TCREUR_Public/070102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, January 2, 2007, Vol. 8, No. 1       

                            Headlines


A U S T R I A

FRIEDRICH MACKE: Vienna Court Orders Business Shutdown
ING. A. VOELKL: Vienna Court Orders Business Shutdown
ING. LUGNER: Vienna Court Orders Business Shutdown
PARMIDA BAU: Claims Registration Period Ends January 4, 2007
VORHANGNAHEREI SAUBERER: Claims Registration Period Ends Jan. 4

WALTER & ZAPPELLA: Creditors' Meeting Set for January 11, 2007


B E L G I U M

ARAMARK CORP: Shareholders Vote to Approve Merger Agreement


C Z E C H   R E P U B L I C

ANDREW CORP: Lack of Purchase Offers Prompt S&P's Positive Watch


F R A N C E

LAZARD LTD: Appoints Jean-Louis Girodolle as Managing Director


G E R M A N Y

AUTOHAUS RAMM: Claims Registration Ends January 10, 2007
BALIBU INDOOR: Claims Registration Ends January 9, 2007
ELEKTRO BOLZ: Claims Registration Ends January 10, 2007
ENTERCENTER GMBH: Claims Registration Ends January 15, 2007
EUROSYSTEMHAUS VERMITTLUNGS: Claims Registration Ends January 13

HERDT BAU: Claims Registration Ends January 10, 2007
IMAGEWARE SYSTEMS: Posts US$1.8 Mln Net Loss in Third Quarter
INFERNO FOOD: Claims Registration Ends January 9, 2007
KARSTADTQUELLE AG: Board Appoints Peter Diesch as New CFO
MASSIV - PLANEN: Claims Registration Ends January 11, 2007

MASSIV TWISTRINGEN: Claims Registration Ends January 11, 2007
SANMINA-SCI: Delayed SEC Filing Cues Moody's to Review Ratings
WALLENDORFER ERD: Claims Registration Ends January 8, 2007
WASCHEREI ABTHOFF: Claims Registration Ends January 8, 2007


I R E L A N D

ARAMARK CORP: Shareholders Vote to Approve Merger Agreement


I T A L Y

FIAT SPA: Auto Unit Completes Partnership with Credit Agricole


K Y R G Y Z S T A N

KARAKOL-TASH JSC: Claims Filing Period Ends Feb. 15, 2007


L U X E M B O U R G

NOVELIS INC: Appoints Two New Independent Directors to Board


N E T H E R L A N D S

GLOBAL POWER: Equity Committee Taps Brown Rudnick as Counsel
MILACRON INC: New Credit Facility Cues S&P to Affirm Junk Rating


R U S S I A

BANK OF MOSCOW: Fitch Affirms Individual Rating at D
BANK ROSSIYA: Fitch Places Low-B Ratings on Watch Negative
HOUSING FINANCE: Fitch Revises Issuer Default Rating to CCC
ROSNEFT OIL: Fitch Places BB+ Default Ratings on Watch Positive
SEVERSTAL OAO: Shareholders Approve 2006 Third Quarter Dividends

YUKOS OIL: Court to Hear Tax Suit Against PwC Russia on Jan. 10


S P A I N

ACTUANT CORP: Acquires Maxima Technologies for US$91 Million
IMAGEWARE SYSTEMS: Posts US$1.8 Mln Net Loss in Third Quarter
MILACRON INC: New Credit Facility Cues S&P to Affirm Junk Rating


S W E D E N

XERIUM TECHNOLOGIES: Amends Senior Credit Facility


S W I T Z E R L A N D

NOVELIS INC: Appoints Two New Independent Directors to Board


T U R K E Y

TURKIYE IS BANKASI: Seeks TRY240-Million Tax Refund


U N I T E D   K I N G D O M

ACCURATE DISC: Names Andrew Appleyard as Administrator
ALENOY LIMITED: Taps Liquidators from DTE Leonard Curtis
ASHWORTHS PRODUCTS: Calls on Creditors to File Claims
ASIANA U.K.: Creditors Confirm Liquidator's Appointment
AVALON KENT: Claims Filing Period Ends Jan. 4, 2007

BARROW ENGINEERING: Creditors' Claims Due March 1, 2007
BATHTIME HARROGATE: Taps Liquidators from Jacksons Jolliffe Cork
BONAFIDE DESIGN: Nominates Peter Anthony Johnson as Liquidator
CAMBRIDGE CONVERGENCE: Appoints Chris Williams as Liquidator
CAMMACK THOMAS: Creditors' Claims Due Jan. 27, 2007

CENTRAL TECHNIK: Names Peter Nottingham Liquidator
CIG MON: HSBC Appoints Grant Thornton as Admin. Receivers
COAST LOGISTICS: Claims Filing Period Ends March 12, 2007
DEVAL ENGINEERING: Joint Liquidators Take Over Operations
DIRECT GARDEN: Appoints Liquidators from Harrisons

DURA AUTOMOTIVE: Names David Harbert Interim VP & CFO
DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
DURA AUTOMOTIVE: Can Use Excess Cash in Investment Accounts
ENRON SB: Creditors Confirm Liquidators' Appointment
FEDERAL-MOGUL: Appoints Robert Katz as VP & General Counsel

FEDERAL-MOGUL: Has Until April 1 to Decide on Leases
FORD MOTOR: Toyota Confirms Talks with Top Executives
JONES & BARCLAY: Appoints Joint Administrators from PKF
KRISPY KREME: Files Delayed First Quarter Financial Results
KRISPY KREME: Expects US$117 Million in Third Quarter Revenues

LEYLAND RUBBER: Begins Formal Liquidation Process on Jan. 9
MCDERMOTT INT'L: Completes US$355-Million Settlement Payments
MSC MEDIA: Brings In Hurst Morrison as Joint Administrators
OLAN MILLS: Appoints KPMG to Administer Assets
PARTYGAMING PLC: Acquires Online Gaming Businesses & Assets

PARTYGAMING PLC: Unveils New Management Incentive Arrangements
PPI LEARNING: Taps Joint Administrators from Fisher Partners
PREMIER FOODS: Expects 20% Sales Increase in 2006
PRINT 88: Trade Secretary Presents Wind Up Petition After Probe
QUANTUM MICROPONENTS: HSBC Taps PwC as Administrative Receivers

READFLEX LTD: Brings In BRI Business to Administer Assets
RENZLAND FORGE: Taps Rothman Pantall as Joint Administrators
SAVVIS INC: To Sell Content Delivery Network to Level 3
SIGNATURE JEWELLERY: Creditors Confirm Liquidator's Appointment
T2 TOHO: Brings In Joint Administrators from Baker Tilly

ZENA DRIVING: Creditors Tap Vincent Simmons to Liquidate Assets

* Large Companies with Insolvent Balance Sheets

                            *********

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


FRIEDRICH MACKE: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered Nov. 8 an order shutting down
the business of LLC Friedrich Macke (FN 96674v).  

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

The property manager can be reached at:

         Mag. Norbert Abel
         c/o Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna, Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31 (Bankr. Case No. 3 S 145/06b).  Johanna Abel-Winkler
represents Dr. Abel in the bankruptcy proceedings.


ING. A. VOELKL: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Nov. 8 an order shutting down
the business of LLC Ing. A. Voelkl (FN 105351d).  

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

The property manager can be reached at:

         Mag. Norbert Abel
         c/o Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna, Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No. 45 S 73/06y).  Johanna Abel Winkler
represents Dr. Abel in the bankruptcy proceedings.


ING. LUGNER: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Nov. 8 an order shutting down
the business of LLC Ing. Lugner Bau (FN 236031f).  

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

The property manager can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Fax: 513 16 55-33
         E-mail: RA_Hoedl@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 20 (Bankr. Case No. 3 S 142/06m).  Katharina Widhalm-
Budak represents Dr. Hoedl in the bankruptcy proceedings.


PARMIDA BAU: Claims Registration Period Ends January 4, 2007
------------------------------------------------------------
Creditors owed money by LLC Parmida Bau (FN 216984w) have until
Jan. 4, 2007, to file written proofs of claims to court-
appointed property manager Martin Honemann at:

         Mag. Martin Honemann
         c/o Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         Email: martin.honemann@kosesnik-langer.at  
                kanzlei@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Jan. 18, 2007, to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 9 (Bankr. Case No. 6 S 107/06m).  Stefan Langer
represents Mag. Honemann in the bankruptcy proceedings.


VORHANGNAHEREI SAUBERER: Claims Registration Period Ends Jan. 4
---------------------------------------------------------------
Creditors owed money by LLC Vorhangnaherei Sauberer (FN 164863x)
have until Jan. 4, 2007, to file written proofs of claims to
court-appointed property manager Christof Stapf at:

         Dr. Christof Stapf
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         Email: officewien@aaa-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Jan. 18, 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 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 9 (Bankr. Case No. 6 S 100/06g).  Michael Neuhauser
represents Dr. Stapf in the bankruptcy proceedings.


WALTER & ZAPPELLA: Creditors' Meeting Set for January 11, 2007
--------------------------------------------------------------
Creditors owed money by LLC Walter & Zappella Werbeagentur (FN
169434v) are encouraged to attend the creditors' meeting at
10:00 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 Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 9 (Bankr. Case No. 5 S 148/06h).  Robert Klein serves as
the court-appointed property manager of the bankrupt estate.   
Thomas Deschka represents Dr. Klein in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Robert Klein
         c/o Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna, Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: klein@lawcenter.at


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


ARAMARK CORP: Shareholders Vote to Approve Merger Agreement
-----------------------------------------------------------
ARAMARK Corp. voted at a special meeting to adopt the merger
agreement entered into on Aug. 8, 2006, providing for the
acquisition of ARAMARK by an investor group led by Joseph
Neubauer and investment funds managed by GS Capital Partners,
CCMP Capital Advisors and J.P. Morgan Partners, Thomas H. Lee
Partners and Warburg Pincus LLC.

Adoption of the merger agreement was subject to two votes.   
Under Delaware law, the merger agreement was required to be
adopted by shareholders holding at least a majority in combined
voting power of the company's common stock outstanding on the
record date of Nov. 3, 2006.  In addition to the vote required
under Delaware law, the transaction was required to be approved
by a majority of the combined voting power of the company's
common stock voted at the special meeting.  For purposes of the
second vote, each share of Class A common stock beneficially
owned by Mr. Neubauer and other members of the company's
management committee was counted as only one vote, rather than
the ten votes to which each such share is otherwise entitled.

Based on the preliminary tally of shares voted, for purposes of
the vote required under Delaware law, 606 million votes were
cast at the special meeting, representing 88% of the total
voting power of ARAMARK's outstanding voting shares.  Of those
votes cast, 592 million votes were cast in favor of the adoption
of the merger agreement, representing 86% of the total voting
power of ARAMARK's outstanding voting shares and 97% of the
votes cast.  For the purposes of the second vote, 375 million
votes were cast at the special meeting.  Of those votes cast,
360 million votes were cast in favor of the adoption of the
merger agreement, representing 96 percent of the total votes
cast at the meeting.

Under the terms of the merger agreement, ARAMARK shareholders
will receive US$33.80 in cash for each share of ARAMARK common
stock held.  Subject to the satisfaction of customary closing
conditions, the transaction is anticipated to close at the end
of January 2007.

Headquartered in Philadelphia, ARAMARK Corp. --
http://www.aramark.com/-- is a leader in professional services,  
providing food services, facilities management, and uniform and
career apparel to health care institutions, universities and
school districts, stadiums and arenas, and businesses around the
world.  It has approximately 240,000 employees serving clients
in 20 countries, including Belgium, Czech Republic, Germany,
Ireland, UK, Mexico, Brazil, Chile, among others.

                        *    *    *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from 'BBB-'.

Fitch downgraded on Aug. 8, 2006, the Issuer Default Rating and
senior unsecured debt ratings for both ARAMARK Corporation and
its wholly owned subsidiary, ARAMARK Services, Inc., to 'BB-'
from 'BBB'.  The ratings remain on Rating Watch Negative.

Moody's Investors Service downgraded on Sept. 20, 2006, the 5%
senior notes due 2012 of ARAMARK Services, Inc., to B2 from
Baa3, confirmed the Baa3 ratings on the senior notes due 2007
and 2008, and assigned a corporate family rating of Ba3 to
ARAMARK Corp., ARAMARK Services' holding company parent.  The B2
rating on the 5% senior notes due 2012 and the Ba3 corporate
family rating are under review for possible downgrade.


===========================
C Z E C H   R E P U B L I C
===========================


ANDREW CORP: Lack of Purchase Offers Prompt S&P's Positive Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on Aug. 10,
2006.

"[The] action reflects that there have been no signs of external
plans to acquire Andrew since the withdrawal of CommScope's bid
on Aug. 15, 2006," said Standard & Poor's credit analyst Bruce
Hyman.  Andrew had rejected CommScope's cash tender offer, and
had indicated at the time that it could engage in defensive
measures.  There is now no indication that any defensive
measures would be necessary, and Andrew has subsequently
continued its historical practice of moderate-sized acquisitions
and divestitures to broaden its product line and bolster its
operating profitability.

Andrew's operating performance has been good, with 9% sales
growth for the fiscal year ended Sept. 30, 2006.  Debt leverage
continues to be moderate, below 2.5x.

Standard & Poor's will assess the company's business and
financial profiles, following which ratings could be adjusted
upwards.  Ratings are not expected to reach investment grade,
given the highly competitive markets in which the company
operates, expectations for continued acquisitions, and the
company's good, but second-tier position in its industry.


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


LAZARD LTD: Appoints Jean-Louis Girodolle as Managing Director
--------------------------------------------------------------
Lazard Ltd. disclosed that Jean-Louis Girodolle is joining the
firm as a Managing Director.  Mr. Girodolle, age 38, is an
Inspecteur des Finances and was until recently a Director in the
French Government's Treasury Department, where he focused on
transportation and infrastructure.  He will be based in Paris.

"Mr. Girodolle brings valuable financial and sector experience
from his career with the Treasury, and has been involved in some
of the most important acquisitions, privatizations, IPOs and
restructurings in France," said Georges Ralli, Chief Executive
Officer of Lazard's European investment banking business.  "We
consider him a significant addition to our investment banking
teams in Paris and for our business in Europe."

Mr. Girodolle joins Lazard from the Treasury Department of the
French Government's Shareholding Agency, where for the past
three years he has served as Director, in charge of
Transportation and Infrastructure.  In that position, he was
involved with the Air France acquisition of KLM and Air France's
subsequent privatization, the transformation and reforms of the
A,roports de Paris, the IPOs of APRR and Sanef, the disposal of
the French State's stake in Renault and the privatization of
SNCM.

Prior to that he held other various positions with the Ministry
of Finance, where from 1998 until 2003 he was the Head of the
Financial Markets Division, Advisor of the Minister of Finance
and Deputy Head of the State-Owned Banks Division.  While
serving in those positions he was involved with spin-offs, IPOs,
mergers and acquisitions, privatizations, restructurings, as
well as political and industrial agreements representing the
government and involving such companies as CDC Ixis, Eulia,
France Telecom, La Poste, EADS and Credit Lyonnais.  He began
his career in 1994 in the Ministry of Finance Audit Department.

