TCREUR_Public/061229.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

           Friday, December 29, 2006, Vol. 7, No. 258

                            Headlines


A U S T R I A

CAFE-RESTAURANT:  Property Manager Declares Insufficient Assets
FABSITS & PARTNER: Vienna Court Orders Business Closure
FMS SERVICE: Creditors' Meeting Slated for January 17, 2007
GESELLSCHAFT FUER: Vienna Court Orders Business Shutdown
MENOX LLC: Creditors' Meeting Slated for January 11, 2007

MPM LLC: Vienna Court Orders Business Shutdown
PSP LLC: Claims Registration Period Ends January 2, 2007


B E L G I U M

GOODYEAR TIRE: Agrees on New Master Contract with Union
PORTOLA PACKAGING: Restructuring Cues Moody's Stable Outlook


F I N L A N D

BENEFON OYJ: Board of Directors Calls Fifth Financing Tranche
BENEFON OYJ: Jonathan Bate Quits as Chief Executive Officer


F R A N C E

COLFAX CORP: S&P Affirms BB- Ratings & Gives Stable Outlook
COOPER COMPANIES: Weak Financial Results Cue S&P's Watch Neg.
NEVRAX FRANCE: Gameforge Takes Over Ryzom Developer


G E R M A N Y

DAIMLERCHRYSLER AG: Union May Grant Health Care Concessions
EROTHITAN TITANIMPLANTATE: Claims Registration Ends January 5
EWS ERDWARME: Claims Registration Ends January 6, 2007
GASTHOF DE KRUUKE: Claims Registration Ends January 3, 2007
HEIZUNGS- U SANITARBAU: Claims Registration Ends January 4, 2007

HELMET HOUSE: Claims Registration Ends January 4, 2007
HERGET GMBH: Claims Registration Ends January 4, 2007
HOLZHOF AURICH: Claims Registration Ends January 2, 2007
HONITEC EDV: Claims Registration Ends January 5, 2007
HOERCHER GESELLSCHAFT: Claims Registration Ends January 9, 2007

PRIME 2006-1: Moody's Rates EUR13-Mln Class E1 Notes at (P)Ba2
VISTEON CORP: Names Two Chief Officers to Board of Directors
WACHENFELD ROHRLASERTECHNIK: Claims Registration Ends January 4


H U N G A R Y

VALEANT PHARMA: Ardea Biosciences Acquires Firm's Assets


I R E L A N D

DAPHNE FINANCE: Moody's Assigns Ba2 Rating on Class F Notes


I T A L Y

ALITALIA SPA: Gives Buyer Free Hand to Decide on Redundancies
ALITALIA SPA: Italian Cabinet Approves Air Transport Reform
ALITALIA SPA: Hikes Year-on-Year Passenger Traffic in November
INTERCONFIDI NORDEST: Fitch Affirms & Withdraws Low-B Ratings


K Y R G Y Z S T A N

ASIAUNIVERSALBANK: Moody's Junks Local Currency Deposit Rating
STAR AIR: Creditors Must File Claims by Feb. 15, 2007


L U X E M B O U R G

NORTEL NETWORKS: Shareholders Okay US$2.5-Bln Settlement Pact


N E T H E R L A N D S

GIRASOLAR INC: Sept. 30 Balance Sheet Upside-Down by US$1.4 Mln
GRESHAM CAPITAL: Moody's Puts Ba2 Rating on Class E Notes
HERBALIFE LTD: Earns US$26 Million in Quarter Ended September 30


N O R W A Y

FALCONBRIDGE LTD: Xstrata's Chilean Union Snubs Wage Offer


P O L A N D

LIONBRIDGE TECH: Refinances Debt Facility with New US$100MM Loan
LIONBRIDGE TECHNOLOGIES: Moody's Withdraws Low-B Ratings


P O R T U G A L

FERRO CORPORATION: Files 2006 Third Quarter Financial Report


R U S S I A

BENEFON OYJ: Board of Directors Calls Fifth Financing Tranche
BENEFON OYJ: Jonathan Bate Quits as Chief Executive Officer
DALSVYAZ OAO: Fitch Affirms Issuer Default Rating at B
LOCKO-BANK: Fitch Keeps Issuer Default Rating at B-
LUKOIL OAO: Sells Astra Jack-Up Rig for US$40.3 Million

ROSNEFT OIL: Earns US$2.93 Billion for January-September 2006
ROSNEFT OIL: Hikes Oil & Gas Production in 2006
TRANSNEFT OAO: Forecasts RUR63.6 Billion Net Profit for 2007
VNESHTORGBANK JSC: Arranges US$30-Mln Loan for TAS-Kommerzbank
YURGINSKY MASHZAVOD: RUR302-Mln Debt Sends Firm to Bankruptcy


S P A I N

CHURCH & DWIGHT: Moody's Upgrades Corporate Family Rating to Ba1
MILACRON INC: Inks Five-Year US$105-Mln Loan with GE-Corporate


S W E D E N

LIONBRIDGE TECH: Refinances Debt Facility with New US$100MM Loan
LIONBRIDGE TECHNOLOGIES: Moody's Withdraws Low-B Ratings


T U R K E Y

T.C. ZIRAAT: Moody's Changes Outlook on E+ FSR to Positive


U K R A I N E

VNESHTORGBANK JSC: Arranges US$30-Mln Loan for TAS-Kommerzbank


U N I T E D   K I N G D O M

AQUILAE CLO: Moody's Assigns Ba3 Rating on Class E Notes
CENTRAL GARDEN: Earns US$65.5 Million in Year Ended Sept. 30
DANKA BUSINESS: Unveils Total Voting Rights as at December 19
FALCONBRIDGE LTD: Xstrata's Chilean Union Snubs Wage Offer
FEDERAL-MOGUL: Bankruptcy Court Okays Ernst & Young as Advisors

FEDERAL-MOGUL: Trizec to Serve on Asbestos Claimants Panel
FEDERAL-MOGUL: Court Sustains Objection on Hill School's Claim
FORD MOTOR: Changan Ford Mazda Names Jeffrey Shen as President
FORD MOTOR: In Talks with Toyota Execs Over Partnership Deals
FORD MOTOR: Inks MOU's with Cooper-Standard and Flex-N-Gate

MILACRON INC: Inks Five-Year US$105-Mln Loan with GE-Corporate
PEMBRIDGE SQUARE: Moody's Assigns Ba1 Rating on EUR16-Mln Notes
PPI TRAINING: Amco Agency Selling IT Training Company
REFCO INC: Chapter 11 Plan Effective; Orderly Wind-Up Begins
ROYAL STAFFORD: RSM Robson Rhodes Selling Tablemaker

SEA CONTAINERS: Posts US$50.9 Million Net Loss in October 2006
SEA CONTAINERS: Files Schedules of Assets and Liabilities
SKYEPHARMA PLC: Finalizes GBP35-Million Financing Agreement
VOLANTE PUBLIC: Deloitte & Touche Selling Bus Interior Supplier
WEIGHT WATCHERS: Begins Self-Tender Offer for 8.3M Common Shares

WEIGHT WATCHERS: S&P Places Ratings on Negative CreditWatch

* BOOK REVIEW: Wildcatters: A Story of Texans, Oil & Money

                            *********

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A U S T R I A
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CAFE-RESTAURANT:  Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Dr. Matthias Schmidt, the court-appointed property manager for
LLC Cafe-Restaurant am Neuen Markt (FN 165263i), declared
Nov. 10 that the Debtor's property is insufficient to cover
creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 16 (Bankr. Case No. 2 S 90/06g).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Matthias Schmidt
         c/o Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayer.at


FABSITS & PARTNER: Vienna Court Orders Business Closure
-------------------------------------------------------
The Trade Court of Vienna entered Nov. 7 an order closing the
business of LLC Fabsits & Partner (FN 229350f).  

Court-appointed property manager Rainer Boehm recommended the
business closure after determining that the continuing
operations would reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Rainer Boehm
         c/o Dr. Georg Ch. Auteried
         Altgasse 21
         1130 Vienna, Austria
         Tel: 876 47 980
         Fax: 876 47 98 21
         E-mail: office@auteried.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 30 (Bankr. Case No. 4 S 130/06d).  George Ch. Auteried
represents Dr. Boehm in the bankruptcy proceedings.


FMS SERVICE: Creditors' Meeting Slated for January 17, 2007
-----------------------------------------------------------
Creditors owed money by LLC FMS Service (FN 225763f) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Jan. 17, 2007, to consider the adoption of the rule by revision.

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 July 13 (Bankr. Case No. 4 S 112/06g).  Brigitte Stampfer
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at  


GESELLSCHAFT FUER: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Nov. 7 an order shutting down
the business of LLC Gesellschaft fuer Vertriebsunterstuetzung
(FN 128503a).  

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

The property manager can be reached at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna, Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 25 (Bankr. Case No. 4 S 154/06h).  


MENOX LLC: Creditors' Meeting Slated for January 11, 2007
---------------------------------------------------------
Creditors owed money by LLC Menox (FN 35829s) are encouraged to
attend the creditors' meeting at 10:10 a.m. on Jan. 11, 2007, to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 10 (Bankr. Case No. 26 S 98/06s).  Ulrich Daghofer
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Ulrich Daghofer
         Albrechtgasse 3
         8010 Graz, Austria
         Tel: 0316/824342
         Fax: 0316/837768
         E-mail: ra@daghofer.at


MPM LLC: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered Nov. 10 an order shutting down
the business of LLC MPM (FN 267235v).  Court-appointed property
manager Felix Stortecky declared that the property of the Debtor
is insufficient to cover creditors' claim.

The property manager can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31 (Bankr. Case No. 3 S 146/06z).  


PSP LLC: Claims Registration Period Ends January 2, 2007
--------------------------------------------------------
Creditors owed money by LLC PSP (FN 264321h) have until
Jan. 2, 2007, to file written proofs of claims to court-
appointed property manager Christian Kieberger at:

         Mag. Christian Kieberger
         Hauptplatz 9
         4320 Perg, Austria
         Tel: 07262/52356
         Fax: 07262/523564
         Email: office@iura.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 15, 2007, to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Nov. 10 (Bankr. Case No. 12 S 98/06h).  


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B E L G I U M
=============


GOODYEAR TIRE: Agrees on New Master Contract with Union
-------------------------------------------------------
Goodyear Tire & Rubber Co. has reached a tentative agreement
with United Steelworkers or USW on a new master contract
covering about 12,600 employees at 12 tire and engineered
products plants in the United States.  The USW is expected to
schedule ratification votes at all plants in the coming days.

The previous three-year labor agreement expired July 22, 2006.  
The Goodyear Tire employees who are USW members have been on
strike since Oct. 5, 2006.
    
The tentative agreement, which covers workers at 12 tire and
engineered products plants in the United States, gives Goodyear
& Tire the ability to reduce excess high-cost manufacturing
capacity, reduce legacy costs, improve productivity and reduce
labor costs consistent with the four point cost reduction plan
that was announced to investors in 2005.  The tentative
agreement:

          -- Secures retiree medical benefits through an
             independently administered Voluntary Employees'
             Beneficiary Association (VEBA) to be launched with
             an up front US$1 billion contribution from Goodyear
             & Tire to consist of US$700 million in cash and up
             to US$300 million in additional cash or common
             stock at the company's option.  Subject to court
             and regulatory approvals, the VEBA would assume
             full responsibility for providing retiree medical
             benefits to all present and future Goodyear USW
             retirees;

          -- Consistent with Goodyear & Tire's previously
             disclosed of plans to exit certain segments of the
             private label tire business, provides for the
             closing of the Tyler, Texas, facility
             after Dec. 31, 2007;
    
          -- Delivers substantial improvements in labor costs
             and productivity through redesign of incentive
             systems and immediate implementation of market-
             based wage and benefit levels for all new hires;

          -- Improves job security and provides capital
             investments in USW plants of at least US$550
             million over the life of the agreement.

The 12 master contract plants covered by the tentative agreement
are:

          -- Akron, Ohio;
          -- Buffalo, New York;
          -- Danville, Va.;
          -- Fayetteville, North Carolina;
          -- Gadsden, Alabama;
          -- Lincoln, Nebraska;
          -- Marysville, Ohio;
          -- St. Marys, Ohio;
          -- Sun Prairie, Wisconsin;
          -- Topeka, Kansas;
          -- Tyler, Texas; and
          -- Union City, Tennessee.

Goodyear & Tire will hold a conference call in January for
investors, financial analysts and media to discuss specifics of
the new contract if the tentative agreement is ratified by the
USW membership.  The timing of that call will be announced at a
later date.

Goodyear & Tire said that its tentative agreement with USW
supports its strategy to significantly reduce costs and improve
competitiveness in its North American operations.

"Our goal was always to reach a fair agreement that improves our
ability to compete and win with customers.  This agreement would
accomplish that goal," said Robert J. Keegan, chairperson and
chief executive officer of Goodyear & Tire.
    
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Australia, China, India, Indonesia,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide, including Indonesia, Australia, China, India, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan, and
Thailand.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings has placed The Goodyear Tire & Rubber Company on Rating
Watch Negative.  Goodyear's debt and recovery ratings are:

    -- Issuer Default Rating (IDR) 'B';
    -- US$1.5 billion first lien credit facility 'BB/RR1';
    -- US$1.2 billion second lien term loan 'BB/RR1';
    -- US$300 million third lien term loan 'B/RR4';
    -- US$650 million third lien senior secured notes 'B/RR4';
    -- Senior Unsecured Debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V. (GDTE)

    -- US$EUR505 million European secured credit facilities
       'BB/RR1'.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service confirmed its B1 Corporate Family
Rating for The Goodyear Tire & Rubber Company in connection with
the rating agency's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the U.S.
Automotive and Equipment sectors.  Additionally, Moody's revised
or held its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

Issuer: The Goodyear Tire & Rubber Company

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Lien Credit
   Facility               Ba3      Ba1     LGD 2      10%

   Second Lien Term
   Loan                   B2       Ba3     LGD 3      35%

   Third Lien Secured
   Term Loan              B3       B2      LGD 4      63%

   11% Senior Secured
   Notes                  B3       B2      LGD 4      63%

   Floating Rate Senior
   Secured Notes          B3       B2      LGD 4      63%

   9% Senior Notes        B3       B2      LGD 4      63%

   6-5/8% Senior Notes    B3       B3      LGD 6      94%

   8-1/2% Senior Notes    B3       B3      LGD 6      94%

   6-3/8% Senior Notes    B3       B3      LGD 6      94%

   7-6/7% Senior Notes    B3       B3      LGD 6      94%

   7% Senior Notes        B3       B3      LGD 6      94%

   Senior Unsecured
   Convertible Notes      B3       B3      LGD 6      94%


Issuer: Goodyear Dunlop Tires Europe B.V.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Euro Revolving
   Credit Facilities      B1       Ba1     LGD 2      10%

   Euro Secured
   Term Loan              B1       Ba1     LGD 2      10%

Moody's Investors Service also assigned a B2, LGD4, 63% rating
to Goodyear Tire & Rubber Company's new US$1 billion offering of
unsecured notes.  At the same time, the rating agency affirmed
Goodyear's Corporate Family Rating of B1 and negative outlook
and revised its Speculative Grade Liquidity rating to SGL-2.


PORTOLA PACKAGING: Restructuring Cues Moody's Stable Outlook
------------------------------------------------------------
Moody's Investors Service changed the outlook for the ratings of
Portola Packaging, Inc. to stable from negative and concurrently
affirmed existing ratings including the Caa1 Corporate Family
Rating.

The change of the ratings outlook to stable from negative
acknowledges the improvements realized by Portola's
restructuring efforts, which have served to buoy its operations
and financial metrics.

Moreover, liquidity has remained adequate during difficult
periods and is expected to remain adequate throughout the near
term.

The stable outlook also recognizes the consistency of its dairy,
juice, and water businesses, long-term customer relationships
coupled with a high percent of business under contract.

Anticipated improvement in resin costs and the company's ability
to pass through cost increases to customers with moderate lag
effects also contribute to the stability of the ratings outlook.
There is an expectation of modestly higher spending on research
and development as well as a reallocation of and potential
increase in capital expenditures to support growth and
manufacturing projects.

The stable outlook also incorporates the expectation of no
material litigation during fiscal 2007 and includes some likely
increase in working capital requirements primarily due to the
timing of larger projects late in fiscal 2006 that run into
2007.

Should the company continue to perform according to
expectations, Moody's believes that a positive outlook change
could be considered during the near term.  Specifically,
sustained improvement in free cash flow to debt in the mid-
single digits coupled with EBIT coverage of interest expense in
excess of 1x, and modest improvement in margins and returns
above current levels could trigger a more favorable change in
the outlook and/or the ratings.

Given Portola's weak, albeit improved, financial profile, there
is little tolerance for negative variance under operating and
financial expectations.  Any deterioration in performance,
change in business strategy, or meaningful reduction in
liquidity could put negative pressure on the outlook and
ratings.

The affirmation of the Portola's Caa1 CFR reflects Portola's
ongoing business challenges in many of its segments which
pressure volume and margins due to weak demand in the
cosmetics/fragrances/toiletries markets at Tech, general mix and
volume concerns globally, and inflationary costs.  While
acknowledging that major restructuring is likely behind Portola
for most of its businesses, certain segments remain impaired and
in need of further realignment - namely, Tech, the UK, and to a
lesser extent, the Mexican operations.

The application of Moody's Global Packaging Manufacturers Rating
Methodology yields a Caa1 indicated CFR, which is consistent
with the actual rating.  Weak scores in Financial Leverage and
Interest Coverage as well as in Competitive Position are the
principal drivers of the rating.

Moody's affirmed these ratings:

   -- B1 rating for the US$60 million Guaranteed Senior Secured
      Revolver, LGD-2, 11%

   -- Caa2 rating for the US$180 million Guaranteed Senior
      Unsecured Notes due 2012, LGD-4, 65%

   -- Caa1 Corporate Family Rating

   -- Caa1 Probability of Default Rating

The ratings outlook changed to stable from negative.

Portola Packaging Inc. -- http://www.portpack.com/-- designs,  
manufactures and markets tamper evident plastic closures used in
dairy, fruit juice, bottled water, sports drinks, institutional
food products and other non-carbonated beverage products.  The
company also produces a wide variety of plastic bottles for use
in the dairy, water and juice industries, including various high
density bottles, as well as five-gallon polycarbonate water
bottles.  In addition, the company designs, manufactures and
markets capping equipment for use in high speed bottling,
filling and packaging production lines.  The company is also
engaged in the manufacture and sale of tooling and molds used in
the blow molding industry.  The company has locations in China,
Mexico and Belgium.


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


BENEFON OYJ: Board of Directors Calls Fifth Financing Tranche
-------------------------------------------------------------
The Board of Directors of Benefon Ojj has decided to call the
fifth tranche of financing according to financing commitment
disclosed on Sept. 28, 2006.

         Previous Tranches       Disclosure and Raise Date
         -----------------       -------------------------
         Tranche 1                    Oct. 3
         Tranche 2                    Oct. 24
         Tranche 3                    Nov. 7
         Tranche 4                    Nov. 27

The fourth tranche has been fully paid and the Board has also
accepted the subscriptions of option rights 2006A.

The Board decided to raise an interest free loan a total amount
of EUR1.5 million from Luben Limited and in connection with the
loan issue 2,250,000 option rights to Luben Limited.  The loan
is interest free and it falls due for repayment in four equal
arrears during 2009-2012 on the annual due date of June 30.

The Company will be entitled to repay the loan before its
maturity either as a whole or in part.

The option rights are of series 2006B and will be given without
charge.  Each option right gives the right to subscribe for one
new investment series share of the company at a subscription
price of EUR0.10.

Of each new share EUR0.01 is to be booked to company's share
capital and the remainder to invested unrestricted equity fund.

As a result of subscription of the shares company's share
capital may increase by a maximum of EUR22,500 and invested
unrestricted equity fund by EUR202,500.  

The option rights may be exercised during the share subscription
period between Feb. 1, 2007, and Dec. 31, 2012.

Subscription period for the option rights and the loan begins on
Dec. 15, 2006, and ends on Jan. 3, 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.


BENEFON OYJ: Jonathan Bate Quits as Chief Executive Officer
-----------------------------------------------------------
Jonathan Bate has resigned as Chief Executive Officer of Benefon
Oyj with immediate effect.  The Board accepts his resignation
and releases him from his duties.

The Board of Directors is actively conducting a search for a new
Chief Executive Officer.  During the search, Tomi Raita, Chief
Operating Officer and former Chief Executive of Benefon will
assume the responsibilities of Chief Executive Officer.

                         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.


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F R A N C E
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COLFAX CORP: S&P Affirms BB- Ratings & Gives Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Colfax
Corp. to stable from positive.  At the same time, Standard &
Poor's affirmed the 'BB-' corporate credit and secured bank loan
ratings.

"The outlook revision follows Colfax's announcement of its
planned acquisition of Lubrication Systems Company and resulting
debt leverage that exceeds our expectations required for a
higher rating," said Robert Wilson Standard & Poor's credit
analyst.  The meaningful debt increase from the proposed
acquisition results in a financial profile commensurate with the
current rating.

The ratings on Richmond, Virginia-based Colfax, a leading
marketer and manufacturer of pump products to the oil and gas
and power generation industries, among others, reflect the
company's weak business profile.  Also, the company's financial
policy remains aggressive.  Colfax is expected to continue to
invest in its fluid-handling segment, where it maintains leading
niche positions, albeit in mature markets.

Colfax has operations in India, Germany and France.


COOPER COMPANIES: Weak Financial Results Cue S&P's Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Lake
Forest, California-based specialty medical device maker Cooper
Companies Inc., including the 'BB' corporate credit rating, on
CreditWatch with negative implications.

"The CreditWatch listing reflects the company's weak fiscal 2006
fourth quarter and its downward revision in guidance for 2007,
the most recent in a succession of lowered expectations,"
explained Standard & Poor's credit analyst Cheryl Richer.

Prospectively, lower cash flow will limit Cooper's ability to
pay down debt as quickly as we had anticipated. Contributing to
the 3% constant currency drop over the 2005 period were delays
in the consolidation of U.S. distribution facilities, a more
complex silicone hydrogel ramp up than expected, and a slowdown
in global demand for soft contact lenses.  Furthermore, as the
market transitions to silicone hydrogel lenses, estimated by
Cooper to be 44% of new patient fits, the inability to capture
customers translates into lost market share opportunities given
that historical switching patterns are low.

The 'BB' rating reflects Cooper's largely single product line
focus and its need to compete against much larger players.  This
is partially offset by its solid No. 3 position (18% global
market share) in the US$4 billion soft contact lens industry.  
The company is exposed to technology changes, as well as the
risks inherent in integrating its largest ever acquisition
(Ocular Sciences Inc.), made in January 2005--a process expected
to span three years.  Despite the recent slowdown in demand
(which could be attributed to inventory build up), Cooper
benefits from favorable industry demographics, a growing teen
population (the primary users), increased incidence of myopia,
and continued improvement in soft contact lens visual acuity,
comfort, and care.

Standard & Poor's will meet with management to discuss its
strategy in addressing our concerns.  S&P expects to resolve the
CreditWatch listing in January.

The company has operations in Japan, Australia and France.


NEVRAX FRANCE: Gameforge Takes Over Ryzom Developer
---------------------------------------------------
Gameforge AG is taking over "The Saga of Ryzom" as well as the
French developer studio Nevrax France SARL.

The business operations will be transferred to the newly founded
Gameforge SARL, headquartered in Paris, which will become a 100%
sister company of Gameforge AG.

Nevrax has been developing and operating "The Saga of Ryzom,"
the first third generation client-based Massively Multiplayer
Online Role Playing Game (MMOG).  This game differs from other
games by its innovative concept and the individual world it
creates.  This fantasy game has a loyal group of followers in
its German, English and French localized version and has become
one of the fixtures in the MMOG scene.

"We gambled and took over an excellent product as well as
qualified employees.  In addition, we opened an office in
France, one of our most important markets.  We just had to do
it," says Klaas Kersting, CEO and founder of Gameforge AG.

Gameforge AG has a base community of more than 4.5 million
active players worldwide, thus offering a solid start point for
"The Saga of Ryzom".  Gameforge's subsidiary Gameforge 4D is
already an active publisher of MMOG.

"We will work hard in cooperation with our future employees on
further developing the game and offering our players a truly
fantastic product in the process.  Our competencies in community
management, marketing and publishing benefit this project
greatly," states Mr. Kersting.

Gameforge AG opens its first foreign office with this French
branch in Paris.

                     About Gameforge AG

Headquartered in Karlsruhe, Germany, Gameforge AG develops and
publishes "Massively Multiplayer Online Games".  The company
also licenses, internationalizes and markets products for
worldwide publishing.   The products are adapted to the
linguistic and cultural needs of the different markets and
promoted with cross-media and viral marketing campaigns, adapted
to target groups.

An essential basis for the development and success of viral
marketing are the huge communities that carry these games.  Very
experienced community managers support each game and ensure that
each user enjoys high quality support in his or her own
language.  Gameforge games are of high technological quality.  
The developers keep the games constantly on the cutting edge of
technology, developing new features and thus ensuring permanent
fun for the users.

An additional business branch is added by publishing client-
based MMOG for the European market.  The 100% subsidiary,
Gameforge4D GmbH, localizes these products into different
languages and introduces them to individual markets.

Gameforge has 45 employees as of the end of 2006.

                           About Nevrax

Founded in early 2000, Paris-based Nevrax France SARL is an
online game and software development company that specializes in
Massively Multi Players' Online Games.  Utilizing NeL, its open
source platform, NEVRAX's team of 50+ engineers and designers
are nearing the completion of their first MMORPG, a Science
Fantasy game entitled, "The Saga of Ryzom".

Ryzom is an innovative MMORPG, which has been developed since
the year 2000 by the independent studio, Nevrax.  For the past
two years Ryzom has been marketed and sold to gamers, developing
a fiercely loyal fanbase.

As reported in the TCR-Europe on Dec. 7, Nevrax, which launched
The Saga of Ryzom in September 2004, was forced to file
bankruptcy proceedings at the commerce tribunal "due to market
conditions and other unforeseen circumstances".


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


DAIMLERCHRYSLER AG: Union May Grant Health Care Concessions
-----------------------------------------------------------
United Auto Workers president Ron Gettelfinger said the union
may grant health-care cost concessions to DaimlerChrysler AG's
Chrysler Group after the automaker posted US$1.5 billion net
loss in the third quarter, published reports say.

Mr. Gettelfinger in a radio interview with Detroit radio station
WJR, said that the union is conducting an independent financial
study, just like what the union did with General Motors Corp.
and Ford Motor Company.

The study will evaluate DaimlerChrysler's actual financial
standing before the union will decide to offer concessions.  The
UAW, however, encounters difficulty in finding financial data it
needs.

GM, Ford, and DaimlerChrysler started asking for concessions in
2005, but Chrysler's plea was denied because of its relative
financial health at that time, MarketWatch reports.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,  
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant  price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                           Outlook

As reported in the TCR-Europe on Oct. 30, DaimlerChrysler said
it expects a slight decrease in worldwide demand for automobiles
in the fourth quarter and thus slower market growth than in Q4
2005.  For full-year 2006, the company anticipates market growth
of around 3%.  It expects unit sales in 2006 to be lower than in
the previous year (4.8 million units).

On Sept. 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of US$6.3
billion.  Although the company now has to assume that the profit
contribution from EADS will be US$0.3 billion lower than
originally anticipated because of the delayed delivery of the
Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions
Mercedes Car Group, Truck Group and Financial Services.


EROTHITAN TITANIMPLANTATE: Claims Registration Ends January 5
-------------------------------------------------------------
Creditors of Erothitan Titanimplantate Aktiengesellschaft have
until Jan. 5, 2007, to register their claims with court-
appointed provisional administrator Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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 Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against Erothitan Titanimplantate Aktiengesellschaft on Nov. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Erothitan Titanimplantate Aktiengesellschaft
         Attn: Wolfgang Roth, Manager
         Auenstrasse 3-5
         98529 Suhl, Germany

The administrator can be contacted at:

         Sebastian Nolte
         Peterstrasse 5
         99084 Erfurt, Germany


EWS ERDWARME: Claims Registration Ends January 6, 2007
------------------------------------------------------
Creditors of EWS Erdwarme-Systemtechnik GmbH & Co. KG have until
Jan. 6, 2007, to register their claims with court-appointed
provisional administrator Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 26, 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 Paderborn
         Meeting Room 230a
         2nd Floor
         Bogen 2-4
         33098 Paderborn, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Paderborn opened bankruptcy proceedings
against EWS Erdwarme-Systemtechnik GmbH & Co. KG on Dec. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         EWS Erdwarme-Systemtechnik GmbH & Co. KG
         Leihbuehl 21
         33165 Lichtenau, Germany

         Attn: Guenter Benik and Oliver Kohlsch, Managers
         Geibelstrasse 2
         33129 Delbrueck, Germany

The administrator can be contacted at:

         Dr. Frank Kebekus
         Liboriberg 21
         33098 Paderborn, Germany


GASTHOF DE KRUUKE: Claims Registration Ends January 3, 2007
-----------------------------------------------------------
Creditors of Gasthof de Kruuke Vonderman KG have until
Jan. 3, 2007, to register their claims with court-appointed
provisional administrator Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 17, 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn, 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 Nordhorn opened bankruptcy proceedings
against Gasthof de Kruuke Vonderman KG on Nov. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gasthof de Kruuke Vonderman KG
         Attn: Werner Alexander Marcus Vonderman, Manager
         Frensdorfer Road 3
         49828 Neuenhaus, Germany

The administrator can be contacted at:

         Holger Zbick
         Marktplatz 2-4
         48712 Gescher, Germany
         Tel: 02542/9178-10
         Fax: 02542/9178-28
         E-mail: inso@zbick-deckert.de


HEIZUNGS- U SANITARBAU: Claims Registration Ends January 4, 2007
----------------------------------------------------------------
Creditors of Heizungs- u. Sanitarbau Borchardt GmbH have until
Jan. 4, 2007, to register their claims with court-appointed
provisional administrator Jens Koeke.

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

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B11
         Maschmuehlenweg 11
         37073 Goettingen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Goettingen opened bankruptcy proceedings
against Heizungs- u. Sanitarbau Borchardt GmbH on Nov. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Heizungs- u. Sanitarbau Borchardt GmbH
         Baseuber 6
         37115 Duderstadt, Germany

The administrator can be contacted at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen, Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


HELMET HOUSE: Claims Registration Ends January 4, 2007
------------------------------------------------------
Creditors of Helmet House GmbH have until Jan. 4, 2007, to
register their claims with court-appointed provisional
administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Jan. 25, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against Helmet House GmbH on Nov. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Helmet House GmbH
         Reisholzer Werftstr. 19
         40589 Duesseldorf, Germany

         Attn: Winfried Klar, Manager
         Eisvogelring 53
         26135 Oldenburg, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Graf-Adolf-Place 15
         40213 Duesseldorf, Germany


HERGET GMBH: Claims Registration Ends January 4, 2007
-----------------------------------------------------
Creditors of Herget GmbH have until Jan. 4, 2007, to register
their claims with court-appointed provisional administrator
Wilhelm Oelert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Herget GmbH on Nov. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Herget GmbH
         Leipziger Road 23
         64372 Ober-Ramstadt, Germany

         Attn: Gunter Herget, Manager
         Hofgasse 11
         64372 Ober-Ramstadt, Germany

The administrator can be contacted at:

         Wilhelm Oelert
         Baustrasse 17
         64372 Ober-Ramstadt, Germany
         Tel: 06154/630848
         Fax: 06154/630850


HOLZHOF AURICH: Claims Registration Ends January 2, 2007
--------------------------------------------------------
Creditors of Holzhof Aurich GmbH Holzbearbeitung und
Holzverarbeitung have until Jan. 2, 2007, to register their
claims with court-appointed provisional administrator Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Feb. 13, 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 Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Holzhof Aurich GmbH Holzbearbeitung und Holzverarbeitung
on Nov. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Holzhof Aurich GmbH Holzbearbeitung und
         Holzverarbeitung
         Attn: Anja Aurich, Manager
         Bahnhof 4
         08223 Gruenbach-Muldenberg,
         Germany

The administrator can be contacted at:

         Bernward Widera
         Buttenstrasse 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de  


HONITEC EDV: Claims Registration Ends January 5, 2007
-----------------------------------------------------
Creditors of HoNiTec EDV-Vertrieb und Zubehor GmbH have until
Jan. 5, 2007, to register their claims with court-appointed
provisional administrator Hans Joerg Ittenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Saarbruecken
         Meeting Room 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany
      
The Court will also verify the claims set out in the
administrator's report at 8:45 a.m. on Feb. 5, 2007, at the same
venue.

The District Court of Saarbruecken opened bankruptcy proceedings
against HoNiTec EDV-Vertrieb und Zubehor GmbH on Dec. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HoNiTec EDV-Vertrieb und Zubehor GmbH
         Attn: Harald Hobstetter and Michael Nisius, Managers
         Brckenstrasse 18
         66763 Dillingen, Germany

The administrator can be contacted at:

         Dr. Hans Joerg Ittenbach
         Faktoreistrasse 4
         66111 Saarbruecken, Germany


HOERCHER GESELLSCHAFT: Claims Registration Ends January 9, 2007
---------------------------------------------------------------
Creditors of Hoercher Gesellschaft fuer Anlagenbau und
Energiesysteme mbH have until Jan. 9, 2007, to register their
claims with court-appointed provisional administrator Stephanie
Pidun.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 20, 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 Reinbek
         Park Avenue 6
         21465 Reinbek, 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 Reinbek opened bankruptcy proceedings
against Hoercher Gesellschaft fuer Anlagenbau und Energiesysteme
mbH on Nov. 27.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Hoercher Gesellschaft fuer Anlagenbau und
         Energiesysteme mbH
         Attn: Olaf Hoercher, Manager
         Hollanderkoppel 23-25
         23858 Reinfeld, Germany

The administrator can be contacted at:

         Stephanie Pidun
         Jungfernstieg 51
         20354 Hamburg, Germany


PRIME 2006-1: Moody's Rates EUR13-Mln Class E1 Notes at (P)Ba2
--------------------------------------------------------------
Moody's assigned provisional ratings to these five classes of
Notes to be issued by Prime 2006-1 Funding Limited Partnership:

   -- EUR119,600,000 Class A1 Floating Rate Notes: (P)Aaa;
   -- EUR15,000,000 Class B1 Floating Rate Notes: (P)Aa3;
   -- EUR20,000,000 Class C1 Floating Rate Notes: (P)A3;
   -- EUR13,900,000 Class D1 Floating Rate Notes: (P)Baa3; and
   -- EUR13,000,000 Class E1 Floating Rate Notes: (P)Ba2.

Prime 2006-1 Funding Limited Partnership will also issue
EUR15,000,000 Class F Notes which are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity in August 2015.

In this transaction, Prime 2006-1 Funding Limited Partnership
will refinance a static portfolio comprising 29 profit
participation agreements (Genussscheine) of German small and
medium sized corporate borrowers initially originated by LBBW,
HSH Nordbank and Hamburger Sparkasse.  The portfolio includes
two types of profit participation agreements, specifically,
Smart Mezzanine 100 Loans which are deeply subordinated loans
for which the fixed remuneration can be deferred upon debtor
request and Smart Mezzanine Loans, which essentially are
preferred stock instruments meeting the standard of the German
Commercial Code.  The portfolio's aggregate nominal amount is
EUR196.5 million.  The profit participation agreements represent
hybrid instruments ranking between debt and equity in the
capital structure of the borrower.  The principal redemption of
such profit participation agreements will depend on the
financial situation of the debtors.

In its analysis, Moody' used a Monte Carlo simulation in order
to assess the likelihood of a non-payment of interest and
principal by the debtors over the life of the transaction.  
Under this approach, the rating migration of each debtor was
modeled for each interest period.  In addition, for each such
interest period, Moody's considered the likelihood of a payment
deferral to occur as a function of the debtor's then current
rating and the rating migration path over the past years.
Eventually, the interest and principal cash flows modeled in
each period were aggregated and then allocated to the rated
notes in accordance with the transaction waterfall.  Based on
such cash flow allocation, Moody's calculated the (potential)
losses at the legal final maturity for each of the rated notes.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign a definitive rating to
the transaction.  A definitive rating may differ from a
provisional rating.  Moody's ratings address only the credit
risks associated with the transaction, other non-credit risks
have not been addressed, but may have significant effect on
yield to investors.  Moody's ratings are subject to revision,
suspension or withdrawal at any time at our absolute discretion.
The ratings are expressions of opinion and not recommendations
to purchase, sell or hold securities.


VISTEON CORP: Names Two Chief Officers to Board of Directors
------------------------------------------------------------
Visteon Corp. elected Richard J. Taggart, executive
vice president and chief financial officer for Weyerhaeuser Co,
and Donald J. Stebbins, Visteon president and chief operating
officer, to the company's board of directors, effective
Dec. 15, 2006.

Mr. Taggart has spent nearly 30 years in positions of increasing
responsibility at Weyerhaeuser, North America's largest forest
products company with 2005 revenue of US$22.6 billion.  Mr.
Taggart was named to his current position at Weyerhaeuser in
2003 after serving as vice president, finance; vice president
and treasurer; and vice president, investor relations.

"Richard Taggart is an insightful business leader with strong
financial knowledge and background," said Michael F. Johnston,
Visteon chairman and chief executive officer.  "He will bring a
wealth of experience to serve our shareholders well."

Mr. Stebbins brings more than 20 years business experience in a
number of financial and operational roles.  He joined Visteon in
2005 from Lear Corp., where he last served as president and
chief operating officer of the company's operations in Europe,
Asia and Africa.  During his tenure at Lear, Mr. Stebbins
progressed through a variety of senior leadership roles,
including serving as senior vice president and chief financial
officer.

"Don's solid understanding of the business dynamics that Visteon
must address to succeed has led to significant improvements in
our operations," Mr. Johnston said.  "He will add valuable
perspective to the board as we continue to execute our three-
year plan to position Visteon for sustainable success."

Visteon also disclosed that Marla C. Gottschalk will be stepping
down from the board.  Ms. Gottschalk, chief executive officer of
The Pampered Chef, Inc., has been a Visteon director since March
2003.

"Marla has been a valued member of our board, and Visteon has
benefited from her contributions," Johnston said.

As Visteon's board of directors continues to evaluate its
composition, it expects to increase its size to accommodate
another addition to the board in 2007.

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries,
including Mexico, and employs approximately 50,000 people.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on auto supplier Visteon Corp.'s senior secured
bank facility, following the announcement that the company will
increase its term loan to US$1 billion from US$800 million.

The secured loan rating is 'B' and the recovery rating is '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.


WACHENFELD ROHRLASERTECHNIK: Claims Registration Ends January 4
---------------------------------------------------------------
Creditors of Wachenfeld Rohrlasertechnik GmbH have until
Jan. 4, 2007, to register their claims with court-appointed
provisional administrator Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Jan. 25, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Wachenfeld Rohrlasertechnik GmbH on Dec. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Wachenfeld Rohrlasertechnik GmbH
         Uellendahler Str. 353
         42109 Wuppertal, Germany

         Attn: Carsten Hoeffer, Manager
         Cronenfelder Str. 52
         42349 Wuppertal, Germany

The administrator can be contacted at:

         Dr. Helmuth Liesegang
         Briller Road 2
         42103 Wuppertal, Germany


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


VALEANT PHARMA: Ardea Biosciences Acquires Firm's Assets
--------------------------------------------------------
Ardea Biosciences Inc. (fka IntraBiotics Pharmaceuticals Inc.)
has acquired significant intellectual property and other assets
from Valeant Pharmaceuticals International and hired a new
senior management team.

With these developments, Ardea Biosciences will pursue three
pharmaceutical programs focused on the development of novel
treatments for HIV, cancer and inflammatory diseases.  The
company changed its name to Ardea Biosciences, Inc. effective
Dec. 21, 2006, and expects that its common stock will be traded
under the new name and a new ticker symbol (to be assigned by
Nasdaq) in the near future.

                     Purchase Agreement

On Dec. 21, 2006, Ardea Biosciences signed a definitive asset
purchase agreement with Valeant Pharmaceuticals.  Under this
agreement, Ardea Biosciences acquired substantially all of the
assets, including intellectual property, preclinical data,
product inventory, and research equipment, necessary for the
company to pursue three distinct pharmaceutical research and
development programs.  The three programs are:
    
          -- 800 Series Program.  The 800 Series Program is
             Ardea Biosciences 's lead program, currently in
             late preclinical development, and is directed
             toward the discovery of non-nucleoside reverse
             transcriptase inhibitors (NNRTIs) for the potential
             treatment of HIV.  The lead clinical candidate from
             the program is AR806.  In vitro preclinical tests
             of AR806 have shown it to be a potent inhibitor of
             a wide range of HIV viral isolates, including
             isolates that are resistant to efavirenz
             (Sustiva(R), Bristol-Myers Squibb) and other
             currently available NNRTIs.  Based on early in
             vitro and in vivo preclinical data, the company
             anticipates that this compound could have a
             pharmacokinetics profile that would support
             formulation as a once-daily oral drug, may have
             limited pharmacokinetic interactions with other
             drugs, and may be readily co-formulated with other
             HIV antiviral drugs.  The company plans to initiate
             a Phase I clinical study of AR806 in the second
             quarter of 2007.

          -- 900 Series Program.  Ardea Biosciences 's 900
             Series Program, which is in early preclinical
             development, is also directed toward the discovery
             of NNRTIs for the potential treatment of HIV.  The
             compounds in the 900 Series Program are from a
             chemical class that is distinct from the chemical
             class being investigated in the 800 Series Program.  
             Based on early preclinical data, the company
             believes that the compounds in the 900 Series
             Program may have the potential to improve the
             positive attributes of the compounds in the 800
             Series Program.  They appear to have greater
             activity against a wide range of drug-resistant
             viral isolates, may have the potential for once-
             daily oral dosing, and may be readily co-formulated
             with other HIV antiviral drugs.  The company hopes
             to be able to select a development candidate from
             this program in early 2007 and to initiate a Phase
             I clinical study of this candidate in the fourth
             quarter of 2007.

          -- 100 Series Program.  Ardea Biosciences' 100 Series
             Program, which is in preclinical development, is
             directed toward the discovery of small-molecule
             kinase inhibitors for the potential treatment of
             cancer and vinflammation.  AR119 is the company's
             lead development candidate from the 100 Series
             Program.  In early preclinical tests, AR119 has
             shown potential as a potent and selective inhibitor
             of MEK (Mitogen-activated ERK Kinase), which is
             believed to play an important role in cancer cell
             proliferation, apoptosis and metastasis as well as
             inflammatory cell signaling.  Preclinical data
             suggest that AR119 may have favorable
             pharmaceutical properties, including the potential
             for once-daily oral dosing.  The company hopes to
             initiate a Phase I clinical study of AR119 in the
             third quarter of 2007.

In connection with the launch of the research and development
programs, Ardea Biosciences has hired three key individuals to
form a newly constituted management team.  To support this new
management team, the company is in the process of hiring
approximately 50 additional people, many of whom used to work on
the acquired programs at Valeant Pharmaceuticals.

Once this hiring process is complete in early January 2007,
Ardea Biosciences expects to have a fully integrated research
and development organization.  

Ardea Biosciences is moving its corporate headquarters to San
Diego, CA, and its research facilities will be located in Costa
Mesa, CA.  The company's new management team brings together
extensive experience in the development and commercialization of
pharmaceutical products for the treatment of HIV and cancer.  
The team is comprised of:
    
          -- Barry D. Quart, as president, chief executive
             officer and director.  Dr. Quart has also been
             elected to Ardea Biosciences' board of directors.  
             Dr. Quart has been President of Napo
             Pharmaceuticals, Inc. since 2002, which went public
             on the London Stock Exchange in July 2006.  Before
             Napo, Dr. Quart was senior vice president at Pfizer
             Global Research and Development and the director of
             Pfizer's La Jolla Laboratories.  Prior to Pfizer's
             acquisition of the Warner-Lambert Co., Dr. Quart
             was president of research and development at
             Agouron Pharmaceuticals, Inc., a division of the
             Warner-Lambert Co.  Dr. Quart joined Agouron in
             1993 and was instrumental in the development and
             registration of nelfinavir (Viracept(R)), which
             went from the lab bench to NDA approval in 38
             months.  Before Agouron, Dr. Quart spent over ten
             years at Bristol-Myers Squibb and was actively
             involved in the development and registration of
             important drugs for the treatment of HIV and
             Cancer, including paclitaxel (Taxol(R)), didanosine
             (Videx(R)), and stavudine (Zerit(R)).  

          -- Zhi Hong, Ph.D., as executive vice president of
             research and chief scientific officer.  Dr. Hong
             was previously vice president of research at
             Valeant Pharmaceuticals, which he joined in 2000.  
             During his tenure with Valeant Pharmaceuticals, Dr.
             Hong directed both the virology and
             cancer/immunology programs and held leadership
             positions on the HBV, HCV and HIV project teams
             that led to four U.S. investigational new drug
             applications in six years.  Before joining Valeant
             Pharmaceuticals, Dr. Hong was with Schering-Plough
             Research Institute.  He is an expert in viral
             replication and a renowned investigator in the
             mechanism of action of ribavirin and interferon.  

          -- Kimberly J. Manhard, as senior vice president of
             regulatory affairs and operations.  Ms. Manhard has
             been president of her own consultancy since 2003,
             specializing in the development of small molecules
             intended for antiviral, oncology, central nervous
             system, and gastrointestinal indications, and was
             responsible for filing five initial U.S. INDs and
             multiple clinical trial applications in the
             European Union and Canada.  Prior to starting her
             consultancy, Ms. Manhard was vice president of
             regulatory affairs for Exelixis, Inc.  Previously,
             she was head of regulatory affairs for Agouron
             Global Commercial Operations (a Pfizer Company),
             supporting marketed HIV products.  She joined
             Agouron in 1996 as director of regulatory affairs
             and was responsible for anticancer and antiviral
             products, including nelfinavir.  Prior to Agouron,
             she was with Bristol-Myers Squibb for over 5 years
             in regulatory affairs.

          -- Denis Hickey, as chief financial officer.  Mr.
             Hickey has resigned as Ardea Biosciences' chief
             executive officer and will continue as chief
             financial officer.  Mr. Hickey had been the
             company's chief executive officer since June 2005,
             when the company ceased all operations, and was
             subsequently appointed as chief financial officer.
             Mr. Hickey is a founding principal of Hickey &
             Hill, Inc., a firm that specializes in the
             Management of companies in transition.  Mr. Hickey
             has served as chief executive officer, chief
             financial officer or controller for a number of
             companies.  Mr. Hickey also has public accounting
             and consulting experience with Touch Ross & Co.
             (now Deloitte & Touche, LLP).

Ardea Biosciences believes that there is a significant market
opportunity for its products, should they be successfully
developed, approved and commercialized.
    
In 2005, the worldwide market for HIV antivirals was estimated
at approximately US$8.0 billion, according to data from IMS
Health Incorporated's Retail Drug Monitor.  While the treatment
of HIV has improved dramatically over the past decade, there
remains a need for new treatments that are effective against
drug-resistant virus, well tolerated and convenient to take.  
Ardea Biosciences believes that its 800 and 900 Series NNRTIs
have the potential to meet this market need.

Ardea Biosciences believes that there is a growing interest in
the potential for targeted therapies, including kinase
inhibitors, in the treatment of both cancer and inflammatory
disease.  In 2005, the worldwide market for targeted therapies
for cancer was US$7.5 billion, according to Datamonitor plc, and
the worldwide market for targeted therapies for inflammatory
diseases was more than US$8 billion, according to data from IMS
Health Incorporated.  Given the role that MEK appears to play in
cancer and inflammatory diseases and the increasing preference
for oral therapies, the company believes that AR119, if
successfully developed, approved and commercialized, could
participate in these growing markets.

In consideration for the purchased assets from Valeant
Pharmaceuticals, subject to certain conditions, Valeant has the
right to receive development-based milestone payments and sales-
based royalty payments from Ardea Biosciences.

Assuming the successful commercialization of a product
incorporating a compound from the 800 Series Program or the 900
Series Program, these milestone payments could total US$25
million.  For the 100 Series Program, milestone payments could
total US$17 million, assuming the successful commercialization
of a product from that program.  For each program, milestones
are paid only once regardless of how many compounds are
developed or commercialized.  In each program, the first
milestone payment would be due after the completion of a proof-
of-concept clinical study in patients, and more than half of the
total milestone payments would be due after regulatory approval.  
The royalty rates on all products are in the mid-single digits.  
Ardea Biosciences agreed to further develop the programs with
the objective of obtaining marketing approval in the United
States, the United Kingdom, France, Spain, Italy and Germany.
    
Valeant Pharmaceuticals also has the right to exercise a one-
time option to repurchase commercialization rights in
territories outside the U.S. and Canada for Ardea Biosciences'
first NNRTI derived from the acquired intellectual property to
advance to Phase 3.  If Valeant Pharmaceuticals exercises this
option, which it can do following the completion of Phase 2b but
prior to the initiation of Phase 3, Ardea Biosciences would be
responsible for completing the Phase III studies and for the
registration of the product in the U.S. and European Union.

Valeant Pharmaceuticals would pay Ardea Biosciences a US$10
million option fee, up to US$21 million in milestone payments
based on regulatory approvals, and a mid-single digit royalty on
product sales in the Valeant Pharmaceuticals territories.

Ardea Biosciences also has entered into a research services
agreement with Valeant Pharmaceuticals under which it will
advance a preclinical program in the field of neuropharmacology
on behalf of Valeant Pharmaceuticals.  Under the agreement,
which has a one-year term with an option to extend, Valeant
Pharmaceuticals will pay Ardea Biosciences up to US$3.5 million
annually to advance the program, and Ardea Biosciences is
entitled to development-based milestone payments of up to US$1.0
million.  Valeant Pharmaceuticals will own all intellectual
property under this research program.

Ardea Biosciences is focusing its development efforts on disease
areas in which it believes it can reach clinical proof-of-
concept relatively quickly.  For 2007, the company hopes to
achieve the following clinical milestones:

    * Commence Phase 1 clinical trials with AR806 in the second
      quarter of 2007,

    * Commence Phase 1 clinical trials with AR119 in the third
       quarter of 2007,

    * Commence Phase 1 clinical trials with an NNRTI from the
      900 Series in the fourth quarter of 2007,

    * Commence a Phase 2a, proof-of-concept study with AR806
      before the end of 2007

Ardea Biosciences projects that it will have cash, cash
equivalents, and short-term investments of approximately US$48.3
million on Dec. 31, 2006, a reduction of US$0.7 million from
Sept. 30, 2006.  For 2007, Ardea Biosciences expects to use
approximately US$16-20 million in net cash resources to fund
operations and expects to end 2007 with approximately US$28-32
million in cash, cash equivalents, and short-term investments.

Ardea Biosciences expects its current cash resources to fund
operations through 2008.  These projections exclude any
potential impact of any future business development activity.

                  About Ardea Biosciences

Ardea Biosciences is focused on the discovery, development and
commercialization of novel treatments for HIV, cancer and
inflammatory diseases.

               About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/-- is a  
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  In
Europe, the company has commercial offices in Belarus, Czech
Republic, France, Germany, Hungary, Italy, The Netherlands,
Poland, Russia, Slovak Republic, Spain, Turkey, Ukraine, and the
United Kingdom.

                        *     *     *

As reported in the TCR-Europe on Dec. 20, Moody's Investors
Service downgraded the Corporate Family Rating of Valeant
Pharmaceuticals International to B2 from B1, and kept Valeant's
ratings under review for possible further downgrade.  Moody's
initially placed the ratings under review for possible downgrade
on Oct. 23, 2006.

This rating action follows the company's recent announcement
that the trustee for the holders of its 3% convertible notes due
2010 has declared a notice of default related to Valeant's late
filing of its Form 10-Q for the quarter ended Sept. 30.  

In a TCR-Europe report on Nov. 20, Standard & Poor's Ratings
Services lowered its ratings on Valeant Pharmaceuticals
International.  The corporate credit rating was lowered to 'B+'
from 'BB-'.  

The ratings remain on CreditWatch with negative implications,
where they were placed Oct. 24 to reflect the ongoing
uncertainty regarding the company's inability to file its Form
10-Q for the third quarter and the consequences if the company
is not able to resolve the situation in 60 days.


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


DAPHNE FINANCE: Moody's Assigns Ba2 Rating on Class F Notes
-----------------------------------------------------------
Moody's Investors Service assigned these definitive credit
ratings to notes issued by Daphne Finance 4 plc, an Irish
special-purpose company:

   -- EUR196,000,000 Class A Credit-Linked Floating Rate
      Notes due 2014: Aaa;

   -- EUR32,000,000 Class B Credit-Linked Floating Rate
      Notes due 2014: Aa2;

   -- EUR28,000,000 Class C Credit-Linked Floating Rate
      Notes due 2014: A1;

   -- EUR36,000,000 Class D Credit-Linked Floating Rate
      Notes due 2014: A3;

   -- EUR32,000,000 Class E Credit-Linked Floating Rate
      Notes due 2014: Baa3; and

   -- EUR24,000,000 Class F Credit-Linked Floating Rate
      Notes due 2014: Ba2.

These ratings are based on these factors:

   1. an assessment of the credit quality of the
      underlying reference entities;

   2. the portfolio substitution conditions and the model
      test criteria to be fulfilled at closing and for
      any change in the portfolio;

   3. the checking by an independent accountant of the
      portfolio change conditions and of the use of the
      Moody's CDOROMT model;

   4. the level of protection against losses of each
      relevant tranche provided through subordinated
      tranches and the threshold amount; and

   5. The legal and structural integrity of this transaction.

Daphne 4 will enter into a credit default swap with Calyon
whereby Daphne 4 provides protection on a EUR348-million
mezzanine portion of a EUR4-billion portfolio comprised
initially of 337 mainly European investment grade syndicated or
bilateral loans, advances, guarantees, overdrafts and corporate
bonds.  The obligations of Daphne 4 under this swap will be to
pay Calyon credit losses in the portfolio in excess of the
EUR92-million first loss position.  The portfolio is subject to
substitutions by Calyon, according to strict substitution
criteria, among which a test based on Moody's CDOROM model.

Daphne 4's obligations are collateralized by a Gage Agreement,
entered into with Calyon as collateral bank and the Trustee as
beneficiary, on behalf of all the secured creditors of the
transaction.  Upon the issue of the Notes, the issuer deposited
the proceeds of the Notes at the collateral bank under such Gage
Agreement.  This secures Daphne 4's obligations under the credit
default swap in the first instance, and the notes thereafter.
The notes will be written down to reflect any payments under the
credit default swap.  The transaction is essentially insulated
against risks other than those of the reference portfolio.


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


ALITALIA SPA: Gives Buyer Free Hand to Decide on Redundancies
-------------------------------------------------------------
The Italian government has not decided on the number of
employees that would be retained after it sells its 30% stake in
ailing national carrier Alitalia S.p.A., Reuters says.

"On employment, it's not been said that there will be precise
obligations," Tommaso Padoa-Schioppa, Italy's Economy Minister,
said.

Mr. Padoa-Schioppa said it is up to the stake's buyer on how
much Alitalia workforce it should retain.

"It's obvious that the entrepreneurs who will make bids should
present an industrial plan that takes into account the state of
Alitalia's work force," Mr. Padoa-Schioppa added.

Mr. Padoa-Schioppa expects the sale process to be completed
within six months.

As reported in the TCR-Europe on Dec. 15, the Italian government
will publish the terms for the sale of its 30% stake in Alitalia
by the end of the year.  Mr. Padoa-Schioppa said the
government's sale advisor would draft the terms of the tender.

Italy has started inviting banks to act as advisors for the sale
of its 30.1% stake in carrier Alitalia S.p.A.  Letters were sent
to:

   -- Sanpaolo Imi S.p.A.,
   -- Unicredit,
   -- Mediobanca,
   -- Morgan Stanley, and
   -- Merrill Lynch.

In a TCR-Europe report on Dec. 13, Italy glued some conditions
on the sale.  The buyer must:

   -- launch a bid to acquire the whole carrier;

   -- keep Alitalia's logo, brand and national identity;

   -- have convincing and detailed business plans and
      commitments, which may include:

         -- a lock-up,
         -- adequate service offering;
         -- territorial coverage; and
         -- information on job levels

   -- continue to operate out of Milan's Malpensa Airport as
      well as Rome's Fiumicino.

Several Italian entrepreneurs are reportedly interested in
Alitalia, The Times reports.  Local bets include:

   -- Carlo Toto, founder of Air One,
   -- Luca di Montezemolo, head of Fiat and Ferrari;
   -- Diego Della Valle, chief of the Tod's shoe empire; and
   -- Banca Intesa and Sanpaolo IMI;

The government aims to complete the process by January 2007.  

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Italian Cabinet Approves Air Transport Reform
-----------------------------------------------------------
The cabinet of Italian Prime Minister Romano Prodi approved a
measure designed to reform Italy's air transport system by end
of 2007 and attract buyers to its 30.1% stake in Alitalia
S.p.A., The Associated Press reports.

"All the work we've done in these months... is aimed at creating
conditions so that someone invests in Alitalia," Transport
Minister Alessandro Bianchi said a news conference.  "We believe
there are investors which are interested."

Mr. Bianchi said the reform would make Italian airports more
efficient and accountable.  The measure would grant the
government more power over the companies that were awarded
concessions to operate airports, AP cites Mr. Bianchi.  The
measure would allow Italy to fine or "even withdraw a
concession" to airport operators that fail to adhere to state
rules.  Mr. Bianchi added that the reform only applies to future
concessions.

The reform also calls for a review of airport fees for airlines,
AP relys.  Alitalia CEO Giancarlo Cimoli has been asking Italy
to review airport fees to counter competition from low-cost
carriers, AP adds.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Hikes Year-on-Year Passenger Traffic in November
--------------------------------------------------------------
Alitalia S.p.A. released its traffic statistics for November
2006.

As for October and November 2006, international and
intercontinental passenger revenues showed an increase against  
last year.  

Traffic, measured in Revenue Passenger Kilometers, decreased
2.5% and the capacity, measured in Available Seat Kilometers
decreased 0.7%.  Therefore load factor decreased 1.3 percentage
point reaching 69.2%.

Alitalia carried 1.8 million passengers, down (-2.6%) compared
to the previous year.

Detailed comparisons with November 2005:

   -- Domestic Passenger Network: load factor almost in line to
      58.8%, with the number of passengers down 6.0% compared to
      last year.

   -- International Passenger Network: the number of passengers
      carried was up by 1.7%. With a capacity increase of 5.4%
      load factor was 62.1%.

   -- Intercontinental Passenger Network: load factor almost in
      line (-0.5 p.p.) to 79.3% compared to last year's.
      Capacity down 2.9% due to frequencies reductions linked to
      winter season start.

                        Cargo Operations

In November, Cargo, measured in Revenue Ton Kilometers,
increased by 36.1% while capacity was up 26.2%. Overall load
factor was equal to 70.0% up five percentage points.  To be
noted that within the positive long haul cargo network
performance routes to North Atlantic and Far East significantly
grew in the month (up 43.8 and 33% respectively).    

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


INTERCONFIDI NORDEST: Fitch Affirms & Withdraws Low-B Ratings
-------------------------------------------------------------
Fitch Ratings affirmed Italy-based Interconfidi Nordest's
ratings at Issuer Default BB+ with Stable Outlook, Short-term B,
Insurer Financial Strength BBB- and simultaneously withdrawn
them.

Fitch will no longer provide analytical coverage of Interconfidi
Nordest.


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


ASIAUNIVERSALBANK: Moody's Junks Local Currency Deposit Rating
--------------------------------------------------------------
Moody's Investors Service downgraded the long-term local
currency deposit rating of AsiaUniversalBank JSC (Kyrgyz
Republic) from B3 to Caa2 as well as its Financial Strength
Rating from E+ to E.  

The outlook on the Caa2 foreign currency and local currency
deposit ratings assigned to the bank has been changed to
negative from stable.

According to Moody's, this rating action concludes the review
process which was initiated in early 2006 following the issue of
a warning letter from the Central Bank of Russia pointing to
questionable transactions carried out between
AsiaUniversalBank's and some Russian banks.

Moody's notes that this rating action reflects the significant
damage to AUB's franchise in Russia.  Following the CBR's
letter, AUB had to cease its correspondent relations with the
bulk of its Russian bank-counterparts that used to account for a
substantial part of its funds transfer business and thus its
revenues.  Moody's believes that AUB has been able to recreate
its franchise by directing its correspondence business to other
CIS countries and by developing a domestic business.  However,
such efforts would require a significant track record to
mitigate the reputation risk the bank is currently exposed to.

Moody's said that changing the outlooks on the ratings to
negative stems from the fact that the audited IFRS-based
financial statements for 2005 have not yet been released.  In
Moody's opinion the lack of audited IFRS coupled with the
negative publicity surrounding the bank heightens the
reputational risks for AUB.  Moody's stated that should such
negative publicity spread outside the CIS region, this may
result in a significant erosion of the bank's correspondent
relationships, the core of its present franchise.  Moody's notes
that timely financial reporting under IFRS will be essential in
the future and any undue delays may give rise to further
negative rating implications.

The negative outlook on AUB's deposit ratings is likely to be
restored to stable if the audited IFRS financials for the years
2005 and 2006 are issued and prove no significant negative
trends in the bank's fundamentals.  The rating could be upgraded
if the bank's franchise were to materially strengthen as a
result of successful development of its corporate and retail
business in Kyrgyzstan -- a new business lines the bank is
aiming to develop following the increased funding opportunities
as a result of its recent admission to take retail deposits in
the Kyrgyz Republic.

AsiaUniversalBank is headquartered in Bishkek, and reported
total IFRS consolidated assets of KGS3.8 billion
(US$91.6 million) as of year-end 2004.


STAR AIR: Creditors Must File Claims by Feb. 15, 2007
-----------------------------------------------------
LLC Star Air Bishkek has declared insolvency.  Creditors have
until Feb. 15, 2007, to submit written proofs of claim to:

         LLC Star Air Bishkek
         Mir Ave. 303
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 68-26-68


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


NORTEL NETWORKS: Shareholders Okay US$2.5-Bln Settlement Pact
-------------------------------------------------------------
U.S. District Judges Richard Berman and Loretta Preska in
Manhattan have approved Nortel Networks Corp.'s US$2.45 billion
settlement with its shareholders, Martha Graybow writes for
Reuters.

Pursuant to the settlement agreement, the company will pay
US$575 million in cash and issue shares equal to about 14.5% of
its current outstanding equity, worth more than US$1.64 billion
based on Nortel's current stock value.

In addition, the settlement includes US$228.5 million in
payments from the company's insurers and half of any money that
the company gets in its lawsuits against former CEO Frank Dunn
and other fired senior officers related to the accounting
fiasco.

Reuters reports that the company and its shareholders had agreed
to stop the litigation, which includes two separate class-action
securities fraud suits brought by different shareholder groups,
as a result from an accounting scandal.  The pact still needs
approval by various Canadian courts.

According to the source, the shareholders said that in the
lawsuits, they lost money because the company revised its
financial outlook in 2001 and restated results from 2001 to 2003
to correct accounting errors.

Citing company spokesman Jay Barta, Reuters relates that Nortel
is very pleased with the progress of the suit settlement.

                          About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corp
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology   
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.  
Nortel does business in more than 150 countries.

                         *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


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


GIRASOLAR INC: Sept. 30 Balance Sheet Upside-Down by US$1.4 Mln
---------------------------------------------------------------
GiraSolar Inc., fka Legend Investment Corp., reported a
US$205,663 net loss for the three months ended Sept. 30, 2006,
as compared to US$106,730 during the three months ended
Sept. 30, 2005.  

Revenues for the three months ended Sept. 30, 2006, increased by
US$15,264,326, or 100% from US$0 for the three months ended
Sept. 30, 2005.

The company says the change in net loss and revenue was a result
of the company's acquisition of GiraSolar, B.V.  The company
owns a majority of GiraSolar, B.V., which is based in the
Netherlands.  GiraSolar, B.V. operates through three
subsidiaries: Dutch Solar B.V., GiraMundo, and a 51% owned joint
venture called GiraSolar Turkey.

At Sept. 30, 2006, the company's balance sheet showed
US$17,634,092 in total assets, US$18,963,366 in total
liabilities and minority interest of US$74,031, resulting in a
US$1,403,305 stockholders' deficit.  The company had a
US$2,798,843 working capital deficiency at Sept. 30, 2006,
including cash, and cash equivalents.

Full-text copies of the company's financial statements are
available for free at http://researcharchives.com/t/s?1786

                      Going Concern Doubt

E. Randall Gruber, CPA, PC, in St. Louis, Missouri, raised
substantial doubt about Legend Investment Corp.'s ability to
continue as a going concern after auditing the Company's
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's significant net losses since
its inception, lack of current source of material revenue, and
working capital deficit.

                        About GiraSolar

Based in the Netherlands, GiraSolar Inc., fka Legend Investment
Corp, through its subsidiary, Girosolar, B.V., makes solar
energy equipment, sells solar energy applications and equipment,
and offers consultancy services in the field of solar energy
applications and equipment.


GRESHAM CAPITAL: Moody's Puts Ba2 Rating on Class E Notes
---------------------------------------------------------
Moody's assigned these long term credit ratings to the notes
issued by Gresham Capital CLO II B.V., a special purpose company
established under the laws of the Netherlands.

   -- EUR121,500,000 Class A Senior Secured Floating Rate
      Notes due 2026: Aaa;

   -- EUR75,000,000 Senior Secured Floating Rate
      Variable Funding Notes due 2026: Aaa;

   -- EUR22,800,000 Class B Deferrable Secured Floating
      Rate Notes due 2026: Aa2;

   -- EUR17,100,000 Class C Deferrable Secured Floating
      Rate Notes due 2026: A2;

   -- EUR14,700,000 Class D Deferrable Secured Floating
      Rate Notes due 2026: Baa2; and

   -- EUR13,650,000 Class E Deferrable Secured Floating
      Rate Notes due 2026: Ba2.

Up to EUR35,250,000 in Class F Subordinated Notes were issued
but are not rated by Moody's.

Gresham Capital CLO II B.V. also issued EUR5-million Class S1
Combination Notes which comprise EUR4-million Class C Deferrable
Secured Floating Rate Notes and EUR1-million Class F
Subordinated Notes.

The ratings address the expected loss posed to investors by the
legal final maturity.  The ratings assigned to the Class S1
Combination Notes by Moody's address the expected loss posed to
the investors by the legal final maturity in 2026 as a
proportion of the Rated Balance, where the Rated Balance is
equal, at any time, to the principal amount of the Class S1
Combination Notes on the closing date minus the aggregate of all
payments made from the closing date to such date, either through
interest or principal payments.

This transaction is a high yield collateralized loan obligation
related to a portfolio comprised primarily of European senior
and mezzanine loans (with a predominance of senior secured
loans).  The investments may also include CLOs and synthetic
securities.  The Senior Secured Floating Rate Variable Funding
Notes provide for drawings denominated either in GBP or EUR.
This portfolio was partially acquired at closing and will be
partially during the nine-month ramp-up period.  Thereafter, the
portfolio of debt obligations will be actively managed and the
investment manager will be able to buy or sell debt obligations
on behalf of the Issuer.  Any addition or removal of debt
obligations will be subject to a number of portfolio criteria.
Investec Bank (U.K.) Limited will act as investment manager for
the transaction.  This is the investment manager's second
European CLO.


HERBALIFE LTD: Earns US$26 Million in Quarter Ended September 30
----------------------------------------------------------------
Herbalife Ltd. reported net income of US$26,467,000 on
US$476,374,000 of total revenues for the quarter ended Sept. 30,
2006, compared to a net income of US$27,137,000 on
US$400,997,000 of total revenues for the same period in 2005.

For the quarter ended Sept. 30, 2006, net sales increased by
18.8%, compared to the same periods in 2005, primarily due to
sales increases in North America, Mexico and Central America,
and Brazil.  Net sales in the European, Middle East, Africa, and
North Asian regions decreased for the three months ended Sept.
30, 2006, when compared to the same prior year period.  The
overall increase in net sales for this quarter reflects the
continued sales momentum generated from the successful
promotions in 2005 and 2006, the company explains.

Net income decreased for the three months ended Sept. 30, 2006,
to US$26.5 million, from US$27.1 million for the same period in
2005. Net income includes the impact of:

   -- a US$14.3 million recapitalization expenses in connection
      with the repayment of the company's US$225 million senior
      secured credit facility, originally entered into on
      Dec. 21, 2004, and its 91/2% Notes due 2011;

   -- a US$2.7 million additional tax benefit from refinancing
      transactions in the third quarter of 2006; and

   -- a US$2.5 million relating to a change in the allowance for
      uncollectible royalty overrides receivables from
      distributors in the third quarter of 2005.

For the three months ended Sept. 30, 2006, as compared to the
same period in 2005, net sales growth and a lower effective tax
rate, partially offset by higher labor costs, and promotional
expenses and professional fees had a net favorable impact to net
income.

At Sept. 30, 2006, the company's balance sheet showed
US$937,644,000 in total assets, US$638,299,000 in total
liabilities, and US$299,345,000 in stockholders' equity,
compared to a US$168,888,000 stockholders' equity at Dec. 31,
2005.

A full-text copy of the company's financial statements for the
quarterly period ended Sept. 30, 2006, is available for free at
http://researcharchives.com/t/s?178a

                      About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--  
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


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


FALCONBRIDGE LTD: Xstrata's Chilean Union Snubs Wage Offer
----------------------------------------------------------
A Chilean union at Xstratata plc, the parent firm of
Falconbridge Ltd., rejected a wage offer presented by management
in a bid to prevent a strike this week.

Falconbridge owned Altonorte before the firm was purchased by
Xstrata this year.

According to Bloomberg News, workers at the Altonorte copper
smelter refused a wage increase of 1 percentage point to 4
percentage points above inflation.  

Altonorte produced 297,567 tons of almost pure copper in 2005,
Bloomberg says.  Union members make up 70% of the smelter's
workforce.

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada.  Xstrata holds a 97% stake in Falconbridge.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a   
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                        *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


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


LIONBRIDGE TECH: Refinances Debt Facility with New US$100MM Loan
----------------------------------------------------------------
Lionbridge Technologies Inc. replaced its entire existing debt
facility with a new revolving credit facility of US$100 million,
of which US$78 million will be drawn at close.  

The new bank syndicate credit facility, led by HSBC Bank USA
N.A., will reduce the Company's annual cost of debt by US$1
million to US$2 million, depending upon average outstanding
balances.  It will also provide the Company with greater
flexibility to meet its long-term growth and operational goals.  
The initial interest rate on the new facility will be LIBOR +
1.75% as compared to a LIBOR + 3.25% effective rate on the
previous facility.

The new credit facility replaces an existing US$100 million term
loan B facility and US$25 million revolver obtained in July of
2005 that consisted of an aggregate funded amount of US$102.0
million, of which the company has repaid approximately US$22
million to date.  With this new revolving credit facility,
Lionbridge will retire its previous term loan B facility in its
entirety.  There are no cash prepayment penalties resulting from
the retirement of the former facility.  The Company will incur a
US$2.6 million, non-cash, expense in fourth quarter of 2006
related to unamortized previously capitalized financing fees
under the prior facility.  The Company has continuously been in
compliance with all covenants under the terms of its term loan B
facility as of September 30, 2006, the Company's last reporting
date under that facility.

"The establishment of this favorable replacement credit
facility, in such short time following the BGS acquisition,
indicates the successful financial evolution of Lionbridge,"
Stephen Lifshatz, Chief Financial Officer, said.  "As the
Company continues to generate strong cash flows, this revolver-
based structure will enable us to lower our interest expense.  
It also gives us the flexibility to pursue attractive growth
opportunities that are consistent with the Company's long-term
strategy."

The new credit facility includes a provision that allows the
Company to increase the revolving credit commitment by up to
US$50 million, subject to certain restrictions and lender
approval, over its five-year term.

                        About Lionbridge

Headquartered in Waltham, Mass., Lionbridge Technologies, Inc.
(Nasdaq: LIOX) -- http://www.lionbridge.com/-- provides  
"globalization and offshoring" services.   Lionbridge combines
global resources with program management methodologies to serve
as an outsource partner throughout a client's product and
content lifecycle -- from development to globalization, testing
and maintenance.  The company also operates in Brazil, Canada,
Chile, Belgium, Denmark, United Kingdom, Finland, France,
Germany, Ireland, Italy, The Netherlands, Norway, Poland,
Portugal, Slovakia, Spain, Sweden, China, India, Japan, South
Korea, Singapore and Taiwan.

                         *     *     *

Lionbridge carries assigned its 'B' corporate credit rating from
Standard & Poor's Ratings Services.  Standard & Poor's assigned
its 'B' bank loan rating and a recovery rating of '4' to
Lionbridge's US$125 million credit facilities.  The recovery
rating of '4' indicates an expectation of marginal (25%-50%)
recovery of principal in the event of a payment default.

The credit facilities consist of a US$25 million revolving
creditfacility due 2010 and a US$100 million term loan B due
2011.  SP said the outlook is stable.


LIONBRIDGE TECHNOLOGIES: Moody's Withdraws Low-B Ratings
--------------------------------------------------------
Moody's has withdrawn the ratings of Lionbridge Technologies
Inc.'s senior credit facilities following the company's recent
refinancing of its existing facilities.  Moody's does not rate
the company's new credit facility.  Moody's also withdrew the
company's B1 Corporate Family Rating.

Ratings withdrawn:

   -- US$25 million senior secured revolving credit facility
      due 2010, Ba2 (LGD2 -- 20%)

   -- US$100 million senior secured term loan B due 2011,
      Ba2 (LGD2 -- 20%)

   -- Speculative grade liquidity rating, SGL-2

   -- Corporate Family Rating, B1

Lionbridge Technologies Inc., headquartered in Waltham,
Massachusetts, is a leading provider of globalization and
testing services that enable clients to develop, release, manage
and maintain their enterprise content and technology
applications globally.  The company recognized revenue of
US$415 million for the 12 months ended Sept. 30, 2006.


===============
P O R T U G A L
===============


FERRO CORPORATION: Files 2006 Third Quarter Financial Report
------------------------------------------------------------
Ferro Corp. has filed its Quarterly Report on Form 10-Q with
the U.S. Securities and Exchange Commission for the three-month
period ended September 30, 2006.  With this filing the Company
is now current in its financial reports to the SEC.

Net income from continuing operations was US$5.4 million,
compared with US$7.2 million in the third quarter of 2005.  
Sales for the third quarter ended Sept. 30, 2006, were US$500.6
million, an increase of 7.4% from the third quarter of 2005.  

"The third quarter results show good sales growth along with
solid growth in total segment income," said President and CEO
James Kirsch.  "Total company results were not up to our
original expectations, however, we expect to deliver a solid
fourth quarter that will provide further evidence of the
transformation we are accomplishing within Ferro."

Included in the third quarter net income from continuing
operations were net pre-tax charges of US$1.3 million, primarily
related to accelerated depreciation resulting from the company's
restructuring program in Europe.

                       Third Quarter Results

Sales for the third quarter showed growth in the Performance
Coatings, Electronic Materials, Polymer Additives, and Color and
Glass Performance Materials segments, continuing the growth
trends seen through the first and second quarters of 2006.  
Sales were down in the Specialty Plastics and Other segments
compared with the third quarter of 2005.

Most of the revenue increase for the quarter was due to
increases in average selling prices, including changes in
product mix and price increases.  Sales benefited less than 2
percent from favorable changes in currency exchange rates.

Gross margins for the third quarter were 19.7% of sales.  
Included in the cost of sales during the third quarter were
charges of US$1.6 million for accelerated depreciation related
to previously announced restructuring programs in Europe.  
Higher precious metal prices, which are generally passed through
to customers without mark-up, also had a negative impact on
gross margin percentage for the quarter.

Selling, general and administrative expenses for the third
quarter were US$74.1 million, or 14.8% of sales.  SG&A expense
was down by US$1.2 million compared with the prior-year period
and was lower as a percent of sales than the 16.1% recorded in
the third quarter of 2005.

Total segment income for the third quarter was US$33.9 million,
an increase of 9.7% from the third quarter of 2005.

As of the end of September, total debt, including off-balance-
sheet arrangements, was US$684.3 million, an increase of
$129.6 million from the end of 2005.  This increase primarily
was the result of increased deposit requirements for precious
metal consignment arrangements and for working capital to
support increased sales.  Deposits for precious metal
consignments were US$93 million at the end of the third quarter.  
The Company expects to reduce the amount of material under
consignment requiring cash deposits by year-end and anticipates
that a majority of the deposits will be returned by the end of
the first quarter of 2007.

Interest expense for the quarter increased by US$4.7 million
from the third quarter of 2005, reflecting increases in the
Company's debt and higher interest rates.  Miscellaneous
income/expense was lower by US$4.6 million in the 2006 third
quarter, compared to 2005.  The change was driven by a reduction
of US$5.5 million in mark-to-market charges for natural gas
supply contracts compared to the prior-year period.

                       Fourth Quarter Guidance

Sales for the fourth quarter are expected to be approximately
$500 million to US$510 million, reflecting continued growth
across multiple business segments.  Sales growth in the fourth
quarter, compared to the fourth quarter of 2005, is expected to
be led by the Company's Electronic Materials, Performance
Coatings and Color and Glass Performance Materials segments.

As previously indicated, the Company expects to recognize
charges related to its restructuring programs during the fourth
quarter. The current estimate of the pre-tax charges is US$23
million.  These charges will reduce after-tax earnings by
approximately US$0.35 per share.  Including these charges, the
net loss for the fourth quarter is expected to be in the range
of US$0.18 to US$0.22 per share.

                         About Ferro Corp

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE)
-- http://www.ferro.com/-- supplies technology-based  
performance materials for manufacturers.  Ferro materials
enhance the performance of products in a variety of end markets,
including electronics, telecommunications, pharmaceuticals,
building and renovation, appliances, automotive, household
furnishings, and industrial products.  The Company has
approximately 6,800 employees globally including Belgium,
France, Germany, Italy, the Netherlands, Portugal, Spain, and
the United Kingdom.

                         *     *     *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they  
were placed Nov. 18, 2005.


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


BENEFON OYJ: Board of Directors Calls Fifth Financing Tranche
-------------------------------------------------------------
The Board of Directors of Benefon Ojj has decided to call the
fifth tranche of financing according to financing commitment
disclosed on Sept. 28, 2006.

         Previous Tranches       Disclosure and Raise Date
         -----------------       -------------------------
         Tranche 1                    Oct. 3
         Tranche 2                    Oct. 24
         Tranche 3                    Nov. 7
         Tranche 4                    Nov. 27

The fourth tranche has been fully paid and the Board has also
accepted the subscriptions of option rights 2006A.

The Board decided to raise an interest free loan a total amount
of EUR1.5 million from Luben Limited and in connection with the
loan issue 2,250,000 option rights to Luben Limited.  The loan
is interest free and it falls due for repayment in four equal
arrears during 2009-2012 on the annual due date of June 30.

The Company will be entitled to repay the loan before its
maturity either as a whole or in part.

The option rights are of series 2006B and will be given without
charge.  Each option right gives the right to subscribe for one
new investment series share of the company at a subscription
price of EUR0.10.

Of each new share EUR0.01 is to be booked to company's share
capital and the remainder to invested unrestricted equity fund.

As a result of subscription of the shares company's share
capital may increase by a maximum of EUR22,500 and invested
unrestricted equity fund by EUR202,500.  

The option rights may be exercised during the share subscription
period between Feb. 1, 2007, and Dec. 31, 2012.

Subscription period for the option rights and the loan begins on
Dec. 15, 2006, and ends on Jan. 3, 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.


BENEFON OYJ: Jonathan Bate Quits as Chief Executive Officer
-----------------------------------------------------------
Jonathan Bate has resigned as Chief Executive Officer of Benefon
Oyj with immediate effect.  The Board accepts his resignation
and releases him from his duties.

The Board of Directors is actively conducting a search for a new
Chief Executive Officer.  During the search, Tomi Raita, Chief
Operating Officer and former Chief Executive of Benefon will
assume the responsibilities of Chief Executive Officer.

                         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.


DALSVYAZ OAO: Fitch Affirms Issuer Default Rating at B
------------------------------------------------------
Fitch Ratings affirmed OAO Dalsvyaz's Issuer Default rating at B
with Stable Outlook and Short-term rating at B.

The ratings reflect the company's strong market position as the
incumbent provider of fixed-line telephony services in the
Russian Far East.  Dalsvyaz has the most developed backbone
network and last-mile infrastructure in the region, and
continues to dominate in the major segments of local and zonal
telephony, and long-distance interconnect.

"Although Dalsvyaz achieved significant deleveraging in 2005 and
H106, the acquisition of a 51% stake in Sakhatelecom will
confront Dalsvyaz with a number of financial and operational
challenges," disclosed of Nikolai Lukashevich, Director with
Fitch's TMT team.

Dalsvyaz's net debt to EBITDA declined to 1.6x at end-2005 and
further down to 1.3x at end-H106 on an LTM basis from 2.1x at
end-2004.  However, management projects that following the
Sakhatelecom acquisition, ND/EBITDA is likely to rise to 1.7x in
2007.  Fitch estimates that Dalsvyaz reduced its proportion of
short-term debt to 10% at end-2006 from 52% at end-2004,
improving its debt maturity profile.

Fitch acknowledges competition is limited for reasons of a lack
of alternative infrastructure.  However, despite a high
urbanization rate at 76%, an obligation to service an extremely
large operating territory with low population density makes
Dalsvyaz a high-cost telecom provider, exerting downward
pressure on its margins.

Introduction of per-minute billing in 2007 is expected to ease
regulatory pressure, improve profitability of local service and
reduce cross-subsidisation.  The company has also benefited from
the deregulation of the Russian long-distance market in
January 2006 and the introduction of Calling Party Pays rule in
July 2006, strengthening its role as a core infrastructure
provider and providing additional revenues from other operators
and fixed-to-mobile traffic.

New, mostly internet-related, services account for a small but
rapidly increasing share of revenues, which may provide the
company with sufficient diversification away from regulated
segments in the future.  As Dalsvyaz has modernized much of its
network since end-2002, capex requirements as a proportion of
both revenues and profit has slowed significantly.  Lower capex
and strong EBITDA generation may lead to a positive free cash
flow as early as 2007, although this remains a challenge.

Dalsvyaz achieved considerable cost-savings, and Fitch expects
that continuing efficiency improvements will help defend
margins.  The ratings also reflect the influence of the
company's majority shareholder Svyazinvest on strategic
decision-making and its potential lobbying support.


LOCKO-BANK: Fitch Keeps Issuer Default Rating at B-
---------------------------------------------------
Fitch Ratings affirmed Russia-based Locko-bank's ratings at
Issuer Default rating B-, Short-term B, Individual D, Support 5
and National Long-term BB+.  The Outlooks for the IDR and
National Long-term ratings remain Stable.

The ratings of Locko reflect its small size by international
standards, limited, albeit developing, franchise, some business
concentrations and modest core profitability.  They also take
into account its currently good asset quality, reasonable
capitalization and adequate liquidity, which is supported by
improved access to capital.

Profitability remains modest, burdened mainly by FX losses from
the USD-denominated part of Locko's equity and loan provisions.
Performance was rather weak in H106 but improved in Q306, due to
higher net interest income on increased lending and a higher
loans/assets ratio.  However, continued franchise development,
aimed at promoting lending to small and medium-sized enterprises
in the regions, may put further pressure on profitability, at
least initially.  Nevertheless, there is some upside potential
from increasing the share of higher-yielding SME loans in
Locko's total loan book in the long run.

Locko's loan book grew 81% during 9M06, by far exceeding the
previous full year's growth of 41%.  Standard SME loans almost
doubled during 9M06 with their share increasing to over 17% of
the loan book.  Although borrower concentration has decreased,
the level remains a concern for Fitch.  

However, concentration risk may improve further, provided Locko
is able to realize its strategy of regional SME expansion.  
Asset quality has been good, with impaired loans at 0.8% of
gross loans at end-9M06 and reasonably covered by loan loss
reserves.

Liquidity is adequate but may be undermined by a short-term
concentrated funding base.  Locko makes efforts to diversify and
lengthen its funding through wholesale borrowings, raising two
syndications for around US$62 million in 2006, a US$10 million
loan from EBRD in end-2005 and a RUR300 million loan from the
International Finance Corporation in Q206.  Locko also has plans
for several wholesale borrowings, including a eurobond deal in
2007.

Locko's Basel I total capital ratio was a respectable 19.4% at
end-9M06, albeit down from 28.3% at end-2005; however, due to
the sale of an investment property in H106, the share of free
capital has increased.  To support continued growth, Locko plans
to make an approximate US$25 million subordinated debt placement
and some US$30 million share issuance in 2007.

Upside potential for the ratings may result from a substantial
increase in the bank's size and franchise, improved core
profitability, as well as further customer and funding
diversification.  Downward pressure is unlikely at present, but
could arise from a worsening of asset quality, depressed
capitalization or a major liquidity shortfall.

Locko is a Moscow-based bank with 16 outlets, serving corporates
and high net-worth individuals.  Since 2004, it has been
expanding into SME lending.  Locko ranked within the top 100
Russian banks by equity and assets at end-9M06.  It is owned by
several individuals, none of whom has a stake of over 20%, the
IFC and East Capital Group.

The latter two recently acquired 15% and 11% respectively of
Locko from dormant shareholders.  Locko's strategy is currently
being refined by the bank's foreign shareholders.  This is
likely to result in more aggressive growth in the medium term,
with the aim of improving market share and brand recognition.


LUKOIL OAO: Sells Astra Jack-Up Rig for US$40.3 Million
-------------------------------------------------------
OAO Lukoil sold its 100% share in Lukoil Shelf Limited and
Lukoil Overseas Orient Limited, which owned and operated Astra
jack-up rig to OOO Eurasia Drilling Company.

Transaction price came to US$40.3 million.

Astra is designed for offshore field exploration in the Caspian
Sea, and represents a three-pole platform with the mount height
of 66 meters, which can be used to drill underwater with water
depth up to 45 meters and well depth of 5,000 meters.

In the last decade, OAO Lukoil has discovered six major multi-
layer oil and gas condensate fields in the Caspian Sea.

Astra sale transaction is made in the framework of selling non-
core assets by the Lukoil Group.

                          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.


ROSNEFT OIL: Earns US$2.93 Billion for January-September 2006
-------------------------------------------------------------
OAO Rosneft Oil Co. released its results for the nine months
ended Sept. 30, 2006, prepared according to U.S. Generally
Accepted Accounting Principle.

For the first nine months of 2006, Rosneft posted 18.5% decrease
in net profit to US$2.93 billion, against a 50.6% hike in
revenues to US$25.52 billion.

Rosneft blamed the lower figure to 22.4% hike in tax payment and
66.2% increase in export duty.

The company posted US$6.4 billion in EBITDA for the first nine
months of 2006, compared with US$5.63 billion in EBITDA for the
same period in 2005.

Rosneft posted a US$3.56 billion net cash flow from operating
activities in the January-September 2006 period, compared with
US$1.99 billion for the same period in 2005.  The company also
registered US$2.13 billion in capital investments for the first
nine months of 2006, compared with US$1.29 billion for the same
period in 2005.

The group also extracted 10.12 billion cubic meters of natural
gas in January-September 2006, compared with 9.41 billion cubic
meters in the same period in 2005.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


ROSNEFT OIL: Hikes Oil & Gas Production in 2006
-----------------------------------------------
OAO Rosneft Oil Co. increased its 2006 year-on-year oil
production by 8.2% and natural gas production by 4.2%, RIA
Novosti says.

"According to preliminary data, the company's units will have
produced 80.6 million tons of oil and gas condensate, which is
8.2% more than the 2005 figure," Rosneft said in a statement.

Rosneft added that gas production in 2006 will be 13.63 billion
cubic meters, 4.2% more than it extracted in 2005.

The company attributed the increase to the commissioning of new
wells in:

   -- Rosneft-Yuganskneftegaz,
   -- Rosneft-Severnaya neft,
   -- Rosneft-Sakhalinmorneftegas and
   -- Rosneft-Krasnodarneftegaz

and to increased production volumes on the Sakhalin I oil and
gas project and acquisition of oil producer Udmurtneft.  

Rosneft drilled and commissioned 411 new oil wells in 2006, RIA
Novosti reports.

Rosneft forecasted a 11.7% hike in oil and gas condensate
production to 90 million tons in 2007.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                       *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


TRANSNEFT OAO: Forecasts RUR63.6 Billion Net Profit for 2007
------------------------------------------------------------
OAO Transneft expects to post RUR55.2 billion in consolidated
net profit this year, RIA Novosti reports.

The company also forecasted its consolidated net profit to
increase by 15% year-on-year to RUR63.6 billion in 2007.

"The distribution of profit will focus on the replenishment of
fixed assets," Transneft said in a statement.

                     About the Company

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks   
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                        *     *     *

OAO Transneft carries 'BB' rating from Fitch Ratings.


VNESHTORGBANK JSC: Arranges US$30-Mln Loan for TAS-Kommerzbank
--------------------------------------------------------------
Vneshtorgbank JSC, Standard Bank Plc, HSBC Bank plc and Anglo-
Romanian Bank Limited, in their capacity as the Mandated Lead
Arrangers, and a consortium of lenders have signed into a
US$36-million Syndicated term loan facility for JSCB TAS-
Kommerzbank.

The loan bears a margin of 2.90% p.a. and has maturity of 364
days.

Ten banks have joined the Facility:

   -- Arranger: Alpha Bank A.E.

   -- Co-Arrangers

         -- Zuercher Kantonalbank,
         -- Banco Internacional do Funchal S.A.,
         -- Bank Austria Creditanstalt AG

   -- Lead Managers

         -- Atlantic Forfaitierungs AG; Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V.
         -- Icebank,
         -- JSC Trasta Komercbanka, and
         -- Export-Import Bank of the Republic of China.

                      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.


YURGINSKY MASHZAVOD: RUR302-Mln Debt Sends Firm to Bankruptcy
-------------------------------------------------------------
The Arbitration Court of Kemerovo Region has commenced
bankruptcy proceedings against OOO Yurginsky Mashzavod over
unpaid debts.

The company owes around RUR302.4 million to three creditors,
including state-controlled OAO Sberbank Rossii for around
RUR168.4 million.

The creditors have asked the Court to begin external bankruptcy
management procedure on the company.

According to AK&M News, Yurmash comprises 40 separate firms that
were sold to Yuzhkuzbassugol top managers in October 2002.  The
new owners, after consolidating the firms' fixed assets and
staff to form Yurmash, tried to liquidate the firm's other
structures without initiating bankruptcy proceedings.  Local tax
authorities, however, stopped the liquidation process.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo Region
         Russia

The Debtor can be reached at:

         OOO Yurginsky Mashzavod
         ul.Shosseynaya 3
         Yurga
         Kemerovo Region 652050
         Russia
         Tel: +7 38451 74007
              +7 38451 74384
         Fax: +7 38451 41209
              +7 38451 74499


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


CHURCH & DWIGHT: Moody's Upgrades Corporate Family Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Church and Dwight Company Inc. to Ba1 from Ba2.

This rating action reflects Moody's view that the incremental
portfolio benefits achieved via recent acquisitions
significantly offset the slightly higher leverage incurred over
the last 12 months.

At the same time, Moody's views CHD's historical track record of
achieving solid organic growth and quickly integrating
acquisitions in order to achieve expected synergies and restore
credit metrics as key positive factors in the upgrade.

The outlook is stable.

"CHD's corporate family rating and stable outlook are supported
by the company's consistent ability to generate solid operating
performance from its diversified product portfolio of leading,
innovative brands in its premium categories, and with sufficient
scale, known brands and price competitiveness in its value
categories," says Moody's Vice President Janice Hofferber.  The
company's participation in generally stable, disposable,
household and personal care categories, its leading market share
positions, its growth potential in international markets; and
management's disciplined financial policies will continue to
support free cash flow generation and deleveraging.

The ratings are constrained by its smaller scale in relation to
its competitors that often have significantly more financial
flexibility, greater bargaining power with retail customers, and
considerably larger resources available to seek market share
gains in the respective categories.

Moody's notes, however, that CHD's dual focus on brand support
and cost efficiency combined with the company's balanced growth
strategy are important offsets to scale.  Recent acquisitions
have been important strategic and synergistic additions to the
portfolio and more importantly, CHD has a proven track record of
effective integration.  While Moody's anticipates that debt
reduction will be an important priority for free cash flow, it
recognizes that the company will continue to seek strategic
opportunities to grow and will maintain its prudent financial
policies in executing these strategies.

Ratings upgraded:

   -- Corporate family rating to Ba1 from Ba2;

   -- Probability of default rating to Ba1 from Ba2;

   -- US$100 million convertible senior debentures to Ba1, LGD4,
      56% from Ba2, LGD4, 59%; and,

   -- US$250 million senior subordinated notes due to Ba2, LGD5,
      84% from Ba3, LGD5, 85%.

Ratings affirmed:

   -- US$100 million senior secured revolving credit facility
      due 2009, affirmed at Baa3;

   -- US$528 million senior secured term loan A facility due
      2011, affirmed at Baa3.

Outlook is stable.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium  
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.


MILACRON INC: Inks Five-Year US$105-Mln Loan with GE-Corporate
--------------------------------------------------------------
Milacron Inc. reported the signing of a five-year revolving
credit facility providing up to US$105 million of borrowing
availability.  

The new asset-based loan, provided by GE-Corporate Lending,
increases Milacron's total borrowing capacity by approximately
US$17 million, based on current asset levels.

The new facility, which matures in 2011, replaces the company's
current US$75 million ABL, which was due to expire in 2008.

"Achieving access to greater liquidity, at more attractive
terms, gives us confidence that Milacron will have the resources
over the long term to remain focused on important strategic
initiatives, such as new product development, expanding our
presence in emerging markets and improving our worldwide
customer support capabilities," said Ross A. Anderson, senior
vice president and chief financial officer.

The new ABL consists of a facility with up to US$95 million of
borrowing capacity, in addition to an overadvance facility with
up to US$10 million of borrowing capacity.  There are no
performance covenants as long as the company complies with
certain minimum availability thresholds.  Complete terms of the
agreement are being filed with the Securities and Exchange
Commission.  Lazard assisted Milacron in arranging the
financing.

"Providing financing solutions to support our clients throughout
their business lifecycle is something we specialize in," said
Rob McMahon, managing director, GE-Corporate Lending.  "We
worked closely with Milacron to understand their needs and
structured financing to help maximize liquidity and
flexibility."

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- manufactures and supplies  
plastics-processing equipment and related supplies.  Milacron is
also one of the largest global manufacturers of synthetic water-
based industrial fluids used in metalworking applications.  The
company has major manufacturing facilities in North America,
Europe, and Asia.  Milacron's annual revenues approximated
US$805 million over the last twelve months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.

                        *     *     *

On October 3, 2006, Moody's Investors Service's confirmed its
Caa1 Corporate Family Rating for Milacron Inc., and its Caa1
rating on the company's 11.5% senior notes.  Additionally,
Moody's assigned an LGD 3 rating to those bonds, suggesting
noteholders will experience a 44% loss in the event of a
default.


===========
S W E D E N
===========


LIONBRIDGE TECH: Refinances Debt Facility with New US$100MM Loan
----------------------------------------------------------------
Lionbridge Technologies Inc. replaced its entire existing debt
facility with a new revolving credit facility of US$100 million,
of which US$78 million will be drawn at close.  

The new bank syndicate credit facility, led by HSBC Bank USA
N.A., will reduce the Company's annual cost of debt by US$1
million to US$2 million, depending upon average outstanding
balances.  It will also provide the Company with greater
flexibility to meet its long-term growth and operational goals.  
The initial interest rate on the new facility will be LIBOR +
1.75% as compared to a LIBOR + 3.25% effective rate on the
previous facility.

The new credit facility replaces an existing US$100 million term
loan B facility and US$25 million revolver obtained in July of
2005 that consisted of an aggregate funded amount of US$102.0
million, of which the company has repaid approximately US$22
million to date.  With this new revolving credit facility,
Lionbridge will retire its previous term loan B facility in its
entirety.  There are no cash prepayment penalties resulting from
the retirement of the former facility.  The Company will incur a
US$2.6 million, non-cash, expense in fourth quarter of 2006
related to unamortized previously capitalized financing fees
under the prior facility.  The Company has continuously been in
compliance with all covenants under the terms of its term loan B
facility as of September 30, 2006, the Company's last reporting
date under that facility.

"The establishment of this favorable replacement credit
facility, in such short time following the BGS acquisition,
indicates the successful financial evolution of Lionbridge,"
Stephen Lifshatz, Chief Financial Officer, said.  "As the
Company continues to generate strong cash flows, this revolver-
based structure will enable us to lower our interest expense.  
It also gives us the flexibility to pursue attractive growth
opportunities that are consistent with the Company's long-term
strategy."

The new credit facility includes a provision that allows the
Company to increase the revolving credit commitment by up to
US$50 million, subject to certain restrictions and lender
approval, over its five-year term.

                        About Lionbridge

Headquartered in Waltham, Mass., Lionbridge Technologies, Inc.
(Nasdaq: LIOX) -- http://www.lionbridge.com/-- provides  
"globalization and offshoring" services.   Lionbridge combines
global resources with program management methodologies to serve
as an outsource partner throughout a client's product and
content lifecycle -- from development to globalization, testing
and maintenance.  The company also operates in Brazil, Canada,
Chile, Belgium, Denmark, United Kingdom, Finland, France,
Germany, Ireland, Italy, The Netherlands, Norway, Poland,
Portugal, Slovakia, Spain, Sweden, China, India, Japan, South
Korea, Singapore and Taiwan.

                         *     *     *

Lionbridge carries assigned its 'B' corporate credit rating from
Standard & Poor's Ratings Services.  Standard & Poor's assigned
its 'B' bank loan rating and a recovery rating of '4' to
Lionbridge's US$125 million credit facilities.  The recovery
rating of '4' indicates an expectation of marginal (25%-50%)
recovery of principal in the event of a payment default.

The credit facilities consist of a US$25 million revolving
creditfacility due 2010 and a US$100 million term loan B due
2011.  SP said the outlook is stable.


LIONBRIDGE TECHNOLOGIES: Moody's Withdraws Low-B Ratings
--------------------------------------------------------
Moody's has withdrawn the ratings of Lionbridge Technologies
Inc.'s senior credit facilities following the company's recent
refinancing of its existing facilities.  Moody's does not rate
the company's new credit facility.  Moody's also withdrew the
company's B1 Corporate Family Rating.

Ratings withdrawn:

   -- US$25 million senior secured revolving credit facility
      due 2010, Ba2 (LGD2 -- 20%)

   -- US$100 million senior secured term loan B due 2011,
      Ba2 (LGD2 -- 20%)

   -- Speculative grade liquidity rating, SGL-2

   -- Corporate Family Rating, B1

Lionbridge Technologies Inc., headquartered in Waltham,
Massachusetts, is a leading provider of globalization and
testing services that enable clients to develop, release, manage
and maintain their enterprise content and technology
applications globally.  The company recognized revenue of
US$415 million for the 12 months ended Sept. 30, 2006.


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


T.C. ZIRAAT: Moody's Changes Outlook on E+ FSR to Positive
----------------------------------------------------------
Moody's Investors Service changed the outlook on the
E+ financial strength rating of the Turkish bank, T.C. Ziraat
Bankasi A.S., to positive from stable.  The outlook on the
bank's B1/Not-Prime deposit ratings remains stable.

According to Moody's, the outlook change reflects the broad
improvement in Ziraat's risk profile and franchise quality and
the expectation that the bank's good profitability is
sustainable over the short to medium term.

Moody's notes that, over the past two years, Ziraat has
established a credible retail lending business and has also
taken substantive steps to modernize its operations through the
introduction of a core banking solution in 2005, the upgrade of
its ATM network and new hires.

Moody's also points to the improving composition of Ziraat's
extensive government securities portfolio that is now chiefly
composed of more liquid floating-rate marketable securities.  
The size of the Turkish government exposure, however, represents
very high single-party concentration and continues to constrain
the rating

Moody's concludes that the continued development of Ziraat's
lending franchise could reduce the bank's reliance on net
interest income from government securities and could therefore
exert further positive pressure on the FSR.

Headquartered in Ankara, Turkey, T.C. Ziraat Bankasi had total
assets of YTL65 billion (US$48.35 billion) at the end of
December 2005.


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


VNESHTORGBANK JSC: Arranges US$30-Mln Loan for TAS-Kommerzbank
--------------------------------------------------------------
Vneshtorgbank JSC, Standard Bank Plc, HSBC Bank plc and Anglo-
Romanian Bank Limited, in their capacity as the Mandated Lead
Arrangers, and a consortium of lenders have signed into a
US$36-million Syndicated term loan facility for JSCB TAS-
Kommerzbank.

The loan bears a margin of 2.90% p.a. and has maturity of 364
days.

Ten banks have joined the Facility:

   -- Arranger: Alpha Bank A.E.

   -- Co-Arrangers

         -- Zuercher Kantonalbank,
         -- Banco Internacional do Funchal S.A.,
         -- Bank Austria Creditanstalt AG

   -- Lead Managers

         -- Atlantic Forfaitierungs AG; Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V.
         -- Icebank,
         -- JSC Trasta Komercbanka, and
         -- Export-Import Bank of the Republic of China.

                      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
===========================


AQUILAE CLO: Moody's Assigns Ba3 Rating on Class E Notes
--------------------------------------------------------
Moody's Investors Service assigned these long term ratings to
eight classes of Notes issued by Aquilae CLO II P.L.C.:

   -- EUR207,000,000 Class A Floating Rate Notes,
      due 2023: Aaa;

   -- EUR21,600,000 Class B Floating Rate Notes, due 2023: Aa2;

   -- EUR17,100,000 Class C Deferrable Floating Rate Notes,
      due 2023: A2;

   -- EUR15,300,000 Class D Deferrable Floating Rate Notes,
      due 2023: Baa3;

   -- EUR15,000,000 Class E Deferrable Floating Rate Notes,
      due 2023: Ba3;

   -- EUR7,000,000 Class X Combination Notes, due 2023: A3;

   -- EUR8,000,000 Class Y Combination Notes, due 2023: A2;

   -- EUR1,500,000 Class Z Combination Notes, due 2023: Baa2;

The EUR24,000,000 Subordinated Notes due 2023, have not been
rated.

The ratings address the expected loss posed to investors by the
legal final maturity in 2023.

The rating assigned to the Class Y Combination Notes addresses
the expected loss posed to the investors by the legal final
maturity in 2023 as a proportion of the rated balance, where the
rated balance is equal, at any time, to the principal amount of
the Class Y Combination Notes on the closing date minus the
aggregate of all payments made from the closing date to such
date, either through interest or principal payments.

The ratings assigned to the Class X and Z Combination Notes by
Moody's address the expected loss posed to the investors by the
legal final maturity in 2023 as a proportion of the rated
balance and of the rated coupon, where the rated balance is
equal, at any time, to the principal amount of the Class X and Z
Combination Notes, respectively, on the closing date plus a
Rated Coupon of 0.25% and 0.125% per annum, respectively,
applied on the outstanding rated balance minus the aggregate of
all payments made from the closing date to such date, either
through interest or principal payments

The ratings of the notes are based primarily upon:

   -- the characteristics of the underlying collateral,

   -- the performance of the Notes in relation to
      various default scenarios and related
      stress-test analyses,

   -- the governing legal structure, and

   -- the abilities of the Collateral Manager

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately
EUR300 million, comprised primarily of European senior secured
loans.  This portfolio is dynamically managed by Henderson
Global Investors Limited.  This portfolio will be partially
acquired at closing date and partially during the 12 months
ramp-up period in compliance with portfolio guidelines (which
include, among other tests, a diversity score test, a weighted
average rating factor test and a weighted average spread test).
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to buy or sell assets
in the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.


CENTRAL GARDEN: Earns US$65.5 Million in Year Ended Sept. 30
----------------------------------------------------------
Central Garden & Pet Company reported fourth quarter and full
year results for its fiscal year ended Sept. 30, 2006.

Net income for the year increased 22% to US$65.5 million from
US$53.8 million in the prior year.  Net sales for fiscal year
2006 were US$1.62 billion, an increase of 17% from US$1.38
billion in fiscal 2005.

Operating income increased 37% to US$137 million compared to
last year.  These results include US$7.6 million in costs
associated with the profit acceleration program, US$5.1 million
in costs related to equity compensation, a US$9.9 million gain
related to the Axelrod litigation settlement and an offsetting
US$9.9 million in costs associated with increased discretionary
brand building and strategic work.  Depreciation and
amortization for the year was US$24.0 million compared to
US$19.6 million in the prior year.

Branded product sales increased 23%. Sales of other
manufacturers' products, as anticipated, declined 1%. Organic
sales growth, adjusted for the disposition of an operating unit
and the reduction of certain third party accounts related to our
garden distribution operations in fiscal 2005, was 7% for the
year.

For the fourth quarter of fiscal 2006, the company reported net
sales of US$421 million, an increase of 30% from US$323 million
in the comparable 2005 period.  Income from operations for the
quarter increased 68% to US$21.4 million from US$12.7 million in
the year ago period.  Net income for the quarter decreased 10%
to US$6.0 million, from US$6.7 million in the year ago period.  

Excluding the US$9 million spent for discretionary brand
building and strategic work in the fourth quarter, operating
income was US$30.4 million.  The quarter's results also include
costs of approximately US$2.1 million associated with its profit
acceleration program and US$1.1 million in costs related to
equity compensation.  Depreciation and amortization for the
quarter was US$5.3 million compared to US$5.4 million in the
year ago period.  Branded product sales increased 38%.  Sales of
other manufacturers' products increased 3%.  Organic sales
growth was 14%.

"We had both an excellent fourth quarter and fiscal year
characterized by strong sales and record profits," noted Glenn
Novotny, President and Chief Executive Officer of Central Garden
and Pet.  "Throughout the year, we focused on strengthening our
brands through our commitment to innovation and contribution
from strategic acquisitions.  We also improved our effectiveness
and efficiency, expanding our operating margins by 110 basis
points and improving our return on invested capital by 90 basis
points for the year."

"We project fiscal 2007 to be another solid year in terms of
sales growth.  We are, however, experiencing significantly
higher-than-expected grain costs associated primarily with our
wild bird feed operations," noted Mr. Novotny.  "Mixed crop
yields, global shortages combined with increased demand for bio-
fuel crops, such as corn, for ethanol plants, has resulted in
skyrocketing grain costs.  Grain costs, associated primarily
with our wild bird feed operations, have increased up to
approximately 40% over the past 30 to 90 days.  After including
expected price increases at retail, we project an US$8 to US$10
million operating profit reduction for the year.  However,
despite this pressure, we believe we will grow operating
earnings by approximately 20% and continue to expand margins."

At Sept. 30, 2006, the company's balance sheet showed US$1.5
billion in total assets, US$802.3 million in total liabilities,
US$3 million in convertible redeemable preferred stock, US$1.2
million in minority interest, and US$727.4 million in total
stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Sept. 30, 2006, are available for
free at http://researcharchives.com/t/s?1788

                    About Central Garden

Headquartered in Walnut Creek, California, Central Garden & Pet
Company (NASDAQ: CENT) -- http://www.central.com/-- markets and  
produces branded products for the lawn & garden and pet supplies
markets.  Products are sold to specialty independent and mass
retailers.  The company also provides a host of other regional
and application-specific garden and pet brands and supplies.  
The company has approximately 5,000 employees, primarily in
North America and Europe.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Moody's Investors Service affirmed its Ba3 corporate family
rating for Central Garden and Pet Company.  Additionally,
Moody's held its Ba2 probability-of-default rating on the
company's US$350 million senior secured revolver.


DANKA BUSINESS: Unveils Total Voting Rights as at December 19
-------------------------------------------------------------
Danka Business Systems Plc disclosed that its share capital and
voting rights consists of 258,249,024 Ordinary shares with
voting rights attached (one vote per ordinary share) and no
shares are held in Treasury.

In addition, the company had a total of 340,464 participating
shares in issue.

Holders of Danka Participating Shares are entitled to as many
votes for each Danka Participating Share owned as equals the
number of Danka Ordinary Shares into which the Danka
Participating Share is convertible.

The Danka Participating Shares are convertible into Danka
Ordinary Shares at a rate per Danka Participating Share
calculated by dividing the liquidation return for the Danka
Participating Shares, which is US$1,000 per Danka Participating
Share plus accumulated and unpaid dividends from the last Danka
Participating Share dividend payment date, by a conversion price
of US$3.11 per Danka Participating Share.

The Danka Participating Share dividend accumulates on a daily
basis; therefore, the conversion rate increases fractionally on
a daily basis until the next Danka Participating Share dividend
is paid.  As at Dec. 19, the conversion rate was 323.517 Danka
Ordinary Shares per Danka Participating Share.  

The liquidation return is subject to increase in some
circumstances if Danka is in default of its payment obligations
under the Danka Participating Shares, and the conversion price
is subject to increase in some circumstances to protect Danka
Participating Shareholders against dilution.

Therefore the total number of voting rights in Danka is
368,394,916.

                        About the Company

Headquartered in London, England and St. Petersburg, Florida,
Danka Business Systems PLC -- http://www.danka.com/-- is one of    
the largest independent providers of office imaging equipment,
document solutions and related services and supplies in the
United States and Europe.  

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 17,
Moody's Investors Service downgraded the corporate family rating
of Danka Business Systems PLC to B3 from B2 and maintained a
negative ratings outlook.  The downgrade reflects continued weak
financial performance, negative cash flow from operations and a
difficult competitive environment.

Moody's took these rating actions:

   * Downgraded corporate family rating to B3 from B2

   * Affirmed US$175 million senior unsecured notes (guaranteed)
     due 2010 at B3

Moody's said the outlook remain negative.

According to a report by the TCR Europe on Feb. 10, Standard &
Poor's Ratings Services lowered its corporate credit and senior
unsecured ratings on St. Petersburg, Florida-based Danka
Business Systems PLC to 'B-' from 'B'.  The downgrade reflects
continued year-over-year revenue declines and weak
profitability.  S&P said the outlook is negative.


FALCONBRIDGE LTD: Xstrata's Chilean Union Snubs Wage Offer
----------------------------------------------------------
A Chilean union at Xstratata plc, the parent firm of
Falconbridge Ltd., rejected a wage offer presented by management
in a bid to prevent a strike this week.

Falconbridge owned Altonorte before the firm was purchased by
Xstrata this year.

According to Bloomberg News, workers at the Altonorte copper
smelter refused a wage increase of 1 percentage point to 4
percentage points above inflation.  

Altonorte produced 297,567 tons of almost pure copper in 2005,
Bloomberg says.  Union members make up 70% of the smelter's
workforce.

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada.  Xstrata holds a 97% stake in Falconbridge.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a   
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                        *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FEDERAL-MOGUL: Bankruptcy Court Okays Ernst & Young as Advisors
---------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware approved Ernst & Young LLP's
continued employment as Federal-Mogul Corp. and its debtor-
affiliates' accounting, tax, valuation, and actuarial advisors,
and independent auditors.

The Debtors asked the Court to clarify that the scope of Ernst &
Young LLP's continued employment as their independent auditors
and as accounting, tax, valuation, and actuarial advisors
encompasses the services similar to what the firm has provided
in previous years:

   -- international tax advisory services,
   -- individual employee tax compliance,
   -- international assignment services, and
   -- international assignment compliance advisory tax services.

The Debtors also want Ernst & Young to provide their non-Debtor
affiliates with certain international assignment compliance and
advisory tax services, which encompass the preparation of tax
returns, annual tax reimbursement calculations, tax gross-ups,
estimated tax payment requests, and tax return extension
requests.  The services will be provided to and paid for by
certain non-Debtor affiliates located outside of the United
States, and will be rendered by member firms of Ernst & Young's
global network.

Ernst & Young has asked the Debtors to seek Court approval for
those services to the non-Debtor affiliates to preclude any
contention that its services somehow conferred a benefit on the
Debtors that required retention under Section 327(a) of the
Bankruptcy Code.

Ernst & Young's fees for the Continued Services will be billed
in specified amounts and at its current rates, which, in some
instances, reflect ordinary course adjustments to the firm's
previous hourly rates.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 117; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


FEDERAL-MOGUL: Trizec to Serve on Asbestos Claimants Panel
----------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
appoints Trizec Properties Inc. to serve on the Official
Committee of Asbestos Property Damage Claimants in Federal-Mogul
Corp. and its debtor-affiliates' chapter 11 cases.

According to Andrew R. Vara, Assistant United States Trustee,
two members voluntarily resigned from the Asbestos PD Committee:

   (a) The Hill School, effective Oct. 30, 2006; and

   (b) Richard Blythe, effective Dec. 6, 2006.

Moxie Real Estate is also out of the Asbestos PD Committee
because it is no longer eligible to serve on the committee.  
Moxie's asbestos property damage claim was expunged, and it is
no longer a creditor by virtue of a Court order dated
June 13, 2006, which sustained the Debtors' objection to
asbestos property damage claims that failed to comply with the
Court's Bar Date Order.

The Asbestos PD Committee is now composed of:

   (1) Anderson Memorial Hospital
       c/o Speights & Runyan
       Attn: Daniel A. Speights
       P. O. Box 685
       200 Jackson Avenue, East
       Hampton, South Carolina 29924
       Tel: 803-943-4444
       Fax: 803-943-4599

   (2) Jacksonville College
       c/o Dies & Hile, LLP
       Attn: Martin W. Dies
       1009 West Green Avenue
       Orange, Texas 77630
       Tel: 409-883-4394
       Fax: 409-883-4814

   (3) Trizec Properties, Inc.
       c/o Philip J. Goodman
       280 N. Old Woodward, Ste 407
       Birmingham, Michigan 48009
       Tel: 248-647-9300
       Fax: 248-647-8481

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 117; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


FEDERAL-MOGUL: Court Sustains Objection on Hill School's Claim
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware sustained
the objection of Federal-Mogul Corporation and its debtor
affiliates to the Hill School's Claim No. 4708 because its
underlying claims against T&N Limited were fully settled and
released as a result of the T&N National Schools Settlement
Agreement.

The Hill School, a private high school in Pottstown,
Pennsylvania, was a member of a certified national class action,
through which certain claims were fully settled against T&N
Limited.

The National Schools Class Action was filed in the U.S. District
Court for the Eastern District of Pennsylvania in 1983 on behalf
of a purported class comprised of all public and private
elementary and secondary schools in the U.S. asserting presence
of asbestos-containing material on their properties.  The
Pennsylvania District Court certified the Class as an opt-out
class in 1984, and the certification was upheld by the U.S.
Court of Appeals for the Third Circuit in 1986.

The Hill School did not opt out of the class.

In 1991, T&N and certain duly authorized class representatives
agreed to settle the National Schools Class Action for
US$3,000,000.  The Pennsylvania District Court subsequently
approved the agreement, which provided T&N with a general
release of all claims relating to asbestos-related property
damage.

