TCREUR_Public/061226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 26, 2006, Vol. 7, No. 255

                            Headlines


A U S T R I A

FLAMUR LOSHAJ: Creditors' Meeting Slated for Jan. 10, 2007
KARL REIBERGER: Property Manager Declares Insufficient Assets
KULMER & PARTNER: Graz Court Orders Business Shutdown
KURT UNTERBERGER: Claims Registration Period Ends Jan. 5
MARCHFELDER MOEBELWERKSTATTE: Court Shuts Down Business

MDM BANK: S&P Raises Long-Term Counterparty Credit Rating to BB-
NESCHNER & CO: Vienna Court Orders Business Shutdown


B E L A R U S

BELGAZPROMBANK: Fitch Affirms Issuer Default Rating at B-


D E N M A R K

NOVOLIPETSK STEEL: Acquires 50% Stake in Duferco Joint Venture


F R A N C E

BANK AUDI: Fitch Downgrades Individual Rating to D
RANK GROUP: Hikes Issued Shared Capital to 542,356, 176 Shares
RANK GROUP: Hikes Issued Shared Capital to 542,356, 176 Shares
RANK GROUP: Fitch Affirms & Withdraws B+ Default Rating


G E O R G I A

VIMPEL-COMMUNICATIONS: Moscow Court Affirms URS Acquisitions


G E R M A N Y

ALPHA FREIZEITFAHRZEUGE: Claims Registration Ends December 30
AS SOLUTION: Claims Registration Ends December 29
BOOS TELECOM: Claims Registration Ends December 30
HAUSDESIGN WILLIARD: Claims Registration Ends December 31
OPM MEDIA: Claims Registration Ends January 3, 2007

PEGASUS GMBH: Claims Registration Ends December 30
RENNINGER GMBH: Claims Registration Ends December 30
TITAN EUROPE 2006-5: Fitch Rates EUR14.87-Million Notes at BB
TKS TEXTIL: Claims Registration Ends January 2, 2007
WERNICKE & ADOLF: Claims Registration Ends December 29

WINTERHAUSER NATURSTEINWERK: Claims Registration Ends Dec. 30
WOHNBOULEVARD EMMERICH: Claims Registration Ends December 29


K A Z A K H S T A N

AGROPROMTECHNIKA OJSC: Creditors' Claims Due Jan. 30, 2007
ALMATY BROILER: Claims Registration Ends Jan. 30, 2007
ASTANAGORPROJECT LLP: Claims Filing Period Ends Feb. 1, 2007
ASU LLP: Proof of Claim Deadline Slated for Jan. 30, 2007
BAKAI STROY: Claims Filing Period Ends Feb. 1, 2007

MICHURINSKOYE SELENERGO: Court Starts Bankruptcy Procedure
ORIENTAL GROUP: Creditors' Claims Due Feb. 1, 2007
SEVERNY LLP: Claims Filing Period Ends Jan. 30, 2007


K Y R G Y Z S T A N

BISHKEK SOODA: Claims Filing Period Ends Feb. 1, 2007


L I T H U A N I A

DNB NORD: Fitch Affirms Individual Rating at D


N E T H E R L A N D S

ALFA BANK: Raises Stake in Amtel-Vredestein N.V. to 26.14%
ALFA BANK: Standard & Poor's Raises Long-Term Rating to BB
INDOVER BANK: Fitch Affirms Issuer Default Rating at B+


P O L A N D

BANK PEKAO: Fitch Upgrades C Individual Rating to B/C


R U S S I A

ALFA BANK: Raises Stake in Amtel-Vredestein N.V. to 26.14%
ALFA BANK: Standard & Poor's Raises Long-Term Rating to BB
ALTAIR CJSC: Court Commences External Management Procedure
BELORETSKIY NEAR-BEER: Claims Filing Deadline Set Feb. 2, 2007
CHEMICAL PLANT 40: Court Names T. Khaliullin to Manage Assets

COAL LLC: Creditors Must Submit Claims by Feb. 2, 2007
EKATERINBURGSKIY LIQUEUR-VODKA: Bankruptcy Supervision Starts
ELABUZHSKIY FACTORY: Assets Sale Slated for Jan. 2, 2007
GOLDEN TELECOM: Buys 65% Stake in Fortland Ltd. for US$50 Mln
GOLDEN TELECOM: Signs Share Swap Deal with Corbina Telecom Group

KARLAMANSKIY ELEVATOR: A. Yulchurin to Manage Insolvency Assets
KRAS-TYAZH-MASH-ENERGO: Court Starts Bankruptcy Supervision
KVINTA-INVEST CJSC: Claims Filing Period Ends Feb. 2, 2007
MDM BANK: S&P Raises Long-Term Counterparty Credit Rating to BB-
NOVOLIPETSK STEEL: Acquires 50% Stake in Duferco Joint Venture

OXYGEN LLC: Creditors Must File Claims by Jan. 2, 2007
SANBOLI-WOOD CJSC: Creditors Must File Claims by Feb. 2, 2007
SARATOV-GAS-ENERGO: Creditors Must File Claims by Jan. 2, 2007
SUAL GROUP: Creditors Approve Merger with Rusal and Glencore
TAVDINSKOYE GRAIN: Court Names N. Naumov as Insolvency Manager

TNK-BP HOLDING: Inks Cooperation Deal Irkutsk Regional Gov't
TRANSPORT ENTERPRISE: Bankruptcy Hearing Slated for Feb. 1, 2007
URALSKIY FACTORY: Court Names S. Shelegin as Insolvency Manager
VIMPEL-COMMUNICATIONS: Moscow Court Affirms URS Acquisitions
VNESHTORGBANK JSC VTB 24 Unit Inks US$200-Mln Loan with EBRD


S W I T Z E R L A N D

BANK AUDI: Fitch Downgrades Individual Rating to D


U K R A I N E

ALFA BANK: Raises Stake in Amtel-Vredestein N.V. to 26.14%
ALFA BANK: Standard & Poor's Raises Long-Term Rating to BB
ANDREEVSKAYA LLC: Creditors Must File Claims by Jan. 11, 2007
GOLDEN TELECOM: Buys 65% Stake in Fortland Ltd. for US$50 Mln
GOLDEN TELECOM: Signs Share Swap Deal with Corbina Telecom Group

HERSONZOOWETPROMPOSTACH OJSC: Claims Filing Ends Jan. 11, 2007
MYRONIVSKY HLIBOPRODUCT: Fitch Rates US$250-Million Notes at B
SUAL GROUP: Creditors Approve Merger with Rusal and Glencore
TNK-BP HOLDING: Inks Cooperation Deal with Irkutsk Region
VNESHTORGBANK JSC: VTB 24 Unit Inks US$200-Mln Loan with EBRD

WERHNEDNIEPROVSKIY ELEVATOR: Claims Filing Ends Jan. 11, 2007


U N I T E D   K I N G D O M

ACM SCAFFOLDING: Creditors' Meeting Slated for January 3
CHARLTON GARAGE: Appoints Kikis Kallis to Liquidate Assets
COMMUNICATIONS INTEGRATED: Taps Begbies as Joint Administrators
COWDEN CONSTRUCTION: Creditors' Meeting Slated for January 2
COYOTE DEVELOPMENTS: Appoints Herron Fisher as Administrators

CRASH AUTO: Names Brendan Eric Doyle Liquidator
D J CONVEYOR: Claims Filing Period Ends March 4, 2007
DO IT RIGHT: Brings In Joint Administrators from Kroll
EVERYCARE LTD: Creditors Confirm Liquidator's Appointment
FWL TECHNOLOGIES: Creditors' Meeting Slated for January 19

H M ADVERTISING: T. Papanicola Leads Liquidation Procedure
HIGH ROLL: Creditors' Meeting Slated for January 3
JMI LOGISTICS: Creditors' Meeting Slated for January 8
KARLTON PROFESSIONAL: Creditors' Claims Due Jan. 22, 2007
MICHAEL J BILLINGHAM: Brings In Liquidators from Mazars

POLESTAR GROUP: JP Morgan Appoints Deloitte as Receivers
POP ONE: Creditors' Meeting Slated for January 3
PROCON REALISATIONS: Creditors' Meeting Slated for January 4
RANK GROUP: Fitch Affirms & Withdraws B+ Default Rating
ROWPAK CONTAINERS: Creditors' Meeting Slated for January 5

ROYAL STAFFORD: Brings In RSM Robson to Administer Assets
SKARAMOOSH LIMITED: Appoints Hurst Morrison as Administrators
TITAN EUROPE 2006-5: Fitch Rates EUR14.87-Million Notes at BB

* Large Companies with Insolvent Balance Sheets

                            *********

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


FLAMUR LOSHAJ: Creditors' Meeting Slated for Jan. 10, 2007
----------------------------------------------------------
Creditors owed money by LLC Flamur Loshaj (FN 246818v) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Jan. 10, 2007, to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6 (Bankr. Case No. 3 S 148/06v).  Stefan Langer serves
as the court-appointed property manager of the bankrupt estate.  
Annemarie Kosesnik-Wehrle represents Dr. Langer in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 712 63 02
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at  


KARL REIBERGER: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Katharina Widhalm-Budak, the court-appointed property
manager for LLC Karl Reiberger (FN 111964d), declared Nov. 2
that the Debtor's property is insufficient to cover creditors'
claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 25 (Bankr. Case No. 28 S 55/06a).  

The property manager can be reached at:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 10 37
         Fax: 513 10 3722
         E-mail: widhalm-budak@anwaltsteam.at


KULMER & PARTNER: Graz Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Graz entered Nov. 2 an order shutting down the
business of LLC Kulmer & Partner Fertighaus (FN 239661v).  
Court-appointed property manager Peter Imre recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Peter Imre
         Ludwig-Binder-Road 14
         GEZ-WEST
         8200 Gleisdorf, Austria
         Tel: 03112/2261
         Fax: 03112/2261-23
         E-mail: office@rechtsanwalt-stmk.at  

Headquartered in Albersdorf, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No. 26 S 101/06g).  


KURT UNTERBERGER: Claims Registration Period Ends Jan. 5
--------------------------------------------------------
Creditors owed money by LLC Kurt Unterberger Transport (FN
74090g) have until Jan. 5, 2007, to file written proofs of
claims to court-appointed property manager Michael Zsizsik at:

         Dr. Michael Zsizsik
         Hauptplatz 23
         8600 Bruck an der Mur, Austria
         Tel: 03862-51317
         Fax: 03862-53797
         Email: info@zsisik.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Jan. 17, 2007, to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall 4
         1st Floor
         Leoben, Austria

Headquartered in Bruck an der Mur, Austria, the Debtor declared
bankruptcy on Nov. 6 (Bankr. Case No. 17 S 83/06h).  


MARCHFELDER MOEBELWERKSTATTE: Court Shuts Down Business
-------------------------------------------------------
The Land Court of Korneuburg entered Nov. 2 an order shutting
down the business of LLC Marchfelder Moebelwerkstatte Melnicky-
Broz (FN 57675t).  

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

The property manager can be reached at:

         Mag. Kurt Schick
         c/o Mag. Thomas Stenitzer
         Bahnstrasse 1 A
         2130 Mistelbach, Austria
         Tel: 02572/320 20-0
         Fax: 02572/320 20 32
         E-mail: kanzlei-laa@ra-stenitzer.at  

Headquartered in Grossenzersdorf, Austria, the Debtor declared
bankruptcy on Oct. 23 (Bankr. Case No. 36 S 120/06y).  Thomas
Stenitzer represents Mag. Schick in the bankruptcy proceedings.


MDM BANK: S&P Raises Long-Term Counterparty Credit Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on MDM Bank to 'BB-' from 'B+'. The
outlook is stable.  At the same time, the 'B' short-term
counterparty credit rating on the bank was affirmed.

"Despite high banking competition, the Russian economic
environment remains supportive, enlarging business opportunities
for banks and reducing their credit risks linked to single
corporate clients.  MDM is currently owned 50-50 by two Russian
businessmen, Andrey Melnichenko and Sergey Popov.  The
prospective change in the bank's ownership structure, whereby
Mr. Melnichenko will sell its entire stake in MDM to Mr. Popov
(increasing his ownership to 90%) and Mr. Martin Andersson (10%
stake; a member of MDM's strategy committee), is not expected to
have an impact on the ratings on the bank."

S&P also stressed that "the rating action reflects our increased
confidence that MDM's newly adopted strategy will positively
affect its commercial and financial standing going forward, and
the bank's increasing business diversification and core
profitability."

The agency stated that the stable outlook reflects their opinion
that MDM's new strategy and related reorganization would go
smoothly without setbacks, and would positively impact the
bank's customer franchise and revenue diversification. MDM's
developed infrastructure positions the bank well to benefit from
current positive economic trends and to mature with the market.  

The prospects for an upgrade would depend on:

   -- a successful execution of the strategic objectives;
   -- a longer track record of good financial performance;
   -- a reduction in funding concentrations; and
   -- the maintenance of an adequate capitalization.

"We welcome the change of rating which reflects the Bank's
improving fundamentals," Michel Perhirin, Chairman of the
Management Board, commented.  "We will continue to grow
profitably in the Russian market in line with our strategy,
simultaneously diversifying our asset and funding bases."


