----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
long-term corporate credit rating on SICPA Holding S.A., a
Switzerland-based manufacturer of bank notes and security inks.
The outlook is stable.

At the same time, Standard & Poor's raised to 'B+' from 'B-' its
long-term senior unsecured debt rating on the EUR160-million
notes issued by Noma Luxembourg S.A., a financial vehicle for
SICPA.  The two-notch upgrade of the debt reflects both the
upgrade of SICPA and a reduction in structural subordination.

"The upgrade of SICPA reflects the significant improvement of
the group's key financial protection metrics and continuing good
operating performance," said Standard & Poor's credit analyst
Lucas Sevenin.  "Moreover, we believe that these improvements
are sustainable," said Mr. SÚvenin.

SICPA had total debt outstanding of Swiss franc CHF225 million
(EUR150 million) at end-September 2006.

The improvement in credit quality reflects chiefly the group's
de-leveraging policy and strategy to focus on its core and
profitable security inks operations.  The group sold its
low-margin, capital-intensive packaging ink unit in September
2005 and used all the proceeds to redeem debt, resulting in a
significant 50% cut in debt.  Furthermore, the core security
inks unit has continued to achieve a very good operating
performance, with an EBITDA margin of 20% or more in the first
nine months of 2006.

The stable outlook reflects our expectations that the group will
maintain FFO to adjusted debt of more than 20% and continue to
achieve good EBITDA margins.

The rating could come under pressure if significant debt-funded
growth, either internal or external, depresses key credit
metrics for a significant period.

Upward rating pressure is unlikely to materialize, given the
current business size and diversification perimeter.


WYHUUS LLC: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Wyhuus on Oct. 31.

The Debtor can be reached at:

         LLC Wyhuus
         Vordere Hauptgasse 20
         4800 Zofingen
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Administrative Department Oberentfelden
         5036 Oberentfelden
         Aargau
         Switzerland


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


BANK FORUM: Moody's Assigns B2 Rating on US$100-Million Notes
-------------------------------------------------------------
Moody's Investors Service, Inc. assigned a rating of B2
(positive outlook) to US$100-million Loan Participation Notes
due in October 2009 issued by, but without recourse to, Standard
Bank Plc for the sole purpose of financing a loan to Bank Forum.

Moody's notes that the B2 rating assigned to the Notes is based
on the fundamental credit quality of the underlying obligor,
Forum bank, rated at B2/NP/E+ (positive outlook on local
currency long-term bank deposit rating), and does not factor in
any support from the bank's shareholders or the Ukrainian
financial authorities.

The bank's obligations under the loan received from Standard
Bank Plc will rank at least pari passu in right of payment with
all other unsecured and unsubordinated obligations of Bank
Forum, except as otherwise provided by mandatory provisions of
applicable Ukrainian law, and there is no interest deferral
clause in the loan agreement.

Moody's notes that Ukraine is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

According to the terms and conditions of the loan agreement,
Bank Forum must maintain on a consolidated basis (reported under
IFRS) a minimum total capital adequacy ratio of at least 11% as
well as comply with the National Bank of Ukraine capital
regulations and with a number of other covenants such as
negative pledge, limitations on mergers and disposals, and
transactions with affiliates.

The rating agency notes that, while the likelihood of any of the
above-mentioned covenants being triggered is relatively low, any
such occurrence could potentially have adverse liquidity
implications for the bank and, if accompanied at that time by
deterioration in the bank's credit standing, might exert
additional downward pressure on its ratings.

Headquartered in Kyiv, Ukraine, Bank Forum reported consolidated
total assets of UAH3.7 billion (US$0.73 billion) - in accordance
with IFRS - as at December 31, 2005.


BANK KHRESCHATYK: Fitch Places B IDR on Rating Watch Negative
-------------------------------------------------------------
Fitch Ratings placed Ukraine-based Bank Khreschatyk's B Issuer
Default rating and 4 Support rating on Rating Watch Negative.
The bank's other ratings are affirmed at Short-term B, and
Individual D/E.

The RWN on Khreschatyk's ratings reflects the increased
probability that the city of Kiev, Khreschatyk's majority
shareholder with a direct 51.2% stake, will not participate in
the current UAH290-million (US$57.4 million) share offering.
This is likely to result in a reduction of the city's stake to
around 25%.

At present, Khreschatyk's IDR, Short-term and Support ratings
are driven by the moderate probability of support being
forthcoming for the bank from the city in case of need.
However, in Fitch's view this probability would decline should
the city's stake fall significantly.

The City of Kiev did not use its pre-emptive right to
participate in the current issue as an existing shareholder.
Although in the ongoing, second stage of the offering, the city
has, on a first-come, first-served basis, subscribed for an
amount that would enable it to maintain the majority stake of
51.2%, Fitch understands that it is highly unlikely that the
city will be able to gather the funds required to pay for the
subscribed shares by the deadline of Dec. 15, 2006.

The city's difficulty in raising these funds results from
limitations in incurring outlays not provided for in the annual
budget, and the fact that the City Council has yet to approve
the sale of land plots earmarked by the city's administration to
finance the share purchase.  Should the city not participate,
Fitch understands that it is likely that Ukrfinkom, a privately
owned grain trading company, would increase its stake in the
bank to around 70% from the current 34%.

Fitch also notes that even if the City of Kiev is able to
maintain its majority stake in Khreschatyk the bank's ratings
could be downgraded.  This reflects Fitch's concerns with regard
to the city's ability to provide timely and sizeable support to
the bank, based on delays with the capital raising for the
current share issue, and the fact that, as Fitch is informed,
potential liquidity support is also limited in volume.

At the same time, Fitch notes that at present it would not
expect a reduction in the city's stake to result in a
significant deterioration of the bank's stand-alone financial
strength.  Corporate customer relationships with the City of
Kiev-owned entities do not appear to be directly dependent on
the size of the city's shareholding in the bank.

Furthermore, the city and the bank continue to plan the
development of a combined debit/identity card, which should
support retail business development.  Although the city's
balances with Khreschatyk have gradually fallen during 2006,
these were planned reductions and have not given rise to any
significant tightening of liquidity.

The RWN on Khreschatyk's IDR and Support rating will be resolved
upon clarification of the bank's new shareholder structure and
the ability of the city to contribute capital, probably
following the shareholders' meeting scheduled for Dec. 18, 2006,
which is expected to approve the results of the share issue.

Khreschatyk is a universal bank founded in 1993, and at end-
October 2006 was Ukraine's 19th-largest bank with total assets
of UAH3.2 billion and a network consisting of 16 branches and 61
outlets.  The majority of loans are granted to the corporate
sector; however, the retail portfolio is rapidly growing.

The bank participates in the city's social programs by offering
subsidized loans to selected groups of companies and
individuals, and also lends to city-owned companies and
organizations.  Khreschatyk's loan portfolio grew by 36% during
the first 10 months of this year.


UKREXIMBANK: Fitch Gives Final BB- Rating on US$150-Mln Eurobond
----------------------------------------------------------------
Fitch Ratings assigned Credit Suisse International's US$150
million tap issue of 7.65% limited recourse loan participation
notes due September 2011 a final Long-term BB- rating.

The notes are to be used solely for financing a loan to Joint
Stock Company The State Export-Import Bank of Ukraine.  CSI will
only pay noteholders amounts, if any, received from Ukreximbank
under the loan agreement.

The new notes will be consolidated and form a single series with
CSI's US$350 million issue of 7.65% notes, due September 2011.

Ukreximbank was founded in 1992 and ranked within the top five
Ukrainian banks by assets as at end of third quarter 2006.  Its
principal franchise lies in serving corporate customers and
their workforces.

Apart from commercial activities, Ukreximbank acts as a sole
financial agent for international loans originated, borrowed or
guaranteed by the Ukrainian state.


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


A & J PLUMBING: Creditors' Claims Due Jan. 16, 2007
---------------------------------------------------
Creditors of A & J Plumbing & Heating Limited have until
Jan. 16, 2007, to send in their 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 Neil Francis Hickling at:

         Smith & Williamson Limited
         No.1 St. Swithin Street
         Worcester WR1 2PY
         United Kingdom

The company can be reached at:

         A & J Plumbing & Heating Limited
         31 Ellesmere Road
         Shrewsbury
         Shropshire SY1 2PT
         United Kingdom
         Tel: 01743 366058


ADCO GROUP: Brings In David Rubin to Administer Assets
------------------------------------------------------
Paul Appleton and Asher Miller of David Rubin & Partners were
appointed joint administrators of Adco Group Ltd. (Company
Number 01619704) on Nov. 30.