On Aug. 16, 2006, the Debtors sent a letter to Timothy D.
Forester to express their position that The Hill School's Claim
No. 4708 should be disallowed because its underlying claims had
been released pursuant to the T&N National Schools Settlement
Agreement.  The Debtors asked whether The Hill School disagreed
with their position with respect to Claim No. 4708, and advised
the claimant to submit evidence, if any, that it did not opt out
of T&N's settlement in the National Schools Class Action.

Having received no response to the letter, the Debtors' counsel
contacted Mr. Forester on Sept. 14, 2006, and was informed that
Mr. Forester had received the Debtors' letter and that he had no
information on the National Schools Class Action or about
whether or not The Hill School had opted out of the Class.

The Debtors believe that The Hill School is deemed to have
constructively released all Claims against T&N and Federal-
Mogul, including, but not limited to, Claim No. 4708.

Furthermore, the Debtors note that the Hill School was not
listed anywhere on the official Opt-Out List for the National
Schools Class Action.  The Hill School, by failing to opt out of
the Class, was bound by the terms and conditions of the T&N
National Schools Settlement Agreement.
  
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 117; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


FORD MOTOR: Changan Ford Mazda Names Jeffrey Shen as President
--------------------------------------------------------------
Changan Ford Mazda Automobile Co. Ltd.'s board of directors has
disclosed that Jeffrey Shen is appointed president of the
company, effective Jan. 1, 2007.  Phil Spender, the current
president of Changan Ford Mazda Automobile will undertake a new
assignment as chief operating officer of Ford Motor (China),
Ltd.

Changan Ford Mazda Automobile is a joint venture of Changan
Automotive Group of China, Ford Motor Company, and Mazda Motor
Corporation.

"Mr. Spender joined Changan Ford Mazda Automobile in May 2005.  
Under his leadership, the company has been undergoing
unprecedented business expansion.  In the first 11 months of
2006, the company achieved over 140% year-on-year sales growth
to become the fastest growing automaker in China.

Mr. Spender led the successful launch of Ford Focus, which is
one of the top selling products in China's C-segment car market.  
He also played a key role in the production of Mazda3 and Volvo
S40 at CFMA.  

"In representing the board, I would like to extend our sincere
appreciation to Mr. Spender and wish him all the best for his
new position at Ford Motor China," Changan Ford Mazda Automobile
chairman Yin Jiaxu said.

"In the mean time, we are very pleased to have Mr. Shen take
over the president position.  His experiences in the automotive
industry expand across manufacturing, product development,
service, sales & marketing, and overall management.  Mr. Shen
has outstanding results with his leadership on these positions.  
We believe he is the right person to lead the fast growing
Changan Ford Mazda Automobile," Yin Jiaxu said.

"Jeffrey has been leading the Ford Lio Ho since December 2001.  
He has made great contribution to the continuous development of
Ford Lio Ho.  We believe, with his rich experience at Ford Lio
Ho, Jeffrey will lead Changan Ford Mazda Automobile team to
achieve its aggressive business objectives," Changan Ford Mazda
vice chairman Mei Wei Cheng said.

Kiyoshi Ozaki, Director and Senior Managing Executive Officer of
Mazda Motor Corporation, one of the parent companies of Changan
Ford Mazda Automobile, expressed his welcome to Jeffrey Shen as
well.  "Jeffrey used to be the managing director of Mazda
Taiwan.  His experience of working with different partners,
including Mazda Motor Corporation, will enable him to play a
good management and coordination role on his new assignment."
Mr. Ozaki said.

Jeffrey Shen was born in Taiwan in 1951.  He received a
bachelor's degree in Mechanical Engineering from the National
Cheng Kong University, and an EMBA certificate of the Executive
Program from the University of Michigan in 1996.

Jeffrey Shen has been the President of Ford Lio Ho located in
Chung Li, Taiwan, from Dec. 1, 2001.  Before his current
position, he was the Marketing & Sales Vice President of Ford
Lio Ho.  He joined the company as an Engine Engineering
Supervisor in 1976 and held a variety of manufacturing and
product development management positions before being promoted
to Product Development Vice President in May 1990.  In June
1997, he moved from the technical affairs to the field of
customer services as the Vice President of Ford Customer Service
Division.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents.  
With more than 324,000 employees worldwide, the company's core
and affiliated automotive brands include Aston Martin, Ford,
Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its
automotive-related services include Ford Motor Credit Company
and The Hertz Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 13,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: In Talks with Toyota Execs Over Partnership Deals
-------------------------------------------------------------
Ford Motor Co. CEO Alan Mulally met with Toyota Motor Corp.
chairman Fujio Cho to discuss its first potential partnership
deals, CNNMoney.com reports.  Ford Executive VP Mark Fields also
attended the meeting last week.

According to the Japanese business daily newspaper Nihon Keizai
Shimbun, Ford expressed its interest in Toyota's hybrid and
fuel-cell technologies and its work in reducing manufacturing
and parts procurement costs.

Ford Oscar Suris, in an interview with the Japanese newspaper,
said that the automaker would neither confirm nor deny the
report.  Mr. Suris added that the company officials are in talks
with that matter.

Reports show that a Toyota Representative also refused to
comment, saying any remark would have to come from the company's
headquarters in Japan.  However, the Japanese newspaper
discloses that Toyota considered a partnership with Ford as a
way to ease potential friction with the U.S. auto industry.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents.  
With more than 324,000 employees worldwide, the company's core
and affiliated automotive brands include Aston Martin, Ford,
Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its
automotive-related services include Ford Motor Credit Company
and The Hertz Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 13,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: Inks MOU's with Cooper-Standard and Flex-N-Gate
-----------------------------------------------------------
Ford Motor Company disclosed that it entered into a Memorandum
of Understanding with Cooper-Standard Automotive and Flex-N-
Gate.

                      Cooper-Standard MOU

The MOU with Cooper-Standard Automotive is for Cooper-Standard's
purchase of the Automotive Components Holdings' fuel rail
manufacturing operations at its El Jarudo, Mexico, plant.

The El Jarudo Plant is a North American maquiladora plant and
producer of automotive fuel rails.  The plant employs about 500
people. It is part of Automotive Components Holdings, a Ford-
managed temporary company formed in October 2005.

"The acquisition of this facility will be a key step in
expanding
our ability to provide a broad array of fluid subsystems and
modules in North America," Cooper-Standard Automotive chief
executive officer Jim McElya said.  "The ACH facility has
excellent quality levels and will be a strong addition to our
manufacturing footprint."

"This transaction provides the ability to expand our product
offering with fuel rails.  The layout of the facility gives us
the opportunity to optimize our manufacturing in North America,
and further enhance our competitive position," Cooper-Standard
Automotive's Fluid Systems president Larry Beard said.

"This MOU represents more progress as our North American Way
Forward plan moves into high gear," Mark Fields, president of
The Americas and Ford executive vice president, said.  "This is
another positive sign of progress toward our commitment to sell
selected operations by the end of 2008."

"I am delighted to be announcing our second MOU this month," Al
Ver, chief executive officer and chief operating officer,
Automotive Components Holdings and Ford vice president, said.
"Cooper-Standard has a strong focus on the business and the
people."

                         Flex-N-Gate MOU

Ford Motor MOU with Flex-N-Gate outlines the plans, which have
been established for Flex-N-Gate's purchase of Automotive
Components Holdings' fascia and fuel tank operations at its
Milan, Michigan, plant.

The Milan Plant produces automotive front and rear fascias and
fuel tanks.  The plant currently employs about 700 people,
including salaried employees leased from Visteon and UAW hourly
employees leased from Ford.  It is part of Automotive Components
Holdings, a Ford-managed temporary company formed in October
2005.

Flex-N-Gate is a growing, international and privately held
company with numerous manufacturing operations in several
countries.  Flex-N-Gate has a solid reputation in the plastics
and metal forming industries and has content on virtually all-
major automotive nameplates.

"This MOU on another Automotive Components Holdings business
represents continued momentum for our Way Forward Acceleration,"
Mark Fields, president of The Americas and Ford executive vice
president, said.

"These sales enhance our ability to reduce material costs and
obtain high-quality, competitively priced components in North
America."

"ACH has had a flurry of activity as we end the year and I am
pleased to announce our third MOU in one month," Automotive
Components Holdings chief executive officer and chief operating
officer and Ford vice president Al Ver said.

"This MOU with Flex-N-Gate underscores our progress with the ACH
strategy."

"This MOU is a statement of our intention to be a key part of
Ford's initiatives.  We enjoy a long and valued relationship
with Ford.  This agreement will build on our relentless efforts
to expand our customer base and product/service offerings,"
Flex-N-Gate chief executive officer Shahid Khan said.

"There are many reasons why this deal makes sense.  Milan is a
plant with great technical and production capabilities; it will
support our continued alignment with Ford.  Milan also offers us
an exciting opportunity to acquire fuel tank competencies and
continue our growth throughout the industry."

The deal is contingent upon a new and competitive agreement with
the UAW.  Other issues to be addressed before conclusion of a
Final Agreement include the alignment of property taxes with the
current property value.


               About Automotive Components Holdings

Automotive Components Holdings produces automotive and
architectural glass, and automotive interior, climate, chassis,
and powertrain components at 10 plants in the U.S. and three in
Mexico.

                 About Cooper-Standard Automotive

Headquartered in Novi, Mich., Cooper-Standard Automotive Inc. is
a global automotive supplier specializing in manufacturing and
marketing of systems and components for the automotive industry.
Products include body-sealing systems, fluid handling systems,
and NVH control systems.  Cooper-Standard Automotive employs
more than 16,000 people across 61 facilities in 14 countries.  
Cooper-Standard Automotive is a privately held portfolio company
of The Cypress Group and Goldman Sachs Capital Partners Funds.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents.  
With more than 324,000 employees worldwide, the company's core
and affiliated automotive brands include Aston Martin, Ford,
Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its
automotive-related services include Ford Motor Credit Company
and The Hertz Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 13,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


MILACRON INC: Inks Five-Year US$105-Mln Loan with GE-Corporate
--------------------------------------------------------------
Milacron Inc. reported the signing of a five-year revolving
credit facility providing up to US$105 million of borrowing
availability.  

The new asset-based loan, provided by GE-Corporate Lending,
increases Milacron's total borrowing capacity by approximately
US$17 million, based on current asset levels.

The new facility, which matures in 2011, replaces the company's
current US$75 million ABL, which was due to expire in 2008.

"Achieving access to greater liquidity, at more attractive
terms, gives us confidence that Milacron will have the resources
over the long term to remain focused on important strategic
initiatives, such as new product development, expanding our
presence in emerging markets and improving our worldwide
customer support capabilities," said Ross A. Anderson, senior
vice president and chief financial officer.

The new ABL consists of a facility with up to US$95 million of
borrowing capacity, in addition to an overadvance facility with
up to US$10 million of borrowing capacity.  There are no
performance covenants as long as the company complies with
certain minimum availability thresholds.  Complete terms of the
agreement are being filed with the Securities and Exchange
Commission.  Lazard assisted Milacron in arranging the
financing.

"Providing financing solutions to support our clients throughout
their business lifecycle is something we specialize in," said
Rob McMahon, managing director, GE-Corporate Lending.  "We
worked closely with Milacron to understand their needs and
structured financing to help maximize liquidity and
flexibility."

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- manufactures and supplies  
plastics-processing equipment and related supplies.  Milacron is
also one of the largest global manufacturers of synthetic water-
based industrial fluids used in metalworking applications.  The
company has major manufacturing facilities in North America,
Europe, and Asia.  Milacron's annual revenues approximated
US$805 million over the last twelve months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.

                        *     *     *

On October 3, 2006, Moody's Investors Service's confirmed its
Caa1 Corporate Family Rating for Milacron Inc., and its Caa1
rating on the company's 11.5% senior notes.  Additionally,
Moody's assigned an LGD 3 rating to those bonds, suggesting
noteholders will experience a 44% loss in the event of a
default.


PEMBRIDGE SQUARE: Moody's Assigns Ba1 Rating on EUR16-Mln Notes
---------------------------------------------------------------
Moody's assigned long term ratings to the following Notes issued
by Pembridge Square Finance Limited:

   -- EUR17,000,000 Class A1 Floating Rate Credit-Linked
      Notes: Aaa;

   -- EUR80,000,000 Class A2 Floating Rate Credit-Linked
      Notes: Aaa;

   -- EUR70,000,000 Class B Floating Rate Credit-Linked
      Notes: Aa1;

   -- EUR60,000,000 Class C Floating Rate Credit-Linked
      Notes: Aa2;

   -- EUR50,000,000 Class D Floating Rate Credit-Linked
      Notes: Aa3;

   -- EUR40,000,000 Class E Floating Rate Credit-Linked
      Notes: A2;

   -- EUR25,000,000 Class F Floating Rate Credit-Linked
      Notes: A3;

   -- EUR22,000,000 Class G Floating Rate Credit-Linked
      Notes: Baa2; and

   -- EUR16,000,000 Class H Floating Rate Credit-Linked
      Notes: Ba1.

The Class H Floating Rate Credit Linked Notes attach after a
threshold of EUR40,000,000.

Moody's ratings address the expected loss posed to investors by
the legal final maturity (January 2041).  Moody's ratings
address only the credit risks associated with the transactions,
other non-credit risks have not been addressed, but may have
significant effect on yield to investors.

In this transaction, Pembridge Square Finance Limited will issue
Credit-Linked Notes exposed to EUR2 billion of reference
notional.  The portfolio consists of corporate reference
obligations representing EUR300 million of credit exposure to
structured finance securities, EUR1 billion of direct corporate
credit exposure and the mezzanine tranches of ten bespoke CDOs,
each EUR70 million.

The proceeds from the issuance of each Class of Notes will be
transferred to KBC Investment Hong Kong Limited under a an
investment agreement.  The payments by KBC Investment Hong Kong
Limited under this agreement are guaranteed by KBC Bank.  The
transaction permits the issuer to switch the collateral, in
which case the guaranteed investment may be replaced by a
repurchase agreement or a total return swap.  Eligible
investments are securities with a rating not below Aa3 issued by
governmental and corporate entities as well as asset-backed
securities rated at least Aa3.

As credit default swap counterparty and portfolio mananger, KBC
Investments Cayman Islands Ltd. will identify the initial
reference portfolio and may subsequently replace any of the
reference entities included in the direct corporate portfolio,
in the ten bespoke CDO reference pools and in the structured
finance portfolio.  It may also adjust the subordination of each
bespoke CDO obligation.  This will all be subject to certain
investment guidelines and in particular the satisfaction of a
maximum Moody's Metric test computed by the Moody's CDOROM
model.  The pool may include up to 5% of synthetic single-name
exposure to structured finance securities, i. e. credit default
swaps on single structured finance securities, referred to as
"Proxy ABS securities".  Inclusion of such assets is subject to
each tranche passing of a modified version of the Moody's Metric
test.

It should be noted that the corporate exposures and the bespoke
CDO exposures will terminate in January 2017 and the Notes will
then benefit from a spread two-times step-up.  Structured
finance reference obligations may however have a maturity that
goes beyond 2017, and therefore the Notes may be amortized at a
later date.


PPI TRAINING: Amco Agency Selling IT Training Company
-----------------------------------------------------
Amco Agency Ltd. is offering to sell the business of PPI
Training Ltd, a well established IT and Professional skills
training company.

The assets to be auctioned features:

   -- three fully equipped training centers: Birmingham, Leeds,
      London;

   -- turnover GBP10.5 million,

   -- fleet of seven climate controlled mobile training
      classroom;

   -- Microsoft Gold Partner, IITT Gold Standard Accredited;

   -- Professional Skills and IT Training Courses

   -- Rated number 10 in the U.K. (revenue 2005) by
      Train-net.co.uk;

   -- Quality focused operation. ISO 9000:2000;

   -- broad range of clients including blue chip and public
      sector;

   -- 190 page course catalogue detailing 350 courses;

   -- managed services operation offering design and
      implementation;

Inquiries can be addressed to:

         Michael Charles
         Amco Agency Limited
         Suite 501 International House
         223 Regent Street
         London W1B 2QD
         United Kingdom
         E-mail: Enquiries@amco-agency.co.uk


REFCO INC: Chapter 11 Plan Effective; Orderly Wind-Up Begins
------------------------------------------------------------
The Chapter 11 plan of Refco Inc. and certain of its Direct and
Indirect Subsidiaries, including Refco Capital Markets, Ltd. and
Refco F/X Associates, LLC, became effective on Dec. 26, 2007.

The Debtors' Chapter 11 plan had been confirmed by the U.S.
Bankruptcy Court for the Southern District of New York on
Dec. 15, 2006.  The effective date of the plan now permits the
companies to complete an expeditious orderly wind-up of their
businesses.

As reported in the Troubled Company Reporter on Dec. 19, 2006,
the Plan is premised on a series of interdependent settlements
and compromises in one of the most complex bankruptcy cases in
history.  Under the terms of the Plan, secured lenders who were
owed US$717.7 million were paid in full in cash prior to
confirmation of the Plan; bondholders are expected to receive
83.4 cents on the dollar for their claims; Refco Capital
Markets' securities customers are expected to receive
approximately 85.6 cents on the dollar for their claims, and
Refco Capital Markets' general unsecured creditors are expected
to receive approximately 37.6 cents on the dollar for their
claims.  General unsecured creditors at the other Refco
companies are expected to receive between 23 and 37.5 cents on
the dollar for their claims.

In addition, shareholders and certain creditors of the company
will have the opportunity to participate in recoveries obtained
by both the Litigation Trust and Private Actions Trust, which
will hold certain litigation claims.

The effectiveness of the Plan enables Marc S. Kirschner, the
Chapter 11 Trustee of Refco Capital Markets, Ltd., to make
substantial interim distributions to creditors of Refco Capital
Markets by year-end.  The other Refco companies will be wound up
by RJM, LLC, operated by Robert J. Manzo, and assisted by
Capstone Advisory Group, LLC.

                          About Refco Inc.

Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services    
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).


ROYAL STAFFORD: RSM Robson Rhodes Selling Tablemaker
----------------------------------------------------
Gerald Smith and John Whitfield, in their capacity as joint
administrators of Royal Stafford Tableware Ltd., are offering to
sell the company's business and assets.

The assets to be auctioned:

   -- manufactures of earthenware tableware;

   -- operates from leasehold premises in Stoke on Trent;

   -- has established blue chip customer base in both U.K. and
      abroad;

   -- reports annual turnover of around GBP3.5 million;

   -- features skilled and dedicated workforce of around 100
      people.

Inquiries can be addressed to:

         Kerry Stewart
         RSM Robson Rhodes LLP
         Centre City Tower
         7 Hill Street
         Birmingham B5 4UU
         United Kingdom
         Tel: 0121 697 6000
         Fax: 0121 697 6112.
         E-mail: kerry.stewart@rsmi.co.uk

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.


SEA CONTAINERS: Posts US$50.9 Million Net Loss in October 2006
--------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of October 31, 2006

                            Assets

Current Assets
   Cash and cash equivalents                      US$52,084,064
   Trade receivables, less allowances
     for doubtful accounts                            1,197,118
   Due from related parties                          10,077,614
   Prepaid expenses and other current assets          4,369,498
                                                   ------------
      Total current assets                           67,728,294

Fixed assets, net                                             -

Long-term equipment sales receivable, net                     -
Investment in group companies                                 -
Intercompany receivables                                      -
Investment in equity ownership interests            199,120,137
Other assets                                          3,454,797
                                                   ------------
Total assets                                     US$270,303,229
                                                   ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                   US$14,462
   Accrued expenses                                  24,978,283
   Current portion of long-term debt                 26,042,311
   Current portion of senior notes                  385,040,923
                                                   ------------
      Total current liabilities                     436,075,980

Total shareholders' equity                         (165,772,752)
                                                   ------------
Total liabilities and shareholders' equity       US$270,303,228
                                                   ============

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended October 31, 2006

Revenue                                            US$2,938,790

Costs and expenses:
   Operating costs                                      407,541
   Selling, general and administrative expenses      (8,560,523)
   Charges to provide against
     intercompany accounts                          (39,630,334)
   Depreciation and amortization                         58,700
                                                   ------------
      Total costs and expenses                      (47,724,616)
                                                   ------------
Loss on sale of assets                               (1,681,276)
                                                   ------------
Operating (loss) income                             (46,467,102)

Other income (expense)
   Interest income                                      141,572
   Foreign exchange gains (losses)                       26,875
   Interest expense, net                             (4,554,537)
                                                   ------------
(Loss) Income before taxes                          (50,853,192)
Income tax expense                                     (100,000)
                                                   ------------
Net (loss)                                       (US$50,953,192)
                                                   ============

A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:

          http://bankrupt.com/misc/SeaContainers

                     About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SEA CONTAINERS: Files Schedules of Assets and Liabilities
---------------------------------------------------------

A.   Real Property                                         none

B.   Personal Property
B.1  Cash on Hand                                          none
B.2  Bank Accounts
        Bank of America - London, UK
           Acct# *****015                             US$89,522
           Acct# *****023                                     -
        Bank of Bermuda
           Acct# *****52590                              27,029
           Acct# *****5539                                1,865
        Bank of Scotland - Leeds, UK
           Acct# *****001                                     -
           Acct# *****242                                 1,143
           Acct# *****USD01                                 435
        Barclays Bank PLC - London, U.K.                     27
        Barclays - London, U.K.                         464,750
        Commerce Bank - Delaware, USA                   250,970
        JPMorgan Chase Bank - London, UK
           Acct# *****501                                79,770
           Acct# *****702                                     -
           Acct# *****704                                40,906
           Acct# *****705                                     -
           Acct# *****706                                32,148
        JPMorgan Chase Bank - New York, USA
           Acct# *****382                                40,700
           Acct# *****705                                15,302
        HSBC - NY                                       131,685
        NatWest PLC - London, U.K.                        6,749
        Societe Generale & Investment Bank           48,915,946
        Societe Generale - London, U.K.                   2,671
B.3  Security Deposits                                     none
B.4  Household goods                                       none
B.5  Book, art work & collectibles                         none
B.6  Wearing apparel                                       none
B.7  Furs and jewelry                                      none
B.8  Firearms and sporting goods                           none
B.9  Interests in Insurance Policies                    unknown
B.10 Annuities                                             none
B.11 Interests in retirement plans                         none
B.12 Stock and Interests                                   none
B.13 Stocks and Interests in Businesses                 unknown
B.14 Interests in Partnerships or Joint Ventures
        Orca Line - less than 50% ownership              65,741
        West Star - less than 50% ownership               2,289
        Sociate Bananiere de Motobe SA                  unknown
        Alliance Reefer Container Line                  unknown
B.15 Bonds                                                 none
B.16 Accounts Receivable
        Trade
           Containerships, Ltd. OY                       88,932
           Havana Club International SA                  87,003
           Islamic Republic of Iran                   1,269,761
           JSV Logicstic SL                              57,841
           Naviera Pinillos SA                          114,018
           Nenufar Shipping SA                           87,025
           Orient Express Hotels Ltd.                   215,336
           Reef Shipping Ltd.                            57,096
           Servinaves Panama SA                         773,977
           Others                                       455,317
        Unallocated Cash                               (830,269)
        Unpaid Commissions to Container Lease Agents     (9,933)
        Unpaid Commissions
           to be written off in Oct. 2006              (156,488)
        Provisions for Bad Debt                      (1,549,921)
        Advance Billings                               (320,429)
        GE SeaCo                                     10,104,217
        Pescara                                         450,000
        SNAV                                             96,879
        Deposits                                        651,653
        Share Option Loans                               59,309
        Insurance Recovery                               44,681
        Other                                             2,188
B.17 Alimony                                               none
B.18 Other liquidated debts owed                           none
B.19 Equitable and future interests                        none
B.20 Contingent Interests                                  none
B.21 Other Contingent & Unliquidated Claims                none
B.22 Intellectual Property                              unknown
B.23 General Intangibles                                unknown
B.24 Customer Lists                                        none
B.25 Automobiles                                           none
B.26 Boats                                                 none
B.27 Aircraft                                              none
B.28 Office Equipment                                      none
B.29 Machinery, furniture and fixtures                     none
B.30 Inventory                                             none
B.31 Animals                                               none
B.32 Crops                                                 none
B.33 Farm Equipment & Implements                           none
B.34 Farm Supplies                                         none
B.35 Other Personal Property
        Prepaid Expenses
           Annual Government Fees                        46,238
           Insurance                                     65,031
           Professional Advisors                        370,000
           Other Prepayments                              1,610
        Long-term asset sales receivables                     -

     TOTAL SCHEDULED ASSETS                       US$62,400,718
     ==========================================================

C.   Property Claimed as Exempt                  not applicable

D.   Secured Claim                                         none

E.   Unsecured Priority Claims                             none

F.   Unsecured Non-priority Claims
        Atlantic Maritime Services                 US$3,184,811
        Contender 2                                   5,116,079
        James B. Sherwood                             1,435,961
        Marine Container Insurance Co. Limited       11,709,727
        S C Iberia                                    5,896,016
        SC Finland Services                          18,306,919
        SC Holdings                                  17,052,664
        Sea Containers Australia Ltd.                 7,451,487
        Sea Containers Ports & Ferries Ltd           80,680,292
        Sea Containers U.K.                          953,472,122
        Societe Bananiere De Motobe                   1,532,743
        SPCP                                         19,556,914
        Superseacat 2 Ltd.                            1,697,564
        The Bank of New York                         19,200,000
        The Bank of New York                        103,000,000
        The Illustrated London News Group            17,553,770
        U.S. Trust Company of New York              115,000,000
        U.S. Trust Company of New York              149,800,000
        Yorkshire Marine Containers Ltd.             13,030,555
        Others                                          706,459

     TOTAL SCHEDULED LIABILITIES               US$1,545,384,083
     ==========================================================

                     About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SKYEPHARMA PLC: Finalizes GBP35-Million Financing Agreement
-----------------------------------------------------------
SkyePharma PLC has finalized a GBP35-million financing agreement
and provides an update on the continuing progress with the
Flutiform(TM) development and the potential sale of the
Injectable Business.

The Group has entered into an agreement with a specialist
lending entity domiciled in Ireland and advised by
Christofferson, Robb & Company for a 10-year secured amortizing
loan facility of approximately GBP35 million.

The facility comprises initial commitments of US$35 million and
EUR26.5 million repayable over 10 years based on a minimum
amortization schedule.  This schedule is based on expected
receipts from milestone and royalties in respect of certain
products.  Interest is generally charged on a quarterly basis at
the respective U.S. and Euro three-month LIBOR rates plus a
5.85% margin.  The loan facility is secured by assignments of
certain assets including, once implemented, the receipts in
respect of the CRC Products.  

There is also a covenant (negative pledge) not to grant further
securities over the Group's assets and the requirement for prior
consent from CRC for certain transactions that could affect
CRC's security and risk.  There are provisions for the facility
to be increased by a further US$15 million (GBP7.6 million)
subject to due diligence and progress with a specific product
development.  None of the aforementioned products include
Flutiform(TM).

The funds available from this new finance facility will be used
to strengthen the Group's balance sheet and provide funds for
general working capital purposes and the further development of
Flutiform(TM).

                    Flutiform(TM) development

The Flutiform(TM) project continues to operate to the original
timescales with a target approval in the first half of 2009.

The overall costs of the program have increased since the time
of the rights issue, which was announced in September 2005, when
the estimated costs for Phase III development of Flutiform(TM)
were based on the design of the program anticipated at that time
and excluded manufacturing implementation, which depended on the
structure of future licensing and distribution deals.  Since
that time, the program has been agreed with the FDA and now
includes three efficacy studies and an increased level of
respiratory monitoring, resulting in the program presented
earlier this year.  Further costs have also arisen due to a
couple of supply issues, both of which have been dealt with
without delaying the project.

The Group is also planning to take additional steps to secure
the delivery of the program, scale up of commercial
manufacturing, and invest in the necessary capital expenditure,
as required under the license agreements with Kos and
Mundipharma.

The estimated costs to the Group to complete the program from
now through to launch (excluding saleable launch stock) total
approximately US$47 million (GBP23.9 million) of development
expenditure and US$13 million (GBP6.6 million) of capital
expenditure.  Allowing for costs incurred but not yet paid, the
Group's estimated cash outflows on Flutiform(TM) development
from now through to launch (including capital expenditure) total
US$70 million (GBP35.6 million).

                      Injectable Business

The Company is currently in exclusive negotiations with a
potential buyer to sell the Injectable Business.  Subject to
agreement on certain terms, negotiations are expected to
conclude shortly and any disposal will be subject to shareholder
approval.

Frank Condella, CEO, SkyePharma said: "We are very pleased to
have the support of CRC, who have a strong global presence in
structured credit, a deep knowledge of our business and a
commitment to the long term.  CRC's responsiveness provides a
flexible financing alternative and allows us to secure the
completion of the development and launch of Flutiform, as well
as maintaining progress with the early product pipeline in oral
and inhalation products."

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical  
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now twelve approved products
incorporating SkyePharma's technologies in the areas of oral,
injectable, inhaled and topical delivery, supported by advanced
solubilization capabilities.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 1,
PricewaterhouseCoopers LLP in London raised substantial doubt
about Skyepharma PLC's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2005.  The auditing firm pointed to the
uncertainty as to when Skyepharma's certain strategic
initiatives may be concluded and their effect on the company's
working capital requirements.


VOLANTE PUBLIC: Deloitte & Touche Selling Bus Interior Supplier
---------------------------------------------------------------
Deloitte & Touche LLP, in its capacity as administrator for
Volante Public Transportation Interior Systems Ltd., is offering
to sell the company's business and assets.

The assets to be auctioned:

   -- manufactures public transportation interiors for the bus
      and train industries;

   -- features a 40,000 sq. ft. leasehold facility and head
      office located in Trimdon Grange, County Durham;

   -- holds a reputation for quality and innovative product and
      an industry-leading worldwide customer base;

   -- reports turnover of GBP4 million in 10 months to Oct. 31,
      2006;

   -- includes a healthy order book and 70 skilled employees.

Inquiries can be addressed to:

         Tineke Matthews
         Deloitte & Touche LLP
         1 City Square
         Leeds LS1 2AL
         United Kingdom
         Tel: 0113 292 1510
         Fax: 0113 244 8942
         E-mail: tinmatthews@deloitte.co.uk

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


WEIGHT WATCHERS: Begins Self-Tender Offer for 8.3M Common Shares
----------------------------------------------------------------
Weight Watchers International Inc. commenced a "modified Dutch
auction" self-tender offer for up to 8.3 million shares of its
common stock at a price per share not less than US$47 and not
greater than US$54, and which is expected to expire at 12:00
midnight, New York City time, on Jan. 18, 2007.

The company's directors and executive officers and Artal
Holdings Sp. z o.o., its majority shareholder, have advised that
they do not intend to tender any shares in the tender offer.

The Company anticipates paying for the shares purchased through
the tender offer and from Artal and related fees and expenses
with up to approximately US$1.2 billion in new borrowings it is
negotiating.  A portion of the borrowings is also expected to be
used to refinance the debt of its subsidiary,
WeightWatchers.com.

A commitment from Credit Suisse to provide additional capacity
under its senior credit facility to finance the purchases and
the refinancing was obtained by the company.

Credit Suisse Securities (USA) LLC will serve as dealer manager,
Georgeson Inc. will serve as information agent and Computershare
Trust Company, N.A. will serve as the depositary for the tender
offer.

                    Artal Purchase Agreement

Prior to commencing the tender offer, the company also entered
into an agreement to purchase shares from Artal, which owns
approximately 55.2% of the company's outstanding shares of
common stock.  Under the terms of the agreement, Artal agreed to
sell to the company a number of shares of common stock so that
Artal's percentage ownership interest in the company's
outstanding shares of common stock after the tender offer and
the purchase from Artal will be substantially equal to its
current level.  The purchase will be at the same price per share
as paid in the tender offer and is scheduled to occur 11
business days following the expiration date of the tender offer.

Headquartered in Woodbury, N.Y., Weight Watchers International,
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/  
-- provides weight management services, operating in 30
countries through a network of company owned and franchised
operations.


WEIGHT WATCHERS: S&P Places Ratings on Negative CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for
commercial weight-loss service provider Weight Watchers
International Inc., including the 'BB' corporate credit rating,
on CreditWatch with negative implications, indicating that the
ratings could be lowered or affirmed after the completion of
Standard & Poor's review.

New York-based WWI had about US$817.0 million of total
consolidated debt outstanding as of Sept. 30, 2006.

At the same time, the ratings on online weight-loss service
provider WeightWatchers.com, including the 'B+' corporate credit
rating, were affirmed.

Standard & Poor's expects the ratings on WW.com would be
withdrawn upon the completion of the planned refinancing of its
existing senior secured debt.

The CreditWatch listing reflects WWI's increasingly aggressive
financial policy comes after the company's report that it plans
to launch a "modified Dutch auction" self-tender offer for up to
8.3 million shares of its common stock at a price range between
$47.00 and US$54.00 per share.  Artal Luxembourg S.A., WWI's
majority shareholder, plans to retain its pro rata share of
common stock outstanding after the completion of the Dutch
auction repurchase.

WWI also reported its intention to repay the outstanding balance
of WW.com's senior secured credit facilities, which consist of a
$170 million first-lien term loan and a US$45 million second-
lien term loan.  WWI intends to fund the share purchases and the
planned refinancing of its WW.com facilities through an
additional US$1.2 billion in new senior secured bank debt, and
has obtained a commitment from Credit Suisse to provide the
additional borrowing capacity under its credit facility that is
required to complete the proposed transactions.  

Although WWI does not provide a guarantee for the WW.com credit
facilities, Standard & Poor's factors some implicit support for
WW.com in its ratings, given the strategic importance and
affiliation of WW.com as an additional marketing venue for
Weight Watchers.
      
"We expect credit protection measures to weaken as a result of
Weight Watchers' more aggressive financial policy," said
Standard & Poor's credit analyst Mark Salierno.

"Specifically, we expect lease-adjusted consolidated total debt
to EBITDA to be in the 4.5x area, compared with adjusted debt
leverage of about 2.0x for the 12 months ended Sept. 30, 2006.  
We will meet with management and review the company's financial
policy, pro forma capital structure, planned refinancing of
WeightWatchers.com bank debt, and outlook for fiscal 2007 before
resolving the CreditWatch listing."


* BOOK REVIEW: Wildcatters: A Story of Texans, Oil & Money
----------------------------------------------------------
Author:     Sally Helgesen
Publisher:  Beard Books
Paperback:  198 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982161/internetbankru
pt

Following three generations of Texas oilmen, Wildcatters covers
the history of this field of business that had its beginnings in
the late 1800s.  Oil exploration, drilling, and refinement in
Texas have always had the image as a rough-and-tumble business
attracting the adventurous and bold.  Few know much about this
field beyond its somewhat mythic, larger-than-life image.

Ms. Helgesen does not spoil the image.  If anything, her book
gives it support by her portrayals of a number of men, and a few
women relations of theirs, of the different generations.  

In those early days of the oil industry in the United States,
Texas was the "wild cutting edge of the industry."  In those
days before the big oil companies such as Rockefeller's Standard
Oil and later Exxon and Mobil had gained control of the
business, it was "open to any white man who could hustle up the
money for a rig, talk a farmer into leasing the mineral rights
to his land, and then maintain enough optimism or pigheadedness
to drill up his leasehold until he either found oil or convinced
himself that he had made a mistake."  

Ms. Helgesen's portrayal of the first generation of Texas oilmen
connotes their characteristic energy, enthusiasm, risk-taking,
and also their visions of success, which were the basis for the
myth that grew up around them.

The ones who did tap into deposits of oil used the profits to
buy up new leases and founded a dynasty.  Monty Moncrief was one
such man.

A good part of Wildcatters focuses on the life of Dick Moncrief,
Monty's grandson.  Ms. Helgesen sees a symmetry between the
first generation and the third generation of Texas oilmen.  The
second, or middle generation, was left mainly to the task of
overseeing the dynasties founded by their fathers.

[This was in the middle decades of the 1900s.  The oil giants
such as Exxon and Mobil had looked abroad, mostly in the Middle
East, for vast deposits of oil they could develop by dealing
with an Arab sheik or regional tyrant instead of having to
negotiate with numbers of individual farmers and other
landowners as they had had to do in Texas in the first phases of
the oil industry.  Besides, all the easy drilling for oil had
been done in Texas.]  

With the giant oil companies supplying the U.S. from abroad with
all the oil it needed at low cost, the Texas oil business slowed
down.  "The young bulls of the middle generation found no
terrain on which they might challenge the old bulls'
achievements."

[Thus this generation spent their time golfing and card-playing
at the country clubs and managing the real estate and other
investments their fathers had made with the fortunes they earned
from drilling for oil.]

But circumstances changed for the third generation.  In 1973,
the cartel named Organization of Petroleum Exporting Countries
decided to raise the prices of their oil.  This suddenly made
the Texas oil fields competitive again, and also presented
opportunities for developing oil fields overseas.  

Dick Moncrief and other third-generation oilmen throughout Texas
sprang into action to pursue the opportunities that had
unexpectedly opened up for them.  

Separated by decades in age from their pioneering grandfathers
and facing government bureaucratic regulations in the oil
industry, the third generation nonetheless showed something of
the same initiative, boldness, enterprise, and ambition as the
first generation.  

By finding overlooked or underdeveloped oil fields in foreign
countries, forming partnerships with Mexico's state-controlled
oil industry, reviving Texas's moribund oil business, and
searching for new oil fields in the West, the younger generation
of Texas oilmen made their mark as their grandfathers had.  

Dick Moncrief was the behind-the-scenes organizer of a plan to
increase production at an Israeli oil field and he sought new
fields in the Rocky Mountains.

Wildcatters portrays representative Texas oilmen, and is a well-
woven narrative about this legendary sector of American
business. Beyond this, Ms. Helgesen sees the Texas oil business
as exemplifying and to some degree preserving the frontier
spirit of overcoming challenges with determination, ingenuity,
confidence, and optimism.  

As she writes in her Preface, her experiences in Texas in
writing the book turned her into an "optimist in regard to the
American free enterprise system, and filled [her] with hope for
the future of this country."

Sally Helgesen works as a speaker and consultant in the areas of
leadership and workplace change.  She is the author of five
books in these areas, one of which, THE FEMALE ADVANTAGE -
WOMEN'S DAY OF LEADERSHIP, was cited in the Wall Street Journal
as one of the all-time best books on leadership.  Articles on
her work have appeared in Fortune and other leading business
periodicals.

                           *********

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
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prior written permission of the publishers.

Information contained herein is obtained from sources believed
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