TCREUR_Public/070105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, January 5, 2007, Vol. 8, No. 4

                            Headlines


A U S T R I A

FINISHED METAL: Creditors' Meeting Slated for January 17
INOVA WERBE: Creditors' Meeting Slated for January 11
LINHART TRUCK: Creditors' Meeting Slated for January 15
MURAMONT LLC: St. Poelten Court Orders Business Closure
PAN-BAU LLC: Creditors' Meeting Slated for January 18

PEN PERSONALLEASING: Creditors' Meeting Slate for January 18
WEIKA BAU: Creditors' Meeting Slated for January 11


F R A N C E

ALCATEL-LUCENT: Appoints Gerard Le Bihan to Head Lannion Site


G E R M A N Y

DAIMLERCHRYSLER AG: U.S. Arm Inks Car Deal with Chery Automobile
GERRESHEIMER: Wilden Purchase to Bring EUR240-Mln More Sales
GERRESHEIMER ALPHA: S&P Affirms B+ Rating on High Debt Leverage
GERRESHEIMER HOLDINGS: Moody's Junks EUR210-Million Senior Notes
INFOPEOPLE AG: Claims Registration Ends January 16

J.S.B. UNTERNEHMENSBERATUNGS: Claims Registration Ends Jan. 11
LIPPE LOGISTIK: Files for Insolvency Proceedings in Detmold
MAT TRANSPORT: Claims Registration Ends January 8
PEKUZ LOGISTIC: Claims Registration Ends January 8
PRINTS MEDIENGESELLSCHAFT: Claims Registration Ends January 12


I T A L Y

ALITALIA SPA: Potential Buyers Consult Unions Over Recovery Plan
PARMALAT SPA: BNL & Ifitalia to Pay EUR112 Mln to Settle Suit
VENUS-1 FINANCE: Fitch Assigns BB Rating on EUR6.5-Mln Notes


K A Z A K H S T A N

ALMA NET: Creditors Must Register Claims by February 9
ALMA-ATA-ADVERTISING: Creditors Must Register Claims by Feb. 8
ARK PRODUCTIONS: Creditors Must Register Claims by February 7
ARSTROY LLP: Creditors Must Register Claims by February 6
BUTYA-KAZAKHSTAN: Creditors Must Register Claims by February 8

BYRLYK LLP: Deadline for Claims Registration Set February 8
DJAN-EL LLP: Deadline for Claims Registration Set February 8
HARRIS GROUP: Creditors Must Register Claims by February 1
OMIR LLP: Deadline for Claims Registration Set February 7
PAVLODAR TRANS: Creditors Must Register Claims by February 7

RAITEPLOKOMMUNENERGO: Claims Filing Deadline Set February 8
SAGYM LLP: Claims Registration Deadline Set for Feb. 7
SONIS LLP: Deadline for Claims Registration Set February 8
SVAZSTROYCOMPLECT JSC: Court Starts Bankruptcy Proceedings


K Y R G Y Z S T A N

KUBANYCH JSC: Creditors Must Register Claims by February 20
KYRGYZ TRUST: Creditors Must Register Claims by February 20


N E T H E R L A N D S

ALCATEL-LUCENT: Appoints Gerard Le Bihan to Head Lannion Site
GLOBAL POWER: Wants Removal Period Extended Until March 27
GLOBAL POWER: Wants to Reject Executory and Lease Contracts


R U S S I A

DEBESSLOY AGRO-WORKS: Creditors Must File Claims by Feb. 9
DOLINA CJSC: Creditors Must File Claims by Feb. 9
FENIKS-COMPUTER CJSC: Creditors Must File Claims by Feb. 9
KANASHAKAYA CERAMICS: Bankruptcy Hearing Slated for March 27
ZARECHYE-2 CJSC: Bankruptcy Hearing Slated for Feb. 1

KHABAROVSKIY FACTORY: Assets Sale Slated for January 15
KUZBASS-TRADING-EQUIPMENT OJSC: Court Hearing Slated for Jan. 22
NIZHEGOROD-TRANS-SERVICE: Creditors Must File Claims by Jan. 9
RUSICH CJSC: Creditors Must File Claims by Feb. 9
SATEK CJSC: Creditors Must File Claims by Feb. 9

SIGMA-FOREST LLC: Creditors Must File Claims by Feb. 9
SOYUZ-TRANS-OIL LLC: Creditors Must File Claims by Feb. 9
STROY-INVEST LLC: Moscow Bankruptcy Hearing Slated for April 10
TATARSKAYA FACTORY: Creditors Must File Claims by Feb. 9
TRAVEL AND ADVENTURE: Court Names R. Farrakhov to Manage Assets


S W I T Z E R L A N D

AUTOGARAGE ROSARI: Court Suspends Bankruptcy Proceedings
CCSI COMPUTER: Bern-Mittelland Court Closes Bankruptcy Process
EUROPEAN REINSURANCE: Seeks Chapter 15 Relief in S.D. New York
EUROPEAN REINSURANCE: Chapter 15 Petition Summary
HELLER TREUHAND: Basel-Stadt Court Starts Bankruptcy Proceedings
HOLWEST JSC: Court Suspends Bankruptcy Proceedings

ICE HANDELS: St. Gallen Court Starts Bankruptcy Proceedings
LTL LOTUS: Basel-Stadt Court Suspends Bankruptcy Proceedings
MADER TREUHAND: St. Gallen Court Suspends Bankruptcy Process
NEUE SCHULE: Court Suspends & Closes Bankruptcy Proceedings
SELTI ELEKTRONIK: Basel-Stadt Court Starts Bankruptcy Process

TOP MALER: St. Gallen Court Starts Bankruptcy Proceedings
ZIRKUS LILIPUT: Court Closes Bankruptcy Proceedings


U K R A I N E

CAREKONSTANTINOV MACHINE: Creditors Must File Claims by Jan. 13
FERROCONCRETE ITEMS: Creditors of Must File Claims by January 13
GATNYANSKOE LLC: Claims Submission Deadline Set January 13
GETMAN LLC: Deadline for Submission of Claims Set January 17
KARLOVKA AGRICULTURE: Creditors of Must File Claims by Jan. 17

SHABELNIKI LLC: Claims Bar Date Slated for January 13
STARK LLC: Creditors of Must File Claims by January 17
UKRSOTSBANK: Moody's Puts Local Currency Deposit Rating at Ba1
ZLATOKRAY CORP: Creditors of Must File Claims by January 13


U N I T E D   K I N G D O M

BARWOOD PRODUCTS: Names Tenon Recovery as Joint Administrators
BRIDGEN ENTERPRISES: Taps Administrators from Smith & Williamson
COLLINS & AIKMAN: Inks Fifth Amendment of DIP Loan with JPMorgan
EASTMAN KODAK: Inks Agreements with Sony; Ends Patent Dispute
FORD MOTOR: US December Sales Down 13%; Full 2006 Sales Down 8%

GENERAL MOTORS: US December Sales Down 9.6%; 2006 Sales Down 9%
INCO LIMITED: Shareholders Approve Merger with Itabira Canada
NEWCASTLE INTL: S&P Cuts Rating to BB on Weak Financial Profile
PAULO OGIANNI: Brings In Administrators from Mazars LLP
REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed

REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
SENTRA EUROPE: Brings In Menzies to Administer Assets
SILOCARE LIMITED: Names Andrew James Nichols as Administrator
SPECIALIZED CLADDING: Appoints David Hill to Administer Assets
STAGGER INN: Appoints Joint Administrators from Mazars LLP

WATCHBELL LIMITED: Taps KPMG LLP to Administer Assets

* BOOK REVIEW: Learning Leadership: The Abuse of Power in
               Organizations

                            *********

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


FINISHED METAL: Creditors' Meeting Slated for January 17
--------------------------------------------------------
Creditors owed money by LLC Finished Metal Products (FN 245356v)
are encouraged to attend the creditors' meeting at 9:00 a.m. on
Jan. 17, to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 13, 2006 (Bankr. Case No. 4 S 161/06p).  Thomas
Engelhart serves as the court-appointed property manager of the
bankrupt estate.  Karl F. Engelhart represents Dr. Engelhart in
the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Thomas Engelhart
         c/o Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at


INOVA WERBE: Creditors' Meeting Slated for January 11
-----------------------------------------------------
Creditors owed money by LLC inova Werbe + Produktions (FN
225733k) are encouraged to attend the creditors' meeting at
11:00 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 Nov. 13, 2006 (Bankr. Case No. 2 S 154/06v).  Georg Kahlig
serves as the court-appointed property manager of the bankrupt
estate.  Gerhard Stauder represents Dr. Kahlig in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna, Austria
         Tel: 523 47 91-0
         E-mail: kahlig.partner@aon.at   


LINHART TRUCK: Creditors' Meeting Slated for January 15
-------------------------------------------------------
Creditors owed money by LLC Linhart Truck Service (FN 214026w)
are encouraged to attend the creditors' meeting at 10:45 a.m. on
Jan. 15, to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 23, 2006 (Bankr. Case No. 3 S 115/06s).  Michael
Lesigang serves as the court-appointed property manager of the
bankrupt 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


MURAMONT LLC: St. Poelten Court Orders Business Closure
-------------------------------------------------------
The Land Court of St. Poelten entered Nov. 14, 2006, an order
closing the business of LLC Muramont (FN 165060k).  

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

The property manager can be reached at:

         Dr. Susanne Binder
         Riemerplatz 1
         3100 St. Poelten, Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-binder@aon.at  

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Sept. 15, 2006 (Bankr. Case No. 14 S 148/06i).


PAN-BAU LLC: Creditors' Meeting Slated for January 18
-----------------------------------------------------
Creditors owed money by LLC Pan-Bau (FN 220820k) are encouraged
to attend the creditors' meeting at 10:45 a.m. on Jan. 18, to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 13, 2006 (Bankr. Case No. 6 S 112/06x).  Katharina
Widhalm-Budak serves as the court-appointed property manager of
the bankrupt estate.  Klemens Dallinger represents Dr. Widhalm-
Budak in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at  
                 dallinger@anwaltsteam.at


PEN PERSONALLEASING: Creditors' Meeting Slate for January 18
------------------------------------------------------------
Creditors owed money by LLC Pen Personalleasing (FN 257587f) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Jan. 18, to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 13, 2006 (Bankr. Case No. 6 S 111/06z).  Markus
Siebinger serves as the court-appointed property manager of the
bankrupt estate.  Karl Schirl represents Mag. Siebinger in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Markus Siebinger
         c/o Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: markus.siebinger@der-rechtsanwalt.at  
                 dr.karl.schirl@der-rechtsanwalt.at


WEIKA BAU: Creditors' Meeting Slated for January 11
---------------------------------------------------
Creditors owed money by LLC Weika Bau (FN 231450v) are
encouraged to attend the creditors' meeting at 2:00 p.m. on
Jan. 11, to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Hall L (Room 230)
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 13, 2006 (Bankr. Case No. 25 S 96/06i).  Mario Kapp
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Mag. Mario Kapp
         Karntnerstrasse 525-527
         8054 Graz, Austria
         Tel: 0316/22 59 55
         Fax: 0316/282013
         E-mail: kapp@kapp.at


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


ALCATEL-LUCENT: Appoints Gerard Le Bihan to Head Lannion Site
-------------------------------------------------------------
Alcatel-Lucent appointed Gerard Le Bihan to lead its site in
Lannion, France, replacing Nicolas Le-Guennec.  He will also
keep its operational functions in Alcatel-Lucent convergence
activities.

Mr. Le-Guennec, who has lead the legacy Alcatel site in Lannion
since 2002, is becoming responsible for the global real estate
portfolio of Alcatel-Lucent within the nine Regional Units
established in Europe & South (Central & Latin America, France,
Iberia, Italy, Middle-East, Africa, South Asia, South East
Europe).

Mr. Le Bihan joined Alcatel in 1981, and made his career there.  
Between 1981 and 2001, he managed different technical functions,
especially in the ATM environment.  In 2002, he joined the
Mobile communications activities as Project director for new
product and network integration focusing on IMS development.  
Since 2004, he was Senior architect in charge of the portfolio
renovation for both the circuit and data product lines.  Gerard
Le Bihan has an engineer degree of ENST Brest (Ecole Nationale
Superieure de Telecommunications).  He is currently 48 years
old.

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.  With 79,000 employees and operations in more than 130
countries, including Brazil, Alcatel-Lucent is a local partner
with global reach.  Through its operations in fixed, mobile and
converged broadband networking, Internet protocol (IP)
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable communications services for
people at home, at work and on the move.

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

                        *    *    *

As reported on Dec. 14, 2006, 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 is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

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

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


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G E R M A N Y
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DAIMLERCHRYSLER AG: U.S. Arm Inks Car Deal with Chery Automobile
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group has signed a deal with Chery
Automobile Co. under which the Chinese automaker will produce
small cars known in the industry as "B-cars" to be distributed
worldwide bearing the Chrysler brand, The Financial Times
reports.

Chrysler spokesman Jason Vines told The Associated Press that
"Chrysler is taking the lead on the design and will ensure that
the vehicles meet high quality standards."

He added that Chrysler is set to unveil a prototype "fairly
soon."   

The deal still awaits approval by Chrysler's supervisory board
and by the Chinese government.

Production is expected to start sometime next year.  However,
Chrysler declined to discuss production volume.  The auto
manufacturer also refused to reveal the financial terms of the
deal.

According to Bloomberg, DaimlerChrysler has decided to partner
with Chery Auto because higher costs such as labor and
healthcare make it difficult for the company to build small cars
profitably in the U.S.

                      About DaimlerChrysler

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

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

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

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

                           Outlook

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

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


GERRESHEIMER: Wilden Purchase to Bring EUR240-Mln More Sales
------------------------------------------------------------
Gerresheimer Group disclosed that it has acquired Wilden AG, the
European market leader for pharmaceutical drug-delivery systems
based on plastic.

"This marks a giant step in our strategy to generate sustained
growth through the acquisition of technology and market leaders
in the field of pharma packaging and systems.  Through the
purchase which brings around EUR240 million of additional annual
sales, Gerresheimer grows into a new order of magnitude," says
Gerresheimer CEO Dr. Axel Herberg.

In Wilden, Gerresheimer acquires the market and technology
leader for innovative plastic systems.  The business comprises
the divisions of "Medical Plastic Systems" (pharmaceutics,
diagnostics, medical technology and consumer healthcare) and
"Technical Plastic Systems".  The product segment of Medical
Plastic Systems accounts for two thirds of the total sales of
EUR240m.  The Technical Plastic Systems Division manufactures
sophisticated injection-moulded products mainly for the
automobile industry.

The company has eight production plants and four joint ventures
with a total of more than 2,300 employees.  The main focus of
marketing is on Europe; in addition, Wilden is active in the
USA, Mexico, China and the United Arab Emirates.

"Through the takeover of Wilden we have acquired the market,
quality and technology leader in all its product segments, which
are characterised by highly dynamic growth," Dr. Herberg
comments on the acquisition, adding with regard to the
Gerresheimer Group: "This is a quantum leap for us.  Our pharma
business in plastic thereby grows into a new order of magnitude
which gives us a completely new positioning towards our
customers."  Hans Wilden, who has run the family business
together with his brother Bert, comments: "In Gerresheimer we
have found a globally active and highly competitive partner with
which the company will develop outstandingly well."

For pharma products such as inhalation systems, Wilden has for
many years been an important and recognized development partner
for the worldwide pharmaceutics industry.  In addition, the
company has a particularly good performance record in the field
of products for diabetes diagnosis.  It has a longstanding
customer base among globally active pharma and healthcare
groups.  Thanks to its advanced technical expertise Wilden
enjoys an excellent reputation among its customers for quality,
innovation and reliability and is one of the leading full-
service providers from product development through to tool
manufacture and series production.

Following the acquisition of Wilden, the Gerresheimer Group will
in future comprise the four divisions of Tubular Glass, Moulded
Glass, Life Science Research und Plastic Systems.  The Group's
sales volume will grow to more than EUR900 million.  "Whether in
North America, Europe or Asia we will in future have leading
market positions in all the business sectors in which we are
represented," Dr. Herberg stresses.  "High technical entry
barriers will in future secure this competitive position," he
adds.

For around a year now the Gerresheimer Group has been making its
presence felt through targeted acquisitions.  In the USA, Europe
and China, a series of market-leader companies have been
acquired in order to expand the Gerresheimer product portfolio
and establish a wider international base.  Three quarters of
sales are today already achieved with pharma/life-science
customers.

As a result of the purchase of Wilden AG, the Gerresheimer Group
will in future have more than 31 production plants in America,
Europe and Asia with a worldwide total of 8,500 employees.

                      About the Company

Headquartered in Dusseldorf, Germany, Gerresheimer --
http://www.gerresheimer.com/-- manufactures packaging based on  
glass and plastic, particularly for the segments of
pharmaceutics and cosmetics.  The Group has 31 production plants
in Europe, America and Asia and employs 8,500 people.


GERRESHEIMER ALPHA: S&P Affirms B+ Rating on High Debt Leverage
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Germany-based packaging group
Gerresheimer Alpha GmbH and its fully owned subsidiary,
Gerresheimer Holdings GmbH.  

The ratings were removed from CreditWatch, where they were
placed with negative implications on Oct. 6, 2006, following the
group's announcement that it was considering acquiring Wilden
AG, a market leader for medical plastic systems in Europe, in a
fully-debt financed transaction.  The outlook is negative.
  
"The rating affirmation reflects our view that, although credit
measures will continue to be weak for the ratings pro forma the
acquisition of Wilden, a growth in earnings is likely to drive
an improvement over the next two years to levels more in line
with the ratings," said Standard & Poor's credit analyst Izabela
Listowska.  Although debt levels are high following the
acquisition, we now consider Gerresheimer's business risk
profile to be somewhat stronger.  We therefore expect the
group's adjusted debt to EBITDA to remain below 6x and to
gradually strengthen to 5x, and we expect funds from
operations (FFO) to debt to be 10%-15% for this rating category.
On a pro forma basis, these measures were 5.9x and 9.5%,
respectively, at Dec. 31, 2006.
  
The rating agency expects Gerresheimer's earnings to grow
following several recently completed operational and
restructuring projects.  These included closure of underutilized
plants and the subsequent transfer of manufacturing to low-cost
regions, modernization of several operation facilities, and
expansion of production capacities for fast-growing and high-
margin products.  Nevertheless, the acquisition highlights that
Gerresheimer's financial policy is continuously aggressive --
Wilden represents its third mid- to large-size acquisition since
October 2005.
  
Gerresheimer's business risk profile will strengthen following
the transaction, as it will gain leading and fairly protected
market positions in medical plastic systems in Europe.  This
will be supported by its reputation for high-quality,
innovative, and value-added products, as well as long-term
customer relationships backed by multi-year contracts.  The
acquisition has shifted Gerresheimer's product mix toward
higher-margin plastic solutions (now about 30% of the group's
revenues).
  
The ratings continue to reflect Gerresheimer's highly leveraged
financial profile and ongoing aggressive financial policy.  
These factors are mitigated by the group's good geographic
diversification and leading positions in highly consolidated and
growing pharmaceutical end markets.

"The negative outlook reflects that the ratings could be lowered
if Gerresheimer is not successful in gradually improving credit
measures in line with the ratings," said Ms. Listowska.


GERRESHEIMER HOLDINGS: Moody's Junks EUR210-Million Senior Notes
----------------------------------------------------------------
Moody's Investors Service confirmed the B2 Corporate Family
Rating for Gerresheimer Holdings GmbH and the Caa1 rating for
the EUR210-million senior notes, guaranteed on a subordinated
basis by major operating subsidiaries, due in 2015.  The outlook
for the ratings is stable.  

This concludes the review process that was initiated on Oct. 9,
2006, following the company's announcement to acquire a supplier
in the pharmaceutical industry and raise total debt by around
EUR300 million.

Gerresheimer announced that it has closed the acquisition of
Wilden AG, headquartered in Regensburg, Germany, per Jan. 2,
2007.  Wilden produces high-end plastic injection molding and
assembly technology for the pharmaceutical, consumer healthcare,
medical as well as automotive industries and is primarily active
in Western Europe where it operates the large majority of its
production facilities in Germany, Czech Republic, Switzerland
and Sweden apart from a small presence in the US and four joint
ventures.  

Wilden reported preliminary fiscal year 2006 sales of around
EUR240 million and employed more than 2,200 people.  
Gerresheimer has financed the purchase price by new term loans
(sum of EUR276 million) and has raised a total of EUR304 million
including capital leases and other debt to also refinance
existing debt, transaction fees as well as to cover for
additional working capital requirements.

Martin Kohlhase, Moody's lead analyst for the European packaging
industry said: "The acquisition transforms Gerresheimer into a
significantly larger group with a stronger business profile and
an increased foothold as a supplier of healthcare related
products."  

Pro-forma 2007 sales are estimated at nearly EUR980 million and
the group will employ about 9,200 people.  The share of plastic-
based products will increase to around one third and will make
the company less dependent on glass as the main substrate.  The
unique position of Wilden with established relationships to key
players in the international pharmaceutical and consumer
healthcare market coupled with a large share of contracted sales
should bolster profitability and cash flows of the enlarged
group.

Should Wilden be successfully integrated and absent any larger
acquisitions -- which have not been, contrary to bolt-on
acquisitions, factored into the rating -- Moody's would expect
Gerresheimer to de-leverage from its current Debt/EBITDA levels
of around 7x towards 6x by end of fiscal year 2007 and 5x over
the coming 24 months, which may put upward pressure onto the
rating.  Ratings could, however, come under negative pressure,
should the integration process be delayed or impaired, were
input prices further to rise coupled with the inability to pass
these higher costs on or if growth were to subside with key
credit metrics, such as Debt/EBITDA remaining at levels of above
6x and EBITA margins of less than 11%.

The stable outlook reflects the anticipation of a successful
integration of Wilden and the absence of any large external
shocks, such as a rise in input prices with a subsequent
negative impact on operating profitability.  The stable outlook
further assumes no further larger debt-financed acquisition.

Gerresheimer Holdings GmbH, with headquarters in Duesseldorf,
Germany, is a producer of specialty glass packaging primarily
for the pharmaceutical, cosmetics and specialty food markets.  
Revenues for the fiscal year end Nov. 30, 2005 were EUR525.8
million.


INFOPEOPLE AG: Claims Registration Ends January 16
--------------------------------------------------
Creditors of Infopeople AG have until Jan. 16, to register their
claims with court-appointed provisional administrator Joachim
Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Feb. 22, 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 Fuerth
         Room 216/II
         Office Building
         Baumenstrasse 28
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against Infopeople AG on Nov. 27, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Infopeople AG
         Weichselgarten 7
         91058 Erlangen, Germany

The administrator can be contacted at:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuernberg, Germany
         Tel: 0911/9512850
         Fax: 0911/95128510


J.S.B. UNTERNEHMENSBERATUNGS: Claims Registration Ends Jan. 11
--------------------------------------------------------------
Creditors of J.S.B. Unternehmensberatungsgesellschaft im          
Bauwesen mbH have until Jan. 11 to register their claims with
court-appointed provisional administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Feb. 1, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         1st Floor
         Emperor Route 16-18 (Building K18)
         63065 Offenbach am Main, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Offenbach am Main opened bankruptcy
proceedings against J.S.B. Unternehmensberatungsgesellschaft im
Bauwesen mbH on Nov. 24, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         J.S.B. Unternehmensberatungsgesellschaft im
         Bauwesen mbH
         Attn: Juergen Schworke, Germany         
         Graf-Folke-Bernadotte-Road 7
         63263 Neu-Isenburg, Germany

The administrator can be contacted at:

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


LIPPE LOGISTIK: Files for Insolvency Proceedings in Detmold
-----------------------------------------------------------
Lippe Logistik GmbH & Co. KG, Lemgo, filed a request to open an
insolvency proceeding with the competent County Court of Detmold
on Dec. 22, 2006.

Lippe Logistik is a fully owned subsidiary of LOG Beteiligungs-
GmbH, Lemgo, in which Thiel Logistik AG holds a 74.9%
participation.  Lippe Logistik, which employs 177 workers, has
approximately EUR13 million in annual revenues.

Despite intensive restructuring efforts and massive financial
support by LOG Beteiligungs-GmbH, Lippe Logistik has suffered
significant losses in recent years.  A significant loss was also
expected for 2007.  

Against this background, the shareholders of LOG Beteiligungs-
GmbH were not ready to finance these losses any further.  This
has made the request to open the insolvency proceeding
inevitable for the management of Lippe Logistik.

Neither LOG Beteiligungs-GmbH or other companies within the
Thiel Group will be affected by the insolvency.  The operating
business of the other companies within the Thiel Furniture
business unit, i.e. the German ALCO GmbH Transport International
and the Polish MM Logistic, will be continued unchanged.  Both
companies operate profitably.

Thiel Logistik AG regrets the development at Lippe Logistik.  At
the same time, there is the hope to preserve as many work places
as possible.


MAT TRANSPORT: Claims Registration Ends January 8
-------------------------------------------------
Creditors of MAT Transport GmbH & Co. KG have until Jan. 8 to
register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duesseldorf opened bankruptcy proceedings
against MAT Transport GmbH & Co. KG on Nov. 30, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         MAT Transport GmbH & Co. KG
         Harkortstrasse 6
         40880 Ratingen, Germany

         Attn: Johannes Christiaan Otting, Manager
         36/41 Holywell Lane
         London EC2P 2EQ
         United Kingdom

The administrator can be contacted at:

         Horst Piepenburg
         Heinrich-Heine-Avenue 20
         40213 Duesseldorf, Germany


PEKUZ LOGISTIC: Claims Registration Ends January 8
--------------------------------------------------
Creditors of Pekuz Logistic GmbH have until Jan. 8 to register
their claims with court-appointed provisional administrator Axel
Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Meeting Room C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Pekuz Logistic GmbH on Nov. 28, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Pekuz Logistic GmbH
         Nienhaushof 27
         47139 Duisburg, Germany

         Attn: Sadi Pekuz, Manager
         Dahlemer Str. 6
         40789 Monheim, Germany

The administrator can be contacted at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen, Germany


PRINTS MEDIENGESELLSCHAFT: Claims Registration Ends January 12
--------------------------------------------------------------
Creditors of Prints Mediengesellschaft mbH have until Jan. 12 to
register their claims with court-appointed provisional
administrator Juergen Pflug.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 19, 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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel, 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 Kassel opened bankruptcy proceedings
against Prints Mediengesellschaft mbH on Nov. 23, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Prints Mediengesellschaft mbH
         Attn: Birte Flecken, Manager
         Kolnische Str. 16
         34117 Kassel, Germany

The administrator can be contacted at:

         Juergen Pflug
         Wilhelmshoher Avenue 169
         D-34121 Kassel, Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-mail: info@pflug-achenbach.de


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


ALITALIA SPA: Potential Buyers Consult Unions Over Recovery Plan
----------------------------------------------------------------
A group of 16 interested buyers for Alitalia S.p.A. are asking
for a meeting with the company's unions to discuss a recovery
plan for the ailing national carrier, Alessandro Torello and
Sonia Sirletti write for Bloomberg News.

The bidders -- entrepreneurs and bankers, as well as experts in
customer satisfaction, marketing and finance -- sent through
Rome-based law firm Carnelutti invitation letters to five
Alitalia unions, including the Sindacato Unitario Lavoratori dei
Trasporti (SULT) and Federazione Italiana Trasporti (FIT-CISL)
groups.  

Paolo Alazraki, who owns Real Dreams Italy Srl and heads the
bidders, confirmed to Bloomberg News that the meeting was to
present its Alitalia recovery plan to union representatives.

"We will answer the government's call for interest," Mr.
Alazraki was quoted by Bloomberg News as saying.  "We have been
working night and day for four months to prepare a master plan
for the salvage of Alitalia,"

Fabrizio Tomaselli, SULT'S national secretary, revealed that the
bidders' are eyeing to renew Alitalia's the fleet and seek an
alliance partner to expand the carrier "qualitatively and
quantitatively."

Unions have repeatedly criticized the government for failing to
consult them on critical decisions regarding Alitalia S.p.A.

The bidders, however, cancelled the meeting due to unknown
reasons, Bloomberg News reports citing local newspaper Il Sole
24 Ore.

In a TCR-Europe report on Jan. 3, 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.


PARMALAT SPA: BNL & Ifitalia to Pay EUR112 Mln to Settle Suit
-------------------------------------------------------------
Parmalat S.p.A and Banca Nazionale del Lavoro S.p.A. communicate
that the cases involving revocatory and damages actions filed by
Parmalat and by other Group companies against BNL and Ifitalia
have been settled, as have the objections filed in bankruptcy
court by Ifitalia.

BNL, also acting on behalf of Ifitalia, has committed to pay to
Parmalat:

   -- the amount of EUR103 million in settlement of revocatory
      actions, plus

   -- the amount of EUR9 million in settlement of damages
      claims, together amounting to a total of EUR112 million.

Further, BNL and Ifitalia have undertaken to forego the right to
file claims with the Parmalat case bankruptcy court for a value
equivalent to that returned in settlement of the revocatory
actions, and have also agreed to renounce to the objections
previously filed by Ifitalia in relation to Parmalat's list of
creditors.

Following the settlement Parmalat and BNL/Ifitalia have
undertaken to withdraw all the pending actions.

BNL, Ifitalia and Parmalat express their satisfaction at the
settlement, which will set in place the conditions for a
fruitful future relationship.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged
from bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.  
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Parmalat Capital Finance
Limited, Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat SpA.  The Finance Companies are
under separate winding up petitions before the Grand Court of
the Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Limited serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  

(Parmalat Bankruptcy News, Issue No. 83; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)


VENUS-1 FINANCE: Fitch Assigns BB Rating on EUR6.5-Mln Notes
------------------------------------------------------------
Fitch Ratings assigned Venus-1 Finance S.r.l.'s non-performing
loans-backed floating-rate notes, with final maturity in 2019,
final ratings are:

   -- Class A EUR51.4 million: AAA;
   -- Class B EUR8.2 million: AA;
   -- Class C EUR6.3 million: A;
   -- Class D EUR9.1 million: BBB; and
   -- Class E EUR6.5 million: BB.

This transaction is a securitization of two portfolios of non-
performing loans, Monviso 1 and Monviso 2, both originated in
Italy by Sanpaolo IMI Group and acquired in 2005 by ABN AMRO
Bank N.V. and by FBS Luxembourg S.a.r.l.

The two portfolios are made of secured and unsecured non-
performing loans.  As at the cut-off date of June 30, 2006, the
portfolios comprised a total of 21,911 borrower positions for a
total gross legal claim value of EUR303.2 million.  The
aggregate portfolio consists mainly of unsecured NPLs, with the
remaining 14% made up of mortgage-secured NPLs.

At closing, Venus purchased the Monviso 1 and Monviso 2 notes by
using the proceeds from the issuance of the rated notes and one
Class of unrated notes.  The issuer of the Monviso 1 and 2
notes, Monviso Finance S.r.l., is a limited liability company
incorporated in the Republic of Italy under the Securitisation
Law.

The source of payment of interest and repayment of principal on
the Monviso notes is represented by collections on the Monviso
portfolios.  The source of payment of interest and repayment of
principal on the Venus's rated notes will be the payment of
interest and principal received by the issuer as sole holder of
the Monviso 1 and 2 notes.

The final ratings address the timely payment of interest and
ultimate repayment of principal for the Class A, B, C, D and E
notes by final maturity in 2019.  Interest and principal on the
rated notes are to be paid sequentially on a half-year basis.  A
EUR6.1-million liquidity facility is available to Venus to make
up interest shortfalls on the investment-grade notes.


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


ALMA NET: Creditors Must Register Claims by February 9
------------------------------------------------------
LLP Alma Net International has declared insolvency.  Creditors
have until Feb. 9 to submit written proofs of claim to:

         LLP Alma Net International
         Abai Ave. 36/79b-23
         Almaty Region
         Kazakhstan
         Tel: 8 (3272) 60-64-00
                       60-12-77


ALMA-ATA-ADVERTISING: Creditors Must Register Claims by Feb. 8
--------------------------------------------------------------
LLP Alma-Ata-Advertising has declared insolvency.  Creditors
have until Feb. 8 to submit written proofs of claim to:

         LLP Alma-Ata-Advertising
         Micro District Aksai-4 48
         Almaty Region
         Kazakhstan
         Tel: 8 (3272) 75-15-89
                       46-83-28


ARK PRODUCTIONS: Creditors Must Register Claims by February 7
------------------------------------------------------------
LLP Ark Productions has declared insolvency.   Creditors have
until Feb. 7 to submit written proofs of claim to:

         LLP Ark Productions
         Jarokov Str. 292-106
         Almaty
         Kazakhstan


ARSTROY LLP: Creditors Must Register Claims by February 6
---------------------------------------------------------
LLP Construction Company Arstroy has declared insolvency.  
Creditors have until Feb. 6 to submit written proofs of claim
to:

         LLP Construction Company Arstroy
         Bebeshilik Str. 1
         Drujba
         Alakolsky District
         Almaty Region
         Kazakhstan


BUTYA-KAZAKHSTAN: Creditors Must Register Claims by February 8
--------------------------------------------------------------
CJSC Butya-Kazakhstan has declared insolvency.  Creditors have
until Feb. 8 to submit written proofs of claim to:

         CJSC Butya-Kazakhstan
         Bogenbai Baatyr Str. 80
         Almaty
         Kazakhstan


BYRLYK LLP: Deadline for Claims Registration Set February 8
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Byrlyk insolvent on Nov. 6, 2006, and commenced
bankruptcy proceedings against the company.  

Creditors have until Feb. 8 to submit written proofs of claim
to:

         LLP Byrlyk
         Shokalakov Str. 57
         Taraz
         Jambyl Region
         Kazakhstan


DJAN-EL LLP: Deadline for Claims Registration Set February 8
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Djan-EL insolvent on Oct. 19, 2006, and commenced bankruptcy
proceedings against the company.  

Creditors have until Feb. 8 to submit written proofs of claim
to:

         LLP Djan-EL
         Post Office Box 193
         General Post-Office
         Almaty Region
         Kazakhstan
         Tel: 8 333 233 19-63
              8 700 400 09-95


HARRIS GROUP: Creditors Must Register Claims by February 1
----------------------------------------------------------
LLP Harris Group has declared insolvency.  Creditors have until
Feb. 1 to submit written proofs of claim to:

         LLP Harris Group
         Mailin Str. 85
         Almaty Region
         Kazakhstan


OMIR LLP: Deadline for Claims Registration Set February 7
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Omir insolvent and commenced bankruptcy
proceedings against the company.  

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

         The Specialized Inter-Regional Economic Court
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 53-84-67


PAVLODAR TRANS: Creditors Must Register Claims by February 7
------------------------------------------------------------
LLP Enterprise Pavlodar Trans has declared insolvency.   
Creditors have until Feb. 7 to submit written proofs of claim
to:

         LLP Enterprise Pavlodar
         Kutuzov Str. 44-266
         Pavlodar
         Pavlodar Region
         Kazakhstan


RAITEPLOKOMMUNENERGO: Claims Filing Deadline Set February 8
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared Jarminskoye Particularized Enterprise Regional
Heat Communal Power Raiteplokommunenergo insolvent on Nov. 14,
2006.

Creditors have until Feb. 8 to submit written proofs of claim
to:

         Jarminskoye Particularized Enterprise Regional Heat
         Communal Power Raiteplokommunenergo
         Myzy Str. 2/1-214
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77


SAGYM LLP: Claims Registration Deadline Set for Feb. 7
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Sagym insolvent and commenced bankruptcy
proceedings against the company.  

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

         The Specialized Inter-Regional Economic Court
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 53-84-67


SONIS LLP: Deadline for Claims Registration Set February 8
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
ordered the compulsory liquidation of LLP Sonis (RNN
092200216526) on Nov. 22, 2006.

Creditors have until Feb. 8 to submit written proofs of claim
to:

         LLP Sonis
         Jangusurov Str. 113a
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 24-19-77


SVAZSTROYCOMPLECT JSC: Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceeding against JSC
Svazstroycomplect on Dec. 5, 2006.


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


KUBANYCH JSC: Creditors Must Register Claims by February 20
-----------------------------------------------------------
JSC Kubanych has declared insolvency.  Creditors have until
Feb. 20 to submit written proofs of claim to:

         JSC Kubanych
         Gorky Str. 1a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 53-10-15


KYRGYZ TRUST: Creditors Must Register Claims by February 20
-----------------------------------------------------------
LLC Kyrgyz Trust has declared insolvency.  Creditors have until
Feb. 20 to submit written proofs of claim to:

         LLC Kyrgyz Trust
         Karasuiskaya Str. 5-54
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-58-82


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


ALCATEL-LUCENT: Appoints Gerard Le Bihan to Head Lannion Site
-------------------------------------------------------------
Alcatel-Lucent appointed Gerard Le Bihan to lead its site in
Lannion, France, replacing Nicolas Le-Guennec.  He will also
keep its operational functions in Alcatel-Lucent convergence
activities.

Mr. Le-Guennec, who has lead the legacy Alcatel site in Lannion
since 2002, is becoming responsible for the global real estate
portfolio of Alcatel-Lucent within the nine Regional Units
established in Europe & South (Central & Latin America, France,
Iberia, Italy, Middle-East, Africa, South Asia, South East
Europe).

Mr. Le Bihan joined Alcatel in 1981, and made his career there.  
Between 1981 and 2001, he managed different technical functions,
especially in the ATM environment.  In 2002, he joined the
Mobile communications activities as Project director for new
product and network integration focusing on IMS development.  
Since 2004, he was Senior architect in charge of the portfolio
renovation for both the circuit and data product lines.  Gerard
Le Bihan has an engineer degree of ENST Brest (Ecole Nationale
Superieure de Telecommunications).  He is currently 48 years
old.

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.  With 79,000 employees and operations in more than 130
countries, including Brazil, Alcatel-Lucent is a local partner
with global reach.  Through its operations in fixed, mobile and
converged broadband networking, Internet protocol (IP)
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable communications services for
people at home, at work and on the move.

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

                        *    *    *

As reported on Dec. 14, 2006, 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 is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

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

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


GLOBAL POWER: Wants Removal Period Extended Until March 27
----------------------------------------------------------
Global Power Equipment Group and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend,
until March 27, 2007, the period within which they can remove
civil actions.

The Debtors tell the Court that they are currently focusing on
responding to information requests submitted by the Official
Committee of Unsecured Creditors, preparing schedules of assets
and liabilities and statements of financial affairs and other
critical issues relating to its chapter 11 case.

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 file a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: Wants to Reject Executory and Lease Contracts
-----------------------------------------------------------
Global Power Equipment Group and its debtor-affiliates ask the
U.S Bankruptcy Court for the District of Delaware for permission
to reject executory contracts and unexpired leases of real
property.

The Debtors tell the Court that they experienced considerable
losses from its Heat Recovery Steam Generation business and
predict a future negative cash usage of approximately US$22
million for the completion of the business.

Additionally, the Debtors concluded that the cost to complete
the business will exceed any potential revenue and will generate
a negative cash flow of approximately US$400,000.

The Debtors also tell the Court that they will have no further
use of the property covered by the lease after Dec. 31, 2006.

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 file a
chapter 11 plan expires on Jan. 26, 2007.


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


DEBESSLOY AGRO-WORKS: Creditors Must File Claims by Feb. 9
----------------------------------------------------------
Creditors OJSC Debessloy Agro-Works have until Feb. 9 to submit
written proofs of claim to:

         D. Krutov, Insolvency Manager
         Office 804 v
         Svobody Str. 173
         Izhevsk
         426011 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-16995/2005-G26.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Debessloy Agro-Works
         Androsova Str. 90
         Debesy
         427060 Udmurtiya republic
         Russia


DOLINA CJSC: Creditors Must File Claims by Feb. 9  
-------------------------------------------------
Creditors CJSC Agricultural Company Dolina have until Feb. 9 to
submit written proofs of claim to:

         V. Siromolot, Insolvency Manager
         Post User Box 6
         603022 N. Novgorod Region
         Russia

The Arbitration Court of Ryazan Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A54-4717/2006 S6.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Dolina
         Gorkovo Str. 1
         Kasimov
         Ryazan Region
         Russia


FENIKS-COMPUTER CJSC: Creditors Must File Claims by Feb. 9  
----------------------------------------------------------
Creditors CJSC Company Feniks-Computer (TIN 2724050899) 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. A73-11893/2006-36.

The Debtor can be reached at:

         CJSC Company Feniks-Computer
         Office 103
         Leningradskaya Str. 44
         Khabarovsk Region
         Russia


KANASHAKAYA CERAMICS: Bankruptcy Hearing Slated for March 27
------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic will convene at
1:15 p.m. on March 27 to hear the bankruptcy supervision
procedure on LLC Kanashakaya Ceramics.  The case is docketed
under Case No. A79-9960/2006.

The Temporary Insolvency Manager is:

         P. Dmitriev
         Post User Box 75
         429333 Kanash Region
         Russia

The Debtor can be reached at:

         LLC Kanashakaya Ceramics
         Ulyanovskoye Shosse
         Kanashskiy Region
         Chuvashiya Republic
         Russia


ZARECHYE-2 CJSC: Bankruptcy Hearing Slated for Feb. 1
-----------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene on
Feb. 1 to hear the bankruptcy supervision procedure on CJSC
Zarechye-2.  The case is docketed under Case No. A76-19010/
2006-60-187.

The Temporary Insolvency Manager is:

         T. Vysotskaya
         Office 704
         Right wing
         Rossiyskaya Str. 279
         454091 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Zarechye-2
         Montazhnikov Str. 20
         Ozersk
         456780 Chelyabinsk Region
         Russia


KHABAROVSKIY FACTORY: Assets Sale Slated for January 15
-------------------------------------------------------
Private Interpreter Shalamov M.A., the bidding organizer for
CJSC Khabarovskiy Factory of Metal Constructions, will open a
public auction for the company's properties at 10:00 a.m. on
Jan. 15 at:

         CJSC Khabarovskiy Factory of Metal Constructions
         Assembly hall
         Perspektivnaya Str. 38
         680018 Khabarovsk Region
         Russia

Interested participants have until Jan. 12 to deposit an amount
equivalent to 10% of the starting price to:

         CJSC Khabarovskiy Factory of Metal Constructions
         Dalnevostochnyj branch OJSC ACB Rosbank
         Settlement Account 40702810943200000008
         BIK 040813783
         Correspondent Account 3010181080000000783

Bidding documents must be submitted to:

         CJSC Khabarovskiy Factory of Metal Constructions
         Room 205
         Perspektivnaya Str. 38
         680018 Khabarovsk Region
         Russia

The Debtor can be reached at:

         CJSC Khabarovskiy Factory of Metal Constructions
         Perspektivnaya Str. 38
         680018 Khabarovsk Region
         Russia


KUZBASS-TRADING-EQUIPMENT OJSC: Court Hearing Slated for Jan. 22
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region will convene on Jan. 22
to hear the bankruptcy supervision procedure on OJSC Kuzbass-
Trading-Equipment (TIN 4209012277).  The case is docketed under
Case No. A 27-14385/2006-4.

The Temporary Insolvency Manager is:

         V. Zimin
         Post User Box 886
         650000 Kemerovo Region
         Russia

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Kuzbass-Trading-Equipment
         Shaturskaya Str. 2
         650006 Kemerovo Region
         Russia


NIZHEGOROD-TRANS-SERVICE: Creditors Must File Claims by Jan. 9
--------------------------------------------------------------
Creditors of CJSC Nizhegorod-Trans-Service have until Jan. 9 to
submit written proofs of claim to:

         E. Shishkin, Insolvency Manager
         Sovetskaya Str. 55
         Sergach
         Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A43-29703/
2006-27-900.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Nizhegorod-Trans-Service
         Chaadaeva Str. 17
         Nizhniy Novgorod Region
         Russia


RUSICH CJSC: Creditors Must File Claims by Feb. 9
-------------------------------------------------
Creditors CJSC Rusich (TIN 2727023893) 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. A73-11877/2006-9.

The Debtor can be reached at:

         CJSC Rusich
         Kirova Str. 2-101
         Komsomolsk-na-Amure
         Khabarovsk Region
         Russia


SATEK CJSC: Creditors Must File Claims by Feb. 9
------------------------------------------------
Creditors of CJSC Satek have until Feb. 9 to submit written
proofs of claim to:

         L. Lazareva
         Post User Box 48
         693007 Yuzhno-Sakhalinsk 7
         Russia

The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-4044/06-S4.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         CJSC Satek
         Okha
         Sakhalin Region
         Russia


SIGMA-FOREST LLC: Creditors Must File Claims by Feb. 9
------------------------------------------------------
Creditors of LLC Sigma-Forest (TIN 2720024150) have until Feb. 9
to submit written proofs of claim to:

         A. Krylov, Insolvency Manager
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         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. A73-11643/2006-36.

The Debtor can be reached at:

         LLC Sigma-Forest
         Boyko-Pavlova Str. 6-13
         Nekrasovka
         Khabarovsk region
         Russia


SOYUZ-TRANS-OIL LLC: Creditors Must File Claims by Feb. 9
---------------------------------------------------------
Creditors LLC Soyuz-Trans-Oil (TIN 41010478794) have until
Feb. 9 to submit written proofs of claim to:

         V. Silko, Insolvency Manager
         Office 402
         Leningradskaya Str. 33a
         683003 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-5489/06-05.

The Debtor can be reached at:

         LLC Soyuz-Trans-Oil
         Ryabikova Str. 36A
         Petropavlovsk-Kamchatskiy
         Russia


STROY-INVEST LLC: Moscow Bankruptcy Hearing Slated for April 10
---------------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:00 a.m. on
April 10 to hear the bankruptcy supervision procedure on LLC
Stroy-Invest.  The case is docketed under Case No. A40-63385/
06-103-1101B.

The Temporary Insolvency Manager is:

         O. Andreenko
         Office 215
         Building 3
         Petrovka Str. 26
         127051 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Stroy-Invest
         Room 1
         Kashirskoye Shosse
         115230 Moscow Region
         Russia


TATARSKAYA FACTORY: Creditors Must File Claims by Feb. 9
--------------------------------------------------------
Creditors of CJSC Tatarskaya Factory of Fulled Goods have until
Feb. 9 to submit written proofs of claim to:

         M. Groysman, Insolvency Manager
         Post User Box 69
         630004 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-16125/06-29/316.

The Debtor can be reached at:

         CJSC Tatarskaya Factory of Fulled Goods
         Noskova Str. 27
         Tatarsk
         Novosibirsk Region
         Russia


TRAVEL AND ADVENTURE: Court Names R. Farrakhov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. R.
Farrakhov as Insolvency Manager for CJSC Travel and Adventure
Agency (TIN 1650047738).  He can be reached at:

         R. Farrakhov
         Post User Box 97
         Kazan
         420094 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-20722/2006-SG4-39.

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:

         CJSC Travel and Adventure Agency
         Naberezhnye Chelny
         Tatarstan Republic
         Russia


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


AUTOGARAGE ROSARI: Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy
proceedings of LLC Autogarage Rosari on Dec. 9, 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 Sept. 12, 2006, can be reached
at:

         LLC Autogarage Rosari
         Freiburgstrasse 310
         3018 Bern
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Administrative Department Bern
         3011 Bern
         Switzerland


CCSI COMPUTER: Bern-Mittelland Court Closes Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland entered Nov. 17, 2006,
an order closing the bankruptcy proceedings of JSC CCSI Computer
Clean Service Informatik.

The Debtor can be reached at:

         JSC CCSI Computer Clean Service Informatik
         Kunoweg 37
         3047 Bremgarten
         Aargau
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Administrative Department Bern
         3011 Bern
         Switzerland


EUROPEAN REINSURANCE: Seeks Chapter 15 Relief in S.D. New York
--------------------------------------------------------------
Europaische Ruckversicherungs-Gesselschaft in Zurich (European
Reinsurance Company of Zurich), through its court-appointed
Scheme Manager Kevin McAtee, filed a petition pursuant to
Chapter 15 of the United States Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York on
Dec. 21, 2006.

In its Chapter 15 petition, European Reinsurance seeks:

   a. recognition of the English Proceeding as a "foreign main
      proceeding" pending before the High Court of Justice of
      England and Wales; and

   b. injunctive relief that will give full force and effect to
      a Scheme of Arrangement in the United States.

Chapter 15 of the U.S. Bankruptcy Court, which became effective
Oct. 17, 2005, broadens the mechanism through which
representatives of non-U.S. proceedings might obtain relief,
including injunctive relief, in the United States, expands the
powers of U.S. Bankruptcy Courts, and enhances the rights of
both U.S. and non-U.S. creditors.

                    English Proceeding

The Debtor is subject to a collective proceeding currently
pending before the English High Court, in accordance with a
Solvent Scheme of Arrangement pursuant to Section 425 of the
Companies Act 1985 between the company and its scheme creditors.  

                        RGM Pool

European Reinsurance, a wholly owned subsidiary of Swiss
Reinsurance Company, Zurich, conducts a portion of its business
as a member of a pool of four companies that transacted
insurance and reinsurance business from August 1963 until
November 1966, including some multiyear policies as a result of
which coverage may be extended until 1969.  The business of the
RGM Pool was written through the agency of Reinsurance Group
Managers Limited.  Other members of the Pool include:

   * Mercantile & General Reinsurance Company Limited
   * NRG Victory Reinsurance Limited
   * Guildhall Insurance Company Limited

The RGM Pool ceased writing new business in November 1966 and
currently is in run-off.  The Pool is currently managed by PRO
Insurance Solutions Limited as a run-off specialist.

As of Dec. 31, 2006, European Reinsurance's balance sheet showed
US$18.2 billion of total assets and US$17.2 billion of total
liabilities.

                    Scheme of Arrangement

The proposed Scheme of Arrangement applies solely to European
Reinsurance's portfolio of business written through the Pool.  
The Debtor commenced the English proceeding to obtain the
English Court's approval of the Scheme of Arrangement.

A scheme of arrangement becomes legally binding when:

  (a) a majority in number representing not less than 75% in
      value of creditors vote in favor of the scheme;

  (b) the court subsequently enters and order sanctioning the
      scheme of arrangement; and

  (c) a copy of that order is delivered to the registrar of
      companies for registration.

The Debtor estimates about 3,200 potential scheme creditors with
claims likely to vary widely.  

The Scheme establishes Dec. 31, 2006, as the Ascertain Date,
which is the date as of which claims will be valued in
accordance with the Scheme.

The Debtor believes that a solvent scheme will be the most
efficient method of making full payment to Scheme Creditors in
the short practicable time.

The Scheme provides for the appointment of:

    * PricewaterhouseCoopers LLP as Scheme Adviser to provide
      the Debtor with advice necessary to facilitate and
      implement the Scheme of Arrangement; and

    * PRO Insurance Solutions as Scheme Manager, who will have
      power to manage and control the business.

Jennifer C. DeMarco, Esq., of Clifford Chance U.S. LLP, who
represents the Debtor, tells the Court that the Scheme's primary
objective is to conclude the run-off of the Scheme Business
earlier than would be the case if the pre-Scheme of Arrangement
run-off were to continue until all claims had materialized and
been agreed upon and paid in the ordinary course.

Mr. McAtee sought the relief as a requirement to give effect to
the Scheme of Arrangement in the U.S. and to prevent the Scheme
and the English Proceeding from being frustrated.


EUROPEAN REINSURANCE: Chapter 15 Petition Summary
-------------------------------------------------
Petitioner: Kevin McAtee
            Foreign Representative

Debtor: Europaische Ruckversicherungs-Gesellschaft in Zurich
        aka European Reinsurance Company of Zurich
        Mythenquai 50/60
        CH-8002 Zurich
        Switzerland

Case No.: 06-13061

Type of Business: The company is a wholly owned subsidiary of
                  Swiss Reinsurance Company, Zurich.
                  See: http://www.rgmpool.com/

Chapter 15 Petition Date: December 21, 2006

Court: Southern District of New York (Manhattan)

Judge: Robert E. Gerber

Petitioner's Counsel: Jennifer C. DeMarco, Esq.
                      Sara M. Tapinekis, Esq.
                      Clifford Chance
                      31 West 52nd Street
                      New York, NY 10019
                      Tel: (212) 878-8569
                      Fax: (212) 878-8375

Proposed Scheme
Manager:              PRO Insurance Solutions Ltd.

Proposed Scheme
Advisor:              PricewaterhouseCoopers LLP

Proposed Independent
Adjudicator:          George Maher

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million


HELLER TREUHAND: Basel-Stadt Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Basel-Stadt commenced bankruptcy
proceedings against LLC Heller Treuhand on Nov. 13, 2006.

The Debtor can be reached at:

         LLC Heller Treuhand
         Paulusgasse 16
         4051 Basel
         Basel-City
         Switzerland

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

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


HOLWEST JSC: Court Suspends Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy
proceedings of JSC Holwest on Dec. 9, 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 CHF8,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Sept. 12, 2006, can be reached
at:

         JSC Holwest
         Schwarztorstrasse 18
         3007 Bern
         Switzerland

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Administrative Department Bern
         3011 Bern
         Switzerland


ICE HANDELS: St. Gallen Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC ICE Handels on Sept. 27, 2006.

The Debtor can be reached at:

         JSC ICE Handels
         Giessenweg 1
         9030 Abtwil
         Aargau
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland


LTL LOTUS: Basel-Stadt Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Basel-Stadt suspended the bankruptcy
proceedings of LTL Lotus Transport & Logistik, Schweiz on
Dec. 16, 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 CHF9,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 31, 2006, can be reached
at:

         LTL Lotus Transport & Logistik, Schweiz
         Munchensteinerstrasse 69
         4018 Basel
         Basel-City
         Switzerland

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

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


MADER TREUHAND: St. Gallen Court Suspends Bankruptcy Process
------------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of LLC Mader Treuhand on Nov. 29, 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 CHF8,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 18, 2006, can be reached
at:

         LLC Mader Treuhand
         Rickenstrasse 25
         8737 Gommiswald
         St. Gallen
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Administrative Department Kaltbrunn         
         Katharina Kuster
         8722 Kaltbrunn
         St. Gallen
         Switzerland


NEUE SCHULE: Court Suspends & Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of St. Gallen has suspended and closed
the bankruptcy proceedings of JSC Neue Schule Will due to a lack
of funds.

A liquidation process will be conducted according to the
creditors' requirements at:

         JSC Neue Schule Will
         Dufourstrasse 4-6
         9500 Will
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Administrative Department Oberuzwil
         Urs Ghirlanda
         9242 Oberuzwil
         St. Gallen
         Switzerland


SELTI ELEKTRONIK: Basel-Stadt Court Starts Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Basel-Stadt commenced bankruptcy
proceedings against JSC Selti Elektronik on Aug. 28, 2006.

The Debtor can be reached at:

         JSC Selti Elektronik
         Schutzenmattstrasse 2
         4051 Basel
         Basel-City
         Switzerland

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

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


TOP MALER: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Top maler service on Oct. 9, 2006.

The Debtor can be reached at:

         LLC Top maler service
         Stadtlistrasse 17
         7320 Sargans
         St. Gallen
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Administrative Department Buchs
         Yves Beljean
         9471 Buchs
         Aargau
         Switzerland


ZIRKUS LILIPUT: Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Emmental-Oberaargau entered Nov. 16,
2006, an order closing the bankruptcy proceedings of LLC Zirkus
Liliput.

The Debtor can be reached at:

         LLC Zirkus Liliput
         Mange 4
         4914 Roggwil BE
         Berne
         Switzerland

The Bankruptcy Service of Emmental-Oberaargau can be reached at:

         Bankruptcy Service of Emmental-Oberaargau
         4912 Aarwangen
         Berne
         Switzerland


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


CAREKONSTANTINOV MACHINE: Creditors Must File Claims by Jan. 13
---------------------------------------------------------------
Creditors of LLC Carekonstantinov Machine-Manufacturable Plant
(code EDRPOU 25477542) have until Jan. 13 to submit written
proofs of claim to:

         Sergey Vasilcov, Liquidator
         Pracy Avenue 33/55
         Berdiansk
         71118 Zaporozhje Region
         Ukraine
         Tel: 8(06153) 7-18-00

The Economic Court of Zaporozhje Region commenced bankruptcy
proceeding against the company on Nov. 13, 2006, after finding
it insolvent.  The case is docketed under Case No. 25/144.

The Economic Court of Zaporozhje Region is located at:

         Shaumiana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Carekonstantinov Machine-Manufacturable Plant
         Kuybyshevo, Illich Str. 127
         71000 Zaporozhje Region
         Ukraine
  

FERROCONCRETE ITEMS: Creditors of Must File Claims by January 13
----------------------------------------------------------------
Creditors of Shevchenkovo Joint Enterprise Ferroconcrete Items
Plant (code EDRPOU 05423708) have until Jan. 13 to submit
written proofs of claim to:

         T. Chagovec, Liquidator
         Shakespeare Str. 10
         61045 Kharkov Region
         Ukraine
         Tel: 773-01-30

The Economic Court of Kharkov Region commenced bankruptcy
proceeding against the company on Dec. 4, 2006, after finding it
insolvent.  The case is docketed under Case No. B-39/170-06.

The Economic Court of Kharkov Region is located at:

         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov Region
         Ukraine

The Debtor can be reached at:

         Shevchenkovo Joint Enterprise Ferroconcrete Items Plant
         Pioneer Str. 84
         Shevchenkovo
         Kharkov Region
         Ukraine


GATNYANSKOE LLC: Claims Submission Deadline Set January 13
----------------------------------------------------------
The Economic Court of Hmelnitskiy Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 17/240-B.

Creditors of Agricultural LLC Gatnyanskoe (code EDRPOU 03788069)
have until Jan. 13 to submit written proofs of claim to:

         Vladimir Bilyk, Temporary Insolvency Manager
         Popov Str. 15
         Starokonstantinov
         50051 Hmelnitskiy Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Gatnyanskoe
         Gatna
         Derazhnya District
         32200 Hmelnitskiy Region
         Ukraine


GETMAN LLC: Deadline for Submission of Claims Set January 17
------------------------------------------------------------
Creditors of LLC Getman (code EDRPOU 24735976) have until
Jan. 17 to submit written proofs of claim to:

         Sergey Kicul, Temporary Insolvency Manager
         Liskovskaya Str. 28
         02097 Kyiv Region
         Ukraine
         Tel: 205-32-99.  
         
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on the company on Nov. 24, 2006.  The case
is docketed under Case No. 15/777-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Getman
         Ohtyrskiy Lane 7
         Kyiv Region
         Ukraine


KARLOVKA AGRICULTURE: Creditors of Must File Claims by Jan. 17
--------------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
proceeding against the company on Nov. 12, 2006, after finding
it insolvent.  The case is docketed under Case No. 8/23-7/61.

Creditors of OJSC Karlovka Agriculture Chemistry (code EDRPOU
05487030) have until Jan. 17, to submit written proofs of claim
to:

         Ivan Gricenko, Liquidator
         St. Kondratenko Str. 6
         36009 Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         OJSC Karlovka Agriculture Chemistry
         Sverdlov 9
         Karlovka
         39400 Poltava Region
         Ukraine


SHABELNIKI LLC: Claims Bar Date Slated for January 13
-----------------------------------------------------
Creditors of Agricultural LLC Shabelniki (code EDRPOU 31718314)
have until Jan. 13 to submit written proofs of claim to:

         Gorbach Sergey, Temporary Insolvency Manager
         p.o.b. 45
         Ukrainka
         08720 Kiev Region
         Ukraine

The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 01/5550.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Shabelniki
         Shabelniki
         Zolotonosha District
         Cherkassy Region
         Ukraine


STARK LLC: Creditors of Must File Claims by January 17
------------------------------------------------------
Creditors of LLC Stark (code EDRPOU 30896105) have until Jan. 17
to submit written proofs of claim to:

         LLC BVA Group, Liquidator
         Gorkiy Str. 25-b
         01004 Kyiv Region
         Ukraine         

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 30, 2006, after finding it
insolvent.  The case is docketed under Case No. 319/11b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Stark
         Industrialnaya Str. 5
         Kalinovka
         Vasilkov District
         Kyiv Region
         Ukraine


UKRSOTSBANK: Moody's Puts Local Currency Deposit Rating at Ba1
--------------------------------------------------------------
Moody's assigned these ratings to Ukrsotsbank:

   -- Ba1 long-term local currency deposit rating (on review for
      possible upgrade);

   -- Not Prime short-term local currency deposit rating (on
      review for possible upgrade); and

   -- Aa1.ua long-term national scale rating (on review for
      possible upgrade).

According to Moody's, the Ba1/NP global scale local currency
ratings reflect global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
Aa1.ua national scale rating reflects the standing of the bank's
credit quality relative to its domestic peers.

The ratings reflect the bank's strong market positioning as
Ukraine's fifth-largest bank by total assets, its extensive
territorial coverage, growing emphasis on retail lending,
strengthening financial fundamentals and improving asset
quality.  The ratings also incorporate difficulties associated
with potentially volatile economic and political environment in
Ukraine, significant - albeit improving - single-party
concentrations on both sides of the balance sheet, the
unseasoned nature of the bank's rapidly growing retail portfolio
and tightening liquidity.  The ratings are on review for
possible upgrade as Italian Banca Intesa is in the process of
acquiring the controlling stake in Ukrsotsbank.

In addition to these ratings, Ukrsotsbank already has these
ratings by Moody's:

   -- B2 long-term foreign currency deposit rating (Positive
      Outlook)

   -- Not prime short-term foreign currency deposit rating

   -- Ba1 senior unsecured domestic currency debt rating (on
      review for possible upgrade)

   -- D- Financial Strength Rating (Positive Outlook)

Moody's also assigned Ba1 (on review for upgrade) Global Scale
Rating and Aa1.ua (on review for possible upgrade) National
Scale rating to the local currency bonds to be issued by
Ukrsotsbank which will represent a senior unsecured claim on the
bank.  The ratings do not reflect any transfer risk and are
therefore neither constrained by the B2 (positive outlook)
foreign currency deposit ceiling for Ukraine, nor directly
comparable with the published foreign currency ratings of other
Ukrainian financial institutions.

The planned debt issue size is UAH500 million (around US$100
million), distributing quarterly coupons with an issue date of
Feb. 19, 2007 and redemption date of Feb. 13, 2012.  The
obligations associated with this debt issue include put options
that the bondholders will, according to the terms of the issue,
be able to exercise in order to sell the bonds back to the bank
at par on the sixth and fourteens coupon payment dates and
during the three working days following these dates.  Moody's
notes that if the bank's credit quality were to have
deteriorated at these times, exercise of the put options might
exert additional pressure on the bank's financial condition.

Headquartered in Kiev, Ukraine, Ukrsotsbank reported total
consolidated assets of UAH12.5 billion (US$2.5 billion) at
June 30, 2006.


ZLATOKRAY CORP: Creditors of Must File Claims by January 13
-----------------------------------------------------------
Creditors of Agroindustrial Corporation Zlatokray (code EDRPOU
21377795) have until Jan. 13 to submit written proofs of claim
to:

         Pension Fund Department of Ukraine in
         Zolotonosha District, Liquidator
         Shevchenko Str. 68-a
         Zolotonosha
         19700 Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region commenced bankruptcy
proceeding against the company on Nov. 16, 2006, after finding
it insolvent.  

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agroindustrial Corporation Zlatokray
         Shevchenko Str. 202
         New Dmitrievka
         Zolotonosha District
         Cherkassy Region
         Ukraine



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


BARWOOD PRODUCTS: Names Tenon Recovery as Joint Administrators
--------------------------------------------------------------
Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint administrators of Barwood Products Ltd. (Company
Number 05116100) on Dec. 12.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

Barwood Products Ltd. can be reached at:

         Central Works
         Curzon St.
         Burton-on-Trent
         Staffordshire DE14 2DH
         United Kingdom
         Tel: 012 8351 6526
         Fax: 012 8351 7597  
         Web: http://www.barwoodproducts.com/


BRIDGEN ENTERPRISES: Taps Administrators from Smith & Williamson
----------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert Horton of Smith &
Williamson were appointed joint administrators of Bridgen
Enterprises Ltd. (Company Number 3154006) on Dec. 12.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.  

Bridgen Enterprises Ltd. can be reached at:

         10 16 Byron Road
         Wealdstone
         Harrow
         Middlesex HA3 7ST
         United Kingdom
         Tel: 020 8427 0339
         Fax: 020 8424 0604


COLLINS & AIKMAN: Inks Fifth Amendment of DIP Loan with JPMorgan
----------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Michigan to enter into a fifth amendment to the
Amended and Restated Revolving Credit, Term Loan, and Guaranty
Agreement, dated as of July 28, 2005, with JPMorgan Chase Bank,
N.A., as administrative agent.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York
states that the Fifth Amendment is expected to provide JPMorgan,
and each of the other financial institutions, consent to the
Customer Agreement and the transactions contemplated in it.

The approval of the Fifth Amendment on an expedited basis will
also ensure that the Debtors are able to, among other things,
receive the benefits of the Customer Agreement and avoid the
risks of not having the Customer Agreement while remaining in
full compliance with the DIP Credit Agreement, Mr. Carmel says.

The Fifth Amendment is necessary to permit the Debtors to engage
in certain other transactions currently restricted by the DIP
Credit Agreement, modify provisions governing the sharing of
proceeds received by the Debtors from certain transactions and
increase the Debtors' ability to sell, dispose of and transfer
certain assets, Mr. Carmel adds.

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)


EASTMAN KODAK: Inks Agreements with Sony; Ends Patent Dispute
-------------------------------------------------------------
Eastman Kodak Co. has entered a cross-licensing agreement with
Sony Corp., ending a long-standing patent dispute over digital-
camera inventions since 1987, The Associated Press reports.

According to the source, Eastman Kodak also signed a cross-
license deal with Sony Ericsson Mobile Communications AB, a
joint venture of Sweden's LM Ericsson and Sony.

AP says that the financial terms of the contracts were not
revealed but the deals were royalty bearing to Kodak.

Kodak spokesman David Lanzillo told AP that ending the patent
litigation and entering into cross-license agreement would allow
each company broad access to each other's patent portfolio.

                       Patent Dispute

AP relates that in March 2004, Kodak filed a lawsuit against
Tokyo-based Sony and two U.S. subsidiaries, Sony Corp. of
America and Sony Electronics Inc., alleging that Sony infringed
on 10 patents for digital camera inventions issued from 1987 to
2003 including digital and video tools such as image compression
and digital storage.

Three weeks later, Sony countersued Kodak claiming that Kodak
violated 10 patents covering digital camera features, from an
indicator that displays the number of pictures taken to an
electronic shutter with adjustable speeds, AP adds.

                      About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. --
http://www.kodak.com/-- develops, manufactures, and markets  
digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 9,
2006, Moody's Investors Service placed Eastman Kodak Company's
B1 Corporate Family Rating on review for a possible downgrade.
Moody's will continue to focus on the company's potential sale
of the Kodak Health Group as well as the fundamental operating
performance of the company.  Moody's commented that if the sale
of KHG was not pending, Moody's would expect to confirm the
company's B1 rating with a negative outlook.

The company intends to announce the outcome of the KHG strategic
review by calendar year end 2006.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


FORD MOTOR: US December Sales Down 13%; Full 2006 Sales Down 8%
---------------------------------------------------------------
Ford Motor Company's dealers delivered 233,621 new vehicles to
U.S. customers in December, down 13% compared with a year ago.
Lower F-Series sales (down 21% compared with last December's
near-record month) and lower sales for the discontinued Taurus
and Freestar minivan more than accounted for the decline.

Full year sales totaled 2.9 million, down 8% compared with full
year 2005.  Car sales were 5% higher than a year ago.  It was
the second year in a row of higher car sales and the first back-
to-back increase since 1993-1994.  Ford's new mid-size sedans
were the major factors behind the increase as combined sales for
the Ford Fusion, Mercury Milan, and Lincoln MKZ totaled 211,469.
Awareness and demand for these award-winning products continues
to grow.  In December, Fusion sales were up 67%, Milan sales
were up 36%, and MKZ sales were up 78%.  MKZ sales of 3,795 were
the highest for any month.

Full year truck sales were down 14% as higher gasoline prices
and long-term demographic trends drove SUV sales lower and a
soft housing industry weighed on full-size truck sales.  Ford
believes these factors will continue to weigh on these segments
in 2007. New products should help mitigate these factors.  The
company's new full-size SUVs, Ford Expedition and Lincoln
Navigator, closed 2006 by posting higher sales each month in the
fourth quarter.  The company will soon introduce a new Super
Duty F-Series pickup truck.  This model accounts for about 40%
of total F-Series sales.

Conversely, passenger car sales and crossover utility vehicles
should continue to benefit from demographic trends (notably the
aging of the baby boomer generation) and higher gasoline prices.
In December, the company expanded its CUV line with the
introduction of the Ford Edge and Lincoln MKX.  In addition, the
company will introduce a redesigned Ford Escape and Mercury
Mariner early this year.  Escape has been the best-selling CUV
since it was introduced in late 2000.

Land Rover was the company's only brand to post higher sales in
2006.  Land Rover's full year sales totaled 47,774 -- a new
calendar year sales record.  Although Lincoln's overall sales
were down 2%, sales to individual retail customers rose 4%.

                      U.S. Inventories Lower

At the end of December, Ford, Lincoln and Mercury inventories
were estimated at 590,000 units.  This level is 143,000 units
lower than a year ago.  The company estimates less than 10% of
the total inventory is 2006 models.

                        About Ford Motor Co.

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

                           *     *     *

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

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

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


GENERAL MOTORS: US December Sales Down 9.6%; 2006 Sales Down 9%
---------------------------------------------------------------
General Motors Corp. dealers in the United States delivered
341,327 vehicles in December, an increase of 10% (43,771)
compared with November, but a reduction of 9.6% on a sales-day
adjusted basis compared with a strong year-ago December.  GM's
total annual U.S. sales of 4.1 million vehicles in 2006 were
down 9% compared with last year's 4.5 million, due to planned
reductions in daily rental and other marginally profitable
sales.

"December was a very solid sales month for GM, exceeding our
expectations, especially in full-size trucks and SUVs," said
Mark LaNeve, vice president, GM North American Sales, Service
and Marketing.

"In 2006, despite challenging conditions, we stuck to the game
plan and achieved our stated goals in support of Rick Wagoner's
turnaround plan for North America.

"Specifically, we exceeded 3 million retail sales and stabilized
market share, improved residual values and transaction prices,
lowered daily rental sales, and we accomplished all of this
while being the only major manufacturer to substantially lower
incentive spending (down US$700).

"For 2007, we'll continue our plans to stabilize retail volume,
improve our mix, reduce sales to the daily rental market,
exercise strategic and tactical incentive programs and
strengthen average transaction prices.

"We will continue to provide customers with the best coverage in
the industry, including our 5 year/100,000 mile limited
powertrain warranty with roadside assistance and courtesy
transportation.

"As we move to the next phase of the turnaround plan, we plan to
win by offering our customers the best products with industry-
leading value and dealer service," Mr. LaNeve added.

"So we are optimistic as we introduce exceptional new vehicles -
- such as the GMC Acadia and Sierra, Saturn Aura and Outlook,
Buick Enclave, Chevrolet Silverado and the all-new Cadillac
CTS."

December sales were up 10% compared with November, driven by a
surge in full-size trucks that offer outstanding fuel economy
and value.  Highlights include:

   * Best sales month of the year for Cadillac (22,715 vehicles)
     with a 65% increase in truck sales compared with December
     2005,

   * Saturn total December sales up 42%

   * Saab total and retail sales were up 33%

   * Saturn and Saab saw car sales increases, and total GM car
     sales in December were up 2% on a sales-day adjusted basis.

For calendar year 2006, GM noted several significant
achievements that point to strong consumer acceptance of its new
products:

   * including the GMC Sierra, GMC Canyon and Chevrolet
     Colorado, GM sold more than a million pickup trucks in
     2006.  GM moved the much-anticipated launch of the all-new
     full size 2007 Chevrolet Silverado and GMC Sierra pickup
     trucks ahead 13 weeks.

   * sales of the Chevrolet Equinox and HHR, Pontiac Torrent and
     Saturn VUE drove GM's small utility and crossover sales up
     27% in 2006, with 346,952 total deliveries.

   * HUMMER had a record sales year with 71,524 deliveries, up
     26%.  H3 sales were up 63%, to 54,052 deliveries, compared
     with 2005.

   * Saturn sales for 2006 totaled a record 226,375 vehicles, a
     6% increase on a sales-day adjusted basis compared with
     2005.  The Aura, Sky and VUE led this improvement.  The new
     Saturn Outlook crossover is being launched now.

   * Pontiac G6 had a 26% sales increase in 2006, compared with
     2005.  Chevrolet Impala sales were up 18%, with 289,868
     vehicles sold.  Chevrolet HHR sold 101,298 vehicles and
     Buick Lucerne sold 96,515 vehicles in 2006, each building
     on their launch momentum.

As GM executes the North America turnaround plan, much media
attention has focused on the sales races between GM and its
competitors.

"We are obviously competing in a fiercely contested global
marketplace," Mr. LaNeve said.

"We're optimistic that our newest generation of products will
continue to drive revenue growth and brand image."

                      Certified Used Vehicles

December 2006 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,800
units, down nearly 6% from last December.

GM Certified Used Vehicles, the industry's top selling certified
brand, posted December sales of 35,774 units, down 8%.  Cadillac
Certified Pre-Owned Vehicles posted strong December sales of
3,948 units, up 18%.  Saturn Certified Pre-Owned Vehicles sold
1,341 units in December, down nearly 18%.  Saab Certified Pre-
Owned Vehicles sold 607 units, up 9%, and HUMMER Certified Pre-
Owned Vehicles sold 130 units.

Total 2006 sales for all certified GM brands were 520,189 units,
down 2% from last year's total.  Annual sales for GM Certified
Used Vehicles, the industry's top-selling manufacturer-certified
brand, were 449,461 units, down 1% from its category record
sales results in 2005, while Chevrolet again finished the year
as the industry's top-selling single-make certified used vehicle
brand.

Cadillac Certified Pre-Owned finished 2006 with sales of 42,143
units, up 9% over the previous year.  Saab Certified Pre-Owned
Vehicles sold 8,330 units in 2006, down nearly 4%, while Saturn
Certified Pre-Owned Vehicles sold 19,244 units, down 35%.  
HUMMER Certified Pre-Owned Vehicles sold 1,011 units in its
first year of operation.

"Cadillac Certified Pre-Owned Vehicles posted another strong
month, with December sales of 3,948 units, up 18% from last
December, and total annual 2006 sales up 9% from 2005," Mr.
LaNeve said.

"GM Certified Used Vehicles finished 2006 as the industry's top-
selling certified brand for the fifth consecutive year, while
Chevrolet ranked as the top-selling single-line make certified
used vehicle brand.  Certified GM brands, including GM Certified
Used Vehicles, Cadillac, Saturn, Saab and HUMMER Pre-Owned
Vehicles, again led all manufacturers with total 2006 sales of
520,189 units."

               GM North America Reports December and
                  2006 Fourth-Quarter Production

In December, GM North America produced 319,000 vehicles (125,000
cars and 194,000 trucks).  This is down 42,000 vehicles or 12%
compared to December 2005 when the region produced 361,000
vehicles (139,000 cars and 222,000 trucks).  (Production totals
include joint venture production of 16,000 vehicles in December
2006 and 24,000 vehicles in December 2005.)

Also, GM North America built 1.107 million vehicles (447,000
cars and 660,000 trucks) in the fourth quarter of 2006.  This is
down 174,000 vehicles or 14% compared to the fourth quarter of
2005 when the region produced 1.281 million vehicles (483,000
cars and 798,000 trucks).

Additionally, the region's 2007 first-quarter production
forecast is revised at 1.120 million vehicles (455,000 cars and
665,000 trucks), down 20,000 vehicles from last month's
guidance.  The majority of the production decrease is attributed
to GM's ongoing efforts to reduce low-margin daily rental fleet
sales.  The remainder of the cuts is attributed to shifting
production to the company's new full-size pickups and the
ongoing management of inventories.

                  2006 Revised Fourth Quarter and
              2007 First Quarter Production forecasts

GM Europe

The region's 2006 fourth-quarter production forecast is revised
at 443,000 vehicles.  This is down 2,000 vehicles compared with
last month's guidance.  In the fourth quarter of 2005 the region
built 443,000 vehicles.  The region's 2007 first-quarter
production forecast remains unchanged at 508,000 vehicles.  In
the first quarter of 2006 the region built 494,000 vehicles.

GM Asia Pacific

GM Asia Pacific's 2006 fourth-quarter production forecast is
revised at 507,000 vehicles, up 3,000 vehicles from last month's
guidance.  In the fourth quarter of 2005 the region built
420,000 vehicles.  The region's 2007 first-quarter production
forecast is revised at 531,000 vehicles, down 8,000 vehicles
from last month's guidance.  In the first quarter of 2006 the
region built 472,000 vehicles.

GM Latin America, Africa, and the Middle East

The region's 2006 fourth-quarter production estimate is revised
at 216,000 vehicles, up 1,000 vehicles from last month's
guidance.  In the fourth quarter of 2005 the region built
188,000 vehicles. The region's 2007 first-quarter production
forecast remains unchanged at 214,000 vehicles.  In the first
quarter of 2006, the region built 194,000 vehicles.

                     About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the        
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 327,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                           *     *     *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


INCO LIMITED: Shareholders Approve Merger with Itabira Canada
-------------------------------------------------------------
At a special meeting held on Jan. 3, 2007, in Toronto, Canada,
shareholders of Inco Limited overwhelmingly approved the
amalgamation of Inco with Itabira Canada Inc., a wholly owned
indirect subsidiary of Companhia Vale do Rio Doce.  Pursuant to
the amalgamation, Inco will become a wholly owned indirect
subsidiary of CVRD and change its name to "CVRD Inco Limited".

Inco and Itabira Canada intend to file articles of amalgamation,
which became effective on Jan. 4, 2007.  Upon the amalgamation,
shareholders of Inco (other than dissenting shareholders and
Itabira Canada) will receive, for each Inco common share held by
them, one Class A redeemable preferred
share of CVRD Inco.  As soon as practicable following the
amalgamation, each such Class A redeemable preferred share of
CVRD Inco will be redeemed for CDN$86.00 in cash.

An application has been made for the de-listing of Inco's shares
from the Toronto Stock Exchange.   Inco expects to suspend its
reporting obligations with the U.S. Securities and Exchange
Commission effective Jan. 5, 2007, and is applying to cease to
be a reporting issuer under Canadian securities laws.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


NEWCASTLE INTL: S&P Cuts Rating to BB on Weak Financial Profile
---------------------------------------------------------------
(jade)
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on U.K.-based airport operator
Newcastle International Airport Ltd. (NIA), and its parent
company, NIAL Holdings PLC, to 'BB' from 'BBB+', and removed
them from CreditWatch, where they had been placed with negative
implications on Aug. 31, 2006.  The ratings were withdrawn at
the request of NIA's management, and consequently the company is
no longer subject to surveillance by Standard & Poor's.

The ratings were placed on CreditWatch in August 2006,
reflecting a potential weakening of NIA's financial profile in
view of a proposed capital restructuring at the company.  The
downgrade reflects confirmation by the company that the
restructuring has been achieved and the outstanding funds
under a GBP85-million senior unsecured bond issue have been
prepaid in full.


PAULO OGIANNI: Brings In Administrators from Mazars LLP
-------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Paulo Ogianni (Barrow) Ltd. (Company
Number 03021216) and Paulo Ogianni (Kendal) Ltd. (Company Number
02832769) on Dec. 14, 2006.

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.

Paulo Ogianni (Barrow) Ltd. can be reached at:

         11 Horniman Grange
         66 London Road
         London SE23 3HQ
         United Kingdom
         Tel: 02086994460


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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Debtors want the Claims disallowed because:

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

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

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

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

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

                        About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported 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. 52; 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: Equity Committee Wins US$1.2 Million in Court Battle
---------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan approved the request
of Refco Inc. and its debtor-affiliates' Ad Hoc Equity Committee
to collect US$1.2 million in legal fees and expenses from the
company, The Associated Press reports.

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

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

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

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

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

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

   -- 3% pro rata share of the first US$500 million;

   -- 7.5% of recoveries between US$500 million and
      US$1 billion; and

   -- 15% of recoveries over US$1 billion.

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

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

                        About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported 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. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

                        Plan Update

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

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

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


SENTRA EUROPE: Brings In Menzies to Administer Assets
-----------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Sentra
Europe Ltd. (Company Number 05753699) on Dec. 13, 2006.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Sentra Europe Ltd. can be reached at:

         9 Bryngwyn Street
         Bed was
         Caerphilly
         Mid Glamorgan CF83 8BA
         United Kingdom
         Tel: 029 2088 5392


SILOCARE LIMITED: Names Andrew James Nichols as Administrator
-------------------------------------------------------------
Andrew James Nichols of Redman Nichols was named administrator
of Silocare Ltd. (Company Number 02548020) on Dec. 4, 2006.

The administrator can be reached at:

         Andrew James Nichols
         Redman Nichols  
         Maclaren House  
         Skerne Road  
         Driffield
         East Yorkshire YO25 6PN  
         United Kingdom
         Tel: 01377 257788  
         Fax: 01377 249119
         E-mail: andrew.nichols@redman-nichols.co.uk

Silocare Ltd. can be reached at:

         Blyborough
         Gainsborough
         Lincolnshire DN21 4EL
         United Kingdom
         Tel: 01427668061


SPECIALIZED CLADDING: Appoints David Hill to Administer Assets
--------------------------------------------------------------
David Hill of Begbies Traynor was appointed administrator of
Specialized Cladding Services Ltd. (Company Number 4249108) on
Nov. 28, 2006.

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

Specialized Cladding Services Ltd. can be reached at:

         Unit 1
         Tair Onen Workshop
         Taironen
         Cowbridge
         South Glamorgan CF71 7UA
         United Kingdom
         Tel: 01446781990


STAGGER INN: Appoints Joint Administrators from Mazars LLP
----------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of The Stagger Inn (Stainton) Ltd. (Company
Number 03756550) on Dec. 14, 2006.

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.

The Stagger Inn (Stainton) Ltd. can be reached at:

         Long Lane
         Stainton with Adgarley
         Barrow-in-Furness
         Cumbria LA13 0NN
         United Kingdom
         Tel: 01229 462 504


WATCHBELL LIMITED: Taps KPMG LLP to Administer Assets
-----------------------------------------------------
Richard John Hill and Paul Andrew Flint of KPMG LLP were
appointed joint administrators of Watchbell Ltd. (Company Number
3338679) on Dec. 15, 2006.

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

Headquartered in Bristol, England, Watchbell Ltd. manufactures
food products.


* BOOK REVIEW: Learning Leadership: The Abuse of Power in
               Organizations
---------------------------------------------------------
Author:     Abraham Zaleznik
Publisher:  Beard Books
Paperback:  552 pages
List Price: US$34.95

Order your personal copy at:
http://www.amazon.com/exec/obidos/ASIN/158798282X/internetbankrupt

The lesson in Learning Leadership -- The Abuse of Power in
Organizations is to "use power so that substance leads process."
This is done, says the author, by keeping the "content of work
at the center of communication."

The premise of this intriguing book is that many managers,
executives, and other business leaders allow "forms of
communication [to become] the center of work."  As a result,
misguided and counterproductive leadership and management
practices have settled into many organizations.  A culprit is
the popular "how-to" leadership manuals that offer simple,
superficial principles that only skim the surface of leadership.  
Zaleznik argues that the primary way to get work done is to put
aside personal agendas and deal directly with those who are
involved in the work.

With this emphasis on substance over process, the concept of
leadership lies not in techniques, but personal qualities.  The
essential personal qualities of leadership are captured by the
"three C's" of competence, character, and compassion.  The
author then delves more deeply into each of these C's.  We
learn, for example, that the three C's are not learned skills.  
Competence entails "building one's power base on talent."

Character and compassion are the two other qualities of a leader
that must be present before there is any talk about methods of
operation, lines of communication, definition of goals,
structure of a team, and the like.  There is more to character
that the common definition of the "quality of the person."  
Character also embraces, says the author, the "code of ethics
that prevents the corruption of power."  Compassion is defined
as a "commitment to use power for the benefit of others, where
greed has no place."

This concept of a good leader is not idealized or unrealistic.  
It takes into account human nature and the troubling behavior of
many leaders.  Of course, any position of leadership brings with
it temptations and the potential to abuse power.  Effective
leaders are those who "take responsibility for [their] own
neurotic proclivities," says the author.  They do this out of a
sense of the true purpose of leadership, which is communal
benefit.  The power holder will "avoid the treacheries of an
unreasonable sense of guilt, while recognizing the omnipresence
of unconscious motivation."

Mr. Zaleznik's definition of the essentials of leadership comes
from his study of notable (and sometime notorious) leaders.  
Some tales are cautionary.  The Fashion Shoe Company illustrates
the problems that can occur when a leader allows action to
overcome thought.  The Brandon Corporation illustrates the
opposite leadership failing -- allowing thought to inhibit
action.  Taken together, the two examples suggest that balance
is needed for good leadership.

Andrew Carnegie exemplifies the struggle between charisma and
guilt that affects some leaders.  Frederick Winslow Taylor is
seen by the author as an obsessed leader.  From his behavior in
the Sicilian campaign in World War II, General Patton is
characterized as a leader who violated the code binding leaders
and those they lead.

With his training in psychoanalysis and his experience in the
business field, Mr. Zaleznik's leadership dissections and
discussions are instructive.  The reader will find Learning
Leadership -- The Abuse of Power in Organizations to be an
engaging text on the human qualities and frailties of leaders.

Abraham Zaleznik is emeritus Konosuke Matsushita Professor of
Leadership at the Harvard Business School.  He is also a
certified psychoanalyst.


                           *********

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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