TCREUR_Public/061218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, December 18, 2006, Vol. 7, No. 250

                            Headlines


A U S T R I A

ANTON KRIVANEK: Vienna Court Orders Business Shutdown
BAWAG PSK: Eyes Expansion to Eastern European Market
LTZ-BAUSERVICE: Claims Registration Period Ends January 2
MAXIMILIAN SEEBOECK: Creditors' Meeting Slated for December 21
MEBRI FITNESSCENTER: Creditors' Meeting Slated for December 21

OTTO WERNIG: Innsbruck Court Orders Business Shutdown
VIKTORIN BAU: Property Manager Declares Insufficient Assets


F I N L A N D

METSO OYJ: Buys Back Shares as Incentives for Key Personnel
METSO OYJ: Valmet Automotive Unit to Cut Production in Spring


F R A N C E

GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds
NOVASAUR S.A.S.: Strategic Review Cues Moody's to Change Outlook
OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+


G E O R G I A

VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget


G E R M A N Y

APPARATEBAU-GESELLSCHAFT: Claims Registration Ends December 20
AQUA FLOATARIS: Creditors' Meeting Slated for December 20
BITS LOGISTICS: Claims Registration Ends December 22
DUERR AG: Expands Asian Business with EUR57 Million Hyundai Deal
ELMI GMBH: Claims Registration Ends December 21

ENTRY FUNDING: Fitch Assigns Low-B Ratings on EUR16-Mln Notes
LOES HAUSBAU: Claims Registration Ends December 20
MOEBELHAUS WILLI: Claims Registration Ends December 22
MS REGINA: Claims Registration Ends December 20
PETER TIEFUHR: Claims Registration Ends December 22

R & S FLEET: Claims Registration Ends December 21
SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business
SEMPER FINANCE: Fitch Assigns BB Rating to EUR32.7-Mln Notes
TASK AGENTUR: Claims Registration Ends December 22
WUESTENROT BANK: Fitch Downgrades Individual Rating to C/D


G R E E C E

HELLAS TELECOM II: Moody's Junks Proposed EUR1.1-Billion Notes
TIM HELLAS: S&P Cuts Rating to B on Leveraged Recapitalization


I R E L A N D

ELAN CORP: Converts & Redeems US$253.6-Million Notes
SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business


I T A L Y

METSO OYJ: Buys Back Shares as Incentives for Key Personnel
METSO OYJ: Valmet Automotive Unit to Cut Production in Spring
WIND ACQUISITION: Fitch Upgrades EUR950-Mln Sr. Notes to BB/RR4


K A Z A K H S T A N

BEREKE LLP: Creditors Must File Claims by Jan. 12, 2007
EKIBASTUZ ENERGO: Creditors' Claims Due Jan. 26, 2007
GRAN PRI: Claims Filing Period Ends Jan. 24, 2007
LVOVSKAYA AGRICULTURAL: Creditors' Claims Due Jan. 2, 2007
ODA-STORY LLP: Court Begins Bankruptcy Proceedings

SWISS KAZAKH: Claims Registration Ends Jan. 26, 2007
TATYANA LLP: Proof of Claim Deadline Slated for Jan. 10, 2007
TS KURAL: South Kazakhstan Court Opens Bankruptcy Proceedings
URAL STROY: Claims Filing Period Ends Jan. 26, 2007


K Y R G Y Z S T A N

AK-TILEK-A: Creditors' Meeting Slated for Dec. 20
BISHKEKSKY PASSAJIRSKY: Creditors' Meeting Slated for Dec. 20


L I T H U A N I A

MAZEIKIU NAFTA: PKN Orlen Buys Yukos' Stake for US$2.34 Billion


N E T H E R L A N D S

GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds


P O L A N D

OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+


P O R T U G A L

BPN SGPS: Fitch Affirms Individual Rating at C


R U S S I A

BUILDER CJSC: Court Names V. Fursov as Insolvency Manager
BUSINESS-CITY CJSC: Court Names S. Shaporev to Manage Assets
GAZPROMBANK OA0: To Create Asset Management Unit in Luxembourg
INVEST-COM-BANK BELCOM: State Corp. Agency to Manage Assets
KRUTINSKOYE CJSC: Omsk Bankruptcy Hearing Slated for May 15

LUKOIL OAO: Places RUR14-Billion Non-Convertible Bonds in MICEX
LUKS OJSC: Court Starts Bankruptcy Supervision Procedure
MASLYANSKOYE LLC: Kurgan Bankruptcy Hearing Slated for Dec. 20
MELEKESSKAYA CJSC: Court Starts Bankruptcy Supervision Procedure
MOS-PROM-BANK LLC: Names State Corp. Agency to Manage Assets

OMSK-TRANS-STORY OJSC: Names V. Vinogradov to Manage Assets
REFCO INC: N.Y. Court Confirms Modified Joint Chapter 11 Plan
SHERBINOVSKAYA: Court Names A. Nefedov as Insolvency Manager
SIB-CONCORD CJSC: Court Names N. Baranova as Insolvency Manager
SISTEMA CAPITAL: Moody's Rates US$3-Billion MTN Program at (P)B3

SOUTHERN TELECOM: Partially Redeems Pay-to-Bearer Bonds
STEPURINSKIY FLAX: Court Names S. Postnov as Insolvency Manager
TRANSSIBERIAN RE: AM Best Assigns C++ Financial Strength Rating
UST'-ILIMSKIY BREWERY: Court Names A. Kostyunin to Manage Assets
VERKHNEKAMSKIY PHOSPHORITE: Asset Sale Slated for December 25

VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget
VOLGOGRADSKIY CENTRE: Bankruptcy Hearing Slated for March 15


S P A I N

FTPYME TDA: Moody's Junks EUR29.3-Million Series D Notes
MADRID RMBS II: Moody's Rates EUR18.9-Mln Series E Notes at Ba1
SANTANDER FINANCIACION: Moody's Junks EUR14.3-Mln Series F Notes


S W I T Z E R L A N D

AEGERI TRUST: Zug Court Suspends Bankruptcy Proceedings
CONVERIUM HOLDING: Fitch Upgrades Issuer Default Rating to BBB
ERIC REICHENBACH: Court Suspends Bankruptcy Proceedings
GASTHAUS GUBEL: Zug Court Starts Bankruptcy Proceedings
INTERAD LLC: Solothurn Court Suspends Bankruptcy Proceedings

JEANS STATION: Binningen Court Suspends Bankruptcy Proceedings
MBS-DENTAL LLC: Solothurn Court Starts Bankruptcy Proceedings
MUTH PARTNERS: Basel-Stadt Court Closes Bankruptcy Proceedings
NOVA MOBEL: Solothurn Court Suspends Bankruptcy Proceedings

WP-PRODUKTLEASING JSC: Zug Court Suspends Bankruptcy Proceedings


U K R A I N E

BUCHATSKYI MALTHA: Creditors Must File Claims by Jan. 4, 2007
DIAMOND LTD: Creditors Must File Claims by Feb. 7, 2007
STAROBILSKA' PETROLEUM: Creditors' Claims Due Jan. 4, 2007
SCHEVCHENKIVSKE AGRICULTURAL: Bankruptcy Supervision Starts
PROGRESS LLC: Khmelnitsky Court Starts Bankruptcy Supervision

NIZHYNSKE PLEMPIDPRYEMSTVO: Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

9 TO 5 OFFICE: Appoints Jeremy Knight to Administer Assets
ALEXANDER BOX: Creditors' Meeting Slated for January 8
AMAZON.COM INC: Moody's Lifts Corporate Family Rating to Ba2
ARTEMIS INDUSTRIAL: Taps Administrators from Begbies Traynor
BGM CRYOGENIC: Appoints BDO Stoy as Joint Administrators

BOLDGATE LIMITED: Brings In Tenon Recovery to Administer Assets
BONAS MACHINE: Names Gerald Maurice Krasner as Administrator
CANAS LIMITED: Appoints Alan Simon to Liquidate Assets
CAPCOM LIMITED: Claims Filing Period Ends Dec. 31
CAPITAL BATHROOMS: Appoints Milner Boardman as Administrators

CAPITEX LIMITED: Creditors' Claims Due Dec. 31
CLARK STEPHEN: Creditors' Meeting Slated for January 8
COMPUTFORCE LIMITED: Claims Registration Ends Dec. 31
CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator
COUNTRY FOODS: Brings In Administrators from BDO Stoy

D LEWIS: Nominates Liquidators from Purnells
DEP INTERNATIONAL: Creditors' Meeting Slated for December 22
DVS SYSTEMS: Brings In Liquidator from Rifsons
E & P COATINGS: Creditors' Meeting Slated for January 5
EFFECTIVE GOLF: Creditors' Meeting Slated for December 21

ELAN CORP: Converts & Redeems US$253.6-Million Notes
ENVELOPES U.K.: Creditors' Meeting Slated for December 22
FOCUS DIY: Moody's Junks Rating on High Financial Leverage
GEORGICA PLC: S&P Cuts Rating to CCC+ on Increased Leverage
HAMMOND SERVICES: Claims Filing Period Ends Jan. 11, 2007

HARBOURMASTER CLO 8: Fitch Places BB Rating on EUR11.8-Mln Notes
HINCHINGBROOKE HEALTHCARE: Faces Irrecoverable Deficit
IDEAL PERSONNEL: Taps Liquidator from Bulley Davey
INEOS GROUP: Moody's Changes Rating Outlook to Negative
J.T.L. STEEL: Appoints Liquidator from Begbies Traynor

LOADMASTER ENGINEERING: Claims Registration Ends Jan. 31, 2007
MABO U.K.: Names David Grindall Holmes Liquidator
MACROBUILD LIMITED: Calls In Liquidator from Haines Watts
MDP FABRICATIONS: Liquidator Sets Jan. 11, 2007 Claims Bar Date
MERLIN SOLUTIONS: Appoints Liquidator to Wind Up Business

MICRODOSE PRECISION: Names Jeremy Paul Oddie Liquidator
NATIONWIDE STONE: Creditors Confirm Voluntary Liquidation
OCEAN GOLD: Creditors' Meeting Slated for December 22
OPTISM LTD: Brings In Joint Liquidators from Lines Henry
OVERNIGHT TRANSPORT: Nominates Ninos Koumettou as Liquidator

PAF LIMITED: Hires Lloyd Biscoe to Liquidate Assets
PICTURE PERFECT: Hires Elliot Woolfe to Liquidate Assets
PIPE ACQUISITION: IPO Plans Spur S&P's Watch Positive on Ratings
PLANET CHILTERN: Hires M. S. E. Solomons as Liquidator
SCIENS CFO:  Moody's Rates EUR7.8-Mln Class E Notes at Ba1

SOUTH COAST: Names Eric William Sheppard Liquidator
TABERNA EUROPE: S&P Assigns BB Rating on EUR16-Mln Class E Notes
THAMES VALLEY: Brings In Liquidators from Harrisons
TOPFORDS LIMITED: Taps Liquidators from Recovery hjs

                            *********

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A U S T R I A
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ANTON KRIVANEK: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Oct. 23 an order shutting down
the business of LLC Anton Krivanek (FN 229115).  Court-appointed
property manager Georg Freimueller recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 28 (Bankr. Case No. 3 S 120/06a).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


BAWAG PSK: Eyes Expansion to Eastern European Market
----------------------------------------------------
Bawag P.S.K. will expand in Eastern Europe and sell more banking
and insurance products after it agreed to a EUR3.2 billion
takeover bid by a consortium led by Cerberus Capital Management
L.P., Bloomberg News reports.

"After things are a bit settled in Austria, we'll plan to expand
further into central and Eastern Europe," said Karl Stoss, Chief
of Assicurazioni Generali S.p.A.'s Austrian unit, told Bloomberg
News.

As reported in the TCR-Europe on Dec. 15, Osterreichischer
Gewerkschaftsbundhad agreed to sell Bawag to a consortium led by
Cerberus Capital Management L.P. for EUR3.2 billion, Bloomberg
News reports citing a source privy to the deal.  According to
the source, Cerberus will pay around EUR2.6 billion for the
assets and inject EUR600 million into Bawag.  Assicurazioni
Generali is part of Cerberus' takeover team.  Cerberus also
hired former Goldman Sachs Group Inc. partner Kenneth Leet as
regional head.

Ewald Nowotny, Bawag's Chief Executive, said Cerberus plans to
use Bawag as base for its European financial-services holdings,
Bloomberg News relays.   Mr. Nowotny plans to stay at Bawag
following Cerberus' takeover.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;
   -- BAWAG P.S.K.: long-term debt and deposit.


LTZ-BAUSERVICE: Claims Registration Period Ends January 2
---------------------------------------------------------
Creditors owed money by LLC LTZ-Bauservice (FN 258082h) have
until Jan. 2, 2007 to file written proofs of claims to court-
appointed property manager Georg Buder at:

         Dr. Georg Buder
         c/o Dr. Walther Moerth
         Bethlehemstrasse 3
         4020 Linz, Austria
         Tel: 0732/771877
         Fax: 0732/77187718
         Email: moerth.buder@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 15, 2007 to consider
the adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 24 (Bankr. Case No. 12 S 91/06d).  Walther Moerth
represents Dr. Buder in the bankruptcy proceedings.


MAXIMILIAN SEEBOECK: Creditors' Meeting Slated for December 21
--------------------------------------------------------------
Creditors owed money by KEG Maximilian Seeboeck (FN 259718p) are
encouraged to attend the creditors' meeting at noon on Dec. 21
to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 24 (Bankr. Case No. 6 S 88/06t).  Michael Neuhauser
serves as the court-appointed property manager of the bankrupt
estate.  Christof Stapf represents Mag. Neuhauser in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Michael Neuhauser
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at


MEBRI FITNESSCENTER: Creditors' Meeting Slated for December 21
--------------------------------------------------------------
Creditors owed money by LLC Mebri Fitnesscenter (FN 259884h) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Dec. 21 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         Maria Theresia Str. 12
         1st Floor
         Wels, Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Oct. 24 (Bankr. Case No. 20 S 125/06t).  Gerhard Eigner
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Mag. Gerhard Eigner
         Ringstrasse 25
         4600 Wels, Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: OFFICE@EIGNER-ROYER.AT


OTTO WERNIG: Innsbruck Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Innsbruck entered Oct. 23 an order shutting
down the business of LLC Otto Wernig (FN 39610a).  Court-
appointed property manager Herbert Matzunski recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Herbert Matzunski
         Salurner Road 16/1
         6020 Innsbruck, Austria
         Tel: 0512/582716-0
         Fax: 0512/571467
         E-mail: law@hauska-matzunski.at

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Oct. 16 (Bankr. Case No. 19 S 102/06g).  Roland
Kometer represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Dr. Roland Kometer
         Maria-Theresien-Road 5
         2nd Floor
         6020 Innsbruck, Austria
         Tel: 0512/58 21 20


VIKTORIN BAU: Property Manager Declares Insufficient Assets
-----------------------------------------------------------
Dr. Erwin Senoner, the court-appointed property manager for LLC
Viktorin Bau (FN 225300z), declared Oct. 23 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 45 S 53/06g).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Road 21
         1080 Vienna, Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


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F I N L A N D
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METSO OYJ: Buys Back Shares as Incentives for Key Personnel
-----------------------------------------------------------
Metso Oyj has repurchased 300,000 of its own shares for use as
incentives for key personnel.

The shares have been repurchased at the rate quoted in public
trading of the shares on the Helsinki Stock Exchange at the time
of purchase.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves 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: Valmet Automotive Unit to Cut Production in Spring
-------------------------------------------------------------
The production volume of Valmet Automotive, a unit of Metso Oyj,
is estimated gradually to decrease during spring to about 100
cars per day by April 2007.

During first 11 months in 2006 the production volume has been
approximately 150 cars per day.  The reason for the decrease is
the overall uncertain situation in the automobile market and its
effects on the demand for the car factory's products.  The
decrease in volume will mean an additional reduced need for
employees.

Valmet Automotive announced in November a decrease in the daily
production volume from 153 cars to 132 cars.  At the same time,
personnel negotiations regarding 80 employees were initiated.
At the personnel negotiations, the company informed the employee
representatives of the impact the further decrease in production
volumes will have on the personnel.  Now there is a need to
reduce personnel strength by 260 instead of the previously
estimated 80.  The intention is to maintain the previously
communicated schedule for the personnel negotiation decisions,
i.e. the second to the last week of December.

The car factory currently employs about 1,060 people.  Valmet
Automotive's net sales during the first nine months in 2006 were
EUR81 million and operating profit EUR10.7 million.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves 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.


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F R A N C E
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GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds
---------------------------------------------------------
Getronics N.V. disclosed of a cash tender offer for all or some
of its outstanding EUR100 million 5.5% unsubordinated
convertible bonds due 2008.

The Cash Offer will be conditional on the closing of Getronics'
offering of EUR95 million 3.875% convertible bonds due 2014,
which was successfully placed.

Rabo Securities and KBC Financial Products U.K. Ltd. have
underwritten the CB Offering, subject to customary conditions
precedent for an offering of this nature.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                         *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


NOVASAUR S.A.S.: Strategic Review Cues Moody's to Change Outlook
----------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba2
Corporate Family Rating of Novasaur S.A.S., the holding company
for Saur S.A.S., to developing from positive due to the
announcement by Novasaur's ultimate shareholder, PAI partners,
that it is reviewing its strategic options as regards its
ownership of the group.

At the same time, Moody's also changed to developing from
positive the outlook on the B1 rating of the EUR265-million
senior subordinated notes issued by FG4 S.A., a finance
subsidiary of Novasaur.

Moody's rating action reflects the potential change in ownership
that could result from the strategic review initiated by PAI
partners, which could potentially lead to the partial or full
disposal of Saur.  Moody's notes that such potential disposal
could be either detrimental or beneficial to current creditors,
depending upon:

   (i) the credit quality of the potential new owner and

  (ii) its financial policy. A developing outlook is for Moody's
       signalling that the future direction of a rating is
       contingent upon some specific and highly material event.

Moody's adds that no timetable has been set for the strategic
review, and will therefore continue to monitor any further
announcement in that respect by Saur's shareholders.  Ratings
and outlook could thus be re-positioned to reflect the intrinsic
credit quality of the group once a decision is made.  Moody's
however notes that bondholders remain protected by a change of
control clause that would allow them to tender their notes if
Saur were to be divested.

Moody's last rating action on Novasaur was on Sept. 20, 2006,
when the agency changed the outlook on the group's ratings to
positive from stable.

Novasaur S.A.S., headquartered in Guyancourt, France, is the
third largest provider of water and sanitation services as well
as waste management services in France.  In 2005/06, the group
reported revenues of EUR1.4 billion.


OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+
------------------------------------------------------------
Fitch Ratings affirmed the credit ratings for OMNOVA Solutions
Inc.:

   -- Issuer Default rating at B+;
   -- Senior secured credit facility at BB+/RR1; and
   -- Senior secured notes at B+/RR4.

The Rating Outlook is Stable.  These rating actions affect
US$165 million in public securities and the company's US$72
million senior secured credit facility.

OMNOVA's credit ratings are supported by its small company size,
relatively high debt level, and weak, though improving,
operating performance.  The company's size has declined and its
product portfolio has become more limited upon the divestiture
of its roofing business in late September 2006 for approximately
US$40 million cash.

The opportunistic sale monetized a small contributor to sales
and operating income while removing warranty liabilities from
the balance sheet.  However, Fitch notes that resulting lower
revenue and earnings levels make OMNOVA more susceptible to
default risk when business conditions weaken.

Total debt-to-operating EBITDA remains high at 3.6 times with
US$165 million 11.25% notes representing the majority of the
outstanding debt.  These notes may be refinanced in 2007 after
its call date at June 1 as the company tries to reduce future
interest expense.  The remaining portfolio has shown mixed
results in 2006 so far.

The Decorative Products segment began to contribute profit,
although at very low levels, while the Performance Chemicals
segment exhibited weaker margin and lower profit on lower
volumes.  Despite weaker profitability, Performance Chemicals
continues to be the company's largest contributor to earnings.
That OMNOVA's stronger segment is presenting some weakness is a
near-term concern.

The Stable Rating Outlook reflects Fitch's view that operating
performance and credit measures are expected to change modestly
from current levels near term.  Fitch expects Performance
Chemicals to stabilize or possibly weaken if carpet demand
remains weak and raw material prices soften with energy prices
near term.  Fitch also expects Decorative Products to weaken
slightly if office vacancy rates increase in 2007 and a weaker
U.S. economy stems refurbishment activity, resulting in slower
wallcovering and laminate demand.

OMNOVA Solutions Inc. is a specialty chemical producer based in
Fairlawn, OH.  The company has leading positions in styrene-
butadiene latex production, vinyl wallcovering, coated fabrics
and decorative laminates.  For the last 12 months ended
Aug. 31, 2006, the company had operating EBITDA of US$50.1
million on sales of US$812.2 million unadjusted for the recent
divestiture.


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


VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget
----------------------------------------------------------
The Board of Directors OJSC Vimpel-Communications voted in favor
of the proposed 2007 consolidated budget by a majority vote.

Pursuant to the company's charter, the necessary vote to approve
the proposed consolidated budget is eight out of nine directors.
As in 2006, as a result of the continuing disagreement between
the directors regarding the spending of funds respecting
VimpelCom's subsidiary, Ukrainian Radio Systems, there were not
eight votes cast in favor.  However, as in 2006, the Company
will operate within the parameters of the proposed consolidated
budget for 2007.

The management of OJSC Vimpel-Communications will continue to
operate the company in 2007 in the ordinary course of business.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


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


APPARATEBAU-GESELLSCHAFT: Claims Registration Ends December 20
--------------------------------------------------------------
Creditors of Apparatebau-Gesellschaft Hageloch und Martinitz
GmbH have until Dec. 20 to register their claims with court-
appointed provisional administrator Rainer Emmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against Apparatebau-Gesellschaft Hageloch und Martinitz GmbH on
Nov. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Apparatebau-Gesellschaft Hageloch und Martinitz GmbH
         Daimlerstr. 11
         72805 Lichtenstein, Germany

         Attn: Gottlieb Martinitz, Manager
         Altweg 11
         72805 Lichtenstein, Germany

The administrator can be contacted at:

         Rainer Emmer
         Birkenstr. 18
         72574 Bad Urach,
         Germany


AQUA FLOATARIS: Creditors' Meeting Slated for December 20
---------------------------------------------------------
The court-appointed provisional administrator for Aqua Floataris
GmbH, Petra Hilgers, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on Dec. 20.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on March 21, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Aqua Floataris GmbH on Oct. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aqua Floataris GmbH
         Altonaer Road 77
         13581 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


BITS LOGISTICS: Claims Registration Ends December 22
----------------------------------------------------
Creditors of BITS Logistics KG have until Dec. 22 to register
their claims with court-appointed provisional administrator
Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 12, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against BITS Logistics KG on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         BITS Logistics KG
         Niedermuehlenkamp 71
         33604 Bielefeld, Germany

         Attn: Michael Plaewe, Manager
         Diekstr. 6
         33824 Werther, Germany

The administrator can be contacted at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld, Germany


DUERR AG: Expands Asian Business with EUR57 Million Hyundai Deal
----------------------------------------------------------------
The Duerr Group has received an order worth EUR57 million from
South Korean automaker Hyundai for the design and construction
of a paint shop in Beijing.

Already in November, an Indian vehicle manufacturer also ordered
a new paint shop for EUR27 million.  Against this background
Duerr expects to show an increase of incoming orders from Asia
by almost 70% to about EUR400 million in 2006.

In terms of consolidated sales of about EUR1.4 billion, Asia
thus already accounts for 30% of total business.  Experts expect
strong growth of automobile production in Asia also in the
future.  Growth of about 70% is expected for China in the next
five years, and of almost 60% for India.  In view of this, Duerr
expects a good business trend in Asia again in the coming year.

"Besides the large, established automobile manufacturers," says
Duerr AG CEO Ralf Dieter, "new, expanding automobile
manufacturers from the growth markets themselves will play an
increasingly important role.  We can profit from this additional
demand through our direct presence on the local markets."

Duerr will execute the order from Hyundai in Beijing together
with Rotem, a plant engineering company belonging to the Hyundai
group.  Duerr will take the lead in technical aspects, be
responsible for the entire design, and supply extensive parts of
the plant technology.  Assembly of the new paint systems will
begin in April of next year, and Hyundai intends to start
production already at the end of 2007.  The project in Beijing
is already the third large order that Duerr has received from
Hyundai or its subsidiary Kia this year.  Before, the South
Korean group ordered paint shops for its plants in Yancheng,
China, (June) and Chennai, India (January).  In China, Duerr is
currently executing further large paint shop projects for joint
venture Dongfeng Peugeot Citroën and for a Chinese automaker.

The EUR27-million project in India is a paint shop for trucks.
The customer intends to start production in the new facility in
May 2008; the trucks will be sold mainly on the domestic market.

Besides paint systems, the Group's largest line of business, the
other parts of the Duerr Group are also registering growing
demand from Asia.  In the balancing and diagnostics systems
business unit, for example, Asia probably accounted for 38% of
new orders in 2006.  That reflects not least the strong demand
for balancing systems from the growing power plant sector.

The Duerr Group is one of the world's leading suppliers of
products, systems, and services for automobile manufacturing.
Its range embraces important stages in the vehicle production
process.  As a systems supplier, Duerr designs and builds paint
shops and final assembly plants.  Duerr also supplies cleaning
and filtration equipment used in the production of engine and
transmission components as well as balancing and diagnostic
systems for vehicle components.  Business with automobile
manufacturers and their suppliers accounts for about 90% of
consolidated sales.  Other important customer groups are the
mechanical engineering sector and the chemical, pharmaceutical,
coating, and aviation industries.

                           About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

As reported in the TCR-Europe on Sept. 5, Moody's Investors
Service affirmed the B2 corporate family rating of Duerr AG and
the Caa1 rating on the senior subordinated notes.  Moody's said
the Outlook on the ratings remains negative.

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


ELMI GMBH: Claims Registration Ends December 21
-----------------------------------------------
Creditors of ELMI GmbH have until Dec. 21 to register their
claims with court-appointed provisional administrator Dieter
Kuehne.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 17, 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against ELMI GmbH on Oct. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ELMI GmbH
         Dorfstr. 20
         06618 Possenhain, Germany

The administrator can be contacted at:

         Dr. Dieter Kuehne
         Walter-Koehn-Road 1b
         D-04356 Leipzig, Germany
         Tel: 0341/339890
         Fax: 0341/3398929
         Web: http://www.kuebler-gbr.de/


ENTRY FUNDING: Fitch Assigns Low-B Ratings on EUR16-Mln Notes
-------------------------------------------------------------
Fitch Ratings assigned final ratings to Entry Funding No. 1
Plc's issue of EUR400.5 million of floating-rate notes due 2013:

   -- EUR358.5 million Class A (ISIN: XS0277614532): AAA;
   -- EUR8 million Class B (ISIN: XS0277614706): AA;
   -- EUR8 million Class C (ISIN: XS0277614888): A;
   -- EUR10 million Class D (ISIN: XS0277614961): BBB;
   -- EUR11 million Class E (ISIN: XS0277615000): BB; and
   -- EUR5 million Class F (ISIN: XS0277615265): B.

The scheduled maturity of all Classes of notes is
September 2011, and the legal maturity is September 2013.

The ratings are based on the quality of the collateral and the
available credit enhancement.  The ratings also take into
account the priority of payments and the sound legal and
financial structure of the transaction.

Credit enhancement for the Classes A to E notes is provided by
subordination, the reserve account and available excess spread.
Credit enhancement for the Class E notes is provided by the
reserve account and excess spread.

This transaction is a cash securitization of loans certified by
certificates of indebtedness to German small and medium-size
enterprises.  The transaction is the first true-sale
securitization of LBBW-originated loans to SMEs.

The portfolio comprises senior unsecured loan instruments that
are either amortizing or have a bullet maturity.  The loans have
been specifically designed to be refinanced via a securitization
and therefore contain standardized characteristics.  The
transaction is static and will amortise relatively quickly, with
a weighted average life of around 3.6 years.

To assess the credit quality of the portfolio, Fitch used a
mapping approach to LBBW's internal rating system.  Based on the
mapping, the agency deems the average credit quality of the SME
portfolio to be equivalent to a rating of BBB-/BB+.


LOES HAUSBAU: Claims Registration Ends December 20
--------------------------------------------------
Creditors of Loes Hausbau GmbH have until Dec. 20 to register
their claims with court-appointed provisional administrator
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 17, 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 Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings
against Loes Hausbau GmbH on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Loes Hausbau GmbH
         Attn: Michael Loes, Manager
         Neuenweg 33
         76703 Kraichtal, Germany

The administrator can be contacted at:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt/Main, Germany
         Tel: (0721) 160080


MOEBELHAUS WILLI: Claims Registration Ends December 22
------------------------------------------------------
Creditors of Moebelhaus Willi Bald GmbH have until Dec. 22 to
register their claims with court-appointed provisional
administrator Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Siegen
         Meeting Room 010
         Ground Floor
         Principal Establishment
         Berliner Road 21-22
         57072 Siegen, 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 Siegen opened bankruptcy proceedings
against Moebelhaus Willi Bald GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Moebelhaus Willi Bald GmbH
         Weidenauer Str. 228-234
         57076 Siegen, Germany

         Attn: Doris Bald-Baron, Manager
         Soehler 27
         57076 Siegen, Germany

The administrator can be contacted at:

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


MS REGINA: Claims Registration Ends December 20
-----------------------------------------------
Creditors of MS "Regina" Schifffahrtsgesellschaft mbH have until
Dec. 20 to register their claims with court-appointed
provisional administrator Mathias Schlichting.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade, 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 Stade opened bankruptcy proceedings
against MS "Regina" Schifffahrtsgesellschaft mbH on Nov. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         MS "Regina" Schifffahrtsgesellschaft mbH
         Attn: Beate Luehrs, Manager
         Fährstrasse 17
         21737 Wischhafen, Germany

The administrator can be contacted at:

         Dr. Mathias P. Schlichting
         Deichtor-Center
         Oberbaumbruecke 1
         20457 Hamburg, Germany
         Tel: 040/32507783
         Fax: 040/30200777
         E-mail: MailHamburg@BVM-LAW.DE


PETER TIEFUHR: Claims Registration Ends December 22
---------------------------------------------------
Creditors of Peter Tiefuhr GmbH have until Dec. 22 to register
their claims with court-appointed provisional administrator Dirk
Rueffert.

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

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst, 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 Delmenhorst opened bankruptcy proceedings
against Peter Tiefuhr GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Peter Tiefuhr GmbH
         Muehlenstrasse 136
         27753 Delmenhorst, Germany

         Attn: Andre Tiefuhr, Manager
         Lange Str 79
         27749 Delmenhorst, Germany

The administrator can be contacted at:

         Dr. Dirk Rueffert
         Donnerschweer Road 398
         26123 Oldenburg, Germany
         Tel: 0441/340770
         Fax: 0441/34077340


R & S FLEET: Claims Registration Ends December 21
-------------------------------------------------
Creditors of R & S Fleet Services GmbH have until Dec. 21 to
register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 11, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 R & S Fleet Services GmbH on Nov. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         R & S Fleet Services GmbH
         Attn: Paul Helmut Anton Reuther, Manager
         Lierenfelder Str. 51
         40231 Duesseldorf, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf, Germany


SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB'
its long-term corporate credit rating on Sanyo Electric Co. Ltd.
At the same time, Standard & Poor's lowered to 'BB' from 'BB+'
its issue ratings on Sanyo Electric's senior unsecured debt.
The outlook on the long-term credit rating is negative.  The
ratings were removed from CreditWatch, where they were placed on
Nov. 22, 2006.

"The downgrade reflects delays in Sanyo Electric meeting its
financial improvement targets, as well as remaining concerns
over the company being able to stabilize its earnings by
strengthening the competitiveness of its weak businesses," said
Standard & Poor's credit analyst Katsuyuki Nakai.

Sanyo Electric revised its performance outlook, lowering its
operating profit forecast through fiscal 2007 -- ending
March 31, 2008, -- to JPY50 billion, from JPY97.2 billion as
initially announced in its medium term management plan in
November 2005.

The primary reasons for the downward revision are earnings
deterioration due to a delayed response to changes in the
business environment in digital cameras and mobile telephones,
and additional restructuring costs from reducing personnel and
reorganizing production systems.  Although downsizing is
expected to result in lower fixed costs, concerns linger over
whether the company will be able to generate stable cash flows
by fundamentally strengthening the business franchises of its
weak segments, including mobile telephones and digital cameras,
amid a severe competitive environment.

The company expects to record a net loss of about JPY50 billion
in fiscal 2006, and as a result, its capitalization is expected
to decrease.  However, Sanyo Electric has continued to cut debt,
which totaled JPY746 billion at Sept. 30, 2006, and is expected
to be able to reduce its ratio of total debt to total capital to
the lower 60% level by March 2008 from 66.6% as of March 31,
2006.

Sanyo Electric remains challenged in rebuilding its group-wide
business franchise.  Key factors include:

   -- improving competitiveness via structural reforms,

   -- strengthening earnings, and

   -- early implementation of effective tie-ups with
      other companies.

Downward pressure on the company's ratings may increase if
structural reforms are further delayed, and concerns grow over
whether the company can improve its business performance and
financial standing according to its revised plans.  The support
stance of the company's main financial institutions will also be
an important factor in considering further rating actions.

The long-term senior unsecured debt rating is one notch higher
than the corporate credit rating, reflecting the expectation
that creditor banks would grant debt forgiveness in the event of
any default based on the currently supportive positions of the
principal financial institutions.


SEMPER FINANCE: Fitch Assigns BB Rating to EUR32.7-Mln Notes
------------------------------------------------------------
Fitch Ratings assigned final ratings to Semper Finance 2006-1
Ltd.'s floating-rate notes due 2082:

   -- EUR500,000 Class A+ (ISIN: XS0274873941): AAA;
   -- EUR138 million Class A (ISIN: XS0274874246): AAA;
   -- EUR111.5 million Class B (ISIN: XS0274874592): AA;
   -- EUR92.5 million Class C (ISIN: XS0274874832): A;
   -- EUR83 million Class D (ISIN: XS0274875052): BBB; and
   -- EUR32.7 Class E (ISIN: XS0274875565): BB.

The ratings reflect the characteristics of the reference
portfolio and the integrity of the legal and financial
structures.  The ratings also address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in September 2084.

This transaction is a synthetic securitization of commercial
mortgage loans originated by Eurohypo AG and secured by German
properties.

As at the cut-off date on 2 October 2006, the reference
portfolio consisted of 1,773 EUR-denominated mortgage loans
originated by Eurohypo with an aggregate balance of EUR1.851
billion.  The loans were granted to operating housing
associations and are secured by one or more multi-family assets
located in Germany.

As at Oct. 2, 2006, no loans were in arrears, and none of them
had ever been in arrears for more than 10 days since October
2002.  The portfolio's reference claims are secured either by
senior- or subordinate-ranking mortgages.  The reference
portfolio mostly consists of well-seasoned fixed-rate loans that
are fully amortizing over a term of typically 30 years.

The transaction's collateral portfolio comprises 1,506 multi-
family properties with a most recent appraisal value of
approximately EUR3.806 billion.  All of the assets are located
in the eastern part of Germany with significant geographic
exposures to Saxony and Berlin.


TASK AGENTUR: Claims Registration Ends December 22
--------------------------------------------------
Creditors of TASK Agentur fuer Kommunikation GmbH have until
Dec. 22 to register their claims with court-appointed
provisional administrator Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany

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

The District Court of Cologne opened bankruptcy proceedings
against TASK Agentur fuer Kommunikation GmbH on Oct. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TASK Agentur fuer Kommunikation GmbH
         Attn: Patrick Stolle, Manager
         Luxemburger Str. 96
         50354 Huerth, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94 a
         53225 Bonn, Germany


WUESTENROT BANK: Fitch Downgrades Individual Rating to C/D
----------------------------------------------------------
Fitch Ratings downgraded Germany's Wuestenrot Bank AG
Pfandbriefbank's Individual rating to C/D from C and affirmed
its other ratings at Issuer Default A-, Short-term F2, and
Support 1.  The Outlook is Stable.

At the same time, the agency has assigned Wuestenrot
Bausparkasse AG ratings of Issuer Default A- with Stable
outlook, Short-term F2, Individual B/C and Support 3.

Separately, Fitch affirmed Wuestenrot & Wuerttembergische AG's
Insurer Financial Strength A- rating.  Its subsidiaries
Wuerttembergische Lebensversicherung AG, the life insurance
company, Wuerttembergische Versicherung AG, the property &
casualty insurance company and Wuerttembergische
Krankenversicherung AG, the health insurance company, are
affirmed at IFS A.

The agency has also affirmed the Issuer Default ratings of WL,
WV and WK at A- and the BBB+ rating of the EUR130-million
subordinated debt by WL.  The Outlooks are Stable.

"The downgrade in WBP's Individual rating reflects the bank's
steadily weakened credit fundamentals.  They are characterized
by low profitability and continuous reliance on W&W group funds,
very tight capitalization and small size," Sabine Bauer,
Associate Director in Fitch's Financial Institutions team
disclosed.

The Individual rating, however, also takes into account WBP's
diversified loan book, mixed funding base and close operational
ties with WBSK in areas such as distribution and loan
processing.  The Issuer Default, Short-term and Support ratings
of WBP are based on the extremely high potential support from
its parent, the bancassurance group W&W, in case of need.

Fitch considers the level of integration to be strong as there
are many close operational ties between WBP and the W&W group.
In addition, as a result of the restructuring program initiated
by W&W's new CEO, WBP's operational ties with its sister bank
WBSK will be further strengthened.

The ratings of WBSK reflect the low credit risk and specialized
nature of its retail residential mortgage lending business, its
sound capitalization and a stronger new management.  However,
they also take into account WBSK's monoline business and some
structural weaknesses, such as a weak credit culture, and
inefficient administration and distribution, which undermine
WBSK's profitability and established domestic franchise.

The Stable Outlook reflects Fitch's view that, under new
management, performance will return to a level, which is in line
with WBSK's rating.  Given WBSK's large deposit franchise, Fitch
would expect moderate support from the German authorities should
it be required.

WBP's profitability in Financial Year 2006 will be burdened by
restructuring charges of EUR11 million.  The winding up of fair
value hedges, which WBP's new auditors consider to be
ineffective, will reduce losses on the related securities in
FY06 by EUR21 million to an estimated EUR16 million pre-tax,
allocating the remainder to Financial Year 2004 and Financial
Year 2005.

Overall, Fitch expects the bank to report a net loss in
Financial Year 2006 of around EUR30 million.  WBSK's operating
profitability deteriorated in 9-months of 2006 on increased
provisions to cover the potential exercise of options embedded
in customers' savings and loan contracts.

This is a result of more conservative assumptions on customer
behavior.  In addition, substantial restructuring costs in
Financial Year 2006 will hamper performance.  Fitch expects WBSK
to report a net loss in Financial Year 2006 of around EUR37
million.

Since March 2006, a new management team with a good track record
ran W&W.  Management has initiated a thorough restructuring and
efficiency program, which includes measures to improve WBSK's
stagnant profitability such as the efficient use of the existing
distribution channels, the introduction of more standardized and
competitive products and shorter turnaround times.

WBSK specializes in taking deposits and granting loans for the
construction, purchase and renovation of properties, which, due
to legal restrictions, are almost exclusively for residential
purposes.  In 2005, WBSK ranked fourth in terms of new building
and loans business with a market share of 8.1%.

W&W's new CEO has announced a cutback by up to 1,000 staff by
end-2009.  The main business focus of WBP is domestic home
financing.  As a result of a new law on Pfandbriefe, WBP assumed
the business of its subsidiary, Wuestenrot Hypothekenbank AG, in
2005.  Whereas WBP will concentrate on treasury, WBSK will
manage most operative businesses and back office functions.  At
end-September 2006, WBSK and WBP employed 2,870 staff.


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


HELLAS TELECOM II: Moody's Junks Proposed EUR1.1-Billion Notes
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Hellas Telecommunications II S.a.r.l., a holding company of
TIM Hellas Telecommunications S.A. to B2 from B1 following its
announcement that it intends to issue an additional EUR1.2
billion in debt.

The proposed debt issuance is comprised of a EUR100 million tap
on issue of the existing senior secured notes and EUR1.1-billion
subordinated notes by Hellas II.  The proceeds of this
refinancing will be used for the repayment of the existing PIK
and for shareholder distributions.

Concurrently, Moody's has affirmed the existing EUR1.1-billion
senior secured notes at B1 and the existing EUR355-million
senior notes at B3 in conjunction with assigning a (P)Caa1
rating to the proposed subordinated note issuance.  Furthermore,
Moody's notes that Hellas Finance, a financial vehicle outside
the restricted group ring-fenced at Hellas II, intends to issue
EUR200 million Pay-In-Kind notes (PIK).  The outlook on the
ratings is stable.

Ratings affected:

Hellas Telecommunications II S.a.r.l.

   -- Corporate Family rating downgraded to B2 from B1

   -- EUR1.1-billion subordinated notes assigned a
      (P)Caa1 rating

Hellas Telecommunications V

   -- EUR1.22-billion senior secured notes due 2012 affirmed
      at B1

Hellas Telecommunications III

   -- EUR355-million senior notes due 2013 affirmed at B3

Following the debt issuance, the leverage on cash pay debt will
rise to approximately 6.9x Total Debt to EBITDA on an annualized
first nine month basis from approximately 4.0x as of 30
September 2006.  At the same time the company anticipates a
relatively rapid de-leveraging trajectory with a target leverage
profile of approximately 5.7x (on the basis of the company's
reported EBITDA and excluding the PIK note issuance) by fiscal
year end 2007.

Moody's notes that while the PIK notes are structurally and
contractually subordinated to other debt in the capital
structure, the PIK notes are seen to place constraints on the
corporate family rating as the ratings agency regards the
repayment of the PIK notes as ultimately being reliant upon the
financial capacity of the rated group.  Moody's therefore does
take into account the impact of the PIK notes on the rated group
and the corporate family rating in the context of the pressure
it will place on the rated group in the future given that the
obligation is expected to absorb financial flexibility as it
develops in the future with continued improvements in credit
metrics.

The stable outlook on the ratings does factor in a degree of
uncertainty associated with the company's ability to reach its
leverage targets by fiscal year end 2007.  In the event the
company demonstrates the ability to achieve its de-leveraging
targets over the course of the year on a sustainable trajectory,
the corporate family rating could come under upward pressure
with a likely change in the outlook.  Moody's at that stage
would also have to again take into account the impact of the PIK
notes then on the more conservative financial metrics and what
the impact would be of choosing to refinance or service on a
cash basis those obligations once possible under the terms and
conditions of other debt agreements.

The affirmation of the existing senior secured notes and the
senior notes reflects the fact that while total leverage has
increased, the secured notes and senior notes do benefit from
the presence of the EUR1.1-billion in subordinated debt in the
company's capital structure.  The (P)Caa1 rating on the
subordinated notes reflects their structural and contractual
subordination to the senior secured and senior notes.

Headquartered in Athens, Greece, TIM Hellas is the third largest
mobile operator in Greece, with a market share of approximately
27.7% as of Sept. 30, 2006.  For the first nine months in 2006,
the group generated EUR817.8 million of revenue on a
consolidated basis.


TIM HELLAS: S&P Cuts Rating to B on Leveraged Recapitalization
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Greek mobile telecommunications
operator Tim Hellas Telecommunications S.A. and related entities
to 'B' from 'B+'.  The outlook is stable.

The downgrade follows the leveraged recapitalization undertaken
by Tim Hellas' private equity owners.

At the same time, Standard & Poor's affirmed its outstanding 'B'
senior secured debt rating on related entities Hellas
Telecommunications (Luxembourg) V and lowered its debt rating on
Hellas Telecommunications (Luxembourg) III to 'CCC+' from 'B-'.

Furthermore, the recovery rating on Hellas V's EUR1.125-billion
senior secured notes was raised to '2', indicating our
expectation of substantial recovery (in the range of 80%-100%)
of principal for senior secured notes investors in the event of
a payment default.

Simultaneously, all ratings were taken off CreditWatch with
developing implications, where they had been placed on Oct. 27,
2006, following news of a potential sale of the business.

Also, Standard & Poor's assigned its preliminary 'B' debt rating
and a recovery rating of '2' to Hellas V's proposed additional
issuance of EUR100-million of senior secured notes due October
2012 and its preliminary 'CCC+' debt rating to Hellas
Telecommunications (Luxembourg) II's proposed EUR1.1-billion of
subordinated notes due January 2015 and to Hellas
Telecommunications Finance SARL's proposed EUR200-million PIK
notes due July 2015.

"The downgrade reflects the significant increase in leverage and
material weakening of free cash flow generation that will occur
following the group's proposed recapitalization, despite an
impressive turnaround of operating performance over the past 12-
18 months," said Standard & Poor's credit analyst Melvyn Cooke.
It also reflects the confirmation of a very aggressive financial
policy on the heels of the previous earlier-than-expected
refinancing of the group's about EUR380-million shareholder
loans in April 2006.

"The stable outlook reflects our expectation that Tim Hellas
will continue to generate solid increases in revenues and
materially improve EBITDA margin to strengthen its capital
structure over the next few years," said Mr. Cooke.  The
long-term bullet debt maturities imply that the company will
protect its accumulated cash balances to steadily improve its
credit ratios based both on gross and net debt levels.  The
outlook also anticipates that the group will defend its current
market position and at least maintain its market share.

Standard & Poor's expects Tim Hellas to achieve pro forma
lease-adjusted net debt (including PIK notes) to EBITDA of
slightly more than 6x by year-end 2007.

A negative rating action could arise if the company fails to
deliver sufficient revenue growth and/or EBITDA margin
improvement compared with 2006, thereby resulting in higher-
than-expected leverage and a weaker liquidity profile.

Upside potential is unlikely in the near term, given the
expected improvement already factored into the ratings and the
very aggressive financial policy pursued by the group's owners.


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


ELAN CORP: Converts & Redeems US$253.6-Million Notes
----------------------------------------------------
Elan Corp. plc reveals that following the issuance of a notice
of redemption for the outstanding 6.5% Convertible Guaranteed
Notes due 2008 issued by Elan Capital Corp. Ltd, a wholly owned
subsidiary, and guaranteed by Elan, holders of around US$253.6
million of Convertible Notes elected to convert their
Convertible Notes, on or before the close of business on Dec.
13, into American Depository Shares or ordinary shares of Elan
at a conversion rate of 134.7709 ADSs or 134.7709 ordinary
shares per US$1,000 principal amount of Convertible Notes.

The conversion price of the Convertible Notes is approximately
US$7.42 per ADS/ordinary share.  As a result of the conversion
of such Convertible Notes, around 34.2 million ADS/ordinary
shares were issued to holders electing to convert their
Convertible Notes.  The remaining US$0.4 million of outstanding
Convertible Notes will be redeemed at a redemption price of 100%
of the principal amount thereof plus accrued and unpaid interest
to, but excluding, the redemption date of Dec. 22, 2006.

Elan Capital Corp. will redeem such unconverted Convertible
Notes solely with cash from Elan's consummated senior notes
offering. As of today, Elan has approximately 466.6 million
ADS/ordinary shares outstanding, which includes the ADS/ordinary
shares issued to holders electing to convert their Convertible
Notes.

In addition, Elan announced that Athena Neurosciences Finance,
LLC, its wholly owned subsidiary, delivered a notice of
redemption to the holders of Athena's outstanding US$613 million
aggregate principal amount of 7.25% Guaranteed Senior Notes due
2008.  The Athena Notes are guaranteed by Elan.  As stated in
the notice of redemption and in accordance with the indenture
under which the Athena Notes were issued, Athena is exercising
its right to redeem all of its Athena Notes on Jan. 12, 2006 at
a redemption price equal to accrued and unpaid interest to, but
excluding, the redemption date plus the sum of the present
values of the future interest and principal payments on the
Athena Notes, based upon prevailing U.S. treasury rates plus 25
basis points, as determined three business days prior to the
redemption date in accordance with the terms of the indenture.

Athena will redeem such Athena Notes with cash from Elan's
consummated senior notes offering and cash on hand. After
completion of the redemption of the remaining outstanding
Convertible Notes and the outstanding Athena Notes, the next
scheduled maturity date for outstanding long-term indebtedness
of Elan will occur in 2011.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported in the TCR-Europe on Nov. 13, Standard & Poor's
Ratings Services assigned its 'B' rating to Elan Finance plc's
proposed offering of US$500 million senior unsecured notes due
2013, to be issued in a combination of fixed and floating-rate
notes.  Elan Finance plc is a wholly owned subsidiary of Dublin,
Ireland-based specialty pharmaceutical company Elan Corp. plc.
The notes are guaranteed on a senior unsecured basis by Elan and
all of its existing material subsidiaries.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB'
its long-term corporate credit rating on Sanyo Electric Co. Ltd.
At the same time, Standard & Poor's lowered to 'BB' from 'BB+'
its issue ratings on Sanyo Electric's senior unsecured debt.
The outlook on the long-term credit rating is negative.  The
ratings were removed from CreditWatch, where they were placed on
Nov. 22, 2006.

"The downgrade reflects delays in Sanyo Electric meeting its
financial improvement targets, as well as remaining concerns
over the company being able to stabilize its earnings by
strengthening the competitiveness of its weak businesses," said
Standard & Poor's credit analyst Katsuyuki Nakai.

Sanyo Electric revised its performance outlook, lowering its
operating profit forecast through fiscal 2007 -- ending
March 31, 2008, -- to JPY50 billion, from JPY97.2 billion as
initially announced in its medium term management plan in
November 2005.

The primary reasons for the downward revision are earnings
deterioration due to a delayed response to changes in the
business environment in digital cameras and mobile telephones,
and additional restructuring costs from reducing personnel and
reorganizing production systems.  Although downsizing is
expected to result in lower fixed costs, concerns linger over
whether the company will be able to generate stable cash flows
by fundamentally strengthening the business franchises of its
weak segments, including mobile telephones and digital cameras,
amid a severe competitive environment.

The company expects to record a net loss of about JPY50 billion
in fiscal 2006, and as a result, its capitalization is expected
to decrease.  However, Sanyo Electric has continued to cut debt,
which totaled JPY746 billion at Sept. 30, 2006, and is expected
to be able to reduce its ratio of total debt to total capital to
the lower 60% level by March 2008 from 66.6% as of March 31,
2006.

Sanyo Electric remains challenged in rebuilding its group-wide
business franchise.  Key factors include:

   -- improving competitiveness via structural reforms,

   -- strengthening earnings, and

   -- early implementation of effective tie-ups with
      other companies.

Downward pressure on the company's ratings may increase if
structural reforms are further delayed, and concerns grow over
whether the company can improve its business performance and
financial standing according to its revised plans.  The support
stance of the company's main financial institutions will also be
an important factor in considering further rating actions.

The long-term senior unsecured debt rating is one notch higher
than the corporate credit rating, reflecting the expectation
that creditor banks would grant debt forgiveness in the event of
any default based on the currently supportive positions of the
principal financial institutions.


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


METSO OYJ: Buys Back Shares as Incentives for Key Personnel
-----------------------------------------------------------
Metso Oyj has repurchased 300,000 its own shares for use as
incentives for key personnel.

The shares have been repurchased at the rate quoted in public
trading of the shares on the Helsinki Stock Exchange at the time
of purchase.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves 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: Valmet Automotive Unit to Cut Production in Spring
-------------------------------------------------------------
The production volume of Valmet Automotive, a unit of Metso Oyj,
is estimated gradually to decrease during spring to about 100
cars per day by April 2007.

During first 11 months in 2006 the production volume has been
approximately 150 cars per day.  The reason for the decrease is
the overall uncertain situation in the automobile market and its
effects on the demand for the car factory's products.  The
decrease in volume will mean an additional reduced need for
employees.

Valmet Automotive announced in November a decrease in the daily
production volume from 153 cars to 132 cars.  At the same time,
personnel negotiations regarding 80 employees were initiated.
At the personnel negotiations, the company informed the employee
representatives of the impact the further decrease in production
volumes will have on the personnel.  Now there is a need to
reduce personnel strength by 260 instead of the previously
estimated 80.  The intention is to maintain the previously
communicated schedule for the personnel negotiation decisions,
i.e. the second to the last week of December.

The car factory currently employs about 1,060 people.  Valmet
Automotive's net sales during the first nine months in 2006 were
EUR81 million and operating profit EUR10.7 million.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves 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 ACQUISITION: Fitch Upgrades EUR950-Mln Sr. Notes to BB/RR4
---------------------------------------------------------------
Fitch Ratings upgraded Wind Acquisition Finance S.A.'s EUR950
million and US$650 million senior notes to BB/RR2 from B+/RR4
after receiving confirmation that EUR462-million senior debt has
been permanently prepaid.  The ratings are removed from Rating
Watch Positive.

Wind Telecomunicazioni S.p.A.'s B+ Issuer Default rating is
affirmed with a Positive Outlook.  The Short-term rating is
affirmed at B.  At the same time, Fitch has affirmed Wind's
first priority senior secured facilities and Wind Finance SL
S.A.'s EUR700 million second lien notes at BB/RR2.

"The upgrade of the senior notes reflects significantly improved
recovery prospects for this instrument in a distress scenario,"
Michelle De Angelis, director in Fitch's Leveraged Finance team
in London disclosed.


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


BEREKE LLP: Creditors Must File Claims by Jan. 12, 2007
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Bereke insolvent.

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

Inquiries can be addressed to 8 (3142) 22-02-93, 26-62-66.


EKIBASTUZ ENERGO: Creditors' Claims Due Jan. 26, 2007
-----------------------------------------------------
LLP Ekibastuz-Energo-Alliance Trade has declared insolvency.
Creditors have until Jan. 26, 2007, to submit written proofs of
claim to:

         LLP Ekibastuz-Energo-Alliance Trade
         Gridin Str. 123
         Ekibastuz
         Pavlodar Region
         Kazakhstan
         Tel: 8 (31835) 3-92-58


GRAN PRI: Claims Filing Period Ends Jan. 24, 2007
-------------------------------------------------
OJSC Corporation Gran Pri has declared insolvency.  Creditors
have until Jan. 24, 2007, to submit written proofs of claim to:

         OJSC Corporation Gran Pri
         Micro District Alatau, 8
         Astana, Kazakhstan
         Tel: 8 (3172) 37-22-79


LVOVSKAYA AGRICULTURAL: Creditors' Claims Due Jan. 2, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared State Utility Enterprise Lvovskaya Agricultural
Experimental Station insolvent.

Creditors have until Jan. 2, 2007, to submit written proofs of
claim to:

         Lvovskaya Agricultural Experimental Station
         Baitursynov Str. 70
         Kostanai Region
         Kostanai
         Kazakhstan


ODA-STORY LLP: Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Oda-Stroy.


SWISS KAZAKH: Claims Registration Ends Jan. 26, 2007
----------------------------------------------------
The Branch of LLP Swiss Kazakh Phoenix Holding in
Ust-Kamenogorsk has declared insolvency.

Creditors have until Jan. 26, 2007, to submit written proofs of
claim to:

         LLP Swiss Kazakh Phoenix Holding
         Belinsky Str. 36
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


TATYANA LLP: Proof of Claim Deadline Slated for Jan. 10, 2007
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Tatyana insolvent.

Creditors have until Jan. 10, 2007, to submit written proofs of
claim to:

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


TS KURAL: South Kazakhstan Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP TS Kural Company.


URAL STROY: Claims Filing Period Ends Jan. 26, 2007
---------------------------------------------------
LLP Ural Stroy Service has declared insolvency.  Creditors have
until Jan. 26, 2007, to submit written proofs of claim to:

         LLP Ural Stroy Service
         Auezov Str. 21a
         Atyrau
         Atyrau Region
         Kazakhstan


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


AK-TILEK-A: Creditors' Meeting Slated for Dec. 20
-------------------------------------------------
Creditors of LLC Ak-Tilek-A will convene at 11:00 a.m. on
Dec. 20 at:

         Building of LLC Ak-Tilek-A
         Plot Sai-Korgon
         Bazar-Korgon
         Djalal-Abad Region
         Kyrgyzstan

The Inter-District Court of Djalal-Abad region for Economic
Issues declared LLC Ak-Tilek-A insolvent on Nov. 20 (Case No.
ED-238/2006).  Subsequently, bankruptcy proceedings were
introduced at the company.

Mr. Suyunbai Mailybaev has been appointed temporary insolvency
manager.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Suyunbai Mailybaev
         Tel: (0-503) 49-44-21
              (0-543) 94-16-63


BISHKEKSKY PASSAJIRSKY: Creditors' Meeting Slated for Dec. 20
-------------------------------------------------------------
Creditors of Utility Enterprise Bishkeksky Passajirsky Auto
Combinat will convene at 2:00 p.m. on Dec. 20 at:

         Leo Tolstoi Str. 20
         Bishkek, Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
Utility Enterprise Bishkeksky Passajirsky Auto Combinat (Case
No. 03-4/m04c1/0c9) insolvent on Nov. 15.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Taalaibek Ashyrbaev
         Tel: (0-502) 55-90-11


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


MAZEIKIU NAFTA: PKN Orlen Buys Yukos' Stake for US$2.34 Billion
---------------------------------------------------------------
PKN Orlen SA became the holder of a total number of 596,834,352
shares of AB Mazeikiu Nafta with the par value of LTL1.

The Mazeikiu shares held by PKN Orlen represent 84.36% of
Mazeikiu authorized capital and entitled PKN to 596,834,352
votes or 84.36% of the total number of votes at the General
Meeting of Shareholders of Mazeikiu.

PKN purchased 379,918,411 Mazeikiu shares at US$1.49 billion
from Yukos International.  PKN also purchased 216,915,941
Mazeikiu shares at US$851.83 million from the government of the
Republic of Lithuania.

Igor Chalupec, Piotr Kownacki and Saulius Specius were elected
members of the Board of Mazeikiu Nafta during the Supervisory
Council meeting on Dec. 15.  Igor Chalupec was elected Chairman
of the Board at the board meeting that followed.

                       About PKN Orlen

Headquartered in Poland, PKN Orlen operates three refineries
located in Plock, Trzebinia and Jedlicze.  It processes mainly
URAL blend crude oil, shipped from Russia via the Friendship
pipeline.  Alternative supplies of crude oil to Plock may be
sourced via the Pomerania pipeline, which connects the fuel
reloading facility on the Baltic Sea with the Plock refinery.
PKN ORLEN's retail network in Poland is made of 1,326 company
owned stations, 504 affiliated stations and 87 franchised
stations.

                         About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
bankruptcy suit in the Moscow Arbitration Court in an attempt to
recover the remainder of a US$1 billion debt under outstanding
loan agreements.  The banks, however, sold the claim to Rosneft,
prompting the Court to replace them with the state-owned oil
company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On July 25, Yukos creditors voted to liquidate the oil firm
after rejecting a management rescue plan, which valued the
company's assets at about US$30 billion.  This would have
permitted Yukos to continue its operations and attempt to pay
off US$18 billion in debts through asset sales.

The Hon. Pavel Markov of the Moscow Arbitration Court upheld
creditors' vote to liquidate Yukos Oil and declared what was
once Russia's biggest oil firm bankrupt on Aug. 1.  The expected
court ruling paves the way for the company's liquidation and
auction.

                        About Mazeikiu

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en-- is an integrated downstream oil company
that comprises in one complex pipeline operations, oil refining,
marine terminal operations, and logistics of crude oil and
refined products.

                        *     *     *

As reported in the TCR-Europe on Oct. 17, Fitch Ratings is
keeping Mazeikiu Nafta's Issuer Default rating of 'B+' on Rating
Watch Positive despite Friday's fire at its Mazeikiai refinery.
MN's Short-term rating is affirmed at 'B'.

The RWP reflects MN's pending ownership change as a result of
Polish oil refining and marketing company Polski Koncern Naftowy
ORLEN S.A.'s (rated 'BBB', Rating Watch Negative) acquisition of
the Lithuanian company.


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


GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds
---------------------------------------------------------
Getronics N.V. disclosed of a cash tender offer for all or some
of its outstanding EUR100 million 5.5% unsubordinated
convertible bonds due 2008.

The Cash Offer will be conditional on the closing of Getronics'
offering of EUR95 million 3.875% convertible bonds due 2014,
which was successfully placed.

Rabo Securities and KBC Financial Products U.K. Ltd. have
underwritten the CB Offering, subject to customary conditions
precedent for an offering of this nature.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                         *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


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


OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+
------------------------------------------------------------
Fitch Ratings affirmed the credit ratings for OMNOVA Solutions
Inc.:

   -- Issuer Default rating at B+;
   -- Senior secured credit facility at BB+/RR1; and
   -- Senior secured notes at B+/RR4.

The Rating Outlook is Stable.  These rating actions affect
US$165 million in public securities and the company's US$72
million senior secured credit facility.

OMNOVA's credit ratings are supported by its small company size,
relatively high debt level, and weak, though improving,
operating performance.  The company's size has declined and its
product portfolio has become more limited upon the divestiture
of its roofing business in late September 2006 for approximately
US$40 million cash.

The opportunistic sale monetized a small contributor to sales
and operating income while removing warranty liabilities from
the balance sheet.  However, Fitch notes that resulting lower
revenue and earnings levels make OMNOVA more susceptible to
default risk when business conditions weaken.

Total debt-to-operating EBITDA remains high at 3.6 times with
US$165 million 11.25% notes representing the majority of the
outstanding debt.  These notes may be refinanced in 2007 after
its call date at June 1 as the company tries to reduce future
interest expense.  The remaining portfolio has shown mixed
results in 2006 so far.

The Decorative Products segment began to contribute profit,
although at very low levels, while the Performance Chemicals
segment exhibited weaker margin and lower profit on lower
volumes.  Despite weaker profitability, Performance Chemicals
continues to be the company's largest contributor to earnings.
That OMNOVA's stronger segment is presenting some weakness is a
near-term concern.

The Stable Rating Outlook reflects Fitch's view that operating
performance and credit measures are expected to change modestly
from current levels near term.  Fitch expects Performance
Chemicals to stabilize or possibly weaken if carpet demand
remains weak and raw material prices soften with energy prices
near term.  Fitch also expects Decorative Products to weaken
slightly if office vacancy rates increase in 2007 and a weaker
U.S. economy stems refurbishment activity, resulting in slower
wall covering and laminate demand.

OMNOVA Solutions Inc. is a specialty chemical producer based in
Fairlawn, OH.  The company has leading positions in styrene-
butadiene latex production, vinyl wall covering, coated fabrics
and decorative laminates.  For the last 12 months ended
Aug. 31, 2006, the company had operating EBITDA of US$50.1
million on sales of US$812.2 million unadjusted for the recent
divestiture.


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


BPN SGPS: Fitch Affirms Individual Rating at C
----------------------------------------------
Fitch Ratings affirmed the ratings of BPN SGPS (BPN Group) and
subsidiary Banco Portugues de Negocios at Issuer Default BBB
with Stable Outlook, Short-term F3, Individual C, and Support 5.

The Issuer Default, Short-term and Individual ratings reflect
BPN Group's reasonable profitability and good asset quality but
also its relatively small size and market share in Portugal.
The Stable Outlook reflects Fitch's expectations that BPN Group
will continue to demonstrate a sound performance in the medium
term.

Upward rating potential for the Issuer Default and Short-term
ratings is limited by the group's size and market share.
Downside risk to the ratings would arise from a marked
deterioration in its profitability and/or its capital ratios.

BPN Bank's Tier 1 and total capital ratios were good at 8.0% and
12.1% at end-June 2006, while BPN Group's capital ratios were
somewhat lower at that date.  Nevertheless, Fitch understands
that a capital increase of EUR80 million that was approved by
the BPN Group's shareholders, which will take place before end-
2006 and will strengthen the group's capital ratios.

BPN Group's profitability improved in 2005 and it continued to
perform well in 2006, assisted by steady growth in net interest
income, good commission income generation and well-controlled
non-interest expenses.  The cost/income ratio was acceptable at
62.4% at end-June 2006.  The bank's asset quality was sound with
impaired loans accounting for 2.3% of total loans and loan loss
cover of 133% at end-2005.

BPN Bank was established in 1993 as an investment bank, although
in 1998 it was transformed into a small commercial bank.  It is
the main subsidiary of the group and is mainly focused on
providing commercial services to SMEs and individual
entrepreneurs, essentially in Portugal where it enjoyed a 1.9%
market share in loans at end-2005.

BPN Group was created in 2000 as the holding company for the
financial and insurance activities of SLN SGPS, the ultimate
holding company.  BPN Group also has interests in consumer
finance, insurance, investment banking and asset management.


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


BUILDER CJSC: Court Names V. Fursov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. V.
Fursov as Insolvency Manager for CJSC Builder.  He can be
reached at:

         V. Fursov
         Lenina Str. 25-12
         Yuzhnouralsk
         Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-11854/06-36-127.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Builder
         Yuzhnouralsk
         457040 Chelyabinsk Region
         Russia


BUSINESS-CITY CJSC: Court Names S. Shaporev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Murmansk Region appointed Mr. S.
Shaporev as Insolvency Manager for CJSC Business-City.  He can
be reached at:

         S. Shaporev
         Post User Box 2600
         183008 Murmansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-6675/2006.

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         S. Shaporev
         Post User Box 2600
         183008 Murmansk Region
         Russia


GAZPROMBANK OA0: To Create Asset Management Unit in Luxembourg
--------------------------------------------------------------
OAO Gazprombank will set up Gazprombank Asset Management in
Luxembourg and obtain an operating license for its operations,
RIA Novosti reports.

The Dutch asset management company, RIA Novosti relays, will
work with large foreign institutional investors and attract
US$50 million for asset management by mid-2007.

Anatoly Milyukov, Gazprombank's Executive Vice-President, said
the company has no plans to acquire other asset management
companies, like Troika Dialog.

"It is interesting to buy players on a mature market, when you
have no potential for your own growth," Mr. Milyukov said.

Mr. Milyukov added that the trust management market still has
potential for development, especially the market of holding
private clients' assets on trust.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, 2006, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

Standard & Poor's Ratings Services also assigned its preliminary
credit ratings to the EUR143.2-million and RUR864-million
mortgage-backed fixed- and floating-rate notes to be issued by
Dali Capital PLC, a special purpose entity incorporated as a
limited liability company in Ireland.

The proceeds from the note issuance will be used to buy three
classes of loan notes issued by a special purpose entity
incorporated under Luxembourg law.  The Luxembourg SPE,
Gazprombank Mortgage Funding 1 S.A., will in turn use the
proceeds from the sale of the loan notes to purchase a pool of
performing mortgage certificates granted to Russian individuals.
The certificates are denominated in Russian rubles and are
secured over residential properties in Russia.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


INVEST-COM-BANK BELCOM: State Corp. Agency to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Moscow Region appointed State
Corporation Agency on Endowment Insurance as Insolvency Manager
for LLC Investment Commercial Bank Invest-Com-Bank Belcom.  The
Company is located at:

         State Corporation Agency on Endowment Insurance
         Verkhne-Vaganskiy Tupik Str., 4
         109240 Moscow Region
         Russia

The Representative of the Insolvency Manager can be reached at:

         Post User Box 7
         123022 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-68237/06-71-1132B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Investment Commercial Bank Invest-Com-Bank Belcom
         Building 2
         Zvezdnyj Avenue 21
         129085 Moscow Region
         Russia


KRUTINSKOYE CJSC: Omsk Bankruptcy Hearing Slated for May 15
-----------------------------------------------------------
The Arbitration Court of Omsk Region will convene on
May 15, 2007, to hear the bankruptcy supervision procedure on
CJSC Krutinskoye.  The case is docketed under Case No.
A46-19000/2006.

The Temporary Insolvency Manager is:

         A. Lyasman
         Kuybysheva Str. 81-103
         644010 Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Krutinskoye
         Lenina Str. 68
         Krutinka
         Krutinskiy Region
         646130 Omsk Region
         Russia


LUKOIL OAO: Places RUR14-Billion Non-Convertible Bonds in MICEX
---------------------------------------------------------------
OAO Lukoil has placed RUR14 billion of non-convertible interest-
bearing documentary bonds, series 03 and 04, at the Moscow
Interbank Currency Exchange.

Based on the tender results conducted at the MICEX the coupon
yield for the bonds, series 03, totaling RUR8 billion, with
maturity of five years was set at 7.10% p.a.

The coupon yield for the bonds, series 04, totaling RUR6
billion, with maturity of seven years was set at 7.40% p.a.

Offering price of the bonds, series 03 and 04, is set at 100% of
the bond nominal value.  Early redemption and pre-emptive rights
are not envisaged.

During the offering, tender investors submitted 152 bids worth
RUR20 billion which is 1.5 times higher than the issue size.  As
a result, Lukoil became the first Russian non-government company
that successfully placed the bonds with seven-year maturity.

Both Russian and foreign investors took an active part in the
offering.  Keen interest of a broad circle of investors in
Lukoil debt instruments proves the issuer's irreproachable
credit quality and investment attractiveness.

The arrangers of the issue were ABN AMRO Bank ZAO, Drezdner Bank
ZAO and the Renaissance Capital Group.

                          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.


LUKS OJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Voronezh Region commenced bankruptcy
supervision procedure on OJSC Luks.  The case is docketed under
Case No. A14-14297-2006 183/33-b.

The Temporary Insolvency Manager is:

         M. Budnyatskiy
         Michurina Str. 98/102
         410028 Saratov Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Luks
         Karla Marksa Str. 9
         Rabochiy (Zavodskoy) Poselok
         Anninskiy Region
         Voronezh region
         Russia


MASLYANSKOYE LLC: Kurgan Bankruptcy Hearing Slated for Dec. 20
--------------------------------------------------------------
The Arbitration Court of Kurgan Region will convene at
1:15 p.m. on Dec. 20 to hear the bankruptcy supervision
procedure on LLC Maslyanskoye.  The case is docketed under Case
No. A34-3916/2006.

The Temporary Insolvency Manager is:

         L. Lazarenko
         Aviatsionnaya Str. 5
         302010 Orel Region
         Russia

The Debtor can be reached at:

         LLC Maslyanskoye
         Maslyanskoye
         Shadrinskiy Region
         Kurgan Region
         Russia


MELEKESSKAYA CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region commenced bankruptcy
supervision procedure on CJSC Agricultural Company Melekesskaya.
The case is docketed under Case No. A72-12837/05-20/42-b.

The Temporary Insolvency Manager is:

         M. Almakaev
         Post User Box 969
         433513 Dimitrovograd-13
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Melekesskaya
         Michurina Str. 3
         Mullovka
         Meleklesskiy Region
         433550 Ulyanovsk Region
         Russia


MOS-PROM-BANK LLC: Names State Corp. Agency to Manage Assets
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed State
Corporation Agency on Endowment Insurance as Insolvency Manager
for LLC Mos-Prom-Bank.  The Company is located at:

         State Corporation Agency on Endowment Insurance
         Verkhne-Vaganskiy Tupik Str., 4
         109240 Moscow Region
         Russia

The Representative of the Insolvency Manager can be reached at:

         Post User Box 7
         123022 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-15376/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Mos-Prom-Bank
         Lenina Str. 23
         Sheremetyevskiy
         141720 Moscow Region
         Russia


OMSK-TRANS-STORY OJSC: Names V. Vinogradov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. V. Vinogradov
as Insolvency Manager for OJSC Omsk-Trans-Story.  He can be
reached at:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-14824/2006.

The Debtor can be reached at:

         OJSC Omsk-Trans-Story
         Razdolnaya Str. 1
         644105 Omsk Region
         Russia


REFCO INC: N.Y. Court Confirms Modified Joint Chapter 11 Plan
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
confirmed Dec. 15 the Modified Joint Chapter 11 Plan of Refco
Inc. (OTC: RFXCQ) and certain of its direct and indirect
subsidiaries, including Refco Capital Markets, Ltd., and Refco
F/X Associates, LLC, enabling the companies' expeditious
completion of an orderly wind-up of their businesses.

"We are delighted to have achieved this milestone," said
Harrison J. Goldin, Refco's chief executive officer.  "It
represents the culmination of an arduous process, but provides
the optimal outcome for all involved."

Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital
Markets added,  "We are committed to expediting the consummation
of the Plan and anticipate making a substantial distribution to
creditors before year end."

The Plan, which is premised on a series of interdependent
settlements and compromises, was supported by all the companies'
major constituencies, including both official committees of
unsecured creditors, secured lenders, bondholders, certain
customer groups and certain former equity holders; and it
represents the culmination over just 14 months of protracted
negotiations in one of the most complex bankruptcy cases in
history.

Under the terms of the settlements which form the basis for the
Plan, secured lenders who were owed US$717.7 million were paid
in full in cash prior to confirmation of the Plan; bondholders
are expected to receive 83.4 cents on the dollar for their
claims; Refco Capital Markets' securities customers are expected
to receive approximately 85.6 cents on the dollar for their
claims; and general unsecured creditors are expected to receive
between 23 and 37.5 cents on the dollar for their claims.  In
addition, shareholders and creditors of the company will have
the opportunity to participate in recoveries obtained by both
the Litigation Trust and Private Actions Trust, which will hold
certain litigation claims.

"It is a tribute to the excellent and focused job done by the
professionals representing all parties that a consensual plan
could be confirmed in such a short time in such an exceptionally
complex and highly litigious case" said J. Gregory St. Clair, an
attorney with the law firm of Skadden, Arps, Slate, Meagher &
Flom LLP, which represents Refco.  Mr. St. Clair added that he
expected the agreements outlined in the Plan to be effective by
the end of the year.

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.


SHERBINOVSKAYA: Court Names A. Nefedov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Nefedov as Insolvency Manager for State Unitary Enterprise
Poultry Farm Sherbinovskaya.  He can be reached at:

         A. Nefedov
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-5819/2006-2/77-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Poultry Farm
         Sherbinovskaya
         Starosherbinovskaya St.
         353630 Krasnodar Region
         Russia


SIB-CONCORD CJSC: Court Names N. Baranova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Ms. N. Baranova
as Insolvency Manager for CJSC Sib-Concord (TIN 7202079221).
She can be reached at:

         N. Baranova
         Respubliki Str. 204-222
         625035 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-8029/3-2006.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Sib-Concord
         Respubliki Str. 53-406
         625000 Tyumen Region
         Russia


SISTEMA CAPITAL: Moody's Rates US$3-Billion MTN Program at (P)B3
----------------------------------------------------------------
Moody's Investor Service assigned a (P)B3 rating to the proposed
US$3-billion medium-term note (MTN) program of Sistema Capital
S.A.

The Issuer is a wholly owned subsidiary of JSFC Sistema, who
will fully and irrevocably guarantee the notes on a senior
unsecured basis.  Moody's has also affirmed Sistema's B1
corporate family rating.  The outlook on the ratings is stable.

Proceeds from the notes will be utilized (via an inter-company
loan to Sistema) to enhance the group's liquidity position and
to fund general corporate purposes, including acquisitions.

The (P)B3 rating on the notes reflects the effective
subordination of the notes and the parent guarantee to all
existing and future (secured or unsecured) obligations of
Sistema's subsidiaries (excluding the Issuer).  In particular,
the notes will be structurally subordinated to the indebtedness
of Mobile Telesystems OJSC, one of Sistema's principal holdings
and a primary source of cash flow through dividends.  The
notching on the notes also assumes that secured debt at the
parent company level will not be material apart from the
existing US$346 million notes which are secured by approximately
193.5 million shares of MTS (approximately 10% of MTS's total
shares or 20% of Sistema's ownership stake in the company).  The
notes will rank pari passu with the existing US$350-million
senior unsecured notes of the Issuer due in January 2011.

The rating incorporates Moody's expectation that Sistema will be
utilizing the new financing facility as a standby liquidity
enhancement mechanism.  Moody's notes that neither the affirmed
B1 rating for Sistema, nor the B3 rating for the MTN program
factors in the impact of a large scale debt-financed
acquisition, buy-out or investment.  Any such event would have
to be reviewed separately in the context of its potential impact
on the rating.

The notes will be subject to various covenants, including
limitations on additional indebtedness (with a 4.0x Consolidated
Total Indebtedness/Consolidated OIBDA incurrence test) and the
creation of new liens.  Redemption by installments is allowed on
stipulated dates.  The issuer has a right to redeem, in the
aggregate, up to 35% of the principal amount of the notes from
net cash proceeds of public equity offering(s).  Noteholders
also benefit from a Change of Control clause.

Moody's B1 corporate family rating takes into account Sistema's
sizeable consolidated asset base (US$17.3 billion as of June 30,
2006), which includes majority stakes in leading mobile and
fixed-line telecommunications operators and the third largest
insurance company in Russia; the strong market positions and the
rapid growth of Sistema's major subsidiaries; a relatively
modest level of consolidated indebtedness (Debt/EBITDA below
2x); the company's proven track record of strategic partnerships
with large international players; the company's ever increasing
regional presence as well as its relatively high degree of
financial reporting and operating transparency.  Moody's notes
further that the company's growth and diversification through
acquisitions is leading to the potential for increased financial
flexibility in the future in conjunction with which there would
be a reduced reliance upon dividend distributions from MTS.

The rating also factors in the risks associated with operating
within the Russian economic and political environment as well as
that of other CIS countries, as well as the company's exposure
through its various businesses to the Russian telecommunications
sector with its regulatory uncertainties and competitive
pressures.  In particular, the rating takes into account
Sistema's reliance on the cash flows through dividends of its
52.8% owned subsidiary, MTS.  Moody's also notes that along with
Sistema's focus on growth and diversification through
acquisitions has come an increase in leverage and, on a
consolidated basis, a reduction in operating margins.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's,
and assume that these agreements are legally valid, binding, and
enforceable.

Headquartered in Moscow, Russia, Sistema is one of the largest
diversified service providers in Russia.  The company has a
diversified portfolio of telecom, technology, insurance, real
estate, banking, media and other businesses.


SOUTHERN TELECOM: Partially Redeems Pay-to-Bearer Bonds
-------------------------------------------------------
Southern Telecommunications Company PJSC redeemed the first part
of the nominal value of UTK 04-series non-convertible interest-
bearing documentary pay-to-bearer bonds and paid out in full the
fourth coupon income on the bonds of the issue on Dec. 13, 2006.

The coupon interest rate will be set according to the Decision
on the Bond Issue approved by the Company's Board of Directors.
The fourth coupon interest rate of 10.5% per annum was approved
by Order of UTK's Director General N 393 dated 14 December 2005.
Total amount of the fourth coupon yield payable under all UTK
series 04 bonds made 130,900,000 rubles. The coupon income on
one bond of the issue amounted to RUR26.18.

At the same time the Company redeemed in full the first part
(10%) of the nominal value of UTK series 04 bonds to the amount
of 500,000,000 rubles that made 100 rubles on one bond of the
issue.

The cut-off date of the register of the holders of UTK series 04
bonds entitled to receive the fourth coupon income was Dec. 6,
2006.

                       About the Company

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

                        *     *     *

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

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

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


STEPURINSKIY FLAX: Court Names S. Postnov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. S. Postnov as
Insolvency Manager for OJSC Agricultural and Industrial
Enterprise Stepurinskiy Flax Factory.  He can be reached at:

         S. Postnov
         Stepurino
         Staritskiy Region
         171360 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-6621/2006.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural and Industrial Enterprise
         Stepurinskiy Flax Factory
         Stepurino
         Staritskiy Region
         171360 Tver Region
         Russia


TRANSSIBERIAN RE: AM Best Assigns C++ Financial Strength Rating
---------------------------------------------------------------
A.M. Best Co. assigned a financial strength rating of C++ and an
issuer credit rating of b+ to OJSC Transsiberian Reinsurance
Corp. (Russia).  The Outlook for both ratings is stable.

The ratings reflect Transsib Re's position as a medium-sized
company in the small but fast developing Russian reinsurance
market and the company's excellent financial performance.  The
main offsetting factor is the insufficient level of financial
strength to support continued business expansion according to
A.M. Best's s risk-based capital model.

Transsib Re is a medium-sized company in the context of the
domestic Russian reinsurance market, with gross written premiums
of around RUR1.1 billion in 2005.  With a historical net
retention ratio of around 30%, A.M. Best believes that Transsib
Re's potential for net premium growth during the next three
years is likely to be constrained by significant capital
pressures.

Transsib Re's technical performance has historically been
excellent, with combined ratios of around 90%. A.M. Best
believes that despite these positive underwriting results and a
comprehensive reinsurance program, the net exposures in respect
of natural catastrophes are material enough to impact
significantly Transsib Re's capital position.


UST'-ILIMSKIY BREWERY: Court Names A. Kostyunin to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. A.
Kostyunin as Insolvency Manager for CJSC Ust'-Ilimskiy Brewery.
He can be reached at:

         A. Kostyunin
         Post User Box 36
         127434 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-10245/06-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Ust'-Ilimskiy Brewery
         Bratskaya Str. 21 Prom
         Ust'-Ilimsk
         666671 Irkutsk Region
         Russia


VERKHNEKAMSKIY PHOSPHORITE: Asset Sale Slated for December 25
-------------------------------------------------------------
The insolvency manager, the bidding organizer for OJSC
Verkhnekamskiy Phosphorite Mine, will set on a public auction
for the company's properties on Dec. 25 at:

         The Insolvency Manager, the Bidding Organizer
         Komsomolskaya Str. 2
         Rudnichnyj
         Verkhnekamskiy Region
         612830 Kirov Region
         Russia

The company has set a RUR2,438,200 starting price for the
auctioned assets.

To participate, bidders have until Dec. 25 to submit their bids
and necessary documents at:

         The Insolvency Manager, the Bidding Organizer
         Komsomolskaya Str. 2
         Rudnichnyj
         Verkhnekamskiy Region
         612830 Kirov Region
         Russia

The Debtor can be reached at:

         The Insolvency Manager, the Bidding Organizer
         Komsomolskaya Str. 2
         Rudnichnyj
         Verkhnekamskiy Region
         612830 Kirov Region
         Russia


VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget
----------------------------------------------------------
The Board of Directors OJSC Vimpel-Communications voted in favor
of the proposed 2007 consolidated budget by a majority vote.

Pursuant to the company's charter, the necessary vote to approve
the proposed consolidated budget is eight out of nine directors.
As in 2006, as a result of the continuing disagreement between
the directors regarding the spending of funds respecting
VimpelCom's subsidiary, Ukrainian Radio Systems, there were not
eight votes cast in favor.  However, as in 2006, the Company
will operate within the parameters of the proposed consolidated
budget for 2007.

The management of OJSC Vimpel-Communications will continue to
operate the company in 2007 in the ordinary course of business.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VOLGOGRADSKIY CENTRE: Bankruptcy Hearing Slated for March 15
------------------------------------------------------------
The Arbitration Court of Volgograd Region will convene on
March 15, 2007, to hear the bankruptcy supervision procedure on
OJSC Volgogradskiy Centre of Technical Development (TIN
3448020968).  The case is docketed under Case No. A12-16366/
06-s50.

The Temporary Insolvency Manager is:

         I. Gridneva
         Balakhninskaya Str. 4
         400001 Volgograd Region
         Russia

The Debtor can be reached at:

         OJSC Volgogradskiy Centre of Technical Development
         Vilyanskaya Str. 15a
         Volgograd Region
         Russia


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


FTPYME TDA: Moody's Junks EUR29.3-Million Series D Notes
--------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt to be issued by FTPYME TDA CAM 4, Fondo de Titulizacion
de Activos:

   -- EUR337.5-million Series A1 notes: Aaa;
   -- EUR931.5-million Series A2 notes: Aaa;
   -- EUR127-million Series A3(CA) notes: Aaa;
   -- EUR66-million Series B notes: A2;
   -- EUR38-million Series C notes: Baa3; and
   -- EUR29.3-million Series D notes: Ca.

The ratings address the expected loss posed to investors by the
legal final maturity (September 28, 2045).  In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal on Series A1, A2, A3(CA), B and C at par on
or before the rated final legal maturity date, and for ultimate
payment of interest and principal at par on or before the rated
final legal maturity date on Series D.

FTPYME TDA CAM 4, Fondo de Titulizacion de Activos, a
securitization of small- and medium-sized enterprise loans under
the FTPYME program carried out by Caja de Ahorros del
Mediterraneo, comes after the concession by the Spanish Ministry
of Economy of a new guarantee budget for the current year.  In
line with the reduction observed in 2005, the amount assigned by
the Ministry has decreased sharply from the EUR1.8 billion
guarantee assigned in 2002, 2003 and 2004, to the current level
of EUR800 million.

According to Moody's, this deal benefits from several credit
strengths including:

   (1) a strong swap agreement guaranteeing an excess spread
       of 0.50%;

   (2) a 1.95% reserve fund to cover potential shortfalls in
       interest or principal;

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

   (4) the guarantee of the Kingdom of Spain (Aaa/P-1), as
       concerns the Series A3(CA) notes; and

   (5) the fact that the management company will elect the loans
       from the provisional pool that will result in the least
       concentrated securitized pool.

However, Moody's notes that the deal also features credit
weaknesses, notably:

   (1) prorata amortization of the notes;

   (2) geographical concentration in the regions of Valencia and
       Murcia; and

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

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets was, as of 14 November
2006, composed of a portfolio of 14,971 loans and 12,726
borrowers, granted to Spanish enterprises and self-employed
individuals.  The loans have been originated between 1991 and
2006, with a weighted average seasoning of 2.04 years and a
weighted average remaining life of 9.91 years.  Around 57% of
the outstanding of the portfolio is secured by mortgage
guarantee over different types of properties (54% being first
lien).  Geographically the pool is concentrated in Valencia
(49.66%), Murcia (24.12%) and Catalonia (7.66%).  At closing,
there will be no loans more than 30 days in arrears.

Moody's based the ratings primarily on:

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

  (ii) historical performance information;

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

  (iv) the credit enhancement provided through the Guaranteed
       Investments Contract account, the guaranteed excess
       spread, the reserve fund and the subordination of the
       notes; and

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

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


MADRID RMBS II: Moody's Rates EUR18.9-Mln Series E Notes at Ba1
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
seven series of "Bonos de Titulizacion de Activos" to be issued
by Madrid RMBS II Fondo de Titulizacion de Activos, a Spanish
asset securitization fund that has been created by Titulizacion
de Activos, S.G.F.T, S.A.:

   -- EUR414-million Series A1 notes: Aaa;
   -- EUR936-million Series A2 notes: Aaa;
   -- EUR270-million Series A3 notes: Aaa;
   -- EUR63-million Series B notes: Aa1;
   -- EUR67.5-million Series C notes: A1;
   -- EUR30.6-million Series D notes: Baa2; and
   -- EUR18.9-million Series E notes: Ba1.

The products being securitized are first-lien mortgage loans
granted to individuals, originated by Caja Madrid, which will
continue to service them.

As of October 2006, the provisional portfolio comprised 11,152
loans for a total amount of EUR2,073,692,180.  The original
weighted average loan-to-value (WALTV) is 96.49%.  The current
WALTV is 93.81%.  The average loan size is EUR185,948.  The
loans were originated between 2000 and 2006, with a weighted
average seasoning of 1.66 years.  The pool is concentrated in
Madrid (67%) and Catalonia (12%).

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the notes side
are different, or the risk derived from any amendment in the
terms of the mortgage agreements, the "Fondo" will enter into a
swap agreement with Caja Madrid.

The rating agency believes that the structure of the Madrid RMBS
II notes allows for timely payment of interest and ultimate
payment of principal at par, on or before the final legal
maturity date and not at any other expected maturity date.  The
ratings do not address the full redemption of the notes on the
expected maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and any excess spread
       available to cover losses.

According to Moody's, this deal benefits from strong features,
including:

   (1) strong underwriting and risk control criteria (including
       a robust in-house scoring system);

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) a six-month artificial write-off mechanism; and

   (4) the fact that 100% of the loans are secured by
       residential mortgages.

However, Moody's notes that the deal also has a number of weak
features including:

   (1) the collateral consists exclusively of loans with an LTV
       greater than 80%;

   (2) the pool cut has a very strong concentration in Madrid;

   (3) the deferral of interest payments on each of Series B, C,
       D and E increases the expected loss on these subordinated
       series;

   (4) the Reserve Fund amortization trigger is slightly above
       the standard figures for the Spanish market;

   (5) the renegotiation limit of the loans on which the
       maturity can be extended is 15%, compared to the standard
       figure of 10% in the Spanish market and

   (6) pro-rata amortization of the Series B, C, D and E notes
       leads to reduced credit enhancement of the senior series
       in absolute terms. These increased risks were reflected
       in Moody's credit enhancement calculation.


SANTANDER FINANCIACION: Moody's Junks EUR14.3-Mln Series F Notes
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt issued by Fondo de Titulizacion de Activos, Santander
Financiacion 1 (formerly named Santander Consumo 2, FTA):

   -- EUR1,738.5-million Series A notes: Aaa;
   -- EUR25.7-million Series B notes: Aa2;
   -- EUR61.7-million Series C notes: A2;
   -- EUR47.5-million Series D notes: Baa2;
   -- EUR26.6-million Series E notes: Ba2; and
   -- EUR14.3-million Series F notes: Caa2.

Fondo de Titulizacion de Activos, Santander Financiacion 1 is
the second consumer loan-backed securitization transaction
carried out by Banco Santander Central Hispano, S.A.  The
securitized pool comprises a mixture of auto loans and consumer
loans granted for other purposes.

In Moody's view, strong features include:

   (1) a swap agreement guaranteeing an excess spread of 2.5%
       and covering the servicing fee;

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

   (3) a granular securitized pool; and

   (4) good geographical diversification of the pool.

Weaker features include:

   (1) the fact that no historical information has been provided
       in a format satisfactory to Moody's;

   (2) a revolving period of up to three years;

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

   (4) the negative carry and the reduction in the excess spread
       amount if BSCH fails to provide a sufficient amount of
       loans to be purchased by the fund during the revolving
       period.  These increased risks were reflected in the
       credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
October 2006, a portfolio of 222,242 loans granted to 207,390
borrowers resident in Spain for the purpose of financing
consumer goods (including auto loans) and services.  The loans
have been originated between 1991 and August 2006, with a
weighted average seasoning of 1.55 years and a weighted average
remaining life of 5.6 years.  The weighted average interest rate
is 6.2%, with 36.5% of the loans linked to floating reference
rates.  All of the loans hold a personal guarantee.
Geographically the pool is concentrated in the regions of Madrid
(24%), Andalusia (15%) and Catalonia (12%).  At closing, there
will be no loans more than 30 days in arrears.

Moody's based the ratings primarily on:

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

  (ii) the strict eligibility criteria with which any
       receivable must comply in order to be included in the
       securitized pool;

(iii) the early amortization triggers put in place to stop the
       purchase of additional loans;

  (iv) historical performance information from the Spanish
       consumer loan market;

   (v) the swap agreement;

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

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

The ratings address the expected loss posed to investors by the
legal final maturity (April 20, 2035).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A, B, C,
D and E notes, and for ultimate payment of interest and
principal at par with respect to the Series F notes, on or
before the final legal maturity date.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


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


AEGERI TRUST: Zug Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of JSC Aegeri Trust 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 May 13, 2005, can be reached
at:

         JSC Aegeri Trust
         Wilbrunnenstrasse 110
         6314 Unterageri
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


CONVERIUM HOLDING: Fitch Upgrades Issuer Default Rating to BBB
--------------------------------------------------------------
Fitch Ratings upgraded Swiss-based Converium AG's Insurer
Financial Strength rating to BBB+ from BBB- and removed the
rating from Rating Watch Positive.  The agency also upgraded and
removed from RWP other ratings within the Converium group.
Stable Outlooks were assigned to all ratings.

The rating action follows the conclusion of the sale by
Converium of its North American operations to the Berkshire
Hathaway Group for US$95 million in cash.  In addition,
Berkshire Hathaway has assumed US$200 million of senior debt
from the North American operation.

Fitch views the sale of Converium's North American business
positively.  This business has historically been a drag on the
group's ratings due to potential further adverse reserve
development on prior-year liabilities, the management time and
effort required to manage the run-off of the portfolio and the
non-fungibility of capital tied up in these operations.

Fitch also views positively the transfer of Converium's US
senior debt to Berkshire Hathaway and the impact that the sale
should have on the group's consolidated expense ratio.
Significantly, Converium has not provided guarantees or
indemnities relating to the reserves of the North American
operations.

The ratings also reflect Converium's strong capitalization,
conservative investment strategy and improving franchise.
Partially offsetting these positive rating factors are
Converium's high expense base relative to its peers and
outstanding class action lawsuits, which if defended
unsuccessfully, could have a material effect on the group's
financial strength, operating results and cash flows.

Converium group ratings are:

   -- Converium AG's IFS upgraded to BBB+ from BBB-; off RWP;

   -- Converium AG's Issuer Default rating upgraded to BBB+ from
      BBB-; off RWP;

   -- Converium Insurance (U.K.) Limited's IFS upgraded to BBB+
      from BBB-;off RWP;

   -- Converium Ruckversicherungs (Deutschland) AG's IFS
      upgraded to BBB+ from BBB-; off RWP;

   -- Converium Holding AG's IDR upgraded to BBB from BB; off
      RWP; and

   -- Converium Finance S.A.'s US$200 million subordinated debt
      due 2032 upgraded to BBB from BB+; off RWP.


ERIC REICHENBACH: Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Solothurn suspended the bankruptcy
proceedings of LLC Eric Reichenbach 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 CHF6,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 10, can be reached at:

         LLC Eric Reichenbach
         Bielstrasse 28
         4500 Solothurn
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4501 Solothurn
         Switzerland


GASTHAUS GUBEL: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Gasthaus Gubel on Oct 30.

The Debtor can be reached at:

         LLC Gasthaus Gubel
         Gubel
         6313 Menzingen
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


INTERAD LLC: Solothurn Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Solothurn suspended the bankruptcy
proceedings of LLC InterAD 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. 30, can be reached at:

         LLC InterAD
         Rotistrasse 5
         4500 Solothurn
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4501 Solothurn
         Switzerland


JEANS STATION: Binningen Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Cour of Binningen suspended the bankruptcy
proceedings of LLC Jeans Station 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.12, can be reached at:

         LLC Jeans Station
         Muhlemattstrasse 25
         4104 Oberwil
         Basel-Landschaft
         Switzerland

The Bankruptcy Service of Binningen can be reached at:

         Bankruptcy Service of Binningen
         4102 Binningen
         Basel-Landschaft
         Switzerland


MBS-DENTAL LLC: Solothurn Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Solothurn commenced bankruptcy
proceedings against LLC MBS-Dental on Oct. 3.

The Debtor can be reached at:

         LLC MBS-Dental
         Bettlachstrasse 8
         2540 Grenchen
         Solothurn
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4501 Solothurn
         Switzerland


MUTH PARTNERS: Basel-Stadt Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Basel-Stadt entered Oct. 26 an order
closing the bankruptcy proceedings of JSC Muth Partners AG
Corporate Consulting.

The Debtor can be reached at:

         JSC Muth Partners AG Corporate Consulting
         Gartenstrasse 59
         4052 Basel
         Basel-Stadt
         Switzerland

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

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Basel-Stadt
         Switzerland


NOVA MOBEL: Solothurn Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Solothurn suspended the bankruptcy
proceedings of LLC Nova Mobel 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 CHF6,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 3, can be reached at:

         LLC Nova Mobel
         Weissensteinstrasse 5
         4500 Solothurn
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4501 Solothurn
         Switzerland


WP-PRODUKTLEASING JSC: Zug Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of JSC WP-Produktleasing 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 Dec. 19, 2005, can be reached
at:

         JSC WP-Produktleasing
         Metallstrasse 9a
         6304 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


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


BUCHATSKYI MALTHA: Creditors Must File Claims by Jan. 4, 2007
-------------------------------------------------------------
Creditors of State Enterprise Buchatskyi Maltha Plant (code
EDRPOU 00375148) have until Jan. 4, 2007, to submit their proofs
of claim to:

         Androschuk Vasyl Yakovych
         Temporary Insolvency Manager
         Sichovyh Strilziv Str. 67
         Berezhany
         Ternopilska Region
         Ukraine

The Economic Court of Ternopil Region has commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 1/0-809.

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         46000 Ternopil Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Buchatskyi Maltha Plant
         S. Bandery Str. 2
         Buchach
         Ternopil Region
         Ukraine


DIAMOND LTD: Creditors Must File Claims by Feb. 7, 2007
-------------------------------------------------------
Creditors of Manufacturing Enterprise Diamond Ltd. (Code EDRPOU
23810523) have until Feb. 7, 2007, to submit their proofs of
claim to:

         Manufacturing Enterprise Diamond Ltd.
         Svyatoshynska Str. 11.
         Kremenchug
         39600 Poltava Region
         Ukraine

The Economic Court of Poltava Region has commenced bankruptcy
supervision procedure on the company.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine


STAROBILSKA' PETROLEUM: Creditors' Claims Due Jan. 4, 2007
----------------------------------------------------------
Creditors of OJSC Starobilska' Petroleum Storage Depot (code
EDRPOU 20188900) have until Jan. 4, 2007, to submit their proofs
of claim to:

         Viktoria Mykolaivna Deinegina
         Temporary Insolvency Manager
         Apt. 13
         Sovetskaya Str. 59a
         91000 Lugansk Region
         Ukraine

The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on the company on Oct. 20.  The case is
docketed under Case No. 20/79.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Starobilska' Petroleum Storage Depot
         Gorkiy Str. 147
         Chmyrivka Village
         Starobilskyi Locality
         Lugansk Region
         Ukraine


SCHEVCHENKIVSKE AGRICULTURAL: Bankruptcy Supervision Starts
-----------------------------------------------------------
The Economic Court of Rivne Region commenced bankruptcy
supervision procedure on the Schevchenkivske Agricultural
Production Enterprise (code EDRPOU 315808517055) on Dec. 5.
The case is docketed under Case No. 8/61

The Temporary Insolvency Manager is:

         B. O. Sohanevich
         Gorodnya Str. 14
         Dubno
         35600 Rivno Region
         Ukraine

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         Schevchenkivske Agricultural Production Enterprise
         Gorkiy Str. 147
         Turkovychi Village
         Dubensky Locality
         35656 Rivne Region
         Ukraine


PROGRESS LLC: Khmelnitsky Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Khmelnitsky Region commenced bankruptcy
supervision procedure on the Progress LLC (code EDRPOU
03786136).  The case is docketed under Case No. 17/229.

The Temporary Insolvency Manager is:

         Vitaliy Yuriyovych Opanasenko
         Hotovytskogo Str. 8, apt.120
         Khmelnitsky Region
         Ukraine

The Economic Court of Khmelnitsky Region is located at:

         Nezalezhnosti Square 1
         29000 Khmelnitsky Region
         Ukraine

The Debtor can be reached at:

         LLC Progress
         Golenyscheve Village
         Letychivsky
         Khmelnitsky Region
         Ukraine


NIZHYNSKE PLEMPIDPRYEMSTVO: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Chernigivska Region commenced bankruptcy
supervision procedure on OJSC Nizhynske Plempidpryemstvo (code
EDRPOU 00709738) on Oct. 23.  The case is docketed under Case
No. 9/196.

The Temporary Insolvency Manager is:

         Yurij Vasylyovych Shvydky
         Peremogy Str. 94
         14000 Chernigiv Region
         Ukraine

The Economic Court of Chernigivska Region is located at:

         Myru Avenue 20
         14000 Chernigivska Region
         Ukraine

The Debtor can be reached at:

         OJSC Nizhynske Plempidpryemstvo
         Borznyansky Shlyah Str. 44
         Nizhyn
         Chernigivska Region
         Ukraine


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


9 TO 5 OFFICE: Appoints Jeremy Knight to Administer Assets
----------------------------------------------------------
William Jeremy Jonathan Knight of Jeremy Knight & Co. was
appointed administrator of 9 To 5 Office Supplies Ltd. (Company
Number 4510749) on Dec. 5.

The administrator can be reached at:

         William Jeremy Jonathan Knight
         Jeremy Knight & Co.
         68 Ship Street
         Brighton
         Sussex BN1 1AE
         United Kingdom
         Tel: 01273 203654
         Fax: 01273 206056
         E-mail: jknight@mistral.co.uk

9 To 5 Office Supplies Ltd. can be reached at:

         Unit 11
         Cliffe Industrial Estate
         South Street
         Lewes
         East Sussex BN8 6JL
         United Kingdom
         Tel: 01273 473 333


ALEXANDER BOX: Creditors' Meeting Slated for January 8
------------------------------------------------------
Creditors of Alexander Box Company Ltd. will meet at 11:00 a.m.
on Jan. 8, 2007 at:

         KPMG LLP
         191 West George Street
         Glasgow G2 2LJ
         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 Jan. 5, 2007 at:

         B. C. Nimmo
         Joint Administrator
         KPMG LLP
         191 West George Street
         Glasgow G2 2LJ
         United Kingdom

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.


AMAZON.COM INC: Moody's Lifts Corporate Family Rating to Ba2
------------------------------------------------------------
Moody's Investors Service upgraded the long-term debt ratings of
Amazon.com, affirmed the speculative grade liquidity rating at
SGL-2, and assigned a stable rating outlook.

The upgrade recognizes the company's continued reduction in
funded debt levels, which has resulted in further improvement in
credit metrics and should allow the company to maintain strong
credit metrics despite potential uneven operating income
performance.  Since 2003 the company has retired approximately
US$1.2 billion in debt.

These ratings are upgraded:

   -- Corporate family rating to Ba2 from Ba3;

   -- Probability of default rating to Ba2 from Ba3;

   -- Senior subordinated notes to Ba3, LGD5-82% from B2, LGD5,
      82%; and,

   -- Multiple shelf ratings to Ba1; LGD3-35%, Ba3; LGD5-82%,
      B1; LGD6-97% from Ba2; LGD3-35%, B2; LGD5-82%, B2; LGD6-
      97%.

Amazon.com's Ba2 corporate family rating reflects the company's
dominant position in online retailing, well recognized brand
name, international diversification, and solid credit metrics.

The impact of these strengths on the rating is limited by the
company's uneven and unpredictable operating profits, which are
a by-product of its limited track record, evolving business
strategy, and recent rapid growth.

In addition, the rating is constrained by the potential
ramifications of its young corporate age on business procedures,
controls and corporate governance.

The rating also reflects profitability that is below that of its
peer group and very high seasonality, with the vast majority of
its cash flow generation being highly dependent on its fourth
quarter.  The company's lack of a committed bank facility is a
negative rating factor and will likely constrain upward rating
pressure over the near term.

The rating outlook is stable.

Upward ratings momentum could develop should the company's
operating margins stabilize above 4% while maintaining
Debt/EBITDA below 3x.

In addition, upward ratings momentum would require additional
predictability of the company's profitability and evidence of
stability in its business strategy.  Additional upward rating
pressure would develop should the company obtain a reasonable
level of committed bank financing.  Given the recent upgrade a
downgrade is highly unlikely.

However, the rating outlook could be changed to negative should
the company experience a sharp decline in profitability, begin
to fund its growth with debt, or should Debt/EBITDA rise above
4x. The long term ratings, as well as the speculative grade
liquidity rating, could fall should cash balances be sustained
below $1 billion without the company having committed bank
facilities in place.

Based in Seattle, Wash., Amazon.com, Inc. (Nasdaq: AMZN) a
Fortune 500 company, opened on the World Wide Web in July 1995
and offers Earth's Biggest Selection.  Amazon.com seeks to be
Earth's most customer-centric company, where customers can find
and discover anything they might want to buy online, and
endeavors to offer its customers the lowest possible prices.
Amazon.com and other sellers offer millions of unique new,
refurbished and used items in categories such as health and
personal care, jewelry and watches, gourmet food, sports and
outdoors, apparel and accessories, books, music, DVDs,
electronics and office, toys and baby, and home and garden.
Amazon.com and its affiliates operate retail sites
http://www.amazon.com/http://www.amazon.co.uk/
http://www.amazon.de/http://www.amazon.co.jp/
http://www.amazon.fr/http://www.amazon.ca/and
http://www.joyo.com/

The company has fulfillment centers in Japan and China.  Other
office locations include those in Germany, India, and the United
Kingdom.


ARTEMIS INDUSTRIAL: Taps Administrators from Begbies Traynor
------------------------------------------------------------
David Paul Hudson and Timothy John Edward Dolder of Begbies
Traynor were appointed joint administrators of Artemis
Industrial Recruitment Ltd. (Company Number 05441434) on Dec. 1.

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

Artemis Industrial Recruitment Ltd. can be reached at:

         13-15 Belvoir Street
         Leicester
         Leicestershire LE1 6SL
         United Kingdom
         Tel: 0116 247 0414
         Fax: 0116 247 0404


BGM CRYOGENIC: Appoints BDO Stoy as Joint Administrators
--------------------------------------------------------
Martha H. Thompson and Antony David Nygate of BDO Stoy Hayward
LLP were appointed joint administrators of BGM Cryogenic
Engineering Ltd. (Company Number 02672710) on Nov. 29.

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.

BGM Cryogenic Engineering Ltd. can be reached at:

         Windrush Park
         Range Road
         Witney
         Oxfordshire OX29 0YA
         United Kingdom
         Tel: 01993 702 905
         Fax: 01993 778 349


BOLDGATE LIMITED: Brings In Tenon Recovery to Administer Assets
---------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Boldgate Ltd. (Company Number 3840682)
on Dec. 5.

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

Boldgate Ltd. can be reached at:

         Crossbow House
         40 Liverpool Road
         Slough
         Berkshire SL1 4QZ
         United Kingdom
         Tel: 01753 610 525
         Fax: 01753 610 587


BONAS MACHINE: Names Gerald Maurice Krasner as Administrator
------------------------------------------------------------
Gerald Maurice Krasner of Bartfields U.K. Ltd. was named
administrator of Bonas Machine Company Ltd. (Company Number
3651547) on Dec. 5.

The administrator can be reached at:

         Gerald Maurice Krasner
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 234 3208
         E-mail: gerald.krasner@bartfield.co.uk

Bonas Machine Company Ltd. can be reached at:

         Dukesway
         Team Valley Trading Estate
         Gateshead
         Tyne and Wear NE11 0LF
         United Kingdom
         Tel: 0191 491 0444
         Fax: 0191 491 0999


CANAS LIMITED: Appoints Alan Simon to Liquidate Assets
------------------------------------------------------
Alan Simon of Langley Group LLP was appointed Liquidator of
Canas Limited (t/a Canas Limited) on Dec. 4 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Canas Limited
         The Harlequin
         Watford
         Hertfordshire WD172TD
         United Kingdom
         Tel: 019 2321 2160


CAPCOM LIMITED: Claims Filing Period Ends Dec. 31
-------------------------------------------------
Creditors of Capcom Limited have until Dec. 31 to prove their
debts by sending written statements of the amount they claim to
be due to them from the Company to appointed Joint Liquidator
Peter James Hughes-Holland at:

         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         United Kingdom

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


CAPITAL BATHROOMS: Appoints Milner Boardman as Administrators
-------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Capital Bathrooms &
Kitchens Ltd. (Company Number 04933525) on Dec. 6.

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

Headquartered in Liverpool, England, Capital Bathrooms &
Kitchens Ltd. retails household furnitures.


CAPITEX LIMITED: Creditors' Claims Due Dec. 31
----------------------------------------------
Creditors of Capitex Limited (formerly Barhaven Limited) have
until Dec. 31 to prove their debts by sending written statements
of the amount they claim to be due to them from the Company to
appointed Joint Liquidator Peter James Hughes-Holland at:

         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         United Kingdom

The company can be reached at:

         Capitex Limited
         Picton House
         Wargrave Road
         Twyford
         Reading
         Berkshire RG109NY
         United Kingdom
         Tel: 0118 934 4500
         Fax: 017 3434 4506


CLARK STEPHEN: Creditors' Meeting Slated for January 8
------------------------------------------------------
Creditors of Clark Stephen Ltd. (Company Number 3480233) will
meet at noon on Jan. 8, 2007 at:

         KPMG LLP
         191 West George Street
         Glasgow G2 2LJ
         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 Jan. 5, 2007 at:

         B. C. Nimmo
         Joint Administrator
         KPMG LLP
         191 West George Street
         Glasgow G2 2LJ
         United Kingdom

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.


COMPUTFORCE LIMITED: Claims Registration Ends Dec. 31
-----------------------------------------------------
Creditors of Computforce Limited have until Dec. 31 to prove
their debts by sending written statements of the amount they
claim to be due to them from the Company to appointed Joint
Liquidator Peter James Hughes-Holland at:

         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         United Kingdom

The company can be reached at:

         Computforce Limited
         Picton House
         Wargrave Road
         Twyford
         Reading
         Berkshire RG109NY
         United Kingdom
         Tel: 01189344500
         Fax: 01189344506


CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator
----------------------------------------------------------
Timothy Hargreaves of T.H. Associates was nominated Liquidator
of Core Technical Support Limited on Dec. 7 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Core Technical Support Limited
         49 Bexhill Road
         Ingol
         Preston
         Lancashire PR2 3TA
         United Kingdom
         Tel: 078 0290 7342


COUNTRY FOODS: Brings In Administrators from BDO Stoy
-----------------------------------------------------
Dermot Justin Power and Toby S. Underwood of BDO Stoy Hayward
LLP were appointed joint administrators of Country Foods Ltd.
(Company Number 05592910) on Dec. 6.

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.

Country Foods Ltd. can be reached at:

         Abenbury Way
         Wrexham Industrial Estate
         Wrexham
         Clwyd LL13 9UZ
         United Kingdom
         Tel: 01978 664422


D LEWIS: Nominates Liquidators from Purnells
--------------------------------------------
Susan Purnell and Michelle Williams of Purnells were nominated
Liquidators of D Lewis & Sons Limited on Nov. 29 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         D Lewis & Sons Limited
         29 Rhodfa Sweldon
         Barry
         South Glamorgan CF625AD
         United Kingdom
         Tel: 01443 439 916


DEP INTERNATIONAL: Creditors' Meeting Slated for December 22
------------------------------------------------------------
Creditors of DEP International Ltd. (Company Number 01562673)
will meet at 10:30 a.m. on Dec. 22 at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands B72 1TU
         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. 21 at:

         G. Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


DVS SYSTEMS: Brings In Liquidator from Rifsons
----------------------------------------------
Arif Anwar of Rifsons was appointed Liquidator of DVS Systems
Security Limited on Dec. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         DVS Systems Security Limited
         1 Kenley Close
         Chislehurst
         Kent BR7 6QT
         United Kingdom
         Tel: 020 8468 1068
         Fax: 020 8468 1069


E & P COATINGS: Creditors' Meeting Slated for January 5
-------------------------------------------------------
Creditors of E & P Coatings Limited will meet at 11:00 a.m. on
Jan. 5, 2007, at:

         CLB Coopers
         Century House
         11 St. Peter's Square
         Manchester M2 3DN
         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 Jan. 4, 2007 at:

         M. T. Getliffe
         Joint Administrative Receiver
         CLB Coopers
         Century House
         11 St. Peters Square
         Manchester M2 3DN
         United Kingdom
         Tel: 0161-245-1000
         Fax: 0161-245-1001
         E-mail: manchester@clb.co.uk

Headquartered in Manchester, England, CLB Coopers --
http://www.clb.co.uk/-- is an independent firm of accountants
and advisers.


EFFECTIVE GOLF: Creditors' Meeting Slated for December 21
---------------------------------------------------------
Creditors of Effective Golf Ltd. (Company Number 05014691) will
meet at 10:30 a.m. on Dec. 21 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         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:

         Andrew Andronikou
         Joint Administrator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


ELAN CORP: Converts & Redeems US$253.6-Million Notes
----------------------------------------------------
Elan Corp. plc reveals that following the issuance of a notice
of redemption for the outstanding 6.5% Convertible Guaranteed
Notes due 2008 issued by Elan Capital Corp. Ltd, a wholly owned
subsidiary, and guaranteed by Elan, holders of around US$253.6
million of Convertible Notes elected to convert their
Convertible Notes, on or before the close of business on Dec.
13, into American Depository Shares or ordinary shares of Elan
at a conversion rate of 134.7709 ADSs or 134.7709 ordinary
shares per US$1,000 principal amount of Convertible Notes.

The conversion price of the Convertible Notes is approximately
US$7.42 per ADS/ordinary share.  As a result of the conversion
of such Convertible Notes, around 34.2 million ADS/ordinary
shares were issued to holders electing to convert their
Convertible Notes.  The remaining US$0.4 million of outstanding
Convertible Notes will be redeemed at a redemption price of 100%
of the principal amount thereof plus accrued and unpaid interest
to, but excluding, the redemption date of Dec. 22, 2006.

Elan Capital Corp. will redeem such unconverted Convertible
Notes solely with cash from Elan's consummated senior notes
offering. As of today, Elan has approximately 466.6 million
ADS/ordinary shares outstanding, which includes the ADS/ordinary
shares issued to holders electing to convert their Convertible
Notes.

In addition, Elan announced that Athena Neurosciences Finance,
LLC, its wholly owned subsidiary, delivered a notice of
redemption to the holders of Athena's outstanding US$613 million
aggregate principal amount of 7.25% Guaranteed Senior Notes due
2008.  The Athena Notes are guaranteed by Elan.  As stated in
the notice of redemption and in accordance with the indenture
under which the Athena Notes were issued, Athena is exercising
its right to redeem all of its Athena Notes on Jan. 12, 2006 at
a redemption price equal to accrued and unpaid interest to, but
excluding, the redemption date plus the sum of the present
values of the future interest and principal payments on the
Athena Notes, based upon prevailing U.S. treasury rates plus 25
basis points, as determined three business days prior to the
redemption date in accordance with the terms of the indenture.

Athena will redeem such Athena Notes with cash from Elan's
consummated senior notes offering and cash on hand. After
completion of the redemption of the remaining outstanding
Convertible Notes and the outstanding Athena Notes, the next
scheduled maturity date for outstanding long-term indebtedness
of Elan will occur in 2011.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported in the TCR-Europe on Nov. 13, Standard & Poor's
Ratings Services assigned its 'B' rating to Elan Finance plc's
proposed offering of US$500 million senior unsecured notes due
2013, to be issued in a combination of fixed and floating-rate
notes.  Elan Finance plc is a wholly owned subsidiary of Dublin,
Ireland-based specialty pharmaceutical company Elan Corp. plc.
The notes are guaranteed on a senior unsecured basis by Elan and
all of its existing material subsidiaries.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


ENVELOPES U.K.: Creditors' Meeting Slated for December 22
---------------------------------------------------------
Creditors of Envelopes U.K. Ltd. (Company Number 02956555) will
meet at 10:00 a.m. on Dec. 22 at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         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. 21 at:

         J. P. Bradney
         Joint Administrator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121


FOCUS DIY: Moody's Junks Rating on High Financial Leverage
----------------------------------------------------------
Moody's Investors Service downgraded Focus DIY Holdings Limited
corporate family rating to Caa1 from B3, the senior secured
rating of Focus DIY (Investments) Limited to Caa1 from B3 and
the senior subordinated rating on the notes due in 2015 issued
by Focus (Finance) PLC to Caa3 from Caa2.

The rating action reflects the challenges facing the company to
reduce its leverage to more acceptable levels given the
persistent weakness in the UK DIY market.  The outlook on the
ratings remains negative.

The downgrade reflects the fragile position of the company,
whilst adjusting downward the relative position of debt holders
within the Focus capital structure, notably the move to Caa3 on
the mezzanine note holders denotes their weak position as the
lowest ranking rated creditor.  Moody's recognizes that
management has been able to stabilize operating performance,
albeit at a lower level than in the past, but financial leverage
remains high.  Although Moody's recognizes the company's success
in obtaining an adjustment of financial covenants until April
2007, Moody's remains concerned that going forward the company
will need the continuing support of its senior lenders.

The outlook for Focus' ratings remains negative as there is
little evidence of a sustained market turnaround, despite some
of the pressure on consumer spending appearing to have eased.  A
stabilization of the outlook would be predicated upon the
company's ability to restore an improved leverage profile and
strengthened liquidity.

At this stage it is difficult to envisage upward pressure on the
rating, however, the rating could be upgraded if the company
successfully implemented measures to materially reduce leverage
and restore the liquidity profile.  More negatively, should the
company be unable to resolve its liquidity pressure the
company's financial position will weaken further.

Ratings affected are:

   -- Corporate family rating at Focus DIY Holdings Limited
      downgraded to Caa1 from B3;

   -- GBP285 million senior credit facilities at Focus DIY
      (Investments) Limited downgraded to Caa1 from B3; and

   -- GBP100 million 9.375% Mezzanine Notes due 2015 at Focus
      (Finance) PLC downgraded to Caa3 from Caa2.

Headquartered in Crewe, UK Focus DIY Holdings Limited is the
third largest DIY retailer, by market share, in the U.K. and
operates 252 stores.  Revenues during the first nine months
ending July 2006 stood at GBP532.1 million.


GEORGICA PLC: S&P Cuts Rating to CCC+ on Increased Leverage
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K. leisure group Georgica PLC to
'CCC+' from 'B-' and placed the rating on CreditWatch
with negative implications, reflecting the rating agency's
concerns about the company's increased leverage and the
forthcoming smoking bans in England and Wales.

At the same time, Standard & Poor's lowered its debt rating on
Georgica's GBP60 million senior secured second-lien floating-
rate notes due 2012 to 'CCC' from 'CCC+' and also placed this
rating on CreditWatch with negative implications.

"The rating actions reflect the company's increased leverage
during 2006, in excess of targets set for the previous rating
level," said Standard & Poor's credit analyst Philip Temme.
"They also reflect our concerns regarding the impact of the
forthcoming English and Welsh smoking bans on Georgica's cue
sports subsidiary Rileys, in the context of the group's already
very aggressive financial policy and tightly-drawn banking
covenants."

Additional uncertainties have arisen following Georgica's
announcement on Nov. 29, 2006, that it proposes to separate the
group into two separately-listed companies next year, with the
Tenpin bowling business in one company and the cue sports
business and freehold property assets in the other.

When Standard & Poor's first assigned ratings to Georgica, it
appeared that Rileys, as a chain of private members clubs, would
not be affected by the then proposed U.K. anti-smoking
legislation.  Since then, the legislation has been extended to
include private members clubs.  As a result, the group's
Scottish clubs, where the smoking ban is already enforced, have
suffered about a 14% revenue shortfall.  Rileys' clubs in
England and Wales are expected to experience at least a 10%
revenue decline once the ban comes into force in those
countries.  Given the group's already weak trading performance
in 2006 and very aggressive financial policy (with lease-
adjusted total debt to EBITDA of 7.8x at Oct.1, 2006), this
anticipated revenue shortfall is likely to make Georgica
dependent upon significant reductions to capital spending and/or
further proceeds from unpredictable future freehold property
sales, in order to meet its financial commitments in 2007 and
2008.

Standard & Poor's hopes to resolve the CreditWatch after it has
received more information regarding Georgica's planned demerger.


HAMMOND SERVICES: Claims Filing Period Ends Jan. 11, 2007
---------------------------------------------------------
Creditors of Hammond Services (Mfg) Limited have until
Jan. 11, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Joint Liquidator Robert Knight at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge TN9 1HG
         United Kingdom

The company can be reached at:

         Hammond Services (Mfg) Limited
         Unit 1
         Chaucer Industrial Estate
         Dittons Road
         Polegate
         East Sussex BN266JF
         United Kingdom
         Tel: 01323 489 000
         Fax: 01323 489 353


HARBOURMASTER CLO 8: Fitch Places BB Rating on EUR11.8-Mln Notes
----------------------------------------------------------------
Fitch Ratings assigned final ratings to Harbourmaster CLO 8
B.V.'s issue of EUR512.6 million floating-rate notes due 2022.
The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.

   -- EUR317 million Class A1 floating-rate notes: AAA;
   -- EUR84 million Class A2 floating-rate notes: AAA;
   -- EUR20.5 million Class B floating-rate notes: AA;
   -- EUR23.2 million Class C floating-rate notes: A;
   -- EUR21.1 million Class D floating-rate notes: BBB;
   -- EUR11.8 million Class E floating-rate notes: BB; and
   -- EUR35 million Class N subordinated notes: not rated.

The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest, according to the terms of the notes.  For all other
rated Classes of notes, the ratings address ultimate payment of
principal and interest, including any deferred interest, at
maturity, according to the terms of the notes.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Harbourmaster Capital Limited, subject to the
guidelines outlined in the collateral management agreement.

The said guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Fitch assigned Harbourmaster Capital Limited a CDO Asset Manager
Rating of CAM2 for leveraged loans in September 2004 that was
affirmed in November 2006, based on the manager's strong credit
underwriting and workout experience.

The ratings are also based on the credit enhancement provided to
the various Classes of notes, which consists of the subordinated
notes, structural protection covenants and excess spread.  This
transaction is the 10th European CLO to be managed by
Harbourmaster Capital Limited.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance will be used to purchase a portfolio of at least
EUR500 million of primarily European senior secured loans and to
fund certain initial expenses.


HINCHINGBROOKE HEALTHCARE: Faces Irrecoverable Deficit
------------------------------------------------------
Hinchingbrooke Healthcare NHS Trust is technically bankrupt and
has no chance of balancing its books, The Hunts Post states
citing The Guardian as its source.

An investigation by The Guardian revealed that Hinchingbrooke is
facing an irrecoverable deficit along with 12 other hospital
trusts.

The paper alleged that a financial regime known as Resource
Accounting and Budgeting introduced in 2001 caused
Hinchingbrooke's escalating deficit as the new rules penalized
overspending hospital trusts by obliging them to repay
overspends at the same time cutting their income by an
equivalent amount, The Hunts Post relates.

According to a spokesman for the East of England Strategic
Health Authority, the hospital is not a lost cause.  "If it
were, we wouldn't be going through this review to secure its
future for the next 20 years.  Our aim is to look at what can
happen there to retain as many services as possible that are
clinically and financially viable," the spokesman added.

SHA's director of commissioning, Dr. Paul Watson, reiterated
that the authority would not be influenced in its review by the
size of the debt, The Hunts Post relates.

According to data provided by the Department of Health under
Freedom of Information Act, around 103 hospital trusts across
England are expected to be in deficit by GBP1.6 billion by the
end of the year, due to overspending since 2001.

Other trusts dealing with irrecoverable deficits include Surrey
and Sussex Healthcare, West Herts, Ipswich, and North West
London.

Hinchingbrooke Healthcare NHS Trust --
http://www.hinchingbrooke.nhs.uk/ -- provides health care for
the people of Huntingdonshire, England and surrounding areas.
More than 150,000 people rely on the hospital for a range of
services.


IDEAL PERSONNEL: Taps Liquidator from Bulley Davey
--------------------------------------------------
Michael James Gregson of Bulley Davey was appointed Liquidator
of Ideal Personnel Recruitment Limited on Dec. 5 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Ideal Personnel Recruitment Limited
         Langford Arch
         London Road
         Pampisford
         Cambridge
         Cambridgeshire CB22 3FX
         United Kingdom
         Tel: 01223 835100


INEOS GROUP: Moody's Changes Rating Outlook to Negative
-------------------------------------------------------
Moody's Investors Service changed outlook on all ratings of
Ineos Group to negative reflecting slower than expected
deleveraging of the group in 2006 and the agency's cautious view
of the company's modest prospects of an accelerated debt
reduction in the near future.

Ineos operating performance in 2006 remained broadly stable.
The group continues to benefit from supporting market conditions
in the US and Europe that underpinned good growth in revenues in
the first 9 months of 2006.  Ineos EBITDA margins, however, are
below Moody's initial expectations even after taking into
account raw material price dynamics, the third quarter weak
performance of the refining division as well as certain
reliability issues at the refineries.  EBITDA margins are
expected to decline towards 8% for the year, notwithstanding
fixed cost reduction remaining on track for 2006.

Following recent reorganization (that brought Ineos Vinyls and
Ineos Chlor into the group) as well as follow-up acquisition of
assets at Dormagen, Ineos 2006 LTM Total Debt / EBITDA level (on
a non-adjusted basis) is expected to remain just above 4 times.
At the peak of the petrochemical cycle, Moody's views this level
of leverage as elevated, given that the current Ba3 corporate
family rating of the group is underpinned by an expectation of
strong de-leveraging before the cycle turns.

Moody's will look for a resolute strengthening in cash flows as
a result of continuous fixed cost reductions, higher utilization
rate of the refineries and improvement in working capital
management targeted by the group in 2007 to support Ineos's
current ratings with FCF/Debt in low teens.

Ratings affected:

   -- corporate family ratings at Ineos Group Holdings plc: Ba3;

   -- Senior Secured Bank Facilities at Ineos Holdings
      Limited: Ba3;

   -- Senior Second Lien Loans at Ineos Holdings Limited: B1;

   -- global notes at Ineos Group Holdings plc: B2; and

   -- Eurobonds at Ineos Vinyls Finance plc: B3.

Ineos Group Holdings plc is a diversified and integrated
chemicals group headquartered in Southampton, the United
Kingdom.  Following the completion of the Innovene acquisition
in December 2005, Ineos reported 2005 revenues of
EUR22.3 billion and 9 months 2006 revenues of EUR20.2 billion
and EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for 9
months of 2006.


J.T.L. STEEL: Appoints Liquidator from Begbies Traynor
------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
J.T.L. Steel Fabrications Limited on Dec. 1 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         J.T.L. Steel Fabrications Limited
         Denver Industrial Estate
         Ferry Lane
         Rainham
         Essex RM139DD
         United Kingdom
         Tel: 01708 558 058
         Fax: 01708 553 231


LOADMASTER ENGINEERING: Claims Registration Ends Jan. 31, 2007
--------------------------------------------------------------
Creditors of Loadmaster Engineering Ltd. (formerly Acrehope Ltd.
and Payload Ltd.) have until Jan. 31, 2007, to send in their
full names, their addresses of their Solicitors (if any) to
appointed Liquidator Helen Timothe Phillips at:

         Philips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire SL9 8ES
         United Kingdom

The company can be reached at:

         Loadmaster Engineering Ltd.
         Andover House
         Fairmile
         Henley-On-Thames
         Oxfordshire RG9 2LA
         United Kingdom
         Tel: 0870 386 7377
         Fax: 01491 411 511


MABO U.K.: Names David Grindall Holmes Liquidator
-------------------------------------------------
David Grindall Holmes of Harris & Harris was appointed
Liquidator of Mabo U.K. Limited on Dec. 6 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Mabo U.K. Limited
         M R F Miles Fca Chartered
         Accountant 191a High Street
         Street
         Somerset BA160NE
         United Kingdom
         Tel: 01458 833 213


MACROBUILD LIMITED: Calls In Liquidator from Haines Watts
---------------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Macrobuild Limited (formerly Speakercopy Limited) on Dec. 5 for
the creditors' voluntary winding-up proceeding.

Headquartered in Leeds, England, Macrobuild Limited --
http://www.macrobuild.co.uk/-- offers a full design and build
service.  The company builds a range of projects from
outbuildings and extensions to small housing developments.


MDP FABRICATIONS: Liquidator Sets Jan. 11, 2007 Claims Bar Date
---------------------------------------------------------------
Creditors of MDP Fabrications Ltd. have until Jan. 11, 2007, to
send in their names and addresses with particulars of their
debts or claims and the names and addresses of their Solicitors
(if any) to appointed Liquidator John William Lewis at:

         J W Lewis Insolvency Services Ltd.
         Suite B1
         White House Business Centre
         Forest Road
         Kingswood
         Bristol BS15 9NH
         United Kingdom

The company can be reached at:

         MDP Fabrications Ltd.
         Unit 4
         Foundry Lane
         Bristol
         Avon BS5 7UZ
         United Kingdom
         Tel: 0117 952 0050


MERLIN SOLUTIONS: Appoints Liquidator to Wind Up Business
---------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed Liquidator of Merlin Solutions (U.K.) Limited on
Nov. 28 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Merlin Solutions (U.K.) Limited
         Middleton House Farm
         Tamworth Road
         Middleton
         Tamworth
         Staffordshire B78 2BD
         United Kingdom
         Tel: 01827 875 355


MICRODOSE PRECISION: Names Jeremy Paul Oddie Liquidator
-------------------------------------------------------
Jeremy Paul Oddie was appointed Liquidator of Microdose
Precision Engineering Ltd. on Dec. 6 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Microdose Precision Engineering Ltd.
         Brooks Lane
         Middlewich
         Cheshire CW100JH
         United Kingdom
         Tel: 01606 835 825
         Fax: 01606 832 447


NATIONWIDE STONE: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Nationwide Stone Products Limited confirmed on
Dec. 6 the resolutions for voluntary liquidation and the
appointment of Allan Cooper and John Russell of The P& A
Partnership as Liquidators of the company.

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


OCEAN GOLD: Creditors' Meeting Slated for December 22
-----------------------------------------------------
Creditors of Ocean Gold Seafoods Ltd. (Company Number 03542954)
will meet at 11:30 a.m. on Dec. 22 at:

         Begbies Traynor
         9th Floor
         Bond Court
         Leeds LS1 2JZ
         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. 21 at:

         R. Sadler
         Joint Administrative Receiver
         Begbies Traynor
         9th Floor
         Bond Court
         Leeds LS1 2JZ
         United Kingdom

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


OPTISM LTD: Brings In Joint Liquidators from Lines Henry
--------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Optism Ltd. on Dec. 5 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Optism Ltd.
         Holborn Gate
         330 High Holborn
         City Of London
         London WC1V7QT
         United Kingdom
         Tel: 020 7203 8436
         Fax: 020 7203 8409


OVERNIGHT TRANSPORT: Nominates Ninos Koumettou as Liquidator
------------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of Overnight Transport Ltd. on Dec. 7 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Overnight Transport Ltd.
         Flat 2 Ripton
         Long Field
         Barnet
         London NW9 5SS
         United Kingdom
         Tel: 020 8888 2627


PAF LIMITED: Hires Lloyd Biscoe to Liquidate Assets
---------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of PAF
Limited (formerly Platform Access Flooring Limited) (t/a Access
Flooring) on Dec. 1 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         PAF Limited
         Mill Lane
         Westbury
         Brackley
         Northamptonshire NN13 5JS
         United Kingdom
         Tel: 01280 706667


PICTURE PERFECT: Hires Elliot Woolfe to Liquidate Assets
--------------------------------------------------------
Melvyn L. Rose of Elliot, Woolfe & Rose was appointed Liquidator
of Picture Perfect Audio Visuals Ltd. on Nov. 29 for the
creditors' voluntary winding-up procedure.

Headquartered in Uxbridge, England, Picture Perfect Audio
Visuals Ltd.  -- http://www.ppav.co.uk/-- supplies audio-visual
and computer equipment.  The company also offers a range of
audio visual services including audio visual installations,
equipment rental, stage set and design, conferences and
exhibitions, broadcasting, among others.


PIPE ACQUISITION: IPO Plans Spur S&P's Watch Positive on Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit ratings on U.K.-based steel distributor Pipe
Acquisition Ltd., and its subsidiary Murray International Metals
Ltd., on CreditWatch with positive implications following plans
by Edgen Murray PLC, PAL's parent company, to raise equity by
way of an IPO during the next few months.

At the same time, the 'CCC+' senior secured debt rating on the
second lien bonds issued by PAL was placed on CreditWatch with
positive implications.

"The CreditWatch placement reflects our expectations that, if
the IPO proceeds as planned, Edgen Murray will use approximately
US$130 million of the proceeds to repay all of PAL's public
debt, thereby improving the company's financial risk profile,"
said Standard & Poor's credit analyst Alex Herbert.

PAL is a sister company of U.S.-based steel distributor Edgen
Corp.  The ratings on Edgen are unaffected by this rating
action, because the IPO proceeds will be mainly used to repay
all of PAL's public debt.

In resolving the CreditWatch placement, Standard & Poor's will
assess how the IPO proceeds will be used.  If all of PAL's debt
is repaid as expected, Standard & Poor's will consider whether
PAL's financial risk profile has been sufficiently strengthened
to sustain a higher rating.  In particular, Standard & Poor's
will consider whether the expected substantial repayment of debt
reflects a sustained enhancement to cash flow generation given
the much lower debt-servicing burden, and importantly whether
this signals a more conservative financial policy.  If this is
the case, the ratings could be raised by one notch.  A potential
upgrade beyond this level is considered unlikely, because the
ratings remain constrained by:

   -- PAL's vulnerable business risk profile due to its
      small size in a highly competitive distribution
      sector;

   -- high reliance upon capital spending in the cyclical
      oil and gas industry; and

   -- limited supplier and customer diversity.

In the near term, these negative factors outweigh:

   -- the company's good geographic diversity;
   -- healthy demand from the oil and gas sector; and
   -- satisfactory level of profitability.

If the IPO does not proceed, the ratings are likely to be
removed from CreditWatch and affirmed at the existing level.
Standard & Poor's will seek to resolve the CreditWatch within 90
days, but this will in part depend on the timing of the IPO.


PLANET CHILTERN: Hires M. S. E. Solomons as Liquidator
------------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
Liquidator of Planet Chiltern Limited on Dec. 6 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Planet Chiltern Limited
         Frogmore Road Industrial Estate
         Frogmore Road
         Hemel Hempstead
         Hertfordshire HP3 9RW
         United Kingdom
         Tel: 01442 260 001


SCIENS CFO:  Moody's Rates EUR7.8-Mln Class E Notes at Ba1
----------------------------------------------------------
Moody's Investors Service assigned definitive ratings to the
Notes issued on Dec. 14, 2006 by Sciens CFO I Limited:

   -- EUR121.2-million Class A Floating Rate Notes due 2014:
      Aaa;

   -- EUR21-million Class B Floating Rate Notes due 2014: Aa2;

   -- EUR13.9-million Class C Floating Rate Notes due 2014: A1;

   -- EUR18.6-million Class D Floating Rate Notes due 2014:
      Baa1; and

   -- EUR7.8-million Class E Floating Rate Notes due 2014: Ba1.

This transaction is a Collateralized Fund Obligation (CFO) that
is backed by interests in a diversified pool of hedge funds.
The transaction is arranged by Bear, Stearns International
Limited and managed by Sciens CFO I Management Ltd.

The ratings address the expected losses posed to the investors
by the legal final maturity.

According to Moody's, the ratings are based on:

   -- the diversification of the underlying portfolio of hedge
      funds (individual and strategy concentrations);

   -- our estimation of the net asset value volatility for each
      strategy;

   -- the transaction's structural and legal protections; and

   -- the track record of the manager.

The Issuer will invest the proceeds of the issuance in shares of
Sciens CFO I Feeder Fund Ltd.  The investment advisor of the
Fund is Sciens CFO I Advisors Ltd.  The Fund will invest in a
diversified portfolio of hedge funds, each following its own
strategy.  The transaction's structure includes a frequent mark-
to-market process for the collateral pool and a set of "over-
collateralization ratios" that constitute sufficient credit
enhancement for the transaction.  Certain diversification
criteria and portfolio limitations must also be maintained.

In assessing the risks posed to investors in the rated classes,
Moody's also reviewed the structure of the Issuer itself,
particularly its liquidity and the liquidation period of the
units held by the Issuer in a stressed environment.  Moody's ran
simulations to calculate the frequency and the severity of each
market scenario, including stressed scenarios, for each class of
rated debt, then derived an expected loss and a rating for each
tranche.


SOUTH COAST: Names Eric William Sheppard Liquidator
---------------------------------------------------
Eric William Sheppard was appointed Liquidator of South Coast
Windows and Conservatories Ltd. on Dec. 6 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         South Coast Windows and Conservatories Ltd.
         81-83 South Coast Road
         Peacehaven
         East Sussex BN108QS
         United Kingdom
         Tel: 01273 585 300


TABERNA EUROPE: S&P Assigns BB Rating on EUR16-Mln Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by
Taberna Europe CDO I PLC, a special purpose entity.

This is the first public CDO of European corporate real-estate
investment trusts rated by Standard & Poor's.  Approximately 55%
of the collateral in this transaction will be directly
originated for this CDO.

The transaction is backed by a diverse pool of corporate real-
estate collateral, diversified across geographic areas and real-
estate sectors.  Small buckets of CMBS securities and B-notes
add additional diversification.

The transaction has a five-year reinvestment period, during
which time only prepayments and repayments of CMBS securities
and B-notes may be reinvested.  The collateral manager will be
Taberna Capital Management LLC.

                          Ratings List

                     Taberna Europe CDO I PLC
               EUR600-Million Floating-Rate Notes

                         Prelim.        Prelim.
          Class          rating         amount (Mil. EUR)
          -----          ------         ------
          A1             AAA              362
          A2             AAA               90.5
          B              AA                55
          C              A                 21.5
          D              BBB               32
          E              BB                16
          F              NR                23

          NR-Not rated.


THAMES VALLEY: Brings In Liquidators from Harrisons
---------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Thames Valley Express Limited on Dec. 8 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Thames Valley Express Limited
         Transport House
         218 New Road
         Ascot
         Berkshire SL5 8PS
         United Kingdom
         Tel: 01344 640 016


TOPFORDS LIMITED: Taps Liquidators from Recovery hjs
----------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs were
appointed Joint Liquidators of Topfords Limited on Dec. 5 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Topfords Limited
         Estate Road 8
         South Humberside Ind Est
         Grimsby
         South Humberside DN312TG
         United Kingdom
         Tel: 014 7235 5502
         Fax: 014 7235 5504

                           *********

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                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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