NESCHNER & CO: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Oct. 30 an order shutting down
the business of LLC Neschner & Co (FN 225971k).  Court-appointed
property manager Guenther Hoedl recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 5131655
         Fax: 513165533
         E-mail: Hoedl@anwaltsteam.at  
                 dallinger@anwaltsteam.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 38 S 58/06s).  Klemens Dallinger
represents Dr. Hoedl in the bankruptcy proceedings.


=============
B E L A R U S
=============


BELGAZPROMBANK: Fitch Affirms Issuer Default Rating at B-
---------------------------------------------------------
Fitch Ratings affirmed Belarus-based Belgazprombank's ratings at
Issuer Default B-, Short-term B, Individual E, and Support 5.  
The Outlook is Stable.

BGB's Issuer Default and Short-term ratings are based on Fitch's
view of the likelihood of support for the bank being forthcoming
from its main shareholder, Russian integrated gas utility
Gazprom.  However, the sovereign risk of Belarus limits the
extent to which this support can be factored into the ratings.

BGB's Individual rating reflects its small size and franchise,
moderate profitability and capitalization and significant
weaknesses in the operating environment.  However, it also
factors in BGB's continued track record of adequate asset
quality, adequate liquidity, improved funding diversification
and relatively strong management.  

Concentration in the loan book is relatively high by
international standards, although it is decreasing thanks to
rapid loan growth, especially in retail.

Thanks to new funding including international syndicated bank
facilities and loans from the European Bank of Reconstruction
and Development, the International Finance Corporation and
Gazprombank, BGB reduced reliance on customer deposits to 45% of
non-equity funding at end-H106 from 68% at end-2004.  At end-
2005, the share of related parties in non-equity funding
represented a significant 16%.

BGB was founded in 1990 and at end-H106 was the eighth largest
bank in Belarus by total assets with a 1.7% share in sector
assets and a 1.1% share in customer deposits.  Gazprom, together
with its subsidiary Gazprombank, owns a 68% stake in the bank,
while entities controlled by the Belarusian government hold a
32% share.


=============
D E N M A R K
=============


NOVOLIPETSK STEEL: Acquires 50% Stake in Duferco Joint Venture
--------------------------------------------------------------
Novolipetsk Steel OJSC has completed the acquisition of a 50%
interest in a joint venture with Duferco Group that owns and
operates a number of steel production and distribution
facilities in Europe and the U.S.A.  The purchase price of
US$805.5 million was financed in full from NLMK's existing cash
funds.

The purchase price is subject to a post-closing adjustment based
on the results of the audited financial statements of the joint
venture companies for the fiscal year ended Sept. 30, 2006.  The
purchase price adjustment will be completed in the second
quarter of 2007.

                         About Duferco

Headquartered in La Louviere, Belgium, Duferco S.A. --
http://www.duferco.com/-- manufactures and processes steel.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on Dec. 21, 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.

As reported in the TCR-Europe on Dec. 5, Standard & Poor's
Ratings Services said that its ratings and outlook on Russian
steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia
national scale 'ruAA+') are unchanged by the announcement of
NLMK's acquisition of a 50% share in a joint venture with
Duferco Group for US$850 million.


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


BANK AUDI: Fitch Downgrades Individual Rating to D
--------------------------------------------------
Fitch Ratings downgraded Lebanon-based Bank Audi S.A.L.'s and
Bayblos Bank's Individual ratings to D from C/D and removed them
from Rating Watch Negative.  

The banks' other ratings are affirmed at Issuer Default B- with
Stable Outlook, Short-term B, and Support 5.  At the same time,
BLOM Bank's, another Lebanese bank, Support rating is affirmed
at 5.  Fitch does not maintain any other ratings apart from
Support on BLOM.

The downgrade reflects the deterioration in the domestic
operating environment following the July/August war and the
continuing uncertain political and economic outlook.  While the
banking sector has successfully overcome a number of stress
tests in the past, current political and economic problems, in
Fitch's view, could have a more negative impact on performance,
having already endured for several months and with few signs of
alleviation.

Although Audi, Byblos and BLOM have reported sound results for
the first nine months of 2006, Fitch expects profitability in
Q406 and beyond to be affected by a slowing economy and higher
impairment charges arising from the 2006 conflict with Israel.
Fitch also views that further asset quality issues may arise in
2007.  The three banks are pursuing expansion strategies outside
of Lebanon and while diversification is to be viewed positively,
some of the expansion is to countries that also have uncertain
political and economic outlooks.

Audi's and Byblos's Issuer Default ratings are constrained by
the sovereign risk of Lebanon.  Their Individual ratings reflect
the operating environment, but also the banks' strong banking
franchises, competent management, resilient profitability,
adequate liquidity and good capitalization.  The Support ratings
of Audi, BLOM and Byblos reflect that although sovereign support
for the banks may be possible, it cannot be relied upon.

Audi is the largest Lebanese bank by assets at end-September
2006, with a market share of 18% of banking assets and 86
domestic branches providing corporate, commercial, retail,
investment and private banking services as well as
bancassurance.  The bank's shares are listed on the Beirut and
London Stock Exchanges.

EFG Hermes Holding is the largest shareholder, with 23%, and the
Audi family and Saradar Holding, each has a 7% share.  The
remainder is held by Lebanese and Middle-Eastern nationals, with
30% held by Deutsche Bank in the form of GDRs.  

Audi operates in a number of countries outside Lebanon; France,
Switzerland, Egypt, Jordan, Syria, Sudan and Saudi Arabia.  
These businesses constituted approximately 24% and 15% of total
loans and revenues respectively at end-9M06.

Byblos is the third largest bank by assets in Lebanon with an
11% share of banking assets at end-9M06.  It is active in
commercial, retail and international banking through 73 domestic
branches.  The bank is majority-owned by the Bassil family
through the Byblos Invest Holding company and other controlled
entities.

Byblos operates in a number of countries outside Lebanon; Abu
Dhabi, Belgium, Cyprus, France, Syria, Sudan and the U.K.  These
businesses constitute approximately 15% of total assets and
revenues.

BLOM was the second largest Lebanese bank by assets at end-9M06,
with 45 domestic branches and a market share of 17.9% of banking
assets at end-9M06.  Mainly active in corporate banking, BLOM is
a leading player in consumer lending and is developing private
banking activities.  

BLOM operates in a number of countries outside Lebanon; Cyprus,
Egypt, France, Jordan, Syria, Switzerland, UAE and the UK.  
These businesses constitute around 27% of assets and some 18% of
net income.  

The Bank of New York is BLOM's main shareholder with 34.4%,
reflecting its role as the depositary for BLOM's GDRs. A number
of prominent local families control a further 34.2%.


RANK GROUP: Hikes Issued Shared Capital to 542,356, 176 Shares
--------------------------------------------------------------
Consequent upon the recent allotment of shares under the
Company's Employee Share Option Schemes, the Issued Share
Capital of The Rank Group Plc has now increased to 542,356,176
Ordinary 10p Shares with voting rights.

No shares are held in Treasury.

Therefore, the total number of voting rights in the Company is
542,356,176.

The figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are
required to notify their interest in, or a change to their
interest in the Company under the FSA's Disclosure and
Transparency Rules.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Dec. 11, Fitch Ratings
downgraded Rank Group Plc's Issuer Default and Senior Unsecured
Ratings to B+ from BB-.

Fitch assigned a RR4 Recovery rating to Rank's outstanding
bonds.  The Short-term rating is affirmed at B and the Outlook
remains Negative.

On March 6, Moody's Investors Service assigned a Ba2 corporate
family rating to The Rank Group Plc and concurrently downgraded
the senior unsecured long-term debt ratings of Rank Group
Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.


RANK GROUP: Hikes Issued Shared Capital to 542,356, 176 Shares
--------------------------------------------------------------
Consequent upon the recent allotment of shares under the
Company's Employee Share Option Schemes, the Issued Share
Capital of The Rank Group Plc has now increased to 542,356,176
Ordinary 10p Shares with voting rights.

No shares are held in Treasury.

Therefore, the total number of voting rights in the Company is
542,356,176.

The figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are
required to notify their interest in, or a change to their
interest in the Company under the FSA's Disclosure and
Transparency Rules.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Dec. 11, Fitch Ratings
downgraded Rank Group Plc's Issuer Default and Senior Unsecured
Ratings to B+ from BB-.

Fitch assigned a RR4 Recovery rating to Rank's outstanding
bonds.  The Short-term rating is affirmed at B and the Outlook
remains Negative.

On March 6, Moody's Investors Service assigned a Ba2 corporate
family rating to The Rank Group Plc and concurrently downgraded
the senior unsecured long-term debt ratings of Rank Group
Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.


RANK GROUP: Fitch Affirms & Withdraws B+ Default Rating
-------------------------------------------------------
Fitch Ratings affirmed The Rank Group Plc's Issuer Default
ratings at B+ with Negative Outlook, senior unsecured rating at
B+ and Short-term rating at B.  The ratings are simultaneously
withdrawn.

Fitch will no longer provide rating coverage of The Rank Group.


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


VIMPEL-COMMUNICATIONS: Moscow Court Affirms URS Acquisitions
------------------------------------------------------------
The Federal Arbitration Court of the Moscow District affirmed
the June 26, 2006 ruling of the Moscow Arbitration Court and the
Sept. 7, 2006 ruling of the Court of Appeals in favor of OJSC
Vimpel-Communications in one of the claims by Telenor East
Invest AS.

VimpelCom is satisfied with the order of the court which once
again denies Telenor's claim to invalidate the decision of
VimpelCom's CEO to acquire CJSC Ukrainian Radio Systems.  This
is the seventh time that a court has ruled in favor of VimpelCom
on claims filed by Telenor challenging the validity of the URS
acquisition.

An appeal of the ruling may be filed with the Highest
Arbitration Court.

                         About VimpelCom

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

                        *     *     *

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


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


ALPHA FREIZEITFAHRZEUGE: Claims Registration Ends December 30
-------------------------------------------------------------
Creditors of alpha Freizeitfahrzeuge GmbH have until Dec. 30 to
register their claims with court-appointed provisional
administrator Eckhard Finke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bad Kreuznach opened bankruptcy
proceedings against alpha Freizeitfahrzeuge GmbH on Nov. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         alpha Freizeitfahrzeuge GmbH
         Attn: Bernd Maurer, Manager
         Gewerbestr. 30
         55546 Pfaffen-Schwabenheim,
         Germany

The administrator can be contacted at:

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


AS SOLUTION: Claims Registration Ends December 29
-------------------------------------------------
Creditors of AS Solution GmbH have until Dec. 29 to register
their claims with court-appointed provisional administrator
Christian Ruhe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 12, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bersenbrueck
         Area E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck, 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 Bersenbrueck opened bankruptcy proceedings
against AS Solution GmbH on Nov. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AS Solution GmbH
         Wallenhorster Road 73
         49565 Bramsche, Germany

         Attn: Winfried Banse, Manager
         c/o Juricon Unternehmensberatung u.
         Wirtschaftsdienste mbH
         Kurfuerstenstrasse 79
         10787 Berlin, Germany

The administrator can be contacted at:

         Dr. Christian Ruhe
         Marschstrasse 7
         D-49377 Vechta, Germany
         Tel: 04441/92720
         Fax: 04441/927230


BOOS TELECOM: Claims Registration Ends December 30
--------------------------------------------------
Creditors of Boos Telecom GmbH have until Dec. 30 to register
their claims with court-appointed provisional administrator Jens
Lieser.

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

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bad Kreuznach opened bankruptcy
proceedings against Boos Telecom GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Boos Telecom GmbH
         Attn: Wilfried Boos, Manager
         Benzstr. 2
         56288 Kastellaun, Germany

The administrator can be contacted at:

         Jens Lieser
         Fachanwalt fuer Insolvenzrecht
         Josef-Gorres-Place 5
         56068 Koblenz, Germany
         Tel: 0261/30479-0
         Fax: 0261/9114729
         E-mail: info@lieser-rechtsanwaelte.de


HAUSDESIGN WILLIARD: Claims Registration Ends December 31
---------------------------------------------------------
Creditors of Hausdesign Williard GmbH Malerbetrieb have until
Dec. 31 to register their claims with court-appointed
provisional administrator Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern, 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 Kaiserslautern opened bankruptcy
proceedings against Hausdesign Williard GmbH Malerbetrieb on
Nov. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Hausdesign Williard GmbH Malerbetrieb
         Attn: Anneliese Williard, Manager
         Wiesenstr. 8
         67701 Schallodenbach, Germany

The administrator can be contacted at:

         Dr. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz, Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28


OPM MEDIA: Claims Registration Ends January 3, 2007
---------------------------------------------------
Creditors of OPM Media GmbH have until Jan. 3, 2007, to register
their claims with court-appointed provisional administrator
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Jan. 31, 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 OPM Media GmbH on Nov. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         OPM Media GmbH
         Attn: Birte Burwitz, Manager
         Milchstrasse 25
         20148 Hamburg, Germany

The administrator can be contacted at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg, Germany


PEGASUS GMBH: Claims Registration Ends December 30
--------------------------------------------------
Creditors of Pegasus GmbH Wirtschaftsberatung &
Liegenschaftsgesellschaft have until Dec. 30 to register their
claims with court-appointed provisional administrator Rainer U.
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 30, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Augsburg opened bankruptcy proceedings
against Pegasus GmbH Wirtschaftsberatung &
Liegenschaftsgesellschaft on Nov. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Pegasus GmbH Wirtschaftsberatung &
         Liegenschaftsgesellschaft
         Attn: Peter Bolik, Manager
         Bahnhofstr. 5
         86368 Gersthofen, Germany

The administrator can be contacted at:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg, Germany


RENNINGER GMBH: Claims Registration Ends December 30
----------------------------------------------------
Creditors of Renninger GmbH have until Dec. 30 to register their
claims with court-appointed provisional administrator Bruno
Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Room 2
         II. Stick
         Law Branch
         Virchowstr. 14
         Wuerzburg, 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 Wuerzburg opened bankruptcy proceedings
against Renninger GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Renninger GmbH
         Attn: Erhard Renninger, Manager
         Bei den Linden 3
         97232 Giebelstadt-Essfeld,
         Germany

The administrator can be contacted at:

         Bruno Fraas
         Berliner Place 6
         97080 Wuerzburg, Germany
         Tel: 0931/359800


TITAN EUROPE 2006-5: Fitch Rates EUR14.87-Million Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned final ratings to Titan Europe 2006-5
Plc's commercial mortgage-backed floating-rate notes due 2019:

   -- EUR330 million Class A1: AAA;
   -- EUR50,000 Class X: AAA;
   -- EUR112.3 million Class A2: AAA;
   -- EUR61.89 million Class A3: AAA;
   -- EUR56.81 million Class B: AA;
   -- EUR43 million Class C: A;
   -- EUR37 million Class D: BBB;
   -- EUR5 million Class E: BBB-;
   -- EUR14.87 million Class F: BB; and
   -- EUR50,000 Class V: Not rated.

The final ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral and
the integrity of the legal and financial structures.  The
ratings also address the timely payment of interest on the notes
and the ultimate repayment of principal by the final legal
maturity in July 2019.

This transaction is a securitization of eight commercial
mortgage loans with a current aggregate balance of EUR660.9
million and an aggregate market value of EUR980.9 million.  The
loans are secured by 48 properties, including multi-family,
hotel, mixed-use, retail, office and warehouse assets, located
across Germany and Spain.  The pool's weighted average loan-to-
value ratio is 68.9% at closing and is expected to reduce to
65.7% at loan maturity assuming no defaults or prepayments
occur.

Interest and principal on the notes are paid quarterly in
arrears, commencing in January 2007.  Prepayments and balloon
payments on the loans are allocated to the notes according to a
"bucket" structure on a modified pro rata basis, depending on
the group to which the loan in question is allocated.

The structure benefits from a EUR50.5-million liquidity
facility, which is equivalent to 7% of the initial aggregate
outstanding principal balance of the collateral.  The amount
available for drawdown will decrease as the principal amount
outstanding on the loans diminishes but the percentage will
increase to 12% of the initial aggregate outstanding collateral
principal balance.

The three largest loans account for 78.3% of the loan pool by
current aggregate balance.  DIVA is the largest loan and is
secured by 14 multi-family assets predominantly located in
eastern Germany and Berlin.  

Rental income from the Adlon, Balneario Blancafort, Carat Park,
Monzanova and Hilite loans is either entirely or substantially
derived from a single tenant.  The portfolio displays some
concentration in the multifamily and hotel sectors.  The DIVA
and Quartier 206 loans have subordinated B-note tranches, which
have been carved out of the whole loan and are not included in
this transaction.


TKS TEXTIL: Claims Registration Ends January 2, 2007
----------------------------------------------------
Creditors of TKS Textil-Kennzeichnungs-Service GmbH have until
Jan. 2, 2007, to register their claims with court-appointed
provisional administrator Mirko Lehnert.

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

The meeting of creditors will be held at:

         The District Court of 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 TKS Textil-Kennzeichnungs-Service GmbH on
Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         TKS Textil-Kennzeichnungs-Service GmbH
         Attn: Anneliese Neubig, Manager
         Philipp-Reis-Str. 16
         63150 Heusenstamm, Germany

The administrator can be contacted at:

         Mirko Lehnert
         Kasinostr. 9
         64293 Darmstadt, Germany
         Tel: 06151/39682-0
         Fax: 06151/39682-20
         E-mail: darmstadt@reuss-und-partner.de


WERNICKE & ADOLF: Claims Registration Ends December 29
------------------------------------------------------
Creditors of Wernicke & Adolf GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Dessau
         Hall 123
         Willy-Lohmann-Road 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against Wernicke & Adolf GmbH on Nov. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wernicke & Adolf GmbH
         Heideweg 1
         39264 Juetrichau, Germany

         Attn: Guenter Wernicke, Manager
         Fliederweg 14
         06862 Rosslau, Germany

The administrator can be contacted at:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle, Germany
         Tel: 0345/5220024
         Fax: 0345/5220026


WINTERHAUSER NATURSTEINWERK: Claims Registration Ends Dec. 30
-------------------------------------------------------------
Creditors of Winterhauser Natursteinwerk GmbH & Co. KG have
until Dec. 30 to register their claims with court-appointed
provisional administrator Bruno Fraas.

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

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Room 2
         II. Stick
         Law Branch
         Virchowstr. 14
         Wuerzburg, 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 Wuerzburg opened bankruptcy proceedings
against Winterhauser Natursteinwerk GmbH & Co. KG on Nov. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Winterhauser Natursteinwerk GmbH & Co. KG
         Attn: Erhard Renniger, Manager
         Sand 1
         97236 Winterhausen, Germany

The administrator can be contacted at:

         Bruno Fraas
         Berliner Place 6
         97080 Wuerzburg, Germany
         Tel: 0931/359800


WOHNBOULEVARD EMMERICH: Claims Registration Ends December 29
------------------------------------------------------------
Creditors of "Wohnboulevard" Emmerich GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve, 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 Kleve opened bankruptcy proceedings
against "Wohnboulevard" Emmerich GmbH on Nov. 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Wohnboulevard Emmerich GmbH
         Attn: Gerd Wilhelm Bartels, Manager
         Dechant-Spruenken-Str. 3
         46446 Emmerich, Germany

The administrator can be contacted at:

         Heinrich Stellmach
         Salierstr. 4
         46395 Bocholt, Germany


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


AGROPROMTECHNIKA OJSC: Creditors' Claims Due Jan. 30, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on June 30 an order placing OJSC
Agricultural Industrial Technics Agropromtechnika made a
decision about compulsory liquidation on June 30.

Creditors have until Jan. 30, 2007, to submit written proofs of
claim to:

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


ALMATY BROILER: Claims Registration Ends Jan. 30, 2007
------------------------------------------------------
LLP Trade House Almaty Broiler has declared insolvency.  
Creditors have until Jan. 30, 2007, to submit written proofs of
claim to:

         LLP Almaty Broiler
         Baiterek
         Enbekshykazakhsky District
         Almaty Region
         Kazakhstan
         Tel: 8 (3272) 76-79-13
              8 (7051) 90 55-36
         Fax: 8 (7051) 50-34-92


ASTANAGORPROJECT LLP: Claims Filing Period Ends Feb. 1, 2007
------------------------------------------------------------
LLP Astanagorproject has declared insolvency.  Creditors have
until Feb. 1, 2007, to submit written proofs of claim to:

         LLP Astanagorproject
         Room 13
         Imanbaeva Str. 68a
         Astana, Kazakhstan


ASU LLP: Proof of Claim Deadline Slated for Jan. 30, 2007
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Asu insolvent.

Creditors have until Jan. 30, 2007, to submit written proofs of
claim to:

         LLP Asu
         Seifullin Str. 39-16
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 51-27-24


BAKAI STROY: Claims Filing Period Ends Feb. 1, 2007
---------------------------------------------------
LLP Construction Company Bakai Stroy Service has declared
insolvency.  Creditors have until Feb. 1, 2007, to submit
written proofs of claim to:

         LLP Bakai Stroy Service
         Demchenko Str. 7
         Almaty, Kazakhstan


MICHURINSKOYE SELENERGO: Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against JSC
Michurinskoye Selenergo (RNN 300600000214).

JSC Michurinskoye Selenergo is located at:

         Topar
         Abaisky District
         Karaganda Region
         Kazakhstan


ORIENTAL GROUP: Creditors' Claims Due Feb. 1, 2007
--------------------------------------------------
LLP Oriental Group has declared insolvency.  Creditors have
until Feb. 1, 2007, to submit written proofs of claim to:

         LLP Oriental Group
         Lenin Str. 115-3
         Ekibastuz
         Pavlodar Region
         Kazakhstan


SEVERNY LLP: Claims Filing Period Ends Jan. 30, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Severny insolvent.

Creditors have until Jan. 30, 2007, to submit written proofs of
claim to:

         LLP Severny
         Seifullin Str. 39-16
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 51-27-24


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


BISHKEK SOODA: Claims Filing Period Ends Feb. 1, 2007
-----------------------------------------------------
LLC Trade Complex Bishkek Sooda Birimdigi has declared
insolvency.  Creditors have until Feb. 1, 2007, to submit
written proofs of claim to:

         LLC Bishkek Sooda Birimdigi
         Chui Ave. 4
         Bishkek, Kyrgyzstan


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


DNB NORD: Fitch Affirms Individual Rating at D
----------------------------------------------
Fitch Ratings upgraded Lithuania-based DnB NORD Bankas's Issuer
Default rating to A from A- and Short-term rating to F1 from F2.  
Following the upgrade, the Outlook is now Stable.  The bank's
other ratings are affirmed at Individual D and Support 1.

The upgrade of the IDR and Short-term ratings reflects the
progress that has been achieved in integration with its ultimate
owner the Norwegian bank DnB NOR Bank.  The IDR and Short-term
rating reflect the extremely high potential support DnB NORD
Bankas could receive through its controlling shareholder DnB
NORD from DnB NOR Bank.

"Since the creation of DnB NORD joint venture significant
progress at DnB NORD Bankas has been made in redesigning risk
management systems.  Market and liquidity risks in all DnB NORD
subsidiaries are managed by the single Asset Liability
Management Committee based in Copenhagen, while extensive
assistance in managing credit risk is also provided," says Artur
Szeski, Director in Fitch's Financial Institutions team.

"The performance of subsidiaries is closely monitored and
funding needs are met promptly by ultimate parents both in the
form of equity injections and long-term lending," Mr. Szeski
added.

The Individual rating reflects DnB NORD Bankas's improved
profitability, stable market position and the expertise in
retail banking the bank is receiving from DnB NOR Bank.  
However, it also takes into account the bank's heavy reliance on
external financing to fund further asset growth and the
challenge of maintaining the current profitability level.

"With restructuring process completed and the renewed commercial
focus, the profitability of the bank improved significantly.
Nevertheless, both in 2005 and 2006 it was supported by non-
recurring items.  It remains to be seen, whether future revenue
growth will outpace the increase of the cost base linked to
these expansion plans," Tim Beck, Director in Fitch's Financial
Institutions team disclosed.

Fitch notes that the bank has already high proportion of loans
on its balance sheet and with limited growth of banking deposits
in Lithuania it is heavily reliant on external financing, mainly
from its parent, to support lending expansion.

DnB NORD Bankas was acquired by NORD/LB in 2002.  In November
2005 NORD/LB and DnB NOR Bank established a joint venture, DnB
NORD, to serve the Danish, Finnish, Estonian, Latvian,
Lithuanian and Polish markets.

DnB NOR Bank is the majority stakeholder in this joint venture
with 51% stake.  In December 2005 NORD/LBL was transferred to
DnB NORD and was subsequently re-branded to DnB NORD Bankas in
May 2006.


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


ALFA BANK: Raises Stake in Amtel-Vredestein N.V. to 26.14%
----------------------------------------------------------
Alfa-Group has filed documents with the Dutch securities
regulator, AFM, which confirms it now holds a cumulative stake
in Amtel-Vredestein N.V. of 26.14%.

The shares are held both directly and through Amtel-Vredestein's
listing on the London Stock Exchange.  Alfa acquired 6 million
additional ordinary shares from a company controlled by Amtel-
Vredestein founder Sudhir Gupta.

"We continue to have a very positive outlook for Amtel-
Vredestein and expect the value of our investment to grow
significantly, Vagan Abgaryan, Alfa-Bank Head of Asset
Management Department, said.  "We look forward to continuing
close cooperation with Mr. Gupta and we also pledge our full
support to the company, including its AV-TO distribution and
retail subsidiary."

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Standard & Poor's Raises Long-Term Rating to BB
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Alfa-Bank to BB from BB-. The
short-term rating on the bank was affirmed at B. The outlook is
stable.  At the same time, the Russian national scale rating was
raised to ruAA from ruAA-.

Standard & Poor's noted that this rating action is based on
Alfa-Bank's strengthened commercial position, good management,
progress in development of business in line with the strategy,
and continuous shareholders commitment to the bank.

The stable outlook reflects Standard & Poor's expectation that
Alfa-Bank will continue to build up its franchise, and improve
its financial profile, benefiting from Russia's favorable market
conditions.

According to Standard & Poor's, a further upgrade might be
considered if the bank improves its efficiency, strengthens its
capitalization, and further diversifies its loan portfolio and
funding.


INDOVER BANK: Fitch Affirms Issuer Default Rating at B+
-------------------------------------------------------
Fitch Ratings changed the Outlook of Netherlands-based Indover
Bank's Issuer Default rating to Stable from Positive.  At the
same time, the agency affirmed the bank's ratings at IDR B+,
Short-term B, Individual D/E, and Support 4.

The change to a Stable Outlook mirrors the change in the Outlook
on the Republic of Indonesia this year.  The Issuer Default
rating continues to reflect the commitment of the bank's sole
shareholder, Bank Indonesia, the Indonesian central bank, to
provide support to Indover Bank.

Although Bank Indonesia is obliged to divest Indover Bank by
end-2008, it has explicitly stated its commitment to "continue
supporting the activities of Indover Bank" until divestment
takes place.  Indover Bank's Support rating of 4 takes into
account this commitment, but also reflects possible limitations
in Bank Indonesia's ability to provide support, as indicated by
the Republic of Indonesia's Issuer Default rating of BB-.

The Individual rating reflects Indover Bank's reduced but still
existing dependence on Bank Indonesia for funding and liquidity
and the bank's lack of profitability.  However, the rating also
takes into account the bank's strong, albeit declining, capital
base.  Indover Bank has not yet been able to rebuild a
profitable business model since the 1997 Asian crisis, which
caused a collapse in asset quality and profitability.

The asset quality issues were subsequently addressed by
transferring the bad loans into a separate legal entity but the
bank has yet to regenerate its franchise, and revenues are low
and do not cover costs.  Nevertheless, management is
restructuring the bank and has adopted a strategy aimed at
expanding the client base and increasing transaction volumes.
With a Tier 1 ratio of 26% at mid-2006, Indover Bank has
sufficient capital to absorb current losses and to support
future asset growth.

A specialized wholesale bank active in trade finance based in
Amsterdam, Indover Bank has a branch in Hamburg, wholly owned
subsidiaries in Hong Kong and Singapore and a representative
office in Jakarta.


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


BANK PEKAO: Fitch Upgrades C Individual Rating to B/C
-----------------------------------------------------
Fitch Ratings upgraded Poland-based Bank Pekao's Individual
rating to B/C from C.  The bank's other ratings are affirmed at
Issuer Default A, Short-term F1, and Support 1.  The Outlook
remains Positive.

The upgrade of the Individual rating reflects continuous
improvement in Pekao's underlying profitability, successful
diversification of its revenue sources and strong market share
despite conservative risk management.  The bank also benefits
from strong capitalization and liquidity, which can accommodate
further expansion.  However, the rating also reflects the
relatively challenging operating environment in Poland.

"Despite a conservative approach to risk management, the
profitability of the bank is constantly improving, demonstrating
the strength of Pekao's franchise.  The merger with Bank BPH
should further strengthen this franchise," Artur Szeski,
Director on Fitch's Financial Institutions team disclosed.

There will be risks associated with the merger; however, Fitch
notes that both banks have a successful track record in this
area. "The experience and track record of local management, as
well as the parent banks, in managing mergers should
significantly reduce the operational risk," Chris Birney,
Director at Fitch's Financial Institutions team expressed.  

The Issuer Default and Short-term rating are based on the
extremely high potential support that the bank can expect to
receive from its parent, UniCredito Italiano, in case of need.
The Positive Outlook for Pekao's Issuer Default rating reflects
that for UCI.

Pekao is the second largest bank in Poland with 11% of sector
assets.  UCI has held majority stake in Pekao since 1999.  The
remainder is widely held.  Following UCI's successful bid for
Germany's Bayerische Hypo- und Vereinsbank, Bank Pekao will
merge with a spin-off part of HVB Polish subsidiary Bank BPH.
The merger will create the biggest bank in Poland by assets and
equity.


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


ALFA BANK: Raises Stake in Amtel-Vredestein N.V. to 26.14%
----------------------------------------------------------
Alfa-Group has filed documents with the Dutch securities
regulator, AFM, which confirms it now holds a cumulative stake
in Amtel-Vredestein N.V. of 26.14%.

The shares are held both directly and through Amtel-Vredestein's
listing on the London Stock Exchange.  Alfa acquired 6 million
additional ordinary shares from a company controlled by Amtel-
Vredestein founder Sudhir Gupta.

"We continue to have a very positive outlook for Amtel-
Vredestein and expect the value of our investment to grow
significantly, Vagan Abgaryan, Alfa-Bank Head of Asset
Management Department, said.  "We look forward to continuing
close cooperation with Mr. Gupta and we also pledge our full
support to the company, including its AV-TO distribution and
retail subsidiary."

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Standard & Poor's Raises Long-Term Rating to BB
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Alfa-Bank to BB from BB-. The
short-term rating on the bank was affirmed at B. The outlook is
stable.  At the same time, the Russian national scale rating was
raised to ruAA from ruAA-.

Standard & Poor's noted that this rating action is based on
Alfa-Bank's strengthened commercial position, good management,
progress in development of business in line with the strategy,
and continuous shareholders commitment to the bank.

The stable outlook reflects Standard & Poor's expectation that
Alfa-Bank will continue to build up its franchise, and improve
its financial profile, benefiting from Russia's favorable market
conditions.

According to Standard & Poor's, a further upgrade might be
considered if the bank improves its efficiency, strengthens its
capitalization, and further diversifies its loan portfolio and
funding.


ALTAIR CJSC: Court Commences External Management Procedure
----------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
external management bankruptcy procedure on CJSC Agricultural
Company Altair.  The case is docketed under Case No. A65-
8424/2006-SG4-31.

The External Insolvency Manager is:

         A. Mikhaylov
         Post User Box 265
         Kazan
         420029 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         CJSC Agricultural Company Altair
         Yubileynaya Str. 31/2
         Osinovo
         Zelenodolskiy Region
         422520 Tatarstan Republic
         Russia


BELORETSKIY NEAR-BEER: Claims Filing Deadline Set Feb. 2, 2007
--------------------------------------------------------------
Creditors of Beloretskiy Near-Beer Factory have until Feb. 2,
2007, to submit written proofs of claim to:

         V. Palaksov, Insolvency Manager
         Tsuryupy Str. 153
         Ufa
         450006 Bashkortostan Republic
         Russia
         Tel: 8-917-34-222-17

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case was docketed under Case No. A07-29970/05-G-
MOG.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Beloretskiy Near-Beer Factory
         50 Let Oktyabrya Str. 97
         Beloretsk
         Bashkortostan Republic
         Russia


CHEMICAL PLANT 40: Court Names T. Khaliullin to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. T. Khaliullin as
Insolvency Manager for CJSC Chemical Plant 40.  He can be
reached at:

         T. Khaliullin
         Building 6
         Tsvetnoy Avenue 22
         127051 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-43953/06-123-949B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Chemical Plant 40
         Maroseyka Str. 6/8
         101000 Moscow
         Russia


COAL LLC: Creditors Must Submit Claims by Feb. 2, 2007
------------------------------------------------------
Creditors of LLC Coal have until Feb. 2, 2007, to submit written
proofs of claim to:

         A. Bashmakova, Insolvency Manager
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against the company after finding it insolvent.

The case is docketed under Case No. A59-2370/06-S4.

The Debtor can be reached at:

         LLC Coal
         Lenina Str. 16A
         Shakhtersk
         Sakhalin Region
         Russia


EKATERINBURGSKIY LIQUEUR-VODKA: Bankruptcy Supervision Starts
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on LLC Ekaterinburgskiy Liqueur-Vodka
Distillery.  The case is docketed under Case No. A60-32081/06-
S11.

The Temporary Insolvency Manager is:

         P. Popov
         Armavirskaya Str. 43
         620141 Ekaterinburg Region
         Russia
         Tel/Fax: (343)333-91-00

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         LLC Ekaterinburgskiy Liqueur-Vodka Distillery
         Bazovyj Per. 47
         620089 Ekaterinburg Region
         Russia


ELABUZHSKIY FACTORY: Assets Sale Slated for Jan. 2, 2007
--------------------------------------------------------
Mr. B. Surov, insolvency manager and the bidding organizer for
LLC Elabuzhskiy Factory of Reinforced Concrete Products, opened
a public auction of the company's properties at 11:00 a.m. on
Jan. 2, 2007 at:

         Stroiteley Str. 25a
         Elabuga
         Tatarstan Republic
         Russia

Starting price is RUR10,931,500.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to:

         LLC Elabuzhskiy Factory of Reinforced Concrete Products
         Settlement Account 40702810411000000887
         OJSC FAICB Tatfondbank
         Correspondent Account 3010181040000000922
         BIK 049232922
         TIN 1646010220
         KPP 164601001

The Debtor can be reached at:

         LLC Elabuzhskiy Factory of Reinforced Concrete Products
         Stroiteley Str. 25a
         Elabuga
         Tatarstan Republic
         Russia


GOLDEN TELECOM: Buys 65% Stake in Fortland Ltd. for US$50 Mln
-------------------------------------------------------------
Golden Telecom Inc. signed a purchase agreement for the
acquisition of a 65% interest in Fortland Ltd.  

The purchase price of the acquisition is expected to be around
US$50 million.

Fortland holds licenses for digital television in a few largest
cities of Russia and is to target other major Russian cities.  
These licenses will be used by the Company to provide customers
with a greater number of digital television channels, higher
quality picture and the opportunity for Pay-per-view  
programming, all using the Digital Video Broadcast standard in
MPEG-4 coding. In the future, the Company expects to add
additional services to customers.

DVB is the most promising television format currently existing
and one that is rapidly growing in Europe. DVB is the most cost-
effective TV broadcasting technology and has a number of
promising competitive features, including:

   -- a high quality digital video with stereo sound;

   -- a greater number of television channels;

   -- support for free-to-air TV and pay TV services;

   -- interactivity;

   -- competitive rates for customers compared to analog TV
      rates;

   -- ease of installation and use for analog and digital TV
      users through plug-and-play DVB consoles.

In addition, mobile and smart phones, personal computers,
laptops, and PDAs can receive DVB signals.  Major television
manufacturers support DVB, including Sony, Panasonic, and
Philips, making DVB access readily available.

The combination of access to DVB technology, with the Company's
wide geographical presence across Russia, will further ITS
penetration into a potential market of 11 million households in
22 major Russian cities with a population of 35 million.  The
Fortland acquisition will enable the delivery of a Triple Play
service package, including high speed Internet access, digital
television with about 50 channels, and VoIP.

"This acquisition constitutes a perfect fit into Golden
Telecom's broadband expansion strategy in Russian telecoms and
will position us as a strong player in the media market," Jean-
Pierre Vandromme, Golden Telecom's Chief Executive Officer,
noted.  "It will allow us to complement Golden Telecom's Triple
Play service offering, adding the high quality TV element to our
existing broadband Internet and voice products in Moscow, St.
Petersburg, and regions of Russia and provide with access to a
mass market of Russian consumers.  The purchase will also enable
Golden Telecom to benefit from the plans of the Russian Ministry
of Information Technologies and Communications to replace analog
televisions in Russia with digital televisions in approximately
10 years, as in other European countries, promoting DVB as the
national standard.  Currently, the television penetration level
in Russia is approximately 98.6%, which makes Russia the largest
TV market in Europe."

                      About Golden Telecom

Golden Telecom, Inc. -- http://www.goldentelecom.com/--  
provides integrated telecommunications and Internet services in
major population centers throughout Russia and other countries
of the Commonwealth of Independent States.  The Company offers
voice, data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
approximately 287 combined access points in Russia and other
countries of the CIS.  The Company offers cellular communication
services in Kiev and Odessa, Ukraine.

                          *     *     *

As reported in the TCR-Europe on Oct. 16, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Golden Telecom Inc., to 'BB' from 'BB-', reflecting the
company's strengthened business profile and prudent financial
risk management.  S&P said the outlook is stable.

"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.


GOLDEN TELECOM: Signs Share Swap Deal with Corbina Telecom Group
----------------------------------------------------------------
Golden Telecom Inc. has executed a binding Term Sheet with Dawn
Key Limited, a company that owns 71.11% of shares of Inure
Enterprises Ltd., Cyprus.  Inure is jointly controlled by
Alexander Mamut and Renova Capital and owns 99% of shares of ZAO
Cortec.

Under the Term Sheet, Golden Telecom will receive 51% ownership
in ZAO Cortec together with its wholly owned subsidiaries ZAO
Investelektrosvyaz, ZAO Kabelstroy and other subsidiaries
jointly doing business as the Corbina Telecom Group in exchange
for an issue of 8% of Golden Telecom's shares calculated on a
post-acquisition basis and US$10.0 million in cash.  The
transaction is subject to approval by the appropriate regulatory
bodies in the United States and Russia, and execution and
consummation of an ownership interest purchase agreement.

Founded in 1995, Corbina is a facilities-based alternative
service provider operating in Moscow and 24 regions of Russia.
According to Corbina's management estimates, Corbina's revenue
outlook for 2006 is around US$90.0 million, which is generated
by:

   -- fiber-to-the-building broadband Internet services in
      Moscow, St. Petersburg and four other Russian cities

   -- switched voice and data services provided to Small and
      Medium Enterprises in Moscow; and

   -- fixed-to-mobile convergent services with a wireless DAMPS
      network that are used by over 35,000 users.

In late 2005, Corbina commenced the rollout of a FTTB network
which, to date, covers approximately 2,400,000 apartments in
Moscow, comprising two-thirds of all households in the city.  
The network serves around 110,000 broadband Internet customers.  
Corbina adds more than 10,000 customers per month, which is one-
third of all incremental broadband users in Moscow.  Corbina's
network and presence in its markets position Corbina as the
leader in terms of customer base net growth. We expect that
increasing network reach will further fuel Corbina's strong
position and market presence.

Corbina primarily targets residential and SME customers in the
corporate segment in Moscow by focusing on off-the-shelf product
offerings, including broadband Internet and switched voice
services.  Corbina enjoys impressive brand recognition and
strong customer loyalty. With several years of experience in
running a DAMPS-based fixed-to-mobile convergent services
business, Corbina has not only built a base of loyal high-usage
customers, but has also gained first-hand knowledge on how to
successfully provide GSM-based convergent services.

In the light of the strong potential growth of this business it
is mutually agreed to issue an initial public offering of
Corbina in Moscow, London or New York by the end of 2008 subject
to market conditions and regulatory approvals.

"In Moscow this acquisition overcomes Golden Telecom's "last
mile deficit" and provides us with access to virtually every
building in the city," Jean-Pierre Vandromme, Chief Executive
Officer of Golden Telecom noted.  "Corbina's widely developed
local loop puts us on a par with the incumbent.  This
acquisition supports our strategy to develop broadband services
for mass markets and significantly strengthens our position in
Moscow, St. Petersburg and several other large cities of Central
Russia with a FTTB network.

"We believe that FTTB is the ultimate broadband technology and
one which provides great potential for our future growth. Local
loops based on this access type support speeds of 100Mbit/s to
every end user, a speed that is 200 times faster than ADSL
solutions currently on offer in Russia. FTTB is one of the best
platforms to meet current and foreseeable future needs such as
VoIP, instant messaging, video conferencing, IPTV, Video-on-
Demand and rapidly growing value added services such as
interactive entertainment.

"Corbina is already clearly among the leaders in the Moscow
broadband market. Golden Telecom has just rolled out a WiFi
network in Moscow that is the largest in Europe and second
largest in the world.  We are now in a position to offer our
customers high-speed wireline broadband at home and broadband
mobility in the city. We will also be able to offer a quadric-
play product to mass markets as we bundle VoIP, IPTV and MVN-
based (mobile virtual network-based) services.

"These service offerings will clearly position Golden Telecom as
a unique and exciting player in the market. This acquisition
will confirm Golden Telecom's ability to consolidate strategic
acquisitions in the Russian market, following from the
acquisitions and successful integration of Sovintel, Comincom
Combellga and 16 regional acquisitions since 2003.  This
acquisition will further reinforce our leadership position in
promising and expanding markets of telecoms and media."

"This is an excellent deal for both parties. We are very pleased
with the way that Corbina has developed its broadband rollout,"
Mr. Mamut stated.  "On the back of the current consolidation
trend in the Russian telecoms industry, we have decided that
joining forces with Golden Telecom creates the best platform to
achieve even more ambitious aims.  The pairing with Golden
Telecom creates a partnership that is greater than the sum of
its parts. We believe that the receipt of Golden Telecom shares
will provide us with greater upside than cash and will allow us
to participate in Golden Telecom's impressive future growth.  We
look forward to taking an active role both on the board of
directors of Corbina and as a shareholder in Golden Telecom."

                      About Golden Telecom

Golden Telecom, Inc. -- http://www.goldentelecom.com/--  
provides integrated telecommunications and Internet services in
major population centers throughout Russia and other countries
of the Commonwealth of Independent States.  The Company offers
voice, data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
approximately 287 combined access points in Russia and other
countries of the CIS.  The Company offers cellular communication
services in Kiev and Odessa, Ukraine.

                          *     *     *

As reported in the TCR-Europe on Oct. 16, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Golden Telecom Inc., to 'BB' from 'BB-', reflecting the
company's strengthened business profile and prudent financial
risk management.  S&P said the outlook is stable.

"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.


KARLAMANSKIY ELEVATOR: A. Yulchurin to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Yulchurin as Insolvency Manager for OJSC Karlamanskiy Elevator
(TIN 0229009444).  He can be reached at:

         A. Yulchurin
         Post User Box 56
         Ufa
         450009 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-11497/06-G-PAV.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Karlamanskiy Elevator
         Novaya Elevatornaya Str. 1
         Ulukulevo
         Karmaskalinskiy Region
         453010 Bashkortostan Republic
         Russia


KRAS-TYAZH-MASH-ENERGO: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Altay Republic has commenced bankruptcy
supervision procedure on OJSC Kras-Tyazh-Mash-Energo.  The case
is docketed under Case No. A02-1574/2006 g.

The Temporary Insolvency Manager is:

         P. Akinypin
         Apartment 10
         Oktyabrskaya Str. 84
         Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Kras-Tyazh-Mash-Energo
         400131 Altay Republic
         Russia


KVINTA-INVEST CJSC: Claims Filing Period Ends Feb. 2, 2007
----------------------------------------------------------
Creditors of CJSC Kvinta-Invest (TIN 5249041974) have until
Feb. 2, 2007, to submit written proofs of claim to:

         V. Churyumov, Insolvency Manager
         Post User Box 115
         Gorkogo Square
         Nizhniy Novgorod Region
         Russia

The Court of Nizhniy Novgorod Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case was docketed under Case No. A43-27482/2006 24-325.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Kvinta-Invest
         Pobedy Pr. 2-64
         Dzerzhinsk
         Nizhniy Novgorod Region
         Russia


MDM BANK: S&P Raises Long-Term Counterparty Credit Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on MDM Bank to 'BB-' from 'B+'. The
outlook is stable.  At the same time, the 'B' short-term
counterparty credit rating on the bank was affirmed.

"Despite high banking competition, the Russian economic
environment remains supportive, enlarging business opportunities
for banks and reducing their credit risks linked to single
corporate clients.  MDM is currently owned 50-50 by two Russian
businessmen, Andrey Melnichenko and Sergey Popov.  The
prospective change in the bank's ownership structure, whereby
Mr. Melnichenko will sell its entire stake in MDM to Mr. Popov
(increasing his ownership to 90%) and Mr. Martin Andersson (10%
stake; a member of MDM's strategy committee), is not expected to
have an impact on the ratings on the bank."

S&P also stressed that "the rating action reflects our increased
confidence that MDM's newly adopted strategy will positively
affect its commercial and financial standing going forward, and
the bank's increasing business diversification and core
profitability."

The agency stated that the stable outlook reflects their opinion
that MDM's new strategy and related reorganization would go
smoothly without setbacks, and would positively impact the
bank's customer franchise and revenue diversification. MDM's
developed infrastructure positions the bank well to benefit from
current positive economic trends and to mature with the market.  

The prospects for an upgrade would depend on:

   -- a successful execution of the strategic objectives;

   -- a longer track record of good financial performance;

   -- a reduction in funding concentrations; and

   -- the maintenance of an adequate capitalization.

"We welcome the change of rating which reflects the Bank's
improving fundamentals," Michel Perhirin, Chairman of the
Management Board, commented.  "We will continue to grow
profitably in the Russian market in line with our strategy,
simultaneously diversifying our asset and funding bases."


NOVOLIPETSK STEEL: Acquires 50% Stake in Duferco Joint Venture
--------------------------------------------------------------
Novolipetsk Steel OJSC has completed the acquisition of a 50%
interest in a joint venture with Duferco Group that owns and
operates a number of steel production and distribution
facilities in Europe and the U.S.A.  The purchase price of
US$805.5 million was financed in full from NLMK's existing cash
funds.

The purchase price is subject to a post-closing adjustment based
on the results of the audited financial statements of the joint
venture companies for the fiscal year ended Sept. 30, 2006.  The
purchase price adjustment will be completed in the second
quarter of 2007.

                         About Duferco

Headquartered in La Louviere, Belgium, Duferco S.A. --
http://www.duferco.com/-- manufactures and processes steel.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on Dec. 21, 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.

As reported in the TCR-Europe on Dec. 5, Standard & Poor's
Ratings Services said that its ratings and outlook on Russian
steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia
national scale 'ruAA+') are unchanged by the announcement of
NLMK's acquisition of a 50% share in a joint venture with
Duferco Group for US$850 million.


OXYGEN LLC: Creditors Must File Claims by Jan. 2, 2007
------------------------------------------------------
Creditors of LLC Oxygen have until Jan. 2, 2007, to submit
written proofs of claim to:

         A. Geyko, Temporary Insolvency Manager
         Kirova Str. 2
         Armavir
         352901 Krasnodar Region
         Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on LLC Oxygen.  The case is docketed under
Case No. A63-8240/06-S5.

The Court will hear the case on Feb. 1, 2007.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Oxygen
         Zelenokumsk
         Stavropol Region
         Russia


SANBOLI-WOOD CJSC: Creditors Must File Claims by Feb. 2, 2007
-------------------------------------------------------------
Creditors of CJSC Sanboli-Wood have until Feb. 2, 2007, to
submit written proofs of claim to:

         G. Chmutina, Insolvency Manager
         Sheronova Str. 56
         680000 Khabarovsk Region
         Russia

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A73-5987/2006-9.

The Debtor can be reached at:

         CJSC Sanboli-Wood
         Inzhenernaya Str. 16.
         Sanboli
         Khabarovsk Region
         Russia


SARATOV-GAS-ENERGO: Creditors Must File Claims by Jan. 2, 2007
--------------------------------------------------------------
Creditors of OJSC Saratov-Gas-Energo have until Jan. 2, 2007, to
submit written proofs of claim to:

         T. Yalynycheva, Insolvency Manager
         Post User Box 2493
         410076 Saratov Region
         Russia

The Arbitration Court of Saratov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-527B/05-12.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Saratov-Gas-Energo
         50 Let Oktyabrya Pr. 110 A
         410040 Saratov Region
         Russia


SUAL GROUP: Creditors Approve Merger with Rusal and Glencore
------------------------------------------------------------
The creditors of Sual Group have approved the combination of
aluminium and alumina assets of Sual, Rusal and Glencore
International.

Sual Group's creditors have officially confirmed their agreement
to a change in the company's shareholder structure.  

Specifically, Rusal's shareholders will own 66% of shares in the
newly created united company, while SUAL's shareholders will own
22%, and Glencore's owners will control 12% of shares.

The combination of assets of the three companies will result in
an increase in the net debt and a temporary change in financial
ratios of the borrower, which has also been approved by the
lenders.  Such an approval was required under loan agreements
totaling US$850 million.

Following completion of the deal, the new united company will
become the world's largest aluminium and alumina producer.  The
company will employ over 110,000 people in 17 countries on five
continents.  The annual volume of production will equal four
million tons of aluminium and 11 million tons of alumina.

Following the integration, the company will control about 12.5%
of the global primary aluminium market and 16% of the global
alumina production.

As reported in the TCR-Europe on Nov 15, 2006, the United
company RUSAL will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,  
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Energy products and commodities are marketed and coordinated
primarily in Glencore's headquarters in Baar, Switzerland and
through the offices of its subsidiaries in London, Stamford and
Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with  
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium  
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


TAVDINSKOYE GRAIN: Court Names N. Naumov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. N.
Naumov as Insolvency Manager for OJSC Tavdinskoye Grain
Receiving Enterprise (TIN 6634000932).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case was docketed under Case
No. A60-14540/06-S11.  

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

         N. Naumov, Insolvency Manager
         Post User Box 30
         620027 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Tavdinskoye Grain Receiving Enterprise
         Maksima Gorkogo Str. 63
         Tavda
         623950 Sverdlovsk Region
         Russia


TNK-BP HOLDING: Inks Cooperation Deal Irkutsk Regional Gov't
------------------------------------------------------------
TNK-BP Holding Ltd. and the administration of the Irkutsk Region
signed a Social and Economic Cooperation Agreement to develop
stable, mutually advantageous bilateral relations on a long-term
basis.

Cooperation between the Irkutsk region and TNK-BP targets
further development and diversification of the region's industry
and social infrastructure, creation of jobs and raising the
living standard of the people of the region.  TNK-BP committed
to finance environmental and conservation activities, provide
sponsorship and social investment in the areas where it
operates.

"We are interested in investors who have a strategic vision of
their presence in the Irkutsk region," said Irkutsk Governor
Alexander Tishanin.  "We had a chance to see that TNK-BP entered
our region with serious intentions and for a long time.  The
agreement we signed today will give a new impetus to our
cooperation.  We expect that in 2007-2008 the company will
invest about RUR2 billion in the Irkutsk oil and gas sector.
Next year another RUR100 million will be spent on environment
and around 40 million will go towards solving the Region's
social and economic issues."

The agreement envisages establishing a major new center of oil
production in the north of the Irkutsk Region.  The
Verkhnechonskoye oil field is the core of this project.  The
parties agreed to establish a joint standing Working Group to
develop optimal solutions to issues arising in the course of the
pilot development of the Vekhnechonskoye field.  

Investment in field development in period of 2006-2009 may
exceed US$900 million.

The Agreement stipulates that the Administration of the Irkutsk
Region and TNK-BP implement the regional gasification project.  
The total amount of capital spending in 2006 -2009 may reach
US$650 million. The agreement also envisages steps to facilitate
formation of a regional market for gas distribution and heating
services in the region.

"Development of the Irkutsk region is an integral part of the
future economic well-being of East Siberia and the whole of
Russia," said Victor Vekselberg, Executive Director Gas
Development, TNK-BP.  "TNK-BP's capabilities will help bring
these plans to fruition."

                          About TNK-BP

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

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

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

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

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


TRANSPORT ENTERPRISE: Bankruptcy Hearing Slated for Feb. 1, 2007
----------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at
3:30 p.m. on Feb. 20, 2007, to hear the bankruptcy supervision
procedure on OJSC Transport Enterprise.  The case is docketed
under Case No. A65-23326/2006-SG4-27.

The Temporary Insolvency Manager is:

         I. Sabirov
         Uchitelskaya Str. 2
         Kazan
         420108 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         OJSC Transport Enterprise
         Kazan
         Tatarstan Republic
         Russia


URALSKIY FACTORY: Court Names S. Shelegin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. S.
Shelegin as Insolvency Manager for CJSC Uralskiy Factory of
Experimental Alloys (TIN 6664077322).  He can be reached at:

         S. Shelegin
         Post User Box 93
         620088 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-8652/2006-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Uralskiy Factory of Experimental Alloys
         Alpinistov Str. 57
         620010 Ekaterinburg Region
         Russia


VIMPEL-COMMUNICATIONS: Moscow Court Affirms URS Acquisitions
------------------------------------------------------------
The Federal Arbitration Court of the Moscow District affirmed
the June 26, 2006 ruling of the Moscow Arbitration Court and the
Sept. 7, 2006 ruling of the Court of Appeals in favor of OJSC
Vimpel-Communications in one of the claims by Telenor East
Invest AS.

VimpelCom is satisfied with the order of the court which once
again denies Telenor's claim to invalidate the decision of
VimpelCom's CEO to acquire CJSC Ukrainian Radio Systems.  This
is the seventh time that a court has ruled in favor of VimpelCom
on claims filed by Telenor challenging the validity of the URS
acquisition.

An appeal of the ruling may be filed with the Highest
Arbitration Court.

                         About VimpelCom

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

                        *     *     *

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


VNESHTORGBANK JSC VTB 24 Unit Inks US$200-Mln Loan with EBRD
----------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of Vneshtorgbank
JSC, signed a five-year US$200 million syndicated loan with the
European Bank for Reconstruction and Development, RIA Novosti
reports.

"The loan will be used to provide credit to micro, small and
medium enterprises," VTB24 said in a statement.

EBRD will provide US$150 million of the loan while a pool of
foreign banks, led by Barclays Capital, will syndicate the
remaining US$50 million.

                      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.


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


BANK AUDI: Fitch Downgrades Individual Rating to D
--------------------------------------------------
(12/21/fitch)-carmel

Fitch Ratings downgraded Lebanon-based Bank Audi S.A.L.'s and
Bayblos Bank's Individual ratings to D from C/D and removed them
from Rating Watch Negative.  The banks' other ratings are
affirmed at Issuer Default B- with Stable Outlook, Short-term B,
and Support 5.  At the same time, BLOM Bank's, another Lebanese
bank, Support rating is affirmed at 5.  Fitch does not maintain
any other ratings apart from Support on BLOM.

The downgrade reflects the deterioration in the domestic
operating environment following the July/August war and the
continuing uncertain political and economic outlook.  While the
banking sector has successfully overcome a number of stress
tests in the past, current political and economic problems, in
Fitch's view, could have a more negative impact on performance,
having already endured for several months and with few signs of
alleviation.

Although Audi, Byblos and BLOM have reported sound results for
the first nine months of 2006, Fitch expects profitability in
Q406 and beyond to be affected by a slowing economy and higher
impairment charges arising from the 2006 conflict with Israel.
Fitch also views that further asset quality issues may arise in
2007.  The three banks are pursuing expansion strategies outside
of Lebanon and while diversification is to be viewed positively,
some of the expansion is to countries that also have uncertain
political and economic outlooks.

Audi's and Byblos's Issuer Default ratings are constrained by
the sovereign risk of Lebanon.  Their Individual ratings reflect
the operating environment, but also the banks' strong banking
franchises, competent management, resilient profitability,
adequate liquidity and good capitalization.  The Support ratings
of Audi, BLOM and Byblos reflect that although sovereign support
for the banks may be possible, it cannot be relied upon.

Audi is the largest Lebanese bank by assets at end-September
2006, with a market share of 18% of banking assets and 86
domestic branches providing corporate, commercial, retail,
investment and private banking services as well as
bancassurance.  The bank's shares are listed on the Beirut and
London Stock Exchanges.

EFG Hermes Holding is the largest shareholder, with 23%, and the
Audi family and Saradar Holding, each has a 7% share.  The
remainder is held by Lebanese and Middle-Eastern nationals, with
30% held by Deutsche Bank in the form of GDRs.  

Audi operates in a number of countries outside Lebanon; France,
Switzerland, Egypt, Jordan, Syria, Sudan and Saudi Arabia.  
These businesses constituted approximately 24% and 15% of total
loans and revenues respectively at end-9M06.

Byblos is the third largest bank by assets in Lebanon with an
11% share of banking assets at end-9M06.  It is active in
commercial, retail and international banking through 73 domestic
branches.  The bank is majority-owned by the Bassil family
through the Byblos Invest Holding company and other controlled
entities.

Byblos operates in a number of countries outside Lebanon; Abu
Dhabi, Belgium, Cyprus, France, Syria, Sudan and the U.K.  These
businesses constitute approximately 15% of total assets and
revenues.

BLOM was the second largest Lebanese bank by assets at end-9M06,
with 45 domestic branches and a market share of 17.9% of banking
assets at end-9M06.  Mainly active in corporate banking, BLOM is
a leading player in consumer lending and is developing private
banking activities.  

BLOM operates in a number of countries outside Lebanon; Cyprus,
Egypt, France, Jordan, Syria, Switzerland, UAE and the UK.  
These businesses constitute around 27% of assets and some 18% of
net income.  

The Bank of New York is BLOM's main shareholder with 34.4%,
reflecting its role as the depositary for BLOM's GDRs. A number
of prominent local families control a further 34.2%.


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


ALFA BANK: Raises Stake in Amtel-Vredestein N.V. to 26.14%
----------------------------------------------------------
Alfa-Group has filed documents with the Dutch securities
regulator, AFM, which confirms it now holds a cumulative stake
in Amtel-Vredestein N.V. of 26.14%.

The shares are held both directly and through Amtel-Vredestein's
listing on the London Stock Exchange.  Alfa acquired 6 million
additional ordinary shares from a company controlled by Amtel-
Vredestein founder Sudhir Gupta.

"We continue to have a very positive outlook for Amtel-
Vredestein and expect the value of our investment to grow
significantly, Vagan Abgaryan, Alfa-Bank Head of Asset
Management Department, said.  "We look forward to continuing
close cooperation with Mr. Gupta and we also pledge our full
support to the company, including its AV-TO distribution and
retail subsidiary."

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Standard & Poor's Raises Long-Term Rating to BB
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Alfa-Bank to BB from BB-. The
short-term rating on the bank was affirmed at B. The outlook is
stable.  At the same time, the Russian national scale rating was
raised to ruAA from ruAA-.

Standard & Poor's noted that this rating action is based on
Alfa-Bank's strengthened commercial position, good management,
progress in development of business in line with the strategy,
and continuous shareholders commitment to the bank.

The stable outlook reflects Standard & Poor's expectation that
Alfa-Bank will continue to build up its franchise, and improve
its financial profile, benefiting from Russia's favorable market
conditions.

According to Standard & Poor's, a further upgrade might be
considered if the bank improves its efficiency, strengthens its
capitalization, and further diversifies its loan portfolio and
funding.


ANDREEVSKAYA LLC: Creditors Must File Claims by Jan. 11, 2007
-------------------------------------------------------------
Creditors of LLC Agricultural Firm Andreevskaya (code EDRPOU
30708237) have until Jan. 11, 2007, to submit their proofs of
claim to:

         Alexandra Mitrofanova, Liquidator
         Pionerskaya Str. 67
         Berdiansk
         71116 Zaporozhje Region
         Ukraine
         Tel: 8(06153)2-56-21

The Economic Court of Zaporozhje Region declared The Court
commenced bankruptcy proceedings against the company on Nov. 29
after finding it insolvent.  The case is docketed as 21/136/06.

The Economic Court of Zaporozhje Region is located at:

         Shaumiana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Andreevskaya
         Proletarskaya Str. 26
         Andreevka
         Berdiansk District
         71140 Zaporozhje Region
         Ukraine


GOLDEN TELECOM: Buys 65% Stake in Fortland Ltd. for US$50 Mln
-------------------------------------------------------------
Golden Telecom Inc. signed a purchase agreement for the
acquisition of a 65% interest in Fortland Ltd.  

The purchase price of the acquisition is expected to be around
US$50 million.

Fortland holds licenses for digital television in a few largest
cities of Russia and is to target other major Russian cities.  
These licenses will be used by the Company to provide customers
with a greater number of digital television channels, higher
quality picture and the opportunity for Pay-per-view  
programming, all using the Digital Video Broadcast standard in
MPEG-4 coding. In the future, the Company expects to add
additional services to customers.

DVB is the most promising television format currently existing
and one that is rapidly growing in Europe. DVB is the most cost-
effective TV broadcasting technology and has a number of
promising competitive features, including:

   -- a high quality digital video with stereo sound;

   -- a greater number of television channels;

   -- support for free-to-air TV and pay TV services;

   -- interactivity;

   -- competitive rates for customers compared to analog TV
      rates; and

   -- ease of installation and use for analog and digital TV
      users through plug-and-play DVB consoles.

In addition, mobile and smart phones, personal computers,
laptops, and PDAs can receive DVB signals.  Major television
manufacturers support DVB, including Sony, Panasonic, and
Philips, making DVB access readily available.

The combination of access to DVB technology, with the Company's
wide geographical presence across Russia, will further ITS
penetration into a potential market of 11 million households in
22 major Russian cities with a population of 35 million.  The
Fortland acquisition will enable the delivery of a Triple Play
service package, including high speed Internet access, digital
television with about 50 channels, and VoIP.

"This acquisition constitutes a perfect fit into Golden
Telecom's broadband expansion strategy in Russian telecoms and
will position us as a strong player in the media market," Jean-
Pierre Vandromme, Golden Telecom's Chief Executive Officer,
noted.  "It will allow us to complement Golden Telecom's Triple
Play service offering, adding the high quality TV element to our
existing broadband Internet and voice products in Moscow, St.
Petersburg, and regions of Russia and provide with access to a
mass market of Russian consumers.  The purchase will also enable
Golden Telecom to benefit from the plans of the Russian Ministry
of Information Technologies and Communications to replace analog
televisions in Russia with digital televisions in approximately
10 years, as in other European countries, promoting DVB as the
national standard.  Currently, the television penetration level
in Russia is approximately 98.6%, which makes Russia the largest
TV market in Europe."

                      About Golden Telecom

Golden Telecom, Inc. -- http://www.goldentelecom.com/--  
provides integrated telecommunications and Internet services in
major population centers throughout Russia and other countries
of the Commonwealth of Independent States.  The Company offers
voice, data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
approximately 287 combined access points in Russia and other
countries of the CIS.  The Company offers cellular communication
services in Kiev and Odessa, Ukraine.

                          *     *     *

As reported in the TCR-Europe on Oct. 16, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Golden Telecom Inc., to 'BB' from 'BB-', reflecting the
company's strengthened business profile and prudent financial
risk management.  S&P said the outlook is stable.

"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.


GOLDEN TELECOM: Signs Share Swap Deal with Corbina Telecom Group
----------------------------------------------------------------
Golden Telecom Inc. has executed a binding Term Sheet with Dawn
Key Limited, a company that owns 71.11% of shares of Inure
Enterprises Ltd., Cyprus.  Inure is jointly controlled by
Alexander Mamut and Renova Capital and owns 99% of shares of ZAO
Cortec.

Under the Term Sheet, Golden Telecom will receive 51% ownership
in ZAO Cortec together with its wholly owned subsidiaries ZAO
Investelektrosvyaz, ZAO Kabelstroy and other subsidiaries
jointly doing business as the Corbina Telecom Group in exchange
for an issue of 8% of Golden Telecom's shares calculated on a
post-acquisition basis and US$10.0 million in cash.  The
transaction is subject to approval by the appropriate regulatory
bodies in the United States and Russia, and execution and
consummation of an ownership interest purchase agreement.

Founded in 1995, Corbina is a facilities-based alternative
service provider operating in Moscow and 24 regions of Russia.
According to Corbina's management estimates, Corbina's revenue
outlook for 2006 is around US$90.0 million, which is generated
by:

   -- fiber-to-the-building broadband Internet services in
      Moscow, St. Petersburg and four other Russian cities

   -- switched voice and data services provided to Small and
      Medium Enterprises in Moscow; and

   -- fixed-to-mobile convergent services with a wireless DAMPS
      network that are used by over 35,000 users.

In late 2005, Corbina commenced the rollout of a FTTB network
which, to date, covers approximately 2,400,000 apartments in
Moscow, comprising two-thirds of all households in the city.  
The network serves around 110,000 broadband Internet customers.  
Corbina adds more than 10,000 customers per month, which is one-
third of all incremental broadband users in Moscow.  Corbina's
network and presence in its markets position Corbina as the
leader in terms of customer base net growth. We expect that
increasing network reach will further fuel Corbina's strong
position and market presence.

Corbina primarily targets residential and SME customers in the
corporate segment in Moscow by focusing on off-the-shelf product
offerings, including broadband Internet and switched voice
services.  Corbina enjoys impressive brand recognition and
strong customer loyalty. With several years of experience in
running a DAMPS-based fixed-to-mobile convergent services
business, Corbina has not only built a base of loyal high-usage
customers, but has also gained first-hand knowledge on how to
successfully provide GSM-based convergent services.

In the light of the strong potential growth of this business it
is mutually agreed to issue an initial public offering of
Corbina in Moscow, London or New York by the end of 2008 subject
to market conditions and regulatory approvals.

"In Moscow this acquisition overcomes Golden Telecom's "last
mile deficit" and provides us with access to virtually every
building in the city," Jean-Pierre Vandromme, Chief Executive
Officer of Golden Telecom noted.  "Corbina's widely developed
local loop puts us on a par with the incumbent.  This
acquisition supports our strategy to develop broadband services
for mass markets and significantly strengthens our position in
Moscow, St. Petersburg and several other large cities of Central
Russia with a FTTB network.

"We believe that FTTB is the ultimate broadband technology and
one which provides great potential for our future growth. Local
loops based on this access type support speeds of 100Mbit/s to
every end user, a speed that is 200 times faster than ADSL
solutions currently on offer in Russia. FTTB is one of the best
platforms to meet current and foreseeable future needs such as
VoIP, instant messaging, video conferencing, IPTV, Video-on-
Demand and rapidly growing value added services such as
interactive entertainment.

"Corbina is already clearly among the leaders in the Moscow
broadband market. Golden Telecom has just rolled out a WiFi
network in Moscow that is the largest in Europe and second
largest in the world.  We are now in a position to offer our
customers high-speed wireline broadband at home and broadband
mobility in the city. We will also be able to offer a quadric-
play product to mass markets as we bundle VoIP, IPTV and MVN-
based (mobile virtual network-based) services.

"These service offerings will clearly position Golden Telecom as
a unique and exciting player in the market. This acquisition
will confirm Golden Telecom's ability to consolidate strategic
acquisitions in the Russian market, following from the
acquisitions and successful integration of Sovintel, Comincom
Combellga and 16 regional acquisitions since 2003.  This
acquisition will further reinforce our leadership position in
promising and expanding markets of telecoms and media."

"This is an excellent deal for both parties. We are very pleased
with the way that Corbina has developed its broadband rollout,"
Mr. Mamut stated.  "On the back of the current consolidation
trend in the Russian telecoms industry, we have decided that
joining forces with Golden Telecom creates the best platform to
achieve even more ambitious aims.  The pairing with Golden
Telecom creates a partnership that is greater than the sum of
its parts. We believe that the receipt of Golden Telecom shares
will provide us with greater upside than cash and will allow us
to participate in Golden Telecom's impressive future growth.  We
look forward to taking an active role both on the board of
directors of Corbina and as a shareholder in Golden Telecom."

                      About Golden Telecom

Golden Telecom, Inc. -- http://www.goldentelecom.com/--  
provides integrated telecommunications and Internet services in
major population centers throughout Russia and other countries
of the Commonwealth of Independent States.  The Company offers
voice, data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
approximately 287 combined access points in Russia and other
countries of the CIS.  The Company offers cellular communication
services in Kiev and Odessa, Ukraine.

                          *     *     *

As reported in the TCR-Europe on Oct. 16, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Golden Telecom Inc., to 'BB' from 'BB-', reflecting the
company's strengthened business profile and prudent financial
risk management.  S&P said the outlook is stable.

"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.


HERSONZOOWETPROMPOSTACH OJSC: Claims Filing Ends Jan. 11, 2007
--------------------------------------------------------------
Creditors of OJSC Hersonzoowetprompostach (code EDRPOU 00727274)
have until Jan. 11, 2007, to submit their proofs of claim to:

         Alexander Orlov
         Liquidator
         P.O. Box 2
         General Post Office
         73003 Herson Region
         Ukraine
         Tel: +38(050)903-68-15

The Economic Court of Herson Region commenced bankruptcy
proceedings against the company on Nov. 28 after finding it
insolvent.  The case is docketed under Case No. 5/46-B-06.

The Economic Court of Herson Region is located at:

         Gorkogo Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         OJSC Hersonzoowetprompostach
         Boryslavskoe highway
         Zhowtnewe
         73036 Herson Region
         Ukraine


MYRONIVSKY HLIBOPRODUCT: Fitch Rates US$250-Million Notes at B
--------------------------------------------------------------
Fitch Ratings assigned MHP SA's US$250 million 10.25% coupon
paying senior notes maturing in 2011 a final senior unsecured B
rating and a final Recovery Rating of RR4.

This rating action follows a review of the final terms and
conditions conforming to information already received when Fitch
assigned the expected rating of B on Nov. 13, as well as receipt
of satisfactory legal opinions.

MHP SA intends to use the notes proceeds to finance a loan to
Ukraine-based OJSC Myronivsky Hliboproduct and to initially six
of its subsidiaries, by on lending to them through Cyprus- based
special purpose vehicle Eledem Investments Limited.  Eledem
Investments Limited is a wholly-owned subsidiary of MHP SA.  The
rating of the notes is in line with OJSC MHP's foreign currency
and local currency Issuer Default and senior unsecured B
ratings.

OJSC MHP and its subsidiaries will guarantee the obligations of
MHP SA in relation to the notes on a senior, unconditional,
irrevocable, joint and several basis.  The initial guarantors
account for 81% of group assets as of Dec. 31, 2005.  MHP SA
will be required to designate an additional guarantor for any
group subsidiary whose assets at the end of a financial quarter
account for more than 10% of MHP SA's total assets.

The status of the guarantees, combined with the limited amount
of secured debt on the balance sheet of OJSC MHP group companies
provides sufficient comfort to Fitch about any potential
structural issues.  Fitch cautions however investors that,
although the guarantees will be governed by New York law, they
will need to comply with Ukrainian law and, in the event of a
default, there may be timing differences affecting their
repayment compared to other debt that operating companies may
have incurred.

At the moment, three of the guarantors utilize local unsecured
borrowing from third parties for up to an aggregate US$150
million.  An additional concern for Fitch is that, in the event
of a default bondholders could be dealing with the complication
of multiple jurisdictions.

Proceeds from the notes are being used primarily to refinance
both secured and unsecured debt within the OJSC MHP group of
companies and to finance capital expenditures within MHP's
expansion and diversification program.

The terms and conditions of the notes include a limitation on
the group's debt, using a maximum consolidated leverage ratio of
3.25x, which then decreases to 3x for FY08 and 2.5x thereafter.
This is consistent with the group's intentions to fund its
important capacity expansion plans, which should cause financial
debt to peak in FY06 and FY07, and with the commitment to then
de-leverage from FY08 onwards.

There are also certain restrictions on dividend payments by OJSC
MHP.  Furthermore, upon asset sales by the obligors - MHP SA and
the guarantors - of the notes, MHP SA must apply these proceeds
to prepay the notes at par if in the 365 days after their
receipt it has not used them for the reduction of debt ranking
senior to the notes or for asset purchases.  

In the event of a change of control relating to MHP SA,
noteholders have the right to require the issuer to prepay their
notes.  There are also covenants relating to transactions with
affiliates, mergers and disposals.


SUAL GROUP: Creditors Approve Merger with Rusal and Glencore
------------------------------------------------------------
The creditors of Sual Group have approved the combination of
aluminium and alumina assets of Sual, Rusal and Glencore
International.

Sual Group's creditors have officially confirmed their agreement
to a change in the company's shareholder structure.  

Specifically, Rusal's shareholders will own 66% of shares in the
newly created united company, while SUAL's shareholders will own
22%, and Glencore's owners will control 12% of shares.

The combination of assets of the three companies will result in
an increase in the net debt and a temporary change in financial
ratios of the borrower, which has also been approved by the
lenders.  Such an approval was required under loan agreements
totaling US$850 million.

Following completion of the deal, the new united company will
become the world's largest aluminium and alumina producer.  The
company will employ over 110,000 people in 17 countries on five
continents.  The annual volume of production will equal four
million tons of aluminium and 11 million tons of alumina.

Following the integration, the company will control about 12.5%
of the global primary aluminium market and 16% of the global
alumina production.

As reported in the TCR-Europe on Nov 15, 2006, the United
company RUSAL will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,  
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Energy products and commodities are marketed and coordinated
primarily in Glencore's headquarters in Baar, Switzerland and
through the offices of its subsidiaries in London, Stamford and
Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with  
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium  
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


TNK-BP HOLDING: Inks Cooperation Deal with Irkutsk Region
---------------------------------------------------------
TNK-BP Holding Ltd. and the administration of the Irkutsk Region
signed a Social and Economic Cooperation Agreement to develop
stable, mutually advantageous bilateral relations on a long-term
basis.

Cooperation between the Irkutsk region and TNK-BP targets
further development and diversification of the region's industry
and social infrastructure, creation of jobs and raising the
living standard of the people of the region.  TNK-BP committed
to finance environmental and conservation activities, provide
sponsorship and social investment in the areas where it
operates.

"We are interested in investors who have a strategic vision of
their presence in the Irkutsk region," said Irkutsk Governor
Alexander Tishanin.  "We had a chance to see that TNK-BP entered
our region with serious intentions and for a long time.  The
agreement we signed today will give a new impetus to our
cooperation.  We expect that in 2007-2008 the company will
invest about RUR2 billion in the Irkutsk oil and gas sector.
Next year another RUR100 million will be spent on environment
and around 40 million will go towards solving the Region's
social and economic issues."

The agreement envisages establishing a major new center of oil
production in the north of the Irkutsk Region.  The
Verkhnechonskoye oil field is the core of this project.  The
parties agreed to establish a joint standing Working Group to
develop optimal solutions to issues arising in the course of the
pilot development of the Vekhnechonskoye field.  

Investment in field development in period of 2006-2009 may
exceed US$900 million.

The Agreement stipulates that the Administration of the Irkutsk
Region and TNK-BP implement the regional gasification project.  
The total amount of capital spending in 2006 -2009 may reach
US$650 million. The agreement also envisages steps to facilitate
formation of a regional market for gas distribution and heating
services in the region.

"Development of the Irkutsk region is an integral part of the
future economic well-being of East Siberia and the whole of
Russia," said Victor Vekselberg, Executive Director Gas
Development, TNK-BP.  "TNK-BP's capabilities will help bring
these plans to fruition."

                          About TNK-BP

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

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

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

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

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


VNESHTORGBANK JSC: VTB 24 Unit Inks US$200-Mln Loan with EBRD
-------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of Vneshtorgbank
JSC, signed a five-year US$200 million syndicated loan with the
European Bank for Reconstruction and Development, RIA Novosti
reports.

"The loan will be used to provide credit to micro, small and
medium enterprises," VTB24 said in a statement.

EBRD will provide US$150 million of the loan while a pool of
foreign banks, led by Barclays Capital, will syndicate the
remaining US$50 million.

                      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.


WERHNEDNIEPROVSKIY ELEVATOR: Claims Filing Ends Jan. 11, 2007
-------------------------------------------------------------
Creditors of LLC Agricultural Firm Werhnednieprovskiy Elevator
(code EDRPOU 32570324) have until Jan. 11, 2007, to submit their
proofs of claim to:

         Shevchenko Andrey
         Liquidator
         Kyivskaya 1
         Verhniednieprovsk
         51600 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against the company on Nov. 13 after finding it
insolvent.  The case is docketed under Case No. B 40/333-06.

The Economic Court of Dniepropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dniepropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Werhnednieprovskiy Elevator
         Kyivskaya 1
         Verhniednieprovsk
         51600 Dnipropetrovsk Region
         Ukraine


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


ACM SCAFFOLDING: Creditors' Meeting Slated for January 3
--------------------------------------------------------
Creditors of ACM Scaffolding Limited (Company Number 04645695)
will meet at 11:00 a.m. on Jan. 3, 2007 at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 2, 2007 at:

         M. C. Bowker and C. B. Barrett
         Joint Administrators
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999


CHARLTON GARAGE: Appoints Kikis Kallis to Liquidate Assets
----------------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed Liquidator of
Charlton Garage Services Limited on Dec. 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Charlton Garage Services Limited
         Station Approach
         Court Road
         Greenwich
         London SE9 4EN
         United Kingdom
         Tel: 020 8850 7878
         Fax: 020 8850 8177


COMMUNICATIONS INTEGRATED: Taps Begbies as Joint Administrators
---------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor were appointed joint administrators of Communications
Integrated Ltd. (formerly Complete Integrated Communications
Limited) (Company Number 05041407) on Dec. 1.

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

Complete Integrated Communications Ltd. can be reached at:

         1 5 Midford Place
         Camden
         London W1T 5BH
         United Kingdom
         Tel: 020 7383 5300
         Fax: 020 7874 5188


COWDEN CONSTRUCTION: Creditors' Meeting Slated for January 2
------------------------------------------------------------
Creditors of Cowden Construction Ltd. (Company Number 5029859)
will meet at 11:00 a.m. on Jan. 2, 2007 at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 29 at:

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


COYOTE DEVELOPMENTS: Appoints Herron Fisher as Administrators
-------------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of Coyote Developments Ltd.
(Company Number 3657440) on Dec. 11.

The administrators can be reached at:

         Christopher Herron & Nicola Jayne Fisher
         Herron Fisher
         Capital Business Centre
         22 Carlton Road
         Croydon
         Surrey CR2 0BS
         United Kingdom
         Tel: 07956 640156
         E-mail: chris.herron@begbies-traynor.com

Headquartered in Croydon, England, Coyote Developments Ltd.
develops computer games.