In addition, Mr. Girodolle is a director of the Aeroports de
Paris, Air France-KLM, RATP, Renault and the Autoroutes du Sud
de la France.  He is a graduate of the Institute d'Etudes
Politiques de Paris and studied at the Ecole nationale
d'administration.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's  
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  In Europe, the firm maintains operations in
France, Germany, Spain and the United Kingdom, among others.

At June 30, 2006, the company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities
resulting in US$745 million stockholders' deficit.


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


AUTOHAUS RAMM: Claims Registration Ends January 10, 2007
--------------------------------------------------------
Creditors of Autohaus Ramm GmbH have until Jan. 10, 2007, to
register their claims with court-appointed provisional
administrator Peter-A. Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Jan. 31, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Autohaus Ramm GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Autohaus Ramm GmbH
         Attn: Sven-Erik Ramm, Manager
         Schaferweg 12
         24941 Flensburg, Germany

The administrator can be contacted at:

         Peter-A. Borchardt
         c/o Schomerus & Partner
         Deichstrasse 1
         20459 Hamburg, Germany


BALIBU INDOOR: Claims Registration Ends January 9, 2007
-------------------------------------------------------
Creditors of BALIBU Indoor-Freizeitanlagen Beteiligungs-Holding
GmbH & Co. KG have until Jan. 9, 2007, to register their claims
with court-appointed provisional administrator Wolf-R. von der
Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 11:06 a.m. on Jan. 12, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
      
The Court will also verify the claims set out in the
administrator's report at 9:03 a.m. on March 2, 2007, at the
same venue.

The District Court of Krefeld opened bankruptcy proceedings
against BALIBU Indoor-Freizeitanlagen Beteiligungs-Holding GmbH
& Co. KG on Nov. 7.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         BALIBU Indoor-Freizeitanlagen
         Beteiligungs-Holding GmbH & Co. KG
         Frankenseite 85
         47877 Willich, Germany

         Attn: Monika Gruehn, Manager
         Klever Str. 131 A
         47839 Krefeld, Germany

The administrator can be contacted at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf, Germany


ELEKTRO BOLZ: Claims Registration Ends January 10, 2007
-------------------------------------------------------
Creditors of Elektro Bolz GmbH have until Jan. 10, 2007, to
register their claims with court-appointed provisional
administrator Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:37 a.m. on Jan. 31, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Elektro Bolz GmbH on Nov. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Elektro Bolz GmbH
         Attn: Waltraud Bolz, Manager
         Konigsberger Ring 83
         24376 Kappeln, Germany

The administrator can be contacted at:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg, Germany


ENTERCENTER GMBH: Claims Registration Ends January 15, 2007
-----------------------------------------------------------
Creditors of EnterCenter GmbH have until Jan. 15, 2007, to
register their claims with court-appointed provisional
administrator Simon Boes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 5, 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 Pinneberg
         Hall 5
         1st Floor
         Station Route 17
         25421 Pinneberg, 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 Pinneberg opened bankruptcy proceedings
against EnterCenter GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         EnterCenter GmbH
         Attn: Ralph Schliep and Kay Goebel, Managers
         Damm 1-3/PIZ
         25421 Pinneberg, Germany

The administrator can be contacted at:

         Simon Boes
         Moltkestrasse 3-5
         25421 Pinneberg, Germany


EUROSYSTEMHAUS VERMITTLUNGS: Claims Registration Ends January 13
----------------------------------------------------------------
Creditors of Eurosystemhaus Vermittlungs- und Betreuungs GmbH
have until Jan. 13, 2007, to register their claims with court-
appointed provisional administrator Hans-Juergen Beil.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Wolfsburg
         Hall D
         Rothenfelder Road 43
         38440 Wolfsburg, 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 Wolfsburg opened bankruptcy proceedings
against Eurosystemhaus Vermittlungs- und Betreuungs GmbH on
Nov. 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Eurosystemhaus Vermittlungs- und Betreuungs GmbH
         Attn: Ute Gross, Manager
         Meinstrasse 24
         38448 Wolfsburg, Germany

The administrator can be contacted at:

         Hans-Juergen Beil
         Dieselstrasse 11-17
         38446 Wolfsburg, Germany
         Tel: 05361/609670
         Fax: 05361/6096733


HERDT BAU: Claims Registration Ends January 10, 2007
----------------------------------------------------
Creditors of Herdt bau GmbH have until Jan. 10, 2007, to
register their claims with court-appointed provisional
administrator Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 31, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         1st Floor
         Emperor Route 16-18 (Building K18)
         63065 Offenbach am Main, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Offenbach am Main opened bankruptcy
proceedings against Herdt bau GmbH on Oct. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Herdt bau GmbH
         Rudolf-Diesel-Road 1
         63322 Roedermark, Germany

         Attn: Peter Helmut Herdt, Manager
         Sch"nbuschstrasse 30
         63322 Roedermark, Germany

The administrator can be contacted at:

         Goetz Lautenbach
         Zeilweg 42
         D-60439 Frankfurt am Main,
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145


IMAGEWARE SYSTEMS: Posts US$1.8 Mln Net Loss in Third Quarter
-------------------------------------------------------------
ImageWare Systems Inc. reported a net loss of US$1.8 million for
the third quarter ended Sept. 30, 2006, compared with a net loss
of US$1.4 million in the third quarter of 2005.  

Total net revenues for the third quarter were US$2.3 million,
consisting solely of product and maintenance revenue.  For the
same quarter in 2005, revenue was US$2.5 million, which included
US$2 million from product and maintenance revenue, and
US$500,000 from a one-time patent licensing fee.  Identification
revenue in the third quarter of 2006 was US$1.4 million, up 27
percent compared to the prior year's quarter.  Law enforcement
revenue was US$746,000, up 4 percent compared to the prior
year's quarter.

"We generated increased revenue in our core market segments of
identification and law enforcement in the third quarter of
2006," stated Jim Miller, ImageWare's chairman and chief
executive officer.  "In fact, identification sales, which
comprise about two-thirds of our revenue, grew 27 percent year-
over-year."

Operating expenses totaled US$3.2 million in the third quarter
compared to US$3.1 million in 2005.  Included in the 2006 third
quarter operating expenses were US$140,000 in charges for
incentive options to employees with no comparable charge in 2005
as the company adopted SFAS 123R on Jan. 1, 2006.  The company
strategically increased research and development spending to
develop Unix based Solaris and RedHat Linux platforms for its
IWS Biometric Engine(TM) technology and to ensure the company's
credentialing products kept current with the changing HSPD-12
requirements.

For the first nine months of 2006, total net revenues were
US$8 million, compared to US$7.3 million for the first nine
months of 2005.  The net loss for the first nine months of 2006
was US$4.4 million, compared to a net loss of US$4.2 million for
the prior year's first nine months.  

As of Sept. 30, 2006, ImageWare Systems had cash of US$276,000.  
On Nov. 17th, the company closed a private placement of
convertible preferred stock that generated net proceeds of
approximately US$2.1 million.

At Sept. 30, 2006, the company's balance sheet showed US$6.7
million in total assets, US$6.5 million in total liabilities,
and US$109,000 in total stockholders' equity.

The company's balance sheet at Sept. 30, 2006, also showed
strained liquidity with US$1.9 million in total current assets
available to pay US$6.5 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at http://researcharchives.com/t/s?17a9

ImageWare Systems, Inc. (AMEX:IW) -- http://www.iwsinc.com/--  
is the leading global developer of digital imaging,
identification and biometric software solutions for the
corporate, government, law enforcement, professional
photography, transportation, education and healthcare markets,
among others.  ImageWare's secure credential and biometric
product lines are used to produce ID cards, driver licenses,
passports, national medical health cards, national IDs and more.  
The company's law enforcement and biometric product lines
provide the public safety market with booking, investigative and
identification solutions that can be accessed and shared via PC,
Web and wireless platforms.  ImageWare's professional digital
imaging product line provides professional photographers with
automated, in-studio and mobile solutions to facilitate the
transition from film-based photography to digital imaging.  
Founded in 1987, ImageWare is headquartered in San Diego, with
offices in Canada, Europe and Singapore.

                        *     *     *

                     Going Concern Doubt

Stonefield Josephson, Inc., in San Diego, California, raised
substantial doubt about ImageWare Systems' ability to continue
as a going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the company's substantial net losses and
substantial monetary liabilities in excess of monetary assets,
and had an accumulated deficit of US$64,321,551.


INFERNO FOOD: Claims Registration Ends January 9, 2007
------------------------------------------------------
Creditors of Inferno Food- und Getranke Service GmbH have until
Jan. 9, 2007, to register their claims with court-appointed
provisional administrator Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 30, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 14
         Ground Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Inferno Food- und Getranke Service GmbH on Nov. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Inferno Food- und Getranke Service GmbH
         Attn: Andre Held, Manager
         Marktstr. 10
         50968 Cologne, Germany

The administrator can be contacted at:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne, Germany


KARSTADTQUELLE AG: Board Appoints Peter Diesch as New CFO
---------------------------------------------------------
Dr. Peter Diesch, currently CFO of Linde AG, has been appointed
the new Chief Financial Officer of KarstadtQuelle AG by the
Supervisory Board.

His predecessor, Harald Pinger (46), is leaving the Company for
personal reasons.

The Chairman of the Supervisory Board, Hero Brahms, thanked
Harald Pinger for his work on behalf of the Supervisory Board
and the Company.

"The Management Board of KarstadtQuelle would like to thank
Harald Pinger for his contribution to the restructuring and
reorientation of the Company, and is looking forward to a
successful cooperation with Peter Diesch," said Thomas
Middelhoff, Chairman of the Management Board.  "Harald Pinger
took up his position when the Company was in a difficult
situation and succeeded in reorganizing KarstadtQuelle AG's
finances and establishing a stable foundation for the future in
an extremely short period of time."

The new CFO of KarstadtQuelle AG, Peter Diesch, will take up his
position on Jan. 15, 2007.

He studied Economics at the University of Freiburg i.Br. and has
previously served as a managing director of Dornier
Medizintechnik and Airbus Deutschland, a member of the Executive
Board of Tchibo Holding AG and, since 2004, the Chief Financial
Officer of Linde AG.

"In Peter Diesch, we are gaining an experienced manager who has
developed a superb reputation as a finance and M&A expert at a
DAX company," said Thomas Middelhoff.  "With this appointment,
we are also initiating a new phase in the Company's
development."

                     About KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- operates department stores and   
mail order businesses.  It has annual sales of EUR15.5 billion
and employs around 70,000.  The retailer has been suffering from
sluggish consumption and high unemployment rate in Germany.
KarstadtQuelle posted an EBITDA of -EUR428 million in 2004.  The
group is currently restructuring operations by selling off non-
core assets and implementing cost-saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  In 2005, net financial
liabilities were reduced by a third to EUR3.0 billion (including
Thomas Cook), down from EUR4.5 billion in the previous year.

In the first six months of 2006, adjusted group sales totaled
EUR6.5 billion (2005: EUR6.8 billion).  Adjusted EBITDA declined
to -EUR41.7 million, compared with EUR19.4 million in 2005.  As
of June 30, 2006, net financial liabilities (pro forma) stood at
EUR600 million.


MASSIV - PLANEN: Claims Registration Ends January 11, 2007
----------------------------------------------------------
Creditors of Massiv -- Planen und Bauen Twistringen GmbH have
until Jan. 11, 2007, to register their claims with court-
appointed provisional administrator Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Feb. 1, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke, 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 Syke opened bankruptcy proceedings against
Massiv -- Planen und Bauen Twistringen GmbH on Oct. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Massiv -- Planen und Bauen Twistringen GmbH
         Attn: Matthias Drunagel, Manager
         Dillenstrasse 2
         27239 Twistringen, Germany

The administrator can be contacted at:

         Dr. Christian Willmer
         Georgstrasse 5
         D-27283 Verden, Germany
         Tel: 04231/884-0
         Fax: 04231/884-55


MASSIV TWISTRINGEN: Claims Registration Ends January 11, 2007
-------------------------------------------------------------
Creditors of Massiv Twistringen GmbH & Co KG have until Jan. 11,
2007, to register their claims with court-appointed provisional
administrator Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Feb. 1, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke, 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 Syke opened bankruptcy proceedings against
Massiv Twistringen GmbH & Co KG on Oct. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Massiv Twistringen GmbH & Co KG
         Attn: Mathias Drunagel, Manager
         Dillenstr. 2
         27239 Twistringen, Germany

The administrator can be contacted at:

         Dr. Christian Willmer
         Georgstrasse 5
         D-27283 Verden, Germany
         Tel: 04231/884-0
         Fax: 04231/884-55


SANMINA-SCI: Delayed SEC Filing Cues Moody's to Review Ratings
--------------------------------------------------------------
Moody's downgraded Sanmina-SCI Corp.'s corporate family rating
to Ba3 from Ba2 while placing all of its outstanding ratings
under review for further possible downgrade.  The downgrade was
based on the company's continued weak fundamentals and
lackluster financial performance.

The review for further possible downgrade reflects Moody's
concern over potential liquidity as a result of Sanmina's
inability to file its 2006 10K.  Sanmina reported recently that
it would not be able to file with the U.S. Securities and
Exchange Commission its fiscal 2006 10-K by the required
deadline as a result of the on-going investigation into its
stock option administration practices.

The delay in filing the 10K may have caused Sanmina to breach a
financial covenant in its bond indenture requiring it to file
financial statements in a timely manner and could place Sanmina
in a technical default under this covenant.

Sanmina's business model appears to be in transition as the
company searches for a more sustainable and profitable model.
Meanwhile, profitability and cash flow measures are weak with
negative free cash flow generation for each of the past three
quarters.  Increasing working capital, especially inventory,
hampered Sanmina's cash flow generations.  Credit metrics have
weakened as a result of overall financial performance, and are
not consistent with its previous ratings category.

Sanmina's ratings will continue to be on review for possible
downgrade.  This is due to Moody's concerns over potential
liquidity uncertainty presented by Sanmina's delayed filing of
its 10K.

Sanmina's debt ratings were previously placed under review for
possible downgrade on Aug. 14, 2006 following Sanmina's previous
announcement of delay of its filing of its 10-Q for the quarter
ended July 1, 2006.  Sanmina subsequently obtained consent
waivers from all of its debt holders granting additional time to
file its third quarter 10Q, which was filed last week, within
the consent period.  However, its inability of filing the annual
10K has once again placed Sanmina in technical default with its
creditors.  And Moody's understands that there is currently no
consent waiver being sought from its creditors by Sanmina.

Sanmina currently has about US$500 million in cash and
equivalents as of Sept. 30, 2006 and it also has full access to
a revolving credit facility of US$500 million.  The company's
total debt is about US$1.6 billion with the next immediate
maturity falling in 2008.

Sanmina concluded its internal investigation of its stock
options practices and determined that most stock option grants
to executives and employees between 1997 and 2006 were not
correctly dated.  The cumulative pre-tax incremental stock
compensation expense recognized by Sanmina is approximately
US$224 million for the fiscal period of 1997 through 2005.  The
cash impact as a result of additional payable related to payroll
taxes associated with the stock option grants was about US$3.6
million for the same period.  Sanmina cited a general systemic
failure as the cause for options dating mistakes and plans to
implement a number of changes to improve internal control and
accuracy of financial accounting.