David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Adco Group Ltd. can be reached at:

         North Lane
         Marks Tey
         Colchester
         Essex CO6 1EG
         United Kingdom
         Tel: 01206 211 411
         Fax: 01206 211 727


AIM HYDRAULICS: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of Aim Hydraulics Limited (formerly Ringwood
Hydraulics Limited and Crestball Limited) confirmed Nov. 30 the
appointment of Kevin A. Murphy and David J. Oprey of Chantrey
Vellacott DFK LLP as the company's Joint Liquidators.

The company can be reached at:

         Aim Hydraulics Limited
         191 Island Wall
         Whitstable
         Kent CT5 1EF
         United Kingdom
         Tel: 01202 897 699


AKER KVAERNER: European Commission Okays Unit Sale to Metso Oyj
---------------------------------------------------------------
The European Commission has approved the sale of Aker Kvaerner
ASA's Pulping and Power businesses to Metso Oyj, Bloomberg News
reports.

The regulator cleared the deal after Metso pledged to dispose of
its cooking and bleaching equipment-making unit to Groupe
Laperriere & Verreault Inc, Bloomberg News relays.

"There is no longer a serious risk that this proposed takeover
could significantly reduce competition in the pulp-equipment
market," Competition Commissioner Neelie Kroes said.

The companies expect to complete the sale by Dec. 31, with the
final transaction value based on the unit's balance sheet as of
the same date.  The estimated deal value is around NOK3 billion
(EUR335 million).  Aker expects the deal to have net cash effect
of around NOK2.6 billion and net gain compared to book value of
about NOK2.4 billion.  The profit earned during 2006 will be
consolidated into Aker Kvaerner's accounts.

The unit will be integrated into Metso once the sale is
completed, Aker said in a statement.

Acquiring Aker's pulping unit will allow Metso add technology
for chemical pulping mills and seek growth as paper prices are
rebounding from a 20% slump for the past five years.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                       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.


ALMALCO MOTORS: Brings In Joint Liquidators from Larking Gowen
--------------------------------------------------------------
Matthew Robert Howard and Robert Geoffrey Rose of Larking Gowen
were appointed Joint Liquidators of Almalco Motors Ltd. on
Nov. 27 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Almalco Motors Ltd.
         Caxton Way
         Thetford
         Norfolk IP243RY
         United Kingdom
         Tel: 01842 752 457
         Fax: 01842 751 404


AUDIOPHILES PLUS: Names Anthony David Kent Liquidator
-----------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Audiophiles Plus Limited on Dec. 4 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Audiophiles Plus Limited
         11 Castle Hill
         Maidenhead
         Berkshire SL6 4AA
         United Kingdom
         Tel: 01753 528 089


BAA PLC: Hits Office of Fair Trading's Move for In-Depth Probe
--------------------------------------------------------------
BAA Plc has responded to the Office of Fair Trading's market
study on the U.K. Airports industry, which has called for a more
detailed investigation by the Competition Commission into the
supply of airport services.

"As the operator of the U.K.'s three largest airports, Heathrow,
Gatwick and Stansted, it is right that BAA's ownership is
subject to regular public scrutiny," Stephen Nelson, Chief
Executive of BAA, said.  "Our belief is that BAA's structure has
benefited both passengers and airlines and BAA has not abused
its monopoly.

"The main issue facing the U.K. is a lack of terminal and runway
capacity in the South East of England which results in delay and
congestion.  This problem has not arisen because of BAA's
structure, but instead is the result of the U.K.'s complex
planning laws, an antiquated regulatory system and inflexible
slot allocation.  Lack of capacity is a complex issue therefore
it would be wrong to jump to quick and simplistic conclusions
about structure.

"BAA has both expertise and a strong track record in delivering
new airport facilities and our plans to invest GBP9.5 billion
over the next ten years at Heathrow, Gatwick and Stansted will
transform the passenger experience.  Our investment in new
airport facilities, together with world leading runway
productivity, has helped create the most vibrant air transport
market in Europe, great choice in destinations, low prices for
passengers and some of the most profitable airlines in the
world."

"I fully understand why airlines like British Airways and
Ryanair want to weaken BAA and achieve greater control over
prices and investment at the airports they dominate.  This
should not be confused with acting in the passenger interest,"
Mr. Nelson concluded.

As reported in the TCR-Europe on Dec. 13, 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.

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 the 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.


BENQ CORP: PwC Leads U.K. Unit's Administrative Proceedings
-----------------------------------------------------------
William Birchall and David John Blenkarn of
PricewaterhouseCoopers LLP were appointed joint administrators
of Benq Mobile U.K. Ltd. (Company Number 05547397) on Oct. 16.

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.

                         About BenQ

Headquartered in Bracknell, England, Benq Mobile U.K. Ltd. is a
subsidiary of BenQ Corp. -- http://www.benq.com/BenQ is
principally engaged in manufacturing, developing and selling of
computer peripherals and telecommunication products.  It is also
a major provider of 3G handset, 3G handset, Camera phones, and
other products.

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

BenQ Mobile's UK division followed the German business unit into
administration after it exhausted all avenues to ensure minimal
impact on its plans for the Christmas quarter.


BRITANNIA FENCING: Taps Unity Business as Administrators
--------------------------------------------------------
Matthew Colin Bowker and Christopher Benjamin Barrett of Unity
Business Services LLP were appointed joint administrators of
Brittania Fencing Ltd. (Company Number 02559507) on Nov. 24.

The administrator can be reached at:

         Matthew Colin Bowker and Christopher Benjamin Barrett
         Unity Business Services LLP
         Clive House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Britannia Fencing Ltd. can be reached at:

         Britannia House
         Hertford Street
         Ashton-Under-Lyne
         Lancashire OL7 0TJ
         United Kingdom
         Tel: 0161 339 2250
         Fax: 0161 339 9211


CAPITAL PLANNING: Creditors' Meeting Slated for December 19
-----------------------------------------------------------
Creditors of Capital Planning U.K. Ltd. (Company Number 4096728)
will meet at 10:30 a.m. on Dec. 19 at:

         RSM Robson Rhodes LLP
         St. George House
         40 Great George Street
         Leeds LS1 3DQ
         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. 18 at:

         Charles William Anthony Escott
         Joint Administrator
         RSM Robson Rhodes LLP
         St George House
         40 Great George Street
         Leeds LS1 3DQ
         United Kingdom

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.


CARPET FACTORS: Taps David Field to Liquidate Assets
----------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Carpet Factors (Doncaster) Ltd. on Dec. 5 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Carpet Factors (Doncaster) Ltd.
         Brunel Road
         Doncaster
         South Yorkshire DN5 8PT
         United Kingdom
         Tel: 01302 781 727
         Fax: 01302 781 727


CENTRAL SOUTHERN: Creditors' Meeting Slated for December 21
-----------------------------------------------------------
Creditors of Central Southern Interiors Ltd. (Company Number
3372447) will meet at 10:00 a.m. on Dec. 21 at:

         The Holiday Inn
         500 Basingstoke Road
         Reading RG2 0SL
         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. 20 at:

         P. Bridger
         Administrator
         Bridgers
         6c Church Street
         Reading
         Berkshire RG1 2SB
         United Kingdom
         Tel: 0118 951 2131


CSM BUILDING: Joint Liquidators Take Over Operations
----------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of CSM
Building Limited (formerly CMS Buildings Limited) on Dec. 5 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         CSM Building Limited
         Greenway Business Centre
         Greenway
         Harlow Business Park
         Harlow
         Essex CM19 5QE
         United Kingdom
         Tel: 01279 422413


DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
----------------------------------------------------------------
DURA Automotive Systems Inc. reported that David T. Szczupak
has joined the company as chief operating officer, effective
immediately.  On Dec. 8, 2006, the United States Bankruptcy
Court for the District of Delaware entered an order authorizing
the company to enter into an employment agreement with Mr.
Szczupak.

As chief operating officer, Mr. Szczupak will be responsible for
all aspects of DURA's manufacturing, engineering, quality and
procurement worldwide.

"David is a seasoned automotive industry executive who will be a
great asset to our leadership team," said Larry Denton, chairman
and chief executive officer of DURA Automotive.  "He brings
global operations expertise and will play a pivotal role in the
implementation of DURA's operational restructuring program and
growth initiatives."

Mr. Szczupak's automotive industry experience spans nearly 30
years.  He joins DURA from the Ford Motor Company, where he most
recently served as Ford's group vice president of manufacturing.
In this capacity, he directed global strategy and operations
for all vehicle manufacturing, engineering and operations
at 31 manufacturing plants worldwide, and directed a major
restructuring of Ford's global manufacturing footprint to
reduce costs by 30 percent, among other initiatives.

"I am excited to join DURA's management," said Mr. Szczupak,
"and I look forward to further strengthening the company's
operations and performance, as we successfully complete the
operational restructuring program and build on the company's
reputation for delivering innovative quality products at
competitive prices."

Mr. Szczupak joined Ford in 1990 as chief engineer of Jaguar
Cars, following Ford's acquisition of Jaguar, and has since held
increasingly responsible senior management positions in
engineering and manufacturing operations.  Before that, he
served in engineering positions with U.K.-based Jaguar Cars LTD
and with Holset Engineering (Cummins).

Mr. Szczupak received a master's degree in automotive
engineering from Cranfield University in the United Kingdom.

Mr. Szczupak is a past member of the Volvo Cars Board of
Directors and the Mazda Advisory Board, and past Chairman of the
SAE Global Powertrain Congress 2005. He was named Engineer of
the Year by Autocar Magazine in 1999.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.  It currently operates in 63
locations including joint venture companies and customer service
centers in 14 countries.  In Europe, the company maintains
operations in Germany, the United Kingdom, France, Spain,
Portugal, Czech Republic, Slovakia and Romania.

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


ENRON CORP: Employee Panel to Get US$2.1 Mln from Ex-Trader
-----------------------------------------------------------
The Enron Employee Committee has obtained a judgment for more
than US$2.1 million from former Enron trader Timothy Belden, who
had previously been convicted for manipulating California energy
prices.

Pursuant to a forfeiture agreement with the federal government,
Mr. Belden, the former head of trading in Enron's Portland,
Oregon office, has agreed to forfeit his wrongfully accelerated
deferred compensation and bonus payments earmarked by the United
States Attorney's Office for victims of Mr. Belden's wrongdoing.
He had previously pleaded guilty to federal charges of
conspiracy to commit wire fraud.

"Justice will be served through the recovery of funds wrongfully
taken in the months preceding Enron's collapse by one of its top
executives," said Ronald R. Sussman, partner in the Bankruptcy &
Restructuring Practice at Cooley Godward Kronish LLP.  Mr.
Sussman led the Employee Committee litigation against Mr. Belden
in connection with the wrongful acceleration of the deferred
compensation payments.

Mr. Belden has yet to be sentenced on his conspiracy conviction,
and prosecutors have said that he has agreed to cooperate with
the government.

In addition to Mr. Sussman, the Cooley Bankruptcy &
Restructuring team representing the Employee Committee in the
case against Mr. Belden includes partner James A. Beldner,
together with associates Gregory Plotko and Seth Van Aalten.

                   About Cooley Godward Kronish

Cooley Godward Kronish's 580 attorneys have an entrepreneurial
spirit and deep, substantive experience and are committed to
solving clients' most challenging legal matters.  From small
companies with big ideas to international enterprises with
diverse legal needs, Cooley Godward Kronish has the breadth of
legal resources to enable companies of all sizes to seize
opportunities in the present global marketplace.  The firm
represents clients across a broad array of dynamic industry
sectors, including technology, life sciences, financial
services, retail and energy.

The firm has full-service offices in major commercial,
government and technology centers: Palo Alto, California; New
York City; San Diego CA; San Francisco, California; Reston,
Virginia; Broomfield, Colorado and Washington, DC.

                        About Enron Corp.

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


FAREPAK MAIL: Creditors' Meeting Slated for December 18
-------------------------------------------------------
Creditors of Farepak Mail Order Ltd. (Company Number 00300110)
will meet at 10:00 a.m. on Dec. 18 at:

         BDO Stoy Hayward LLP
         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire RG1 3EX
         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. 17 at:

         Martha H. Thompson
         Joint Administrator
         BDO Stoy Hayward LLP
         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire RG1 3EX
         United Kingdom
         Tel: 0118 925 4400
         Fax: 0118 925 4470
         E-mail: reading@bdo.co.uk

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


FORD MOTOR: Selling ACH's Climate Control Biz to Valeo
------------------------------------------------------
Ford Motor Company and Valeo reached a Memorandum of
Understanding for Valeo's purchase of the Automotive Components
Holdings climate control business, including the Sheldon Road
Plant in Plymouth Township, Michigan.  This paves the way for a
Definitive Agreement and sale of the business to Valeo as soon
as possible.

The Sheldon Road plant produces automotive climate control
systems and components for a number of Ford vehicles.  It
employs about 1,250 people, including salaried employees leased
from Visteon and UAW hourly employees leased from Ford.  It is
part of Automotive Components Holdings, a Ford-managed temporary
company formed in October 2005.

"This is an important step for Ford's North American operations
and the Way Forward Acceleration Plan, especially as we seek to
reduce material costs over time," Mark Fields, president of the
Americas and Ford executive vice president, said.

"This MOU follows a lot of hard work by this plant and the
entire ACH team," said Al Ver, chief executive officer and chief
operating officer, Automotive Components Holdings, and Ford vice
president.  "We have focused on preparing our businesses for
sale to buyers who can grow and invest in them."

Automotive Components Holdings produces interior, climate,
chassis, and powertrain components and operates 11 plants in the
United States and three in Mexico.

"This acquisition is an important part of Valeo's strategy to be
a global leader in its core product lines," Valeo chairman and
chief executive officer Thierry Morin said.

The final agreement is contingent upon reaching a new and
competitive agreement with the United Auto Workers.

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.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 13,
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.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FREESCALE SEMICON: Blackstone-Led Consortium Closes Purchase
------------------------------------------------------------
Freescale Semiconductor completed the merger of the company with
an entity controlled by a consortium of private equity funds led
by The Blackstone Group and including The Carlyle Group, funds
advised by Permira Advisers LLC and Texas Pacific Group.

Freescale stock will cease to trade on the New York Stock
Exchange at market close and will be delisted.

                        Merger Terms

Under the terms of the merger agreement entered into on
Sept. 15, and adopted by Freescale's stockholders at a special
meeting on Nov. 13, 2006, Freescale stockholders are entitled to
receive US$40 in cash for each share of Freescale common stock
that they hold.

As soon as possible, a paying agent appointed by Freescale will
mail a letter of transmittal and instructions to all
stockholders of record.  The letter of transmittal and
instructions will contain information on how to surrender
Freescale common stock in exchange for the merger consideration,
without interest and less any applicable withholding tax.
Stockholders of record should be in receipt of the letter of
transmittal before surrendering their shares.  Stockholders who
hold shares through a bank or broker will not have to take any
action to have their shares converted into cash as the
conversions will be handled by the bank or broker.

In addition, on Dec. 1, 2006, Freescale completed its tender
offers and consent solicitations for its outstanding
US$350,000,000 aggregate principal amount of 6.875% senior notes
due 2011 and its outstanding US$500,000,000 aggregate principal
amount of 7.125% senior notes due 2014, pursuant to its Offer to
Purchase and Consent Solicitation Statement, dated Oct. 23.  The
tender offers expired at 5:00 p.m. prevailing Eastern time on
Nov. 29, 2006.

On Dec. 1, 2006, Freescale accepted for payment all validly
tendered Notes, consisting of US$349,889,000 in aggregate
principal amount of the 2011 Notes, representing around
99.97% of the outstanding 2011 Notes, and US$499,935,000 in
aggregate principal amount of the 2014 Notes, representing
99.99% of the outstanding 2014 Notes.  Upon acceptance, the
supplemental indenture executed in connection with the consent
solicitations became operative.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  The
company is based in Austin, Texas, and has design, research and
development, manufacturing or sales operations in more than 30
countries, including the Czech Republic, France, Germany,
Ireland, Italy, Romania, Turkey and the United Kingdom.


FREESCALE SEMICON: S&P Pares Corp. Credit Rating to BB- from BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Freescale Semiconductor Inc. to 'BB-' from 'BB+' and
removed the rating from CreditWatch with negative implications,
where it had been placed on Sept. 11, 2006, after the company's
disclosure that it was considering a business transaction, later
confirmed as a leveraged buyout.

The outlook is negative.

At the same time, Standard & Poor's assigned its term loan and
recovery ratings to Freescale Semiconductor's US$4.25 billion
senior secured bank facility.  The facility consists of a
$3.5 billion senior secured term loan and a US$750 million
revolving credit agreement.  The term loan and credit facility
are rated 'BB', one notch higher than the corporate credit
rating, with a recovery rating of '1', indicating an expectation
of a full recovery of principal in the event of a payment
default.

"The rating actions reflect the company's LBO, which has
materially increased debt leverage while substantially reducing
liquidity and free cash flows," said Standard & Poor's credit
analyst Bruce Hyman.

The ratings on Freescale reflect the company's near-investment
grade business profile, balancing a leverage profile that is
high for the rating level.  The business profile reflects the
company's strong position in its industry, offset by substantial
customer concentration in a cyclical, capital-intensive
marketplace. Debt leverage is high, about 5.6x trailing four
quarters' adjusted EBITDA, with an adequate initial cash balance
of about US$600 million.

Freescale is a major supplier to the networking, wireless, and
automotive semiconductor markets.  Most design wins are long-
lived, while the large software content in its products creates
high switching costs for its customers, and substantial barriers
to entry.  However, these markets have experienced substantial
volatility in the past, which could recur, and market shares--
particularly in the wireless handset market--could still
fluctuate materially.

Post-LBO leverage is high for the rating, and is likely to
remain so over at least the next one to two years.  Standard &
Poor's anticipate that market conditions will be good over the
intermediate term and that sales and profitability growth could
lead to leverage more in line with the rating.

However, industry cycles and market conditions are
unpredictable, and if the expected deleveraging does not take
place, the ratings could be lowered in the interim.  A stable
outlook would require substantial reduction in leverage levels,
which is not anticipated within the next one to two years.


FREESCALE SEMICON: Fitch Withdraws Ratings Following Buyout
-----------------------------------------------------------
Fitch Ratings has withdrawn ratings for Freescale Semiconductor,
Inc.:

   -- Issuer Default Rating 'BB+';
   -- Senior Unsecured Bank Credit Facility 'BB+'; and,
   -- Senior Unsecured Notes 'BB+'.

Fitch believes that disclosure of financial information will be
inadequate for Fitch to maintain ratings after the company's
acquisition by a consortium of private equity firms led by The
Blackstone Group in a deal valued at around US$17.5 billion.
Fitch will no longer provide ratings coverage of Freescale.


GEMMA COMPUTERS: Brings In David Rubin as Administrators
--------------------------------------------------------
Henry Lan and Asher Miller of David Rubin & Partners were
appointed joint administrators of Gemma Computers Ltd. (Company
Number 02830550) on Nov. 29.

David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Gemma Computers Ltd. can be reached at:

         Unit 2 The Chase Centre
         8 Chase Road
         Ealing
         London NW10 6QD
         United Kingdom
         Tel: 0870 027 3888
         Fax: 020 8961 6653


HALLMARQUE ASSISTANCE: Names C.H.I. Moore as Administrator
----------------------------------------------------------
C.H.I. Moore of K.J. Watkin & Co. was named administrator of
Hallmarque Assistance Ltd. (Company Number 02659406) on Nov. 24.

The administrator can be reached at:

         C.H.I. Moore
         K. J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         West Midlands WS9 8PH
         United Kingdom
         Tel: 01922 452881
         Fax: 01922 450525
         E-mail: chim@kjwatkin.co.uk

Hallmarque Assistance Ltd. can be reached at:

         Unit 20
         Roman Way
         Coleshill
         Birmingham
         West Midlands B46 1HQ
         United Kingdom
         Tel: 01675 466 000
         Fax: 01675 464 000


HOSKINS MANAGEMENT: Creditors' Meeting Slated for December 21
-------------------------------------------------------------
Creditors of Hoskins Management Development Ltd. (Company Number
3431873) will meet at 10:00 a.m. on Dec. 21 at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         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. 20 at:

         Carl Derek Faulds and James Richard Tickell
         Joint Administrators
         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk


ILIMART LIMITED: Creditors' Meeting Slated for December 21
----------------------------------------------------------
Creditors of Ilimart Ltd. (formerly Aztec Conservatory Roof
Systems Ltd) (Company Number 04024600) will meet at 11:00 a.m.
on Dec. 21 at:

         Poppleton & Appleby
         32 High Street
         Manchester M4 1QD
         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. 20 at:

         Stephen James Wainwright
         Joint Administrator
         Poppleton & Appleby
         32 High Street
         Manchester
         Greater Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548
         E-mail: insol@pandamanchester.co.uk


ITS LINUX: Colin Burke Leads Liquidation Procedure
--------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
Liquidator of ITS Linux Limited on Dec. 5 for the creditors'
voluntary winding-up procedure.

Headquartered in Crewe, England, ITS Linux Limited --
http://www.its-linux.co.uk/-- specializes in open source
business solutions and converging communication technology for
Internet and mobile communications.


J.F.P. WHOLESALE: Hires Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Richard Albert Brock Saville and Peter A. Blair of Begbies
Traynor were appointed Joint Liquidators of J.F.P. Wholesale
Limited on Nov. 23 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         J.F.P. Wholesale Limited
         Eaking Road
         Bilsthorpe
         Nottinghamshire N22 8PY
         United Kingdom
         Tel: 01623 411 112
         Fax: 02088 261 441


JUNCTION TRANSPORT: Taps Liquidators from Poppleton & Appleby
-------------------------------------------------------------
Stephen James Wainwright and Stephen Lord of Poppleton & Appleby
were appointed Liquidators of Junction Transport Services (St.
Helens) Limited on Dec. 5 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Junction Transport Services (St. Helens) Limited
         Unit 33
         Eastside Industrial Estate
         Jackson Street
         St. Helens
         Merseyside WA9 3AS
         United Kingdom
         Tel: 01744 616 121
         Fax: 01744 616 171


MEDIARY LIMITED: Appoints Dewey & Co as Administrator
-----------------------------------------------------
P. R. Dewey of Dewey & Co. was appointed administrator of
Mediary Ltd. (Company Number 5029342) on Nov. 28.

The administrator can be reached at:

         P. R. Dewey
         Dewey & Co.
         17 St Andrews Crescent
         Cardiff
         Glamorgan CF10 3DB
         United Kingdom
         Tel: 029 2022 2244
         Fax: 029 2022 2223
         E-mail: peter@dewey.demon.co.uk

Mediary Ltd. can be reached at:

         Britannia House
         Caerphilly Business Park
         Caerphilly
         Mid Glamorgan CF83 3GG
         United Kingdom
         Tel: 029 2086 8822
         Fax: 029 2086 9956


MG ROVER: Nanjing Faces Dispute Over Brand Ownership in Europe
--------------------------------------------------------------
Nanjing Automobile Group and MG-Rover's Dutch administrator are
in dispute over the ownership of the MG brand in continental
Europe, according to published reports.

Anthony Terng, administrator of MG Rover Nederland B.V., claimed
that the insolvent company still owns several MG trademarks in
Europe particularly in France and Germany.

XFN-Asia says, citing a report from the Financial Times, that
Nanjing Auto's purchase in 2005 covered only the British assets
of MG Rover, including the MG name and a plant in Birmingham.

James Mackintosh of FT discloses that Nanjing would need to
secure the trademarks before it can continue its plans to sell
cars in Europe.

Mr. Terng said that talks with Nanjing regarding the sale of the
necessary trademarks are underway.  Mr. Terng declined to reveal
how much they could be worth, but noted that payments to the
company's ordinary creditors would depend on the sale of the MG
marque, FT relates.

Although it has also claimed to own the brand, Nanjing has
reportedly made an offer, which Mr. Terng turned down as too
low, Reuters relates.  Mr. Terng added that he has received
approaches from industry and private parties for the MG brands
but kept them at bay pending talks with Nanjing.

Headquartered in Nanjing, China, Nanjing Automobile Group
Corporation (aka Yuejin Motor Group) -- http://www.nanqi.com.cn/
-- possesses an annual production capacity of 180,000 vehicles
of various models and has three major vehicle production bases,
namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat. The
products cover more than 400 types of models, including
passenger cars, light duty trucks, light duty buses, cross
country vehicles, small-sized passenger/cargo transportation
vehicles, special-purpose vehicles as well as various types of
chasses etc.

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  It appointed Ian Powell, Tony Lomas and Rob Hunt,
partners in PricewaterhouseCoopers, as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.

In a TCR-Europe report on July 26, Nanjing said it would spend
not less than GBP10 million to restart production at the former
MG Rover plant in Longbridge, England.

In the first half of 2007, the Chinese automaker plans to build
13,000 cars based on the Rover 75/MG ZT lower-premium sedan and
7,000 MG TF convertible sports cars.

The company will begin selling MG TFs in the second half of next
year in the U.K. and Europe, while MG ZT sedans will become
available in U.K. in 2008.

By 2011, Nanjing hopes to assemble 85,000 MG 7 a year and 25,000
MG TF, supplying as many parts for both models as possible from
China in order to keep costs at a minimum.


NORFOLK COUNTRY: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Norfolk Country Foods (Anglia) Limited confirmed
Dec. 1 the appointment of Andrew James Nichols of Redman Nichols
as the company's Liquidator.

The company can be reached at:

         Norfolk Country Foods (Anglia) Limited
         59 Beccles Road
         Gorleston
         Great Yarmouth
         Norfolk NR310PS
         United Kingdom
         Tel: 01493 661 961
         Fax: 01493 443 990


NWSG LIMITED: Creditors' Meeting Slated for December 20
-------------------------------------------------------
Creditors of NWSG Ltd. (Company Number 5393528) will meet at
11:00 a.m. on Dec. 20 at:

         De Vere Daresbury Park Hotel
         Chester Road
         Warrington
         Cheshire WA4 4BB
         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. 19 at:

         Jonathan Guy Lord
         Joint Administrator
         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk


PERPETUO LIMITED: Appoints Liquidator from Valentine & Co.
----------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Perpetuo Limited (t/a Carters Catering) on Dec. 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Perpetuo Limited
         1-3 Thesiger Road
         Bromley
         London SE207NQ
         United Kingdom
         Tel: 020 8778 2165


POSITIVE RECRUITMENT: Names Liquidator to Wind Up Business
----------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Limited was
appointed Liquidator of Positive Recruitment Limited on Dec. 1
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Positive Recruitment Limited
         Park House
         41 Park Street
         Wellington
         Telford
         Shropshire TF1 3AE
         United Kingdom
         Tel: 01952 640 000


PRECISION GRINDING: Taps Cresswall Associates as Administrators
---------------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Ltd. were appointed joint administrators of Precision Grinding
A.G.M. Ltd. (Company Number 03625850) on Nov. 23.

The administrators can be reached at:

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

Precision Grinding A.G.M. Ltd. can be reached at:

         Pontygwindy Industrial Estate
         Caerphilly
         Mid Glamorgan CF83 3HU
         United Kingdom
         Tel: 029 2085 2850
         Fax: 029 2085 2854


PROMETIC LIFE: Initial Public Offering for BioSciences Stalled
--------------------------------------------------------------
As part of its restructuring plan, ProMetic Life Sciences Inc.
has been preparing a potential initial public offering for its
U.K. subsidiary, ProMetic BioSciences Ltd. on the London Stock
Exchange's AIM.

However, a number of events that significantly impacted PBL's
revenue growth and value have affected the overall strategy and
timing regarding the IPO.  These positive events include the CE
mark -- European approval of the P-Capt TM filter which will be
commercially launched by MacoPharma in early 2007, favorable
changes in the competitive landscape for the prion filter
business opportunity, followed by a recent flow of agreements
and forthcoming developments with prominent pharmaceutical
companies.

"Because PBL is expected to be cash neutral with projected
revenues in excess of US$15 million in 2007, it makes more
business sense for the benefit of our shareholders not to do an
IPO at this point in time," stated Pierre Laurin, President and
CEO of ProMetic.  "If and when reconsidered, it could be done at
a much higher value.  As milestones are being systematically
achieved, and revenue finally materializing, the market will
realize the value of PBL's proven technologies and of past
investment decisions."

ProMetic has invested over the past few years in 2 strategic
joint-projects with the American Red Cross, both of which have
now reached commercial status.  Considerable investments have
also been made in the manufacturing infrastructure enabling PBL
to supply a growing number of clients and licensees.  This is
further evidenced by PBL's most recent string of announcements
including agreements with Novozymes Delta, Pfizer and Novartis,
as well as the expansion of existing programs such as the one
with Octapharma.

In addition, ProMetic's U.S. subsidiary, ProMetic
BioTherapeutics Inc. established in July 2006 to commercialize
the proprietary plasma manufacturing processes, also projects to
be cash flow neutral by the end of 2007.  This results from
existing and forthcoming licensing agreements with established
plasma industry players.

Additionally, ProMetic BioSciences Inc. has filed a Clinical
Trial Application with Health Canada for the expansion of the
PBI-1402 clinical program to include the treatment of anemic
patients with Chronic Kidney Disease.  This trial is designed to
investigate the effect of PBI-1402 in CKD patients who remain
anemic despite treatment with high doses of erythropoietin.
Subject to regulatory approval, patient enrollment would be
expected to commence early in first quarter 2007.

Moreover, on Nov. 3, 2006, in order to improve its ability to
further its growth and implement strategic initiatives, the
company filed and obtained approval from the Autorite des Marche
financiers, acting as principal regulator, for the use of a CDN
US$42 million short form base shelf prospectus or "shelf
registration" with the securities regulators in each Canadian
province.  The shelf registration provides the company with the
flexibility to periodically issue subordinate voting shares in
one or more tranches during the 25-month period in which the
shelf prospectus remains valid.

The securities may be issued at the company's discretion, with
an aggregate offering amount not to exceed CDN42 million in
value.  In the event the Company decides to offer securities
under the base shelf prospectus, it will prepare and distribute
a Prospectus Supplement that will include the specific terms of
the designated securities.  The terms of such future offerings,
if any, would be established at the time of such offering, and
unless otherwise specified in a Prospectus Supplement, the net
proceeds of the offerings will be used by the company as working
capital and for general corporate purposes.

                      About ProMetic Life

Based in Montreal, Canada, ProMetic Life Sciences Inc. (TSX:PLI)
-- http://www.prometic.com/-- is a biopharmaceutical company
specialized in the research, development, manufacture and
marketing of a variety of commercial applications derived from
its proprietary Mimetic Ligand TM enabling technology, which is
used in large-scale purification of biologics and the
elimination of pathogens.  The company is also active in
therapeutic drug development with the mission to bring to market
effective, innovative, lower cost, less toxic products for the
treatment of inflammation and cancer.  Its drug discovery
platform is focused on replacing complex, expensive proteins
with synthetic "drug-like" protein mimetics.

The company has research and development, and manufacturing
facilities in the U.K. and business development activities in
the U.S., Europe, Asia and Middle East and North African
countries.

                   About ProMetic BioSciences

ProMetic BioSciences Ltd. specializes in the development and
manufacture of robust affinity separation materials which
provide very high levels of purification.  In view of their use
for the production of therapeutics, ProMetic's affinity products
are manufactured to strict quality standards at the company's
GMP-compliant manufacturing facility on the Isle of Man, which
completed a pounds sterling 1.5 million expansion in 2005.  The
company also operates an research and development laboratory
located on the Cambridge Science Park, U.K.

                         *     *     *

In the going concern explanatory note in its audited,
consolidated financial statements for the years ended Dec. 31,
2005 and 2004, ProMetic Life Sciences Inc. relates that it has
concentrated its resources on research and development since
inception, and has not achieved net earnings, has minimal
revenues and negative operating cash flows, and has financed its
activities through the issuance of shares.  The company's
ability to continue as a going concern is dependent on obtaining
additional investment capital and achieving profitable
operations.


QUEBECOR WORLD: Plans to Offer US$400-Mln Sr. Unsecured Notes
-------------------------------------------------------------
Quebecor World Inc. plans to offer around US$400 million
aggregate principal amount of new Senior Notes due 2015.  The
terms of the new Senior Notes will be settled between Quebecor
World Inc. and the initial purchasers of the notes.

The Senior Notes will be issued by the Company and will be
unconditionally guaranteed on a senior unsecured basis by
Quebecor World Capital ULC, Quebecor World (USA) Inc. and
Quebecor World Capital LLC, all wholly owned subsidiaries of the
Company.

The proceeds from the sale of the Senior Notes will be used to
reduce indebtedness, including to repurchase up to US$125
million of the Company's 8.54% senior notes due 2015, 8.69%
senior notes due 2020, 8.42% senior notes due 2010 and 8.52%
senior notes due 2012 under the cash tender offers commenced by
Quebecor World (USA) Inc. on Nov. 30, 2006, to repay in full the
company's US$150 million 7.25% senior debentures due in January
2007 and to repay borrowings under the Company's revolving
credit facility.  The balance of the proceeds, if any, will be
used for general corporate purposes.

Concurrent with this proposed offering, the Company obtained
temporary accommodation of certain covenants under its bank
credit facilities in order to provide itself with greater
financial flexibility.