CRASH AUTO: Names Brendan Eric Doyle Liquidator
-----------------------------------------------
Brendan Eric Doyle was appointed Liquidator of Crash Auto Clinic
Limited on Dec. 7 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Crash Auto Clinic Limited
         The Cottage
         Boverton
         Llantwit Major
         South Glamorgan CF611UH
         United Kingdom
         Tel: 029 2022 2576
         Fax: 029 2022 2566


D J CONVEYOR: Claims Filing Period Ends March 4, 2007
-----------------------------------------------------
Creditors of D J Conveyor Services Limited have until
March 4, 2007, to send their names and addresses and particulars
of their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Joint Liquidators Ian Michael
Rose and Robert Michael Young at:

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

The company can be reached at:

         D J Conveyor Services Limited
         376 London Road
         Benfleet
         Essex SS7 1AX
         United Kingdom
         Tel: 01268 743 614


DO IT RIGHT: Brings In Joint Administrators from Kroll
------------------------------------------------------
D. J. Whitehouse and S. Wilson of Kroll were appointed joint
administrators of Do It Right U.K. Ltd. (Company Number
04684971) on Dec. 8.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Bolton, England, Do It Right U.K. Ltd. is
engaged in general construction and civil engineering.


EVERYCARE LTD: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Everycare (Newcastle Upon Tyne) Ltd. confirmed
Dec. 11 the appointment of Ian William Kings of Tenon Recovery
as the company's Liquidator.

The company can be reached at:

         Everycare (Newcastle Upon Tyne) Ltd.
         Studio 4
         The Old Post Office
         5 Pink Lane
         Newcastle Upon Tyne
         Tyne And Wear NE1 5DW
         United Kingdom
         Tel: 0191 260 5555


FWL TECHNOLOGIES: Creditors' Meeting Slated for January 19
----------------------------------------------------------
Creditors of FWL Technologies 400 Ltd. (formerly Broomco (2035)
Limited) will meet at 11:00 a.m. on Jan. 19, 2007 at:

         PricewaterhouseCoopers LLP
         8 Princes Parade
         St. Nicholas Place
         Liverpool L3 1QJ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 18, 2007 at:

         P. Copley and I. D. Green
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds LS1 4JP
         United Kingdom

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  


H M ADVERTISING: T. Papanicola Leads Liquidation Procedure
----------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
H M Advertising Limited on Dec. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         H M Advertising Limited
         92 Cromer Street
         Camden
         London WC1H8DD
         United Kingdom
         Tel: 020 7383 7744


HIGH ROLL: Creditors' Meeting Slated for January 3
--------------------------------------------------
Creditors of High Roll Ltd. (Company Number 5601289) will meet
at 2:00 p.m. on Jan. 3, 2007 at:

         Bartfields (U.K.) Ltd.
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 2, 2007 at:

         Gerald Maurice Krasner
         Administrator
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 242 0098


JMI LOGISTICS: Creditors' Meeting Slated for January 8
------------------------------------------------------
Creditors of JMI Logistics Limited (Company Number 04779794)
will meet at noon on Jan. 8, 2007 at:

         Holiday Inn
         Castle Marina Park
         Nottingham NG7 1GX
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 5, 2007 at:

         Ian Best
         Joint Administrator
         Ernst & Young LLP
         No. 1 Colmore Square
         Birmingham B4 6HQ
         United Kingdom
         Tel: +44 [0] 121 535 2000
         Fax: +44 [0] 121 535 2001

Ernst & Young -- http://www.ey.com/-- is global organization  
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


KARLTON PROFESSIONAL: Creditors' Claims Due Jan. 22, 2007
---------------------------------------------------------
Creditors of Karlton Professional Tools Ltd. have until
Jan. 22, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator Adelle Firestone at:

         Adelle Firestone
         Firestones
         Ground Floor
         Taunton House
         Waterside Court
         Medway City Estate
         Rochester
         Kent ME2 4NZ
         United Kingdom

The company can be reached at:

         Karlton Professional Tools Ltd.
         Unit 3
         Sextant Park
         Neptune Close
         Medway City Estate
         Rochester
         Kent ME2 4LU
         United Kingdom
         Tel: 01634 726 633


MICHAEL J BILLINGHAM: Brings In Liquidators from Mazars
-------------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed Joint Liquidators of Michael J Billingham Limited
(formerly Emms & Evans Limited) on Dec. 8 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Michael J Billingham Limited
         Unit C Peartree Industrial Park
         Crackley Way
         Dudley
         West Midlands DY2 0UW
         United Kingdom
         Tel: 013 8424 5910
         Fax: 01384 245911


POLESTAR GROUP: JP Morgan Appoints Deloitte as Receivers
--------------------------------------------------------
JP Morgan Europe Ltd. appointed Nicholas James Dargan and
Neville Barry Kahn of Deloitte & Touche LLP joint administrative
receivers of The Polestar Group Ltd. (Company Number 03489002)
on Dec. 11.

                  Balance Sheet Restructuring

On Dec. 8, Polestar Group disclosed that it has received the
unanimous support of its senior secured lenders for a
recapitalization and restructuring of the business.  The
transaction has been structured with a view to ensuring Polestar
is well-placed to maintain its leading in the printing market.

Under terms of the agreement, Investcorp will surrender control
of the printing group to the existing senior secured lenders,
which include JPMorgan, Deutsche Bank, Royal Bank of Scotland
and Bluebay Asset Management.  The creditors will convert 67% of
the total outstanding amounts owed under the existing Term A,
Term B and Revolving Credit Facilities in consideration for 100%
of the equity in the Group.  The debt equity conversion will be
structured through a newly incorporated company being formed to
acquire the Group.  The previous owner of Polestar will no
longer have an equity interest in the Group.

The recapitalization provides the business with a new
sustainable capital structure -- the Group will reduce its total
outstanding debt from GBP814 million to GBP257 million (which
includes existing finance leases of under GBP105 million and new
facilities of GBP145 million).  The new facilities comprise
three tranches of debt:

   -- a new Term A facility of GBP40 million,
   -- a new Term B facility of GBP40 million, and
   -- a new GBP50 million Tranche 2 facility.

In addition to the term facilities, a new working capital
facility of GBP15 million will be provided by the existing
senior secured lenders.  Tranche 2 will include GBP35 million of
new money.  The balance of the Tranche 2 debt and new Term A and
B facilities will be rolled over from the existing facilities.

As part of the recapitalization, Polestar will cease to be the
sponsor of the pension scheme but the scheme will continue as a
closed scheme (having closed to scheme members in April 2006).  
The Pension Regulator has issued a clearance statement for this
pension scheme proposal.  The intention is both that the scheme
will be eligible for future entry into the Pensions Protection
Fund (if necessary) and that members' entitlements under the
scheme will not be changed as part of this transaction.  
Polestar has agreed to cash contributions totaling GBP45 million
to the scheme over a twelve year period.

Commenting on this, Polestar's CEO Barry Hibbert said:

"The completion of the restructuring has greatly strengthened
Polestar. The recapitalization provides the business with a
stable platform which will allow it to focus on the
opportunities in the market place.

"This news has created a bedrock for an exciting future for
Polestar. This has been an extremely complex process; the fact
that Polestar has been the net gainer of market share during
this time, and didn't lose a single customer, is testament to
the fantastic support given to the Group by its customers and
suppliers.

"Everyone familiar with Polestar is aware that this
restructuring of the balance sheet is long overdue and it puts
the Group into a completely different financial structure which
will create an exciting future for everyone connected with the
Group.

"The consolidation of the industry is overdue, both in the UK
and mainland Europe and Polestar intends to be a leader to help
facilitate this consolidation."

Deloitte & Touche LLP -- http://www.deloitte.com/-- is the  
United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss
Verein whose member firms are separate and independent legal
entities.  It provides audit, tax, consulting and corporate
finance services through more than 9,000 people in 21 locations.  

The Polestar Group Ltd. can be reached at:

         Marlborough Court
         Sunrise Parkway
         Linford Wood
         Milton Keynes MK14 6DY
         United Kingdom
         Tel: +44-19-0820-6800
         Fax: +44-19-0820-6801


POP ONE: Creditors' Meeting Slated for January 3
------------------------------------------------
Creditors of Pop One Limited (Company Number 4753369) will meet
at 2:00 p.m. on Jan. 3, 2007 at:

         Bartfields (UK) Limited
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 2, 2007 at:

         Gerald Maurice Krasner
         Administrator
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 242 0098


PROCON REALISATIONS: Creditors' Meeting Slated for January 4
------------------------------------------------------------
Creditors of Procon Realisations Ltd. (formerly Procon Software
and Support Limited) (Company Number 2072856) will meet at 10:30
a.m. on Jan. 4, 2007 at:

         The Campanile Hotel
         20 Beverley Road
         Hull HU2 9AN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 3, 2007 at:

         M. C. Bowker
         Administrator
         Jackson Jolliffe Cork
         Lowgate House
         Lowgate
         Hull HU1 1EL
         United Kingdom

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.


RANK GROUP: Fitch Affirms & Withdraws B+ Default Rating
-------------------------------------------------------
Fitch Ratings affirmed The Rank Group Plc's Issuer Default
ratings at B+ with Negative Outlook, senior unsecured rating at
B+ and Short-term rating at B.  The ratings are simultaneously
withdrawn.

Fitch will no longer provide rating coverage of The Rank Group.


ROWPAK CONTAINERS: Creditors' Meeting Slated for January 5
----------------------------------------------------------
Creditors of Rowpak Containers Ltd. (Company Number 3711945)
will meet at 10:00 a.m. on Jan. 5, 2007 at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds LS1 4DW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 4, 2007 at:

         Allan Watson Graham
         Joint Administrator
         KPMG LLP
         2 Cornwall Street
         Birmingham
         West Midlands B3 2DL
         United Kingdom
         Tel: 0121 232 3000
         Fax: 0121 232 3500

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


ROYAL STAFFORD: Brings In RSM Robson to Administer Assets
---------------------------------------------------------
Gerald Clifford Smith and John Neville Whitfield of RSM Robson
Rhodes LLP were appointed joint administrators of Royal Stafford
Tableware Ltd. (Company Number 05188264) on Dec. 5.

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

Royal Stafford Tableware Ltd. can be reached at:

         Ebenezer House
         Ryecroft
         Newcastle
         Staffordshire ST5 2AA
         United Kingdom
         Tel: 01782 577 244


SKARAMOOSH LIMITED: Appoints Hurst Morrison as Administrators
-------------------------------------------------------------
Gareth W. Roberts and Paul W. Ellison of Hurst Morrison Thomson
CR LLP were appointed joint administrators of Skaramoosh Ltd.
(Company Number 03331293) on Dec. 6.

The administrators can be reached at:

         Gareth W. Roberts and Paul W. Ellison
         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Skaramoosh Ltd. can be reached at:

         9 15 Neal Street
         City of Westminster
         London WC2H 9PW
         United Kingdom
         Tel: 020 7379 9966
         Fax: 020 7240 7111


TITAN EUROPE 2006-5: Fitch Rates EUR14.87-Million Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned final ratings to Titan Europe 2006-5
Plc's commercial mortgage-backed floating-rate notes due 2019:

   -- EUR330 million Class A1: AAA;
   -- EUR50,000 Class X: AAA;
   -- EUR112.3 million Class A2: AAA;
   -- EUR61.89 million Class A3: AAA;
   -- EUR56.81 million Class B: AA;
   -- EUR43 million Class C: A;
   -- EUR37 million Class D: BBB;
   -- EUR5 million Class E: BBB-;
   -- EUR14.87 million Class F: BB; and
   -- EUR50,000 Class V: Not rated.

The final ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral and
the integrity of the legal and financial structures.  The
ratings also address the timely payment of interest on the notes
and the ultimate repayment of principal by the final legal
maturity in July 2019.

This transaction is a securitization of eight commercial
mortgage loans with a current aggregate balance of EUR660.9
million and an aggregate market value of EUR980.9 million.  The
loans are secured by 48 properties, including multi-family,
hotel, mixed-use, retail, office and warehouse assets, located
across Germany and Spain.  The pool's weighted average loan-to-
value ratio is 68.9% at closing and is expected to reduce to
65.7% at loan maturity assuming no defaults or prepayments
occur.

Interest and principal on the notes are paid quarterly in
arrears, commencing in January 2007.  Prepayments and balloon
payments on the loans are allocated to the notes according to a
"bucket" structure on a modified pro rata basis, depending on
the group to which the loan in question is allocated.

The structure benefits from a EUR50.5-million liquidity
facility, which is equivalent to 7% of the initial aggregate
outstanding principal balance of the collateral.  The amount
available for drawdown will decrease as the principal amount
outstanding on the loans diminishes but the percentage will
increase to 12% of the initial aggregate outstanding collateral
principal balance.

The three largest loans account for 78.3% of the loan pool by
current aggregate balance.  DIVA is the largest loan and is
secured by 14 multi-family assets predominantly located in
eastern Germany and Berlin.  

Rental income from the Adlon, Balneario Blancafort, Carat Park,
Monzanova and Hilite loans is either entirely or substantially
derived from a single tenant.  The portfolio displays some
concentration in the multifamily and hotel sectors.  The DIVA
and Quartier 206 loans have subordinated B-note tranches, which
have been carved out of the whole loan and are not included in
this transaction.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates      
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)  

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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