Moody's could move the ratings down further if Sanmina is not
able to file its 10K by the end of the 30 day cure period per
its bond indentures, or has not arranged sufficient alternative
liquidity sources to refinance the existing debt by that date.
Other drivers which may cause further downgrade are if further
concerns regarding weakness in internal control, disclosure,
accounting controls were to emerge.

Moody's could conclude the review for possible downgrade and
would most likely confirm Sanmina's ratings with a stable
outlook if the company is able to file its 10K within the cure
period or able to arrange sufficient alternative liquidity to
fund any necessary refinancing of its debt.

Ratings downgraded and under review for further downgrade:

   -- Corporate family rating Ba3 from Ba2;

   -- Probability-of-default rating at Ba3;

   -- US$400 million senior subordinated notes due 2013 at B2,
      LGD5, 85% from Ba3;

   -- US$600 million senior subordinated notes due 2016 at B2,
      LGD5, 85% from Ba3;

   -- US$600 million senior unsecured term loan due 2008 at Ba3
      LGD3, 45% from Ba2; and,

   -- SGL-1 speculative grade liquidity rating.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina.com/-- is one of the largest electronics  
contract manufacturing services companies providing a full
spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain.  In Latin America, it
operates in Brazil and Mexico.


WALLENDORFER ERD: Claims Registration Ends January 8, 2007
----------------------------------------------------------
Creditors of Wallendorfer Erd- & Tiefbau GmbH have until
Jan. 8, 2007, to register their claims with court-appointed
provisional administrator Volker Schlittgen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 5, 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against Wallendorfer Erd- & Tiefbau GmbH on Nov. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Wallendorfer Erd- & Tiefbau GmbH
         Tonschacht
         06254 Wallendorf, Germany

         Attn: Andreas Herbert Knoth, Manager
         Bahnhofstrasse 5E
         06231 Koetschau, Germany

The administrator can be contacted at:

         Dr. Volker Schlittgen
         Rosentalgasse 1-3
         D-04105 Leipzig, Germany
         Tel: 0341/984820
         Fax: 0341/9848220


WASCHEREI ABTHOFF: Claims Registration Ends January 8, 2007
-----------------------------------------------------------
Creditors of Wascherei Abthoff GmbH have until Jan. 8, 2007, to
register their claims with court-appointed provisional
administrator Holger-Rene Bruckhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Wascherei Abthoff GmbH on Nov. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wascherei Abthoff GmbH
         Attn: Dominico Posa, Manager
         Soemmeringstr. 4-6
         50823 Cologne, Germany

The administrator can be contacted at:

         Holger-Rene Bruckhoff
         Theodor-Heuss-Ring 19-21
         50668 Cologne, Germany


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


ARAMARK CORP: Shareholders Vote to Approve Merger Agreement
-----------------------------------------------------------
ARAMARK Corp. voted at a special meeting to adopt the merger
agreement entered into on Aug. 8, 2006, providing for the
acquisition of ARAMARK by an investor group led by Joseph
Neubauer and investment funds managed by GS Capital Partners,
CCMP Capital Advisors and J.P. Morgan Partners, Thomas H. Lee
Partners and Warburg Pincus LLC.

Adoption of the merger agreement was subject to two votes.   
Under Delaware law, the merger agreement was required to be
adopted by shareholders holding at least a majority in combined
voting power of the company's common stock outstanding on the
record date of Nov. 3, 2006.  In addition to the vote required
under Delaware law, the transaction was required to be approved
by a majority of the combined voting power of the company's
common stock voted at the special meeting.  For purposes of the
second vote, each share of Class A common stock beneficially
owned by Mr. Neubauer and other members of the company's
management committee was counted as only one vote, rather than
the ten votes to which each such share is otherwise entitled.

Based on the preliminary tally of shares voted, for purposes of
the vote required under Delaware law, 606 million votes were
cast at the special meeting, representing 88% of the total
voting power of ARAMARK's outstanding voting shares.  Of those
votes cast, 592 million votes were cast in favor of the adoption
of the merger agreement, representing 86% of the total voting
power of ARAMARK's outstanding voting shares and 97% of the
votes cast.  For the purposes of the second vote, 375 million
votes were cast at the special meeting.  Of those votes cast,
360 million votes were cast in favor of the adoption of the
merger agreement, representing 96 percent of the total votes
cast at the meeting.

Under the terms of the merger agreement, ARAMARK shareholders
will receive US$33.80 in cash for each share of ARAMARK common
stock held.  Subject to the satisfaction of customary closing
conditions, the transaction is anticipated to close at the end
of January 2007.

Headquartered in Philadelphia, ARAMARK Corp. --
http://www.aramark.com/-- is a leader in professional services,  
providing food services, facilities management, and uniform and
career apparel to health care institutions, universities and
school districts, stadiums and arenas, and businesses around the
world.  It has approximately 240,000 employees serving clients
in 20 countries, including Belgium, Czech Republic, Germany,
Ireland, UK, Mexico, Brazil, Chile, among others.

                        *    *    *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from 'BBB-'.

Fitch downgraded on Aug. 8, 2006, the Issuer Default Rating and
senior unsecured debt ratings for both ARAMARK Corporation and
its wholly owned subsidiary, ARAMARK Services, Inc., to 'BB-'
from 'BBB'.  The ratings remain on Rating Watch Negative.

Moody's Investors Service downgraded on Sept. 20, 2006, the 5%
senior notes due 2012 of ARAMARK Services, Inc., to B2 from
Baa3, confirmed the Baa3 ratings on the senior notes due 2007
and 2008, and assigned a corporate family rating of Ba3 to
ARAMARK Corp., ARAMARK Services' holding company parent.  The B2
rating on the 5% senior notes due 2012 and the Ba3 corporate
family rating are under review for possible downgrade.


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


FIAT SPA: Auto Unit Completes Partnership with Credit Agricole
--------------------------------------------------------------
Fiat S.p.A.'s Fiat Auto and Credit Agricole S.A. completed the
creation of a 50/50 joint venture, Fiat Auto Financial Services,
which will handle Fiat Auto's main financing activities in
Europe.

These actions also took effect on Dec. 28:

   -- Synesis Finanziaria sold to Fiat Auto, upon exercise of
      its call option, for EUR479 million 51% of Fidis Retail
      Italia, a company controlling the Fiat Auto European
      retail financing activities, which has changed its
      corporate name into FAFS;

   -- FAFS acquired certain Fiat Auto subsidiaries currently
      active in the European Fiat Auto dealer financing and
      renting business;

   -- Fiat Auto sold to Sofinco, the wholly owned consumer
      credit subsidiary of Credit Agricole, 50% share capital of
      FAFS for a total cash consideration of EUR1 billion
      subject to usual price adjustment clauses; and

   -- Credit Agricole/Sofinco refinanced FAFS entities' for the
      entire debt with the Fiat Group and part of their debt to
      third parties.  

For the Fiat Group these transactions will result in a capital
gain of approximately EUR450 million, an overall cash-in in
excess of EUR3 billion and a reduction in net industrial debt by
approximately EUR350 million.

For Credit Agricole, this investment accelerates the development
of its consumer finance business in Europe, and increases the
contribution of international operations to Group results, in
line with the objectives outlined in its Development Plan of
December 2005.

FAFS will manage all the main financial activities of Fiat Auto
in Europe, and in particular the activities regarding financing
of Fiat Auto Dealerships, of Private Clients, as well as leasing
and renting services for Business Fleets.  

Managing a portfolio of over EUR13 billion, FAFS will benefit,
on the one hand, of the expected growth of Fiat Auto sales, and
on the other hand, of the long lasting experience of Credit
Agricole in consumer finance and of its financial strength
The two partners jointly control FAFS.

The Chairman of FAFS, Patrick Valroff, who joined
Sofinco in 1991, is currently Head of the Specialized Financial
Services of Credit Agricole S.A. and Chairman & CEO of Sofinco.
The CEO is Alain Breuils, Senior Vice President of Fiat Group's
Financial Services, with a long international experience in
automotive financial services.

"This Joint Venture will further strengthen our support to Fiat
Auto final customers and dealers, and will represent an
essential contribution to the achievement of our ambitious sales
objectives in Western Europe.  With this alliance, Credit
Agricole becomes a strategic financial partner for Fiat Auto and
the Fiat Group," Sergio Marchionne, CEO of Fiat and Fiat Auto
disclosed.

"This transaction has been realized in a short time frame, which
demonstrates the will of both partners to share their respective
know-how for the benefit of Fiat Auto Financial Services and
Credit Agricole.  This joint venture with a major automobile
manufacturer is another confirmation of Credit Agricole's
ability to operate through partnerships," Georges Pauget, CEO of
Credit Agricole S.A. declared.

                      About Credit Agricole

Headquartered in France, Credit Agricole Specialized Financial
Services  -- http://www.credit-agricole.fr/-- encompasses three  
business lines - consumer finance, lease finance and factoring.
In consumer finance, Credit Agricole has a leading position in
the European market, managing through its subsidiaries Sofinco
and Finaref more than EUR37 billion of assets in 15 European
countries.

                         About Fiat Auto

Fiat Auto is one of Europe's leading car manufacturers with
worldwide unit sales of nearly 1.9 million vehicles in the past
12 months and 2005 revenues in excess of EUR 19.5 billion.  With
its three well-established brands -- Fiat, Alfa Romeo and Lancia
-- as well as a strong presence in light commercial vehicles,
Fiat Auto has a nearly 8% share of the Western European auto
market.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, Moody's Investors
Service changed the outlook on Fiat S.p.A.'s Ba3 Corporate
Family Rating to positive from stable and affirmed the long-term
senior unsecured ratings as well as the short-term non-Prime
rating.

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

Fiat's Ba3/non-Prime ratings continue to reflect

   -- Fiat Group's scope and geographically
      well spread operations,

   -- the solid market position of Case New Holland and
      its potential to improve its highly indebted
      financial profile, and

   -- Iveco's stable market share in the European truck
      markets.

On Oct. 4, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default
and senior unsecured ratings at BB- and Short-term rating at B.
This follows Fiat's exercise of its call option to buy back 29%
of Ferrari's capital from a consortium led by Mediobanca.  Fitch
said the Outlook is Positive.

On Aug. 8, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Fiat S.p.A. to 'BB' from 'BB-'.
At the same time, Standard & Poor's affirmed its 'B' short-term
rating on Fiat.  S&P said the outlook is stable.


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


KARAKOL-TASH JSC: Claims Filing Period Ends Feb. 15, 2007
---------------------------------------------------------
JSC Karakol-Tash has declared insolvency.  Creditors have until
Feb. 15, 2007, to submit written proofs of claim to:

         Vostochnaya zona
         Karakol
         Issyk-Kul Region
         Tel: (+996 3922) 2-98-45
              (0-503) 21-00-32


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


NOVELIS INC: Appoints Two New Independent Directors to Board
------------------------------------------------------------
Novelis Inc. appointed Patrick J. Monahan and Sheldon Plener,
two new independent directors, to its Board of Directors.  

The appointments take effect immediately and will continue until
Novelis' annual meeting in 2007.  These appointments bring the
number of board members to 13.

Mr. Monahan is Dean of the Osgoode Hall Law School of York
University, Toronto.  He has been a Professor of Law at Osgoode
Hall Law School since 1982 and was appointed Dean in 2003.  He
is an Affiliated Scholar with Davies Ward Phillips & Vineberg
LLP, providing legal advice and opinions to leading Canadian
corporations and private sector organizations.  He is also a
member of the Board of Governors of the Law Commission of
Ontario.  

Meanwhile, Mr. Plener is a senior partner with the Toronto law
firm of Cassels Brock & Blackwell LLP.  He joined Cassels Brock
& Blackwell in 1978 and became a partner in 1983 in the Business
Law Practice Group.  He is a member of the firm's Executive
Committee and Chair of its Audit Committee, and has been lead
counsel to public and private clients in a broad range of
industries.  He is also a director of Biovail Corp., the largest
publicly traded pharmaceutical company in Canada, and serves as
chairperson of its Risk and Compliance Committee.  Mr. Plener is
an Alternate National Hockey League Governor representing the
Ottawa Senators Hockey Team and is counsel to Ronald McDonald
House Toronto and the Canadian Breast Cancer Foundation.
    
William T. Monahan, chairperson of the Board of Directors and
interim chief executive officer of Novelis, said, "These
gentlemen will be outstanding additions to our Board with their
wide breadth of legal and corporate experience.  They also
provide strong Canadian representation for our Canada-based
company."
    
Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                        *    *    *

Standard & Poor's Ratings Services it affirmed all of its
ratings on Novelis Inc., including the 'BB-' long-term corporate
credit rating, and removed the ratings from CreditWatch with
negative implications, where they were placed April 7, 2006.  
S&P said the outlook is negative.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Novelis Inc.

Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

Issuer: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 Million
   Guaranteed
   Senior Secured
   Revolving Credit
   Facility               Ba3      Ba2     LGD2       24%

   US$312 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%

   US$1.4 Billion
   7.25% Guaranteed
   Senior Unsecured
   Notes                  B2       B3      LGD5       76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%


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


GLOBAL POWER: Equity Committee Taps Brown Rudnick as Counsel
------------------------------------------------------------
The Official Committee of Equity Security Holders appointed in
Global Power Equipment Group Inc. and its debtor-affiliates'
chapter 11 cases, asks the U.S. Bankruptcy Court for the
District of Delaware to retain Brown Rudnick Berlack Israels LLP
as its co-counsel.

Brown Rudnick will:

   a. assist and advise the Equity Committee in its discussions
      with the Debtors and other parties-in-interest regarding
      the overall administration of these cases;

   b. represent the Equity Committee at hearings to be held
      before the Court and communicating with the Equity
      Committee regarding the matters heard and the issues
      raised as well as the decisions and considerations of the
      Court;

   c. assist and advise the Equity Committee in its examination
      and analysis of the conduct of the Debtors' affairs;

   d. review and analyze pleadings, orders, schedules, and other
      documents filed and to be filed with the Court by
      interested parties in these cases; advise the Equity
      Committee as to the necessity, propriety, and impact of
      the foregoing upon these cases; and consent or object to
      pleadings or orders on behalf of the Equity Committee, as
      appropriate;

   e. assist the Equity Committee in preparing applications,
      motions, memoranda, proposed orders, and other pleadings
      as may be required in support of positions taken by the
      Equity Committee, including all trial preparation as may
      be necessary;

   f. confer with the professionals retained by the Debtors and
      other parties-in-interest, as well as with other
      professionals as may be selected and employed by the
      Equity Committee;

   g. coordinate the receipt and dissemination of information
      prepared by and received from the Debtors' professionals,
      as well as any information as may be received from
      professionals engaged by the Equity Committee or other
      parties-in-interest in these cases;

   h. participate in such examinations of the Debtors and other
      witnesses as may be necessary in order to analyze and
      determine, among other things, the Debtors' assets and
      financial condition, whether the Debtors have made any
      avoidable transfers of property, or whether causes of
      action exist on behalf of the Debtors' estates;

   i. negotiate and formulate a plan of reorganization for the
      Debtors; and

   j. assist the Equity Committee generally in performing other
      services as may be desirable or required for the discharge
      of the Equity Committee's duties pursuant to Section 1103
      of the Bankruptcy Code.

The lead attorneys who will represent the Equity Committee:

          Attorneys                     Hourly Rate
          ---------                     -----------
          Howard L. Siegel, Esq.           US$740
          Steven D. Pohl, Esq.             US$665
          Danielle M. Bennett, Esq.        US$485
          John Elstad, Esq.                US$420

Mr. Pohl, a Brown Rudnick member, discloses that the other
firm's rofessionals bill:

          Position                      Hourly Rate
          --------                      -----------
          Counsel                       US$200 - US$870
          Paraprofessionals             US$175 - US$225

Mr. Pohl assures the Court that his firm is a "disinterested
person" and does not hold or represent an interest adverse to
the Debtors' estates.

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

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


MILACRON INC: New Credit Facility Cues S&P to Affirm Junk Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.

"The outlook revision follows the company's announcement that it
has entered into a new revolving credit facility, thereby
improving its near-term liquidity position.  However,
uncertainty regarding both the company's ability to generate
neutral to positive free cash flows in 2007 and the scope of
pension funding requirements in 2008 remain concerns for the
rating," said Standard & Poor's credit analyst Gregoire Buet.

Milacron's ratings continue to reflect its subpar profitability,
highly leveraged balance sheet, and weak credit protection
metrics.  The company has been affected by a slower-than-
expected recovery in demand for plastic machinery equipment.  
High oil and resin prices have depressed customers' margin and
ability to invest in new processing machinery despite improved
capacity utilization rates.  As a result, market conditions
remain very competitive with almost no ability to increase
prices.

Milacron's profitability continues to be hindered by high legacy
cost, and operating margins have stagnated in the low-5% area.  
Although the company is expecting continued revenue growth and
better profitability in 2007, generating positive free cash flow
will be challenging.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of 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.


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


BANK OF MOSCOW: Fitch Affirms Individual Rating at D
----------------------------------------------------
Fitch Ratings affirmed Bank of Moscow's ratings at Issuer
Default BBB, Short-term F3, Support 2, Individual D and National
Long-term AA+.  The Outlooks on the Issuer Default rating and
National Long-term rating remain Stable.

BOM's IDR, Short-term, Support and National Long-term ratings
are driven by the strong potential support from the City of
Moscow, its majority shareholder.  The combined stake of the
city and its controlled entities in BOM was reduced to 59.96% as
a result of the last share issue.

BOM's Board of Directors has recently approved a new share issue
for 5.6% of the bank's capital to be placed in Q107.  It is not
clear whether the city and its controlled entities will use
their pre-emptive right and to what extent, and therefore there
is a possibility that their combined interest in BOM may
decrease further.  

However, there are no plans at present for this stake to fall
below 50%.  City officials also constitute a majority of the
bank's Board of Directors and there is a track record of capital
contributions and precautionary liquidity support being made
available to BOM by the city.  The bank also provides a range of
banking services to both the city and to parties closely
connected with the city, and is frequently involved in the
city's programs.

BOM's Individual rating reflects its concentrated balance sheet,
relatively high, albeit declining, levels of operations with the
city and related entities, risks arising from rapid asset
growth, low loan loss reserves and modest capitalization.  The
ratings also acknowledge BOM's strong franchise in Moscow,
continued regional diversification, adequate liquidity and
reasonable core profitability to date.

Fitch comments that its view of the propensity of the City of
Moscow to support the bank, and hence the support floor for
BOM's IDR, will continue to depend, amongst other things, on the
bank's ownership by, and importance to, the City of Moscow.

Fitch also notes that any material changes in the relationship
between the city and the bank following the likely change in the
city mayorship at end-2007 could have an impact on BOM's
ratings, although to date there has been no indication that any
successor would implement such changes.  

Upside to the Individual rating is possible as a result of a
further reduction in city-related activities, a major decline in
customer and industry concentrations, and successful
diversification into SME and retail segments.  Downside pressure
on the Individual rating is unlikely at present, but could
result from a marked deterioration of capitalization or asset
quality, which could result from rapid growth.

BOM was established in 1995, and is now one of Russia's five
largest banks in terms of assets.  BOM employs a universal
strategy, with strong growth recorded in both corporate and
retail segments.  A significant share of BOM's business is
concentrated in the City of Moscow; however, focus has been
given to regional development.

BOM had at end-H106, total assets, shareholders' equity and net
profit of RUR324.2 billion, RUR26.1 billion and RUR2.4 billion,
respectively.  The city currently owns 46.5% in BOM directly and
13.5% through Moscow Insurance Company, in which it has a 51%
stake.


BANK ROSSIYA: Fitch Places Low-B Ratings on Watch Negative
----------------------------------------------------------
Fitch Ratings placed Bank Rossiya's Issuer Default rating of B-,
Short-term rating of B and National Long-term rating of BB- on
Rating Watch Negative.  BR's other ratings are affirmed at
Individual D/E and Support 5.

The RWN stance follows news regarding the potential acquisition
by BR or its subsidiaries of a significant stake in Russian
Media Holding REN-TV.  At this stage, Fitch only has limited
information about this transaction, which, according to the
bank's officials, is expected to be completed in first quarter
of 2007.

Fitch will resolve the RWN once it receives further details on
the acquisition and, should it involve BR or any of its
subsidiaries, complete the analysis of the transaction in order
to estimate the impact upon BR's credit standing.  

The IDR, Short-term and National Long-term ratings may be
downgraded if the acquisition significantly increases the
overall leverage of the group, unless there is enough evidence
that any incremental debt arising from this transaction, or at
least a significant part of it, can be serviced using cash flows
of the acquired entity.

BR is a medium-sized corporate-focused bank with operations in
northwestern Russia and the Moscow region.  The bank has
interests in a number of non-banking entities, including a 51%
stake in Sogaz, one of the largest insurance companies in
Russia.  BR is majority-owned by local businessmen, of whom Yuri
Kovalchuk has the largest stake of 30%.


HOUSING FINANCE: Fitch Revises Issuer Default Rating to CCC
-----------------------------------------------------------
Fitch Ratings revised Russia-based Housing Finance Bank's Issuer
Default rating to CCC from CCC+, following the changes to its
rating scale in 2006, and in particular the elimination of + and
- from IDRs in the CCC range.  

The Short-term C, Individual D/E, Support 5, and National Long-
term B+ ratings are affirmed.  The Outlooks on the IDR and
National Long-term rating remain Stable.

The ratings of HFB reflect the bank's limited franchise and a
high share of transactions with related parties, mainly
companies from First Mortgage Company, a construction holding
company owned by the bank's shareholders.  They also reflect the
bank's significant loan concentrations, potentially vulnerable
liquidity and profitability and a still challenging operating
environment.

However, they also consider the bank's relatively high capital
ratios and adequate asset quality to date.  The bank is shifting
from corporate lending to mortgage lending to individuals and
entrepreneurs, using PIK as a major customer acquisition
channel.  

Fitch views this will be a positive for the bank in terms of
profitability and balance sheet growth, but notes the bank's
remaining reliance on PIK, both in loan distribution and further
recapitalization.  

Potential upward pressure on the ratings could result from a
significant expansion of the bank's franchise and
diversification to other underwriting channels, a reduction of
related-party exposures and realization of funding
diversification plans.

Downward pressure could result from a material deterioration of
capitalization, impaired liquidity or a worsening of asset
quality.

HFB was founded in 1994.  It is a sister bank of PIK, owned by
Kirill Pisarev and Yury Zhukov.  They own HFB and certain other
assets outside of PIK, as the latter is now being prepared for
an international IPO.


ROSNEFT OIL: Fitch Places BB+ Default Ratings on Watch Positive
---------------------------------------------------------------
Fitch Ratings placed OJSC Rosneft Oil's foreign and local
currency Issuer Default ratings of BB+ on Rating Watch Positive
following the company's announcement of strong financial results
for the first nine months of 2006.

The Rating Watch is also supported by Fitch's expectations that
Rosneft will further enhance both its downstream integration and
upstream oil and gas production in 2007.  In addition, Fitch
expects the company to favorably resolve issues concerning its
relatively high debt levels which will positively influence its
leverage and coverage ratios over the coming year.

Rosneft continues to make improvements in its upstream
portfolio.  The company expects its oil production growth rate
in 2006 to be 8% compared to the Russian average of closer to
2.5%.  Rosneft plans to increase oil production by 9% in 2007
and natural gas production by 11%.

Rosneft also continues to enjoy low lifting costs, high reserve
replacement rates and a favorable netback profile.  The company
has also made improvements in corporate governance in 2006 with
the appointment of three independent directors and the
establishment of quarterly financial reporting.

Regarding Rosneft's downstream business segment, the company has
announced a tender for the master contract to rebuild the
refinery at Tuapse.  The company aims to triple oil refining
capacity to 12 million tonnes per year from 4 million and to
increase refining depth to 95% from 56%.  

Modernization is scheduled for completion in 2010 and is
expected to cost approximately US$2 billion.  In addition to
refurbishing the refinery, the company also plans to increase
throughput capacity at the oil products terminal in Tuapse to 17
million tonnes from 11 million to increase exports to European
markets.

Rosneft is also in a position to acquire the remaining
downstream assets of OAO Yukos, which was declared bankrupt in
2006, if it chooses to do so.  These assets have been mandated
for auction by the Russian government to recover outstanding
claims and are currently expected to be sold no later than
August 2007.  These refining assets are of a high quality and
would do much to improve Rosneft's downstream market presence.

Fitch aims to resolve the Rating Watch once the agency receives
information regarding the company's exact strategy plans for its
downstream operations in 2007 and how such plans will be
financed.


SEVERSTAL OAO: Shareholders Approve 2006 Third Quarter Dividends
----------------------------------------------------------------
Shareholders of OAO Severstal approved dividends for the third
quarter of 2006 during an Extraordinary General Meeting held on
Dec. 25.

The dividends will amount to RUR2 per common share and per
global depositary receipt payable before Feb. 23 to shareholders
on the share register record date of Nov. 16.

Holders of the Company's GDRs may contact Deutsche Bank Trust
Company Americas as depositary for the related GDRs record date
and payment date.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel  
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.

Severstal, which recently raised just over US$1 billion placing
shares in London, plans to acquire more assets on the way to
becoming the world's second-largest steel maker, its 41-year-old
billionaire owner, Alexei Mordashov, has said.


YUKOS OIL: Court to Hear Tax Suit Against PwC Russia on Jan. 10
---------------------------------------------------------------
The Moscow Arbitration Court will conduct Jan. 10 preliminary
hearings on the case brought against the Russian office of UK-
based PricewaterhouseCoopers, auditor of bankrupt Yukos Oil
Company in 2002, by the Federal Tax Service, RIA Novosti
reports.

According to the report, the tax regulator accused PwC of
covering up Yukos's alleged illegal financial schemes and
compiling two different audits.

"The tax service has evidence that the auditor's report to the
[oil] company's management and the official report were mutually
contradictory," the tax service told RIA Novosti.

According to the tax officials, PwC confirmed that Yukos's
financial operations in 2003-2004 were in full compliance with
Russian legislation, even amidst tax violations discovered in
2002, to which Yukos has failed to remove in the subsequent two
years, RIA Novosti relates.

The auditing firm has denied the tax regulator's accusations
asserting that the management of a company, not an auditor, was
responsible for financial decisions.

PwC argued that its report on Yukos contained an amendment
highlighting the disclosed irregularities, which the firm also
included in a written statement recommending that the company
review its operations.

On Dec. 18, the Moscow Arbitration Court accepted the case from
the Federal Tax Service, which sought to invalidate a contract
between Yukos and PwC's Russian office on auditing services.  
The tax regulator also demanded a US$145,000 repayment from PwC
on the cost of the contract, RIA Novosti notes.

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

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

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

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

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

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.  


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


ACTUANT CORP: Acquires Maxima Technologies for US$91 Million
------------------------------------------------------------
Actuant Corp. has acquired Maxima Technologies' stock for
cash from an investor group lead by HB Equity Partners.  Total
consideration for the transaction was approximately US$91
million, including the assumption of approximately US$1.9
million of Maxima's debt.  Funding for the transaction came from
Actuant's revolving credit facility.

"We have been interested for some time in adding electronic
controls capabilities internally" Bill Blackmore, Actuant
Executive Vice President stated, "as we primarily use third
parties for this important component of our actuation systems.  
Maxima achieves this objective, and it provides us access to a
number of new markets, increasing our diversification.  Similar
to Actuant, Maxima is focused on continuous improvement and
utilizing Six-Sigma tools.  It has a demonstrated track record
of growth in sales and profitability under the leadership of
Oddie Leopando, President and CEO, and we are pleased that he
and his team will be joining Actuant."

Maxima will be included in Actuant's Engineered Products
business segment, and Oddie Leopando will report directly to
Bill Blackmore.

"The acquisition is a major boost for us," said Mr. Leopando.  
"Actuant's diversified and fast-growing business has a culture
similar to Maxima's in that they are committed to Six-Sigma and
Lean principles.  I am personally excited about leveraging our
combined capabilities and global reach in a way that strengthens
our relationships with customers, and sustains a leading
position in our core market segments."

                      About Actuant Corporation

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial  
company with operations in more than 30 countries, including
Austria, Hungary, Poland, Italy, Spain, the Netherlands, France,
Russia, Turkey, Germany, and the United Kingdom.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  Since its creation through a spin-off in
2000, Actuant has grown its sales from USUS$482 million to over
USUS$1 billion and its market capitalization from USUS$113
million to over USUS$1.5 billion.  The company employs a
workforce of approximately 6,000 worldwide.  Actuant Corporation
trades on the NYSE under the symbol ATU.

                           *     *     *

As reported in the TCR-Europe on Oct. 24, Moody's Investors
Service's affirmed its Ba2 Corporate Family Rating for Actuant
Corp. in connection with the rating agency's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector.

Additionally, Moody's held its Ba2 ratings on the company's
US$250 million Senior Unsecured Revolver Due 2009, and US$250
million Senior Term Loan Due 2009.  Moody's assigned those
debentures an LGD3 rating suggesting lenders will experience a
43% loss in the event of a default.


IMAGEWARE SYSTEMS: Posts US$1.8 Mln Net Loss in Third Quarter
-------------------------------------------------------------
ImageWare Systems Inc. reported a net loss of US$1.8 million for
the third quarter ended Sept. 30, 2006, compared with a net loss
of US$1.4 million in the third quarter of 2005.  

Total net revenues for the third quarter were US$2.3 million,
consisting solely of product and maintenance revenue.  For the
same quarter in 2005, revenue was US$2.5 million, which included
US$2 million from product and maintenance revenue, and
US$500,000 from a one-time patent licensing fee.  Identification
revenue in the third quarter of 2006 was US$1.4 million, up 27
percent compared to the prior year's quarter.  Law enforcement
revenue was US$746,000, up 4 percent compared to the prior
year's quarter.