Headquartered in Montreal, Canada, Quebecor World Inc. (TSX:
IQW)(NYSE: IQW) -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has around 32,000 employees working in more than 140
printing and related facilities in the United States, Canada,
Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland,
France, India, Mexico, Peru, Spain, Sweden, Switzerland and the
United Kingdom.

As reported in the Troubled Company Reporter-Europe on Dec. 12,
Standard & Poor's Ratings Services affirmed its ratings,
including its 'B+' long-term corporate credit rating, on
printing company Quebecor World Inc.  At the same time, Standard
& Poor's removed the ratings from CreditWatch with negative
implications, where they were placed Sept. 28, 2006.

S&P said the outlook is negative.


QUEBECOR WORLD: Moody's Rates US$400 million Senior Notes at B2
---------------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating
to the pending US$400 million Senior Notes issue due 2015 of
Quebecor World Inc., while the family Probability of Default
rating remains B2 and the Loss Given Default of the new issue
has been assigned as LGD4, 50%.

The outlook for the rating is negative.

On Dec. 8, 2006, Moody's downgraded QWI's Corporate Family
Rating to B2 from B1.

Quebecor World Inc. is one of the world's largest commercial
printers, headquartered in Montreal, Quebec, Canada.


R.A.D WAREHOUSING: Claims Filing Period Ends Jan. 9, 2007
---------------------------------------------------------
Creditors of R.A.D Warehousing Limited have until Jan. 9, 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
Shay Lettice at:

         Peters Elworthy & Moore
         Salisbury House
         Station Road
         Cambridge CB1 2LA
         United Kingdom

Headquartered in Newmarket, England, R.A.D. Warehousing Limited
-- http://www.rad-warehousing.co.uk/-- provides warehousing,
storage, logistics and distribution, and packaging services.


REFCO INC: 14 Parties Object to Plan Confirmation
-------------------------------------------------
Fourteen parties and individuals object to the First Amended
Joint Chapter 11 Plan filed by Refco Inc. and its debtor
affiliates; Marc S. Kirschner, the Chapter 11 Trustee for Refco
Capital Markets, Ltd.; and the Official Committee of Unsecured
Creditors and the Additional Committee.

The Objecting Parties are:

   * Forex Capital Markets, LLC, Forex Trading L.L.C., FXCM
     Canada Ltd., FXCM L.L.C., Dror Niv, David Sakhai, William
     Ahdout, Kenneth Grossman, Edward Yusupov, and Michael
     Romersa;

   * West Loop Associates, LLC;

   * Kenneth Krys and Christopher Stride, the joint official
     liquidators of SPhinX Managed Futures Fund SPC and 21 of
     SPhinX's affiliates;

   * American Financial International Group - Asia, LLC, Norma
     LaVigne, and Vaughn LaVigne;

   * New York Financial;

   * Hillier Capital Management, LLC, et al.;

   * PlusFunds Group, Inc.;

   * Russia Growth Fund Ltd.;

   * Revive, Limited;

   * William M. Sexton;

   * Gerald M. Sherer;

   * Stephen Grady;

   * Dennis Klejna; and

   * Joseph P. Murphy.

The Objecting Parties ask the U.S. Bankruptcy Court for the
Southern District of New York to deny confirmation of the Plan
because it fails to satisfy the standards for confirmation under
Section 1129 of the Bankruptcy Code.

The Court will commence a hearing on the Plan Confirmation on
Dec. 15, 2006.

(1) FXCM Parties

On the FXCM Parties' behalf, Douglas Furth, Esq., at Golenblock
Eiseman Assor Bell & Peskoe LLP, in New York, relates that Refco
Group Limited LLC acquired a 35% stake in FXCM, FXT, FXCM
Canada,
and FXCM L.L.C. from Messrs. Sakhai, Ahdout, Grossman, Yusupov,
and Romersa.  The acquisition was accomplished in two separate
transactions:

   (i) 20% of the FXCM Entities being acquired by RGL as of
       December 27, 2002, for US$18,000,000; and

  (ii) 15% of the FXCM Entities being acquired as of February 1,
       2004, for US$24,000,000.

Mr. Furth says that the sales to RGL were intended as part of a
broader strategic alliance between RGL and its affiliates, on
one hand, and the FXCM Entities, on the other hand, that
included servicing of many of the Debtors' customer foreign
exchange accounts pursuant to a Facilities Management Agreement.

Mr. Furth states that operating agreements for FXCM, FXT, FXCM
Canada, and FXCM L.L.C. are substantially identical.

The FXCM Operating Agreements provides, among others, that if a
member receives a bona fide offer to purchase some or all of its
membership interest from any person other than another member,
the Selling Member will notify the other Members of the offer
and provide the Non-Selling Members with a copy of the offer and
sufficient information to substantiate the offeror's ability to
consummate the transaction.

Nothing in the Operating Agreements excludes inter-affiliate
transfers from the "right of first refusal," let alone a
transfer for the creditors' benefit, Mr. Furth points out.

Pursuant to the Plan, RGL will merge into Refco following the
Plan Effective Date.  Refco will then become the owner of the
FXCM Equity Stake.  However, the value of the FXCM Equity Stake
will be shared with the RCM creditors, as well as with creditors
of all of the other Debtors that merge into Refco.

The FXCM Parties assert that the conveyances effected by the
Plan trigger the right of first refusal contained in the
Operating Agreements, and that the Plan cannot permissibly
deprive the other members of the FXCM Entities of the benefit of
the bargain.

The FXCM Parties also contend that the Plan fails to recognize
the right of first refusal in favor of the other members of the
FXCM Entities, like Messrs. Niv, Sakhai, Ahdout, Grossman,
Yusupov, and Romersa.   The FXCM Parties maintain that any order
confirming the Plan must contain a provision requiring RGL to
provide the Non-Selling Members with a 30-day notice of their
intention to sell the FXCM Equity Stake for a price not to
exceed US$42,000,000.  The Plan confirmation order must also
provide the Non-Selling Members with the bargained for
opportunity to exercise the right of first refusal.

The FXCM Parties further complain that the Plan cannot impair
any right of rescission or the right of first refusal.

Accordingly, the FXCM Parties want the Plan modified to:

   (i) enforce the rights of first refusal in the FXCM Operating
       Agreements at an aggregate purchase price not to exceed
       US$42,000,000; and

  (ii) clarify that nothing contained in the Plan will be
       construed as depriving any FXCM Seller of the right to
       seek rescission of its sale of the FXCM Equity Stake to
       RGL, or any Non-Selling Member of the right to exercise
       its right of first refusal upon a subsequent sale of the
       FXCM Equity Stake by RGL, Reorganized Refco, or any of
       their successors.

(2) West Loop

Representing West Loop, Brent Truitt, Esq., at Hennigan, Bennett
& Dorman LLP, in New York, tells Judge Drain that the so-called
global compromise and settlement underlying the Plan is not as
"global" as the Plan Proponents would have the Court and the
voting creditors to believe.  He notes that at least one
significant constituency -- general, unsecured trade creditors
of the Contributing Debtors, including those of Refco Group
Ltd., LLC -- appear to have been left out of the process that
resulted in the Plan.  Those interests should have been
protected by the official creditors committees charged with
representing the interests of trade creditors, he points out.

Unfortunately, both the Official Committee and the Additional
Committee are populated exclusively by entities that either have
claims against RCM or are holders of Senior Subordinated Notes,
Mr. Truitt says.  Both constituencies faced significant
litigation risk that their claims should be subordinated for
preference payments and other matters.  However, when the dust
cleared, RCM and the Noteholders cut a business deal, under
which the parties opted to settle that litigation among
themselves by effectively subordinating the claims of general
unsecured trade creditors that were not represented at the
table, he relates.

"Not surprisingly, what resulted was a lopsided plan, skewed
heavily in favor of the Noteholders and RCM to the detriment of
RGL's general, unsecured creditors," Mr. Truitt argues.  "As the
limited discovery received to date by West Loop is already
making clear, the resulting Plan was designed with the purpose
of finding a legal justification for the business deal that left
RGL's general, unsecured trade creditors holding the bag,
receiving far less than other creditors, and having to wait
until distributions were made to RCM and the Noteholders before
getting a penny from RGL."

Mr. Truitt asserts that the result of that effort is the
"pooling" of assets, which is nothing more than a disguise for
the partial substantive consolidation that applies selectively
in a manner that favors the Noteholders and RCM to the detriment
of trade creditors.

Mr. Truitt avers that the Plan Proponents were forced to use
unrealistic assumptions, and make unreasonable allocations of
assets and expenses that were heavily weighted toward the
positions of the Noteholders and RCM.

"This is perhaps most obvious in the liquidation analysis," Mr.
Truitt explains.  "Although still unclear, it appears that the
Plan Proponents have assumed that, in a Chapter 7 liquidation,
no subordination of the claims of RCM would occur, and no
avoidance of the preference payment made to Noteholders would be
obtained."

Moreover, West Loop notes that the Plan Proponents have stacked
the classification deck by including within Class 5(a).18 the
guaranty claims of certain customers and creditors of RCM that
are obtaining separate recoveries under the Plan.  Thus, the RCM
creditors stand to recover against both RCM and RGL, but yet are
being asked to approve, on RGL's behalf, a settlement that
disproportionately shifts the allocation of the BAWAG proceeds
from RGL to RCM.

Mr. Truitt complains that those guaranty claims have vastly
conflicting interests, and their votes should not be grouped
with RGL's general unsecured trade creditors nor counted in
determining whether Class 5(a).18 votes to accept or reject the
Plan.

(3) FXA Customer Class Plaintiffs

American Financial, et al., are plaintiffs and proposed class
representatives in a class action pending in the U.S. District
Court for the Southern District of New York, asserting claims
for negligence, fraud, gross mismanagement, and breach of
fiduciary duty against former officers and directors of Refco FX
Associates, LLC.

The FXA Customer Class Plaintiffs object to the Plan
confirmation because:

   (1) the Plan, if confirmed, would release non-debtor
       defendants in the AFIG Action, including William M.
       Sexton, who held several positions with various debtor
       Entities prepetition and serves as the interim chief
       executive officer of Refco, postpetition;

   (2) the Plan would release potential non-debtors who may be
       added as defendants in the AFIG Action as discovery
       progresses and new facts are revealed about the fraud
       and mismanagement at Refco;

   (3) the Plan would carve out other pending litigation, but
       would not carve out the AFIG Action; and

   (4) the Plan unfairly attempts to take away control of the
       AFIG Action from the named plaintiffs and, instead,
       assign it to a litigation trust.

Accordingly, the FXA Customer Class Plaintiffs want the Plan
amended to preserve their rights and of the proposed class.

(4) SPhinX Liquidators

The SPhinX Liquidators object to the Plan Confirmation because:

   (a) the Plan unfairly enjoins their potential disgorgement
       actions against third party distributees of the SPhinX
       settlement proceeds; and

   (b) the Plan requires them to release Refco Alternative
       Investments LLC and other non-debtor entities from
       potential claims.

In addition, the SPhinX Liquidators complain that they should
not be required to waive their RCM/FX claim if they elect not to
release BAWAG.

(5) Debtors' Officers and Employees

Mr. Klejna, former general counsel of some of the Debtors, wants
the confirmation of the Plan denied because it:

   (a) violates Section 1129(a)(1) by seeking to involuntarily
       subordinate claims, which may not be subordinated under
       Section 510(b), and by creating a class of subordinated
       claims that is broader than provided for in the
       Bankruptcy Code;

   (b) should not determine defenses to causes of action yet to
       be identified or filed by a private actions trust; and

   (c) improperly extinguishes valid claims without compliance
       with the claims process, and discriminates against
       creditors to whom more than one debtor may be liable.

Mr. Klejna intends to preserve his rights to indemnification,
and to preserve defenses that he will be entitled to assert in
any future litigation that may be brought against him.

Mr. Sexton, who served as officer of the Debtors from April 1999
through November 2005, supports Mr. Klejna's position.

Messrs. Sherer and Grady inform the Court that they were parties
to a 2004 Executive Employment and Non-Competition Agreement
with RGL.  Pursuant to the Employment Agreement, Mr. Sherer was
to serve as RGL's chief financial officer from December 2004
through February 2007, while Mr. Grady was to serve as RGL's
chief operating officer from the Petition Date through Nov. 26,
2005.  In consideration for those duties, RGL was obligated to
pay the two officers monetary compensation and additional
benefits.

Messrs. Sherer and Grady ask Judge Drain to clarify that if an
avoidance action and other litigation is commenced against them
on behalf of the Debtors' estates, their rights of set-off and
recoupment are not being eliminated in any way by the Plan's
terms.

Mr. Sherer also asks Judge Drain to clarify that to the extent
he has valid indemnification claims against the Debtors, those
claims are not being eliminated by the Plan, including the broad
release, injunction, and exculpation provisions.

Mr. Murphy timely filed proofs of claim against the Debtors
relating to his employment from March 1999 through December
2005.  Mr. Murphy opposes the Plan to the extent that it is
prejudicial to his recovery against the Debtors or their assets.
Mr. Murphy will withdraw his objection to the extent the
prejudice, if any, is resolved in the claims process or by
stipulation among the parties.

(6) Other Objections

New York Financial asks Judge Drain to deny the Plan
Confirmation as it relates solely to FXA's "stand alone" estate.

Specifically, New York Financial contends that:

   * the Plan violates Section 1129(a), as it compromises
     significant and non-disputed inter-company claims FXA has
     against RCM;

   * the "pooling" of FXA assets for non-FXA creditors violates
     the Bankruptcy Code; and

   * under the Plan, non-consenting creditors are deemed to
     grant unconditional releases in direct contravention of
     applicable Second Circuit authority.

Hillier adds that the Plan cannot be confirmed because it
improperly classifies certain customer property claims as FX
General Unsecured Claims.

PlusFunds also wants the Plan denied to the extent that it
provides for less favorable treatment for its claim based on
breach of contract, and fraud and related torts against any of
the Refco Debtors relative to any general unsecured claims held
by any other creditors.

The Plan appears to provide for less favorable treatment for
certain claims, which may include the Tort Claim, that may be
asserted against any of the Refco Debtors relative to unsecured
claims that one or more other unsecured creditors may assert
against the Refco Debtors, Steven J. Reisman, Esq., at Curtis,
Mallet-Prevost, Colt & Mosle LLP, in New York, counsel for
PlusFunds, tells Judge Drain.

Any distinction in treatment, where the Tort Claim would receive
less favorable treatment than any other general unsecured
creditors' claims, violates Section 1122 because it would
effectuate unequal treatment for claims that have a similar
legal character, Mr. Reisman asserts.

On the other hand, Russia Growth tells Judge Drain that even if
RCM's Chapter 11 case is converted to Chapter 7 at the last
minute, as long as the Plan deviates from statutory provisions
for the liquidation of a stockbroker under Chapter 7, the Plan
still cannot be confirmed.

Revive, which owns claims of 246 former Japanese customers of
FXA, informs the Court that the aggregate amount of claims it
currently holds is around US$7,000,000.  Revive's claims
consist almost entirely of Customer Property Claims.

By its objection, Revive wants the Plan Confirmation denied
because the Plan:

   (i) improperly classifies the Customer Property Claims as FX
       General Unsecured Claims; and

  (ii) does not provide for the preservation of funds to which
       the Customer Property Claim Holders may be entitled, or
       for the satisfaction of the Customer Property Claims, if
       an entitlement is established.

                          About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


REFCO INC: Inks US$350,000 Settlement with Trading Technologies
---------------------------------------------------------------
Trading Technologies International Inc. reached a settlement
agreement with Refco Group Ltd., LLC, Al Togut, the chapter 7
trustee of Refco, LLC, Refco EasySolutions, LLC, Refco Screens,
Limited, and other Refco-related entities.

The settlement resolves a lawsuit that was pending in the United
States District Court for the Northern District of Illinois
Eastern Division, styled Trading Technologies International,
Inc. v. Refco Group Ltd., LLC (Case No. 1:05-cv-01079), prior to
Refco's chapter 11 filing.  The lawsuit alleges that the
defendants infringed TT's U.S. Patent Nos. 6,766,304 and
6,772,132, by making, using, selling, importing, offering for
sale or otherwise distributing software applications known as
"Refco Pro" and "EasyScreen Ladder Ticket."

The lawsuit was resolved with the entry of a Consent Judgment
finding infringement and validity.  As part of the settlement,
Refco will pay to TT a settlement amount of US$350,000 and TT
will release Refco and its customers of any past liability for
infringement of TT's MD Trader patents.

Specifically, the Settlement Agreement provides that, among
other things:

   (1) the Refco Entities will not infringe the Patents for
       the term of the Settlement;

   (2) the Refco Entities will pay US$350,000 to Trading
       Technologies;

   (3) Trading Technologies will consent to the Court's entry
       of an order providing for deemed withdrawal of the Claims
       with prejudice; and

   (4) the Lawsuit will be resolved through the filing of a
       consent judgment with the District Court.

The parties further agree to release, acquit and forever
discharge each other and their affiliates from any and all
claims relating to the Lawsuit or to the infringement of any of
the Patents or any other intellectual property rights, breach of
contract or otherwise arising out of manufacture, creation,
copying, importation, use, sale, offer for sale, lease, or other
distribution of the Software provided by the Refco Entities to
Man Financial, Inc., and Marex Group Ltd.

The Settlement Agreement will remain in full force and effect
until the expiration of the last to expire of the Patents.

Trading Technologies has entered into separate agreements with
Man and Marex.  Man has agreed to discontinue using the Software
after a transition period.  Marex has agreed to use a modified
version of the Software.

                   About Trading Technologies

Trading Technologies -- http://www.tradingtechnologies.com/--
develops high performance trading software for derivatives
professionals, including the world's premier exchanges, money-
center banks, proprietary traders, securities brokers, Futures
Commission Merchants, hedge funds and other trading
institutions.  The company's X_TRADER(R) software and related
services provide direct access to the world's major derivatives
exchanges.  TTNET(TM), TT's Application Service Provider
(ASP)/hosting solution, delivers maximum system stability and
fast trade execution via hubs located close to the major
exchanges in Chicago, New Jersey, London and Frankfurt.
Additional data centers are planned for Tokyo and Singapore.

Headquartered in Chicago, Trading Technologies maintains a
worldwide presence with offices in New York, Houston, London,
Frankfurt, Singapore, Hong Kong, Tokyo and Sydney.  In 2004,
Trading Technologies was named the best technology company to
work for in Chicago by Chicago magazine and ranked third among
all Chicago area employers.  In 2006, TT received the
prestigious Lighthouse Award from the Illinois Information
Technology Association as the leading technology company in
Illinois.

                          About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


ROCKET DESIGNS: Liquidator Sets Feb. 28, 2007 Claims Bar Date
-------------------------------------------------------------
Creditors of Rocket Designs 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
Anthony Hyams at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         United Kingdom

The company can be reached at:

         Rocket Designs Limited
         Unit 38
         Chelsea Wharf
         15 Lots Road
         London SW10 0QJ
         United Kingdom
         Tel: 020 7351 3377


SAMSONITE CORP: Moody's Rates New US$80-Mln Senior Debt at Ba3
--------------------------------------------------------------
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
$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 would exceed 6x upon
completion of the transaction, up from 4.1x 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 4.5x while
maintaining positive free cash flow and EBITA margins of over
10% by the end of FYE January 2008.

On Nov. 21, 2006, Samsonite reported 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
      around US$450 million term loan facility and an
      around US$80 million revolving credit facility; and,

   4) the distribution of US$175 million in cash in the form of
      a special dividend to the company's stockholders.

Ratings assigned and confirmed:

   * Samsonite Corporation

      -- US$80 million senior secured revolving credit facility
         at Ba3, LGD2, 25%

      -- US$450 million senior secured term loan at Ba3, LGD2,
         25%

      -- Corporate Family Rating at B1

Ratings downgraded are:

   * Samsonite Corporation

      -- EUR100 million senior unsecured notes to B1 from Ba3
      -- US$205 million 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 and weak proforma 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 Corporation 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
Corporation, 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
Corporation 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 twelve-month period ended July 30, 2006, were US$996
million. Executive offices are located in London, England.


SAMSONITE CORP: S&P Rates US$530-Million Credit Facility at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Samsonite Corp.'s US$530 million
senior secured credit facility.

The facility consists of an US$80-million six-year revolving
credit and a US$450-million seven-year term loan B.  The loan is
rated 'BB-' (at the same level as the 'BB-' corporate credit
rating on Samsonite) with a recovery rating of '3', indicating
the expectation for meaningful (50%-80%) recovery of principal
in the event of a payment default.

These ratings are based on preliminary terms and are subject to
review upon final documentation.  Ratings on the company's
existing US$35-million multicurrency revolving credit and US$25-
million euro-currency revolving credit will be withdrawn when
the refinancing transaction closes.

Proceeds from these facilities will be used to fund a
US$175 million special dividend to the company's shareholders,
and to repay the remainder of the company's EUR100-million
floating-rate notes due 2010 and US$165-million on its
outstanding senior subordinated notes due 2011.  Standard &
Poor's expect these transactions to close by the end of December
2006.  As a result of the refinancing and the incremental debt
added to the company's balance sheet, Standard & Poor's expect
pro forma lease- and pension-adjusted debt leverage to increase
to slightly more than 4.0x, from about 3.2x as of July 31, 2006.

The corporate credit rating on Samsonite is 'BB-' and the rating
outlook is negative.  The rating reflects the company's
aggressively leveraged financial profile, narrow business focus,
and exposure to the travel and tourism industry.  These factors
are somewhat offset by the company's strong market position as a
leading global manufacturer and distributor of luggage, casual
bags, business cases, and other travel-related products.

                      Ratings List

Samsonite Corp.

      Corporate Credit Rating            BB-/Negative/--

Ratings Assigned

      US$530-million Senior Secured
      Credit Facility                    BB- (Recovery Rtg: 3)


SOLECTRON CORP: S&P Lifts BB- Rating on Solid Financial Profile
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, Calif -based Solectron
Corp. to 'BB-' from 'B+', and its subordinated debt rating to
'B' from 'B-'.  The outlook is revised to stable.

"The rating action is based on the company's solid financial
profile, which has proven resilient despite significant
operating challenges, and modest expectations for improved
revenue and profitability performance in the near to mid term,"
said Standard & Poor's credit analyst Lucy Patricola.

Ratings reflect operating profitability at the low end of the
range of its peers in the highly competitive electronics
manufacturing services industry and expectations of modest,
incremental improvements, offset by a financial profile that is
stronger than the corporate rating with good liquidity and light
leverage.  The company had about US$834 million of
lease-adjusted debt outstanding at Aug. 31, 2006.

Sales continue a four-quarter trend of gradual sequential
improvement from the trough level of August 2005, up 7%
sequentially and up 21% over the year earlier period.  Market
recovery is broad-based, with all end markets expanding in the
August quarter.  Revenue from nontraditional EMS markets,
including consumer, industrial and automotive was up 32%
compared to the year earlier quarter.  Networking was up 21% but
remains volatile because of revenue concentration.  Revenues are
likely to continue to gradually expand, although the company may
experience some quarter-to-quarter volatility because of
uneven order patterns for its key customer, Cisco, and the
increasing share of seasonal consumer business.


SECAL GROUP: Creditors' Meeting Slated for December 21
------------------------------------------------------
Creditors of Secal Group Ltd. (Company Number 02896412) will
meet at 10:00 a.m. on Dec. 21 at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 20 at:

         C. K. Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham B3 3SD
         United Kingdom
         Tel: 0121 200 4600
         Fax: 0121 200 4650

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


SOLUTIA INC: Has Until March 16 to Solicit Plan Acceptances
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended Solutia Inc. and its debtor-affiliates' exclusive
period to file a plan of reorganization through and including
Jan. 15, 2007, and their exclusive period to solicit acceptances
of the plan through and including March 16, 2007.

The Extension Order is without prejudice to:

   (a) the Debtors moving for further extensions of the
       Exclusive Periods pursuant to Section 1121(d) of the
       Bankruptcy Code; and

   (b) the rights of parties-in-interest to request that the
       Exclusive Periods be shortened upon appropriate notice
       and motion and the Debtors' and other parties' rights to
       oppose the motion.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial
advice.


TECHNOLOGIES TELECOM: Hires Administrators from Vantis
------------------------------------------------------
Colin Ian Vickers and Chris Stevens of Vantis Plc were appointed
joint administrators of Technologies Telecom Ltd. (Company
Number 05224397) on Nov. 27.

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

Technologies Telecom Ltd. can be reached at:

         Unit 14
         The Quadrangle
         49 Atalanta Street
         London SW6 6TU
         United Kingdom
         Tel: 01903 222500


TRAINER 1: Appoints Paul Appleton to Liquidate Assets
-----------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Trainer 1 Limited (formerly Trainersoft Corporation Limited)
on Dec. 4 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Trainer 1 Limited
         Unit 26 Kimberley Court
         Kimberley Road
         Brent
         London NW6 7SL
         United Kingdom
         Tel: 02076244844
         Fax: 02076244840


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
      Actionable, Achievable Solutions
         Contact: 240-629-3300 or
                  http://www.beardaudioconferences.com/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300


                           *********

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 * * *