TCREUR_Public/061227.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

          Wednesday, December 27, 2006, Vol. 7, No. 256

                            Headlines


A U S T R I A

ASB BAU: Creditors' Meeting Slated for January 9
CB BISCHOF: Creditors' Meeting Slated for January 9
CONCEPT TECHNOLOGIE: Creditors' Meeting Slated for Jan. 9
DATABASE APPLICATION: Claims Registration Period Ends Jan. 2
LEPPA & PARTNER: Claims Registration Period Ends December 29

MANDARIN MARKETING: Creditors' Meeting Slated for January 10
OBST HUBER: Claims Registration Period Ends January 16
PLATZWIRTH GASTRO: Claims Registration Period Ends January 2
SEGMENTA HOLDING: Claims Registration Ends January 2
SWOBODA KAROSSERIEBAU: Claims Registration Period Ends Jan. 2


B E L G I U M

CHARLES RIVER: Moody's Changes Outlook on Expected Low Cash Flow


B U L G A R I A

* S&P Assigns BB Rating on Plovdiv's EUR25.5-Mln Domestic Bond


C Y P R U S

TURKCELL ILETISIM: Moody's Assigns Ba2 Corporate Family Rating


F I N L A N D

METSO OYJ: Cuts 222 Jobs at Valmet Automotive Unit

* Moody's Notes Mixed Rating Outlook for Finnish Banks


F R A N C E

ALCATEL-LUCENT: Builds Eutelsat Communications' W7 Satellite
ALCATEL-LUCENT: Partners with Deutsche Telekom in T-City Contest
EUTELSAT COMMS: Taps Alcatel-Lucent to Build W7 Satellite
QUEBECOR WORLD: Closes Private Offering of US$400-Mil. Sr. Notes
QUEBECOR WORLD: Completes Equipment Lease Financing

REMY COINTREAU: S&P Revises Outlook to Neg. on Reorganization
REVLON INC: Unit Completes Credit Agreement Refinancing
REVLON INC: Prices US$100 Million Rights Offering


G E R M A N Y

BROEMMELHAUS GMBH: Claims Registration Ends January 2
CONEXANT SYSTEMS: Posts US$122.6 Million Net Loss in Fiscal 2006
DOLPHIN KIDS: Claims Registration Ends January 3
ETT ENERGIE: Claims Registration Ends January 3
GREEN-BAUCONSULT: Claims Registration Ends January 2

PFLEGE- UND SCHULUNGSZENTRUM: Claims Registration Ends Jan. 1
PLANBAU JK: Claims Registration Ends January 2
PROVIDE-A 2006-1: Moody's Rates EUR17.4-Mln Class E Notes at Ba2
TEREX CORPORATION: Moody's Holds Corporate Family Rating at Ba3


G R E E C E

AGRICULTURAL BANK: Moody's Changes Outlook on D- FSR to Stable


H U N G A R Y

AES CORP: Entering Into Electric Transmission Business


I R E L A N D

BOMBARDIER INC: Closes EUR4.3 Billion Letter of Credit Facility
EGRET FUNDING: Moody's Rates EUR12.25-Mln Class E Notes at Ba3
EUROCREDIT CDO: Moody's Assigns Ba2 Rating on Class E Notes
LOMBARD STREET: Moody's Puts Ba3 Rating on Class E Notes
PSION SYNTHETIC: Fitch Affirms BB Rating on US$16-Million Notes


I T A L Y

FIDIS RETAIL: Fitch Affirms Individual Rating at C
METSO OYJ: Cuts 222 Jobs at Valmet Automotive Unit
TISCALI SPA: Names Arnaldo Borghesi & Rocco Sabelli to Board


K A Z A K H S T A N

AUTOSNABDETAL LLP: Karaganda Court Starts Bankruptcy Procedure
BORLYK OJSC: Claims Filing Period Ends Jan. 30, 2007
CENTRE METALL: Proof of Claim Deadline Slated for Feb. 3, 2007
JULDUZ LLP: Claims Registration Ends Jan. 30, 2007
KAZINVEST-ASTANA LLP: Creditors' Claims Due Feb. 3, 2007

NAFTO-CENTRE LLP: Creditors Must File Claims by Feb. 1, 2007
REVINVEST LLP: Claims Filing Period Ends Feb. 3, 2007
SARALJYN LLP: Claims Registration Ends Jan. 30, 2007
TEMIR CAPITAL: Moody's Upgrades Debt Rating to Baa3 from B1
TEMIRBANK: Moody's Lifts Senior Unsecured Deposit Rating to Ba1

TEMIRBANK: Fitch Upgrades Issuer Default Rating to BB-

* Fitch Changes Four Kazakhstani Banks' Outlooks to Positive
* Fitch Upgrades Mangistau Region to BB with Stable Outlook


K Y R G Y Z S T A N

AGROTECHSERVICE LLC: Creditors' Meeting Slated for Dec. 29


L U X E M B O U R G

KAZANORGSINTEZ SA: Fitch Assigns B Rating on US$200-Mln Notes


N E T H E R L A N D S

ALCATEL-LUCENT: Builds Eutelsat Communications' W7 Satellite
ALCATEL-LUCENT: Partners with Deutsche Telekom in T-City Contest
DALRADIAN EUROPEAN: Moody's Rates Two Note Classes at Low-B
MARS 2004: Fitch Affirms BB Rating on EUR12-Mln Class E Notes
SENSATA TECH: Completes Purchase of Honeywell's FTAS Business

SKELLIG ROCK: Moody's Assigns Low-B Ratings on Two Note Classes


N O R W A Y

AKER KVAERNER: Canadian Unit Inks CDN$175-Million Contract


R U S S I A

BELYNSKOYE CJSC: Creditors Must File Claims by Jan. 2, 2007
CAR DETAIL: Creditors Must File Claims by January 2, 2007
DEGTYARSKIY ENGINEERING: Creditors' Claims Due January 2, 2007
ENERGY-SAVING GLASS: Assets Sale Slated for Jan. 10, 2007
FOODSTUFFS FACTORY: Creditors' Claims by February 2, 2007

GEOSTAR LLC: Creditors Must File Claims by January 2, 2007
KAMEE OJSC: Creditors Must File Claims by Jan. 2, 2007
KHABAROVSKIY FACTORY: Creditors' Claims Due Feb. 2, 2007
KHOLOD-MASH OJSC: Under External Management Bankruptcy Procedure
KAZANORGSINTEZ SA: Fitch Assigns B Rating on US$200-Mln Notes

MIRAX GROUP: Moody's Assigns B2 Corporate Family Rating
OILER OJSC: Creditors Must File Claims by Jan. 2, 2007
PETUKHOVSKIY FLAX: Creditors Must File Claims by Feb. 2, 2007
PLAVITSKIY DISTILLERY: Creditors' Claims Due January 2, 2007
RUSSIAN CONSUMER: S&P Keeps BB- Ratings on Classes A-2 & B Notes

SAKH-INTER-WOOD-PROM: Creditors' Claims by February 2, 2007
SIBACADEMFINANCE PLC: Fitch Rates EUR300-Mln Eurobond at B/RR4
SOKOLSKIY BREAD: Creditors Must File Claims by Jan. 2, 2007
SBERBANK ROSSII: Board Approves RUR200-Billion IPO in February
SYZRANSKIY ENGINEER: Creditors Must File Claims by Jan. 2, 2007

VNESHTORGBANK JSC: Board Approves RUR120-Bln IPO in First Half
VNESHTORGBANK JSC: Earns US$816 Million for Nine Months 2006

* Fitch Changes Karelia Republic's Outlook to Positive


S P A I N

ALLIANCE ATLANTIS: Exploring Strategic Options Including Sale
CHARLES RIVER: Moody's Changes Outlook on Expected Low Cash Flow
EUTELSAT COMMS: Taps Alcatel-Lucent to Build W7 Satellite


S W I T Z E R L A N D

CONTOR HOLDING: Thurgau Court Starts Bankruptcy Proceedings
EVA LLC: Bern-Mittelland Court Closes Bankruptcy Proceedings
EXPRESS REIFEN: Thurgau Court Starts Bankruptcy Proceedings
GENOSSENSCHAFT SENIOREN-WOHNEN: Court Closes Bankruptcy Process
GYGAX NIK WINE: Court Starts Bankruptcy Proceedings

H.U.G. IMMOBILIEN: Berne Court Closes Bankruptcy Proceedings
MALER CALABRUSO: Berne Court Starts Bankruptcy Proceedings
ORCA CONSULTING: Hofe Court Suspends Bankruptcy Proceedings
STARS GESELLSCHAFT: Court Suspends Bankruptcy Proceedings
WALDEGG HOLZ: Court Suspends Bankruptcy Proceedings


T U R K E Y

TURKCELL ILETISIM: Moody's Assigns Ba2 Corporate Family Rating


U K R A I N E

BANK KRESCHATIK: Moody's Keeps E+ Financial Strength Rating
UKRSIBBANK JSCIB: Fitch Upgrades Individual Rating to D
UKRSOTSBANK: Fitch Keeps B-/Support 5 Ratings on Watch Positive
VNESHTORGBANK JSC: Board Approves RUR120-Bln IPO in First Half
VNESHTORGBANK JSC: Earns US$816 Million for Nine Months 2006

* Moody's Rates Berdyansk City's UAH10-Mln Bonds at (P)B1/Aa3.ua


U N I T E D   K I N G D O M

AGENDA LEISURE: Brings In PKF to Administer Assets
AKER KVAERNER: Canadian Unit Inks CDN$175-Million Contract
ALLIANCE ATLANTIS: Exploring Strategic Options Including Sale
BOMBARDIER INC: Closes EUR4.3 Billion Letter of Credit Facility
COLLINS & AIKMAN: Filing First Amended Joint Plan in Detroit

COLLINS & AIKMAN: Seeks Court Nod on IHDG Litigation Trust Pact
COLLINS & AIKMAN: Becker Fights Lease Decision Period Extension
DONCASTER PACKAGING: Creditors' Meeting Slated for January 5
DONCASTER SCREENPRINT: Creditors' Meeting Slated for January 5
ENRON EUROPE: Creditors Confirm Liquidators' Appointment

FEEDBACK PLC: Pension Deficit Prompts Going Concern Doubt
HANOVER COMPRESSOR: Calls US$20.8-Mln Conv. Notes for Redemption
HCE LIMITED: Taps Liquidators from PricewaterhouseCoopers LLP
LANGDON SERVICES: Calls In Liquidators from Deloitte & Touche
NORTH ELECTRICAL: Liquidator Calls on Creditors to Submit Claims

OSIRIS CAPITAL: Moody's Rates US$100-Mln Class D Notes at Ba1
PENTON MEDIA: Moody's Assigns B2 Rating Following Acquisition
RIVERDEEP HOLDINGS: S&P Withdraws Ratings Following Acquisition
SAMSONITE CORP: Majority of Noteholders Tender 8-7/8% Notes
SIGNUM FINANCE: S&P Lifts Ratings on Class E Notes to BB

SMART SME: Fitch Gives BB Rating to EUR58-Million Class E Notes
SOUTH WALES: Appoints Deloitte & Touche as Joint Administrators
TISCALI SPA: Names Arnaldo Borghesi & Rocco Sabelli to Board
VOLANTE PUBLIC: Taps Deloitte & Touche to Administer Assets

                            *********

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


ASB BAU: Creditors' Meeting Slated for January 9
------------------------------------------------
Creditors owed money by LLC ASB Bau & Montagen (FN 249451s) are encouraged
to attend the creditors' meeting at 9:45 a.m. on
Jan. 9, 2007, to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         2nd Floor
         Hall K
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 6
(Bankr. Case No. 40 S 46/06x).  Norbert Kollerics serves as the
court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Norbert Kollerics
         Klosterwiesgasse 61
         8010 Graz, Austria
         Tel: 0316/819291
         Fax: 0316/819291-9
         E-mail: office@kollerics.at


CB BISCHOF: Creditors' Meeting Slated for January 9
---------------------------------------------------
Creditors owed money by LLC CB Bischof (FN 259807w) are encouraged to
attend the creditors' meeting at 9:30 a.m. on
Jan. 9, 2007, to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         2nd Floor
         Hall K
         Graz, Austria

Headquartered in Graz - Goesting, Austria, the Debtor declared bankruptcy
on Nov. 6 (Bankr. Case No. 40 S 47/06v).  Michael Neuhauser serves as the
court-appointed property manager of the bankrupt estate.  Christof Stapf
represents Mag. Neuhauser in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Helmut Horn
         Kalchberggasse 8
         8010 Graz, Austria
         Tel: 0316/821114-0
         Fax: 0316/821114-79
         E-mail: helmut.horn@schmid-horn.at


CONCEPT TECHNOLOGIE: Creditors' Meeting Slated for Jan. 9
---------------------------------------------------------
Creditors owed money by LLC Concept Technologie (FN 176444b) are
encouraged to attend the creditors' meeting at 9:10 a.m. on
Jan. 9, 2007, to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         2nd Floor
         Hall K
         Graz, Austria

Headquartered in Gratkorn, Austria, the Debtor declared bankruptcy on Nov.
6 (Bankr. Case No. 40 S 45/06z).  Candidus Cortolezis serves as the
court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz, Austria
         Tel: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com


DATABASE APPLICATION: Claims Registration Period Ends Jan. 2
------------------------------------------------------------
Creditors owed money by LLC DataBase Application Factory (FN 188762t) have
until Jan. 2, 2007, to file written proofs of claims to court-appointed
property manager Bernhard Schatz at:

         Dr. Bernhard Schatz
         Enzersdorfer Str. 4
         2340 Moedling, Austria
         Tel: 02236/893377
         Fax: 02236/893377-40
         Email: bernhard.schatz@bpv-huegel.com

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on Jan. 16, 2007, to consider the adoption
of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Voesendorf, Austria, the Debtor declared bankruptcy on
Nov. 6 (Bankr. Case No. 11 S 115/06g).


LEPPA & PARTNER: Claims Registration Period Ends December 29
------------------------------------------------------------
Creditors owed money by LLC Leppa & Partner (FN 178217i) have until Dec.
29, to file written proofs of claims to court-appointed property manager
Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         Fax: 715 25 26-27
         Email: michael@lesigang.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on Jan. 15, 2007, to consider the adoption
of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 7
(Bankr. Case No. 3 S 150/06p).


MANDARIN MARKETING: Creditors' Meeting Slated for January 10
------------------------------------------------------------
Creditors owed money by LLC Mandarin Marketing (FN 229768w) are encouraged
to attend the creditors' meeting at 10:45 a.m. on Jan. 10, 2007, to
consider the adoption of the rule by compensation payment.

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
(Case No. 3 Sa 4/06t).  Erwin Senoner serves as the court-appointed
compensation manager of the bankrupt estate.

The compensation manager can be reached at:

         Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


OBST HUBER: Claims Registration Period Ends January 16
------------------------------------------------------
Creditors owed money by LLC Obst Huber Obst, Gemuese & Spezialitaten (FN
249093p) have until Jan. 16, 2007, to file written proofs of claims to
court-appointed property manager Erhard Hackl at:

         Dr. Erhard Hackl
         c/o Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz, Austria
         Tel: 0732/776234
         Fax: 776235
         Email: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 1:30 p.m. on Jan. 30, 2007, to consider the adoption
of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy on Nov. 6
(Bankr. Case No. 14 S 57/06i).  Markus Weixlbaumer represents Dr. Hackl in
the bankruptcy proceedings.


PLATZWIRTH GASTRO: Claims Registration Period Ends January 2
------------------------------------------------------------
Creditors owed money by LLC Platzwirth Gastro (FN 250950w) have until Jan.
2, 2007, to file written proofs of claims to court-appointed property
manager Matthias Klissenbauer at:

         Dr. Matthias Klissenbauer
         c/o Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         Email: office@klissenbauer.com
                office@anwaltwien.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 12:15 p.m. on Jan. 16, 2007, to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6
(Bankr. Case No. 6 S 102/06a).  Beate Holper represents Dr. Klissenbauer
in the bankruptcy proceedings.


SEGMENTA HOLDING: Claims Registration Ends January 2
----------------------------------------------------
Creditors owed money by LLC Segmenta Holding (FN 208259p) have until Jan.
2, 2007, to file written proofs of claims to court-appointed property
manager Alexander Schoeller at:

         Dr. Alexander Schoeller
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         Email: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at noon on Jan. 16, 2007, to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6
(Bankr. Case No. 6 S 101/06d).  Stephan Riel represents Dr. Schoeller in
the bankruptcy proceedings.


SWOBODA KAROSSERIEBAU: Claims Registration Period Ends Jan. 2
-------------------------------------------------------------
Creditors owed money by LLC Swoboda Karosseriebau und -reparaturen (FN
62297p) have until Jan. 2, 2007, to file written proofs of claims to
court-appointed property manager Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         Email: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 12:45 p.m. on Jan. 16, 2007, to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6
(Bankr. Case No. 6 S 103/06y).


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B E L G I U M
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CHARLES RIVER: Moody's Changes Outlook on Expected Low Cash Flow
----------------------------------------------------------------
Moody's Investors Service affirmed the existing ratings of Charles River
Laboratories International Inc. and changed the outlook to negative from
stable.  Moody's also affirmed Charles River's speculative grade liquidity
rating of SGL-1.

The outlook change to negative reflects a combination of lower operating
cash flow projections, a significant increase in capital spending and rise
in leverage to finance the repurchase of the company's stock.  With
Moody's last rating action on
Feb. 27, 2006, Moody's expected the company to report operating cash flow
in the range of US$260 million to US$270 million in 2006 before growing to
a range of US$300 million to
US$320 million in 2007.  At the same time, Moody's had anticipated that
free cash flow would increase from a range of US$70 million to US$80
million in 2006 to a range of
US$150 million to US$170 million in 2007.

Moody's now anticipates that Charles River will generate operating cash
flow between US$200 million and US$225 million in 2006 and US$235 million
to US$260 million in 2007, with free cash flow ranging from US$25 million
to US$50 million a year for both 2006 and 2007, for these reasons:

   -- Moody's current projections do not include any
      revenues from the Clinical Services Division, which
      was sold to Kendle International (B1 Corporate
      Family Rating), as well as the closed Interventional
      and Surgical Service business;

   -- the core Research Models business is expected to
      report lower margins due to weakness in transgenic
      sales, lower large model revenues, higher delivery
      costs and the cost of restructuring initiatives; and,

   -- Moody's believes that capital spending will increase
      from US$175 million in 2006 to a range of
      US$200 million to US$225 million in 2007 as
      Charles River continues to build new plants in
      Shrewsbury, Massachusetts and Reno, Nevada,
      along with smaller expansions at several
      existing facilities.

The negative outlook also reflects the significant increase in long-term
debt from US$296 million at the end of 2005 to almost US$600 million as of
Sept. 30, 2006 due to the issuance of US$350 million aggregate principal
amount of convertible notes in June 2006 (not rated by Moody's).  The
company used the proceeds from the offering to fund a significant share
repurchase program as the company spent US$244 million to buy back shares
for the nine months ended Sept. 30, 2006, after spending just US$18
million for all of 2005 while not repurchasing any shares in either 2004
or 2003.

The affirmation of Charles River's SGL-1 rating, despite the increase in
debt and lower operating and free cash flow expected over the next twelve
months, reflects very good external liquidity as well as a significant
cushion for each of its covenants, leaving the company well in compliance
under the terms of its credit facility for the next twelve months.
Moody's notes that Charles River is at the low range of the
SGL-1 rating category and could be downgraded if cash flow continues to
deteriorate or if the company were to borrow against its revolver.

The ratings could be downgraded if there is a meaningful deterioration in
the level of its operating cash flow.  In addition, if Charles River were
to pursue a significant
debt-financed acquisition, resulting in even less financial flexibility,
the ratings could be downgraded.  Moody's would also view an expansion in
the company's share buyback program, particularly if financed with
incremental debt, as detrimental to the ratings.  It is unlikely that the
ratings would be upgraded in the immediate future because of the company's
weak free cash flow coverage of debt and negative outlook.

The following ratings were affirmed with a negative outlook:

Charles River Laboratories International Inc.

    * Corporate Family Rating, Ba1

    * Probability of Default Rating, Ba1

    * Loss Given Default Assessment, LGD4, 50%

    * Senior Secured U.S. Revolving Credit Facility
     (US$200 million face), Baa3, LGD2, 23%

    * Senior Secured U.S. term loan facility
     (US$156 million face), Baa3, LGD2, 23%

Charles River Laboratories Preclinical Services Montreal (subsidiary)

    * Canadian Term Loan (CDN57 million), Baa3, LGD2, 23%

    * Canadian Revolving Credit Facility (CDN12 million),
      Baa3, LGD2, 23%

Charles River Laboratories Preclinical Services Edinburgh (subsidiary)

    * GBP Revolving Credit Facility (GBP6 million), Baa3,
      LGD2, 23%

The rating outlook is negative.

Charles River Laboratories International Inc., headquartered in
Wilmington, MA, provides research tools and integrated support services
for drug and medical device discovery and development. The company's
business segments are Research Models and Services, which involves the
commercial production and sale of animal research models; and
Pre-clinical, which involves the research, development and safety testing
of drug candidates.  The company reported revenues of over US$786 million
for the nine months ended Sept. 30, 2006.


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B U L G A R I A
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* S&P Assigns BB Rating on Plovdiv's EUR25.5-Mln Domestic Bond
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior unsecured debt
rating to the debut EUR25,564,594 domestic bond issued by the City of
Plovdiv (BB/Positive/--) in the Republic of Bulgaria.

The issue, launched on Oct. 31, 2006, has a maturity of 15 years.  The
principal amount will be withdrawn in tranches in 2006-2009 and repaid in
equal installments in
2011-2021.  The coupon was set at 2.875% and will be paid
semi-annually.

"The rating on the bond issue is equalized with that on the city," said
Standard & Poor's credit analyst Marcin Gdula.

The ratings on Plovdiv reflect the city's limited financial flexibility
and uncertainties related to the ongoing intergovernmental reform, similar
to all Bulgarian cities.  In addition, the ratings are constrained by
still weak operating performance and contingent liabilities related to the
city's loss-making municipal transport company.

The ratings on Plovdiv are supported by:

   -- the city's diversifying and growing economy, and
   -- expected benefits from economic growth and EU accession.

Plovdiv, with a population of 375,000, is the second-largest city in
Bulgaria (BBB+/Stable/A-2).


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C Y P R U S
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TURKCELL ILETISIM: Moody's Assigns Ba2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned Ba2 foreign currency and
Ba2 domestic currency corporate family ratings to Turkcell Iletisim
Hizmetleri A.S.  The outlook is stable.

The Ba2 corporate family rating reflects:

   a) Turkcell's longstanding leading market position in
      its low-penetrated home market;

   b) strong brand recognition;

   c) solid and sustainable cash flow generation capacity in
      an under-levered capital structure relative to
      its peers; and

   d) significant financial flexibility that enables it
      to compete aggressively and ensures the ability to
      invest in technology and product differentiation.

More cautiously, the rating also factors in:

   a) the expectation of a more competitive market with
      changing dynamics from 2007 and going forward;

   b) substantial investment in international expansion to
      be financed by borrowing;

   c) the potential increase in the level of capital
      expenditure should Turkcell acquire a 3G license;

   d) the challenge and investment required to transform
      its loss-making Ukraine subsidiary to break-even;

   e) residual uncertainties in the ownership structure
      which, in Moody's view, could impose limitations
      on setting and carrying out sustainable
      business strategies and financial policies; and

   f) a shareholder remuneration policy, which is
      evolving towards a higher dividend payout ratio.

On the basis of Turkcell's strong business and financial risk profiles,
Moody's considers the rating to be solidly positioned at Ba2,
incorporating substantial flexibility for strategic investments.  The
company currently has a relatively
under-levered capital structure with US$645 million in
on-balance sheet debt and circa US$1 billion cash and cash equivalents as
of the third quarter of 2006.  However, in Moody's view this is likely to
change from 2007 as Turkcell begins to apply its financial flexibility to
securing its domestic market position, increasing shareholder remuneration
and broadening the range of its operations beyond Turkey.  In this
context, Moody's notes Turkcell's announcement that it is in the process
of negotiating sizeable long-term debt financing, which is likely to be
utilized for one or more potential international investments if
opportunities arise.

Given the uncertainty surrounding the scale and timing of any potential
future investment opportunities, Moody's Ba2 rating assumes that such
investment, together with other potential future claims on the company's
cash flow, should be managed such that the Total Adjusted Debt to Adjusted
Ebitda ratio remains below 2x.  The Ba2 rating also assumes that, although
potentially heavy capital investment requirements might result in negative
free cash flow in the short term, Moody's would expect the company to
return to a positive underlying free cash flow position fairly quickly.
To the extent that fx-denominated indebtedness were to increase,
Turkcell's future exposure to foreign currency fluctuations would also
correspondingly rise, adding a risk not currently considered a major
factor for the company.  However, Moody's factors in that, in this case,
Turkcell would appropriately hedge itself against foreign currency risks.

The stable outlook, notwithstanding a degree of uncertainty in respect of
the potential impact from a financial risk profile perspective of as yet
undefined international investments, reflects Moody's expectation that the
company will continue to report fairly robust operational performance and
profitability with an EBITDA Margin of more than 37%, despite intensifying
domestic competition in the next two years.  It also assumes that, to the
extent Turkcell does reduce its financial flexibility through increased
investments or debt-financed acquisitions, these will be managed such that
adjusted total debt/adjusted ebitda on a sustainable basis would not
exceed 2x; and that, in the event that free cash flow were to turn
negative as a result of capital investment, this would be reversed within
a reasonable timeframe.

Headquartered in Istanbul, Turkey, Turkcell is the leading
GSM operator with a 61% market share in terms of the number of
subscribers.  The company provides high-quality mobile voice and data
services through its own GSM network, with 30.8 million subscribers as of
September 2006.  The company also operates in the Ukraine through its
indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia and
Moldova through its associate Fintur, and in Northern Cyprus through its
wholly-owned subsidiary Kibris Telekom.  In 2005, the company reported
revenues of US$4.3 billion and EBITDA of US$1.9 billion under US GAAP.


=============
F I N L A N D
=============


METSO OYJ: Cuts 222 Jobs at Valmet Automotive Unit
--------------------------------------------------
Valmet Automotive, a unit of Metso Oyj, will reduce its workforce by 222
people.

The decision was made after the cooperation negotiations initiated on Nov.
1.  From these 222 employees, 216 are blue-collar and six are
white-collar.  In the negotiation proposal, the reduction need was
assessed to be 260 employees.  After the reduction, the personnel will
number a little more than 800 persons.

As a result from the weakened car market the car output will gradually
fall by early April to 102 cars per day from the daily output of 153 cars
in November.

                          About Metso

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

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

                        *     *     *

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


* Moody's Notes Mixed Rating Outlook for Finnish Banks
------------------------------------------------------
The bank financial strength and deposit ratings of the rated Finnish banks
reflect their strong franchises, sound performance and overall good risk
profiles.  However, the rating outlook for the Finnish banks is mixed,
Moody's Investors Service says in its new Banking System Outlook for
Finland.

"Nordea Bank Finland and Aktia remain stable.  Sampo Bank's deposit rating
has been placed on review for possible upgrade due to its expected
takeover by Danske Bank in early 2007 but the outlook for its BFSR is
stable," advises Lynn Valkenaar, Moody's Vice President/Senior Analyst and
author of the report. "Meanwhile, OKO Bank's rating outlook (deposit
rating and BFSR) was changed to negative from stable following its offer
to acquire Pohjola Non-life Insurance Company Ltd. in
September 2005."