"We generated increased revenue in our core market segments of
identification and law enforcement in the third quarter of
2006," stated Jim Miller, ImageWare's chairman and chief
executive officer.  "In fact, identification sales, which
comprise about two-thirds of our revenue, grew 27 percent year-
over-year."

Operating expenses totaled US$3.2 million in the third quarter
compared to US$3.1 million in 2005.  Included in the 2006 third
quarter operating expenses were US$140,000 in charges for
incentive options to employees with no comparable charge in 2005
as the company adopted SFAS 123R on Jan. 1, 2006.  The company
strategically increased research and development spending to
develop Unix based Solaris and RedHat Linux platforms for its
IWS Biometric Engine(TM) technology and to ensure the company's
credentialing products kept current with the changing HSPD-12
requirements.

For the first nine months of 2006, total net revenues were
US$8 million, compared to US$7.3 million for the first nine
months of 2005.  The net loss for the first nine months of 2006
was US$4.4 million, compared to a net loss of US$4.2 million for
the prior year's first nine months.  

As of Sept. 30, 2006, ImageWare Systems had cash of US$276,000.  
On Nov. 17th, the company closed a private placement of
convertible preferred stock that generated net proceeds of
approximately US$2.1 million.

At Sept. 30, 2006, the company's balance sheet showed US$6.7
million in total assets, US$6.5 million in total liabilities,
and US$109,000 in total stockholders' equity.

The company's balance sheet at Sept. 30, 2006, also showed
strained liquidity with US$1.9 million in total current assets
available to pay US$6.5 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at http://researcharchives.com/t/s?17a9

ImageWare Systems, Inc. (AMEX:IW) -- http://www.iwsinc.com/--  
is the leading global developer of digital imaging,
identification and biometric software solutions for the
corporate, government, law enforcement, professional
photography, transportation, education and healthcare markets,
among others.  ImageWare's secure credential and biometric
product lines are used to produce ID cards, driver licenses,
passports, national medical health cards, national IDs and more.  
The company's law enforcement and biometric product lines
provide the public safety market with booking, investigative and
identification solutions that can be accessed and shared via PC,
Web and wireless platforms.  ImageWare's professional digital
imaging product line provides professional photographers with
automated, in-studio and mobile solutions to facilitate the
transition from film-based photography to digital imaging.  
Founded in 1987, ImageWare is headquartered in San Diego, with
offices in Canada, Europe and Singapore.

                        *     *     *

                     Going Concern Doubt

Stonefield Josephson, Inc., in San Diego, California, raised
substantial doubt about ImageWare Systems' ability to continue
as a going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the company's substantial net losses and
substantial monetary liabilities in excess of monetary assets,
and had an accumulated deficit of US$64,321,551.


MILACRON INC: New Credit Facility Cues S&P to Affirm Junk Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.

"The outlook revision follows the company's announcement that it
has entered into a new revolving credit facility, thereby
improving its near-term liquidity position.  However,
uncertainty regarding both the company's ability to generate
neutral to positive free cash flows in 2007 and the scope of
pension funding requirements in 2008 remain concerns for the
rating," said Standard & Poor's credit analyst Gregoire Buet.

Milacron's ratings continue to reflect its subpar profitability,
highly leveraged balance sheet, and weak credit protection
metrics.  The company has been affected by a slower-than-
expected recovery in demand for plastic machinery equipment.  
High oil and resin prices have depressed customers' margin and
ability to invest in new processing machinery despite improved
capacity utilization rates.  As a result, market conditions
remain very competitive with almost no ability to increase
prices.

Milacron's profitability continues to be hindered by high legacy
cost, and operating margins have stagnated in the low-5% area.  
Although the company is expecting continued revenue growth and
better profitability in 2007, generating positive free cash flow
will be challenging.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of 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.


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


XERIUM TECHNOLOGIES: Amends Senior Credit Facility
--------------------------------------------------
Xerium Technologies Inc. has secured an amendment to its
existing senior credit facility and entered into an agreement
with certain shareholders with respect to the company's
contemplated dividend reinvestment plan.

The amendment to the credit facility includes these changes:

   * a loosening of the interest coverage ratio covenant from
     the fourth quarter of 2006 through 2012 and the leverage
     ratio covenant from 2007 through 2012.

   * changes to the pre-dividend free cash flow test to limit
     the amount of quarterly dividends that Xerium may pay in
     2007 to 11.25% of pre-dividend free cash flow for the
     preceding four quarters and to clarify that commencing
     Dec. 31, 2007 the test limits the amount of quarterly
     dividends that Xerium may pay to 18.75% of pre-dividend
     free cash flow for the preceding four quarters.

   * dividends reinvested in newly issued or treasury shares of
     common stock of the company under a dividend reinvestment
     plan will not be treated as dividends for the purpose of
     the pre-dividend free cash flow test and will not reduce
     excess cash for the purposes of the senior credit facility.

   * the amount to which the balance on the company's revolving
     credit facility must be reduced to for 30 consecutive days,
     during each year, is increased from zero to US$20 million.

   * changes in specially permitted capital expenditures for
     Brazil, such that the permitted amounts are US$4.6 million
     for 2006, US$8.2 million for 2007 and US$3.8 million for
     2008.

   * additionally, the permitted use of these capital
     expenditures is altered to include all production capacity
     expansion projects in Brazil.

   * the applicable margin on the revolving and term loans is
     increased by 0.25% and subject to a further increase of an
     additional 0.25% in the event that the indebtedness under
     the senior credit facility is rated lower than B1 by
     Moody's or lower than B+ by Standard & Poor's.

The company paid an amendment fee of US$1,420,139.40 in
connection with the amendment.

Xerium also reported that it expects to establish a dividend
reinvestment plan during the first quarter of 2007.

"We are pleased to have secured additional financial flexibility
through the amendment to our senior credit facility and to have
received the commitment from the Apax entities to reinvest cash
dividends received in 2007 in our common stock through a
dividend reinvestment plan as described above," Thomas
Gutierrez, Xerium's Chief Executive Officer, said.  

Certain investment entities managed directly or indirectly by
Apax Europe IV GP Co Ltd, which entities collectively held
22,897,712 shares of common stock of Xerium or approximately
52.3% of the outstanding common stock of the company as of
Dec. 21, 2006, have committed to Xerium that, upon the
establishment of the dividend reinvestment plan, they will
participate in the plan through Dec. 31, 2007, at a level such
that at a minimum 50% of each cash dividend payable on the
company's common stock, including shares not held by the Apax
entities, is reinvested in the common stock of the company
through the dividend reinvestment plan, provided that the Apax
entities are not required to reinvest more than 100% of the cash
dividends payable to them with respect to such dividend
declaration.

"While we believe that the credit facility amendment and the
commitment of the Apax entities improve our ability to pay
dividends in 2007 under the credit facility," Mr. Gutierrez
added, "we expect to evaluate our dividend policy very closely
each quarter, as we move forward, to ensure that key growth
investments and our ability to continue to reduce debt are
treated as main priorities."

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.  The company has
production facilities in Austria, France, Italy, Germany,
Scotland, Sweden, and Spain.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., supplies roll covers, bowed
rolls and manufacturing services for the pulp and paper
industry.  Stowe Woodward has manufacturing operations around
the world.  

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


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


NOVELIS INC: Appoints Two New Independent Directors to Board
------------------------------------------------------------
Novelis Inc. appointed Patrick J. Monahan and Sheldon Plener,
two new independent directors, to its Board of Directors.  

The appointments take effect immediately and will continue until
Novelis' annual meeting in 2007.  These appointments bring the
number of board members to 13.

Mr. Monahan is Dean of the Osgoode Hall Law School of York
University, Toronto.  He has been a Professor of Law at Osgoode
Hall Law School since 1982 and was appointed Dean in 2003.  He
is an Affiliated Scholar with Davies Ward Phillips & Vineberg
LLP, providing legal advice and opinions to leading Canadian
corporations and private sector organizations.  He is also a
member of the Board of Governors of the Law Commission of
Ontario.  

Meanwhile, Mr. Plener is a senior partner with the Toronto law
firm of Cassels Brock & Blackwell LLP.  He joined Cassels Brock
& Blackwell in 1978 and became a partner in 1983 in the Business
Law Practice Group.  He is a member of the firm's Executive
Committee and Chair of its Audit Committee, and has been lead
counsel to public and private clients in a broad range of
industries.  He is also a director of Biovail Corp., the largest
publicly traded pharmaceutical company in Canada, and serves as
chairperson of its Risk and Compliance Committee.  Mr. Plener is
an Alternate National Hockey League Governor representing the
Ottawa Senators Hockey Team and is counsel to Ronald McDonald
House Toronto and the Canadian Breast Cancer Foundation.
    
William T. Monahan, chairperson of the Board of Directors and
interim chief executive officer of Novelis, said, "These
gentlemen will be outstanding additions to our Board with their
wide breadth of legal and corporate experience.  They also
provide strong Canadian representation for our Canada-based
company."
    
Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                        *    *    *

Standard & Poor's Ratings Services it affirmed all of its
ratings on Novelis Inc., including the 'BB-' long-term corporate
credit rating, and removed the ratings from CreditWatch with
negative implications, where they were placed April 7, 2006.  
S&P said the outlook is negative.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Novelis Inc.

Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

Issuer: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 Million
   Guaranteed
   Senior Secured
   Revolving Credit
   Facility               Ba3      Ba2     LGD2       24%

   US$312 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%

   US$1.4 Billion
   7.25% Guaranteed
   Senior Unsecured
   Notes                  B2       B3      LGD5       76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%


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


TURKIYE IS BANKASI: Seeks TRY240-Million Tax Refund
---------------------------------------------------
Turkiye Is Bankasi AS (Isbank) issued a disclosure relating to
the cases opened by various banks against the Ministry of
Finance regarding the deductibility of inflation losses between
2001 and 2004.

Since the previous years' losses, resulting from the inflation
adjustments made in accordance with the inflation accounting
practice implemented between the years 2001 and 2004, were not
accepted as deduction items in the calculation of the corporate
tax base, the corporate tax for the related years has been
calculated and paid.

However, Isbank went to court for the excess amount of tax paid
and opened a case for the refunding of a total amount of
TRY240,151,880.  There has not been any collection, yet,
regarding the cases subject to appeal.

Headquartered in Istanbul, Turkey, Turkiye Is Bankasi AS had
total assets of YTL63.7 billion (US$47.37 billion) at the end of
2005.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 7,
Moody's Investors Service has changed the outlook on the D
financial strength rating (FSR) of Turkiye Is Bankasi AS
(Isbank), to positive from stable.

This action reflects the bank's improving economic
capitalization, as well as ongoing positive developments in
terms of its profitability profile and franchise quality.  The
bank's other ratings and outlooks are unaffected by this action.


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


ACCURATE DISC: Names Andrew Appleyard as Administrator
------------------------------------------------------
Andrew Appleyard of Haines Watts was named administrator of
Accurate Disc Duplication Ltd. (Company Number 04401225) on  
Dec. 11.

Haines Watts -- http://www.hwca.com/-- is a national U.K.  
business advisory and accountancy firm with a network of
practices strategically placed throughout England, Wales and
Scotland, offering tax and general business advice.  Its
experienced tax accountants, business advisors and special
service teams will help its clients with every aspect of its
business.

Accurate Disc Duplication Ltd. can be reached at:

         Rearsby Business Park
         Gaddesby Lane
         Rearsby
         Leicester
         Leicestershire LE7 4YH
         United Kingdom
         Tel: 01664 424 920
         Fax: 01664 424 930


ALENOY LIMITED: Taps Liquidators from DTE Leonard Curtis
--------------------------------------------------------
A. Poxon and N. Bennet of DTE Leonard Curtis were appointed
Liquidators of Alenoy Limited on Nov. 9 for the creditors'
voluntary winding-up proceeding.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Alenoy Limited can be reached at:

         Bowling Back Lane
         Bradford
         West Yorkshire BD4 8SS
         Tel: 01274 726 767
         Fax: 01274 761 729  


ASHWORTHS PRODUCTS: Calls on Creditors to File Claims
-----------------------------------------------------
Creditors of Ashworths Products Limited are requested to send
their names and addresses, with particulars of their debts and
claims to appointed Joint Liquidators Charles William Anthony
Escott and David Michael Riley at:

         RSM Robson Rhodes LLP
         St. Georges House
         40 Great George Street
         Leeds LS1 3DQ
         United Kingdom

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 Int ernational, the world's sixth
largest international organization of accountants and business
advisers.

Ashworths Products Limited can be reached at:

         Bridge Street Refinery
         Bridge Street
         Church
         Accrington
         Lancashire BB5 4HU
         United Kingdom
         Tel: 01254 395 716
         Fax: 01254 871 136  


ASIANA U.K.: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of Asiana U.K. Limited confirmed Dec. 14 the
appointment of S. Franklin of Panos Eliades, Franklin & Co. as
Liquidator of the company.

The company can be reached at:

         Asiana U.K. Limited
         15 Brick Lane
         Tower Hamlets
         London E1 6PU
         United Kingdom
         Tel: 020 7247 3044
         Fax: 020 7375 1881  


AVALON KENT: Claims Filing Period Ends Jan. 4, 2007
---------------------------------------------------
Creditors of Avalon Kent Limited have until Jan. 4, 2007, to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquid ator
Martin C. Armstrong at:

         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey SM1 4LA
         United Kingdom

Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- is an  
independent four Partner firm of accountants, dedicated to
ensuring our clients achieve their goals, maximizing profits and
minimizing taxation liabilities.


BARROW ENGINEERING: Creditors' Claims Due March 1, 2007
-------------------------------------------------------
Creditors of Barrow Engineering Limited have until March 1,
2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Joint Liquidator Daniel Paul Hennessy at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
were appointed Joint Liquidators of the company on Dec. 1.

The company can be reached at:

         Barrow Engineering Limited  
         Meeting Industrial Estate  
         Park Ro ad  
         Barrow in Furness  
         Cumbria LA144TL
         United Kingdom
         Tel: 01229 838 300
         Fax: 01229 870 295


BATHTIME HARROGATE: Taps Liquidators from Jacksons Jolliffe Cork
----------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Bathtime
Harrogate Limited on Nov. 20 for the creditors' voluntary
winding procedure.

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


BONAFIDE DESIGN: Nominates Peter Anthony Johnson as Liquidator
--------------------------------------------------------------
Peter Anthony Johnson of Johnson Holmes & Co. was nominated
Liquidator of Bonafide Design Limited on Dec. 14 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Bonafide Design Limited
         Hellesdon Park Road
         Drayton High Road
         Norwich
         Norfolk NR6 5DR
         United Kingdo m
         Tel: 01603 301 600


CAMBRIDGE CONVERGENCE: Appoints Chris Williams as Liquidator
------------------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
Liquidator of Cambridge Convergence Limited on Dec. 14 for the
creditors' voluntary winding-up procedure.

Headquartered in Cambridge, England, Cambridge Convergence
Limited -- http://www.cambridgeconvergence.com/-- provides  
marketing communications solutions to medium and large
organizations within media/marketing, IT, Finance and Automotive
industries.


CAMMACK THOMAS: Creditors' Claims Due Jan. 27, 2007
---------------------------------------------------
Creditors of Cammack Thomas Limited have until Jan. 27, 2007, to
send their names and addresses and particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Joint Liquidators D. Bailey and G. N. Lee at:

         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester M3 3BP
         United Kingdom

The company can be reached at:

         Cammack Thomas Limited
         Station House
         Bridge Road
         Prescot
         Merseyside L34 5SY
         United Kingdom
         Tel: 0151 430 6279
         Fax: 0151 430 8301  


CENTRAL TECHNIK: Names Peter Nottingham Liquidator
--------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
Liquidator of Central Technik Limited on Dec. 14 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Central Technik Limited
         44 Hockley Street
         Birmingham
         West Midlands B18 6BH
         United Kingdom
         Tel: 0121 515 3456
         Fax: 0121 554 9674  


CIG MON: HSBC Appoints Grant Thornton as Admin. Receivers
---------------------------------------------------------
HSBC Bank Plc appointed Leslie Ross and Keith Hinds of Grant
Thornton U.K. LLP joint administrative receivers of Cig Mon
Group Ltd. (Company Number 02599884) on Dec. 8.

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

Cig Mon Group Ltd. can be reached at:

         The Abattoir  
         Industrial Estate Road
         Llangefni
         Gwynedd LL77 7JA
         Tel: 01248 750 212
         Fax: 01248 750 119


COAST LOGISTICS: Claims Filing Period Ends March 12, 2007
---------------------------------------------------------
Creditors of Coast Logistics Limited have until March 12, 2007,
to send their names and addresses and particulars of their debts
or claims, and the names and addresses of the Solicitors (if
any) to appointed Joint Liquidators Robert Michael Young and Ian
Michael Rose at:

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

The company can be reached at:

         Coast Logistics Limited  
         Unit 1 Emma Court
         Dewsbury Road
         Fenton Industrial Estate
         Stoke-on-Trent
         Staffordshire ST4 2TH
         United Kingdom
         Tel: 01323 640 468


DEVAL ENGINEERING: Joint Liquidators Take Over Operations
---------------------------------------------------------
John Bell and Simon John Lundy of Hawdon Bell & Co. were
appointed Joint Liquidators of Deval Engineering Limited for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Deval Engineering Limited
         7 Mercantile Road
         Houghton Le Spring
         Tyne and Wear DH4 5PH
         United Kingdom
         Tel: 0191 584 0099
         Fax: 0191 584 7624


DIRECT GARDEN: Appoints Liquidators from Harrisons
--------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Direct Garden Products Limited on Dec. 7
for the creditors' voluntary winding-up procedure.

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


DURA AUTOMOTIVE: Names David Harbert Interim VP & CFO
-----------------------------------------------------
Dura Automotive Systems Inc. reported that David L. Harbert has
been appointed interim vice president and chief financial
officer, effective immediately, pending approval by the United
States Bankruptcy Court for the District of Delaware.  

Mr. Harbert brings extensive turnaround and restructuring
experience as a chief financial officer and will help guide Dura
Automotive through its bankruptcy proceedings.  He succeeds
Keith R. Marchiando, who has served as Dura Automotive's chief
financial officer since March 2005.  Mr. Marchiando will remain
with the company through February 2007 to ensure a smooth
transition.

Larry Denton, chairperson and chief executive officer of Dura
Automotive, said, "I want to thank Keith for his many
contributions to DURA and wish him well on his future endeavors.  
I also welcome David to DURA and look forward to his
contributions.  David's appointment will ensure an orderly
transition until a new CFO (chief financial officer) is named.  
His extensive leadership and financial expertise will help
position the company to emerge from bankruptcy as a stronger,
more competitive organization."

Since 2004, Mr. Harbert has served as a partner with Tatum CFO
Partners LLP, a professional services firm, with expertise in
assisting corporations through financial restructuring
activities.  Before joining Tatum CFO, Mr. Harbert served as
chief financial officer for three Citigroup Venture Capital
Portfolio Companies over a nine-year period.  Those companies
included FastenTech, Paper-Pak Products and Delco Remy
International.  He also previously served as chief financial
officer of Applied Power, Inc., and Tenneco Automotive.

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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


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

    -- schedules of assets and liabilities,

    -- schedules of current income and expenditures,

    -- schedules of executory contracts and unexpired leases,
       and

    -- statements of financial affairs.

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

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

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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


DURA AUTOMOTIVE: Can Use Excess Cash in Investment Accounts
-----------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates obtained
authority, on a final basis, from the Honorable Kevin J. Carey
of the U.S. Bankruptcy Court for the District of Delaware to
continue investing excess cash in accordance with their
prepetition practices in the investment accounts.

The Debtors say that before they filed for bankruptcy, they
invested excess cash in three Investment Accounts:

    (a) a Directed Investment Account with Bank of America,
        N.A.,

    (b) a Canadian Dollar Treasury Account with Scotiabank,

    (c) a US Dollar Treasury Account with Scotiabank.

Section 345 of the Bankruptcy Code governs a debtor's deposit
and investment of cash during a Chapter 11 case, and authorizes
deposits or investments of money as will yield the maximum
reasonable net return on that money, taking into account the
safety of that deposit or investment.

For deposits or investments that are not insured or guaranteed
by the United States or by a department, agency, or
instrumentality of the U.S. or backed by the full faith and
credit of the U.S., Section 345(b) requires the estate to obtain
from the entity with which the money is deposited or invested a
bond in favor of the U.S. and secured by the undertaking of an
adequate corporate surety, unless the Court, for cause, orders
otherwise.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, asserts that cause exists in the
Debtors' Chapter 11 cases for the Court to allow the Debtors to
invest their excess funds in the Investment Account:

    (a) Before the bankruptcy filing, the Debtors invested their
        cash with the primary goal of protection of principal,
        and the secondary goal of maximizing yield and
        liquidity; and

    (b) The Investment Account provides sufficient protection
        for their cash and that it would be in the best interest
        of their estates and creditors for the Debtors to
        continue to follow the practice for investment of cash.

Mr. DeFranceschi argues that the yield in investments in the
Investment Account is likely to be greater than mandatorily
directing investment in government securities.  Moreover, a bond
secured by undertaking of a corporate surety will likely be
unduly expensive and could offset much of the financial gain
derived from investing in the Investment Account.

The Debtors maintain that the funds will not be sufficiently at
risk to necessitate strict adherence to the requirements of
Section 345(b).  Moreover, if granted a waiver, the Debtors will
not be required to incur the significant administrative
difficulties and expenses relating to opening new accounts to
ensure that all of its funds are fully insured and invested
strictly in accordance with the restrictions established by
Section 345.

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  In Europe, the company maintains operations in
Germany, the United Kingdom, France, Spain, Portugal, Czech
Republic, Slovakia and Romania.

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


ENRON SB: Creditors Confirm Liquidators' Appointment
----------------------------------------------------
Creditors of Enron SB Operations & Maintenance Limited confirmed
Dec. 8 the appointment of Ian Christopher Oakley Smith and David
John Blenkarn PricewaterhouseCoopers LLP as Joint Liquidators of
the company.

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


FEDERAL-MOGUL: Appoints Robert Katz as VP & General Counsel
-----------------------------------------------------------
Federal-Mogul Corporation's chairman, president and chief
executive officer, Jose Maria Alapont, disclosed the appointment
of Robert L. (Bobby) Katz as vice president and general counsel,
and an officer of the company, effective Jan. 8, 2007.

Mr. Katz will assume overall global responsibility for all legal
affairs at Federal-Mogul Corporation.

"Bobby's extensive background in corporate law and strategy,
mergers and acquisitions, litigation and compliance, as well as
his international experience in the automotive industry, will
fully support our drive for global profitable growth," Mr.
Alapont said.  "We look forward to working with Bobby, and
welcome him as a new member of the Strategy Board."

Previously, Mr. Katz was general counsel and regional compliance
officer for Delphi Corporation's Europe, Middle East and Africa
(EMEA) operations, headquartered in Paris, France.  In his
seven-year tenure with Delphi, Mr. Katz established and led the
EMEA legal department, following Delphi's spin-off from GM in
1999.

From 1996 to 1998, Mr. Katz served as assistant general counsel
for General Motors (Europe) AG, at its European headquarters in
Zurich, Switzerland.  As a member of the GM legal staff serving
all European operations, Mr. Katz focused on transactions and
investments in Eastern Europe.

Prior to joining GM, Mr. Katz was an associate at Milbank,
Tweed, Hadley & McCloy from 1986 to 1995 where he worked in the
M&A and General Corporate Group, both in New York, New York and
London, England.  During his tenure, he advised public and
private companies on a wide variety of corporate transactions,
including cross-order acquisitions and divestitures, leveraged
buyouts, corporate restructurings and international securities
offerings.

Mr. Katz earned his Bachelor of Laws and his Bachelor of Civil
Law from McGill University in Montreal, Canada, where he
graduated magna cum laude.  He also attended New York University
School of Law, New York, New York.

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: Has Until April 1 to Decide on Leases
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
the request of Federal-Mogul Corporation and its debtor
affiliates to further extend the time within which they may
elect to assume, assume and assign, or reject unexpired non-
residential real property leases, through and including April 1,
2007.

Scotta E. McFarland, Esq., at Pachulski Stang Ziehl Young Jones
& Weintraub LLP, in Wilmington, Delaware, said that an extension
will give the Debtors more time to evaluate the economic
desirability and compatibility of the remaining Real Property
Leases with Federal-Mogul Corporation's long-term strategic
business plan.

The process of evaluating Real Property Leases has taken place
as the Debtors seek to:

     (i) consolidate their facilities to eliminate redundancies
         and inefficiencies; and

    (ii) shift certain manufacturing efforts to portions of the
         country and the world more suitable to the Debtors'
         businesses, consistent with the Federal-Mogul's overall
         business plan.

The extension will also preserve the maximum flexibility in
restructuring the Debtors' business, Ms. McFarland explains.
Given the inherent fluidity in the operation of the Debtors'
large, complex business enterprise, circumstances may arise
during the pendency of the Chapter 11 cases that will cause the
Debtors to rethink the need to continue leasing a particular
facility or their decision to reject a given Real Property
Lease, Ms. McFarland said.

In the absence of an extension, the Debtors could be forced
prematurely to assume Real Property Leases that would later be
burdensome, giving rise to large potential administrative claims
against the Debtors' estates and hampering Federal-Mogul's
ability to reorganize successfully, Ms. McFarland pointed out.

Alternatively, the Debtors could be forced prematurely to reject
Real Property Leases that would have been beneficial to the
Debtors' estates, to the collective detriment of all
stakeholders, Ms. McFarland added.

Pending their election to assume, assume and assign, or reject
the Real Property Leases, the Debtors will perform all of their
obligations arising from and after their filing for chapter 11
protection in a timely fashion, including payment of
postpetition rent due, as required by Section 365(d)(3) of the
Bankruptcy Code.

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: Toyota Confirms Talks with Top Executives
-----------------------------------------------------
Yasue Kato, a company spokeswoman for Toyota Motor Corp.,
confirmed that Chairman Fujio Cho had met with Ford Motor Co.
President and Chief Executive Officer Alan Mullaly, The
Financial Times reports last week.

The confirmation came amidst media reports of talks between the
two companies in Tokyo two weeks ago.

Ms. Kato told the Times that Toyota "regularly holds meetings
with other automakers when the opportunity presents itself."

Neither companies provide details of the meeting although there
have been speculations that the automakers discussed a possible
cooperation in environmental technology, FT relates.

The meeting was held at Ford's request, the Kyodo News agency
reveals citing an unidentified Toyota official as its source.

According to the Japanese business daily Nihon Keizai Shimbun,
Ford showed interest in Toyota's fuel-cell and hybrid petrol-
electric technologies, as well as its work in cutting
manufacturing and procurement costs.

Ford has acknowledged that acquiring green technology is crucial
for the company to remain competitive, the Associated Press
says.

Ford, along with other U.S. automakers, lags behind Japanese
counterparts in environmental technology, particularly in fuel
economy.

                     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 on Dec. 12, 2006,
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.


JONES & BARCLAY: Appoints Joint Administrators from PKF
-------------------------------------------------------
Ian James Gould and Brian James Hamblin of PKF (U.K.) LLP were
appointed joint administrators o f Jones & Barclay Ltd. (Company
Number 00329471) on Dec. 4.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Jones & Barclay Ltd. can be reached at:

         1635 Bristol Road
         South Rednal
         Birmingham
         West Midlands B45 9 UA
         United Kingdom
         Tel: 0121 457 6880
         Fax: 0121 453 6888


KRISPY KREME: Files Delayed First Quarter Financial Results
-----------------------------------------------------------
Krispy Kreme Doughnuts Inc. delivered its first quarter
financial results to the U.S. Securities and Exchange Commission
on Dec. 22, 2006.  The company's quarterly filings have been
delayed due to accounting problems.

For the three months ended April 30, 2006, the company reported
a US$6 million net loss on US$119.3 million of net revenues
compared with a US$53.3 million net loss on US$152.5 million of
net revenues for the same period in 2005.

Net cash provided by operating activities was US$7.6 million and
US$11.5 million in the first quarter of fiscal 2007 and 2006,
respectively.  The company's net loss, adjusted for non-cash
charges and credits, declined approximately US$2.0 million in
the first quarter of fiscal 2007 compared to the first quarter
of fiscal 2006.  This improvement in operating cash flow was
offset by increases in accounts receivable and a reduction in
accounts payable and accrued liabilities during the quarter.

The company's balance sheet at April 30, 2006, showed US$393.1
million in total assets, US$282 million in total liabilities and
a US$111.1 million positive stockholders' equity.

Full-text copies of the company's first quarter financials are
available for free at http://researcharchives.com/t/s?17bd

As reported in the Troubled Company Reporter on Dec. 15, 2006,
the company's filing with the Securities and Exchange Commission
on Dec. 11, 2006, disclosed that the company has devoted in
completing its annual report on Form 10-K for fiscal 2006, filed
on Oct. 31, 2006, and its quarterly reports on Form 10-Q for the
first three quarters of fiscal 2006, filed on Nov. 9, 2006.

In addition, the company has also been devoting substantial
resources to complete its quarterly reports on Form 10-Q for the
first two quarters of fiscal 2007.  Due to the substantial
resources devoted to these reports, the Company was unable to
finalize its quarterly report on Form 10-Q for the third quarter
of fiscal 2007 before the filing deadline of Dec. 8, 2006.

                         About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded  
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for
chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


KRISPY KREME: Expects US$117 Million in Third Quarter Revenues
--------------------------------------------------------------
Krispy Kreme Doughnuts Inc. reported that on a preliminary basis
it expects to report revenues of approximately US$117 million
for the third quarter of fiscal 2007, which ended Oct. 29, 2006,
compared to revenues of approximately US$129 million for the
third quarter of fiscal 2006.  The decrease in revenues reflects
a decline in the number of company stores as well as lower sales
to franchisees by the company's Manufacturing and Distribution
segment.

Systemwide sales fell approximately 9% in the third quarter of
fiscal 2007 compared to the third quarter of the prior year
primarily due to an approximately 17% decrease in the number of
factory stores to 293 (total stores, including satellites,
decreased approximately 8%).  Average weekly sales per factory
store (which is computed by dividing sales from all factory and
satellite stores by the number of factory stores in operation)
increased approximately 16% and 12% in company stores and
systemwide, respectively, compared to the third quarter of
fiscal 2006.  Average weekly sales per store (which is computed
by dividing sales from all factory and satellite stores by the
aggregate number of all such stores in operation) increased
approximately 14% for company stores and decreased approximately
0.5% systemwide, compared to the third quarter of fiscal 2006.  
Systemwide average sales per store decreased slightly while
company average sales per store rose principally because the
growth in satellite stores, which have lower average sales than
factory stores, largely has been concentrated in franchise
stores and not in company stores.  The average sales per unit
data reflect, among other things, store closures and the related
shift in off-premises doughnut production into a smaller number
of stores.  Systemwide sales data include sales at all company
and franchise locations.  Systemwide sales is a non-GAAP
financial measure; however, the company believes systemwide
sales information is useful in assessing the overall performance
of the Krispy Kreme brand and, ultimately, the performance of
the company.

"While we still have a way to go in Krispy Kreme's turnaround,
we are encouraged by our progress in the third quarter," said
Daryl Brewster, President and Chief Executive Officer.  "The
company has agreed to settle the class action lawsuit and most
of the shareholder derivative litigation.  Average unit volumes
rose at company-owned stores. Krispy Kreme continued its
international expansion while filling several key management
positions critical to achieving sustained growth."

The company noted that its financial results continue to be
adversely affected by the substantial costs associated with the
legal and regulatory matters previously disclosed by the
company.  The company expects to report a net loss for the third
quarter of fiscal 2007.

                        Financial Position

The company believes that cash flow from operations and existing
cash balances will be sufficient to meet its liquidity needs. As
of Oct. 29, 2006, the company's cash balance was approximately
US$35 million and its indebtedness was approximately US$119
million (including capital lease obligations), compared to
approximately US$16 million and US$123 million, respectively, at
Jan. 29, 2006.  The January amounts exclude amounts relating to
Glazed Investments, the company's consolidated franchisee at the
time.  As of Oct. 29, 2006, the company had no consolidated
franchisees.

                         About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded  
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for
chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


LEYLAND RUBBER: Begins Formal Liquidation Process on Jan. 9
-----------------------------------------------------------
Leyland Rubber Ltd. will formally undergo liquidation on Jan. 9,
an insolvency administrator with Marshall Peters Ltd. told
PRW.com.

The administrator added that a 28-day notice period informing
creditors of the liquidation is necessary.

Around 60 staff lost their jobs immediately after the company
closed on Dec. 13.  These workers are not entitled to any
redundancy from the company and they will have to wait until
this month to get any statutory payments from the Department of
Employment, leylandtoday.co.uk reports.

Employees who are still owed wages have raised concerns over the
payment of subscriptions to their union.

Liquidator Clive Morris disclosed that two finance houses have
refused to extend financing to Leyland Rubber due to its poor
order book.  He also revealed that the rubber products
manufacturer emerged from a restructuring of another company
called BTR but had been battling with overseas competition,
leylandtoday.co.uk relates.

Mr. Morris cannot determine at present as to what will happen to
staff pensions.

In August, a petition for insolvency brought against Leyland
Rubber by a claimed creditor was withdrawn.

Headquartered in Lancashire, England, Leyland Rubber Ltd.
manufactured rubber products.


MCDERMOTT INT'L: Completes US$355-Million Settlement Payments
-------------------------------------------------------------
McDermott International Inc. and its subsidiaries completed
ahead of schedule its remaining financial obligations it was
required to make under The Babcock & Wilcox Company's plan of
reorganization and settlement agreement to fund the B&W asbestos
trust.

On Dec. 21, 2006, McDermott paid the US$355 million contingent
payment right from cash on hand.  On Dec. 1, 2006, the company
retired the US$250 million contingent promissory note utilizing
proceeds from B&W's credit facility.  The contingent payment
right and contingent note vested on Dec. 1, 2006 as a result of
the Fairness in Asbestos Injury Resolution Act of 2005, or other
similar legislation, failing to become law by Nov. 30, 2006.

"By completing all payments owed to the asbestos trust ahead of
schedule and during this calendar year, the company accelerates
the tax benefit associated with these payments," indicated Frank
Kalman, Executive Vice President and Chief Financial Officer.  
"We currently expect to receive a cash tax refund of
approximately US$250 million, most likely in late 2007 or early
2008, subject to the resolution of open IRS tax audits.  In
addition, with the completion of these payments, the company has
satisfied all of its financial obligations to the B&W asbestos
trust."

To retire the contingent promissory note, B&W used the term loan
feature under its credit facility.  The new term debt matures on
Feb. 22, 2012 and bears interest at the LIBOR plus 3%.  
McDermott may prepay this loan at any time without penalty.  

"We intend to retire this loan during 2007 if B&W is able to
simultaneously increase its capacity under its revolving credit
facility," continued Mr. Kalman.

As a result of the contingent note retirement, McDermott expects
it will incur a charge of approximately US$5 million during the
fourth quarter of 2006.

                Consolidation of U.S. Operations

Additionally, McDermott disclosed its intention to combine the
company's two groups of U.S. legal entities, McDermott
Incorporated, the indirect parent company of B&W and BWX
Technologies, Inc., and J. Ray McDermott Holdings, LLC.,
currently, the holding company of J. Ray McDermott, S.A.'s U.S.
operations, into a single U.S. consolidated group.  This
reorganization will return the Company to a more tax-efficient
U.S. legal structure now that the B&W asbestos issues have been
resolved.  After completion of the proposed consolidation, the
company expects at least US$275 million of net operating losses
to be available to offset the combined future taxable income
generated by the single consolidated group.  McDermott expects
that this combination will be completed by Dec. 31, 2006 and
that it will likely result in the reversal of a substantial
portion of the company's federal deferred tax asset valuation
allowance, which will increase net income by the amount
reversed.

                      About McDermott Int'l

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, operates as an energy services company worldwide
including Indonesia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Moody's Investors Service's confirmed its B1 Corporate Family
Rating for McDermott International Inc.


MSC MEDIA: Brings In Hurst Morrison as Joint Administrators
-----------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Hurst Morrison Thomson
CR LLP were appointed joint administrators of MSC Media Ltd.
(Company Number 05011259) on Nov. 30

The administrators can be reached at:

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

MSC Media Ltd. can be reached at:

         Jubilee Business Centre
         Exeter Road
         Brent
         London NW2 3UF
         Tel: 02084537550
         Fax: 02084537509


OLAN MILLS: Appoints KPMG to Administer Assets
----------------------------------------------
Richard James Philpott and Myles Antony Halley of KPMG LLP were
appointed joint administrators of Olan Mills Holdings Ltd.
(Company Number 5234147) and Olan Mills Ltd. (Company Number
03892701) on Dec. 14.

The Wellingborough-based firm, which employs about 950 workers
across 97 retail outlets in the U.K., financially collapsed
after making significant losses over the years.  According to
Business Credit Management, a financial restructuring was not
possible despite several refinancings and management changes.

"Management have been working hard to secure a sale of the
business over recent weeks but despite their best efforts a
satisfactory deal could not be concluded," Mr. Philpott said.  
"Consequently, they had no other option but to request the
immediate appointment of administrators and, given that the sale
options have been explored, regrettably we have to cease
operations and make the majority of staff redundant.  
Unfortunately the company is not in a position to honor existing
appointments and I hope to be in a position to be able to
provide additional information via the company Web site
http://www.olanmills.co.uk/shortly."

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

         P.O. Box 6000  
         Wellingborough
         Northamptonshire NN8 6JU
         United Kingdom
         Tel: (020) 7311 1000


PARTYGAMING PLC: Acquires Online Gaming Businesses & Assets
-----------------------------------------------------------
PartyGaming Plc entered into two deals that will expand its
casino and poker operations and also strengthen both the
Company's management and marketing teams.  

PartyGaming is acquiring the assets, players and gaming-related
contracts associated with Empire Online's gaming business and
all of Intercontinental Online Gaming's business and assets.  
Neither EOL nor Intercontinental accept bets from customers in
the United States.

The consideration for both acquisitions is to be satisfied upon
completion by the issue of 115,193,842 new PartyGaming shares.
PartyGaming expects the businesses and assets being acquired to
generate Clean EBITDA of at least US$8.5 million, comprising
US$6 million from EOL and US$2.5 million from Intercontinental,
and to be earnings enhancing in 20071.

Online gaming websites operated by EOL and Intercontinental that
are being acquired by PartyGaming include:

   -- NoblePoker.com,
   -- Clubdicecasino.com,
   -- EnterCasino.com,
   -- MissBingo.com,
   -- FairPoker.com, and
   -- MagicBoxCasino.com.  

Subject to completion a software licensing agreement will also
be entered into with Playtech, which is one of the world's
leading companies in its field and hosts the sites being
acquired from EOL and Intercontinental.

Mitch Garber, Chief Executive Officer of PartyGaming, said:
"These acquisitions represent excellent value for our
shareholders and are consistent with our strategy.  They bring
incremental EBITDA and strong management with excellent
marketing skills that will help us to accelerate our promotional
plans for each of our individual products, particularly in
casino, which will continue to be spearheaded by PartyCasino.  
The addition of a number of well known secondary brands,
supported by the agreement with Playtech, will provide
opportunities for cross-promotion, increasing customer choice
and satisfaction and maximizing the long term value of current
and future players."

                        Acquisition Terms

PartyGaming has reached agreement with EOL to acquire certain
assets, players and gaming related contracts associated with its
online gaming business through the acquisition of a newly formed
subsidiary of EOL for consideration of 83,325,934 new ordinary
shares in PartyGaming.  PartyGaming has also agreed with
Intercontinental to acquire all of its assets through the
acquisition of a newly formed subsidiary of Intercontinental for
a consideration of 31,867,908 Consideration Shares.  Based upon
an average price of 29.32p over the last 15 days, the aggregate
115,193,842 Consideration Shares payable to EOL and
Intercontinental represented a total consideration of
approximately US$66.3 million.

A total of 17,374,637 Consideration Shares due to EOL and
5,212,391 Consideration Shares due to Intercontinental, which
are valued at approximately US$13 million in aggregate, is being
retained in escrow and will be released in installments over an
18-month period subject to certain conditions.

The agreement with EOL is conditional, inter alia, upon the
approval of EOL shareholders and the execution of certain
assignments and licenses with Playtech Ltd. and associated
companies, which provide software and support to the EOL Assets
and the Intercontinental Assets.  EOL has received irrevocable
undertakings from certain EOL shareholders, including the
directors who hold ordinary shares, to the effect that their
votes will be cast in favor of the necessary resolution at an
extraordinary general meeting in respect of a total of
169,720,837 EOL ordinary shares, representing approximately
57.97 per cent of the issued share capital of EOL.  This
transaction is expected to be completed on or around Jan. 19.  
Completion of the acquisition of the Intercontinental Assets is
conditional upon, and is expected to take place immediately
following, completion of the acquisition of the EOL Assets and
execution of the assignments and licenses referred to above.

            Background on EOL's online gaming business

The EOL Assets comprise a substantial number of their gaming
websites including, in particular, the poker website:
NoblePoker.com and three online casino websites:

   -- EnterCasino.com,
   -- Clubdicecasino.com, and
   -- Carnivalcasino.com.  

In the year ended Dec. 31, 2005, the EOL Assets generated
revenue and gross profit before administrative expenses of
approximately US$31.7 million and US$16.1 million respectively
(including US customers).  It is expected that in the 12 months
to Dec. 31, 2007, the EOL Assets will generate Clean EBITDA on a
stand-alone basis of not less than US$6 million.

   Background on Intercontinental's online gaming business

The Intercontinental Assets comprise several online gaming
brands including MagicBoxCasino.com, FairPoker.com and
MissBingo.com.  In the year ended Dec. 31, 2005, the revenue and
net profit attributable to the Intercontinental Assets
(including US customers) was approximately US$19.9 million and
US$3 million respectively.  It is expected that in the 12 months
to Dec. 31, 2007, the Intercontinental Assets will generate
Clean EBITDA on a stand-alone basis of not less than
US$2.5 million.

Both the EOL Assets and the Intercontinental Assets operate
using software provided by Playtech Ltd., one of the world's
leading suppliers of online gaming software.  Subject to
completion, Playtech will continue to provide such services to
PartyGaming.  Following the signing into law of the SAFE Port
Act on Oct. 13, 2006, the EOL Assets and Intercontinental Assets
stopped accepting bets from US-based customers.

                       About PartyGaming

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- engages in online gaming business
and owns and operates PartyPoker.com, the world's largest online
poker room.  The Group is also the world's largest online casino
and operates PartyCasino.com and StarluckCasino Online.  In
addition, the Group offers online bingo through PartyBingo.com,
online backgammon through PartyGammon.com, and non-US facing
sports betting through Gamebookers.com.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.

On Oct. 13, PartyGaming suspended all real money gaming
activities to customers located in the U.S. after U.S. President
George W. Bush signed the Safe Port Act into law.

Immediately after it closed down its core U.S. operations,
Partygaming reduced 41% of its work force, or about 945 jobs.

In addition to the job cuts, two non-executive directors, Brian
Larcombe and Nigel Kenny, expressed their intention to retire
from the board effective Dec. 31.


PARTYGAMING PLC: Unveils New Management Incentive Arrangements
--------------------------------------------------------------
The signing into law of the Unlawful Internet Gambling
Enforcement Act on Oct. 13, 2006, and the consequent cessation
by PartyGaming Plc of offering real money games online to
customers in the United States have severely impacted the value
of incentive arrangements for the executive directors and other
key employees of the Group.

The Company has implemented a one-off adjustment to existing
incentive awards and also granted new incentive awards by using
shares gifted to its employee benefit trust -- the PartyGaming
Plc Shares Trust -- before the IPO in 2005 and a further gift of
40 million shares to the Trust by founders of the Company.  
These arrangements will partially mitigate the loss of value on
the existing awards and help to retain the Group's executive
directors and other key employees in these special
circumstances.

There will be no issue of new shares in the Company as a result
of the changes to the existing awards or the grant of the new
awards.

Against this background, the Company's Remuneration Committee is
satisfied that these arrangements are in the best interest of
the Company.

           Adjustments to Existing Incentive Awards

The Company has waived the total shareholder return performance
targets that were applicable to 20 million out of the 27 million
shares over which an option was granted to Mitch Garber, Chief
Executive Officer, on April 19, 2006, under the PartyGaming Plc
Share Option Plan.  The vesting schedule has also been
accelerated so that these 20 million shares will now vest in
eight monthly tranches of 1.25 million shares from May 19, 2007,
to Dec. 19, 2007, with the remainder vesting on April 19, 2008.

The Company has accelerated the vesting of the option granted to
Martin Weigold, Group Finance Director, on April 6, 2005, under
the Plan.  His current balance of 8,897,776 shares under this
option will vest on the same timetable and in the same
instalments as the new option granted to Mr. Weigold.

                 Grant of New Incentive Awards

Partygaming Chief Executive Officer Mitch Garber has been
granted by the Trust an option over 15 million shares under the
Plan.  This option will be exercisable, subject to the Company's
dealing code and his ongoing employment, until the 10th
anniversary of the grant date and will vest in 30 equal monthly
tranches until May 1, 2009.

Provided he remains in employment until May 1, 2009, Mr. Garber
will also be awarded 2 million shares from the Trust.  No
consideration is payable for this award.

Mr. Garber will be entitled to GBP3 million payable by the Trust
in 30 equal monthly installments until May 1, 2009, provided he
remains in employment on each payment date.  The GBP3 million
will be realized from the net proceeds of sale of shares from
the Trust.

Mr. Garber will receive a minimum bonus of GBP2 million for 2007
provided he remains in employment on Dec. 1, 2007.

Partygaming Group Finance Director Martin Weigold, Group Finance
Director has been granted an option over 8,897,776 shares under
the Plan.  The option will be exercisable, subject to the
Company's dealing code and his ongoing employment, until the
10th anniversary of the grant date and will vest in nine equal
quarterly tranches until Dec. 31, 2008.

Further nil cost options over approximately 50 million shares
have been granted to other key employees of the Group.

Options granted under the Plan to executive directors and other
key employees are nil-cost options, the exercise of which will
be satisfied from existing shares held by the Trust.  No
consideration has been paid for the grant of these options and
they are not subject to performance targets.

Commenting on these changes, Michael Jackson, Chairman of
PartyGaming, said: "PartyGaming has the leading executive team
in online gaming.  While the passing of the Unlawful Internet
Gambling Enforcement Act changed the business environment, the
online gaming sector has remained no less competitive both
commercially and in terms of attracting and retaining talented
individuals.  The support and generosity of founder shareholders
has enabled us to partly mitigate the financial impact on
employee incentive arrangements that resulted from the
legislative changes in the US."

                The PartyGaming Plc Shares Trust

The Trust has acquired 40 million shares by way of the gift by
founders of the Company, which, together with the existing
balance of 143,570,630 shares held by the Trust, will be
utilized in satisfying the above arrangements.  The Trust's
total shareholding of 183,570,630 shares represents 4.59% of the
Company's issued share capital.

                       About PartyGaming

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- engages in online gaming business
and owns and operates PartyPoker.com, the world's largest online
poker room.  The Group is also the world's largest online casino
and operates PartyCasino.com and StarluckCasino Online.  In
addition, the Group offers online bingo through PartyBingo.com,
online backgammon through PartyGammon.com, and non-US facing
sports betting through Gamebookers.com.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.

On Oct. 13, PartyGaming suspended all real money gaming
activities to customers located in the U.S. after U.S. President
George W. Bush signed the Safe Port Act into law.

Immediately after it closed down its core U.S. operations,
Partygaming reduced 41% of its work force, or about 945 jobs.

In addition to the job cuts, two non-executive directors, Brian
Larcombe and Nigel Kenny, expressed their intention to retire
from the board effective Dec. 31.


PPI LEARNING: Taps Joint Administrators from Fisher Partners
------------------------------------------------------------
Stephen Katz and David Birne of Fisher Partners were appointed
joint administrators of PPI Learning Ltd. (Company Number
02588995) on Dec. 13.

The administrators can be reached at:

         Stephen Katz and David Birne
         Fisher Partners  
         Acre House  
         11/15 William Road  
         London NW1 3ER  
         United Kingdom
         Tel: 020 7388 7000  
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

PPI Learning Ltd. can be reached at:

         High Holborn House  
         52-54 High Holborn
         Camden  
         London WC1V 6 RL
         United Kingdom
         Tel: 020 7452 7400
         Fax: 020 7434 1171


PREMIER FOODS: Expects 20% Sales Increase in 2006
-------------------------------------------------
Premier Foods plc is updating the market on its trading
performance for the year ending Dec. 31, 2006.

The Group expects total reported sales for continuing operations
for the year to be up by 20% with like-for-like grocery sales
growth in line with its targets.

Robert Schofield, Premier Foods plc CEO, said: "2006 has been a
year of transformation for Premier.  The acquisition of
Campbell's in August enhanced our brand portfolio and we are on
track to complete the integration of the business in the first
quarter of 2007.  We are looking forward to completing the
acquisition of RHM early next year and are excited by all the
opportunities that bringing these two great businesses together
will offer.

"We are pleased by the progress of our Drive brands which have
continued to perform well throughout the year and we expect that
our overall like-for-like sales growth will be broadly in line
with our targets.  However, the warmer weather, which extended
through to early December, has meant that Christmas trading has
commenced later than expected and the out-turn for the year is
dependent on trading in the final two weeks of the year.

"As indicated at the time of the interims, we have continued to
see cost pressures over the second half of the year, which we do
not expect to be fully offset until the early part of 2007.  
These pressures coupled with the effect on volumes of the
exceptional period of warm weather which has continued into
December means that we anticipate that trading for the year will
be at the lower end of our expectations while still delivering
like-for-like trading and branded sales growth."

        Convenience Foods, Pickles, Sauces and Meat Free

Sales for this product group are anticipated to be significantly
ahead of 2005 due to the acquisition of Campbell's and a full
year's sales from Quorn and Cauldron Foods.   Like-for-like
sales are anticipated to be broadly in line with 2005's sales of
GBP347.1 million.  The second half has seen the continued strong
growth of its Branston and Loyd Grossman brands but this has
been offset by the effect of the unseasonably warm summer and
autumn which impacted its smaller brands and, particularly, own
label convenience foods.  As in the first half of the year, cost
pressures have disproportionately affected its Convenience Foods
business.

Premier Foods is delighted by the continued progress of Quorn.  
Its Meat-Free business has maintained the strong growth rate
seen through the first half of the year.  Market share in both
the chilled and frozen channels and household penetration have
all continued to grow.   The development of its new Methwold
chilled facility is progressing well with production scheduled
to commence over the next couple of months.

The Group is pleased by the performance of the Campbell's
business.  Sales for the period from acquisition to
December 2006 are anticipated to be approximately GBP100 million
with margins in line with management's expectations at the time
of the acquisition.

                  Spreads, Desserts & Beverages

Like-for-like growth in both sales and profits continues to be
driven by strong performances from Ambrosia snacking formats and
Hartley's jam and jelly.  Reported sales for this product group
are anticipated to be lower than the GBP286.7 million recorded
in 2005 due to the replacement of the Cadbury beverages license
in May 2006 by the co-manufacturing arrangement.

                         Fresh Produce

Sales for this division are anticipated to be in line with
2005's reported sales of GBP106.3 million.  The business has
been particularly affected by the hot summer weather, which had
a significant impact on the potato harvest across Europe.  As a
result, Premier Foods anticipates that the profitability of the
division for the second half will be in line with that in the
second half of 2005.

                     Campbell's Integration

Premier Foods is pleased by the progress it have made on
integrating the Campbell's business into Premier which is
proceeding according to plan.  The Group has announced the
closure of the Cambourne head office and the integration of
administrative functions into its Long Sutton site.  
Accordingly, it expects to complete the integration of the
business control elements of Campbell's into Premier by the end
of the first quarter of 2007.  The manufacturing review to
optimize efficiency across its manufacturing network is ongoing
and it expects to announce the results of this shortly.  The
Group also commissioned an independent review of its
pre-acquisition synergy estimates and its is pleased that this
review has confirmed the potential synergies at GBP28 million
per annum from 2009.

Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures Ambrosia custard  
and rice pudding, Branston pickle, Hartley's jams and marmalade
and Sarsons vinegar.

At Dec. 31, 2005, Premier Foods PLC's balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total
liabilities, resulting in an GBP18 million stockholders'
deficit.


PRINT 88: Trade Secretary Presents Wind Up Petition After Probe
---------------------------------------------------------------
The Secretary of State for Trade and Industry has presented a
petition in the High Court to wind up Print 88 Limited in the
public interest.

The petition to wind up the company was presented under Section
124A of the Insolvency Act 1986 following an investigation
carried out by Companies Investigation Branch under section 447
of the Companies Act 1985 (as amended).

The Official Receiver was appointed as provisional liquidator of
the company on Dec. 1, 2006.  The role of the provisional
liquidator is to protect and preserve the company's assets and
financial records.

The case is now subject to High Court action and no further
information will be available until the petition is heard on
Feb. 28.

The Insolvency Service administers the insolvency regime
investigating all compulsory liquidations and individual
insolvencies (bankruptcies) through the Official Receiver to
establish why they became insolvent.

Headquartered in Sommerset, England, Print 88 Ltd. operated a
screen printing service selling banners, signs and advertising.


QUANTUM MICROPONENTS: HSBC Taps PwC as Administrative Receivers
---------------------------------------------------------------
HSBC Bank Plc appointed Michael Horrocks and Ian David Green of
PricewaterhouseCoopers LLP joint administrative receivers of
Quantum Microponents Ltd. (Company Number 03123285) on Dec. 14.

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

Headquartered in Leeds, England, Quantum Microponents Ltd.
assembles and distributes personal computers and computer
peripherals.


READFLEX LTD: Brings In BRI Business to Administer Assets
---------------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed joint administrators of
Readflex Ltd. (Company Number 02368373) on Dec. 4.

The administrators can be reached at:

         Gary Steven Pettit and Peter John Windatt
         BRI Business Recovery and Insolvency
         100-102 St. James Road
         Northampton NN5 5LF
         United Kingdom

Readflex Ltd. can be reached at:

         Unit 12
         Regent Park  
         37 Booth Drive Park
         Farm Industrial Estate
         Wellingborough  
         Northamptonshire NN8 6GR
         United Kingdom
         Tel: 01933 676 742
         Fax: 01933 676 749


RENZLAND FORGE: Taps Rothman Pantall as Joint Administrators
------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of Renzland Forge Ltd. (Company
Number 02306752) on Dec. 8.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England.  It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.

Renzland Forge Ltd. can be reached at:

         83A London Road  
         Copford
         Colchester
         Essex CO6 1LG
         United Kingdom
         Tel: 01206 210 212
         Fax: 01206 211 290


SAVVIS INC: To Sell Content Delivery Network to Level 3
-------------------------------------------------------
Level 3 Communications Inc. signed a definitive agreement to
acquire the Content Delivery Network services business of
SAVVIS, Inc.  

Under the terms of the agreement, Level 3 will pay US$135
million in cash consideration to acquire certain assets,
including network elements, customer contracts, and intellectual
property used in SAVVIS's CDN business.  The purchase price is
subject to certain customary post closing working capital
adjustments.

"The acquisition of SAVVIS's CDN services business will enable
Level 3 to better address the increasing opportunity presented
by rich media applications such as video, Web 2.0 applications,
multiplayer online gaming and software as a service over the
Internet," said Kevin O'Hara, president and chief operating
officer of Level 3.  "We are looking forward to welcoming the
pioneers of CDN to our team.  The largest customers of CDN
services rely on a combination of capabilities to support
their businesses.  These include services like CDN, IP transit,
wavelengths, metro transport, and colocation.  Upon completion
of this transaction, Level 3 believes that it will be the only
CDN services provider with a single source, full portfolio of
end-to-end content distribution solutions, and will be in a
unique position to offer a range of building blocks to meet
these customers' needs.

"Level 3 already has a strong brand and capabilities in video
distribution through its Vyvx business.  With native CDN
capabilities and with Level 3's highly scalable, industry-
leading IP backbone, we believe that Level 3 will be able to
bring additional value to all video-centric companies by
delivering video in a more intelligent and comprehensive way to
a broader range of destinations.

"This acquisition does not require the type of physical
integration associated with the metro and backbone transactions
we announced earlier this year.  We are confident in our ability
to incorporate this key capability into our portfolio."

SAVVIS's content delivery customers include some of the largest
enterprises in the world, including Microsoft.

"As we grow our online services business, stability and control
over our network infrastructure becomes increasingly important
to deliver great experiences for our customers, partners and
advertisers," said Arne Josefsberg, general manager of Global
Foundation Services at Microsoft.  "We look forward to a
continued relationship with Level 3 as they embark upon this
next phase of their network evolution."

SAVVIS's CDN business had approximately US$15 million in revenue
for the nine months ending Sept. 30, 2006.  Closing is subject
to customary conditions, including receipt of Hart-Scott-Rodino
approval.  Closing is expected to occur in the first quarter of
2007.

                  About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc. (NASDAQ: LVLT) is a communications and information services
company.  The company operates a large communications and
Internet backbone, making it a Tier 1 network.  Level 3 is the
current owner of AS1.

                        About SAVVIS Inc.

Headquartered in Town & Country, Missouri, SAVVIS, Inc. (NASDAQ:
SVVS) -- http://www.savvis.net/-- provides managed and  
outsourced IT services that focuses exclusively on IT solutions
for businesses.  With an IT services platform that extends to 47
countries, SAVVIS has over 5,000 enterprise customers and leads
the industry in delivering secure, reliable, and scalable
hosting, network, and application services.  These solutions
enable customers to focus on their core business while SAVVIS
ensures the quality of their IT systems and operations.  SAVVIS'
strategic approach combines virtualization technology, a global
network and 25 data centers, and automated management and
provisioning systems.  The company has sales offices in the
U.K., and Singapore.

At Sept. 30, 2006, the company's balance sheet showed a
stockholders' deficit of US$141,675,000, as compared to a
deficit of US$132,009,000 at Dec. 31, 2005.


SIGNATURE JEWELLERY: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------------
Creditors of Signature Jewellery Limited confirmed Dec. 7, 2006,
the appointment of Neil Hickling as the company's Liquidator.

The company can be reached at:

         Signature Jewellery Limited
         Hereford House
         3 Offa Street
         Hereford
         Herefordshire HR1 2LL
         United Kingdom
         Tel: 01432 270 853


T2 TOHO: Brings In Joint Administrators from Baker Tilly
--------------------------------------------------------
Adrian David Allen and Graham Paul Bushby of Baker Tilly were
appointed joint administrators of T2 Toho Ltd. (Company Number
05508682) on Dec. 7.

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

T2 Toho Ltd. can be reached at:

         New Road  
         Peterborough
         Cambridgeshire PE1 1 FJ
         United Kingdom
         Tel: 01733 312 188
         Fax: 01733 312 117


ZENA DRIVING: Creditors Tap Vincent Simmons to Liquidate Assets
---------------------------------------------------------------
Creditors of Zena Driving Ltd. (formerly Atlas Driving Agency
Ltd.) appointed Vincent A. Simmons as Liquidator of the company
on Nov. 30.

The liquidator can be reached at:

         Vincent A Simmons
         Bennett Verby
         7 St. Petersgate
         Stockport
         Cheshire SK1 1EB
         United Kingdom

The company can be reached at:

         Zena Driving Ltd.
         Verdin Exchange
         High Street
         Winsford
         Cheshire CW7 2AN
         United Kingdom
         Tel: 01606 559 551
         Fax: 01606 596 700


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

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

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


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


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


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


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


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


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

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


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

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

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


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


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

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


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


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


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


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


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


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

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

                           *********

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

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

Each Friday's edition of the TCR-Europe 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 P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *