TCREUR_Public/061228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, December 28, 2006, Vol. 7, No. 257

                            Headlines


A U S T R I A

AUSSEN & INNEN: Creditors' Meeting Slated for January 8
AWO-DENT: Creditors' Meeting Slated for January 18
BACKEREITECHNIK PREGESBAUER: Creditors' Meeting Set for Jan. 10
GOLF & FREIZEIT: Creditors' Meeting Slated for January 9
JUMARIS TRANSPORT: Claims Registration Period Ends January 2

LIMA IMMOBILIEN: Creditors' Meeting Slated for January 10
NIKOTECH LLC: Creditors' Meeting Slated for January 8
REPROGRAFIE ROMANA: Creditors' Meeting Slated for January 10
SCHMIDT LLC: Creditors' Meeting Slated for January 9
TRANS-SPED: Property Manager Declares Insufficient Assets


F I N L A N D

BENEFON OYJ: Forecasts Higher Net Sales Figure for 2006
BENEFON OYJ: Unveils Financial Calendar for Fiscal Year 2007
METSO OYJ: Stock Option Subscriptions Hike Equity Capital


G E R M A N Y

ARH AUTOREPARATUR: Claims Registration Ends January 2, 2007
BRASA BRANDSCHADENSANIERUNG: Claims Filing Ends Jan. 4, 2007
DAOUDI HOTELMANAGEMENT: Claims Registration Ends January 2, 2007
EPCOS AG: Earns EUR21.18 Million for Year Ended Sept. 30, 2006
FABRINO OHG: Creditors Must Register Claims by January 5, 2007

GEBRUEDER LANSING: Claims Registration Ends January 3, 2007
HANNEMANN GMBH: Claims Registration Ends January 3, 2007
HIRMER STAHL: Claims Registration Ends January 2, 2007
KNOTH-REPP: Claims Registration Ends January 5, 2007
PP KAMM: Creditors Must Register Claims by January 2, 2007

PROPEX INC: High Leverage Spurs S&P to Affirm B+ Rating
REAKON GMBH: Claims Registration Ends January 2, 2007
SCHULDNERIN GA-HAUS: Claims Registration Ends January 3, 2007


G R E E C E

OLYMPIC AIRLINES: Wins EUR564-Million Claim vs. Greek Government


H U N G A R Y

PROPEX INC: High Leverage Spurs S&P to Affirm B+ Rating


I T A L Y

METSO OYJ: Stock Option Subscription Hikes Equity Capital


K A Z A K H S T A N

A.R.T. DESIGN: Creditors Must File Claims by Feb. 1, 2007
DORTECHNICA LTD: Proof of Claim Deadline Slated for Feb. 1, 2007
KUAT-ALMAS MUNAI: Creditors' Claims Due Feb. 3, 2007
PKF DAULET & K: Claims Filing Period Ends Feb. 1, 2007
RAS-INVEST LLP: Claims Registration Ends Feb. 3, 2007

REMONTNO MECHANICHESKY: Creditors' Claims Due Feb. 1, 2007
TANJUNCHJIDI LLP: Claims Filing Period Ends Feb. 1, 2007
TUR-SERVICE-2030: Aktube Court Starts Bankruptcy Procedure


K Y R G Y Z S T A N

CITYHOLDING LLC: Claims Filing Period Ends Feb. 8, 2007


N E T H E R L A N D S

EPCOS AG: Earns EUR21.18 Million for Year Ended Sept. 30, 2006


N O R W A Y

AKER KVAERNER: Inks Another Deal with Northumbrian Water


R U S S I A

ALPHA BANK: Inks US$70-Mln Loan Facility for Kreditprombank OJSC
BRICKWORKS OJSC: Creditors Must File Claims by February 2, 2007
ENGINEER COMPANY: Creditors Must File Claims by January 2, 2007
KOMSOMOLSKOYE CJSC: Creditors Must File Claims by Feb. 2, 2007
LAZAREVSKIY BREWERY: Creditors Must File Claims by Feb. 2, 2007

LEBYAZHSKIY ELEVATOR: Assets Sale Slated for January 12, 2007
NEVELSKIY OJSC: Creditors Must File Claims by February 2, 2007
NOVOLUALINSKIY PULP-AND-PAPER: Claims Deadline Set Jan. 2, 2007
ORLOV-FURNITURE OJSC: Creditors Must File Claims by Jan. 2, 2007
PALNIKOVSKOYE CJSC: Creditors' Claims Due January 2, 2007

PYATIGORSKOYE GRAIN: Creditors Must File Claims by Jan. 2, 2007
LUKOIL OAO: Inks RUR122.5-Mln Fuel Supply Deal with State
SHELKOVSKAYA POULTRY: Court Starts External Management Procedure
SLAVYABSKAYA AVIATION: Creditors' Claims Due January 2, 2007
STAVROPOL FARM: Creditors Must File Claims by January 2, 2007

VNESHTORGBANK JSC: Inks US$70-Mln Loan for OJSC Kreditprombank
VOROBYEVSKOYE CJSC: Creditors Must File Claims by Jan. 2, 2007
VORONEZH-FISH-COMPLEX: Creditors' Claims Due January 2, 2007
YUKOS OIL: Court Moves Yugansk Unit Hearing to Jan. 25, 2007
YUKOS OIL: Federal Bailiffs Raise Tax Claim to US$15.5 Billion


S W I T Z E R L A N D

ARMTECH JSC: Aargau Court Closes Bankruptcy Proceedings
BUZZI KUNSTSTEIN: Liestal Court Closes Bankruptcy Proceedings
FUTTERKORB JSC: Aargau Court Starts Bankruptcy Proceedings
HOLWECK JSC: Aargau Court Starts Bankruptcy Proceedings
STAR BODENBELAG: Aargau Court Starts Bankruptcy Proceedings

STICKEREI WEHRLI: Court Suspends Bankruptcy Proceedings
SWISSFLOOR UNTERLAGSBODEN: Court Suspends Bankruptcy Proceedings
THOMA PARTNER: Aargau Court Suspends Bankruptcy Proceedings


U K R A I N E

AGRO LUX: Deadline for Claims Filing Set January 12, 2007
ALPHA BANK: Inks US$70-Mln Loan Facility for Kreditprombank OJSC
FRESH WIND: Creditors Must File Claims by January 12, 2007
INTERCONSULT LLC: Creditors Must File Claims by January 12, 2007
INVEST-TRADE LLC: Creditors Must File Claims by Jan. 12, 2007

KATERINOVKA LLC: Creditors Must File Claims by January 12, 2007
KREDITPROMBANK OJSC: Inks US$70-Million Loan Facility
UKRSERVICE LLC: Claims Filing Period Ends January 12, 2007
VNESHTORGBANK JSC: Inks US$70-Mln Loan for OJSC Kreditprombank


U N I T E D   K I N G D O M

ABBEY WINDOWS: Claims Filing Period Ends Jan. 31, 2007
AKER KVAERNER: Inks Another Deal with Northumbrian Water
BENEFON OYJ: Forecasts Higher Net Sales Figure for 2006
BENEFON OYJ: Unveils Financial Calendar for Fiscal Year 2007
BGM CRYOGENIC: Appoints Administrators from BDO Stoy

BIRMINGHAM INTERNATIONAL: Names Gagen Sharma as Administrator
CBL LIMITED: Taps Baker Tilly to Administer Assets
CCA GROUP: Brings In PwC as Joint Administrators
CHEKEMCOLOUR LTD: Appoints Begbies Traynor to Administer Assets
CLAIMWOOD LTD: Taps Administrators from Lines Henry

COMPUTER NETWORKING: Joint Liquidators Take Over Operations
CORBETT PACKAGING: Appoints Administrators from Grant Thornton
DARTEX OFFICE: Taps RSM Robson to Administer Assets
DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
DURA AUTOMOTIVE: Wants to File Lear Settlement Pact Under Seal

ENHANCE TECHNOLOGY: Appoints Jonathan Avery Gee as Administrator
ENRON EUROPE POWER: Appoints PwC as Liquidators
EUROFORCE SERVICES: Brings In Joint Administrators from SFP
FARAWAY TRADE: Brings In Kroll as Joint Administrators
FORTIDEC FACILITIES: Appoints Administrators from Harrisons

HARDLINES LTD: Brings In Hurst Morrison as Administrators
HMV GROUP: 2006 Online Sales Up 200% Over Last Year
VENSON GROUP: Taps Grant Thornton as Joint Administrators
WESTWAY SERVICES: Names David Kirk as Administrator

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AUSSEN & INNEN: Creditors' Meeting Slated for January 8
-------------------------------------------------------
Creditors owed money by LLC Aussen & Innen - Bau (FN 246145d)
are encouraged to attend the creditors' meeting at 10:15 a.m. on
Jan. 8, 2007 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7 (Bankr. Case No. 38 S 65/06w).  Kurt Freyler serves as
the court-appointed property manager of the bankrupt estate.
Hans Rant represents Dr. Freyler in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


AWO-DENT: Creditors' Meeting Slated for January 18
--------------------------------------------------
Creditors owed money by LLC Awo-Dent & Co (FN 20793d) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Jan. 18, 2007, to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Land Court of Klagenfurt
         Hall 225
         2nd Floor
         Klagenfurt, Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Nov. 7 (Bankr. Case No. 41 S 119/06g).  Michael
Krautzer serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Michael Krautzer
         Hans-Gasser-Place 3
         2nd Floor
         9500 Villach, Austria
         Tel: 04242/21223
         Fax: 04242/21223-33
         E-mail: mitzner.krautzer@utanet.at


BACKEREITECHNIK PREGESBAUER: Creditors' Meeting Set for Jan. 10
---------------------------------------------------------------
Creditors owed money by LLC Backereitechnik Pregesbauer (FN
32727d) are encouraged to attend the creditors' meeting at
8:30 a.m. on Jan. 10, 2007, to consider the adoption of the rule
by revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Hadersdorf am Kamp, Austria, the Debtor
declared bankruptcy on Nov. 8 (Bankr. Case No. 9 S 58/06m).
Alois Autherith serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Dr. Alois Autherith
         Utzstrasse 13
         3500 Krems, Austria
         Tel: 02732/83485
         Fax: 02732/83485-10
         E-mail: advoc.autham@netway.at


GOLF & FREIZEIT: Creditors' Meeting Slated for January 9
--------------------------------------------------------
Creditors owed money by LLC Golf & Freizeit (FN 87587f) are
encouraged to attend the creditors' meeting at 10:00 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 Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 38 S 52/06k).  Johannes M.
Muehllechner serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Mag. Johannes M. Muehllechner
         Graben 21/3
         4020 Linz, Austria
         Tel: 77 22 00
         Fax: 77 22 00 4
         E-mail: muehllechner@eurojuris.at


JUMARIS TRANSPORT: Claims Registration Period Ends January 2
------------------------------------------------------------
Creditors owed money by LLC Jumaris Transport Service Transport
& Handel (FN 249644z) 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: 02236/865343
         Fax: 02236/865343-20
         Email: schatz@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Guntramsdorf, Austria, the Debtor declared
bankruptcy on Nov. 8 (Bankr. Case No. 11 S 117/06a).


LIMA IMMOBILIEN: Creditors' Meeting Slated for January 10
---------------------------------------------------------
Creditors owed money by LLC Lima Immobilien (FN 253760b) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Jan. 10, 2007, to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7 (Bankr. Case No. 3 S 147/06x).  Eva Riess serves as
the court-appointed property manager of the bankrupt estate.
Leopold Riess represents Dr. Riess in the bankruptcy
proceedings.

The property manager and her representative can be reached at:

         Dr. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01-0
         Fax: 402 57 01-21
         E-mail: law@riess.co.at


NIKOTECH LLC: Creditors' Meeting Slated for January 8
-----------------------------------------------------
Creditors owed money by LLC Nikotech (FN 189273v) are encouraged
to attend the creditors' meeting at 9:50 a.m. on Jan. 8, 2007,
to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7 (Bankr. Case No. 38 S 66/06t).  Hans Rant serves as
the court-appointed property manager of the bankrupt estate.
Kurt Freyler represents Dr. Rant in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


REPROGRAFIE ROMANA: Creditors' Meeting Slated for January 10
------------------------------------------------------------
Creditors owed money by LLC Reprografie Romana Heyduk (FN
196691b) are encouraged to attend the creditors' meeting at
10:15 a.m. on Jan. 10, 2007, to consider the adoption of the
rule by revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 4 S 160/06s).  Peter Sommerer serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Peter Sommerer
         Nottendorfer Gasse 11
         1030 Vienna,, Austria
         Tel: 503 17 90
         Fax: 503 17 90 444
         E-mail: office@sommerer.co.at


SCHMIDT LLC: Creditors' Meeting Slated for January 9
----------------------------------------------------
Creditors owed money by LLC Schmidt (FN 91368s) are encouraged
to attend the creditors' meeting at 9:20 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 St. Poelten
         Room 216
         2nd Floor
         Old Building
         St. Poelten, Austria

Headquartered in Murstetten, Austria, the Debtor declared
bankruptcy on Nov. 8 (Bankr. Case No. 14 S 183/06m).  Hans-Joerg
Haftner serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Hans-Joerg Haftner
         Wiener Road 12
         3100 St. Poelten,, Austria
         Tel: 02742/35 42 34
         Fax: 02742/35 14 48
         E-mail: office@plusjus.at


TRANS-SPED: Property Manager Declares Insufficient Assets
---------------------------------------------------------
Mag. Guenther Eybl, the court-appointed property manager for LLC
Trans-Sped Transport (FN 235035s), declared Nov. 8 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Regau, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 20 S 129/06f).

The property manager can be reached at:

         Mag. Guenther Eybl
         Schlagenstrasse 17
         4810 Gmunden, Austria
         Tel: 07612/77011-0
         Fax: 07612/77011-77
         E-mail: kanzlei-eybl@aon.at


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


BENEFON OYJ: Forecasts Higher Net Sales Figure for 2006
-------------------------------------------------------
Benefon Oyj updated and replaced its earlier projections
released on the Oct. 3, and per the third quarter interim report
released Nov. 17, the company expects to take delivery of at
minimum 20,000 and at maximum 40,000 handsets by the end of the
year.

Benefon also updated and replaced its net sales target for the
year 2006 released in bulletins of Oct. 3 and Nov. 17 and
announced that its net sales for this year should marginally
exceed the level of year 2005 net sales.

The company has experienced strong demand for the TWIG Discovery
model in the U.S. market and expects to make initial shipments
into that market prior to yearend as compared to original
expectations of shipping during the middle of 2007.

The company has also begun commercial shipments of TWIG
Discovery into selected European markets.  It is anticipated
that U.K. operator acceptance will take place in early 2007,
which will result in delays to the fulfillment of the UK's 20:20
contract.  Network conformance for TWIG Discovery in the U.K.
has been delayed due to technical issues that have taken time to
resolve.  These issues have now been corrected and Benefon is
awaiting the results of the re-testing.

The Chinese launch of TWIG Discovery is expected to take place
in first quarter 2007, a slight delay, due to longer than
anticipated Chinese regulatory approval.  Chinese shipments will
be co branded with China Potevio's Capitel brand.  Capitel is a
leading handset provider and division of China Potevio, one of
the largest state owned telecommunications companies in mainland
China.

                         About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.
The company also operates in the Czech Republic, Russia and the
U.K.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total
assets and EUR7.30 million in total liabilities, resulting in a
EUR2.33 million stockholders' deficit.


BENEFON OYJ: Unveils Financial Calendar for Fiscal Year 2007
------------------------------------------------------------
Benefon Oyj will make public the financial statements on fiscal
year 2006 and the interim reports of fiscal year
2007 according to schedule:

         Financial Results for:     Release Date:
         ----------------------     -------------
         Full Year 2006             Feb. 28, 2007
         First Qtr. 2007            May 22, 2007
         Second Qtr. 2007           Aug. 21, 2007
         Third Qtr. 2007            Nov. 20, 2007

                         About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.
The company also operates in the Czech Republic, Russia and the
U.K.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total
assets and EUR7.30 million in total liabilities, resulting in a
EUR2.33 million stockholders' deficit.


METSO OYJ: Stock Option Subscriptions Hike Equity Capital
---------------------------------------------------------
A total of 65,000 shares in Metso Corporation have been
subscribed for with the 2003A stock options during a period of
Dec. 7-11.  The nominal value of one share is EUR1.70.

As a result of share subscriptions, the increase in the share
capital, EUR110,500 has been entered into the Trade Register on
Dec. 21.  After this increase, the company's share capital is
EUR240,923,343.80 and the total number of shares is 141,719,614.
Out of this total, Metso holds 360,841 shares.

Dividend rights of the new shares and other shareholder rights
shall commence from the registration date of Dec. 21.

The shares have been applied for listing on the Helsinki Stock
Exchange together with the old shares as of Dec. 22.  For the
2003A stock options the current share subscription price is
EUR8.70.

                          About Metso

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

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

                        *     *     *

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


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G E R M A N Y
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ARH AUTOREPARATUR: Claims Registration Ends January 2, 2007
-----------------------------------------------------------
Creditors of ARH Autoreparatur GmbH Halberstadt have until
Jan. 2, 2007, to register their claims with court-appointed
provisional administrator Cathleen Tetzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 7, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 ARH Autoreparatur GmbH Halberstadt on Nov. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ARH Autoreparatur GmbH Halberstadt
         Quedlinburger Str. 98
         38820 Halberstadt, Germany

         Attn: Katja Schlueter, Manager
         Groeninger Str. 40
         38820 Halberstadt, Germany

The administrator can be contacted at:

         Cathleen Tetzel
         Halberstadter Road 40a
         39112 Magdeburg, Germany
         Tel: 0391/6223886
         Fax: 0391/6223887
         E-mail: suk-insolvenzkanzlei@t-online.de


BRASA BRANDSCHADENSANIERUNG: Claims Filing Ends Jan. 4, 2007
------------------------------------------------------------
Creditors of brasa Brandschadensanierung GmbH have until
Jan. 4, 2007, to register their claims with court-appointed
provisional administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Limburg
         Room D 221
         Walderdorffstrasse 12
         65549 Limburg, 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 Limburg opened bankruptcy proceedings
against brasa Brandschadensanierung GmbH on Nov. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         brasa Brandschadensanierung GmbH
         Flachsau 6
         65611 Brechen, Germany

The administrator can be contacted at:

         Jens Fahnster
         Kolnstr. 135
         D-53757 Sankt Augustin-Hangelar,
         Germany
         Tel: 02241/9060-0
         Fax: 02241/9060-90
         E-mail: kanzlei@kalker-fahnster.de


DAOUDI HOTELMANAGEMENT: Claims Registration Ends January 2, 2007
----------------------------------------------------------------
Creditors of Daoudi Hotelmanagement GmbH have until
Jan. 2, 2007, to register their claims with court-appointed
provisional administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Jan. 23, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 14
         Ground 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 Daoudi Hotelmanagement GmbH on Nov. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Daoudi Hotelmanagement GmbH
         Toyotaallee 40 - 42
         50858 Cologne, Germany

The administrator can be contacted at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne, Germany


EPCOS AG: Earns EUR21.18 Million for Year Ended Sept. 30, 2006
--------------------------------------------------------------
Epcos AG released it audited consolidate financial results for
the year ended Sept. 30, 2006.

Epcos posted EUR21.18 million in profit against EUR1.41 billion
in revenues for the year ended Sept. 30, 2006, compared with
EUR119.26 million in losses against EUR1.15 billion in revenues
for the previous fiscal year.

As of Sept. 30, 2006, Epcos AG had EUR1.42 billion in net
assets, EUR838.85 million in net liabilities and EUR575.7
million in shareholders' equity.

"We came considerably closer to our overriding goal of achieving
sustainable profitability and increasing the value of Epcos,"
Gerhard Pegam, Chief Executive Officer, said.  "We benefited
from a favorable economic climate.  At the same time,
restructuring activities were a defining aspect of fiscal 2006.
We succeeded in improving our company's focus on greater
innovation, growth and quality.  In doing so, we laid a firm
foundation on which to sustainably improve our profitability."

                         About Epcos

Headquartered in Munich, Germany, Epcos AG --
http://www.epcos.de/-- produces and supplies electronic
components and modules.  Its product portfolio includes
multilayer ceramic components, capacitors, piezo actuators,
thermistors, varistors, sensors and sensor systems, surge
arresters, switching spark gaps, inductors, chokes and
transformers.   The company also operates in

                          *     *     *

Epcos AG carries BB+ short- and long-term corporate credit
rating on from Standard & Poors.  Epcos Finance B.V.'s
convertible senior unsecured debt also carries BB+ rating from
S&P.  S&P said the outlooks are stable.


FABRINO OHG: Creditors Must Register Claims by January 5, 2007
--------------------------------------------------------------
Creditors of Fabrino OHG i.L. have until Jan. 5, 2007, to
register their claims with court-appointed provisional
administrator Ulf D. Gaubatz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 6, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, Germany

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

The District Court of Tuebingen opened bankruptcy proceedings
against Fabrino OHG i.L. on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Fabrino OHG i.L.
         Hauffstr. 9
         75385 Bad Teinach-Zavelstein,
         Germany

The administrator can be contacted at:

         Ulf D. Gaubatz
         Rppurrer Road 4
         76137 Karlsruhe, Germany


GEBRUEDER LANSING: Claims Registration Ends January 3, 2007
-----------------------------------------------------------
Creditors of Gebrueder Lansing GmbH & Co KG have until
Jan. 3, 2007, to register their claims with court-appointed
provisional administrator Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 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 Gebrueder Lansing GmbH & Co KG on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gebrueder Lansing GmbH & Co KG
         Lise-Meitner-Road 18
         48691 Vreden, Germany

         Attn: Heinrich Lansing, Manager
         Degeners Puett 7
         48691 Vreden, Germany

The administrator can be contacted at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen,
         Germany


HANNEMANN GMBH: Claims Registration Ends January 3, 2007
--------------------------------------------------------
Creditors of Hannemann GmbH have until Jan. 3, 2007, to register
their claims with court-appointed provisional administrator
Friedrich Irschlinger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, Germany

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

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

The Debtor can be contacted at:

         Hannemann GmbH
         Attn: Richard Hannemann, Manager
         Hauptstr. 4
         75056 Sulzfeld, Germany

The administrator can be contacted at:

         Friedrich Irschlinger
         L 9 - 11
         68161 Mannheim, Germany
         Tel: (0621) 127960


HIRMER STAHL: Claims Registration Ends January 2, 2007
------------------------------------------------------
Creditors of Hirmer Stahl- und Metallbau GmbH have until
Jan. 2, 2007, to register their claims with court-appointed
provisional administrator Juergen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg, 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 Coburg opened bankruptcy proceedings
against Hirmer Stahl- und Metallbau GmbH on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hirmer Stahl- und Metallbau GmbH
         Attn: Franz Hirmer, Manager
         Postweg 2a
         96450 Coburg, Germany

         Joachim Steiner, Manager
         Stetsambach 2
         96486 Lautertal, Germany

The administrator can be contacted at:

         Juergen Wittmann
         Adolf-Kolping-Road 1
         96317 Kronach, Germany
         Tel: 09261/62200
         Fax: 09261/622020


KNOTH-REPP: Claims Registration Ends January 5, 2007
----------------------------------------------------
Creditors of Knoth-Repp GmbH have until Jan. 5, 2007, to
register their claims with court-appointed provisional
administrator Frank Bayer.

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, 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 Hanau opened bankruptcy proceedings
against Knoth-Repp GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Knoth-Repp GmbH
         Attn: Armin Repp and Petra Knoth-Repp, Managers
         Sophie-Knoth-Str. 33-37
         63606 Wachtersbach, Germany

The administrator can be contacted at:

         Frank Bayer
         Kuhgasse 3
         63571 Gelnhausen, Germany
         Tel: 06051/92020
         Fax: 06051/920220


PP KAMM: Creditors Must Register Claims by January 2, 2007
----------------------------------------------------------
Creditors of PP Kamm & Schere GmbH have until Jan. 2, 2007, to
register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 23, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 PP Kamm & Schere GmbH on Oct. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PP Kamm & Schere GmbH
         Attn: Dominico Posa, Manager
         Ort 10
         32609 Huellhorst, Germany

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


PROPEX INC: High Leverage Spurs S&P to Affirm B+ Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Propex
Inc. to negative from stable.  At the same time, Standard &
Poor's affirmed all ratings on the company, including the 'B+'
corporate credit rating.

"The outlook revision reflects our expectation that difficult
operating conditions, including lower residential construction
activity, could reduce demand for Propex's products and hinder
its efforts to improve the financial profile to a level
consistent with the current ratings," said Standard & Poor's
credit analyst David Bird.

The ratings on Propex Inc. reflect the company's vulnerable
business position as a niche producer of primary and secondary
carpet backing and geosynthetic and industrial fibers for mature
and competitive end markets, and a highly leveraged financial
profile.

Austell, Ga.-based Propex is a leading producer of polypropylene
fabrics and fibers used in primary and secondary carpet backing,
geosynthetic and industrial applications, and concrete fiber
reinforcement, with about US$800 million in annual sales and
US$468 million of total debt outstanding (adjusted for
approximately US$5 million of capitalized operating leases,
US$36 million of unfunded postretirement obligations, after tax,
and US$28 million of 10% payment in kind [PIK] preferred stock
due in 2013).

Sufficient liquidity, relatively low capital requirements, and a
manageable maturity profile during the next several years add
some support to credit quality, particularly if business
conditions begin to stabilize.  However, the ratings could be
lowered during the next year if profitability and cash flow
deteriorate because of demand weakness caused by declining
construction activity, an acceleration of the decline in carpet
market share as a percentage of overall floor covering sales, or
further increases in competition from foreign imports.


REAKON GMBH: Claims Registration Ends January 2, 2007
-----------------------------------------------------
Creditors of Reakon GmbH + Co. Bauprojekt Eintrachtstrasse KG
have until Jan. 2, 2007, to register their claims with court-
appointed provisional administrator Holger Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Wuppertal opened bankruptcy proceedings
against Reakon GmbH + Co. Bauprojekt Eintrachtstrasse KG on
Nov. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Reakon GmbH + Co. Bauprojekt Eintrachtstrasse KG
         Attn: Margarete Josten, Manager
         Langenhaus 31
         42369 Wuppertal, Germany

The administrator can be contacted at:

         Holger Rhode
         Friedrich-Ebert-Road 17
         42103 Wuppertal, Germany


SCHULDNERIN GA-HAUS: Claims Registration Ends January 3, 2007
-------------------------------------------------------------
Creditors of Schuldnerin GA-Haus GmbH have until Jan. 3, 2007,
to register their claims with court-appointed provisional
administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 14, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, Germany

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

The District Court of Potsdam opened bankruptcy proceedings
against Schuldnerin GA-Haus GmbH on Nov. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Schuldnerin GA-Haus GmbH
         Dennis-Gabor-Road 2
         14469 Potsdam, Germany

The administrator can be contacted at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin, Germany


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


OLYMPIC AIRLINES: Wins EUR564-Million Claim vs. Greek Government
----------------------------------------------------------------
A local court ordered the Greek government to pay debt-laden
national carrier Olympic Airlines S.A. around EUR563.9 million
for unpaid services, The Associated Press reports.

The company had been seeking compensation from the state on:

   -- legally subsidized routes to remote Greek islands;
   -- travel for senior government officials and conscripts; and
   -- relocation to a new airport outside Athens in 2001.

Both the carrier and the government welcomed the court's ruling,
saying it would bolster their case at the European Court.

"The decision of the arbitration court vindicates the position
of [the company]," Olympic Airways Services S.A., the company's
airline unit, said in a statement.

"This gives us a strong legal argument in the European Court
ahead of our case," Michalis Liapis, Greece's Transport
Minister, said, adding that he already informed Prime Minister
Costas Karamanlis of the ruling.

As reported in the TCR-Europe on Oct. 24, the Greek government
may face a EUR10,000-a-day penalty for failing to recover
EUR161 million in illegal aid allotted to Olympic Airlines.  The
European Commission warned the Greek government of a possible
legal action if the state remains adamant in recovering the
amount from Olympic Airlines.

The Greek government, however, still refused to reclaim the
state aid, saying it would assess the ruling before responding.
BBC says Greece's position apparently caused the regulator to
lose its patience and requested the European Union Court of
Justice to impose the daily fine.

The daily penalty would continue until Greece recovers all the
money from Olympic Airlines.  Inaction on the part of the Greek
government may push the Commission to raise the fine to
EUR53,000 daily.

                     About Olympic Airlines

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.

The national carrier posted EUR123.7 million in net loss against
EUR715.2 million in revenues for financial year 2005, compared
with EUR87 million in net losses against EUR642.8 million in
revenues for financial year 2004.


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


PROPEX INC: High Leverage Spurs S&P to Affirm B+ Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Propex
Inc. to negative from stable.  At the same time, Standard &
Poor's affirmed all ratings on the company, including the 'B+'
corporate credit rating.

"The outlook revision reflects our expectation that difficult
operating conditions, including lower residential construction
activity, could reduce demand for Propex's products and hinder
its efforts to improve the financial profile to a level
consistent with the current ratings," said Standard & Poor's
credit analyst David Bird.

The ratings on Propex Inc. reflect the company's vulnerable
business position as a niche producer of primary and secondary
carpet backing and geosynthetic and industrial fibers for mature
and competitive end markets, and a highly leveraged financial
profile.

Austell, Ga.-based Propex is a leading producer of polypropylene
fabrics and fibers used in primary and secondary carpet backing,
geosynthetic and industrial applications, and concrete fiber
reinforcement, with about US$800 million in annual sales and
US$468 million of total debt outstanding (adjusted for
approximately US$5 million of capitalized operating leases,
US$36 million of unfunded postretirement obligations, after tax,
and US$28 million of 10% payment in kind [PIK] preferred stock
due in 2013).

Sufficient liquidity, relatively low capital requirements, and a
manageable maturity profile during the next several years add
some support to credit quality, particularly if business
conditions begin to stabilize.  However, the ratings could be
lowered during the next year if profitability and cash flow
deteriorate because of demand weakness caused by declining
construction activity, an acceleration of the decline in carpet
market share as a percentage of overall floor covering sales, or
further increases in competition from foreign imports.


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


METSO OYJ: Stock Option Subscription Hikes Equity Capital
---------------------------------------------------------
A total of 65,000 shares in Metso Corporation have been
subscribed for with the 2003A stock options during a period of
Dec. 7-11.  The nominal value of one share is EUR1.70.

As a result of share subscriptions, the increase in the share
capital, EUR110,500 has been entered into the Trade Register on
Dec. 21.  After this increase, the company's share capital is
EUR240,923,343.80 and the total number of shares is 141,719,614.
Out of this total, Metso holds 360,841 shares.

Dividend rights of the new shares and other shareholder rights
shall commence from the registration date of Dec. 21.

The shares have been applied for listing on the Helsinki Stock
Exchange together with the old shares as of Dec. 22.  For the
2003A stock options the current share subscription price is
EUR8.70.

                          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.


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


A.R.T. DESIGN: Creditors Must File Claims by Feb. 1, 2007
---------------------------------------------------------
LLP A.R.T. Design Company has declared insolvency.  Creditors
have until Feb. 1, 2007, to submit written proofs of claim to:

         LLP A.R.T. Design Company
         Vodnaya Str. 36a
         Almaty, Kazakhstan


DORTECHNICA LTD: Proof of Claim Deadline Slated for Feb. 1, 2007
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Dortechnica Ltd. insolvent.

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

         LLP Dortechnica Ltd.
         Maulenov Str. 21
         Kostanai
         Kostanai Region
         Kazakhstan


KUAT-ALMAS MUNAI: Creditors' Claims Due Feb. 3, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared JSC Kuat-Almas Munai insolvent.

Creditors have until Feb. 3, 2007, to submit written proofs of
claim to:

         JSC Kuat-Almas Munai
         Vostochnaya Str. 1
         Maktaaralsky District
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 701 729 33-34


PKF DAULET & K: Claims Filing Period Ends Feb. 1, 2007
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP PKF Daulet & K insolvent.

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

         LLP PKF Daulet & K
         Maulenov Str. 21
         Kostanai
         Kostanai Region
         Kazakhstan


RAS-INVEST LLP: Claims Registration Ends Feb. 3, 2007
-----------------------------------------------------
LLP Ras-Invest has declared insolvency.  Creditors have until
Feb. 3, 2007, to submit written proofs of claim to:

         LLP Ras-Invest
         Novaya Str. 27a
         Koktal
         Astana, Kazakhstan


REMONTNO MECHANICHESKY: Creditors' Claims Due Feb. 1, 2007
----------------------------------------------------------
LLP Sairamsky Repair and Engineering Works Remontno
Mechanichesky Zavod (RNN 581100029609) has declared insolvency.

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

         LLP Remontno Mechanichesky Zavod
         Jamalov Street
         Sairam
         Sairamsky District
         South Kazakhstan Region
         Kazakhstan


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

Inquiries can be addressed to 8 (3272) 24-30-74.


TUR-SERVICE-2030: Aktube Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Tur-Service-2030 on
Nov. 27.


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


CITYHOLDING LLC: Claims Filing Period Ends Feb. 8, 2007
-------------------------------------------------------
LLC Cityholding has declared insolvency.  Creditors have until
Feb. 8, 2007, to submit written proofs of claim to:

         LLC Cityholding
         Orozbekov Str. 110a
         Bishkek, Kyrgyzstan


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


EPCOS AG: Earns EUR21.18 Million for Year Ended Sept. 30, 2006
--------------------------------------------------------------
Epcos AG released it audited consolidate financial results for
the year ended Sept. 30, 2006.

Epcos posted EUR21.18 million in profit against EUR1.41 billion
in revenues for the year ended Sept. 30, 2006, compared with
EUR119.26 million in losses against EUR1.15 billion in revenues
for the previous fiscal year.

As of Sept. 30, 2006, Epcos AG had EUR1.42 billion in net
assets, EUR838.85 million in net liabilities and EUR575.7
million in shareholders' equity.

"We came considerably closer to our overriding goal of achieving
sustainable profitability and increasing the value of Epcos,"
Gerhard Pegam, Chief Executive Officer, said.  "We benefited
from a favorable economic climate.  At the same time,
restructuring activities were a defining aspect of fiscal 2006.
We succeeded in improving our company's focus on greater
innovation, growth and quality.  In doing so, we laid a firm
foundation on which to sustainably improve our profitability."

                         About Epcos

Headquartered in Munich, Germany, Epcos AG --
http://www.epcos.de/-- produces and supplies electronic
components and modules.  Its product portfolio includes
multilayer ceramic components, capacitors, piezo actuators,
thermistors, varistors, sensors and sensor systems, surge
arresters, switching spark gaps, inductors, chokes and
transformers.   The company also operates in

                          *     *     *

Epcos AG carries BB+ short- and long-term corporate credit
rating on from Standard & Poors.  Epcos Finance B.V.'s
convertible senior unsecured debt also carries BB+ rating from
S&P.  S&P said the outlooks are stable.


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


AKER KVAERNER: Inks Another Deal with Northumbrian Water
--------------------------------------------------------
Northumbrian Water has awarded Aker Kvaerner ASA a major
contract to provide the process requirements for the latest
improvement scheme at the Bran Sands Effluent Treatment Center.

The award-winning Center, at Teesport, treats domestic sewage
together with the waste from several industrial processes from
the surrounding area.  The improvement scheme will partition
part of the process to provide bespoke treatment solutions for
two industrial waste streams.

Aker Kvaerner will provide the procurement, construction,
functional commissioning, testing and training needs for the
scheme.  The contract has commenced, with a seven-month
construction period.

This latest contract is in addition to the five-year capital
maintenance works that Aker Kvaerner has been carrying out since
July 2005.  As part of Northumbrian Water's current asset
management program at Bran Sands, the work focuses on the
continued smooth operation and productivity of the facilities.
Aker Kvaerner also provides engineering expertise for all
mechanical, electrical, process, control, instrumentation and
telemetry requirements, and all civil engineering works.

Northumbrian Water also recently awarded Aker Kvaerner its
"Contractor Health and Safety Award" for 2006.  Some 14 other
contractors entered this award category and the achievement
recognizes Aker Kvaerner's significant contribution to the
promotion of health and safety in the business.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides 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
===========


ALPHA BANK: Inks US$70-Mln Loan Facility for Kreditprombank OJSC
----------------------------------------------------------------
Vneshtorgbank JSC, Alpha Bank, Fortis Bank S.A./N.V. and WestLB
AG, London Branch, as Mandated Lead Arrangers, and a consortium
of lenders have signed into a US$70-million Syndicated term loan
facility for OJSC Kreditprombank.

Due to a significant oversubscription, the loan was increased
from the initial amount of US$30 million.

The loan bears a margin of 2.35% p.a. and has maturity of 364
days with an extension option for further 364 days.

These banks have joined the Facility:

   -- Arrangers:

         -- VTB Europe Plc, and
         -- HSBC Bank Plc

   -- Co-Arrangers

         -- Anglo-Romanian Bank Limited, and
         -- GarantiBank International N.V.

   -- Lead Managers

         -- Bank of India,
         -- Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V., and
         -- Hypo Alpe Adria Bank.

                      About Kreditprombank

Headquartered in Kiev, Ukraine, OJSC Kreditprombank --
http://www.kreditprombank.com/eng/-- provides financial
services to corporate clients from more than 5000 organizations
including core-forming enterprises of energy economy, military
sector, chemical industry, metal manufacture, pharmaceutical,
food and light industries, telecommunications and trade and
service enterprises.  The bank supports intensively small and
medium-sized business granting finance on favorable terms under
MSP-2 credit line of the European Bank for Reconstruction and
Development for small and medium enterprises.

                         About Alfa Bank

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

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

                        *     *     *

As reported in the TCR-Europe on Dec 26, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Alfa-Bank to BB from BB-.  The short-term rating on the bank
was affirmed at B.  The outlook is stable.  At the same time,
the Russian national scale rating was raised to ruAA from ruAA-.

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

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

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


BRICKWORKS OJSC: Creditors Must File Claims by February 2, 2007
---------------------------------------------------------------
Creditors of OJSC Brickworks have until Feb. 2, 2007, to submit
written proofs of claim to:

         A. Dolzhenko, Insolvency Manager
         Moskovskaya Str. 68.
         344007 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case was docketed under Case No. A53-12846/2006-S2-8.

The Court will hear the case at 2:30 p.m. on May 17, 2007.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Brickworks
         Yakutskiy Per. 2A
         Shakhty
         346513 Rostov Region
         Russia


ENGINEER COMPANY: Creditors Must File Claims by January 2, 2007
---------------------------------------------------------------
Creditors of LLC Engineer Company (TIN 0276039291) have until
Jan. 2, 2007, to submit written proofs of claim to:

         R. Farvazov, Temporary Insolvency Manager
         Post User Box 16
         Ufa
         450007 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A07-54524/05-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Engineer Company
         Bulvar Molodyezhi Str. 10
         Ufa
         Bashkortostan Republic
         Russia


KOMSOMOLSKOYE CJSC: Creditors Must File Claims by Feb. 2, 2007
--------------------------------------------------------------
Creditors of CJSC Komsomolskoye have until Feb. 2, 2007, to
submit written proofs of claim to:

         S. Kononov, Insolvency Manager
         Lermontovskaya Str. 83
         344010 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. A53-9009/06-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:

         CJSC Komsomolskoye
         Komsomolskiy
         Morozovskiy Region
         Rostov Region
         Russia


LAZAREVSKIY BREWERY: Creditors Must File Claims by Feb. 2, 2007
---------------------------------------------------------------
Creditors of LLC Lazarevskiy Brewery (TIN 2318027784) have until
Feb. 2, 2007, to submit written proofs of claim to:

         P. Bashmakov, Insolvency Manager
         Post User Box 251
         400005 Volgograd Region
         Russia

The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-22134/2006-38/1862-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Lazarevskiy Brewery
         Lvovskaya Str. 88
         Sochi
         Krasnodar Region
         Russia


LEBYAZHSKIY ELEVATOR: Assets Sale Slated for January 12, 2007
-------------------------------------------------------------
A. Lutoshkin, Insolvency Manager and Bidding Organizer for OJSC
Lebyazhskiy Elevator, will auction the company's property to the
public at 1:00 p.m. on Jan. 12, 2007, at:

         Sovetskaya Str. 63
         Lebyazhye
         613500 Kirov Region
         Russia

Interested parties must submit their bids by Dec. 29, to:

         A. Lutoshkin
         Sovetskaya Str. 63
         Lebyazhye
         613500 Kirov Region
         Russia

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

         OJSC Lebyazhskiy Elevator
         Settlement Account 40502810827150100012
         Kirovskoye OSB 8612
         Correspondent Account 3010181050000000609
         BIK 043304609

The Debtor can be reached at:

         OJSC Lebyazhskiy Elevator
         Sovetskaya Str. 63
         Lebyazhye
         613500 Kirov Region
         Russia


NEVELSKIY OJSC: Creditors Must File Claims by February 2, 2007
--------------------------------------------------------------
Creditors of OJSC City Diary Nevelskiy have until Feb. 2, 2007,
to submit written proofs of claim to:

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

The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-4693/06-S4.

The Debtor can be reached at:

         OJSC City Diary Nevelskiy
         Nevelskiy
         Sakhalin Region
         Russia


NOVOLUALINSKIY PULP-AND-PAPER: Claims Deadline Set Jan. 2, 2007
---------------------------------------------------------------
Creditors of OJSC Novolualinskiy Pulp-and-Paper Mill (TIN
6647001267) 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. A60-31933/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Novolualinskiy Pulp-and-Paper Mill
         Lenina Str. 2.
         Novaya Lyalya
         624400 Sverdlovsk Region
         Russia


ORLOV-FURNITURE OJSC: Creditors Must File Claims by Jan. 2, 2007
----------------------------------------------------------------
Creditors of OJSC Orlov-Furniture have until Jan. 2, 2007, to
submit written proofs of claim to:

         L. Shikhov, Temporary Insolvency Manager
         Grina Quay 3
         610004 Kirov Region
         Russia

The Arbitration Court of Kirov Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A28-580/06-318/3.

The Court will hear the case at 10:00 a.m. on March 29, 2007.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Orlov-Furniture
         Gorkogo Str. 27
         Orlov
         Kirov Region
         Russia


PALNIKOVSKOYE CJSC: Creditors' Claims Due January 2, 2007
---------------------------------------------------------
Creditors of CJSC Palnikovskoye have until Jan. 2, 2007, to
submit written proofs of claim to:

         A. Farrakhov, Temporary Insolvency Manager
         Post User Box 1184
         Izhevsk
         426072 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on CJSC Palnikovskoye after finding it
insolvent.  The case is docketed under Case No. A71-001898/
2006 G15.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         CJSC Palnikovskoye
         Palniki
         Zavyalovskiy Region
         Udmurtiya Republic
         Russia


PYATIGORSKOYE GRAIN: Creditors Must File Claims by Jan. 2, 2007
---------------------------------------------------------------
Creditors of OJSC Pyatigorskoye Grain Receiving Enterprise have
until Jan. 2, 2007, to submit written proofs of claim to:

         G. Pushkarnyj, Insolvency Manager
         Betankura Str. 3
         Nizhniy Novgorod Region
         Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case was docketed under Case No. A63-180/04-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Pyatigorskoye Grain Receiving Enterprise
         Kislovogskoye Shosse, 5.
         Pytigorsk
         Stavropol Region
         Russia


LUKOIL OAO: Inks RUR122.5-Mln Fuel Supply Deal with State
---------------------------------------------------------
OAO Lukoil has won the motor fuel supply tender for the Federal
State Unitary Enterprise "State Transport Company Russia" of the
Administrative Department under the President of the Russian
Federation.  The contract amount is RUR122.5 million.

During the first half of 2007, Lukoil will supply over 4 million
liters of different motor gasoline grades, about 400,000 liters
of diesel fuel and 150,000 liters of vessel fuel to the FSUE as
small-size deliveries.

In addition to that, over 2 million liters of gasoline and
diesel fuel are to be marketed for the needs of the FSUE
vehicles in Moscow and Moscow Region by means of electronic fuel
cards and tickets through LUKOIL gas station network.

"We have succeeded in concluding this exclusive contract not
only due to the fact that we managed to offer the most favorable
pricing conditions, but also because the Company produces Euro-3
motor gasoline and Euro-4 diesel fuel that come in full
compliance with the international requirements, both technically
and environmentally," said Vagit Alekperov, President of OAO
Lukoil.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.Lukoil.com/-- explores and produces
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                          *     *     *

As reported in the TCR-Europe on July 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Lukoil OAO to 'BB+' from 'BB'.  S&P said the outlook is
positive.


SHELKOVSKAYA POULTRY: Court Starts External Management Procedure
----------------------------------------------------------------
The Arbitration Court of Moscow Region has commenced external
management bankruptcy procedure on CJSC Shelkovskaya Poultry
Farm.  The case is docketed under Case No. A41-K2-14720/05.

The External Insolvency Manager is:

         A. Popov
         Gilyarovskogo Str. 31
         107996 Moscow
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Shelkovskaya Poultry Farm
         Oseevo
         Shelkovskiy Region
         141150 Moscow Region
         Russia


SLAVYABSKAYA AVIATION: Creditors' Claims Due January 2, 2007
------------------------------------------------------------
Creditors of LLC Slavyabskaya Aviation have until Jan. 2, 2007,
to submit written proofs of claim to:

         M. Makhnev, Insolvency Manager
         Nakhichevanskiy Per. 64
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A-32-21920/06-2/1922-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Slavyabskaya Aviation
         Slavyansk-na-Kubani
         Krasnodar Region
         Russia


STAVROPOL FARM: Creditors Must File Claims by January 2, 2007
-------------------------------------------------------------
Creditors of CJSC Stavropol Farm Products (TIN 2602004020) have
until Jan. 2, 2007, to submit written proofs of claim to:

         M. Kotlyarov, Insolvency Manager
         Proizvodstvennaya Str. 20
         610021 Kirov Region
         Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A63-3842/02-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Stavropol Farm Products
         Sovetskaya Str. 37.
         Divnoye
         Apanasenskovskiy Region
         Stavropol Region
         Russia


VNESHTORGBANK JSC: Inks US$70-Mln Loan for OJSC Kreditprombank
----------------------------------------------------------------
Vneshtorgbank JSC, Alpha Bank, Fortis Bank S.A./N.V. and WestLB
AG, London Branch, as Mandated Lead Arrangers, and a consortium
of lenders have signed into a US$70-million Syndicated term loan
facility for OJSC Kreditprombank.

Due to a significant oversubscription, the loan was increased
from the initial amount of US$30 million.

The loan bears a margin of 2.35% p.a. and has maturity of 364
days with an extension option for further 364 days.

These banks have joined the Facility:

   -- Arrangers:

         -- VTB Europe Plc, and
         -- HSBC Bank Plc

   -- Co-Arrangers

         -- Anglo-Romanian Bank Limited, and
         -- GarantiBank International N.V.

   -- Lead Managers

         -- Bank of India,
         -- Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V., and
         -- Hypo Alpe Adria Bank.

                      About Kreditprombank

Headquartered in Kiev, Ukraine, OJSC Kreditprombank --
http://www.kreditprombank.com/eng/-- provides financial
services to corporate clients from more than 5000 organizations
including core-forming enterprises of energy economy, military
sector, chemical industry, metal manufacture, pharmaceutical,
food and light industries, telecommunications and trade and
service enterprises.  The bank supports intensively small and
medium-sized business granting finance on favorable terms under
MSP-2 credit line of the European Bank for Reconstruction and
Development for small and medium enterprises.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank --
http://www.vtb.ru/-- and its subsidiaries offers 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.


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

         V. Babenko, Insolvency Manager
         Nakhimova Str. 13/1
         634034 Tomsk Region
         Russia

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-13389/06-48/310.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Vorobyevskoye
         Nakhimova Str. 13/1
         634034 Tomsk Region
         Russia


VORONEZH-FISH-COMPLEX: Creditors' Claims Due January 2, 2007
------------------------------------------------------------
Creditors of OJSC Voronezh-Fish-Complex have until Jan. 2, 2007,
to submit written proofs of claim to:

         V. Volodin, Temporary Insolvency Manager
         Konno-Streletskaya Str. 45
         394055 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A14-14617/2006-222/16b.

The Court will hear the case at 10:30 a.m. on Feb. 7, 2007.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Voronezh-Fish-Complex
         Patriotov Pr. 49
         Voronezh Region
         Russia


YUKOS OIL: Court Moves Yugansk Unit Hearing to Jan. 25, 2007
------------------------------------------------------------
The Moscow Arbitration Court postponed until Jan. 25, 2007,
hearings of a lawsuit by OAO Yukos Oil. Co. seeking to
invalidate an auction that sold main production unit
Yuganskneftegaz, and demanding US$14.8 billion in damages, RIA
Novosti says.

The court has concluded its preliminary hearings.

As reported in the TCR-Europe on Oct. 10, Yugansk, the former
core production unit of Yukos, was bought by state-owned Rosneft
in December 2004 after the Russian government seized the asset
as payment for more than US$30 billion in tax arrears for 2000-
2003.  Yukos, declared bankrupt on Aug. 1, retains a stake in
Yugansk.

As reported in the Troubled Company Reporter on June 16, 2005,
Yukos asked the court to annul the auction where 43 shares,
representing 76.79% of Authorized Capital of Yugansk, were sold,
and the deed of sale of the shares in unit, as well as for
reimbursement of damages suffered as a result of the auction in
the amount in excess of RUB324 billion.

The case is filed against the Russian Federal Property Fund
(RFFI), OOO Baikal Finance Group, OAO Rosneft, OOO Gazpromneft,
OAO Gazprom, and the Finance Ministry of Russian Federation.
Respondent's interveners in the case are the Main Directorate of
the Justice Ministry of Russian Federation for the city of
Moscow, Federal Anti-Monopoly Service and OAO Yuganskneftegas.
YUKOS has also filed for the court to seize the Yuganskneftegas
shares in question under the legal process.

In its motion, Yukos contests that its core asset was
expropriated to satisfy the demands of tax authorities while the
lawsuits addressing the legitimacy of those tax claims, against
which Yukos is presently appealing, are still being heard by
various courts in Russia.

The Company's claim demands that the auction be ruled invalid.
Yukos contests that due to unjustified undercutting of the
selling price of Yuganskneftegas' shares and grave violations of
law in announcing and holding the auction, the auction process
itself was illegal.

The claim cites specific violations including the fact that RFFI
unlawfully set its own terms for the sale of Yukos's property
resulting in Yuganskneftegas shares being sold below the market
value or the value determined by the Russian Federation's own
evaluation company, Dresdner Kleinwort Wasserstein.  Breaches of
Russian law during preparation and holding of the auction
included:

   -- failure to comply with the legal requirement to announcing
      the timing of the auction and thus ruling out some
      potential buyers;

   -- neglecting to follow the very clear and defined procedure
      for conducting such an auction; and

   -- the direct and unwarranted interference of government
      bodies in the auction process.

Yukos Oil Company contests in its claim that the auction was a
sham and a 'front' for the expropriation of property in favor of
a named state-owned company, OAO Rosneft.

                         About Yukos

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

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

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

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

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

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

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


YUKOS OIL: Federal Bailiffs Raise Tax Claim to US$15.5 Billion
--------------------------------------------------------------
The Moscow Arbitration Court granted a petition filed by the
Federal Bailiffs Service asking for a US$1.45-billion increase
in its claims against bankrupt OAO Yukos Oil Co., RIA Novosti
reports.

The increase mostly represents US$1.21 billion in tax arrears
for 2005.  With the increase, Federal Taxation Service's claim
against Yukos Oil now stands at US$15.5 billion.

As reported in the TCR-Europe on Nov. 20, the Court upheld
additional back-tax and corporate claims prompting an increase
in debt claims against Yukos.  Yukos is ordered to pay US$23.6
billion, including a US$1.6 billion (RUR42.04 billion) increase
approved by the arbitration court.

The court ordered Yukos to include into tis claims registry the
Federal Tax Service's claim of RUR42 billion (US$1.58 billion),
along with claims from three oil companies:

   -- Ulyanovsknefteprodukt (RUR21.7 million/US$814,000),
   -- Tomsknefteprodukt (RUR41.6 million/US$1.6 million), and
   -- Ecoproekt (RUR6.2 million/US$233,000).

As of Nov. 2, up to US$22 billion (RUR586.6 billion) in claims
have been asserted against Yukos Oil.  However, the list of
creditors, originally numbering at 54, has now expanded to more
than 60 registered creditors.

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

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

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

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

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

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


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


ARMTECH JSC: Aargau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Aargau entered Oct. 30 an order closing
the bankruptcy proceedings of JSC Armtech.

The Debtor can be reached at:

         JSC Armtech in liquidation
         Birracherstrasse 22
         8966 Oberwil-Lieli
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5400 Baden
         Switzerland


BUZZI KUNSTSTEIN: Liestal Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Liestal entered Nov. 7 an order closing
the bankruptcy proceedings of JSC Buzzi Kunststein.

The Debtor can be reached at:

         JSC Buzzi Kunststein
         Mattenweg 3
         4416 Bubendorf
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Switzerland


FUTTERKORB JSC: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Futterkorb on Nov. 2.

The Debtor can be reached at:

         JSC Futterkorb
         Munzelwald 5
         5506 Magenwil
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5402 Baden
         Switzerland


HOLWECK JSC: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Holweck on Nov. 13.

The Debtor can be reached at:

         JSC Holweck
         Oberebenestrasse 63
         5620 Bremgarten AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5400 Baden
         Switzerland


STAR BODENBELAG: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Star Bodenbelag on Nov. 7.

The Debtor can be reached at:

         JSC Star Bodenbelag
         Wettingerstrasse 7
         5400 Baden
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5402 Baden
         Switzerland


STICKEREI WEHRLI: Court Suspends Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Aargau suspended the bankruptcy
proceedings of JSC Stickerei Wehrli und Handel 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 CHF4,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Sept. 18, can be reached at:

         JSC Stickerei Wehrli und Handel
         Mutschellenstrasse 19
         8964 Rudolfstetten-Friedlisberg
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5400 Baden
         Switzerland


SWISSFLOOR UNTERLAGSBODEN: Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Aargau suspended the bankruptcy
proceedings of JSC Swissfloor Unterlagsboden 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 CHF5,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 31, can be reached at:

         JSC Swissfloor Unterlagsboden
         Farbestrasse 5
         4665 Oftringen
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Oberentfelden
         5036 Oberentfelden
         Switzerland


THOMA PARTNER: Aargau Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Aargau suspended the bankruptcy
proceedings of JSC Thoma Partner 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 CHF4,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Sept. 11, can be reached at:

         JSC Thoma Partner
         Ausserfeldstrasse 28
         5032 Rohr AG
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Oberentfelden
         5036 Oberentfelden
         Switzerland


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


AGRO LUX: Deadline for Claims Filing Set January 12, 2007
---------------------------------------------------------
Creditors of LLC Agro Lux (code EDRPOU 32266993) have until
Jan. 12, 2007, to submit their proofs of claim to:

         V. Kosovskiy, Insolvency Manager
         Viyskoviy Avenue 6
         73000 Herson Region
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company on Nov. 21 after finding it insolvent.  The
case is docketed under Case No. 12/165-B-06.

The Economic Court of Herson Region is located at:

         Gorkiy Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         LLC Agro Lux
         Ukrainskaya Str. 28
         Herson Region
         Ukraine


ALPHA BANK: Inks US$70-Mln Loan Facility for Kreditprombank OJSC
----------------------------------------------------------------
Vneshtorgbank JSC, Alpha Bank, Fortis Bank S.A./N.V. and WestLB
AG, London Branch, as Mandated Lead Arrangers, and a consortium
of lenders have signed into a US$70-million Syndicated term loan
facility for OJSC Kreditprombank.

Due to a significant oversubscription, the loan was increased
from the initial amount of US$30 million.

The loan bears a margin of 2.35% p.a. and has maturity of 364
days with an extension option for further 364 days.

These banks have joined the Facility:

   -- Arrangers:

         -- VTB Europe Plc, and
         -- HSBC Bank Plc

   -- Co-Arrangers

         -- Anglo-Romanian Bank Limited, and
         -- GarantiBank International N.V.

   -- Lead Managers

         -- Bank of India,
         -- Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V., and
         -- Hypo Alpe Adria Bank.

                      About Kreditprombank

Headquartered in Kiev, Ukraine, OJSC Kreditprombank --
http://www.kreditprombank.com/eng/-- provides financial
services to corporate clients from more than 5000 organizations
including core-forming enterprises of energy economy, military
sector, chemical industry, metal manufacture, pharmaceutical,
food and light industries, telecommunications and trade and
service enterprises.  The bank supports intensively small and
medium-sized business granting finance on favorable terms under
MSP-2 credit line of the European Bank for Reconstruction and
Development for small and medium enterprises.

                         About Alfa Bank

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

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

                        *     *     *

As reported in the TCR-Europe on Dec 26, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Alfa-Bank to BB from BB-.  The short-term rating on the bank
was affirmed at B.  The outlook is stable.  At the same time,
the Russian national scale rating was raised to ruAA from ruAA-.

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

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

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


FRESH WIND: Creditors Must File Claims by January 12, 2007
----------------------------------------------------------
Creditors of CJSC Fresh Wind (code EDRPOU 06711498) have until
Jan. 12, 2007, to submit their proofs of claim to:

         Roman Udovenko, Insolvency Manager
         Kharkovskaya Str. 122
         Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 30.  The case is docketed under Case No. 6/117-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         CJSC Fresh Wind
         Gorkiy Str. 25
         40011 Sumy Region
         Ukraine


INTERCONSULT LLC: Creditors Must File Claims by January 12, 2007
----------------------------------------------------------------
Creditors of LLC Interconsult (code EDRPOU 209953647)have until
Jan. 12, 2007, to submit their proofs of claim to:

         Viktor Darienko, Liquidator
         Sadovaya Str. 18/5
         Odessa Region
         Ukraine

The Economic Court of Odessa Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 32/131-05-5890.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Interconsult
         Promyshlennaya Str. 37
         65031 Odessa Region
         Ukraine


INVEST-TRADE LLC: Creditors Must File Claims by Jan. 12, 2007
-------------------------------------------------------------
Creditors of LLC Invest-Trade (code EDRPOU 32488345) have until
Jan. 12, 2007, to submit their proofs of claim to:

         Vladimir Oksanich, Insolvency Manager
         a/b 265
         01150 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 28, 2006.  The case is docketed under Case No. 15/624-B.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Invest-Trade
         Yaltinskaya Str. 5-b
         Kyiv Region
         Ukraine


KATERINOVKA LLC: Creditors Must File Claims by January 12, 2007
---------------------------------------------------------------
Creditors of have until Jan. 12, 2007, to submit their proofs of
claim to:

         C. Kovalenko, Temporary Insolvency Manager
         Blagovestnaya Str. 299
         18000 Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Agricultural LLC Katerinovka (CODE
EDRPOU 05492605) on Nov. 20.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Katerinovka
         Moskovskaya Str. 78
         Katerinovka
         Kamyansk District
         20831 Cherkassy Region
         Ukraine


KREDITPROMBANK OJSC: Inks US$70-Million Loan Facility
-----------------------------------------------------
Vneshtorgbank JSC, Alpha Bank, Fortis Bank S.A./N.V. and WestLB
AG, London Branch, as Mandated Lead Arrangers, and a consortium
of lenders have signed into a US$70-million Syndicated term loan
facility for OJSC Kreditprombank.

Due to a significant oversubscription, the loan was increased
from the initial amount of US$30 million.

The loan bears a margin of 2.35% p.a. and has maturity of 364
days with an extension option for further 364 days.

These banks have joined the Facility:

   -- Arrangers:

         -- VTB Europe Plc, and
         -- HSBC Bank Plc

   -- Co-Arrangers

         -- Anglo-Romanian Bank Limited, and
         -- GarantiBank International N.V.

   -- Lead Managers

         -- Bank of India,
         -- Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V., and
         -- Hypo Alpe Adria Bank.

                      About Kreditprombank

Headquartered in Kiev, Ukraine, OJSC Kreditprombank --
http://www.kreditprombank.com/eng/-- provides financial
services to corporate clients from more than 5000 organizations
including core-forming enterprises of energy economy, military
sector, chemical industry, metal manufacture, pharmaceutical,
food and light industries, telecommunications and trade and
service enterprises.  The bank supports intensively small and
medium-sized business granting finance on favorable terms under
MSP-2 credit line of the European Bank for Reconstruction and
Development for small and medium enterprises.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service assigned a B2 long-term foreign currency debt rating to
the upcoming issue of Loan Participation Notes to be issued by
HSBC Bank plc (U.K.) on a limited recourse basis for the sole
purpose of funding a senior unsecured loan to Kreditprombank.
The outlook for the rating is stable.

The B2 rating is primarily based on the credit quality of
Kreditprombank as an underlying borrower.  However, Moody's
notes that the structure of the transaction does not completely
eliminate the credit risk inherent to HSBC Bank plc as both
issuer of the notes and a principal paying agent, given that it
has not charged and assigned its rights and interests to the
trustee for the LPN holders.

At the same time, Fitch Ratings assigned HSBC Bank PLC's
upcoming issue of limited recourse loan participation notes
expected ratings of Recovery RR4 and Long-term B-.

The notes are to be used solely for financing a loan to Ukraine-
based Kreditprombank, which is rated Issuer Default B-, Short-
term B, Individual D/E, Support 5, and National Long-term BBB-.
The Outlooks on the Issuer Default and National long-term
ratings are Stable.


UKRSERVICE LLC: Claims Filing Period Ends January 12, 2007
----------------------------------------------------------
Creditors of LLC Ukrservice (code EDRPOU 21073279) have until
Jan. 12, 2007, to submit their proofs of claim to:

         D. Petrenko, Temporary Insolvency Manager
         Geroev Stalingrada Str. 28
         39400 Poltava Region
         Ukraine

The Economic Court of Poltava Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 18/256.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrservice
         Geroev Stalingrada Str. 28
         39400 Poltava Region
         Ukraine


VNESHTORGBANK JSC: Inks US$70-Mln Loan for OJSC Kreditprombank
----------------------------------------------------------------
Vneshtorgbank JSC, Alpha Bank, Fortis Bank S.A./N.V. and WestLB
AG, London Branch, as Mandated Lead Arrangers, and a consortium
of lenders have signed into a US$70-million Syndicated term loan
facility for OJSC Kreditprombank.

Due to a significant oversubscription, the loan was increased
from the initial amount of US$30 million.

The loan bears a margin of 2.35% p.a. and has maturity of 364
days with an extension option for further 364 days.

These banks have joined the Facility:

   -- Arrangers:

         -- VTB Europe Plc, and
         -- HSBC Bank Plc

   -- Co-Arrangers

         -- Anglo-Romanian Bank Limited, and
         -- GarantiBank International N.V.

   -- Lead Managers

         -- Bank of India,
         -- Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V., and
         -- Hypo Alpe Adria Bank.

                      About Kreditprombank

Headquartered in Kiev, Ukraine, OJSC Kreditprombank --
http://www.kreditprombank.com/eng/-- provides financial
services to corporate clients from more than 5000 organizations
including core-forming enterprises of energy economy, military
sector, chemical industry, metal manufacture, pharmaceutical,
food and light industries, telecommunications and trade and
service enterprises.  The bank supports intensively small and
medium-sized business granting finance on favorable terms under
MSP-2 credit line of the European Bank for Reconstruction and
Development for small and medium enterprises.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank --
http://www.vtb.ru/-- and its subsidiaries offers 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.



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


ABBEY WINDOWS: Claims Filing Period Ends Jan. 31, 2007
------------------------------------------------------
Creditors of Abbey Windows Limited have until Jan. 31, 2007, to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Charles Howard Ranby-Gorwood at:

         Alexandra Dock Business Centre
         Fisherman's Wharf
         Grimsby DN31 1UL
         United Kingdom

The company can be reached at:

         Abbey Windows Limited
         Unit 8
         The Maltings
         Ure Bank Top
         Ripon HG4 1AE
         United Kingdom
         Tel: 0800 3282796


AKER KVAERNER: Inks Another Deal with Northumbrian Water
--------------------------------------------------------
Northumbrian Water has awarded Aker Kvaerner ASA a major
contract to provide the process requirements for the latest
improvement scheme at the Bran Sands Effluent Treatment Center.

The award-winning Center, at Teesport, treats domestic sewage
together with the waste from several industrial processes from
the surrounding area.  The improvement scheme will partition
part of the process to provide bespoke treatment solutions for
two industrial waste streams.

Aker Kvaerner will provide the procurement, construction,
functional commissioning, testing and training needs for the
scheme.  The contract has commenced, with a seven-month
construction period.

This latest contract is in addition to the five-year capital
maintenance works that Aker Kvaerner has been carrying out since
July 2005.  As part of Northumbrian Water's current asset
management program at Bran Sands, the work focuses on the
continued smooth operation and productivity of the facilities.
Aker Kvaerner also provides engineering expertise for all
mechanical, electrical, process, control, instrumentation and
telemetry requirements, and all civil engineering works.

Northumbrian Water also recently awarded Aker Kvaerner its
"Contractor Health and Safety Award" for 2006.  Some 14 other
contractors entered this award category and the achievement
recognizes Aker Kvaerner's significant contribution to the
promotion of health and safety in the business.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides 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.


BENEFON OYJ: Forecasts Higher Net Sales Figure for 2006
-------------------------------------------------------
Benefon Oyj updated and replaced its earlier projections
released on the Oct. 3, and per the third quarter interim report
released Nov. 17, the company expects to take delivery of at
minimum 20,000 and at maximum 40,000 handsets by the end of the
year.

Benefon also updated and replaced its net sales target for the
year 2006 released in bulletins of Oct. 3 and Nov. 17 and
announced that its net sales for this year should marginally
exceed the level of year 2005 net sales.

The company has experienced strong demand for the TWIG Discovery
model in the U.S. market and expects to make initial shipments
into that market prior to yearend as compared to original
expectations of shipping during the middle of 2007.

The company has also begun commercial shipments of TWIG
Discovery into selected European markets.  It is anticipated
that U.K. operator acceptance will take place in early 2007,
which will result in delays to the fulfillment of the UK's 20:20
contract.  Network conformance for TWIG Discovery in the U.K.
has been delayed due to technical issues that have taken time to
resolve.  These issues have now been corrected and Benefon is
awaiting the results of the re-testing.

The Chinese launch of TWIG Discovery is expected to take place
in first quarter 2007, a slight delay, due to longer than
anticipated Chinese regulatory approval.  Chinese shipments will
be co branded with China Potevio's Capitel brand.  Capitel is a
leading handset provider and division of China Potevio, one of
the largest state owned telecommunications companies in mainland
China.

                         About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.
The company also operates in the Czech Republic, Russia and the
U.K.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total
assets and EUR7.30 million in total liabilities, resulting in a
EUR2.33 million stockholders' deficit.


BENEFON OYJ: Unveils Financial Calendar for Fiscal Year 2007
------------------------------------------------------------
Benefon Oyj will make public the financial statements on fiscal
year 2006 and the interim reports of fiscal year
2007 according to schedule:

         Financial Results for:     Release Date:
         ----------------------     -------------
         Full Year 2006             Feb. 28, 2007
         First Qtr. 2007            May 22, 2007
         Second Qtr. 2007           Aug. 21, 2007
         Third Qtr. 2007            Nov. 20, 2007

                         About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.
The company also operates in the Czech Republic, Russia and the
U.K.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total
assets and EUR7.30 million in total liabilities, resulting in a
EUR2.33 million stockholders' deficit.


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

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K . arm of BDO International and has offices in more than
15 cities throughout the U.K.

Headquartered in Leeds, England, BGM Cryogenic Engineering Ltd.
manufactures measuring instruments.


BIRMINGHAM INTERNATIONAL: Names Gagen Sharma as Administrator
-------------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was named administrator of
Birmingham International College U.K. Ltd. (Company Number
04261256) on Dec. 5.

The administrator can be reached at:

         Gagen Dulari Sharma
         Sharma & Co.
         50 Newhall Street
         Birmingham
         West Midlands B3 3QE
         Tel: 0121 248 5007
         Fax: 0121 248 5010
         E-mail: gagen@sharmaandco.com

Birmingham International College U.K. Ltd. can be reached at:

         73 Francis Road
         Edgbaston
         Birmingham
         West Midlands B16 8SP
         United Kingdom
         Tel: 01214102760


CBL LIMITED: Taps Baker Tilly to Administer Assets
--------------------------------------------------
N. Millar and Alec Pillmore of Baker Tilly were appointed joint
administrators of CBL (Realisations) Ltd. (Company Number
00815047) on Nov. 29.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

Headquartered in Great Yarmouth, England, CBL (Realisations)
Ltd. bakes bread, fresh pastry and cakes.


CCA GROUP: Brings In PwC as Joint Administrators
------------------------------------------------
Russell Stewart Cash and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of CCA Holdings Ltd. (Company Number 03765206) and CCA Group
Ltd. (Company Number 02667669) on Dec. 11.

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.

Headquartered in Fulwood, England CCA Holdings Ltd. and CCA
Group Ltd. manufactures paper stationery.


CHEKEMCOLOUR LTD: Appoints Begbies Traynor to Administer Assets
---------------------------------------------------------------
Paul Stanley and Stephen L. Conn of Begbies Traynor were
appointed joint administrators of Chekemcolour Ltd. (Company
Number 01364193) on Dec. 6.

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

Headquartered in Elland, England, Chekemcolour Ltd. manufactures
and sells dyestuff and chemicals.


CLAIMWOOD LTD: Taps Administrators from Lines Henry
---------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Claimwood Ltd. (Company Number 01690534)
on Dec. 13.

The administrators can be reached at:

         Neil Henry and Michael Simister
         Lines Henry
         Sixth Floor
         Grafton Tower
         Stamford New Road
         Altrincham
         Cheshire WA14 1DQ
         United Kingdom

Claimwood Ltd. can be reached at:

         Unit 16
         Reliance Trading Estate
         Manchester
         Lancashire M40 3AG
         United Kingdom
         Tel: 0161 682 2806
         Fax: 0161 682 4519


COMPUTER NETWORKING: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd. were appointed Joint Liquidators of
Computer Networking Products Ltd. on Dec. 15.

The company cn be reached at:

         Computer Networking Products Ltd.
         Unit 21
         Kingfisher Court
         Newbury
         Berkshire RG145 SJ
         United Kingdom
         Tel: 0845 644 6603


CORBETT PACKAGING: Appoints Administrators from Grant Thornton
--------------------------------------------------------------
Leslie Ross and Keith Hinds of Grant Thornton were appointed
joint administrators of Corbett Packaging Ltd. (Company Number
00803061) on Dec. 6.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Headquartered in Wigan, England, Corbett Packaging Ltd.
manufactures corrugated cartons, boxes and cases.


DARTEX OFFICE: Taps RSM Robson to Administer Assets
---------------------------------------------------
David Michael Riley and Simon Peter Bower of RSM Robson Rhodes
LLP were appointed joint administrators of Dartex Office
Furniture Ltd. (Company Number 01695388) on Dec. 11.

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

Headquartered in Dartford, England, Dartex Office Furniture Ltd.
installs and supplies office furniture.


DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
---------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates,
pursuant to Rule 1007(c) of the Federal Rules of Bankruptcy
Procedure, and Rule 1007-1 of the Local Rules of Bankruptcy
Practice and Procedure of the U.S. Bankruptcy Court for the
District of Delaware, ask for the further extension to Jan. 31,
2007, the deadline to file their:

    -- schedules of assets and liabilities,

    -- schedules of current income and expenditures,

    -- schedules of executory contracts and unexpired leases,
       and

    -- statements of financial affairs.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, tells Judge Carey that, because of the
decentralized nature of their businesses, the Debtors' progress
in collecting, reviewing, and assembling information for the
Schedules and Statements have been slow.

In addition, Mr. Collins relates, the Debtors have engaged a new
financial advisor, AlixPartners, LLP.  AlixPartners has assessed
the information that has been gathered by the Debtors and
determined that they will require additional time to complete
the Schedules and Statements.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Wants to File Lear Settlement Pact Under Seal
--------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to file, under seal, the Settlement Agreement and the
terms thereof, and the Motion of Lear Corporation.

Pursuant to various documents and purchase orders, Dura
Automotive Systems, Inc., supplied component parts that Lear
Corporation used to fulfill manufacturing agreements with
General Motors, Ford, and other original equipment
manufacturers, relates Albert Togut, Esq., at Togut, Segal &
Segal LLP, in New York.

Several years before the Debtors filed for chapter 11
protection, Lear brought an action in State Court against Dura
to recover damages for claims asserted against Lear by GM and
Ford.  Lear sought (i) damages for alleged defects in goods that
Dura sold to Lear, which Lear in turn used in products that it
provided to GM and Ford, and (ii) injunctive relief to require
Dura to continue shipping to Lear despite Lear's recoupment from
amounts due to Dura.  The State Court granted Lear's injunctive
relief and required Dura to ship goods without payment from
Lear.

In the months prior to the Petition Date, the Debtors and Lear
reached a comprehensive settlement of the Lear Claims and the
Lear Action and the modification of the Lear Contracts.

Pursuant to Sections 105 and 365 of the Bankruptcy Code and Rule
9019 of the Federal Rules of Bankruptcy Procedure, the Debtors
seek the Court's authority to assume the Settlement Agreement
and the Purchase Orders.

As a condition to assumption, Lear has required that Dura keep
the terms of the Settlement Agreement confidential, particularly
because certain terms therein are commercially sensitive,
Mr. Togut tells the Court.  This confidentiality requirement is
memorialized in the Settlement Agreement.

Mr. Togut explains that the automotive industry is highly
competitive, and many of the parties-in-interest in the Debtors'
Chapter 11 cases are direct competitors or customers of the
Debtors and Lear.  If the information contained in the
Settlement Agreement is disclosed pursuant to a public filing,
the Debtors' competitors and customers would gain access to
specific confidential and commercial information related to the
Debtors' business relationship with Lear that could be
detrimental to the Debtors' reorganization efforts, Mr.  Togut
avers.

Notwithstanding their request, the Debtors have provided copies
of the Settlement Agreement and the Lear Motion to Lear, the
Official Committee of Unsecured Creditors, and the Office of the
United States Trustee.

In Dura's Form 10-Q filing with the Securities and Exchange
Commission, Keith R. Marchiando, Dura's vice president and chief
financial officer, said that subsequent to October 1, 2006, Dura
settled the warranty matter, along with a previously outstanding
warranty matter, to Lear for approximately US$9,000,000.

"We had previously recorded reserves for our estimated exposure
of the known outstanding matter.  However, we recorded an
additional charge of [$5,400,000] related to the final
settlement of both matters . . ." Mr. Marchiando said.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ENHANCE TECHNOLOGY: Appoints Jonathan Avery Gee as Administrator
----------------------------------------------------------------
Jonathan Avery Gee of Kay Johnson Gee was appointed
administrator of Enhance Technology Plc (Company Number
04107433) on Dec. 12.

The administrator can be reached at:

         Jonathan Avery Gee
         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford
         Manchester
         Greater Manchester M3 5EQ
         United Kingdom
         Tel: 0161 832 6221
         Fax: 0161 834 8479

Headquartered in Sheffield, England, Enhance Technology Plc
distributes hair removal and anti-ageing equipments.


ENRON EUROPE POWER: Appoints PwC as Liquidators
-----------------------------------------------
Ian Christopher Oakley Smith and David John Blenkarn of
PricewaterhouseCoopers LLP were appointed Joint Liquidators of
Enron Europe Power 2 Limited on Oct. 19 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

          Enron Europe Power 2 Limited
          40 Grosvenor Place
          City of Westminster
          London SW1X7EN
          United Kingdom
          Tel: 020 7783 0000


EUROFORCE SERVICES: Brings In Joint Administrators from SFP
-----------------------------------------------------------
Simon Frank lin Plant and Daniel Plant of SFP were appointed
joint administrators of Euroforce Services Ltd. (Company Number
03504405) on Dec. 7.

The administrators can be reached at:

         Simon Franklin Plant and Daniel Plant
         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom
         Tel: 020 7538 2222

Euroforce Services Ltd. can be reached at:

         Building 100
         Beverly Road
         Castle Donington
         Derby
         Derbyshire DE74 2SA
         United Kingdom
         Tel: 01332 811 114
         Fax: 01332 850 773


FARAWAY TRADE: Brings In Kroll as Joint Administrators
------------------------------------------------------
Charles Peter Holder and Stuart Charles Edward Mackellar of
Kroll were appointed joint administrators of Faraway Trade Ltd.
(Company Number 3270138) on Dec. 12.

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

Faraway Trade Ltd. can be reached at:

         Enfield Terrace
         Leeds
         West Yorkshire LS7 1RG
         United Kingdom
         Tel: 0113 244 2770
         Fax: 0113 244 2770


FORTIDEC FACILITIES: Appoints Administrators from Harrisons
-----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Fortidec Facilities Management Ltd.
(Company Number 00505224) on Dec. 4.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

Fortidec Facilities Management Ltd. can be reached at:

         Frant Road
         Thornton Heath
         Surrey CR7 7JR
         United Kingdom
         Tel: 020 8684 6188
         Fax: 020 8665 0233


HARDLINES LTD: Brings In Hurst Morrison as Administrators
---------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Hardlines Ltd. on
Dec. 14.

The administrators can be reached at:

         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Hardlines Ltd. can be reached at:

         Blenhein Office Park
         Long Hanborough
         Witney
         Oxfordshire OX29 8LN
         Tel: 01993 881 010


HMV GROUP: 2006 Online Sales Up 200% Over Last Year
---------------------------------------------------
HMV Group plc is updating the market on its trading performance
for the 12 weeks to Dec. 16, 2006.

The actions that have been taken to improve the performance of
HMV U.K. are working effectively.  Significant market share
gains have been made in music, DVD and games since the national
launch of simplified, lower pricing on Sept. 6.  Sales in
hmv.co.uk have accelerated by more than 200% compared to last
year and the Group's share of the online market continues to
grow rapidly.

However, the music and DVD markets have deteriorated since the
Group's AGM trading update on Sept. 28.  The value of the U.K.
music market, including digital downloading, declined by 14%
during October and November and the DVD market also declined in
value.  Within these very difficult conditions, HMV U.K. and
Ireland's like for like sales for the 12 weeks increased by 0.6%
and gross margin is expected to be in line with market
expectations.

In Waterstone's, excellent progress has been made with the
integration of Ottakar's and the Group remains firmly on track
to achieve the synergy benefits previously stated.  Good
progress has also been made online by waterstones.com following
its launch on Sept. 28.  However, continuing promotional
activity in the book market has impacted Waterstone's market
share.  Like for like sales for the 12-week period declined 3.7%
and gross margin is expected to be in line with market
expectations.

In the Group's international businesses, market share also
increased in both music and DVD during the 12-week period.
However, due to weak entertainment market conditions, like for
like sales declined by 3.8% in HMV Asia and by 3.4% in HMV
Canada.  For the Group as a whole like for like sales are down
1.3% for the period.

                          Outlook

The outcome of the peak trading period will be determined over
the remaining two weeks, including the final weekend for
shopping prior to Christmas.  However, current market conditions
lead the Group to conclude that its product markets will remain
difficult during the balance of the financial year, and it now
expects full year profits to be towards the bottom of the range
of market expectations.

Simon Fox, Chief Executive, commented: "We are seeing very
positive and tangible results from the strategic actions
implemented during the course of this year, including strong
market share gains in entertainment, rapidly growing online
businesses and the delivery of synergy benefits from the
acquisition of Ottakar's.

"We recognize that we face very tough and rapidly changing
markets and have to work hard to offset this.  However, I am
confident that the strength of our leading brands, the rapid
growth of our multi-channel offer combined with our effective
operating systems gives us a real competitive advantage and a
platform on which to build."

                         About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight
different countries under two powerful retail brands, HMV and
Waterstone's.

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

At Apr. 29, 2006, the company's balance sheet showed GBP2.4
million in stockholders' deficit, compared with a GBP14.4
million deficit at April 30, 2005.


VENSON GROUP: Taps Grant Thornton as Joint Administrators
---------------------------------------------------------
Nicholas Wood and Martin Ellis of Grant Thornton U.K. LLP were
appointed joint administrators of Venson Group Plc. (Company
Number 02712574), Venson Fleet Management Ltd. (Company Number
02209636) and Venson Public Sector Ltd. (Company Number
03625765) on Dec. 13.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Venson Group Plc., Venson Fleet Management Ltd. and Venson
Public Sector Ltd. can be reached at:

         Venson House
         Green Esher
         Surrey KT10 8BJ
         United Kingdom
         Tel: 01372 470 111
         Fax: 01372 469 748


WESTWAY SERVICES: Names David Kirk as Administrator
---------------------------------------------------
David Kirk of Kirk Hills Chartered Accountants was named
administrator of Westway Services John Cann Plumbing & Heating
Ltd. (Company Number 04225588) on Nov. 14.

The administrator can be reached at:

         David Kirk
         Kirk Hills Chartered Accountants
         5 Barnfield Crescent
         Exeter
         Devon EX1 1RF
         United Kingdom

Westway Services John Cann Plumbing & Heating Ltd. can be
reached at:

         23 Brookfield Street
         Bideford
         Devon EX39 4ER
         United Kingdom
         Tel: 01237 420 803


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

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

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                           *********

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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