Similar to other Nordic countries, the Finnish banking sector is dominated
by a few large institutions.  The three largest banks -- Nordea Bank
Finland, OP Bank Group (a co-operative banking group) and Sampo Bank --
have an aggregate market share of nearly 90% of the country's loans and
deposits.  The banking sector is also an international market; there are
13 foreign banks in operation, Moody's notes.

Moody's expect the three largest banks to retain their large collective
market share in 2007 and into the medium term, given their (i)
comprehensive financial offerings, which include asset management, life
and non-life insurance, and leasing; and (ii) large customer bases.
Together, these present large
cross-selling potential.  In addition, like other Nordic markets, each
group has an effective multi-channel distribution network -- including a
comprehensive Internet offering.

"Competition in the Finnish banking sector is already intense as the banks
largely pursue similar strategies that focus on retail customers and
wealth management products," says Ms Valkenaar. "Competitive pressure is
expected to intensify going forward with Danske Bank's acquisition of
Sampo Bank due to the cost synergies that should be realized.  These will
allow the bank to be more aggressive in its pricing policies, should it
choose to be."

While there is limited scope for any more large mergers or acquisitions in
Finland, further merger activity is expected among the dozens of smaller
independent banks in light of intensifying competitive and cost pressures.
However, Moody's notes that these banks have been successful to date in
defending their fundamentals through various co-operations.


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


ALCATEL-LUCENT: Builds Eutelsat Communications' W7 Satellite
------------------------------------------------------------
Alcatel Alenia Space, a unit of Alcatel-Lucent, and Eutelsat
Communications have signed a contract under which the former will
manufacture and deliver Eutelsatís W7 communications satellite.

To be launched in second quarter 2009 at Eutelsatís 36 degrees East
location, W7 will double the capacity currently available at a key
neighborhood in the Groupís fleet of geo-stationary satellites.  Through a
configuration of high-performance fixed and steerable beams, W7 will also
boost coverage and flexibility for addressing growing markets, notably in
central Asia and Africa.

W7ís mission comprises up to 70 Ku-band transponders that can be connected
to six beams serving Europe, Russia, Africa, the Middle East and central
Asia.  To be co-located with Eutelsatís W4 satellite, which already serves
anchor pay-TV operators in Russia, the Ukraine and sub-Saharan Africa, W7
will enable Eutelsat to almost double bandwidth for digital video services
in these regions.  It will also replace all capacity on Eutelsatís SESAT 1
satellite that serves Europe, North Africa, the Middle East and central
Asia, and bring fresh capacity to South Africa through a high-power fixed
beam and to central Asia through a spot beam which can be reoriented in
orbit.  Following W7ís deployment at 36 degrees East, SESAT 1 will
continue in commercial service at an alternative location.

Weighing in at 5.6 tons and with 12 kW of payload power, W7 is based on
the Alcatel Alenia Space Spacebus 4000 platform and will be boosted into
orbit by Sea Launch.

"Since 2000, we have proactively built our video neighborhood at 36
degrees East into a prime location for digital markets in eastern Europe
and Africa," Eutelsat CEO Giuliano Berretta said.    "This commitment has
won the confidence of pay-TV operators who are pioneers in their markets,
notably NTV Plus from Russia, Poverkhnost from the Ukraine and MultiChoice
Africa which reaches large parts of sub-Saharan Africa through this
neighborhood.

"In order to support growth for broadcast and telecommunications services
in these regions and to boost capacity for other markets, we looked
closely at how we could even more efficiently exploit the resource at 36
degrees East.  With W7, this key position in our fleet will benefit from
capacity enabling us to use the full spectrum of Ku-band frequencies, and
to respond to market demands in multiple regions through a high degree of
operational flexibility.Ē

"We are very pleased and fully committed to supporting Eutelsat
sustainable growth," said Pascale Sourisse CEO of Alcatel Alenia Space.
"We are also very proud of working alongside Eutelsat to meet the
increasing market demand and emerging new applications by delivering
technologies with outstanding performance.  W7 is the second satellite
after W2A to be awarded by Eutelsat to our company in 2006.  This contract
further consolidates an historical year for our company: we have been
chosen by a large number of operators, making us the world leader in the
communications satellite market."

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        About Alcatel-Lucent

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

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

                           *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


ALCATEL-LUCENT: Partners with Deutsche Telekom in T-City Contest
----------------------------------------------------------------
Alcatel-Lucent is supporting Deutsche Telekomís "T-City" competition as an
exclusive premium partner.  Under the terms of a five-year contract
concluded at the end of November, Alcatel-Lucent will support Deutsche
Telekom in the development and introduction of innovative integrated
telecommunication solutions.

Alcatel-Lucent will also make its expertise in the development and
introduction of new services available for the "T-CityĒ program.
Alcatel-Lucent has found that close and direct cooperation between
end-users, service providers and solution suppliers considerably
accelerates the development and implementation of new solutions.  Thus the
citizens, local authorities, organizations and enterprises of the future
"T-City" will find their service needs met with an unprecedented "quality
of experience."

A total of 52 cities entered the "T-CityĒ competition.  The winning
concept will be realized -- with regards to telecommunications solutions
and applications -- by Deutsche Telekom, Alcatel-Lucent as the Premium
partner and - if needed - additional non-premium partners.  The
participants share the expectation that an advanced technical
infrastructure, the applications running on it and the degree of
networking among municipal institutions will provide a basis for a
sustained increase in the quality of life for their citizens.

Of the 52 cities that participated in the initial round of the
competition, an independent jury selected ten cities to go forward to the
final round:

   -- Arnsberg,
   -- Coburg, Frankfurt (Oder),
   -- Friedrichshafen,
   -- Goerlitz,
   -- Kamp-Lintfort,
   -- Kaiserslautern,
   -- Neuruppin,
   -- Osterholz-Scharmbeck and
   -- Schwabisch-Hall.

The winner will be the city that has made the best municipal application
to use the modern telecommunications technology to meet the specific tasks
and challenges a 21st century community faces (e.g. the interaction
between citizens and the municipal administration).  The future T-City
will act as a role model for other cities, and will be selected in
February 2007.

Deutsche Telekom will implement the innovative ideas of the future T-City
jointly with Alcatel-Lucent as its premium partner in defined product and
cooperative areas.  Deutsche Telekom may recruit additional partners to
implement other areas, which are not covered by the premium partnership
with Alcatel-Lucent.

"We are pleased with having won Alcatel-Lucent as a strong technology and
premium partner for a quite demanding T-City project.   We are looking
forward to use our joint know-how for giving birth to an exemplary,
networked city of the future," Joerg Bollow, project leader T-City,
Deutsche Telekom AG.

Hans-Burghardt Ziermann, an executive with Alcatel-Lucentīs operations in
Germany, is a member of the 11-strong jury, which selected the ten
finalists at the end of November.

"This exclusive partnership in the "T-City" project represents a
continuation of our long-lasting and successful partnership with Deutsche
Telekom", said Mr, Ziermann.  "We are happy to be able to help a city
become a more attractive place for living and as an industrial location
thanks to a modern telecommunications network."

                        About Alcatel-Lucent

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

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

                           *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


EUTELSAT COMMS: Taps Alcatel-Lucent to Build W7 Satellite
---------------------------------------------------------
Eutelsat Communications and Alcatel Alenia Space, a unit of
Alcatel-Lucent, have signed a contract under which the latter will
manufacture and deliver Eutelsatís W7 communications satellite.

To be launched in second quarter 2009 at Eutelsatís 36 degrees East
location, W7 will double the capacity currently available at a key
neighborhood in the Groupís fleet of geo-stationary satellites.  Through a
configuration of high-performance fixed and steerable beams, W7 will also
boost coverage and flexibility for addressing growing markets, notably in
central Asia and Africa.

W7ís mission comprises up to 70 Ku-band transponders that can be connected
to six beams serving Europe, Russia, Africa, the Middle East and central
Asia.  To be co-located with Eutelsatís W4 satellite, which already serves
anchor pay-TV operators in Russia, the Ukraine and sub-Saharan Africa, W7
will enable Eutelsat to almost double bandwidth for digital video services
in these regions.  It will also replace all capacity on Eutelsatís SESAT 1
satellite that serves Europe, North Africa, the Middle East and central
Asia, and bring fresh capacity to South Africa through a high-power fixed
beam and to central Asia through a spot beam which can be reoriented in
orbit.  Following W7ís deployment at 36 degrees East, SESAT 1 will
continue in commercial service at an alternative location.

Weighing in at 5.6 tons and with 12 kW of payload power, W7 is based on
the Alcatel Alenia Space Spacebus 4000 platform and will be boosted into
orbit by Sea Launch.

"Since 2000, we have proactively built our video neighborhood at 36
degrees East into a prime location for digital markets in eastern Europe
and Africa," Eutelsat CEO Giuliano Berretta said.    "This commitment has
won the confidence of pay-TV operators who are pioneers in their markets,
notably NTV Plus from Russia, Poverkhnost from the Ukraine and MultiChoice
Africa which reaches large parts of sub-Saharan Africa through this
neighborhood.

"In order to support growth for broadcast and telecommunications services
in these regions and to boost capacity for other markets, we looked
closely at how we could even more efficiently exploit the resource at 36
degrees East.  With W7, this key position in our fleet will benefit from
capacity enabling us to use the full spectrum of Ku-band frequencies, and
to respond to market demands in multiple regions through a high degree of
operational flexibility.Ē

"We are very pleased and fully committed to supporting Eutelsat
sustainable growth," said Pascale Sourisse CEO of Alcatel Alenia Space.
"We are also very proud of working alongside Eutelsat to meet the
increasing market demand and emerging new applications by delivering
technologies with outstanding performance.  W7 is the second satellite
after W2A to be awarded by Eutelsat to our company in 2006.  This contract
further consolidates an historical year for our company: we have been
chosen by a large number of operators, making us the world leader in the
communications satellite market."

                      About Alcatel-Lucent

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

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

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

As reported in the TCR-Europe on Sept. 11, Moody's Investors
Service upgraded the Corporate Family Rating of Eutelsat
Communications S.A. to Ba2 from Ba3.  Concurrently the rating
agency upgraded to Ba3 from B1 the existing ratings on both the
Term Loan and the Revolving Credit Facility.  Moody's said the
outlook for all ratings is now stable.

Ratings upgraded include:

* Eutelsat Communications S.A.

   -- Corporate Family Rating to Ba2 from Ba3;

   -- EUR1.6 billion Term Loan due 2013 to Ba3 from B1; and

   -- EUR300 million Revolving Credit Facility due 2013 to
      Ba3 from B1.


QUEBECOR WORLD: Closes Private Offering of US$400-Mil. Sr. Notes
----------------------------------------------------------------
Quebecor World Inc. closed its private offering of US$400 million
aggregate principal amount of 9-3/4% Senior Notes due Jan. 15, 2015, which
were sold at par.

The new Senior Notes were issued by Quebecor World Inc. and were
unconditionally guaranteed on a senior unsecured basis by certain of its
wholly owned subsidiaries, namely Quebecor World (USA) Inc., Quebecor
World Capital LLC and Quebecor World Capital ULC.

The net proceeds from the sale of the Senior Notes amount to approximately
US$393 million and will be used to reduce indebtedness, including to
repurchase up to US$125 million of debt securities of Quebecor World
Capital Corporation, a wholly owned subsidiary of the company, namely
8.54% senior notes due 2015, 8.69% senior notes due 2020, 8.42% senior
notes due 2010 and 8.52% senior notes due 2012 under the cash tender
offers commenced by Quebecor World (USA) Inc. on Nov. 30, 2006, to repay
in full $150 million in 7.25% senior debentures of Quebecor World Capital
Corporation due in January 2007 and to repay borrowings under the
company's revolving credit facility.  The balance of the proceeds, if any,
will be used for general corporate purposes.

The offering was made on a private placement basis to qualified
institutional buyers in the United States in reliance upon Rule 144A under
the U.S. Securities Act of 1933, as amended.  The new Senior Notes have
not been, and will not be, registered under the U.S. Securities Act of
1933 or any state securities laws, and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements.

In Canada, the offering of new Senior Notes was made on a prospectus
exempt basis under applicable Canadian securities laws and, accordingly,
any re-sale of the Senior Notes in Canada will be made on a basis which is
exempt from the prospectus and dealer registration requirements of such
securities laws.

Quebecor World Inc. -- http://www.quebecorworld.com/-- is a commercial
print media services company. The company offers its customers a range of
printed products and related communication services, such as magazines,
retail inserts, catalogs, direct mail, books, directories, pre-media,
logistics and other value-added services. Quebecor World operates in the
commercial print media segment of the printing industry.

Quebecor World has around 32,000 employees working in more than 140
printing and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico,
Peru, Spain, Sweden, Switzerland and the United Kingdom.

                        *     *     *

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

S&P said the outlook is negative.

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

The outlook for the rating is negative.


QUEBECOR WORLD: Completes Equipment Lease Financing
---------------------------------------------------
Quebecor World Inc. has entered into a long term equipment lease financing
transaction with various financial institutions to fund approximately
US$86 million of state-of-the-art equipment currently being installed in
the company's US platform to better serve its customers.

The new lease agreement allows the company to further diversify its
funding sources.  The proceeds from the financing will serve to reduce
indebtedness.

Quebecor World Inc. -- http://www.quebecorworld.com/-- is a commercial
print media services company. The company offers its customers a range of
printed products and related communication services, such as magazines,
retail inserts, catalogs, direct mail, books, directories, pre-media,
logistics and other value-added services. Quebecor World operates in the
commercial print media segment of the printing industry.

Quebecor World has around 32,000 employees working in more than 140
printing and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico,
Peru, Spain, Sweden, Switzerland and the United Kingdom.

                        *     *     *

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

S&P said the outlook is negative.

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

The outlook for the rating is negative.


REMY COINTREAU: S&P Revises Outlook to Neg. on Reorganization
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on France-based
spirits and wine group Remy Cointreau S.A. to negative from stable.  At
the same time, Standard & Poor's affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on the group.

"The outlook revision reflects our concerns about the execution of the
group's reorganization of distribution -- expected over the next couple of
years -- and associated costs, in a context of slowing growth in the
important U.S. cognac market," said Standard & Poor's credit analyst
Vincent Allilaire.

In December 2006, Remy announced the financial conditions of its intended
departure from its main current distribution partner, the Maxxium joint
venture, in March 2009.  Maxxium handles about 44% of the group's sales in
volume.  Standard & Poor's believes the planned and chosen reorganization
of distribution should have no overall lasting negative impact on the
quality of Remy's business.  Nevertheless, the reorganization induces some
execution risk in the choice of and transition to new distribution routes,
as well as in the development of proprietary distribution in the growing,
but competitive, Asian markets.  Furthermore, this transition takes place
in a context of slowing cognac sales (in volume) for the category in the
U.S., the largest market globally.

Standard & Poor's expects that, despite underlying progress in price and
mix management, underlying profits may be constrained by additional costs
linked to the reorganization of the group's distribution and additional
marketing costs in Asian markets. The group's profits could also be
negatively affected by a possible slow-down in the U.S. market.

"The ratings or outlook could be revised upward should Remy manage to
maintain its cash flows to levels sufficient to allow for further
deleveraging on a sustainable basis, despite expected still-high dividend
payments and the one-off impact of the group's exit fee from its current
distribution arrangements," Mr. Allilaire added.  "Conversely, downward
pressure would apply should Rťmy fail to sustain a financial profile in
line with the current ratings due to operating performance, acquisitions,
or increased shareholder returns."


REVLON INC: Unit Completes Credit Agreement Refinancing
-------------------------------------------------------
Revlon Inc. disclosed that its wholly owned operating
subsidiary, Revlon Consumer Products Corp., had consummated the
previously announced refinancing of its existing bank credit
agreement.

Among other things, the new credit facilities will result in significant
annual interest savings due to lower interest margins and provide the
Company with greater financial and other covenant flexibility, as well as
extend the maturity dates for Revlon Cosumer's bank credit agreement to
January 2012.

Commenting on the announcement, Revlon President and CEO David
Kennedy stated, "I am delighted with this demonstration of
support by our lenders.  This new credit agreement provides us
with additional liquidity and flexibility as we enter 2007
focused on our core Revlon, Almay and Mitchum brands, while
seeking to continue to improve our cash flow."

As part of this refinancing, Revlon Consumer entered into a new
5-year US$840 million term loan facility, replacing the US$800
million term loan under Revlon Consumer's 2004 bank credit
agreement.  Revlon Consumer also amended its existing US$160
million multi-currency revolving credit facility under its 2004
bank credit agreement and extended its maturity through the same
5-year period.

The company indicated that the proceeds from the 2006 Credit
Facilities were used to repay in full approximately US$800
million of outstanding indebtedness under the term loan facility
of Revlon Consumer's 2004 bank credit agreement, plus accrued
interest and a prepayment fee, with the balance of the proceeds
being available for general corporate purposes, after paying
fees and expenses incurred in connection with consummating the
2006 Credit Facilities.

The interest rate on the 2006 Term Loan Facility, which was
fully drawn at the closing, was reduced from LIBOR plus 6.0% to
LIBOR plus 4.0%. The interest rate on the 2006 Revolving Credit
Facility, of which approximately US$57 million was drawn at the
closing, was reduced from LIBOR plus 2.5% to LIBOR plus 2.0%.
The 2006 Term Loan Facility is guaranteed and secured by
substantially the same collateral package and guarantees that
secured the term loan facility of Revlon Consumer's 2004 bank
credit agreement, and the 2006 Revolving Credit Facility
continues to be guaranteed and secured by its existing
collateral package and guarantees.

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).  In Europe, the company maintains operations in
Italy, France, and the United Kingdom.

At Sept. 30, 2006, the Company's balance sheet showed a US$1.22 billion
stockholders' deficit, compared to a US$1.09 billion deficit at Dec. 31,
2005.

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc., which in turn is majority-owned by MacAndrews and Forbes,
which is wholly owned by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, Moody's Investors
Service lowered Revlon Consumer Products Corporation's long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


REVLON INC: Prices US$100 Million Rights Offering
-------------------------------------------------
Revlon Inc., pursuant to its US$100 million rights offering, will
distribute, at no charge, one transferable subscription right for each
share of Class A and Class B common stock held by each stockholder of
record as of 5:00 p.m. New York City time, on Dec. 11, 2006.

Each subscription right will enable rights holders to purchase 0.2308 of a
share of Revlon's Class A common stock.  Fractional shares of Class A
common stock will not be issued.  The subscription price for each share of
Class A common stock is US$1.05 per share.

In addition, the subscription rights include an over-subscription
privilege pursuant to which each rights holder that exercises its basic
subscription privilege in full may also subscribe for additional shares at
the same subscription price of US$1.05 per share, to the extent that other
rights holders, other than MacAndrews & Forbes, do not exercise their
subscription rights in full.  If a sufficient number of shares are not
available to fully satisfy the over-subscription privilege requests, the
available shares will be sold pro-rata among subscription rights holders
who exercised their over-subscription privilege, based on the number of
shares each subscription rights holder subscribed for under the basic
subscription privilege.

Approximately US$50 million of the proceeds from the rights offering are
expected to be used to redeem approximately US$50 million principal amount
of the 8-5/8% Senior Subordinated Notes due 2008 of Revlon Consumer
Products Corporation, the company's wholly-owned operating subsidiary,
with the remainder expected to be used to repay indebtedness outstanding
under RCPC's US$160 million multi-currency revolving credit facility,
without any permanent reduction in that commitment, after paying fees and
expenses incurred in connection with the rights offering.

The subscription rights are expected to trade on the NYSE under the symbol
'REV RT' beginning approximately Dec. 20, 2006 until Jan. 18, 2007, the
last business day prior to the scheduled expiration date of the rights
offering.

The company disclosed that MacAndrews & Forbes Holdings, Inc., Revlon's
parent, and its affiliates, has agreed not to exercise its basic
subscription privilege.  Instead, pursuant to a Stock Purchase Agreement
between MacAndrews & Forbes and Revlon, MacAndrews & Forbes has agreed to
purchase, in a private placement directly from Revlon, its pro rata share
of the US$100 million of Class A common stock covered by the rights
offering.

MacAndrews & Forbes has also agreed not to exercise its over-subscription
privilege in the rights offering, which will maximize the shares available
for purchase by other stockholders pursuant to their over-subscription
privilege.  However, if any shares remain following the exercise of the
basic subscription privilege and the over-subscription privilege by other
rights holders, MacAndrews & Forbes will backstop US$75 million of the
rights offering by purchasing, also in a private placement, the number of
remaining shares of Class A common stock offered but not purchased by
other rights holders.

             RCPC Amends US$87 Million Line of Credit

The company also announced that RCPC has entered into a third amendment to
its existing US$87 million 2004 Senior Unsecured Line of Credit from
MacAndrews & Forbes, which provides that, upon the consummation of the
rights offering, US$50 million of the line of credit will continue through
Jan. 31, 2008 on substantially the same terms.

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).  In Europe, the company maintains operations in
Italy, France, and the United Kingdom.

At Sept. 30, 2006, the Company's balance sheet showed a US$1.22 billion
stockholders' deficit, compared to a US$1.09 billion deficit at Dec. 31,
2005.

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc., which in turn is majority-owned by MacAndrews and Forbes,
which is wholly owned by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, Moody's Investors
Service lowered Revlon Consumer Products Corporation's long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


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


BROEMMELHAUS GMBH: Claims Registration Ends January 2
-----------------------------------------------------
Creditors of Broemmelhaus GmbH & Co. KG have until Jan. 2 to register
their claims with court-appointed provisional administrator Hubertus
Bange.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 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 Muenster
         Meeting Room 106 C
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings against
Broemmelhaus GmbH & Co. KG on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Broemmelhaus GmbH & Co. KG
         Attn: Thomas Broemmelhaus, Manager
         Falkenweg 28
         48282 Emsdetten, Germany

The administrator can be contacted at:

         Hubertus Bange
         Kardinal-von-Galen-Str. 5
         48268 Greven, Germany


CONEXANT SYSTEMS: Posts US$122.6 Million Net Loss in Fiscal 2006
----------------------------------------------------------------
Conexant Systems Inc. reported a US$122.6 million net loss on US$970.8
million of net revenues for the fiscal year ended
Sept. 29, 2006, compared with a US$176 million net loss on US$722.7
million of net revenues for the fiscal year ended
Sept. 30, 2005.

The decrease in net loss is primarily due to the higher gross margin of
US$446 million in fiscal 2006, compared with a US$228.8 million gross
margin in fiscal 2005.

Net revenues increased 34% to US$970.8 million in fiscal 2006 from
US$722.7 million in fiscal 2005.  This increase was driven by a 39%
increase in unit volume shipments, which was partially offset by a 3%
decrease in average selling prices.

Gross margin percentage for fiscal 2006 was 46% compared with 32% for
fiscal 2005.  The higher gross margin percentage in fiscal 2006 can be
attributed to the benefits of the company's product cost-reduction
initiatives, as well as more stable product pricing.  In addition, the
company also recorded a US$17.5 million gain resulting from the
cancellation of a wafer supply and services agreement with Jazz
Semiconductor, Inc., which was recorded as a reduction of cost of goods
sold.

At Sept. 29, 2006, the company's balance sheet showed US$1.6 billion in
total assets, US$1.1 billion in total liabilities, and US$510,098 in total
stockholders' equity.

Cash, cash equivalents and marketable securities decreased US$39.2 million
between Sept. 30, 2005 and Sept. 29, 2006.  The decline in fair value of
the company's investment in Skyworks Solutions accounted for US$11.3
million of this decrease.  The remaining decline of US$27.9 million is
attributable to net cash outflow from operating and investing activities,
including the US$70 million payment to Texas Instruments as a result of a
patent litigation settlement, offset by net cash provided by financing
activities of US$88.6 million during the period.

Full-text copies of the company's financial statements for the year ended
Sept. 29, 2006, are available for free at:

             http://researcharchives.com/t/s?176f

                   About Conexant Systems

Headquartered in Newport Beach, CA, Conexant Systems, Inc. --
http://www.conexant.com/-- is a leading provider of integrated circuits
for the communications and broadband digital home markets.  The company
has operations in Taiwan, China, India, Japan, Korea, Bristol, and
Germany.

                        *     *     *

The Troubled Company Reporter Ė Europe reported that Standard & Poor's
Ratings Services raised its corporate credit and other ratings on Newport
Beach, Calif.-based Conexant Systems Inc., reflecting improved liquidity
and operating results.  The corporate credit rating was raised to 'B' from
'B-'.  The outlook was revised to stable from negative.

At the same time, Standard & Poor's assigned its 'B+' senior secured
rating and '1' recovery rating to the company's proposed US$250 million
senior secured floating rate notes due 2010, indicating that investors can
expect full (100%) recovery of principal in the event of payment default.
The rating is based on preliminary offering statements and is subject to
review upon final documentation.

At the same time, Moody's Investors Service assigned a B1 rating to the
senior secured floating rate notes and a Caa1 rating to the corporate
family of Conexant Systems, Inc., a leading provider of integrated
circuits for the communications and broadband digital home markets.  The
ratings reflect both the overall probability of default of the company
under Moody's LGD framework using a fundamental approach, to which Moody's
assigns a PDR of Caa1, and a loss-given-default of LGD-2 for the senior
secured notes.

Moody's also assigned a SGL-3 speculative grade liquidity rating,
reflecting adequate liquidity.  Net proceeds from the US$250 million note
offering together with US$217 million of balance sheet cash will be used
to retire the outstanding
US$457 million 4% convertible subordinated notes maturing February 2007.
The rating outlook is stable.


DOLPHIN KIDS: Claims Registration Ends January 3
------------------------------------------------
Creditors of Dolphin Kids e. V. have until Jan. 3 to register their claims
with court-appointed provisional administrator Joachim Klein II.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on Jan. 24, 2007, at which time the administrator
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Cologne opened bankruptcy proceedings against
Dolphin Kids e. V. on Oct. 26.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Dolphin Kids e. V.
         Beethovenstr. 15
         50674 Cologne, Germany

         Attn: Gabriele Rossek, Manager
         Muehlenberg 18
         53894 Mechernich, Germany

         Dimiter Kirkov, Manager
         Bruesseler Str. 24 a
         53117 Bonn, Germany

The administrator can be contacted at:

         Joachim Klein II
         Hansaring 79 - 81
         50670 Cologne, Germany


ETT ENERGIE: Claims Registration Ends January 3
-----------------------------------------------
Creditors of ETT Energie- und Turbinentechnik GmbH have until Jan. 3 to
register their claims with court-appointed provisional administrator
Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Jan. 24, 2007, at which time the administrator
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings against ETT
Energie- und Turbinentechnik GmbH on Oct. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ETT Energie- und Turbinentechnik GmbH
         Industriezentrum 71
         32139 Spenge, Germany

         Attn: Hans-Otto Mieth, Manager
         Arnold-Heise-Str. 11
         20249 Hamburg, Germany

The administrator can be contacted at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford, Germany


GREEN-BAUCONSULT: Claims Registration Ends January 2
----------------------------------------------------
Creditors of Green-Bauconsult GmbH have until Jan. 2 to register their
claims with court-appointed provisional administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Jan. 23, 2007, at which time the administrator
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Room 137/I
         Residence Place 4-6
         Kempten, Germany

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

The District Court of Kempten opened bankruptcy proceedings against
Green-Bauconsult GmbH on Oct. 31.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Green-Bauconsult GmbH
         Jahnstrasse 17
         87527 Sonthofen, Germany

The administrator can be contacted at:

         Michael Pluta
         Karlstr. 31-33
         89073 Ulm, Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50


PFLEGE- UND SCHULUNGSZENTRUM: Claims Registration Ends Jan. 1
-------------------------------------------------------------
Creditors of Pflege- und Schulungszentrum-Dicken GmbH have until Jan. 1 to
register their claims with court-appointed provisional administrator
Carsten Krage.

Creditors and other interested parties are encouraged to attend the
meeting at 11:30 a.m. on Feb. 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 Neumuenster
         Area B.126
         Law Courts
         Boostedter Road 26
         Neumuenster, 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 Neumuenster opened bankruptcy proceedings against
Pflege- und Schulungszentrum-Dicken GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Pflege- und Schulungszentrum-Dicken GmbH
         Attn: Barbel Dicken, Manager
         Wittorfer Road 18
         24534 Neumuenster,
         Germany

The administrator can be contacted at:

         Dr. Carsten Krage
         Wall 55
         24103 Kiel, Germany


PLANBAU JK: Claims Registration Ends January 2
----------------------------------------------
Creditors of planbau jk Aktiengesellschaft have until Jan. 2 to register
their claims with court-appointed provisional administrator Arne Brumm.

Creditors and other interested parties are encouraged to attend the
meeting at 11:10 a.m. on Feb. 7, 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 Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings against
planbau jk Aktiengesellschaft on Nov. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         planbau jk Aktiengesellschaft
         Richard-Wagner-Str. 8
         39106 Magdeburg, Germany

         Attn: Stefan Peplinski, Manager
         Herzog-Ernst-Ring 4
         29221 Celle, Germany

The administrator can be contacted at:

         Arne Brumm
         Jahnring 29
         39104 Magdeburg, Germany
         Tel: 0391/5971240
         Fax: 0391/5971241


PROVIDE-A 2006-1: Moody's Rates EUR17.4-Mln Class E Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to the Notes
issued by Provide-A 2006-1 GmbH:

   -- EUR500,000 Class A+ Notes due 2049: Aaa;
   -- EUR145,200,000 Class A Notes due 2049: Aaa;
   -- EUR95,800,000 Class B Notes due 2049: Aa2;
   -- EUR43,500,000 Class C Notes due 2049: A1;
   -- EUR 37,800,000 Class D Notes due 2049: Baa1; and
   -- EUR17,400,000 Class E Notes due 2049: Ba2.

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

   -- EUR2,542,336,108 Senior Credit Default Swap: Aaa.

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

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

The ratings address the expected loss posed to investors by the legal
final maturity of the notes.  In Moody's opinion, the structure allows for
timely payment of interest and ultimate payment of principal with respect
to the Notes by the legal final maturity.  Moody's ratings address only
the credit risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on yield to
investors.

Moody's assigned provisional ratings to these Notes on 15 December 2006.


TEREX CORPORATION: Moody's Holds Corporate Family Rating at Ba3
---------------------------------------------------------------
Moody's Investors Services affirmed the debt ratings of Terex Corporation:

   -- corporate family rating at Ba3;
   -- senior secured bank credit facility Ba1, LGD2, 22%; and,
   -- senior subordinate notes B1, LGD5, 76%.

The speculative grade liquidity rating is upgraded to SGL-1 from SGL-2.

The outlook is stable.

Moody's said that Terex's Ba3 corporate family rating reflects the
company's leading competitive position in the global construction
equipment markets.  The company is also benefiting from robust demand in
its end markets including the
non-residential construction and mining industries.

"Terex is benefiting from the replacement and expansion of equipment
rental fleets and the global demand for construction, mining and
infrastructure equipment," Moody's analyst Peter Doyle said.

Additionally, Terex continues to gain from its cost reduction initiatives.
Credit metrics have also improved with interest coverage reaching 5.0x
and debt/EBITDA falling to 2.1x through LTM September 2006.  These metrics
will strengthen further once the company completes the anticipated call of
its US$200 million
9 ľ% Sr. Sub. Notes during mid-January 2007.  The B1, LGD5, 76% rating on
this debt instrument will be withdrawn once these notes are called.

The stable outlook reflects Moody's expectations that Terex's debt
protection measures will continue to improve as a result of the robust
demand in Terex's end markets and the prudent financial policies being
embraced by management.

The key risk that Terex will continue to face is the cyclicality in the
company's end markets and the potential widening of the Securities and
Exchange Commission and US Department of Justice investigations.  Should
the SEC and DOJ investigations be resolved without materially adverse
implications for the company, there would be potential for improvement in
the company's rating outlook.

Notwithstanding these risks, Moody's anticipates that Terex will be able
to weather future cyclical downturns much better than in the past due to
its expanding product offerings, an improving balance sheet, and a
commitment to maintain ample liquidity.

The SGL-1 Speculative Grade Liquidity Rating anticipates that the company
will maintain a very good liquidity profile over the next 12-month period.
Moody's expectation is that Terex's solid operating cash flow generation
combined with about US$554 million available under its committed revolving
credit facility and about US$428 million in cash at the end of September
2006 should be sufficient to fund the company's normal operating
requirements, capital spending and projected debt amortization and calls
over the next 12 months.

Headquartered in Westport, Connecticut, Terex Corporation --
http://www.terex.com/-- is a diversified global manufacturer of
construction, infrastructure and surface mining equipment.  The company
has operations in Germany, Australia and Brazil.


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


AGRICULTURAL BANK: Moody's Changes Outlook on D- FSR to Stable
--------------------------------------------------------------
Moody's Investors Service changed to stable from negative the outlook for
the D- Financial Strength Rating of Agricultural Bank of Greece SA.

At the same time, Moody's has affirmed the Baa1/Prime-2 foreign currency
deposit ratings assigned to ABG and the Baa3 subordinated debt rating of
ABG Finance International.  The bank's FSR has been on negative outlook
since November 2005.

According to Moody's, the change to stable from negative in the FSR
outlook reflects the significant improvement in ABG's key loan portfolio
quality metrics over the past year.  The bank's D- FSR continues to
capture its well-established franchise in Greece, its broad distribution
network and customer base, although it remains constrained by the bank's
weak albeit improving financial fundamentals.

Furthermore, Moody's explains that the FSR also takes into account
management's efforts to transform the bank from a
state-supported agricultural bank into a profitable, commercially-driven,
universal bank by expanding its business with the non-farming sector
(retail and SMEs) and growing its activities with public sector
corporations.

Recent data suggest that management is making inroads towards enhancing
loan portfolio quality and putting the bank on a more sound footing.
Specifically, the ratio of non-performing loans to gross loans totaled
13.9% in September 2006, compared to a ratio of 18.6% a year earlier.  At
the same time, the bank's provisioning coverage has been enhanced with
loan-loss reserves covering 79% of non-performing loans (compared to a 54%
provisioning coverage), while the level of non-provisioned NPLs accounted
for 33% of shareholders' equity (down from 62% a year earlier).

The significant reduction in the NPLs, coupled with an enhanced
provisioning coverage, to some extent mitigates Moody's concerns about the
bank's economic capitalization.  However, the bank's credit quality
metrics remain weak and continue to constrain the bank's FSR.  Moody's
notes that management intends to clean up the bank's portfolio through
further provisions, recoveries and write-offs, while the ongoing expansion
of the non-farming loan portfolio could lead to lower delinquencies in the
future.

Going forward, Moody's says that ABG's FSR could benefit from higher
equity levels, better NPLs provisioning coverage and/or reduced NPLs, and
higher and more sustainable profitability. However, Moody's cautions that
the FSR could slip if the level of NPLs were to increase, leading to
higher provisioning requirements and hence, weaker profitability.

The Baa1/Prime-2 deposit ratings and Baa3 subordinated debt ratings were
affirmed, based on strong implied support reflecting the bank's majority
ownership by the Hellenic Republic and its importance within the Greek
banking system and economy.

Agricultural Bank of Greece is headquartered in Athens, Greece, and
recorded total assets of EUR20.6 billion (based on IFRS) in September
2006.


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


AES CORP: Entering Into Electric Transmission Business
------------------------------------------------------
The AES Corp. is entering the electric transmission business as part of
its overall growth strategy for North America.  Through a new wholly owned
subsidiary, AES said it has acquired the development pipeline and trade
name from Trans-Elect, LLC, a leading transmission developer.

In addition, AES disclosed that the new subsidiary has entered into an
agreement with Trans-Elect's former management team to jointly develop
projects across North America to extend and improve the nation's
electricity grid.

"We see significant potential for transmission development in North
America with grid investment expected to nearly double by 2010.
Increasing congestion costs in many high demand areas of the country, the
growing development of renewable generation located far from load centers,
and enhanced regulatory support at the state, regional, and federal levels
are driving this growth," said David Gee, President of AES North America.
"Independent electric transmission is a natural complement to our existing
generation development business. We also see significant synergy and
opportunity in working with Trans-Elect's development team as they are
proven and respected in the transmission business."

Trans-Elect was formed in 1999 as the first independent transmission
company in North America to pursue the development of independently owned
electric transmission with the goal of increasing the reliability of the
system and lowering costs to consumers.  Since 2002, Trans-Elect has
acquired an interest in the AltaLink transmission system in Alberta,
Canada, purchased Consumers Energy's Michigan transmission system and
secured financing to construct the expansion of the Path 15 transmission
line in California.  Before being sold to third parties, these assets
totaled 12,600 miles of transmission assets under management.

"Trans-Elect is proud to have pioneered independent electric transmission
ownership and new transmission development in this country," said Bob
Mitchell, Chief Executive Officer of Trans-Elect Development, LLC, and a
former executive at Trans-Elect.  "We are excited about this new
relationship with AES as they have been a creative force in developing
independent generation in the US. Additionally, we believe that AES's
development skills, industry relationships, and financing capabilities
will enhance our efforts to meet the nation's electricity needs."

Transmission investment in the United States has increased dramatically
since the late 1990's from US$2.5 billion in 1998 to US$5.5 billion in
2005. According to the Edison Electric Institute, transmission investment
could reach US$8.0 billion per year by 2008 and US$10.0 billion or more by
2010.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


=============
I R E L A N D
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BOMBARDIER INC: Closes EUR4.3 Billion Letter of Credit Facility
---------------------------------------------------------------
Bombardier Inc. signed a EUR4.3 billion Syndicated Letter of Credit
Facility agreement on Dec. 18, 2006, with a group of leading international
financial institutions.  The facility is set up in Europe for the benefit
of Bombardier Inc. and all of its subsidiaries.  It will replace existing
syndicated North American and European facilities.

Bombardier attained its objective of securing availability for an extended
term, while at the same time reducing considerably its issuing costs.
This is a clear indication of the banks' support for Bombardier's business
plan.

Calyon, BNP Paribas, Deutsche Bank and J.P. Morgan, who have jointly
arranged the facility, as mandated lead arrangers and joint book runners,
were joined by five banks as mandated lead arrangers and sub-underwriters
and 16 additional banks joined in the general syndication.

This closing completes the refinancing plan undertaken during the third
quarter of fiscal year 2007, which included tender offers of certain notes
and a new issue of senior notes.

                     About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures transportation
solutions, from regional aircraft and business jets to rail
transportation equipment.  In Europe, it maintains operations in
Northern Ireland, United Kingdom, Germany, Switzerland, Sweden,
and Austria.  Its revenues for the fiscal year ended Jan. 31,
2006 were US$14.7 billion and its shares are traded in the
Toronto Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 1, 2006,
Dominion Bond Rating Service confirmed the ratings of Bombardier
Inc. and Bombardier Capital Ltd.  The Senior Unsecured
Debentures of both Bombardier Inc. and Bombardier Capital Ltd.
are confirmed at BB, and Preferred Shares of Bombardier Inc. at
Pfd-4.  All trends are Negative.

In a TCR-Europe report on Nov. 1, Fitch Ratings has downgraded
the debt and Issuer Default Ratings for both Bombardier Inc.
The Company's issuer default rating was downgraded from BB to
BB-. Other rating actions include, Senior unsecured debt revised
to 'BB-' from 'BB'; Credit facilities revised to 'BB-' from 'BB'
and Preferred stock revised to 'B' from 'B+'.  The Rating
Outlook is Stable.

At the same time, Standard & Poor's Ratings Services affirmed
its 'BB' long-term corporate credit rating on Bombardier.  At
the same time, Standard & Poor's assigned its 'BB' issue rating
to Bombardier's proposed issuance of up to EUR1.8 billion seven-
to-ten-year multi-tranche senior unsecured notes.

Moody's Investors Service also assigned its Ba2 rating to
Bombardier Incorporated's proposed EUR1.8 billion in new senior
unsecured notes and affirms all current ratings.


EGRET FUNDING: Moody's Rates EUR12.25-Mln Class E Notes at Ba3
--------------------------------------------------------------
Moody's assigned these ratings to seven classes of notes issued by Egret
Funding CLO I plc, an Irish special purpose company:

   -- EUR288,750,000 Class A Senior Floating Rate Notes
      due 2022: Aaa;

   -- EUR30,200,000 Class B Senior Floating Rate Notes
      due 2022: Aa2;

   -- EUR24,600,000 Class C Deferrable Floating Rate Notes
      due 2022: A2;

   -- EUR23,100,000 Class D Deferrable Floating Rate Notes
      due 2022: Baa3;

   -- EUR12,250,000 Class E Deferrable Floating Rate Notes
      due 2022: Ba3;

   -- EUR7,000,000 Class P Combination Notes due 2022: A2; and

   -- EUR4,000,000 Class Q Combination Notes due 2022: Aaa.

The EUR43,000,000 Class M Subordinated Notes due 2022 were not rated.

The ratings of the Class A, B, C, D and E address the expected loss posed
to investors by the legal final maturity in 2022. Moody's ratings address
only the credit risks associated with the transaction.  Other non-credit
risks, such as those associated with the timing of principal prepayments
and other market risks, have not been addressed and may have a significant
effect on yield to investors.

The rating assigned to the Class P Combination Notes addresses the
expected loss posed to the investors by the legal final maturity in 2022
as a proportion of the Rated Balance and of the applicable Rated Coupon of
0.25%, where the "Rated Balance" for the purposes of this sentence is
equal, at any time, to the principal amount of the Class P Combination
Notes on the Closing Date plus the applicable Rated Coupon applied on the
outstanding Rated Balance minus the aggregate of all payments made from
the Closing Date to such date, either through interest or principal
payments.

The rating assigned to the Class Q Combination Notes addresses the
expected loss posed to the investors by the legal final maturity in 2022
as a proportion of the Rated Balance, where the "Rated Balance" for the
purposes of this sentence is equal, at any time, to the principal amount
of the Class Q Combination Notes on the Closing Date minus the aggregate
of all payments made from the Closing Date to such date, either through
interest or principal payments.

These ratings are based upon:

   1. an assessment of the eligibility criteria and
      portfolio guidelines applicable to the future
      additions to the portfolio;

   2. the protection against losses through the subordination
      of the more junior classes of notes to the more
      senior classes of notes;

   3. the par coverage and interest coverage tests, which
      divert cash flows towards senior notes;

   4. the hedging strategy to be implemented to cover
      currency and interest rate risk;

   5. the expertise of Egret Capital, LLP as
      collateral manager; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation related to
a collateral portfolio of approximately
EUR410 million, comprised primarily of senior secured loans (minimum 80%
of the portfolio), second lien loans and mezzanine loans from mostly
European borrowers.  This portfolio is dynamically managed by Egret
Capital LLP.  The portfolio will be partially acquired at closing date and
partially during the
9 months ramp-up period in compliance with portfolio guidelines (which
include, among other tests, a diversity score test, a weighted average
rating factor test, a weighted average recovery rate test and a weighted
average spread test).  Thereafter, the portfolio of loans will be actively
managed and the portfolio manager will have the option to buy or sell
assets in the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.

The transaction is arranged by Societe Generale CIB.


EUROCREDIT CDO: Moody's Assigns Ba2 Rating on Class E Notes
-----------------------------------------------------------
Moody's assigned these definitive ratings to six classes of notes issued
by Eurocredit CDO VI PLC, a bankruptcy remote special purpose vehicle
incorporated in Ireland:

   -- EUR125,000,000 Class A-R Senior Secured Revolving
      Floating Rate Notes due 2022: Aaa;

   -- EUR210,000,000 Class A-T Senior Secured
      Floating Rate Notes due 2022: Aaa;

   -- EUR33,500,000 Class B Senior Secured
      Floating Rate Notes due 2022: Aa2;

   -- EUR30,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2022: A2;

   -- EUR24,000,000 Class D Senior Secured Deferrable
      Floating Rate Notes due 2022: Baa3; and

   -- EUR20,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2022: Ba2.

Provisional ratings were assigned on this transaction on
Dec. 13, 2006.

These ratings are based upon:

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

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

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination
      of the Class B, C, D, E notes, the
      EUR57,500,000 subordinated notes and the
      excess spread available in the transaction;

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

   6. the legal and structural integrity of the issue.

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

This transaction is a high yield collateralized loan obligation related to
a portfolio of mainly senior and mezzanine loans. This portfolio is
dynamically managed by Intermediate Capital Managers Limited.

This portfolio will be partially acquired at closing date and partially
during the twelve-month ramp-up period at the end of which the portfolio
shall comply (among others) with the following tests (subject to Moody's
matrices):

   -- a diversity score,
   -- a weighted average rating factor,
   -- a weighted average spread, and
   -- a weighted average recovery rate.

Thereafter, the portfolio of loans will be actively managed and the
portfolio manager will have the option to direct the issuer to buy or sell
loans.  Any addition or removal of loans will be subject to a number of
portfolio criteria.

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


LOMBARD STREET: Moody's Puts Ba3 Rating on Class E Notes
--------------------------------------------------------
Moody's assigned these long term credit ratings to eight classes of notes
and a revolving facility issued by Lombard Street CLO I P.L.C., a
bankruptcy remote special purpose vehicle incorporated in Ireland:

   -- EUR166,250,000 Class A Senior Secured Floating Rate
      Notes: Aaa;

   -- EUR70,000,000 Revolving Loan Facility: Aaa;

   -- EUR19,250,000 Class B Deferrable Secured
      Floating Rate Notes: Aa2;

   -- EUR18,200,000 Class C Deferrable Secured
      Floating Rate Notes: A2;

   -- EUR23,800,000 Class D Deferrable Secured
      Floating Rate Notes: Baa3;

   -- EUR18,375,000 Class E Deferrable Secured
      Floating Rate Notes: Ba3;

   -- EUR25,000,000 Class S Combination Notes: Aaa;

   -- EUR10,000,000 Class T Combination Notes: A2; and

   -- EUR7,000,000 Class W Combination Notes: Baa1.

The ratings of the senior notes and the deferrable notes address the
expected loss posed to investors by the legal maturity of each class (in
2023).  With respect to the combination notes, the ratings address the
expected loss posed to investors by the legal final maturity as a
proportion of the Rated Balance, where the Rated Balance is equal, at any
time, to the principal amount of the Combination Notes on the closing date
(plus, in the case of the class W combination notes and of the class S
combination notes, a Rated Coupon of 0.25% per annum) minus the aggregate
of all payments made from the closing date to such date, either through
interest or principal payments.

These ratings are based upon:

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

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

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination
      of the Class A, B, C, D, E notes and the
      EUR34,125,000 subordinated notes and the
      excess spread available in the transaction;

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

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation related to
a portfolio of senior loans, mezzanine loans, high yield bonds and
structured finance securities.  This portfolio is dynamically managed by
KBC Financial Products U.K. Ltd.  This is the first European arbitrage CLO
transaction managed by KBC FP.  This portfolio will be partially acquired
at closing and ramped-up over the first 9 months of the transaction.

Upon conclusion of the ramp-up, the portfolio shall comply (among others)
with the following tests (subject to Moody's matrices):

   -- a diversity score greater than 32,

   -- a weighted average rating factor lower than 2,300

   -- a weighted average spread greater than 2.65%, and

   -- a weighted average recovery rate greater than 54%.

Thereafter, the portfolio of loans will be actively managed and the
portfolio manager will have the option to direct the issuer to buy or sell
loans.  Any addition or removal of loans will be subject to a number of
portfolio criteria.

This transaction features a multi-currency revolving facility that can be
drawn either in Euros, in Sterling or in US Dollar (up to EUR35 million
equivalent).  Initially, Sterling (or
US Dollar) drawings will be used to purchase Sterling (or
US Dollar) denominated assets.  Should such non-euro assets default,
Sterling (or US Dollar) advances would not be fully collateralized by
Sterling (or US Dollar) assets and therefore Euro proceeds may need to be
converted into Sterling (or
US Dollar) in order to redeem non-euro advances, thus creating a foreign
exchange risk exposure.  This currency risk is partially mitigated with
foreign currency options purchased by the Issuer at closing and has been
considered in Moody's analysis.


PSION SYNTHETIC: Fitch Affirms BB Rating on US$16-Million Notes
---------------------------------------------------------------
Fitch Ratings affirmed Psion Synthetic CDO Plc following a satisfactory
performance review:

   -- US$20 million Class A (ISIN XS0239016503): AAA;
   -- US$13 million Class B (ISIN XS0239017147): AA;
   -- US$8 million Class C (ISIN XS0239017576): A;
   -- US$10 million Class D (ISIN XS0239017733): BBB; and
   -- US$16 million Class E (ISIN XS0239017907): BB.

The affirmation reflects the portfolio's stable performance.  The Weighted
Average Fitch Factor has remained within the AA-/A+ rating category,
although it has improved slightly to currently 1.43 from 1.53 at closing.
There are no speculative-grade names in the portfolio and there have been
no credit events to date.

In December 2005, DEPFA Bank plc bought protection on the reference
portfolio via a credit default swap agreement with PSION, a limited
liability company incorporated in Ireland.  The current portfolio size
stands at US$995 million.


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


FIDIS RETAIL: Fitch Affirms Individual Rating at C
--------------------------------------------------
Fitch Ratings upgraded Fidis Retail Italia's Issuer Default rating to A-
from BBB, Short-term rating to F1 from F2 and Support rating to 1 from 2.
FRI's Individual rating is affirmed at C.  At the same time, the agency
has removed the Rating Watch Positive on FRI's IDR and assigned it a
Stable Outlook.

The rating action reflects what Fitch views as an extremely high
probability of support for FRI from French commercial bank Credit Agricole
SA in anticipation of the closing of the transaction between Fiat Auto and
CA, expected to be completed by year-end.

Fiat Auto is a subsidiary of Fiat Group.  On closing, FRI will be renamed
Fiat Auto Financial Services, a 50/50 joint venture between Fiat Auto and
CA formed to carry out the main financing activities for Fiat Auto in
Europe.  The choice of a 50/50 joint venture reflects the advantages that
both shareholders expect to receive from an equal commitment to the
success of the new company.

CA undertakes to provide all the necessary current and future funding
needs of FAFS and to ensure, together with Fiat, that FAFS exceeds a
minimum core capital ratio.  At the same time, FAFS's new shareholders
have agreed that FAFS will maintain FRI's policy of diversification in its
funding in terms of structures and investor base.

In July 2006, Fiat and CA announced the planned joint venture which would
include, in addition to the retail auto financing activities currently
carried out by FRI, also the dealer financing and renting activities of
Fiat Auto in Europe, currently carried out directly by one of Fiat Auto's
divisions.

On closing, Fiat Auto will exercise the call option it has on the 51% of
FRI currently owned by Synesis Finanziaria and receive around EUR1 billion
in cash from CA, through its consumer finance arm Sofinco, for the 50% of
FAFS.

SF is a holding company jointly owned by Italy's four largest banks,
UniCredito Italiano, Banca Intesa, Sanpaolo IMI and Capitalia, which has
owned 51% of FRI since its creation in
May 2003.  At the same time, Fiat Auto will transfer its dealer financing
and renting businesses to FRI.

FRI's Individual rating continues to be based on its size as one of the
largest car finance companies in Europe, good management, flexible
strategy, reasonable level of capital, solid earnings, and well-controlled
credit and market risks.

The inclusion of Fiat Auto's European dealer financing and renting
businesses should not materially alter FRI's current individual profile
and risk appetite. T he success of FRI, and eventually FAFS, also hinges
on the attractiveness of Fiat Auto models.

On its creation, FAFS will be a regulated entity under article 107 of the
Italian Banking Law and be subject to a lighter form of supervision than
if it held a banking license.

Corporate governance in FAFS will be equally balanced between its two
owners, reflecting its shareholder structure.


METSO OYJ: Cuts 222 Jobs at Valmet Automotive Unit
--------------------------------------------------
Valmet Automotive, a unit of Metso Oyj, will reduce its workforce by 222
people.

The decision was made after the cooperation negotiations initiated on Nov.
1.  From these 222 employees, 216 are blue-collar and six are
white-collar.  In the negotiation proposal, the reduction need was
assessed to be 260 employees.  After the reduction, the personnel will
number a little more than 800 persons.

As a result from the weakened car market the car output will gradually
fall by early April to 102 cars per day from the daily output of 153 cars
in November.

                          About Metso

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

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

                        *     *     *

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


TISCALI SPA: Names Arnaldo Borghesi & Rocco Sabelli to Board
------------------------------------------------------------
The Board of Directors of Tiscali S.p.A. has appointed Arnaldo Borghesi
and Rocco Sabelli as non-executive Directors.  With these two new
appointments, the Company consolidates its governance structure, in line
with its recent financial consolidation.

Messrs. Borghesi and Sabelli join Chairman Vittorio Serafino, CEO Tommaso
Pompei and Directors Massimo Cristofori, Francesco Bizzarri, Gabriele
Racugno and Mario Rosso, in contributing to the Tiscali Group with their
own relevant professional experience.

Mr. Borghesi, 52, graduated in Business Administration from the Bocconi
University in Milan.  He is one of the founding partners of Borghesi,
Colombo and Associates, an advisory company specialized in corporate
finance, which Mr. Borghesi founded together with Paolo Colombo in 2006.

Before, Mr. Borghesi held senior positions in important companies:

   -- he has been the CEO of Lazard & Co Italia from 1998 to
      2006,

   -- founder and partner of Vitale Borghesi & C from 1993 to
      1998, later merged with Lazard, and

   -- general manager of Sabaudia Finanziaria/Cofide, part of
      the De Benedetti Group.

Moreover, Mr. Borghesi is a member of the Cini Foundation of Venice and
professor of Finance at the Ca Foscari University in Venice.

Mr. Sabelli, graduated in Chemical Engineering in Rome, developed his
career in the Eni Group, where in 1992 became Chairman and CEO of Nuova
Ideni, an industrial holding company.  In 1993 he joined the Telecom
Italia Group, where in 1995 he became general manager of TIM.  In 1999 he
was appointed director of the Italian Market for the fixed lines and
Internet services and afterwards he was in charge of the Business Unit
Wireline Services.  In 2002 he was one of the founder members of
Omniainvest, an industrial holding company controlled by Roberto Colaninno
and in 2003 he was appointed CEO of IMMSI S.p.A., a industrial and real
estate services holding company listed on the Milan stock exchange.  In
October 2003, after the acquisition by IMMSI of the Piaggio Group, he was
appointed CEO of Piaggio, position, which he held until October 2006.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, Tiscali said it is focusing on
its Italian and U.K. operations.

                          *     *     *

As reported in the TCR-Europe on Dec. 1, Fitch Ratings placed Italy-based
Tiscali S.p.A.'s Issuer Default rating of CCC on Rating Watch Positive.

Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC.  At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.


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


AUTOSNABDETAL LLP: Karaganda Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda Region
commenced bankruptcy proceedings against LLP Autosnabdetal (RNN
301900215340).

LLP Autosnabdetal is located at:

         Micro District 12, 14-21
         Karaganda
         Karaganda Region
         Kazakhstan


BORLYK OJSC: Claims Filing Period Ends Jan. 30, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan Region
declared OJSC Borlyk insolvent.  Subsequently, bankruptcy proceedings were
introduced at the company.

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

         OJSC Borlyk
         Seifullin Str. 16
         Arykbalyk
         Aiyrtausky District
         North Kazakhstan Region
         Kazakhstan


CENTRE METALL: Proof of Claim Deadline Slated for Feb. 3, 2007
--------------------------------------------------------------
LLP Centre Metall Complect has declared insolvency.  Creditors have until
Feb. 3, 2007, to submit written proofs of claim to:

         LLP Centre Metall Complect
         Micro District Molodejny, 42-36
         Saryarka District
         Astana, Kazakhstan


JULDUZ LLP: Claims Registration Ends Jan. 30, 2007
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan Region
declared LLP Julduz insolvent on Nov. 10.

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

         LLP Julduz
         Uritsky Str. 121
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-57-62


KAZINVEST-ASTANA LLP: Creditors' Claims Due Feb. 3, 2007
--------------------------------------------------------
LLP Kazinvest-Astana has declared insolvency.  Creditors have until Feb.
3, 2007, to submit written proofs of claim to:

         LLP Kazinvest-Astana
         Abai Str. 102
         Almaty District
         Astana, Kazakhstan


NAFTO-CENTRE LLP: Creditors Must File Claims by Feb. 1, 2007
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Nafto-Centre insolvent.  Subsequenty, bankruptcy proceedings were
introduced at the company.

Creditors have until Feb. 1, 2007, to submit written proofs of claim to:

         LLP Nafto-Centre
         Valihanov Str. 71-68
         Astana, Kazakhstan
         Tel: 8 (3172) 21-48-16


REVINVEST LLP: Claims Filing Period Ends Feb. 3, 2007
-----------------------------------------------------
LLP Revinvest has declared insolvency.  Creditors have until Feb. 3, 2007,
to submit written proofs of claim to:

         LLP Revinvest
         Micro District Ubileiny, 30-60
         Taldykorgan
         Almaty Region
         Kazakhstan


SARALJYN LLP: Claims Registration Ends Jan. 30, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan Region
declared LLP Saraljyn insolvent.

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

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


TEMIR CAPITAL: Moody's Upgrades Debt Rating to Baa3 from B1
-----------------------------------------------------------
Moody's Investors Service upgraded to Ba1 the long-term foreign currency
deposit rating of Temirbank.  In addition, Moody's has also upgraded the
long-term debt rating for senior notes issued by Temir Capital B.V., which
are guaranteed by Temirbank, to Baa3.

Temirbank's deposit ratings are constrained by the Ba1/NP foreign currency
ceiling for bank deposits in Kazakhstan while its Baa3 rating for senior
debt issued under foreign law is unconstrained.  Temirbank's E+ financial
strength rating has been affirmed and all the bank's ratings now carry a
stable outlook.  This rating action concludes the review for the possible
upgrade of Temirbank's long-term deposit and debt ratings that Moody's
initiated on Sept. 28.

Moody's explains that the upgrade reflects the increased likelihood of
external support for Temirbank in the event of need from its new parent
company Bank TuranAlem (BTA, rated Ba1/NP/D- for foreign currency bank
deposits/FSR and Baa1 for senior debt).  This follows BTA's acquisition of
a 52.19% controlling stake in Temirbank in mid-December 2006, which
resulted in Temirbank becoming a part of the BTA banking conglomerate.
The acquisition has changed the composition of Temirbank's board of
directors, with senior BTA managers taking three out of six seats on the
board and Temirbank's Chairman of the Board becoming a member of BTA's
management board.

The acquisition is part of BTA's new strategy to acquire controlling
stakes in its partner banks, a project supported by its shareholders who
are going to back it by an external capital contribution of US$400 million
before year-end 2006.  Given that BTA is much larger than Temirbank in
terms of assets and equity, BTA's ratings have not been affected by the
announcement of the upcoming acquisition, says Moody's.  However, Moody's
notes that support for Temirbank in the event of need may be negatively
affected by a potential lack of free resources on the part of BTA, which
warrants a two-notch difference in senior debt ratings of the two
institutions.

Following the acquisition, Temirbank will remain a separate legal entity
and is planning to continue borrowing from the international markets in
its own name.  Its current strategy is focused on a rapid expansion in
domestic retail banking, with the share of retail loans at a high 60% of
gross loans as at the end of June 2006.  Given that Temirbank has been a
partner bank of BTA for a number of years, Moody's does not expect this
strategy to undergo significant changes going forward.

Headquartered in Almaty, Kazakhstan, Temirbank reported audited
consolidated total assets of KZT108 billion (US$913 million) and total
equity of KZT12 billion (US$98 million) under IFRS as at 30 June 2006.
Bank TuranAlem reported unaudited total consolidated assets of KZT1.198
trillion (US$10.1 billion) and total shareholders' equity of KZT118
billion (US$995 million) under IFRS as at June 30, 2006.  As at June 1,
2006, TuranAlem was ranked the second-largest bank in Kazakhstan in terms
of assets and the largest bank in terms of equity.

Upgrades:

Issuer: Temir Capital B.V.

    * Senior Unsecured Regular Bond/Debenture,
      Upgraded to Baa3 from B1

Issuer: Temirbank

    * Senior Unsecured Deposit Rating, Upgraded
      to Ba1 from B1

Outlook Actions:

Issuer: Temirbank

    * Outlook, Changed To Stable From Rating Under Review


TEMIRBANK: Moody's Lifts Senior Unsecured Deposit Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded to Ba1 the long-term foreign currency
deposit rating of Temirbank.  In addition, Moody's has also upgraded the
long-term debt rating for senior notes issued by Temir Capital B.V., which
are guaranteed by Temirbank, to Baa3.

Temirbank's deposit ratings are constrained by the Ba1/NP foreign currency
ceiling for bank deposits in Kazakhstan while its Baa3 rating for senior
debt issued under foreign law is unconstrained.  Temirbank's E+ financial
strength rating has been affirmed and all the bank's ratings now carry a
stable outlook.  This rating action concludes the review for the possible
upgrade of Temirbank's long-term deposit and debt ratings that Moody's
initiated on Sept. 28.

Moody's explains that the upgrade reflects the increased likelihood of
external support for Temirbank in the event of need from its new parent
company Bank TuranAlem (BTA, rated Ba1/NP/D- for foreign currency bank
deposits/FSR and Baa1 for senior debt).  This follows BTA's acquisition of
a 52.19% controlling stake in Temirbank in mid-December 2006, which
resulted in Temirbank becoming a part of the BTA banking conglomerate.
The acquisition has changed the composition of Temirbank's board of
directors, with senior BTA managers taking three out of six seats on the
board and Temirbank's Chairman of the Board becoming a member of BTA's
management board.

The acquisition is part of BTA's new strategy to acquire controlling
stakes in its partner banks, a project supported by its shareholders who
are going to back it by an external capital contribution of US$400 million
before year-end 2006.  Given that BTA is much larger than Temirbank in
terms of assets and equity, BTA's ratings have not been affected by the
announcement of the upcoming acquisition, says Moody's.  However, Moody's
notes that support for Temirbank in the event of need may be negatively
affected by a potential lack of free resources on the part of BTA, which
warrants a two-notch difference in senior debt ratings of the two
institutions.

Following the acquisition, Temirbank will remain a separate legal entity
and is planning to continue borrowing from the international markets in
its own name.  Its current strategy is focused on a rapid expansion in
domestic retail banking, with the share of retail loans at a high 60% of
gross loans as at the end of June 2006.  Given that Temirbank has been a
partner bank of BTA for a number of years, Moody's does not expect this
strategy to undergo significant changes going forward.

Headquartered in Almaty, Kazakhstan, Temirbank reported audited
consolidated total assets of KZT108 billion (US$913 million) and total
equity of KZT12 billion (US$98 million) under IFRS as at 30 June 2006.
Bank TuranAlem reported unaudited total consolidated assets of KZT1.198
trillion (US$10.1 billion) and total shareholders' equity of KZT118
billion (US$995 million) under IFRS as at June 30, 2006.  As at June 1,
2006, TuranAlem was ranked the second-largest bank in Kazakhstan in terms
of assets and the largest bank in terms of equity.

Upgrades:

Issuer: Temir Capital B.V.

    * Senior Unsecured Regular Bond/Debenture,
      Upgraded to Baa3 from B1

Issuer: Temirbank

    * Senior Unsecured Deposit Rating, Upgraded
      to Ba1 from B1

Outlook Actions:

Issuer: Temirbank

    * Outlook, Changed To Stable From Rating Under Review


TEMIRBANK: Fitch Upgrades Issuer Default Rating to BB-
------------------------------------------------------
Fitch Ratings upgraded the ratings of Kazakhstan-based Termirbank to
Issuer Default BB- from B- and to Support 3 from 5, thus resolving the
Rating Watch Positive placed on the ratings on Sept. 21, 2006.  A Stable
Outlook is assigned to the Issuer Default rating.

At the same time, the agency affirmed the bank's other ratings at
Individual D/E and Short-term B.

The upgrade follows the completion of the acquisition of a 52% stake in
Temir by Bank TuranAlem, one of the two largest banks in Kazakhstan, and
reflects the now greater probability of support being forthcoming for
Temir in case of need.

In Fitch's view, BTA would have a strong propensity to support Temir,
taking into account the majority ownership, planned strategic and
operational integration, and the potential impact of any default by Temir
on BTA's access to wholesale funding and its business development more
generally.

Fitch also notes that the terms of BTA's global medium-term note program
and other eurobond issues contain cross default clauses, which would be
triggered by the default of one of BTA's material subsidiaries.  The
latter is defined as entities accounting for at least 10% of BTA's
consolidated assets, revenues or pre-tax profit based on the most recent
financial statements of the subsidiary and BTA group.

Temir does not at present qualify as a material subsidiary. However, were
it to qualify in the future, this could create a significant additional
incentive for BTA to provide support to Temir in case of need.

At the same time, Fitch notes that BTA's IDR is itself driven by the
moderate probability of support being forthcoming from the Kazakhstani
authorities in case of need.

In light of uncertainty as to whether the Kazakhstani authorities would
allow support made available to BTA to flow through to its subsidiaries,
and also taking into account Fitch's assessment of the stand-alone
strength of BTA, a two-notch differential has been maintained between the
IDRs of BTA and Temir.

Improvements in the stand-alone financial strength of BTA, or an increase
in Fitch's view of the likelihood of support made available by the
Kazakhstani authorities to BTA being allowed to flow through to Temir,
could put upward pressure on Temir's IDR. Deterioration in BTA's
stand-alone financial strength could have negative implications for
Temir's IDR.

Temir's Individual rating reflects the high credit and operational risks
of its revised strategy, its still small, albeit rapidly growing, size and
franchise, modest profitability and certain weaknesses in the operating
environment.  However, it also considers Temir's adequate capitalization,
decreased concentration levels on both sides of its balance sheet, limited
market risks and sound asset quality to date.

Temir is one of the 10 largest banks in Kazakhstan, but held a small 2% of
the system's assets at end-H106.  In 2005, the bank's newly appointed
senior management refocused its strategy towards aggressive growth in
retail lending, in particular mortgages, home equity and car loans.


* Fitch Changes Four Kazakhstani Banks' Outlooks to Positive
------------------------------------------------------------
Fitch Ratings changed the rating Outlooks on four Kazakhstani banks to
Positive from Stable, following the change in Outlooks on Kazakhstan's BBB
foreign currency and BBB+ local currency Issuer Default Ratings to
Positive.  The Outlooks on the ratings of three other banks remain Stable.

Development Bank of Kazakhstan:

   -- Outlooks changed to Positive from Stable on both the
      foreign currency BBB and local currency BBB+ IDRs, which
      are affirmed. Other ratings affirmed at Short-term foreign
      currency F3, Short-term local currency F2 and Support 2.

Bank TuranAlem, Kazkommertsbank, Halyk Bank:

   -- Outlooks changed to Positive from Stable on the banks'
      foreign currency BB+ IDRs, which are affirmed.  Other
      ratings for each of the banks affirmed at local currency
      IDR BBB-/Stable, Short-term foreign currency B, Short-term
      local currency F3, Support 3 and Individual C/D.

Alliance Bank, ATF Bank, Bank CenterCredit:

   -- Ratings affirmed at foreign currency IDRs BB-/Stable
      Outlook, Short-term foreign currency B, Support 3 and
      Individual D.

The changes in Outlook on the ratings of the four banks reflect likely
future improvements in the ability of the Kazakhstani authorities to
provide support to them, as reflected in the change in Outlook on the
sovereign ratings.

DBK's IDR, Short-term and Support ratings reflect Fitch's view of the very
strong propensity of the Kazakhstani authorities to provide support to the
bank in case of need, based on its status, state ownership and the bank's
objective to promote the development of the local economy.

Taking into account also the ability of the Kazakhstani authorities to
provide support, as reflected in the sovereign ratings, Fitch considers
that there is a high probability of support being forthcoming for the
bank, if needed.

DBK was established in 2001 as a 100% state-owned company with the
objective to foster Kazakhstan's economic development by providing medium-
to long-term financing for infrastructure and production sector projects,
and by issuing pre-export loans and guarantees.

The ratings of BTA, KKB and Halyk reflect Fitch's view of the strong
propensity of the Kazakhstani authorities to provide support to these
banks in case of need, based on their importance to the country's banking
system and considerable market shares.

Taking into account also the ability of the Kazakhstani authorities to
provide support, Fitch considers that there is a moderate probability of
support being forthcoming for these banks, if needed.  BTA and KKB were by
some margin the largest banks in the country at end-9M06, while Halyk
retained the largest share of retail deposits.

At the same time, as Fitch has previously stated, given its current view
of the authorities' propensity to provide support to these banks, upward
potential for the support floors of their IDRs is capped at BBB-.  Hence
only the banks' foreign currency IDRs, and not the local currency IDRs,
have been assigned Positive Outlooks.

The ratings of Alliance, ATF and BCC reflect Fitch's view of the moderate
propensity of the Kazakhstani authorities to provide support to the banks
in case of need, based on their significant market shares.  At the same
time, as Fitch has previously stated, given its current view of the
authorities' propensity to provide support to these banks, upward
potential for the support floors of their IDRs is capped at BB-.

However, Fitch also notes that Alliance, ATF and BCC have continued to
gain market share during 2006, such that, as at end-9M06, they held 10%,
9% and 8%, respectively, of sector assets, not far behind Halyk.

Furthermore, given current growth rates, Alliance is likely to overtake
Halyk as the country's third largest lender at end-2006 and to become the
third largest bank in Kazakhstan by total assets during 2007.

Thus, while at present Fitch considers that a significant differential
between the support floors of the largest three and the next three banks
is justified, based on BTA's and KKB's substantially larger overall market
shares and Halyk's leadership in retail deposits, the agency will continue
to review the basis for such a differential in 2007, taking into account
in particular banks' evolving market shares and the Kazakhstani
authorities' attitude towards potential support for banks based on their
sizes and profiles.


* Fitch Upgrades Mangistau Region to BB with Stable Outlook
-----------------------------------------------------------
Fitch Ratings upgraded the Kazakhstan Region of Mangistau's Long-term
foreign and local currency ratings to BB from BB-.  The Outlooks on the
Long-term ratings remain Stable.  The Short-term foreign currency rating
is affirmed at B.

Fitch has also assigned Mangistau a National Long-term of BBB+ with a
Stable Outlook.

The upgrade reflects the consolidation of Mangistau's budgetary
performance in 2006, which saw its operating and current margins maintain
the high levels reached in 2005.  Regional capital expenditure has
increased steadily to 16.7% in 2006 from 5.9% in 2001.  At the same time
the regional government has retained tight control of staff expenditure,
which remained at the average of 5.5% over 2001-2006, while transfers made
declined to 62.2% of operating expenditure in 2006 from 70.4% in 2001.

The volume of transfers from the national government to the Mangistau
region, as well as to the region's municipal budgets has been fixed in
absolute terms according to a three-year agreement providing higher
transparency and predictability of inter-budgetary relations.

The region has been debt-free since 2001, while bank borrowings taken up
by public sector companies remain negligible.  In 2005-2006 the region was
provided with a KZT750 million interest free earmarked loan from the
Republic, yet the debt burden remained modest at 2.1% of current revenue
at end-2006.  The region could be granted the leeway to issue financial
debt.

Financing options have been limited since 2005, when new legislation came
into force.  Currently the region is prohibited from issuing bonds or
borrowing from banks; the only financing option currently available to the
region is credits from the central government.

At the same time the regional economy has a strong bias towards oil and
gas sector making it vulnerable to the commodity price fluctuations.  Oil
and gas companies accounted for 90% of 2005 regional industrial output,
67% of Gross Regional Product and 97.7% of regional exports.  The regional
budget is broadly inflexible as transfers to republican budget totaled
65.5% of operating expenditure in 2005.

The Region of Mangistau is located in the south-west of Kazakhstan.  It
covers 6.1% of the country's total area and makes up around 2.5% of the
total population.  The region has one of the largest Caspian sea ports of
the country - Aktau.  The regional economy is dominated by the oil
industry, which contributes 90% of total industrial production and 67% of
the region's gross regional product.


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


AGROTECHSERVICE LLC: Creditors' Meeting Slated for Dec. 29
----------------------------------------------------------
Creditors of LLC Agricultural Technical Service Agrotechservice will
convene at 10:00 a.m. on Dec. 29 at:

         LLC Agricultural Technical Service Agrotechservice
         Manas Str. 201
         Bishkek, Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared LLC
Agricultural Technical Service Agrotechservice (Case No. 164) insolvent on
Dec. 5.  Subsequently, bankruptcy proceedings were introduced at the
company.

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

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Toktobek Aitbaev
         Tel: (0-502) 57-50-55


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


KAZANORGSINTEZ SA: Fitch Assigns B Rating on US$200-Mln Notes
-------------------------------------------------------------
Fitch Ratings assigned Kazanorgsintez SA's US$200 million loan
participation notes a final senior unsecured B rating.

The notes have a five-year tenor, maturing in October 2011.  This rating
action follows a review of the final terms and conditions, conforming
information already received when Fitch assigned an expected rating of B
on Oct. 5, 2006.

KOS-SA is a public limited liability company, incorporated under the laws
of Luxembourg.  The purpose of the company is to issue the notes and lend,
under a loan agreement, the proceeds to OJSC Kazanorgsintez, (also named
Kazan Open Joint Stock Company 'Organichesky sintez', "KOS").

At the same time, KOS's ratings are affirmed at Issuer Default B with
Stable Outlook and Short-term B.  KOS will use the proceeds of the loan
from KOS-SA for refinancing certain indebtedness and to fund capital
expenditure.

The loan agreement, the trust deed and other related documents are
governed by English law.  To secure payments to noteholders, KOS-SA has
charged in favor of the trustee, by way of first fixed charge, all rights
to principal, interest and other amounts paid by KOS and the right to
receive all sums, which may be paid by KOS under any claim, award or
judgment relating to the loan agreement.

The loan agreement contains a change of control clause, which comes into
effect if a rating downgrade occurs as a result of major shareholder TAIF
ceasing to own at least 50% of the ordinary shares or voting rights in
KOS.  Furthermore, covenants in the loan agreement include, among others,
an equal ranking of the loan with present or future unsecured creditors of
KOS and a negative pledge.

KOS also has a total consolidated debt-to-consolidated EBITDA ceiling of
4:1 and a limitation on dividend distribution. Events of default include a
cross default clause with a US$20 million threshold.

KOS is one of the leading Russian petrochemical producers based in the
Republic of Tatarstan and is focused on the manufacturing of commodity
chemicals such as ethylene, certain types of polyethylene along with
phenol and acetone.  In fiscal year 2005 the group achieved sales of
RUR13.2 billion and EBITDA of RUR3.3 billion.


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


ALCATEL-LUCENT: Builds Eutelsat Communications' W7 Satellite
------------------------------------------------------------
Alcatel Alenia Space, a unit of Alcatel-Lucent, and Eutelsat
Communications have signed a contract under which the former will
manufacture and deliver Eutelsatís W7 communications satellite.

To be launched in second quarter 2009 at Eutelsatís 36 degrees East
location, W7 will double the capacity currently available at a key
neighborhood in the Groupís fleet of geo-stationary satellites.  Through a
configuration of high-performance fixed and steerable beams, W7 will also
boost coverage and flexibility for addressing growing markets, notably in
central Asia and Africa.

W7ís mission comprises up to 70 Ku-band transponders that can be connected
to six beams serving Europe, Russia, Africa, the Middle East and central
Asia.  To be co-located with Eutelsatís W4 satellite, which already serves
anchor pay-TV operators in Russia, the Ukraine and sub-Saharan Africa, W7
will enable Eutelsat to almost double bandwidth for digital video services
in these regions.  It will also replace all capacity on Eutelsatís SESAT 1
satellite that serves Europe, North Africa, the Middle East and central
Asia, and bring fresh capacity to South Africa through a high-power fixed
beam and to central Asia through a spot beam which can be reoriented in
orbit.  Following W7ís deployment at 36 degrees East, SESAT 1 will
continue in commercial service at an alternative location.

Weighing in at 5.6 tons and with 12 kW of payload power, W7 is based on
the Alcatel Alenia Space Spacebus 4000 platform and will be boosted into
orbit by Sea Launch.

"Since 2000, we have proactively built our video neighborhood at 36
degrees East into a prime location for digital markets in eastern Europe
and Africa," Eutelsat CEO Giuliano Berretta said.    "This commitment has
won the confidence of pay-TV operators who are pioneers in their markets,
notably NTV Plus from Russia, Poverkhnost from the Ukraine and MultiChoice
Africa which reaches large parts of sub-Saharan Africa through this
neighborhood.

"In order to support growth for broadcast and telecommunications services
in these regions and to boost capacity for other markets, we looked
closely at how we could even more efficiently exploit the resource at 36
degrees East.  With W7, this key position in our fleet will benefit from
capacity enabling us to use the full spectrum of Ku-band frequencies, and
to respond to market demands in multiple regions through a high degree of
operational flexibility.Ē

"We are very pleased and fully committed to supporting Eutelsat
sustainable growth," said Pascale Sourisse CEO of Alcatel Alenia Space.
"We are also very proud of working alongside Eutelsat to meet the
increasing market demand and emerging new applications by delivering
technologies with outstanding performance.  W7 is the second satellite
after W2A to be awarded by Eutelsat to our company in 2006.  This contract
further consolidates an historical year for our company: we have been
chosen by a large number of operators, making us the world leader in the
communications satellite market."

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        About Alcatel-Lucent

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

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

                           *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


ALCATEL-LUCENT: Partners with Deutsche Telekom in T-City Contest
----------------------------------------------------------------
Alcatel-Lucent is supporting Deutsche Telekomís "T-City" competition as an
exclusive premium partner.  Under the terms of a five-year contract
concluded at the end of November, Alcatel-Lucent will support Deutsche
Telekom in the development and introduction of innovative integrated
telecommunication solutions.

Alcatel-Lucent will also make its expertise in the development and
introduction of new services available for the "T-CityĒ program.
Alcatel-Lucent has found that close and direct cooperation between
end-users, service providers and solution suppliers considerably
accelerates the development and implementation of new solutions.  Thus the
citizens, local authorities, organizations and enterprises of the future
"T-City" will find their service needs met with an unprecedented "quality
of experience."

A total of 52 cities entered the "T-CityĒ competition.  The winning
concept will be realized -- with regards to telecommunications solutions
and applications -- by Deutsche Telekom, Alcatel-Lucent as the Premium
partner and - if needed - additional non-premium partners.  The
participants share the expectation that an advanced technical
infrastructure, the applications running on it and the degree of
networking among municipal institutions will provide a basis for a
sustained increase in the quality of life for their citizens.

Of the 52 cities that participated in the initial round of the
competition, an independent jury selected ten cities to go forward to the
final round:

   -- Arnsberg,
   -- Coburg, Frankfurt (Oder),
   -- Friedrichshafen,
   -- Goerlitz,
   -- Kamp-Lintfort,
   -- Kaiserslautern,
   -- Neuruppin,
   -- Osterholz-Scharmbeck and
   -- Schwabisch-Hall.

The winner will be the city that has made the best municipal application
to use the modern telecommunications technology to meet the specific tasks
and challenges a 21st century community faces (e.g. the interaction
between citizens and the municipal administration).  The future T-City
will act as a role model for other cities, and will be selected in
February 2007.

Deutsche Telekom will implement the innovative ideas of the future T-City
jointly with Alcatel-Lucent as its premium partner in defined product and
cooperative areas.  Deutsche Telekom may recruit additional partners to
implement other areas, which are not covered by the premium partnership
with Alcatel-Lucent.

"We are pleased with having won Alcatel-Lucent as a strong technology and
premium partner for a quite demanding T-City project.   We are looking
forward to use our joint know-how for giving birth to an exemplary,
networked city of the future," Joerg Bollow, project leader T-City,
Deutsche Telekom AG.

Hans-Burghardt Ziermann, an executive with Alcatel-Lucentīs operations in
Germany, is a member of the 11-strong jury, which selected the ten
finalists at the end of November.

"This exclusive partnership in the "T-City" project represents a
continuation of our long-lasting and successful partnership with Deutsche
Telekom", said Mr, Ziermann.  "We are happy to be able to help a city
become a more attractive place for living and as an industrial location
thanks to a modern telecommunications network."

                        About the Company

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

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

                           *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


DALRADIAN EUROPEAN: Moody's Rates Two Note Classes at Low-B
-----------------------------------------------------------
Moody's assigned these definitive ratings to six classes of notes, the
variable funding notes and three combination notes issued by Dalradian
European CLO II B.V., a bankruptcy remote special purpose vehicle
incorporated in the Netherlands:

   -- EUR87,720,000 Class A-1 Senior Secured
      Floating Rate Notes: Aaa;

   -- EUR114,000,000 Senior Secured Floating Rate
      Variable Funding Notes: Aaa;

   -- EUR59,200,000 Class A-2 Senior Secured
      Floating Rate Notes: Aaa;

   -- EUR31,830,000 Class B Deferrable Secured
      Floating Rate Notes: Aa2;

   -- EUR23,810,000 Class C Deferrable Secured
      Floating Rate Notes: Aa2;

   -- EUR25,800,000 Class D Deferrable Secured
      Floating Rate Notes: Baa3;

   -- EUR15,000,000 Class E Deferrable Secured
      Floating Rate Notes: Ba3;

   -- EUR6,000,000 Class P Combination Notes: A3;

   -- EUR4,000,000 Class T Combination Notes: B2; and

   -- EUR7,000,000 Class W Combination Notes: Baa1.

The ratings of the variable funding notes, the senior notes and the
deferrable notes address the expected loss posed to investors by the legal
maturity of each class (in 2022).  With respect to the combination notes,
the ratings address the expected loss posed to investors by the legal
final maturity as a proportion of the Rated Balance, where the Rated
Balance is equal, at any time, to the principal amount of the Combination
Notes on the closing date (plus, in the case of the class W combination
notes a Rated Coupon of 0.25% per annum) minus the aggregate of all
payments made from the closing date to such date, either through interest
or principal payments.

These ratings are based upon:

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

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

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination
      of the Class A-2, B, C, D, E notes and the
      EUR42,640,000 subordinated notes and the
      excess spread available in the transaction;

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

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation related to
a portfolio of senior loans, mezzanine loans, second lien loans and high
yield bonds.  This portfolio is dynamically managed by Elgin Capital LLP.
This is the second European arbitrage CLO transaction managed by Elgin.
This portfolio was partially acquired at closing and will be ramped-up
over the first 12 months of the transaction.

Upon conclusion of the ramp-up, the portfolio shall comply (among others)
with these tests (subject to Moody's matrices):

   -- a diversity score greater than or equal to 31,

   -- a weighted average rating factor lower than or equal
      to 2,300,

   -- a weighted average spread greater than or equal to
      2.65%, and

   -- a weighted average recovery rate greater than or equal
      to 56%.

Thereafter, the portfolio of loans will be actively managed and the
portfolio manager will have the option to direct the issuer to buy or sell
loans.  Any addition or removal of loans will be subject to a number of
portfolio criteria.

This transaction features multi-currency variable funding notes that can
be drawn either in Euros, in Sterling or in US Dollar (up to EUR39.9
million equivalent).  Initially, Sterling (or
US Dollar) drawings will be used to purchase Sterling (or
US Dollar) denominated assets.  Should such non-euro assets default,
Sterling (or US Dollar) advances would not be fully collateraliszd by
Sterling (or US Dollar) assets and therefore Euro proceeds may need to be
converted into Sterling (or
US Dollar) in order to redeem non-euro advances, thus creating a foreign
exchange risk exposure.  This currency risk is partially mitigated with
foreign currency options purchased by the Issuer at closing and has been
considered in Moody's analysis.


MARS 2004: Fitch Affirms BB Rating on EUR12-Mln Class E Notes
-------------------------------------------------------------
Fitch Ratings affirmed all MARS 2004 B.V.'s floating-rate credit-linked
notes:

   -- EUR28 million Class C (ISIN XS0206867235): A-;
   -- EUR36 million Class D (ISIN XS0206869108): BBB-; and
   -- EUR12 million Class E (ISIN XS0206870619): BB.

The transaction constitutes a synthetic securitization of loans to small
and medium-sized enterprises in the Netherlands, originated by ING Bank
N.V.

The affirmation reflects the transaction's relatively low loss rate and a
reduced risk horizon to maturity.  Default volume to date is EUR1.823
million.  Cumulative realized losses to date are also relatively low at
EUR1.13 million.  The weighted average internal rating is currently 10.21
out of a maximum of 22.  The healthy credit enhancement, the high recovery
rates and the seasoning effect also contribute towards the rating
affirmation.

The ratings of the Class C, D and E notes address ultimate repayment of
principal at maturity and timely payment of interest when due.

The current portfolio notional balance of EUR1.998 billion is close to its
maximum balance of EUR2 billion.

MARS 2004 B.V. is a special purpose vehicle incorporated in the
Netherlands for the sole purpose of issuing the notes and entering into a
credit default swap with ING as the protection buyer in respect of the
reference portfolio.


SENSATA TECH: Completes Purchase of Honeywell's FTAS Business
-------------------------------------------------------------
Sensata Technologies B.V. has closed the acquisition of Honeywell's First
Technology Automotive and Special Products or FTAS business.

Concurrently, Sensata completed a EUR73 million financing in support of
the transaction through an incremental facility under its existing Credit
Agreement.  Terms were in line with the original issuance.

FTAS designs, develops and manufactures high-value automotive sensor and
electromechanical control solutions.  Its products are sold to automotive
OEMs, Tier I automotive suppliers, large vehicle and off-road OEMs, and
industrial manufacturers.  For the year ended Dec. 31, 2005, FTAS had
sales of approximately US$69 million.

"We are pleased to have completed the divestiture of both non-core First
Technology businesses in 2006," said Dave Cote, Honeywell Chairman and
CEO.  "With the sale of FTAS today and First Technology Safety and
Analysis earlier this year, we have finalized acquisition of the First
Technology Gas Sensing business at an attractive valuation in an industry
with great growth prospects.  We continue to execute on integrating the
business into Honeywell Analytics and establishing our position as a world
leader in gas detection technologies."

FTAS was acquired by Honeywell as part of its acquisition of First
Technology plc earlier this year.  Honeywell completed its acquisition of
First Technology plc on March 24, and the sale of First Technology Safety
and Analysis on May 19.

Formerly the Sensors & Controls business of Texas Instruments, Sensata
Technologies was acquired by Bain Capital, LLC, a leading global private
investment firm, in April, 2006.  Sensata is a leading designer and
manufacturer of sensors and controls for global leaders in the automotive,
appliance, aircraft, industrial and HVAC markets.  It has nine technology
and manufacturing centers in eight countries, and sales offices throughout
the world.  Revenues for 2005 were approximately US$1.1 billion.

                       About Honeywell

Honeywell International is a US$31 billion diversified technology and
manufacturing leader, serving customers worldwide with aerospace products
and services; control technologies for buildings, homes and industry;
automotive products; turbochargers; and specialty materials. Based in
Morris Township, N.J., Honeywell's shares are traded on the New York,
London, Chicago and Pacific Stock Exchanges.

                 About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies --
http://www.sensata.com/-- is a supplier of sensors and controls across a
range of markets and applications.  The company has manufacturing
locations in Brazil, Mexico, China, Japan and the Netherlands.

                        *     *     *

Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family and probability of default ratings.

Moody's rating affirmation pertains to Sensata's pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.

Moody's also affirmed all other ratings for Sensata.  Moody's said the
rating outlook remains stable.


SKELLIG ROCK: Moody's Assigns Low-B Ratings on Two Note Classes
---------------------------------------------------------------
Moody's assigned definitive ratings to certain classes of notes issued by
Skellig Rock B.V., a Dutch special purpose company.

Ratings assigned:

   -- EUR101,000,000 Class A-1 Senior Floating Rate Notes
      due 2022: Aaa;

   -- EUR130,000,000 Class A-2a Senior Floating Rate Notes
      due 2022: Aaa;

   -- EUR32,500,000 Class A-2b Senior Floating Rate Notes
      due 2022: Aa1;

   -- EUR6,500,000 Class A-3 Senior Floating Rate Note
      due 2022: Aaa;

   -- EUR38,000,000 Class B Senior Floating Rate Notes
      due 2022: Aa2;

   -- EUR34,000,000 Class C Deferrable Interest
      Floating Rate Notes due 2022: A2;

   -- EUR27,000,000 Class D Deferrable Interest
      Floating Rate Notes due 2022: Baa3;

   -- EUR13,500,000 Class E Deferrable Interest
      Floating Rate Notes due 2022: Ba3;

   -- EUR7,000,000 Class Q Combination Notes due 2022: Baa1;

   -- EUR8,000,000 Class R Combination Notes due 2022: A3;

   -- EUR10,000,000 Class S Combination Notes due 2022: Ba3;

   -- EUR8,000,000 Class T Combination Notes due 2022: A3; and

   -- EUR9,854,000 Class V Combination Notes due 2022: Aaa.

The ratings on the Class A through Class E Notes address the expected loss
posed to investors by the legal final maturity in 2022.  The ratings of
the Combination Notes address the expected loss posed to investors by the
legal final maturity in 2022 as a proportion of the Rated Balance (and, in
the case of the Class Q Combination Note, of the Rated Coupon), where the
Rated Balance is equal, at any time, to the principal amount of the each
Class of Combination Notes on the closing date (plus, in the case of the
Class Q Combination Note a Rated Coupon of 0.25% per annum applied on the
outstanding Rated Balance) minus the aggregate of all payments made from
the closing date to such date, either through interest or principal
payments

These ratings are based upon:

   1. an assessment of the eligibility criteria and
      portfolio guidelines applicable to the future
      additions to the portfolio;

   2. the protection against losses through the subordination
      of the more junior classes of notes to the more
      senior classes of notes;

   3. the currency swap transactions, which insulate the
      Issuer from the volatility of the foreign
      currency exchange rates, for debt obligations
      not denominated in euro; and

   4. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation related to
a EUR412,000,000 portfolio of mostly European senior and mezzanine loans
(with a predominance of senior secured loans).  This portfolio is
dynamically managed by AIB Capital Markets plc.  This portfolio was
partially acquired at closing date and will be partially acquire during
the ramp-up period in compliance with portfolio guidelines (which include,
among other tests, a diversity score test, a weighted average rating
factor test and a weighted average spread test).  Thereafter, the
portfolio of loans will be actively managed and the portfolio manager will
have the option to direct the issuer to buy or sell loans.  Any addition
or removal of loans will be subject to a number of portfolio criteria.


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


AKER KVAERNER: Canadian Unit Inks CDN$175-Million Contract
----------------------------------------------------------
Aker Kvaerner Songer Canada Ltd., a unit of Aker Kvaerner ASA, in joint
venture with Burns and McDonnell has been awarded an Engineering,
Procurement and Construction contract to construct the Halton Hills
Generating Station, a 683-megawatt natural gas fueled, combined cycle
facility for TransCanada Corporation.

Aker Kvaerner Songer Canada's portion is valued at approximately CDN175
million.

The project site of approximately 80 acres will be occupied by the
generating station and its associated facilities.  The construction and
commissioning of the facility will have a schedule of approximately 33
months and will employ around 300 local workers.

"This project represents a significant milestone in living our vision to
be the preferred partner for projects, products and services in the energy
sector.  I am pleased that Aker Kvaerner Songer Canada Ltd. was selected
to be a partner in this important project by TransCanada." Says Martinus
Brandal, President & CEO of Aker Kvaerner ASA.

The Halton Hills Generating Station natural gas fueled 2x1combined cycle
power plant is planned to generate 683 mega watts of electricity from two
gas turbine generator sets, two heat recovery steam generators and one 300
mega watt steam turbine generator.

TransCanada will plan, develop, own and operate the generating station.
TransCanada is a leader in the responsible development and reliable
operation of North American energy infrastructure.  TransCanada's network
of more than 41,000 kilometers of pipeline transports the majority of
Western Canada's natural gas production to key Canadian and U.S. markets.
A growing independent power producer, TransCanada owns, or has interests
in, approximately 7,700 megawatts of power generation in Canada and the
United States.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Brazil, Chile, China,
India, Indonesia, Japan, Singapore, South Korea, Thailand and
Malaysia.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

Moody's Investors Service, in April 2006, upgraded the of Aker
Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to
reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


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


BELYNSKOYE CJSC: Creditors Must File Claims by Jan. 2, 2007
-----------------------------------------------------------
Creditors of CJSC Belynskoye have until Jan. 2, 2007, to submit written
proofs of claim to:

         A. Dogadin, Insolvency Manager
         Lunacharskogo Str. 53
         440061 Penza Region
         Russia

The Arbitration Court of Penza Region commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A49-6116/2006-522b/3.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Belynskoye
         Belyn
         Pachelmskiy Region
         Penza Region
         Russia


CAR DETAIL: Creditors Must File Claims by January 2, 2007
---------------------------------------------------------
Creditors of CJSC Car Detail have until Jan. 2, 2007, to submit written
proofs of claim to:

         A. Sukhorukov, Insolvency Manager
         Betankura Str. 3.
         Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The case was
docketed under Case No.  A43-24645/
2006 24-264.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Car Detail
         Butova Str. 66
         Kulebyaki
         Nizhniy Novgorod Region
         Russia


DEGTYARSKIY ENGINEERING: Creditors' Claims Due January 2, 2007
--------------------------------------------------------------
Creditors of CJSC Degtyarskiy Engineering Plant have until
Jan. 2, 2007, to submit written proofs of claim to:

         A. Sergeev, Temporary Insolvency Manager
         Post User Box 616
         Berezniki
         618400 Perm Region
         Russia

The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed under Case No.
A60-18466/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         CJSC Degtyarskiy Engineering Plant
         Ozernaya Str. 27
         Degtyarsk
         Sverdlovsk Region
         Russia


ENERGY-SAVING GLASS: Assets Sale Slated for Jan. 10, 2007
---------------------------------------------------------
The Chamber of Commerce and Industry of Samara Region Russia, the bidding
organizer, will auction the properties of OJSC Energy-Saving Glass Systems
at 9:00 a.m. on Jan. 10, 2007, at:

         Room 8
         A.Tolstogo Str. 6
         443099 Samara
         Russia

The assets for sale include:

   -- Lot 1: Company properties worth RUR1.3 million.
      Starting price is RUR1.3 million.

   -- Lot 2: Company properties worth RUR1.2 million.
      Starting price is RUR1.2 million.

Interested parties must submit their bids by 4:30 p.m., on
Dec. 28 to:

         Mr. V. Kozhevnikov
         Room 8
         A. Tolstogo Str. 6
         443099 Samara
         Russia
         Tel/Fax (846-2) 270-80-44

To participate, bidders must deposit RUB1,000 to:

         Bidding Organizer
         Settlement Account 40603810754110101016
         Povolzhskiy Bank SB RF
         Samarskiy Branch 28, Samara
         Correspondent Account 3010181020000000607
         BIK 043601607
         TIN 6317010337

The Debtor can be reached at:

         OJSC Energy-Saving Glass Systems
         Vosotchnaya Promzona Str. 11
         Bezenchuk
         Samara Region
         Russia


FOODSTUFFS FACTORY: Creditors' Claims by February 2, 2007
---------------------------------------------------------
Creditors of LLC Factory of Foodstuffs (TIN 6127010339) have until Feb. 2,
2007, to submit written proofs of claim to:

         T. Dolgopolaya, Insolvency Manager
         M.Nagibina Str. 33/2
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A53-5424/2006-S2-8.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         LLC Factory of Foodstuffs
         Komsomolskaya Str. 9
         Razvilnoye
         Peschakopskiy Region
         Rostov Region
         Russia


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

         E. Popova, Temporary Insolvency Manager
         Post User Box 22
         Yakutsk
         677018 Sakha Republic-Yakutiya
         Russia

The Arbitration Court of Sakha Republic-Yakutiya commenced bankruptcy
supervision procedure on the company.  The case is docketed under Case No.
A58-3815/06.

The Arbitration Court of Sakha Republic-Yakutiya is located at:

         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         LLC Geostar
         Indigirskaya Str. 96
         Ust-Nera
         Oymyakonskiy Ulus
         678730 Sakha Republic-Yakutiya
         Russia


KAMEE OJSC: Creditors Must File Claims by Jan. 2, 2007
------------------------------------------------------
Creditors of OJSC Kamee have until Jan. 2, 2007, to submit written proofs
of claim to:

         V. Minkina, Insolvency Manager
         Abrekskaya Str. 2.
         690001 Vladivostok Region
         Russia

The Arbitration Court of Primorye Region commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A51-13336/2006 21-330b.

The Debtor can be reached at:

         OJSC Kamee
         Dalzavodskaya Str. 2
         690091 Vladivostok Region
         Russia


KHABAROVSKIY FACTORY: Creditors' Claims Due Feb. 2, 2007
--------------------------------------------------------
Creditors of OJSC Khabarovskiy Factory of Metal Goods have until Feb. 2,
2007, to submit written proofs of claim to:

         E. Shtinova, Insolvency Manager
         Respublikanskaya Str. 17.
         680023 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. A73-3363/2006-39.

The Debtor can be reached at:

         OJSC Khabarovskiy Factory of Metal Goods
         Dovatora Str. 5.
         680000 Khabarovsk Region
         Russia


KHOLOD-MASH OJSC: Under External Management Bankruptcy Procedure
----------------------------------------------------------------
The Arbitration Court of Yaroslavl Region has commenced external
management bankruptcy procedure on the company OJSC KHOLOD-MASH.
The case is docketed under Case No. A82-17100/05-3-B/71.

The External Insolvency Manager is:

         V. Shemigon
         Post User Box 99
         105005 Moscow
         Russia

The Debtor can be reached at:

         OJSC Kholod-Mash
         Gromova Str. 9
         150061 Yaroslavl Region
         Russia


KAZANORGSINTEZ SA: Fitch Assigns B Rating on US$200-Mln Notes
-------------------------------------------------------------
Fitch Ratings assigned Kazanorgsintez SA's US$200 million loan
participation notes a final senior unsecured B rating.

The notes have a five-year tenor, maturing in October 2011.  This rating
action follows a review of the final terms and conditions, conforming
information already received when Fitch assigned an expected rating of B
on Oct. 5, 2006.

KOS-SA is a public limited liability company, incorporated under the laws
of Luxembourg.  The purpose of the company is to issue the notes and lend,
under a loan agreement, the proceeds to OJSC Kazanorgsintez, (also named
Kazan Open Joint Stock Company 'Organichesky sintez', "KOS").

At the same time, KOS's ratings are affirmed at Issuer Default B with
Stable Outlook and Short-term B.  KOS will use the proceeds of the loan
from KOS-SA for refinancing certain indebtedness and to fund capital
expenditure.

The loan agreement, the trust deed and other related documents are
governed by English law.  To secure payments to noteholders, KOS-SA has
charged in favor of the trustee, by way of first fixed charge, all rights
to principal, interest and other amounts paid by KOS and the right to
receive all sums, which may be paid by KOS under any claim, award or
judgment relating to the loan agreement.

The loan agreement contains a change of control clause, which comes into
effect if a rating downgrade occurs as a result of major shareholder TAIF
ceasing to own at least 50% of the ordinary shares or voting rights in
KOS.  Furthermore, covenants in the loan agreement include, among others,
an equal ranking of the loan with present or future unsecured creditors of
KOS and a negative pledge.

KOS also has a total consolidated debt-to-consolidated EBITDA ceiling of
4:1 and a limitation on dividend distribution. Events of default include a
cross default clause with a US$20 million threshold.

KOS is one of the leading Russian petrochemical producers based in the
Republic of Tatarstan and is focused on the manufacturing of commodity
chemicals such as ethylene, certain types of polyethylene along with
phenol and acetone.  In fiscal year 2005 the group achieved sales of
RUR13.2 billion and EBITDA of RUR3.3 billion.


MIRAX GROUP: Moody's Assigns B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency Corporate Family
and A3.ru national scale rating to the
Mirax Group, a real estate development company based in Moscow.

The rating reflects primarily:

   (1) the risks involved with a start up company operating
       at such high growth rates and working on very
       complex projects,

   (2) the risk involved with the dependence on one
       single market (Moscow),

   (3) the complexity and challenges operating in the
       real estate industry in a developing market,
       including uncertainties with regard to procedures
       to obtain rights for land plots in Moscow, and

   (4) limited structural and financial transparency of
       the overall group, as well as Mirax' relationship
       with affiliated companies.

The risks are offset:

   (1) by the currently very strong market demand in
       Russia, which should help reducing the operating
       risks of developing major real estate projects
       without extensive experience,

   (2) the good relationship of Mirax' management with the
       city of Moscow, and

   (3) the niche of upper quality residential and
       commercial projects which Mirax is covering.

Significance of historical financial results is limited given the short
history of the company and the strong growth as well as the risks involved
with larger projects.  After reporting turnover of US$163 million in 2005,
Mirax is expected to generate turnover of more than US$500 million in
2006.

To mitigate risks related to large projects Mirax also uses experienced
developers from outside Russia, and in the case of the Federation Tower,
they have founded a Joint Venture together with Turner, a US based
engineering company with experience in the construction of high-rise
buildings.

Mirax Group is now one of the 10 largest real estate development companies
in Moscow, with a strong market position in the development of business
class offices and premium housing.  Apart from developing several
residential and commercial real estate complexes, Mirax is currently
constructing the Federation Tower, which, when finished, will be the
tallest building in Europe.


OILER OJSC: Creditors Must File Claims by Jan. 2, 2007
------------------------------------------------------
Creditors of OJSC Oiler (TIN 6638000838) have until Jan. 2, 2007, to
submit written proofs of claim to:

         A. Zamaraev, Temporary Insolvency Manager
         Zoologicheskaya Str. 9.
         620149 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed under Case No.
A60-18996/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Oiler
         Naberezhnaya Str. 71
         Baykalovo
         623850 Sverdlovsk Region
         Russia


PETUKHOVSKIY FLAX: Creditors Must File Claims by Feb. 2, 2007
-------------------------------------------------------------
Creditors of OJSC Petukhovskiy Flax Factory have until
Feb. 2, 2007, to submit written proofs of claim to:

         V. Lutoshkin, Insolvency Manager
         Proizvodstvennaya Str. 20
         610021 Kirov Region
         Russia

The Arbitration Court of Kirov Region commenced bankruptcy proceedings
against the company after finding it insolvent.  The case was docketed
under Case No. A28-228/06-183/3.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Petukhovskiy Flax Factory
         Proizvodstvennaya Str. 20
         610021 Kirov Region
         Russia


PLAVITSKIY DISTILLERY: Creditors' Claims Due January 2, 2007
------------------------------------------------------------
Creditors of OJSC Plavitskiy Distillery have until Jan. 2, 2007, to submit
written proofs of claim to:

         M. Khmelevskiy, Temporary Insolvency Manager
         Post User Box 1178
         410028 Saratov Region
         Russia

The Arbitration Court of Lipetsk Region has commenced bankruptcy
supervision procedure on the company.  The case is docketed under Case No.
A-36-2323/2006.

The Court will hear the case at 9:20 a.m. on Jan. 18, 2007, at:

         Skorokhodova Str. 2
         Lipetsk Region
         Russia

The Arbitration Court of Lipetsk Region is located at:

         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         OJSC Plavitskiy Distillery
         Plavitsa St.
         Dobrinskiy Region
         Lipetsk Region
         Russia


RUSSIAN CONSUMER: S&P Keeps BB- Ratings on Classes A-2 & B Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with positive
implications its 'BBB' credit rating on the class A-1 EUR228.3 million
senior asset-backed floating-rate notes issued by Russian Consumer Finance
No. 1 S.A.

This follows the raising of the Russian Federation's foreign currency
ratings to 'BBB+/Stable/A-2' and local currency ratings to
'A-/Stable/A-2'.

"Now that there has been sufficient time to assess the performance of the
transaction, Standard & Poor's will review whether the rating action on
the Russian Federation will positively affect the rating in this
structured transaction," said credit analyst Alice Keegan.

Russian Consumer Finance No. 1, originated by Russian Standard Bank CJSC
(RSB; B+/Positive/B), closed in April 2006 and was the first public
securitization placed in Russia.  The collateral backing the notes
consists of short-term maturing consumer loans underwritten at the point
of sale.

                         Ratings List
              Russian Consumer Finance No. 1 S.A.
  EUR300 Million Senior Asset-Backed Floating-Rate Notes

         Class                       Rating
         -----                       ------
                      To                        From
                      --                        ----
   Rating Placed On CreditWatch With Positive Implications

         A-1          BBB/Watch Pos             BBB

   Ratings Unaffected

         A-2          BB-
         B            BB-


SAKH-INTER-WOOD-PROM: Creditors' Claims by February 2, 2007
-----------------------------------------------------------
Creditors of CJSC Sakh-Inter-Wood-Prom have until Feb. 2, 2007, to submit
written proofs of claim to:

         S. Oganezova, Insolvency Manager
         Post User Box 48
         693007 Yuzhno-Sakhalinsk 7
         Russia

The Arbitration Court of Sakhalin Region commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A59-4426/06-S4.

The Debtor can be reached at:

         CJSC Sakh-Inter-Wood-Prom
         Yuzhno-Sakhalinsk
         Russia


SIBACADEMFINANCE PLC: Fitch Rates EUR300-Mln Eurobond at B/RR4
--------------------------------------------------------------
Fitch Ratings assigned Sibacademfinance Plc's EUR300 million 8.3% senior
unsecured notes due November 2011 final ratings of Recovery RR4 and
Long-term B.

The notes are to be used solely for financing a loan to Russia-based
Sibacadembank, which is rated Issuer Default B with Stable Outlook,
Short-term B, Individual D, and Support 5.

The issue was made under Sibacademfinance Plc's US$1 billion loan
participation notes issuance program, rated Long-term B and Short-term B.

SAB is one of the leading banks in the Siberian Federal District and
ranked 31st in Russia by total assets at end-H106.


SOKOLSKIY BREAD: Creditors Must File Claims by Jan. 2, 2007
-----------------------------------------------------------
Creditors of CJSC Sokolskiy Bread have until Jan. 2, 2007, to submit
written proofs of claim to:

         L. Bychkova, Insolvency Manager
         Shmidta Str. 4.
         440039 Penza Region
         Russia

The Arbitration Court of Penza Region commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A49-4212/2006-414b/10.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Sokolskiy Bread
         Sokolka
         Serdobskiy Region
         Penza Region
         Russia


SBERBANK ROSSII: Board Approves RUR200-Billion IPO in February
--------------------------------------------------------------
The boards of directors of state-controlled banks OAO Sberbank Rossii and
JSC Vneshtorgbank have approved the companies' initial public offerings,
RIA Novosti reports.

"In compliance with the government's decision, the supervisory boards of
Sberbank and Vneshtorgbank approved the placement of their issues," Alexei
Kudrin, Russia's Finance Minister, said in a meeting between Prime
Minister Vladimir Putin and his cabinet.  "These emissions will be held in
the first half of 2007."

Sberbank will offer RUR200 billion of shares in February 2007 while VTB
will make public around RUR120 billion shares in the first half of next
year.

The dates for the launching of initial public offerings of Sberbank and
VTB will depend on the market conditions, Mr. Kudrin added.

Mr. Putin, meanwhile, directed his cabinet to allow ordinary Russians to
acquire shares in the IPOs.

"We will provide such opportunities," Mr. Kudrin responded.

                      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.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank
of the Russian Federation) -- http://www.sbrf.ru/eng/--
provides a full range of banking services, including commercial,
investment, merchant, mortgage and retail banking, and a
complete range of travel, lending and credit services.  The Bank
operates through 17 territorial banks, 921 divisions and 19,390
subdivisions across Russia.

                        *     *     *

As reported in the TCR-Europe on Nov. 30, Moody's Investors
Service upgraded Sberbank's Financial Strength Rating to D from
D-.  Moody's said the outlook on the rating remains stable.

Sberbank's other ratings have been affirmed, including its
Baa2/Prime-2 foreign-currency long-term and short-term deposit
ratings as well as its A2 ratings for senior and subordinated
debt issued under foreign law.  Moody's Interfax Rating Agency
has affirmed Sberbank's national scale rating at Aaa.ru.

According to Moody's and Moody's Interfax the FSR upgrade
reflects Sberbank's track record of solid financial performance
and improved efficiency of operations as reported under IFRS in
2005-2006.

As reported in the TCR-Europe on July 31, Fitch ratings lifted
Sberbank-Savings Bank of the Russian Federation ratings:

   -- Issuer Default Rating to BBB+ from BBB, Outlook Stable;
   -- Short-term upgraded to F2 from F3;
   -- Individual affirmed at C/D;
   -- Support affirmed at 2;

Sberbank's outstanding senior unsecured debt is also upgraded to
BBB+ from BBB.  Its US$1 billion subordinated debt issue, due
2015, is upgraded to BBB from BBB-.  The rating actions reflect
Fitch's view of the Russian authorities' improved capacity to
support the bank, if required.


SYZRANSKIY ENGINEER: Creditors Must File Claims by Jan. 2, 2007
---------------------------------------------------------------
Creditors of LLC Syzranskiy Engineer Centre have until Jan. 2, 2007, to
submit written proofs of claim to:

         N. Lipey, Insolvency Manager
         Post User Box 116
         450032 Ufa-32
         Russia
         Tel: 8(347) 260-40-20

The Arbitration Court of Samara Region commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A55-9384/2006 18.

The Debtor can be reached at:

         LLC Syzranskiy Engineer Centre
         Uritskogo Str. 2
         Syzran
         Samara Region
         Russia


VNESHTORGBANK JSC: Board Approves RUR120-Bln IPO in First Half
--------------------------------------------------------------
The boards of directors of state-controlled banks OAO Sberbank Rossii and
JSC Vneshtorgbank have approved the companies' initial public offerings,
RIA Novosti reports.

"In compliance with the government's decision, the supervisory boards of
Sberbank and Vneshtorgbank approved the placement of their issues," Alexei
Kudrin, Russia's Finance Minister, said in a meeting between Prime
Minister Vladimir Putin and his cabinet.  "These emissions will be held in
the first half of 2007."

Sberbank will offer RUR200 billion of shares in February 2007 while VTB
will make public around RUR120 billion shares in the first half of next
year.

The dates for the launching of initial public offerings of Sberbank and
VTB will depend on the market conditions, Mr. Kudrin added.

Mr. Putin, meanwhile, directed his cabinet to allow ordinary Russians to
acquire shares in the IPOs.

"We will provide such opportunities," Mr. Kudrin responded.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank
of the Russian Federation) -- http://www.sbrf.ru/eng/--
provides a full range of banking services, including commercial,
investment, merchant, mortgage and retail banking, and a
complete range of travel, lending and credit services.  The Bank
operates through 17 territorial banks, 921 divisions and 19,390
subdivisions across Russia.

                      About Vneshtorgbank

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

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

                        *     *     *

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

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


VNESHTORGBANK JSC: Earns US$816 Million for Nine Months 2006
------------------------------------------------------------
Vneshtorgbank JSC released its consolidated results for the nine months
ended Sept. 20, 2006, prepared according to International Financial
Reporting Standards.

                      Financial Highlights

* Assets and Funding
  (compared to Dec. 31, 2005):

   -- assets reached US$48.96 billion, up 33.3% or
      US$12.23 billion;

   -- loans and advances to customers rose to US$27.58 billion,
      an increase of US$7.66 billion or 38.4%, with retail loans
      up 136.0%;

   -- VTB Group purchased 5% of shares of European Aeronautic
      Defense and Space Company;

   -- funding base further enhanced and diversified:

         -- customer accounts reached US$20.35 billion, up
            59.4%;

         -- July 2006: RUR15 billion 10-year Series 6 bonds;

         -- July 2006: Russiaís debut USD 88.3 million 28-year
            Mortgage-backed notes.

* Profit and Loss Account
   (compared to first nine months 2005):

   -- net profit grew by 124.2% to US$816 million, from US$364
      million in first nine months 2005;

   -- interest income grew to US$2.61 billion, up 100.2%, fee
      and commission income rose to US$303 million, up 127.8%,
      resulting in a 102.8% total core revenue growth to
      US$2.91 billion;

   -- net interest income increased to US$1.21 billion, a rise
      of US$545 million or 82.0%;

   -- net fee and commission income rose to US$266 million, an
      increase of US$145 million or 119.8%.

* New Acquisitions and Branch Openings:

   -- In first quarter 2006, VTB acquired 98% of Bank Mriya
      (Ukraine) with assets of US$426 million for US$66 million;

   -- Branch openings included four VTB and five VTB24 branches,
      covering Russiaís Central, North-West, South, Siberia,
      Volga and Far East regions.

* Operating Performance

   -- profit before taxation was US$934 million in 9M2006
      compared to US$495 million in first nine months 2005.  The
      88.7% increase was mainly driven by significant growth in
      net interest income, foreign exchange translation gains
      and increase in net fee and commission income,
      attributable to organic growth and 2005 acquisitions.

   -- net interest income grew to US$1.21 billion, which was
      attributable to growth in all the components of interest
      income.  Interest income on loans and advances to
      customers increased by 95.7% to US$2.02 billion, interest
      income on securities grew by 97.2% to US$351 million,
      interest on amounts due from other banks increased by
      157.1%, totaling US$234 million.  The increase was due to
      expansion of the Groupís lending business, particularly in
      the retail segment, growth of the Groupís securities
      portfolio and also reflect the contribution of banks
      acquired in 2005.

   -- net spread decreased to 4.3% for 9M2006 from 4.4% for
      first nine months 2005.  This decrease was consistent with
      continuously shrinking margins in the Russian market
      underpinned by further upgrade of Russiaís sovereign
      ratings in 2005 and 3Q2006.

   -- operating income rose by 69.6% to US$1.89 billion,
      compared to US$1.12 billion for first nine months 2005,
      primarily due to growth of net interest income to
      US$1.21 billion, net gains from securities to US$268
      million, and net fee and commission income to US$266
      million, and foreign exchange translation gains to US$253
      million mainly attributable to the appreciation of the
      Russian ruble against the U.S. dollar in nine months 2006.

   -- operating expenses were US$960 million, up 54.3%,
      primarily attributable to addition of costs of banks
      acquired in December 2005, and also by organic expansion
      of the Group`s network in Russia, accompanied by increased
      expenditure on marketing and advertising as well as
      payments to the Deposit Insurance System in view of VTB
      Group retail expansion and corresponding growth in retail
      deposits.

   -- customer transactions remained key factor to business
      volume and core income growth, reflecting the Groupís
      strategy oriented towards corporate, retail and investment
      banking.  Customer loans stood at 56.3% of total assets as
      of Sept. 30, 2006, compared to 54.3% as of Dec. 31, 2005.
      Accordingly, interest income on customer loans comprised
      77.5% of interest income (79.3% in first nine months 2005)
      and 69.5% of core revenue (72.0% in first nine months
      2005).  Total customer accounts rose by 59.4% to reach
      US$20.35 billion, of which accounts of individuals
      represented US$64.20 billion, corporate US$10.49 billion,
      and state and public US$3.45 billion.

* Loan Quality and Concentration

   -- the share of overdue and rescheduled loans in the gross
      loan portfolio amounted to 2.3% and allowances for loan
      impairment to 3.2%, of the gross loan portfolio as of
      Sept. 30, 2006.

   -- as the Group seeks to diversify its customer base and
      lending capacity, and sustains continuous lending volumes
      growth, the exposure to 10 largest borrowers as a
      percentage of gross customer loans decreased to 18.0% as
      of Sept. 30, 2006 from 19.7% as of Dec. 31, 2005.

* Capitalization and Capital Adequacy

   -- the Groupís consolidated shareholdersí equity increased to
      US$6.21 million as of Sept. 30, 2006 from US$5.27 million
      as of Dec. 31, 2005.

      In addition to net profit of US$816 million, major changes
      in shareholdersí equity included the effect of FX
      translation of US$168 million, and declaration of
      dividends for 2005 in the amount of US$64 million.

   -- as of Sept. 30, 2006 VTB Groupís consolidated BIS Tier 1
      capital was US$5.853 billion, compared to US$4.93 billion
      as of Dec. 31, 2005, and total BIS capital was
      US$6.6 billion, compared to U.S. $5.9 billion as of
      Dec. 31, 2005.

   -- despite growth of capital in absolute terms, capital
      adequacy calculated in accordance with the Basle Capital
      Accord declined, reflecting the Groupís expansion and
      growth in business volumes.  BIS Tier 1+2 capital adequacy
      ratio decreased from 14.1% as of Dec. 31, 2005 to 12.0% as
      of Sept. 30, 2006.  The capital adequacy ratio is well
      above the 8.0% minimum set by the Basle Accord.

                       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.

                        *     *     *

As reported in the TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


* Fitch Changes Karelia Republic's Outlook to Positive
------------------------------------------------------
Fitch Ratings changed the Republic of Karelia's Outlook to Positive from
Stable.  Its Long-term and Short-term ratings are affirmed at B+ and B
respectively.  The National Long-term rating is affirmed at A.

The Positive Outlook reflects Fitch's expectations of a recovery in
budgetary performance in 2007 due to lower spending needs resulting from
increased capital expenditure efficiency and high quality of management.
The latter allowed the Republic to successfully overcome budgetary
pressures stemming from both the social sector and administrative reforms
in 2006.

Karelia was also able to compensate for the temporary adverse effect of
the decline in enterprise profit in the same year.  The operating
performance is expected to rebound in 2007, with operating margin seen
remaining close to 10%.

The Republic has been able to achieve a high level of capital spending
efficiency as the capital spending in utility companies has allowed the
region to significantly reduce the accumulated depreciation of the main
assets relative to the national average.  Lower level of accumulated
depreciation is expected to result in lower spending needs and cost
savings in the utility sector.

At the same time, a high level of operating expenditure rigidity
characterizes the regional budget.  Financial support for municipality's
accounts for 40% of the budget, while social expenditure, education and
healthcare take up almost 28.9%. Recent increases in public sector
salaries initiated by the federal government resulted in a further growth
of expenditure rigidity.

The regional budget was negatively affected by the temporary decline in
enterprise profit in 2006, which resulted in a sharp reduction of
corporate income tax revenues in H106.  This in turn caused operating
margin to fall to 2.4% at end-2006 from 10.9% in 2005 and current margin
to decline to 1% from 9.9% in 2005.  However, the Republic's
administration has been able to reach a mutual agreement with the
management of "Severstal" company and secure additional tax payment of
RUR400 million by end-2006.

The Republic of Karelia is located in the North-West of Russian Federation
and accounts for 0.4% of Russia's GDP and for around 0.5% of its
population.


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


ALLIANCE ATLANTIS: Exploring Strategic Options Including Sale
-------------------------------------------------------------
Alliance Atlantis Communications Inc. is exploring strategic alternatives,
which could include the sale of certain assets.

As part of that process, the company, together with Southhill Strategy
Inc., the company's controlling shareholder, have recently sought
expressions of interest from selected potential buyers as to their
interest in purchasing the company.  Southhill Strategy is owned by
Michael MacMillan, Alliance Atlantis' Executive Chairman, and Seaton
McLean.

Southhill has informed the company that no decision to sell Southhill's
controlling interest in Alliance Atlantis has been made and that Southhill
may decide not to sell its interest.  If Southhill decides not to sell its
interest, a sale of the company is unlikely to occur.

A Special Committee of the companyís Board has been formed for this
purpose and is comprised of Robert Steacy as Chair, Anthony Griffiths and
Barry Reiter.

The company also says it has engaged RBC Capital Markets as its financial
advisor and Bennett Jones LLP as its legal advisor.

Headquartered in Toronto, Canada, Alliance Atlantis Communications Inc. --
http://www.allianceatlantis.com/-- is a specialty channel broadcaster
with a 50% ownership interest in the CSI TV franchise.  The company has
worldwide offices in the United Kingdom, Spain, and Australia.

                        *     *     *

In a report by the Troubled Company Reporter-Europe on Dec. 22, Standard &
Poor's Ratings Services placed its ratings, including
the 'BB' long-term corporate credit rating, on Toronto-based
Alliance Atlantis Communications Inc. on CreditWatch with
developing implications.

Developing means that the ratings could be raised, lowered, or
affirmed, depending on the outcome of our review.

"The CreditWatch placement follows Alliance Atlantis'
announcement that it is exploring strategic alternatives, namely
the possible sale of the entire company," said Standard & Poor's
credit analyst Lori Harris.  Alliance Atlantis has engaged RBC
Capital Markets to act as financial adviser in this process.

As reported in the TCR-Europe on Oct. 27, Moody's Investors Service placed
the Ba2 Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under review for
possible upgrade.


CHARLES RIVER: Moody's Changes Outlook on Expected Low Cash Flow
----------------------------------------------------------------
Moody's Investors Service affirmed the existing ratings of Charles River
Laboratories International Inc. and changed the outlook to negative from
stable.  Moody's also affirmed Charles River's speculative grade liquidity
rating of SGL-1.

The outlook change to negative reflects a combination of lower operating
cash flow projections, a significant increase in capital spending and rise
in leverage to finance the repurchase of the company's stock.  With
Moody's last rating action on
Feb. 27, 2006, Moody's expected the company to report operating cash flow
in the range of US$260 million to US$270 million in 2006 before growing to
a range of US$300 million to
US$320 million in 2007.  At the same time, Moody's had anticipated that
free cash flow would increase from a range of US$70 million to US$80
million in 2006 to a range of
US$150 million to US$170 million in 2007.

Moody's now anticipates that Charles River will generate operating cash
flow between US$200 million and US$225 million in 2006 and US$235 million
to US$260 million in 2007, with free cash flow ranging from US$25 million
to US$50 million a year for both 2006 and 2007, for these reasons:

   -- Moody's current projections do not include any
      revenues from the Clinical Services Division, which
      was sold to Kendle International (B1 Corporate
      Family Rating), as well as the closed Interventional
      and Surgical Service business;

   -- the core Research Models business is expected to
      report lower margins due to weakness in transgenic
      sales, lower large model revenues, higher delivery
      costs and the cost of restructuring initiatives; and,

   -- Moody's believes that capital spending will increase
      from US$175 million in 2006 to a range of
      US$200 million to US$225 million in 2007 as
      Charles River continues to build new plants in
      Shrewsbury, Massachusetts and Reno, Nevada,
      along with smaller expansions at several
      existing facilities.

The negative outlook also reflects the significant increase in long-term
debt from US$296 million at the end of 2005 to almost US$600 million as of
Sept. 30, 2006 due to the issuance of US$350 million aggregate principal
amount of convertible notes in June 2006 (not rated by Moody's).  The
company used the proceeds from the offering to fund a significant share
repurchase program as the company spent US$244 million to buy back shares
for the nine months ended Sept. 30, 2006, after spending just US$18
million for all of 2005 while not repurchasing any shares in either 2004
or 2003.

The affirmation of Charles River's SGL-1 rating, despite the increase in
debt and lower operating and free cash flow expected over the next twelve
months, reflects very good external liquidity as well as a significant
cushion for each of its covenants, leaving the company well in compliance
under the terms of its credit facility for the next twelve months.
Moody's notes that Charles River is at the low range of the
SGL-1 rating category and could be downgraded if cash flow continues to
deteriorate or if the company were to borrow against its revolver.

The ratings could be downgraded if there is a meaningful deterioration in
the level of its operating cash flow.  In addition, if Charles River were
to pursue a significant
debt-financed acquisition, resulting in even less financial flexibility,
the ratings could be downgraded.  Moody's would also view an expansion in
the company's share buyback program, particularly if financed with
incremental debt, as detrimental to the ratings.  It is unlikely that the
ratings would be upgraded in the immediate future because of the company's
weak free cash flow coverage of debt and negative outlook.

The following ratings were affirmed with a negative outlook:

Charles River Laboratories International Inc.

    * Corporate Family Rating, Ba1

    * Probability of Default Rating, Ba1

    * Loss Given Default Assessment, LGD4, 50%

    * Senior Secured U.S. Revolving Credit Facility
     (US$200 million face), Baa3, LGD2, 23%

    * Senior Secured U.S. term loan facility
     (US$156 million face), Baa3, LGD2, 23%

Charles River Laboratories Preclinical Services Montreal (subsidiary)

    * Canadian Term Loan (CDN57 million), Baa3, LGD2, 23%

    * Canadian Revolving Credit Facility (CDN12 million),
      Baa3, LGD2, 23%

Charles River Laboratories Preclinical Services Edinburgh (subsidiary)

    * GBP Revolving Credit Facility (GBP6 million), Baa3,
      LGD2, 23%

The rating outlook is negative.

Charles River Laboratories International Inc., headquartered in
Wilmington, MA, provides research tools and integrated support services
for drug and medical device discovery and development. The company's
business segments are Research Models and Services, which involves the
commercial production and sale of animal research models; and
Pre-clinical, which involves the research, development and safety testing
of drug candidates.  The company reported revenues of over US$786 million
for the nine months ended Sept. 30, 2006.


EUTELSAT COMMS: Taps Alcatel-Lucent to Build W7 Satellite
---------------------------------------------------------
Eutelsat Communications and Alcatel Alenia Space, a unit of
Alcatel-Lucent, have signed a contract under which the latter will
manufacture and deliver Eutelsatís W7 communications satellite.

To be launched in second quarter 2009 at Eutelsatís 36 degrees East
location, W7 will double the capacity currently available at a key
neighborhood in the Groupís fleet of geo-stationary satellites.  Through a
configuration of high-performance fixed and steerable beams, W7 will also
boost coverage and flexibility for addressing growing markets, notably in
central Asia and Africa.

W7ís mission comprises up to 70 Ku-band transponders that can be connected
to six beams serving Europe, Russia, Africa, the Middle East and central
Asia.  To be co-located with Eutelsatís W4 satellite, which already serves
anchor pay-TV operators in Russia, the Ukraine and sub-Saharan Africa, W7
will enable Eutelsat to almost double bandwidth for digital video services
in these regions.  It will also replace all capacity on Eutelsatís SESAT 1
satellite that serves Europe, North Africa, the Middle East and central
Asia, and bring fresh capacity to South Africa through a high-power fixed
beam and to central Asia through a spot beam which can be reoriented in
orbit.  Following W7ís deployment at 36 degrees East, SESAT 1 will
continue in commercial service at an alternative location.

Weighing in at 5.6 tons and with 12 kW of payload power, W7 is based on
the Alcatel Alenia Space Spacebus 4000 platform and will be boosted into
orbit by Sea Launch.

"Since 2000, we have proactively built our video neighborhood at 36
degrees East into a prime location for digital markets in eastern Europe
and Africa," Eutelsat CEO Giuliano Berretta said.    "This commitment has
won the confidence of pay-TV operators who are pioneers in their markets,
notably NTV Plus from Russia, Poverkhnost from the Ukraine and MultiChoice
Africa which reaches large parts of sub-Saharan Africa through this
neighborhood.

"In order to support growth for broadcast and telecommunications services
in these regions and to boost capacity for other markets, we looked
closely at how we could even more efficiently exploit the resource at 36
degrees East.  With W7, this key position in our fleet will benefit from
capacity enabling us to use the full spectrum of Ku-band frequencies, and
to respond to market demands in multiple regions through a high degree of
operational flexibility.Ē

"We are very pleased and fully committed to supporting Eutelsat
sustainable growth," said Pascale Sourisse CEO of Alcatel Alenia Space.
"We are also very proud of working alongside Eutelsat to meet the
increasing market demand and emerging new applications by delivering
technologies with outstanding performance.  W7 is the second satellite
after W2A to be awarded by Eutelsat to our company in 2006.  This contract
further consolidates an historical year for our company: we have been
chosen by a large number of operators, making us the world leader in the
communications satellite market."

                      About Alcatel-Lucent

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

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

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

As reported in the TCR-Europe on Sept. 11, Moody's Investors
Service upgraded the Corporate Family Rating of Eutelsat
Communications S.A. to Ba2 from Ba3.  Concurrently the rating
agency upgraded to Ba3 from B1 the existing ratings on both the
Term Loan and the Revolving Credit Facility.  Moody's said the
outlook for all ratings is now stable.

Ratings upgraded include:

* Eutelsat Communications S.A.

   -- Corporate Family Rating to Ba2 from Ba3;

   -- EUR1.6 billion Term Loan due 2013 to Ba3 from B1; and

   -- EUR300 million Revolving Credit Facility due 2013 to
      Ba3 from B1.


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


CONTOR HOLDING: Thurgau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Contor Holding on Oct. 27.

The Debtor can be reached at:

         JSC Contor Holding
         Bergstrasse 61
         8280 Kreuzlingen
         Thurgau
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


EVA LLC: Bern-Mittelland Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland entered Oct. 31 an order closing
the bankruptcy proceedings of LLC EVA.

The Debtor can be reached at:

         LLC EVA
         Junkerngasse 1
         3011 Berne
         Switzerland

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

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


EXPRESS REIFEN: Thurgau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Express Reifen Lommis on Aug. 10.

The Debtor can be reached at:

         JSC Express Reifen Lommis
         Flugplatzstrasse
         9506 Lommis
         Thurgau
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


GENOSSENSCHAFT SENIOREN-WOHNEN: Court Closes Bankruptcy Process
---------------------------------------------------------------
The Emmental-Oberaargau Bankruptcy Service and Control of Debt Payment
entered Nov. 6 an order closing the bankruptcy proceedings of Society
Genossenschaft Senioren-Wohnen im Sonnenhof Sumiswald.

The Debtor can be reached at:

         Society Genossenschaft Senioren-Wohnen
         im Sonnenhof Sumiswald
         Marktgasse 16
         3454 Sumiswald
         Berne
         Switzerland

The Emmental-Oberaargau Bankruptcy Service and Control of Debt Payment can
be reached at:

         Emmental-Oberaargau Bankruptcy Service and
         Control of Debt Payment
         4912 Aarwangen
         Berne
         Switzerland


GYGAX NIK WINE: Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Emmental-Oberaargau Bankruptcy Service and Control of Debt Payment
commenced bankruptcy proceedings against JSC Gygax Nik Wine & Dine on Oct.
31.

The Debtor can be reached at:

         JSC Gygax Nik Wine & Dine
         Langenthalstrasse 1
         3367 Thorigen
         Berne
         Switzerland

The Emmental-Oberaargau Bankruptcy Service and Control of Debt Payment can
be reached at:

         The Emmental-Oberaargau Bankruptcy Service and
         Control of Debt Payment
         Administrative Department Wangen an der Aare
         3380 Wangen an der Aare
         Berne
         Switzerland


H.U.G. IMMOBILIEN: Berne Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland entered Nov. 6 an order closing
the bankruptcy proceedings of JSC H.U.G. Immobilien.

The Debtor can be reached at:

         JSC H.U.G. Immobilien
         Pfandersmatt 157
         3664 Burgistein
         Berne
         Switzerland

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

         Bankruptcy Service of Bern-Mittelland
         Administrative Department Seftigen
         3123 Belp
         Berne
         Switzerland


MALER CALABRUSO: Berne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy proceedings
against LLC Maler Calabruso on Sept. 21.

The Debtor can be reached at:

         LLC Maler Calabruso
         Bernstrasse 171
         3052 Zollikofen
         Berne
         Switzerland

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

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


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

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

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

         JSC Orca Consulting
         Wollerauerstrasse 5
         Postfach 159
         8834 Schindellegi
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


STARS GESELLSCHAFT: Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Schaffhausen suspended the bankruptcy
proceedings of LLC STARS Gesellschaft fur Schmuck, Mode, Cosmetics und
Immobilien on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy
Code.

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

The Debtor, declared bankrupt on July 14, can be reached at:

         LLC STARS Gesellschaft fur Schmuck
         Mode, Cosmetics und Immobilien
         Neutalstrasse 17
         8207 Schaffhausen
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland


WALDEGG HOLZ: Court Suspends Bankruptcy Proceedings
---------------------------------------------------
The Emmental-Oberaargau Bankruptcy Service and Control of Debt Payment
suspended the bankruptcy proceedings of LLC Waldegg Holz + Maschinen on
Nov. 26, pursuant to Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Oct. 30, can be reached at:

         LLC Waldegg Holz + Maschinen
         Langnaustrasse 88
         3436 Zollbruck
         Switzerland

The Emmental-Oberaargau Bankruptcy Service and Control of Debt Payment can
be reached at:

         Emmental-Oberaargau Bankruptcy Service and
         Control of Debt Payment
         Admistrative Department Signau-Trachselwald
         3550 Langnau
         Switzerland


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


TURKCELL ILETISIM: Moody's Assigns Ba2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned Ba2 foreign currency and
Ba2 domestic currency corporate family ratings to Turkcell Iletisim
Hizmetleri A.S.  The outlook is stable.

The Ba2 corporate family rating reflects:

   a) Turkcell's longstanding leading market position in
      its low-penetrated home market;

   b) strong brand recognition;

   c) solid and sustainable cash flow generation capacity in
      an under-levered capital structure relative to
      its peers; and

   d) significant financial flexibility that enables it
      to compete aggressively and ensures the ability to
      invest in technology and product differentiation.

More cautiously, the rating also factors in:

   a) the expectation of a more competitive market with
      changing dynamics from 2007 and going forward;

   b) substantial investment in international expansion to
      be financed by borrowing;

   c) the potential increase in the level of capital
      expenditure should Turkcell acquire a 3G license;

   d) the challenge and investment required to transform
      its loss-making Ukraine subsidiary to break-even;

   e) residual uncertainties in the ownership structure
      which, in Moody's view, could impose limitations
      on setting and carrying out sustainable
      business strategies and financial policies; and

   f) a shareholder remuneration policy, which is
      evolving towards a higher dividend payout ratio.

On the basis of Turkcell's strong business and financial risk profiles,
Moody's considers the rating to be solidly positioned at Ba2,
incorporating substantial flexibility for strategic investments.  The
company currently has a relatively
under-levered capital structure with US$645 million in
on-balance sheet debt and circa US$1 billion cash and cash equivalents as
of the third quarter of 2006.  However, in Moody's view this is likely to
change from 2007 as Turkcell begins to apply its financial flexibility to
securing its domestic market position, increasing shareholder remuneration
and broadening the range of its operations beyond Turkey.  In this
context, Moody's notes Turkcell's announcement that it is in the process
of negotiating sizeable long-term debt financing, which is likely to be
utilized for one or more potential international investments if
opportunities arise.

Given the uncertainty surrounding the scale and timing of any potential
future investment opportunities, Moody's Ba2 rating assumes that such
investment, together with other potential future claims on the company's
cash flow, should be managed such that the Total Adjusted Debt to Adjusted
Ebitda ratio remains below 2x.  The Ba2 rating also assumes that, although
potentially heavy capital investment requirements might result in negative
free cash flow in the short term, Moody's would expect the company to
return to a positive underlying free cash flow position fairly quickly.
To the extent that fx-denominated indebtedness were to increase,
Turkcell's future exposure to foreign currency fluctuations would also
correspondingly rise, adding a risk not currently considered a major
factor for the company.  However, Moody's factors in that, in this case,
Turkcell would appropriately hedge itself against foreign currency risks.

The stable outlook, notwithstanding a degree of uncertainty in respect of
the potential impact from a financial risk profile perspective of as yet
undefined international investments, reflects Moody's expectation that the
company will continue to report fairly robust operational performance and
profitability with an EBITDA Margin of more than 37%, despite intensifying
domestic competition in the next two years.  It also assumes that, to the
extent Turkcell does reduce its financial flexibility through increased
investments or debt-financed acquisitions, these will be managed such that
adjusted total debt/adjusted ebitda on a sustainable basis would not
exceed 2x; and that, in the event that free cash flow were to turn
negative as a result of capital investment, this would be reversed within
a reasonable timeframe.

Headquartered in Istanbul, Turkey, Turkcell is the leading
GSM operator with a 61% market share in terms of the number of
subscribers.  The company provides high-quality mobile voice and data
services through its own GSM network, with 30.8 million subscribers as of
September 2006.  The company also operates in the Ukraine through its
indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia and
Moldova through its associate Fintur, and in Northern Cyprus through its
wholly-owned subsidiary Kibris Telekom.  In 2005, the company reported
revenues of US$4.3 billion and EBITDA of US$1.9 billion under US GAAP.


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


BANK KRESCHATIK: Moody's Keeps E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service downgraded the National Scale Rating of Bank
Kreschatik from A2.ua to A3.ua following the announcement that the City of
Kiev has reduced its ownership in the bank from 51.2% to around 25%.

At the same time, Moody's has changed the rating outlook for the bank's B2
long-term foreign currency deposit rating to negative.  The bank's E+
Financial Strength Rating remains unchanged.

Moody's said that this rating action is the result of the reduced
probability that Bank Kreschatik will receive support from the City of
Kiev in case of need.  This is based on the change in the City's stance
and/or the ability to provide support, as reflected in its
non-participation in the bank's recent share capital injection, which
caused the City's ownership share to be diluted to below the controlling
stake.

The negative outlook for the long-term foreign currency rating reflects
Moody's concerns that any further dissociation of the bank from the City,
including a further decrease in the ownership stake, could result in a
further weakening of support assumptions.  At the same time, the long-term
rating still incorporates a limited degree of support from the City
because the bank continues to play a substantial role in the City's
operations (e.g. participation in the social projects, keeping budget
funds, etc.), and its importance to the City has not decreased to the
levels commensurate with such support assumptions, which are sufficiently
low for a one-notch downgrade.

Moody's notes that it will continue to monitor Bank Kreschatik's level of
association with the City and cautions that, in the case of a further
loosening of ties, a downgrade of the long-term foreign currency rating
may become likely.  Any decline in the financial fundamentals as a result
of such dissociation is also likely to lead to negative rating pressure on
the FSR and long-term foreign currency ratings.

Headquartered in Kyiv, Ukraine, Bank Kreschatik reported total assets of
US$598.7 million and equity of US$59.1 million under IFRS as of June 30,
2006.


UKRSIBBANK JSCIB: Fitch Upgrades Individual Rating to D
-------------------------------------------------------
Fitch Ratings upgraded JSCIB UkrSibbank Individual rating to D from D/E.
The bank's other ratings are affirmed at foreign currency Issuer Default
BB-, local currency Issuer Default BB, Short-term B, and Support 3.  The
Outlooks on the IDRs remain Positive.

The upgrade of UkrSib's Individual rating reflects the ongoing
diversification of the bank's funding base, which in turn reduces customer
concentration levels and improves the bank's liquidity profile.  The
changes were to a large extent triggered by the involvement of France's
second largest bank and UkrSib's majority shareholder, BNP Paribas SA, in
the bank's strategic and operational management.

The Individual rating is also supported by the depth of the bank's
franchise and adequate asset quality.  However, it additionally takes into
account still high loan concentration levels, weak profitability driven by
rather aggressive market penetration, modest capitalization and risks
associated with rapid credit growth.

UkrSib's Issuer Default, Short-term and Support ratings are driven by
support from BNP in case of need.  In Fitch's view, in light of BNP's
ability and propensity to provide support, and also taking into account
Ukrainian country risks which limit the extent to which UkrSib might be
able to receive and utilize support, there is a moderate probability that
it would be forthcoming, if required.

The Positive Outlook on UkrSib's IDR reflects that on Ukraine's Sovereign
rating.  Movement in Ukraine's sovereign ratings and/or Country Ceiling
would be likely to have an impact on UkrSib's IDRs.

A further upgrade of the Individual rating is not expected in the near
term, but sustainable improvements in performance and a further reduction
in loan concentration levels, as well as the successful integration of
UkrSib into BNP's risk management systems and processes, would all be
positives for the bank's stand-alone financial strength.

Timely and sufficient equity and other capital injections would also be
important for the Individual rating.  Significant downward pressure on the
bank's Individual rating is not expected in the near term, but could arise
in case of substantial credit losses.

According to the National Bank of Ukraine, UkrSib was the third largest
Ukrainian bank by assets at end-September 2006.  UkrSib is a universal
bank with principal activities in corporate and retail banking in Ukraine.
The bank operates the fourth largest nationwide branch network,
consisting of almost 1,000 outlets and points-of-sales in more than 180
cities and towns throughout Ukraine.

A controlling 51% stake is held by France-based BNP, with substantially
all of the remaining 49% controlled by two Ukrainian shareholders,
Oleksandr Yaroslavskyy and Ernest Galiyev, who also own a number of large
industrial assets in the country's metallurgy and chemical industries.


UKRSOTSBANK: Fitch Keeps B-/Support 5 Ratings on Watch Positive
---------------------------------------------------------------
Fitch Ratings kept Ukraine-based Ukrsotsbank's Issuer Default B- and
Support 5 ratings on Rating Watch Positive.  Its Short-term B and
Individual D ratings are affirmed.

Ukrsots' current Issuer Default, Short-term and Individual ratings reflect
the continued pressure on the bank's capitalization, which remains weak
due a low level of free equity, as well as the bank's potentially
vulnerable liquidity and only modestly diversified funding base.

However, Fitch also notes the ongoing development of Ukrsots' franchise,
which is reflected in its strong market positions and the sound bottom
line results achieved in 2005 and H106. Ukrsots' risk management function
is also quite strong by Ukrainian market standards, and larger corporate
loans are now reviewed by representatives of Intesa, the bank's potential
new shareholder.

The RWP on Ukrsots' Issuer Default and Support ratings reflects the
agreement between Italy's Banca Intesa and Ukrsots' controlling
shareholder for the former to acquire a controlling stake in the bank, and
considers the strong ability of Banca Intesa to provide support to Ukrsots
in case of need.

Fitch was informed that impediments to the transaction closure, concerning
in particular litigation involving the bank in the United States, have now
been resolved such that there is a strong probability that the deal will
be closed in early 2007. If and when the transaction takes place, this
would be highly likely to result in an upgrade of the bank's Issuer
Default and Support ratings, the former to the Ukrainian Country Ceiling
of BB-.

Aside of the potential acquisition by Intesa, Ukrsots' stand-alone
financial position could also benefit from a strengthening of the bank's
capitalization and free capital in particular, continued diversification
of funding with a resultant improvement in liquidity and a further decline
in concentration levels.

At end-H106, Ukrsots was the sixth largest bank in Ukraine with slightly
over US$2.5 billion in assets, holding around 5.3% of system assets, and
top five positions in terms of market share in all major market segments.
Retail business has been the largest growth driver between 2004 and 2006,
and at end-H106 retail loans and deposits accounted for 51% and 35% of the
loan book and funding base, respectively.

The retail customer base comprises over 1,000,000 individual clients
acquired through one of the largest nationwide networks, comprising over
500 branches.  The bank is currently indirectly 88.55% -owned by Viktor
Pinchuk, who also owns Interpipe Corporation, one of the largest private
companies in Ukraine.


VNESHTORGBANK JSC: Board Approves RUR120-Bln IPO in First Half
--------------------------------------------------------------
The boards of directors of state-controlled banks OAO Sberbank Rossii and
JSC Vneshtorgbank have approved the companies' initial public offerings,
RIA Novosti reports.

"In compliance with the government's decision, the supervisory boards of
Sberbank and Vneshtorgbank approved the placement of their issues," Alexei
Kudrin, Russia's Finance Minister, said in a meeting between Prime
Minister Vladimir Putin and his cabinet.  "These emissions will be held in
the first half of 2007."

Sberbank will offer RUR200 billion of shares in February 2007 while VTB
will make public around RUR120 billion shares in the first half of next
year.

The dates for the launching of initial public offerings of Sberbank and
VTB will depend on the market conditions, Mr. Kudrin added.

Mr. Putin, meanwhile, directed his cabinet to allow ordinary Russians to
acquire shares in the IPOs.

"We will provide such opportunities," Mr. Kudrin responded.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank
of the Russian Federation) -- http://www.sbrf.ru/eng/--
provides a full range of banking services, including commercial,
investment, merchant, mortgage and retail banking, and a
complete range of travel, lending and credit services.  The Bank
operates through 17 territorial banks, 921 divisions and 19,390
subdivisions across Russia.

                      About Vneshtorgbank

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

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

                        *     *     *

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

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


VNESHTORGBANK JSC: Earns US$816 Million for Nine Months 2006
------------------------------------------------------------
Vneshtorgbank JSC released its consolidated results for the nine months
ended Sept. 20, 2006, prepared according to International Financial
Reporting Standards.

                      Financial Highlights

* Assets and Funding
  (compared to Dec. 31, 2005):

   -- assets reached US$48.96 billion, up 33.3% or
      US$12.23 billion;

   -- loans and advances to customers rose to US$27.58 billion,
      an increase of US$7.66 billion or 38.4%, with retail loans
      up 136.0%;

   -- VTB Group purchased 5% of shares of European Aeronautic
      Defense and Space Company;

   -- funding base further enhanced and diversified:

         -- customer accounts reached US$20.35 billion, up
            59.4%;

         -- July 2006: RUR15 billion 10-year Series 6 bonds;

         -- July 2006: Russiaís debut USD 88.3 million 28-year
            Mortgage-backed notes.

* Profit and Loss Account
   (compared to first nine months 2005):

   -- net profit grew by 124.2% to US$816 million, from US$364
      million in first nine months 2005;

   -- interest income grew to US$2.61 billion, up 100.2%, fee
      and commission income rose to US$303 million, up 127.8%,
      resulting in a 102.8% total core revenue growth to
      US$2.91 billion;

   -- net interest income increased to US$1.21 billion, a rise
      of US$545 million or 82.0%;

   -- net fee and commission income rose to US$266 million, an
      increase of US$145 million or 119.8%.

* New Acquisitions and Branch Openings:

   -- In first quarter 2006, VTB acquired 98% of Bank Mriya
      (Ukraine) with assets of US$426 million for US$66 million;

   -- Branch openings included four VTB and five VTB24 branches,
      covering Russiaís Central, North-West, South, Siberia,
      Volga and Far East regions.

* Operating Performance

   -- profit before taxation was US$934 million in 9M2006
      compared to US$495 million in first nine months 2005.  The
      88.7% increase was mainly driven by significant growth in
      net interest income, foreign exchange translation gains
      and increase in net fee and commission income,
      attributable to organic growth and 2005 acquisitions.

   -- net interest income grew to US$1.21 billion, which was
      attributable to growth in all the components of interest
      income.  Interest income on loans and advances to
      customers increased by 95.7% to US$2.02 billion, interest
      income on securities grew by 97.2% to US$351 million,
      interest on amounts due from other banks increased by
      157.1%, totaling US$234 million.  The increase was due to
      expansion of the Groupís lending business, particularly in
      the retail segment, growth of the Groupís securities
      portfolio and also reflect the contribution of banks
      acquired in 2005.

   -- net spread decreased to 4.3% for 9M2006 from 4.4% for
      first nine months 2005.  This decrease was consistent with
      continuously shrinking margins in the Russian market
      underpinned by further upgrade of Russiaís sovereign
      ratings in 2005 and 3Q2006.

   -- operating income rose by 69.6% to US$1.89 billion,
      compared to US$1.12 billion for first nine months 2005,
      primarily due to growth of net interest income to
      US$1.21 billion, net gains from securities to US$268
      million, and net fee and commission income to US$266
      million, and foreign exchange translation gains to US$253
      million mainly attributable to the appreciation of the
      Russian ruble against the U.S. dollar in nine months 2006.

   -- operating expenses were US$960 million, up 54.3%,
      primarily attributable to addition of costs of banks
      acquired in December 2005, and also by organic expansion
      of the Group`s network in Russia, accompanied by increased
      expenditure on marketing and advertising as well as
      payments to the Deposit Insurance System in view of VTB
      Group retail expansion and corresponding growth in retail
      deposits.

   -- customer transactions remained key factor to business
      volume and core income growth, reflecting the Groupís
      strategy oriented towards corporate, retail and investment
      banking.  Customer loans stood at 56.3% of total assets as
      of Sept. 30, 2006, compared to 54.3% as of Dec. 31, 2005.
      Accordingly, interest income on customer loans comprised
      77.5% of interest income (79.3% in first nine months 2005)
      and 69.5% of core revenue (72.0% in first nine months
      2005).  Total customer accounts rose by 59.4% to reach
      US$20.35 billion, of which accounts of individuals
      represented US$64.20 billion, corporate US$10.49 billion,
      and state and public US$3.45 billion.

* Loan Quality and Concentration

   -- the share of overdue and rescheduled loans in the gross
      loan portfolio amounted to 2.3% and allowances for loan
      impairment to 3.2%, of the gross loan portfolio as of
      Sept. 30, 2006.

   -- as the Group seeks to diversify its customer base and
      lending capacity, and sustains continuous lending volumes
      growth, the exposure to 10 largest borrowers as a
      percentage of gross customer loans decreased to 18.0% as
      of Sept. 30, 2006 from 19.7% as of Dec. 31, 2005.

* Capitalization and Capital Adequacy

   -- the Groupís consolidated shareholdersí equity increased to
      US$6.21 million as of Sept. 30, 2006 from US$5.27 million
      as of Dec. 31, 2005.

      In addition to net profit of US$816 million, major changes
      in shareholdersí equity included the effect of FX
      translation of US$168 million, and declaration of
      dividends for 2005 in the amount of US$64 million.

   -- as of Sept. 30, 2006 VTB Groupís consolidated BIS Tier 1
      capital was US$5.853 billion, compared to US$4.93 billion
      as of Dec. 31, 2005, and total BIS capital was
      US$6.6 billion, compared to U.S. $5.9 billion as of
      Dec. 31, 2005.

   -- despite growth of capital in absolute terms, capital
      adequacy calculated in accordance with the Basle Capital
      Accord declined, reflecting the Groupís expansion and
      growth in business volumes.  BIS Tier 1+2 capital adequacy
      ratio decreased from 14.1% as of Dec. 31, 2005 to 12.0% as
      of Sept. 30, 2006.  The capital adequacy ratio is well
      above the 8.0% minimum set by the Basle Accord.

                       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.

                        *     *     *

As reported in the TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


* Moody's Rates Berdyansk City's UAH10-Mln Bonds at (P)B1/Aa3.ua
----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings of
(P) B1/Aa3.ua (Ukraine national rating scale) to the City of Berdyansk's
UAH10-million bond due 2012.  A definitive rating will be assigned upon
review of final documentation.

The (P) B1/Aa3.ua ratings reflect:

   -- the City's positive budget balances,
   -- diversified and growing economy, and
   -- good level of self-funded capital expenditure.

The ratings also take into account limited budget flexibility both on
operating revenue and expenditure sides and potential growth of indirect
risk associated with the City's majority owned companies.

The City of Berdyansk is a port and seaside resort in southeast Ukraine,
located on the shore of the Azov Sea in Zaporizka oblast.  The city has a
population of about 122,000.


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


AGENDA LEISURE: Brings In PKF to Administer Assets
--------------------------------------------------
Kerry Balley and Jonathan Newell of PKF (UK) LLP were appointed joint
administrators of Agenda Leisure Ltd. Company Number 03477382) on Nov. 30.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's leading
firms of accountants and business advisers, which specializes in advising
the management of developing private and public businesses.  Its principal
services include assurance & advisory; corporate finance; corporate
recovery & insolvency; forensic; management consultancy and taxation.  It
also offers financial services through its FSA authorized company, PKF
Financial Planning Limited.

Headquartered in Pentraeth, England, Agenda Leisure Ltd. imports and
distributes sports goods and equipments.


AKER KVAERNER: Canadian Unit Inks CDN$175-Million Contract
----------------------------------------------------------
Aker Kvaerner Songer Canada Ltd., a unit of Aker Kvaerner ASA, in joint
venture with Burns and McDonnell has been awarded an Engineering,
Procurement and Construction contract to construct the Halton Hills
Generating Station, a 683-megawatt natural gas fueled, combined cycle
facility for TransCanada Corporation.

Aker Kvaerner Songer Canada's portion is valued at approximately CDN175
million.

The project site of approximately 80 acres will be occupied by the
generating station and its associated facilities.  The construction and
commissioning of the facility will have a schedule of approximately 33
months and will employ around 300 local workers.

"This project represents a significant milestone in living our vision to
be the preferred partner for projects, products and services in the energy
sector.  I am pleased that Aker Kvaerner Songer Canada Ltd. was selected
to be a partner in this important project by TransCanada." Says Martinus
Brandal, President & CEO of Aker Kvaerner ASA.

The Halton Hills Generating Station natural gas fueled 2x1combined cycle
power plant is planned to generate 683 mega watts of electricity from two
gas turbine generator sets, two heat recovery steam generators and one 300
mega watt steam turbine generator.

TransCanada will plan, develop, own and operate the generating station.
TransCanada is a leader in the responsible development and reliable
operation of North American energy infrastructure.  TransCanada's network
of more than 41,000 kilometers of pipeline transports the majority of
Western Canada's natural gas production to key Canadian and U.S. markets.
A growing independent power producer, TransCanada owns, or has interests
in, approximately 7,700 megawatts of power generation in Canada and the
United States.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Brazil, Chile, China,
India, Indonesia, Japan, Singapore, South Korea, Thailand and
Malaysia.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

Moody's Investors Service, in April 2006, upgraded the of Aker
Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to
reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


ALLIANCE ATLANTIS: Exploring Strategic Options Including Sale
-------------------------------------------------------------
Alliance Atlantis Communications Inc. is exploring strategic alternatives,
which could include the sale of certain assets.

As part of that process, the company, together with Southhill Strategy
Inc., the company's controlling shareholder, have recently sought
expressions of interest from selected potential buyers as to their
interest in purchasing the company.  Southhill Strategy is owned by
Michael MacMillan, Alliance Atlantis' Executive Chairman, and Seaton
McLean.

Southhill has informed the company that no decision to sell Southhill's
controlling interest in Alliance Atlantis has been made and that Southhill
may decide not to sell its interest.  If Southhill decides not to sell its
interest, a sale of the company is unlikely to occur.

A Special Committee of the companyís Board has been formed for this
purpose and is comprised of Robert Steacy as Chair, Anthony Griffiths and
Barry Reiter.

The company also says it has engaged RBC Capital Markets as its financial
advisor and Bennett Jones LLP as its legal advisor.

Headquartered in Toronto, Canada, Alliance Atlantis Communications Inc. --
http://www.allianceatlantis.com/-- is a specialty channel broadcaster
with a 50% ownership interest in the CSI TV franchise.  The company has
worldwide offices in the United Kingdom, Spain, and Australia.

                        *     *     *

In a report by the Troubled Company Reporter-Europe on Dec. 22, Standard &
Poor's Ratings Services placed its ratings, including
the 'BB' long-term corporate credit rating, on Toronto-based
Alliance Atlantis Communications Inc. on CreditWatch with
developing implications.

Developing means that the ratings could be raised, lowered, or
affirmed, depending on the outcome of our review.

"The CreditWatch placement follows Alliance Atlantis'
announcement that it is exploring strategic alternatives, namely
the possible sale of the entire company," said Standard & Poor's
credit analyst Lori Harris.  Alliance Atlantis has engaged RBC
Capital Markets to act as financial adviser in this process.

As reported in the TCR-Europe on Oct. 27, Moody's Investors Service placed
the Ba2 Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under review for
possible upgrade.


BOMBARDIER INC: Closes EUR4.3 Billion Letter of Credit Facility
---------------------------------------------------------------
Bombardier Inc. signed a EUR4.3 billion Syndicated Letter of Credit
Facility agreement on Dec. 18, 2006, with a group of leading international
financial institutions.  The facility is set up in Europe for the benefit
of Bombardier Inc. and all of its subsidiaries.  It will replace existing
syndicated North American and European facilities.

Bombardier attained its objective of securing availability for an extended
term, while at the same time reducing considerably its issuing costs.
This is a clear indication of the banks' support for Bombardier's business
plan.

Calyon, BNP Paribas, Deutsche Bank and J.P. Morgan, who have jointly
arranged the facility, as mandated lead arrangers and joint book runners,
were joined by five banks as mandated lead arrangers and sub-underwriters
and 16 additional banks joined in the general syndication.

This closing completes the refinancing plan undertaken during the third
quarter of fiscal year 2007, which included tender offers of certain notes
and a new issue of senior notes.

                     About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures transportation
solutions, from regional aircraft and business jets to rail
transportation equipment.  In Europe, it maintains operations in
Northern Ireland, United Kingdom, Germany, Switzerland, Sweden,
and Austria.  Its revenues for the fiscal year ended Jan. 31,
2006 were US$14.7 billion and its shares are traded in the
Toronto Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 1, 2006,
Dominion Bond Rating Service confirmed the ratings of Bombardier
Inc. and Bombardier Capital Ltd.  The Senior Unsecured
Debentures of both Bombardier Inc. and Bombardier Capital Ltd.
are confirmed at BB, and Preferred Shares of Bombardier Inc. at
Pfd-4.  All trends are Negative.

In a TCR-Europe report on Nov. 1, Fitch Ratings has downgraded
the debt and Issuer Default Ratings for both Bombardier Inc.
The Company's issuer default rating was downgraded from BB to
BB-. Other rating actions include, Senior unsecured debt revised
to 'BB-' from 'BB'; Credit facilities revised to 'BB-' from 'BB'
and Preferred stock revised to 'B' from 'B+'.  The Rating
Outlook is Stable.

At the same time, Standard & Poor's Ratings Services affirmed
its 'BB' long-term corporate credit rating on Bombardier.  At
the same time, Standard & Poor's assigned its 'BB' issue rating
to Bombardier's proposed issuance of up to EUR1.8 billion seven-
to-ten-year multi-tranche senior unsecured notes.

Moody's Investors Service also assigned its Ba2 rating to
Bombardier Incorporated's proposed EUR1.8 billion in new senior
unsecured notes and affirms all current ratings.


COLLINS & AIKMAN: Filing First Amended Joint Plan in Detroit
------------------------------------------------------------
Collins & Aikman Corporation will file with the U.S. Bankruptcy
Court for the Eastern District of Michigan in Detroit an amended
joint plan of the Debtor and its affiliates and an accompanying
disclosure statement.

The filing fulfills one of the company's obligations under the Customer
Agreement, which was approved on an interim basis by the Bankruptcy Court
on Dec. 14, 2006.  The Plan is supported by the agent for the company's
secured prepetition lenders and certain of the company's major customers.
Collins & Aikman will now work expeditiously toward satisfying various
conditions to obtain approval of the Disclosure Statement and Plan, and
will ultimately exit Chapter 11 through sales of its assets.

"The Plan represents the Company's best opportunity to save
thousands of jobs and maximize recoveries for its creditors," said John
Boken, Chief Restructuring Officer.  "We are pleased that the agent for
the company's secured prepetition lenders, as well as several of the
company's major customers, have agreed to support the Plan as part of the
Customer Agreement.  More work remains to be accomplished, but creating
and filing the Plan represents a major milestone in the Company's chapter
11 cases."

Under the Plan, Collins & Aikman will proceed with soliciting
qualified bids for the sale of the majority of its assets.  On
Nov. 14, 2006, the company expects to sell its operations, in
whole or in parts, to maximize the value of the enterprise for its
creditors and preserve the largest number of jobs for its
employees.  Net proceeds of the asset sales, after payment of the
obligations outstanding under the company's Postpetition Credit Agreement
and all allowed administrative and priority claims, will be distributed to
holders of secured debt claims under the company's Prepetition Credit
Agreement.  Trade and unsecured funded debt claims are expected to share
in a portion of the net proceeds from certain actions that will be
prosecuted by a Litigation Trust established under the Plan.  All existing
equity interests in Collins & Aikman will be canceled with no
distribution.

Confirmation of the Plan is subject to a number of conditions,
which include consummating the sale of the company's Carpet &
Acoustics division.  The Disclosure Statement and Plan have not
been approved by the Bankruptcy Court, and may be materially
modified before approval.

The company has selected a lead bidder in its proposed sale of its North
American automotive flooring and acoustic components
business.  Details of the bid, including the identification of the lead
bidder, will be made available when the company files its sale motion with
the bankruptcy court for an expected January 2007 hearing.

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


COLLINS & AIKMAN: Seeks Court Nod on IHDG Litigation Trust Pact
---------------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to approve their
stipulation with the IHDG Litigation Trust.

In March 1998, Collins & Aikman Products Co. sold the stock of its wholly
owned subsidiary, Imperial Wallcoverings, Inc., to the Imperial Home Decor
Group, Inc.  As part of the sale, IHDG assumed certain liabilities
associated with the business of Imperial Wallcoverings, including workers
compensation and other casualty claims that arose prior to the sale.

After the sale closed, C&A (a) continued to administer and pay the claims,
(b) provided freight hauling services to IHDG and (c) continued to permit
former employees of Imperial Wallcoverings to use C&A's Diners Club
corporate cards.  IHDG was obligated to reimburse C&A for all the amounts.

On Jan. 5, 2000, IHDG and certain affiliates filed voluntary petitions for
relief commencing cases under Chapter 11 before the United States
Bankruptcy Court for the District of Delaware.

On Aug. 1, 2000, C&A filed general unsecured proofs of claim for
US$2,571,917 plus an unliquidated amount against the IHDG Debtors. The C&A
Claims were comprised, in part, of:

   (a) payments made by C&A for IHDG workers compensation and
       other insurance claims that were not reimbursed,

   (b) projected future IHDG workers compensation and other
       insurance claims that would be paid by C&A,

   (c) amounts owed to C&A by IHDG for freight service and

   (d) amounts owed for Diners Club charges by IHDG employees.

Pursuant to the Amended Joint Plan of Reorganization confirmed in the IHDG
Cases, a trust was created to

   (1) prosecute certain causes of action belonging to the IHDG
       Debtors and certain objections to claims filed in the
       IHDG Cases; and

   (2) distribute a certain percentage of the proceeds to
       general unsecured creditors.

On Aug. 2, 2001, the IHDG Litigation Trust filed objections to the C&A
Claims.

Then, on Jan. 4, 2002, the IHDG Litigation Trust commenced an adversary
proceeding against C&A seeking to avoid and recover preferential transfers
for US$185,814.

On Jan. 26, 2005, the court in the IHDG cases approved a settlement
between the IHDG Litigation Trust and C&A resolving both the objection to
the C&A Claims and the IHDG Preference
Action.  Pursuant to the 2005 Settlement, C&A agreed to pay
$120,000 to the IHDG Litigation Trust in three installments of
$40,000 payable on January 14, 2005, April 15, 2005, and
June 15, 2005.  In exchange, among other things, the Litigation Trustee
agreed to make distributions from the IHDG Litigation Trust to C&A as the
holder of an allowed general unsecured claim in the amount of
US$2,691,917.

C&A made the first two installment payments under the 2005 Settlement on
Jan. 15, 2005 and April 15, 2005.  The second installment payment was made
on May 17, 2005, within 90 days of
the Petition Date.  C&A has not made the third installment
payment, which came due after the Petition Date.

On Dec. 27, 2005, the IHDG Litigation Trust filed a proof of claim in
C&A's Chapter 11 cases for US$105,814.  The IHDG Claim amount is the
amount sought in the IHDG Preference Action, US$185,814, minus the two
installments of US$40,000 paid by C&A under the 2005 Settlement.

Because C&A has not paid the final installment under the 2005 Settlement,
the Litigation Trustee has not made any distributions to C&A from the IHDG
Litigation Trust on account of the C&A Claims.

The Debtors and the IHDG Litigation Trust have engaged in negotiations to
resolve the IHDG Claim and provide for distribution from the IHDG
Litigation Trust on account of the C&A Claims.

Pursuant to a stipulation, the Debtors and the IHDG Litigation
Trust agree that:

    a. C&A will have an allowed general unsecured claim against
       the estates of IHDG for US$2,691,917 and the IHDG
       Litigation Trust will make distributions to C&A based on
       the claim in the same manner and, except for the
       distribution in November 2005, at the same time as
       distributions are made to other holders of general
       unsecured claims against the estates of IHDG;

    b. Within 15 business days after the approval of the
       Stipulation in the IHDG Cases and C&A cases, the IHDG
       Litigation Trust will pay US$174,402 to C&A;

    c. The IHDG Litigation Trust will have an allowed general
       unsecured claim against the estate of C&A for US$40,000;
       and

    d. The parties agree to mutual releases of all claims
       arising prior to the date of the Stipulation except for
       those agreed to in the Stipulation.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 47;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COLLINS & AIKMAN: Becker Fights Lease Decision Period Extension
---------------------------------------------------------------
Becker Properties, LLC, and Anchor Court, LLC, ask the U.S. Bankruptcy
Court for the Eastern District of Michigan to deny Collins & Aikman
Corporation and its debtor-affiliates' request to further extend until
March 14, 2007, the period within which they must assume or reject the
Becker Leases.

As reported in the Troubled Company Reporter on Dec. 5, 2006, the Debtors
want more time to decide on what to do with these leases:

   -- 6600 East Fifteen Mile Road, Sterling Heights, Michigan;
   -- 1601 Clark Road, Havre de Grace, Maryland; and
   -- 47785 West Anchor Court, Plymouth, Michigan.

The Debtors had argues that they will be unable to determine whether to
assume or reject the Leases until they have selected
the highest and best offer for the contemplated sale of all or
part of their businesses.

Robert J. Diehl, Jr., Esq., at Bodman LLP, in Detroit, Michigan,
argues that Becker will be prejudiced by an extension and will
continue to be forced to postpone seeking to sell the properties
or seeking replacement tenants for the properties.

"Further delay is detrimental because the value of the properties
continues to decline and the Debtors' payments do not compensate
Becker for that decline," Mr. Diehl says.

If the Debtors' fifth motion for extension is granted, the
Debtors will have had 670 days to decide on the Becker Leases.
Mr. Diehl asserts that the recent amendment to 365(d)(4) under
the Bankruptcy Abuse Prevention and Consumer Protection Act, as
to cases filed after October 17, 2005, prohibits an extension of
time to assume or reject unexpired nonresidential real property
leases beyond 210 days after the Petition Date in the absence of
the written consent of the landlord.

The granting of the Debtors' proposed extension will exceed the
new statutory limit on extension by more than three times, and
the initial period granted by the Bankruptcy Code by more than 11 times,
Mr. Diehl says.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 47;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DONCASTER PACKAGING: Creditors' Meeting Slated for January 5
------------------------------------------------------------
Creditors of Doncaster Packaging Ltd. (Company Number 3711888) will meet
at 11:00 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. 5, 2007 at:

         Richard Dixon Fleming
         Joint Administrator
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds LS1 4DW
         United Kingdom

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


DONCASTER SCREENPRINT: Creditors' Meeting Slated for January 5
--------------------------------------------------------------
Creditors of Doncaster Screenprint Ltd. (Company Number 03711964) will
meet at noon 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:

         Richard Dixon Fleming
         Joint Administrator
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds LS1 4DW
         United Kingdom

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


ENRON EUROPE: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Enron Europe EPC Services confirmed Dec. 8 the
appointment of Ian Christopher Oakley Smith and David John Blenkarn of
PricewaterhouseCoopers LLP as the company's Joint Liquidators.

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.


FEEDBACK PLC: Pension Deficit Prompts Going Concern Doubt
---------------------------------------------------------
Baker Tilly expressed a material uncertainty that may cast significant
doubt over Feedback PLC's ability to continue as a going concern, after
reviewing the company's financial statements for the six-month period
ended Sept. 30, 2006.

At Sept. 30, 2006, Feedback's liabilities (including an GBP8.2 million
pension liability) exceeded its assets by GBP7.57 million.  The auditors
noted that the continuation of group overdraft facilities past the next
renewal date of March 31, 2007, has not yet been agreed with the group's
bankers.

During the first six months of the year Feedback plc and its subsidiary
companies produced an operating profit of GBP119,700 before reorganization
costs of GBP153,000, resulting in an operating loss of GBP33,300.

The restructuring of the Group continued during the period incurring
reorganization costs, and these, together with interest charges (mainly in
connection with the preference share dividend) and finance costs of the
closed pension scheme brought about a loss on ordinary activities before
taxation of GBP265,700.

Restructuring has progressed well and the Group's UK operations were
consolidated onto one location by the end of September 2006.  Vigorous
efforts were made to find a satisfactory solution to the pension deficit
problem, in conjunction with the Group's professional advisors, and this
work is ongoing.  The local Council rejected the application to develop
the Park Road site, but an appeal is being considered.

"Feedback Instruments has continued to see the benefits of earlier
restructuring and strengthening of the management team.  There was a
significant upturn in the value of orders received compared with the
corresponding period of 2005, and the order book at the end of the period
was very pleasing.  In addition, the level of routine business and the
distribution of third party equipment to the schools market have been
encouraging," David Harding, Feedback plc's chairman, said.

Feedback Data, together with its German subsidiary made a small profit in
the first half of the year.  There are indications that the new access
control product, Evolution, will be well received in the marketplace and
work is continuing to build up the reseller base in Europe.

Feedback Incorporated had a disappointing first half result but the order
book, as in the case of Feedback Instruments, was much improved compared
with that of 2005.

                         Dividends

The company was unable to pay a dividend on its Cumulative Convertible
Redeemable Preference Shares due to the continued lack of distributable
reserves.  However, unpaid preference dividends continue to be accrued.

                        Going Concern

The Group is currently paying contributions to the pension fund under an
agreement with the Occupational Pensions Regulatory Authority (Opra, now
the Pensions Regulator) dated February 2005, although other provisions
within that agreement no longer apply.  A provisional actuarial valuation
of the fund was carried out at March 31, 2006, which indicates a GBP17.1
million deficit on a buy-out basis.  A full actuarial valuation is still
being prepared by the Scheme Actuary.

The directors remain in regular contact with the pension fund trustees and
are continuing to take appropriate professional advice with a view to
addressing the pension scheme deficit.  The process is not yet complete
and therefore the outcome remains uncertain.  Nevertheless, the directors
believe that a conclusion which is acceptable to all parties is
achievable.

                           Outlook

"Although the financial position of the Group is overshadowed by the
deficit in the closed pension scheme, the substantial order book at the
end of September indicates that at a trading level, the third quarter of
the year should be in line with the Board's expectations," Mr. Harding
added.

Headquartered in Crowborough, England, Feedback plc --
http://www.feedback.plc.uk/-- is the corporate face of a group of
high-technology British Companies that address international markets in
the provision of Web-based training solutions through the design and
manufacture of electrical, electronic and microprocessor based equipment
for industry & education.


HANOVER COMPRESSOR: Calls US$20.8-Mln Conv. Notes for Redemption
----------------------------------------------------------------
Hanover Compressor Co. calls for redemption on Jan. 4, 2007, of
US$20,871,000 aggregate principal amount of the Convertible Junior
Subordinated Debentures Due 2029.

All of the Debentures are owned by Hanover Compressor Capital Trust and
the Trust is required to use the proceeds received from the redemption to
redeem US$20,245,000 aggregate liquidation amount of its 7-1/4%
Convertible Preferred Securities and US$626,000 aggregate liquidation
amount of its 71/4% Convertible Common Securities.  Hanover Compressor
Company owns all of the Common Securities of the Trust.

The Preferred Securities to be redeemed will be selected in accordance
with the applicable procedures of The Depository
Trust Company for partial redemptions.

Prior to 5:00 p.m., Eastern Time, on Jan. 3, 2007, holders may convert
their Preferred Securities called for redemption on the basis of one
Preferred Security per US$50 principal amount of Debentures which will
then be immediately converted into shares of Hanover Compressor Company
common stock at a price of approximately US$17.875 per share, or 2.7972
shares of Hanover Compressor Company common stock per US$50 principal
amount.  Cash will be paid in lieu of fractional shares.  On Dec. 14, 2006
the closing price of Hanover Compressor Company common stock on the New
York Stock Exchange was US$20.42 per share.

Alternatively, holders may have their Preferred Securities that have been
called for redemption, redeemed on Jan. 4, 2007.  Upon redemption, holders
will receive US$50 for each of their Preferred Securities, plus accrued
and unpaid distributions thereon from Dec. 15, 2006 up to but not
including Jan. 4, 2007. Any of the Preferred Securities called for
redemption and not converted on or before 5:00 p.m., Eastern Time, on Jan.
3, 2007, will be automatically redeemed on Jan. 4, 2007 and no further
distributions will accrue.

Holders of the Preferred Securities should complete the appropriate
instruction form for redemption or conversion, as applicable, pursuant to
The Depository Trust Company's book-entry system and follow such other
directions as instructed by The Depository Trust Company.

Headquartered in Houston, Texas, Hanover Compressor Company --
http://www.hanover-co.com/-- rents and repairs compressors and performs
natural gas compression services for oil and gas companies.  It has a
fleet of more than 6,520 mobile compressors ranging from 8 to 4,735
horsepower.  The company's subsidiaries also provide service, fabrication,
and equipment for oil and natural gas processing and transportation
applications.  Hanover Compressor is disposing of its non-oilfield power
generation facilities and used equipment businesses to focus on core
operations.  In 2006 the company sold the US amine treating rental assets
of Hanover Compression Limited Partnership to oil and gas firm Crosstex
Energy for about US$52 million.

The company has locations in Argentina, Bolivia, China, Indonesia, Japan,
Korea, Peru, Taiwan, Trinidad, the United Kingdom, Venezuela and Vietnam,
among others.

                        *     *     *

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
oilfield service and refining and marketing sectors this week, the rating
agency confirmed its B1 Corporate Family Rating for Hanover Compressor
Company.

Additionally, Moody's revised or held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond debt
obligations:

Issuer: Hanover Compressor Company

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   4.75% Sr. Unsec.
   Conv Notes Due 2008    B3       B3      LGD5       89%

   8.625% Sr. Unsec.
   Gtd. Notes Due 2010    B3       B2      LGD4       59%

   4.75% Sr. Unsec.
   Conv Notes Due 2014    B3       B3      LGD5       89%

   9% Sr. Unsec. Gtd.
   Notes Due 2014         B3       B2      LGD4       59%

   7.5% Sr. Unsec. Gtd.
   Notes Due 2013         B3       B2      LGD4       59%

   7.25% Conv.
   Preferred
   Securities Due 2029   Caa1      B3      LGD6       96%

Issuer: Hanover Equipment Trust 2001A

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   2001 A Equipment
   Lease Notes
   Due 2008               B2      Ba3      LGD3       30%

Issuer: Hanover Equipment Trust 2001B

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   2001 B Equipment
   Lease Notes
   Due 2011               B2      Ba3      LGD3       30%



HCE LIMITED: Taps Liquidators from PricewaterhouseCoopers LLP
-------------------------------------------------------------
R. W. Birchall and M. J. A. Jervis of PricewaterhouseCoopers LLP were
appointed Liquidators of HCE Limited on Dec. 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

          HCE Limited
          Unit 14
          Solent industrial estate
          Shamblehurst lane
          Hedge end
          Southampton
          Hampshire SO302FQ
          United Kingdom
          Tel: 01489 789 494
          Fax: 01489 786 662


LANGDON SERVICES: Calls In Liquidators from Deloitte & Touche
-------------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed Joint Liquidators of Langdon Services Limited on
Dec. 13 for the creditors' voluntary winding-up procedure proceeding.

Headquartered in Bristol, England, Langdon Services Limited --
http://www.langdonservices.com/-- provides transport and logistics
services including: storage and distribution, next day shuttle service,
and same day courier service.


NORTH ELECTRICAL: Liquidator Calls on Creditors to Submit Claims
----------------------------------------------------------------
Creditors of North Electrical Limited are requested to submit their claims
in writing to appointed Liquidator Christopher James Farrington at:

         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham NG1 3FG
         United Kingdom

The Liquidator was appointed by the Secretary of State on
Dec. 4.

The company can be reached at:

         North Electrical Limited
         Unit 7 Enterprise Park
         Moorhouse Avenue
         Leeds
         West Yorkshire LS11 8HA
         United Kingdom
         Tel: 0113 277 6542


OSIRIS CAPITAL: Moody's Rates US$100-Mln Class D Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned these ratings to notes issued by OSIRIS
Capital plc:

   -- EUR100,000,000 Series 1 Guaranteed Floating Rate Notes
      due Jan. 15, 2010, Class B: Aaa;

   -- EUR50,000,000 Series 2 Principal At-Risk Floating
      Rate Notes due Jan. 15, 2010, Class B: A3;

   -- US$150,000,000 Series 3 Principal At-Risk Floating
      Rate Notes due January 15, 2010, Class C: Baa2; and

   -- US$100,000,000 Series 3 Principal At-Risk Floating
      Rate Notes due January 15, 2010, Class D: Ba1.

This transaction is a catastrophe bond program sponsored by
AXA Cessions to issue notes that are linked to the occurrence of
catastrophic mortality events in the covered countries during the
specified risk period.


PENTON MEDIA: Moody's Assigns B2 Rating Following Acquisition
-------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family rating to Penton
Media Holdings Inc., the successor to Prism Business Media Holdings Inc.
following the close of Prism's s announced acquisition of Penton Media
Inc.

Ratings assigned:

Penton Media Holdings Inc.

    * Corporate Family rating -- B2

    * PDR -- B2

Prism Business Media Inc. and Penton Media Inc. as
co-borrowers:

    * Proposed US$80 million senior secured first lien
      revolving credit facility -- B1, LGD3, 32%

    * Proposed US$583.5 million senior secured first lien
      term loan -- B1, LGD3, 32%

    * Proposed US$290 million senior secured second lien
      term loan -- Caa1, LGD5, 85%

Ratings confirmed, subject to withdrawal at closing:

Prism Business Media Inc.

    * US$60 million first lien revolving credit facility,
      due 2011 -- B1, LGD3, 36%

    * US$242 million first lien term loan facility,
      due 2012 -- B1, LGD3, 36%

    * US$90 million second lien term loan facility,
      due 2013 -- Caa1, LGD5, 87%

    * Corporate family rating -- B2

    * PDR -- B2

Ratings affirmed, subject to withdrawal at closing:

Penton Media Inc.

    * US$158 million 11.875% senior secured notes,
      due 2007 -- B3, LGD2, 17%

    * US$155 million 10.375% senior subordinated notes,
      due 2011- Ca, LGD5, 71%

    * Corporate Family rating -- Caa3

    * PDR -- Ca

The rating outlook is stable.

This concludes Moody's review of Prism Business Media Inc.'s ratings for
possible downgrade, initiated on Nov. 3, 2006, following the announcement
that its parent had agreed to acquire 100% of the capital stock of Penton
Media Inc. in an all-cash transaction valued at US$530 million.  The
acquisition, which is subject to approval by Penton Media Inc.'s
shareholders, is expected to close in the first half of 2007.

The assigned ratings reflect:

   -- the high debt and leverage, which will be borne by
      Penton post-acquisition,

   -- its vulnerability to B-2-B advertising spending, and

   -- the high degree of competition experienced by
      virtually all of its publications and trade shows.

In addition, the rating reflects management's acquisitiveness and
willingness to fund acquisitions and dividends with debt.  Ratings are
supported by the diversification of Penton's customer and product base,
relatively low integration risk (CEO John French has experience at both
companies), and management's proven ability to reduce leverage through
cost-cutting measures.

The stable outlook reflects:

   -- the dependability of Penton's niche B-2-B
      publishing model,

   -- the visibility and relatively high margins of
      its trade shows, and

   -- double-digit growth of its online business.

First lien lenders benefit from a guarantee of all significant operating
subsidiaries of the co-borrowers (which will both be wholly owned
subsidiaries of Penton), supported by a first lien priority claim on all
assets, including subsidiary capital stock.  Second lien lenders receive
the same guarantees as first lien lenders; however, their security claims
are subordinated to those of first lien lenders.  The second lien term
loan is rated two notches below the Corporate Family rating, reflecting
the strong loss absorption borne by this most junior class of debt, behind
approximately US$663 million in first lien debt commitments.

Upon closing of the proposed acquisition, Penton Media Holdings, Inc. will
be one of the largest U.S. business-to-business communications companies.
Headquartered in New York City, the company reported sales of US$421
million for the last twelve months ended Sept. 30, 2006, pro forma for the
acquisition.


RIVERDEEP HOLDINGS: S&P Withdraws Ratings Following Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on Houghton
Mifflin LLC and Riverdeep Holdings PLC from CreditWatch, where they were
placed with negative implications on Oct. 23, 2006, and withdrew them,
reflecting the closing of the purchase of both companies by HM Rivergroup
PLC
(B-/Stable/--).

Standard & Poor's expects that nearly all the outstanding debt of both
companies will be soon redeemed.  Because of the lack of sufficient
financial information going forward on Houghton Mifflin's 7.2% notes due
March 15, 2011, which will remain outstanding, S&P also withdrew the
ratings on these notes.


SAMSONITE CORP: Majority of Noteholders Tender 8-7/8% Notes
-----------------------------------------------------------
Samsonite Corp.'s offer to purchase any and all of the US$164,970,000
outstanding 8-7/8% Senior Subordinated Notes due 2011 and EUR100,000,000
outstanding Floating Rate Senior Notes due 2010 expired on Dec. 21, 2006.

The Offers and the related consent solicitations are described in
Samsonite's Offers to Purchase and Consent Solicitation Statement, dated
Nov. 20, 2006.

As of Dec. 20, 2006, US$164,710,000 in aggregate principal amount, or
approximately 99.84% of the outstanding Senior Subordinated Notes, and
EUR85,254,000 in aggregate principal amount, or approximately 85.25% of
the outstanding Floating Rate Notes have been validly tendered.

Samsonite Corporation -- http://www.samsonite.com/-- manufactures,
markets and distributes luggage and travel-related products.  The
company's owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland, are sold
globally through external retailers and 284 company-owned stores.
Executive offices are located in London.  The company has global locations
in Aruba, Australia, Costa Rica, Indonesia, India, Japan, and the United
States among others.  Executive offices are located in London, England.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 14, Moody's
Investors Service confirmed the B1 corporate family
rating for Samsonite Corp.

Moody's also assigned Ba3 ratings to the proposed US$80 million
senior secured revolving credit facility and US$450 million term
loan B.  Proceeds from the new facilities, along with a portion
out outstanding cash balances, will be used to fund a special
dividend and debt repurchase, and pay associated fees and
premiums.  Moody's said the outlook is positive.

In a TCR-Europe report on Dec. 14, Standard & Poor's Ratings Services
assigned its loan and recovery ratings to Samsonite Corp.'s US$530 million
senior secured credit facility.

The facility consists of an US$80-million six-year revolving
credit and a US$450-million seven-year term loan B.  The loan is
rated 'BB-' (at the same level as the 'BB-' corporate credit
rating on Samsonite) with a recovery rating of '3', indicating
the expectation for meaningful (50%-80%) recovery of principal
in the event of a payment default.


SIGNUM FINANCE: S&P Lifts Ratings on Class E Notes to BB
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on six classes from
various U.S. synthetic CDO transactions and removed them from CreditWatch
with positive implications.

At the same time, two tranche ratings were lowered and removed from
CreditWatch with negative implications, and 11 tranche ratings were
affirmed and removed from CreditWatch with negative implications.

The ratings on all the classes mentioned in this release had been
previously placed on CreditWatch negative or CreditWatch positive and were
reviewed to determine the appropriate rating action.  If the synthetic
rated overcollateralization (SROC) ratio for the tranche was above 100% at
the next higher rating level, S&P raised the rating.  If the SROC ratio
for the tranche was lower than 100% at the current date and at a 90-day
forward projected date, S&P lowered the rating.  S&P affirmed its ratings
on the tranches with SROC ratios above 100% at their current rating
levels.

                            Rating List

   Barton Springs CDO SPC
   Series 2005-2 SEG

                               Rating
                               ------
   Class                 To              From
   -----                 --              -----
   B-1                   A+              A+/Watch Neg
   B-2                   A+              A+/Watch Neg

   Birkenstein Ltd.

   B                     AA              AA/Watch Neg

   Credit Linked Notes Ltd. 2005-1

   Notes                 AA-             AA-/Watch Neg

   Crown City CDO 2005-1 Ltd.

   B                     AA              AA/Watch Neg
   D                     BBB-            BBB-/Watch Neg

   Crown City CDO 2005-2 Ltd.

   B-1                   AA              AA/Watch Neg
   B-2                   AA              AA/Watch Neg

   Kiwi I (CDO) Ltd.

   C                     A-              A-/Watch Neg

   Morgan Stanley ACES SPC
   Series 2005-15

   III A                 A               A/Watch Neg
   III B                 A               A/Watch Neg

   Morgan Stanley ACES SPC
   Series 2005-21

   IA                    AA-             AA-/Watch Neg
   IB                    AA-             AA-/Watch Neg
   IC                    AA-             AA-/Watch Neg

   Oban Trust
   Series 2005-2

   A                     A+              AA-/Watch Neg

   Oban Trust
   Series 2006-1

   A                     A+              AA-/Watch Neg

   Portfolio Credit Default Swap (Ref. No. IRP5783424)

   Cr Link               BBB-            BBB-/Watch Neg

   Signum Finance II PLC
   Series 2005-3

   C                     AA-             A-/Watch Pos

   Signum Finance II PLC
   Series 2005-4

   D                     BBB             BBB-/Watch Pos

   Signum Finance II PLC
   Series 2005-5

   E                     BB              BB-/Watch Pos

   Signum Finance II PLC
   Series 2005-7

   Combo Nts             BB              BB-/Watch Pos

   Signum Finance II PLC
   Series 2005-11

   D                     BBB             BBB-/Watch Pos

   Signum Finance II PLC
   Series 2005-12

   E                     BB              BB-/Watch Pos

   Toronto-Dominion Bank (The)
   CDN63,866,000 portfolio credit-linked notes

   Prt Cr Lnk            BB+             BB+/Watch Neg


SMART SME: Fitch Gives BB Rating to EUR58-Million Class E Notes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to SMART SME CLO 2006-1 Ltd.'s issue
of EUR358.2 million floating-rate notes due December 2016:

   -- EUR87 million Class A: AAA;
   -- EUR118.9 million Class B: AA;
   -- EUR45 million Class C: A;
   -- EUR49.3 million Class D: BBB+; and
   -- EUR58 million Class E: BB.

The Class F notes, totaling EUR84 million are not rated.

The transaction is a partially funded synthetic collateralized debt
obligation referencing a portfolio of German, Spanish and Italian SME
loans originated by Deutsche Bank AG and its Spanish and Italian
subsidiaries.  The transaction provides credit protection on a EUR2.9
billion portfolio that can be replenished over the life of the
transaction, on which the noteholders, via the issuer, will bear aggregate
losses of up to EUR442.2 million.

The ratings are based on the credit quality of the reference portfolio,
the credit enhancement, the quality of the collateral, the strength of the
swap counterparty and the transaction's sound financial and legal
structure.  Credit enhancement for the Class A to F notes is provided by
subordination and synthetic excess spread, which is available on an annual
"use-it-or-lose-it basis" and acts as a first loss threshold.

The synthetic excess spread is calculated based on the initial pool
balance.  The ratings address the timely payment of interest and the
ultimate repayment of principal.

At closing, DBAG entered into a credit default swap with the issuer and a
super senior CDS with an investor.  Under the CDS the issuer sold credit
protection on the reference portfolio to DBAG.  The issuer hedged itself
by issuing credit-linked notes.

Replenishments may be conducted on a "not to worsen basis" subject to a
weighted average rating factor test, but will be suspended upon the breach
of various replenishment suspension triggers, which refer to cumulative
default and aggregate loss ratios staggered over time.  Replenishment
criteria include a portfolio weighted average life covenant referring to
the reference pool and the reference obligations to be added.


SOUTH WALES: Appoints Deloitte & Touche as Joint Administrators
---------------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint administrators of South Wales Blind Co.
Ltd. (Company Number 03707967) on Dec. 11.

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.

South Wales Blind Co. Ltd. can be reached at:

         Unit 2
         Stephenson Close
         Drayton Fields Industrial Estate
         Daventry
         Northamptonshire NN11 8RF
         United Kingdom
         Tel: 01443 433 454
         Fax: 01327 315 006


TISCALI SPA: Names Arnaldo Borghesi & Rocco Sabelli to Board
------------------------------------------------------------
The Board of Directors of Tiscali S.p.A. has appointed Arnaldo Borghesi
and Rocco Sabelli as non-executive Directors.  With these two new
appointments, the Company consolidates its governance structure, in line
with its recent financial consolidation.

Messrs. Borghesi and Sabelli join Chairman Vittorio Serafino, CEO Tommaso
Pompei and Directors Massimo Cristofori, Francesco Bizzarri, Gabriele
Racugno and Mario Rosso, in contributing to the Tiscali Group with their
own relevant professional experience.

Mr. Borghesi, 52, graduated in Business Administration from the Bocconi
University in Milan.  He is one of the founding partners of Borghesi,
Colombo and Associates, an advisory company specialized in corporate
finance, which Mr. Borghesi founded together with Paolo Colombo in 2006.

Before, Mr. Borghesi held senior positions in important companies:

   -- he has been the CEO of Lazard & Co Italia from 1998 to
      2006,

   -- founder and partner of Vitale Borghesi & C from 1993 to
      1998, later merged with Lazard, and

   -- general manager of Sabaudia Finanziaria/Cofide, part of
      the De Benedetti Group.

Moreover, Mr. Borghesi is a member of the Cini Foundation of Venice and
professor of Finance at the Ca Foscari University in Venice.

Mr. Sabelli, graduated in Chemical Engineering in Rome, developed his
career in the Eni Group, where in 1992 became Chairman and CEO of Nuova
Ideni, an industrial holding company.  In 1993 he joined the Telecom
Italia Group, where in 1995 he became general manager of TIM.  In 1999 he
was appointed director of the Italian Market for the fixed lines and
Internet services and afterwards he was in charge of the Business Unit
Wireline Services.  In 2002 he was one of the founder members of
Omniainvest, an industrial holding company controlled by Roberto Colaninno
and in 2003 he was appointed CEO of IMMSI S.p.A., a industrial and real
estate services holding company listed on the Milan stock exchange.  In
October 2003, after the acquisition by IMMSI of the Piaggio Group, he was
appointed CEO of Piaggio, position, which he held until October 2006.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, Tiscali said it is focusing on
its Italian and U.K. operations.

                          *     *     *

As reported in the TCR-Europe on Dec. 1, Fitch Ratings placed Italy-based
Tiscali S.p.A.'s Issuer Default rating of CCC on Rating Watch Positive.

Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC.  At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.


VOLANTE PUBLIC: Taps Deloitte & Touche to Administer Assets
-----------------------------------------------------------
Ian Brown and Neil Matthews of Deloitte & Touche LLP were appointed joint
administrators of Volante Public Transportation Interior Systems Ltd.
(Company Number 03336457) on Dec. 11.

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.

Headquartered in Trimdon Grange, England, Volante Public Transportation
Interior Systems Ltd. manufactures public transportation interiors for
buses and trains.

                           *********

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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