/raid1/www/Hosts/bankrupt/TCREUR_Public/061221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, December 21, 2006, Vol. 7, No. 253

                            Headlines


C Y P R U S

PROMSVYAZBANK JSCB: Doubles Year-on-Year Equity to RUR20.3 Bln
PROMSVYAZBANK JSCB: S&P Lifts Rating to B+/B on Capital Increase


F I N L A N D

METSO OYJ: Inks Five-Year EUR500 Million Loan Facility


F R A N C E

ALCATEL-LUCENT: Inks Internet Portfolio Deal with Indosat
AUTOCAM CORP: Fails to Pay US$7.6-Mln Interest on 10.875% Notes
AUTOCAM CORP: Non-Payment Spurs Moody's to Cut Ratings to D
AUTOCAM FRANCE: Moody's Junks First Lien Credit & Term Loan
POLYMER GROUP: Completes Amendment of Senior Credit Facility


G E R M A N Y

CZERNIK ELBERT: Creditors Must File Claims by December 28
DC UNTERNEHMENSBERATUNG: Registration of Claims Ends December 28
EUROCAR-AGENT GMBH: Claims Filing Deadline Set December 27
FIRST AEC: Claims Registration Period Ends December 28
GOLTSTEIN GMBH: Creditors Must File Claims by December 27

HANS-JUERGEN RIEKE: Registration of Claims Ends December 27
JOACHIM KURTZ: Claims Filing Deadline Ends December 28
KARL WILKE: Claims Registration Deadline Set for December 28
METZGEREI ELSNER: Creditors Must File Claims by Dec. 28
PAUL IHDE: Registration of Claims Ends December 28

RESING-PLAN GMBH: Claims Filing Period Ends December 28
RUDOLF PETERSEN: Creditors Must File Claims by December 27


H U N G A R Y

BORSODCHEM NYRT: Board Members Sell Ordinary Shares
BORSODCHEM NYRT: First Chemical Holdings Starts Share Transfer
BORSODCHEM NYRT: Permira & Kikkolux Disclose 89.24% Equity Stake


I R E L A N D

BIOVAIL CORP: Sues FDA Over Impax's Generic Wellbutrin Sale
ELAN CORP: Dr. Goran Ando Steps Down as Non-Executive Director
EUROCREDIT CDO: Moody's Rates EUR20-Mln Class E Notes at (P)Ba2


I T A L Y

METSO OYJ: Inks Five-Year EUR500 Million Loan Facility
VALASSIS COMMS: Amends Merger Deal & Settles Suit with ADVO Inc
VALASSIS COMMS: Merger Amendment Cues S&P to Keep Watch Negative


K A Z A K H S T A N

AKSHAGAT LLP: Creditors Must File Claims by Jan. 5, 2007
ALTAI LLP: Proof of Claim Deadline Slated for Jan. 5, 2007
ASIA-ALLIANCE PV: Creditors' Claims Due Jan. 26, 2007
BAIZAKTORGGAS LLP: Claims Registration Ends Jan. 24, 2007
BEKAR LLP: Creditors Must File Claims by Jan. 5, 2007

BRIGHT PLAST: Claims Filing Period Ends Jan. 12, 2007
GLOBAL GATERING: Creditors' Claims Due Jan. 23, 2007
SANA-CAPITAL LLP: Creditors Must File Claims by Jan. 24, 2007
TECHMACHSERVICE LLP: Claims Filing Period Ends Jan. 24, 2007


K Y R G Y Z S T A N

DEBRA: Public Auction Scheduled for Dec. 25


N E T H E R L A N D S

ALCATEL-LUCENT: Inks Internet Portfolio Deal with Indosat
GETRONICS NV: Unveils Cash Offer for EUR100-Million 2008 Bonds
GLOBAL POWER: Committee Hires Landis Rath as Bankruptcy Counsel


P O L A N D

BORSODCHEM NYRT: Board Members Sell Ordinary Shares
BORSODCHEM NYRT: First Chemical Holdings Starts Share Transfer
BORSODCHEM NYRT: Permira & Kikkolux Disclose 89.24% Equity Stake


R U S S I A

AGRO-KHIM-SERVICE LLC: Bankruptcy Hearing Slated for March 27
AGRO-SERVICE OJSC: Court Names V. Polyakova to Manage Assets
ANGARSKAYA GARMENT: Asset Bidding Deadline Slated for Jan. 9
CAR-LUX CJSC: Moscow Court Names A. Popov as Insolvency Manager
CONCERN RUS-INTER-SHOES: Court Names I. Batin to Manage Assets

KEMEROVSKIY WINERY: Court Names E. Nemkina as Insolvency Manager
KRASNOURALSKOYE TRANSPORT: Names A. Shabarova to Manage Assets
MAKHALINO CJSC: Penza Bankruptcy Hearing Slated for March 22
MEKHSILA LLC: Tula Bankruptcy Hearing Slated for February 27
MERVINSKIY BUILDING: Court Names M. Mordashov to Manage Assets

METALPLAST CJSC: Court Names D. Altukhov as Insolvency Manager
MILK OJSC: Kursk Court Names M. Shumakov as Insolvency Manager
NOVOLIPETSK STEEL: Moody's Lifts Rating to Ba1 on Solid Posture
PESTOVSKIY WOOD: Court Starts Bankruptcy Supervision Procedure
PROMSVYAZBANK JSCB: Doubles Year-on-Year Equity to RUR20.3 Bln

PROMSVYAZBANK JSCB: S&P Lifts Rating to B+/B on Capital Increase
STRUGOKRASNENSKIY DIARY: Court Starts Bankruptcy Supervision
SVYAZ-BANK OJSC: Inks US$25-Mln Syndicated Term Loan Facility
VERDEEVSKIY DISTILLERY: Names E. Porkhunov as Insolvency Manager
VNESHTORGBANK JSC: Co-Arranges FUIB's US$55-Million Loan

VNESHTORGBANK JSC: Co-Arranges US$25-Million Loan for Svyaz Bank
VNESHTORGBANK JSC: Russia Eyes Three-Phase Privatization Process
VTB BANK EUROPE: Moody's Affirms D+ Financial Strength Rating


S P A I N

GETRONICS NV: Unveils Cash Offer for EUR100-Million 2008 Bonds
RBC DEXIA ESPANA: Fitch Affirms Individual Rating at C
VALASSIS COMMS: Amends Merger Deal & Settles Suit with ADVO Inc
VALASSIS COMMS: Merger Amendment Cues S&P to Keep Watch Negative


S W I T Z E R L A N D

CITY.GOLF.LOUNGE: Court Suspends & Closes Bankruptcy Process
BDS FINANCE-SERVICES: Zug Court Closes Bankruptcy Proceedings
ORCA CONSULTING: Hofe Court Suspends Bankruptcy Proceedings


T U R K E Y

* Fitch Affirms Turkey's Currency Issuer Default Ratings at BB-


U K R A I N E

BANK NADRA: High Credit Risk Cues Fitch to Affirm Low-B Ratings
VNESHTORGBANK JSC: Co-Arranges FUIB's US$55-Million Loan
VNESHTORGBANK JSC: Co-Arranges US$25-Million Loan for Svyaz Bank
VNESHTORGBANK JSC: Russia Eyes Three-Phase Privatization Process


U N I T E D   K I N G D O M

BUSINESS MORTGAGE: Fitch Affirms GBP9.8-Million Notes at BB
C & C FLOWERS: Nominates Liquidators from Abbot Fielding
COLLINS & AIKMAN: Seeks Approval for ASC Inc. License Agreement
COLLINS & AIKMAN: Wants to Further Defer Interest Payments
DANE GROUNDCARE: Nominates Timothy Frank Corfield as Liquidator

DODSWORTHS YORK: Names David Anthony Horner Liquidator
EGG BANKING: Fitch Cuts Individual Rating to C/D
ELITE HGV: Appoints Liquidators from Poppleton & Appleby
EVANS ELECTRICAL: Taps T. Papanicola to Liquidate Assets

KEIGHLEY GLAZING: Claims Filing Period Ends Jan. 2. 2007
MEDIAWORKS GROUP: Hires Alan Simon to Liquidate Assets
MONEY PARTNERS: Fitch Affirms BB Ratings on Two Note Classes
MOULDTECH LIMITED: A. J. Clark Leads Liquidation Procedure
OLMEC TUBING: Brings In Liquidator from Bishop Fleming

PEPTELS LIMITED: Taps Paul Appleton to Liquidate Assets
SOUNDS SECURE: Names I. P. Sykes Liquidator
SPECIALISED PRINTING: Joint Liquidators Take Over Operations
VTB BANK EUROPE: Moody's Affirms D+ Financial Strength Rating

* Upcoming Meetings, Conferences and Seminars

                            *********

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C Y P R U S
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PROMSVYAZBANK JSCB: Doubles Year-on-Year Equity to RUR20.3 Bln
--------------------------------------------------------------
JSCB Promsvyazbank reported RUR20.3 billion in shareholders'
equity at Nov. 30, 2006, up 92.5% from a year ago, according to
Russian Accounting Standards, RIA Novosti states.

Promsvyazbank attributed the increase to the recent additional
share issue -- through which Commerzbank Auslandsbanken Holding
AG, a unit of Germany's Commerzbank AG, acquired a 15.32% stake
in the company -- and to growth in profit and subordinated
loans.

According to RIA Novosti, Promsvyazbank -- controlled by Alexey
and Dmitry Annaniev -- reports RUR168 billion in assets at
Nov. 30, 2006, up 50.9% from a year ago.  Promsvyazbank also had
RUR125.9 billion in credit portfolio, up 86.5% from a year ago.

                       About Promsvyazbank

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

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

                        *     *     *

As reported in the TCR-Europe on Dec. 11, Moody's Investors
Service changed from stable to positive the outlook on
Promsvyasbank's Ba3 long-term foreign currency deposit and debt
ratings.  The outlook on the bank's D- financial strength rating
remains unchanged.

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

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

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

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

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


PROMSVYAZBANK JSCB: S&P Lifts Rating to B+/B on Capital Increase
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Russia-based Promsvyazbank
JSCB to 'B+/B' from 'B/C'.

At the same time, the ratings were removed from CreditWatch
where they had been placed with positive implications on
Aug. 31, 2006, following the announcement that Germany-based
Commerzbank AG was acquiring a 15.3% stake in PSB, with a
potential step-by-step increase to a majority stake in the
medium term.  The outlook is positive.

"The upgrade is based on the bank's strengthened financial
profile after the new capital increase.  Commerzbank has
acquired a 15.3% at PSB in December 2006 through a new
US$157 million share issue at PSB; of this new capital, about
60% came from Commerzbank and 40% from existing owners," said
Standard & Poor's credit analyst Eugene Tarzimanov.

The positive outlook reflects Standard & Poor's expectation that
Commerzbank's operational and managerial support will intensify
in the medium term, positively affecting PSB in such areas as
funding, risk management, and IT.

"We would raise the ratings most likely by up to three notches
if Commerzbank proceeds with its plan to significantly increase
its stake with the intention to eventually acquire a controlling
ownership, and/or if PSB demonstrates its ability to better
withstand competitive pressure on profitability, and maintains
good asset quality and adequate capitalization," added
Mr. Tarzimanov.

A negative rating or outlook pressure might follow if PSB's
commercial and financial profiles deteriorate to a significant
degree.


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F I N L A N D
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METSO OYJ: Inks Five-Year EUR500 Million Loan Facility
------------------------------------------------------
Metso Oyj signed a EUR500 million revolving five-year loan
facility with a syndicate of 14 banks.

It replaces an original EUR450 million facility of June 2003,
which is currently not drawn.  The new facility is primarily to
support Metso's short-term funding.

Mandated Lead Arrangers for the loan were Citibank, Commerzbank,
Nordea and SEB Merchant Banking.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

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

                        *     *     *

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


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F R A N C E
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ALCATEL-LUCENT: Inks Internet Portfolio Deal with Indosat
---------------------------------------------------------
Alcatel-Lucent reveals that its IP/MPLS portfolio has been
selected by PT Indosat as the basis of the country's first
Carrier Ethernet service offering, including the launch of a
Virtual Private LAN Service, which they call Premium Ethernet
Services.

Alcatel-Lucent's new-generation, multi-service infrastructure
will enable Indosat to set a new standard for the delivery of
highly reliable business services in the fast-emerging Southeast
Asia market.  It will also support triple play services and the
convergence of Indosat's fixed and mobile networks.  Indosat
released the Premium Ethernet services at the end November 2006
for its corporate customers in Jakarta, Surabaya, Bandung, Medan
and Semarang.

The Indosat network will offer businesses the benefits of
advanced virtual private network (VPN) technology to operate
highly reliable and quality-controlled voice, video and data
services across an IP/MPLS-based infrastructure.  In the initial
phase, targeting some big cities like Jakarta, Surabaya,
Bandung, Medan and Semarang, Indosat will deploy the Alcatel-
Lucent 7750 Service Router, Alcatel-Lucent 7450 Ethernet Service
Switch and Alcatel-Lucent 7250 Service Access Switch.  Indosat
has also commissioned Alcatel-Lucent for consulting services in
order to leverage its expertise in deploying IP/MPLS networks
and extensive industry knowledge.

"Our business customers require point-to-point, multi-point and
mesh VPN connectivity with high bandwidth and stringent Service
Level Agreements," Wahyu Wijayadi, Marketing Director of
Indosat, said.  "It's our goal to surpass their expectations in
the delivery of these services.  Based on Alcatel-Lucent's
Carrier Ethernet solution, we will be able to deliver a range of
services that provide flexibility, scalability and reliability
to our data customers."

"Indosat joins a growing list of service providers that are
shifting to Ethernet using our highly available end-to-end MPLS-
based solution," Basil Alwan, Head of Alcatel-Lucent's IP
activities, said.  "Indosat also benefits from our consultative
marketing services which are dedicated to supporting the service
provider's sales, marketing and network operation development
for the country's first VPLS services."

                          About Indosat

Indosat Tbk is a leading telecommunication and information
service provider in Indonesia that provides cellular services,
IDD service, fixed telecommunication services.  Indosat also
provides Multimedia, Internet & Data Communication Services
(MIDI).

                        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-
U.S. 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.


AUTOCAM CORP: Fails to Pay US$7.6-Mln Interest on 10.875% Notes
---------------------------------------------------------------
Autocam Corp. has failed to make the semi-annual interest
payment of US$7.6 million due Dec. 15 under its US$140 million
of outstanding 10.875% senior subordinated notes due June 2014.

Non-payment of interest due on the Notes triggers a 30-day grace
period during which payment can be made before triggering an
event of default under the indenture governing the Notes and
cross-default provisions under agreements covering the company's
senior secured credit facilities and second lien credit
facility.

On Dec. 14, Autocam received a proposal signed by the holders of
85% of the Notes concerning the terms of a possible
recapitalization of the company.  As part of the proposed
recapitalization, its Noteholders would purchase US$85 million
of newly issued equity securities in the form of a payment-in-
kind preferred stock and convert the Notes into 100% of the
company's common equity.

As of Dec. 14, Autocam had US$108.1 million in borrowings
outstanding under our senior secured credit facilities and
US$77.6 million in borrowings outstanding under its second lien
credit facility (including accrued paid-in-kind interest).

The proposal anticipates that the indebtedness under the
company's second lien credit facility will be repaid in full
with proceeds of the PIK Preferred Equity and any excess would
be used to satisfy expenses of the transaction and increase
working capital.  It is also anticipated that its senior secured
credit facilities would be reinstated or refinanced on market
terms.  After completion of the recapitalization, it is
anticipated that Autocam would have approximately US$110 million
of funded secured indebtedness.

This proposal would significantly enhance Autocam's financial
strength and operational flexibility, which would benefit all of
its stakeholders.  The recapitalization would improve the
company's short- and long-term liquidity on a global basis,
allowing it to better serve its customers, meet its debt service
and working capital requirements and fund capital expenditures
for new programs.

The proposal is subject to approval by the company's board of
directors and equity holders and is subject to final
negotiations, documentation and customary conditions of closing.

As reported in the TCR-Europe on Nov. 27, Autocam disclosed of
in a regulatory filing with the U.S. Securities and Exchange
Commission that based on its current projections, it might be
unable to comply with the financial covenants set in its senior
credit facilities and second lien credit facility as of
Dec. 31, 2006.

The company however said that it was in compliance with the
covenants as of Sept. 30, 2006.  The company's senior credit
facilities and second lien credit facility's financial covenants
are tested at each calendar quarter-end.

Headquartered in Kentwood, Michigan, Autocam Corporation --
http://www.autocam.com/ -- is a wholly owned subsidiary of
Titan Holdings, Inc.  Autocam manufactures extremely close
tolerance precision-machined, metal alloy components, sub-
assemblies and assemblies, primarily for performance and safety
critical automotive applications.  The company provides these
products from its facilities in North America, Europe, South
America and Asia to some of the world's largest suppliers to the
automotive industry.  These suppliers include Autoliv, Delphi
Corporation, Robert Bosch GmbH, Siemens VDO, TRW Automotive,
Inc. and ZF Friedrichshafen AG.  The company has operations in
Brazil, France and China.


AUTOCAM CORP: Non-Payment Spurs Moody's to Cut Ratings to D
-----------------------------------------------------------
Moody's Investors Service lowered Autocam Corp.'s Probability of
Default Ratings to D from Ca.

Ratings on Autocam's senior secured first lien facilities (Caa1)
and senior subordinated notes (C) were confirmed although the
expected loss rates on those issues have increased from the
assumed higher probability of default.  The company's
Speculative Grade Liquidity rating was also affirmed at SGL-4.

The actions follow disclosure by Autocam in an 8-K filing on
Dec. 15 that it had failed to pay interest on its subordinated
notes on Dec. 15, and it had entered into a 30-day grace period
under that obligation.  Autocam further disclosed in the filing
it had received a proposal signed by 85% of its subordinated
note holders to recapitalize the company.  The rating is stable
at the new PDR.

Rating changed:

Autocam Corporation

   -- Probability of Default, D from Ca

Ratings confirmed:

Autocam Corporation

   -- Corporate Family Rating, Ca

   -- First lien revolving credit, Caa1 LGD2, 20%

   -- First lien term loan, Caa1 LGD2, 20%

   -- Senior Subordinated Notes, C LGD5, 85%

Ratings Affirmed:

   -- Speculative Grade Liquidity rating, SGL-4

Autocam France SARL

   -- First lien revolving credit, Caa1 LGD2, 20%

   -- First lien term loan, Caa1, LGD2, 20%

The last rating action was on Nov. 27, 2006, at which time
ratings were lowered and placed under review for possible
further downgrade.

Approximately US$7.6-million of interest on Autocam's
subordinated notes was due on December 15 and was not paid.
Interest payments of roughly US$2.7 million on Autocam's
US$77.6-million second lien credit facility plus interest on
US$108.1-million of senior secured bank debt are due on Dec. 31,
2006.  In mid-November, Autocam disclosed it had approximately
US$13 million of consolidated cash and US$1.2 million of
remaining availability under its revolving credit facilities.

The Probability of Default rating of D signifies an elevated
risk profile flowing from the company's failure to make a
payment when due under its subordinated notes.  In the absence
of resolution during the applicable 30-day grace period, holders
of the subordinated notes could accelerate their claims.
Autocam faces challenges from approaching interest payments on
its secured credit facilities as well as obtaining requisite
approvals and satisfying the conditionality of the proposed
recapitalization to avoid default on its other obligations.

While higher expected loss percentages result from the change in
the probability of default, they remain within the range for
their respective ratings at both the Corporate Family level and
for the rated obligations. Hence, existing long-term ratings
have been confirmed.  The Caa1 rating on the secured bank debt
continues to reflect the benefits of a first lien priority and
the amount of junior capital beneath their claims. The C rating
on the subordinated notes incorporates this junior position and
resultant loss experience in default scenarios.  The second lien
credit facility is not rated.

The SGL-4 rating continues to represent a poor liquidity profile
arising from the pending default(s) which may arise should there
be no resolution during the grace period, limited, if any,
remaining external liquidity, prospective covenant compliance
issues noted in the company's November SEC filing, and an
unlikely ability to arrange any incremental sources of
alternative liquidity given the extensive amount of secured
obligations in its existing capital structure.

Autocam Corporation, headquartered in Kentwood, MI, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies and assemblies, primarily
for performance and safety critical automotive applications.
Revenues in 2005 were approximately US$350 million from
operations in North America, Europe, and Brazil.


AUTOCAM FRANCE: Moody's Junks First Lien Credit & Term Loan
-----------------------------------------------------------
Moody's Investors Service lowered Autocam Corporation's
Probability of Default Ratings to D from Ca.

Ratings on Autocam's senior secured first lien facilities and
senior subordinated notes were confirmed although the expected
loss rates on those issues has increased from the assumed higher
probability of default.

The company's Speculative Grade Liquidity rating was also
affirmed at SGL-4.  The actions comes after the disclosure by
Autocam in an 8-K filing on December 15 that it had failed to
pay interest on its subordinated notes on Dec. 15, and it had
entered into a 30 day grace period under that obligation.
Autocam further disclosed in the filing it had received a
proposal signed by 85% of its subordinated note holders to
recapitalize the company.

The rating is stable at the new PDR.

Rating changed:

   * Autocam Corporation

      -- Probability of Default, D from Ca

Ratings confirmed:

   * Autocam Corporation

      -- Corporate Family Rating, Ca
      -- First lien revolving credit, Caa1 LGD2, 20%
      -- First lien term loan, Caa1 LGD2, 20%
      -- Senior Subordinated Notes, C LGD5, 85%

Ratings Affirmed:

   * Autocam France SARL

      -- Speculative Grade Liquidity rating, SGL-4
      -- First lien revolving credit, Caa1 LGD2, 20%
      -- First lien term loan, Caa1, LGD2, 20%

The last rating action was on Nov. 27, 2006 at which time
ratings were lowered and placed under review for possible
further downgrade.

Approximately $7.6 million of interest on Autocam's subordinated
notes was due on Dec. 15 and was not paid.  Interest payments of
roughly $2.7 million on Autocam's $77.6 million second lien
credit facility plus interest on $108.1 million of senior
secured bank debt are due on Dec. 31, 2006.  In mid-November,
Autocam disclosed it had approximately $13 million of
consolidated cash and $1.2 million of remaining availability
under its revolving credit facilities.

The Probability of Default rating of D signifies an elevated
risk profile flowing from the company's failure to make a
payment when due under its subordinated notes.  In the absence
of resolution during the applicable 30 day grace period, holders
of the subordinated notes could accelerate their claims.
Autocam faces challenges from approaching interest payments on
its secured credit facilities as well as obtaining requisite
approvals and satisfying the conditionality of the proposed
recapitalization to avoid default on its other obligations.

While higher expected loss percentages result from the change in
the probability of default, they remain within the range for
their respective ratings at both the Corporate Family level and
for the rated obligations.  Hence, existing long-term ratings
have been confirmed.  The Caa1 rating on the secured bank debt
continues to reflect the benefits of a first lien priority and
the amount of junior capital beneath their claims.  The C rating
on the subordinated notes incorporates this junior position and
resultant loss experience in default scenarios.  The second lien
credit facility is not rated.

The SGL-4 rating continues to represent a poor liquidity profile
arising from the pending default which may arise should there be
no resolution during the grace period, limited, if any,
remaining external liquidity, prospective covenant compliance
issues noted in the company's November SEC filing, and an
unlikely ability to arrange any incremental sources of
alternative liquidity given the extensive amount of secured
obligations in its existing capital structure.

Autocam Corporation, headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies and assemblies, primarily
for performance and safety critical automotive applications.
Revenues in 2005 were approximately $350 million from operations
in North America, Europe, and Brazil.


POLYMER GROUP: Completes Amendment of Senior Credit Facility
------------------------------------------------------------
Polymer Group Inc. successfully amended its senior credit
facility.

"We appreciate the continued support from our lending group and
are pleased our amendment requests were approved as submitted"
said Polymer Group's chief financial officer, Willis (Billy)
Moore.  "This amendment provides greater financial flexibility
which allows PGI to focus on growing the business and executing
our strategies to become the industry leader as we strive to de-
leverage our balance sheet through the combination of debt
repayment and earnings growth."

The amendment to the senior facility, among other things,
included certain changes to the definitions of Consolidated
EBITDA used for calculating the Total Leverage Ratio and
Interest Expense Coverage Ratios and provided for increased
flexibility under each of the Total Leverage Ratio and Interest
Expense Coverage Ratio covenants.  The company was in full
compliance with its credit agreement at the end of the third
quarter ended Sept. 30, 2006, and expects to remain in
compliance for the foreseeable future.

Polymer Group, Inc., -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 24,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision follows several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


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


CZERNIK ELBERT: Creditors Must File Claims by December 28
---------------------------------------------------------
Creditors of Czernik, Elbert & Kollegen GmbH
Steuerberatungsgesellschaft have until Dec. 28 to register their
claims with court-appointed provisional administrator Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum
         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 Bochum opened bankruptcy proceedings
against Czernik, Elbert & Kollegen GmbH
Steuerberatungsgesellschaft on Nov. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The Debtor can be reached at:

         Czernik, Elbert & Kollegen GmbH
         Steuerberatungsgesellschaft
         Hauptstr. 27
         44651 Herne
         Germany


DC UNTERNEHMENSBERATUNG: Registration of Claims Ends December 28
----------------------------------------------------------------
Creditors of DC Unternehmensberatung & Immobilienservice GmbH
have until Dec. 28 to register their claims with court-appointed
provisional administrator Jan-Michael Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Goettingen
         Hall B8
         Berliner Road 8
         37073 Goettingen
         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 Goettingen opened bankruptcy proceedings
against DC Unternehmensberatung & Immobilienservice GmbH on
Oct. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Jan-Michael Mueller
         Kasseler Landstrasse 25 b
         37081 Goettingen
         Germany
         Tel: 0551/5217575
         Fax: 0551/5217775

The Debtor can be reached at:

         DC Unternehmensberatung & Immobilienservice GmbH
         Bartold-Kastrop-Weg 2
         37079 Goettingen
         Germany


EUROCAR-AGENT GMBH: Claims Filing Deadline Set December 27
----------------------------------------------------------
Creditors of Eurocar-Agent GmbH have until Dec. 27 to register
their claims with court-appointed provisional administrator
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         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 Aschaffenburg opened bankruptcy
proceedings against Fa. Eurocar-Agent GmbH on Nov. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Tobias Hoefer
         Wermbachstr. 19
         63739 Aschaffenburg
         Germany
         Tel: 06021/444080
         Fax: 06021/4440820

The Debtor can be reached at:

         Fa. Eurocar-Agent GmbH
         Lindigstr. 8
         63801 Kleinostheim
         Germany


FIRST AEC: Claims Registration Period Ends December 28
------------------------------------------------------
Creditors of First AEC Software & Consulting fuer Ingenieure
GmbH have until Dec. 28 to register their claims with court-
appointed provisional administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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 Hameln opened bankruptcy proceedings
against First AEC Software & Consulting fuer Ingenieure GmbH on
Nov. 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Helge Wachsmuth
         Gerichtsfach 348
         Alexanderstrasse 2
         30159 Hanover
         Germany
         Tel: 0511/325095
         Fax: 0511/329934


The Debtor can be reached at:

         First AEC Software & Consulting fuer Ingenieure GmbH
         HefeHof 7
         31787 Hameln
         Germany


GOLTSTEIN GMBH: Creditors Must File Claims by December 27
---------------------------------------------------------
Creditors of Goltstein GmbH have until Dec. 27 to register their
claims with court-appointed provisional administrator Klaus
Bollig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Jan. 25, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The administrator can be reached at:

         Klaus Bollig
         Duerener Str. 189
         50931 Cologne
         Germany

The Debtor can be reached at:

         Goltstein GmbH
         Venloer Str. 350 a
         50825 Cologne
         Germany


HANS-JUERGEN RIEKE: Registration of Claims Ends December 27
-----------------------------------------------------------
Creditors of Hans-Juergen Rieke Bauschlosserei und Geratebau mit
beschrankter Haftung have until Dec. 27 to register their claims
with court-appointed provisional administrator Andreas
Mittendorff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover
         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 Hanover opened bankruptcy proceedings
against Hans-Juergen Rieke Bauschlosserei und Geratebau mit
beschrankter Haftung on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Andreas Mittendorff
         Am Markte 13
         30159 Hanover
         Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40

The Debtor can be reached at:

         Hans-Juergen Rieke Bauschlosserei und
         Geratebau mit beschrankter Haftung
         Im Rehwinkel 13
         30827 Garbsen
         Germany


JOACHIM KURTZ: Claims Filing Deadline Ends December 28
------------------------------------------------------
Creditors of Joachim Kurtz GmbH Moebelelemente have until
Dec. 28 to register their claims with court-appointed
provisional administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against Joachim Kurtz GmbH Moebelelemente on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany

The Debtor can be reached at:

         Joachim Kurtz GmbH Moebelelemente
         Moorwiese 12
         32549 Bad Oeynhausen
         Germany


KARL WILKE: Claims Registration Deadline Set for December 28
------------------------------------------------------------
Creditors of Karl Wilke, Buch- u. Offsetdruck GmbH have until
Dec. 28 to register their claims with court-appointed
provisional administrator Fabio Algari.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         1st Floor
         Emperor Route 16-18 (Building K18)
         63065 Offenbach am Main
         Germany

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

The District Court of Offenbach am Main opened bankruptcy
proceedings against Karl Wilke, Buch- u. Offsetdruck GmbH on
Oct. 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Fabio Algari
         Oppenheimer Landstrasse 3
         60594 Frankfurt am Main
         Germany
         Tel: 069/6109160
         Fax: 069/61091616

The Debtor can be reached at:

         Karl Wilke, Buch- u. Offsetdruck GmbH
         Schillerstrasse 35
         63263 Neu-Isenburg
         Germany


METZGEREI ELSNER: Creditors Must File Claims by Dec. 28
-------------------------------------------------------
Creditors of Metzgerei Elsner GmbH have until Dec. 28 to
register their claims with court-appointed provisional
administrator Martin Manstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich
         Germany

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

The District Court of Munich opened bankruptcy proceedings
against Metzgerei Elsner GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Martin Manstein
         Prannerstrasse 11
         80333 Munich
         Germany
         Tel: 089/21111500
         Fax: 089/21111555

The Debtor can be reached at:

         Metzgerei Elsner GmbH
         Rathausweg 19
         87484 Nesselwang
         Germany


PAUL IHDE: Registration of Claims Ends December 28
--------------------------------------------------
Creditors of Paul Ihde Rostock Gesellschaft mit beschrankter
Haftung have until Dec. 28 to register their claims with court-
appointed provisional administrator Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 1, 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 Luebeck
         Hall 256
         Castle Field 7
         23568 Luebeck
         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 Luebeck opened bankruptcy proceedings
against Paul Ihde Rostock Gesellschaft mit beschrankter Haftung
on Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Wolfgang Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

The Debtor can be reached at:

         Paul Ihde Rostock Gesellschaft mit beschrankter Haftung
         Verbindungsstrasse 1
         18184 Roggentin
         Germany


RESING-PLAN GMBH: Claims Filing Period Ends December 28
-------------------------------------------------------
Creditors of Resing-Plan GmbH & Co. KG have until Dec. 28 to
register their claims with court-appointed provisional
administrator Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Residenzplatz 4-6
         87435 Kempten
         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 Kempten opened bankruptcy proceedings
against Resing-Plan GmbH & Co. KG on Oct. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Peter C. Darr
         Candidplatz 13
         81543 Munich
         Germany
         Tel: (089) 6146960
         Fax: (089) 61469-666

The Debtor can be reached at:

         Resing-Plan GmbH & Co. KG
         Albert-Einstein-Str. 3
         87437 Kempten
         Germany


RUDOLF PETERSEN: Creditors Must File Claims by December 27
----------------------------------------------------------
Creditors of Rudolf F. Petersen OHG have until Dec. 27 to
register their claims with court-appointed provisional
administrator Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 25, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Rudolf F. Petersen OHG on Nov. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The Debtor can be reached at:

         Rudolf F. Petersen OHG
         Ottensener Strasse 1-5
         22525 Hamburg
         Germany


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


BORSODCHEM NYRT: Board Members Sell Ordinary Shares
---------------------------------------------------
BorsodChem Nyrt. disclosed of information regarding the share
transactions and holdings of board members Dr. Janos Illessy and
Tamas Purzsa.

Dr. Janos Illessy sold 1,000 pieces of ordinary BorsodChem
shares out his holding of 1,000 ordinary BorsodChem shares on
the stock exchange, at a price per share of HUF2,902, with the
assistance of CIB Bank Zrt., on Dec. 19, 2006.  With this
transaction Dr. Illessy now holds no ordinary share of
BorsodChem.

Tamas Purzsa sold 1,600 pieces of ordinary BorsodChem shares out
his holding of 1,600 ordinary BorsodChem shares on the stock
exchange, at a price per share of HUF 2,903, with the assistance
of HVB Bank Hungary Zrt., on Dec. 19, 2006.   With this
transaction Mr. Purzsa now holds no ordinary share of
BorsodChem.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

BorsodChem's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


BORSODCHEM NYRT: First Chemical Holdings Starts Share Transfer
--------------------------------------------------------------
BorsodChem Nyrt. disclosed that First Chemical Holdings Kft. --
through its legal representative, Rein es Tarsai Freshfields
Bruckhaus Deringer Iroda -- notifies that the last day of the
acceptance for the takeover offer was Dec. 15, 2006.

By Dec. 15, 2006, 54,824,577 shares were offered by way of a
Valid Share Transfer by the Accepting Shareholders in accordance
with the terms and conditions of the Offer.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

BorsodChem's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


BORSODCHEM NYRT: Permira & Kikkolux Disclose 89.24% Equity Stake
----------------------------------------------------------------
The parties acting in concert disclosed that the influence in
BorsodChem Nyrt. is 89.24%, as of Dec. 5, 2006.  The company has
been holding 1,193,066 treasury shares.

The parties notify that:

   -- by Dec. 15, 2006, the closing date of the public purchase
      offer made by First Chemical Holding Vagyonkezelo
      Korlatolt Felelossegu Tarsasag, as an offeror jointly
      appointed by the Kikkolux Group and the VCP Group with
      regard to all registered voting ordinary shares of
      BorsodChem Public Company Limited by Shares, First
      Chemical Holding Vagyonkezelo Korlatolt Felelossegu
      Tarsasag had acquired ownership of 54.824.577 pieces of
      ordinary shares in the course of the public purchase
      offer.

   -- on Sept. 18, 2006, Kikkolux S.a.r.l. and VCP Industrie
      Beteiligungen GmbH entered into an Interim Joint Venture
      Agreement based on which they qualify as parting acting in
      concert according to point 137 of Section 5(1) of the CMA.
      Based on Section 65/A (4) of the CMA, members of Kikkolux
      Group and members of VCP Group qualify as parties acting
      in concert.

   -- according to Section 65/A (1) of the CMA when calculating
      the extent of influence, the influence of the parties
      acting in concert must be aggregated. Based on the above
      and with respect to the fact that:

         -- of the members of the Kikkolux Group and the VCP
            Group VCP Divestment AG holds 17,757,015 ordinary
            shares issued by the Company; and

         -- apart from what is described in 1 and 3 (i) above no
            other members of Kikkolux Group and VCP Group have
            any direct or indirect influence in the Company

The date of acquisition of influence by the parties acting in
concert is Dec. 15, 2006.

The parties are:

Kikkolux Group:

   -- Kikkolux S.a.r.l., a Luxembourg societe a responsabilite
      limite with seat at 282, route de Longwy, L-1940
      Luxembourg, and registered in the register de commerce et
      societes de Luxembourg under register number B 109 992;

   -- First Chemical (Luxembourg) S.a.r.l., a Luxemburg societe
      a responsabilite limite with seat at 282, route de Longwy,
      L-1940 Luxembourg, and registered in the register de
      commerce et societes de Luxembourg under register number B
      119046;

   -- First Chemical Holding (Guernsey) Limited, a limited
      liability company under the laws of Guernsey, Channel
      Islands with seat at Trafalgar Court, Les Banques, St.
      Peter Port, Guernsey, Channel Islands and registered in
      the Records of the Island of Gournsey under registration
      number 45338;

   -- the Permira Funds:

         -- Permira IV L.P.2, a limited partnership registered
            in Guernsey under the Limited Partnerships
            (Guernsey) Law, 1995 (as amended), acting by its
            manager, Permira IV Managers L.P., a limited
            partnership registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV Managers
            Limited, a limited liability company registered in
            Guernsey whose registered office is at Trafalgar
            Court, Les Banques, St Peter Port, Guernsey, Channel
            Islands;

         -- Permira Investments Limited, a limited liability
            company registered in Guernsey, acting by its
            nominee Permira Nominees Limited, a limited
            liability company registered in Guernsey whose
            registered office is at Trafalgar Court, Les
            Banques, St Peter Port, Guernsey, Channel Islands;
            and

         -- P4 Co-investment L.P., a limited partnership
            registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV G.P. L.P.,
            a limited partnership registered in Guernsey under
            the Limited Partnerships (Guernsey) Law, 1995 (as
            amended), acting by its general partner Permira IV
            GP Limited, a limited liability company registered
            in Guernsey whose registered office is at Trafalgar
            Court, Les Banques, St Peter Port, Guernsey, Channel
            Islands.

   -- the Permira General Partners and Managers:

         -- Permira IV Managers L.P., a limited partnership
            registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV Managers
            Limited, a limited liability company registered in
            Guernsey whose registered office is at Trafalgar
            Court, Les Banques, St Peter Port, Guernsey, Channel
            Islands, Permira IV Managers L.P. is the manager of
            Permira IV L.P.2;

         -- Permira IV Managers Limited, a limited liability
            company registered in Guernsey whose registered
            office is at Trafalgar Court, Les Banques, St Peter
            Port, Guernsey, Channel Islands, Permira IV Managers
            Limited is the general partner of Permira IV
            Managers L.P.;

         -- Permira Nominees Limited, a limited liability
            company registered in Guernsey whose registered
            office is at Trafalgar Court, Les Banques, St Peter
            Port, Guernsey, Channel Islands. Permira Nominees
            Limited is the nominee of Permira Investments
            Limited;

         -- Permira IV G.P. L.P., a limited partnership
            registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV GP Limited,
            a limited liability company registered in Guernsey
            whose registered office is at Trafalgar Court, Les
            Banques, St Peter Port, Guernsey, Channel Islands.
            Permira IV G.P. L.P. is the general partner of P4
            Co-investment L.P.;

         -- Permira IV GP Limited, a limited liability company
            registered in Guernsey whose registered office is at
            Trafalgar Court, Les Banques, St Peter Port,
            Guernsey, Channel Islands. Permira IV GP Limited is
            the general partner of Permira IV G.P. L.P., and

   -- First Chemical Holding Vagyonkezelo Korlatolt
      Felelossegu Tarsasag (registered seat: 1053 Budapest,
      Karolyi Mihaly utca 12., company registration number: Cg.
      01-09-873980)

VCP Group:

   -- Collegia Privatstiftung, a family foundation under the
      Austrian Act on Foundations with seat at Hofstrasse 17,
      Maria Ellend, Austria and registered with the commercial
      register Region Court Korneuburg under reg. FN 203316 w;

   -- VCP Capital Partners Unternehmensberatungs AG, an Austrian
      stock corporation with registered seat at
      Tegetthoffstrasse 7, 1010 Vienna, Austria and registered
      with the commercial register of the Commercial Court in
      Vienna under reg. No. FN 201002t;

   -- VCP Divestment AG (formerly known as VCP Industrie
      Beteiligungen AG), an Austrian stock corporation with seat
      at Tegetthoffstrasse 7, 1010 Vienna, Austria and regist
      ered with the commercial register of the Commercial Court
      in Vienna under reg. no. FN 199734b; and

   -- Annagasse Vermögensverwaltung GmbH and Austrian limited
      liability company with seat at Tegetthoffstrasse 7, 1010
      Vienna, Austria and registered with the commercial
      register of the Commercial Court in Vienna under reg. no.
      FN 272562 b (whose new corporate name, VCP Industrie
      Beteiligungen GmbH, is under registration and which is
      hereinafter referred to as VCP Industrie Beteiligungen
      GmbH)

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

BorsodChem's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


BIOVAIL CORP: Sues FDA Over Impax's Generic Wellbutrin Sale
-----------------------------------------------------------
Biovail Corp. has sued the U.S. Food and Drug Administration for
allowing Impax Laboratories Inc. to begin selling a generic
version of the antidepressant drug, Wellbutrin XL, Susan Decker
writes for Bloomberg.

Bloomberg reports that Biovail filed the lawsuit in Greenbelt,
Maryland, seeking a Court order to compel the agency to withdraw
or suspend that decision.

Biovail holds two patents for the coating used on the drug,
which allows patients have to take a pill only once a day.
Wellbutrin XL, marketed by GlaxoSmithKline, had U.S. sales of
approximately US$972 million for the 12 months ended September
2006.  Impax's generic version of the drug is known as Bupropion
Hydrochloride Extended-Release Tablets.

Impax, Anchen Pharmaceuticals, Inc., and their marketing
partner, Teva Pharmacuetical Industries Ltd., began distributing
generic Wellbutrin XL's after receiving U.S. regulatory approval
on Dec. 15, 2006.

Anchen and IMPAX are currently in patent litigation concerning
their generic version of Wellbutrin XL.  Biovail filed an
infringement suit against them involving their Paragraph IV
certifications to U.S. Patent No. 6,096,341.  Anchen has been
granted summary judgment of non-infringement with regard to its
product.  IMPAX has filed a motion for summary judgment of non-
infringement.  Biovail asserts that under federal law, the suit
should have triggered an automatic 30-month block on the sale of
IMPAX's generic version of Wellbutrin XL.

                           About Biovail

Based in Ontario, Canada, Biovail Corp. (NYSE: BVF) (TSX: BVF)
-- http://www.biovail.com/-- is a specialty pharmaceutical
company, engaged in the formulation, clinical testing,
registration, manufacture and commercialization of
pharmaceutical products utilizing advanced drug-delivery
technologies.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Moody's Investors Service revised Biovail Corporation's rating
outlook to stable from negative and affirmed Corporate Family
Rating's at Ba3, and Senior Subordinated Notes at B1.
Additionally, Moody's assigned an LGD4 rating to those bonds,
suggesting noteholders will experience a 67% loss in the event
of a default.



ELAN CORP: Dr. Goran Ando Steps Down as Non-Executive Director
--------------------------------------------------------------
Dr. Goran Ando has resigned from his post as non-executive
director of Elan Corp. plc, effective Dec. 31.

                       About the Company

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

                        *     *     *

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

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

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

The rating outlook is stable.

Rating assigned:

Elan Finance plc

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

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

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

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

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

Athena Neurosciences Finance, LLC

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

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


EUROCREDIT CDO: Moody's Rates EUR20-Mln Class E Notes at (P)Ba2
---------------------------------------------------------------
Moody's assigned these provisional ratings to six classes of
notes issued by Eurocredit CDO VI PLC, a bankruptcy remote
special purpose vehicle incorporated in Ireland:

   -- EUR210-million Class A-T Senior Secured Floating Rate
      Notes: (P)Aaa;

   -- EUR125-million Class A-R Senior Floating Rate Dual
      Currency Notes: (P)Aaa;

   -- EUR33.5-million Class B Senior Secured Floating Rate
      Notes: (P)Aa2;

   -- EUR30-million Class C Secured Deferrable Floating Rate
      Notes: (P)A2;

   -- EUR24-million Class D Secured Deferrable Floating Rate
      Notes: (P)Baa3; and

   -- EUR20-million Class E Secured Deferrable Floating Rate
      Notes: (P)Ba2.

These ratings are based upon:

   1. an assessment of the credit quality and of the
      diversification of the assets in the initial portfolio;

   2. an assessment of the eligibility criteria applicable to
      the future additions to the portfolio;

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination of
      the Class B, C, D, E notes, the EUR57.5-million
      subordinated notes and the excess spread available in the
      transaction;

   5. the analysis of the foreign currency risk involved in the
      transaction; and

   6. the legal and structural integrity of the issue.

The ratings of the Class A, B, C, D and E Notes address the
expected loss posed to investors by the legal maturity of each
class (in January 2022).

This transaction is a high yield collateralized loan obligation
related to a portfolio of mainly senior and mezzanine loans.
This portfolio is dynamically managed by Intermediate Capital
Managers Limited.  This portfolio will be partially acquired at
closing date and partially during the twelve-month ramp-up
period at the end of which the portfolio shall comply with these
tests: a diversity score greater than 41, a weighted average
rating factor lower than 2,300, and weighted average spread
greater than 2.65% and a weighted average recovery rate greater
than 51%.  Thereafter, the portfolio of loans will be actively
managed and the portfolio manager will have the option to direct
the issuer to buy or sell loans.  Any addition or removal of
loans will be subject to a number of portfolio criteria.

This transaction features a multi-currency revolving class of
notes (class A-R notes) that can be drawn either in Euros or in
Sterlings.  Sterling advances will be initially used to purchase
loans denominated in Sterling.  Should such Sterling assets
default, Sterling advances would not be fully collateralized by
Sterling assets and therefore Euro proceeds may need to be
converted into Sterling in order to redeem Sterling advances,
thus creating a foreign exchange risk exposure.  This currency
risk has been considered in Moody's analysis.


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


METSO OYJ: Inks Five-Year EUR500 Million Loan Facility
------------------------------------------------------
Metso Oyj signed a EUR500 million revolving five-year loan
facility with a syndicate of 14 banks.

It replaces an original EUR450 million facility of June 2003,
which is currently not drawn.  The new facility is primarily to
support Metso's short-term funding.

Mandated Lead Arrangers for the loan were Citibank, Commerzbank,
Nordea and SEB Merchant Banking.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

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

                        *     *     *

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


VALASSIS COMMS: Amends Merger Deal & Settles Suit with ADVO Inc
---------------------------------------------------------------
Valassis Communications Inc. and ADVO Inc. have amended the
terms of their definitive merger agreement.

Under the amended terms, Valassis will acquire all of the
outstanding common shares of ADVO stock for US$33 per share in
cash, or an aggregate of approximately US$1.2 billion (on a
diluted basis), including approximately US$125 million in
existing ADVO long-term debt which Valassis expects to
refinance.

As part of the agreement, the companies have agreed to dismiss
with prejudice their pending litigation in the Court of Chancery
for New Castle County, Delaware.

Valassis' obligations under the amended merger agreement are not
conditioned upon obtaining financing, and there are no
conditions to close other than the approval of ADVO stockholders
at a special shareholders meeting.  The parties expect to close
the transaction during the first quarter of 2007.  In the event
that the closing of the transaction is delayed after Feb. 28,
2006, for reasons other than to obtain ADVO shareholder
approval, Valassis will pay ADVO stockholders interest on the
US$33 per share purchase price at a rate of approximately 11
percent, with the rate increasing every month thereafter.

As a result of the extensive discovery proceedings in the
litigation, including the continued review of over one million
documents produced by ADVO and the depositions of over 30 ADVO
witnesses, Valassis has determined that the evidence will not
support the conclusion that ADVO or any of its directors,
officers, agents or representatives engaged in any fraud or
other misconduct in connection with the parties' entry into
their original merger agreement.

"We are pleased to have reached this amended agreement with ADVO
and put the litigation behind us," said Alan F.  Schultz,
Chairman, President and Chief Executive Officer of Valassis.
"As we have maintained since the execution of the original
agreement, we believe in the strategic value of an ADVO and
Valassis combination and look forward to becoming a more
diversified company with the benefits it will bring."

"We are glad to have reached an agreement with Valassis that
allows us to move forward with a merger that has always made
tremendous sense," Scott Harding, Chief Executive Officer of
ADVO, said.  "We look forward to focusing our energy on creating
value through combining and growing our businesses."

The transaction will create the nation's largest integrated
media services provider.  The combination will feature the most
comprehensive product and customer offering in the industry
serving 20,000 advertisers worldwide, including 94 of the top
100 advertisers in the United States.  The combined company will
be positioned to capture growth across the expanded product and
service portfolio, delivering customized, targeted solutions on
a national, regional, zip code, sub-zip code and household
basis.  ADVO's shared mail distribution business penetrates up
to 114 million households, or 90% of U.S. homes, adding
substantially to Valassis' weekly newspaper distribution of over
60 million households.  The combined company will have 7,900
employees with operations in nine countries.

                         About ADVO

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

                       About Valassis

Headquartered in Livon, Michigan, Valassis Communications, Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer packaged goods manufacturers, retailers,
technology companies and other customers.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and on-
page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.

The company also operates in the France, Germany, Italy, Spain,
U.K., Mexico and Canada.

                           *     *     *

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


VALASSIS COMMS: Merger Amendment Cues S&P to Keep Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' ratings for
Valassis Communications Inc. remain on CreditWatch with negative
implications where they were placed on June 26, 2006.

The CreditWatch update follows Valassis' announcement that it
has amended its merger agreement to acquire ADVO Inc. for US$33
per share in cash, or US$1.2 billion including the assumption of
US$125 million in debt at ADVO.  This compares to US$37 per
share plus debt assumption in the original agreement.

As part of the agreement, Valassis and ADVO have agreed to
dismiss with prejudice their pending litigation in the Delaware
Court of Chancery.  In addition, Valassis announced that
evidence from the trial discovery process would not support the
conclusion that ADVO or any of its representatives engaged in
fraud or misconduct in connection with the parties' entry into
their original merger agreement.

Standard & Poor's expect to resolve the CreditWatch listing once
the financing for the acquisition is known, and following a
review of the combined company's businesses, both of which have
been under pressure, and the company's financial policy.
Valassis expects the acquisition to close in the first quarter
of 2007.


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


AKSHAGAT LLP: Creditors Must File Claims by Jan. 5, 2007
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Akshagat insolvent.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Akshagat
         Loboda Str. 20
         Karaganda
         Karaganda Region
         Kazakhstan


ALTAI LLP: Proof of Claim Deadline Slated for Jan. 5, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Altai insolvent.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Altai
         Loboda Str. 20
         Karaganda
         Karaganda Region
         Kazakhstan


ASIA-ALLIANCE PV: Creditors' Claims Due Jan. 26, 2007
-----------------------------------------------------
LLP Asia-Alliance PV has declared insolvency.  Creditors have
until Jan. 26, 2007, to submit written proofs of claim to:

         LLP Asia-Alliance PV
         Abai Str. 115
         Pavlodar
         Pavlodar Region
         Kazakhstan


BAIZAKTORGGAS LLP: Claims Registration Ends Jan. 24, 2007
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Baizaktorggas insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Jan. 24, 2007, to submit written proofs of
claim to:


         LLP Baizaktorggas
         Ulrike akyn Str. 124/10
         Taraz
         Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 34-53-11


BEKAR LLP: Creditors Must File Claims by Jan. 5, 2007
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Bekar insolvent on Oct. 17 without the
introduction of the bankruptcy proceedings.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Bekar
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-06-50


BRIGHT PLAST: Claims Filing Period Ends Jan. 12, 2007
-----------------------------------------------------
LLP Bright Plast has declared insolvency.  Creditors have until
Jan. 12, 2007, to submit written proofs of claim to:

         LLP Bright Plast
         Sutushev Str. 17-164
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


GLOBAL GATERING: Creditors' Claims Due Jan. 23, 2007
----------------------------------------------------
LLP Global Gatering has declared insolvency.  Creditors have
until Jan. 23, 2007, to submit written proofs of claim to:

         LLP Global Gatering
         Begeldinov Str. 23
         Astana, Kazakhstan


SANA-CAPITAL LLP: Creditors Must File Claims by Jan. 24, 2007
-------------------------------------------------------------
LLP Sana-Capital has declared insolvency.  Creditors have until
Jan. 24, 2007, to submit written proofs of claim to:

         LLP Sana-Capital
         Kostenko Str. 6
         Karaganada
         Karaganda Region
         Kazakhstan


TECHMACHSERVICE LLP: Claims Filing Period Ends Jan. 24, 2007
------------------------------------------------------------
LLP Techmachservice has declared insolvency.  Creditors have
until Jan. 24, 2007, to submit written proofs of claim to:

         LLP Techmachservice
         Sanatornaya Str. 20-11
         Karaganada
         Karaganda Region
         Kazakhstan


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


DEBRA: Public Auction Scheduled for Dec. 25
------------------------------------------
Banks Reorganization and Debts Restructuring Agency Debra will
auction an uncompleted construction to the public at 10:00 a.m.
on Dec. 25 at:

         Bayalinov Str. 180/1
         Bishkek, Kyrgyzstan

The property's starting price is set at KGS1,790,922.

The property is located at:

         Bayalinov Str. 180/1
         Bishkek, Kyrgyzstan

Inquiries can be addressed to (+996 312) 62-70-06.


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


ALCATEL-LUCENT: Inks Internet Portfolio Deal with Indosat
---------------------------------------------------------
Alcatel-Lucent reveals that its IP/MPLS portfolio has been
selected by PT Indosat, a leading service provider in Indonesia,
as the basis of the country's first Carrier Ethernet service
offering, including the launch of a Virtual Private LAN Service,
which they call Premium Ethernet Services.

Alcatel-Lucent's new-generation, multi-service infrastructure
will enable Indosat to set a new standard for the delivery of
highly reliable business services in the fast-emerging Southeast
Asia market.  It will also support triple play services and the
convergence of Indosat's fixed and mobile networks.   Indosat
released the Premium Ethernet services at the end November 2006
for its corporate customers in Jakarta, Surabaya, Bandung, Medan
and Semarang.

The Indosat network will offer businesses the benefits of
advanced virtual private network (VPN) technology to operate
highly reliable and quality-controlled voice, video and data
services across an IP/MPLS-based infrastructure.  In the initial
phase, targeting some big cities like Jakarta, Surabaya,
Bandung, Medan and Semarang, Indosat will deploy the Alcatel-
Lucent 7750 Service Router, Alcatel-Lucent 7450 Ethernet Service
Switch and Alcatel-Lucent 7250 Service Access Switch.  Indosat
has also commissioned Alcatel-Lucent for consulting services in
order to leverage its expertise in deploying IP/MPLS networks
and extensive industry knowledge.

"Our business customers require point-to-point, multi-point and
mesh VPN connectivity with high bandwidth and stringent Service
Level Agreements," Wahyu Wijayadi, Marketing Director of
Indosat, said.  "It's our goal to surpass their expectations in
the delivery of these services.  Based on Alcatel-Lucent's
Carrier Ethernet solution, we will be able to deliver a range of
services that provide flexibility, scalability and reliability
to our data customers."

"Indosat joins a growing list of service providers that are
shifting to Ethernet using our highly available end-to-end MPLS-
based solution," Basil Alwan, Head of Alcatel-Lucent's IP
activities, said.  "Indosat also benefits from our consultative
marketing services which are dedicated to supporting the service
provider's sales, marketing and network operation development
for the country's first VPLS services."

                          About Indosat

Indosat Tbk is a leading telecommunication and information
service provider in Indonesia that provides cellular services,
IDD service, fixed telecommunication services.  Indosat also
provides Multimedia, Internet & Data Communication Services
(MIDI).

                        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.


GETRONICS NV: Unveils Cash Offer for EUR100-Million 2008 Bonds
--------------------------------------------------------------
Getronics N.V. discloses that EUR89,131,000 in aggregate
principal amount of the Bonds 2008 has been tendered by holders
of the Bonds 2008.

The bonds have been tendered under the cash offer for its
outstanding EUR100 million unsubordinated convertible bonds due
2008, which have been tendered in the cash tender offer launched
in respect of the Bonds 2008 on Dec. 14, 2006.

The Purchase Price of the Bonds 2008 will be determined during
the calculation period which commences on Dec. 20, 2006, and,
will expire at 5:00 p.m. CET on Dec. 21, 2006.  A detailed
description of the manner in which the Purchase Price will be
determined is set out in the Tender Offer Memorandum on Dec. 14,
2006.  The Company expects to announce the Purchase Price and
the aggregate principal amount of Bonds 2008, which it has
accepted for purchase on 22 December 2006.

Settlement of the Cash Offer is expected to take place on or
about Jan. 15, 2007, subject to the terms and conditions set out
in the Tender Offer Memorandum -- including the condition of the
successful closing and settlement of the Company's offering of
EUR95,050,000 3.875% senior unsecured convertible bonds due
2014, which is expected to occur on Jan. 12, 2007.

The dealer managers in relation to the Cash Offer are Rabo
Securities and KBC Financial Products U.K. Ltd. Rabo Securities
is the tender agent.  Linklaters acts as legal adviser on behalf
of Getronics and Clifford Chance LLP acts as legal adviser on
behalf of the dealer managers.

                         About Getronics

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

                          *     *     *

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

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

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


GLOBAL POWER: Committee Hires Landis Rath as Bankruptcy Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized the Official Committee of Unsecured Creditors
appointed in Global Power Equipment Group Inc. and its debtor-
affiliates' chapter 11 cases, to employ Landis Rath & Cobb LLP
as its Delaware counsel.

Landis Rath is expected to:

   a) render legal advice with respect to the Committee's powers
      and duties and other participants in the Debtors' cases;

   b) assist the Committee in its investigation of the acts,
      conduct, assets, liabilities and financial condition of
      the Debtors, the operation of the Debtors' businesses and
      any other matter relevant to the Bankruptcy case, as and
      to the extent that matters may affect the Debtors'
      creditors;

   c) participate in negotiations with parties-in-interest with
      respect to any disposition of the Debtors' assets, plan of
      reorganization and disclosure statement in connection with
      the plan, and otherwise protect and promote the interests
      of the Debtors' unsecured creditors;

   d) prepare all necessary applications, motions, answers,
      orders, reports and papers on behalf of the Committee, and
      appear on behalf of the Committee at Court hearings as
      necessary and appropriate in connection with the
      Bankruptcy case;

   e) render legal advice and perform legal services; and

   f) perform all other necessary legal services in connection
      with the Bankruptcy case, as may be requested by the
      Committee.

The firm's professionals bill:

       Professional              Designation      Hourly Rate
       ------------              -----------      -----------
       Adam G. Landis, Esq.      Partner             US$480
       Richard S. Cobb, Esq.     Partner             US$400
       Kerri K. Mumford, Esq.    Associate           US$250

Mr. Landis assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


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


BORSODCHEM NYRT: Board Members Sell Ordinary Shares
---------------------------------------------------
BorsodChem Nyrt. disclosed of information regarding the share
transactions and holdings of board members Dr. Janos Illessy and
Tamas Purzsa.

Dr. Janos Illessy sold 1,000 pieces of ordinary BorsodChem
shares out his holding of 1,000 ordinary BorsodChem shares on
the stock exchange, at a price per share of HUF2,902, with the
assistance of CIB Bank Zrt., on Dec. 19, 2006.  With this
transaction Dr. Illessy now holds no ordinary share of
BorsodChem.

Tamas Purzsa sold 1,600 pieces of ordinary BorsodChem shares out
his holding of 1,600 ordinary BorsodChem shares on the stock
exchange, at a price per share of HUF 2,903, with the assistance
of HVB Bank Hungary Zrt., on Dec. 19, 2006.   With this
transaction Mr. Purzsa now holds no ordinary share of
BorsodChem.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

BorsodChem's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


BORSODCHEM NYRT: First Chemical Holdings Starts Share Transfer
--------------------------------------------------------------
BorsodChem Nyrt. disclosed that First Chemical Holdings Kft. --
through its legal representative, Rein es Tarsai Freshfields
Bruckhaus Deringer Iroda -- notifies that the last day of the
acceptance for the takeover offer was Dec. 15, 2006.

By Dec. 15, 2006, 54,824,577 shares were offered by way of a
Valid Share Transfer by the Accepting Shareholders in accordance
with the terms and conditions of the Offer.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

BorsodChem's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


BORSODCHEM NYRT: Permira & Kikkolux Disclose 89.24% Equity Stake
----------------------------------------------------------------
The parties acting in concert disclosed that the influence in
BorsodChem Nyrt. is 89.24%, as of Dec. 5, 2006.  The company has
been holding 1,193,066 treasury shares.

The parties notify that:

   -- by Dec. 15, 2006, the closing date of the public purchase
      offer made by First Chemical Holding Vagyonkezelo
      Korlatolt Felelossegu Tarsasag, as an offeror jointly
      appointed by the Kikkolux Group and the VCP Group with
      regard to all registered voting ordinary shares of
      BorsodChem Public Company Limited by Shares, First
      Chemical Holding Vagyonkezelo Korlatolt Felelossegu
      Tarsasag had acquired ownership of 54.824.577 pieces of
      ordinary shares in the course of the public purchase
      offer.

   -- on Sept. 18, 2006, Kikkolux S.a.r.l. and VCP Industrie
      Beteiligungen GmbH entered into an Interim Joint Venture
      Agreement based on which they qualify as parting acting in
      concert according to point 137 of Section 5(1) of the CMA.
      Based on Section 65/A (4) of the CMA, members of Kikkolux
      Group and members of VCP Group qualify as parties acting
      in concert.

   -- according to Section 65/A (1) of the CMA when calculating
      the extent of influence, the influence of the parties
      acting in concert must be aggregated. Based on the above
      and with respect to the fact that:

         -- of the members of the Kikkolux Group and the VCP
            Group VCP Divestment AG holds 17,757,015 ordinary
            shares issued by the Company; and

         -- apart from what is described in 1 and 3 (i) above no
            other members of Kikkolux Group and VCP Group have
            any direct or indirect influence in the Company

The date of acquisition of influence by the parties acting in
concert is Dec. 15, 2006.

The parties are:

Kikkolux Group:

   -- Kikkolux S.a.r.l., a Luxembourg societe a responsabilite
      limite with seat at 282, route de Longwy, L-1940
      Luxembourg, and registered in the register de commerce et
      societes de Luxembourg under register number B 109 992;

   -- First Chemical (Luxembourg) S.a.r.l., a Luxemburg societe
      a responsabilite limite with seat at 282, route de Longwy,
      L-1940 Luxembourg, and registered in the register de
      commerce et societes de Luxembourg under register number B
      119046;

   -- First Chemical Holding (Guernsey) Limited, a limited
      liability company under the laws of Guernsey, Channel
      Islands with seat at Trafalgar Court, Les Banques, St.
      Peter Port, Guernsey, Channel Islands and registered in
      the Records of the Island of Gournsey under registration
      number 45338;

   -- the Permira Funds:

         -- Permira IV L.P.2, a limited partnership registered
            in Guernsey under the Limited Partnerships
            (Guernsey) Law, 1995 (as amended), acting by its
            manager, Permira IV Managers L.P., a limited
            partnership registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV Managers
            Limited, a limited liability company registered in
            Guernsey whose registered office is at Trafalgar
            Court, Les Banques, St Peter Port, Guernsey, Channel
            Islands;

         -- Permira Investments Limited, a limited liability
            company registered in Guernsey, acting by its
            nominee Permira Nominees Limited, a limited
            liability company registered in Guernsey whose
            registered office is at Trafalgar Court, Les
            Banques, St Peter Port, Guernsey, Channel Islands;
            and

         -- P4 Co-investment L.P., a limited partnership
            registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV G.P. L.P.,
            a limited partnership registered in Guernsey under
            the Limited Partnerships (Guernsey) Law, 1995 (as
            amended), acting by its general partner Permira IV
            GP Limited, a limited liability company registered
            in Guernsey whose registered office is at Trafalgar
            Court, Les Banques, St Peter Port, Guernsey, Channel
            Islands.

   -- the Permira General Partners and Managers:

         -- Permira IV Managers L.P., a limited partnership
            registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV Managers
            Limited, a limited liability company registered in
            Guernsey whose registered office is at Trafalgar
            Court, Les Banques, St Peter Port, Guernsey, Channel
            Islands, Permira IV Managers L.P. is the manager of
            Permira IV L.P.2;

         -- Permira IV Managers Limited, a limited liability
            company registered in Guernsey whose registered
            office is at Trafalgar Court, Les Banques, St Peter
            Port, Guernsey, Channel Islands, Permira IV Managers
            Limited is the general partner of Permira IV
            Managers L.P.;

         -- Permira Nominees Limited, a limited liability
            company registered in Guernsey whose registered
            office is at Trafalgar Court, Les Banques, St Peter
            Port, Guernsey, Channel Islands. Permira Nominees
            Limited is the nominee of Permira Investments
            Limited;

         -- Permira IV G.P. L.P., a limited partnership
            registered in Guernsey under the Limited
            Partnerships (Guernsey) Law, 1995 (as amended),
            acting by its general partner Permira IV GP Limited,
            a limited liability company registered in Guernsey
            whose registered office is at Trafalgar Court, Les
            Banques, St Peter Port, Guernsey, Channel Islands.
            Permira IV G.P. L.P. is the general partner of P4
            Co-investment L.P.;

         -- Permira IV GP Limited, a limited liability company
            registered in Guernsey whose registered office is at
            Trafalgar Court, Les Banques, St Peter Port,
            Guernsey, Channel Islands. Permira IV GP Limited is
            the general partner of Permira IV G.P. L.P., and

   -- First Chemical Holding Vagyonkezelo Korlatolt
      Felelossegu Tarsasag (registered seat: 1053 Budapest,
      Karolyi Mihaly utca 12., company registration number: Cg.
      01-09-873980)

VCP Group:

   -- Collegia Privatstiftung, a family foundation under the
      Austrian Act on Foundations with seat at Hofstrasse 17,
      Maria Ellend, Austria and registered with the commercial
      register Region Court Korneuburg under reg. FN 203316 w;

   -- VCP Capital Partners Unternehmensberatungs AG, an Austrian
      stock corporation with registered seat at
      Tegetthoffstrasse 7, 1010 Vienna, Austria and registered
      with the commercial register of the Commercial Court in
      Vienna under reg. No. FN 201002t;

   -- VCP Divestment AG (formerly known as VCP Industrie
      Beteiligungen AG), an Austrian stock corporation with seat
      at Tegetthoffstrasse 7, 1010 Vienna, Austria and regist
      ered with the commercial register of the Commercial Court
      in Vienna under reg. no. FN 199734b; and

   -- Annagasse Vermögensverwaltung GmbH and Austrian limited
      liability company with seat at Tegetthoffstrasse 7, 1010
      Vienna, Austria and registered with the commercial
      register of the Commercial Court in Vienna under reg. no.
      FN 272562 b (whose new corporate name, VCP Industrie
      Beteiligungen GmbH, is under registration and which is
      hereinafter referred to as VCP Industrie Beteiligungen
      GmbH)

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

BorsodChem's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


AGRO-KHIM-SERVICE LLC: Bankruptcy Hearing Slated for March 27
-------------------------------------------------------------
The Arbitration Court of Tula Region will convene on March 27,
2007, to hear the bankruptcy supervision procedure on LLC Agro-
Khim-Service.  The case is docketed under Case No. A68-602/B-06.

The Temporary Insolvency Manager is:

         R. Kutlin
         Arsenalnaya Str. 1D
         300002 Tula Region
         Region

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         LLC Agro-Khim-Service
         Pirogovka-Ulyanovka 1a
         Shekinskiy Region
         Tula Region
         Russia


AGRO-SERVICE OJSC: Court Names V. Polyakova to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tula Region appointed Ms. V. Polyakova
as Insolvency Manager for OJSC Agro-Service (TIN 7116020231,
OGRN 1027101413822).  She can be reached at:

         V. Polyakova
         Post User Box 255
         300002 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-265/B-05.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Service
         Komsomolskoye Shosse 1
         Novomoskovsk
         301661 Tula Region
         Russia


ANGARSKAYA GARMENT: Asset Bidding Deadline Slated for Jan. 9
------------------------------------------------------------
The insolvency manager for OJSC Angarskaya Garment Factory will
proceed with a repeated auction for the company's properties at
3:00 p.m. on Jan. 10, 2007, at:

         OJSC Angarskaya Garment Factory
         Gorkogo Str., 21
         Angarsk
         665813 Irkutsk Region
         Russia

The assets for sale are:

   -- Lot 1: Uninhabited building for a RUR1,396,000 starting
             price

   -- Lot 2: Stock of materials for 22 units with a RUR26,584
             starting price

Interested participants have until 4:00 p.m. on Jan. 9, 2007, to
deposit an amount equivalent to 10% of the starting price to:

         OJSC Angarskaya Garment Factory Agro-Snab
         Settlement Account 40702810618310100524
         Baykalskiy Bank SB RF Angarskoye branch #7690
         BIK 042520607
         Correspondent Account 3010181090000000607

Bidding documents must be submitted to:

         The Insolvency Manager, the Bidding Organizer
         Gorkogo Str. 21
         Angarsk
         665813 Irkutsk Region
         Russia
         Tel/Fax: (8-3951) 52-29-79

The Debtor can be reached at:

         OJSC Angarskaya Garment Factory
         Gorkogo Str. 21
         Angarsk
         665813 Irkutsk Region
         Russia


CAR-LUX CJSC: Moscow Court Names A. Popov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Popov as
Insolvency Manager for CJSC Car-Lux (TIN 5038026286).  He can be
reached at:

         A. Popov
         Post User Box 345
         115230 Moscow-230
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-114/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         A. Popov
         Post User Box 345
         115230 Moscow-230
         Russia


CONCERN RUS-INTER-SHOES: Court Names I. Batin to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Batin as
Insolvency Manager for CJSC Concern Rus-Inter-Shoes.  He can be
reached at:

         I. Batin
         Kuzmina Str. 1
         Mtsensk
         303031 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-21205/06-95-240B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Concern Rus-Inter-Shoes
         Building 2
         Yasenevaya Str. 21
         Moscow Region
         Russia


KEMEROVSKIY WINERY: Court Names E. Nemkina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Ms. E.
Nemkina as Insolvency Manager for OJSC Kemerovskiy Winery.  She
can be reached at:

         E. Nemkina
         Stroiteley Avenue 44-159
         650003 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-8694/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Kemerovskiy Winery
         Bakha Str. 15
         650905 Kemerovo Region
         Russia


KRASNOURALSKOYE TRANSPORT: Names A. Shabarova to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Ms. A.
Shabarova as Insolvency Manager for OJSC Krasnouralskoye
Transport Enterprise.  She can be reached at:

         A. Shabarova
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-9350/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Krasnouralskoye Transport Enterprise
         Dzerzhinskogo Str. 1B
         Krasnouralsk
         Sverdlovsk Region
         Russia


MAKHALINO CJSC: Penza Bankruptcy Hearing Slated for March 22
------------------------------------------------------------
The Arbitration Court of Penza Region will convene on March 22,
2007, to hear the bankruptcy supervision procedure on CJSC
Agricultural Industrial Enterprise Makhalino.  The case is
docketed under Case No. A49-5795/2006-516B/10.

The Temporary Insolvency Manager is:

         V. Lebedev
         Suvorova Str. 1-1
         Bogoslovka
         440528 Penza Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Industrial Enterprise Makhalino
         Makhalino
         Kuznetskiy Region
         Penza Region
         Russia


MEKHSILA LLC: Tula Bankruptcy Hearing Slated for February 27
------------------------------------------------------------
The Arbitration Court of Tula Region will convene on Feb. 27,
2007, to hear the bankruptcy supervision procedure on LLC
Engineering Plant Mekhsila.  The case is docketed under Case No.
A68-611/B-06.

The Temporary Insolvency Manager is:

         M. Voloshkin
         Arsenalnaya Str. 1d
         300002 Tula Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         LLC Engineering Plant Mekhsila
         Tekhnicheskaya Str. 8a
         Novomoskovsk
         Tula Region
         Russia


MERVINSKIY BUILDING: Court Names M. Mordashov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. M.
Mordashov as Insolvency Manager for LLC Mervinskiy Building
Complex (TIN 6228037942).  He can be reached at:

         M. Mordashov
         Dzerzhinskogo Str. 4-2
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-3457/2006 S20.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         LLC Mervinskiy Building Complex
         Building 3
         Chkalova Str. 1
         Ryazan Region
         Russia


METALPLAST CJSC: Court Names D. Altukhov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. D. Altukhov
as Insolvency Manager for CJSC Factory Metalplast.  He can be
reached at:

         D. Altukhov
         Room 612
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-1239/2006-1506/26.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Factory Metalplast
         Serdobskaya Str. 1
         Kolyshlej
         Penza Region
         Russia


MILK OJSC: Kursk Court Names M. Shumakov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. M. Shumakov
as Insolvency Manager for OJSC Milk (TIN 4609000276).  He can be
reached at:

         M. Shumakov
         Konyshevka
         Konyshevskiy Region
         307620 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-4319/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Milk
         Konyshevka
         Konyshevskiy Region
         307620 Kursk Region
         Russia


NOVOLIPETSK STEEL: Moody's Lifts Rating to Ba1 on Solid Posture
---------------------------------------------------------------
Moody's Investor's Service upgraded the corporate family rating
for Novolipetsk Steel from Ba2 to Ba1.  The outlook for the
rating is stable.  The Moody's Interfax Rating Agency has
upgraded the national scale rating for NLMK from Aa2.ru to
Aa1.ru.

The upgrade reflects:

   i) NLMK's ongoing solid performance in 2006 as evidenced by
      EBIT margins expected to remain around 30% going forward,
      and by a strong internal cash generation, which together
      with its cash balances is expected to be sufficient to
      finance the acquisitions and significant capital
      expenditure into the modernization of its asset base;
      Moody's therefore expects the company to remain net cash
      positive despite a slight increase in gross debt in 2007,

  ii) NLMK's improved business profile as a consequence of
      acquisitions during 2005-2006, resulting in better access
      to iron ore, coke and coking coal on the one hand and in
      an improved downstream diversification into Europe and
      other markets on the other hand.  The Joint Venture
      between NLMK and Duferco to acquire steel production and
      distribution facilities currently owned by Duferco in
      Western Europe and the USA is seen as a vital step
      towards the improvement of NLMK's business profile, also
      since NLMK's purchase of a 50% interest in the JV for
      app. US$805 million has been fully funded internally.

Moody's also notes NLMK's disciplined approach towards M&A and
the company's ability to continue to demonstrate strong
generation of retained cash flow, as well as its consistency in
strategy and financial policy.  The Ba1 ratings assume that NLMK
will adhere to this moderate financial policy and demonstrated
prudent approach to acquisitions in the medium-term future.

The upgrade also reflects Moody's view that NLMK's upstream
integration will be completed successfully and that the
implementation of the downstream growth strategy with the aim of
further developing high value-added products will succeed and
should reduce earnings volatility going forward.

In the first nine months of 2006, NLMK's financial performance
benefited from the improved steel pricing environment of Q2-Q3,
as well as a strong domestic steel market.  The Company reported
revenues of US$4.4 billion and EBITDA of US$1.8 billion, while
its cash flow generation remained robust and liquidity solid.

The Ba1 corporate family rating continues to reflect:

   i) the cyclical nature of the steel industry and the
      sensitivity of financial results to rising raw material
      and energy prices;

  ii) stated aspiration to acquire additional steel-rolling
      assets in the future;

iii) the importance of export revenue and the company's
      exposure to protectionist barriers;

  iv) concentration of export revenue with several traders
      (90%);

   v) the concentrated ownership with management holding 85% of
      the company's shares and the resulting recent and
      potential significant dividend payments; and

  vi) challenging operating environment characterized by
      undeveloped legal structure, as well as political, fiscal
      and exchange rate risks.

NLMK is one of Russia's largest vertically integrated steel
companies (by volume and assets) that produced 8.5 m tones of
crude steel in 2005.  NLMK principal assets include a single
site for crude steel production, an iron ore mine, a coal mining
and processing company, and a coke-chemical production facility,
as well as several rolling facilities in Russia and in Western
Europe.


PESTOVSKIY WOOD: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Novgorod Region commenced bankruptcy
supervision procedure on CJSC Pestovskiy Wood.  The case is
docketed under Case No. A44-845/2006-4k.

The Temporary Insolvency Manager is I. Kozhemyakin.


PROMSVYAZBANK JSCB: Doubles Year-on-Year Equity to RUR20.3 Bln
--------------------------------------------------------------
JSCB Promsvyazbank reported RUR20.3 billion in shareholders'
equity at Nov. 30, 2006, up 92.5% from a year ago, according to
Russian Accounting Standards, RIA Novosti states.

Promsvyazbank attributed the increase to the recent additional
share issue -- through which Commerzbank Auslandsbanken Holding
AG, a unit of Germany's Commerzbank AG, acquired a 15.32% stake
in the company -- and to growth in profit and subordinated
loans.

According to RIA Novosti, Promsvyazbank -- controlled by Alexey
and Dmitry Annaniev -- reports RUR168 billion in assets at
Nov. 30, 2006, up 50.9% from a year ago.  Promsvyazbank also had
RUR125.9 billion in credit portfolio, up 86.5% from a year ago.

                       About Promsvyazbank

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

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

                        *     *     *

As reported in the TCR-Europe on Dec. 11, Moody's Investors
Service changed from stable to positive the outlook on
Promsvyasbank's Ba3 long-term foreign currency deposit and debt
ratings.  The outlook on the bank's D- financial strength rating
remains unchanged.

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

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

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

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

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


PROMSVYAZBANK JSCB: S&P Lifts Rating to B+/B on Capital Increase
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Russia-based Promsvyazbank
JSCB to 'B+/B' from 'B/C'.

At the same time, the ratings were removed from CreditWatch
where they had been placed with positive implications on
Aug. 31, 2006, following the announcement that Germany-based
Commerzbank AG was acquiring a 15.3% stake in PSB, with a
potential step-by-step increase to a majority stake in the
medium term.  The outlook is positive.

"The upgrade is based on the bank's strengthened financial
profile after the new capital increase.  Commerzbank has
acquired a 15.3% at PSB in December 2006 through a new
US$157 million share issue at PSB; of this new capital, about
60% came from Commerzbank and 40% from existing owners," said
Standard & Poor's credit analyst Eugene Tarzimanov.

The positive outlook reflects Standard & Poor's expectation that
Commerzbank's operational and managerial support will intensify
in the medium term, positively affecting PSB in such areas as
funding, risk management, and IT.

"We would raise the ratings most likely by up to three notches
if Commerzbank proceeds with its plan to significantly increase
its stake with the intention to eventually acquire a controlling
ownership, and/or if PSB demonstrates its ability to better
withstand competitive pressure on profitability, and maintains
good asset quality and adequate capitalization," added
Mr. Tarzimanov.

A negative rating or outlook pressure might follow if PSB's
commercial and financial profiles deteriorate to a significant
degree.


STRUGOKRASNENSKIY DIARY: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Pskov Region commenced bankruptcy
supervision procedure on CJSC Strugokrasnenskiy Diary (TIN
6023000713).  The case is docketed under Case No. A52-3261/
2006/4.

The Temporary Insolvency Manager is:

         O. Akinshin
         Post User Box 444
         OPS-100
         170100 Tver Region
         Russia

The Arbitration Court of Pskov Region is located at:

         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         CJSC Strugokrasnenskiy Diary
         Vokzalnaya Str. 3
         Strugi Krasnye
         181110 Pskov Region
         Russia


SVYAZ-BANK OJSC: Inks US$25-Mln Syndicated Term Loan Facility
-------------------------------------------------------------
JSC Vneshtorgbank and UniCredit Group -- acting through Bank
Austria Creditanstalt AG and International Moscow Bank -- and a
consortium of lenders signed a US$25-million trade-related
syndicated term loan facility for International Commercial Bank
of Communication and Informatics Development OJSC (Svyaz-Bank).

The loan has a maturity of 12 months and pays a margin of 3.25%
per annum.

These banks have joined the Facility:

   -- GarantiBank International N.V.;
   -- International Assets Holding Corp.;
   -- JSC Bank CenterCredit, Almaty;
   -- Icebank, Iceland;
   -- Banca UBAE S.p.A.;
   -- Bank TuranAlem, Almaty;
   -- Finansbank (Holland) N.V.;
   -- AP Anlage;
   -- Privatbank AG;
   -- Yapi Kredi Bank Moscow; and
   -- ATF Bank OJSC, Almaty.

VTB and UniCredit Group act as Mandated Lead Arrangers and
Bookrunners.

                      About Sviaz-Bank

Headquartered in Moscow, Russia, Sviaz-Bank, reported total
assets of US$1056 million under IFRS as at year-end 2005.
Sviaz-bank ranked 38th by assets and 120th by regulatory capital
among Russian banks as of July 1, according to Interfax.

                         *     *     *

Sviaz-Bank is rated B2/ NP with E+ financial strength rating and
stable outlook by Moody's.  The Bank also has Baa1.ru long-term
national scale credit rating from Moody's Interfax Rating
Agency.


VERDEEVSKIY DISTILLERY: Names E. Porkhunov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. E.
Porkhunov as Insolvency Manager for OJSC Verdeevskiy Distillery.
He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-1306/05 S6.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Verdeevskiy Distillery
         Verderevo
         Skopinskiy Region
         Ryazan Region
         Russia


VNESHTORGBANK JSC: Co-Arranges FUIB's US$55-Million Loan
--------------------------------------------------------
JSC Vneshtorgbank JSC will act as Mandated Lead Arranger for
US$55 million Syndicated term loan facility for CJSC First
Ukrainian International Bank, along with Standard Bank Plc and
Fortis Bank S.A./N.V.

This transaction is an extension and increase of the syndicated
loan signed by FUIB in December 2005 in the amount of US$40
million.  The extension has a maturity of 12 months.  The margin
is reduced from 3.50% p.a. to 2.40% p.a.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


VNESHTORGBANK JSC: Co-Arranges US$25-Million Loan for Svyaz Bank
----------------------------------------------------------------
JSC Vneshtorgbank and UniCredit Group -- acting through Bank
Austria Creditanstalt AG and International Moscow Bank -- and a
consortium of lenders signed a US$25-million trade-related
syndicated term loan facility for International Commercial Bank
of Communication and Informatics Development OJSC (Svyaz-Bank).

The loan has a maturity of 12 months and pays a margin of 3.25%
per annum.

These banks have joined the Facility:

   -- GarantiBank International N.V.;
   -- International Assets Holding Corp.;
   -- JSC Bank CenterCredit, Almaty;
   -- Icebank, Iceland;
   -- Banca UBAE S.p.A.;
   -- Bank TuranAlem, Almaty;
   -- Finansbank (Holland) N.V.;
   -- AP Anlage;
   -- Privatbank AG;
   -- Yapi Kredi Bank Moscow; and
   -- ATF Bank OJSC, Almaty.

VTB and UniCredit Group act as Mandated Lead Arrangers and
Bookrunners.

                       About Sviaz-Bank

Headquartered in Moscow, Russia, Svyaz-Bank, reported total
assets of US$1056 million under IFRS as at year-end 2005.
Sviaz-bank ranked 38th by assets and 120th by regulatory capital
among Russian banks as of July 1, according to Interfax.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


VNESHTORGBANK JSC: Russia Eyes Three-Phase Privatization Process
----------------------------------------------------------------
The Russian government will privatize Vneshtorgbank JSC in three
stages, Kommersant reports citing document related to the
matter.

The privatization process entails:

   1) dilution of government's stake in VTB from 99.9% to 97.6%
      via the bank's merger with Industry & Construction Bank of
      St. Petersburg (Promstroybank), which Russia expects to
      complete this year;

   2) disposal of the government's 20%-23% stake through an
      initial public offering in May 2007, cutting Russia's
      holdings to around 75% plus one share.  The government
      expects to sell 50% the IPO shares locally and earn as
      much as RUR120 billion.

      "The share will be dispersed among tens of thousands of
      small Russian and foreign investors, which in practice
      will exclude the possibility that a consolidated group of
      minority shareholders will be able to participate in the
      management of the bank," Kommersant cites the document.

   3) reduction of government's stake to 50% plus one share via
      an additional share issue in 2010.  Russia expects to earn
      as much as RUR250 million from the share issue.

According to the plan, investors holding less than 25% of VTB's
total shares will not have access to the minutes of VTB's
executive meetings as well as to the bank's account book.

"The furnishing of information about VTB's activities will be
strictly regulated by rules set down by the bank," Kommersant
quoted the document.

The documents were prepared by:

   -- Economic Development and Trade Minister German Gref,

   -- Finance Minister Alexei Kudrin,

   -- Central Bank Chairman Sergey Ignatiev,

   -- Central Bank Deputy Chairman Alexei Ulyukaev, and

   -- Russian Federal Financial Markets Service head Oleg
      Vyugin.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch Ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.


VTB BANK EUROPE: Moody's Affirms D+ Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the foreign currency bank
deposit ratings and Bank Financial Strength Ratings of VTB Bank
Europe plc (the former Moscow Narodny Bank plc) at Baa2/Prime-
2/D+.  All ratings have a stable outlook.

Moody's rating affirmation follows receipt of clarification and
information on the acquisitions, which VTB Bank Europe will be
completing before the end of December 2006.  VTB Bank Europe's
Russian parent, VTB (the former Vneshtorgbank, the state-owned
Foreign Trade Bank of Russia, rated Baa2/P-2/D-) had announced
on Oct. 24, that all of its banks in western Europe would be
united under a London-based entity, with a view for the
consolidated entity becoming a more powerful financial
institution to attract investment in Russia and to service
Russian corporations.

Moody's now understands that VTB Bank Europe will be this key
entity and that the bank will be buying, at this stage, two
existing western European subsidiaries of VTB.  These units are
VTB Bank (France) S.A. (fka BCEN EUROBANK, rated Baa2/P-2/D) and
VTB Bank (Deutschland) A.G. (unrated, the former Ost-West
Handelsbank A.G.).

These purchases should increase the consolidated asset base of
VTB Bank Europe from GBP1662 million reported for June 30 to
almost GBP3300 million in December 2006, and increase its
shareholders' funds capital from GBP333 million to over GBP900
million.  It is further understood that in the medium term other
subsidiaries of VTB including VTB Bank (Austria) A.G. (formerly
Donau Bank A.G., rated Baa2/P-2/D-) and the subsidiary in Cyprus
may also be acquired by VTB Bank Europe.

In affirming the D+ bank financial strength rating of VTB Bank
Europe, Moody's noted that while lower BFSRs have been assigned
to the unit in France, and -- with respect to the later intended
acquisition -- in Austria, the rating gap mainly relates to
these banks having a weaker or less well established customer
franchise in trade finance and in other activities, while the
risk profiles of the banks do not appear to have marked
differences.

In Moody's view, the intention to co-ordinate the activities and
customer relations of these and to streamline their areas of
specialization should enhance the overall franchise of the
enlarged VTB Bank Europe.  Furthermore, Moody's noted that a
number of pro forma key financial ratios such as pre-provision
income to risk adjusted assets, cost/income and regulatory
capital total assets would appear to be better than those for
VTB Bank Europe plc (or the former Moscow Narodny Bank) on a
standalone basis.  That being said, execution risks relating to
such a merger -- which could have an impact on customer
franchise and short term costs -- are significant as are
uncertainties regarding the asset profile and earnings power of
other VTB subsidiaries that may be acquired by VTB Bank Europe
in the medium term.

Moody's said that the Baa2/P-2 deposit ratings of VTB Bank
Europe plc reflect the rating agency's expectation of support
for the bank in a stress scenario from its current owner, VTB,
and indirectly the Russian state for whom VTB is of strategic
and systemic importance.  The rating agency also said that the
Prime-2 short-term bank deposit rating takes into account its
expectation of timeliness of support from its owners, in
addition to the comfortable liquidity position of the bank.

The stable outlook for VTB Bank Europe's BFSR reflects Moody's
expectation that:

   (i) that the parent bank VTB would, in the immediate case and
       for future acquisitions, ensure that the capital ratios
       of VTB Bank Europe are maintained at suitable levels;

  (ii) further acquisitions of VTB's western European interests
       will be carried out in a gradual manner after the initial
       acquisitions have been fully executed;

(iii) a meaningful degree of geographical diversification will
       be maintained; and

  (iv) the cautious approach to asset quality which has
       prevailed at the bank for some years will be maintained.

Moody's indicated that developments which could move the BFSR up
would include:

   (i) increased geographic diversification combined with stable
       asset quality;

  (ii) a significant improvement in post-provisions
       profitability; and

(iii) further improvements to the funding profile.

Conversely, developments which could move the ratings down would
include:

   (i) a sustained increase of the proportions of assets and
       undrawn commitments relating to Russia to levels
       significantly above 50% prevailing in recent years;

  (ii) a notable deterioration in asset quality; and

(iii) a sharp downward movement in profitability.

In relation to the debt and deposit ratings, Moody's said that
rating actions, either positive or negative, on VTB and/ or the
Russian Federation could trigger a review or change in the
ratings of VTB Bank Europe.

The following ratings were affirmed:

VTB Bank Europe plc:

   -- D+ Financial Strength Rating
   -- Baa2 long-term bank deposits
   -- Prime-2 short-term bank deposits

Moscow Narodny Finance B.V:

   -- Baa2 senior debt
   -- Baa3 dated subordinated notes

VTB Bank Europe plc is authorized and regulated by the Financial
Services Authority.  It is 89% owned by VTB.  Headquartered in
London, the bank had GBP1662 million of total assets and GBP333
million of shareholders' funds as at June 30, 2006.


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


GETRONICS NV: Unveils Cash Offer for EUR100-Million 2008 Bonds
--------------------------------------------------------------
Getronics N.V. discloses that EUR89,131,000 in aggregate
principal amount of the Bonds 2008 has been tendered by holders
of the Bonds 2008.

The bonds have been tendered under the cash offer for its
outstanding EUR100 million unsubordinated convertible bonds due
2008, which have been tendered in the cash tender offer launched
in respect of the Bonds 2008 on Dec. 14, 2006.

The Purchase Price of the Bonds 2008 will be determined during
the calculation period which commences on Dec. 20, 2006, and,
will expire at 5:00 p.m. CET on Dec. 21, 2006.  A detailed
description of the manner in which the Purchase Price will be
determined is set out in the Tender Offer Memorandum on Dec. 14,
2006.  The Company expects to announce the Purchase Price and
the aggregate principal amount of Bonds 2008, which it has
accepted for purchase on 22 December 2006.

Settlement of the Cash Offer is expected to take place on or
about Jan. 15, 2007, subject to the terms and conditions set out
in the Tender Offer Memorandum -- including the condition of the
successful closing and settlement of the Company's offering of
EUR95,050,000 3.875% senior unsecured convertible bonds due
2014, which is expected to occur on Jan. 12, 2007.

The dealer managers in relation to the Cash Offer are Rabo
Securities and KBC Financial Products U.K. Ltd. Rabo Securities
is the tender agent.  Linklaters acts as legal adviser on behalf
of Getronics and Clifford Chance LLP acts as legal adviser on
behalf of the dealer managers.

                         About Getronics

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

                          *     *     *

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

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

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


RBC DEXIA ESPANA: Fitch Affirms Individual Rating at C
------------------------------------------------------
Fitch Ratings affirmed RBC Dexia Investor Services Espana's
ratings at Issuer Default 'AA-', Short-term 'F1+', Individual
'C' and Support '1'.  The Issuer Default rating Outlook is
Stable.

RBC DIS Espana's IDR, Short-term and Support ratings are based
on support from its ultimate parents, Dexia Banque
Internationale a Luxembourg (DBIL, rated 'AA+'/Stable Outlook)
and Royal Bank of Canada (RBC, rated 'AA'/Stable Outlook).
Given DBIL's and RBC's size, resources and reputation, Fitch
views that there is an extremely high probability of support for
RBC DIS Espana in case of need.  Its Individual rating reflects
its small size but good franchise in its business niche, and
also high business and risk concentration, particularly from
equity finance activities at end-2005.

In January 2006, RBC Dexia Investor Services, a U.K. 50/50
joint-venture holding company, was established by DBIL and RBC.
In this process, the former Bancoval was renamed RBC DIS Espana
and DBIL's former 50.86% stake in the bank was transferred into
RBC Dexia Investor Services Bank Luxembourg, one of the two
fully owned subsidiaries of the U.K. holding company.  RBC Dexia
Investor Services group focuses on global custody, fund
administration, transfer agency and related services for
institutional investors.

RBC DIS Espana specializes in securities custody and settlement
services for banks, fund managers, broker/dealers and
institutional clients; these are low-risk activities as the bank
essentially acts as an agent.  This specialization and the
backing from DBIL have led to the development of securities-
related services such as equity finance for large institutional
clients.


VALASSIS COMMS: Amends Merger Deal & Settles Suit with ADVO Inc
---------------------------------------------------------------
Valassis Communications Inc. and ADVO Inc. have amended the
terms of their definitive merger agreement.

Under the amended terms, Valassis will acquire all of the
outstanding common shares of ADVO stock for US$33 per share in
cash, or an aggregate of approximately US$1.2 billion (on a
diluted basis), including approximately US$125 million in
existing ADVO long-term debt which Valassis expects to
refinance.

As part of the agreement, the companies have agreed to dismiss
with prejudice their pending litigation in the Court of Chancery
for New Castle County, Delaware.

Valassis' obligations under the amended merger agreement are not
conditioned upon obtaining financing, and there are no
conditions to close other than the approval of ADVO stockholders
at a special shareholders meeting.  The parties expect to close
the transaction during the first quarter of 2007.  In the event
that the closing of the transaction is delayed after Feb. 28,
2006, for reasons other than to obtain ADVO shareholder
approval, Valassis will pay ADVO stockholders interest on the
US$33 per share purchase price at a rate of approximately 11
percent, with the rate increasing every month thereafter.

As a result of the extensive discovery proceedings in the
litigation, including the continued review of over one million
documents produced by ADVO and the depositions of over 30 ADVO
witnesses, Valassis has determined that the evidence will not
support the conclusion that ADVO or any of its directors,
officers, agents or representatives engaged in any fraud or
other misconduct in connection with the parties' entry into
their original merger agreement.

"We are pleased to have reached this amended agreement with ADVO
and put the litigation behind us," said Alan F.  Schultz,
Chairman, President and Chief Executive Officer of Valassis.
"As we have maintained since the execution of the original
agreement, we believe in the strategic value of an ADVO and
Valassis combination and look forward to becoming a more
diversified company with the benefits it will bring."

"We are glad to have reached an agreement with Valassis that
allows us to move forward with a merger that has always made
tremendous sense," Scott Harding, Chief Executive Officer of
ADVO, said.  "We look forward to focusing our energy on creating
value through combining and growing our businesses."

The transaction will create the nation's largest integrated
media services provider.  The combination will feature the most
comprehensive product and customer offering in the industry
serving 20,000 advertisers worldwide, including 94 of the top
100 advertisers in the United States.  The combined company will
be positioned to capture growth across the expanded product and
service portfolio, delivering customized, targeted solutions on
a national, regional, zip code, sub-zip code and household
basis.  ADVO's shared mail distribution business penetrates up
to 114 million households, or 90% of U.S. homes, adding
substantially to Valassis' weekly newspaper distribution of over
60 million households.  The combined company will have 7,900
employees with operations in nine countries.

                         About ADVO

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

                       About Valassis

Headquartered in Livon, Michigan, Valassis Communications, Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer packaged goods manufacturers, retailers,
technology companies and other customers.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and on-
page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.

The company also operates in the France, Germany, Italy, Spain,
U.K., Mexico and Canada.

                           *     *     *

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


VALASSIS COMMS: Merger Amendment Cues S&P to Keep Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' ratings for
Valassis Communications Inc. remain on CreditWatch with negative
implications where they were placed on June 26, 2006.

The CreditWatch update follows Valassis' announcement that it
has amended its merger agreement to acquire ADVO Inc. for US$33
per share in cash, or US$1.2 billion including the assumption of
US$125 million in debt at ADVO.  This compares to US$37 per
share plus debt assumption in the original agreement.

As part of the agreement, Valassis and ADVO have agreed to
dismiss with prejudice their pending litigation in the Delaware
Court of Chancery.  In addition, Valassis announced that
evidence from the trial discovery process would not support the
conclusion that ADVO or any of its representatives engaged in
fraud or misconduct in connection with the parties' entry into
their original merger agreement.

Standard & Poor's expect to resolve the CreditWatch listing once
the financing for the acquisition is known, and following a
review of the combined company's businesses, both of which have
been under pressure, and the company's financial policy.
Valassis expects the acquisition to close in the first quarter
of 2007.


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


CITY.GOLF.LOUNGE: Court Suspends & Closes Bankruptcy Process
------------------------------------------------------------
The Bankruptcy Court of St. Gallen has suspended and closed the
bankruptcy proceedings of JSC city.golf.lounge due to lack of
funds.

A liquidation process will be conducted according to the
creditors' requirements at:

         JSC city.golf.lounge
         Schuppisstrasse 7
         9016 St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Stefan Klingl
         9001 St. Gallen
         Switzerland


BDS FINANCE-SERVICES: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Zug entered Nov. 3 an order closing the
bankruptcy proceedings of JSC BDS Finance-Services.

The Debtor can be reached at:

         JSC BDS Finance-Services
         Alte Steinhauserstrasse 35
         6330 Cham
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


ORCA CONSULTING: Hofe Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Hofe suspended the bankruptcy
proceedings of JSC Orca Consulting on Nov. 27, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF6,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 24, can be reached at:

         JSC Orca Consulting
         Wollerauerstrasse 5
         Postfach 159
         8834 Schindellegi
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


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


* Fitch Affirms Turkey's Currency Issuer Default Ratings at BB-
---------------------------------------------------------------
Fitch Ratings affirmed the Republic of Turkey's foreign currency
and local currency Issuer Default ratings at 'BB-'.

The Outlooks on both ratings remain Positive.  At the same time,
the agency has affirmed the Short-term rating at 'B' and the
Country Ceiling at 'BB'.

"Overall, Turkey's medium-term credit fundamentals are on an
upward trend, driven by strengthening public finances, rising
living standards and structural reforms.  However, 2007 could be
a difficult year and Turkey is susceptible to shocks from
politics, macroeconomic imbalances and global financial
conditions that could knock it off-course," says Edward Parker,
Head of Emerging Europe sovereigns at Fitch.

Turkey's improving public finances are continuing to enhance
creditworthiness.  Fitch expects the government to surpass its
6.5% of GNP primary budget surplus IMF target this year,
narrowing the consolidated budget deficit to 1% from 16% in
2001.  Despite market turbulence this year, it forecasts the
general government debt-to-GDP ratio to fall to 62% at end-2006
(54% net of bank deposits) from 68% at end-2005 and over 100% in
2001.  The authorities have completed US$20 billion of
privatization deals over 2005-06 and passed landmark social
security reforms.  The domestic debt rollover rate has eased and
the structure of the debt is gradually improving, though it
remains vulnerable to market sentiment.

Fitch expects Turkey to grow 5% in 2006, making the five-year
average 7% the best performance since the 1960s; while GDP per
capita in US$ terms has risen 150% since 2001 and is twice the
'BB' range median.  Structural reforms have increased the shock
absorption capacity of the economy.  The banking sector is well
capitalised and has a roughly balanced net foreign exchange
position.

However, Fitch forecasts the current account deficit to widen to
a disconcerting 8.7% of GDP in 2006 and 7.5% in 2007, leaving it
exposed to global liquidity and market sentiment.  In partial
mitigation, the structure of financing has improved, with net
equity FDI forecast to be US$19bn in 2006 and foreign reserves
have risen to US$60bn.  Fitch's liquidity ratio is forecast at
87% in 2007, compared with the 'BB' range median of 169%.
Concerns about external finances are amplified by the risks they
pose to the exchange rate, inflation and broader macroeconomic
stability.  Turkey has come through the stress test of the
spring market turbulence relatively well, with the lira
recovering over half its losses.  But the impact of the hike in
interest rates has yet to be fully felt and the room for
manoeuvre in the event of further turbulence may be narrower.
And Fitch expects inflation to exceed the end-2007 inflation
target of 4% by a wide margin and growth to slow to 3.8% in
2007.

Turkey also faces significant political risks in 2007.  As
expected, the EU summit has avoided the proverbial "train
wreck," but Turkey's progress towards accession is likely to
remain slow, bumpy and noisy, and must somehow surmount the
Cyprus roadblock.  Presidential elections in May could
exacerbate tensions between the AK party government and the
"secularist establishment."  Then it looks uncertain whether the
AKP will win another majority or we see a return to coalition
government after November parliamentary elections.


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


BANK NADRA: High Credit Risk Cues Fitch to Affirm Low-B Ratings
---------------------------------------------------------------
Fitch Ratings affirmed Ukraine-based JSC Bank Nadra's ratings at
Issuer Default 'B-' with a Stable Outlook, Short-term 'B',
Individual 'D/E' and Support '5'.

The ratings of Nadra reflect the high credit risks resulting
from the rapidly growing retail lending portfolio, moderate
capitalisation and profitability and potentially vulnerable
liquidity.  However, Fitch notes the bank's growing regional
presence and retail franchise, acceptable asset quality to date
and limited market risks.

An injection of US$113 million of fresh equity by existing
shareholders and foreign portfolio investors in November 2006
has substantially improved Nadra's current capitalisation and
will help support Nadra's internal limit of at least 13% total
capital ratio (per Basle I) for 2007/2008.  Further equity
contributions are targeted in 2008 in the course of an IPO.
Nevertheless, Fitch regards Nadra's capitalisation as only
moderate, given the bank's high credit risks, significant
financial and non-financial investments (together with high
fixed assets, resulting in low free capital) and certain
operating environment deficiencies.

The bank's core profitability is affected by costly retail
deposits and substantial franchise and network investments.  The
growing share of retail lending and increasing scale of business
offer opportunities to improve profitability in the absence of
substantial credit losses.  In 2005 and H106, bottom line
results were boosted by the restructuring, and then revaluation,
of an investment in a consumer finance company mainly engaged in
point-of-sale lending.

Liquidity is potentially vulnerable due to the lengthening of
Nadra's loan portfolio, its modest liquidity cushion and the
reliance on retail deposits (depositors enjoy early withdrawal
rights in Ukraine).  Access to long-term funding is limited,
although Nadra made its debut on foreign wholesale markets in
2005 and plans to increase their share in liabilities.

Sustained adequate asset quality, improved profitability and
capitalisation as well as further funding diversification could
contribute to an upgrade.  Worsening of asset quality as the
loan book seasons could put downward pressure on the ratings.

Nadra is one of the top 10 Ukrainian banks and has an increasing
presence in the retail banking segment, holding a 5% market
share in lending and a 4% share in deposits.  It is one of the
leaders in POS-lending in Ukraine.  Nadra's shareholder
structure is continuously evolving and following recent capital
injections Nadra's management accumulated a 36% stake (including
31% held by Nadra's CEO Igor Gilenko).  Foreign portfolio
investors jointly own 7.8%, including a 6.7% stake of East
Capital.


VNESHTORGBANK JSC: Co-Arranges FUIB's US$55-Million Loan
--------------------------------------------------------
JSC Vneshtorgbank JSC will act as Mandated Lead Arranger for
US$55 million Syndicated term loan facility for CJSC First
Ukrainian International Bank, along with Standard Bank Plc and
Fortis Bank S.A./N.V.

This transaction is an extension and increase of the syndicated
loan signed by FUIB in December 2005 in the amount of US$40
million.  The extension has a maturity of 12 months.  The margin
is reduced from 3.50% p.a. to 2.40% p.a.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


VNESHTORGBANK JSC: Co-Arranges US$25-Million Loan for Svyaz Bank
----------------------------------------------------------------
JSC Vneshtorgbank and UniCredit Group -- acting through Bank
Austria Creditanstalt AG and International Moscow Bank -- and a
consortium of lenders signed a US$25-million trade-related
syndicated term loan facility for International Commercial Bank
of Communication and Informatics Development OJSC (Svyaz-Bank).

The loan has a maturity of 12 months and pays a margin of 3.25%
per annum.

These banks have joined the Facility:

   -- GarantiBank International N.V.;
   -- International Assets Holding Corp.;
   -- JSC Bank CenterCredit, Almaty;
   -- Icebank, Iceland;
   -- Banca UBAE S.p.A.;
   -- Bank TuranAlem, Almaty;
   -- Finansbank (Holland) N.V.;
   -- AP Anlage;
   -- Privatbank AG;
   -- Yapi Kredi Bank Moscow; and
   -- ATF Bank OJSC, Almaty.

VTB and UniCredit Group act as Mandated Lead Arrangers and
Bookrunners.

                       About Sviaz-Bank

Headquartered in Moscow, Russia, Svyaz-Bank, reported total
assets of US$1056 million under IFRS as at year-end 2005.
Sviaz-bank ranked 38th by assets and 120th by regulatory capital
among Russian banks as of July 1, according to Interfax.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


VNESHTORGBANK JSC: Russia Eyes Three-Phase Privatization Process
----------------------------------------------------------------
The Russian government will privatize Vneshtorgbank JSC in three
stages, Kommersant reports citing document related to the
matter.

The privatization process entails:

   1) dilution of government's stake in VTB from 99.9% to 97.6%
      via the bank's merger with Industry & Construction Bank of
      St. Petersburg (Promstroybank), which Russia expects to
      complete this year;

   2) disposal of the government's 20%-23% stake through an
      initial public offering in May 2007, cutting Russia's
      holdings to around 75% plus one share.  The government
      expects to sell 50% the IPO shares locally and earn as
      much as RUR120 billion.

      "The share will be dispersed among tens of thousands of
      small Russian and foreign investors, which in practice
      will exclude the possibility that a consolidated group of
      minority shareholders will be able to participate in the
      management of the bank," Kommersant cites the document.

   3) reduction of government's stake to 50% plus one share via
      an additional share issue in 2010.  Russia expects to earn
      as much as RUR250 million from the share issue.

According to the plan, investors holding less than 25% of VTB's
total shares will not have access to the minutes of VTB's
executive meetings as well as to the bank's account book.

"The furnishing of information about VTB's activities will be
strictly regulated by rules set down by the bank," Kommersant
quoted the document.

The documents were prepared by:

   -- Economic Development and Trade Minister German Gref,

   -- Finance Minister Alexei Kudrin,

   -- Central Bank Chairman Sergey Ignatiev,

   -- Central Bank Deputy Chairman Alexei Ulyukaev, and

   -- Russian Federal Financial Markets Service head Oleg
      Vyugin.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch Ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.


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


BUSINESS MORTGAGE: Fitch Affirms GBP9.8-Million Notes at BB
-----------------------------------------------------------
Fitch Ratings upgraded two issues of the Business Mortgage
Finance program and affirmed all others:

   * BMF1:

      -- GBP30 million Class A notes (XS0186220413) affirmed at
         'AAA';

      -- Detachable A coupon (XS0186221817) affirmed at 'AAA';

      -- GBP23.5 million Class M notes (XS0186220769) upgraded
         to 'AA' from 'A';

      -- GBP9 million Class B notes (XS0186221577) upgraded to
         'A-'(A minus) from 'BBB'; and

      -- MERCs (XS0186222468) affirmed at 'AAA'.

   * BMF2 (due 2037):

      -- GBP55.9 million Class A notes (XS0203851117) affirmed
         at 'AAA';

      -- Detachable A coupon (XS0203848329) affirmed at 'AAA';

      -- GBP26.7 million Class M notes (XS0203851380) upgraded
         to 'A+' from 'A';

      -- GBP10.1 million Class B notes (XS0203851463) affirmed
         at 'BBB' and

      -- MERCs (XS0203846380) affirmed at 'AAA'.

   * BMF3 (due 2038):

      -- GBP92.7 million Class A1 notes (XS0223481325) affirmed
         at 'AAA';

      -- Detachable A1 coupon (XS0223483610) affirmed at 'AAA';

      -- EUR96.3 million Class A2 notes (XS0223481598) affirmed
         at 'AAA';

      -- Detachable A2 coupon (XS0223483883) affirmed at 'AAA';

      -- GBP42.5 million Class M notes (XS0223481838) affirmed
         at 'A';

      -- GBP9.5 million Class B1 notes (XS0223482307) affirmed
         at 'BBB';

      -- EUR8 million Class B2 notes (XS0223482729) affirmed at
         'BBB';

      -- GBP2.5 million Class C notes (XS0223483024) affirmed at
         'BB' and

      -- MERCs (XS0224878099) affirmed at 'AAA'.

   * BMF4 (due 2045):

      -- GBP177.2 million Class A notes (XS0249507947) affirmed
         at 'AAA';

      -- Detachable A coupon (XS0250410114) affirmed at 'AAA';

      -- GBP41.3 million Class M notes (XS0249508242) affirmed
         at 'A';

      -- GBP15 million Class B notes (XS0249508754) affirmed at
         'BBB';

      -- GBP7.3 million Class C notes (XS0249509133) affirmed at
         'BB' and

      -- MERCs (XS0250413563) affirmed at 'AAA'.

The rating actions follow a meeting with the originator/special
servicer in November 2006 and a satisfactory performance review.
The upgrades reflect the seasoning of the first two BMF
transactions and the higher-than-originally modelled excess
spread levels.  BMF3 and BMF4, less seasoned than their
predecessors, have performed in line with Fitch's expectations
but do not qualify for upgrades yet.  All four transactions show
slight improvements in loan-to-value, which is partly countered
by the further advances granted each period.  The debt service
coverage ratio in all four transactions has remained stable at
around their individual closing date level.

In BMF1, principal payments total GBP75 million as of October
2006 and the aggregate note balance has reduced by 53%.  The
principal was allocated to the notes sequentially, thus
increasing the credit enhancement considerably.  Approximately
GBP5m of further advances have been granted since closing in
March 2004.  The reserve account has been fully built up to
GBP7.3 million using excess spread and will remain static for
the life of the transaction.  The net excess spread (after
detachable coupon interest) totals GBP4.1 million to date and
fully covered loan-level losses of GBP0.2 million, incurred
between January 2006 and October 2006.  The LTV improved
marginally to 64.5% from 66.3% at closing.  In July 2006, the
credit enhancement for the Class A notes (as defined in the
offering circular and excluding the reserve account) doubled,
thus permitting a switch to pro-rata allocation of principal
receipts, if four additional conditions are met.  However, the
90 days + delinquency levels remain above the trigger of 10% of
the current balance (in October 2006, 11.2% of the current
balance were 90 days or more in arrears).  Therefore, the
paydown remains sequential until the delinquencies improve below
the trigger level.

In November 2006, the outstanding notes in BMF2 represented 62%
of the original issuance.  In August 2006, the 90 days +
delinquencies equalled 17.6% of the current balance.  This is
the highest level seen so far in the BMF program.  The loan-
level losses in BMF2 are also higher than in BMF1 (GBP0.6
million versus GBP0.2 million) but so is the excess spread (BMF1
generated GBP3.1 million during its first eight collection
periods, BMF2: GBP3.9 million).  As a result of repayments, the
LTV has improved marginally to 66.3% from 67.3% at closing.  The
reserve account reached its target level of GBP8.25 million in
May 2005.  If principal payments stay on a level close to the
average since closing, BMF2 may switch to pro-rata paydown in
May or August 2007.  However, this would require the 90 days +
delinquencies to fall below 10% of the current balance from
14.2% in November 2006.

In BMF3, the maximum three months + delinquency level was
reached in November 2006, when 6.9% of the current balance was
90 days or more in arrears.  This is significantly better than
the levels seen in BMF1 and BMF2 after only five collection
periods.  However, the arrears in BMF3 are slowly rising.  In
February and May 2006, loan-level losses totalling GBP0.09
million occurred.  The net excess spread since closing amounts
to GBP4.1m. As in BMF1 and BMF2, repayments only slightly
improved the LTV (in BMF3 to 67.1% from 67.8% at closing).  The
DSCR has remained at around 3.7x since closing.  The reserve
account reached its target level of GBP10.63 million in November
2006.

BMF4 has had only two collection periods so far.  The reserve
account is being built up to its target of GBP10.63 using excess
spread; it currently stands at GBP7.13 million.  The DSCR has
stayed above 3.5x since closing and the 90 days + delinquencies
were at 5% of the current balance in November 2006.  The
delinquencies have increased in line with the other
transaction's early stages.  Fitch notes that it is too early to
predict if BMF4 will reach arrears levels as high as in BMF2's
or remain closer to BMF3's better levels.  To date, no losses
have occurred in BMF4.  In November 2006, six loans with an
aggregate balance of GBP1.2 million had their properties
possessed with 21 additional possession orders obtained for
loans totaling GBP5.6 million.

All loss allocations in BMF1, BMF2 and BMF3 were related to
properties in poor conditions, e.g. vacated properties, which
had been vandalized or properties with structural damage as a
result of refurbishment interrupted by borrower bankruptcy.  In
these cases, the sale prices were insufficient to cover the
delinquencies, unpaid principal balances and foreclosure
expenses.


C & C FLOWERS: Nominates Liquidators from Abbot Fielding
--------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbot Fielding were nominated
Joint Liquidators of C & C Flowers Limited on Dec. 7 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         C & C Flowers Limited
         275 Flower Market
         New Covent Garden Market
         Wandsworth
         London SW8 5NB
         United Kingdom
         Tel: 020 7622 6827


COLLINS & AIKMAN: Seeks Approval for ASC Inc. License Agreement
---------------------------------------------------------------
Pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy
Procedure, Collins & Aikman Corporation and its debtor-
affiliates ask the U.S. Bankruptcy Court for the Eastern
District of Michigan  to approve a Settlement and License
Agreement, resolving certain litigation between Debtor Dura
Convertible Systems, Inc., and ASC Incorporated.

On March 30, 2006, ASC commenced Adversary Proceeding No. 06-
04507 in the Bankruptcy Court against Dura.  The ASC Complaint
alleges four counts of patent infringement relating to
convertible tops produced by Dura for the Dodge Viper and Ford
Mustang.  Specifically, the ASC Complaint alleges infringement
of:

   (a) U.S. Reissue Patent No. RE38,546;
   (b) U.S. Design Patent No. D442,541;
   (c) U.S. Design Patent No. D464,605 and
   (d) U.S. Patent No. 5,785,375.

Dura filed its answer to the ASC Complaint on June 21, 2006, and
asserted counterclaims seeking declaratory judgments of non-
infringement and invalidity of the ASC Patents.

The Bankruptcy Court held an initial scheduling conference on
Aug. 14, 2006.  The triable issues of (a) liability and (b)
damages were bifurcated and the Court entered an order setting a
trial date of Jan. 9, 2007, on the issue of liability.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, New
York, relates that the parties have each served discovery
requests on the issues of liability and damages.  To alleviate
the potential costs to the Debtors' estates, Dura requested that
the discovery process be bifurcated as well, however, this
request was denied.  Dura produced hundreds of thousands of
documents and responded to ASC's written discovery.  On the
verge of spending exorbitant sums to conduct discovery, the
Parties agreed to a stay of discovery as they pursue a
settlement.

Dura and ASC have engaged in significant negotiations to resolve
the ASC Lawsuit.  Dura and ASC have agreed to resolve the ASC
Lawsuit pursuant to the terms and conditions in the Settlement.

The Settlement provides, among other things, that Dura will have
a license to the ASC Patents for the Ford Mustang and Dodge
Viper convertible roof assemblies.  The Settlement also allows
for the assignment of the license for the ASC Patents to a
potential purchaser.

The Debtors also agree to pay for a royalty fee, which is far
less than the royalty fee that would likely be determined in the
event that ASC were to prevail in the ASC Lawsuit.

The Ford Mustang and Dodge Viper convertible roof systems can
continue to be manufactured and sold at a profit by Dura after
paying the royalty fee to ASC.

Pursuant to Section 107(d) of the Bankruptcy Code, the Debtors
also seek the Court's authority to file the Settlement and
License Agreement under seal.

Mr. Schrock explains, outside of the bankruptcy process, the
information contained in the Settlement generally is held to be
confidential because, otherwise, Dura and ASC believe would be
competitively disadvantaged in the operation of their businesses
by the disclosure of the information.

Mr. Schrock notes that ASC licenses the ASC Patents for use by
Dura in the production and sale of convertible roof systems for
the Ford Mustang and Dodge Viper.  If the competitors of Dura or
ASC knew the terms of the Settlement, it could provide them with
a competitive advantage in their dealings with ASC or Dura, as
the case may be.  Further, if Dura's customers were aware of the
terms of the Settlement, it could provide them with a
competitive advantage in negotiating agreements with Dura, Mr.
Schrock tells Judge Rhodes.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.


COLLINS & AIKMAN: Wants to Further Defer Interest Payments
----------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Eastern District of Michigan to
further defer the original deferred payments and defer their
obligation to pay certain postpetition interest and letter of
credit fees, other than fronting fees, -- that would otherwise
be due on the first business day from January to June of 2007 --
until the first business day of August 2007.

As reported, the Court approved the JPMorgan Chase Bank debtor-
in-possession financing motion on an interim basis on the
Petition Date, and approved the JPMorgan DIP Motion on a final
basis on July 28, 2005.

The postpetition interest payments and letter of credit fees,
other than fronting fees, payable under paragraph 11 of the
final DIP order are approximately US$7,200,000 per month.

On Aug. 29, 2006, the Court approved of the Debtors' request to
defer their obligation to pay postpetition interest and letter
or credit fees, other than fronting fees, to Jan. 1, 2007.

As the Court is aware, the Debtors have determined that the best
course of action to maximize the value of their assets is to
effectuate sales of their businesses as going concerns, given
the existing market conditions, Ray C. Schrock, Esq., at
Kirkland & Ellis LLP, in New York, New York, says.

The Debtors, the agent for the prepetition lenders, and the
Debtors' major customers are negotiating an agreement under
which the customers will provide the Debtors with substantial
financial and other accommodations as well as an agreement on
the terms of a Chapter 11 plan.

Mr. Schrock notes that since the inception of the Debtors'
Chapter 11 cases, their use of cash continues to be a crucial
item for the estates.  Payment of postpetition interest is a
significant monthly obligation for the Debtors' estates.

It is beyond dispute that the Prepetition Lenders are entitled
to adequate protection for, among other things, use of their
collateral and for the priming liens granted under the Final DIP
Order, Mr. Schrock tells the Court.  The Debtors intend to file
a Chapter 11 plan under which the Debtors contemplate on paying
the Prepetition Lenders from the cash proceeds received by the
Debtors on account of the sale of their assets.

Deferral of the payments will help ensure that the Debtors have
sufficient liquidity to continue their restructuring and
complete the sales of their businesses for the benefit of their
estates, creditors, and parties-in-interest, Mr. Schrock
asserts.  The obligations of the Debtors to pay timely the
adequate protection payments, other than the Deferred Payments,
will not be affected.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.


DANE GROUNDCARE: Nominates Timothy Frank Corfield as Liquidator
---------------------------------------------------------------
Timothy Frank Corfield of Griffin & King was nominated
Liquidator of Dane Groundcare Equipment Limited on Dec. 6 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Dane Groundcare Equipment Limited
         Unit 2
         Paradise Lane
         Slade Heath
         Wolverhampton
         West Midlands WV107NZ
         United Kingdom
         Tel: 01902 798 771
         Fax: 01902 798 831


DODSWORTHS YORK: Names David Anthony Horner Liquidator
------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of Dodsworths (York) Limited on Dec. 7 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Dodsworths (York) Limited
         Foss House 20a
         Huntington Road
         York
         North Yorkshire YO318RD
         United Kingdom
         Tel: 01904 659 211
         Fax: 01904 613 627



EGG BANKING: Fitch Cuts Individual Rating to C/D
------------------------------------------------
Fitch Ratings downgraded UK-based Egg Banking Plc's Individual
Rating to 'C/D' from 'C'.  At the same time, Fitch has affirmed
Egg's other ratings at Issuer Default 'A+', Short-term 'F1'and
Support '1'.  The Outlook for the Long-term IDR is Stable.

The Individual rating reflects Egg's unexpectedly poor
performance in 2006 caused by its deteriorating asset quality
and the impact of new regulation and a changing product mix on
some of its revenue streams.  Although Egg's mortgage portfolio
-- which represents just under 20% of its loan portfolio -- is
performing well, its unsecured portfolio of loans and credit
card balances have caused problems in the past 18 months and
further problems are anticipated.

Fitch notes the 32% rise in impairment charges in FY05, a
subsequent 38% rise (on an annualized basis) in H106 and the
suggestion of more to follow, based on the prognosis for Egg's
H206 profits as reported in Prudential's trading statement for
the first nine months of 2006.  Fee and commission income has
also come under pressure from changes in the regulations
covering the sale of payment protection insurance, sold to
customers with personal loans, and from Egg's decision to cut
back on its unsecured lending.  As a consequence, there has been
a sharp drop in the sale of such policies, with revenues down
20% in 2005 and continuing to drop in 2006.  However, the
Individual rating remains underpinned by the bank's adequate
capitalisation and liquidity.

The Long- and Short-term ratings reflect the support of Egg's
ultimate parent, Prudential Plc.  Its purchase of the 21% of Egg
owned by minority shareholders earlier this year signaled an
increased commitment to the development of Egg within the
Prudential group.

Egg offers a range of banking products over the internet and,
despite its relatively short operating history, enjoys a strong
brand in the UK.  Net interest revenues are the main source of
income although fee and commission income is also important.
Egg's pricing model for its products and its ability to attract
retail deposits as required have enabled it to maintain a
relatively stable and comfortable net interest margin.


ELITE HGV: Appoints Liquidators from Poppleton & Appleby
--------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed Liquidators of Elite HGV Training Limited on
Dec. 11 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Elite HGV Training Limited
         76 Huddersfield Road
         Newhey
         Rochdale
         Lancashire OL163RL
         United Kingdom
         Tel: 01706 847 328


EVANS ELECTRICAL: Taps T. Papanicola to Liquidate Assets
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Evans Electrical Contractors Limited on Dec. 11 for the
creditors' voluntary winding-up proceeding.

Bond Partners LLP -- http://www.bondpartners.co.uk/--
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.


KEIGHLEY GLAZING: Claims Filing Period Ends Jan. 2. 2007
--------------------------------------------------------
Creditors of Keighley Glazing Limited have until Jan. 2, 2007,
to send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Joint Liquidators Robert
Michael Young and Ian Michael Rose at:

         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke-on-Trent
         Staffordshire ST3 6HP
         United Kingdom

The company can be reached at:

         Keighley Glazing Limited
         Ridge House
         1 Spearhead Way
         Lawkholme Lane
         Keighley
         West Yorkshire BD213LA
         United Kingdom
         Tel: 01535 692 233


MEDIAWORKS GROUP: Hires Alan Simon to Liquidate Assets
------------------------------------------------------
Alan Simon of Langley Group LLP was appointed Liquidator of
Mediaworks Group Limited on Dec. 6 for the creditors' voluntary
winding-up proceeding.

Headquartered in London, England, Mediaworks Group Limited --
http://www.mediaworksgroup.co.uk/-- provides IT solutions and
computer support services.


MONEY PARTNERS: Fitch Affirms BB Ratings on Two Note Classes
------------------------------------------------------------
Fitch Ratings affirmed 31 tranches of the Money Partners
Securities series of non-conforming residential mortgage-backed
securities transactions originated by Money Partners Holding
Limited via its subsidiaries.

Money Partners Securities 1 plc experienced improved
performance, according to the December 2006 investor report.
The contribution to the reserve fund amounted to GBP176,200,
which is the highest contribution since March 2006.  The reserve
now stands at GBP8.5 million, up from GBP6.4 million (or 1.6% of
initial note balance) at closing in December 2005, but is still
below the targeted GBP10.2 million (or 2.55% of initial note
balance).  Until the latest quarter, the pace at which the
reserve fund was building had been slowing.

Delinquencies greater than three months have started to
stabilize, possibly due to sold repossessions exiting the
portfolio.  They accounted for 19.93% of the outstanding balance
at December 2006, a decrease from the 20.87% reported at the
September interest payment date.  Total sold repossessions have
been increasing to now account for 2.84% of the original
balance, up from 1.29% the quarter before.  However, the actual
number of cases coming into repossession is down to 7 at the
December IPD from 57 in the previous quarter.

The weighted average loss severity on these repossessed cases is
13.01%.  WALS on the second charge loans is reported at being
42.12%, compared to a significantly lower 9.28% for the first
charge loans.  However, higher loss severities are as expected
given that second-charge mortgages rank junior to the first
charge holder in terms of the distribution of enforcement
proceeds from collateral upon which they are secured.

Furthermore, the annualized principal payment rate has picked up
in recent months as those borrowers who are able to refinance do
so at more attractive rates, while serious arrears cases
progress to repossession and sale.  Both will have a positive
impact on de-leveraging the deal and building levels of CE, as
well as mitigating the impact of the high detachable coupon
rates (2.55% for the first two years and 2.45% for the following
three years.)

PPR peaked at 41.76% in July 2006, which coincides with the last
of the discounted loans coming off the teaser rates in June
2006.  Reversion to the full stabilized rate from the discounted
margins should theoretically benefit the transaction, but
stretched affordability at the higher loan rate could cause an
increase in arrears levels for those borrowers that remain in
the pool.

At close, the underlying collateral in the second
securitization, Money Partners Securities 2 plc, 45.45% of
mortgage loans were labeled as prime, according to the
originator's definition.  These loans were originated under
product guidelines, which do not allow for any past arrears and
very low value county court judgments.  This is reflected in the
better performance of this deal.  Arrears of greater than three
months account for 14.3% of the outstanding portfolio, lower
than in the first transaction.  Additionally, total sold
repossessions stand at 0.18% of initial mortgage balance.

Credit enhancement levels have experienced healthy growth owing
to the sequential paydown structure and high PPR.  The option to
switch to pro rata is permitted, but as yet, not all conditions
have been met.

Fitch has employed its credit cover multiple methodology in
reviewing both transactions to assess the credit support
available to each Class of notes.

The rating actions are:

   * MPS1

   -- Class A2a (ISIN XS0226128329), A2a DAC - 2007 (ISIN
      XS0226128758) and A2a DAC - 2010 (ISIN XS0226129137)
      affirmed at 'AAA'

   -- Class A2b (ISIN XS0226129566), A2b DAC - 2007 (ISIN
      XS0226130143) and A2b DAC - 2010 (ISIN XS0226130655)
      affirmed at 'AAA'

   -- Class A2c (ISIN XS0226156536), A2c DAC - 2007 (ISIN
      XS0226156882) and A2c DAC - 2010 (ISIN XS0226157187)
      affirmed at 'AAA'

   -- Class M1 (ISIN XS0226131117) affirmed at 'AA'

   -- Class M2a (ISIN XS0226131463) affirmed at 'A'

   -- Class M2b (ISIN XS0226131620) affirmed at 'A'

   -- Class B1 (ISIN XS0226132198) affirmed at 'BBB'

   -- Class B2 (ISIN XS0226132271) affirmed at 'BB'

   -- MERCs (ISIN XS0226157427) affirmed at 'AAA'

   -- Class A1, A1 DAC - 2007 and A1 DAC 2010 paid in full in
      December 2006.

   * MPS2

   -- Class A1 (ISIN XS0236410972), A1 DAC - 2008 (ISIN
      XS0236521455) and A1 DAC - 2011 (ISIN XS0236521968)
      affirmed at 'AAA'

   -- Class A2a (ISIN XS0236411780), A2a DAC - 2008 (ISIN
      XS0236524632) and A2a DAC - 2011 (ISIN XS0236525365)
      affirmed at 'AAA'

   -- Class A2c (ISIN XS0236412754), A2c DAC - 2008 (ISIN
      XS0236527734) and A2c DAC - 2011 (ISIN XS0236528468)
      affirmed at 'AAA'

   -- Class M1a (ISIN XS0236413307) affirmed at 'AA-'

   -- Class M1b (ISIN XS0236413489) affirmed at 'AA-'

   -- Class M2a (ISIN XS0236740501) affirmed at 'A-'

   -- Class M2b (ISIN XS0236742036) affirmed at 'A-'

   -- Class B1 (ISIN XS0236413646) affirmed at 'BBB'

   -- Class B2 (ISIN XS0236414024) affirmed at 'BB'

   -- MERCs (ISIN XS0237043152) affirmed at 'AAA'


MOULDTECH LIMITED: A. J. Clark Leads Liquidation Procedure
----------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of
Mouldtech Limited on Dec. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Mouldtech Limited
         Unit 1a Portland Industrial Estate
         Hitchin Road
         Arlesey
         Bedfordshire SG156SG
         United Kingdom
         Tel: 01462 733 444
         Fax: 01462 735 444


OLMEC TUBING: Brings In Liquidator from Bishop Fleming
------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Olmec Tubing Limited on Dec. 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Olmec Tubing Limited
         Collingwood Road
         Townstal Industrial Estate
         Dartmouth
         Devon TQ6 9JY
         United Kingdom
         Tel: 01803839006
         Fax: 01803839006


PEPTELS LIMITED: Taps Paul Appleton to Liquidate Assets
-------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Peptels Limited on Dec. 11 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Peptels Limited
         7-11 Minerva Road
         Ealing
         London NW106HJ
         United Kingdom
         Tel: 020 8933 7777
         Fax: 020 8933 7766


SOUNDS SECURE: Names I. P. Sykes Liquidator
-------------------------------------------
I. P. Sykes of Begbies Traynor was appointed Liquidator of
Sounds Secure & Vision Limited on Dec. 11 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Sounds Secure & Vision Limited
         313-315 Hook Rise South
         Surbiton
         Surrey KT6 7LS
         United Kingdom
         Tel: 0870 071 0700
         Fax: 020 8393 5777
         Web: http://www.ssandv.com/


SPECIALISED PRINTING: Joint Liquidators Take Over Operations
------------------------------------------------------------
Peter John Godfrey-Evans and Steven Leslie Smith of Mercer &
Hole were appointed Joint Liquidators of Specialised Printing
Solutions Ltd. (formerly Zingline Media Limited) on Nov. 30 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Specialised Printing Solutions Ltd.
         5 Kensworth Gate
         200-204 High Street South
         Dunstable
         Bedfordshire LU6 3HS
         United Kingdom
         Tel: 01582 666 111
         Fax: 01582 663 090


VTB BANK EUROPE: Moody's Affirms D+ Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the foreign currency bank
deposit ratings and Bank Financial Strength Ratings of VTB Bank
Europe plc (the former Moscow Narodny Bank plc) at Baa2/Prime-
2/D+.  All ratings have a stable outlook.

Moody's rating affirmation follows receipt of clarification and
information on the acquisitions, which VTB Bank Europe will be
completing before the end of December 2006.  VTB Bank Europe's
Russian parent, VTB (the former Vneshtorgbank, the state-owned
Foreign Trade Bank of Russia, rated Baa2/P-2/D-) had announced
on Oct. 24, that all of its banks in western Europe would be
united under a London-based entity, with a view for the
consolidated entity becoming a more powerful financial
institution to attract investment in Russia and to service
Russian corporations.

Moody's now understands that VTB Bank Europe will be this key
entity and that the bank will be buying, at this stage, two
existing western European subsidiaries of VTB.  These units are
VTB Bank (France) S.A. (fka BCEN EUROBANK, rated Baa2/P-2/D) and
VTB Bank (Deutschland) A.G. (unrated, the former Ost-West
Handelsbank A.G.).

These purchases should increase the consolidated asset base of
VTB Bank Europe from GBP1662 million reported for June 30 to
almost GBP3300 million in December 2006, and increase its
shareholders' funds capital from GBP333 million to over GBP900
million.  It is further understood that in the medium term other
subsidiaries of VTB including VTB Bank (Austria) A.G. (formerly
Donau Bank A.G., rated Baa2/P-2/D-) and the subsidiary in Cyprus
may also be acquired by VTB Bank Europe.

In affirming the D+ bank financial strength rating of VTB Bank
Europe, Moody's noted that while lower BFSRs have been assigned
to the unit in France, and -- with respect to the later intended
acquisition -- in Austria, the rating gap mainly relates to
these banks having a weaker or less well established customer
franchise in trade finance and in other activities, while the
risk profiles of the banks do not appear to have marked
differences.

In Moody's view, the intention to co-ordinate the activities and
customer relations of these and to streamline their areas of
specialization should enhance the overall franchise of the
enlarged VTB Bank Europe.  Furthermore, Moody's noted that a
number of pro forma key financial ratios such as pre-provision
income to risk adjusted assets, cost/income and regulatory
capital total assets would appear to be better than those for
VTB Bank Europe plc (or the former Moscow Narodny Bank) on a
standalone basis.  That being said, execution risks relating to
such a merger -- which could have an impact on customer
franchise and short term costs -- are significant as are
uncertainties regarding the asset profile and earnings power of
other VTB subsidiaries that may be acquired by VTB Bank Europe
in the medium term.

Moody's said that the Baa2/P-2 deposit ratings of VTB Bank
Europe plc reflect the rating agency's expectation of support
for the bank in a stress scenario from its current owner, VTB,
and indirectly the Russian state for whom VTB is of strategic
and systemic importance.  The rating agency also said that the
Prime-2 short-term bank deposit rating takes into account its
expectation of timeliness of support from its owners, in
addition to the comfortable liquidity position of the bank.

The stable outlook for VTB Bank Europe's BFSR reflects Moody's
expectation that:

   (i) that the parent bank VTB would, in the immediate case and
       for future acquisitions, ensure that the capital ratios
       of VTB Bank Europe are maintained at suitable levels;

  (ii) further acquisitions of VTB's western European interests
       will be carried out in a gradual manner after the initial
       acquisitions have been fully executed;

(iii) a meaningful degree of geographical diversification will
       be maintained; and

  (iv) the cautious approach to asset quality which has
       prevailed at the bank for some years will be maintained.

Moody's indicated that developments which could move the BFSR up
would include:

   (i) increased geographic diversification combined with stable
       asset quality;

  (ii) a significant improvement in post-provisions
       profitability; and

(iii) further improvements to the funding profile.

Conversely, developments which could move the ratings down would
include:

   (i) a sustained increase of the proportions of assets and
       undrawn commitments relating to Russia to levels
       significantly above 50% prevailing in recent years;

  (ii) a notable deterioration in asset quality; and

(iii) a sharp downward movement in profitability.

In relation to the debt and deposit ratings, Moody's said that
rating actions, either positive or negative, on VTB and/ or the
Russian Federation could trigger a review or change in the
ratings of VTB Bank Europe.

The following ratings were affirmed:

VTB Bank Europe plc:

   -- D+ Financial Strength Rating
   -- Baa2 long-term bank deposits
   -- Prime-2 short-term bank deposits

Moscow Narodny Finance B.V:

   -- Baa2 senior debt
   -- Baa3 dated subordinated notes

VTB Bank Europe plc is authorized and regulated by the Financial
Services Authority.  It is 89% owned by VTB.  Headquartered in
London, the bank had GBP1662 million of total assets and GBP333
million of shareholders' funds as at June 30, 2006.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 11, 2007
   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
      Actionable, Achievable Solutions
         Contact: 240-629-3300 or
                  http://www.beardaudioconferences.com/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
      Getting the Focus on Operations During a Restructuring
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

January 19-21, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Corporate Restructuring Competition
         Kellogg School of Management, Chicago, IL
            Contact: http://www.abiworld.org/

January 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2007 Outlook on Healthcare Restructuring
         Center Club, Baltmore, MD
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Year 2007 Kick-Off Party
         Oak Hill Country Club, Rochester, NY
            Contact: 716-440-6615 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

January 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

January 30-31, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Korea Securitisation and Structured Credit Summit
         JW Marriott Hotel, Seoul, South Korea
            Contact: http://www.euromoneyplc.com/

January 31 - February 1, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia M&A Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

February 5, 2007
   STRATEGIC RESEARCH INSTITUTE
      3rd Annual Tranche B & 2nd Lien Financing Summit
         Scottsdale, AZ
            Contact: http://www.srinstitute.com/

February 8-9, 2007
   EUROMONEY CONFERENCES
      2nd Philippines Investment Conference
         Cebu Convention Center, Cebu, Philippines
            Contact: http://www.euromoneyplc.com/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

February 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wharton Restructuring Conference
      The Wharton School
         Philadelphia, PA
            Contact: http://www.turnaround.org/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Devil Rays Turnaround
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

February 27-28, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      5th Annual Corporate Restructuring Summit
         Sheraton Park Lane Hotel, London, UK
            Contact: http://www.euromoneyplc.com/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 18-21, 2007
   INSOL
      Annual Europe, Africa & Middle East Conference
         Cape Town, South Africa
            Contact: http://www.insol.org/CapeTown07/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 22-23, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Euromoney Indonesian Financial Markets Congress
         Bali, Indonesia
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa, Atlantic City, NJ
            Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
       Risks, Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *