TCREUR_Public/070104.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 4, 2007, Vol. 8, No. 3

                            Headlines


A U S T R I A

BENQ CORP: Court Orders Austrian Unit to Close Eight Branches
DR. RAU IMMOBILIEN: Creditors' Meeting Slated for January 11
DRUCKEREIMASCHINEN LLC: Claims Registration Period Ends Jan. 16
EIGNER TRANSPORT: Creditors to Recover 9% of Claims
FERDINAND BLAHA: Wiener Neustadt Court Orders Business Shutdown

FLAMUR LOSHAJ: Vienna Court Orders Business Shutdown
GINDA DATENSERVICE: Court Orders Shutting Down of Business
HFS LLC: Korneuburg Court Orders Business Shutdown
HOSPOGA LLC: Manager Declares Property for Rent or Sale
LEPPA & PARTNER: Vienna Court Orders Business Shutdown


B E L G I U M

GOODYEAR TIRE: S&P Affirms B+ Rating on New Labor Contract


C Z E C H   R E P U B L I C

COMPUTER SCIENCES: Unveils Federal Contracts in Third Quarter
MORAVAN-AEROPLANES: CzechAircraft s.r.o. Completes Acquisition


F I N L A N D

METSO OYJ: Finalizes Metso Powdermet AB's Sale to Sandvik AB


F R A N C E

ALCATEL-LUCENT: Completes Takeover of Nortel's UMTS Operations


G E R M A N Y

BENQ CORP: Court Opens Insolvency Proceedings for Mobile Unit
E.U.-BAU: Claims Registration Ends January 8
FABER BAUUNTERNEHMUNG: Claims Registration Ends January 15
FEDERAL-MOGUL: Won't Transfer Mexican Unit's Equity Interest
FM-TRANSPORT: Claims Registration Ends January 8

FRUCHTIMPORT JUERGEN: Claims Registration Ends January 17
GUENTHER RUMLAND: Claims Registration Ends January 11
HANS KONRAD: Claims Registration Ends January 17
HUGO KOENIG: Claims Registration Ends January 12
MAZU MODEN: Creditors' Meeting Slated for January 8

PREU-PA: Creditors' Meeting Slated for January 11
PSIVIDA LIMITED: Lender Frees Firm From Loan Covenants
READALL GMBH: Creditors' Meeting Slated for January 11
SPEDITION GRAUMANN: Claims Registration Ends January 12


H U N G A R Y

CENTRAL EUROPEAN: Parent's Merger Cues Fitch to Affirm C Rating


I R E L A N D

MORAVAN-AEROPLANES: CzechAircraft s.r.o. Completes Acquisition


I T A L Y

ALITALIA SPA: Transport Minister Wary of Air France-KLM Takeover
NORTEL NETWORKS: Completes Sale of UMTS Ops to Alcatel-Lucent
NORTEL NETWORKS: Deploys CDMA to Telefonica O2 Czech Republic


K A Z A K H S T A N

ALFA-TRADER LLP: Creditors Must File Claims by Feb. 7
CAI-KAZAKHSTAN: Proof of Claim Deadline Slated for Feb. 7
ENERGOREMONT LLP: Claims Registration Ends Feb. 7
JANAOILSERVICE LLP: Mangistau Court Starts Bankruptcy Procedure
OIL-GRAN LLP: Claims Filing Period Ends Feb. 7


K Y R G Y Z S T A N

KENES-ANARHAISKAYA MJS: Creditors' Meeting Scheduled for Jan. 10


N E T H E R L A N D S

ALCATEL-LUCENT: Completes Takeover of Nortel's UMTS Operations
FEDERAL-MOGUL: Won't Transfer Mexican Unit's Equity Interest
GLOBAL POWER: Wants Until April 26 to Decide on Leases


R U S S I A

DALNEVOSTOCHNAYA OIL: Creditors Must File Claims by Feb. 9
DOLGOVSKOYE CJSC: Kurgan Bankruptcy Hearing Slated for March 14
KARAVAY OJSC: Creditors Must File Claims by Feb. 9
KRASNOYARSKIY FACTORY: Creditors Must File Claims by Feb. 9
LYSVA-WOOD CJSC: Creditors Must File Claims by Feb. 9

PRIKAMYE CJSC: Selling Assets Via Public Auction on Jan. 19
SAMARSKAYA GAS: Creditors Must File Claims by Feb. 9
SERGACHANKA CJSC: Bankruptcy Hearing Slated for March 27
SIB-OIL-SERVICE LLC: Bankruptcy Hearing Slated for Feb. 22
SIS CJSC: Creditors Must File Claims by Jan. 9

SKIF LLC: Creditors Must File Claims by Jan. 9
SREDNEVOLZHSKIY TRADING: Creditors Must File Claims by Feb. 9
TAT-AGRO-PROM-STORY OJSC: Creditors Must File Claims by Jan. 9
URALSKIY JEWELER: Creditors Must File Claims by Feb. 9
ZEYSKIY LLC: Creditors Must File Claims by Feb. 9


S L O V A K   R E P U B L I C

COMPUTER SCIENCES: Unveils Federal Contracts in Third Quarter
VSEOBECNA UVEROVA: Fitch Keeps Individual Rating at C


S L O V E N I A

BANKA KOPER: Fitch Affirms Individual Rating at C


S P A I N

NORTEL NETWORKS: Completes Sale of UMTS Ops to Alcatel-Lucent
NORTEL NETWORKS: Deploys CDMA to Telefonica O2 Czech Republic


S W E D E N

METSO OYJ: Finalizes Metso Powdermet AB's Sale to Sandvik AB


S W I T Z E R L A N D

BISANG FAHRZEUGTECHNIK: Court Suspends Bankruptcy Process
EXPO AUTOSPRITZWERK: Sursee Court Starts Bankruptcy Proceedings
JOST A. & O. STOREN: Sursee Court Starts Bankruptcy Proceedings
PENSIONKASSE PLUS: Zug Court Closes Bankruptcy Proceedings
M & A PARTNERS: Zug Court Closes Bankruptcy Proceedings

MODE TIME: Olten Court Closes Bankruptcy Proceedings
MSC MARKETING: Sursee Court Starts Bankruptcy Proceedings
STAR FILTER: Zug Court Closes Bankruptcy Proceedings
TIFFANY UHREN: Olten Court Suspends Bankruptcy Proceedings


U K R A I N E

GNIEVAN BAKERY: Registration of Claims Ends January 13
KHRESCHENDO LLC: Last Day for Submission of Claims Set Jan. 13
KOMUNAR OJSC: Creditors Must Submit Claims by January 13
POLONNOE FACTORY: Creditors Must File Claims by January 13
MLINOV PLANT: Creditors Must File Claims by January 13

TERENOVKA LLC: Creditors Must File Claims by January 13
TMT 96: Deadline for Filing of Claims Set January 13
UKRKOMPLEKT LLC: Creditors Must File Claims by January 13
UKRKWAR LLC: Creditors Must File Claims by January 13


U N I T E D   K I N G D O M

CHATTEM INC: Closes US$410 Million Purchase of Five J&J Brands
COLLINS & AIKMAN: Overview & Summary of First Amended Plan
COLLINS & AIKMAN: Seeks Court Nod on Solicitation Protocol
DURA AUTOMOTIVE: Hires Kurtzman Carson as Claims & Notice Agent
DURA AUTOMOTIVE: Wants to Employ Deloitte & Touche as Auditors

FEDERAL-MOGUL: Court Sets Disclosure Statement Hearing on Feb. 2
FEDERAL-MOGUL: Won't Transfer Mexican Unit's Equity Interest
PSIVIDA LIMITED: Lender Frees Firm From Loan Covenants
REFCO INC: Seeks to Reject 1997 Deal with SunGard Financial
REFCO INC: Wants Court Nod to Assume Iron Mountain Contracts

REFCO INC: Court Okays Sale of Refco Global Shares to Bank Frick
SEA CONTAINERS: HSH Nordbank Doesn't Object to Aegean Stake Sale
SEA CONTAINERS: Wants to Pay Employees Dismissed on Bankruptcy
SOLUTIA INC: Hires Two Firms as Ordinary Course Professionals

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BENQ CORP: Court Orders Austrian Unit to Close Eight Branches
-------------------------------------------------------------
The Trade Court of Vienna entered Nov. 9, 2006, an order closing
the enterprise branches of LLC BenQ Mobile CEE (FN 267077k) in
Bulgaria, Czechia, Croatia, Romania, Switzerland, Serbia,
Slovenia and Hungary.  

The Court based its decision pursuant to Article 8 and Article
115 of the Austrian Bankruptcy Code.  

                         About BenQ

Headquartered in Vienna, Austria, LLC BenQ Mobile CEE is a
subsidiary of Taiwan-based BenQ Corp.  BenQ --
http://www.benq.com/-- is principally engaged in manufacturing,  
developing and selling of computer peripherals and
telecommunication products. It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., BenQ Corp.'s wholly owned subsidiary in
Munich, Germany, filed for insolvency on Sept. 29, 2006.  The
collapse follows a year after BenQ acquired the German mobile
unit from Siemens.  BenQ Mobile has lost market share against
giant competitors.

The Austrian Debtor consented to an out-of-court settlement on
Oct. 24, 2006 (Case No. 45 Sa 7/06t) almost a month after the
German unit's insolvency filing.  Johannes Jaksch serves as the
settlement manager for the estate.  Stephan Riel represents Dr.
Jaksch in the proceedings.

The settlement manager and his representative can be reached at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


DR. RAU IMMOBILIEN: Creditors' Meeting Slated for January 11
------------------------------------------------------------
Creditors owed money by LLC Dr. Rau Immobilien und Beteiligung
(FN 242611g) are encouraged to attend the creditors' meeting at
9:50 a.m. on Jan. 11, to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 27, 2006 (Bankr. Case No. 2 S 155/06s).  Gerhard Bauer
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at


DRUCKEREIMASCHINEN LLC: Claims Registration Period Ends Jan. 16
---------------------------------------------------------------
Creditors owed money by LLC Druckereimaschinen (f.k.a. LLC B. &
J. Kobylinski) (FN 51036d) have until Jan. 16, to file written
proofs of claims to court-appointed property manager Alois Leeb
at:

         Dr. Alois Leeb
         Triester Road 8
         2620 Neunkirchen, Austria
         Tel: 02635/62060
         Fax: 02635/62060-25
         Email: kzl.neunkirchen@wlp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 30 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Sieding - Stixenstein, Austria, the Debtor
declared bankruptcy on Nov. 13, 2006 (Bankr. Case No. 11 S
123/06h).  


EIGNER TRANSPORT: Creditors to Recover 9% of Claims
---------------------------------------------------
The Land Court of Eisenstadt approved Nov. 9, 2006, the final
decision on distribution of Astrid Haider, the court-appointed
property manager of LLC Eigner Transport (FN 82534z).

Under the property manager's project by final distribution,
creditors will recover 9% of their claims.

Headquartered in Burgenland, Austria, the Debtor declared
bankruptcy on May 19, 2006 (Bankr. Case No. 26 S 53/06f).

The property manager can be reached at:

         Mag. Astrid Haider
         Neusiedlerstrasse 24-26
         7000 Eisenstadt, Austria
         Tel: 02682/66666
         Fax: 02682/66966
         E-mail: haider@thr.at


FERDINAND BLAHA: Wiener Neustadt Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Wiener Neustadt entered Oct. 14, 2006, an
order shutting down the business of LLC Ferdinand Blaha (FN
81880m).  

Court-appointed property manager Guenther Viehboeck declared the
property of the Debtor is insufficient to cover creditors'
proofs of claim.

The property manager can be reached at:

         Dr. Guenther Viehboeck
         c/o Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling, Austria
         Tel: 02236/22050
         Fax: 02236/49239
         E-mail: office@viehboeck.at  

Headquartered in Voesendorf - Sued, Austria, the Debtor declared
bankruptcy on Nov. 3, 2006 (Bankr. Case No. 11 S 114/06k).  
Maria Christina Nau represents Dr. Viehboek in the bankruptcy
proceedings.


FLAMUR LOSHAJ: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Nov. 14, 2006, an order
shutting down the business of LLC Flamur Loshaj (FN 246818v).  

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

The property manager can be reached at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6, 2006 (Bankr. Case No. 3 S 148/06v).  Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.


GINDA DATENSERVICE: Court Orders Shutting Down of Business
----------------------------------------------------------
The Land Court of Krems an der Donau entered Nov. 14, 2006, an
order shutting down the business of LLC Ginda Datenservice (FN
214382v).  

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

The property manager can be reached at:

         Dr. Hubert Sacha
         Gartenaugasse 3
         3500 Krems, Austria
         Tel: 02732/76767
         Fax: 02732/76767-20
         E-mail: drsacha@aon.at  

Headquartered in Grunddorf, Austria, the Debtor declared
bankruptcy on Oct. 30, 2006 (Bankr. Case No. 9 S 55/06w).


HFS LLC: Korneuburg Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Korneuburg entered Nov. 9, 2006, an order
shutting down the business of LLC HFS (FN 97082v).  Court-
appointed property manager Ilse Korenjak recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna, Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at  

Headquartered in Himberg bei Wien, Austria, the Debtor declared
bankruptcy on Nov. 8, 2006 (Bankr. Case No. 36 S 121/06w).


HOSPOGA LLC: Manager Declares Property for Rent or Sale
-------------------------------------------------------
Mag. Martin Prett, the court-appointed property manager for LLC
Hospoga (FN 250875i), placed Nov. 9, 2006, the Debtor's property
for rent or sale.

Headquartered in Faak am See, Austria, the Debtor declared
bankruptcy on Oct. 12, 2006 (Bankr. Case No. 41 S 109/06m).  

The property manager can be reached at:

         Mag. Martin Prett
         Ringmauergasse 8
         9500 Villach, Austria
         Tel: 04242/22 681
         Fax: 04242/ 22681-20
         E-mail: prett+fattinger@villach.net


LEPPA & PARTNER: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered Nov. 14, 2006, an order
shutting down the business of LLC Leppa & Partner Ziviltechniker
(FN 178217i).  

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

The property manager can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7, 2006 (Bankr. Case No. 3 S 150/06p).


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B E L G I U M
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GOODYEAR TIRE: S&P Affirms B+ Rating on New Labor Contract
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and other ratings on Goodyear Tire & Rubber Co. and
removed them from CreditWatch where they were placed with
negative implications on Oct. 16, 2006, as a result of the labor
dispute at several of the company's North American plants.

The affirmation follows the announcement that Goodyear and the
United Steel Workers Union, representing about 12,600 employees
at 12 plants in the U.S. and Canada, have reached an agreement
on a new contract and union members have ratified the agreement.
The outlook is stable.

Pro forma for US$1 billion of new debt sold in the fourth
quarter -- partly to refinance US$515 million of debt coming due
in the next six months, some of which was repaid in December --
Goodyear has total debt of about US$12 billion.

The new contract should enable Goodyear to achieve substantial
cost savings over the three-year contract term.  The company
estimates that compared with 2006 prestrike levels, savings are
expected to total US$70 million in 2007, US$240 million in 2008,
and US$300 million in 2009.  These savings are comprised of
capacity-related savings, reduced legacy costs, and savings from
increased productivity.

Significant terms of the new three-year contract include:

   -- the elimination of Goodyear's responsibility for all
      current and future retiree health care liabilities for the
      company's USW workforce in return for the creation of a
      VEBA trust with US$1 billion in initial funding, a portion
      of which could be funded with Goodyear's common equity.  
      Resulting OPEB expense savings are estimated at
      US$110 million and cash savings at US$145 million annually
      compared with 2006.  Goodyear's total unfunded OPEB
      liability was US$2.6 billion at the end of 2005, of which
      about half was the USW OPEB liability.

   -- the closure of the Tyler, Texas-based plant after the end
      of 2007.  This closure will eliminate 9 million units of
      higher-cost capacity and save an estimated US$50 million
      annually.

   -- lower-cost wages and benefits for new hires during the
      first three years of employment.  The level of savings
      will depend partly on the attrition rate of the existing
      workforce.


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C Z E C H   R E P U B L I C
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COMPUTER SCIENCES: Unveils Federal Contracts in Third Quarter
-------------------------------------------------------------
Computer Sciences Corp. disclosed that since Oct. 1, 2006, its
Federal Sector business unit has signed 110 previously
unannounced contracts and subcontracts during CSC's fiscal 2007
third quarter, which ends Dec. 29, 2006.  These contracts have a
total estimated value of US$643 million if all contract options
are exercised.

The performance periods for the contracts range from one month
to 10 years.  Civil agencies accounted for 40 awards with a
total value of approximately US$115 million.  Department of
Defense agencies accounted for 70 awards with a total value of
approximately US$528 million.

"CSC's Federal Sector business unit continues its robust
performance and is delivering according to our expectations,"
said CSC Chairman and Chief Executive Officer Van B. Honeycutt.
"These contracts signify the confidence our clients have in
CSC's ability to apply our vast experience and expertise to
deliver business results for projects on the largest and
smallest scales for a diverse cross section of agencies."

Significant areas of award activity include the Departments of
the Navy and Army, the National Aeronautics and Space
Administration, the intelligence community and state and local
agencies.

All expressed contract award terms and values represent the
amounts that CSC expects to receive from the agreements if all
options are exercised.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Europe yesterday,
Computer Sciences Corp. secured consents from the holders 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.


MORAVAN-AEROPLANES: CzechAircraft s.r.o. Completes Acquisition
--------------------------------------------------------------
CzechAircraft s.r.o. would commence its takeover of bankrupt
aircraft maker Moravan-Aeroplanes a.s. this month after paying
over CZK50 million to the company and its parent's creditors,
Czech News Agency reports citing Petr Hajtmar, Moravan-
Aeroplanes' receiver.

CzechAircraft, controlled by Irish firm QucomHaps, had been the
sole bidder in the first two tenders to acquire Moravan-
Aeroplanes, but failed due to different reasons.  In the fourth
and final tender launched in November 2006, CzechAircraft bested
local firm Dova Aircraft, after offering more than CZK50 million
to the creditors of Moravan-Aeroplanes and parent Moravan, CTK
relays.

CzechAircraft recently completed the payment for the bankrupt
assets, Mr. Hajtmar said.

"Most assets will be taken over early in January, the rest in
the course of the month," Jarmila Burianova, QucomHaps'
representative in the Czech Republic, told CTK.

                    About Moravan-Aeroplanes

Headquartered in Otrokovice, Czech Republic, Moravan-Aeroplanes
a.s. -- http://moravan.cz/-- produces the all-metal ZLIN  
aircraft ZLIN Z 142C, Z 242L, Z 143L and Z 143Lsi, including
spare parts.  It also operates a service center that is included
in the assets being sold.  The company employs 170 people staff.

                          *     *     *

The Regional Court in Brno declared Moravan-Aeroplanes bankrupt
on June 18, 2004, at the request of management and employees.  
The company owes employees wages worth CZK12 million, over
CZK60 million in social security premiums and CZK11 million in
taxes.


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F I N L A N D
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METSO OYJ: Finalizes Metso Powdermet AB's Sale to Sandvik AB
------------------------------------------------------------
Metso Oyj finalized on Dec. 29, 2006, the divestment of the
shares of Metso Powdermet AB in Sweden to Sandvik AB following
the regulatory approvals.

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


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F R A N C E
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ALCATEL-LUCENT: Completes Takeover of Nortel's UMTS Operations
--------------------------------------------------------------
Alcatel-Lucent disclosed that, after all regulatory approvals
have been met, the acquisition of Nortel Network Corp.'s UMTS
radio access business and related assets has been completed on
Dec. 31, 2006.

In recent weeks, the two companies have achieved a number of
significant milestones, the most important being the signature
of the definitive agreement on Dec. 4, 2006.

Nortel received a closing cash payment of US$320 million less
significant deductions.

With this acquisition, one in four UMTS operators -- about 40
customers around the world -- use Alcatel-Lucent UMTS solutions.  
Together with strengthened R&D and a broad products and
solutions portfolio, Alcatel-Lucent is now uniquely positioned
to lead the network technological evolutions from 3G to 4G --
relying on its OFDMA, SDR and MIMO expertise -- to address the
customers' needs of today and tomorrow while realizing economies
of scale.

"This acquisition will enable the development teams to leverage
additional capabilities from the integration into the broader
Alcatel-Lucent and we count on the focus of the teams to deliver
superior performance in the UMTS domain going forward," said
Vivek Badrinath, France Telecom Group EVP Information Technology
Networks & product Support.

"We count on Alcatel-Lucent to serve the needs of mobilkom group
moving forward," Boris Nemsic, CEO of mobilkom Austria, said.  

"Our customers will clearly benefit from the high value this
acquisition brings, and the pre-integration work has progressed
very well," said Mary Chan, President of Alcatel-Lucent's
wireless activities.  "Our combined expertise and portfolios
will enable us to deliver the most compelling UMTS offer for our
customers, allowing them to provide their subscribers with
innovative and high-speed 3G services. Our aim is to achieve the
optimum combination of Alcatel-Lucent and Nortel's technologies,
with minimum customer disruption.  We are well positioned to
capture the UMTS market growth opportunity."

With its undisputable wireless technology portfolio,
encompassing CDMA/EV-DO, UMTS/HSPA, GSM/EDGE and WiMAX, Alcatel-
Lucent is the only player positioned to craft 4G, taking the
best from all technologies, to shape the future and deliver
mobile broadband for all.

                          About Nortel

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

Nortel does business in more than 150 countries.  In Europe,
Nortel operates in the U.K., France, Germany, Spain, Italy and
Turkey.

                      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.  The company has operations in
Brazil and Indonesia.

                          *     *     *

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
US 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 I stable.

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.


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


BENQ CORP: Court Opens Insolvency Proceedings for Mobile Unit
-------------------------------------------------------------
A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after court-appointed insolvency
administrator Martin Prager failed to meet the deadline in
finding a buyer for the company on Dec. 31, 2006.

"The insolvency proceedings were officially opened Jan. 1," a
spokesman for Mr. Prager told CIO Magazine.  "Production will
now wind down."

Mr. Prager will order the shutdown of BenQ Mobile's office in
Munich and its production plant in western Germany, Regine
Petzsch, a spokeswoman for the insolvency administrator, told
the International Herald Tribune.

CIO Magazine relates that potential buyers were obliged to take
over the entire company and its work force prior to the Dec. 31,
2006 deadline.  However, as of Jan. 1, potential investors can
bid to acquire all or a part of the company, without the law
binding them to take over any former employees, CIO Magazine
says.

As reported in the TCR-Europe on Sept. 29, the board of
directors of BenQ Corp. decided to discontinue capital injection
into BenQ Mobile in order to stem unsustainable losses in the
latter's operations.  Subsequently it filed an insolvency
petition for the German mobile phone unit.

Bloomberg News reports that more than 3,000 manufacturing
workers have been affected in the company's insolvency
proceedings after it disclosed of plans to reduce two-thirds of
its work force.  The mobile unit took over a factory in Kamp
Lintfort in western Germany from Siemens, which cost Siemens
more than US$1 billion.  Under the agreement, BenQ will have the
right to use the Siemens brand for five years.  Siemens owns a
2.5 percent stake in BenQ Corp.

                          About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a  
global powerhouse in electrical engineering and electronics.  
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2005  
(ended September 30), Siemens had sales from continuing
operations of EUR75.4 billion and net income of EUR3.058
billion.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

                        *     *     *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp.
affirmed its twBB+/twB corporate credit ratings and twBB+
unsecured corporate bond issue rating on BenQ Corp.  The outlook
on the long-term rating is negative.  At the same time, Taiwan
Ratings removed all ratings from Credit Watch with negative
implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


E.U.-BAU: Claims Registration Ends January 8
--------------------------------------------
Creditors of E.U.-Bau GmbH have until Jan. 8 to register their
claims with court-appointed provisional administrator Karsten
Sauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil, 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 Rottweil opened bankruptcy proceedings
against E.U.-Bau GmbH on Nov. 3, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         E.U.-Bau GmbH
         Attn: Ziya Ipekcioglu, Manager
         Haigerlocher Str. 28
         72186 Empfingen, Germany

The administrator can be contacted at:

         Karsten Sauter
         Berner Field 74
         78628 Rottweil, Germany
         Tel: 0741/1754054


FABER BAUUNTERNEHMUNG: Claims Registration Ends January 15
----------------------------------------------------------
Creditors of Faber Bauunternehmung GmbH have until Jan. 15 to
register their claims with court-appointed provisional
administrator Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Bad Neuenahr-Ahrweiler
         Hall 4
         William Route 55-57
         53474 Bad Neuenahr-Ahrweiler, 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 Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Faber Bauunternehmung GmbH on Nov. 1, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Faber Bauunternehmung GmbH
         Attn: Elisabeth Faber, Manager
         Schulstr. 15
         53534 Wiesemscheid, Germany

The administrator can be contacted at:

         Manfred Kuersch
         Kirchstrasse 19
         D-53518 Adenau, Germany
         Tel: 02691/93283
         Fax: 02691/932840
         E-mail: kanzlei@kuersch.de


FEDERAL-MOGUL: Won't Transfer Mexican Unit's Equity Interest
------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates withdrew
their request to transfer the equity interests of Servicio de
Componente Automotrices, S.A. de C.V. and Servicios
Administrativos Industriales, S.A. de C.V. to non-debtor
subsidiary Cooperatief Federal-Mogul Dutch Investments
U.A.

The Debtors dropped their transfer plan with respect to the
Mexican units in response to an informal objection raised by a
party-in-interest.  The Debtors did not disclose the identity of
the objecting party.

Accordingly, the Court only grants the Debtors' request with
respect to the transfer of equity interests in Federal-Mogul
Holding Deutschland GmbH to F-M Dutch HoldCo.

            Inter-company Equity Interest Transfers

The Debtors secured an approval from the U.S. Bankruptcy Court
for the District of Delaware for the inter-company transfers of
equity interests in Federal-Mogul Holding Deutschland GmbH and
certain Mexican subsidiaries to Cooperatief Federal-Mogul Dutch
Investments U.A., a non-Debtor subsidiary.

The equity interests are currently held either directly by
Debtors Federal-Mogul Corporation, FM International LLC, and
Federal-Mogul Ignition Company, or indirectly through their non-
debtor affiliates.

The proposed Transfers are part of an international
restructuring that the Debtors intend to consummate before year-
end to maximize the tax-efficiency of their corporate structure
going forward.

The restructuring will ultimately result in many of the Debtors'
foreign subsidiaries being owned through the F-M Dutch HoldCo
structure.  F-M Dutch HoldCo, which was formed in connection
with the Court-authorized French and Italian Recap, is a Dutch
holding company with no current material liabilities and whose
only significant assets are its indirect equity holdings in
Federal-Mogul Holding Italy S.r.L.

The Transfers will result in an estimated annual tax savings
aggregating US$28,000,000, and will preserve a larger portion of
post-tax funds that are repatriated through the F-M Dutch HoldCo
structure.

                         German Transfers

F-M Germany is currently a wholly owned subsidiary of Federal-
Mogul Corp., and is the parent of a number or subsidiaries that
constitute about 60% of the Debtors' operations in Europe.

The Debtors proposed to transfer ownership of F-M Germany from
Federal-Mogul Corp., resulting in F-M Dutch HoldCo directly
holding a 90% equity interest in F-M Germany with the remaining
10% held indirectly through a newly formed German partnership.

The German Transfer allows the Debtors to effectuate their
international restructuring and move funds up the corporate
ownership chain to their United States parent companies.

The German Transfer must be completed by the end of 2006 to
allow the Debtors to take advantage of a number of beneficial
tax attributes that are anticipated to result in an aggregate
tax savings of approximately US$26,000,000.

                        Mexican Transfers

The Debtors' Mexican operations consist of 10 directly and
indirectly held subsidiaries.  None of the Mexican subsidiaries
are Debtors in the Chapter 11 proceedings.

Servicio de Componente Automotrices, S.A. de C.V., is the
principal holding company for the Mexican businesses.  The
current shareholders of SEDECA are:

   (1) Debtor F-M International with a current interest of
       25.52% interest in SEDECA;

   (2) Debtor F-M Ignition with a 70.74% interest in SEDECA; and

   (3) non-Debtor Federal-Mogul Canada Ltd., which is wholly
       owned by Federal-Mogul Corp., with a 3.74% interest in
       SEDECA.

SEDECA directly or indirectly holds 100% of all of the SEDECA
Subsidiaries except:

   * Servicios Administrativos Industriales, S.A. de C.V.;

   * Camshafts Castings de Mexico S. de R.L.; and

   * Federal-Mogul S.A. de C.V.

The Debtors previously proposed to transfer the equity interests
of SEDECA and SAISA to F-M Dutch HoldCo, which will permit the
Debtors to avail themselves of certain tax advantages under
Dutch and Mexican law.

As part of the Mexican Transfer, the shareholders of the Mexican
Subsidiaries will indirectly contribute their ownership
interests in the Mexican Subsidiaries to F-M Dutch HoldCo in
exchange for equity interests in F-M Dutch HoldCo.

The Mexican Transfer is part of the Debtors' overall tax
planning efforts to reduce the tax liability related to their
Mexican operations.  The Debtors estimated that the Mexican
Transfers will result in an ownership structure that will confer
a net US$2,000,000 annual savings in taxes.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 122; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


FM-TRANSPORT: Claims Registration Ends January 8
------------------------------------------------
Creditors of FM-Transport & Logistik GmbH have until Jan. 8 to
register their claims with court-appointed provisional
administrator Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 9, 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 Landau in der Pfalz
         Room 223
         Marienring 13
         76829 Landau in der Pfalz,
         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 Landau in der Pfalz opened bankruptcy
proceedings against FM-Transport & Logistik GmbH on
Nov. 8, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         FM-Transport & Logistik GmbH
         Grosse Ahlmuehle 13
         76865 Rohrbach, Germany

         Attn: Alfons Block, Manager
         Untere Hauptstr. 29
         76863 Herxheim, Germany

The administrator can be contacted at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz,
         Germany
         Tel: 06341/51020
         Fax: 06341/510229


FRUCHTIMPORT JUERGEN: Claims Registration Ends January 17
---------------------------------------------------------
Creditors of Fruchtimport Juergen Schroeder GmbH & Co. KG have
until Jan. 17 to register their claims with court-appointed
provisional administrator Wolfgang Hoppe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Feb. 28, 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 Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany    
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Fruchtimport Juergen Schroeder GmbH & Co. KG
on Oct. 27, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Fruchtimport Juergen Schroeder GmbH & Co. KG
         Josef-Eicher-Road 10
         60437 Frankfurt/Main,
         Germany

The administrator can be contacted at:

         Wolfgang Hoppe
         Mergenthalerallee 45-47
         65760 Eschborn, Germany
         Tel: 06196/481969
         Fax: 06196/482494


GUENTHER RUMLAND: Claims Registration Ends January 11
-----------------------------------------------------
Creditors of Guenther Rumland GmbH Forstwirtschaftliche
Dienstleistungen und Landschaftspflege have until Jan. 11 to
register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Guenther Rumland GmbH Forstwirtschaftliche
Dienstleistungen und Landschaftspflege on Nov. 15, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Guenther Rumland GmbH Forstwirtschaftliche
         Dienstleistungen und Landschaftspflege
         Attn: Guenther Rumland, Manager
         Semliner Dorfstrasse 39
         14712 Rathenow, Germany

The administrator can be contacted at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin, Germany


HANS KONRAD: Claims Registration Ends January 17
------------------------------------------------
Creditors of Hans Konrad GmbH have until Jan. 17 to register
their claims with court-appointed provisional administrator Jan
Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Feb. 28, 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 Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany    
     
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Hans Konrad GmbH on Oct. 31, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hans Konrad GmbH
         Attn: Hans Michael Konrad, Manager
         Roederichstrasse 52
         60489 Frankfurt/Main,
         Germany

The administrator can be contacted at:

         Dr. Jan Markus Plathner
         Lyoner Road 14
         60528 Frankfurt/Main,
         Germany
         Tel: 069/9623340
         Fax: 069/96233422


HUGO KOENIG: Claims Registration Ends January 12
------------------------------------------------
Creditors of Hugo Koenig Fenster- und Tuerenfabrik Innenausbau
GmbH have until Jan. 12 to register their claims with court-
appointed provisional administrator Angelika Amend.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 13, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany    
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Hugo Koenig Fenster- und Tuerenfabrik
Innenausbau GmbH on Oct. 30, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Hugo Koenig Fenster- und Tuerenfabrik Innenausbau GmbH
         Flinschstrasse 8
         60388 Frankfurt/Main,
         Germany

The administrator can be contacted at:

         Angelika Amend
         Minnholzweg 2b
         D-61476 Kronberg, Germany
         Tel: 06173/78340
         Fax: 06173/783422


MAZU MODEN: Creditors' Meeting Slated for January 8
---------------------------------------------------
The court-appointed provisional administrator for MaZu Moden
GmbH, Bjoern Gehde, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on Jan. 8.

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 at 10:35 a.m. on March 19, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against MaZu Moden GmbH on Nov. 30, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MaZu Moden GmbH
         Jan-Petersen-Str. 14-18
         12679 Berlin, Germany

The administrator can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin, Germany


PREU-PA: Creditors' Meeting Slated for January 11
-------------------------------------------------
The court-appointed provisional administrator for Preu-Pa
Grundstuecksgesellschaft mbH & Co Galvanistrasse KG, Christoph
Schulte-Kaubruegger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:20
a.m. on Jan. 11.

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 at 9:30 a.m. on March 29 at the same
venue.

Creditors have until Jan. 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Preu-Pa Grundstuecksgesellschaft mbH & Co
Galvanistrasse KG on Nov. 1, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Preu-Pa Grundstuecksgesellschaft mbH & Co
         Galvanistrasse KG
         Mommsenstr. 71
         10629 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


PSIVIDA LIMITED: Lender Frees Firm From Loan Covenants
------------------------------------------------------
pSivida Limited entered into an agreement with its principal
institutional lender whereby the lender has agreed to a general
forbearance with respect to any defaults through to and
including the earlier of the closing of the Nordic Biotech
Advisors (Nordic) transaction or March 31, 2007, subject to the
satisfaction of closing conditions.

The lender agreed:

   -- to allow the Company to transfer or grant security
      interests in the Company's MedidurTM and Mifepristone
      assets which would be necessary to complete specified
      financing transactions with Nordic;

   -- to forego the interest payment due on Jan. 2, 2007, in
      favor of adding approximately US$309,000 (AU$391,000) to
      the principal amount of the loan (representing the value
      of the American Depository Receipts (ADSs) with which the
      Company would have issued to satisfy the payment had it
      met certain conditions allowing it to pay with ADSs);

   -- to defer the Company's scheduled payment of US$800,000
      (AU$1 million) for prior registration delay penalties
      until the earlier of the closing of the Nordic transaction
      or March 31, 2007;

   -- to forgive US$770,000 (AU$973,000) of additional
      registration delay penalties accruing through the earlier
      of the closing of the Nordic transaction or March 31,
      2007;

   -- to amend the Company's loan covenants to release it from
      the obligation to satisfy a minimum cash balance test of
      30% of the outstanding principal until March 31, 2007; and

   -- that the Company would have until ten days after the
      earlier of the closing of the Nordic transaction or
      March 31, 2007 to file a registration statement with
      respect to securities issuable on exercise of the lender's
      warrants.

In return for the foregoing, the Company has issued to the
lender warrants to purchase 1.5 million ADSs over five years
with an exercise price of US$2.00 per ADS and has agreed, upon
receipt of required approvals, including shareholder approval,
and satisfaction of other standard conditions, to issue
additional warrants to purchase 4.0 million ADSs over five years
with an exercise of US$2.00, subject to adjustment based on the
final terms of the Company's transaction with Nordic.

The Company expects to close definitive documents with Nordic
Biotech Advisors for a US$4 million (AU$5.1 million) corporate
investment in the Company and a US$22 million (AU$27.8 million)
investment over time in a 'Special Purpose Vehicle' that is
expected to fully fund the Company's portion of costs to develop
MedidurTM for the treatment of the chronic eye disease diabetic
macular edema.

                      About pSivida Limited

Headquartered in Perth, Australia, pSivida Limited (NASDAQ:PSDV)
(ASX:PSD) (Xetra:PSI) -- http://www.psivida.com/-- is an  
Australian is committed to biomedical applications of nano-
technology and has as its core focus the development and
commercialization of drug delivery products in the healthcare
sector, initially in ophthalmology and oncology.  The company's
shares are listed on the Australian Securities Exchange, the
NASDAQ Global Market, the Frankfurt Stock Exchange, and London's
OFEX International Market Service.  

pSivida also operates subsidiaries in the United Kingdom,  
Singapore, Australia, and the United States.

                        *     *     *

                    Going Concern Doubt

The company noted that its financial statements have been  
prepared assuming that it will continue as a going concern.

After auditing the company's consolidated balance sheet as of  
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered  
Accountants said that as of Oct. 31, 2006, pSivida has  
determined there may be a risk of default associated with  
maintaining the US$1.5 million minimum cash balance.  In the  
event of a default the note holder is entitled to call the full  
value of the liability.  This risk of default, together with the  
company's recurring losses from operations and negative cash  
flows from operations, raise substantial doubt about its ability  
to continue as a going concern.

Deloitte notes that the financial statements do not include any  
adjustments that might result from the outcome of this  
uncertainty.


READALL GMBH: Creditors' Meeting Slated for January 11
------------------------------------------------------
The court-appointed provisional administrator for ReadAll GmbH,
Ralph Buenning, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
Jan. 11.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Feb. 8, at the same
venue.

Creditors have until Jan. 16 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against ReadAll GmbH on Oct. 24, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ReadAll GmbH
         Arster Hemm 52
         28279 Bremen, Germany

         Attn: Hartmut Schmidt, Representative
         Robert-Hooke-Str.
         28359 Bremen, Germany

The administrator can be reached at:

         Ralph Buenning
         Domshof 18-20
         28195 Bremen, Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         Web: http://www.schubra.de/
         E-mail: InsOBremen@schubra.de


SPEDITION GRAUMANN: Claims Registration Ends January 12
-------------------------------------------------------
Creditors of Spedition Graumann GmbH & Co. KG have until
Jan. 12 to register their claims with court-appointed
provisional administrator Wolfgang Folger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Flensburg
         Hall A 220
         Flensburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Flensburg opened bankruptcy proceedings
against Spedition Graumann GmbH & Co. KG on Nov. 1, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Spedition Graumann GmbH & Co. KG
         Attn: Falk Redlich, Manager
         Industriestrasse 13
         24848 Kropp, Germany

The administrator can be contacted at:

         Wolfgang Folger
         Wrangelstrasse 17-19
         24937 Flensburg, Germany


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


CENTRAL EUROPEAN: Parent's Merger Cues Fitch to Affirm C Rating
---------------------------------------------------------------
Fitch Ratings upgraded the Support rating of Intesa Sanpaolo, to
1 from 2 following the legal completion of its merger with
Sanpaolo IMI.  At the same time the bank's other ratings are
affirmed at Issuer Default AA-, Short-term F1+, and Individual
B.  The Outlook on the Issuer Default rating remains Stable.

In related rating actions Fitch has also affirmed all ratings
assigned to Sanpaolo IMI at IDR AA- Stable Outlook, Short-term
F1+, Individual B and Support 2 and simultaneously withdrew them
as the bank ceased to operate as a separate legal entity
following its merger into Banca Intesa, which has subsequently
been renamed Intesa Sanpaolo.

The agency also affirmed all ratings of Banca IMI, a 100%-owned
subsidiary of Intesa Sanpaolo, at IDR AA- with a Stable Outlook,
Short-term F1+ and Support 1.  The ratings of the foreign
subsidiaries of Intesa Sanpaolo are affirmed as listed below.

Effective from Jan. 1, Sanpaolo IMI has been merged into Banca
Intesa, which subsequently has changed its name to Intesa
Sanpaolo.  The bank's large size and its increased importance in
the domestic and European banking sector, means that, in Fitch's
opinion, the probability that the bank would receive support
from the Italian authorities in case of need has increased and
is now extremely high.

Intesa Sanpaolo's IDR, Short-term and Individual ratings reflect
the bank's leading domestic market share in retail and corporate
banking, bancassurance and asset management.  Intesa Sanpaolo
expects to realize significant synergies totaling EUR1.6 billion
by 2009 from the integration, mainly through reducing operating
costs, which should help the bank achieve its targeted net
income of around EUR7 billion by 2009.

The group will operate through five macro areas concentrating on
retail, private and SME banking, corporate and investment
banking, public entities and infrastructure, foreign banks and
insurance and asset management.  Around 5% of the group's assets
are located in Central and Eastern Europe, where it will have
around 1,400 branches and six million customers.  

Banca IMI's ratings reflect its full ownership by Intesa
Sanpaolo, its close integration in terms of operations and risk
management within the group and the strategic importance of its
investment banking and securities activities for the group.

In Fitch's opinion, the creation of Intesa Sanpaolo will result
in a formidable banking group, with a strong position to operate
effectively in the domestic banking sector.  Both merging banks
are experienced in integrating merged and acquired operations,
which should mitigate any integration risk.  At the same time,
both banks have a well-defined risk culture with strong and
sophisticated risk management systems, which should help
maintain good asset quality.

With combined total equity of over EUR31 billion, Intesa
Sanpaolo is Italy's second largest banking group by total
assets.  The group has headquarters in Turin and Milan and has a
combined branch network of around 5,500 branches in Italy.
Although less internationally diversified than other European
banks of its size, Intesa Sanpaolo has banking subsidiaries in
10 CEE countries and a presence in 34 countries.

Intesa Sanpaolo's foreign subsidiaries and their ratings are:

Hungary:

   -- Central European International Bank: ratings affirmed at
      IDR A+ Negative Outlook, Short-term F1, Individual C,
      Support 1; and

   -- Inter-Europa Bank: Support rating affirmed at 1.

Croatia:

   -- Privredna Banka Zagreb: Support rating affirmed at 2.

Slovakia:

   -- Vseobecna Uverova Banka: ratings affirmed at IDR A+
      Stable Outlook, Short-term F1, Individual C, Support 1.

Slovenia:

   -- Banka Koper: ratings affirmed at IDR A+ Stable Outlook,
      Short-term F1, Individual C, Support 1.


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


MORAVAN-AEROPLANES: CzechAircraft s.r.o. Completes Acquisition
--------------------------------------------------------------
CzechAircraft s.r.o. would commence its takeover of bankrupt
aircraft maker Moravan-Aeroplanes a.s. this month after paying
over CZK50 million to the company and its parent's creditors,
Czech News Agency reports citing Petr Hajtmar, Moravan-
Aeroplanes' receiver.

CzechAircraft, controlled by Irish firm QucomHaps, had been the
sole bidder in the first two tenders to acquire Moravan-
Aeroplanes, but failed due to different reasons.  In the fourth
and final tender launched in November 2006, CzechAircraft bested
local firm Dova Aircraft, after offering more than CZK50 million
to the creditors of Moravan-Aeroplanes and parent Moravan, CTK
relays.

CzechAircraft recently completed the payment for the bankrupt
assets, Mr. Hajtmar said.

"Most assets will be taken over early in January, the rest in
the course of the month," Jarmila Burianova, QucomHaps'
representative in the Czech Republic, told CTK.

                    About Moravan-Aeroplanes

Headquartered in Otrokovice, Czech Republic, Moravan-Aeroplanes
a.s. -- http://moravan.cz/-- produces the all-metal ZLIN  
aircraft ZLIN Z 142C, Z 242L, Z 143L and Z 143Lsi, including
spare parts.  It also operates a service center that is included
in the assets being sold.  The company employs 170 people staff.

                          *     *     *

The Regional Court in Brno declared Moravan-Aeroplanes bankrupt
on June 18, 2004, at the request of management and employees.  
The company owes employees wages worth CZK12 million, over
CZK60 million in social security premiums and CZK11 million in
taxes.


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


ALITALIA SPA: Transport Minister Wary of Air France-KLM Takeover
----------------------------------------------------------------
Alessandro Bianchi, Italy's Transportation Minister indicated
that he would not be happy if national carrier Alitalia S.p.A.
falls into foreign ownership, United Press International reports
citing an interview by Radio 24.

Mr. Bianchi said that Air France-KLM plans to convert Alitalia
into a regional feeder for its European operations and claim the
large passenger traffic and big hubs for itself, UPI relays.

In a TCR-Europe report on Nov. 28, Alitalia confirmed that it is
holding talks with Air France over a possible alliance.  
Alitalia, however, said that the talks are "still at an early
stage and not exclusive."

Alitalia noted that it has been cooperating with Air France
under an extensive bilateral cooperation within SkyTeam, of
which both airlines are members, and has implemented since 2002
a cross-shareholding setup.

As reported in the TCR Europe on Dec. 1, airline industry
experts expressed doubts that an Air France takeover would occur
given Alitalia's history of unprofitability, poor management,
labor unrest and political interference.  

"In conclusion, I would not be happy with [the takeover], but I
would adapt to it," Mr. Bianchi was quoted by Radio 24 as
saying.

Meanwhile, local carrier Meridiana S.p.A. is reportedly eyeing
to acquire Alitalia, UPI notes.

As recently reported in the TCR-Europe, 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 Merrill Lynch International,
the sale advisor.

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.

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 this month.

                         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.


NORTEL NETWORKS: Completes Sale of UMTS Ops to Alcatel-Lucent
-------------------------------------------------------------
Nortel Networks Corp. has closed the sale of assets and
liabilities related to its UMTS access business to Alcatel-
Lucent.

The sale closed on Dec. 31, 2006. As previously announced, the
transaction is for US$320 million in cash less significant
deductions and transaction related costs.  

The closing of the sale follows the signing of the definitive
agreement on Dec. 4, 2006, and the signing of the non-binding
Memorandum of Understanding between the companies on Sept. 1,
2006.

As part of the agreement, approximately 1,700 of Nortel's UMTS
access employees have transferred to Alcatel-Lucent.  Regulatory
approvals have been met.  With the completion of this sale,
Alcatel-Lucent acquired the UMTS access product portfolio,
associated patents and tangible assets as well as customer
contracts from Nortel.

                      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.  The company has operations in
Brazil and Indonesia.

                          About Nortel

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

Nortel does business in more than 150 countries.  In Europe,
Nortel operates in the U.K., France, Germany, Spain, Italy and
Turkey.

                          *     *     *

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

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

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

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


NORTEL NETWORKS: Deploys CDMA to Telefonica O2 Czech Republic
-------------------------------------------------------------
Nortel Networks Corp. and Telefonica O2 Czech Republic, the
largest provider of wireless voice and data services in the
Czech Republic, have teamed to show how operators can use
broadband wireless spectrum more efficiently.

The two companies successfully demonstrated Europe's first
CDMA2000 1xEV-DO Rev A call in the Telefonica O2 Czech Republic
network at 450 MHz radio spectrum.  This broadband capability is
expected to enable Telefonica O2 Czech Republic to deliver more
IP wireless services such as mobile music and interactive 3D
gaming, VoIP, and high-speed file transfers; and support real-
time interactive access to services such as push-to-talk, mobile
television and video telephony.

"We are glad that the 1xEV-DO Rev A deployment pilot has been
successfully accomplished," said Pavel Kolar, Chief Network
Infrastructure Officer, Telefonica O2 Czech Republic.  "We have
experienced significant improvement on the throughput and
latency of Rev A data transfer.  It clearly demonstrates that
the latest CDMA2000 technology evolution, in combination with
excellent radio propagation in the 450 MHz band, delivers
improved customer benefits."

"Nortel's 11-year experience with CDMA is helping us develop
leading-edge solutions which benefit wireless operators by
increasing revenue potential and enhancing the subscriber
experience," said Wim Te Niet, president Central Region EMEA,
NorTel: "With Telefonica O2 Czech Republic we're showing how
Nortel's unique blend of broadband access products, IP core
experience, network services and ability to deliver simple
network upgrades helps to get the best from the wireless
spectrum."

The call was enabled by a simple upgrade from 1xEV-DO Rev 0 to
Rev A technology. Using the same 1.25 MHz channel, CDMA2000
1xEV-DO Rev A provides both forward and reverse links with more
capacity and higher data rates, with up to 3.1 Mbps in the
forward link and 1.8 Mbps in the reverse link.  These faster
data rates combined with Quality of Service (QoS) and low
latency, enables the provision of 3.5G services such as wireless
gaming, streaming audio and video, and high performance push-to-
talk capabilities.  In addition to the Nortel upgrade, the
demonstration was achieved using an ADU-500A CDMA EV-DO Rev A
wireless modem from AnyDATA.

Nortel CDMA 450 equipment creates networking efficiencies that
help drive reduced capital and operating costs. The  1xEV-DO Rev
A implementation only required one hardware addition -- the Rev
A channel card -- on the Telefonica O2 Czech Republic network to
enable the new service and maximize the operator's existing
investment in 450 MHz spectrum and core network equipment.

Nortel has provided EV-DO equipment to 21 of the 37 commercial
networks with leading operators worldwide including Verizon
Wireless and Sprint in the United States, Bell Mobility and
Telus in Canada. Nortel was the first to commercially offer EV-
DO in South America with Embratel, Brazil; in Central America
with Telefonica Guatemala; and is now the first to deliver EV-DO
at 450 MHz in Eastern Europe with Telefonica O2 Czech Republic.

               About Telefonica O2 Czech Republic

Telefonica O2 Czech Republic a.s. offers the most comprehensive
portfolio of voice and data services in this country.  Special
attention is paid to exploiting growth potential, in particular
the company's data and Internet business. Telefonica O2 Czech
Republic operates the largest fixed and mobile network including
a unique 3rd generation network, CDMA (for data) and UMTS,
enabling the transport of voice, data and video.

                        About Nortel

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

Nortel does business in more than 150 countries.  In Europe,
Nortel operates in the U.K., France, Germany, Spain, Italy and
Turkey.

                          *     *     *

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

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

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

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


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


ALFA-TRADER LLP: Creditors Must File Claims by Feb. 7
-----------------------------------------------------
LLP Alfa-Trader has declared insolvency.  Creditors have until
Feb. 7 to submit written proofs of claim to:

         LLP Alfa-Trader
         Buhar Jyrau Ave. 66
         Karaganda
         Karaganda Region
         Kazakhstan


CAI-KAZAKHSTAN: Proof of Claim Deadline Slated for Feb. 7
---------------------------------------------------------
The Branch of Central Asian Investment Company Cai-Kazakhstan
has declared insolvency.  Creditors have until Feb. 7 to submit
written proofs of claim to:

         Cai-Kazakhstan
         Office 502
         Respublika Square, 15
         Almaty, Kazakhstan


ENERGOREMONT LLP: Claims Registration Ends Feb. 7
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Stepnogorsky Energo Repair Energoremont insolvent.

Creditors have until Feb. 7 to submit written proofs of claim
to:

         LLP Stepnogorsky Energo Repair Energoremont
         Micro District 5, 14-215
         Stepnogorsk
         Akmola Region
         Kazakhstan


JANAOILSERVICE LLP: Mangistau Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP
Janaoilservice on Dec. 4, 2006.


OIL-GRAN LLP: Claims Filing Period Ends Feb. 7
----------------------------------------------
LLP Oil-Gran has declared insolvency.  Creditors have until
Feb. 7 to submit written proofs of claim to:

         LLP Oil-Gran
         Office 3
         Mametov Str. 54
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 53-30-53
              8 (3112) 53-77-78


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


KENES-ANARHAISKAYA MJS: Creditors' Meeting Scheduled for Jan. 10
----------------------------------------------------------------
Creditors of Kenes-Anarhaiskaya MJS will convene at 2:00 p.m. on
Jan. 10 at:

         Lev Tolstoi Str. 20
         Bishkek, Kyrgyzstan

The Inter-District Court of Chui Region for Economic Issues
declared Kenes-Anarhaiskaya MJS (Case No. ED-656/06 MCH-C5)
insolvent on Oct. 27, 2006.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Kubanychbek Duishenov
         Tel: (0-502) 65-84-13


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


ALCATEL-LUCENT: Completes Takeover of Nortel's UMTS Operations
--------------------------------------------------------------
Alcatel-Lucent disclosed that, after all regulatory approvals
have been met, the acquisition of Nortel Network Corp.'s UMTS
radio access business (UTRAN) and related assets has been
completed on Dec. 31, 2006.

In recent weeks, the two companies have achieved a number of
significant milestones, the most important being the signature
of the definitive agreement on Dec. 4, 2006.

Nortel received a closing cash payment of US$320 million less
significant deductions.

With this acquisition, one in four UMTS operators -- about 40
customers around the world -- use Alcatel-Lucent UMTS solutions.  
Together with strengthened R&D and a broad products and
solutions portfolio, Alcatel-Lucent is now uniquely positioned
to lead the network technological evolutions from 3G to 4G --
relying on its OFDMA, SDR and MIMO expertise -- to address the
customers' needs of today and tomorrow while realizing economies
of scale.

"This acquisition will enable the development teams to leverage
additional capabilities from the integration into the broader
Alcatel-Lucent and we count on the focus of the teams to deliver
superior performance in the UMTS domain going forward," said
Vivek Badrinath, France Telecom Group EVP Information Technology
Networks & product Support.

"We count on Alcatel-Lucent to serve the needs of mobilkom group
moving forward," Boris Nemsic, CEO of mobilkom Austria, said.  

"Our customers will clearly benefit from the high value this
acquisition brings, and the pre-integration work has progressed
very well," said Mary Chan, President of Alcatel-Lucent's
wireless activities.  "Our combined expertise and portfolios
will enable us to deliver the most compelling UMTS offer for our
customers, allowing them to provide their subscribers with
innovative and high-speed 3G services. Our aim is to achieve the
optimum combination of Alcatel-Lucent and Nortel's technologies,
with minimum customer disruption.  We are well positioned to
capture the UMTS market growth opportunity."

With its undisputable wireless technology portfolio,
encompassing CDMA/EV-DO, UMTS/HSPA, GSM/EDGE and WiMAX, Alcatel-
Lucent is the only player positioned to craft 4G, taking the
best from all technologies, to shape the future and deliver
mobile broadband for all.

                          About Nortel

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

Nortel does business in more than 150 countries.  In Europe,
Nortel operates in the U.K., France, Germany, Spain, Italy and
Turkey.

                      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.  The company has operations in
Brazil and Indonesia.

                          *     *     *

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
US 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 I stable.

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.


FEDERAL-MOGUL: Won't Transfer Mexican Unit's Equity Interest
------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates withdrew
their request to transfer the equity interests of Servicio de
Componente Automotrices, S.A. de C.V. and Servicios
Administrativos Industriales, S.A. de C.V. to non-debtor
subsidiary Cooperatief Federal-Mogul Dutch Investments
U.A.

The Debtors dropped their transfer plan with respect to the
Mexican units in response to an informal objection raised by a
party-in-interest.  The Debtors did not disclose the identity of
the objecting party.

Accordingly, the Court only grants the Debtors' request with
respect to the transfer of equity interests in Federal-Mogul
Holding Deutschland GmbH to F-M Dutch HoldCo.

            Inter-company Equity Interest Transfers

The Debtors secured an approval from the U.S. Bankruptcy Court
for the District of Delaware for the inter-company transfers of
equity interests in Federal-Mogul Holding Deutschland GmbH and
certain Mexican subsidiaries to Cooperatief Federal-Mogul Dutch
Investments U.A., a non-Debtor subsidiary.

The equity interests are currently held either directly by
Debtors Federal-Mogul Corporation, FM International LLC, and
Federal-Mogul Ignition Company, or indirectly through their non-
debtor affiliates.

The proposed Transfers are part of an international
restructuring that the Debtors intend to consummate before year-
end to maximize the tax-efficiency of their corporate structure
going forward.

The restructuring will ultimately result in many of the Debtors'
foreign subsidiaries being owned through the F-M Dutch HoldCo
structure.  F-M Dutch HoldCo, which was formed in connection
with the Court-authorized French and Italian Recap, is a Dutch
holding company with no current material liabilities and whose
only significant assets are its indirect equity holdings in
Federal-Mogul Holding Italy S.r.L.

The Transfers will result in an estimated annual tax savings
aggregating US$28,000,000, and will preserve a larger portion of
post-tax funds that are repatriated through the F-M Dutch HoldCo
structure.

                         German Transfers

F-M Germany is currently a wholly owned subsidiary of Federal-
Mogul Corp., and is the parent of a number or subsidiaries that
constitute about 60% of the Debtors' operations in Europe.

The Debtors proposed to transfer ownership of F-M Germany from
Federal-Mogul Corp., resulting in F-M Dutch HoldCo directly
holding a 90% equity interest in F-M Germany with the remaining
10% held indirectly through a newly formed German partnership.

The German Transfer allows the Debtors to effectuate their
international restructuring and move funds up the corporate
ownership chain to their United States parent companies.

The German Transfer must be completed by the end of 2006 to
allow the Debtors to take advantage of a number of beneficial
tax attributes that are anticipated to result in an aggregate
tax savings of approximately US$26,000,000.

                        Mexican Transfers

The Debtors' Mexican operations consist of 10 directly and
indirectly held subsidiaries.  None of the Mexican subsidiaries
are Debtors in the Chapter 11 proceedings.

Servicio de Componente Automotrices, S.A. de C.V., is the
principal holding company for the Mexican businesses.  The
current shareholders of SEDECA are:

   (1) Debtor F-M International with a current interest of
       25.52% interest in SEDECA;

   (2) Debtor F-M Ignition with a 70.74% interest in SEDECA; and

   (3) non-Debtor Federal-Mogul Canada Ltd., which is wholly
       owned by Federal-Mogul Corp., with a 3.74% interest in
       SEDECA.

SEDECA directly or indirectly holds 100% of all of the SEDECA
Subsidiaries except:

   * Servicios Administrativos Industriales, S.A. de C.V.;

   * Camshafts Castings de Mexico S. de R.L.; and

   * Federal-Mogul S.A. de C.V.

The Debtors previously proposed to transfer the equity interests
of SEDECA and SAISA to F-M Dutch HoldCo, which will permit the
Debtors to avail themselves of certain tax advantages under
Dutch and Mexican law.

As part of the Mexican Transfer, the shareholders of the Mexican
Subsidiaries will indirectly contribute their ownership
interests in the Mexican Subsidiaries to F-M Dutch HoldCo in
exchange for equity interests in F-M Dutch HoldCo.

The Mexican Transfer is part of the Debtors' overall tax
planning efforts to reduce the tax liability related to their
Mexican operations.  The Debtors estimated that the Mexican
Transfers will result in an ownership structure that will confer
a net US$2,000,000 annual savings in taxes.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 122; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


GLOBAL POWER: Wants Until April 26 to Decide on Leases
------------------------------------------------------
Global Power Equipment Group and its debtor-affiliates ask the
U.S Bankruptcy Court for the District of Delaware to further
extend, until April 26, 2007, the period within which it can
assume, assume or assign, or reject unexpired leases of
nonresidential real property.

The Debtors tells the Court that they have five unexpired
leases of nonresidential real property, including, the Debtors'
headquarters in Tulsa, Oklahoma; two of Williams Group
facilities in Stone Mountain, Georgia and Lakeland, Florida; and
Branden Group facilities in Tulsa, Oklahoma.

The Debtors assure the Court that any lessor will not be harmed
as a result of the requested extension, since they will continue
to comply with their postpetition obligations.

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.


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


DALNEVOSTOCHNAYA OIL: Creditors Must File Claims by Feb. 9  
----------------------------------------------------------
Creditors of OJSC Dalnevostochnaya Oil Company (TIN 2721042106)
have until Feb. 9 to submit written proofs of claim to:

         A. Krylov, Insolvency Manager
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia
         Tel./Fax: 347-060

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-11813/2006-36.

The Debtor can be reached at:

         OJSC Dalnevostochnaya Oil Company
         Dzerzhinskogo Str. 71
         Khabarovsk Region
         Russia


DOLGOVSKOYE CJSC: Kurgan Bankruptcy Hearing Slated for March 14
---------------------------------------------------------------
The Arbitration Court of Kurgan Region will convene on March 14
to hear the bankruptcy supervision procedure on CJSC
Dolgovskoye.  The case is docketed under Case No. A34-7277/2006.

The Temporary Insolvency Manager is:

         D. Ustyuzhanin
         K. Myakotina Str. 117/21
         Kurgan Region
         Russia

The Debtor can be reached at:

         CJSC Dolgovskoye
         Dolgie
         Chastoozerskiy Region
         Kurgan Region
         Russia


KARAVAY OJSC: Creditors Must File Claims by Feb. 9
--------------------------------------------------
Creditors of OJSC Karavay (TIN 6154031480) have until Feb. 9 to
submit written proofs of claim to:

         Y. Petrov, Insolvency Manager
         Office 201
         Krasnoarmeyskaya Str. 109
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A53-18528/05-S2-7.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Karavay
         1st Kotelnaya Str. 79-A
         Taganrog
         347910 Rostov Region
         Russia


KRASNOYARSKIY FACTORY: Creditors Must File Claims by Feb. 9
-----------------------------------------------------------
Creditors of OJSC Krasnoyarskiy Factory of Towed Machinery have
until Feb. 9 to submit written proofs of claim to:

         S. Vasilyev, Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-3087/04-s4.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Krasnoyarskiy Factory of Towed Machinery
         Zavodskaya Str. 1
         Sosnovoborsk
         662500 Krasnoyarsk Region
         Russia


LYSVA-WOOD CJSC: Creditors Must File Claims by Feb. 9
-----------------------------------------------------
Creditors of CJSC Lysva-Wood have until Feb. 9 to submit written
proofs of claim to:

         Y. Shumilov, Insolvency Manager
         M. Raskovoy Str. 1
         Solikamsk
         618540 Perm Region
         Russia

The Arbitration Court of Perm Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A50-11680/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         CJSC Lysva-Wood
         Galyagina Str. 1
         Kormovishe
         Lysvenskiy Region
         Perm Region
         Russia


PRIKAMYE CJSC: Selling Assets Via Public Auction on Jan. 19
-----------------------------------------------------------
The insolvency manager, the bidding organizer for CJSC Beverages
Of Prikamye, will open a public auction for the company's
properties at 11:00 a.m. on Jan. 19 at:

         CJSC Beverages of Prikamye
         Office 35
         Mira Str. 45A
         614022 Perm Region
         Russia

The company has set a RUR5,020,000 starting price for the
auctioned assets.

To participate, bidders have until Jan. 17 to deposit an amount
to:

         CJSC Beverages of Prikamye
         Settlement Account 40702810749490110282 in Joint-Stock
         Commercial Sberegatelnyj Bank RF (OJSC)
         Dzerzhinskiy Branch 6984, Perm
         BIK 045773603
         Correspondent Account 3010181090000000603

Bidding documents must be submitted to:

         Insolvency Manager, Bidding Organizer
         Office 35
         Mira Str., 45A
         614022 Perm Region
         Russia
         Tel/Fax: 8(342) 227-49-90
                  8-902-473-71-35

The Debtor can be reached at:

         CJSC Beverages of Prikamye
         Office 35
         Mira Str. 45A
         614022 Perm Region
         Russia


SAMARSKAYA GAS: Creditors Must File Claims by Feb. 9
----------------------------------------------------
Creditors of LLC Samarskaya Gas Company have until Feb. 9 to
submit written proofs of claim to:

         V. Ulyanov, Temporary Insolvency Manager
         Office 402
         Moskovskoye Shosse 125B
         443111 Samara Region
         Russia

The Arbitration Court of Samara region commenced bankruptcy
supervision procedure on LLC Samarskaya Gas Company.  The case
is docketed under Case No. A55-12509/2006.

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         LLC Samarskaya Gas Company
         Stara Zavora Str. 88-77
         Samara Region
         Russia


SERGACHANKA CJSC: Bankruptcy Hearing Slated for March 27
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
10:00 a.m. on March 27 to hear the bankruptcy supervision
procedure on CJSC Sergachanka (TIN 5229004519).  The case is
docketed under Case No. A43-30821/2006 24-565.

The Temporary Insolvency Manager is:

         N. Slesar
         Energetikov Str. 14
         Gagino
         Gaginskiy Region
         607870 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Sergachanka
         Molodyezhnyj 1A
         Sergach
         Nizhniy Novgorod Region
         Russia


SIB-OIL-SERVICE LLC: Bankruptcy Hearing Slated for Feb. 22
----------------------------------------------------------
The Arbitration Court of Tyumen Region will convene on Feb. 22
to hear the bankruptcy supervision procedure on LLC Sib-Oil-
Service.  The case is docketed under Case No. A-70-8345/3-2006.

The Temporary Insolvency Manager is:

         I. Kravchenko
         Office 242
         Melnikayte Str. 106
         625026 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         LLC Sib-Oil-Service
         Nekrasova Str. 11/1
         Tyumen Region
         Russia


SIS CJSC: Creditors Must File Claims by Jan. 9
----------------------------------------------
Creditors of CJSC Trading House Sis have until Jan. 9 to submit
written proofs of claim to:

         T. Potekhina, Insolvency Manager
         Krupskoy Str. 35
         Yakutsk
         677007 Sakha Republic
         Russia

The Arbitration Court of Sakha Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-6851/06.

The Debtor can be reached at:

         CJSC Trading House Sis
         Glukhoy Per. 2/1
         Yakutsk
         Sakha Republic
         Russia


SKIF LLC: Creditors Must File Claims by Jan. 9
----------------------------------------------
Creditors of LLC Furniture Factory Skif have until Jan. 9 to
submit written proofs of claim to:

         E. Volk, Insolvency Manager
         Post User Box 4775
         614023 Perm Region
         Russia

The Arbitration Court of Perm Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-50-8794/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Furniture Factory Skif
         Lebedeva Str. 37
         Perm Region
         Russia


SREDNEVOLZHSKIY TRADING: Creditors Must File Claims by Feb. 9
-------------------------------------------------------------
Creditors of CJSC Srednevolzhskiy Trading House have until
Feb. 9 to submit written proofs of claim to:

         A. Kuznetsov, Insolvency Manager
         Apartment 25
         Taktasha Str. 26
         Naberezhnye Chelny
         423806 Tatarstan Republic
         Russia

The Arbitration Court of Samara Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55-6848/2006 38.

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         CJSC Srednevolzhskiy Trading House
         Tolyatti Region
         Russia


TAT-AGRO-PROM-STORY OJSC: Creditors Must File Claims by Jan. 9
--------------------------------------------------------------
Creditors OJSC Bugulminskiy Brickworks Tat-Agro-Prom-Stroy have
until Jan. 9 to submit written proofs of claim to:

         R. Samigullin, Insolvency Manager
         Post User Box 46
         Bugulma
         423239 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-19803/2006-SG4-40.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Bugulminskiy Brickworks Tat-Agro-Prom-Story
         Bugulma
         Tatarstan Republic
         Russia


URALSKIY JEWELER: Creditors Must File Claims by Feb. 9   
------------------------------------------------------
Creditors of CJSC Uralskiy Jeweler have until Feb. 9 to submit
written proofs of claim to:

         D. Lazarev
         Post User Box 106
         Central Post Office
         Ekaterinburg
         620000 Sverdlovsk Region
         Russia

The Arbitration Court of Sverdlovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-4634/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Uralskiy Jeweler
         Rodonitovaya Str. 23-12
         Ekaterinburg
         Sverdlovsk Region
         Russia


ZEYSKIY LLC: Creditors Must File Claims by Feb. 9
-------------------------------------------------
Creditors of LLC Meat and Milk Combine Zeyskiy have until Feb. 9
to submit written proofs of claim to:

         D. Gumirov, Insolvency Manager
         Lenina Str. 191
         Blagoveshensk
         Amur Region
         Russia

The Arbitration Court of Amur Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A04-3706/06-7/150 B.

The Debtor can be reached at:

         LLC Meat and Milk Combine Zeyskiy
         Lenina Str. 233a
         Zeya
         Amur Region
         Russia


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


COMPUTER SCIENCES: Unveils Federal Contracts in Third Quarter
-------------------------------------------------------------
Computer Sciences Corp. disclosed that since Oct. 1, 2006, its
Federal Sector business unit has signed 110 previously
unannounced contracts and subcontracts during CSC's fiscal 2007
third quarter, which ends Dec. 29, 2006.  These contracts have a
total estimated value of US$643 million if all contract options
are exercised.

The performance periods for the contracts range from one month
to 10 years.  Civil agencies accounted for 40 awards with a
total value of approximately US$115 million.  Department of
Defense agencies accounted for 70 awards with a total value of
approximately US$528 million.

"CSC's Federal Sector business unit continues its robust
performance and is delivering according to our expectations,"
said CSC Chairman and Chief Executive Officer Van B. Honeycutt.
"These contracts signify the confidence our clients have in
CSC's ability to apply our vast experience and expertise to
deliver business results for projects on the largest and
smallest scales for a diverse cross section of agencies."

Significant areas of award activity include the Departments of
the Navy and Army, the National Aeronautics and Space
Administration, the intelligence community and state and local
agencies.

All expressed contract award terms and values represent the
amounts that CSC expects to receive from the agreements if all
options are exercised.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Europe yesterday,
Computer Sciences Corp. secured consents from the holders 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.


VSEOBECNA UVEROVA: Fitch Keeps Individual Rating at C
-----------------------------------------------------
Fitch Ratings upgraded the Support rating of Intesa Sanpaolo to
1 from 2 following the legal completion of its merger with
Sanpaolo IMI.  At the same time the bank's other ratings are
affirmed at Issuer Default AA-, Short-term F1+, and Individual
B.  The Outlook on the Issuer Default rating remains Stable.

In related rating actions Fitch has also affirmed all ratings
assigned to Sanpaolo IMI at IDR AA- Stable Outlook, Short-term
F1+, Individual B and Support 2 and simultaneously withdrew them
as the bank ceased to operate as a separate legal entity
following its merger into Banca Intesa, which has subsequently
been renamed Intesa Sanpaolo.

The agency also affirmed all ratings of Banca IMI, a 100%-owned
subsidiary of Intesa Sanpaolo, at IDR AA- with a Stable Outlook,
Short-term F1+ and Support 1.  The ratings of the foreign
subsidiaries of Intesa Sanpaolo are affirmed as listed below.

Effective from Jan. 1, Sanpaolo IMI has been merged into Banca
Intesa, which subsequently has changed its name to Intesa
Sanpaolo.  The bank's large size and its increased importance in
the domestic and European banking sector, means that, in Fitch's
opinion, the probability that the bank would receive support
from the Italian authorities in case of need has increased and
is now extremely high.

Intesa Sanpaolo's IDR, Short-term and Individual ratings reflect
the bank's leading domestic market share in retail and corporate
banking, bancassurance and asset management.  Intesa Sanpaolo
expects to realize significant synergies totaling EUR1.6 billion
by 2009 from the integration, mainly through reducing operating
costs, which should help the bank achieve its targeted net
income of around EUR7 billion by 2009.

The group will operate through five macro areas concentrating on
retail, private and SME banking, corporate and investment
banking, public entities and infrastructure, foreign banks and
insurance and asset management.  Around 5% of the group's assets
are located in Central and Eastern Europe, where it will have
around 1,400 branches and six million customers.  

Banca IMI's ratings reflect its full ownership by Intesa
Sanpaolo, its close integration in terms of operations and risk
management within the group and the strategic importance of its
investment banking and securities activities for the group.

In Fitch's opinion, the creation of Intesa Sanpaolo will result
in a formidable banking group, with a strong position to operate
effectively in the domestic banking sector.  Both merging banks
are experienced in integrating merged and acquired operations,
which should mitigate any integration risk.  At the same time,
both banks have a well-defined risk culture with strong and
sophisticated risk management systems, which should help
maintain good asset quality.

With combined total equity of over EUR31 billion, Intesa
Sanpaolo is Italy's second largest banking group by total
assets.  The group has headquarters in Turin and Milan and has a
combined branch network of around 5,500 branches in Italy.
Although less internationally diversified than other European
banks of its size, Intesa Sanpaolo has banking subsidiaries in
10 CEE countries and a presence in 34 countries.

Intesa Sanpaolo's foreign subsidiaries and their ratings are:

Hungary:

   -- Central European International Bank: ratings affirmed at
      IDR A+ Negative Outlook, Short-term F1, Individual C,
      Support 1; and

   -- Inter-Europa Bank: Support rating affirmed at 1.

Croatia:

   -- Privredna Banka Zagreb: Support rating affirmed at 2.

Slovakia:

   -- Vseobecna Uverova Banka: ratings affirmed at IDR A+
      Stable Outlook, Short-term F1, Individual C, Support 1.

Slovenia:

   -- Banka Koper: ratings affirmed at IDR A+ Stable Outlook,
      Short-term F1, Individual C, Support 1.


===============
S L O V E N I A
===============


BANKA KOPER: Fitch Affirms Individual Rating at C
-------------------------------------------------
Fitch Ratings upgraded the Support rating of Intesa Sanpaolo to
1 from 2 following the legal completion of its merger with
Sanpaolo IMI.  At the same time the bank's other ratings are
affirmed at Issuer Default AA-, Short-term F1+, and Individual
B.  The Outlook on the Issuer Default rating remains Stable.

In related rating actions Fitch has also affirmed all ratings
assigned to Sanpaolo IMI at IDR AA- Stable Outlook, Short-term
F1+, Individual B and Support 2 and simultaneously withdrew them
as the bank ceased to operate as a separate legal entity
following its merger into Banca Intesa, which has subsequently
been renamed Intesa Sanpaolo.

The agency also affirmed all ratings of Banca IMI, a 100%-owned
subsidiary of Intesa Sanpaolo, at IDR AA- with a Stable Outlook,
Short-term F1+ and Support 1.  The ratings of the foreign
subsidiaries of Intesa Sanpaolo are affirmed as listed below.

Effective from Jan. 1, Sanpaolo IMI has been merged into Banca
Intesa, which subsequently has changed its name to Intesa
Sanpaolo.  The bank's large size and its increased importance in
the domestic and European banking sector, means that, in Fitch's
opinion, the probability that the bank would receive support
from the Italian authorities in case of need has increased and
is now extremely high.

Intesa Sanpaolo's IDR, Short-term and Individual ratings reflect
the bank's leading domestic market share in retail and corporate
banking, bancassurance and asset management.  Intesa Sanpaolo
expects to realize significant synergies totaling EUR1.6 billion
by 2009 from the integration, mainly through reducing operating
costs, which should help the bank achieve its targeted net
income of around EUR7 billion by 2009.

The group will operate through five macro areas concentrating on
retail, private and SME banking, corporate and investment
banking, public entities and infrastructure, foreign banks and
insurance and asset management.  Around 5% of the group's assets
are located in Central and Eastern Europe, where it will have
around 1,400 branches and six million customers.  

Banca IMI's ratings reflect its full ownership by Intesa
Sanpaolo, its close integration in terms of operations and risk
management within the group and the strategic importance of its
investment banking and securities activities for the group.

In Fitch's opinion, the creation of Intesa Sanpaolo will result
in a formidable banking group, with a strong position to operate
effectively in the domestic banking sector.  Both merging banks
are experienced in integrating merged and acquired operations,
which should mitigate any integration risk.  At the same time,
both banks have a well-defined risk culture with strong and
sophisticated risk management systems, which should help
maintain good asset quality.

With combined total equity of over EUR31 billion, Intesa
Sanpaolo is Italy's second largest banking group by total
assets.  The group has headquarters in Turin and Milan and has a
combined branch network of around 5,500 branches in Italy.
Although less internationally diversified than other European
banks of its size, Intesa Sanpaolo has banking subsidiaries in
10 CEE countries and a presence in 34 countries.

Intesa Sanpaolo's foreign subsidiaries and their ratings are:

Hungary:

   -- Central European International Bank: ratings affirmed at
      IDR A+ Negative Outlook, Short-term F1, Individual C,
      Support 1; and

   -- Inter-Europa Bank: Support rating affirmed at 1.

Croatia:

   -- Privredna Banka Zagreb: Support rating affirmed at 2.

Slovakia:

   -- Vseobecna Uverova Banka: ratings affirmed at IDR A+
      Stable Outlook, Short-term F1, Individual C, Support 1.

Slovenia:

   -- Banka Koper: ratings affirmed at IDR A+ Stable Outlook,
      Short-term F1, Individual C, Support 1.


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


NORTEL NETWORKS: Completes Sale of UMTS Ops to Alcatel-Lucent
-------------------------------------------------------------
Nortel Networks Corp. has closed the sale of assets and
liabilities related to its UMTS access business to Alcatel-
Lucent.

The sale closed on Dec. 31, 2006. As previously announced, the
transaction is for US$320 million in cash less significant
deductions and transaction related costs.  

The closing of the sale follows the signing of the definitive
agreement on Dec. 4, 2006, and the signing of the non-binding
Memorandum of Understanding between the companies on Sept. 1,
2006.

As part of the agreement, approximately 1,700 of Nortel's UMTS
access employees have transferred to Alcatel-Lucent.  Regulatory
approvals have been met.  With the completion of this sale,
Alcatel-Lucent acquired the UMTS access product portfolio,
associated patents and tangible assets as well as customer
contracts from Nortel.

                      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.  The company has operations in
Brazil and Indonesia.

                         About Nortel

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

Nortel does business in more than 150 countries.  In Europe,
Nortel operates in the U.K., France, Germany, Spain, Italy and
Turkey.

                          *     *     *

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

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

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

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


NORTEL NETWORKS: Deploys CDMA to Telefonica O2 Czech Republic
-------------------------------------------------------------
Nortel Networks Corp. and Telefonica O2 Czech Republic, the
largest provider of wireless voice and data services in the
Czech Republic, have teamed to show how operators can use
broadband wireless spectrum more efficiently.

The two companies successfully demonstrated Europe's first
CDMA2000 1xEV-DO Rev A call in the Telefonica O2 Czech Republic
network at 450 MHz radio spectrum.  This broadband capability is
expected to enable Telefonica O2 Czech Republic to deliver more
IP wireless services such as mobile music and interactive 3D
gaming, VoIP, and high-speed file transfers; and support real-
time interactive access to services such as push-to-talk, mobile
television and video telephony.

"We are glad that the 1xEV-DO Rev A deployment pilot has been
successfully accomplished," said Pavel Kolar, Chief Network
Infrastructure Officer, Telefonica O2 Czech Republic.  "We have
experienced significant improvement on the throughput and
latency of Rev A data transfer.  It clearly demonstrates that
the latest CDMA2000 technology evolution, in combination with
excellent radio propagation in the 450 MHz band, delivers
improved customer benefits."

"Nortel's 11-year experience with CDMA is helping us develop
leading-edge solutions which benefit wireless operators by
increasing revenue potential and enhancing the subscriber
experience," said Wim Te Niet, president Central Region EMEA,
NorTel: "With Telefonica O2 Czech Republic we're showing how
Nortel's unique blend of broadband access products, IP core
experience, network services and ability to deliver simple
network upgrades helps to get the best from the wireless
spectrum."

The call was enabled by a simple upgrade from 1xEV-DO Rev 0 to
Rev A technology. Using the same 1.25 MHz channel, CDMA2000
1xEV-DO Rev A provides both forward and reverse links with more
capacity and higher data rates, with up to 3.1 Mbps in the
forward link and 1.8 Mbps in the reverse link.  These faster
data rates combined with Quality of Service (QoS) and low
latency, enables the provision of 3.5G services such as wireless
gaming, streaming audio and video, and high performance push-to-
talk capabilities.  In addition to the Nortel upgrade, the
demonstration was achieved using an ADU-500A CDMA EV-DO Rev A
wireless modem from AnyDATA.

Nortel CDMA 450 equipment creates networking efficiencies that
help drive reduced capital and operating costs. The  1xEV-DO Rev
A implementation only required one hardware addition -- the Rev
A channel card -- on the Telefonica O2 Czech Republic network to
enable the new service and maximize the operator's existing
investment in 450 MHz spectrum and core network equipment.

Nortel has provided EV-DO equipment to 21 of the 37 commercial
networks with leading operators worldwide including Verizon
Wireless and Sprint in the United States, Bell Mobility and
Telus in Canada. Nortel was the first to commercially offer EV-
DO in South America with Embratel, Brazil; in Central America
with Telefonica Guatemala; and is now the first to deliver EV-DO
at 450 MHz in Eastern Europe with Telefonica O2 Czech Republic.

               About Telefonica O2 Czech Republic

Telefonica O2 Czech Republic a.s. offers the most comprehensive
portfolio of voice and data services in this country.  Special
attention is paid to exploiting growth potential, in particular
the company's data and Internet business. Telefonica O2 Czech
Republic operates the largest fixed and mobile network including
a unique 3rd generation network, CDMA (for data) and UMTS,
enabling the transport of voice, data and video.

                          About Nortel

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

Nortel does business in more than 150 countries.  In Europe,
Nortel operates in the U.K., France, Germany, Spain, Italy and
Turkey.

                          *     *     *

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

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

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

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


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


METSO OYJ: Finalizes Metso Powdermet AB's Sale to Sandvik AB
------------------------------------------------------------
Metso Oyj finalized on Dec. 29, 2006, the divestment of the
shares of Metso Powdermet AB in Sweden to Sandvik AB following
the regulatory approvals.

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


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


BISANG FAHRZEUGTECHNIK: Court Suspends Bankruptcy Process
---------------------------------------------------------
The Bankruptcy Court of Willisau suspended the bankruptcy
proceedings of JSC Bisang Fahrzeugtechnik 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 right for the additional deposit is retained.

The Debtor, declared bankrupt on Aug. 16, 2006, can be reached
at:

         JSC Bisang Fahrzeugtechnik
         Bahnhofstrasse 28
         6244 Nebikon
         Lucerne
         Switzerland

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau
         Lucerne
         Switzerland


EXPO AUTOSPRITZWERK: Sursee Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Sursee commenced bankruptcy proceedings
against JSC EXPO Autospritzwerk on Oct. 25, 2006.

The Debtor can be reached at:

         JSC EXPO Autospritzwerk
         Luzernerstrasse 19
         6206 Neuenkirch
         Lucerne
         Switzerland

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Lucerne
         Switzerland


JOST A. & O. STOREN: Sursee Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Sursee commenced bankruptcy proceedings
against JSC Jost A. & O. Storen on Oct. 25, 2006.

The Debtor can be reached at:

         JSC Jost A. & O. Storen
         Gislerfeld 62
         6234 Triengen
         Lucerne
         Switzerland

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Lucerne
         Switzerland


PENSIONKASSE PLUS: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug entered Nov. 13, 2006, an order
closing the bankruptcy proceedings of Pension Cashier's Office
Pensionskasse Plus.

The Debtor can be reached at:

         Pension Cashier's Office Pensionskasse Plus
         Rotfluhstrasse 91
         8702 Zollikon
         Zurich
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


M & A PARTNERS: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug entered Nov. 7, 2006, an order
closing the bankruptcy proceedings of JSC M & A Partners.

The Debtor can be reached at:

         JSC M & A Partners
         Graben 8
         6301 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


MODE TIME: Olten Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Olten entered Nov. 8, 2006, an order
closing the bankruptcy proceedings of JSC Mode Time Out.

The Debtor can be reached at:

         JSC Mode Time Out
         Aarauerstrasse 48
         4600 Olten
         Solothurn
         Switzerland

The Bankruptcy Service of Olten can be reached at:

         Bankruptcy Service of Olten
         4702 Oensingen
         Solothurn
         Switzerland


MSC MARKETING: Sursee Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Sursee commenced bankruptcy proceedings
against LLC MSC Marketing Service Consult on Nov. 14, 2006.

The Debtor can be reached at:

         LLC MSC Marketing Service Consult
         Dammstrasse 19
         6300 Zug
         Switzerland

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Lucerne
         Switzerland


STAR FILTER: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug entered Nov. 13, 2006, an order
closing the bankruptcy proceedings of JSC Star Filter.

The Debtor can be reached at:

         JSC Star Filter
         12
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


TIFFANY UHREN: Olten Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Olten suspended the bankruptcy
proceedings of JSC Tiffany Uhren-und Handels 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 right for the additional deposit is retained.

The Debtor, declared bankrupt on Aug. 8, 2006, can be reached
at:

         JSC Tiffany Uhren-und Handels
         Bleichestrasse 6
         4632 Trimbach
         Solothurn
         Switzerland

The Bankruptcy Service of Olten can be reached at:

         Bankruptcy Service of Olten
         4702 Oensingen
         Solothurn
         Switzerland


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


GNIEVAN BAKERY: Registration of Claims Ends January 13
------------------------------------------------------
Creditors of LLC Gnievan Bakery Produkts Industrial Complex
(code EDRPOU 31774384) have until Jan. 13 to submit written
proofs of claim to:

         Nadezhda Vozniakevich, Insolvency Manager
         Hmelnickiy Str. 2-a
         Vinnica Region            
         Tel: 55-49-60
              66-07-85

The Economic Court of Vinnica Region commenced bankruptcy
proceeding against the company after finding it insolvent on
Nov. 16, 2006.  The case is docketed under Case No. 10/171-06.

The Economic Court of Vinnica Region is located at:

         Hmelnickiy Str. 7
         21036 Vinnica Region
         Ukraine

The Debtor be reached at:

         LLC Gnievan Bakery Produkts Industrial Complex
         Promyshlennaya Str. 1
         Gnievan
         Tyvriv District
         Vinnica Region
         Ukraine


KHRESCHENDO LLC: Last Day for Submission of Claims Set Jan. 13
--------------------------------------------------------------
Creditors of LLC Khreschendo (code EDRPOU 33669856) have until
Jan. 13 to submit written proofs of claim to:

         Iryna Savchenko, Liquidator
         Petrovskiy Avenu 50-a
         49000 Dniepropetrovsk Region
         Ukraine
         Tel: (056) 371-30-74

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceeding against the company after finding it insolvent on
Dec. 7, 2006.  The case is docketed under Case No. B 15/237/06.

The Debtor be reached at:

         LLC Khreschendo
         Mayakovskiy Str. 3-a
         49064 Dniepropetrovsk Region
         Ukraine


KOMUNAR OJSC: Creditors Must Submit Claims by January 13
--------------------------------------------------------
Creditors of OJSC Komunar (code EDRPOU 14176151) have until
Jan. 13 to submit written proofs of claim to:

         Oleg Sinishyn, Insolvency Manager
         Komunar
         Novoushyck District
         31416 Hmelnitskij Region
         Ukraine
         Tel: +38(067)920-50-78

The Economic Court of Hmelnitskij Region commenced bankruptcy
proceeding against the company after finding it insolvent on
Nov. 24, 2006.  The case is docketed under Case No. 13/4/188-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor be reached at:

         OJSC Komunar
         Komunar
         Novoushyck District
         31416 Hmelnitskij Region
         Ukraine


POLONNOE FACTORY: Creditors Must File Claims by January 13
----------------------------------------------------------
Creditors of CJSC Polonnoe Factory on Processing of the Raw
Materials Secondary Resources (code EDRPOU 01878420) have until
Jan. 13 to submit written proofs of claim to:

         Konstantin Kostenko, Insolvency Manager
         Shevchenko Str. 49
         Hmelnitskij Region

The Economic Court of Hmelnitskij Region commenced bankruptcy
proceeding against the company after finding it insolvent.  

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor be reached at:

         CJSC Polonnoe Factory on Processing of the
         Raw Materials Secondary Resources
         Privokzalnaya Str. 68
         Polonnoe
         30500 Hmelnitskij Region
         Ukraine


MLINOV PLANT: Creditors Must File Claims by January 13
------------------------------------------------------
Creditors of OJSC Mlinov Plant of Foodstuffs have until Jan. 13
to submit written proofs of claim to:

         Duplika Pavel, Temporary Insolvency Manager
         p.o.b. 27
         Rivne-23
         33023 Rivne Region
         Ukraine
         Tel: +38(067) 314-42-14

The Economic Court of Rivne Region commenced bankruptcy
supervision procedure on the company on Oct. 30, 2006.  The case
is docketed under Case No. 9/67.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor be reached at:

         OJSC Mlinov Plant of Foodstuffs
         Narodnaya Str. 50
         Mlinov
         35100 Rivne Region
         Ukraine


TERENOVKA LLC: Creditors Must File Claims by January 13
-------------------------------------------------------
Creditors of LLC Terenovka (code EDRPOU 03732152) have until
Jan. 13 to submit written proofs of claim to:

         The Economic Court of Vinnica Region
         Hmelnickiy Str. 7
         21036 Vinnica Region
         Ukraine

The Economic Court of Vinnica Region commenced bankruptcy
proceeding against the company after finding it insolvent on
Oct. 19, 2006.  The case is docketed under Case No. 5/381-06.  

The Economic Court of Vinnica Region is located at:

         Hmelnickiy Str. 7
         21036 Vinnica Region
         Ukraine

The Debtor be reached at:

         LLC Terenovka
         Terenovka
         Koziatyn District
         22111 Vinnica Region
         Ukraine


TMT 96: Deadline for Filing of Claims Set January 13
----------------------------------------------------
Creditors of LLC TMT 96 have until Jan. 13 to submit written
proofs of claim to:

         Leonid Talan, Liquidator
         p.o.b. 158
         49000 Dniepropetrovsk Region
         Ukraine
         Tel: (0562)92-53-18

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceeding against the company on Dec. 7, 2006, after finding it
insolvent.  The case is docketed under Case No. B 24/340-06.

The Economic Court of Dniepropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dniepropetrovsk Region
         Ukraine

The Debtor be reached at:

         LLC TMT 96
         Rusanovskaya Str. 125
         49000 Dniepropetrovsk Region
         Ukraine


UKRKOMPLEKT LLC: Creditors Must File Claims by January 13
---------------------------------------------------------
Creditors of LLC Enterprise Ukrkomplekt (code EDRPOU 32510511)
have until Jan. 13 to submit written proofs of claim to:

         Leonid Talan, Liquidator
         P.O. Box 158
         49000 Dniepropetrovsk Region
         Ukraine
         Tel: (0562)92-53-18

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceeding against the company on Dec. 7, 2006, after finding it
insolvent.  The case is docketed under Case No. B 24/339-06.

The Economic Court of Dniepropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dniepropetrovsk Region
         Ukraine

The Debtor be reached at:

         LLC Enterprise Ukrkomplekt
         ap. 503
         b. 11
         Panikakha Str. 2
         49000 Dniepropetrovsk Region
         Ukraine


UKRKWAR LLC: Creditors Must File Claims by January 13
-----------------------------------------------------
Creditors of LLC Ukrkwar (code EDRPOU 30753206) have until
Jan. 13 to submit written proofs of claim to:

         Eduard Kokorev, Insolvency Manager
         International Str. 31
         Pokotilovka
         Harkiv District
         Harkiv Region
         Ukraine
         Tel: +38(067)579-48-57

The Economic Court of Harkiv Region commenced bankruptcy
proceeding against the company on Nov. 11, 2006, after finding
it insolvent.  The case is docketed under Case No. B-24/119-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor be reached at:

         LLC Ukrkwar
         International Str. 31
         Pokotilovka
         Harkiv District
         Harkiv Region
         Ukraine


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


CHATTEM INC: Closes US$410 Million Purchase of Five J&J Brands
--------------------------------------------------------------
Chattem Inc. closed its previously announced agreement to
acquire the U.S. rights to five leading consumer and over-the-
counter brands from Johnson & Johnson for US$410 million in
cash.

With the acquisition, Chattem's diverse portfolio of high
quality brands has now been expanded to include five additional
brands:

    * ACT(R), an anti-cavity mouthwash/mouth rinse;
    * UNISOM(R), an OTC sleep aid;
    * CORTIZONE, a hydrocortisone anti-itch product;
    * KAOPECTATE(R), an anti-diarrhea product; and
    * BALMEX(R), a diaper rash product.

The acquired brands were divested in connection with the recent
acquisition by Johnson & Johnson of Pfizer Inc.'s Consumer
Healthcare business and certain regulatory requirements in
connection with that acquisition.

"We are very excited to add these leading brands to the
Company's existing portfolio of quality products," said Zan
Guerry, Chairman and Chief Executive Officer of Chattem.  "With
the tremendous cooperation of Johnson & Johnson and Pfizer Inc.,
we have worked very hard over the past several months to help
ensure a smooth transition of ownership and remain very excited
about the growth potential of these brands."

The acquisition was funded in part with the proceeds from a new
US$300 million term loan provided by Bank of America pursuant to
a Fifth Amendment to and restatement of its Credit Agreement,
with the remaining funds principally being provided through the
use of a portion of the proceeds derived from Chattem's
previously announced sale of 2% Convertible Senior Notes due
2013.

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: Overview & Summary of First Amended Plan
----------------------------------------------------------
Since filing a plan and disclosure statement on Aug. 30, 2006,
Collins & Aikman Corp. and its debtor-affiliates 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 Nov. 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 US$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: Seeks Court Nod on Solicitation Protocol
----------------------------------------------------------
Collins and Aikman Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to enter
an order:
              
    (a) approving the disclosure statement to their
        First Amended Joint Plan;

    (b) fixing, subject to modification as needed,

          (i) the Voting Record Date,

         (ii) the Voting Deadline,

        (iii) deadlines for filing objections, if any, to
              confirmation of the Plan and replies to any
              objections, and

         (iv) the date for the hearing on confirmation of the
              Plan; and

    (c) approving the Solicitation Procedures and the form of
        certain Solicitation Documents to be distributed in
        connection with solicitation of the Amended Plan.

              Adequacy of the Disclosure Statement

Section 1125 of the Bankruptcy Code requires that a plan
proponent provide "adequate information" regarding a debtor's
proposed Chapter 11 plan.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York,
asserts that the Disclosure Statement contains the pertinent
information necessary for holders of claims to make an informed
decision about whether to vote to accept or reject the Plan,
including, among other things, information regarding:
       
    (a) the Plan;

    (b) the history of the Debtors, including certain events
        leading to the commencement of the Chapter 11 cases;

    (c) the operation of the Debtors' businesses and significant
        events during the Chapter 11 cases;

    (d) the Debtors' prepetition capital structure and
        indebtedness;

    (e) the Debtors' corporate structure;

    (f) claims asserted against the Debtors' estates and the
        procedures for the resolution of
        contingent, unliquidated and disputed claims;

    (g) the classification and treatment of claims and
        equity interests under the Plan;

    (h) certain risk factors to consider that may affect
        the Plan;
   
    (i) the restructuring transactions contemplated under
        the Plan;

    (j) certain federal income tax law consequences of the Plan;

    (k) the provisions governing distributions under the Plan;

    (l) the means for implementation of the Plan;

    (m) pending litigation involving the Debtors;

    (n) identification of causes of action belonging to the
        Debtors; and
    (o) settlement, release, injunctive and
        exculpation provisions of the Plan.

The Debtors submit that the Disclosure Statement contains more
than sufficient information for a hypothetical reasonable
investor to make an informed judgment about the Plan and
complies with all aspects of Section 1125.

                         Record Date

The Debtors ask the Court to exercise its authority under Rules
3017(d) and 3018(a) of the Federal Rules of Bankruptcy Procedure
to establish the date of entry of the order approving the
Disclosure Statement as the record date for determining:
    
    (i) the creditors that are entitled to receive Solicitation
        Documents pursuant to the Solicitation Procedures;

   (ii) the creditors entitled to vote to accept or reject the
        Plan; and

  (iii) whether Claims have been properly transferred to an
        assignee pursuant to Rule 3001(e) such that the assignee
        can vote as the Holder of the Claim.

              Distribution of Solicitation Notices

Pursuant to Local Rule 3018-1, a plan proponent must distribute
certain solicitation materials within five business days after
entry of an order approving the related disclosure statement.

Given the size and complexity of the solicitation, the Debtors
ask the Court to waive Local Rule 3018-10 to allow the Debtors
to distribute the Solicitation Documents and related notices on
a date that is no more than 10 business days following entry of
the order approving the Disclosure Statement.

                         Voting Deadline

The Debtors ask the Court to exercise its authority under Rule
3017(c) to establish 5:00 p.m. prevailing Pacific Time on the
date that is 10 days before the Confirmation Hearing as the
deadline by which Holders of Claims must accept or reject the
Plan in accordance with the Solicitation Procedures.

The Debtors also ask Judge Rhodes to permit them to extend the
Voting Deadline, if necessary, without further Court order, to a
date no later than five days before the Confirmation Hearing
with notice of the extension to all creditors entitled to vote.

                       Objection Deadline

Pursuant to Bankruptcy Rule 3020(b), the Debtors ask the Court
to establish 5:00 p.m. prevailing Pacific Time on the date that
is 10 days before the Confirmation Hearing as the deadline by
which objections to confirmation of the Plan, if any, must be
filed and served in accordance with the Solicitation Notice.

The Debtors request that they be permitted to file a reply, no
later than three days before the Confirmation Hearing, to any
objections to confirmation of the Plan.

                      Confirmation Hearing

The Debtors request that the Court exercise its authority under
Bankruptcy Rule 3017(c) to schedule a hearing on confirmation of
the Plan, subject to the Court's calendar, as soon as
practicable on or after 25 days from the Solicitation
Distribution Date, which hearing may be continued from time to
time by the Court or the Debtors without further notice other
than adjournments announced in open court.

                     Solicitation Procedures

To conduct an effective solicitation of votes to accept or
reject the Plan, consistent with the requirements of the
Bankruptcy Code, the Bankruptcy Rules, the Local Rules and due
process, the Debtors seek approval of the Solicitation
Procedures.  

A. Duties of the Solicitation Agent

The Debtors request that Kurtzman Carson Consultants LLC be
authorized and directed to assist them in:
            
    (a) distributing Solicitation Documents,

    (b) receiving, tabulating and reporting on Ballots
        and Master Ballots cast to accept or reject the Plan
        by holders of claims against the Debtors,
    
    (c) responding to inquiries from creditors, equity interest
        holders and other parties in interest relating to the
        Disclosure Statement, the Plan, the Ballots and the
        Master Ballots, the Solicitation Procedures and
        all other Solicitation Documents and matters
        related thereto,
    
    (d) soliciting votes on the Plan, and
    
    (e) if necessary, contacting creditors and equity interest
        holders regarding the Plan.

B. Record Holders of the Debtors' Securities

Once the Voting Record Date is established, the Debtors and
Kurtzman will contact the registrars of the Debtors' public
securities and the applicable indenture trustees to compile and
generate lists of holders of the Debtors' Securities as of the
Voting Record Date.

C. Solicitation Documents

In accordance with Bankruptcy Rule 3017(d), the Debtors intend
to distribute the materials to holders of claims and equity
interests for purposes of soliciting their votes and providing
adequate notice of the Confirmation Hearing.

Specifically, the Debtors intend to serve all of the
Solicitation Documents on the Core Group and the 2002 List.   
With respect to certain listed entities that are not in the Core
Group or on the 2002 List, the Debtors will cause to be mailed,
only:
        
    (a) the Solicitation Notice;

    (b) appropriate Ballots and Master Ballots and applicable
        Voting Instructions;

    (c) a pre-addressed, postage pre-paid return envelope; and

    (d) a CD-Rom containing the Disclosure Statement, the
        Solicitation Procedures Order, the
        Solicitation Procedures and certain other documents
        that are contained in the Plan Supplement.

The Solicitation Notice will additionally instruct the parties
that all other Solicitation Documents can be obtained by
accessing the Debtors' Web site or by requesting a copy from the
Solicitation Agent in writing or by telephone.

To avoid duplication and reduce expenses, the Debtors propose to
make every reasonable effort to ensure that creditors and equity
interest holders who might otherwise receive multiple
solicitation packages will receive no more than one set of
Solicitation Documents and one Ballot or Master Ballot for each
class of claims for which the creditor or equity interest holder
is entitled to vote.

D. Approval of the Form of Ballots

All votes to accept or reject the Plan must be cast by using the
appropriate ballot or, in the case of Beneficial Holders of the
Debtors' Securities that are registered or otherwise held in the
name of a Nominee, the appropriate master ballot.

The Debtors will prepare and customize Ballots for all classes
of claims that the Debtors anticipate will be entitled to vote
to accept or reject the Plan in accordance with Bankruptcy Rule
3018(c).

E. Form of Solicitation Notice

To satisfy the requirements of Bankruptcy Rules 2002(b) and (d),
the Debtors intend to send a solicitation document, which will
contain, among other things:
    
    (a) instructions to creditors and interested parties on how
        they may view or obtain copies of the Court-approved
        Disclosure Statement, the Plan Supplement, the
        Solicitation Procedures Order, the
        Solicitation Procedures and all other materials in
        the Debtors' Solicitation Documents;

    (b) a disclosure regarding the settlement, third party
        release, exculpation and injunction language in Article
        XII of the Plan;

    (c) the Voting Record Date;

    (d) the procedures for the temporary allowance of claims;

    (e) the Voting Deadline;

    (f) the Plan Objection Deadline; and

    (g) the Confirmation Hearing date and time.

The Debtors also intend to publish the Solicitation Notice to
provide sufficient notice of the Plan Objection Deadline, the  
Confirmation Hearing and other relevant deadlines to entities
that may not otherwise receive notice by mail.

F. Forms of Other Notices

i. Non-Voting Status Notices

As reflected in the Amended Plan, certain classes of claims and
equity interests under the Plan are not entitled to vote to
accept or reject the Plan because the classes:
    
    (a) are unimpaired within the meaning of Section 1124 or

    (b) would receive no distribution under the Plan and,
        therefore, are deemed to reject the Plan pursuant to
        Section 1126(g).

In addition, certain creditors whose claims are not classified
in accordance with Section 1123(a)(1) are not entitled to vote
to accept or reject the Plan.

The Debtors propose that, unless specifically requested, they
not be required to send Solicitation Documents to creditors and
equity holders not entitled to vote on the Plan.  In lieu of the
Solicitation Documents, the Debtors intend to send to these
creditors and equity interest holders both a Solicitation Notice
and one of these notices:
    
    (a) the Notice Of Non-Voting Status With Respect To
        Unimpaired Classes Deemed To Accept The Plan And
        Unclassified Classes; or

    (b) the Notice Of Non-Voting Status With Respect To
        Impaired Classes Deemed To Reject The Plan,
        as applicable.

ii. Causes of Action and Executory Contracts Notices

The parties listed on the Nonexclusive List of Causes of Action
and the counterparties to the Debtors' executory contracts and
unexpired leases listed on the Plan will receive only the
Solicitation Notice and one or both of these additional notices:
    
    (a) the Notice To Parties To Retained Causes Of Action and

    (b) the Notice To Counterparties To Executory Contracts
        And Unexpired Leases, as applicable.

If any of these parties also have claims against or equity
interests in the Debtors as of the Voting Record Date, the
parties will also receive the Solicitation Documents.

                Voting and Tabulation Procedures

The Debtors ask the Court to approve the voting and tabulation
procedures in accordance with Section 1126(c) and Bankruptcy
Rule 3018(a).
    
(i) Voting and General Tabulation Procedures

The Amended Plan contemplates impaired classes that will be
entitled to vote on the Plan.  The Debtors ask the Court to
enter an order providing that only holders of claims in Classes
3 to 7 are entitled to vote to accept or reject the Plan.

(ii) Master Ballot Tabulation Procedures

The Plan also contemplates that certain Beneficial Holders of
claims derived from, or based on, indentures issued by the
Debtors will be entitled to accept or reject the Plan.

The Debtors recognize that the records of the indenture trustees
for the Debtors' Indentures may reflect the brokers, dealers,
commercial banks, trust companies or other nominees through
which certain Beneficial Holders hold the relevant Indentures
rather than the Beneficial Holders themselves.

For relevant materials to be fully and properly disseminated to
the Beneficial Holders, the Debtors request that the Court order
Nominees to:
    
    (a) disseminate the appropriate Solicitation Documents or
        other appropriate notices to the Beneficial Holders and

    (b) cooperate fully with the Debtors with respect to the
        solicitation process.

(iii) Temporary Allowance of Claims for Voting Purposes

If an objection to a claim is pending on the Voting Record Date,
the holder of a claim will receive a copy of the Solicitation
Notice and a Notice of Non-Voting Status with Respect to
Disputed Claims, in lieu of a Ballot.

The Objected-to-Claim Notice will inform the holder that (a) an
objection to its claim is pending and (b) the holder cannot vote
absent at least one of these events taking place prior to the
Voting Deadline:
     
     -- an order is entered by the Bankruptcy Court, after
        notice and a hearing, temporarily allowing the Objected-
        to-Claim for voting purposes only pursuant to
        Bankruptcy Rule 3018(a);

     -- a stipulation or other agreement is executed between the
        holder of the Objected-to-Claim and the Debtors allowing
        the holder of the Objected-to-Claim to vote
        its Objected-to-Claim in an agreed upon amount; or

     -- the pending objection to the Objected-to-Claim
        is voluntarily withdrawn by the Debtors or overruled
        by the Bankruptcy Court.

If a Resolution Event occurs before the Voting Deadline, no
later than two business days after a Resolution Event, the
Solicitation Agent will distribute a Ballot and a preaddressed,
postage pre-paid envelope to the relevant holder of the
Objected-to-Claim, which must be returned to the Solicitation
Agent by no later than the Voting Deadline.

If an objection to a claim is filed by the Debtors after the
Voting Record Date, the Ballot of the holder of the Objected-to-
Claim will not be counted absent a Resolution Event taking place
on or before the Confirmation Hearing.

Nothing in the Solicitation Procedures will affect the Debtors'
right to object to any proof of claim on any other ground or for
any other purpose.

H. Returned Solicitation Packages and Notices

The Debtors seek the Court's approval for a departure from the
strict notice rule excuse from:
        
    (a) giving notice or providing service of any kind upon any
        entity to whom the Debtors mailed any Solicitation
        Documentation, including any notices, and received
        any of the documents returned by the  
        United States Postal Service marked "undeliverable
        as addressed," "moved - left no forwarding
        address," "forwarding order expired" or similar
        marking, unless the Debtors have been informed
        in writing by the entity of its new address and

    (b) re-mailing the documents to those entities
        whose addresses differ from the addresses in the
        claims register or the Debtors' records as of the
        Voting Record Date.  If a creditor has changed
        its mailing address after the Petition Date, the
        burden will be on the creditor or party-in-interest,
        not the Debtors, to advise the Solicitation Agent of
        the new  address.
                          *     *     *

The Court will convene a hearing to consider the Debtors'
request, including the adequacy of the Disclosure Statement, on
Jan. 25 at 11:00 a.m.

Objections are due Jan. 18 at 4:00 p.m.

                    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 AUTOMOTIVE: Hires Kurtzman Carson as Claims & Notice Agent
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware allowed
DURA Automotive Systems, Inc. and its debtor affiliates to
employ Kurtzman Carson Consultants, LLC, as their notice, claims
and balloting agent.

The Debtors have approximately 84,000 potential creditors.  The
office of the Clerk of the Bankruptcy Court for the District of
Delaware is not equipped to efficiently and effectively serve
notice on the large number of creditors and parties-in-interest
and administer claims during the Debtors' Chapter 11 cases.  
"The sheer size and magnitude of the Debtors' creditor body
makes it impracticable for the Clerk's Office to undertake that
task," Keith Marchiando, chief financial officer, says.

Kurtzman Carson is expected to:

   (a) prepare and serve required notices in the Debtors'
       Chapter 11 cases:

          * a notice of the commencement of the Reorganization
            Cases and the initial meeting of creditors under
            Section 341(a) of the Bankruptcy Code;

          * a notice of the claims bar date;

          * notices of objections to claims;

          * notices of any hearings on a disclosure statement
            and confirmation of a plan or plans of
            reorganization; and

          * other miscellaneous notices as the Debtors or the
            Court may deem necessary or appropriate for an
            orderly administration of the Debtors' Chapter 11
            cases;

   (b) within three business days after the service of a
       particular notice, prepare for filing with the Clerk's
       Office a certificate or affidavit of service that
       includes an alphabetical list of persons on whom the
       notice was served, along with their addresses, and the
       date and manner of service;

   (c) maintain copies of all proofs of claim and proofs of
       interest filed;

   (d) maintain official claims registers by docketing all
       proofs of claim and proofs of interest in a claims
       database that includes this information for each claim or
       interest asserted:

          * the name and address of the claimant or interest
            holder and any agent thereof, if the proof of claim
            or proof of interest was filed by an agent;

          * the date the proof of claim or proof of interest was
            received by Kurtzman and the Court;

          * the claim number assigned to the proof of claim or
            proof of interest; and

          * the asserted amount and classification of the claim;

   (e) implement necessary security measures to ensure the
       completeness and integrity of the claims registers;

   (f) transmit to the Clerk's Office a copy of the claims
       registers on a weekly basis unless requested more or less
       frequently by the Clerk's Office;

   (g) maintain an up-to-date mailing list for all entities that
       have filed proofs of claim or proofs of interest and make
       that list available upon request to the Clerk's Office or
       any party-in-interest;

   (h) provide access to the public for examination of copies of
       the proofs of claim or proofs of interest filed without
       charge during regular business hours;

   (i) record all transfers of claims pursuant to Rule 3001(e)
       of the Federal Rules of Bankruptcy Procedure and, if
       directed by the Court, provide notice of those transfers
       as required by Bankruptcy Rule 3001(e);

   (j) comply with applicable federal, state, municipal, and
       local statutes, ordinances, rules, regulations, orders,
       and other requirements;

   (k) provide temporary employees to process claims as
       necessary;

   (l) promptly comply with further conditions and requirements
       as the Clerk's Office or the Court may at any time
       prescribe;

   (m) provide other claims processing, noticing, balloting, and
       related administrative services as may be requested from
       time to time by the Debtors; and

   (n) act as balloting agent, which may include some or all of
       these services:

          * printing of ballots, including the printing of
            creditor and shareholder specific ballots;

          * preparing voting reports by plan class, creditor, or
            shareholder and amount for review and approval by
            the client and its counsel;

          * coordinating the mailing of ballots, disclosure
            statement, and plan of reorganization to all voting
            and non-voting parties, and provide affidavit of
            service;

          * establishing a toll-free "800" number to receive
            questions regarding voting on the plan; and

          * receiving ballots at a post office box, inspecting
            ballots for conformity to voting procedures, date
            stamping and numbering ballots consecutively, and
            tabulating and certifying the results.

In addition, at the Debtors' request, Kurtzman will assist the
Debtors with, among other things:

   (1) preparing and mailing customized proofs of claim to the
       creditors listed on the Debtors' Schedules of
       Liabilities,

   (2) preparing, mailing, and tabulating ballots of certain
       creditors for the purpose of voting to accept or reject
       the plan or plans of reorganization; and

   (3) any other additional services requested by the Debtors.

Kurtzman will bill:

   Professional                                    Hourly Rate
   ------------                                    -----------
   Clerical -- data input                         US$40 - US$65

   Project Specialist -- document management
   and case administration                        US$75 - US$115

   Consultant -- general consulting;
   document and data review                      US$125 - US$210

   Senior Consultant -- general consulting;
   document and data review                      US$225 - US$250

   Technology and Programming Consultant
   -- KCC Case View maintenance and support      US$115 - US$195

The firm will send copies of its monthly invoices to the United
States Trustee.

With its appointment as notice, claims and balloting agent,
Kurtzman:

    -- is not and will not be employed by any federal or state
       agency and will not seek any compensation from the
       Government;

    -- by accepting employment in the Debtors' cases, waives any
       right to receive compensation from the Government;

    -- is not an agent of the Government and is not acting on
       behalf of the Government;

    -- will not misrepresent any fact to the public; and

    -- will not employ any past or present employees of the
       Debtors for work involving the Chapter 11 cases.

Eric Kurtzman, chief executive officer of Kurtzman Carson
Consultants LLC, assures the Court that to the best of his
knowledge, the officers and employees of his firm:

   (a) do not have any adverse connection with the Debtors, the
       Debtors' creditors or any other party-in-interest or
       their attorneys and accountants, the United States
       Trustee, or any person employed by the office of the U.S.
       Trustee; and

   (b) do not hold or represent an interest adverse to the
       Debtors' estates.

Mr. Kurtzman attests that his firm is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy
Code, as modified by Section 1107(b).

Prior to the Debtors' bankruptcy filing, Kurtzman performed
certain professional services for the Debtors.  The Debtors
provided the firm with a US$100,000 advance payment retainer.  
Mr. Marchiando states the Debtors do not owe Kurtzman any amount
for services performed or expenses incurred prior to the
Petition Date.

Kurtzman's original Retention Agreement provided for limitations
of liability and indemnification.  The Court, however, modified
the Retention Agreement to remove that provision.

A full-text copy of Kurtzman's Fee Structure is available for
free at http://ResearchArchives.com/t/s?17d6

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. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Wants to Employ Deloitte & Touche as Auditors
--------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to employ Deloitte & Touche LLP as independent auditors and
accountants, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, vice president and chief financial officer,
relates that Deloitte & Touche, an affiliate of Deloitte Tax
LLP, is a national professional services firm with hundreds of
partners and thousands of professional staff.  The firm's
experience in auditing and accounting is widely recognized, and
it regularly provides services to large and complex business
entities.  Deloitte & Touche also has extensive experience in
delivering auditing and accounting services in Chapter 11 cases.

Deloitte & Touche functioned as the Debtors' independent
auditors and accountants before the Debtors' filing for chapter
11 protection, Mr. Marchiando adds.  

The firm has agreed to:

   (a) audit the consolidated annual financial statements of the
       Debtors and its subsidiaries for the fiscal years ended
       Dec. 31, 2006, and onwards;

   (b) review the Debtors' interim financial information for
       each quarter for the fiscal year ending Dec. 31, 2006,
       and onwards;

   (c) render other audit and accounting services, including
       assistance in connection with reports requested by the
       Court, United States Trustee or parties-in-interest;
       accounting advisory services during the course of
       reorganization; and other similar requested assistance at
       an hourly rate basis; and

   (d) provide additional audit services, should the assumptions
       underlying the fixed fee estimate cost not materialize.

Mr. Marchiando relates that as of the Petition Date, Deloitte &
Touche holds a minimal retainer of approximately US$5,000, and
provides services upon a fixed fee between US$3,430,000 and
US$3,800,000.

For the additional services, Deloitte & Touche will bill:

           Professionals                     Hourly Rates
           -------------                     ------------
           Partner, Principal, Director     US$460 - US$650
           Senior Manager                   US$390 - US$490
           Manager                          US$320 - US$390
           Senior Accountants               US$200 - US$250
           Staff Accountants                US$135 - US$180
           Paraprofessionals                    US$60

The firm discloses that from time to time, certain Deloitte &
Touche Tohmatsu member firms will assist it in connection with
its ongoing audit services with approximately US$15,000 in
services that will be included in Deloitte & Touche's fee
applications.  The DTT Member Firms will be retained and paid by
the applicable non-filing Debtor affiliates.

The Debtors have also sought to retain Ernst & Young LLP as
their internal auditors and tax service providers.  Deloitte &
Touche has advised the Debtors that it will make every effort to
avoid duplication of its work and that of Ernst & Young, and
Deloitte
Tax.

Christopher A. Swanson, a partner of Deloitte & Touche,
discloses certain relationships with parties in connection with
matters unrelated to the Debtors' Chapter 11 cases:

   -- the firm provides services to certain of the Debtors'
      largest unsecured creditors, including its lenders GE
      Capital Corp., Goldman Sachs, and Barclays Bank or their
      affiliates; and

   -- certain financial institutions that are prepetition
      lenders of the Debtors, including AXA, Harris Bank,
      Comerica, JPMorgan Chase, Wachovia Bank, Citigroup, Bank
      of America and affiliates of GE are lenders to the firm.

Mr. Swanson assures the Court that the firm will not serve those
entities in the Debtors' Chapter 11 cases.  He attests that his
firm 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. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FEDERAL-MOGUL: Court Sets Disclosure Statement Hearing on Feb. 2
----------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware will convene a hearing on
February 2, 2007, at 9:00 a.m. (prevailing Eastern time) to
consider the adequacy of the Supplemental Disclosure Statement
relating to Federal-Mogul Corporation and its debtor affiliates'
Fourth Amended Joint Plan of Reorganization.

The Supplemental Disclosure Statement provided information
concerning modification to the holders of certain claims that
are proposed to have their votes re-solicited with respect to
the Fourth Amended Plan.  For most claims against and interests
in the Debtors, however, the Fourth Amended Plan provides for
the same treatment as was contained in the Third Amended Plan,
and it is proposed not to re-solicit votes with respect to the
Fourth Amended Plan from the holders of the claims and
interests.

The deadline for filing objections to the Supplemental
Disclosure Statement is on January 10, 2007, at 4:00 p.m.
(prevailing Eastern time).

Unless an objection to the Supplemental Disclosure Statement is
filed and served by the Objection deadline, parties-in-interest
may be barred from objecting and may not be heard at the
Supplemental Disclosure Statement Hearing.

The Supplemental Disclosure Statement Hearing may be adjourned
from time to time without further notice to all parties.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation  
-- http://www.federal-mogul.com/-- is one of the world's   
largest automotive parts companies with worldwide revenue of  
some US$6 billion.  The company filed for chapter 11 protection  
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.  
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at  
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at  
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,  
represent the Debtors in their restructuring efforts.  When the  
Debtors filed for protection from their creditors, they listed  
US$10.15 billion in assets and US$8.86 billion in liabilities.   
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based  
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at  
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,  
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard  
Firm represent the Official Committee of Unsecured Creditors.   
(Federal-Mogul Bankruptcy News, Issue No. 121; Bankruptcy  
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000)


FEDERAL-MOGUL: Won't Transfer Mexican Unit's Equity Interest
------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates withdrew
their request to transfer the equity interests of Servicio de
Componente Automotrices, S.A. de C.V. and Servicios
Administrativos Industriales, S.A. de C.V. to non-debtor
subsidiary Cooperatief Federal-Mogul Dutch Investments
U.A.

The Debtors dropped their transfer plan with respect to the
Mexican units in response to an informal objection raised by a
party-in-interest.  The Debtors did not disclose the identity of
the objecting party.

Accordingly, the Court only grants the Debtors' request with
respect to the transfer of equity interests in Federal-Mogul
Holding Deutschland GmbH to F-M Dutch HoldCo.

            Inter-company Equity Interest Transfers

The Debtors secured an approval from the U.S. Bankruptcy Court
for the District of Delaware for the inter-company transfers of
equity interests in Federal-Mogul Holding Deutschland GmbH and
certain Mexican subsidiaries to Cooperatief Federal-Mogul Dutch
Investments U.A., a non-Debtor subsidiary.

The equity interests are currently held either directly by
Debtors Federal-Mogul Corporation, FM International LLC, and
Federal-Mogul Ignition Company, or indirectly through their non-
debtor affiliates.

The proposed Transfers are part of an international
restructuring that the Debtors intend to consummate before year-
end to maximize the tax-efficiency of their corporate structure
going forward.

The restructuring will ultimately result in many of the Debtors'
foreign subsidiaries being owned through the F-M Dutch HoldCo
structure.  F-M Dutch HoldCo, which was formed in connection
with the Court-authorized French and Italian Recap, is a Dutch
holding company with no current material liabilities and whose
only significant assets are its indirect equity holdings in
Federal-Mogul Holding Italy S.r.L.

The Transfers will result in an estimated annual tax savings
aggregating US$28,000,000, and will preserve a larger portion of
post-tax funds that are repatriated through the F-M Dutch HoldCo
structure.

                         German Transfers

F-M Germany is currently a wholly owned subsidiary of Federal-
Mogul Corp., and is the parent of a number or subsidiaries that
constitute about 60% of the Debtors' operations in Europe.

The Debtors proposed to transfer ownership of F-M Germany from
Federal-Mogul Corp., resulting in F-M Dutch HoldCo directly
holding a 90% equity interest in F-M Germany with the remaining
10% held indirectly through a newly formed German partnership.

The German Transfer allows the Debtors to effectuate their
international restructuring and move funds up the corporate
ownership chain to their United States parent companies.

The German Transfer must be completed by the end of 2006 to
allow the Debtors to take advantage of a number of beneficial
tax attributes that are anticipated to result in an aggregate
tax savings of approximately US$26,000,000.

                        Mexican Transfers

The Debtors' Mexican operations consist of 10 directly and
indirectly held subsidiaries.  None of the Mexican subsidiaries
are Debtors in the Chapter 11 proceedings.

Servicio de Componente Automotrices, S.A. de C.V., is the
principal holding company for the Mexican businesses.  The
current shareholders of SEDECA are:

   (1) Debtor F-M International with a current interest of
       25.52% interest in SEDECA;

   (2) Debtor F-M Ignition with a 70.74% interest in SEDECA; and

   (3) non-Debtor Federal-Mogul Canada Ltd., which is wholly
       owned by Federal-Mogul Corp., with a 3.74% interest in
       SEDECA.

SEDECA directly or indirectly holds 100% of all of the SEDECA
Subsidiaries except:

   * Servicios Administrativos Industriales, S.A. de C.V.;

   * Camshafts Castings de Mexico S. de R.L.; and

   * Federal-Mogul S.A. de C.V.

The Debtors previously proposed to transfer the equity interests
of SEDECA and SAISA to F-M Dutch HoldCo, which will permit the
Debtors to avail themselves of certain tax advantages under
Dutch and Mexican law.

As part of the Mexican Transfer, the shareholders of the Mexican
Subsidiaries will indirectly contribute their ownership
interests in the Mexican Subsidiaries to F-M Dutch HoldCo in
exchange for equity interests in F-M Dutch HoldCo.

The Mexican Transfer is part of the Debtors' overall tax
planning efforts to reduce the tax liability related to their
Mexican operations.  The Debtors estimated that the Mexican
Transfers will result in an ownership structure that will confer
a net US$2,000,000 annual savings in taxes.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 122; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


PSIVIDA LIMITED: Lender Frees Firm From Loan Covenants
------------------------------------------------------
pSivida Limited entered into an agreement with its principal
institutional lender whereby the lender has agreed to a general
forbearance with respect to any defaults through to and
including the earlier of the closing of the Nordic Biotech
Advisors (Nordic) transaction or March 31, 2007, subject to the
satisfaction of closing conditions.

The lender agreed:

   -- to allow the Company to transfer or grant security
      interests in the Company's MedidurTM and Mifepristone
      assets which would be necessary to complete specified
      financing transactions with Nordic;

   -- to forego the interest payment due on Jan. 2, 2007, in
      favor of adding approximately US$309,000 (AU$391,000) to
      the principal amount of the loan (representing the value
      of the American Depository Receipts (ADSs) with which the
      Company would have issued to satisfy the payment had it
      met certain conditions allowing it to pay with ADSs);

   -- to defer the Company's scheduled payment of US$800,000
      (AU$1 million) for prior registration delay penalties
      until the earlier of the closing of the Nordic transaction
      or March 31, 2007;

   -- to forgive US$770,000 (AU$973,000) of additional
      registration delay penalties accruing through the earlier
      of the closing of the Nordic transaction or March 31,
      2007;

   -- to amend the Company's loan covenants to release it from
      the obligation to satisfy a minimum cash balance test of
      30% of the outstanding principal until March 31, 2007; and

   -- that the Company would have until ten days after the
      earlier of the closing of the Nordic transaction or
      March 31, 2007 to file a registration statement with
      respect to securities issuable on exercise of the lender's
      warrants.

In return for the foregoing, the Company has issued to the
lender warrants to purchase 1.5 million ADSs over five years
with an exercise price of US$2.00 per ADS and has agreed, upon
receipt of required approvals, including shareholder approval,
and satisfaction of other standard conditions, to issue
additional warrants to purchase 4.0 million ADSs over five years
with an exercise of US$2.00, subject to adjustment based on the
final terms of the Company's transaction with Nordic.

The Company expects to close definitive documents with Nordic
Biotech Advisors for a US$4 million (AU$5.1 million) corporate
investment in the Company and a US$22 million (AU$27.8 million)
investment over time in a 'Special Purpose Vehicle' that is
expected to fully fund the Company's portion of costs to develop
MedidurTM for the treatment of the chronic eye disease diabetic
macular edema.

                      About pSivida Limited

Headquartered in Perth, Australia, pSivida Limited (NASDAQ:PSDV)
(ASX:PSD) (Xetra:PSI) -- http://www.psivida.com/-- is an  
Australian is committed to biomedical applications of nano-
technology and has as its core focus the development and
commercialization of drug delivery products in the healthcare
sector, initially in ophthalmology and oncology.  The company's
shares are listed on the Australian Securities Exchange, the
NASDAQ Global Market, the Frankfurt Stock Exchange, and London's
OFEX International Market Service.  

pSivida also operates subsidiaries in the United Kingdom,  
Singapore, Australia, and the United States.

                        *     *     *

                    Going Concern Doubt

The company noted that its financial statements have been  
prepared assuming that it will continue as a going concern.

After auditing the company's consolidated balance sheet as of  
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered  
Accountants said that as of Oct. 31, 2006, pSivida has  
determined there may be a risk of default associated with  
maintaining the US$1.5 million minimum cash balance.  In the  
event of a default the note holder is entitled to call the full  
value of the liability.  This risk of default, together with the  
company's recurring losses from operations and negative cash  
flows from operations, raise substantial doubt about its ability  
to continue as a going concern.

Deloitte notes that the financial statements do not include any  
adjustments that might result from the outcome of this  
uncertainty.


REFCO INC: Seeks to Reject 1997 Deal with SunGard Financial
-----------------------------------------------------------
Refco Inc. and its debtor-affiliates seek U.S. Bankruptcy
Court for the Southern District of New York's authority to
reject a May 1997 Remote Processing Agreement between SunGard
Financial Systems Inc., and Refco Group Ltd., LLC, effective as
of March 31, 2007.

J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in New York, relates that the software provided  
pursuant to the SunGard Contract was utilized by Refco Capital  
Markets, Ltd., and Refco Securities, LLC, in trading operations  
of the Debtors' businesses.  The software was also generally
used for booking trades against the Debtors' stock records and  
supplying the general ledger with accounting information  
regarding sale proceeds and other receipts, like redemptions,  
interest and dividend payments.

Monthly charges under the SunGard Contract total approximately  
US$300,000.  The SunGard Contract currently terminates on
Oct. 31, 2008.

Mr. St. Clair tells Judge Drain that since the Debtors are in
the final stages of winding up their operations, the services  
provided pursuant to the SunGard Contract will no longer be  
needed after the Rejection Date.

Mr. St. Clair continues that subsequent to confirmation of the  
Debtors' Chapter 11 Plan, only RCM will utilize the services to  
complete any processing and reporting of trades necessary to  
liquidate its securities portfolio and wind up its affairs.   
After RCM's securities portfolio is substantially liquidated,
the primary use for services provided under the SunGard Contract
will relate to the storage of historical records and access to  
archived customer account information, he adds.

By the Rejection Date, the Debtors expect that they will hold
few open securities positions.  As the remaining securities are  
liquidated, the Debtors will track the liquidation of those  
positions using a spreadsheet and will manually input accounting  
information into the general ledger.

The Debtors believe that they will be able to access archived  
data through a replicated database in a different software  
system, which they are currently utilizing for their schedules  
and claims analysis.

To the extent that SunGard seeks to assert a rejection damage  
claim resulting from the rejection of the SunGard Contract, the  
breach giving rise to those damages will be deemed to have  
occurred immediately before December 1, 2006.

The Debtors ask the Court to establish the deadline for filing  
the Rejection Damage Claim as 30 days after the Motion is  
granted.

                        About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 51; 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 Court Nod 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 Dec. 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 US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 53; 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: Court Okays Sale of Refco Global Shares to Bank Frick
----------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan approved the Restated
Share Sale and Purchase Agreement, dated Nov, 30, 2006, between
Refco Global Finance Ltd., and Bank Frick & Co.
Aktiengesellschaft.

Pursuant to the Restated Purchase Agreement, Refco Global will
sell 80 registered shares to Bank Frick for US$1,350,000.

The Shares, with restricted transferability and each with a
nominal value of CHF10,000, constitute 4% of outstanding share
capital of Bank Frick.

Refco Global will assign and transfer to Bank Frick all of the
seller's rights, title, and interest in and to the Shares, free
and clear of all liens, claims, and encumbrances as permitted by
Section 363 of the Bankruptcy Code.

                        About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 51; 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.


SEA CONTAINERS: HSH Nordbank Doesn't Object to Aegean Stake Sale
----------------------------------------------------------------
HSH Nordbank AG, an unsecured creditor in Sea Containers, Ltd.
and its debtor-affiliates' chapter 11 case, does not object to
the sale of the Debtors' 50% interest in their Aegean Speed
Lines NE joint venture to Speed Shipping Company Ltd., pursuant
to a sale agreement dated November 2006 between the Debtors,
Speed Shipping, ASL, Niver Lines Shipping Co. SA, Hoverspeed GB
Ltd., and Sea Containers Cyprus Holdings Ltd.

HSH Nordbank wants to clarify that the mortgage on ASL's vessel,
Speedrunner 1, secures the obligations of Hoverspeed GB
Limited.  Hoverspeed's obligations in turn guarantee the
principal obligations that Hoverspeed Italia Srl owes to HSH
Nordbank, which principal obligations are guaranteed by Sea
Containers Ltd.

As reported in the TCR-Europe on Dec. 4, 2006, the Debtors and
Speed Shipping, who each owns 50% interest in ASL, had entered
into a shareholders' agreement in February 2005, under which the
parties each subscribed for 2,500 shares in ASL.

ASL has no other operations aside from operating Speedrunner 1,
a passenger ferry.  HGB, an indirect, wholly owned subsidiary of
the Debtors, owns Speedrunner 1 and charters it to SC Cyprus.  
SC Cyprus, in turn, sub-charters the ferry to ASL.

Under the Shareholders' Agreement, the Debtors are obliged to
make subordinated loans to ASL in amounts necessary to meet its
portion of ASL's liability to third party creditors.

HGB had agreed to sell the Vessel to Speed Shipping for
US$2 million.  In conjunction with the sale, the Debtors also
agreed to sell their 50% stake in the ASL joint venture to Speed
Shipping, and the release of its obligations under the
Shareholders' Agreement.

                      About Sea Containers

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

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

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


SEA CONTAINERS: Wants to Pay Employees Dismissed on Bankruptcy
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask authority from
the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware to comply with their statutory
obligations and pay the notice and redundancy payments required
under the Employment Rights Act 1996 (England) to employees they
dismissed after the Debtors filed for bankruptcy, in connection
with their business rationalization efforts.

As part of their restructuring efforts, the Debtors are
evaluating their business operations and staffing needs on an
ongoing basis.  The Debtors believe it will be necessary to
reduce the overall size of their workforce through layoffs of
employees whose services are no longer required due to the
rationalization of their business operations, Robert S. Brady,
Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington,
Delaware relates.

Mr. Brady tells the Court that the Debtors, as required by the
ERA and in the ordinary course of business, have entered into an
employment contract with each of their Employees stating the
length of notice, which the Debtors are obliged to give the
Employee to terminate his/her contract of employment.

The Debtors estimate that the potential aggregate cost of
Statutory Redundancy Payments that would be owed to their
Employees who may be dismissed over the next nine months is
US$647,000.  Claims by Dismissed Employees arising from the
Debtors' failure to abide by the ERA's statutory requirements
would be entitled to administrative expense priority pursuant to
Section 503(b)(1)(A) of the Bankruptcy Code, Mr. Brady says.

Mr. Brady tells Judge Carey that any failure by the Debtors to
comply with their statutory obligations under the ERA and to
make the required Statutory Payments to Dismissed Employees
will:

    -- result in numerous administrative expense claims being
       asserted against the Debtors and their estates;

    -- subject the Debtors to legal action in England, which
       could, among other things, cause estate resources to be
       depleted by defending the actions, and could jeopardize
       the Debtors' ability to restructure their operations; and

    -- cause an adverse effect on the morale and loyalty of the
       Debtors' remaining Employees, at a time when the support
       is critical.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).   
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000)


SOLUTIA INC: Hires Two Firms as Ordinary Course Professionals
-------------------------------------------------------------
Solutia Inc. and its debtor-affiliates have employed certain
professionals who will provide services that are unrelated to
the bankruptcy aspects of their Chapter 11 cases.  

The Debtors and two firms have reached an agreement to continue
the engagement pursuant to Section 327 of the Bankruptcy Code.

A. Strasburger & Price

Elizabeth Bonvillain Kamin, a partner at Strasburger & Price
LLP, relates that Solutia Inc., has employed the firm since
July 2006, to perform certain services relating to the defense
of a contract claim for damages and pursuit of a counterclaim
for breach of contract.  

The firm will be paid on an hourly basis by its professionals'
customary rates and will be reimbursed for actual and necessary
expenses incurred in connection with its representation, or
services for, the Debtors.  The hourly rates are:

                  Partner             US$385
                  Associate              240
                  Legal Assistant        135

Ms. Kamin tells the Court that Strasburger & Price revises its
regular hourly rates on Nov. 1 of each year.  Services amounting
to US$7,810 have been rendered, and expenses totaling
US$553 have been incurred that have not yet been billed or for
which no payment has yet been received.

The firm, its members, associates and other professionals may
have in the past represented, currently represent, and may in
the future represent entities that are parties-in-interest in
matters totally unrelated to the Debtors' cases.

Strasburger & Price will not represent any entity in connection
with the Debtors' Chapter 11 cases and does not have any
relationship with entities that would be adverse to the Debtors
or their estates, Ms. Kamin assures the Court.

B. Clement & Wheatley

Glenn W. Pulley, a partner at Clement & Wheatley, tells the
Court that the firm has been employed by Solutia since
Aug. 14, 2006, to provide services relating to miscellaneous
litigation arising in the ordinary course of the Debtors'
business.

The professionals will be paid according to their customary
hourly rates:

                  Glenn W. Pulley     US$185
                  Darren W. Bentley      135

Mr. Pulley informs the Court that the firm revises its
professionals' regular hourly rates by not more than 5% on
Feb. 1 of each year.  Clement & Wheatley will be reimbursed for
actual and necessary expenses incurred during the engagement.

The firm has rendered services and incurred expenses that have
not yet been billed or for which no payment has yet been
received.  The value of the services and amount of expenses are
US$6,692 and US$223.

Mr. Pulley attests that Clement & Wheatley does not and will not
represent any entities that are parties-in-interest to the
Debtors' Chapter 11 cases, nor does it have any relationship
with any entity that would be adverse to the Debtors or their
estates.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 74; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                           *********

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

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

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

                           *********

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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

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

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

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

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


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