TCREUR_Public/061219.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

           Tuesday, December 19, 2006, Vol. 7, No. 251

                            Headlines


A U S T R I A

ADVISIONS LLC: Claims Registration Ends January 10, 2007
D.A.F. TRANSPORT: Property Manager Declares Insufficient Assets
EDV-HANDEL: Claims Registration Period Ends December 27
MONTLEEY HANDEL: Property Manager Declares Insufficient Assets
RB - BAU: Property Manager Declares Insufficient Assets


F I N L A N D

SANMINA-SCI: Delays 10-K Filing for Year Ended Sept. 30, 2006
SANMINA-SCI CORP: S&P Holds BB- Rating on CreditWatch Negative


F R A N C E

ALCATEL-LUCENT: Pascal Bantegnie to Lead Investor Relations Team
EUROTUNNEL GROUP: Board Picks Three Banks to Finance Plan
KB HOMES: Charging Up to US$285 Mln of Non-Cash Impairments
SANMINA-SCI: Delays 10-K Filing for Year Ended Sept. 30, 2006
SANMINA-SCI CORP: S&P Holds BB- Rating on CreditWatch Negative


G E O R G I A

METROMEDIA INT'L: Names New Members to Board of Directors


G E R M A N Y

ADVANCED MICRO: Forecasts 20% Increase in Shipments for 2007
AGRITRANS GMBH: Claims Registration Ends December 22
ATMEL CORP: Plans to Sell UK & Germany Wafer Fabrication Plants
ATMEL CORP: NASDAQ Conditionally Grants Continued Listing
BAYERISCHE HYPO: Fitch Keeps Low-B Ratings on Bluestone Tranches

EMMERICH HAUSTECHNIK: Claims Registration Ends December 22
FLEXSTONE GMBH: Claims Registration Ends December 22
FRISEURSALON HELGA: Claims Registration Ends December 22
IMMOMASSIV BAU: Claims Registration Ends December 22
INFIT FITNESS: Claims Registration Ends December 22

KLAUS BENTLAGE: Claims Registration Ends December 22
KUENNECKE SANITAR: Claims Registration Ends December 22
PROSIEBENSAT.1 MEDIA: Lavena Inks Deal to Acquire Majority Stake
PROSIEBENSAT.1 MEDIA: Moody's Reviews Ratings on Stake Purchase
PROVIDE-A 2006-1: Moody's Rates EUR17.4-Million Notes at (P)Ba2

RESE-GRUNDBESITZ: Claims Registration Ends December 22
SCHALUNGSBEDARF ERHARD: Claims Registration Ends December 22
SCHLUETER TRANSPORTE: Claims Registration Ends December 22
ZENTGRAFF-HEIZUNGSBAU: Claims Registration Ends December 22


I T A L Y

POPOLARE DI VERONA: Okays Merger with Banca Popolare Italiana
POPOLARE DI VERONA: Merger Deal Sees 1,350 Job Cuts at New Group
POPOLARE ITALIANA: Okays Merger with Popolare di Verona e Novara
POPOLARE ITALIANA: Merger Deal Sees 1,350 Job Cuts at New Group


K A Z A K H S T A N

AK-ALTYN LLP: Creditors Must File Claims by Jan. 19, 2007
DECOLLO FASHION: Creditors' Claims Due Jan. 19, 2007
GURYEV TECHSNAB: Claims Filing Period Ends Jan. 16, 2007
KARNAK LLP: Claims Registration Ends Jan. 19, 2007
METALLIST LLP: Kostanai Court Starts Bankruptcy Procedure

NURJAN LLP: Creditors' Claims Due Jan. 19, 2007
SELECTA INTERNATIONAL: Claims Filing Period Ends Jan. 19, 2007
STARSTROY LLP: Claims Registration Ends Jan. 19, 2007
STROY TORG-M: Creditors Must File Claims by Jan. 16, 2007
SULU MADINE: Proof of Claim Deadline Slated for Jan. 19, 2007


K Y R G Y Z S T A N

SHAM-KPK LLC: Creditors' Meeting Scheduled for Dec. 22


L I T H U A N I A

MAZEIKIU NAFTA: Fitch Keeps IDR at B+ & Assigns Positive Outlook


L U X E M B O U R G

GSC EUROPEAN: Moody's Assigns Low-B Ratings to Two Note Classes
POPOLARE DI VERONA: Okays Merger with Banca Popolare Italiana
POPOLARE DI VERONA: Merger Deal Sees 1,350 Job Cuts at New Group


M A L T A

BANK OF VALLETTA: Fitch Affirms Individual Rating at C


N E T H E R L A N D S

ALCATEL-LUCENT: Pascal Bantegnie to Lead Investor Relations Team
CLIENTLOGIC: Raises SITEL Stockholders' Price to US$4.25 a Share
CLIENTLOGIC CORP: Revised Merger Plan Cues Moody's Rating Review
HEXION SPECIALTY: ACC Completes Review of Orica Acquisition
KONINKLIJKE AHOLD: In Talks with Equity Firms Over USF Unit Sale

LANCELOT 2006: Fitch Assigns BB Rating to EUR12-Million Notes
SMILE 2005: Fitch Affirms BB- Rating on EUR122.7-Million Notes
VNU NV: Agrees to Sell Business Media Europe to 3i
VNU NV: New CEO Spearheads Major Corporate Transformation Plan


N O R W A Y

OSLO REINSURANCE: Meetings of Scheme Creditors Set Feb. 12, 2007


R U S S I A

IST CJSC: Court Names R. Shaymukhametov as Insolvency Manager
AGRO-LAND CJSC: Court Names A. Ilyin as Insolvency Manager
AGRO-SERVICE OJSC: Court Names A. Ivonin as Insolvency Manager
AURORA CJSC: Court Starts Bankruptcy Supervision Procedure
BIRSKIY PRODUCTION: Court Names M. Nigmatullin to Manage Assets

BUILDER CJSC: Court Names V. Suvorova as Insolvency Manager
CLOTHES OJSC: Court Names S. Ivanov as Insolvency Manager
DZERZHINSK-NII-GAS: Bankruptcy Hearing Slated for March 27
INTERNATIONAL BANK: Fitch Affirms Issuer Default Rating at B-
KAMYSHEVSKOYE CJSC: Bankruptcy Hearing Slated for March 14

METROMEDIA INT'L: Names New Members to Board of Directors
NEFTE-MASH OJSC: Court Starts Bankruptcy Supervision Procedure
NOVATEK OAO: Appoints New Members to Board of Directors
POULTRY FARM: Chuvashiya Bankruptcy Hearing Slated for April 19
SALAVATSKIY DIARY: Court Names M. Mulyukov as Insolvency Manager

SALAVATSKIY BUILDER: Court Names Z. Sattarova to Manage Assets
SEVERSTAL OAO: Keeps Free Float at Current Level; Won't Increase
SILVER LLC: Court Names V. Vinogorov as Insolvency Manager
TUYMAZINSKIY MEAT-PACKING: Asset Sale Slated for December 27


S P A I N

GENOVA HIPOTECARIO IX: Fitch Rates EUR10.7-Mln Notes at BB
MADRID RMBS I: Fitch Assigns BB+ Rating to EUR21-Million Notes


S W I T Z E R L A N D

ALGRA-VERLAG JSC: Hofe Court Starts Bankruptcy Proceedings
BUZRUN SPORT: Lucerne Court Closes Bankruptcy Proceedings
COBU LLC: Lucerne Court Starts Bankruptcy Proceedings
E. URBINATI: St. Gallen Court Starts Bankruptcy Proceedings
EXPO AUTOSPRITZWERK: Sursee Court Starts Bankruptcy Proceedings

KJL MANAGEMENT: Zug Court Closes Bankruptcy Proceedings
MK MEDIA: Luzern-Stadt Court Starts Bankruptcy Proceedings
NG HANDEL: Hofe Court Suspends Bankruptcy Proceedings
NUSSBAUMER BAREN: Hofe Court Suspends Bankruptcy Proceedings
VERPRO INDUSTRIESPRITZWERK: Court Starts Bankruptcy Proceedings


U K R A I N E

METIZ-DON LLC: Creditors' Claims Due Jan. 7, 2007
NEGO TRADE: Donetsk Court Starts Bankruptcy Supervision
NUR LLC: Mykolaiv Court Starts Bankruptcy Supervision
SPETZFTORMET LLC: Creditors Must File Claims by Jan. 7, 2007
UKRPODSHYPNYK-DNIPRO PRODUCTION: Bankruptcy Supervision Starts


U N I T E D   K I N G D O M

ADVANCED MICRO: Forecasts 20% Increase in Shipments for 2007
ANTHRACITE EURO: Fitch Assigns BB Rating to EUR25-Mln Sr. Notes
ARBENTIN IT: Names Roderick Julian Jones Liquidator
ATMEL CORP: Plans to Sell UK & Germany Wafer Fabrication Plants
ATMEL CORP: NASDAQ Conditionally Grants Continued Listing

BISHOP & CAIN: Appoints David Wald to Liquidate Assets
BLUESTONE SECURITIES: Fitch Affirms Two Tranches at BB
BOWEY GROUP: Creditors Confirm Liquidators' Appointment
BRIDAL SUITE: M. C. Hepworth Leads Liquidation Procedure
BRITTONS OF DEVON: Names Stephen James Hobson as Administrator

CLIENTLOGIC: Raises SITEL Stockholders' Price to US$4.25 a Share
CLIENTLOGIC CORP: Revised Merger Plan Cues Moody's Rating Review
CORDATUS CLO: S&P Assigns BB- Rating on EUR16-Mln Class E Notes
D.P.I. - DYNAMITE: Appoints Ian Franses to Administer Assets
DIRECT LABELS: Brings In Administrator from Pattinsons

DURA AUTOMOTIVE: Eight Vendors Want to Reclaim Prepetition Goods
EMI GROUP: S&P Removes Ratings from Watch Neg. on Bid Rejection
EUROTUNNEL GROUP: Board Picks Three Banks to Finance Plan
EVERON POWDER: Brings In Liquidator from Mayfields Insolvency
FOILDEK ROOFINGS: Creditors Ratify Voluntary Liquidation

G B TRANSPORT: Hires T. Papanicola to Liquidate Assets
GLOBAL CROSSING: Finance Unit to Offer GBP52-Mln Sr. Sec. Notes
GLOBAL CROSSING: Moody's Rates Proposed Debt Issue at (P)B3
GLOBAL CROSSING: S&P Assigns B- Rating on GBP52-Million Notes
GLOBAL SILICON: Appoints Administrators from Geoffrey Martin

GRANT INFORMATION: Taps Joint Administrators from Tenon Recovery
GREAT NORTHERN: Gov't. Invites Bidders for East Coast Franchise
HART LANE: Brings In Grant Thornton to Administer Assets
HB CONSTRUCTION: Appoints Administrators from DTE Leonard
KAMROK LIMITED: Brings In Kroll Ltd to Administer Assets

KONINKLIJKE AHOLD: In Talks with Equity Firms Over USF Unit Sale
LOGIC SYSTEMS: Creditors' Meeting Slated for December 22
MCCOLLIN SMITH: Calls In Liquidator from CRG Insolvency
MILLS PLUMBING: Taps Liquidator from Wilkinson & Co.
MOTION ENGINEERING: Appoints Robert Gibbons as Liquidator

MUSIC CREATION: Appoints Clair Dwyer as Administrator
OPTIMUM NATIONWIDE: Brings In Menzies as Joint Administrators
OSLO REINSURANCE: Meetings of Scheme Creditors Set Feb. 12, 2007
PARADISE FENCING: Hires John C. Moran to Liquidate Assets
PARTYGAMING PLC: Slashes 41% Jobs After U.S. Business Shutdown

PERFECT PANES: Names Richard Rones Liquidator
SCIENS CFO I: Fitch Gives BB+ Rating on EUR7.8-Mln Class E Notes
SEA CONTAINERS: Gov't. Invites Bidders for GNER's Franchise
SEVERSTAL OAO: Keeps Free Float at Current Level; Won't Increase
STUDIO 1: Claims Filing Period Ends Feb. 28, 2007

TOTALLY MG: Brings In Liquidators from Jacksons Jolliffe Cork
YEW TREE: Calls In Liquidators from Recovery hjs

* Fried Frank Opens Offices in Hong Kong & Adds Nine Partners

* Large Companies with Insolvent Balance Sheets

                            *********

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


ADVISIONS LLC: Claims Registration Ends January 10, 2007
--------------------------------------------------------
Creditors owed money by LLC Advisions (FN 236622z) have until
Dec. 27 to file written proofs of claims to court-appointed
property manager Josef Ebner at:

         Dr. Josef Ebner
         c/o Mag. Andrea Eisner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 29 94
         Fax: 512 29 04
         Email: rae.ebner.eisner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 10, 2007, to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30 (Bankr. Case No. 4 S 133/06w).  Andrea Eisner
represents Dr. Ebner in the bankruptcy proceedings.


D.A.F. TRANSPORT: Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Dr. Wolfgang Pitzal, the court-appointed property manager for
LLC D.A.F. Transport & Handel (FN 232852f), declared Oct. 25
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 Sept. 13 (Bankr. Case No. 5 S 129/06i).  Hannelore Pitzal
represents Dr.Pitzal in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Wolfgang Pitzal
         c/o Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11
         Fax: 587 87 50-50
         E-mail: office@heller-pitzal.at


EDV-HANDEL: Claims Registration Period Ends December 27
-------------------------------------------------------
Creditors owed money by LLC EDV-Handel Habliczek (FN 250627w)
have until Dec. 27 to file written proofs of claims to court-
appointed property manager Christof Stapf at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 10, 2007, to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30 (Bankr. Case No. 4 S 155/06f).  Michael Neuhauser
represents Dr. Stapf in the bankruptcy proceedings.


MONTLEEY HANDEL: Property Manager Declares Insufficient Assets
--------------------------------------------------------------
Dr. Karl Schirl, the court-appointed property manager for LLC
Montleey Handel (FN 231702p), declared Oct. 25 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna ordered the shutdown of the Debtor's
business on the same day.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12  (Bankr. Case No. 45 S 70/06g).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at
                 markus.siebinger@der-rechtsanwalt.at


RB - BAU: Property Manager Declares Insufficient Assets
-------------------------------------------------------
Mag. Christian Ebmer, the court-appointed property manager for
LLC RB - Bau- u. Montagebau (FN 106195w), declared Oct. 25 that
the Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 23 (Bankr. Case No. 12 S 90/06g).

The property manager can be reached at:

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


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F I N L A N D
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SANMINA-SCI: Delays 10-K Filing for Year Ended Sept. 30, 2006
-------------------------------------------------------------
Sanmina-SCI Corp. will be unable to file its annual report on
Form 10-K for the fiscal year ended Sept. 30, 2006, on a timely
basis.

As previously disclosed, the Board of Directors of Sanmina-SCI
formed an independent special committee of the board to review
certain matters concerning the company's stock option
administration policies and practices dating back to Jan. 1,
1997, and the related accounting implications.

The company's management has determined, and the audit committee
of the company's Board of Directors concurred, that restatement
of the company's historical financial statements will be
necessary because the company will need to record additional
stock-based compensation expenses as a result of the findings of
the Special Committee.

Sanmina-SCI is completing its preparation of, and its outside
independent accounting firm is in the process of auditing the
company's Form 10-K.  The company intends to file its Form 10-K
as soon as practicable, and in any event within the 15-day
extension period afforded by SEC Rule 12b-25 under the
Securities Exchange Act of 1934, as amended.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina-sci.com/-- is one of the largest
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain.  In Latin America, it
operates in Brazil and Mexico.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, Standard & Poor's
Ratings Services assigned its 'BB-' rating to Sanmina-SCI
Corp.'s US$600 million senior unsecured term loan, which matures
Jan. 31, 2008.  In addition, this rating was placed on
CreditWatch with negative implications.


SANMINA-SCI CORP: S&P Holds BB- Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services left its 'BB-' corporate
credit and other ratings on San Jose, Calif.-based Sanmina-SCI
Corp. on CreditWatch with negative implications, where they were
placed on Aug. 14, 2006.

While Sanmina filed its 10-quarter for the period ending July 1,
2006, by the Dec. 14, 2006, deadline, the company has filed for
a 15-day extension to file its 2006 10-K, now due Dec. 29, 2006.

"Should the company be unable to file within that deadline, we
will review the reaction of the bondholders and creditors under
the October 2006 term loan to determine any rating impact," said
Standard & Poor's credit analyst Lucy Patricola.

The company's securitization programs and lenders under the
company's revolving credit have granted waivers to file through
Jan. 10, 2007, and possibly longer depending on any extension
granted by the bondholders.  The rating could be lowered to the
'CCC' category if extensions to file financial statements are
not granted by the company's remaining bondholders or lenders,
reflecting heightened concerns of debt acceleration.

In the process of reviewing stock option grants, the company
uncovered several other accounting irregularities.  Upon receipt
and review of the company's 10-K, Standard & Poor's will
evaluate the impact of additional restatements, the company's
compliance with Sarbannes-Oxley requirements relating to
internal controls, and additional involvement of the SEC or
other judicial authorities, and operational performance over the
last two quarters to determine the final impact on the rating.


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


ALCATEL-LUCENT: Pascal Bantegnie to Lead Investor Relations Team
----------------------------------------------------------------
Alcatel-Lucent revealed that Pascal Bantegnie would lead the
Investor Relations team, responsible for communication towards
the investment community, including institutional investors and
retail shareholders.

Pascal Bantegnie will report to Scott Ashby, Alcatel-Lucent's
deputy CFO, with regional support in the Paris office from Maria
Alcon for Europe and Asia, and in the Murray Hill office from
John DeBono for North America.

With six years experience in Investor Relations, Pascal was Vice
President, Investor Relations of Alcatel prior to this
appointment.  Previously, he held various engineering positions
in the space industry and was responsible for the space risks
underwriting activity at the AGF insurance company.   He holds
an engineering degree in Aeronautics and a Master of Science in
Space.

                      About the Company

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

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

                           *     *     *

As reported in the TCR-Europe on Dec. 14, following the
completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

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

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

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

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


EUROTUNNEL GROUP: Board Picks Three Banks to Finance Plan
---------------------------------------------------------
The Board of Directors of Eurotunnel Group approved the
financing package brought forth by a consortium of bank lenders
led by Goldman Sachs Group Inc. and Deutsche Bank on one hand,
and Citigroup Inc. on the other.

The board has studied the two financing offers, which provide
for a complete financing of the proposed safeguard restructuring
plan recently approved by Eurotunnel's creditors, suppliers and
bondholders.

The financing package will include:

   -- a long term loan of GBP1,500 million and EUR1.96 billion,
      equivalent to a total of GBP2.84 billion, in the form of a
      classic bank loan, repayable, by tranche, between 35 and
      43 years.

   -- the underwriting of the Obligations Remboursable en
      Actions (ORAs) [convertible notes] in sterling and Euros,
      for holders of Tier 3 debt, for an amount of GBP965
      million, allowing for the monetization of the ORAs.

These two offers also take account of the future operational
financing needs of the company and the possibility of an
additional debt stream of GBP225 million for the redemption of
ORAs.

The two offers received, both in line with the company's
business plan, were very competitive and very close.  As a
result, the Board has decided that:

   -- the GS/DB consortium will lead the financing of the
      safeguard plan; and

   -- at the request of the company, the GS/DB consortium will
      propose that Citigroup joins them to assure 30% of the
      financing.

The new Eurotunnel debt, as it results from the proposed
financing, is sustainable by the company through its operational
performance and the reduction in annual financial charges.

The financial charges on the new Senior debt should start at
around GBP140 million per annum, repayments of the capital not
becoming due until 2012.

This level of financial charges should be compared to the GBP293
million of interest for 2006 and the estimated GBP320 million
for 2007 (taking into account the forecast increase in European
interest rates), which Eurotunnel would have had to pay on the
old debt.

As reported in the TCR-Europe on Nov. 28, creditors representing
72% of the financial establishment committee voted in favor of
the company's proposed safeguard-restructuring plan.

The committee holds 70% of the company's GBP6.2 billion debt.

                      Terms of the Plan

The principal elements of the proposals include:

   1) the creation of a new company, Groupe Eurotunnel, which
      will launch an Exchange Tender Offer (ETO) to Eurotunnel's
      current shareholders.  The shareholders will hold a
      minimum 13% of the equity in Groupe Eurotunnel;

   2) Groupe Eurotunnel will subscribe to a new long-term loan
      of GBP2.840 billion (less than half of the current debt)
      from an international banking consortium;

   3) Groupe Eurotunnel will issue GBP1.275 billion of
      convertible hybrid notes.  The hybrid notes will be
      convertible over a maximum of three years and one month.
      Approximately 61.7% of the hybrids are redeemable by the
      company.

   4) current Eurotunnel shareholders, who subscribe to the ETO,
      will hold a minimum of 13% of the equity in Groupe
      Eurotunnel.  They can subscribe directly to the hybrid, up
      to a value of GBP60 million (EUR87.7 million) and will
      benefit from free warrants.  The redemption of hybrid
      notes by the company would allow them to increase their
      share of the equity from 13% to 67%.

                         About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


KB HOMES: Charging Up to US$285 Mln of Non-Cash Impairments
-----------------------------------------------------------
KB Home anticipates recording a non-cash charge between
US$235 million to US$285 million for inventory-related
impairments and land option contract abandonments in the fourth
quarter of its fiscal year ended Nov. 30, 2006.

The non-cash charge related to the abandonment of certain land
option contracts is expected by the company to total
approximately US$90 million in the fourth quarter.

The process of assessing the recoverability of specific
properties within its inventory has yet to be completed by the
company.

The company disclosed of that the conclusion to record the
charge was due to the change in market dynamics in the
homebuilding industry, which caused a decline in the fair value
of certain inventory positions and changes in the company's
strategy concerning certain projects that no longer meet
investment return hurdle rates.  The company's management
reviewed the conclusion with its Audit and Compliance Committee.

KB Home's inventory consists of homes, lots and improvements in
production and land under development.

                Restatement of Financial Statements

The company's subcommittee of the audit and compliance committee
and its independent legal counsel conducting an investigation
into its past stock option practices had concluded that the
company used incorrect measurement dates for financial reporting
purposes for annual stock option grants for the fiscal years
1999 to 2005. The company expects the incremental non-cash
compensation expense arising from the errors will not likely
exceed an aggregate of US$50 million and tax provision to
increase.

Total incremental non-cash compensation expense is estimated to
be approximately US$41 million with approximately US$36 million
attributable to periods covered by previously-issued financial
statements and approximately US$5 million attributable to future
periods.  Further, the company expects that the total related
tax impact associated with Section 162(m) of the Internal
Revenue Code will consist of a balance sheet-related component
and an income tax provision impact.

While the company has not yet finalized the amount of the tax
effects, it currently estimates that its balance sheet will be
impacted by an increase of approximately US$60 million in
liabilities with a corresponding decrease in stockholders'
equity, and its income tax provision will increase by
approximately US$15 million.

The company's management, in consultation with its audit and
compliance committee and after discussion with Ernst & Young
LLP, determined that the company's previously issued financial
statements and any related reports of its independent registered
public accounting firm for the fiscal years ended Nov. 30, 2003,
2004 and 2005, and the interim financial statements included in
its quarterly reports on Form 10-Q for the quarters ended
Feb. 28, 2006, and May 31, 2006, should no longer be relied upon
and will be restated.

Headquartered in Los Angeles, California, KB Home (NYSE: KBH)
-- http://www.kbhome.com/-- is a homebuilder with domestic
operating divisions in some of the fastest-growing regions and
states: West Coast-California; Southwest-Arizona, Nevada and New
Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly traded French
subsidiary, is a homebuilding company in France.  It also
operates KB Home Mortgage Company, a full-service mortgage
company for the convenience of its buyers.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services placed its BB+ corporate
credit, BB+ senior unsecured, and BB- senior subordinated debt
ratings on KB Home on CreditWatch with negative implications.
The CreditWatch listings affect US$1.65 billion of senior notes
and US$750 million of senior subordinated notes.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Fitch Ratings affirmed and revised the Rating Outlook to Stable
from Positive for KB Home's Issuer Default Rating 'BB+', Senior
unsecured debt and revolving credit facility 'BB+' and Senior
subordinated debt 'BB-'.


SANMINA-SCI: Delays 10-K Filing for Year Ended Sept. 30, 2006
-------------------------------------------------------------
Sanmina-SCI Corp. will be unable to file its annual report on
Form 10-K for the fiscal year ended Sept. 30, 2006, on a timely
basis.

As previously disclosed, the Board of Directors of Sanmina-SCI
formed an independent special committee of the board to review
certain matters concerning the company's stock option
administration policies and practices dating back to Jan. 1,
1997, and the related accounting implications.

The company's management has determined, and the audit committee
of the company's Board of Directors concurred, that restatement
of the company's historical financial statements will be
necessary because the company will need to record additional
stock-based compensation expenses as a result of the findings of
the Special Committee.

Sanmina-SCI is completing its preparation of, and its outside
independent accounting firm is in the process of auditing the
company's Form 10-K.  The company intends to file its Form 10-K
as soon as practicable, and in any event within the 15-day
extension period afforded by SEC Rule 12b-25 under the
Securities Exchange Act of 1934, as amended.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina-sci.com/-- is one of the largest
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain.  In Latin America, it
operates in Brazil and Mexico.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, Standard & Poor's
Ratings Services assigned its 'BB-' rating to Sanmina-SCI
Corp.'s US$600 million senior unsecured term loan, which matures
Jan. 31, 2008.  In addition, this rating was placed on
CreditWatch with negative implications.


SANMINA-SCI CORP: S&P Holds BB- Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services left its 'BB-' corporate
credit and other ratings on San Jose, Calif.-based Sanmina-SCI
Corp. on CreditWatch with negative implications, where they were
placed on Aug. 14, 2006.

While Sanmina filed its 10-quarter for the period ending July 1,
2006, by the Dec. 14, 2006, deadline, the company has filed for
a 15-day extension to file its 2006 10-K, now due Dec. 29, 2006.

"Should the company be unable to file within that deadline, we
will review the reaction of the bondholders and creditors under
the October 2006 term loan to determine any rating impact," said
Standard & Poor's credit analyst Lucy Patricola.

The company's securitization programs and lenders under the
company's revolving credit have granted waivers to file through
Jan. 10, 2007, and possibly longer depending on any extension
granted by the bondholders.  The rating could be lowered to the
'CCC' category if extensions to file financial statements are
not granted by the company's remaining bondholders or lenders,
reflecting heightened concerns of debt acceleration.

In the process of reviewing stock option grants, the company
uncovered several other accounting irregularities.  Upon receipt
and review of the company's 10-K, Standard & Poor's will
evaluate the impact of additional restatements, the company's
compliance with Sarbannes-Oxley requirements relating to
internal controls, and additional involvement of the SEC or
other judicial authorities, and operational performance over the
last two quarters to determine the final impact on the rating.


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


METROMEDIA INT'L: Names New Members to Board of Directors
---------------------------------------------------------
Metromedia International Group Inc. reveals that according to
results certified by the independent inspectors of election, IVS
Associates, Inc., its common stockholders have elected:

   -- John S. Chalsty,
   -- Clark A. Johnson,
   -- Stuart Subotnick,
   -- Alan K. Greene,
   -- Mark S. Hauf,
   -- I. Martin Pompadur and
   -- William F. Harley, III,

while its preferred stockholders elected:

   -- Wayne F. Henderson and
   -- David Gale,

to the group's Board of Directors at the Company's annual
meeting of stockholders held on Dec. 15, 2006.

                        About Metromedia

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

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

                       *     *     *

In October 2006, Metromedia said it is filing a Chapter 11 Plan
in the U.S. after receiving a binding offer to acquire all of
the Company's business interests in Georgia for a cash price of
US$480 million from an investment group comprised of:

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

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

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

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

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


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


ADVANCED MICRO: Forecasts 20% Increase in Shipments for 2007
------------------------------------------------------------
Advanced Micro Devices Inc. anticipates a 20% increase in
shipments in 2007, Ian King of Bloomberg News reports.

In a presentation to New York analysts, AMD chief financial
officer Robert Rivet forecasted that the company's gross margin
would increase 50% in 2007, instead of the 47% average in the
previous four quarters.  "They gave a very optimistic long-term
view," commented John Lau, an analyst at Jefferies & Co.  Mr.
Lau noted that the company did not focus on the current
quarter's price increases.

Citing Mercury Research, Bloomberg relates that AMD's market
share is up 17% from last year.  The company's share of sales
increased by 23.3% in the third quarter of 2006.

The company's US$5.4 billion acquisition of graphics chip maker
ATI Technologies Inc. in October will help win more market share
from Intel Corp., AMD chief executive officer Hector Ruiz said.
The company is benefiting from large PC makers diversifying
their product lines to include AMD's microprocessors.

AMD will release its 2006 fourth quarter financial results in
January 2007.

                           About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.  The company
has a facility in Singapore.  It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.


AGRITRANS GMBH: Claims Registration Ends December 22
----------------------------------------------------
Creditors of AGRITRANS GmbH have until Dec. 22 to register their
claims with court-appointed provisional administrator Christian
Zschocke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Konstanz
         Hall 102
         First Floor
         Nebengebaude
         Gerichtsgasse 9
         78462 Konstanz, 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 Konstanz opened bankruptcy proceedings
against AGRITRANS GmbH on Nov. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AGRITRANS GmbH
         Winkelstr. 35
         78259 Muehlhausen-Ehingen,
         Germany

The administrator can be contacted at:

         Christian Zschocke
         Enge Str. 7
         78224 Singen, Germany


ATMEL CORP: Plans to Sell UK & Germany Wafer Fabrication Plants
---------------------------------------------------------------
Atmel Corp. reported strategic restructuring initiatives
designed to enhance profitability, accelerate the company's
growth and reduce costs.

These initiatives include:

   -- a focus on the company's high-growth, high-margin
      proprietary product lines.  To better align Atmel's
      resources with highest-growth opportunities, the company
      is redeploying resources to accelerate the design and
      development of products that target expanding markets and
      is halting development on lesser, unprofitable, non-core
      products.

   -- optimize Atmel's manufacturing operations.  Atmel will
      seek to sell its wafer fabrication facilities in North
      Tyneside, United Kingdom, and Heilbronn, Germany.  These
      actions are expected to increase manufacturing
      efficiencies by better utilizing remaining wafer
      fabrication facilities while reducing future capital
      expenditure requirements.

   -- the adoption of a fab-lite strategy.  Through better
      utilization of its remaining wafer fabs and the expansion
      of its foundry relationships, Atmel will significantly
      reduce manufacturing costs and continue to design and
      develop innovative new products utilizing world-class
      manufacturing facilities.

The company anticipates cost savings in the range of
US$70 million to US$80 million in 2007 reaching an annual rate
of US$80 million to US$95 million by 2008.  Included in the cost
savings is approximately US$55 million per year resulting from
the expected sale of the wafer fabrication facilities.

Through a combination of voluntary resignations, attrition and
other actions, Atmel expects a reduction in its non-
manufacturing workforce of approximately 300 employees, or 10%.

The company anticipates headcount to be reduced by approximately
1,000 additional employees upon completion of the sales of the
North Tyneside and Heilbronn wafer fabrication facilities.

Atmel will continue to meet the production needs of its
worldwide customer base during this transition through the use
of internal capacity and existing foundry partners.

In addition, Atmel anticipates entering into a transition
sourcing agreement with the eventual buyers of the wafer
fabrication facilities.

"These initiatives follow a thorough analysis of the company's
operations and strongest opportunities for growth," Atmel
president and chief executive officer Steven Laub said.

"While this decision was difficult given the company's many
dedicated employees, these actions are essential to better
position Atmel to compete and drive value for our shareholders.

"Focusing on our core business competencies, expanding our
foundry relationships, and the adoption of a fab-lite model are
the right strategies for Atmel to better serve our customers,
reduce manufacturing costs, and enhance shareholder value."

As a result of the initiatives, the company estimates it will
record one-time restructuring and impairment charges in excess
of US$200 million in the fourth quarter of 2006 for fixed asset
write-downs, severance, and other expenses associated with the
restructuring.  A significant portion of these non-recurring
charges relate to the non-cash write-down of the North Tyneside
manufacturing facility Atmel intends to sell.

                            About Atmel

Headquartered in San Jose, Calif., Atmel Corp. (Nasdaq: ATML) --
http://www.atmel.com/-- designs and manufactures
microcontrollers, advanced logic, mixed-signal, nonvolatile
memory, and radio frequency components.  Leveraging one of the
industry's broadest intellectual property technology portfolios,
Atmel is able to provide the electronics industry with complete
system solutions.  It is focused on consumer, industrial,
security, communications, computing, and automotive markets.

                           *     *     *

Standard & Poor's Rating Services assigned its single-B long-
term foreign issuer and long-term local issuer credit ratings to
Atmel Corp. on Oct. 24, 2001, and said the outlook, at that
time, was negative.


ATMEL CORP: NASDAQ Conditionally Grants Continued Listing
---------------------------------------------------------
Atmel Corp. disclosed that the NASDAQ Listing Qualifications
Panel has granted the company's request for continued listing on
the NASDAQ Stock Market subject to certain conditions.

On Feb. 9, 2007, Atmel must file with the Securities and
Exchange Commission its Forms 10-Q for its second quarter ended
June 30, 2006, and third quarter ended Sept. 30, 2006, as well
as any necessary restatements for prior financial periods.

The company must also be able to demonstrate compliance with all
other requirements for continued listing on the Nasdaq Stock
Market.

In granting the extension, the Panel has required that through
Feb. 9, 2007, Atmel will notify the Panel of the occurrence of
any significant events, including any event that may call into
question Atmel's historical financial information or affect the
company's ability to comply with any NASDAQ listing requirement
or satisfy the Feb. 9, 2007, deadline.

In addition, any submissions to the Panel, press releases, or
public filings prepared by Atmel will be subject to review by
the Panel, which may, at its discretion, request additional
information before determining that Atmel has complied with the
terms of the Panel's decision.

The Audit Committee of the company's Board of Directors
initiated an independent investigation regarding the timing of
past stock option grants and other potentially related issues.

The Audit Committee, with the assistance of independent legal
and forensic accounting experts, has reached a preliminary
determination that, in connection with the requirements of
Accounting Principles Board Opinion No. 25, Accounting for Stock
Issued to Employees, the actual measurement dates for certain
stock options differed from the recorded measurement dates for
those stock options.

Based on the Audit Committee's preliminary determination, the
company expects that the difference in these measurement dates
will result in material non-cash, stock-based compensation
expenses.

The company disclosed of the decision of the Audit Committee
that prior financial statements should no longer be relied upon.

The Audit Committee has not completed its work nor reached final
conclusions and is continuing its investigation into the
circumstances that gave rise to the differences.

The Audit Committee is making every effort to complete its
investigation, and the company will make every effort to file
its restated financial statements as soon as practicable after
the completion of the investigation.

There can be no assurance that Atmel will remain listed on the
NASDAQ Global Market unless and until the company fully
satisfies the terms of the Panel's decision.

Headquartered in San Jose, Calif., Atmel Corp. (Nasdaq: ATML) --
http://www.atmel.com/-- designs and manufactures
microcontrollers, advanced logic, mixed-signal, nonvolatile
memory and radio frequency components.  Leveraging one of the
industry's broadest intellectual property technology portfolios,
Atmel is able to provide the electronics industry with complete
system solutions.  It is focused on consumer, industrial,
security, communications, computing, and automotive markets.

Headquartered in San Jose, Calif., Atmel Corp. (Nasdaq: ATML) --
http://www.atmel.com/-- designs and manufactures
microcontrollers, advanced logic, mixed-signal, nonvolatile
memory, and radio frequency components.  Leveraging one of the
industry's broadest intellectual property technology portfolios,
Atmel is able to provide the electronics industry with complete
system solutions.  It is focused on consumer, industrial,
security, communications, computing, and automotive markets.

                           *     *     *

Standard & Poor's Rating Services assigned its single-B long-
term foreign issuer and long-term local issuer credit ratings to
Atmel Corp. on Oct. 24, 2001, and said the outlook, at that
time, was negative.


BAYERISCHE HYPO: Fitch Keeps Low-B Ratings on Bluestone Tranches
----------------------------------------------------------------
Fitch Ratings affirmed 11 tranches of two of the Bluestone
Securities Plc series of non-conforming residential mortgage
backed securities transactions.

The Bluestone program, established in December 2004 by
Bayerische Hypo-und Vereinsbank AG, was created to purchase
portfolios from third-party originators in the U.K.

The first securitization, Bluestone 2004-1 consisted of mortgage
loans predominantly originated by Amber Home Loans, with the
remaining originated by Rooftop Mortgages.  Analysis highlights
that the Rooftop collateral was experiencing higher loss
severities than the Amber collateral at November 2006.  The
number of loans that have exited the Rooftop portfolio is less
than Amber, although the weighted average loss severity on the
Rooftop repossessed cases is significantly higher at 15.87%,
compared to 8.97% for Amber.

The combined WALS on the total sold repossessions is 11.85%.
Average loss severities remain well below loss severity
assumptions for Bluestone 2004-1 for the lowest rated note
category of BB.

Delinquencies greater than three months appear to have
stabilized in the last three quarters; the most recent quarter
has seen a decrease to 20.7% from 21.1% of the outstanding
portfolio balance.  Such arrears compare with an average of
12.42% for similarly seasoned U.K. non-conforming RMBS
transactions, as per Fitch's U.K. non-conforming index.

The higher level of arrears is in line with Fitch's expectations
given the credit quality of the portfolio.  Weighted average
frequency of foreclosure for each rating category was at the
upper end of the WAFF range for U.K. non-conforming
transactions, as reflected in high credit enhancement levels
compared to many other non-conforming transactions.

The switch to pro-rata paydown of the notes in September 2006
initially slowed the growth of CE.  However, the high annualized
principal payment rates have continued to have a positive impact
on de-leveraging the deal and building CE levels.  There is a
condition for the pro rata amortization to cease if arrears
greater than three months exceed 22.5% of the outstanding
mortgage balance.  Given such arrears are close to this trigger,
Fitch will monitor arrears performance closely.

Unlike the first transaction, which referenced two originators,
all of the loans in the second securitisation Bluestone
Securities Plc - Series 2005-01 were originated by Platform
Funding Limited, a wholly owned subsidiary of Britannia Building
Society.

The performance of the portfolio backing the second deal is
significantly better than that backing the first transaction,
owing to the characteristics of the loans.  This portfolio
contains a proportion of prime and near-prime borrowers,
according to Platform product definitions.

Delinquencies greater than three months are much lower in this
series, currently accounting for 6.29% of the outstanding
portfolio.  Sold repossessions account for 0.4%, with a
cumulative loss on these repossessed cases of 0.18% of the
initial balance.

Credit enhancement has experienced healthy growth in the year
since issue, owing to the sequential paydown and relatively high
PPR.  The overall portfolio has amortized approximately 35%.

The rating actions are:

Bluestone Securities Plc - Series 2004-1

   -- Class Aa (ISIN XS0208448331) and Class Aa I/O affirmed at
      AAA;

   -- Class Az (ISIN XS0208450311) and Class Az I/O affirmed at
      AAA;

   -- Class B (ISIN XS0208452879) affirmed at A;

   -- Class C (ISIN XS0208453687) affirmed at BBB; and

   -- Class D (ISIN XS0208453760) affirmed at BB.

Bluestone Securities Plc - Series 2005-01

   -- Class A (ISIN XS0222339631) affirmed at AAA;
   -- Class B (ISIN XS0222339391) affirmed at A;
   -- Class C (ISIN XS0222338740) affirmed at BBB; and
   -- Class D (ISIN XS0222338153) affirmed at BB.


EMMERICH HAUSTECHNIK: Claims Registration Ends December 22
----------------------------------------------------------
Creditors of Emmerich Haustechnik GmbH & Co. KG have until
Dec. 22 to register their claims with court-appointed
provisional administrator Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Jan. 12, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Room 230a
         2nd Floor
         Bogen 2-4
         33098 Paderborn, 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 Paderborn opened bankruptcy proceedings
against Emmerich Haustechnik GmbH & Co. KG on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Emmerich Haustechnik GmbH & Co. KG
         Ring 9A
         33034 Brakel-Gehrden,
         Germany

         Attn: Martin Wolff, Manager
         Ring 9
         33034 Brakel-Gehrden,
         Germany

The administrator can be contacted at:

         Sandra Bitter
         Liboriberg 21
         33098 Paderborn, Germany


FLEXSTONE GMBH: Claims Registration Ends December 22
----------------------------------------------------
Creditors of Flexstone GmbH have until Dec. 22 to register their
claims with court-appointed provisional administrator Juergen
Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 24, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against Flexstone GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Flexstone GmbH
         Mielestrasse 2
         14542 Werder, Germany

The administrator can be contacted at:

         Dr. Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin, Germany


FRISEURSALON HELGA: Claims Registration Ends December 22
--------------------------------------------------------
Creditors of Friseursalon Helga GmbH have until Dec. 22 to
register their claims with court-appointed provisional
administrator Norbert Heimann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:16 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 1240
         12th 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 Friseursalon Helga GmbH on Nov. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Friseursalon Helga GmbH
         Attn: Rainer Golle, Manager
         Hauptstr. 44
         51491 Overath, Germany

The administrator can be contacted at:

         Dr. Norbert Heimann
         Spichernstr. 55
         50672 Cologne, Germany


IMMOMASSIV BAU: Claims Registration Ends December 22
----------------------------------------------------
Creditors of Immomassiv Bau GmbH have until Dec. 22 to register
their claims with court-appointed provisional administrator
Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 30, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil, 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 Rottweil opened bankruptcy proceedings
against Immomassiv Bau GmbH on Nov. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Immomassiv Bau GmbH
         Attn: Markus Guhl, Manager
         Schubertstr. 27
         78727 Oberndorf, Germany

The administrator can be contacted at:

         Albert Hirt
         Berner Field 74
         78628 Rottweil, Germany
         Tel: 0741/1754050


INFIT FITNESS: Claims Registration Ends December 22
---------------------------------------------------
Creditors of Infit Fitness GmbH have until Dec. 22 to register
their claims with court-appointed provisional administrator
Wolfgang Hohenadl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 23, 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 Augsburg
         Meeting Room 162
         Law Courts
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Infit Fitness GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Infit Fitness GmbH
         Attn: Robert Gilg, Manager
         Wittelsbacherstr. 1
         86830 Schwabmuenchen, Germany

The administrator can be contacted at:

         Wolfgang Hohenadl
         Froelichstr. 14
         86150 Augsburg, Germany


KLAUS BENTLAGE: Claims Registration Ends December 22
----------------------------------------------------
Creditors of Klaus Bentlage GmbH Modell- und Formenbau 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 9:00 a.m. on Jan. 12, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth 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 Klaus Bentlage GmbH Modell- und Formenbau on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Klaus Bentlage GmbH Modell- und Formenbau
         Hoefeweg 80
         33619 Bielefeld, Germany

         Attn: Michael Bentlage, Manager
         Schirmhof 1a
         33739 Bielefeld, Germany

The administrator can be contacted at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld, Germany


KUENNECKE SANITAR: Claims Registration Ends December 22
-------------------------------------------------------
Creditors of Kuennecke Sanitar- und Heizungsbau GmbH have until
Dec. 22 to register their claims with court-appointed
provisional administrator Henrik Teiwes.

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

The meeting of creditors will be held at:

         The District Court of Holzminden
         Hall 14
         Hauptgebaude
         Karlstrasse 15
         37601 Holzminden, 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 Holzminden opened bankruptcy proceedings
against Kuennecke Sanitar- und Heizungsbau GmbH on Nov. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kuennecke Sanitar- und Heizungsbau GmbH
         Attn: Nicole Kuennecke, Manager
         Niederes Field 19
         37697 Lauenforde, Germany

The administrator can be contacted at:

         Henrik Teiwes
         Bahnhofstrasse 23
         37603 Holzminden, Germany
         Tel: 05531/93710
         Fax: 05531/937110


PROSIEBENSAT.1 MEDIA: Lavena Inks Deal to Acquire Majority Stake
----------------------------------------------------------------
Lavena Holding 4 GmbH, which is controlled by funds advised by
Kohlberg Kravis Roberts & Co. and Permira, signed a share
purchase agreement for the acquisition of German Media Partners
L.P.'s majority stake in ProSiebenSat.1 Media AG, Germany's
largest TV broadcasting group.

Upon completion of the share purchase agreement, Lavena will
acquire approximately 88% of the voting common shares and
approximately 13% of the non-voting preference shares in
ProSiebenSat.1 and will hold approximately 50.5% of the
registered share capital.  The parties have agreed on a price of
EUR28.71 per common share and of EUR22.40 per preference share.
The completion of the share purchase agreement is subject to
antitrust and media regulatory clearances.

Furthermore, Lavena intends to launch a voluntary public
takeover offer to the shareholders of ProSiebenSat.1.  The offer
price per share will be equal to the weighted average share
price during the last three months prior to the announcement of
the takeover offer.  The takeover offer will be conditional upon
the completion of the share purchase agreement. Details of the
intended offer will be published in an offer document upon
approval of such offer document by the Federal Supervisory
Agency on Financial Services.

"We are very pleased to announce this mutually beneficial
transaction with KKR/Permira.  After reviewing all of the bids,
we are convinced that the KKR/Permira offer is the most
attractive for both the company and current shareholders.  We
are confident that, as the new majority owner of ProSiebenSat.1,
KKR/Permira will provide the company with strategic benefits and
ensure continued prosperous growth," said Haim Saban, Chairman
and CEO of Saban Capital Group Inc., the lead investor in German
Media Partners.

"We are delighted to have the opportunity to develop, together
with the management and staff of ProSiebenSat.1, over the course
of the coming years a new European media champion," said Thomas
Krenz, Managing Partner of Permira, about the transaction.

Johannes Huth, the member of KKR responsible for the firm's
European operations, stated: "The Company has a great potential
for growth, not only with its core TV channels, but also an
innovative range of new online and transaction products.  We
will support the company with our know-how and resources in
order to allow it to live up to its potential and continue the
success story of ProSiebenSat.1 in Germany on a European scale".

On the basis of a significant equity commitment and a solid
financing structure, the new shareholders will provide
sufficient flexibility for investments in growth opportunities.

Mr. Krenz said that after completion of all regulatory
proceedings and the voluntary takeover offer, the new investors
will consider a possible business combination with the
broadcasting group SBS Broadcasting, which is majority-owned by
KKR and Permira and has a strong presence in Belgium, the
Netherlands and Luxembourg as well as in Scandinavia and Eastern
Europe.  Mr. Huth stressed, however, that "it is clear already
that ProSiebenSat.1 will remain headquartered in Munich."

"ProSiebenSat.1 is a fantastic company.  Thanks to a great
management team led by Guillaume de Posch, very talented
employees, and the implementation of exceptional ideas over the
past three years, ProSiebenSat.1 is the most successful
turnaround in European broadcast TV in recent years.  We are
proud to have been behind this success story," added Adam
Chesnoff, President and COO of Saban Capital Group.

KKR and Permira were advised by Lehman Brothers as well as by
Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett
LLP (Legal) on the transaction.

J.P. Morgan, Morgan Stanley, Weil Gotshal & Manges and Hogan &
Hartson Raue were advisors to German Media Partners.

                         About Permira

Permira -- http://www.permira.com/-- is a leading international
Private Equity specialist. As an independent business, Permira
is owned and controlled by its partners.  The firm's team of
around 100 professionals, based in Frankfurt, London, Madrid,
Milan, New York, Paris, Stockholm and Tokyo, advises the Permira
Funds with a total committed capital of more than EUR21 billion.
Since 1985, the Permira Funds have completed over 180 private
equity transactions.  During the last year, the Permira Funds
have completed seven transactions with a combined transaction
value of over EUR30 billion.

                            About KKR

Kohlberg Kravis Roberts & Co. -- http://www.kkr.com/-- is one
of the world's oldest and most experienced private equity firms
specializing in management buyouts. Founded in 1976, it has
offices in New York, Menlo Park, London, Paris, Hong Kong and
Tokyo.  Throughout its history, KKR has brought a long-term
investment approach to its portfolio companies, focusing on
working in partnership with management teams and investing for
future competitiveness and growth.  Over the past 30 years, KKR
has completed 146 transactions with an aggregate value of more
than US$260 billion.

                   About German Media Partners L.P.

German Media Partners L.P. is comprised of Saban Capital Group
Funds (26%), Bain Capital Partners Funds (18.6%), Hellman &
Friedman Funds (18.6%), Thomas H. Lee Partners Funds (18.6%),
Providence Equity Funds (11.2%), Quadrangle Funds (5.9%) and
Alpine Funds (1.1%).  German Media Partners indirectly owns
50.5% of the share capital and 88.0% of the voting rights of
ProSiebenSat.1 Media AG.  In total, German Media Partners owns
13.0% of the preference shares and 88% of the common voting
shares of ProSiebenSat.1 Media AG through P7S1 Holding II
S.a.r.l.

                     About Saban Capital Group

Saban Capital Group, Inc. is a private investment firm
specializing in the media and entertainment industries.  Based
in Los Angeles, SCG was established in 2001 by Haim Saban,
founder of global family entertainment company Saban
Entertainment, a global television broadcasting, production,
distribution, merchandising and music company that was sold to
the Walt Disney Corp. in October 2001 in a US$5.2 billion
transaction.  The firm makes both controlling and minority
investments in public and private companies and adds strategic
value through its established relationships and industry
experience.  SCG is also invested in Bezeq, Israel's national
telecommunication provider.  In addition, SCG owns and operates
a music company, Saban Music Group, which operates an
independent music-publishing company.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
television programs through four German language television
channels as well as a range of ancillary activities.  It was
formed in 2000 with the merger of Germany's leading
broadcastersProSieben Media AG and Sat.1.  It is the largest and
most successful television corporation in Germany with four
stations -- Sat.1, ProSieben, kabel eins and N24.


PROSIEBENSAT.1 MEDIA: Moody's Reviews Ratings on Stake Purchase
---------------------------------------------------------------
Moody's Investors Service placed the Ba1 senior unsecured and
corporate family ratings of ProsiebenSat.1 Media AG on review
for possible downgrade following the recent announcement that
Lavena Holding 4 GmbH, which is controlled by funds advised by
Kohlberg Kravis Roberts and Permira, has signed a share purchase
agreement for the acquisition of German Media Partners LP's
majority stake in the Company for a consideration of
approximately EUR3.1 billion.

The acquisition, which is of 88% of the common stock and 13% of
the preferred stock (equivalent to 50.5% of the total share
capital), is subject to antitrust and media regulatory
clearances.

These ratings were placed on review for possible downgrade:

    * ProsiebenSat.1 Media AG

      -- the senior unsecured and corporate family ratings, both
         at Ba1

Moody's notes that Lavena has said it also intends to launch a
voluntary public takeover offer to the shareholders of
ProSiebenSat.1, which hold approximately 87% of the non-voting
preference shares, and 12% of the voting common shares.  The
acquiring consortium has endorsed ProSiebenSat.1' existing
strategy, and has indicated that in making the acquisition it is
pursuing a strategic interest in the European television
industry, and has indicated that on completion it would consider
combining ProSiebenSat.1 with its majority owned SBS
Broadcasting.

Moody's said that the review for possible downgrade reflects the
risk that successful completion of the acquisition by Permira
and KKR and the potential combination with SBS could result in
an increase in ProSiebenSat.1's direct or indirect financial
leverage and a weakening of its currently strong financial risk
profile.

Niel Bisset, Senior Vice President, notes "that it is difficult
at this stage to anticipate how the debt capital structure and
financial profile is going to evolve given the uncertainties
over how the ownership and corporate profile, as well as
business strategy, is going to develop.  Therefore a downgrade
of more than one rating notch cannot be ruled out at this time."
In that context Moody's rating review will also factor in
ProSiebenSat.1's own currently relatively under-levered balance
sheet at the Ba1 rating level, its future operational strategy,
whether on a stand-alone basis or as part of a combination with
SBS, and the financing implications associated with any possible
future combination with SBS.  Moody's will furthermore consider,
in the context of such review, any revenue, programming and cost
synergies, which such a combination is likely to generate.

Moody's notes that ProSiebenSat1.'s Notes due 2009 contain a
change of control provision which in certain circumstances give
noteholders the right to put their Notes back to the Issuer.

ProSiebenSat.1 Media AG is based in Munich, Germany.  The
company's main activity is the broadcasting and production of
television programs through four German language television
channels as well as a range of ancillary activities.


PROVIDE-A 2006-1: Moody's Rates EUR17.4-Million Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the Notes to be issued by Provide-A 2006-1 GmbH:

   -- EUR0.5-Million Class A+ Notes due 2049: (P)Aaa;
   -- EUR145.2-Million Class A Notes due 2049: (P)Aaa;
   -- EUR95.8-Million Class B Notes due 2049: (P)Aa2;
   -- EUR43.5-Million Class C Notes due 2049: (P)A1;
   -- EUR37.8-Million Class D Notes due 2049: (P)Baa1; and
   -- EUR17.4-Million Class E Notes due 2049: (P)Ba2.

In addition, Moody's Investors Service has assigned this
provisional rating to a Credit Default Swap between KfW and a
third party in connection with the Notes issued by Provide-A
2006-1 GmbH:

   -- EUR2.54-Million Senior Credit Default Swap: (P)Aaa.

The structure is based on the KfW-offered Provide programme.  In
this program, KfW provides credit protection on a specific
reference portfolio of residential mortgage loans.  KfW in turn
hedges its exposure through a Senior Credit Default Swap and the
issuance of credit linked certificates of indebtedness purchased
by Provide-A 2006-1 GmbH.  This is the first Provide-A
transaction which features a German SPV while the Issuers of
previous Provide-A transactions are domiciled in Ireland.

In this transaction, Bayerische Hypo- und Vereinsbank (HVB)
sells credit risk of 32,417 reference claims with a current
volume of approximately EUR2.9 billion.  The loans securitized
via Provide-A 2006-1 GmbH have been originated by HVB in the
course of its mortgage loan activity.  The portfolio is static
and will amortize sequentially, starting with the Class A+ Notes
which rank pro-rata with the Senior Credit Default Swap.
Realized losses cover losses of principal, uncapped accrued
interest at the loans' contractual interest rate and external
foreclosure costs.  The first layer of protection for the notes
against losses from the underlying portfolio is provided by
synthetic excess spread of 12 bps p.a., which is available to
cover losses in the respective period.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the notes.  A definitive rating
may differ from a provisional rating.


RESE-GRUNDBESITZ: Claims Registration Ends December 22
------------------------------------------------------
Creditors of RESE-Grundbesitz AG have until Dec. 22 to register
their claims with court-appointed provisional administrator
Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 23, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Wuppertal opened bankruptcy proceedings
against RESE-Grundbesitz AG on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         RESE-Grundbesitz AG
         Attn: Patricia Staniforth, Manager
         Neuenhausplatz 76
         40699 Erkrath, Germany

The administrator can be contacted at:

         Dr. Rainer Maus
         Turmhof 15
         42103 Wuppertal, Germany


SCHALUNGSBEDARF ERHARD: Claims Registration Ends December 22
------------------------------------------------------------
Creditors of Schalungsbedarf Erhard Hauptvogel GmbH have until
Dec. 22 to register their claims with court-appointed
provisional administrator Balph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 2, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller), Germany

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

The District Court of Verden (Aller) opened bankruptcy
proceedings against Schalungsbedarf Erhard Hauptvogel GmbH on
Nov. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Schalungsbedarf Erhard Hauptvogel GmbH
         Siemensstrasse 5
         27711 Osterholz-Scharmbeck,
         Germany

         Attn: Peter Hauptvogel, Manager
         Kohlhof 10
         27711 Osterholz-Scharmbeck,
         Germany

The administrator can be contacted at:

         Balph Buenning
         Domshof 18-20
         28195 Bremen, Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100


SCHLUETER TRANSPORTE: Claims Registration Ends December 22
----------------------------------------------------------
Creditors of Schlueter Transporte GmbH have until Dec. 22 to
register their claims with court-appointed provisional
administrator Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 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 Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut, Germany

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

The District Court of Landshut opened bankruptcy proceedings
against Schlueter Transporte GmbH on Oct. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Schlueter Transporte GmbH
         Papferding 44
         85461 Bockhorn, Germany

The administrator can be contacted at:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding, Germany
         Tel: 08122/22960-83
         Fax: 08122/22960-84


ZENTGRAFF-HEIZUNGSBAU: Claims Registration Ends December 22
-----------------------------------------------------------
Creditors of Zentgraff-Heizungsbau GmbH have until Dec. 22 to
register their claims with court-appointed provisional
administrator Christine Mansius.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 11, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Holzminden
         Hall 14
         Hauptgebaude
         Karlstrasse 15
         37601 Holzminden, 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 Holzminden opened bankruptcy proceedings
against Zentgraff-Heizungsbau GmbH on Nov. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Zentgraff-Heizungsbau GmbH
         Attn: Rita Zentgraff, Manager
         Rottmuendetal 42
         37691 Boffzen, Germany

The administrator can be contacted at:

         Christine Mansius
         Kaiser-Wilhelm-Road 3
         31061 Alfeld/Leine,
         Germany
         Tel: 05181/85370
         Fax: 05181/853737
         E-mail: Mansius@t-online.de


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


POPOLARE DI VERONA: Okays Merger with Banca Popolare Italiana
-------------------------------------------------------------
The Boards of Directors of Banco Popolare di Verona e Novara and
Banca Popolare Italiana have approved the merger between the two
companies, Reuters reports.

As reported in the TCR-Europe on Oct. 17, the Board of Directors
of BPI accepted a EUR8.2-billion takeover offer from larger
rival BPVN.  BPI and BPVN will form a holding company that will
launch a share swap to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  BPI shareholders have yet to confirm the agreement
with due diligence.

According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.

The merged company will be called Banco Popolare and will
concentrate on savings and loans in northern Italy, Reuters
reports.  The merger, the banks added, will raise BPI's
productivity and overall income.

The companies forecasted an 18.9% hike in operating profit in
2006-2010 and a 45% cost-to-income in 2010.  The payout ratio
will be around 50% in 2010.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.


                        *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service placed on review for possible downgrade the A2 long-term
and Prime-1 short-term senior debt and bank deposit ratings of
Banco Popolare di Verona e Novara, as well as its C+ financial
strength rating, following the announcement that BPVN's proposal
to merge with Banca Popolare Italiana has been approved by BPI's
board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

As reported in the TCR-Europe on Oct. 18, Fitch Ratings placed
Banco Popolare di Verona e Novara's A+ Issuer Default rating and
B Individual rating on Rating Watch Negative.  Its other ratings
are affirmed at Short-term F1 and Support 3.

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.


POPOLARE DI VERONA: Merger Deal Sees 1,350 Job Cuts at New Group
----------------------------------------------------------------
The approved merger between Banca Popolare Italiana and Banco
Popolare di Verona e Novara will lead to around 1,350 job cuts
at the new group, AFX News reports citing BPVN CEO Fabio
Innocenzi.

Mr. Innocenzi revealed that 840 of the job cuts would be done
through incentive departures while 510 through natural wastage.

The Board of Directors of the companies have approved the
merger, which would commence on July 1, 2007.

As reported in the TCR-Europe on Oct. 17, the Board of Directors
of BPI accepted an EUR8.2-billion takeover offer from larger
rival BPVN.  BPI and BPVN will form a holding company that will
launch a share swap to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  BPI shareholders have yet to confirmed with due
diligence the agreement.

According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.

The companies expected revenue synergies to reach EUR146
million.  The banks forecast synergies of EUR70 million in 2007,
EUR270 million in 2008, EUR413 million in 2009 and EUR500
million in 2010, Reuters relates.

Mr. Innocenzi said that the merged group could generate EUR215
million more in synergies in a "best case scenario" excluded in
the plan.

The companies' shareholders will met on March 10, 2007, to
approve the merger to a new company, which will be called Banco
Popolare.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.

                        *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service placed on review for possible downgrade the A2 long-term
and Prime-1 short-term senior debt and bank deposit ratings of
Banco Popolare di Verona e Novara, as well as its C+ financial
strength rating, following the announcement that BPVN's proposal
to merge with Banca Popolare Italiana has been approved by BPI's
board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

As reported in the TCR-Europe on Oct. 18, Fitch Ratings placed
Banco Popolare di Verona e Novara's A+ Issuer Default rating and
B Individual rating on Rating Watch Negative.  Its other ratings
are affirmed at Short-term F1 and Support 3.

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.


POPOLARE ITALIANA: Okays Merger with Popolare di Verona e Novara
----------------------------------------------------------------
The Boards of Directors of Banco Popolare di Verona e Novara and
Banca Popolare Italiana have approved the merger between the two
companies, Reuters reports.

As reported in the TCR-Europe on Oct. 17, the Board of Directors
of BPI accepted a EUR8.2-billion takeover offer from larger
rival BPVN.  BPI and BPVN will form a holding company that will
launch a share swap to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  BPI shareholders have yet to confirm the agreement
with due diligence.

According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.

The merged company will be called Banco Popolare and will
concentrate on savings and loans in northern Italy, Reuters
reports.  The merger, the banks added, will raise BPI's
productivity and overall income.

The companies forecasted an 18.9% hike in operating profit in
2006-2010 and a 45% cost-to-income in 2010.  The payout ratio
will be around 50% in 2010.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service placed on review for possible downgrade the A2 long-term
and Prime-1 short-term senior debt and bank deposit ratings of
Banco Popolare di Verona e Novara, as well as its C+ financial
strength rating, following the announcement that BPVN's proposal
to merge with Banca Popolare Italiana has been approved by BPI's
board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

As reported in the TCR-Europe on Oct. 18, Fitch Ratings placed
Banco Popolare di Verona e Novara's A+ Issuer Default rating and
B Individual rating on Rating Watch Negative.  Its other ratings
are affirmed at Short-term F1 and Support 3.

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.


POPOLARE ITALIANA: Merger Deal Sees 1,350 Job Cuts at New Group
---------------------------------------------------------------
The approved merger between Banca Popolare Italiana and Banco
Popolare di Verona e Novara will lead to around 1,350 job cuts
at the new group, AFX News reports citing BPVN CEO Fabio
Innocenzi.

Mr. Innocenzi revealed that 840 of the job cuts would be done
through incentive departures while 510 through natural wastage.

The Board of Directors of the companies have approved the
merger, which would commence on July 1, 2007.

As reported in the TCR-Europe on Oct. 17, the Board of Directors
of BPI accepted an EUR8.2-billion takeover offer from larger
rival BPVN.  BPI and BPVN will form a holding company that will
launch a share swap to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  BPI shareholders have yet to confirmed with due
diligence the agreement.

According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.

The companies expected revenue synergies to reach EUR146
million.  The banks forecast synergies of EUR70 million in 2007,
EUR270 million in 2008, EUR413 million in 2009 and EUR500
million in 2010, Reuters relates.

Mr. Innocenzi said that the merged group could generate EUR215
million more in synergies in a "best case scenario" excluded in
the plan.

The companies' shareholders will met on March 10, 2007, to
approve the merger to a new company, which will be called Banco
Popolare.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service placed on review for possible downgrade the A2 long-term
and Prime-1 short-term senior debt and bank deposit ratings of
Banco Popolare di Verona e Novara, as well as its C+ financial
strength rating, following the announcement that BPVN's proposal
to merge with Banca Popolare Italiana has been approved by BPI's
board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

As reported in the TCR-Europe on Oct. 18, Fitch Ratings placed
Banco Popolare di Verona e Novara's A+ Issuer Default rating and
B Individual rating on Rating Watch Negative.  Its other ratings
are affirmed at Short-term F1 and Support 3.

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.


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


AK-ALTYN LLP: Creditors Must File Claims by Jan. 19, 2007
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Ak-Altyn insolvent.

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

         LLP Ak-Altyn
         Al-Farabi Str. 25
         Jetysai
         South Kazakhstan Region
         Kazakhstan


DECOLLO FASHION: Creditors' Claims Due Jan. 19, 2007
----------------------------------------------------
LLP Decollo Fashion has declared insolvency.  Creditors have
until Jan. 19, 2007, to submit written proofs of claim to:

         LLP Decollo Fashion
         Office 304
         Baizakov Str. 194
         Almaty, Kazakhstan
         Tel: 8 (3272) 59-94-17


GURYEV TECHSNAB: Claims Filing Period Ends Jan. 16, 2007
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Guryev Techsnab insolvent.

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

         LLP Guryev Techsnab
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region


KARNAK LLP: Claims Registration Ends Jan. 19, 2007
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Karnak insolvent.

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

         LLP Karnak
         Lobody Str. 20
         Karaganda
         Karaganda Region
         Kazakhstan


METALLIST LLP: Kostanai Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Trade House
Metallist on Nov. 15.


NURJAN LLP: Creditors' Claims Due Jan. 19, 2007
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Nurjan insolvent.

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

         LLP Nurjan
         Al-Farabi Str. 25
         Jetysai
         South Kazakhstan Region
         Kazakhstan


SELECTA INTERNATIONAL: Claims Filing Period Ends Jan. 19, 2007
--------------------------------------------------------------
LLP Selecta International has declared insolvency.  Creditors
have until Jan. 19, 2007, to submit written proofs of claim to:

         LLP Selecta International
         Gogol Str. 155-32
         Almaty, Kazakhstan


STARSTROY LLP: Claims Registration Ends Jan. 19, 2007
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Construction Company Starstroy
insolvent.

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

         LLP Starstroy
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


STROY TORG-M: Creditors Must File Claims by Jan. 16, 2007
---------------------------------------------------------
LLP Construction Company Stroy Torg-M gas declares about its
insolvent.

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

         LLP Stroy Torg-M
         Amangeldy Str. 34-1
         Shortandy
         Shortandynsky District
         Akmola Region
         Kazakhstan


SULU MADINE: Proof of Claim Deadline Slated for Jan. 19, 2007
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Sulu Madine insolvent.

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

         LLP Sulu Madine
         Lobody Str. 20
         Karaganda
         Karaganda Region
         Kazakhstan


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


SHAM-KPK LLC: Creditors' Meeting Scheduled for Dec. 22
------------------------------------------------------
Creditors of LLC Publishing House Sham-KPK will convene at 11:00
a.m. on Dec. 22 at:

         Floor 3
         Building of Polygraphic Centre
         Suvanberdiev Str. 102
         Bishkek, Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Publishing House Sham-KPK (Case No. ED-122/06 mbs2)
insolvent on March 1.  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. Toktogul Subankulov
         Tel: (+996 312) 47-02-22
              (0-502) 82-95-66


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


MAZEIKIU NAFTA: Fitch Keeps IDR at B+ & Assigns Positive Outlook
----------------------------------------------------------------
Fitch Ratings affirmed Lithuanian oil refining company Mazeikiu
Nafta AB's Issuer Default rating at B+ and removed it from
Rating Watch Positive.  A Positive Outlook is assigned. MN's
Short-term rating is affirmed at B.

The rating action follows MN's ownership change as a result of
Polish oil refining and marketing company PKN Orlen S.A.'s
acquisition of the company.  PKN has taken operational control
over MN after the acquisition of a 53.7% stake in MN from Yukos
International U.K. B.V. for US$1.49 billion and a 30.66% stake
from the Lithuanian government for US$852 million.

The Positive Outlook reflects the potential benefits for MN from
operating as part of the PKN group, which has a stronger
business and financial profile.  PKN as a new owner of MN
supports the Lithuanian company's capital expenditure program of
around US$1 billion, which should transform MN into a modern
refinery with integrated petrochemicals facilities.

Upgrade potential depends on MN's projected cash flow
development, which is to a large degree subject to the timing of
the resumption of Russian crude oil pipeline delivery to MN and
the restoration of MN's refinery to full capacity in fourth
quarter of 2007 after the fire in October 2006.

Fitch also expects that after the ownership change, MN will be
able to purchase crude oil on more favorable terms without the
current level of cash deposits.  This should improve the
company's financial flexibility and liquidity.  Fitch may
upgrade MN when the company is more fully integrated into PKN.

There have been two significant negative developments in MN
since PKN announced the acquisition in May 2006.  Following the
crude pipeline supply suspension from Russia due to a leakage in
the Druzhba pipeline in July, MN is now purchasing Russian crude
on a seaborne basis, mostly from the Primorsk terminal.

This results in additional transportation costs and lost
revenues from its pipeline and the Butinge terminal.  This
significantly reduces MN's cash flows until the pipeline supply
is resumed by Russia, which may occur in H107.  Fitch estimates
this will reduce MN's EBITDA by at least US$100 million per
year.

In addition, as a result of the MN refinery fire in October
2006, which damaged a vacuum distillation unit, MN will operate
at around 50% of its capacity until the unit is refurbished in
fourth quarter of 2007.  This incident will also have a
significant negative effect on MN's cash flows given that only a
part of its lost profits is expected to be covered via insurance
claims.

Fitch notes that PKN has a track record in refinery
modernization and in operating and expanding the petrochemicals
business.  These should mitigate the risks related to MN's
ambitious capital expenditure program, including the
construction of petrochemicals facilities.


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


GSC EUROPEAN: Moody's Assigns Low-B Ratings to Two Note Classes
---------------------------------------------------------------
Moody's Investors Service assigned credit ratings to the notes
issued by GSC European CDO I-R S.A., a Luxembourg special
purpose company.

The ratings are:

   -- EUR37-Million Class A1 Floating Rate Notes due 2022: Aaa;

   -- EUR140-Million Class A2A Floating Rate Notes due 2022:
      Aaa;

   -- EUR35-Million Class A2B Floating Rate Notes due 2022: Aa1;

   -- EUR25-Million Class A3 Revolving Floating Rate Notes due
      2022: Aaa;

   -- EUR16.8-Million Class B Floating Rate Notes due 2022: Aa2;

   -- EUR18,4-Million Class C1 Floating Rate Deferrable Notes
      due 2022: A2;

   -- EUR10-Million Class C2 Zero Coupon Accreting Notes due
      2022: A2;

   -- EUR20.3-Million Class D Floating Rate Deferrable Notes due
      2022: Baa3;

   -- EUR12.5-Million Class E Floating Rate Deferrable Notes due
      2022: Ba3;

   -- EUR7-Million Class W Combination Notes due 2022: Baa1;

   -- EUR4-Million Class Z Combination Notes due 2022: B2;

   -- EUR10-Million Class C2 Customised Rated Notes due 2022:
      A2; and

   -- EUR35-Million Class Subordinated Notes have been issued
      issued but are not rated by Moody's.

The ratings of the Notes address the expected loss posed to
investors by the legal final maturity.

The ratings on the Class Z Combination Notes and C2 Customized
Rated Notes address the repayment of the Rated Balance, whether
from interest or principal proceeds, by the legal final maturity
of the transaction while the rating on the Class W Combination
Notes addresses the repayment of the Rated Balance and the Rated
Coupon of 0.25% by that same legal final maturity, whether from
interest or principal proceeds.

This transaction is a high yield collateralized loan obligation
related to an EUR336 million portfolio of mostly European senior
and mezzanine loans (with a predominance of senior secured
loans).  GSCP (NJ), L.P, dynamically manages this portfolio.
More than 90% of this portfolio was acquired at closing through
a Forward Sale Agreement between GSC European CDO I, which is
being called, and GSC European CDO I-R, and the remaining will
be acquired during the 6 month ramp-up period in compliance with
portfolio guidelines (which include, among other tests, a
diversity score test, a weighted average rating factor test and
a weighted average spread test).  Thereafter, the portfolio of
loans will be actively managed and the investment adviser will
have the option, on behalf of the issuer to buy or sell loans.
Any addition or removal of loans will be subject to a number of
portfolio criteria.


POPOLARE DI VERONA: Okays Merger with Banca Popolare Italiana
-------------------------------------------------------------
The Boards of Directors of Banco Popolare di Verona e Novara and
Banca Popolare Italiana have approved the merger between the two
companies, Reuters reports.

As reported in the TCR-Europe on Oct. 17, the Board of Directors
of BPI accepted a EUR8.2-billion takeover offer from larger
rival BPVN.  BPI and BPVN will form a holding company that will
launch a share swap to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  BPI shareholders have yet to confirm the agreement
with due diligence.

According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.

The merged company will be called Banco Popolare and will
concentrate on savings and loans in northern Italy, Reuters
reports.  The merger, the banks added, will raise BPI's
productivity and overall income.

The companies forecasted an 18.9% hike in operating profit in
2006-2010 and a 45% cost-to-income in 2010.  The payout ratio
will be around 50% in 2010.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.


                        *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service placed on review for possible downgrade the A2 long-term
and Prime-1 short-term senior debt and bank deposit ratings of
Banco Popolare di Verona e Novara, as well as its C+ financial
strength rating, following the announcement that BPVN's proposal
to merge with Banca Popolare Italiana has been approved by BPI's
board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

As reported in the TCR-Europe on Oct. 18, Fitch Ratings placed
Banco Popolare di Verona e Novara's A+ Issuer Default rating and
B Individual rating on Rating Watch Negative.  Its other ratings
are affirmed at Short-term F1 and Support 3.

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.


POPOLARE DI VERONA: Merger Deal Sees 1,350 Job Cuts at New Group
----------------------------------------------------------------
The approved merger between Banca Popolare Italiana and Banco
Popolare di Verona e Novara will lead to around 1,350 job cuts
at the new group, AFX News reports citing BPVN CEO Fabio
Innocenzi.

Mr. Innocenzi revealed that 840 of the job cuts would be done
through incentive departures while 510 through natural wastage.

The Board of Directors of the companies have approved the
merger, which would commence on July 1, 2007.

As reported in the TCR-Europe on Oct. 17, the Board of Directors
of BPI accepted an EUR8.2-billion takeover offer from larger
rival BPVN.  BPI and BPVN will form a holding company that will
launch a share swap to stakeholders of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders.  The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13.  BPI shareholders have yet to confirmed with due
diligence the agreement.

According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax.  The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.

The companies expected revenue synergies to reach EUR146
million.  The banks forecast synergies of EUR70 million in 2007,
EUR270 million in 2008, EUR413 million in 2009 and EUR500
million in 2010, Reuters relates.

Mr. Innocenzi said that the merged group could generate EUR215
million more in synergies in a "best case scenario" excluded in
the plan.

The companies' shareholders will met on March 10, 2007, to
approve the merger to a new company, which will be called Banco
Popolare.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.

                        *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service placed on review for possible downgrade the A2 long-term
and Prime-1 short-term senior debt and bank deposit ratings of
Banco Popolare di Verona e Novara, as well as its C+ financial
strength rating, following the announcement that BPVN's proposal
to merge with Banca Popolare Italiana has been approved by BPI's
board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

As reported in the TCR-Europe on Oct. 18, Fitch Ratings placed
Banco Popolare di Verona e Novara's A+ Issuer Default rating and
B Individual rating on Rating Watch Negative.  Its other ratings
are affirmed at Short-term F1 and Support 3.

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.


=========
M A L T A
=========


BANK OF VALLETTA: Fitch Affirms Individual Rating at C
------------------------------------------------------
Fitch Ratings affirmed Bank of Valletta's ratings at Issuer
Default A- with Stable Outlook, Short-term F2, Individual C, and
Support 2.

The ratings reflect BoV's position as the largest bank in Malta,
improving profitability, sound capitalization and the progress
achieved so far in reducing its large stock of impaired loans.
However, impaired loans are still high in relation to gross
lending and equity, and impairment allowances are low by
international standards.  Concentration in the loan book is also
high.

Upward potential on the Issuer Default and Individual ratings is
currently constrained by the bank's limited size, the small size
of the domestic economy and high loan book concentrations.
However possible upward potential on the bank's Individual
rating may arise, in the longer term, from a substantial
reduction in impaired lending and concentrations, while
preserving sound profitability and good capital ratios.

Deterioration of the bank's asset quality or severe problems
affecting the domestic economy, on which the bank is closely
dependent, could put pressure on the ratings.  However, given
the bank's systemic importance, downside pressure on the Issuer
Default rating would be limited to one notch.

BoV's profitability has been improving in the past three years.
During the financial year to September 2006, BoV's performance
was satisfactory, with a generalized increase in all sources of
income and improved cost efficiency.

The small size of the Maltese economy causes some borrower
concentration in BoV's loan book, increasing its risk profile.
Fitch considers that reducing concentration levels might be
challenging in light of BoV's role as the largest bank in Malta
and its role in serving the domestic economy.  The bank's asset
quality indicators have improved steadily since 2002.

The share of impaired loans, largely a legacy of the past,
progressively declined to account for a more acceptable, albeit
still high, 7.4% of total gross loans at end-September 2006.
This was the result of increased management efforts to reduce
these loans.  Total loan impairment allowances, although slowly
increasing, were still low at 45% of impaired loans, although
this is partly mitigated by the high level of collateral and
historically low loan losses.

BoV is adequately capitalized in relation to its risks; however,
the bank's capital is limited.

BoV's main shareholders are the Maltese government and Italian
commercial bank Capitalia, with stakes of 25.2% and 14.6%,
respectively.  The bank's employees own 5.5% and the balance is
publicly traded.  In 2004, the Maltese government and Capitalia
announced their intention to divest their remaining stakes in
BoV.  In October 2006, the former decided against selling its
stake in BoV.


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


ALCATEL-LUCENT: Pascal Bantegnie to Lead Investor Relations Team
----------------------------------------------------------------
Alcatel-Lucent revealed that Pascal Bantegnie would lead the
Investor Relations team, responsible for communication towards
the investment community, including institutional investors and
retail shareholders.

Pascal Bantegnie will report to Scott Ashby, Alcatel-Lucent's
deputy CFO, with regional support in the Paris office from Maria
Alcon for Europe and Asia, and in the Murray Hill office from
John DeBono for North America.

With six years experience in Investor Relations, Pascal was Vice
President, Investor Relations of Alcatel prior to this
appointment.  Previously, he held various engineering positions
in the space industry and was responsible for the space risks
underwriting activity at the AGF insurance company.   He holds
an engineering degree in Aeronautics and a Master of Science in
Space.

                      About the Company

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

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

                           *     *     *

As reported in the TCR-Europe on Dec. 14, following the
completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

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

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

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

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


CLIENTLOGIC: Raises SITEL Stockholders' Price to US$4.25 a Share
----------------------------------------------------------------
SITEL Corp. and ClientLogic Corp. had entered into an amendment
to a previous Agreement and Plan of Merger among SITEL,
ClientLogic and Stagecoach Acquisition Corp., dated
Oct. 12, 2006.  Under the terms of the amendment, SITEL
stockholders will receive US$4.25 in cash for each outstanding
share of common stock of SITEL held, which represents an
increase of US$0.20 per share in cash from the price of US$4.05
per share in cash previously agreed with ClientLogic.  The Board
of Directors of SITEL has unanimously approved the amendment to
the Merger Agreement.  The transaction is expected to be
completed in the first quarter of 2007 and remains subject to
customary closing conditions, including the approval of SITEL's
stockholders.

On Dec. 6, prior to SITEL entering into the amendment with
ClientLogic, The Gores Group, LLC and The Calgary Group, LLC and
Jefferies Capital Partners IV LLC revised their previously
announced proposal to acquire all of the outstanding shares of
common stock of SITEL to lower the proposed price of US$4.50 to
US$4.25 per share in cash.  The amendment with ClientLogic
required SITEL to terminate the existing discussions with
Gores/Calgary/Jefferies although it continues to permit SITEL to
respond to additional proposals from third parties in the event
the Board of Directors of SITEL determines in good faith after
considering advice from its outside advisors that failure to do
so would be inconsistent with its fiduciary obligations.  In
additon, the amendment increases the expense reimbursement
portion of the amount payable by SITEL upon termination of the
Merger Agreement in circumstances involving an alternative
acquisition proposal by US$1 million.

In connection with the proposed merger with ClientLogic, SITEL
has set Jan. 12, 2007, as the date of its 2006 Annual Meeting of
Stockholders at which SITEL will seek, among other things,
stockholder approval of the Merger Agreement, as amended, and
the transactions contemplated thereby.

Holders of record of SITEL common stock as of 5:00 p.m., New
York time, on Dec. 5, 2006, will be entitled to vote at the
meeting.  The meeting will be held at:

         Marriott Regency Hotel
         10220 Regency Circle
         Omaha, Nebraska

The meeting will begin at 1:00 p.m., local time, on Jan. 12.
The definitive proxy statement and related materials will be
mailed on or about Dec. 13, 2006, to stockholders of record on
the record date.

The US$4.25 to be paid in cash in the merger for each SITEL
share represents an approximate 37.5% premium over the volume-
weighted average closing price of SITEL common stock on the New
York Stock Exchange for the thirty days prior to the public
announcement of the execution and delivery of the Merger
Agreement.

                     About SITEL Corp.

SITEL -- http://www.sitel.com/-- provides outsourced customer
support services.  SITEL designs and improves customer contact
models across its clients' customer acquisition, retention, and
development cycles.  SITEL has over 42,000 employees in 101
global contact centers located in 26 countries.

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.


CLIENTLOGIC CORP: Revised Merger Plan Cues Moody's Rating Review
----------------------------------------------------------------
Moody's Investors Service placed ClientLogic Corporation's B3
corporate family rating on review for possible upgrade after the
company's disclosure of its revised plan to merge with Sitel
Corp. and Sitel's recent return to filing timely financial
statements with the U.S. Securities and Exchange Commission.

As part of its review, Moody's will focus on resolution of the
company's merger plan, including the combined firm's prospective
capitalization, client contract performance, expense reduction,
and free cash flow.

Under the terms of the proposed merger, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay US$4.25
per share in cash for all of the outstanding common stock of
SITEL.  The transaction, which ClientLogic expects to be
completed in the first quarter of 2007, is subject to customary
closing conditions, including shareholder approval and
regulatory clearances.

In connection with the proposed merger, SITEL has set
Jan. 12, 2007 as the date of its 2006 Annual Meeting of
Stockholders at which SITEL will seek, among other things,
stockholder approval of the merger.

Headquartered in Nashville, Tennessee, ClientLogic Corporation
provides outsourced call center services worldwide including
Austria, France, Germany, Ireland, Netherlands, and the
United Kingdom.


HEXION SPECIALTY: ACC Completes Review of Orica Acquisition
-----------------------------------------------------------
Hexion Specialty Chemicals has been notified that the Australian
Competition and Consumer Commission or ACCC has completed its
review of the company's intent to acquire the resin and
adhesives business of Orica Limited.  The ACCC does not propose
to intervene in the transaction and has not attached any
conditions to its decision.

Based upon the successful completion of this regulatory review,
Hexion anticipates closing of the transaction will occur in mid-
January 2007.  Hexion had reached an agreement with Orica
Limited to buy its adhesives and resins business, which
manufactures formaldehyde and formaldehyde-based binding resins
in Australia and New Zealand used primarily in the forest
products industry.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- manufactures and markets resins,
inks, coating and adhesive resins, formaldehyde, oil field
products and other specialty and industrial chemicals worldwide.
At Sept. 30, 2006, the company has 103 production and
manufacturing facilities, of which 38 are located in the U.S.
The company's European headquarters is located at Rotterdam in
The Netherlands.

                          *     *     *

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

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


KONINKLIJKE AHOLD: In Talks with Equity Firms Over USF Unit Sale
----------------------------------------------------------------
Koninklijke Ahold N.V. is holding talks with Clayton Dubilier &
Rice Inc. and Kohlberg Kravis Roberts & Co. over the sale of its
U.S. Foodservice unit through a leveraged buyout, Henny Sender
writes for The Wall Street Journal.

Blackstone Group and Texas Pacific Group are also considering a
bid for USF, people privy to the matter told WSJ.  CDR and KKR's
offers would value USF at more than US$5 billion, WSJ suggests.

As reported in the TCR-Europe on Nov. 8, Koninklijke Ahold N.V.
disclosed of plans and financial targets resulting from its
Retail Review.  The plans include the divestment of USF, among
others.

According to Ahold, the plans are designed to accelerate
identical sales growth, improve profit returns and strengthen
the company's foundation for future expansion, creating
additional value for its shareholders.

The company said it would retain ownership of the Stop & Shop
and Giant supermarket units.  Anders Moberg, Chief Executive
Officer, told WSJ, "We have the knowledge, the management and I
can't see anybody else doing a better job."

Private-equity firms, however, also have experience with food
distribution companies.  CDR acquired Alliant Foodservice from
Kraft Foods in 1995 and sold it to U.S. Foodservice in 2001 and
earned nearly six times its investment.

Ahold had been subject of takeover and merger speculations, with
private equity firms hovering around the company, WSJ relays.
Ahold denied it was for sale, stressing that it was large enough
to survive.  According to WSJ, the company's market value is
around US$16.7 billion and around 74% of its sales are in the
U.S.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


LANCELOT 2006: Fitch Assigns BB Rating to EUR12-Million Notes
-------------------------------------------------------------
Fitch Ratings assigned final ratings to Lancelot 2006 B.V.'s
upcoming issue of EUR600 million floating-rate notes due 2073:

   -- EUR528 million Class A (ISIN XS0275569225): AAA;
   -- EUR21 million Class B (ISIN XS0275579703): AA;
   -- EUR19.5 million Class C (ISIN XS0275581279): A;
   -- EUR19.5 million Class D (ISIN XS0275581949): BBB; and
   -- EUR12 million Class E (ISIN XS0275582590): BB.

This is a static cash flow securitization of a pool of
commercial mortgage loans granted by F. Van Lanschot Bankiers
N.V. to 159 private individuals, small to medium-sized entities
and special-purpose vehicles established by SMEs or individuals
in the Netherlands as of the latest pool-cut.  This is the first
commercial mortgage-backed loan cash securitization launched by
VLB.

The mortgage loan receivables are secured by more than 700
commercial real estate properties in the Netherlands and are
sold at the outset by the originator to the issuer.  The purpose
of the loans is to finance the operations or investments of
SMEs, leverage the borrowers' investment property, or achieve
favorable tax treatment of the borrowers' estates.

The transaction benefits from structural protection via a
dynamic required reserve balance to trap excess margin for
unresolved defaulted loans and a principal deficiency ledger to
redirect interest proceeds to amortize senior principal once
foreclosure proceedings on a loan have been finalized.

The final ratings are based on the quality of the collateral,
available credit enhancement, the financial structure of the
transaction, the underwriting and servicing of the collateral
and the transaction's legal structure.

The final ratings address timely payment of interest and the
repayment of principal by legal final maturity on the Class A to
D notes and the ultimate payment of interest and the repayment
of principal by legal final maturity on the Class E notes in
accordance with the terms and conditions of the documentation.

The issuer is a private company with limited liability
incorporated under the laws of the Netherlands.


SMILE 2005: Fitch Affirms BB- Rating on EUR122.7-Million Notes
--------------------------------------------------------------
Fitch Ratings affirmed Smile 2005 Synthetic B.V. due 2012 notes:

   -- EUR2.87 billion Class A1 notes affirmed at AAA;
   -- EUR2 billion Class A2 notes affirmed at AAA;
   -- EUR122.7 million Class B notes affirmed at AA+;
   -- EUR90.9 million Class C notes affirmed at AA-;
   -- EUR90.9 million Class D notes affirmed at BBB+; and
   -- EUR122.7 million Class E notes affirmed at BB-.

The affirmation reflects the transaction's stable performance to
date and sufficient credit enhancement.  As of the latest report
the cumulative defaults were EUR47.07 million of defaulted
assets, representing approximately only 0.17% of the original
EUR6.75-billion portfolio balance.

Furthermore, the transaction benefits from excess spread
trapping mechanism at 25 bps per annum of the outstanding
portfolio, which serves as first-loss protection. Credit
enhancement has slightly increased due to unscheduled payments,
which are used to pay down the notes sequentially, while
scheduled payments are pro-rata.

The transaction constitutes a synthetic securitisation of loans
to small and medium-sized enterprises in the Netherlands,
originated by ABN AMRO Bank N.V.  The ratings of all the above
notes address ultimate repayment of principal at maturity and
timely payment of interest when due.


VNU NV: Agrees to Sell Business Media Europe to 3i
--------------------------------------------------
VNU Group B.V. agreed in principle to sell substantially all of
its Business Media Europe (BME) group to 3i, a private-equity
and venture capital company in Europe.

The agreement is subject to compliance with all applicable
employee consultations and regulatory clearances.

On Oct. 2, VNU said it planned to explore strategic alternatives
for BME, including a possible sale of the business.  The
strategic review did not include VNU Business Media U.S.A., or
VNU's joint venture with Jaarbeurs - VNU Exhibitions Europe B.V.
- with activities in the Netherlands and China.

The proposed sale to 3i would include BME's operations in the
United Kingdom, the Netherlands, Spain, Italy, Germany and
Belgium.  The proposed sale of BME's business in France is still
under discussion.

               About VNU Business Media Europe

VNU Business Media Europe -- http://www.vnubme.com/-- delivers
valuable news and information through more than 70 print titles,
including such premier brands as Intermediair, Computing,
Computable, Accountancy Age and Management Team.  It serves
business professionals in the U.K., Germany, France, Italy, the
Netherlands, Belgium and Spain through seven wholly owned
operating companies.  BME also offers a range of associated
e-media and Web sites, including VNUnet, an online news and
information network for the IT industry that reaches more than
10 million unique visitors each month.  BME continues to expand
its offerings by leveraging its unique mix of cross-media
platforms to meet the communications needs of its clients.


                         About 3i

3i is a world leader in private equity and venture capital.  The
firm focuses on Buyouts, Growth Capital, Venture Capital and
Infrastructure and invests across Europe, the United States and
Asia.  The firm's competitive advantage comes from its
international network and the strength and breadth of its
relationships in business.

                         About VNU

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                          *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


VNU NV: New CEO Spearheads Major Corporate Transformation Plan
--------------------------------------------------------------
VNU Group B.V. disclosed of a new organizational and leadership
structure that is intended to transform VNU into a more
successful and efficient enterprise.

The plan, spearheaded by VNU's newly elected CEO David L.
Calhoun, will allow the company to focus more completely on the
needs of its clients worldwide and invest strategically for the
future.  Implementation of the plan will begin on Jan. 1, 2007.

"The changes we are announcing are an important first step in
our efforts to make this extremely strong global franchise even
more competitive, and to improve the ways we serve our clients
worldwide," noted Mr. Calhoun.  "This strategy -- and supporting
structure -- give us the flexibility and speed we need to
respond to evolving market imperatives and access more of the
resources we need to continue investing aggressively for the
future.  It accelerates our transformation into a single, truly
integrated operating company that is focused completely on
providing our clients with the products and expertise they need
to succeed."

                  Susan Whiting Promoted to EVP

Under the new strategy, VNU will combine product innovation,
research and development, and marketing into a single
organization under the leadership of Susan D. Whiting, who will
serve as executive vice president of VNU.  In this expanded
role, Ms. Whiting will work across the entire company to
identify new product opportunities and fast-track their
development and commercialization.  She will report directly to
Mr. Calhoun and provide counsel to VNU's Supervisory Board.  Ms.
Whiting, presently president and CEO of Nielsen Media Research,
will become chairman of that group and will continue to be
responsible for its media and entertainment businesses.

                   Unified Client Servicing

VNU also will begin a transition to a unified, global client
service organization that will allow it to present "one face" to
its clients worldwide, simplifying client interactions and
ensuring that VNU maintains a constant focus on the needs of
clients in every aspect of its business.  The goal is to call on
all relevant capabilities and expertise across VNU to offer a
full spectrum of integrated solutions to clients, while seeking
new ways to add value.

Initial steps to unify client service will be guided by the
presidents of ACNielsen's five geographic regions, who will
report directly to Mr. Calhoun:

    * John Lewis, currently president and CEO of ACNielsen U.S.,
      will take on an expanded role as head of ACNielsen North
      America.  Pat Gardiner, president of ACNielsen Canada,
      will report to Mr. Lewis.

    * Pat Dodd is named president of ACNielsen Europe,
      succeeding Frank Martell, ACNielsen's chief operating
      officer, who previously ran the European business in
      addition to his global responsibilities and who has
      elected to leave the company.

    * Arturo García Castro, president of ACNielsen Latin
      America; Nonoy Niles, president of ACNielsen Asia Pacific;
      and Lennart Bengtsson, president of ACNielsen Eastern
      Europe, Middle East and Africa, will continue in their
      expanded roles.

With these changes, VNU is phasing out its group organizational
structure, including Marketing Information, led by Steve
Schmidt, president and CEO of the group, who has announced his
intention to leave the company.

                   Global Business Services

Taking advantage of its size and scale as one of the world's
premier information services companies, VNU will centralize
operational and IT functions in a new Global Business Services
organization.  The company is conducting an external search for
a world-class executive to lead this organization.  In the
interim, the Global Business Services team will report to Mr.
Calhoun.

Business Media

As previously disclosed, VNU Business Media, which includes
major titles such as The Hollywood Reporter, Adweek and
Billboard, has been reorganized into six market-focused groups -
Marketing, Retail, Film, Music, Marketing Services & Travel, and
Residential & Commercial Building Design, under the leadership
of Robert Krakoff.  Mr. Krakoff will continue to report to Mr.
Calhoun.

Reinvesting in Growth

In addition to announcing a new operating model for the company,
VNU said it plans to achieve a permanent reduction in its cost
base of 10 percent over the course of 2007.

Savings will enable the company to improve profitability and
invest in new products.  The majority of cost- savings will be
achieved through business-process simplification, organizational
de-layering, and real estate and IT consolidation.  The company
expects a reduction in force of as many as 4,000 positions over
the course of 2007, with most of the job cuts coming from non-
client-facing activities, Mr. Calhoun said.

The company plans to reinvest in major growth initiatives,
including:

   -- Nielsen Media Research's Anytime Anywhere Media
      Measurement (A2/M2) plan to cover the transition to
      digital media and the growth in personal video devices.

   -- NielsenConnect, the "follow the consumer" service that
      will combine VNU's consumer, retail and media information,
      including the newly formed Nielsen In-Store business, to
      provide new insights into marketing effectiveness.
      NielsenConnect is headed by Jon Mandel, who reports to Mr.
      Calhoun.

   -- ACNielsen Loyalty, a new service to help retailers manage
      and enhance their frequent-shopper data to provide more
      targeted offerings to consumers.

   -- enhanced media integration, which will combine marketing
      and media information and editorial content in new digital
      platforms for Business Media's advertisers and audiences.

Mr. Calhoun noted, "We operate our businesses in markets that
are becoming more complex, and more fragmented, and more
technology-driven than ever.  The changes we are making will
help us integrate the media and consumer information that our
clients need to succeed.  We have outstanding capabilities in
our businesses and the right leadership in place, and I am
confident that we will move forward to set new standards of
innovation and success."

                           About VNU

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


OSLO REINSURANCE: Meetings of Scheme Creditors Set Feb. 12, 2007
----------------------------------------------------------------
The High Court of Justice ordered that meetings of Scheme
Creditors of Oslo Reinsurance Company (U.K.) Limited and Oslo
Reinsurance Company ASA be convened at 11:00 a.m. (U.K. time) on
Feb. 12, 2007, at:

         KPMG LLP
         1-2 Dorset Rise
         London EC4Y 8EN
         United Kingdom

to consider whether to approve or reject a scheme of arrangement
to be proposed to be made between the Scheme Companies and
Scheme Creditors.

The Court ordered Oslo Re ASA to convene a single meeting of its
Scheme Creditors to vote on its Scheme.

The Court also ordered Oslo Re U.K. to convene two meetings of
its Scheme Creditors:

   -- a meeting of Scheme Creditors in relation to their claim
      other than Incurred But Not Reported (IBNR) claims; and

   -- a meeting of Scheme Creditors in relation to their IBNR
      claims.

Scheme creditors who have claims falling into both of these
classes will be able to vote in each meeting.

The Scheme includes business written under the former names of
the Scheme Companies and business that gas been transferred into
the Scheme Companies.  The business included in the Scheme was
written by various companies within the Storebrand, Polaris and
Norgen groups.

Copies of the Scheme Document, Forms of Proxy and Voting Forms
are available at http://www.oslore.no/

The Scheme Managers can be reached at:

         Jan C. H. Endresen and Bjorn Morten Skordal
         Oslo Reinsurance Company ASA
         P.O. Box 1753 Vika.
         N-0122 Oslo, Norway
         Tel: +47 22 31 59 86
              +47 22 31 28 91
         Fax: +47 22 31 29 74
              +47 22 31 29 00
         E-mail: scheme.inquiries@oslore.no


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


IST CJSC: Court Names R. Shaymukhametov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. R. Shaymukhametov
as Insolvency Manager for CJSC Financial Company Ist (TIN
7701151699).  He can be reached at:

         R. Shaymukhametov
         Post User Box 3
         450001 Ufa Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-29569/06-71-489B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Financial Company Ist
         Room 1
         Ak. Kapitsy Str. 32
         Moscow Region
         Russia


AGRO-LAND CJSC: Court Names A. Ilyin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
A. Ilyin as Insolvency Manager for CJSC Agro-Land (TIN
5202009767).  He can be reached at:

         A. Ilyin
         Post User Box 6
         603022 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-27320/2006-24-360.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Land
         Shkolnaya Str. 1
         V. Vrag
         Arzamasskiy Region
         Nizhniy Novgorod Region
         Russia


AGRO-SERVICE OJSC: Court Names A. Ivonin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. A. Ivonin as
Insolvency Manager for OJSC Agro-Service.  He can be reached at:

         A. Ivonin
         Oktyabrskiy Pr. 54
         610046 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-561/06-344/20.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Service
         Chapaeva Str. 88
         Kotelnich
         Kirov Region
         Russia


AURORA CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tyumen Region commenced bankruptcy
supervision procedure on CJSC Aurora.  The case is docketed
under Case No. A70-6738/3-06.

The Temporary Insolvency Manager is:

         I. Matlygin
         Post User Box 277
         620072 Ekaterinburg Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Aurora
         Mosk. Trakt 14
         625003 Tyumen Region
         Russia


BIRSKIY PRODUCTION: Court Names M. Nigmatullin to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. M.
Nigmatullin as Insolvency Manager for CJSC Birskiy Production
Factory.  He can be reached at:

         M. Nigmatullin
         Mira Str. 129
         Biysk
         452451 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-21239/06-G-MOG.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         M. Nigmatullin
         Mira Str. 129
         Biysk
         452451 Bashkortostan Republic
         Russia


BUILDER CJSC: Court Names V. Suvorova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Ms. V. Suvorova
as Insolvency Manager for CJSC Builder.  She can be reached at:

         V. Suvorova
         Stroiteley Str. 12
         Belozerskoye
         Kurgan Region
         Russia
         Tel: 8 (35232) 2-16-68

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-1115/2006.

The Debtor can be reached at:

         CJSC Builder
         Stroiteley Str. 12
         Belozerskoye
         Kurgan Region
         Russia


CLOTHES OJSC: Court Names S. Ivanov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. S.
Ivanov as Insolvency Manager for OJSC Factory Clothes (TIN
0268013571).  He can be reached at:

         S. Ivanov
         Room 60
         Sovetskaya Str. 104
         Sterlitamak
         453124 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-9781/06-G-MOG.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Factory Clothes
         Khudayberdina Str. 120
         Sterlitamak
         Bashkortostan Republic
         Russia


DZERZHINSK-NII-GAS: Bankruptcy Hearing Slated for March 27
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
1:00 p.m. on March 27, 2007, to hear the bankruptcy supervision
procedure on OJSC Dzerzhinsk-Nii-Gas (TIN 5249075050).  The case
is docketed under Case No. A43-32370/2006 33-332.

The Temporary Insolvency Manager is:

         O. Kozlov
         Post User Box 71
         Central Post Office
         603000 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Dzerzhinsk-Nii-Gas
         Nauki Str
         Dzerzhinsk
         Nizhniy Novgorod Region
         Russia


INTERNATIONAL BANK: Fitch Affirms Issuer Default Rating at B-
-------------------------------------------------------------
Fitch Ratings affirmed Russia-based International Bank of St.
Petersburg's ratings at Issuer Default B-, National Long-term
BB, Short-term B, Individual D/E, and Support 5.  The Outlooks
on the Issuer Default and National ratings remain Stable.

IBSP's ratings reflect its size and franchise, which are small
by international standards, risks associated with the
concentration of both its loan book and client funding, and
large investments in securities.  They also take into account
its modest performance, being affected by volatile trading
gains/losses and high operating costs.  However, the ratings
also factor in the bank's relatively good asset quality to date
supported by a favorable economic environment and reasonable
liquidity.

Capital ratios have fallen during 2006 to moderate levels.  A
recent small equity injection and a planned increase in
subordinated deposits in first quarter of 2007 will provide some
relief in the short term.  However, further capital
contributions and an avoidance of credit and trading losses will
be needed in 2007 to maintain capitalization at adequate levels
in light of the bank's growth plans.

Negotiations are ongoing with a view to attracting a strategic
investor; pending their completion, Fitch understands that
capitalization is likely to be managed close to minimum
regulatory levels.

Upside potential to the ratings could result from the successful
expansion of the bank's franchise, stronger performance, a
decrease in asset concentrations, diversification of funding and
stronger capitalization.  Attraction of a strategic investor as
a new majority owner able to provide tangible support to the
bank could also generate significant rating upside.

Downward pressure on the ratings is viewed as unlikely at
present, but could result from deterioration in asset quality, a
significant further fall of capital adequacy ratios or a return
to high levels of speculative securities trading.

IBSP is a medium-sized Russian bank, ranked 80th by total assets
in Russia at end-H106.  Headquartered in St.Petersburg, the bank
has historically been focusing on servicing medium-sized
corporates in the home region, while its franchise is
diversifying gradually through Moscow branch operations and
leasing transactions.  IBSP is 98%-owned by its chairman, Sergey
Bazhanov.


KAMYSHEVSKOYE CJSC: Bankruptcy Hearing Slated for March 14
----------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at
10:00 a.m. on March 14, 2007, to hear the bankruptcy supervision
procedure on CJSC Kamyshevskoye.  The case is docketed under
Case No. A45-17918/06-43/486.

The Temporary Insolvency Manager is:

         V. Makarov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Kamyshevskoye
         Kamyshevo
         Ust'-Tarkskiy Region
         632167 Novosibirsk Region
         Russia


METROMEDIA INT'L: Names New Members to Board of Directors
---------------------------------------------------------
Metromedia International Group Inc. reveals that according to
results certified by the independent inspectors of election, IVS
Associates, Inc., its common stockholders have elected:

   -- John S. Chalsty,
   -- Clark A. Johnson,
   -- Stuart Subotnick,
   -- Alan K. Greene,
   -- Mark S. Hauf,
   -- I. Martin Pompadur and
   -- William F. Harley, III,

while its preferred stockholders elected:

   -- Wayne F. Henderson and
   -- David Gale,

to the group's Board of Directors at the Company's annual
meeting of stockholders held on Dec. 15, 2006.

                        About Metromedia

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

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

                       *     *     *

In October 2006, Metromedia said it is filing a Chapter 11 Plan
in the U.S. after receiving a binding offer to acquire all of
the Company's business interests in Georgia for a cash price of
US$480 million from an investment group comprised of:

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

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

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

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

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


NEFTE-MASH OJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Oktyabrskiy Factory
Nefte-Mash.  The case is docketed under Case No. A07-17313/
06-G-PAV.

The Temporary Insolvency Manager is:

         E. Malyadskiy
         Post User Box 7
         Post Office 22
         Ufa
         450022 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Oktyabrskiy Factory Nefte-Mash
         Kooperativnaya Str., 67
         Oktyabrskiy
         452620 Bashkortostan republic
         Russia


NOVATEK OAO: Appoints New Members to Board of Directors
-------------------------------------------------------
OAO Novatek disclosed the results of its extraordinary general
shareholders' meeting, which took place on Dec. 13.

At the EGM, shareholders approved the early termination of the
powers of the Company's existing Board of Directors and then
elected the new members of the Board.

The new Board is comprised of:

   -- Akimov Andrei Igorevich, Chairman of the Management Board
      of Gazprombank;

   -- Ruben Karlenovich Vardanian: Chairman of the Board of
      Directors of Troika Dialog Group;

   -- Mark Anthony Gyetvay: Chief Financial Officer of Novatek;

   -- Vladimir Alexandrovich Dmitriev: Chairman of the Board of
      Directors of Vnesheconombank;

   -- Leonid Viktorovich Mikhelson: Chairman of the Management
      Board of Novatek;

   -- Alexander Yegorovich Natalenko: Chairman of the Board of
      Directors of Novatek;

   -- Kirill Gennadievich Seleznev: member of the Board of
      Directors of Gazprom, Director of Gazprom's Gas and Liquid
      Hydrocarbons Marketing and Processing Department, and
      General Director of Mezhregiongaz; and

   -- Ilia Arturovich Yuzhanov: Chairman of the Supervisory
      Board of Nomos-Bank and a member of the Board of Directors
      of UES.

NOVATEK's Board of Directors expressed their gratitude to former
members of the Board, A.N. Dmitrievsky, Director of the Russian
Academy of Sciences' Institute of Petroleum and Gas, and A.M.
Brekhuntsov, General Director of the Siberian Scientific and
Analytical Center, for their contributions to the Board from
June to December 2006.

                        About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons. The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        *     *     *

As reported in the TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


POULTRY FARM: Chuvashiya Bankruptcy Hearing Slated for April 19
---------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic will convene at
10:30 a.m. on April 19, 2007, to hear the bankruptcy supervision
procedure on LLC Poultry Farm.  The case is docketed under Case
No. A79-10025/2006.

The Temporary Insolvency Manager is:

         L. Pavlunina
         Ishleyskoye Shosse 8
         Cheboksary
         428000 Chuvashiya Republic
         Russia

The Debtor can be reached at:

         LLC Poultry Farm
         Myslets
         Shumerlinskiy Region
         Chuvashiya Republic
         Russia


SALAVATSKIY DIARY: Court Names M. Mulyukov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. M.
Mulyukov as Insovlency Manager for Municipal Unitary Enterprise
Salavatskiy Diary (TIN 0266019627).  He can be reached at:

         M. Mulyukov
         Post User Box 20
         Central Post Office
         Ufa
         450000 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-27218/05-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Salavatskiy Diary
         Nurimanova Str. 16/64
         Salavat
         453256 Bashkortostan Republic
         Russia


SALAVATSKIY BUILDER: Court Names Z. Sattarova to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. Z.
Sattarova as Insolvency Manager for CJSC Salavatskiy Builder
(TIN 0266011468).  She can be reached at:

         Z. Sattarova
         Initsiativnaya Str. 12
         Kirillovo
         Ufimskiy Region
         450069 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-28500/05-G-FLE.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Salavatskiy Builder
         Vokzalnaya Str. 22
         Salavat
         Bashkortostan Republic
         Russia


SEVERSTAL OAO: Keeps Free Float at Current Level; Won't Increase
----------------------------------------------------------------
OAO Severstal will not increase its shares available to the
investing public, RosBsuinessConsulting reports citing company
Chief Executive Alexei Mordashov.

According to RBC, Mr. Mordashov revealed that Severstal's free
float is around 18% of its total stock.  More than half of the
free float shares are traded on the London Stock Exchange.

Mr. Mordashov added that the company's free float is at the same
level as other metallurgical companies', RBC relates.

                        About Severstal

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

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

                          *     *     *

On Oct. 10, Moody's Investors Service rates Severstal's senior
unsecured debt at B1 and and long-term corporate family rating
at Ba3.

ON July 26, Standard & Poor's Ratings Services rated the
company's issuer credit at BB-.

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


SILVER LLC: Court Names V. Vinogorov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. V.
Vinogorov as Insolvency Manager for LLC Silver.  He can be
reached at:

         V. Vinogorov
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-15131/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Silver
         Ozerskiy Pr. 2
         Kolomna
         140404 Moscow Region
         Russia


TUYMAZINSKIY MEAT-PACKING: Asset Sale Slated for December 27
------------------------------------------------------------
A. Shaykhetdinov, the bidding organizer for OJSC Tuymazinskiy
Meat-Packing Factory, will open a public aution for the
company's properties at 4:00 p.m. on Dec. 27 at:

         OJSC Tuymazinskiy Meat-Packing Factory
         Severnaya Str. 3
         Tuymazy
         Bashkortostan Republic
         Russia

The company has set a RUR2,802,000 starting price for the
auctioned assets.

Interested participants have until Dec. 25 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Tuymazinskiy Meat-Packing Factory
         Settlement Account 40702810407870003223 in OJSC
         Sots-invest-bank
         Additional Office in Tuymazy
         BIK 048073739
         TIN of Bank 0274061206
         KPP 025201001

Bidding documents must be submitted to:

         A. Shaykhetdinov
         Severnaya Str. 3
         Tuymazy
         Bashkortostan Republic
         Russia
         Tel: 8-901-441-91-77, 8-917-456-19-57

The Debtor can be reached at:

         OJSC Tuymazinskiy Meat-Packing Factory
         Severnaya Str. 3
         Tuymazy
         Bashkortostan Republic
         Russia


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


GENOVA HIPOTECARIO IX: Fitch Rates EUR10.7-Mln Notes at BB
----------------------------------------------------------
Fitch Ratings assigned final ratings to AyT Genova Hipotecario
IX, Fondo de Titulizacion Hipotecaria's mortgage-backed
floating-rate notes totaling EUR1 billion due in July 2039:

   -- EUR217.5 million Class A1: AAA;
   -- EUR750 million Class A2: AAA;
   -- EUR11 million Class B: AA-;
   -- EUR10.8 million Class C: BBB+; and
   -- EUR10.7 million Class D: BB.

This transaction is a cash flow securitization of a EUR1 billion
static pool of first-ranking residential mortgage loans
originated by Barclays Bank, S.A., an entity that is 99.7%-owned
by Barclays Bank PLC.

This is the ninth residential mortgage securitization conducted
by BBSA through the "Genova" program and the seventh rated by
Fitch.  As in previous Genova transactions, BBSA originated the
securitized mortgages and continues to service the portfolio.

The ratings on the notes are based on the quality of the
underlying collateral, the underwriting and servicing of the
mortgage loans, available credit enhancement and the sound legal
and financial structure of the transaction.

The ratings address the fund's capacity for timely payment of
interest on each payment date and for repayment of the principal
during the life of the operation and, in all events, prior to
the legal maturity date, according to the terms and conditions
of the documentation, which envisage interest deferral triggers
on the Class B, C and D notes.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
securities the mortgage participations it has acquired from
BBSA.  The PHs were subscribed by Ahorro y Titulizacion,
S.G.F.T., S.A., whose sole function is to manage asset-backed
notes on behalf of the fund.

The securitized pool comprises "Hipoteca Remunerada" loans, an
amortizing mortgage product bearing a margin of 45bp over 12-
month Euribor.  All loans are paid via direct debit since the
Hipoteca Remunerada product is marketed along with an interest-
bearing bank account.

Since Hipoteca Remunerada is primarily targeted at high-net-
worth Spanish clients, the average value of the properties
backing the mortgages is over EUR328,000 and many of them fall
into the high end of the Spanish property market, where demand
may slow in times of economic crisis.

Fitch addressed this risk in its recovery rate calculations by
increasing the market value decline assumptions for these high-
value properties through application of a jumbo stress of
between 15% and 25%.


MADRID RMBS I: Fitch Assigns BB+ Rating to EUR21-Million Notes
--------------------------------------------------------------
Fitch Ratings assigned final ratings to Madrid RMBS I, Fondo de
Titulizacion de Activos's notes totaling EUR2 billion due in
June 2049:

   -- EUR460 million Series A1: AAA;
   -- EUR1.34 billion Series A2: AAA;
   -- EUR70 million Series B: AA;
   -- EUR75 million Series C: A;
   -- EUR34 million Series D: BBB; and
   -- EUR21 million Series E: BB+.

This transaction is a cash-flow securitization of EUR2 billion
static pool of residential mortgage loans granted by Caja de
Ahorros y Monte de Piedad de Madrid.

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available
credit enhancement and the sound legal and financial structures.
Initial credit enhancement for the Class A notes, totaling
13.55%, is provided by subordination of the Class B notes, the
Class C notes, the Class D notes, the Class E notes and an
initial reserve fund.

Initial CE is 10.05% for the Class B notes, 6.3% for the Class C
notes and 4.6% for the Class D notes and for each note, is
provided by the notes subordinated to that Class and by the
reserve fund.  Initial CE for the Class E notes is 3.55% and is
provided by the reserve fund.

The ratings address payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the Class B, Class C, Class D and Class E
notes, as well as the repayment of principal at legal maturity.

This is the first securitization transaction brought to the
market by Caja Madrid.  Caja Madrid's operations are centered on
its home region of Madrid.  Its core activities are deposit-
taking, mortgage and corporate lending.


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


ALGRA-VERLAG JSC: Hofe Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Hofe commenced bankruptcy proceedings
against JSC Algra-Verlag on Aug. 21.

The Debtor can be reached at:

         JSC Algra-Verlag
         Seefeldweg 9
         Postfach
         8640 Hurden
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


BUZRUN SPORT: Lucerne Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Luzern-Land entered Oct. 30 an order
closing the bankruptcy proceedings of JSC Buzrun Sport
Technologies.

The Debtor can be reached at:

         JSC Buzrun Sport Technologies
         Jodersmatt 2
         6014 Littau
         Lucerne
         Switzerland

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

         Bankruptcy Service of Luzern-Land
         6011 Kriens
         Lucerne
         Switzerland


COBU LLC: Lucerne Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Luzern-Stadt commenced bankruptcy
proceedings against LLC CoBu on June 23.

The Debtor can be reached at:

         LLC CoBu
         Bernstrasse 36
         6003 Luzern
         Switzerland

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland


E. URBINATI: St. Gallen Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC E. Urbinati Prazisionsmechanik on
Aug. 3.

The Debtor can be reached at:

         LLC E. Urbinati Prazisionsmechanik
         Burerfeld 16
         9245 Oberburen
         St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Branch Oberuzwil
         Fritz Buchschacher
         9242 Oberuzwil
         St. Gallen
         Switzerland


EXPO AUTOSPRITZWERK: Sursee Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Sursee commenced bankruptcy proceedings
against LLC EXPO Autospritzwerk on Oct. 25.

The Debtor can be reached at:

         LLC EXPO Autospritzwerk
         Luzernstrasse 19
         6206 Neuenkirch
         Lucerne
         Switzerland

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Lucerne
         Switzerland


KJL MANAGEMENT: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug entered Nov. 2 an order closing the
bankruptcy proceedings of JSC KJL Management.

The Debtor can be reached at:

         JSC KJL Management
         Zugerstrasse 47
         6330 Cham
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


MK MEDIA: Luzern-Stadt Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt commenced bankruptcy
proceedings against LLC MK Media on Oct. 19.

The Debtor can be reached at:

         LLC MK Media
         St. Karli-Strasse 8
         6004 Luzern
         Switzerland

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland


NG HANDEL: Hofe Court Suspends Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Hofe suspended the bankruptcy
proceedings of LLC NG Handel und Verwaltung on Nov 20, pursuant
to Article 230 of the Swiss Bankruptcy Code.  The right for the
additional deposit is retained.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF6,500
deposit.

The Debtor, declared bankrupt on Oct. 4, can be reached at:

         LLC NG Handel und Verwaltung
         Churerstrasse 98
         8808 Pfaffikon SZ
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


NUSSBAUMER BAREN: Hofe Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Hofe suspended the bankruptcy
proceedings of LLC Nussbaumer Baren on Nov 20, pursuant to
Article 230 of the Swiss Bankruptcy Code.  The right for the
additional deposit is retained.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF6,000
deposit.

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

         LLC Nussbaumer Baren
         Dorfplatz 2
         8832 Wollerau
         Schwyz
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


VERPRO INDUSTRIESPRITZWERK: Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy
proceedings against LLC Verpro Industriespritzwerk on Sept. 14.

The Debtor can be reached at:

         LLC Verpro Industriespritzwerk
         Murtenstrasse 147
         3008 Bern
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Administrative Department Bern
         3011 Bern
         Switzerland


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


METIZ-DON LLC: Creditors' Claims Due Jan. 7, 2007
-------------------------------------------------
Creditors of LLC Metiz-Don (code EDRPOU 32727658) have until
Jan. 7, 2007, to submit their proofs of claim to:

         Igor Fedorovych Rozyavko, Temporary Insolvency Manager
         Khmelnitskogo Avenue 85
         Bogdana
         83050 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on the company on Nov. 27.  The case is
docketed under Case No. 42/261.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Metiz-Don
         Antenna Str. 18/3
         69057 Zaporizzha Region
         Ukraine


NEGO TRADE: Donetsk Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Nego Trade Industrial (code EDRPOU
23772484) on Nov. 27.  The case is docketed under Case No.
42/261.

The Temporary Insolvency Manager is:

         Sergy Anatoliyovych Elistratov
         Bogdana Khmelnitskogo Avenue 85
         83050 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Nego Trade Industrial
         Komarova Str. 32
         Gorlivka
         Mykytivsky
         84630 Donetsk Region Ukraine


NUR LLC: Mykolaiv Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Mykolaiv Region commenced bankruptcy
supervision procedure on LLC NUR (code EDRPOU 32508130) on
Nov. 21.  The case is docketed under Case No. 5/445/06

The Temporary Insolvency Manager is:

         Tetyana Volodymyrivna Rudenko
         Lazurna Str. 50
         Mykolaiv Region
         Ukraine

The Economic Court of Mykolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Nur
         Naberezhna Str. 29
         Mykolaiv Region
         Ukraine


SPETZFTORMET LLC: Creditors Must File Claims by Jan. 7, 2007
------------------------------------------------------------
Creditors of LLC Spetzftormet (code EDRPOU 32372698) have until
Jan. 4, 2007, to submit their proofs of claim to:

         V. D. Ischenko, Temporary Insolvency Manager
         Post Office Box 21
         Peremogy Str.
         72311 Melitopol Region
         Ukraine

The Economic Court of Zaporizzha Region commenced bankruptcy
supervision procedure on the company on Oct. 23.  The case is
docketed under Case No. 25/233/06.

The Economic Court of Zaporizzha Region is located at:

         Sxhaumyana Str. 4
         69001 Zaporizza Region
         Ukraine

The Debtor can be reached at:

         LLC Spetzftormet
         Komunariv Avenue 104
         Zagyblyh
         83003 Donetsk Region
         Ukraine


UKRPODSHYPNYK-DNIPRO PRODUCTION: Bankruptcy Supervision Starts
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Ukrpodshypnyk-Dnipro Production
Comercial Firm (code EDRPOU 32403544) on Nov. 21.  The case is
docketed under Case No. 40/376-06.

The Temporary Insolvency Manager is:

         Ludmila Anatolievna Zaika
         Turgenivska Str. 52/58
         04050 Kyiv Region Ukraine


The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrpodshypnyk-Dnipro
         Titova Str. 27
         Dnipropetrovsk Region
         Ukraine


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


ADVANCED MICRO: Forecasts 20% Increase in Shipments for 2007
------------------------------------------------------------
Advanced Micro Devices Inc. anticipates a 20% increase in
shipments in 2007, Ian King of Bloomberg News reports.

In a presentation to New York analysts, AMD chief financial
officer Robert Rivet forecasted that the company's gross margin
would increase 50% in 2007, instead of the 47% average in the
previous four quarters.  "They gave a very optimistic long-term
view," commented John Lau, an analyst at Jefferies & Co.  Mr.
Lau noted that the company did not focus on the current
quarter's price increases.

Citing Mercury Research, Bloomberg relates that AMD's market
share is up 17% from last year.  The company's share of sales
increased by 23.3% in the third quarter of 2006.

The company's US$5.4 billion acquisition of graphics chip maker
ATI Technologies Inc. in October will help win more market share
from Intel Corp., AMD chief executive officer Hector Ruiz said.
The company is benefiting from large PC makers diversifying
their product lines to include AMD's microprocessors.

AMD will release its 2006 fourth quarter financial results in
January 2007.

                           About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.  The company
has a facility in Singapore.  It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.


ANTHRACITE EURO: Fitch Assigns BB Rating to EUR25-Mln Sr. Notes
---------------------------------------------------------------
Fitch Ratings assigned Anthracite Euro CRE CDO 2006-1 Plc's
issue of EUR276 million floating-rate notes due 2042 final
ratings:

   -- EUR142.5 million Class A senior secured notes: AAA;

   -- EUR29 million Class B senior secured notes: AA+;

   -- EUR48.5 million Class C senior secured deferrable notes:
      A+;

   -- EUR31 million Class D senior secured deferrable notes:
      BBB; and

   -- EUR25 million Class E senior secured deferrable notes: BB.

The transaction, the first European real estate collateralized
debt obligation, is a securitization of primarily commercial
mortgage-backed securities and subordinate real estate debt
managed by BlackRock Financial Management Inc.  Approximately
80% of the issuance proceeds are invested at closing, with the
remainder targeted for the first three months of the
transaction.

The final ratings of the Class A and B 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 final ratings address ultimate
payment of principal and interest, including any deferred
interest, at maturity according to the terms of the notes.

Fitch carried out an on-site review of the manager at its New
York offices and is comfortable in its ability not only as a
portfolio manager but also as a real estate asset manager.  This
latter capability is crucial given the nature and on average
speculative-grade credit quality of the collateral.

The final ratings are based among other things on the credit
enhancement provided to the various Classes of notes in the form
of structural subordination and excess spread.  Credit
enhancement for the Class A notes totals 57.46%, and is provided
by the Class B notes at 8.66%, the Class C notes at 14.48%, the
Class D notes at 9.25%, the Class E notes at 7.46% and the
subordinated notes.

It should be noted that a portion of the note proceeds will be
used to pay certain initial expenses of the issuer rather than
to purchase collateral, leaving 17.61% of first loss coverage.


ARBENTIN IT: Names Roderick Julian Jones Liquidator
---------------------------------------------------
Roderick Julian Jones of Jackson Gregory & Co. was appointed
Liquidator of Arbentin IT Limited on Dec. 6 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Arbentin IT Limited
         Ingles Manor
         Castle Hill Avenue
         Folkestone
         Kent CT202RD
         United Kingdom
         Tel: 01793 554 877


ATMEL CORP: Plans to Sell UK & Germany Wafer Fabrication Plants
---------------------------------------------------------------
Atmel Corp. reported strategic restructuring initiatives
designed to enhance profitability, accelerate the company's
growth and reduce costs.

These initiatives include:

   -- a focus on the company's high-growth, high-margin
      proprietary product lines.  To better align Atmel's
      resources with highest-growth opportunities, the company
      is redeploying resources to accelerate the design and
      development of products that target expanding markets and
      is halting development on lesser, unprofitable, non-core
      products.

   -- optimize Atmel's manufacturing operations.  Atmel will
      seek to sell its wafer fabrication facilities in North
      Tyneside, United Kingdom, and Heilbronn, Germany.  These
      actions are expected to increase manufacturing
      efficiencies by better utilizing remaining wafer
      fabrication facilities while reducing future capital
      expenditure requirements.

   -- the adoption of a fab-lite strategy.  Through better
      utilization of its remaining wafer fabs and the expansion
      of its foundry relationships, Atmel will significantly
      reduce manufacturing costs and continue to design and
      develop innovative new products utilizing world-class
      manufacturing facilities.

The company anticipates cost savings in the range of US$70
million to US$80 million in 2007 reaching an annual rate of
US$80 million to US$95 million by 2008.  Included in the cost
savings is approximately US$55 million per year resulting from
the expected sale of the wafer fabrication facilities.

Through a combination of voluntary resignations, attrition and
other actions, Atmel expects a reduction in its non-
manufacturing workforce of approximately 300 employees, or 10%.

The company anticipates headcount to be reduced by approximately
1,000 additional employees upon completion of the sales of the
North Tyneside and Heilbronn wafer fabrication facilities.

Atmel will continue to meet the production needs of its
worldwide customer base during this transition through the use
of internal capacity and existing foundry partners.

In addition, Atmel anticipates entering into a transition
sourcing agreement with the eventual buyers of the wafer
fabrication facilities.

"These initiatives follow a thorough analysis of the company's
operations and strongest opportunities for growth," Atmel
president and chief executive officer Steven Laub said.

"While this decision was difficult given the company's many
dedicated employees, these actions are essential to better
position Atmel to compete and drive value for our shareholders.

"Focusing on our core business competencies, expanding our
foundry relationships, and the adoption of a fab-lite model are
the right strategies for Atmel to better serve our customers,
reduce manufacturing costs, and enhance shareholder value."

As a result of the initiatives, the company estimates it will
record one-time restructuring and impairment charges in excess
of US$200 million in the fourth quarter of 2006 for fixed asset
write-downs, severance, and other expenses associated with the
restructuring.  A significant portion of these non-recurring
charges relate to the non-cash write-down of the North Tyneside
manufacturing facility Atmel intends to sell.

                            About Atmel

Headquartered in San Jose, Calif., Atmel Corp. (Nasdaq: ATML) --
http://www.atmel.com/-- designs and manufactures
microcontrollers, advanced logic, mixed-signal, nonvolatile
memory, and radio frequency components.  Leveraging one of the
industry's broadest intellectual property technology portfolios,
Atmel is able to provide the electronics industry with complete
system solutions.  It is focused on consumer, industrial,
security, communications, computing, and automotive markets.

                           *     *     *

Standard & Poor's Rating Services assigned its single-B long-
term foreign issuer and long-term local issuer credit ratings to
Atmel Corp. on Oct. 24, 2001, and said the outlook, at that
time, was negative.


ATMEL CORP: NASDAQ Conditionally Grants Continued Listing
---------------------------------------------------------
Atmel Corp. disclosed that the NASDAQ Listing Qualifications
Panel has granted the company's request for continued listing on
the NASDAQ Stock Market subject to certain conditions.

On Feb. 9, 2007, Atmel must file with the Securities and
Exchange Commission its Forms 10-Q for its second quarter ended
June 30, 2006, and third quarter ended Sept. 30, 2006, as well
as any necessary restatements for prior financial periods.

The company must also be able to demonstrate compliance with all
other requirements for continued listing on the Nasdaq Stock
Market.

In granting the extension, the Panel has required that through
Feb. 9, 2007, Atmel will notify the Panel of the occurrence of
any significant events, including any event that may call into
question Atmel's historical financial information or affect the
company's ability to comply with any NASDAQ listing requirement
or satisfy the Feb. 9, 2007, deadline.

In addition, any submissions to the Panel, press releases, or
public filings prepared by Atmel will be subject to review by
the Panel, which may, at its discretion, request additional
information before determining that Atmel has complied with the
terms of the Panel's decision.

The Audit Committee of the company's Board of Directors
initiated an independent investigation regarding the timing of
past stock option grants and other potentially related issues.

The Audit Committee, with the assistance of independent legal
and forensic accounting experts, has reached a preliminary
determination that, in connection with the requirements of
Accounting Principles Board Opinion No. 25, Accounting for Stock
Issued to Employees, the actual measurement dates for certain
stock options differed from the recorded measurement dates for
those stock options.

Based on the Audit Committee's preliminary determination, the
company expects that the difference in these measurement dates
will result in material non-cash, stock-based compensation
expenses.

The company disclosed of the decision of the Audit Committee
that prior financial statements should no longer be relied upon.

The Audit Committee has not completed its work nor reached final
conclusions and is continuing its investigation into the
circumstances that gave rise to the differences.

The Audit Committee is making every effort to complete its
investigation, and the company will make every effort to file
its restated financial statements as soon as practicable after
the completion of the investigation.

There can be no assurance that Atmel will remain listed on the
NASDAQ Global Market unless and until the company fully
satisfies the terms of the Panel's decision.

Headquartered in San Jose, Calif., Atmel Corp. (Nasdaq: ATML) --
http://www.atmel.com/-- designs and manufactures
microcontrollers, advanced logic, mixed-signal, nonvolatile
memory and radio frequency components.  Leveraging one of the
industry's broadest intellectual property technology portfolios,
Atmel is able to provide the electronics industry with complete
system solutions.  It is focused on consumer, industrial,
security, communications, computing, and automotive markets.

Headquartered in San Jose, Calif., Atmel Corp. (Nasdaq: ATML) --
http://www.atmel.com/-- designs and manufactures
microcontrollers, advanced logic, mixed-signal, nonvolatile
memory, and radio frequency components.  Leveraging one of the
industry's broadest intellectual property technology portfolios,
Atmel is able to provide the electronics industry with complete
system solutions.  It is focused on consumer, industrial,
security, communications, computing, and automotive markets.

                           *     *     *

Standard & Poor's Rating Services assigned its single-B long-
term foreign issuer and long-term local issuer credit ratings to
Atmel Corp. on Oct. 24, 2001, and said the outlook, at that
time, was negative.


BISHOP & CAIN: Appoints David Wald to Liquidate Assets
------------------------------------------------------
David Wald of D.Wald & Co. was appointed Liquidator of Bishop &
Cain Limited on Dec. 8 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Bishop & Cain Limited
         Bakerscroft
         High Street
         Cheshunt
         Waltham Cross
         Hertfordshire EN8 0DE
         United Kingdom
         Tel: 01992 622 885
         Fax: 01992 622 885


BLUESTONE SECURITIES: Fitch Affirms Two Tranches at BB
------------------------------------------------------
Fitch Ratings affirmed 11 tranches of two of the Bluestone
Securities Plc series of non-conforming residential mortgage
backed securities transactions.

The Bluestone program, established in December 2004 by
Bayerische Hypo-und Vereinsbank AG, was created to purchase
portfolios from third-party originators in the U.K.

The first securitization, Bluestone 2004-1 consisted of mortgage
loans predominantly originated by Amber Home Loans, with the
remaining originated by Rooftop Mortgages.  Analysis highlights
that the Rooftop collateral was experiencing higher loss
severities than the Amber collateral at November 2006.  The
number of loans that have exited the Rooftop portfolio is less
than Amber, although the weighted average loss severity on the
Rooftop repossessed cases is significantly higher at 15.87%,
compared to 8.97% for Amber.

The combined WALS on the total sold repossessions is 11.85%.
Average loss severities remain well below loss severity
assumptions for Bluestone 2004-1 for the lowest rated note
category of BB.

Delinquencies greater than three months appear to have
stabilized in the last three quarters; the most recent quarter
has seen a decrease to 20.7% from 21.1% of the outstanding
portfolio balance.  Such arrears compare with an average of
12.42% for similarly seasoned U.K. non-conforming RMBS
transactions, as per Fitch's U.K. non-conforming index.

The higher level of arrears is in line with Fitch's expectations
given the credit quality of the portfolio.  Weighted average
frequency of foreclosure for each rating category was at the
upper end of the WAFF range for U.K. non-conforming
transactions, as reflected in high credit enhancement levels
compared to many other non-conforming transactions.

The switch to pro-rata paydown of the notes in September 2006
initially slowed the growth of CE.  However, the high annualized
principal payment rates have continued to have a positive impact
on de-leveraging the deal and building CE levels.  There is a
condition for the pro rata amortization to cease if arrears
greater than three months exceed 22.5% of the outstanding
mortgage balance.  Given such arrears are close to this trigger,
Fitch will monitor arrears performance closely.

Unlike the first transaction, which referenced two originators,
all of the loans in the second securitisation Bluestone
Securities Plc - Series 2005-01 were originated by Platform
Funding Limited, a wholly owned subsidiary of Britannia Building
Society.

The performance of the portfolio backing the second deal is
significantly better than that backing the first transaction,
owing to the characteristics of the loans.  This portfolio
contains a proportion of prime and near-prime borrowers,
according to Platform product definitions.

Delinquencies greater than three months are much lower in this
series, currently accounting for 6.29% of the outstanding
portfolio.  Sold repossessions account for 0.4%, with a
cumulative loss on these repossessed cases of 0.18% of the
initial balance.

Credit enhancement has experienced healthy growth in the year
since issue, owing to the sequential paydown and relatively high
PPR.  The overall portfolio has amortized approximately 35%.

The rating actions are:

Bluestone Securities Plc - Series 2004-1

   -- Class Aa (ISIN XS0208448331) and Class Aa I/O affirmed at
      AAA;

   -- Class Az (ISIN XS0208450311) and Class Az I/O affirmed at
      AAA;

   -- Class B (ISIN XS0208452879) affirmed at A;

   -- Class C (ISIN XS0208453687) affirmed at BBB; and

   -- Class D (ISIN XS0208453760) affirmed at BB.

Bluestone Securities Plc - Series 2005-01

   -- Class A (ISIN XS0222339631) affirmed at AAA;
   -- Class B (ISIN XS0222339391) affirmed at A;
   -- Class C (ISIN XS0222338740) affirmed at BBB; and
   -- Class D (ISIN XS0222338153) affirmed at BB.


BOWEY GROUP: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------
Creditors of Bowey Group Limited (formerly Ralph Bowey & Son
Limited) confirmed on Dec. 6 the appointment of Gordon Smythe
Goldie and Allan David Kelly of Tait Walker as the company's
Liquidators.

The company can be reached at:

         Bowey Group Limited
         Albany Court
         Newcastle Business Park
         Newcastle Upon Tyne
         Tyne And Wear NE4 7YB
         United Kingdom
         Tel: 0191 273 3311
         Fax: 0191 273 6620


BRIDAL SUITE: M. C. Hepworth Leads Liquidation Procedure
--------------------------------------------------------
M. C. Hepworth of Businesscare Solutions Ltd. was appointed
Liquidator of The Bridal Suite (Crowthorne) Limited on Dec. 7
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         The Bridal Suite (Crowthorne) Limited
         114 High Street
         Crowthorne
         Berkshire RG457AT
         United Kingdom
         Tel: 01344 780 232


BRITTONS OF DEVON: Names Stephen James Hobson as Administrator
--------------------------------------------------------------
Stephen James Hobson of Quadra Business Recovery Ltd. was
appointed administrator of Brittons of Devon Ltd. (Company
Number 04650307) on Dec. 6.

The administrator can be reached at:

         Stephen James Hobson
         Quadra Business Recovery Ltd.
         Southernhay House
         36 Southernhay East
         Exeter
         Devon EX1 1NX
         United Kingdom

Brittons of Devon Ltd. can be reached at:

         Unit 5
         Fairfax Road
         Heathfield Industrial Estate
         Newton Abbot
         Devon TQ12 6UD
         United Kingdom
         Tel: 01626 203 000
         Fax: 01626 203 030


CLIENTLOGIC: Raises SITEL Stockholders' Price to US$4.25 a Share
----------------------------------------------------------------
SITEL Corp. and ClientLogic Corp. had entered into an amendment
to a previous Agreement and Plan of Merger among SITEL,
ClientLogic and Stagecoach Acquisition Corp., dated
Oct. 12, 2006.  Under the terms of the amendment, SITEL
stockholders will receive US$4.25 in cash for each outstanding
share of common stock of SITEL held, which represents an
increase of US$0.20 per share in cash from the price of US$4.05
per share in cash previously agreed with ClientLogic.  The Board
of Directors of SITEL has unanimously approved the amendment to
the Merger Agreement.  The transaction is expected to be
completed in the first quarter of 2007 and remains subject to
customary closing conditions, including the approval of SITEL's
stockholders.

On Dec. 6, prior to SITEL entering into the amendment with
ClientLogic, The Gores Group, LLC and The Calgary Group, LLC and
Jefferies Capital Partners IV LLC revised their previously
announced proposal to acquire all of the outstanding shares of
common stock of SITEL to lower the proposed price of US$4.50 to
US$4.25 per share in cash.  The amendment with ClientLogic
required SITEL to terminate the existing discussions with
Gores/Calgary/Jefferies although it continues to permit SITEL to
respond to additional proposals from third parties in the event
the Board of Directors of SITEL determines in good faith after
considering advice from its outside advisors that failure to do
so would be inconsistent with its fiduciary obligations.  In
additon, the amendment increases the expense reimbursement
portion of the amount payable by SITEL upon termination of the
Merger Agreement in circumstances involving an alternative
acquisition proposal by US$1 million.

In connection with the proposed merger with ClientLogic, SITEL
has set Jan. 12, 2007, as the date of its 2006 Annual Meeting of
Stockholders at which SITEL will seek, among other things,
stockholder approval of the Merger Agreement, as amended, and
the transactions contemplated thereby.

Holders of record of SITEL common stock as of 5:00 p.m., New
York time, on Dec. 5, 2006, will be entitled to vote at the
meeting.  The meeting will be held at:

         Marriott Regency Hotel
         10220 Regency Circle
         Omaha, Nebraska

The meeting will begin at 1:00 p.m., local time, on Jan. 12.
The definitive proxy statement and related materials will be
mailed on or about Dec. 13, 2006, to stockholders of record on
the record date.

The US$4.25 to be paid in cash in the merger for each SITEL
share represents an approximate 37.5% premium over the volume-
weighted average closing price of SITEL common stock on the New
York Stock Exchange for the thirty days prior to the public
announcement of the execution and delivery of the Merger
Agreement.

                     About SITEL Corp.

SITEL -- http://www.sitel.com/-- provides outsourced customer
support services.  SITEL designs and improves customer contact
models across its clients' customer acquisition, retention, and
development cycles.  SITEL has over 42,000 employees in 101
global contact centers located in 26 countries.

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.


CLIENTLOGIC CORP: Revised Merger Plan Cues Moody's Rating Review
----------------------------------------------------------------
Moody's Investors Service placed ClientLogic Corporation's B3
corporate family rating on review for possible upgrade after the
company's disclosure of its revised plan to merge with Sitel
Corp. and Sitel's recent return to filing timely financial
statements with the U.S. Securities and Exchange Commission.

As part of its review, Moody's will focus on resolution of the
company's merger plan, including the combined firm's prospective
capitalization, client contract performance, expense reduction,
and free cash flow.

Under the terms of the proposed merger, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay US$4.25
per share in cash for all of the outstanding common stock of
SITEL.  The transaction, which ClientLogic expects to be
completed in the first quarter of 2007, is subject to customary
closing conditions, including shareholder approval and
regulatory clearances.

In connection with the proposed merger, SITEL has set
Jan. 12, 2007 as the date of its 2006 Annual Meeting of
Stockholders at which SITEL will seek, among other things,
stockholder approval of the merger.

Headquartered in Nashville, Tennessee, ClientLogic Corporation
provides outsourced call center services worldwide including
Austria, France, Germany, Ireland, Netherlands, and the
United Kingdom.


CORDATUS CLO: S&P Assigns BB- Rating on EUR16-Mln Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR356-million floating-rate notes to be
issued by Cordatus CLO I PLC, a special purpose entity.  At the
same time, Cordatus I will issue EUR44-million of subordinated
unrated notes.

The collateral will consist of a portfolio of predominantly
senior secured loans, managed by CVC Cordatus Group Ltd.
Cordatus I is the first CLO managed by CVC.

At closing, Cordatus I will issue EUR300-million of euro notes
and EUR30 million (equivalent) of sterling notes.  At the same
time, it will enter into a variable funding note purchase
agreement, under which it may draw up to EUR70 million
(equivalent) in euros and British pounds sterling.  Drawings in
euros will fund only euro-denominated collateral and drawings in
sterling will fund only sterling-denominated collateral.

The issuer may, from time-to-time, refinance all or a portion of
the VFN, and issue euro class A or sterling class A refinancing
notes, which will be consolidated and form a single series, and
rank pari passu with the class A notes then outstanding.

                          Ratings List
                        Cordatus CLO I PLC
     EUR356-Million (Equivalent) Secured Floating-Rate Notes
              and EUR44-Million Subordinated Notes

                       Prelim.        Prelim.
         Class         rating         amount (Mil. EUR)
         -----         ------         ------
         VFN            AAA           70
         Euro A         AAA           155.2
         Sterling A(1)  AAA           30
         B              AA            35.2
         C              A             21.6
         D              BBB-          28
         E              BB-           16
         F1/F2          NR            44(2)

   (1) The amount listed is equivalent to EUR30-million, as the
       notes will be issued in sterling.

   (2) To be split between the class F1 and F2 notes.
       NR-Not rated.


D.P.I. - DYNAMITE: Appoints Ian Franses to Administer Assets
------------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed
administrator of D.P.I. - Dynamite Promotions International
(U.K.) Ltd. (Company Number 02850481) on Dec. 1.

The administrator can be reached at:

         Ian Franses
         Ian Franses Associates
         24 Conduit Place
         City of Westminster
         London W2 1HS
         United Kingdom
         Tel: 020 7262 1199

D.P.I. - Dynamite Promotions International (U.K.) Ltd. can be
reached at:

         Britannia House 1 11
         Glenthorne Road
         Hammersmith and Fulham
         London W6 0LH
         United Kingdom
         Tel: 020 8748 9898
         Fax: 020 8748 4250


DIRECT LABELS: Brings In Administrator from Pattinsons
------------------------------------------------------
Ian Pattinson of Pattinsons was appointed administrator of
Direct Labels Ltd. (Company Number 03332640) on Dec. 4.

The administrator can be reached at:

         Ian Pattinson
         Pattinsons
         Kings Business Centre
         90-92 King Edward Road
         Nuneaton
         Warwickshire CV11 4BB
         United Kingdom
         Tel: 024 7637 5777
         Fax: 024 7638 7587
         E-mail: insol@pattinsons.co.uk

Direct Labels Ltd. can be reached at:

         Church Street
         Bridgtown
         Cannock
         Staffordshire WS11 0DB
         United Kingdom
         Tel: 01543 503 000
         Fax: 01543 503 040


DURA AUTOMOTIVE: Eight Vendors Want to Reclaim Prepetition Goods
----------------------------------------------------------------
Eight vendors ask DURA Automotive Systems Inc., pursuant to
Sections 503 and 546 of the Bankruptcy Code and applicable non-
bankruptcy law, to return certain goods that are subject to
reclamation:

       Vendor                          Value of Goods
       ------                          --------------
   Freedom Technologies Corp.           US$164,576

   S&S Porcelain Metals, LLC               144,449

   Dexon Computer, Inc.                     23,930

   Sharon Tube Company                      40,148

   Metco Industries, Inc.                   54,065

   Steadfast Engineered Products, LLC       15,531

   ACK Controls Inc.                       169,260

   Supreme Machined Products Co., Inc.
     of Spring Lake, Michigan               23,391

The Vendors inform the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware that the reclaimed
goods were sold in the ordinary course of their businesses and
delivered to the Debtors during the 45 days before they filed
for bankruptcy.  The Vendors believe that the Debtors were
insolvent at the time that they received the goods.

Steadfast Engineered Products requests for an inventory of the
goods it delivered to the Debtors.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EMI GROUP: S&P Removes Ratings from Watch Neg. on Bid Rejection
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term corporate credit and 'BB' senior unsecured debt
ratings on U.K.-based music major EMI Group PLC.

The long-term and debt ratings were removed from CreditWatch,
where they had been placed with negative implications on
Nov. 28, 2006, when the group reported a takeover approach.  The
outlook is negative.

"EMI's announcement ending buyout talks removes the group's
financial risk profile from the immediate threat posed by a
potentially highly leveraged bid, against debt protection
metrics that are already stretched for the ratings," said
Standard & Poor's credit analyst Patrice Cochelin.

"Nevertheless, we are concerned that EMI's top management -- but
not necessarily its divisional management -- might continue to
focus on takeover activity."

The group recently announced an agreement on a 45% minority
buyout of the Japanese recorded music operations of Toshiba
Corp. (BBB/Negative/A-2).  Although the transaction will
increase EMI's control over an important subsidiary; improve
cash flow circulation within the group; and reduce minority
interest dividend "leakage" at a critical time, as asset
disposals recently generated considerable cash proceeds in
Japan; the GBP93 million cash outflow (about 9% of group net
debt) will further depress EMI's debt measures in the near term.
Proforma for the transaction, EMI's net fully adjusted debt
at Sept. 30, 2006, was about 5.0x EBITDA.

At Sept. 30, 2006, EMI had consolidated gross and net debt of
GBP1.2 billion and GBP1 billion, respectively.  Gross and net
financial derivatives liabilities were GBP106 million and
GBP66 million, respectively, at the same date.

"We are concerned about EMI's ability to further improve its
stretched financial profile in challenging market conditions,"
added Mr. Cochelin.  "Recent free cash flow generation has been
limited, and dividends are set to stay relatively high,
constraining the scope for debt reduction from internally
generated funds."

The ratings could be lowered if prospects for a material
improvement recede further.  Conversely, the outlook could
return to stable if the group shows significant free cash flow
improvement and debt reduction.  Standard & Poor's will continue
to closely monitor EMI's acquisition plans.


EUROTUNNEL GROUP: Board Picks Three Banks to Finance Plan
---------------------------------------------------------
The Board of Directors of Eurotunnel Group approved the
financing package brought forth by a consortium of bank lenders
led by Goldman Sachs Group Inc. and Deutsche Bank on one hand,
and Citigroup Inc. on the other.

The board has studied the two financing offers, which provide
for a complete financing of the proposed safeguard restructuring
plan recently approved by Eurotunnel's creditors, suppliers and
bondholders.

The financing package will include:

   -- a long term loan of GBP1,500 million and EUR1.96 billion,
      equivalent to a total of GBP2.84 billion, in the form of a
      classic bank loan, repayable, by tranche, between 35 and
      43 years.

   -- the underwriting of the Obligations Remboursable en
      Actions (ORAs) [convertible notes] in sterling and Euros,
      for holders of Tier 3 debt, for an amount of GBP965
      million, allowing for the monetization of the ORAs.

These two offers also take account of the future operational
financing needs of the company and the possibility of an
additional debt stream of GBP225 million for the redemption of
ORAs.

The two offers received, both in line with the company's
business plan, were very competitive and very close.  As a
result, the Board has decided that:

   -- the GS/DB consortium will lead the financing of the
      safeguard plan; and

   -- at the request of the company, the GS/DB consortium will
      propose that Citigroup joins them to assure 30% of the
      financing.

The new Eurotunnel debt, as it results from the proposed
financing, is sustainable by the company through its operational
performance and the reduction in annual financial charges.

The financial charges on the new Senior debt should start at
around GBP140 million per annum, repayments of the capital not
becoming due until 2012.

This level of financial charges should be compared to the GBP293
million of interest for 2006 and the estimated GBP320 million
for 2007 (taking into account the forecast increase in European
interest rates), which Eurotunnel would have had to pay on the
old debt.

As reported in the TCR-Europe on Nov. 28, creditors representing
72% of the financial establishment committee voted in favor of
the company's proposed safeguard-restructuring plan.

The committee holds 70% of the company's GBP6.2 billion debt.

                      Terms of the Plan

The principal elements of the proposals include:

   1) the creation of a new company, Groupe Eurotunnel, which
      will launch an Exchange Tender Offer (ETO) to Eurotunnel's
      current shareholders.  The shareholders will hold a
      minimum 13% of the equity in Groupe Eurotunnel;

   2) Groupe Eurotunnel will subscribe to a new long-term loan
      of GBP2.840 billion (less than half of the current debt)
      from an international banking consortium;

   3) Groupe Eurotunnel will issue GBP1.275 billion of
      convertible hybrid notes.  The hybrid notes will be
      convertible over a maximum of three years and one month.
      Approximately 61.7% of the hybrids are redeemable by the
      company.

   4) current Eurotunnel shareholders, who subscribe to the ETO,
      will hold a minimum of 13% of the equity in Groupe
      Eurotunnel.  They can subscribe directly to the hybrid, up
      to a value of GBP60 million (EUR87.7 million) and will
      benefit from free warrants.  The redemption of hybrid
      notes by the company would allow them to increase their
      share of the equity from 13% to 67%.

                         About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


EVERON POWDER: Brings In Liquidator from Mayfields Insolvency
-------------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Everon Powder Coating Limited on Dec. 5
for the creditors' voluntary winding-up proceeding.

         Everon Powder Coatings Limited
         12 Oughton Road
         Birmingham
         West Midlands B12 0DF
         United Kingdom
         Tel: 0121 4402243
         Fax: 0121 4465115


FOILDEK ROOFINGS: Creditors Ratify Voluntary Liquidation
--------------------------------------------------------
Creditors of Foildek Roofings Limited ratified on Dec. 6 the
resolutions for voluntary liquidation together with the
appointment of Alan H. Tomlinson of Tomlinsons as the company's
Liquidator.

The company can be reached at:

         Foildek Roofings Limited
         532 Stretford Road
         Manchester
         Lancashire M16 9AF
         United Kingdom
         Tel: 0161 872 3181
         Fax: 0161 848 7313


G B TRANSPORT: Hires T. Papanicola to Liquidate Assets
------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
G B Transport Training Services Limited on Dec. 8 for the
creditors' voluntary winding-up proceeding.

Headquartered in Wolverhampton, England, G B Transport Training
Services Limited -- http://www.gbtransporttraining.co.uk/--
provides training for adults in driving large goods vehicles and
passenger carrying vehicles.  The company also operates in
Wellington and Shrewsbury.


GLOBAL CROSSING: Finance Unit to Offer GBP52-Mln Sr. Sec. Notes
---------------------------------------------------------------
Global Crossing (U.K.) Finance Plc, a wholly owned finance
subsidiary of Global Crossing (U.K.) Telecommunications Ltd.
(GCUK), intends to offer, subject to market and other
conditions, up to GBP52 million aggregate principal amount of
its 11.75% Senior Secured Notes due 2014.

The Notes will be issued under the indenture, dated as of
Dec. 23, 2004, pursuant to which Global Crossing (U.K.) Finance
Plc issued its dollar-denominated 10.75% Senior Secured Notes
due 2014 and its sterling-denominated 11.75% Senior Secured
Notes due 2014.

The Notes are being sold only to qualified institutional buyers
in the United States under Rule 144A and to qualified investors
outside the United States that are non-U.S.  Persons under
Regulation S and have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or any other
applicable securities laws.  The Notes may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.

The net proceeds of the offering would be used to acquire
Fibernet and its subsidiaries from Global Crossing Acquisitions
(U.K.) Ltd., an acquisition vehicle under common control with
GCUK that acquired Fibernet pursuant to an offer that was
declared wholly unconditional on Oct. 11.  Upon completion of
the acquisition, Fibernet and its subsidiaries will guarantee
all obligations under the indenture.  GCUK expects to launch the
offering on Dec. 14.

                         About GCUK

Global Crossing (U.K.) Telecommunications Ltd. provides a full
range of managed telecommunications services in a secure
environment ideally suited for IP-based business applications.
The company provides managed voice, data, Internet and e-
commerce solutions to the strong and established commercial
customer base, including more than 100 U.K. government
departments, as well as systems integrators, rail sector
customers and major corporate clients.  In addition, GCUK
provides carrier services to national and international
communications service providers.

Global Crossing (U.K.) Telecommunications operates a high-
capacity U.K. network comprising over 5,600 route miles of fiber
optic cable connecting 150 towns and cities and reaching within
just over one mile of 64% of U.K. businesses.  The U.K. network
is linked into the wider Global Crossing network that connects
more than 300 major cities and 30 countries worldwide, and
delivers services to more than 600 cities, 60 countries and 6
continents around the globe.

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Bermuda, Argentina, Brazil,
and the United Kingdom.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed USUS$25,511,000,000 in total assets and
USUS$15,467,000,000 in total debts.  Global Crossing emerged
from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At
June 30, 2006, the company reported US$1.87 billion in total
assets and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.

                          *     *     *

As reported in the TCR-Europe on Aug. 30, Moody's Investors
Service upgraded the corporate family rating of Global Crossing
(U.K.) Telecommunications Ltd. to B3 from Caa1.  Concurrently,
Moody's upgraded to B3 from Caa1 the ratings on the senior
secured notes issued by Global Crossing (U.K.) Finance
Plc.  Moody's said the outlook for all ratings is stable.

As reported in the TCR-Europe on Aug. 3, Standard & Poor's
Ratings Services affirmed its corporate credit rating on Global
Crossing (U.K.) Telecommunications Ltd. (GCUK), the parent
company of Global Crossing (U.K.) Finance PLC.  S&P said the
outlook is stable.

At the same time, the 'B-' senior secured debt rating and
recovery rating of '5' on the US$200 million notes and the
GBP105 million notes issued by related entity Global Crossing
(U.K.) Finance PLC were affirmed.  Both issues are guaranteed by
GCUK.


GLOBAL CROSSING: Moody's Rates Proposed Debt Issue at (P)B3
-----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B3 rating
with stable outlook to the proposed GBP52-million issuance of
senior secured notes by Global Crossing (U.K.) Finance PLC, a
finance subsidiary of Global Crossing (U.K.) Telecommunications
Ltd., in conjunction with affirming the existing ratings.

The issuance is in line with the expectations factored into the
GCUK rating upgrades in August 2006.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

The new notes will be issued under the indenture, dated as of
December 23, 2004, pursuant to which GCUK Finance issued its
dollar-denominated 10.75% Senior Secured Notes due 2014 and its
sterling-denominated 11.75% Senior Secured Notes due 2014.  They
will be guaranteed on a senior basis by GCUK and Fibernet, and
will be secured by certain assets of the guarantors and a
security assignment of the inter-company loan from GCUK Finance
to GCUK.

The new notes will be used to finance the acquisition of
Fibernet, a provider of specialist telecommunications networks
to large enterprises and other telecommunications companies,
from GC Acquisitions Limited, the initial Global Crossing
acquirer.  Moody's views the acquisition of Fibernet as neutral
to marginally positive for GCUK, given that, despite a limited
deterioration in the pro forma credit metrics, it is expected
that Fibernet will strengthen GCUK's business risk profile,
diversify its revenues and customer base, and improve its
revenue growth prospects, while integration risk is expected to
be limited due to Fibernet's reliance on GCUK for around 60% of
its core network.

Domiciled in London, Global Crossing (U.K.) Telecommunications
Ltd is one of the leading U.K. providers of managed network
communications services.  It is an indirect, wholly owned
subsidiary, and the principal U.K. telecommunications business,
of Global Crossing Ltd.  GCUK operates the most extensive fibre
optic network in the U.K. after BT and Cable & Wireless.  In the
financial year 2005, GCUK generated revenues of GBP239 million,
EBITDA of GBP65 million (amounting to an EBITDA margin of 27.3%)
and net cash provided from operating activities less capital
expenditure of GBP28.2 million.


GLOBAL CROSSING: S&P Assigns B- Rating on GBP52-Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
debt rating to the GBP52 million senior secured notes, due
December 2014, issued by Global Crossing (U.K.) Finance PLC.
The notes are guaranteed by Global Crossing (U.K.)
Telecommunications Ltd., and Fibernet Group Ltd.

At the same time, Standard & Poor's assigned a recovery rating
of '5' to the notes, reflecting our expectation of negligible
recovery (0%-25%) of principal in the event of a payment
default.  The 'B-' long-term debt rating and recovery rating of
'5' on GCF's existing GBP208-million equivalent senior
secured notes, due 2014, remain unchanged.

The proceeds of the new notes will be used by GCUK to finance
the acquisition of Fibernet, which was completed in October
2006.  Following issuance of the notes, Fibernet will be wholly
owned by GCUK.  The notes will substitute the original bridge
loan originally used by GCL to finance the acquisition.

Fibernet provides corporate telecoms services through its
national and metropolitan networks in the U.K.  Standard
& Poor's regards its acquisition as broadly neutral for GCUK's
credit quality under the current terms of the transaction.

The ratings on GCUK are constrained by:

   -- a highly competitive market, resulting in
      continuing pricing pressure;

   -- overcapacity; and

   -- the commoditization of bandwidth services.

"The ratings are also constrained by high customer
concentration, with 48% of GCUK revenues coming from five
clients in 2005," said Standard & Poor's credit analyst Karim
Nadji.

The ratings are supported by: positive FOCF generation;
recurrent core sales derived from managed voice and data
services that are integral to customer operations; and a
creditworthy customer base.

"GCUK also benefits from an extensive Internet protocol-ready
fiber-optic network in the U.K., that requires moderate capital
expenditure, and from the U.K.'s positive regulatory
environment," said Mr. Nadji.

At Sept. 30, 2006, pro forma for the notes, total debt at GCUK
had increased to GBP372 million and EBITDA for the previous 12
months (LTM EBITDA; adjusted for operating leases) had increased
to GBP80 million -- resulting in a lease-adjusted total debt to
LTM EBITDA ratio of 4.6x (4.0x unadjusted) compared with 4.4x
prior to the Fibernet acquisition.


GLOBAL SILICON: Appoints Administrators from Geoffrey Martin
------------------------------------------------------------
Stephen Goderski and Geoffrey Martin of Geoffrey Martin & Co.
were appointed joint administrators of Global Silicon Ltd.
(Company Number 03456323) on Dec. 6.

The administrators can be reached at:

         Stephen Goderski and Geoffrey Martin
         Geoffrey Martin & Co.
         7-8 Conduit Street
         London W1S 2XF
         United Kingdom
         Tel: 020 7495 1100
         Fax: 020 7495 1144
         E-mail: stephen.goderski@geoffreymartin.co.uk

Global Silicon Ltd. can be reached at:

         Alexander House
         Mere Park
         Dedmere Road
         Marlow
         Buckinghamshire SL7 1FX
         United Kingdom
         Tel: 0870 730 8888
         Fax: 0162 847 7754


GRANT INFORMATION: Taps Joint Administrators from Tenon Recovery
----------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Grant Information Service Ltd. (Company
Number 5566263) on Dec. 5.

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

Grant Information Service Ltd. can be reached at:

         Chandlers Way
         Temple Farm Industrial Estate
         Southend on Sea
         Essex SS2 5SE
         United Kingdom
         Tel: 01702 307 695


GREAT NORTHERN: Gov't. Invites Bidders for East Coast Franchise
---------------------------------------------------------------
The U.K. government has invited participants to bid for Great
North Eastern Railways's franchise on the main London to
Edinburgh route, BBC News reports.

As reported in the TCR-Europe on Dec. 11, the government decided
to end GNER's GBP1.3-billion franchise agreement to operate the
East Coast main line railway.

A GNER spokesman told BBC that the company, or its bankrupt
parent, Sea Containers Ltd., is likely to bid for the contract.
Other possible bidders, analysts say, could include First Group
and Virgin Trains.

As previously reported, the U.K. Department of Transport
temporarily authorized GNER to run the East Coast main line
railway for up to two years on a new, fixed management-contract
basis, as a temporary solution.

In 1996, Sea Containers entered into a franchise agreement with
the Strategic Rail Authority of the British Government to
operate the GNER carrying passengers on high-speed trains along
the East Coast main line in Great Britain, United Kingdom.  Sea
Containers and the Transport Department entered into a new 10-
year contract in April 2005, under which the Debtor agreed to
pay the British Government GBP1.3 billion over the course of the
franchise.

London-based The Times said GNER is reportedly close to
breaching the liquidity ratio legally required to its franchise
agreement.

Robert Mackenzie, Sea Containers CEO & GNER chairman, asserts
that the rail company did not breach its franchise agreement.
It would be, however, unable to meet payments that were due to
start in May, BBC relates.

Some rail operators have expressed difficulty in turning in
profits because of the government's high revenue expectations,
BBC relates.

According to the report, GNER was unable to meet a 10% revenue
growth requirement in 2005, stipulated under the terms of its
franchise agreement.

                     About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.


HART LANE: Brings In Grant Thornton to Administer Assets
--------------------------------------------------------
Andrew Hosking and Martin Ellis of Grant Thornton U.K. LLP were
appointed joint administrators of Hart Lane Estate Agents Ltd.
(Company Number 05370094) on Dec. 1.

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

Hart Lane Estate Agents Ltd. can be reached at:

         3 Church Road
         Croydon
         Surrey CR0 1SG
         United Kingdom
         Tel: 020 7383 5100


HB CONSTRUCTION: Appoints Administrators from DTE Leonard
---------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint administrators of HB Construction (North West) Ltd.
(Company Number 05222753) on Dec. 6.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

HB Construction (North West) Ltd. can be reached at:

         18 Scrimshaw Drive
         Stoke-on-Trent
         Staffordshire ST6 7PX
         United Kingdom
         Tel: 01782 824 361


KAMROK LIMITED: Brings In Kroll Ltd to Administer Assets
--------------------------------------------------------
S. Wilson and P. F. Duffy of Kroll Ltd. were appointed joint
administrators of Kamrok Ltd. (Company Number 03737477) on
Dec. 5.

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

Kamrok Ltd. can be reached at:

         18 Berkeley Court
         Manor Park
         Runcorn
         Cheshire WA7 1TQ
         United Kingdom
         Tel: 01928 579 773


KONINKLIJKE AHOLD: In Talks with Equity Firms Over USF Unit Sale
----------------------------------------------------------------
Koninklijke Ahold N.V. is holding talks with Clayton Dubilier &
Rice Inc. and Kohlberg Kravis Roberts & Co. over the sale of its
U.S. Foodservice unit through a leveraged buyout, Henny Sender
writes for The Wall Street Journal.

Blackstone Group and Texas Pacific Group are also considering a
bid for USF, people privy to the matter told WSJ.  CDR and KKR's
offers would value USF at more than US$5 billion, WSJ suggests.

As reported in the TCR-Europe on Nov. 8, Koninklijke Ahold N.V.
disclosed of plans and financial targets resulting from its
Retail Review.  The plans include the divestment of USF, among
others.

According to Ahold, the plans are designed to accelerate
identical sales growth, improve profit returns and strengthen
the company's foundation for future expansion, creating
additional value for its shareholders.

The company said it would retain ownership of the Stop & Shop
and Giant supermarket units.  Anders Moberg, Chief Executive
Officer, told WSJ, "We have the knowledge, the management and I
can't see anybody else doing a better job."

Private-equity firms, however, also have experience with food
distribution companies.  CDR acquired Alliant Foodservice from
Kraft Foods in 1995 and sold it to U.S. Foodservice in 2001 and
earned nearly six times its investment.

Ahold had been subject of takeover and merger speculations, with
private equity firms hovering around the company, WSJ relays.
Ahold denied it was for sale, stressing that it was large enough
to survive.  According to WSJ, the company's market value is
around US$16.7 billion and around 74% of its sales are in the
U.S.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


LOGIC SYSTEMS: Creditors' Meeting Slated for December 22
--------------------------------------------------------
Creditors of Logic Systems Management Ltd. (Company Number
03549166) will meet at 11:00 a.m. on Dec. 22 at:

         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London N21 3NA
         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:

         Ninos Koumettou
         Administrator
         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590


MCCOLLIN SMITH: Calls In Liquidator from CRG Insolvency
-------------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed Liquidator of McCollin Smith Limited on
Dec. 8 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         McCollin Smith Limited
         Harrier Road
         Humber Bridge Industrial Estate
         Barton Upon Humber
         South Humberside DN185RP
         United Kingdom
         Tel: 01652 661 617


MILLS PLUMBING: Taps Liquidator from Wilkinson & Co.
----------------------------------------------------
Andrew Hartley Wilkinson of Wilkinson & Co. was appointed
Liquidator of Mills Plumbing Limited on Dec. 8 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Mills Plumbing Limited
         315 Blackmoorfoot Road
         Huddersfield
         West Yorkshire HD4 5RA
         United Kingdom
         Tel: 014 8432 7859


MOTION ENGINEERING: Appoints Robert Gibbons as Liquidator
---------------------------------------------------------
Robert Gibbons of Arrans was appointed Liquidator of Motion
Engineering Limited on Dec. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Motion Engineering Limited
         Unit 34
         Amington Industrial Estate
         Sandy Way
         Tamworth
         Staffordshire B77 4DS
         United Kingdom
         Tel: 01827 660 47


MUSIC CREATION: Appoints Clair Dwyer as Administrator
-----------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
administrator of Music Creation Corp. (Community Initiatives)
Ltd. (Company Number 05048550) on Dec. 7.

The administrator can be reached at:

         Claire L. Dwyer
         Jones Lowndes Dwyer LLP
         4 The Stables
         Wilmslow Road
         Didsbury
         Manchester M20 5PG
         United Kingdom
         Tel: 0161 832 9454
         Fax: 0161 832 9455
         E-mail: clairedwyer@joneslowndesdwyer.co.uk

Headquartered in Hyde, England, Music Creation Corp. (Community
Initiatives) Ltd. is a community-recording studio.


OPTIMUM NATIONWIDE: Brings In Menzies as Joint Administrators
-------------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Optimum Nationwide Ltd. (Company Number 05544885) on Dec. 6.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Optimum Nationwide Ltd. can be reached at:

         7 Shirwell Crescent
         Furzton
         Milton Keynes
         Buckinghamshire MK4 1GA
         United Kingdom
         Tel: 01908 506 619


OSLO REINSURANCE: Meetings of Scheme Creditors Set Feb. 12, 2007
----------------------------------------------------------------
The High Court of Justice ordered that meetings of Scheme
Creditors of Oslo Reinsurance Company (U.K.) Limited and Oslo
Reinsurance Company ASA be convened at 11:00 a.m. (U.K. time) on
Feb. 12, 2007, at:

         KPMG LLP
         1-2 Dorset Rise
         London EC4Y 8EN
         United Kingdom

to consider whether to approve or reject a scheme of arrangement
to be proposed to be made between the Scheme Companies and
Scheme Creditors.

The Court ordered Oslo Re ASA to convene a single meeting of its
Scheme Creditors to vote on its Scheme.

The Court also ordered Oslo Re U.K. to convene two meetings of
its Scheme Creditors:

   -- a meeting of Scheme Creditors in relation to their claim
      other than Incurred But Not Reported (IBNR) claims; and

   -- a meeting of Scheme Creditors in relation to their IBNR
      claims.

Scheme creditors who have claims falling into both of these
classes will be able to vote in each meeting.

The Scheme includes business written under the former names of
the Scheme Companies and business that gas been transferred into
the Scheme Companies.  The business included in the Scheme was
written by various companies within the Storebrand, Polaris and
Norgen groups.

Copies of the Scheme Document, Forms of Proxy and Voting Forms
are available at http://www.oslore.no/

The Scheme Managers can be reached at:

         Jan C. H. Endresen and Bjorn Morten Skordal
         Oslo Reinsurance Company ASA
         P.O. Box 1753 Vika.
         N-0122 Oslo, Norway
         Tel: +47 22 31 59 86
              +47 22 31 28 91
         Fax: +47 22 31 29 74
              +47 22 31 29 00
         E-mail: scheme.inquiries@oslore.no


PARADISE FENCING: Hires John C. Moran to Liquidate Assets
---------------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed Liquidator
of Paradise Fencing Limited on Nov. 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Paradise Fencing Limited
         Parkfield Farm
         Park Lane
         Wirral
         Merseyside CH478XT
         United Kingdom
         Tel: 0151 632 3800
         Fax: 0151 632 3800


PARTYGAMING PLC: Slashes 41% Jobs After U.S. Business Shutdown
--------------------------------------------------------------
Partygaming PLC eliminated 41% of its work force after it closed
down its core U.S. operations on Oct. 31, Lilly Vitorovich
writes for the Wall Street Journal.

In addition to the job cuts, which affected 945 employees, two
non-executive directors, Brian Larcombe and Nigel Kenny,
expressed their intention to retire from the board effective
Dec. 31.

Excluding sports betting, gross daily revenue in the last four
weeks of trading to Dec. 11, 2006, has averaged approximately
US$921,000 per day and overall player volumes have averaged
approximately 52,000 active players per day.  Gross daily poker
revenues are averaging US$721,000 per day, having hit a low of
US$637,000 per day after the Act was passed, reflecting the loss
of a number of higher-raking non-U.S. players to privately owned
poker sites that are continuing to offer games to customers in
America and therefore, at certain times of the day, may have
higher levels of player liquidity.

"The Group's most important market is now Europe, Middle East
and Africa, representing approximately 80% of total new player
sign-ups and 67% of total gross daily revenue," the company said
in a statement.  "The Americas, which includes Canada, Latin
America and South America, account for approximately 15% of
total new player sign-ups and 27% of total gross daily revenue.
Asia Pacific remains a relatively small contributor to total
revenue."

As at Nov. 30, 2005, the Group had total net cash (cash less
interest bearing bank debt and overdrafts) of over US$46
million.

                        About PartyGaming

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- engages in online gaming business
and owns and operates PartyPoker.com, the world's largest online
poker room.  The Group is also the world's largest online casino
and operates PartyCasino.com and StarluckCasino Online.  In
addition, the Group offers online bingo through PartyBingo.com,
online backgammon through PartyGammon.com, and non-US facing
sports betting through Gamebookers.com.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.

On Oct. 13, PartyGaming suspended all real money gaming
activities to customers located in the U.S. after U.S. President
George W. Bush signed the Safe Port Act into law.


PERFECT PANES: Names Richard Rones Liquidator
---------------------------------------------
Richard Rones of ThontonRones LLP was appointed Liquidator of
Perfect Panes Windows Limited on Nov. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Perfect Panes Windows Limited
         Unit 14
         Beddington Trading Estate
         Bath House Road
         Croydon
         Surrey CR0 4TT
         United Kingdom
         Tel: 0800 074 5543


SCIENS CFO I: Fitch Gives BB+ Rating on EUR7.8-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings rates Sciens CFO I Ltd., which closed
Dec. 14, 2006:

   -- EUR121.2 million class A floating-rate due 2014 AAA;
   -- EUR21 million class B floating-rate due 2014 AA;
   -- EUR13.9 million class C floating-rate due 2014 A;
   -- EUR18.6 million class D floating-rate due 2014 BBB+; and
   -- EUR7.8 million class E floating-rate due 2014 BB+.

The rating of the class A notes addresses the likelihood that
investors will receive full and timely payments of interest, as
per the governing documents, as well as the aggregate
outstanding amount of principal by the stated maturity date.
The ratings of the classes B, C, D and E notes address the
likelihood that investors will receive ultimate and compensating
interest payments, as per the governing documents, as well as
the aggregate outstanding amount of principal by the stated
maturity date.

The ratings are based on the quality of the investments, as well
as the credit enhancement provided by support from the junior
notes, the excess spread and the protections incorporated within
the structure.

Sciens CFO I is a market value collateralized fund obligation.
The collateral pool will consist of shares issued by Sciens CFO
I Feeder Fund Ltd, which in turn is a fund collateralized by
among others, shares issued by Sciens Global Opportunity Fund.
The issuance proceeds will be used to purchase interests in
hedge funds through the Sciens CFO I Feeder Fund.

The Sciens CFO I Feeder Fund is managed by a collateral manager
who will assume management and advisory roles in the
transaction.  The fund is essentially a fund of funds and as
such will invest proceeds subject to certain limits, such as
maximum exposure to one single fund of 5%, maximum exposure to
one manager of 5%, and a minimum of six diversified strategies
at any time.

Sciens CFO I is a limited-liability, special-purpose vehicle
incorporated under the laws of Channel Island, whose sole
purpose is to acquire SCFO FF shares as collateral from the
issuance proceeds of senior floating-rate notes and junior
notes.  The senior floating notes are rated notes comprising
classes A, B, C, D and E notes.

The rated notes accrue interest at the rate of European
Interbank Offered Rate plus 0.40%, 0.75%, 1.30%, 2.30%, and
4.75% in respective order.  Investors in the rated notes will
receive semi-annual interest payments, while holders of the
junior notes will receive cash distributions once the junior
distribution condition is satisfied.  Interest and principal
payments will be met out of disposal proceeds from the sale of
the SCFO FF shares.

No principal will be paid on the notes during first five years
except in case of any adverse event.  During the 'issuer call
period', starting in February 2012, and following an optional
redemption, the collateral manager will arrange for the
redemption of SCFO FF shares on each payment date.  The issuer's
liabilities will be reimbursed sequentially from amounts
received.

The collateral manager will ensure availability of necessary
funds by either delivering a liquidity facility request if
available or selling the requisite number of SCFO FF shares to
cover the amounts due.

Sciens CFO I Management Ltd. will act as investment manager to
Sciens CFO I and SCFO FF.  It is an affiliate of Sciens Capital
Management, LLC, led by John P. Rigas who is the chairman and
CEO.  Sciens Capital Management is a diversified alternative
asset management firm headquartered in New York.  Mr. Rigas
directs portfolio construction, investment research, fund
operation and risk management activities.

Robert J. Delany is CFO of the Sciens fund of hedge funds. He is
responsible for financial management, risk management modeling,
treasury, accounting, internal and external reporting, audit,
tax and general operations.  Sciens investors include financial
institutions, high net worth individuals, family offices,
private banks, foundations, endowments and pension funds.
Sciens group has approximately US$900 million under management.


SEA CONTAINERS: Gov't. Invites Bidders for GNER's Franchise
-----------------------------------------------------------
The U.K. government has invited participants to bid for Great
North Eastern Railways's franchise on the main London to
Edinburgh route, BBC News reports.

As reported in the TCR-Europe on Dec. 11, the government decided
to end GNER's GBP1.3-billion franchise agreement to operate the
East Coast main line railway.

A GNER spokesman told BBC that the company, or its bankrupt
parent, Sea Containers Ltd., is likely to bid for the contract.
Other possible bidders, analysts say, could include First Group
and Virgin Trains.

As previously reported, the U.K. Department of Transport
temporarily authorized GNER to run the East Coast main line
railway for up to two years on a new, fixed management-contract
basis, as a temporary solution.

In 1996, Sea Containers entered into a franchise agreement with
the Strategic Rail Authority of the British Government to
operate the GNER carrying passengers on high-speed trains along
the East Coast main line in Great Britain, United Kingdom.  Sea
Containers and the Transport Department entered into a new 10-
year contract in April 2005, under which the Debtor agreed to
pay the British Government GBP1.3 billion over the course of the
franchise.

London-based The Times said GNER is reportedly close to
breaching the liquidity ratio legally required to its franchise
agreement.

Robert Mackenzie, Sea Containers CEO & GNER chairman, asserts
that the rail company did not breach its franchise agreement.
It would be, however, unable to meet payments that were due to
start in May, BBC relates.

Some rail operators have expressed difficulty in turning in
profits because of the government's high revenue expectations,
BBC relates.

According to the report, GNER was unable to meet a 10% revenue
growth requirement in 2005, stipulated under the terms of its
franchise agreement.

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                     About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SEVERSTAL OAO: Keeps Free Float at Current Level; Won't Increase
----------------------------------------------------------------
OAO Severstal will not increase its shares available to the
investing public, RosBsuinessConsulting reports citing company
Chief Executive Alexei Mordashov.

According to RBC, Mr. Mordashov revealed that Severstal's free
float is around 18% of its total stock.  More than half of the
free float shares are traded on the London Stock Exchange.

Mr. Mordashov added that the company's free float is at the same
level as other metallurgical companies', RBC relates.

                        About Severstal

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

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

                          *     *     *

On Oct. 10, Moody's Investors Service rates Severstal's senior
unsecured debt at B1 and and long-term corporate family rating
at Ba3.

ON July 26, Standard & Poor's Ratings Services rated the
company's issuer credit at BB-.

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


STUDIO 1: Claims Filing Period Ends Feb. 28, 2007
-------------------------------------------------
Creditors of Studio 1 Limited have until Feb. 28, 2007, to send
their names and addresses, together with particulars of their
debts or claims, and names and addresses of their Solicitors, if
any, to appointed Liquidator Philip John Gorman at:

         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood GL4 3RT
         United Kingdom

The company can be reached at:

         Studio 1 Limited
         H T V Ltd Media Centre
         Culverhouse Cross
         Cardiff CF5 6XJ
         United Kingdom
         Tel: 029 2059 0104
         Fax: 029 2059 0502


TOTALLY MG: Brings In Liquidators from Jacksons Jolliffe Cork
-------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Totally MG
Limited on Dec. 5 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Totally MG Limited
         75 Primley Park Road
         Leeds
         West Yorkshire LS177HR
         United Kingdom
         Tel: 0113 307 0007


YEW TREE: Calls In Liquidators from Recovery hjs
------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs were
appointed Joint Liquidators of Yew Tree Car Sales Limited on
Dec. 8 for the creditors' voluntary winding-up procedure
proceeding.

Headquartered in Southampton, England, Yew Tree Car Sales
Limited -- http://www.yewtreecars.com/-- offers a comprehensive
caravan service and a car valeting service.  The company also
provides MOT testing service for cars, vans and minibuses, which
seat up to 16 passengers.


* Fried Frank Opens Offices in Hong Kong & Adds Nine Partners
-------------------------------------------------------------
Fried, Frank, Harris, Shriver & Jacobson LLP has launched its
office in Hong Kong, in association with local Hong Kong law
firm Huen Wong & Co.  Fried Frank's office in Hong Kong will
provide clients with access to the firm's U.S., European and
international expertise in M&A, private equity, capital markets,
finance, real estate and litigation, working in combination with
Huen Wong & Co.'s M&A, capital markets, real estate and
litigation practices.

The firm discloses that Huen Wong, Michael M. Hickman,
Raymond Kwok, Victoria Lloyd, and Liang Tsui have joined Fried
Frank as partners, and that Stephen Mok, Philip T. Nunn, Joseph
Lee and Gilbert Ho will be joining as partners in early 2007.

"Asia is very important for the firm's international growth
plans and Fried Frank's strength and depth of expertise across a
range of practices will provide a strong platform in the
region," said Valerie Ford Jacob, Fried Frank's Chairperson.

"Fried Frank is very effective at combining well-configured
international expertise together with local law capability.  The
addition of this team, with strong relationships in China,
provides us with an opportunity to capitalize on the growing
demands from our existing clients as well as forge new
relationships throughout Asia," said Justin Spendlove, the
firm's Managing Partner.

"I am looking forward to working with Fried Frank, a market
leader both in the US and Europe.  As someone who has observed
Fried Frank's impressive growth in the international arena over
the past several years, I am pleased to partner with a firm with
such momentum behind it.  I am excited by the prospect of
extending that leadership position to Hong Kong as well as
throughout Asia," said Huen Wong.

Fried Frank has had an international presence since 1970 when it
became one of the first U.S. firms to open an office in London.
Over the past 18 months Fried Frank has doubled the size of its
European practice in London, Paris and Frankfurt.  With the
addition of the new lawyers in Asia, Fried Frank will have
approximately 120 lawyers in its offices outside of the U.S. In
2006, the firm advised on some of the most noteworthy matters of
the year including the US$67 billion ATT-BellSouth merger, the
Silver Point acquisition of CF Gomma Barre Thomas, and the
formation of the largest European private equity fund, Permira
IV.

                          New Partners

Huen Wong has extensive knowledge of PRC law and practice.  His
particular experience covers a broad range of fields such as
joint ventures, securities, licensing, building and construction
projects and arbitration both in Hong Kong and the region,
particularly in China.  Mr. Wong is a China-appointed Attesting
Officer and is on the panel of foreign arbitrators for CIETAC
and the Arbitration Commissions in Beijing, Shanghai and Dalian.
He is admitted as a solicitor in England, Wales, Hong Kong,
Singapore and Australian Capital Territory.  He joins Fried
Frank from Simmons & Simmons where he was managing partner for
the China region with responsibility for both the Hong Kong and
Shanghai offices.

Michael M. Hickman has a wealth of experience in joint ventures,
corporate reorganization, and mergers and acquisitions,
including assisting major U.S.-based private equity investors
with investments in a range of targeted industry sectors.  He
also has extensive experience in privatizations and commercial
and corporate finance transactions.  Fluent in Mandarin and
English, he has lived and worked in Asia for over 20 years and
is admitted to practice law in New York.  He joins Fried Frank
from Simmons & Simmons where he was resident partner of the
Simmons & Simmons Shanghai office.

Raymond Kwok is one of Asia's leading real estate practitioners,
and has extensive expertise across a broad range of property and
property-related matters in Hong Kong and China.  He focuses his
practice in real estate and infrastructure development,
acquisitions and disposals, property litigation, property
financing, planning and project conveyancing.  He has been
advising on China-related matters for 17 years and is a China-
Appointed Attesting Officer.  Mr. Kwok is admitted to practice
law in England, Wales and Hong Kong.  He joins Fried Frank from
Simmons & Simmons.

Victoria Lloyd advises corporations and investment banks on a
wide range of corporate and commercial, corporate finance and
merger and acquisition matters, including funding raising
activities, international securities offerings and joint
ventures.  She is fluent in Cantonese, Mandarin and English.
She is qualified as a solicitor in Hong Kong, England and Wales.
She joins Fried Frank from Simmons & Simmons.

Liang Tsui has extensive experience in advising multi-nationals
on foreign direct investment and M&A transactions in China.  He
has worked with a number of global clients who are active in the
Chinese market in the chemical, automotive, financial services,
insurance, manufacturing and construction sectors and has acted
for a number of US, UK, Swiss and French companies on major
corporate restructuring, investment and joint venture projects.
He speaks fluent Mandarin and English.  He is qualified to
practice law in the US.  He joins Fried Frank from Simmons &
Simmons.

Stephen Mok focuses his practice on mergers and acquisitions and
corporate finance, and has extensive experience with initial
public offerings on the Hong Kong Stock Exchange.  His
experience also encompasses PRC securities transactions, joint
ventures, cross-border mergers and acquisitions and general
commercial work.  He is admitted to practice as a solicitor in
New South Wales, Australia, in England, Wales and Hong Kong.  He
joins Fried Frank from Simmons & Simmons where he was head of
the China corporate group.

Philip T. Nunn has 30 years' experience in development and
construction matters.  Over this period, he has handled a large
number of major construction litigation and arbitration cases
and has significant experience as an arbitrator.  He is a member
of the HKIAC Panel of Arbitrators, a member of the CIETAC Panel
of Arbitrators and the Korean Commercial Arbitration Board Panel
of Arbitrators, Chairman of the ICC Arbitration Committee in
Hong Kong, a member of the Hong Kong Housing Authority, a member
of the Strategic Planning Committee of the Housing Authority,
Chairman of the Building Committee of the Housing Authority, a
member of the Property Committee of the Kowloon-Canton Railway
Corporation, and Co-chairman of the Appeal Tribunal (Buildings).
He is admitted to practice law in England, Wales and Hong Kong.
He joins Fried Frank from Simmons & Simmons.

Joseph Lee focuses his practice on corporate finance and
securities transactions, with a special emphasis on initial
public offerings relating to Hong Kong and Chinese companies and
mergers and acquisitions of listed and private companies.  He
speaks fluent English, Cantonese and Mandarin.  He is admitted
to practice as a solicitor in Hong Kong and as a barrister and
solicitor in British Columbia, Canada.  He joins Fried Frank
from Simmons & Simmons.

Gilbert Ho focuses his practice on corporate finance, equity
capital markets in Hong Kong and China, mergers and acquisitions
and general commercial transactions.  He speaks fluent English,
Cantonese and Mandarin.  He is admitted to practice as a
solicitor in England and Wales and as a barrister and solicitor
in New South Wales, Australia.  He joins Fried Frank from
Simmons & Simmons.

                       About Fried Frank

Fried, Frank, Harris, Shriver & Jacobson LLP --
http://www.friedfrank.com/-- is an international law firm with
more than 550 attorneys in offices in New York, Washington,
D.C., London, Paris and Frankfurt.  Fried Frank lawyers
regularly represent major investment banking firms, private
equity houses and hedge funds, as well as many of the largest
companies in the world.  The firm offers legal counsel on M&A
and corporate finance matters, white-collar criminal defense and
civil litigation, securities regulation, compliance and
enforcement, government contracts, real estate, tax, bankruptcy,
antitrust, benefits and compensation, intellectual property and
technology, international trade, and trusts and estates.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *