TCREUR_Public/070103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, January 3, 2007, Vol. 8, No. 2

                            Headlines


A U S T R I A

BAWAG PSK: OeGB Inks EUR3.2-Bln Sale to Cerberus Consortium


C Z E C H   R E P U B L I C

COMPUTER SCIENCES: Bondholders Waive Filing Deadline to Jan. 5
COMPUTER SCIENCES: Extends US$140-Mln IT Outsourcing Contract


D E N M A R K

NOVOLIPETSK STEEL: Earns RUR2.07 Billion in Stake Disposals


F I N L A N D

METSO OYJ: Completes Takeover of Aker Kvaerner's Pulping Unit


F R A N C E

ALCATEL-LUCENT: Lucent Shareholders Agree to Amend Indenture
FIAT SPA: Board of Directors Reviews 2007 Budget
FIAT SPA: Sells Ingest Facility to Pirelli RE Facility Mgt.
FIAT SPA: Train Unit Partners with Severstal-Auto in Russia
UTSTARCOM INC: Soliciting Consents to Waive Covenant Defaults


G E R M A N Y

AGRAR GMBH: Registration of Claims Ends January 10
ALLGEMEINER BRANDSCHUTZ: Filing of Claims Ends January 10
ARNOLD LITTWIN: Creditors Must Register Claims by January 11
BENDORFER KERZEN: Creditors Must Register Claims by January 10
BOMBARDIER INC: Wins US$569 Million Contract from Netherlands

DIETER BLIEFERNICH: Claims Registration Deadline Ends January 9
DM FUSSBODENVERLEGUNG: Creditors Must Register Claims by Jan. 10
DURA AUTO: Intercompany Claims Set as Admin. Priority Expense
DURA AUTOMOTIVE: Wants E&Y to Provide Tax Advisory Services
DURA AUTOMOTIVE: Wants to Employ Deloitte as Tax Consultants

GRASHOPPERS INVEST: Creditors' Meeting Slated for March 29
GRUENTEAM GMBH: Creditors' Meeting Slated for March 3
HOLZFACHMARKT UECKER: Creditors' Meeting Slated for Feb. 28
JALO GASTROBETRIEBSGESELLSCHAFT: Creditors' Claims Due Jan. 10
KENTER GMBH: Registration of Claims Ends January 9

SNC CAR: Creditors Must Register Claims by January 10


I T A L Y

ALITALIA SPA: Italy Launches Tender Offer for 30.1% Stake
FIAT SPA: Board of Directors Reviews 2007 Budget
FIAT SPA: Sells Ingest Facility to Pirelli RE Facility Mgt
FIAT SPA: Train Unit Partners with Severstal-Auto in Russia


K A Z A K H S T A N

FORT CAPITAL: Creditors Must File Claims by Feb. 7
JELDORAUTOMATIC LLP: Creditors' Claims Due Feb. 1
LOYALTI-I LLP: Almaty Court Begins Bankruptcy Proceedings
ORIGINAL LLP: Almaty Court Starts Bankruptcy Procedure
SUNLIGHT LLP: Proof of Claim Deadline Slated for Feb. 1


K Y R G Y Z S T A N

PTITSEFABRIKA OJSC: Creditors' Meeting Scheduled for Jan. 10


L U X E M B O U R G

AGILENT TECHNOLOGIES: Earns US$3.3 Billion in Year Ended Oct. 31
EVRAZ GROUP: Extends Tender Offer to Acquire Oregon Steel Mills


N E T H E R L A N D S

ALCATEL-LUCENT: Lucent Shareholders Agree to Amend Indenture
BOMBARDIER INC: Wins US$569 Million Contract from Netherlands
GLOBAL POWER: Court Okays Blackstone Group as Financial Advisor
GLOBAL POWER: Wants General Claims Bar Date Set for April 18
KPNQWEST N.V.: Amsterdam Court to Probe Into Bankruptcy


N O R W A Y

AKER KVAERNER: Completes Sale of Pulping Unit to Metso Oyj


R O M A N I A

TRANSATLANTIC PETROLEUM: Sells Bayou Couba Assets to Dune Energy


R U S S I A

BANK OF INVESTMENTS: Creditors Must File Claims by Feb. 9
BAYKAL-ENERGO CJSC: Creditors Must File Claims by Jan. 9
DON-NOVOSIB-TOBACCO OJSC: Creditors Must File Claims by Feb. 9
EVRAZ GROUP: Extends Tender Offer to Acquire Oregon Steel Mills
FIAT SPA: Train Unit Partners with Severstal-Auto in Russia

ILIM-WOOD-INVEST CJSC: Creditors Must File Claims by Jan. 9
IRKUTSKIY STEEL: Creditors Must File Claims by Jan. 9
KHAKAS-KUZBAS-COAL CJSC: Creditors Must File Claims by Feb. 9
KOYGORODSKIY BAKERY: Creditors Must File Claims by Feb. 9
MOSKVORETSKIY BREWERY: Assets Sale Slated for January 10

NOVOLIPETSK STEEL: Earns RUR2.07 Billion in Stake Disposals
PLASTIC-SERVICE CJSC: Omsk Bankruptcy Hearing Slated for Jan. 23
REINFORCED CONCRETE: Creditors Must File Claims by Feb. 9
RIF-INVEST-LUCH OJSC: Court Starts Bankruptcy Supervision
ROTAY CJSC: Creditors Must File Claims by January 9

STROY-DETAIL LLC: Kaluga Bankruptcy Hearing Slated for March 20
TAMBOV-MONOLITH-STORY CJSC: Creditors Must File Claims by Feb. 9
VOLGA-RESOURCE CJSC: Creditors Must File Claims by Feb. 9


S L O V A K   R E P U B L I C

COMPUTER SCIENCES: Bondholders Waive Filing Deadline to Jan. 5
COMPUTER SCIENCES: Extends US$140-Mln IT Outsourcing Contract


S P A I N

PETROLEOS DE VENEZUELA: Moving London Office to Madrid
UTSTARCOM INC: Soliciting Consents to Waive Covenant Defaults


S W E D E N

METSO OYJ: Completes Takeover of Aker Kvaerner's Pulping Unit


S W I T Z E R L A N D

ABRO JSC: Basel-Stadt Court Closes Bankruptcy Proceedings
ALT-GONCALVES PEREIRA: Court Suspends Bankruptcy Process
ENTERPRISE REAG: Court Starts Bankruptcy Proceedings
G + F MALERGESCHAFT: Liestal Court Suspends Bankruptcy Process
HEFO JSC: Laufen Court Closes Bankruptcy Proceedings

MENAG MANAGEMENT: Waldenburg Court Starts Bankruptcy Proceedings
MOSER MOBELTRANS: Aargau Court Starts Bankruptcy Proceedings
NETZTEAM JSC: Hochdorf Court Closes Bankruptcy Proceedings
SEELENFUTTER JSC: Liestal Court Starts Bankruptcy Proceedings
URSULA CLAUSEN: Laufen Court Closes Bankruptcy Proceedings


T U R K E Y

TRANSATLANTIC PETROLEUM: Sells Bayou Couba Assets to Dune Energy


U N I T E D   K I N G D O M

AJM FRAMES: Appoints Liquidators from KPMG LLP
AKER KVAERNER: Completes Sale of Pulping Unit to Metso Oyj
CHATTEM INC: Gets US$300 Mil. Term Loan from Amended Credit Pact
COLLINS & AIKMAN: Files Amended Joint Chapter 11 Plan
COLLINS & AIKMAN: Plan Treatment & Classification of Claims

DURA AUTO: Intercompany Claims Set as Admin. Priority Expense
DURA AUTOMOTIVE: Wants E&Y to Provide Tax Advisory Services
DURA AUTOMOTIVE: Wants to Employ Deloitte as Tax Consultants
GLOBAL CROSSING: Closes Offering of 11.75% Senior Secured Notes
PETROLEOS DE VENEZUELA: Moving London Office to Madrid

REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed
REFCO INC: Wants to Assume Iron Mountain Contracts

* A.M. Best Changes B++ & B+ Rating Descriptor on Insurance Cos.

                            *********

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


BAWAG PSK: OeGB Inks EUR3.2-Bln Sale to Cerberus Consortium
-----------------------------------------------------------
Osterreichischer Gewerkschaftsbundhad formally approved the sale
of Bawag P.S.K. to a consortium led by Cerberus Capital
Management L.P. on Dec. 29, 2006.

In a TCR-Europe report on Dec. 15, OeGB agreed to sell Bawag to
a consortium led by Cerberus Capital Management L.P. for EUR3.2
billion, Bloomberg News said citing a source privy to the deal.  
According to the source, Cerberus will pay around EUR2.6 billion
for the assets and inject EUR600 million into Bawag.  

Assicurazioni Generali S.p.A., part of Cerberus' takeover team,
said Bawag P.S.K. will expand in Eastern Europe and sell more
banking and insurance products.

"After things are a bit settled in Austria, we'll plan to expand
further into central and Eastern Europe," Karl Stoss, Chief
of Assicurazioni Generali S.p.A.'s Austrian unit, told Bloomberg
News.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;
   -- BAWAG P.S.K.: long-term debt and deposit.


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


COMPUTER SCIENCES: Bondholders Waive Filing Deadline to Jan. 5
--------------------------------------------------------------
Computer Sciences Corp. successfully completed its previously
disclosed consent solicitation from the holders of record as of
Dec. 11, 2006, of the US$200-million aggregate outstanding
principal amount of its 6-1/4% Notes due March 15, 2009, issued
under the Indenture, dated as of March 8, 1999, among CSC, as
issuer, and Citibank, N.A., a national banking association, as
trustee.

CSC was requesting a one-time waiver of any default or event of
default that has arisen or may arise by virtue of CSC's failure
to file with the U.S. Securities and Exchange Commission and
furnish to the Trustee and holders of the Notes, certain reports
required to be so filed and furnished by CSC pursuant to the
terms of the Indenture.

Approval of the Waiver effectively extends the existing 30-day
cure period in the Indenture by 60 days with respect to the
reporting requirements in the Indenture, which is consistent
with the cure period for the reporting requirements under the
indentures that govern CSC's three other outstanding series of
notes and similar to the cure period provided in the waiver of
default granted on Nov. 17, 2006, by CSC's lenders under its
US$1 billion credit agreement for failure to comply with the
reporting covenant in the Credit Agreement.

Each holder of record on Dec. 11, 2006, who validly delivered
their consent, and did not revoke such consent, will receive a
payment of US$1.25 for each US$1,000 principal amount of Notes
to which such consent related.  If CSC has not filed its 2007
Second Quarter Report with the SEC on or before 5:30 p.m., New
York City time, on Jan. 5, CSC will pay on the following
business day, or as promptly as practicable thereafter, to each
holder of record on Dec. 11, 2006, who validly delivered their
consent, and did not revoke such consent, an additional
US$1.25 for each US$1,000 in principal amount of Notes.

Merrill Lynch & Co. acted as Solicitation Agent for the consent
solicitation.  Global Bondholder Services acted as the
Tabulation/Information Agent.

Headquartered in El Segundo, Calif., Computer Sciences
Corporation (NYSE: CSC) -- http://www.csc.com/-- is a global  
information technology services company.  The company's services
include systems design and integration; IT and business process
outsourcing; applications software development; Web and
application hosting; and management consulting.  It maintains
operations in Australia, China, Czech Republic, Slovakia,
Denmark, France, among others.


COMPUTER SCIENCES: Extends US$140-Mln IT Outsourcing Contract
-------------------------------------------------------------
Computer Sciences Corp. has signed a five-year, US$140 million
extension to an existing applications management outsourcing
contract with an undisclosed client.

Through the agreement, CSC will provide applications development
and maintenance services associated with back-office functions.

"We are pleased to add another contract extension to the various
new agreements we've signed with existing clients this year,"
said Chairman and Chief Executive Officer Van B. Honeycutt.
"With years of experience and the ability to develop close
working relationships with clients, CSC is well positioned to
deliver results that meet key business goals."

Headquartered in El Segundo, Calif., Computer Sciences
Corporation (NYSE: CSC) -- http://www.csc.com/-- is a global  
information technology services company.  The company's services
include systems design and integration; IT and business process
outsourcing; applications software development; Web and
application hosting; and management consulting.  It maintains
operations in Australia, China, Czech Republic, Slovakia,
Denmark, France, among others.


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


NOVOLIPETSK STEEL: Earns RUR2.07 Billion in Stake Disposals
-----------------------------------------------------------
Novolipetsk Steel OJSC completed the disposal of its stakes of:

   -- 14.11% in OJSC Lipetskenergo,
   -- 14.11% in OJSC Lipetskenergosbyt,
   -- 2.7% in OJSC TGK-4,
   -- 14.11% in OJSC Lipetsk supply network,
   -- 19.39% in OJSC Lipetskoblgaz, and
   -- 51% in OJSC LGEK.

The disposal is in line with NLMK's recently announced
sustainable growth strategy for 2007-2011.  One of the key
elements of this strategy is an optimization of the asset
portfolio of the Company.  According to the decision of the
Board of Directors of February 2006, NLMK's stakes in energy
assets were classified as non-core investments.  Minority stakes
in regional energy companies are not considered strategic since
they do not lead to control or influence over those companies'
operating activities.

Before the transaction was agreed, an independent evaluation of
the energy companies was performed.  Most of these companies are
non-public business organizations and the stakes in those
companies are low liquid.  The disposal was performed at 10%
premium to the value established by the independent valuation or
three-month average market price of corresponding securities
where available.  The stakes in all energy companies were sold
to Immenso Enterprises Limited, which is controlled by NLMK's
main shareholder.

The transaction was closed at these prices:

                                        Final Price
      Energy Firm                      (in millions)
      -----------                       -----------
      OJSC Lipetskenergo                RUR417
      OJSC Lipetskenergosbyt            RUR11
      OJSC TGK-4                        RUR1,032
      OJSC Lipetsk supply network       RUR96
      OJSC Lipetskoblgaz                RUR415
      OJSC LGEK                         RUR99

The total cash consideration received is RUR2.07 billion.  
Proceeds from the transaction will be directed to the
modernization and development of in-house energy facilities.

                       About Novolipetsk

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

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

                        *     *     *

As reported in the TCR-Europe on Dec. 21, Moody's Investor's
Service upgraded the corporate family rating for Novolipetsk
Steel from Ba2 to Ba1.  The outlook for the rating is stable.  
The Moody's Interfax Rating Agency has upgraded the national
scale rating for NLMK from Aa2.ru to Aa1.ru.

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


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F I N L A N D
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METSO OYJ: Completes Takeover of Aker Kvaerner's Pulping Unit
-------------------------------------------------------------
Metso Oyj completed the acquisition of Aker Kvaerner's Pulping
and Power businesses.  The businesses were transferred to Metso
on Dec. 29, 2006.  The European Commission clearance for the
acquisition was received on Dec. 12, 2006.

The cash and interest-bearing debt-free acquisition price,
agreed in April 2006 when the sales and purchase agreement was
signed, was approximately EUR335 million.  The final transaction
price will be based on the balance sheet at the time of the
closing.  Metso will disclose of the final transaction value,
including the adjustments related to the remedy package, after
the parties have agreed upon the closing balance sheet.

Metso has also completed the sales and purchase agreement of the
remedy package concerning the divestment of Metso Paper's and
Aker Kvaerner's overlapping pulping businesses to the Canadian
Groupe Laperriere & Verreault Inc. (GL&V).  The remedy package
was transferred to GL&V on Dec. 29, 2006.  The divestment of the
remedy package was conditional on the approval received from the
European Commission on Dec. 12, 2006.  The parties have agreed
that the transaction value will not be disclosed.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

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

                        *     *     *

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


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


ALCATEL-LUCENT: Lucent Shareholders Agree to Amend Indenture
------------------------------------------------------------
Alcatel-Lucent completed its solicitation of consents from
holders of Lucent's 2.75% Series A Convertible Senior Debentures
due 2023 and 2.75% Series B Convertible Senior Debentures due
2025.  

As of the expiration of the consent solicitation at 1:00 p.m.
Eastern Standard Time (EST) on Dec. 29, 2006, the company
received the requisite consents from the holders of a majority
in aggregate principal amount of each series of Debentures to
amend the Indenture for the Debentures.

Among other matters, the amendments allow Alcatel-Lucent to
provide the holders of the Debentures such information,
documents and other reports that are required to be filed by
Alcatel-Lucent pursuant to sections 13 and 15(d) of the U.S.
Securities Exchange Act of 1934, in lieu of providing such
information for Lucent.

Bear, Stearns & Co. Inc. acted as the Solicitation Agent, and
D.F. King & Co., acted as the Information Agent for the consent
solicitation.

                      About Alcatel-Lucent

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

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

                         *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


FIAT SPA: Board of Directors Reviews 2007 Budget
------------------------------------------------
The Board of Directors of Fiat S.p.A., under the chairmanship of
Luca Cordero di Montezemolo, has convened to the review of the
2007 Group budget data.  

Group consolidated results for the fourth quarter and full 2006
fiscal year will be examined on Jan. 25 during the Board
meeting.

                           About Fiat

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.


FIAT SPA: Sells Ingest Facility to Pirelli RE Facility Mgt.
-----------------------------------------------------------
The Fiat Group, through Business Solutions, has reached an
agreement with Pirelli RE Facility Management for the sale of
the 100% interest held in Ingest Facility.

Ingest Facility operates across all the facility management
sectors, offering integrated solutions for the management of
industrial and commercial property and plants.  The Company
employs about 370 people and its consolidated sales for 2006 are
expected to reach around EUR225 million, including activities
carried out in France.

The sale will be carried out on the basis of a total value of
around EUR50 million, subject to usual price adjustment clauses
and will be finalized after antitrust authorizations have been
received.

The transaction is part of the Fiat Group strategy to focus on
its core business and will entail a capital gain at the
consolidated level equivalent to around EUR40 million.

                           About Fiat

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.


FIAT SPA: Train Unit Partners with Severstal-Auto in Russia
-----------------------------------------------------------
Fiat Powertrain Technologies, a unit of Fiat S.p.A., and
Severstal-Auto signed a Memorandum of understanding that calls
for the establishment of a joint venture in Russia to produce
FPT diesel engine -- F1A.  

The assembly of F1A will be located within the production
facilities of Severstal-Auto's motor plant near Nizhniy Novgorod
in the Volga region.  

The FPT diesel engine locally produced in Russia will be
installed in the FIAT Ducato LCV (X 2/44 platform) and
homologised for Severstal-auto's new SUV model -- UAZ Patriot.

FPT and Severstal-Auto agreed to finalize all pending issues
with the overall goal to sign joint venture contracts in the 1st
quarter 2007.

"This agreement is another big step forward in our clearly
defined strategy: expand our presence in the markets with the
highest growth potential, through alliances with strategic
partners, to be close to our customers and ready to catch any
business opportunity," said Alfredo Altavilla, Chief Executive
Officer of Fiat Powertrain Technologies

"Our new project with FPT shows the strengthening of our
strategic cooperation with Fiat Group in Russia," said Vadim
Shvetsov, CEO of Severstal-Auto.  "Start of local production of
F1A will give us a very important advantage for effective
promotion of Fiat Ducato LCV in the Russian automotive market."

                      About Severstal-Auto

OAO Severstal Auto produces four-wheel drive vehicles - the
legendary UAZ SUVs, light trucks and minivans.  Severstal Auto
is also the Russian largest manufacturer of 4- and 8-cylinder
petrol engines with displacements ranging from 2.2-4.7 liters.

                           About Fiat

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.


UTSTARCOM INC: Soliciting Consents to Waive Covenant Defaults
-------------------------------------------------------------
UTStarcom Inc. is soliciting consents from the holders of its
7/8% convertible subordinated notes due 2008 (CUSIP Nos.
918076AA8 and 918076AB6).

UTStarcom is seeking consents to proposed amendments of certain
provisions of the indenture pursuant to which the notes were
issued and a waiver of rights to pursue remedies available under
the indenture with respect to certain defaults thereunder.  The
consent solicitation is expected to expire at 5:00 p.m., New
York City time, on Friday, Jan. 5, 2007, unless extended to a
later time or date or terminated early.

            Filing Delay Cues Notice of Default

As previously disclosed, UTStarcom has not yet filed with the
U.S. Securities and Exchange Commission its Quarterly Report on
Form 10-Q for the quarter ended Sept. 30, 2006.  The trustee
contends that the delay in filing constitutes a default under
the indenture and has given UTStarcom a notice of default.  

UTStarcom believes that the notice of default is invalid and
without merit, in part because the indenture does not specify a
time period within which UTStarcom must file its report with the
SEC.  

However, for the time being, UTStarcom has determined to solicit
consents to proposed amendments to the indenture that would give
UTStarcom until May 31, 2007, to become current in its reporting
obligations and a waiver of rights to pursue remedies available
under the indenture with respect to any purported default caused
by its delay in filing SEC reports or by its failure to deliver
certain compliance certificates to the trustee concerning its
compliance with the provisions of the Indenture.

Holders of record as of 5:00 p.m., New York City time, on
Dec. 21, 2006, who validly deliver and do not revoke their
consents prior to the Expiration Date, will receive a consent
fee of US$5,492,000 divided pro rata among all consenting
noteholders.

The effectiveness of the proposed amendments and waiver and the
payment of the consent fee is subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the notes.  
Holders of the notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by UTStarcom of the consents of a majority of
holders of the notes and evidence of such receipt provided to
the trustee the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless UTStarcom fails to pay
holders the consent fee.

Citigroup Global Markets Inc. is serving as the solicitation
agent for the consent solicitation.  Questions regarding the
consent solicitation may be directed to Citigroup Global Markets
Inc. at (800) 558-3745 (toll-free) or (212) 723-6106.  The
information agent for the consent solicitation is Global
Bondholder Services Corporation.  Requests for copies of the
Consent Solicitation Statement and related documents may be
directed to Global Bondholder Services Corporation at (866)
794-2200 (toll- free) or (212) 430- 3774.

Headquartered in Alameda, California, UTStarcom Inc. (NASDAQ:
UTSI) -- http://www.utstar.com/-- sells its broadband,  
wireless, and handset solutions to operators in both emerging
and established telecommunications markets around the world.  
UTStarcom enables its customers to rapidly deploy revenue-
generating access services using their existing infrastructure,
while providing a migration path to cost-efficient, end-to-end
IP networks.  The company maintains operations in France, Italy,
Spain, China, India, Japan, Argentina and Brazil.


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


AGRAR GMBH: Registration of Claims Ends January 10
--------------------------------------------------
Creditors of Agrar GmbH Ribbeck Gesellschaft mit beschrankter
Haftung i.L. have until Jan. 10 to register their claims with
court-appointed provisional administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, Germany
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Potsdam opened bankruptcy proceedings
against Agrar GmbH Ribbeck Gesellschaft mit beschrankter Haftung
i.L. on Nov. 8, 2006.  Consequently, all pending proceedings
against the company have been automatically stayed.

The administrator can be reached at:

         Dr. Christoph Junker
         Fuggerstrasse 24
         10777 Berlin
         Germany

The Debtor can be reached at:

         Agrar GmbH Ribbeck
         Gesellschaft mit beschrankter Haftung i.L.
         Theodor-Fontane-Strasse 2
         14641 Nauen OT Ribbeck
         Germany


ALLGEMEINER BRANDSCHUTZ: Filing of Claims Ends January 10
---------------------------------------------------------
Creditors of Allgemeiner Brandschutz Service Klaus P. Fischer
GmbH have until Jan. 10 to register their claims with court-
appointed provisional administrator Werner Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 2, 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 Pforzheim
         Area 223
         2nd Floor
         Mannheimer Str. 17
         75179 Pforzheim, 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 Pforzheim opened bankruptcy proceedings
against Allgemeiner Brandschutz Service Klaus P. Fischer GmbH on
Nov. 2, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Werner Maier
         Gansheidestr. 1
         70184 Stuttgart
         Germany

The Debtor can be reached at:

         Allgemeiner Brandschutz Service Klaus P. Fischer GmbH
         Attn: Klaus Peter Fischer, Manager
         Karlsruher Str. 34
         75179 Pforzheim
         Germany


ARNOLD LITTWIN: Creditors Must Register Claims by January 11
------------------------------------------------------------
Creditors of Arnold Littwin GmbH-Nachrichtentechnik have until
Jan. 11 to register their claims with court-appointed
provisional administrator Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Feb. 1 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 Oldenburg
         Meeting Room
         2nd Floor
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against Arnold Littwin GmbH-Nachrichtentechnik on Nov. 11, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Dr. Dirk Rueffert
         Donnerschweer Str. 398
         26123 Oldenburg
         Germany
         Tel: 0441/340770
         Fax: 0441/34077340
         E-mail: info@rueffert-rechtsanwaelte.de

The Debtor can be reached at:

         Arnold Littwin GmbH-Nachrichtentechnik
         Am Strehl 153-155
         26125 Oldenburg
         Germany


BENDORFER KERZEN: Creditors Must Register Claims by January 10
--------------------------------------------------------------
Creditors of Bendorfer Kerzen- und Wachswarenfabrik GmbH have
until Jan. 10 to register their claims with court-appointed
provisional administrator Carl Christian Binneberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 30, 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 Koblenz
         Hall 111
         Main Law Courts
         Karmeliterstrasse 14
         56068 Koblenz, 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 Koblenz opened bankruptcy proceedings
against Bendorfer Kerzen- und Wachswarenfabrik GmbH on Nov. 15,
2006.  Consequently, all pending proceedings against the company
have been automatically stayed.

The administrator can be reached at:

         Carl Christian Binneberg
         Am Schuetzenplatz 24
         56182 Urbar
         Germany
         Tel: 0261/9634958
         Fax: 0261/9634959
         E-mail: rechtsanwaelte@binneberg.de

The Debtor can be reached at:

         Bendorfer Kerzen- und Wachswarenfabrik GmbH
         Im Andorf 11-13
         56170 Bendorf
         Germany


BOMBARDIER INC: Wins US$569 Million Contract from Netherlands
-------------------------------------------------------------
Bombardier Inc. has received a US$569 million deal to build 50
intercity trains for the Dutch National Railways, Gillian Wee
writes for Bloomberg.

According to Bloomberg, Bombardier will start delivering the
double-deck cars in June 2008.  The construction of the vehicles
is located in Gorlitz and Aachen, Germany.

Bloomberg says that Bombardier's new blue-and-yellow subway cars
would join a fleet of 378 trains designed for intercity service
in Netherlands.  Some 20,000 seats would be added to the system
and would feature an energy-saving propulsion mechanism.

In addition, Bloomberg states that for the past two months, the
company has won a US$3.4 billion contract to provide commuter
trains to the Paris region.  The company has brought in orders
from France's national railway and the Toronto Transit
Commission, Bloomberg adds.

                     About Bombardier

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

                         *     *     *

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

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

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

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


DIETER BLIEFERNICH: Claims Registration Deadline Ends January 9
---------------------------------------------------------------
Creditors of Dieter Bliefernich GmbH have until Jan. 9 to
register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on Jan. 30, 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 Oldenburg
         Meeting Room
         2nd Floor
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against Dieter Bliefernich GmbH on Nov. 22, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The administrator can be reached at:

         Stefan Hinrichs
         Heiligengeiststrasse 29
         26121 Oldenburg
         Germany
         Tel: 0441/218910
         Fax: 0441/2189139

The Debtor can be reached at:

         Dieter Bliefernich GmbH
         Am Wiesenrand 49
         26180 Rastede
         Germany


DM FUSSBODENVERLEGUNG: Creditors Must Register Claims by Jan. 10
----------------------------------------------------------------
Creditors of DM Fussbodenverlegung GmbH have until Jan. 10 to
register their claims with court-appointed provisional
administrator Katrin Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Feb. 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, Germany
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against DM Fussbodenverlegung GmbH on Nov. 28, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Katrin Hahn
         Ludwigstrasse 58
         09113 Chemnitz
         E-mail: chemnitz@handschumacher.de

The Debtor can be reached at:

         DM Fussbodenverlegung GmbH
         Attn: Friedrich Heuser, Manager
         Jagdschankenstrasse 7
         09117 Chemnitz
         Germany


DURA AUTO: Intercompany Claims Set as Admin. Priority Expense
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems, Inc. and its debtor
affiliates, request to accord administrative priority expense
status all Intercompany Claims against a Debtor by another
Debtor or a non-debtor affiliate arising after the Debtors'
bankruptcy filing.

The request was to ensure each individual Debtor will not fund
the operations of another entity.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors maintain
business relationships with each other and non-debtor
affiliates.  Thus, according to him, there are numerous
intercompany claims that reflect intercompany receivables and
payments made in the ordinary course of the Debtors' businesses,
including, but not limited to:

   (a) Accrued interest -- The Debtors and non-debtor affiliates
       owe interest between and among each other on outstanding
       Intercompany Claims.  Accrued interest is charged monthly
       based on the net Intercompany Claims outstanding at the
       end of that month;

   (b) Administrative fees -- Certain Debtors are charged a
       percentage of their sales in exchange for marketing
       support from the Debtors;

   (c) Centrally billed expenses -- In the ordinary course of
       business, the Debtors incur centrally billed expenses,
       like insurance, premiums, payroll, 401k payments,
       benefits, payroll taxes, workman's compensation
       obligations, and technology equipment;

   (d) Intercompany loans -- In the ordinary course of business,
       the Debtors and non-debtor affiliates make loans between
       and among each other to fund operations and make
       acquisitions;

   (e) Royalties -- Royalties are charged either with reference
       to costs incurred or as a percentage of sales to certain
       Debtors and non-debtors for the use of technology and
       other intellectual property of the Debtors; and

   (f) Trade receivables and trade payables -- In the ordinary
       course of business, and as a result of the Debtors' Cash
       Management System, certain Debtors receive checks and
       wire transfers from customers and fund payables on behalf
       of various other Debtors.  The Debtors' intercompany
       accounts reflect the net position of both receipts and
       disbursements received or made on behalf of other
       Debtors.

Mr. DeFranceschi asserts that if Intercompany Claims are
accorded administrative priority expense status, each entity
utilizing funds flowing through the Cash Management System will
continue to bear ultimate repayment responsibility for those
ordinary course transactions.

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Wants E&Y to Provide Tax Advisory Services
-----------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Ernst & Young as tax advisory and risk
advisory services providers, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, vice president and chief financial officer,
relates that Ernst & Young LLP is well experienced in providing
tax and risk advisory services in restructurings and
reorganization, and serves clients in manufacturing, automotive,
and other industries.  The firm is also well respected for
services rendered both outside of the bankruptcy context and in
large, complex Chapter 11 cases, Mr. Marchiando adds.

The Debtors engaged, on May 6, 2005, Ernst & Young to provide
internal audit services, services with respect to compliance
with Section 404 of the Sarbanes-Oxley Act of 2002, and loaned
staff services.

The services of Ernst & Young are necessary to enable the
Debtors to maximize the value of their estates and to reorganize
successfully, Mr. Marchiando relates.

The firm is expected to provide tax advisory services to the
Debtors:

   (1) FIN 48 implementation services, which include assisting
       the Debtors in assessing their current controls and
       processes employed in the financial reporting of
       uncertain tax positions, and in making appropriate
       revisions to meet the requirements under Sarbanes-Oxley
       Section 404 and other financial reports;

   (2) international compliance review services, including a
       review of information to be filed with the U.S. Internal
       Revenue Service and all related calculations the Debtors
       have identified as material, or that may need managerial  
       review; and

   (3) routine on-call tax advisory services.

The risk advisory services the firm will provide are:

   (a) internal audit reaming services, including risk
       assessment, audit plan and execution;

   (b) business risk services ongoing assistance related to
       Section 404 of the Sarbanes-Oxley Act of 2002, including
       the preparation of the Debtors' documentation, testing
       and evaluation of internal controls over financial
       reporting for their significant accounts and processes;

   (c) tax risk advisory services ongoing assistance related to
       Section 404 of the Sarbanes-Oxley Act of 2002, including
       assistance to management in the preparation of its
       documentation, testing, and evaluation of internal
       controls over financial reporting for the Company's state
       and federal tax income tax provision;

   (d) loan staff discrete projects in conjunction with share
       service center projects including designing a centralized
       check disbursement process and the creation of a cash
       disbursements journal on a "loaned staff" basis; and

   (e) technology and security risk services and information
       technology services, including assisting Dura Internal
       Audit with testing IT general and application controls in
       both the North American and European regions.

Ernst & Young will coordinate any services performed at the
Debtors' request with the Debtors' other professionals to avoid
duplication of effort.

The Debtors will pay Ernst & Young based on its standard hourly
rates:
                                                   Loaned Staff
   Level             BRS     TSRS/IT       Tax       Services
   -----             ---     -------       ---       --------
   Partner        US$340     US$359     US$595          N/A
   Senior Manager    242        328        464          N/A
   Manager           196        291        323         US$196
   Senior            132        223        226          132
   Staff             113        162        226          113

Mr. Marchiando relates that the Debtors requested a single
"global" retention, whereby the vast international resources of
Ernst & Young could be brought to meet the Debtors' needs,
including non-Debtor foreign affiliates, while maintaining
clarity that all duties are owed to the Debtors.  

The Engagement Letter provides that in rendering services to the
Debtors, the firm may subcontract a portion of the services to
certain other Ernst & Young affiliates, including other member
firms of Ernst & Young Global Limited or its affiliates.

Ernst & Young intends to pay EYGL member firms directly for
their services and apply for reimbursement by the Debtors of any
payments made any Ernst & Young to the EYGL Member Firms.  

Randall J. Miller, the coordinating principal for Ernst & Young,
assures the Court that the firm is a disinterested person, as
defined in Section 101(14) of the Bankruptcy Code.

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

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


DURA AUTOMOTIVE: Wants to Employ Deloitte as Tax Consultants
------------------------------------------------------------  
DURA Automotive Systems, Inc. and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to employ Deloitte Tax LLP as their tax service providers and
tax consultants, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, vice president and chief financial officer,
relates that the Debtors engaged Deloitte Tax as their tax
consultant and tax compliance service providers before the
Debtors' filing for bankruptcy; thus, the firm has considerable
knowledge concerning the Debtors and their business affairs.  
Deloitte Tax also has extensive experience in delivering tax-
consulting services in Chapter 11 cases, he adds.

Deloitte Tax will:

   (a) assist with Federal Tax Effects of Bankruptcy Filing/ Tax
       Advisory Services related to debt discharge issues,
       including to:

       -- compute the Debtors' tax basis to provide management
          with information regarding income from the discharge
          of indebtedness and the tax effect of post-bankruptcy
          distributions to new equity holders;

       -- advise the Debtors in evaluating and modeling
          alternative tax methodologies to assist management in
          understanding post-bankruptcy tax attributes;

       -- advise the Debtors as to the proper tax treatment of
          postpetition interest; and

       -- advise the Debtors on the state tax aspects of the
          post-bankruptcy environment with a focus on the
          Debtors' efforts to optimize the post-bankruptcy tax
          structure for tax purposes.

   (b) provide general corporate tax advisory assistance,
       including:

        * tax return review and preparation;

        * Internal Revenue Service or state audit responses;

        * United States, state, and foreign income tax planning;
          and

        * transfer pricing documentation and review.

Deloitte Tax will bill:

           Professionals                      Hourly Rates
           -------------                      ------------
           Partner                                US$595
           Senior Manager                         US$485
           Manager                                US$435
           Senior Associate                       US$375

Deloitte Tax will also seek reimbursement for reasonable and
necessary expenses incurred in the Debtors' Chapter 11 cases.

Scott J. Vickman, a member of the Deloitte Tax, assures the
Court that his firm does not hold any adverse interest to the
Debtors' estates, and is a disinterested person as the term is
defined in Section 101(14) of the Bankruptcy Code.

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

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


GRASHOPPERS INVEST: Creditors' Meeting Slated for March 29
----------------------------------------------------------
The court-appointed provisional administrator for Grashoppers
Invest GmbH, Dr. Bjorn Gehde, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:20 a.m. on March 29.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, 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.

Creditors have until Feb. 5 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Grashoppers Invest GmbH on Nov. 7, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grashoppers Invest GmbH
         Friedrichstr. 90
         10117 Berlin
         Germany

The administrator can be reached at:

         Dr. Bj"rn Gehde
         Goethestr. 85
         10623 Berlin
         Germany


GRUENTEAM GMBH: Creditors' Meeting Slated for March 3
-----------------------------------------------------
The court-appointed provisional administrator for GruenTeam GmbH
Garten- und Landschaftsbau, Knut Rebholz, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:25 a.m. on March 3.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, 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.

Creditors have until Jan. 11 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against GruenTeam GmbH Garten- und Landschaftsbau on
Nov. 3, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GruenTeam GmbH Garten- und Landschaftsbau
         Stockumer Str. 9
         13507 Berlin
         Germany

The administrator can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany


HOLZFACHMARKT UECKER: Creditors' Meeting Slated for Feb. 28
-----------------------------------------------------------
The court-appointed provisional administrator for Holzfachmarkt
Uecker Vertriebsgesellschaft mbH, Martin Abegg, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 2:00 p.m. on Feb. 28.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Saarbruecken
         Area Hall 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

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

Creditors have until Jan. 10 to register their claims with the
court-appointed provisional administrator.

The District Court of Saarbruecken opened bankruptcy proceedings
against Holzfachmarkt Uecker Vertriebsgesellschaft mbH on Nov.
30, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Holzfachmarkt Uecker Vertriebsgesellschaft mbH
         K"nigsbahnstrasse
         66538 Neunkirchen
         Germany

The administrator can be reached at:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany


JALO GASTROBETRIEBSGESELLSCHAFT: Creditors' Claims Due Jan. 10
--------------------------------------------------------------
Creditors of Jalo Gastrobetriebsgesellschaft mbH have until
Jan. 10 to register their claims with court-appointed
provisional administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 1, 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 Stuttgart
         Room 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart, 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 Stuttgart opened bankruptcy proceedings
against Jalo Gastrobetriebsgesellschaft mbH on Nov. 22, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Michael Pluta
         Albstr. 14
         70597 Stuttgart
         Germany
         Tel: 0711/7696880
         Fax: 0711/76968850

The Debtor can be reached at:

         Jalo Gastrobetriebsgesellschaft mbH
         K"nigstr. 10c
         70173 Stuttgart
         Germany


KENTER GMBH: Registration of Claims Ends January 9
--------------------------------------------------
Creditors of Kenter GmbH & Co. KG have until Jan. 9 to register
their claims with court-appointed provisional administrator Dr.
Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 6, 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 Hannover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hannover, 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 Hannover opened bankruptcy proceedings
against Kenter GmbH & Co. KG on Nov. 2, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Dr. Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel.: 0511/626287-0
         Fax: 0511/626287-10

The Debtor can be reached at:

         Kenter GmbH & Co. KG
         Lange Str. 46
         31515 Wunstorf
         Germany


SNC CAR: Creditors Must Register Claims by January 10
-----------------------------------------------------
Creditors of SNC Car Trading GmbH have until Jan. 10 to register
their claims with court-appointed provisional administrator Dr.
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Room 230a
         2nd Floor
         Bogen 2-4
         33098 Paderborn, Germany      
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Paderborn opened bankruptcy proceedings
against SNC Car Trading GmbH on Dec. 1, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Dr. Frank Kebekus
         Liboriberg 21
         33098 Paderborn
         Germany

The Debtor can be reached at:

         SNC Car Trading GmbH
         Schulze-Delitsch-Str. 30
         33100 Paderborn
         Germany

         Juergen Keck, Manager
         Von-Vincke-Str. 29
         33098 Paderborn
         Germany


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


ALITALIA SPA: Italy Launches Tender Offer for 30.1% Stake
---------------------------------------------------------
The Italian government formally launched the bidding process for
its 30.1% stake in troubled national carrier Alitalia S.p.A. on
Dec. 29, 2006.

Italy's Ministry of Economy and Finance is inviting interested
parties to submit a non-binding offer for around 30.1% to 49.9%
of Alitalia's capital and 1,207,147,404 convertible bonds of the
carrier's 7.5% 2002-2010 debenture loan.  The sale will take
place through a competitive procedure involving direct
negotiations with potential buyers.

Interested parties, which should have at least EUR100 million in
capital, have until 6:00 p.m. on Jan. 29, 2007, to submit their
written expression of interest to the sale advisor:

         Merrill Lynch International
         Gruppo di Lavoro Alitalia
         Via dei Giardini 4
         20121 Milan
         Italy
         Fax: +39 02 6553 0601
         E-mail: procedura.alitalia@ml.com

The Ministry, however, said that the expression of interest
"will not be the object of evaluation for admission to the
subsequent phases of the procedure."

According to the Ministry, potential buyers will be selected
based on the economic terms of the offers received and an
analysis of the business plans.  The Ministry will also examine
the compatibility of the offers and business plans with the
Alitalia's restructuring, development and relaunch objectives.

The Ministry also outlined mandatory commitments for the buyer
to:

   -- keep at least a 30.1% stake in Alitalia until the business
      plan is successfully carried out:

   -- safeguard Alitalia's national identity; and

   -- guarantee the quality and quantity of services offered and
      coverage of the territory.

The Ministry indicated that if the competitive bidding process
fails, the government would sell its stake via:

   -- public offering,
   -- transactions involving the exchange of securities, or
   -- the sale of option rights.

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

   -- launch a bid to acquire the whole carrier;

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

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

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

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

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

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

The government aims to complete the process by January 2007.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

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


FIAT SPA: Board of Directors Reviews 2007 Budget
------------------------------------------------
The Board of Directors of Fiat S.p.A., under the chairmanship of
Luca Cordero di Montezemolo, has convened to the review of the
2007 Group budget data.  

Group consolidated results for the fourth quarter and full 2006
fiscal year will be examined on Jan. 25 during the Board
meeting.

                           About Fiat

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.


FIAT SPA: Sells Ingest Facility to Pirelli RE Facility Mgt
----------------------------------------------------------
The Fiat Group, through Business Solutions, has reached an
agreement with Pirelli RE Facility Management for the sale of
the 100% interest held in Ingest Facility.

Ingest Facility operates across all the facility management
sectors, offering integrated solutions for the management of
industrial and commercial property and plants.  The Company
employs about 370 people and its consolidated sales for 2006 are
expected to reach around EUR225 million, including activities
carried out in France.

The sale will be carried out on the basis of a total value of
around EUR50 million subject to usual price adjustment clauses
and will be finalized after antitrust authorizations have been
received.

The transaction is part of the Fiat Group strategy to focus on
its core business and will entail a capital gain at the
consolidated level equivalent to around EUR40 million.

                           About Fiat

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.


FIAT SPA: Train Unit Partners with Severstal-Auto in Russia
-----------------------------------------------------------
Fiat Powertrain Technologies, a unit of Fiat S.p.A., and
Severstal-Auto signed a Memorandum of understanding that calls
for the establishment of a joint venture in Russia to produce
FPT diesel engine -- F1A.  

The assembly of F1A will be located within the production
facilities of Severstal-Auto's motor plant near Nizhniy Novgorod
in the Volga region.  

The FPT diesel engine locally produced in Russia will be
installed in the FIAT Ducato LCV (X 2/44 platform) and
homologised for Severstal-auto's new SUV model -- UAZ Patriot.

FPT and Severstal-Auto agreed to finalize all pending issues
with the overall goal to sign joint venture contracts in the 1st
quarter 2007.

"This agreement is another big step forward in our clearly
defined strategy: expand our presence in the markets with the
highest growth potential, through alliances with strategic
partners, to be close to our customers and ready to catch any
business opportunity," said Alfredo Altavilla, Chief Executive
Officer of Fiat Powertrain Technologies

"Our new project with FPT shows the strengthening of our
strategic cooperation with Fiat Group in Russia," said Vadim
Shvetsov, CEO of Severstal-Auto.  "Start of local production of
F1A will give us a very important advantage for effective
promotion of Fiat Ducato LCV in the Russian automotive market."

                      About Severstal-Auto

OAO Severstal Auto produces four-wheel drive vehicles - the
legendary UAZ SUVs, light trucks and minivans.  Severstal Auto
is also the Russian largest manufacturer of 4- and 8-cylinder
petrol engines with displacements ranging from 2.2-4.7 liters.

                           About Fiat

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


FORT CAPITAL: Creditors Must File Claims by Feb. 7
--------------------------------------------------
LLP Fort Capital Trade has declared insolvency.  Creditors have
until Feb. 7 to submit written proofs of claim to:

         LLP Fort Capital Trade
         P.O. Box 18
         Post Office 20
         Dostyk Ave. 240
         Almaty, Kazakhstan


JELDORAUTOMATIC LLP: Creditors' Claims Due Feb. 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Rail Road Automatic Jeldorautomatic insolvent.

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

         LLP Rail Road Automatic Jeldorautomatic
         Maulenov Str. 21
         Kostanai
         Kostanai Region
         Kazakhstan


LOYALTI-I LLP: Almaty Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Corporation
Loyalti-I (RNN 600900526939) on Nov. 20.


ORIGINAL LLP: Almaty Court Starts Bankruptcy Procedure
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Original
(RNN 600300510556) on Nov. 20.


SUNLIGHT LLP: Proof of Claim Deadline Slated for Feb. 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Sunlight insolvent.

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

         LLP Sunlight
         Maulenov Str. 21
         Kostanai
         Kostanai Region
         Kazakhstan


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


PTITSEFABRIKA OJSC: Creditors' Meeting Scheduled for Jan. 10
------------------------------------------------------------
Creditors of OJSC Chuiskaya Battery Farm Ptitsefabrika will
convene at 11:00 a.m. on Jan. 10 at:

         OJSC Chuiskaya Battery Farm Ptitsefabrika
         Iskra
         Chui Region
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
OJSC Chuiskaya Battery Farm Ptitsefabrika (Case No.ED-164/
06 MCH-C1) insolvent on Nov. 20.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mursaly Asanbekov           
         Tel: (0-502) 55-27-33
              (+996 3138) 5-71-60


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


AGILENT TECHNOLOGIES: Earns US$3.3 Billion in Year Ended Oct. 31
----------------------------------------------------------------
Agilent Technologies Inc. reported US$3.3 billion of net income
on US$5 billion of net revenues for the year ended Oct. 31,
2006, compared with US$327 million of net income on US$4.7
billion of revenues for the fiscal year ended Oct. 31, 2005.

In the bio-analytical business, net revenue in 2006 increased
nine percent in comparison to 2005.  Demand increased across all
markets in bio-analytical measurement with strongest growth
occurring in biotechnology solutions.  In the electronic
measurement business, net revenue in 2006 increased 5 percent in
comparison to 2005.  The electronic measurement business saw
growth in the general purpose segments, led by aerospace/defense
and semiconductor design and manufacturing.

The US$3.3 billion 2006 net income included the income from and
gain on sale of the semiconductor products business for US$1.8
billion and the sale of the company's investment in Lumileds
Lighting International for a gain of US$901 million.  

At Oct. 31, 2006, the company's balance sheet showed US$7.4
billion in total assets, US$3.7 billion in total liabilities,
and US$3.6 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Oct. 31, 2006, are available for
free at http://researcharchives.com/t/s?17cc

                    Operating Cash Flows

In 2006, the company generated operating cash flows of
US$431 million and had a cash and cash equivalent balance as of
Oct. 31, 2006 of US$2.3 billion.  In 2005, the company generated
operating cash flows of US$656 million and had a cash and cash  
equivalent balance as of Oct. 31, 2005 of US$2.2 billion.

                 Significant Events in Fiscal 2006

In November 2005, the company finalized the sale of its
investment in Lumileds Lighting International to Philips for
US$949 million plus the repayment of US$51 million of the
outstanding principal debt and interest due to the company.

In December 2005, the company sold its semiconductor products
business to Avago Technologies Ltd.  The company received
approximately US$2.6 billion in cash proceeds.

In October 2006, the company completed the spin-off of its
semiconductor test solutions business.  The aggregate market
value of ordinary shares distributed to Agilent stockholders was
approximately US$840 million.

In June 2006, the company completed a stock repurchase program
of US$4.466 billion of its common stock and in September 2006
the company commenced another stock repurchase program for up to
US$2 billion dollars, to be completed over the next 2 years.

                      About the Company

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a  
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.  The company has
operations in India, Argentina and Luxembourg.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 13, 2006,  
Moody's Investors Service upgraded both the corporate family  
rating and probability of default rating of Agilent Technologies  
Inc. to Ba1 from Ba2 and revised the outlook to positive.  In  
addition, Moody's also affirmed the company's speculative grade  
liquidity rating at SGL-1.

On Dec. 12, 2006, the TCR-Asia Pacific reported that Standard &
Poor's Ratings Services placed its 'BB+' corporate credit rating
on Palo Alto, California-based Agilent Technologies Inc. on
CreditWatch with positive implications.


EVRAZ GROUP: Extends Tender Offer to Acquire Oregon Steel Mills
---------------------------------------------------------------
Evraz Group S.A. disclosed that the cash tender offer by its
wholly owned subsidiary Oscar Acquisition Merger Sub, Inc. to
purchase all outstanding shares of common stock -- including the
associated preferred stock purchase rights -- of Oregon Steel
Mills, Inc. is being extended until 5:00 p.m., New York City
time, on Jan. 9, 2007, unless further extended or earlier
terminated.  

The tender offer had previously been scheduled to expire at
12:00 midnight on Dec. 28, 2006.

As previously indicated by Evraz, the initial expiration date
for the tender offer is being extended to permit the tender
offer to remain open until after Jan. 8, 2007, the expiration
date of the previously announced 30-day review by the Committee
on Foreign Investment in the United States (CFIUS).  Under the
Merger Agreement, if all of the conditions to the tender offer
are not satisfied as of any expiration date, Evraz will have the
right, and under certain circumstances may be required, to
further extend the tender offer.

Evraz and Oscar Acquisition Merger Sub, Inc. have been advised
by Mellon Investor Services LLC, the depositary for the tender
offer, that as of 5:00 pm New York City time on Dec. 27, 2006,
stockholders of Oregon Steel had tendered into the tender offer
9,607,810 shares of Oregon Steel common stock.

The tender offer is being made pursuant to a previously
announced definitive merger agreement among Evraz, Oscar
Acquisition and Oregon Steel on Nov. 20, 2006.  Upon the
successful closing of the tender offer, Oregon Steel
stockholders would receive US$63.25 in cash for each share of
Oregon Steel common stock tendered in the tender offer, less any
required withholding taxes.  Following the purchase of shares in
the tender offer, Oregon Steel would become a subsidiary of
Evraz.  Except for the extension of the expiration date, all of
the other terms and conditions of the tender offer remain
unchanged.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and      
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.  

                          *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings affirmed
Luxembourg-based Evraz Group SA's Issuer Default and senior
unsecured ratings at BB and its Short-term rating at B.  

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


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


ALCATEL-LUCENT: Lucent Shareholders Agree to Amend Indenture
------------------------------------------------------------
Alcatel-Lucent completed its solicitation of consents from
holders of Lucent's 2.75% Series A Convertible Senior Debentures
due 2023 and 2.75% Series B Convertible Senior Debentures due
2025.  

As of the expiration of the consent solicitation at 1:00 p.m.
Eastern Standard Time (EST) on Dec. 29, 2006, the company
received the requisite consents from the holders of a majority
in aggregate principal amount of each series of Debentures to
amend the Indenture for the Debentures.

Among other matters, the amendments allow Alcatel-Lucent to
provide the holders of the Debentures such information,
documents and other reports that are required to be filed by
Alcatel-Lucent pursuant to sections 13 and 15(d) of the U.S.
Securities Exchange Act of 1934, in lieu of providing such
information for Lucent.

Bear, Stearns & Co. Inc. acted as the Solicitation Agent, and
D.F. King & Co., acted as the Information Agent for the consent
solicitation.

                      About Alcatel-Lucent

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

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

                         *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


BOMBARDIER INC: Wins US$569 Million Contract from Netherlands
-------------------------------------------------------------
Bombardier Inc. has received a US$569 million deal to build 50
intercity trains for the Dutch National Railways, Gillian Wee
writes for Bloomberg.

According to Bloomberg, Bombardier will start delivering the
double-deck cars in June 2008.  The construction of the vehicles
is located in Gorlitz and Aachen, Germany.

Bloomberg says that Bombardier's new blue-and-yellow subway cars
would join a fleet of 378 trains designed for intercity service
in Netherlands.  Some 20,000 seats would be added to the system
and would feature an energy-saving propulsion mechanism.

In addition, Bloomberg states that for the past two months, the
company has won a US$3.4 billion contract to provide commuter
trains to the Paris region.  The company has brought in orders
from France's national railway and the Toronto Transit
Commission, Bloomberg adds.

                     About Bombardier

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

                         *     *     *

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

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

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

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


GLOBAL POWER: Court Okays Blackstone Group as Financial Advisor
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Global Power Equipment Group, Inc. and its debtor-
affiliates to employ The Blackstone Group L.P. as their
financial advisor nunc pro tunc to Oct. 16, 2006.

Global Power is expected to:

   a. assist in the evaluation of the company's businesses and
      prospects;

   b. assist in the development of the company's long-term
      business plan and related financial projections;

   c. assist in the development of financial data and
      presentations to the company's Board of Directors, various
      creditors and other third parties;

   d. analyze the company's financial liquidity and evaluate
      alternatives to improve the liquidity;

   e. analyze various restructuring scenarios and the potential
      impact of these scenarios on the recoveries of those
      stakeholders impacted by the restructuring;

   f. provide strategic advice with regard to restructuring or
      refinancing the company's obligations;

   g. evaluate the company's debt capacity and alternative
      capital structures;

   h. participate in negotiations among the company and its
      creditors, suppliers, lessors and other interested
      parties;

   i. value securities offered by the company in connection with
      a restructuring;

   j. advise the company and negotiate with lenders with respect
      to potential waivers or amendments of various credit
      facilities;

   k. assist in arranging debtor-in-possession financing for the
      company, as requested by the company;

   l. provide expert witness testimony in these chapter 11 cases
      concerning any of the subjects encompassed by the other
      financial advisory services;

   m. assist the company in preparing marketing materials in
      conjunction with a possible transaction as requested by
      the company;

   n. assist the company in identifying potential buyers or
      parties in interest to a transaction and assist in the due
      diligence process;

   o. assist and advise the company concerning the terms,
      conditions and impact of any proposed transaction; and

   p. provide other advisory services as are customarily
      provided in connection with the analysis and negotiation
      of a restructuring or a transaction, as requested and
      mutually agreed.

Eric M. Sutty, Esq., one of the Debtors' counsel, disclosed that
pursuant to an Engagement Letter between the Debtors and
Blackstone Group, the firm will receive:

   a. a monthly advisory fee of US$150,000 in cash, with the
      first monthly fee payable upon the execution of the
      Engagement Letter and additional installments of the
      monthly fee payable in advance on each monthly anniversary
      of the retention date;

   b. an additional restructuring fee of US$1,650,000, except as
      provided in the Engagement Letter.  A restructuring will
      be deemed to have been consummated upon the execution,
      confirmation and consummation of a Plan of Reorganization
      pursuant to an order of the Court;

   c. upon the consummation of a transaction, a transaction fee
      payable in cash directly out of the gross proceeds of the
      transaction.

Blackstone will be reimbursed of all reasonable out-of-pocket
expenses and internal charges incurred.

Mr. Sutty assures the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not hold or represent any 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.


GLOBAL POWER: Wants General Claims Bar Date Set for April 18
------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to set
April 18, 2007, as the deadline for all creditors and
governmental units owed money by the Debtors on the account of
claims arising prior to Sept. 28, 2006.

The Debtors also ask the Court to set May 18, 2007, as the
deadline for all creditors, including the Debtors, owed money by
co-Debtors, sureties or guarantors, on accounts of claims
arising prior to Sept. 28, 2006.

The purpose of the bar date is to provide a deadline to identify
any possible unknown claims against the Debtors' estates and to
give parties additional certainty regarding the magnitude of
claims against the Debtors' estates.

Copies of written proofs of claim must be sent or hand delivered
on or before the April 18 Bar Date to:

     Global Power Equipment Group, Inc.
     c/o Alix Partners LLC
     2100 McKinney Avenue, Suite 800
     Dallas, Texas 75201

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.


KPNQWEST N.V.: Amsterdam Court to Probe Into Bankruptcy
-------------------------------------------------------
The enterprise chamber of the Amsterdam Court of Appeal is
initiating a probe into the bankruptcy of KPNQwest N.V. in 2002
at the request of Dutch shareholders, AFX News reports citing
news agency ANP as its source.

The Vereniging van Effectenbezitters (Dutch Investors'
Association or VEB) pointed to the company's mismanagement and
provision of certain information that the Enterprise Court
believed "may have misled banks and investors," AFX News
relates.

According to Reuters, the inquiry may help strengthen KPNQwest
investors' case to seek financial compensation, depending on the
court's findings.

KPN and Qwest Communications International Inc. previously
settled two U.S. class action procedures related to the
bankruptcy.  However, the amount did not sufficiently cover
losses made by investors according to the VEB.
  
                         About Royal KPN

Headquartered in The Hague, Netherlands, Royal KPN N.V. --
http://www.kpn.com/-- offers telecommunications services to  
consumers and businesses in the Netherlands, Germany, Belgium,
and Western Europe.  The company operates in two divisions,
Fixed and Mobile.

                           About Qwest

Based in Denver, Colorado, Qwest Communications International
Inc. (NYSE: Q) -- http://www.qwest.com/-- provides high-speed
Internet, data, video and voice services.  With approximately
40,000 employees, Qwest is committed to the "Spirit of Service"
and providing world-class services that exceed customers'
expectations for quality, value and reliability.

                          About KPNQwest

KPNQwest N.V. is a pan-European data communications and hosting
company that delivers a full range of carrier and corporate
networking solutions, hosting and Internet services across an
18-country 25,000 km European footprint, interoperable with the
300,000-kilometer Qwest global network.  The Company owns and
operates the EuroRings, a fiber-optic backbone in Europe that
connects 60 cities, 14 of them with extensive Metropolitan Area
Networks, and a network of 28 ultra-secure hosting facilities,
the KPNQwest CyberCentres.  KPNQwest was originally created in
April 1999 as a joint venture between KPN, a Dutch
telecommunications company, and United States alternative
carrier, Qwest Communications.  In May 2002, the Company filed
for protection under Dutch moratorium law.


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


AKER KVAERNER: Completes Sale of Pulping Unit to Metso Oyj
----------------------------------------------------------
Metso Oyj has completed the acquisition of Aker Kvaerner's
Pulping and Power businesses.  The businesses were transferred
to Metso on Dec. 29, 2006.  The European Commission clearance
for the acquisition was received on Dec. 12, 2006.

The cash and interest-bearing debt-free acquisition price,
agreed in April 2006 when the sales and purchase agreement was
signed, was approximately EUR335 million.  The final transaction
price will be based on the balance sheet at the time of the
closing.  Metso will disclose the final transaction value,
including the adjustments related to the remedy package, after
the parties have agreed upon the closing balance sheet.

Metso has also completed the sales and purchase agreement of the
remedy package concerning the divestment of Metso Paper's and
Aker Kvaerner's overlapping pulping businesses to the Canadian
Groupe Laperriere & Verreault Inc. (GL&V).  The remedy package
was transferred to GL&V on Dec. 29, 2006.  The divestment of the
remedy package was conditional on the approval received from the
European Commission on Dec. 12, 2006.  The parties have agreed
that the transaction value will not be disclosed.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

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

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


=============
R O M A N I A
=============


TRANSATLANTIC PETROLEUM: Sells Bayou Couba Assets to Dune Energy
----------------------------------------------------------------
TransAtlantic Petroleum Corp. sold its interests in the Bayou
Couba prospect and in debentures it held of American Natural
Energy Corp., the operator of the Bayou Couba prospect, to Dune
Energy, Inc. for total consideration of US$2 million.

The sale included TransAtlantic's 10% working interest and
related interests in the Bayou Couba project, St. Charles
Parish, Louisiana held by its subsidiary, TransAtlantic
Petroleum (USA) Corp., and certain 8% Convertible Secured
Debentures issued by ANEC in the principal face amount of US$3
million held by TransAtlantic.  The Debentures have matured and
are now in default.  TransAtlantic previously reserved against
the Debentures reducing their value on its books to US$900,000.

In addition, TransAtlantic continues to own 2,237,136 common
shares of ANEC, which represents approximately 4.4% of the
issued and outstanding common shares of ANEC.  TransAtlantic
acquired and holds such common shares for investment purposes
and has no current plans to acquire additional securities, or
control over additional securities, of ANEC, although
TransAtlantic may acquire or dispose of securities of ANEC from
time to time in the future.

TransAtlantic Petroleum Corp. -- http://www.tapcor.com/-- is  
engaged in the exploration, development and production of crude
oil and natural gas in the USA and has interests in Morocco,
Turkey, Romania and the North Sea.


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


BANK OF INVESTMENTS: Creditors Must File Claims by Feb. 9
---------------------------------------------------------
Creditors of CB Bank of Investments and Crediting (LLC) have
until Feb. 9 to submit written proofs of claim to:

         State Corporation Agency on Endowment Insurance
         Verkhne-Vaganskiy Tupik Str. 4
         109240 Moscow Region
         Russia

The Representative of Insolvency Manager can be reached at:

         Post User Box 30
         123022 Moscow Region
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-65599-06-78-1170 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CB Bank of Investments and Crediting (LLC)
         Building 7
         Malaya Krasnoselskaya Str. 2/8
         107140 Moscow Region
         Russia


BAYKAL-ENERGO CJSC: Creditors Must File Claims by Jan. 9
--------------------------------------------------------
Creditors CJSC Baykal-Energo have until Jan. 9 to submit written
proofs of claim to:

         V. Safonov, Insolvency Manager
         634034 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region will convene at 10:05
a.m. on Jan. 31 to hear the bankruptcy supervision procedure on
CJSC Baykal-Energo.  The case is docketed under Case No.
A19-15918/06-34.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Baykal-Energo
         Gagarina Avenue 70-102
         Irkutsk Region
         Russia


DON-NOVOSIB-TOBACCO OJSC: Creditors Must File Claims by Feb. 9
--------------------------------------------------------------
Creditors OJSC Don-Novosib-Tobacco have until Feb. 9 to submit
written proofs of claim to:

         P. Rumyantsev, Insolvency Manager
         Zhurinskaya Str. 37
         630099 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-26944/05-48/482.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         P. Rumyantsev, Insolvency Manager
         Zhurinskaya Str. 37
         630099 Novosibirsk Region
         Russia


EVRAZ GROUP: Extends Tender Offer to Acquire Oregon Steel Mills
---------------------------------------------------------------
Evraz Group S.A. disclosed that the cash tender offer by its
wholly owned subsidiary Oscar Acquisition Merger Sub, Inc. to
purchase all outstanding shares of common stock -- including the
associated preferred stock purchase rights -- of Oregon Steel
Mills, Inc. is being extended until 5:00 p.m., New York City
time, on Jan. 9, 2007, unless further extended or earlier
terminated.  

The tender offer had previously been scheduled to expire at
12:00 midnight on Dec. 28, 2006.

As previously indicated by Evraz, the initial expiration date
for the tender offer is being extended to permit the tender
offer to remain open until after Jan. 8, 2007, the expiration
date of the previously announced 30-day review by the Committee
on Foreign Investment in the United States (CFIUS).  Under the
Merger Agreement, if all of the conditions to the tender offer
are not satisfied as of any expiration date, Evraz will have the
right, and under certain circumstances may be required, to
further extend the tender offer.

Evraz and Oscar Acquisition Merger Sub, Inc. have been advised
by Mellon Investor Services LLC, the depositary for the tender
offer, that as of 5:00 pm New York City time on Dec. 27, 2006,
stockholders of Oregon Steel had tendered into the tender offer
9,607,810 shares of Oregon Steel common stock.

The tender offer is being made pursuant to a previously
announced definitive merger agreement among Evraz, Oscar
Acquisition and Oregon Steel on Nov. 20, 2006.  Upon the
successful closing of the tender offer, Oregon Steel
stockholders would receive US$63.25 in cash for each share of
Oregon Steel common stock tendered in the tender offer, less any
required withholding taxes.  Following the purchase of shares in
the tender offer, Oregon Steel would become a subsidiary of
Evraz.  Except for the extension of the expiration date, all of
the other terms and conditions of the tender offer remain
unchanged.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and      
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.  

                          *     *     *

As reported in the TCR-Europe on Nov. 23, Fitch Ratings affirmed
Luxembourg-based Evraz Group SA's Issuer Default and senior
unsecured ratings at BB and its Short-term rating at B.  

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


FIAT SPA: Train Unit Partners with Severstal-Auto in Russia
-----------------------------------------------------------
Fiat Powertrain Technologies, a unit of Fiat S.p.A., and
Severstal-Auto signed a Memorandum of understanding that calls
for the establishment of a joint venture in Russia to produce
FPT diesel engine -- F1A.  

The assembly of F1A will be located within the production
facilities of Severstal-Auto's motor plant near Nizhniy Novgorod
in the Volga region.  

The FPT diesel engine locally produced in Russia will be
installed in the FIAT Ducato LCV (X 2/44 platform) and
homologised for Severstal-auto's new SUV model -- UAZ Patriot.

FPT and Severstal-Auto agreed to finalize all pending issues
with the overall goal to sign joint venture contracts in the 1st
quarter 2007.

"This agreement is another big step forward in our clearly
defined strategy: expand our presence in the markets with the
highest growth potential, through alliances with strategic
partners, to be close to our customers and ready to catch any
business opportunity," said Alfredo Altavilla, Chief Executive
Officer of Fiat Powertrain Technologies

"Our new project with FPT shows the strengthening of our
strategic cooperation with Fiat Group in Russia," said Vadim
Shvetsov, CEO of Severstal-Auto.  "Start of local production of
F1A will give us a very important advantage for effective
promotion of Fiat Ducato LCV in the Russian automotive market."

                      About Severstal-Auto

OAO Severstal Auto produces four-wheel drive vehicles - the
legendary UAZ SUVs, light trucks and minivans.  Severstal Auto
is also the Russian largest manufacturer of 4- and 8-cylinder
petrol engines with displacements ranging from 2.2-4.7 liters.

                           About Fiat

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.


ILIM-WOOD-INVEST CJSC: Creditors Must File Claims by Jan. 9  
-----------------------------------------------------------
Creditors of CJSC Ilim-Wood-Invest have until Jan. 9 to submit
written proofs of claim to:

         V. Kutasin, Insolvency Manager
         Post User Box 171
         664011 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-17970/06-37.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         V. Kutasin, Insolvency Manager
         Post User Box 171
         664011 Irkutsk Region
         Russia


IRKUTSKIY STEEL: Creditors Must File Claims by Jan. 9
-----------------------------------------------------
Creditors of CJSC Irkutskiy Steel Works have until Jan. 9 to
submit written proofs of claim to:

         V. Safonov, Insolvency Manager
         Post User Box 146
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-16200/06-34.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Irkutskiy Steel Works
         Office 419
         Lenina Str. 18
         Irkutsk Region
         Russia


KHAKAS-KUZBAS-COAL CJSC: Creditors Must File Claims by Feb. 9
-------------------------------------------------------------
Creditors of CJSC Khakas-Kuzbas-Coal have until Feb. 9 to submit
written proofs of claim to:

         O. Kondrusov, Insolvency Manager
         Post User Box 25
         630078 Novosibirsk Region
         Russia

The Arbitration Court of Khakasiya Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-14505/06-29/324.

The Debtor can be reached at:

         CJSC Khakas-Kuzbas-Coal
         Bazarnaya Str. 15
         Chernogorsk
         655162 Khakasiya Republic
         Russia


KOYGORODSKIY BAKERY: Creditors Must File Claims by Feb. 9
---------------------------------------------------------
Creditors Municipal Unitary Enterprise Koygorodskiy Bakery have
until Feb. 9 to submit written proofs of claim to:

         I. Zemlyanskaya, Insolvency Manager
         Morozova Str. 167-2
         167002 Syktyvkar Region
         Russia

The Arbitration Court of Komi Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A29-7914/06-3B.

The Arbitration Court of Komi Republic is located at:

         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Koygorodskiy Bakery
         Vadorskaya Str. 17
         Koygorodok
         Koygorodskiy Region
         Komi Republic
         Russia


MOSKVORETSKIY BREWERY: Assets Sale Slated for January 10
--------------------------------------------------------
LLC Legal Centre of Accommodation-Realty (TIN 7703297220), the
bidding organizer for OJSC Moskvoretskiy Brewery, will open a
public auction for the company's properties at noon on Jan. 10
at:

         Legal Centre of Accommodation-Realty
         Office 415
         Building 1
         Kedrova Str. 14
         117218 Moscow Region
         Russia

Interested parties must submit their bids by Jan. 9, to:

         Legal Centre of Accommodation-Realty
         Office 415
         Building 1
         Kedrova Str. 14
         117218 Moscow Region
         Russia

To participate, bidders must deposit an amount equivalent to 5%
of the starting price to:

         LLC Legal Centre Of Accommodation-Realty
         Settlement Account 40702810200000005424 in OJSC
         Sobinbank, Moscow
         Correspondent Account 3010181040000000487
         BIK 044525487
         TIN/KPP 7703297220/772701001

The Debtor can be reached at:

         OJSC Moskvoretskiy Brewery
         1st Varshavskiy Proezd 1a
         Moscow Region
         Russia


NOVOLIPETSK STEEL: Earns RUR2.07 Billion in Stake Disposals
-----------------------------------------------------------
Novolipetsk Steel OJSC completed the disposal of its stakes of:

   -- 14.11% in OJSC Lipetskenergo,
   -- 14.11% in OJSC Lipetskenergosbyt,
   -- 2.7% in OJSC TGK-4,
   -- 14.11% in OJSC Lipetsk supply network,
   -- 19.39% in OJSC Lipetskoblgaz, and
   -- 51% in OJSC LGEK.

The disposal is in line with NLMK's recently announced
sustainable growth strategy for 2007-2011.  One of the key
elements of this strategy is an optimization of the asset
portfolio of the Company.  According to the decision of the
Board of Directors of February 2006, NLMK's stakes in energy
assets were classified as non-core investments.  Minority stakes
in regional energy companies are not considered strategic since
they do not lead to control or influence over those companies'
operating activities.

Before the transaction was agreed, an independent evaluation of
the energy companies was performed.  Most of these companies are
non-public business organizations and the stakes in those
companies are low liquid.  The disposal was performed at 10%
premium to the value established by the independent valuation or
three-month average market price of corresponding securities
where available.  The stakes in all energy companies were sold
to Immenso Enterprises Limited, which is controlled by NLMK's
main shareholder.

The transaction was closed at these prices:

                                        Final Price
      Energy Firm                      (in millions)
      -----------                       -----------
      OJSC Lipetskenergo                RUR417
      OJSC Lipetskenergosbyt            RUR11
      OJSC TGK-4                        RUR1,032
      OJSC Lipetsk supply network       RUR96
      OJSC Lipetskoblgaz                RUR415
      OJSC LGEK                         RUR99

The total cash consideration received is RUR2.07 billion.  
Proceeds from the transaction will be directed to the
modernization and development of in-house energy facilities.

                       About Novolipetsk

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

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

                        *     *     *

As reported in the TCR-Europe on Dec. 21, Moody's Investor's
Service upgraded the corporate family rating for Novolipetsk
Steel from Ba2 to Ba1.  The outlook for the rating is stable.  
The Moody's Interfax Rating Agency has upgraded the national
scale rating for NLMK from Aa2.ru to Aa1.ru.

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


PLASTIC-SERVICE CJSC: Omsk Bankruptcy Hearing Slated for Jan. 23
----------------------------------------------------------------
The Arbitration Court of Omsk Region will convene on Jan. 23, to
hear the bankruptcy supervision procedure on CJSC Plastic-
Service.  The case is docketed under Case No. A46-10323/2006.

The Temporary Insolvency Manager is:

         Y. Kushenko
         Post User Box 9271
         644029 Omsk-29
         Russia
         Tel: 8(913)979-53-07

The Debtor can be reached at:

         CJSC Plastic-Service
         Krasnoyarskiy Trakt 155
         644035 Omsk Region
         Russia


REINFORCED CONCRETE: Creditors Must File Claims by Feb. 9
---------------------------------------------------------
Creditors LLC Factory Of Reinforced Concrete Constructions have
until Feb. 9 to submit written proofs of claim to:

         N. Kuzakov, Insolvency Manager
         3rd entrance
         Lapina Str. 43A
         664003 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-15023/06-38.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Constructions
         Korostova Str. 20
         Usolye-Sibirskoye
         Irkutsk Region
         Russia


RIF-INVEST-LUCH OJSC: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Belgorod Region commenced bankruptcy
supervision procedure on OJSC Rif-Invest-Luch (TIN 3110007702).
The case is docketed under Case No. A08-8229/06-24 B.

The Temporary Insolvency Manager is:

         A. Kovalevskiy
         Office 307
         N. Chumichova Str. 38
         308000 Belgorod Region
         Russia

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Rif-Invest-Luch
         Mozgovogo Str. 6
         Lomovo
         Korochanskiy Region
         309620 Belgorod Region
         Russia


ROTAY CJSC: Creditors Must File Claims by January 9
---------------------------------------------------
Creditors of CJSC Rotay have until Jan. 9 to submit written
proofs of claim to:

         A. Durnev, Temporary Insolvency Manager
         Litovskaya Str. 12a
         305023 Kursk Region
         Russia
         Tel: 8(4712)32-54-12

The Arbitration Court of Kursk Region commenced bankruptcy
supervision procedure on CJSC Rotay.  The case is docketed under
Case No. A35-6522/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Rotay
         Dimitrova Str. 40
         305004 Kursk Region
         Russia


STROY-DETAIL LLC: Kaluga Bankruptcy Hearing Slated for March 20
---------------------------------------------------------------
The Arbitration Court of Kaluga Region will convene at 2:30 p.m.
on March 20 to hear the bankruptcy supervision procedure on LLC
Factory Stroy-Detail.  The case is docketed under Case No.
A23-3546/06B-17-199.

The Temporary Insolvency Manager is:

         A. Kalmykov
         Apartment 89
         Building 1
         Butlerova Str. 38
         117342 Moscow Region
         Russia

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         LLC Factory Stroy-Detail
         Pervomayskaya Str. 1
         Sosenskiy
         249711 Kaluga Region
         Russia


TAMBOV-MONOLITH-STORY CJSC: Creditors Must File Claims by Feb. 9
----------------------------------------------------------------
Creditors of CJSC Tambov-Monolith-Stroy have until Feb. 9 to
submit written proofs of claim to:

         A. Pustovalov, Temporary Insolvency Manager
         Zoi Kosmodemyanskoy Str. 1
         392020 Tambov Region
         Russia

The Arbitration Court of Tambov Region commenced bankruptcy
supervision procedure on CJSC Tambov-Monolith-Stroy (TIN
6832027855).  The case is docketed under Case No. A64-5812/
06-18.

The Debtor can be reached at:

         CJSC Tambov-Monolith-Story
         Zoi Kosmodemyanskoy Str. 1
         Tambov Region
         Russia


VOLGA-RESOURCE CJSC: Creditors Must File Claims by Feb. 9
---------------------------------------------------------
Creditors of CJSC Volga-Resource (TIN 7717091808) have until
Feb. 9 to submit written proofs of claim to:

         M. Vasilega, Insolvency Manager
         Post User Box 100
         105318 Moscow Region
         Russia

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A40-41566/06-74-897 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Volga-Resource
         Rizhskiy Proezd 5
         Moscow Region
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


COMPUTER SCIENCES: Bondholders Waive Filing Deadline to Jan. 5
--------------------------------------------------------------
Computer Sciences Corp. successfully completed its previously
disclosed consent solicitation from the holders of record as of
Dec. 11, 2006, of the US$200-million aggregate outstanding
principal amount of its 6-1/4% Notes due March 15, 2009, issued
under the Indenture, dated as of March 8, 1999, among CSC, as
issuer, and Citibank, N.A., a national banking association, as
trustee.

CSC was requesting a one-time waiver of any default or event of
default that has arisen or may arise by virtue of CSC's failure
to file with the U.S. Securities and Exchange Commission and
furnish to the Trustee and holders of the Notes, certain reports
required to be so filed and furnished by CSC pursuant to the
terms of the Indenture.

Approval of the Waiver effectively extends the existing 30-day
cure period in the Indenture by 60 days with respect to the
reporting requirements in the Indenture, which is consistent
with the cure period for the reporting requirements under the
indentures that govern CSC's three other outstanding series of
notes and similar to the cure period provided in the waiver of
default granted on Nov. 17, 2006, by CSC's lenders under its
US$1 billion credit agreement for failure to comply with the
reporting covenant in the Credit Agreement.

Each holder of record on Dec. 11, 2006, who validly delivered
their consent, and did not revoke such consent, will receive a
payment of US$1.25 for each US$1,000 principal amount of Notes
to which such consent related.  If CSC has not filed its 2007
Second Quarter Report with the SEC on or before 5:30 p.m., New
York City time, on Jan. 5, CSC will pay on the following
business day, or as promptly as practicable thereafter, to each
holder of record on Dec. 11, 2006, who validly delivered their
consent, and did not revoke such consent, an additional
US$1.25 for each US$1,000 in principal amount of Notes.

Merrill Lynch & Co. acted as Solicitation Agent for the consent
solicitation.  Global Bondholder Services acted as the
Tabulation/Information Agent.

Headquartered in El Segundo, Calif., Computer Sciences
Corporation (NYSE: CSC) -- http://www.csc.com/-- is a global  
information technology services company.  The company's services
include systems design and integration; IT and business process
outsourcing; applications software development; Web and
application hosting; and management consulting.  It maintains
operations in Australia, China, Czech Republic, Slovakia,
Denmark, France, among others.


COMPUTER SCIENCES: Extends US$140-Mln IT Outsourcing Contract
-------------------------------------------------------------
Computer Sciences Corp. has signed a five-year, US$140 million
extension to an existing applications management outsourcing
contract with an undisclosed client.

Through the agreement, CSC will provide applications development
and maintenance services associated with back-office functions.

"We are pleased to add another contract extension to the various
new agreements we've signed with existing clients this year,"
said Chairman and Chief Executive Officer Van B. Honeycutt.
"With years of experience and the ability to develop close
working relationships with clients, CSC is well positioned to
deliver results that meet key business goals."

Headquartered in El Segundo, Calif., Computer Sciences
Corporation (NYSE: CSC) -- http://www.csc.com/-- is a global  
information technology services company.  The company's services
include systems design and integration; IT and business process
outsourcing; applications software development; Web and
application hosting; and management consulting.  It maintains
operations in Australia, China, Czech Republic, Slovakia,
Denmark, France, among others.


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


PETROLEOS DE VENEZUELA: Moving London Office to Madrid
------------------------------------------------------
Sources told Expansion that Petroleos de Venezuela SA, the
state-run oil firm of Venezuela, will move its European office
to Madrid from London, due to its good relationship with Spanish
company Repsol YPF SA.

Expansion notes that Petroleos de Venezuela will supervise the
market development in Europe, Middle East and Asia from its
Spanish office.

According to Expansion, Petroleos de Venezuela won't be
marketing hydrocarbons from its Madrid headquarters.  

However, some analysts told Expansion that Petroleos de
Venezuela's move will imply an increase in crude oil sales to
Spain.

Petroleos de Venezuela exports 7% of its output to Europe, and
supplies 5% of Spain's oil consumption, Dow Jones Newswires
states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


UTSTARCOM INC: Soliciting Consents to Waive Covenant Defaults
-------------------------------------------------------------
UTStarcom Inc. is soliciting consents from the holders of its
7/8% convertible subordinated notes due 2008 (CUSIP Nos.
918076AA8 and 918076AB6).

UTStarcom is seeking consents to proposed amendments of certain
provisions of the indenture pursuant to which the notes were
issued and a waiver of rights to pursue remedies available under
the indenture with respect to certain defaults thereunder.  The
consent solicitation is expected to expire at 5:00 p.m., New
York City time, on Friday, Jan. 5, 2007, unless extended to a
later time or date or terminated early.

            Filing Delay Cues Notice of Default

As previously disclosed, UTStarcom has not yet filed with the
U.S. Securities and Exchange Commission its Quarterly Report on
Form 10-Q for the quarter ended Sept. 30, 2006.  The trustee
contends that the delay in filing constitutes a default under
the indenture and has given UTStarcom a notice of default.  

UTStarcom believes that the notice of default is invalid and
without merit, in part because the indenture does not specify a
time period within which UTStarcom must file its report with the
SEC.  

However, for the time being, UTStarcom has determined to solicit
consents to proposed amendments to the indenture that would give
UTStarcom until May 31, 2007, to become current in its reporting
obligations and a waiver of rights to pursue remedies available
under the indenture with respect to any purported default caused
by its delay in filing SEC reports or by its failure to deliver
certain compliance certificates to the trustee concerning its
compliance with the provisions of the Indenture.

Holders of record as of 5:00 p.m., New York City time, on
Dec. 21, 2006, who validly deliver and do not revoke their
consents prior to the Expiration Date, will receive a consent
fee of US$5,492,000 divided pro rata among all consenting
noteholders.

The effectiveness of the proposed amendments and waiver and the
payment of the consent fee is subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the notes.  
Holders of the notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by UTStarcom of the consents of a majority of
holders of the notes and evidence of such receipt provided to
the trustee the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless UTStarcom fails to pay
holders the consent fee.

Citigroup Global Markets Inc. is serving as the solicitation
agent for the consent solicitation.  Questions regarding the
consent solicitation may be directed to Citigroup Global Markets
Inc. at (800) 558-3745 (toll-free) or (212) 723-6106.  The
information agent for the consent solicitation is Global
Bondholder Services Corporation.  Requests for copies of the
Consent Solicitation Statement and related documents may be
directed to Global Bondholder Services Corporation at (866)
794-2200 (toll- free) or (212) 430- 3774.

Headquartered in Alameda, California, UTStarcom Inc. (NASDAQ:
UTSI) -- http://www.utstar.com/-- sells its broadband,  
wireless, and handset solutions to operators in both emerging
and established telecommunications markets around the world.  
UTStarcom enables its customers to rapidly deploy revenue-
generating access services using their existing infrastructure,
while providing a migration path to cost-efficient, end-to-end
IP networks.  The company maintains operations in France, Italy,
Spain, China, India, Japan, Argentina and Brazil.


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


METSO OYJ: Completes Takeover of Aker Kvaerner's Pulping Unit
-------------------------------------------------------------
Metso Oyj has completed the acquisition of Aker Kvaerner's
Pulping and Power businesses.  The businesses were transferred
to Metso on Dec. 29, 2006.  The European Commission clearance
for the acquisition was received on Dec. 12, 2006.

The cash and interest-bearing debt-free acquisition price,
agreed in April 2006 when the sales and purchase agreement was
signed, was approximately EUR335 million.  The final transaction
price will be based on the balance sheet at the time of the
closing.  Metso will disclose the final transaction value,
including the adjustments related to the remedy package, after
the parties have agreed upon the closing balance sheet.

Metso has also completed the sales and purchase agreement of the
remedy package concerning the divestment of Metso Paper's and
Aker Kvaerner's overlapping pulping businesses to the Canadian
Groupe Laperriere & Verreault Inc. (GL&V).  The remedy package
was transferred to GL&V on Dec. 29, 2006.  The divestment of the
remedy package was conditional on the approval received from the
European Commission on Dec. 12, 2006.  The parties have agreed
that the transaction value will not be disclosed.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

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

                        *     *     *

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


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


ABRO JSC: Basel-Stadt Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Basel-Stadt entered Oct. 27, 2006, an
order closing the bankruptcy proceedings of JSC Abro.

The Debtor can be reached at:

         JSC Abro
         St. Jakobs-Strasse 191
         4052 Basel
         Basel-City
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Basel-City
         Switzerland


ALT-GONCALVES PEREIRA: Court Suspends Bankruptcy Process
--------------------------------------------------------
The Bankruptcy Court of Basel-Stadt suspended the bankruptcy
proceedings of JSC Alt-Goncalves Pereira ARCHITEKTEN on Nov. 25,
2006, pursuant to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF10,000
deposit.

The Debtor, declared bankrupt on Sept. 19, 2006, can be reached
at:

         JSC Alt-Goncalves Pereira ARCHITEKTEN
         Leimenstrasse 76
         4051 Basel
         Basel-Country
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Basel-Country
         Switzerland


ENTERPRISE REAG: Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Bezirks Plessur commenced bankruptcy
proceedings against Enterprise Reag on Oct. 4, 2006.

The Debtor can be reached at:

         Enterprise Reag
         Brandisstrasse 9
         7000 Chur
         Grisons
         Switzerland

The Bankruptcy Service of Bezirks Plessur can be reached at:

         Bankruptcy Service of Bezirks Plessur
         7000 Chur
         Grisons
         Switzerland


G + F MALERGESCHAFT: Liestal Court Suspends Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Liestal suspended the bankruptcy
proceedings of JSC G + F Malergeschaft on Nov. 27, 2006,
pursuant to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,000
deposit.

The Debtor, declared bankrupt on Oct. 11, 2006, can be reached
at:

         JSC G + F Malergeschaft
         Industriestrasse 25
         4410 Liestal
         Basel-Country
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Basel-Country
         Switzerland


HEFO JSC: Laufen Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Laufen entered Nov. 13, 2006, an order
closing the bankruptcy proceedings of JSC Hefo.

The Debtor can be reached at:

         JSC Hefo
         Industriestrasse 11
         4222 Zwingen
         Basel-Country
         Switzerland

The Bankruptcy Service of Laufen can be reached at:

         Bankruptcy Service of Laufen
         4242 Laufen
         Basel-Country
         Switzerland


MENAG MANAGEMENT: Waldenburg Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Waldenburg commenced bankruptcy
proceedings against JSC Menag Management on July 4, 2006.

The Debtor can be reached at:

         JSC Menag Management
         Bachmatten 5
         4435 Niederdorf
         Basel-Country
         Switzerland

The Bankruptcy Service of Waldenburg can be reached at:

         Bankruptcy Service of Waldenburg
         4437 Waldenburg
         Basel-Country
         Switzerland


MOSER MOBELTRANS: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Moser Mobeltrans on Nov 7, 2006.

The Debtor can be reached at:

         JSC Moser Mobeltrans
         Zurcherstrasse 59
         5400 Baden
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department Baden
         5402 Baden
         Aargau
         Switzerland


NETZTEAM JSC: Hochdorf Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Hochdorf entered Nov. 3, 2006, an order
closing the bankruptcy proceedings of JSC Netzteam.

The Debtor can be reached at:

         JSC Netzteam
         Benziwilstrasse 20
         6021 Emmenbrucke
         Switzerland

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke LU
         Switzerland


SEELENFUTTER JSC: Liestal Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Liestal commenced bankruptcy
proceedings against JSC Seelenfutter on Oct. 18, 2006.

The Debtor can be reached at:

         JSC Seelenfutter
         Muhleweg 20b
         4133 Pratteln
         Basel-Country
         Switzerland

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal
         Basel-Country
         Switzerland


URSULA CLAUSEN: Laufen Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Laufen entered Nov. 9, 2006, an order
closing the bankruptcy proceedings of JSC Ursula Clausen
Raumpflege.

The Debtor can be reached at:

         JSC Ursula Clausen Raumpflege
         Kantonsstrasse 7
         4416 Bubendorf
         Basel-Country
         Switzerland

The Bankruptcy Service of Laufen can be reached at:

         Bankruptcy Service of Laufen
         4242 Laufen
         Basel-Country
         Switzerland


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


TRANSATLANTIC PETROLEUM: Sells Bayou Couba Assets to Dune Energy
----------------------------------------------------------------
TransAtlantic Petroleum Corp. sold its interests in the Bayou
Couba prospect and in debentures it held of American Natural
Energy Corp., the operator of the Bayou Couba prospect, to Dune
Energy, Inc. for total consideration of US$2 million.

The sale included TransAtlantic's 10% working interest and
related interests in the Bayou Couba project, St. Charles
Parish, Louisiana held by its subsidiary, TransAtlantic
Petroleum (USA) Corp., and certain 8% Convertible Secured
Debentures issued by ANEC in the principal face amount of US$3
million held by TransAtlantic.  The Debentures have matured and
are now in default.  TransAtlantic previously reserved against
the Debentures reducing their value on its books to US$900,000.

In addition, TransAtlantic continues to own 2,237,136 common
shares of ANEC, which represents approximately 4.4% of the
issued and outstanding common shares of ANEC.  TransAtlantic
acquired and holds such common shares for investment purposes
and has no current plans to acquire additional securities, or
control over additional securities, of ANEC, although
TransAtlantic may acquire or dispose of securities of ANEC from
time to time in the future.

TransAtlantic Petroleum Corp. -- http://www.tapcor.com/-- is  
engaged in the exploration, development and production of crude
oil and natural gas in the USA and has interests in Morocco,
Turkey, Romania and the North Sea.


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


AJM FRAMES: Appoints Liquidators from KPMG LLP
----------------------------------------------
Brian Green and Paul Andrew Flint of KPMG LLP were appointed
Joint Liquidators of AJM Frames Ltd. on Dec. 18 for the
creditors' voluntary winding-up procedure.

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.


AKER KVAERNER: Completes Sale of Pulping Unit to Metso Oyj
----------------------------------------------------------
Metso Oyj has completed the acquisition of Aker Kvaerner's
Pulping and Power businesses.  The businesses were transferred
to Metso on Dec. 29, 2006.  The European Commission clearance
for the acquisition was received on Dec. 12, 2006.

The cash and interest-bearing debt-free acquisition price,
agreed in April 2006 when the sales and purchase agreement was
signed, was approximately EUR335 million.  The final transaction
price will be based on the balance sheet at the time of the
closing.  Metso will disclose the final transaction value,
including the adjustments related to the remedy package, after
the parties have agreed upon the closing balance sheet.

Metso has also completed the sales and purchase agreement of the
remedy package concerning the divestment of Metso Paper's and
Aker Kvaerner's overlapping pulping businesses to the Canadian
Groupe Laperriere & Verreault Inc. (GL&V).  The remedy package
was transferred to GL&V on Dec. 29, 2006.  The divestment of the
remedy package was conditional on the approval received from the
European Commission on Dec. 12, 2006.  The parties have agreed
that the transaction value will not be disclosed.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

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

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


CHATTEM INC: Gets US$300 Mil. Term Loan from Amended Credit Pact
----------------------------------------------------------------
Chattem, Inc., as borrower, entered into a Fifth Amendment to
Credit Agreement with Signal Investment & Management Co.,
Sundex, LLC and Chattem (Canada) Holdings, Inc., as guarantors,
the persons identified as lenders and Bank of America, N.A., as
agent for the Lenders, pursuant to which, among other things,
the Lenders have agreed to make a US$300 million term loan.

The Term Loan is for the financing of part of the acquisition of
the U.S. rights to certain brands currently owned by Johnson &
Johnson and previously owned by the consumer healthcare business
of Pfizer Inc., including ACT(R), Unisom(R), Cortizone,
Kaopectate(R) and Balmex(R).

The Acquisition is expected to close on Jan. 2, 2007.  The
Amendment amends in its entirety the Credit Agreement dated as
of Feb. 26, 2004, by and among the company, the Domestic
Subsidiaries, the Lenders and the Agent.  The Amendment is
expected to become effective on Jan. 2, 2007 in connection with
the consummation of the Acquisition, which, among other
customary closing conditions, is a condition to the funding of
the Term Loan.

The total amount of the revolving loan commitments under the
Amended Credit Agreement remains unchanged at $100 million.  The
Amended Credit Agreement includes an "accordion" feature that
permits the company under certain circumstances to increase the
Revolving Committed Amount by $50 million and, pursuant to the
Amendment, to borrow an additional $50 million as a term loan.
Under the Amended Credit Agreement, borrowings with respect to
the revolving loans bear interest at LIBOR plus applicable
percentages of 1% to 2% or a base rate plus applicable
percentages of up to 0.5% and, for the Term Loan, a percentage
per annum equal to LIBOR plus 1.75% for Eurodollar Loans or the
base rate plus 0.75% for Base Rate Loans.

Under the terms of the Amended Credit Agreement, the company is
required to make equal quarterly installments of $750,000 toward
repayment of the principal amount of the Term Loan beginning on
June 30, 2007 and terminating on January 2, 2013, at which time
the outstanding principal balance will be due in full.  The
entire outstanding principal balance of all revolving loans,
together with accrued but unpaid interest and all other sums
owing thereto, will be due and payable in full on Nov. 15, 2010.

The Amendment amends the terms of certain financial covenants of
the company under the Amended Credit Agreement, including the
minimum fixed charge coverage ratio, the maximum leverage ratio,
the maximum senior secured leverage ratio and the minimum brand
value.  Otherwise, the Amended Credit Agreement contains
customary covenants that are substantially the same as those
existing prior to the Amendment.  Likewise, the Amended Credit
Agreement contains customary events of default, which are
substantially the same as those existing prior to the Amendment.

A copy of the Fifth Amendment may be viewed at no charge at:

              http://ResearchArchives.com/t/s?17e2

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT)
-- http://www.chattem.com/-- manufactures and markets a variety  
of branded consumer products, including over-the-counter
healthcare products and toiletries and skin care products.  The
company's products include Icy Hot(R), Gold Bond(R), Selsun
Blue(R), Garlique(R), Pamprin(R) and BullFrog(R).

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006
Moody's Investors Service confirmed the Ba3 corporate family
rating of Chattem Inc. and lowered the senior subordinated
rating to B2 from B1.  Moody's said the outlook is stable.


COLLINS & AIKMAN: Files Amended Joint Chapter 11 Plan
-----------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates have
filed their first amended joint plan and accompanying disclosure
statement.

The filing of the First Amended Plan fulfills one of Collins'
obligations under the comprehensive customer agreement,
negotiated with JPMorgan Chase Bank, N.A., as agent to the
senior, secured prepetition lenders; and major customers,
including DaimlerChrysler Corporation, Ford Motor Company,
General Motors Corporation, and Honda Motor Company, Inc.  
Accordingly, the Plan is supported by JPMorgan and certain of
the customers.

Collins & Aikman said that it will now work expeditiously toward
satisfying various conditions to obtain approval of the
Disclosure Statement and Plan, and will ultimately exit Chapter
11 through sales of its assets.

"The Plan represents the Company's best opportunity to save
thousands of jobs and maximize recoveries for its creditors,"
said John Boken, chief restructuring officer.  "We are pleased
that the agent for the Company's secured prepetition lenders, as
well as several of the Company's major customers, have agreed to
support the Plan as part of the Customer Agreement.  More work
remains to be accomplished, but creating and filing the Plan
represents a major milestone in the Company's chapter 11 cases."

Under the Plan, Collins & Aikman will proceed with soliciting
qualified bids for the sale of the majority of its assets.  The
Company expects to sell its operations, in whole or in parts, to
maximize the value of the enterprise for its creditors and
preserve the largest number of jobs for its employees.  

                   Overview & Summary the Plan

Since filing a plan and disclosure statement on August 30, 2006,
the Debtors have determined that the proposed business plan
identified therein no longer offers the best way to maximize
value of their assets for the benefits of their creditors.

As a result of various factors, the Debtors' management, in
consultation with key constituencies in the Chapter 11 cases,
including the Prepetition Lenders, certain customers, and the
Official Committee of Unsecured Creditors, has determined that
the reorganization of the Debtors as a going concern is not
feasible.

Consequently, the Debtors have embarked on a sale process to
maximize the value that can be realized from the Debtors'
businesses and assets.  The Sale Process contemplates, among
other things:

   (i) a going concern sale of the Carpet & Acoustics business
       in the Debtors' Soft Trim segment;

  (ii) going concern sales of certain plants or divisions in the
       Debtors' Plastics business segment and the Debtors'
       Convertibles business;

(iii) an orderly wind-down of the Debtors' non-salable business
       operations in cooperation with the customers;

  (iv) sales of all remaining assets; and

   (v) preservation of the Debtors' working capital assets and
       mitigation of administrative claims and other wind-down
       costs to the extent possible.

                         Sale Process

The Debtors believe that the Sale Process will be substantially
complete within eight months.  Due to the significant number of
variables affecting the Sale Process, the Debtors cannot predict
the amount, if any, of net recoveries from the disposition of
those assets.

Based on the extensive M&A process conducted during the Chapter
11 cases, the Debtors expect that the sale of the Carpet &
Acoustics assets will yield a significant recovery for their
estates.  The Debtors intend to sell their Carpet & Acoustics
assets on an expedited basis to prevent any loss of value from
the uncertainties and pressures surrounding the Sale Process.

Coincident with this, the Debtors will segregate the positive
cash flow generated by the Carpet & Acoustics operations while
the sale is pending and segregate the proceeds of the sale of
the operations for the benefit of creditors in the Chapter 11
Cases.

In conjunction with the Customer Agreement negotiated with their
major customers, and JPMorgan Chase Bank, N.A., as agent to the
Prepetition Lenders, the Debtors obtained long-term non-
resourcing commitments from the customers for the Carpet &
Acoustics business and obtained support for the expedited sale
process, which will enhance the value achieved in the sale.

In mid-October 2006, the Debtors and their advisors initiated
the sale process for the Carpet & Acoustics business as a stand-
alone entity.  The Debtors and their advisors approached 13
potentially interested parties to submit an indication of
interest by November 6, 2006.  The unofficial steering committee
of the Prepetition Lenders together with the Debtors have
selected a final bidder subject to that bidder further revising
its indication of interest to incorporate certain additional
concessions.  The Debtors expect to file a sale motion in
January 2007.

In November and December 2006, the Debtors and their advisors
generated information packages on each of the five operating
segments and contacted over 70 potentially interested parties,
many of whom had been previously contacted through the M&A
process, to solicit interest.  

To coordinate the sale of the numerous Plastics plants to an
expedited timetable, the Debtors, with the support of the
Steering Committee, may retain additional investment bankers
with specific and considerable knowledge and expertise in the
automotive parts supply industry.

                    Post-Consummation Trust

On or prior to the effective date of the Amended Plan, the
Debtors will consummate the Soft-Trim Sale Transaction.  Both
prior to and subsequent to the Effective Date, the Debtors and
the Post-Consummation Trust, as applicable, will consummate the
Remaining Sales Transactions.

On the Effective Date, the Debtors, on their own behalf and on
behalf of the Holders of Allowed Prepetition Facility Claims,
will execute the Post-Consummation Trust Agreement and take all
other steps necessary to establish the Post-Consummation Trust.

The Debtors will transfer to the Post-Consummation Trust all of
their rights, title and interests in all assets of the Debtors
that are not divested prior to the Effective Date including, but
not limited to, as a result of the Soft-Trim Sales Transaction
or any Remaining Sales Transactions that are consummated prior
to the Effective Date -- the Residual Assets.

The Plan Administrator, as designated by JPMorgan, in
consultation with the Prepetition Lenders and the Creditors
Committee, will be appointed in accordance with the Post-
Consummation Trust Agreement.

The Post-Consummation Trust will terminate as soon as
practicable, but in no event later than the fifth anniversary of
the Effective Date; provided, that, on or prior to the date six
months prior to termination, the Bankruptcy Court, upon motion
by a party-in-interest, may extend the term of the Trust for a
finite period if an extension is necessary to liquidate the
Post-Consummation Trust Assets or to complete any distribution
required under the Plan.

The Plan Administrator, the Post-Consummation Trust, the
professionals of the Trust, the Post-Consummation Advisory Trust
Board and their representatives will be exculpated and
indemnified pursuant to the terms of the Post-Consummation Trust
Agreement.

Consummation of the Plan is conditioned to, among others, the
transfer to the Post-Confirmation Trust of the Residual Assets,
which should include no less that $3,000,000 in cash.

                       Litigation Trust

On the Effective Date, the Debtors will transfer to the
Litigation Trust all of their rights, title and interests in any
Causes of Action arising under Chapter 5 of the Bankruptcy Code
that are not released under the Plan or other Bankruptcy Court-
approved settlements.

The Debtors, on their own behalf and on behalf of the Holders of
Allowed Claims entitled to Litigation Trust Recovery Interests
pursuant to the Plan, will execute the Litigation Trust
Agreement and take all other steps necessary to establish the
Litigation Trust.

The Litigation Trust Administrator, as designated by JPMorgan,
in consultation with the Prepetition Lenders and the Creditors
Committee, will be appointed in accordance with the Litigation
Trust Agreement.

The Litigation Trust will terminate as soon as practicable, but
in no event later than the fifth anniversary of the Effective
Date; provided, that, on or prior to the date six months prior
to termination, the Bankruptcy Court, upon motion by a party-in-
interest, may extend the term of the Litigation Trust for a
finite period if an extension is necessary to liquidate the
Litigation Trust Claims.

The Litigation Trust Administrator, the Litigation Trust, the
professionals of the Litigation Trust and their representatives
will be exculpated and indemnified pursuant to the terms of the
Litigation Trust Agreement.

     Employee, Retiree and Workers' Compensation Benefits

On or before the Effective Date, the Pension Benefit Guaranty
Corporation or the Debtors, as applicable, will terminate the
Debtors' existing employee benefit policies, plans and
agreements.

The Collins & Aikman Pension Plan, the sole tax-qualified United
States-defined benefit pension plan maintained by the Debtors,
will either be terminated by the Debtors involuntarily or by the
PBGC voluntarily.  All nonqualified deferred compensation plans
will also be terminated.

>From and after the Effective Date, neither the Debtors nor the
Trusts will be obligated to pay retiree benefits or any similar
health and medical benefits in accordance with the terms of the
retiree benefit plans or other agreements governing the payment
of the benefits.

                  Conditions to Confirmation

Confirmation of the Plan is subject to the satisfaction of
various conditions, including:

   (a) The Bankruptcy Court will have entered the Confirmation
       Order in form and substance reasonably acceptable to the
       Debtors and JPMorgan;

   (b) The Bankruptcy Court will have entered a final order
       approving the Customer Agreement;

   (c) The Debtors will have consummated the Soft-Trim Sales
       Transaction;

   (d) The Bankruptcy Court will have entered an order or the
       Debtors will have entered into an agreement with the
       PBGC, either of which will provide that the Collins &
       Aikman Pension Plan and other pension obligations for the
       Debtors' United States employees are terminated; and

   (e) The Bankruptcy Court will have entered an order providing
       that there are no claims against the Post-Consummation
       Trust under Section 1114 of the Bankruptcy Code.

                     Liquidation Analysis

The Debtors believe that the Amended Plan maximizes recoveries
for Holders of Allowed Claims.  John R. Boken, the Debtors'
chief restructuring officer, relates that any alternative to
Confirmation of the Plan, including conversion of the Chapter 11
cases to cases under Chapter 7 of the Bankruptcy Code or
attempts by another party-in-interest to file a plan, would
result in significant delays, litigation and additional costs
and, ultimately, would lower the recoveries for Holders of
Allowed Claims.

In a liquidation under Chapter 7, there would be no recovery for
unsecured creditors classified in Classes 4, 5, 6, and 7,
Mr. Boken explains.  He says that the proceeds of a liquidation
would not surpass amounts owed on account of the Prepetition
Facility Claims.  Because all proceeds of any liquidation would
be subject to the liens and security interests of the Holders of
the Prepetition Facility Claims, nothing would be left for
unsecured creditors, he asserts.

Mr. Boken notes that the recovery under the Amended Plan
provided to Classes 4, 5, 6, and 7 is provided only because the
acceptance of the Plan by Class 3, Prepetition Facility Claims,
permits the recovery pursuant to certain provisions of Chapter
11 of the Bankruptcy Code, which provisions would not be
applicable in a Chapter 7 proceeding.

The Debtors' liquidation analysis prepared by KZC Services, LLC,
the Debtors' restructuring consultants, and Lazard Freres & Co.
LLC, the Debtors' financial advisors, will be provided in a
subsequent filing no later than January 15, 2007.

                    About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 48;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Plan Treatment & Classification of Claims
-----------------------------------------------------------
Under their First Amended Joint Plan of Reorganization, Collins
& Aikman Corporation and its debtor-affiliates group claims and
interests into 10 classes:

Class  Designation            Status/Recovery     Voting Rights
-----  -----------            ---------------     -------------
  n/a   Administrative Claims  100% Recovery                   -

  n/a   Priority Tax Claims    100% Recovery                   -

   1    Other Secured Claims   Unimpaired       deemed to accept
                               100% Recovery

   2    Other Priority Claims  Unimpaired       deemed to accept
                               100% Recovery

   3    Prepetition Facility   Impaired         entitled to vote
        Claims

   4    OEM Claims             Impaired         entitled to vote

   5    General Unsecured      Impaired         entitled to vote
        Claims

   6    Senior Note Claims     Impaired         entitled to vote
        and PBG Claims

   7    Senior Subordinated    Impaired         entitled to vote
        Note Claims

   8    Equity Interests       Impaired         deemed to reject
                               0% Recovery

   9    Subordinated           Impaired         deemed to reject
        Securities Claims      0% Recovery

  10    Intercompany Claims    Impaired         deemed to reject
                               0% Recovery

Net proceeds of the sales of the Debtors' assets, after payment
of the obligations outstanding under the company's Postpetition
Credit Agreement and all allowed administrative and priority
claims, will be distributed to holders of secured debt claims
under Collins & Aikman Corp.'s Prepetition Credit Agreement.

Trade and unsecured funded debt claims are expected to share in
a portion of the net proceeds from certain actions that will be
prosecuted by a Litigation Trust established under the Amended
Plan.

All existing equity interests in Collins & Aikman Corp. will be
canceled with no distribution.

As of December 20, 2006, Kurtzman Carson Consultants, LLC, the
Debtors' claims and solicitations agent, had received about
9,049 Claims:

   (1) 1,025 Secured Claims totaling $3,091,616,331;

   (2) 43 Administrative Claims totaling $2,380,409;

   (3) 905 Priority Claims totaling $7,537,867,410; and

   (4) 7,077 Unsecured Claims totaling $42,659,002,339.

The Debtors are in the process of objection proofs of claim that
are invalid, untimely, duplicative, or overstated.  Through
withdrawal of claims and disallowance by the Bankruptcy Court
after objection, 554 claims totaling $4,414,393,899 have been
expunged.

The Debtors estimate that, at the conclusion of the claims
objection, reconciliation and resolution process, the aggregate
amount of claims will be:

   Class                                    Estimated Amounts
   -----                                    -----------------
   Allowed Administrative Claims                $70,000,000
   Allowed Secured Claims                      $827,000,000
   Allowed Priority Claims                      $12,000,000
   Allowed Senior Note Claims                  $521,000,000
   Allowed Senior Subordinated Note Claims     $428,000,000
   Allowed General Unsecured Claims            $539,000,000

                    About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.

(Collins & Aikman Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DURA AUTO: Intercompany Claims Set as Admin. Priority Expense
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems, Inc. and its debtor
affiliates, request to accord administrative priority expense
status all Intercompany Claims against a Debtor by another
Debtor or a non-debtor affiliate arising after the Debtors'
bankruptcy filing.

The request was to ensure each individual Debtor will not fund
the operations of another entity.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors maintain
business relationships with each other and non-debtor
affiliates.  Thus, according to him, there are numerous
intercompany claims that reflect intercompany receivables and
payments made in the ordinary course of the Debtors' businesses,
including, but not limited to:

   (a) Accrued interest -- The Debtors and non-debtor affiliates
       owe interest between and among each other on outstanding
       Intercompany Claims.  Accrued interest is charged monthly
       based on the net Intercompany Claims outstanding at the
       end of that month;

   (b) Administrative fees -- Certain Debtors are charged a
       percentage of their sales in exchange for marketing
       support from the Debtors;

   (c) Centrally billed expenses -- In the ordinary course of
       business, the Debtors incur centrally billed expenses,
       like insurance, premiums, payroll, 401k payments,
       benefits, payroll taxes, workman's compensation
       obligations, and technology equipment;

   (d) Intercompany loans -- In the ordinary course of business,
       the Debtors and non-debtor affiliates make loans between
       and among each other to fund operations and make
       acquisitions;

   (e) Royalties -- Royalties are charged either with reference
       to costs incurred or as a percentage of sales to certain
       Debtors and non-debtors for the use of technology and
       other intellectual property of the Debtors; and

   (f) Trade receivables and trade payables -- In the ordinary
       course of business, and as a result of the Debtors' Cash
       Management System, certain Debtors receive checks and
       wire transfers from customers and fund payables on behalf
       of various other Debtors.  The Debtors' intercompany
       accounts reflect the net position of both receipts and
       disbursements received or made on behalf of other
       Debtors.

Mr. DeFranceschi asserts that if Intercompany Claims are
accorded administrative priority expense status, each entity
utilizing funds flowing through the Cash Management System will
continue to bear ultimate repayment responsibility for those
ordinary course transactions.

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Wants E&Y to Provide Tax Advisory Services
-----------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Ernst & Young as tax advisory and risk
advisory services providers, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, vice president and chief financial officer,
relates that Ernst & Young LLP is well experienced in providing
tax and risk advisory services in restructurings and
reorganization, and serves clients in manufacturing, automotive,
and other industries.  The firm is also well respected for
services rendered both outside of the bankruptcy context and in
large, complex Chapter 11 cases, Mr. Marchiando adds.

The Debtors engaged, on May 6, 2005, Ernst & Young to provide
internal audit services, services with respect to compliance
with Section 404 of the Sarbanes-Oxley Act of 2002, and loaned
staff services.

The services of Ernst & Young are necessary to enable the
Debtors to maximize the value of their estates and to reorganize
successfully, Mr. Marchiando relates.

The firm is expected to provide tax advisory services to the
Debtors:

   (1) FIN 48 implementation services, which include assisting
       the Debtors in assessing their current controls and
       processes employed in the financial reporting of
       uncertain tax positions, and in making appropriate
       revisions to meet the requirements under Sarbanes-Oxley
       Section 404 and other financial reports;

   (2) international compliance review services, including a
       review of information to be filed with the U.S. Internal
       Revenue Service and all related calculations the Debtors
       have identified as material, or that may need managerial  
       review; and

   (3) routine on-call tax advisory services.

The risk advisory services the firm will provide are:

   (a) internal audit reaming services, including risk
       assessment, audit plan and execution;

   (b) business risk services ongoing assistance related to
       Section 404 of the Sarbanes-Oxley Act of 2002, including
       the preparation of the Debtors' documentation, testing
       and evaluation of internal controls over financial
       reporting for their significant accounts and processes;

   (c) tax risk advisory services ongoing assistance related to
       Section 404 of the Sarbanes-Oxley Act of 2002, including
       assistance to management in the preparation of its
       documentation, testing, and evaluation of internal
       controls over financial reporting for the Company's state
       and federal tax income tax provision;

   (d) loan staff discrete projects in conjunction with share
       service center projects including designing a centralized
       check disbursement process and the creation of a cash
       disbursements journal on a "loaned staff" basis; and

   (e) technology and security risk services and information
       technology services, including assisting Dura Internal
       Audit with testing IT general and application controls in
       both the North American and European regions.

Ernst & Young will coordinate any services performed at the
Debtors' request with the Debtors' other professionals to avoid
duplication of effort.

The Debtors will pay Ernst & Young based on its standard hourly
rates:
                                                   Loaned Staff
   Level             BRS     TSRS/IT       Tax       Services
   -----             ---     -------       ---       --------
   Partner        US$340     US$359     US$595          N/A
   Senior Manager    242        328        464          N/A
   Manager           196        291        323         US$196
   Senior            132        223        226          132
   Staff             113        162        226          113

Mr. Marchiando relates that the Debtors requested a single
"global" retention, whereby the vast international resources of
Ernst & Young could be brought to meet the Debtors' needs,
including non-Debtor foreign affiliates, while maintaining
clarity that all duties are owed to the Debtors.  

The Engagement Letter provides that in rendering services to the
Debtors, the firm may subcontract a portion of the services to
certain other Ernst & Young affiliates, including other member
firms of Ernst & Young Global Limited or its affiliates.

Ernst & Young intends to pay EYGL member firms directly for
their services and apply for reimbursement by the Debtors of any
payments made any Ernst & Young to the EYGL Member Firms.  

Randall J. Miller, the coordinating principal for Ernst & Young,
assures the Court that the firm is a disinterested person, as
defined in Section 101(14) of the Bankruptcy Code.

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

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


DURA AUTOMOTIVE: Wants to Employ Deloitte as Tax Consultants
------------------------------------------------------------  
DURA Automotive Systems, Inc. and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to employ Deloitte Tax LLP as their tax service providers and
tax consultants, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, vice president and chief financial officer,
relates that the Debtors engaged Deloitte Tax as their tax
consultant and tax compliance service providers before the
Debtors' filing for bankruptcy; thus, the firm has considerable
knowledge concerning the Debtors and their business affairs.  
Deloitte Tax also has extensive experience in delivering tax-
consulting services in Chapter 11 cases, he adds.

Deloitte Tax will:

   (a) assist with Federal Tax Effects of Bankruptcy Filing/ Tax
       Advisory Services related to debt discharge issues,
       including to:

       -- compute the Debtors' tax basis to provide management
          with information regarding income from the discharge
          of indebtedness and the tax effect of post-bankruptcy
          distributions to new equity holders;

       -- advise the Debtors in evaluating and modeling
          alternative tax methodologies to assist management in
          understanding post-bankruptcy tax attributes;

       -- advise the Debtors as to the proper tax treatment of
          postpetition interest; and

       -- advise the Debtors on the state tax aspects of the
          post-bankruptcy environment with a focus on the
          Debtors' efforts to optimize the post-bankruptcy tax
          structure for tax purposes.

   (b) provide general corporate tax advisory assistance,
       including:

        * tax return review and preparation;

        * Internal Revenue Service or state audit responses;

        * United States, state, and foreign income tax planning;
          and

        * transfer pricing documentation and review.

Deloitte Tax will bill:

           Professionals                      Hourly Rates
           -------------                      ------------
           Partner                                US$595
           Senior Manager                         US$485
           Manager                                US$435
           Senior Associate                       US$375

Deloitte Tax will also seek reimbursement for reasonable and
necessary expenses incurred in the Debtors' Chapter 11 cases.

Scott J. Vickman, a member of the Deloitte Tax, assures the
Court that his firm does not hold any adverse interest to the
Debtors' estates, and is a disinterested person as the term is
defined in Section 101(14) of the Bankruptcy Code.

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

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


GLOBAL CROSSING: Closes Offering of 11.75% Senior Secured Notes
---------------------------------------------------------------
Global Crossing (UK) Telecommunications Ltd. aka GCUK reported
that Global Crossing (UK) Finance Plc aka GCUK Finance, a wholly
owned finance subsidiary of GCUK, has closed its offering of
11.75% Senior Secured Notes due 2014.  The 52 million pounds
sterling aggregate principal amount of Notes was priced at
109.25% of par value and raised gross proceeds of 56.8 million
pounds sterling.

The Notes were issued under the indenture, dated as of
Dec. 23, 2004, pursuant to which GCUK Finance previously issued
US$200 million aggregate principal amount of its dollar-
denominated 10.75% Senior Secured Notes due 2014 and 105 million
pounds sterling aggregate principal amount of its sterling-
denominated 11.75% Senior Secured Notes due 2014, the Previously
Issued Notes.  

The Notes and the Previously Issued Notes form a single class
for all purposes under the indenture.  After the 40th day
following the date of delivery of the Notes, certain selling
restrictions will terminate with respect to the Notes sold
pursuant to Regulation S of the US Securities and Exchange
Commission or SEC and those Notes will become fully fungible
with the Previously Issued Notes.  The Notes sold pursuant to
SEC Rule 144A will not become freely transferable and fully
fungible with the Previously Issued Notes except pursuant to an
exchange for registered Notes pursuant to a registration rights
agreement entered into by GCUK Finance.

Proceeds from the offering were used to acquire Fibernet Group
Ltd. and its subsidiaries from GC Acquisitions UK Ltd., an
affiliated acquisition vehicle that acquired Fibernet pursuant
to an offer that was declared wholly unconditional on
Oct. 11, 2006, and to pay related fees and expenses. Upon
completion of the acquisition by GCUK, Fibernet and its
subsidiaries guaranteed the Notes and all other obligations
under the indenture.  Prior to the acquisition by GCUK, Fibernet
transferred its German business operations to Global Crossing
International Ltd., a wholly owned subsidiary of Global Crossing
Ltd., for consideration of one pound sterling and the assumption
of 3.6 million pounds sterling of debt outstanding to Fibernet.

The Notes were sold to qualified institutional buyers in the
United States under Rule 144A and to qualified investors outside
the United States that are non-US.  Persons under Regulation S
and have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or any other applicable
securities laws.  The Notes may not be offered or sold in the US
without registration or an applicable exemption from
registration requirements.

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Bermuda, Argentina, Brazil,
and the United Kingdom.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed USUS$25,511,000,000 in total assets and
USUS$15,467,000,000 in total debts.  Global Crossing emerged
from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At
June 30, 2006, the company reported US$1.87 billion in total
assets and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.

                         About GCUK

Global Crossing (U.K.) Telecommunications Ltd. provides a full
range of managed telecommunications services in a secure
environment ideally suited for IP-based business applications.
The company provides managed voice, data, Internet and e-
commerce solutions to the strong and established commercial
customer base, including more than 100 U.K. government
departments, as well as systems integrators, rail sector
customers and major corporate clients.  In addition, GCUK
provides carrier services to national and international
communications service providers.

Global Crossing (U.K.) Telecommunications operates a high-
capacity U.K. network comprising over 5,600 route miles of fiber
optic cable connecting 150 towns and cities and reaching within
just over one mile of 64% of U.K. businesses.  The U.K. network
is linked into the wider Global Crossing network that connects
more than 300 major cities and 30 countries worldwide, and
delivers services to more than 600 cities, 60 countries and 6
continents around the globe.

                          *     *     *

As reported in the TCR-Europe on Aug. 30, Moody's Investors
Service upgraded the corporate family rating of Global Crossing
(U.K.) Telecommunications Ltd. to B3 from Caa1.  Concurrently,
Moody's upgraded to B3 from Caa1 the ratings on the senior
secured notes issued by Global Crossing (U.K.) Finance
Plc.  Moody's said the outlook for all ratings is stable.

In a TCR-Europe on Dec. 19, Moody's assigned a provisional (P)B3
rating with stable outlook to the proposed GBP52-million
issuance of senior secured notes by Global Crossing (U.K.)
Finance PLC, a finance subsidiary of Global Crossing (U.K.)
Telecommunications Ltd., in conjunction with affirming the
existing ratings.

The issuance is in line with the expectations factored into the
GCUK rating upgrades in August 2006.

As reported in the TCR-Europe on Aug. 3, Standard & Poor's
Ratings Services affirmed its corporate credit rating on Global
Crossing (U.K.) Telecommunications Ltd. (GCUK), the parent
company of Global Crossing (U.K.) Finance PLC.  S&P said the
outlook is stable.

At the same time, the 'B-' senior secured debt rating and
recovery rating of '5' on the US$200 million notes and the
GBP105 million notes issued by related entity Global Crossing
(U.K.) Finance PLC were affirmed.  Both issues are guaranteed by
GCUK.


PETROLEOS DE VENEZUELA: Moving London Office to Madrid
------------------------------------------------------
Sources told Expansion that Petroleos de Venezuela SA, the
state-run oil firm of Venezuela, will move its European office
to Madrid from London, due to its good relationship with Spanish
company Repsol YPF SA.

Expansion notes that Petroleos de Venezuela will supervise the
market development in Europe, Middle East and Asia from its
Spanish office.

According to Expansion, Petroleos de Venezuela won't be
marketing hydrocarbons from its Madrid headquarters.  

However, some analysts told Expansion that Petroleos de
Venezuela's move will imply an increase in crude oil sales to
Spain.

Petroleos de Venezuela exports 7% of its output to Europe, and
supplies 5% of Spain's oil consumption, Dow Jones Newswires
states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
---------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan approved the request
of Refco Inc. and its debtor-affiliates' Ad Hoc Equity Committee
to collect US$1.2 million in legal fees and expenses from the
company, The Associated Press reports.

Owing about 30% of the company's stock, the committee includes:

   -- King Street Capital Management LLC;
   -- QVT Financial LP;
   -- JMB Capital Partners LP;
   -- Mason Capital Management;
   -- Smith Management LLC; and
   -- Triage Management LLC

According to AP, the reimbursement contains US$1.15 million in
professional fees, US$132,032 in expert-witness expenses and
assorted other fees accrued during a legal action in which the
hedge funds won the right to 3% to 15% of two trusts in the
Debtors' cases.  The two trusts were the Litigation Trust and
the Private Action Trust.

As published in the Troubled Company Reporter, the Chapter 11
plan of the Debtor and certain of its Direct and Indirect
Subsidiaries, including Refco Capital Markets, Ltd. and Refco
F/X Associates, LLC, became effective on Dec. 26, 2007.  The
effective date of the plan now permits the companies to complete
an expeditious orderly wind-up of their businesses.

The Equity Committee reportedly said that it deserved for
reimbursement because it helped secure for most Refco
stockholders the right to receive proceeds of the two trusts.

AP says that specifically, any equity holder would get a:

   * 3% pro rata share of the first US$500 million;
   * 7.5% of recoveries between US$500 million and US$1 billion;
     and
   * 15% of recoveries over US$1 billion.

Citing Paul Silverstein, Esq., a Andrews Kurth LLP partner, AP
relates that he it would take time to estimate how much those
trusts would be worth and couldn't give a timeline for any
resolution.

The Equity group, AP states, considered the effort successful.
"With more than US$2 billion in claims filed against the parent
estates that, if allowed, would be payable before equity
receives a distribution, and given the almost US$2 billion
aggregate creditor shortfall, this was a truly remarkable
achievement," said the Committee.

                        About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or      
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on Dec. 26,
2007.


REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed
----------------------------------------------------------
Refco Inc., and its debtor-affiliates, ask the U.S. Bankruptcy
Court for the Southern District of New York to disallow and
expunge Claim Nos. 11288 and 11290 through 11311 filed by
PlusFunds Group, Inc.

J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, tells Judge Drain that the PlusFunds
Claims assert identical claims against each of the Debtors'
estates arising from the decline in value of PlusFunds' assets
under management.

PlusFunds was the investment manager for SPhinX Managed Futures
Fund SPC.  PlusFunds organized SPhinX in the Cayman Islands as a
segregated portfolio company on June 6, 2002.  SPhinX was
subsequently expanded to include 15 additional segregated
portfolio companies.

Refco, Inc., served as a clearing broker and futures commission
merchant for investment vehicles and funds advised by PlusFunds,
including SPhinX.

Mr. St. Clair relates that in October 2005, SPhinX caused Refco
Capital Markets, Ltd., to preferentially transfer US$312,046,266
in cash to SPhinX's segregated accounts at Refco LLC, thereby
moving away substantially all of SPhinX's invested cash.

The Preference Cash was transferred from Refco, LLC, to Lehman
Brothers' accounts.  Following the transfer, Refco announced
that the liquidity within RCM was no longer sufficient to
accommodate client withdrawals, and imposed a 15-day moratorium
on withdrawals from RCM accounts.

The Official Committee of Unsecured Creditors, in December 2005,
initiated an adversary proceeding on behalf of RCM seeking
avoidance and recovery of the preferential transfer made by RCM
to SPhinX.  The Bankruptcy Court entered a temporary restraining
order freezing and attaching SPhinX's assets in an amount equal
to the Preference Cash.

The Committee and SPhinX settled the SPhinX Avoidance Action on
April 26, 2006.  The SPhinX Settlement provided for the payment
of US$263,000,000 to RCM.  The Settlement is now pending on
appeal before the U.S. District Court for the Southern District
of New York.

Mr. St. Clair notes that each of the PlusFunds Claims asserts
entitlement to "not less than" US$532,046,266, or an amount
precisely equal to the Preference Cash plus (i) an "enterprise
value" of PlusFunds equal to US$220,000,000; and (ii)
unliquidated damages in an amount "to be determined at trial".  

PlusFunds alleges that Refco's "wrongdoing" was the actual and
proximate cause of:

     (i) PlusFunds' loss of its US$220,000,000 enterprise value;

    (ii) the amount for which PlusFunds may be liable to SphinX
         and its investors arising from the SPhinX Avoidance
         Action; and

   (iii) the loss of any management fee which PlusFunds would
         have earned if its business had not collapsed.

PlusFunds also asserts additional unliquidated claims, including
for punitive damages, alleged breach of contract, breach of
fiduciary duty, and similar causes of action, including aiding
and abetting and conspiracy to commit those torts, Mr. St. Clair
adds.

The Debtors want the Claims disallowed because:

   -- PlusFunds failed to articulate any facts that could serve
      as the basis for an alleged breach of a contractual
      obligation or common law duty by the Debtors;

   -- PlusFunds failed as a matter of law to state claims on
      which relief can be granted;

   -- the Claims are lacking in specificity as to be virtually
      meaningless and, accordingly, are so facially defective as
      to warrant a zero recovery.

Mr. St. Clair contends that PlusFunds does not satisfy the
requirements under New York law to plead a prima facie case of
fraud.  Moreover, PlusFunds' general allegations of breach of
contract, breach of fiduciary duty, aiding, abetting, and
conspiracy are similarly unsubstantiated, Mr. St. Clair argues.  
To receive the benefit of prima facie validity, a "proof of
claim must set forth facts necessary to support the claim," he
explains.

In the event that the Court does not enter an order disallowing
and expunging the Claims, the Debtors ask Judge Drain to
estimate the Claims at US$0 to facilitate timely distributions
under the Debtors' Chapter 11 Plan.

                        About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or      
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on Dec. 26,
2007.


REFCO INC: Wants to Assume Iron Mountain Contracts
--------------------------------------------------
Refco Inc., and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's permission to
assume two off-site data storage contracts Refco Group Ltd.,
LLC, entered into with Iron Mountain.

The Debtors will assume the contracts effective as of the
effective date of their proposed Modified Joint Chapter 11 Plan.

The Debtors need the contracts to complete the liquidation of
their businesses.

The contracts relate to storage facilities, where the Debtors
are maintaining hard copies of documents, as well as electronic
files.  The Debtors are obligated to take appropriate measures
to maintain and preserve books and records and any other
documentation required to wind-down their businesses to among
other things, complete tax returns, maintain customer
information in compliance with federal and state regulations,
and retain records to assist in litigation.  To minimize storage
related expenses, the Debtors intend to continue to consolidate
with Refco, LLC, their various storage facilities that maintain
the books and records.

The contracts were executed in November 2001 and March 2003.  
The November 2001 contract provides for one-year automatic
renewals starting December 1, 2003, unless written notice of
non-renewal is given.  The Debtors propose to pay US$1,217 to
cure outstanding obligations under the November 2001 contract.

The March 2003 contract provides one-year renewal term with
automatic renewals for additional one-year terms, unless written
notice of non-renewal is given.  The Debtors propose to pay
US$1,025 to cure outstanding obligations under the contract.

                        About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or      
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on Dec. 26,
2007.


* A.M. Best Changes B++ & B+ Rating Descriptor on Insurance Cos.
----------------------------------------------------------------
A.M. Best Company is changing the Financial Strength Rating
Descriptor for B++ and B+ ratings on insurance companies,
effective Jan. 2, 2007.

The reason for the changes is to make the Rating Descriptor
consistent with the existing Rating Definition across all rating
categories.

A Best's Financial Strength Rating (FSR) is an opinion as to an
insurer's financial strength and ability to meet its ongoing
obligations to policyholders.

              Old         New
  Rating   Descriptor  Descriptor  Definition
  ------   ----------  ----------  ----------
  B++, B+  Very Good      Good     Assigned to companies that
                                   have a good ability to meet
                                   their ongoing obligations to
                                   policyholders.

The change in the Rating Descriptor for insurance companies also
applies to the corresponding Best's Long-Term Issuer Credit
Rating of bbb+, bbb, and bbb-.

The changes to the Rating Descriptor do not represent a change
in A.M. Best's opinion of the relative financial strength of any
insurer or issuer.  The B++ and B+ FSRs, and bbb+, bbb, and bbb-
ICRs on insurers, are still considered Secure ratings.

The updated Financial Strength Rating Descriptors on insurance
companies will be reflected in all electronic and print
publications released on or after Jan. 2, 2007.


                           *********

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

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

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

                           *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
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Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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