TCREUR_Public/070108.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

             Monday, January 8, 2007, Vol. 8, No. 5

                            Headlines


A U S T R I A

AMERICAN ROADHOUSE: Creditors' Meeting Slate for January 18
ARBEITSSCHUTZARTIKEL - VERTRIEB: Meeting Slated for January 16
ASB BAU: Graz Court Orders Business Shutdown
AUSSEN & INNEN: Vienna Court Orders Business Shutdown
CREAMED LLC: Claims Registration Period Ends January 23

CREATRONIC AUTOMATION: Creditors' Meeting Slated for January 18
EAV ELEKTRO: Claims Registration Period Ends January 23
H. KONHAUSNER: Creditors' Meeting Slated for January 22
SEITZ BAU: Creditors' Meeting Slated for January 11
USKANA-BAUUNTERNEHMEN: Creditors' Meeting Slated for January 18


B U L G A R I A

FIRST INVESTMENT: S&P Affirms B+ Counterparty Credit Rating


C Y P R U S

BANK OF CYPRUS: Issues 3,127,833 New Ordinary Shares


F R A N C E

ARROW ELECTRONICS: Buys Agilysys KeyLink Systems for US$485 Mln
ARROW ELECTRONICS: Closes Takeover of InTechnology Storage Ops
ARROW ELECTRONICS: Fitch Keeps BB+ Default Rating on Acquisition
CLIENTLOGIC CORP: Amends Merger Agreement with SITEL Corp.
CLIENTLOGIC CORP: Moody's Lifts Corporate Family Rating to B2


G E R M A N Y

AEP ENERGIEPLAN: Claims Registration Ends January 16
BGR WOHNUNGS: Claims Registration Ends January 15
DAIMLERCHRYSLER AG: Insurers Agree to Repay EUR168 Million
GREDNER STAHLBAU: Claims Registration Ends January 12
IBIS ACAM: Claims Registration Ends January 14

K O L Z GMBH: Claims Registration Ends January 12
PEQA PERSONALENTWICKLUNGSCENTER: Meeting Slated for January 18
SLS MUSIK: Claims Registration Ends January 12
SPORT-PROESTLER: Claims Registration Ends January 12
V+S BAUEN: Claims Registration Ends January 15

WILFRIED STANGE: Claims Registration Ends January 15


G R E E C E

EGNATIA BANK: Quarterly Interest Period Begins Jan. 1
EGNATIA BANK: Shares Begin Trading on the ATHEX After Conversion
TECHNICAL OLYMPIC: Board Names New Executive Vice Presidents


I R E L A N D

AFFILIATED COMPUTER: Annual Stockholders' Meeting Set for June 7
CLIENTLOGIC CORP: Amends Merger Agreement with SITEL Corp.
CLIENTLOGIC CORP: Moody's Lifts Corporate Family Rating to B2


I T A L Y

PARMALAT SPA: Court Orders CEO to Return OCC Documents to BofA
PARMALAT SPA: Italy's State Council Quashes Lower Court's Ruling


K A Z A K H S T A N

ATYRAU TRADING: Creditors Must File Claims by February 13
AY STROYSERVICE LLP: Claims Filing Period Ends February 9
GAVRINO LLP: Proof of Claim Deadline Slated for February 8
KAINAR-KUS JSC: Claims Registration Ends February 13
JAKSY-2003 LLP: Creditors Must File Claims by February 8

JANIBEK LLP: Proof of Claim Deadline Slated for February 8
KELESHEK LLP: Creditors' Claims Due February 9
LOGIKA LLP: Creditors Must File Claims by February 8
PROMSPETSAUTOMATIKA OJSC: Creditors' Claims Due February 13
RAUSHAN LLP: Claims Filing Period Ends February 9

RIA JAM: Almaty Court Begins Bankruptcy Proceedings
SARY-ARKA: Proof of Claim Deadline Slated for Febraury 9
STRAITS OFFSHORE: Creditors' Claims Due February 13
TEMIRZHOLY LOGISTIC: Karaganda Court Starts Bankruptcy Procedure
VOLVOX INVEST: Proof of Claim Deadline Slated for Feb. 13


K Y R G Y Z S T A N

KYRGYZKOMUR CORP: Creditors' Meeting Slated for Jan. 10


L U X E M B O U R G

NOVELIS INC: Appoints Edward Blechschmidt as Chief Executive


N E T H E R L A N D S

GLOBAL POWER: Wants General Claims Bar Date Set for April 18
GLOBAL POWER: Equity Panel Hires Houlihan Lokey as Fin'l Advisor
PLAYLOGIC ENT: Sept. 30 Balance Sheet Upside-Down by US$7.4 Mln


N O R W A Y

FINANCE CREDIT: Auditor Convicted for Negligent Accounting


P O L A N D

AFFILIATED COMPUTER: Annual Stockholders' Meeting Set for June 7
GETIN FINANCE: Fitch Assigns BB Rating on US$100-Mln Bond Issue


R O M A N I A

ARDAF SA: Shareholders to Elect New Board on Feb. 7


R U S S I A

ELDORADO-WOOD LLC: Court Names T. Evdokimova to Manage Assets
FEDOROVSKOYE-IZHORA OJSC: Names K. Koloskov to Manage Assets
FUEL-TRANSPORT COMPANY: Court Names V. Murin to Manage Assets
GREVI CJSC: Bankruptcy Hearing Slated for February 8
KALITVA-BUILDING-MATERIALS LLC: Court Hearing Set for March 19

KLETSKAYA AGRICULTURAL: Court Names S. Pavlish to Manage Assets
OKTYABRSKIY FACTORY: Court Names R. Baykov as Insolvency Manager
PETROVSKIY: Court Names O. Shatalova as Insolvency Manager
PODPOROZHSKIY COMPLEX: Court Names V. Fedichev to Manage Assets
SAVINSKIY CJSC: Court Names O. Novikov as Insolvency Manager

SEVERNAYA CJSC: Bankruptcy Hearing Slated for April 30
SEV-RYB-KHOLOD-FLOOT OJSC: Names D. Balakshin to Manage Assets
VENEER PRODUCTION-1: Bankruptcy Hearing Slated for March 14
VOLZHSKAYA LEASING: Court Names A. Polyakov to Manage Assets


S W I T Z E R L A N D

J.H. TRACHSLER: Court Closes Bankruptcy Proceedings
PP PINCO: Wallisellen Court Suspends Bankruptcy Proceedings
MATOLA JSC: Aussersihl-Zurich Court Closes Bankruptcy Process
MERENGUE JSC: Zug Court Starts Bankruptcy Proceedings
NOVELIS INC: Appoints Edward Blechschmidt as Chief Executive

SAMPEX CAPITAL: Berne Court Suspends Bankruptcy Proceedings
STAUFFENEGGER JSC: Court Closes Bankruptcy Proceedings
TECHNET JSC: Oerlikon-Zurich Court Suspends Bankruptcy Process
TELIO FIX: Embrach Court Closes Bankruptcy Proceedings
TRESA LLC: Wadenswil Court Closes Bankruptcy Proceedings

WARCRAFT LLC: Berne Court Closes Bankruptcy Proceedings


U K R A I N E

ENCORE LLC: Creditors Must File Claims by January 18
KURENI TRANS: Creditors Must File Claims by January 18
MIA PODIYA: Creditors Must File Claims by January 18
NTS LLC: Creditors Must File Claims by January 18
PRIMA LOTOS: Creditors Must File Claims by January 18

ROST-MAR LLC: Creditors Must File Claims by January 18
UKRAINIAN INDUSTRIAL: Creditors Must File Claims by January 18
UKRAINIAN SECONDARY: Creditors Must File Claims by January 18
UKRPOLYMERPAK LLC: Creditors Must File Claims by January 18
ZERNOSOYUZ LLC: Creditors Must File Claims by January 18


U N I T E D   K I N G D O M

ARROW ELECTRONICS: Buys Agilysys KeyLink Systems for US$485 Mln
ARROW ELECTRONICS: Closes Takeover of InTechnology Storage Ops
ARROW ELECTRONICS: Fitch Keeps BB+ Default Rating on Acquisition
COLLINS & AIKMAN: Court Approves Deferral of Interest Payments
GREAT NORTHERN: Plans 155 Redundancies to Pay Franchise Fees

GREAT NORTHERN: To Appeal Rail Regulator's Open Access Order
REFCO INC: Court Approves Settlement with JPMorgan Chase Bank
REFCO INC: Files Operating Results Statement for November 2006
SEA CONTAINERS: Wants to Hire Vollman as Special Advisors
SEA CONTAINERS: Train Unit Plans 155 Redundancies to Pay Fees

SEA CONTAINERS: Train Unit Appeals on Regulator's Access Order
SOLUTIA INC: Board Approves Salary Increases for Executives
SOLUTIA INC: Calpine Has Until Jan. 22 to Decide on Leases

                            *********

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


AMERICAN ROADHOUSE: Creditors' Meeting Slate for January 18
-----------------------------------------------------------
Creditors owed money by LLC American Roadhouse (FN 231353a) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Jan. 18 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Hall 45
         1st Floor
         Feldkirch, Austria

Headquartered in Koblach, Austria, the Debtor declared
bankruptcy on Nov. 3, 2006 (Bankr. Case No. 13 S 50/06t).
Markus Walla serves as the court-appointed property manager of
the bankrupt estate.  Susanne Fink represents Dr. Walla in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Markus Walla
         c/o Mag. Susanne Fink
         Marktstrasse 12
         6850 Dornbirn, Austria
         Tel: 05572/25871
         Fax: 05572/25871-2
         E-mail: office@fischer-walla-matt.at


ARBEITSSCHUTZARTIKEL - VERTRIEB: Meeting Slated for January 16
--------------------------------------------------------------
Creditors owed money by LLC Arbeitsschutzartikel - Vertrieb
HOLZER (FN 265472a) are encouraged to attend the creditors'
meeting at 9:50 a.m. on Jan. 16 to consider the adoption of the
rule by revision and accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in Strengberg, Austria, the Debtor declared
bankruptcy on Nov. 15, 2006 (Bankr. Case No. 14 S 186/06b).
Michael Pfleger serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Dr. Michael Pfleger
         Hauptplatz 1/2
         3300 Amstetten, Austria
         Tel: 07472/61 303
         Fax: 07472/61 303-50
         E-mail: amstetten@lhup.at


ASB BAU: Graz Court Orders Business Shutdown
--------------------------------------------
The Land Court of Graz entered Nov. 15, 2006, an order shutting
down the business of LLC ASB Bau & Montagen (FN 249451s).

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

The property manager can be reached at:

         Dr. Norbert Kollerics
         Klosterwiesgasse 61
         8010 Graz, Austria
         Tel: 0316/819291
         Fax: 0316/819291-9
         E-mail: office@kollerics.at

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 6, 2006 (Bankr. Case No. 40 S 46/06x).


AUSSEN & INNEN: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Nov. 13, 2006, an order
shutting down the business of LLC Aussen & Innen - Bau (FN
246145d).

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

The property manager can be reached at:

         Dr. Stefan Langer
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7, 2006 (Bankr. Case No. 38 S 65/06w).  Hans Rant
represents Dr. Langer in the bankruptcy proceedings.


CREAMED LLC: Claims Registration Period Ends January 23
-------------------------------------------------------
Creditors owed money by LLC Creamed (FN 229445w) have until
Jan. 23, to file written proofs of claims to court-appointed
property manager Matthias Schmidt at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 533 16 95
         Fax: 535 56 86
         Email: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Feb. 6 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2006 (Bankr. Case No. 2 S 161/06y).


CREATRONIC AUTOMATION: Creditors' Meeting Slated for January 18
---------------------------------------------------------------
Creditors owed money by LLC Creatronic Automation (FN 183466d)
are encouraged to attend the creditors' meeting at 10:20 a.m. on
Jan. 18 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Str. 12
         Wels, Austria

Headquartered in Vorchdorf, Austria, the Debtor declared
bankruptcy on Nov. 15, 2006 (Bankr. Case No. 20 S 142/06t).
Kurt Dallamassl serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Dr. Kurt Dallamassl
         Marktplatz 14
         4810 Gmunden, Austria
         Tel: 07612/63421
         Fax: 07612/70066
         E-mail: meingast-dallamassl@eurojuris.at


EAV ELEKTRO: Claims Registration Period Ends January 23
-------------------------------------------------------
Creditors owed money by LLC EAV Elektro-Anlagen-Installationen
(FN 263521g) have until Jan. 23 to file written proofs of claims
to court-appointed property manager Astrid A. Haider at:

         Mag. Astrid A. Haider
         c/o Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11
         Email: haider@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 6 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2006 (Bankr. Case No. 2 S 160/06a).  Ute Toifl
represents Dr. Haider in the bankruptcy proceedings.


H. KONHAUSNER: Creditors' Meeting Slated for January 22
-------------------------------------------------------
Creditors owed money by LLC H. Konhausner Fassaden (FN 175100a)
are encouraged to attend the creditors' meeting at 9:30 a.m. on
Jan. 22 to consider the adoption of the rule by revision and
accountability.

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 Nov. 15, 2006 (Bankr. Case No. 3 S 151/06k).  Karl F.
Engelhart serves as the court-appointed property manager of the
bankrupt estate.  Thomas Engelhart represents Dr. Engelhart in
the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Karl F. Engelhart
         c/o Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at


SEITZ BAU: Creditors' Meeting Slated for January 11
---------------------------------------------------
Creditors owed money by LLC Seitz Bau (FN 257035v) are
encouraged to attend the creditors' meeting at 9:30 a.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 Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Woellersdorf-Steinabrueckl, Austria, the Debtor
declared bankruptcy on Nov. 14, 2006 (Bankr. Case No. 10 S
105/06d).  Christian Hajos serves as the court-appointed
property manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Christian Hajos
         Hauptstrasse 6
         2630 Ternitz, Austria
         Tel: 02630/33655
         Fax: 02630/33655 14
         E-mail: office@ra-winkler.at


USKANA-BAUUNTERNEHMEN: Creditors' Meeting Slated for January 18
---------------------------------------------------------------
Creditors owed money by LLC Uskana-Bauunternehmen (FN 255764z)
are encouraged to attend the creditors' meeting at 9:15 a.m. on
Jan. 18 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2006 (Bankr. Case No. 5 S 151/06z).  Thomas
Engelhart serves as the court-appointed property manager of the
bankrupt estate.  Clemens Richter represents Dr. Engelhart in
the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Thomas Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at


===============
B U L G A R I A
===============


FIRST INVESTMENT: S&P Affirms B+ Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
counterparty credit rating on Bulgaria-based First Investment
Bank.  The rating was subsequently withdrawn at the bank's
request.  As a result of the withdrawal, FIB will no longer be
subject to Standard & Poor's review.  The 'B+' rating on the
senior unsecured notes due in 2008, issued through First
Investment Finance B.V., will no longer be maintained.


===========
C Y P R U S
===========


BANK OF CYPRUS: Issues 3,127,833 New Ordinary Shares
----------------------------------------------------
As a result of the reinvestment of dividends paid on
Dec. 11, 2006, the Bank of Cyprus Public Company Ltd issued
3,127,833 new ordinary shares of a nominal value of CYP0.50
each.

The shares were issued to the shareholders who participated in
the Bank's Dividend Reinvestment Plan at a discount of 10% to
the weighted average closing price of the share on the Cyprus
Stock Exchange and the Athens Exchange during the first five
days after the relevant ex-dividend date.  The price at which
the shares were issued is CYP5.07 (EUR8.75) per share.

Following the above issue, the Bank's issued share capital
comprises 553,068,307 ordinary shares, of a nominal value of
CYP0.50 each.

On Dec. 29, 2006, the 3,127,833 new ordinary shares of the bank
will be introduced for trading on the Cyprus Stock Exchange and
the Athens Exchange.

As of Dec. 29, 2006, the opening price of the bank's share on
both exchanges will be adjusted according to the regulations of
the two exchanges.  As of the same date, the new shares will be
credited in the Dematerialised Securities System accounts of the
beneficiaries who have elected to have their shares registered
on the DSS.

                        About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                          *     *     *

As reported in the TCR-Europe on Nov. 10, 2006, Moody's
Investors Service changed to positive from stable the outlooks
for the Baa1 foreign currency long-term deposit rating and D+
financial strength rating assigned to Bank of Cyprus Public
Company Ltd.  Also changed to positive from stable, are the
outlooks for BOC's Baa1 foreign currency senior debt and Baa2
foreign currency subordinated debt ratings.  At the same time,
Moody's affirmed the Prime-2 for both foreign currency short-
term deposits and for commercial paper.


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


ARROW ELECTRONICS: Buys Agilysys KeyLink Systems for US$485 Mln
---------------------------------------------------------------
Arrow Electronics Inc. has signed a definitive agreement
pursuant to which Arrow will acquire substantially all of the
assets and operations of the Agilysys KeyLink Systems Group for
US$485 million in cash.

Arrow will also enter into a long-term procurement agreement
with the Agilysys Enterprise Solutions Group, Agilysys' value-
added reseller business.

Based in Cleveland, Ohio, KeyLink is a leading value-added
distributor of enterprise servers, storage and software in the
United States and Canada.  Through approximately 500 employees,
KeyLink provides complex solutions from industry leading
manufacturers to more than 800 reseller partners.  Pro forma
sales for the 2006 calendar year are expected to be
approximately US$1.6 billion, which include revenues that will
be associated with the above-mentioned procurement agreement.

"With this acquisition, we will become the leading distributor
of enterprise products for both International Business Machines
Corp. and Hewlett Packard Company, as well as the leading value-
added distributor of storage and software," stated William E.
Mitchell, Chairman, President and Chief Executive Officer of
Arrow Electronics, Inc.  "Keylink is a natural complement to our
existing enterprise computing solutions business with its value-
added approach and its resellers' focus on small and medium
sized customers."

"Our partnership will create significant cross selling
opportunities to further accelerate our growth in the global
enterprise computing solutions distribution market," stated M.
Catherine Morris, president, Arrow Enterprise Computing
Solutions.  All field sales positions will remain intact to
ensure that we will continue to provide our customers and
suppliers with superior levels of service."

"We believe KeyLink will further benefit from Arrow's
considerable global scale, vast customer base, strong financial
resources and leadership in the technology distribution market,"
said Arthur Rhein, chairman, president and chief executive
officer of Agilysys.  "As a result of this transaction, both
Agilysys and Keylink will be better positioned to achieve their
full potential as Agilysys focuses solely on growing its
information technology solutions business.  We wish Arrow well
as they continue to grow their business," added Mr. Rhein.

"The acquisition is expected to be US$0.18 to US$0.22 accretive
in the first 12 months and will further strengthen our industry
leading return on invested capital, while generating an expected
US$30 million in operating cash flow annually," added Paul J.
Reilly, senior vice president and chief financial officer of
Arrow Electronics, Inc.

The transaction, which will be funded with cash-on-hand plus
borrowings under Arrow's existing committed liquidity
facilities, is subject to customary closing conditions,
including obtaining the necessary government approvals, and is
expected to be completed within 90 days.  Goldman, Sachs & Co.
acted as financial advisor and Milbank, Tweed, Hadley & McCloy
LLP acted as legal counsel to Arrow in connection with this
transaction.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Great Britain, Ireland, Latvia,
Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland,
Belgium, the Netherlands and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


ARROW ELECTRONICS: Closes Takeover of InTechnology Storage Ops
--------------------------------------------------------------
Arrow Electronics Inc. has completed its previously disclosed
acquisition of the storage and security distribution business of
InTechnology plc for a purchase price of around US$80 million.

"The acquisition of InTechnology's storage and security
distribution business enables us to further expand our
Enterprise Computing Solutions business into the United Kingdom,
Europe's second largest IT market," stated M. Cathy Morris,
president, Arrow Enterprise Computing Solutions.  "We expect
this transaction to create further opportunities for us in the
growing storage and security software markets.  We expect this
transaction to be US$.02 to US$.04 accretive in 2007."

InTechnology Distribution, which is headquartered in Harrogate,
England and has approximately 200 employees, delivers storage
and security solutions to value-added resellers in the United
Kingdom.  Total 2006 sales are expected to exceed US$400
million.

"The addition of InTechnology's storage and security
distribution business is a key strategic step towards our goal
of becoming the preeminent provider of enterprise computing
solutions in Europe," stated Kurt Schoeffer, managing director,
DNS. "This transaction will enable us to provide a more
comprehensive suite of solutions for our reseller customers,"
added Steve Pearce, chief operating officer, InTechnology plc.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Great Britain, Ireland, Latvia,
Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland,
Belgium, the Netherlands and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.   The rating
outlook is positive.


ARROW ELECTRONICS: Fitch Keeps BB+ Default Rating on Acquisition
----------------------------------------------------------------
Fitch Ratings expects that Arrow Electronics Inc.'s proposed
acquisition of Agilysys Keylink Systems Group for US$485 million
in cash will not affect the company's ratings or Positive Rating
Outlook.

However, Fitch believes further meaningful debt-financed
acquisitions could result in a revision of Arrow's Rating
Outlook to Stable or negative rating actions.

Fitch currently rates Arrow as:

   -- Issuer Default Rating of BB+;
   -- Senior unsecured notes of BB+; and
   -- Senior unsecured bank credit Facility of BB+.

Arrow recently announced that it has entered into a definitive
agreement to acquire substantially all the assets of Keylink, a
leading enterprise and computing solutions distributor, from
Agilysys Inc. for US$485 million in cash.  Simultaneously, Arrow
entered into a long-term procurement agreement with Agilysis'
value-added reseller business.

With approximately US$1.6 billion of sales for calendar year
2006, pro forma for the Agilysis procurement agreement, Fitch
believes the proposed acquisition will consolidate Arrow's
already leading position in distributing enterprise computing
solutions, and strengthen Arrow's exposure to Keylink's leading
suppliers, International Business Machines and Hewlett Packard.

In addition, Arrow expects Keylink to generate approximately
5.5%-6.0% operating EBIT margins in 2007, including expectations
for modest cost reductions, which would be accretive to Arrow's
corporate-wide profitability, which Fitch estimates was at 4.7%
for the latest 12 months ended Sept. 30, 2006.

While recognizing these anticipated positives, this transaction,
if consummated, would be Arrow's fifth acquisition over the past
year and the first to be debt-financed.  Including expectations
for positive free cash flow for the fourth quarter ended
Dec. 31, 2006, but with just US$253 million of cash and cash
equivalents as of Sept. 30, 2006, Fitch expects Arrow will fund
the majority of the purchase price with either its US$600
million senior unsecured revolving credit facility expiring
June 2010 and/or US$550 million accounts receivable
securitization facility expiring February 2008, both of which
were undrawn as of Sept. 30, 2006.

Nonetheless, even assuming the transaction is fully funded with
borrowings under these facilities, total debt adjusted for rent
expense to operating EBITDAR will remain below 3.0 times.  Fitch
believes that Arrow will continue to pursue acquisition
opportunities, mainly in the more fragmented global enterprise
computing market, which, depending on materiality, could
pressure Fitch's Positive Rating Outlook in the future.


CLIENTLOGIC CORP: Amends Merger Agreement with SITEL Corp.
----------------------------------------------------------
SITEL Corp. and ClientLogic Corp. have entered into an amendment
to the previously announced Agreement and Plan of Merger among
SITEL, ClientLogic and Stagecoach Acquisition Corporation, dated
Oct. 12, 2006.

Under the terms of the amendment, SITEL stockholders will
receive US$4.25 in cash for each outstanding share of common
stock of SITEL held, which represents an increase of US$0.20 per
share in cash from the price of US$4.05 per share in cash
previously agreed with ClientLogic.

The Board of Directors of SITEL has unanimously approved the
amendment to the Merger Agreement.  The transaction will be
completed in the first quarter of 2007 and remains subject to
customary closing conditions, including the approval of SITEL's
stockholders.

On Dec. 6, 2006, prior to SITEL entering into the amendment with
ClientLogic, The Gores Group, LLC and The Calgary Group, LLC and
Jefferies Capital Partners IV LLC revised their previously
announced proposal to acquire all of the outstanding shares of
common stock of SITEL to lower the proposed price of US$4.50 to
US$4.25 per share in cash.

The amendment with ClientLogic required SITEL to terminate the
existing discussions with Gores/Calgary/Jefferies although it
continues to permit SITEL to respond to additional proposals
from third parties in the event the Board of Directors of SITEL
determines in good faith after considering advice from its
outside advisors that failure to do so would be inconsistent
with its fiduciary obligations.

In addition, the amendment increases the expense reimbursement
portion of the amount payable by SITEL upon termination of the
Merger Agreement in circumstances involving an alternative
acquisition proposal by US$1 million.

In connection with the proposed merger with ClientLogic, SITEL
has set Jan. 12, 2007, as the date of its 2006 Annual Meeting of
Stockholders atwhich SITEL will seek, among other things,
stockholder approval of the Merger Agreement, as amended.
Holders of record of SITEL common stock as of 5:00 p.m., New
York time, on Dec. 5, 2006, will be entitled to vote at the
meeting.  The meeting will be held at the Marriott Regency
hotel, 10220 Regency Circle, in Omaha, Nebraska.

The US$4.25 to be paid in cash in the merger for each SITEL
share represents an approximate 37.5% premium over the volume-
weighted average closing price of SITEL common stock on the New
York Stock Exchange for the thirty days prior to the public
announcement of the execution and delivery of the Merger
Agreement.

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.


CLIENTLOGIC CORP: Moody's Lifts Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service upgraded ClientLogic Corp.'s corporate
family rating to B2 from B3.  The rating outlook is stable.

Concurrently, Moody's has assigned a B2 rating to ClientLogic's
US$675-million first lien term loan and US$85-million undrawn
first lien revolving credit facility.

Proceeds of the current offering will be applied towards the
financing of ClientLogic's proposed merger with SITEL Corp. for
approximately US$440 million in total implied enterprise value
of which approximately US$327 million represents the equity
purchase price.  The transaction is expected to close at the end
of January 2007.  This concludes a review for possible upgrade
initiated in Dec. 2006 following the company's announcement of
its revised plan to merge with SITEL Corporation and SITEL's
recent return to filing timely financial statements with the
SEC.

The upgrade reflects the increased scale that ClientLogic will
have once combined with SITEL as well as the favorable outlook
of the call center outsourcing industry.  The B2 corporate
family rating reflects the substantial risks associated with a
merger of this size, modest free cash flow, sizeable financial
leverage as measured by free cash flow to debt, and moderate
client concentration.  Mitigating these risks is the company's
position as the second largest provider within the highly
competitive call center outsourcing industry and projected cost
savings and synergies expected with the merger

Ratings/assessments:

   -- Corporate family rating -- B2

   -- Probability of default rating -- B3

   -- US$85-million first lien revolving credit facility -- B2,
      LGD-3, 35%

   -- US$675-million first lien term loan -- B2, LGD-3, 35%

Headquartered in Nashville, Tennessee, ClientLogic Corp.
provides outsourced call center services worldwide.


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


AEP ENERGIEPLAN: Claims Registration Ends January 16
----------------------------------------------------
Creditors of AEP Energieplan GmbH have until Jan. 16 to register
their claims with court-appointed provisional administrator Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Feb. 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, 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 Erfurt opened bankruptcy proceedings
against AEP Energieplan GmbH on Nov. 27, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         AEP Energieplan GmbH
         Attn: Ralf Limprecht, Manager
         Schwemmbach 29
         99099 Erfurt, Germany

The administrator can be contacted at:

         Rolf Rombach
         Magdeburger Avenue 159
         99086 Erfurt, Germany


BGR WOHNUNGS: Claims Registration Ends January 15
-------------------------------------------------
Creditors of BGR Wohnungs- und Industrie-Bautrager GmbH have
until Jan. 15 to register their claims with court-appointed
provisional administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 5, 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 Muenster
         Meeting Room 106 C
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against BGR Wohnungs- und Industrie-Bautrager GmbH on
Nov. 24, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         BGR Wohnungs- und Industrie-Bautrager GmbH
         Attn: Rolf Wiederuh, Manager
         Louis-Pasteur-Ring 26
         46397 Bocholt, Germany

The administrator can be contacted at:

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


DAIMLERCHRYSLER AG: Insurers Agree to Repay EUR168 Million
----------------------------------------------------------
Insurance firms led by ACE Ltd. have agreed to reimburse around
EUR168 million to DaimlerChrysler AG over a EUR300-million class
action settlement in 2003, The Associated Press reports.

A group of Chrysler shareholders filed a US$22-billion class
suit against DaimlerChrysler over comments of former chairman
Juergen Schrempp in 2000.  Mr. Schrempp described the 1998 tie-
up between Daimler and Chrysler as a takeover, but executives
from both companies depicted it as a merger of equals.  Mr.
Schrempp noted that describing the combination as a merger
rather than a takeover was "for psychological reasons" only.

According to AP, DaimlerChrysler had settled the legal action
for EUR300 million, assuming that liability insurance on Mr.
Schrempp would cover the costs.  However, only one insurer, AIG,
paid DaimlerChrysler, forcing the company to sue its other
insurers to recover the money, AP relays.

Thomas Froehlich, a spokesman for DaimlerChrysler, and Lothar
Riedle, ACE's chief in Germany, confirmed the agreement to AP
but declined to give further details.

                     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.


GREDNER STAHLBAU: Claims Registration Ends January 12
-----------------------------------------------------
Creditors of Gredner Stahlbau GmbH have until Jan. 12 to
register their claims with court-appointed provisional
administrator Friedemann U. Schade.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Palace Garden 4
         38518 Gifhorn, 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 Gifhorn opened bankruptcy proceedings
against Gredner Stahlbau GmbH on Nov. 16, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Gredner Stahlbau GmbH
         Attn: Manfred Gredner, Manager
         Hahnendamm 12
         31249 Hohenhameln, Germany

The administrator can be contacted at:

         Friedemann U. Schade
         Tiergarten 18
         30559 Hanover, Germany
         Tel: 0511/9548036
         Fax: 0511/9548411


IBIS ACAM: Claims Registration Ends January 14
----------------------------------------------
Creditors of ibis acam Verwaltungs GmbH have until Jan. 14 to
register their claims with court-appointed provisional
administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 17, 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 Mayen
         Hall 17
         St. Veit-Road 38
         56727 Mayen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Feb. 7 at the same venue.

The District Court of Mayen opened bankruptcy proceedings
against ibis acam Verwaltungs GmbH on Nov. 9, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ibis acam Verwaltungs GmbH
         Attn: Ralf Bruno Maxheim, Manager
         Rennweg 97
         56626 Andernach, Germany

The administrator can be contacted at:

         Jens Fahnster
         Koelnstr. 135
         53757 St. Augustin, Germany
         Tel: 02241/21041+90600
         Fax: 02241/906062
         E-mail: Kanzlei@kalker-fahnster.de


K O L Z GMBH: Claims Registration Ends January 12
-------------------------------------------------
Creditors of K O L Z GmbH Buero- Organisation have until
Jan. 12 to register their claims with court-appointed
provisional administrator Christine Frosch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 16, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier, Germany

The Court will also verify the claims set out in the
administrator's report at 9:15 a.m. on Feb. 6 at the same venue.

The District Court of Trier opened bankruptcy proceedings
against K O L Z GmbH Buero- Organisation on Dec. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         K O L Z GmbH Buero- Organisation
         Attn: Guenter Jakob Bender, Manager
         Europa Avenue 7
         54343 Foehren, Germany

The administrator can be contacted at:

         Christine Frosch
         Simeonstrasse 5
         D 54290 Trier, Germany
         Tel: 0651/9941499
         Fax: 0651/9941061
         E-mail: Kanzlei.Frosch@t-online.de


PEQA PERSONALENTWICKLUNGSCENTER: Meeting Slated for January 18
--------------------------------------------------------------
The court-appointed provisional administrator for PEQA
Personalentwicklungscenter Berlin GmbH Personalentwicklung-
Qualifizierung-Ausbildung, Detlef Ruediger Beckmann, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:25 a.m. on Jan. 18.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:15 a.m. on March 29 at the same
venue.

Creditors have until Feb. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against PEQA Personalentwicklungscenter Berlin GmbH
Personalentwicklung-Qualifizierung-Ausbildung on Nov. 23, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PEQA Personalentwicklungscenter Berlin GmbH
         Personalentwicklung-Qualifizierung-Ausbildung
         Torgauer Str. 12-15
         10829 Berlin, Germany

The administrator can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lietzenburger Road 77
         10719 Berlin, Germany


SLS MUSIK: Claims Registration Ends January 12
----------------------------------------------
Creditors of SLS Musik & Verlags-GmbH & Co. KG have until
Jan. 12 to register their claims with court-appointed
provisional administrator Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Feb. 12, 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against SLS Musik & Verlags-GmbH & Co. KG on Nov. 23, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SLS Musik & Verlags-GmbH & Co. KG
         Attn: Ignaz Schneider and Franco Silvistrini, Managers
         Reichsbahnstrasse 76
         22525 Hamburg, Germany

The administrator can be contacted at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg, Germany


SPORT-PROESTLER: Claims Registration Ends January 12
----------------------------------------------------
Creditors of Sport-Proestler GmbH & Co. KG have until Jan. 12 to
register their claims with court-appointed provisional
administrator Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Feb. 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Sport-Proestler GmbH & Co. KG on
Nov. 16, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Sport-Proestler GmbH & Co. KG
         Hauptwache 11
         60313 Frankfurt/Main, Germany

         Attn: Christel Wagner, Manager
         Hgelgraberweg 6
         61440 Oberursel, Germany

The administrator can be contacted at:

         Ottmar Hermann
         Bleichstrasse 2-4
         D-60313 Frankfurt/Main
         Germany
         Tel: 069/9130920
         Fax: 069/91309230


V+S BAUEN: Claims Registration Ends January 15
----------------------------------------------
Creditors of V+S Bauen und Betreuen Bautrager GmbH have until
Jan. 15 to register their claims with court-appointed
provisional administrator Friedrich Irschlinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Heidelberg
         Hall 12
         Ground Floor
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against V+S Bauen und Betreuen Bautrager GmbH on Nov. 22, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         V+S Bauen und Betreuen Bautrager GmbH
         Attn: Gerhard Schellenberger, Manager
         Wendelinusstrasse 6
         69207 Sandhausen, Germany

The administrator can be contacted at:

         Friedrich Irschlinger
         L 9, 11
         68161 Mannheim, Germany
         Tel: 0621/127960
         Fax: 0621/1279611


WILFRIED STANGE: Claims Registration Ends January 15
----------------------------------------------------
Creditors of Wilfried Stange GmbH have until Jan. 15 to register
their claims with court-appointed provisional administrator Peer
Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Castle Field 7
         23568 Luebeck, 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 Luebeck opened bankruptcy proceedings
against Wilfried Stange GmbH on Nov. 30, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Wilfried Stange GmbH
         Attn: Barbara Teske, Manager
         Boeckenrad 3
         23569 Luebeck, Germany

The administrator can be contacted at:

         Dr. Peer Moeller
         Untere Querstr. 1
         23730 Neustadt, Germany


===========
G R E E C E
===========


EGNATIA BANK: Quarterly Interest Period Begins Jan. 1
-----------------------------------------------------
The next quarterly interest period of Egnatia Bank S.A.'s
unsecured Convertible Loan, as stated in the November 2002
prospectus, begins on Jan. 1, and ends on March 31.

Specifically, with regards to the interest rate, the following
applies:

    * reference rate 3.723% (three month Euribor, value date
      Jan. 1, 2007)

    * duration: three months

    * interest period: three months

    * spread: 1.75%

The interest rate for the period 01/10/07-31/12/07 is 5.473%

    * number of bonds convertible into common shares: 271,710
    * number of bonds convertible into preferred shares: 31,910
    * number of common registered shares: 93,286,729
    * number of preferred registered shares: 11,133,594

Interest is paid at maturity and on an actual/360 day basis.

                           About Egnatia

Headquartered in Thessaloniki, Greece, Egnatia Bank S.A. --
http://egnatiasite.egnatiabank.gr/-- engages in private,
corporate and investment banking, bancassurance and leasing,
shipping, treasury management and e-banking services.  The Bank
has seven subsidiaries, a network of 68 branches in Greece and
is also active in the Romanian market.

                        *    *    *

As reported in the TCR-Europe on Dec. 22, 2006, Fitch Ratings
affirmed Greece-based Egnatia Bank's Individual rating at C
following a satisfactory review of the bank.  Egnatia's Issuer
Default BBB-, Short-term F3 and Support 5 ratings remain on
Rating Watch Positive.


EGNATIA BANK: Shares Begin Trading on the ATHEX After Conversion
----------------------------------------------------------------
As of Dec. 29, 2006, the 100 new (CR) and 44.410 new (PR) shares
of the Egnatia Bank S.A. started trading on the ATHEX following
the recent conversion from a similar number of bonds.

On Dec. 29, 2006, the total number of the Bank's listed shares
amounts to 93,286,729 new (CR) and 11,133,594 (PR) shares.

As at Dec. 29, 2006, the total number of the Bank's listed bonds
amounts to 271,710 and 31,910 bonds, converted to similar number
of (CR) & (PR) shares.

                           About Egnatia

Headquartered in Thessaloniki, Greece, Egnatia Bank S.A. --
http://egnatiasite.egnatiabank.gr/-- engages in private,
corporate and investment banking, bancassurance and leasing,
shipping, treasury management and e-banking services.  The Bank
has seven subsidiaries, a network of 68 branches in Greece and
is also active in the Romanian market.

                        *    *    *

As reported in the TCR-Europe on Dec. 22, 2006, Fitch Ratings
affirmed Greece-based Egnatia Bank's Individual rating at C
following a satisfactory review of the bank.  Egnatia's Issuer
Default BBB-, Short-term F3 and Support 5 ratings remain on
Rating Watch Positive.


TECHNICAL OLYMPIC: Board Names New Executive Vice Presidents
------------------------------------------------------------
Technical Olympic USA Inc.'s Board of Directors has named
Stephen M. Wagman as Executive Vice President and Chief
Financial Officer and Paul Berkowitz as Executive Vice President
and Chief of Staff of TOUSA.

Mr. Wagman brings more than 20 years of business and financial
leadership to TOUSA.  He joins TOUSA from MasTec Inc. a
Miami-based, NYSE-listed infrastructure contractor.  At MasTec,
Mr. Wagman served as Executive Vice President overseeing the
Company''s treasury, financial planning, mergers and
acquisitions, and asset management organizations.

Prior to joining MasTec, Mr. Wagman was the Chief Financial
Officer of Peace Software International Limited, a utility CIS
software developer recently acquired by First Data Corp.
Mr. Wagman has also served as the Chief Financial Officer of
several additional organizations.

Mr. Wagman holds a law degree from Case Western University and a
bachelor''s degree in accounting from Ohio State University.
Mr. Berkowitz brings 33 years of business experience to TOUSA.
As Chief of Staff and member of TOUSA''s senior management team,
Mr. Berkowitz will coordinate corporate office functions and
their interaction with our operating units.

Prior to joining TOUSA, Mr. Berkowitz was a principal
shareholder at Greenberg Traurig, LLP, a major international law
firm, where he served a wide variety of clients.  He
concentrated on corporate and securities law and has extensive
experience in financing transactions, public and private
offerings, and mergers and acquisitions.

Mr. Berkowitz holds a bachelor''s degree in accounting from the
Wharton School of Finance and a law degree from the University
of Pennsylvania.

"Steve and Paul have dynamic and diverse backgrounds and are
great additions to our management team," said Antonio B. Mon,
President and Chief Executive Officer of TOUSA.  "Both gentlemen
will support me in implementing our strategic initiatives and
will focus on driving value creation across the Company.  I want
to take this opportunity to thank Randy Kotler for his
leadership and commitment as Interim Chief Financial Officer and
look forward to his continued role as our Senior Vice President
- Finance and Chief Accounting Officer. "

                          About TOUSA

Headquartered in Hollywood, Florida, Technical Olympic USA, Inc.
(NYSE:TOA) -- http://www.tousa.com/-- is a homebuilder in the
United States, operating in various metropolitan markets in 10
states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.  TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such
as "first-time" homebuyers, "move-up" homebuyers, homebuyers who
are relocating to a new city or state, buyers of second or
vacation homes, active-adult homebuyers, and homebuyers with
grown children who want a smaller home.  It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title, Inc.  Technical Olympic S.A. owns about 74% of the
Company.


                          *     *     *

As reported in the Troubled Company Reporter on Nov. 16, 2006,
Moody's Investors Service downgraded all of the ratings of
Technical Olympic USA Inc. including its corporate family rating
to B1 from Ba3, senior unsecured notes to B2 from Ba3 and its
senior subordinated notes to B3 from B2.

At the same time, Moody's lowered the Loss-Given Default
assessment and rate on the senior unsecured notes to LGD4, 58%
from LGD4, 53%, and on the subordinated notes to LGD5, 88% from
LGD5, 87%.  The ratings remain on review for downgrade, an
action that was commenced on Sept. 27, 2006.


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


AFFILIATED COMPUTER: Annual Stockholders' Meeting Set for June 7
----------------------------------------------------------------
Affiliated Computer Services Inc. reported that its Board of
Directors has determined that the company's 2006 Annual Meeting
of Stockholders will be held on June 7, at a time and place to
be disclosed in the company's notice of annual meeting and proxy
statement.

Stockholders of record at the close of business on
April 13, 2007, -- the record date established by the Board of
Directors -- will be entitled to vote at the 2006 Annual
Meeting.

Stockholders are entitled to present proposals for action at
future meetings if they comply with Affiliated Computer's bylaws
and the requirements of the proxy rules promulgated by the US
Securities and Exchange Commission.  To be eligible for
inclusion in Affiliated Computer's proxy statement, which will
be sent to stockholders in connection with the 2006 Annual
Meeting, a stockholder proposal must be sent to:

          William L. Deckelman, Jr.
          Corporate Secretary
          Affiliated Computer Services, Inc.
          2828 North Haskell Avenue
          Dallas, Texas, 75204,

The proposal must be presented no later than Jan. 19, 2007.

A proposal that is not included in the proxy statement to be
properly brought before the 2006 Annual Meeting by a
stockholder, must be delivered to Mr. Deckelman no later than
Jan. 19, 2007.  The foregoing time limits also apply in
determining whether notice is timely for purposes of rules
adopted by the SEC relating to the exercise of discretionary
voting authority with respect to proxies.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc. including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  The rating outlook is negative.


CLIENTLOGIC CORP: Amends Merger Agreement with SITEL Corp.
----------------------------------------------------------
SITEL Corp. and ClientLogic Corp. have entered into an amendment
to the previously announced Agreement and Plan of Merger among
SITEL, ClientLogic and Stagecoach Acquisition Corporation, dated
Oct. 12, 2006.

Under the terms of the amendment, SITEL stockholders will
receive US$4.25 in cash for each outstanding share of common
stock of SITEL held, which represents an increase of US$0.20 per
share in cash from the price of US$4.05 per share in cash
previously agreed with ClientLogic.

The Board of Directors of SITEL has unanimously approved the
amendment to the Merger Agreement.  The transaction will be
completed in the first quarter of 2007 and remains subject to
customary closing conditions, including the approval of SITEL's
stockholders.

On Dec. 6, 2006, prior to SITEL entering into the amendment with
ClientLogic, The Gores Group, LLC and The Calgary Group, LLC and
Jefferies Capital Partners IV LLC revised their previously
announced proposal to acquire all of the outstanding shares of
common stock of SITEL to lower the proposed price of US$4.50 to
US$4.25 per share in cash.

The amendment with ClientLogic required SITEL to terminate the
existing discussions with Gores/Calgary/Jefferies although it
continues to permit SITEL to respond to additional proposals
from third parties in the event the Board of Directors of SITEL
determines in good faith after considering advice from its
outside advisors that failure to do so would be inconsistent
with its fiduciary obligations.

In addition, the amendment increases the expense reimbursement
portion of the amount payable by SITEL upon termination of the
Merger Agreement in circumstances involving an alternative
acquisition proposal by US$1 million.

In connection with the proposed merger with ClientLogic, SITEL
has set Jan. 12, 2007, as the date of its 2006 Annual Meeting of
Stockholders atwhich SITEL will seek, among other things,
stockholder approval of the Merger Agreement, as amended.
Holders of record of SITEL common stock as of 5:00 p.m., New
York time, on Dec. 5, 2006, will be entitled to vote at the
meeting.  The meeting will be held at the Marriott Regency
hotel, 10220 Regency Circle, in Omaha, Nebraska.

The US$4.25 to be paid in cash in the merger for each SITEL
share represents an approximate 37.5% premium over the volume-
weighted average closing price of SITEL common stock on the New
York Stock Exchange for the thirty days prior to the public
announcement of the execution and delivery of the Merger
Agreement.

                     About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in 13 countries: Austria, Canada, France,
Germany, India, Ireland, Mexico, Morocco, Netherlands, Panama,
Philippines, United Kingdom and the United States.


CLIENTLOGIC CORP: Moody's Lifts Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service upgraded ClientLogic Corp.'s corporate
family rating to B2 from B3.  The rating outlook is stable.

Concurrently, Moody's has assigned a B2 rating to ClientLogic's
US$675-million first lien term loan and US$85-million undrawn
first lien revolving credit facility.

Proceeds of the current offering will be applied towards the
financing of ClientLogic's proposed merger with SITEL Corp. for
approximately US$440 million in total implied enterprise value
of which approximately US$327 million represents the equity
purchase price.  The transaction is expected to close at the end
of January 2007.  This concludes a review for possible upgrade
initiated in Dec. 2006 following the company's announcement of
its revised plan to merge with SITEL Corporation and SITEL's
recent return to filing timely financial statements with the
SEC.

The upgrade reflects the increased scale that ClientLogic will
have once combined with SITEL as well as the favorable outlook
of the call center outsourcing industry.  The B2 corporate
family rating reflects the substantial risks associated with a
merger of this size, modest free cash flow, sizeable financial
leverage as measured by free cash flow to debt, and moderate
client concentration.  Mitigating these risks is the company's
position as the second largest provider within the highly
competitive call center outsourcing industry and projected cost
savings and synergies expected with the merger

Ratings/assessments:

   -- Corporate family rating -- B2

   -- Probability of default rating -- B3

   -- US$85-million first lien revolving credit facility -- B2,
      LGD-3, 35%

   -- US$675-million first lien term loan -- B2, LGD-3, 35%

Headquartered in Nashville, Tennessee, ClientLogic Corp.
provides outsourced call center services worldwide.


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


PARMALAT SPA: Court Orders CEO to Return OCC Documents to BofA
--------------------------------------------------------------
The Hon. Lewis A. Kaplan of the U.S. Southern District of New
York ordered Dr. Enrico Bondi, Chief Executive of Parmalat
S.p.A., to return to Bank of America all copies of the five
Office of the Comptroller of Currency-related documents BofA
inadvertently produced and is precluded from using them, or the
information they contain, in any way.

Judge Kaplan stated that the Court is assuming the existence or
the probable applicability of a bank examination privilege
asserted by the Office of the Comptroller of Currency.  "The
difficulty, however, is that the horse is out of the barn."

Judge Kaplan noted that the documents, apart from the five that
were produced by Bank of America, have been made available by
Italian authorities to the parties and to 65,000 others.  "In
the absence of any evidence implicating Dr. Enrico Bondi or any
of the litigants in the Italian government's seizure and thus
its invasion of the privilege, it is impossible to see how
preventing Dr. Bondi from using them would further the OCC's
interest in fostering candid communication with the agency and
between the OCC and the banks it supervises."

According to Judge Kaplan, all involved in the process must
understand that there always is a risk that otherwise privileged
documents will become public.  Legal privileges rarely can
protect against theft, seizure by foreign governments, and a
host of other contingencies.

Judge Kaplan, nevertheless, clarifies that the BofA documents
are another matter.  He said that the inadvertent production "of
a privileged document does not waive the privilege unless the
producing party's conduct was so careless as to suggest that it
was not concerned with the protection of the asserted
privilege."

BofA has submitted a declaration that demonstrates the care
taken to avoid that production and the steps were adequate.

Hence, Judge Kaplan granted Dr. Bondi's request to retain and
use OCC-related documents and testimony with respect to the
documents seized by Italian authorities and the deposition
already taken.

Dr. Bondi's request is, however, denied in all other respects.

               BofA Wants Bondi's Complete Answers

Bank of America asked the Court to compel Dr. Bondi to provide
complete answers to its first set of interrogatories, which was
served on Sept. 25, 2006.

Daniel A. McLaughlin, Esq., at Sidley Austin LLP, in New York,
relates that in his complaint, Dr. Bondi alleges that "Bank of
America's transactions with Parmalat were knowingly designed to
assist Parmalat corrupt managers in their looting schemes" and
that BofA's transactions with Parmalat "provided no economic
benefit to Parmalat."

In light of the allegations, BofA seeks factual information
concerning:

   (1) the amounts allegedly looted by Parmalat insiders;

   (2) the flow of funds from Parmalat's transactions with BofA
       that allegedly tie the funds to the looting; and

   (3) Dr. Bondi's computation of damages, which is allowed by
       Rule 33.3 of the Local Rules of the U.S. District Court
       for the Southern District of New York.

Mr. McLaughlin told the Court that Dr. Bondi refuses to provide
meaningful responses concerning any of the basic issues that are
central to his Complaint.  Complete and thorough responses to
BofA's interrogatories are the most practical method through
which BofA will be able to gain the information sought,
Mr. McLaughlin added.

Dr. Bondi's reference to the documents that he and other parties
have produced in the present litigation, without identifying the
specific documents on which he relies, is a wholly insufficient
interrogatory response, Mr. McLaughlin said.

Moreover, Mr. McLaughlin noted that Dr. Bondi's failure to
provide sufficient responses severely prejudices BofA.  Dr.
Bondi should not be permitted to sandbag BofA by failing to
provide any substantive response to the interrogatories until
after the close of discovery.

                         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/)


PARMALAT SPA: Italy's State Council Quashes Lower Court's Ruling
----------------------------------------------------------------
The Italian State Council has, on appeals submitted by the
Municipal Administration of the City of Rome and by Parmalat
S.p.A., quashed the decision of the Regional Administrative
Court of Lazio and has remanded to the judge of first instance.

The case was initiated by Ariete Fattoria Latte Sano S.p.A.
after its bid for Centrale del Latte di Roma S.p.A. had been
rejected.

                         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/)


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


ATYRAU TRADING: Creditors Must File Claims by February 13
---------------------------------------------------------
LLP Atyrau Trading Company has declared insolvency.  Creditors
have until Feb. 13 to submit written proofs of claim to:

         LLP Atyrau Trading Company
         Satybaldiev Str. 95
         Atyrau
         Atyrau Region
         Kazakhstan


AY STROYSERVICE LLP: Claims Filing Period Ends February 9
---------------------------------------------------------
LLP Ay Stroyservice has declared insolvency.  Creditors have
until Feb. 9 to submit written proofs of claim to:

         LLP Ay Stroyservice
         Office 1
         Pugachev Str. 4
         Almaty, Kazakhstan
         Tel: 8 (3272) 78-45-54


GAVRINO LLP: Proof of Claim Deadline Slated for February 8
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Gavrino insolvent on
Nov. 22, 2006.

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

         Department of Agriculture
         Konstitutsia Kasakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


KAINAR-KUS JSC: Claims Registration Ends February 13
----------------------------------------------------
JSC Kainar-Kus has declared insolvency.  Creditors have until
Feb. 13 to submit written proofs of claim to:

         JSC Kainar-Kus
         Kainar
         Ordabasinsky District
         South Kazakhstan Region
         Kazakhstan


JAKSY-2003 LLP: Creditors Must File Claims by February 8
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Jaksy-2003 insolvent on Nov. 8, 2006.
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Jaksy-2003
         Micro District 28, 35-25
         Aktau
         Mangistau Region
         Kazakhstan


JANIBEK LLP: Proof of Claim Deadline Slated for February 8
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Janibek insolvent.

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

         LLP Janibek
         Room 40
         Tarana Str. 85
         Kostanai
         Kostanai Region
         Tel: 8 (3142) 54-28-39


KELESHEK LLP: Creditors' Claims Due February 9
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Keleshek insolvent on Nov. 20,
2006.

Creditors have until Feb. 9 to submit written proofs of claim
to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


LOGIKA LLP: Creditors Must File Claims by February 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Logika insolvent on Nov. 15, 2006.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

         LLP Logika
         Vtoraya Bratskaya Str. 24
         Almaty, Kazakhstan
         Tel: 8 333 223 07-71


PROMSPETSAUTOMATIKA OJSC: Creditors' Claims Due February 13
-----------------------------------------------------------
OJSC Industrial Special Automation Promspetsautomatika has
declared insolvency.  Creditors have until Feb. 13 to submit
written proofs of claim to:

         OJSC Promspetsautomatika
         Baiseitova Str. 11/13-3
         Almaty, Kazakhstan


RAUSHAN LLP: Claims Filing Period Ends February 9
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Raushan insolvent on Nov. 21,
2006.

Creditors have until Feb. 9 to submit written proofs of claim
to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


RIA JAM: Almaty Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Ria Jam
Entertainment (RNN 600900177916).


SARY-ARKA: Proof of Claim Deadline Slated for Febraury 9
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared Construction Holding Company Sary-Arka insolvent on
Nov. 17, 2006.  Subsequently, bankruptcy proceedings were
introduced at the company.

Creditors have until Feb. 9 to submit written proofs of claim
to:

         Sary-Arka
         Ulbike akyn Str. 124
         Taraz
         Jambyl Region
         Kazakhstan
         Tel/Fax: 8 (3262) 34-53-11


STRAITS OFFSHORE: Creditors' Claims Due February 13
---------------------------------------------------
LLP Straits Offshore Kazakhstan has declared insolvency.
Creditors have until Feb. 13 to submit written proofs of claim
to:

         LLP Straits Offshore Kazakhstan
         Micro District 11, 23-39
         Aktau
         Mangistau Region
         Kazakhstan


TEMIRZHOLY LOGISTIC: Karaganda Court Starts Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Temirzholy
Logistic Co. Ltd. (RNN 301200215565).

         LLP Temirzholy Logistic Co. Ltd.
         Dimitrov Str. 49-5
         Temirtau
         Karaganda Region
         Kazakhstan
         Tel: 8 (3292) 40-21-53
              8 (3005) 22-81-61


VOLVOX INVEST: Proof of Claim Deadline Slated for Feb. 13
---------------------------------------------------------
LLP Volvox Invest Company has declared insolvency.  Creditors
have until Feb. 13 to submit written proofs of claim to:

         LLP Volvox Invest Company
         Burov Str. 69
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


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


KYRGYZKOMUR CORP: Creditors' Meeting Slated for Jan. 10
-------------------------------------------------------
The temporary insolvency manager of the OJSC Corporation
Kyrgyzkomur will conduct a creditors' meeting at 10:00 a.m. on
Jan. 10 at:

         Room 141
         Chui Ave.106
         Bishkek, Kyrgyzstan

Agenda:

   -- report of temporary insolvency manager;
   -- affirmation of insolvency spending;
   -- discarding of accounts receivable;
   -- prolongation of the term of bankruptcy; and
      proceedings holding.

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 62-52-42.


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


NOVELIS INC: Appoints Edward Blechschmidt as Chief Executive
------------------------------------------------------------
Novelis Inc. reported that it has named Edward A. Blechschmidt,
currently a member of its Board of Directors, to become acting
chief executive officer, effective Jan. 2, 2007.

Mr. Blechschmidt succeeds board chairperson William T. Monahan,
who has been interim chief executive officer since August 2006.
Mr. Monahan remains chairperson of the Novelis board.

Mr. Monahan said, "When I assumed the Interim CEO (chief
executive officer) position in August, our ideal goal was to
have a new CEO by year-end, at which time I could return to my
other commitments.  However, finding the right CEO for Novelis
will take a little longer than expected, so I am passing the
baton to Ed Blechschmidt, a Board colleague with significant
management experience and commitment to shareholder value.  Ed
has been part of our three-person Office of the chairman for the
last four months and he is the right person to move the company
forward in a hands-on manner during whatever period of time is
needed to address new day-to-day leadership.  Novelis will
continue its search for a permanent CEO."

Mr. Blechschmidt joined the Novelis board in June 2006.  He is a
former chairperson and chief executive officer of Gentiva Health
Services, Inc., a provider of specialty pharmaceutical and home
health care services that was spun off from Olsten Corporation
and taken public in 2000.  He retired from Gentiva Health in
2002 and remained a director until 2005.  Before joining Gentiva
Health, Mr. Blechschmidt served as president and then chief
executive officer of Olsten.  Prior to that, he served as
president and chief executive officer of Siemens Nixdorf
Americas and Siemens Pyramid Technologies from 1996 to 1998, and
spent more than 20 years with Unisys Corp., where he held
positions of increasing responsibility including chief financial
officer.

"I look forward to working with the talented employees of
Novelis at this exciting time.  We continue to take important
steps forward in developing a world-class organization that
delivers value to both shareholders and customers.  I am happy
to have the opportunity to play a more meaningful role in those
initiatives," Mr. Blechschmidt stated.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

                        *    *    *

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

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

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

Issuer: Novelis Inc.

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

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

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

Issuer: Novelis Corporation

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


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


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

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

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

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

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

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

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


GLOBAL POWER: Equity Panel Hires Houlihan Lokey as Fin'l Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized, on an interim basis, the Official Committee of
Equity Security Holders appointed in the Chapter 11 cases of
Global Power Equipment Group Inc. and its debtor-affiliates, to
retain Houlihan Lokey Howard & Zukin Capital, Inc. as its
financial advisor, nunc pro tunc Nov. 9, 2006.

Houlihan Lokey is expected to:

   a. perform due diligence on the Debtors' businesses, as well
      as their prospect and the markets in which they compete;

   b. evaluate the assets and liabilities of the Debtors;

   c. analyze and review the financial and operating statements
      of the Debtors;

   d. analyze the business operations, business plans and
      forecasts of the Debtors;

   e. evaluate all aspects of the Debtors' DIP financing; cash
      collateral usage and adequate protection therefor; any
      exit financing in connection with any chapter 11 plan of
      reorganization and any budgets relating thereto; and any
      employee retention programs or similar proposed
      compensation plan or program;

   f. assist the Equity Committee, as needed, in identifying
      potential alternative sources of liquidity in connection
      with any chapter 11 plan or otherwise;

   g. provide specific valuation and other financial analyses as
      the Equity Committee may require in connection with the
      Cases;

   h. represent the Equity Committee in negotiations with the
      Debtors, the official committee of unsecured creditors of
      the Debtors and third parties with respect to any of the
      foregoing;

   i. provide testimony in court on behalf of the Equity
      Committee, if necessary;

   j. assess the financial issues and options concerning:

      * the sale of any assets of the Debtors and/or their non-
        debtor affiliates, either in whole or in part, and

      * the Debtors' chapter11 plan(s) or any other chapter 11
        plan(s); and

   k. provide other customary services as may reasonably be
      requested by the Equity Committee.

Joel L. Klein, Chair of the Committee, discloses that Houlihan
Lokey will be paid post-petition under the terms of the
Engagement Agreement:

   a. US$100,000 per month in cash from the Effective Date
      through termination of the Engagement Agreement.  The
      first Monthly Fees will be paid on the first date
      permitted by the Court, and then, subject to the orders
      governing payment of interim compensation of retained
      professionals in these Cases, on each monthly anniversary
      of the Effective Date; plus

   b. a transaction fee payable upon the consummation of each
      "Transaction" equal to 2% of the first $23,500,000 of the
      "Aggregate Equity Holder Recoveries", 3% of the next
      US$14,100,000 of Aggregate Equity Holder Recoveries and 4%
      of Aggregate Equity Holder Recoveries in excess of
      US$37,600,000.

   c. Houlihan Lokey's monthly fees and transaction fees will be
      payable in cash, provided however that Houlihan Lokey's
      total cash compensation will be capped at US$3,000,000.
      Any amount due to and payable to Houlihan Lokey in excess
      of US$3,000,000 will be payable "In Kind" (i.e., in the
      same manner and currency/form as and when received by
      equity holders).

Houlihan Lokey would also seek reimbursement for reasonable out-
of pocket expenses incurred.

Mr. Klein assures the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not hold nor represent any interest
adverse to the Debtors' estates.

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

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


PLAYLOGIC ENT: Sept. 30 Balance Sheet Upside-Down by US$7.4 Mln
---------------------------------------------------------------
Playlogic Entertainment Inc. reported a US$4.6 million net loss
on US$1.5 million of revenues for the quarter ended Sept. 30,
2006, compared with a US$1.3 million net loss on US$542,579 of
revenues for the same period in 2005.

The US$918,615 increase in revenues is mainly due to the release
of the PC game Age of Pirates: Caribbean Tales.

The increase in net loss is primarily due to the US$202,007
increase in selling, marketing, general and administrative
expense, the US$979,132 increase in research and development
expenses, the US$380,238 increase in interest expenses, a US$1.2
million loan penalty expense and exchange losses of US$360,471.
In the prior period quarter, the company recorded reorganization
expenses of US$255,155, absent in 2006.

Research and development expenses increased due to the fact that
a lower portion of research and development expenses was
capitalized.

At Sept. 30, 2006, the company's balance sheet showed US$8.5
million in total assets and US$15.9 million in total
liabilities, resulting in a US$7.4 million total stockholders'
deficit.

The company's balance sheet at Sept. 30, 2006, also showed
strained liquidity with US$2.8 million in total current assets
available to pay US$15.7 million in total current liabilities.

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

                        Going Concern Doubt

S. W. Hatfield, CPA, expressed substantial doubt about the
company's ability to continue as a going concern after auditing
the company's financial statements for the year ended Dec. 31,
2005.  The auditor pointed to the company's net operating losses
and reliance on outside sources of working capital to meet
current obligations.

                   About Playlogic Entertainment

Headquartered in Amsterdam, Netherlands, Playlogic Entertainment
Inc. publishes interactive entertainment products, such as video
game software and other digital entertainment products.   The
company publishes for most major interactive entertainment
hardware platforms, like Sony's
PlayStation2, Microsoft's Xbox and Nintendo's Game Cube, PCs,
next generation consoles and handheld (such as Nintendo's Game
Boy, Nintendo DS, and PSP) and mobile devices.


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


FINANCE CREDIT: Auditor Convicted for Negligent Accounting
----------------------------------------------------------
John Haukland, a KPMG LLP group partner, will serve 30 days in
jail after the Oslo District Court in Norway convicted him of
contributing through gross negligence to significant violations
of the accounting laws while employed as auditor at Finance
Credit years before the collection agency went bankrupt in 2003,
The Associated Press reports.

The Norwegian branch of KPMG was however acquitted as "the court
finds that it was not the organization that failed in the case
but auditor Haukland and his team."  The court also rejected the
prosecution's demand to impose a DKN13-million fine on KPMG.

According to AP, the court discovered that Mr. Haukland approved
inaccurate annual accounts from Finance Credit.  He was given
two weeks to decide whether to appeal.

The court emphasized that Mr. Haukland admitted to many of the
allegations and even surrendered his accounting license.


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


AFFILIATED COMPUTER: Annual Stockholders' Meeting Set for June 7
----------------------------------------------------------------
Affiliated Computer Services Inc. reported that its Board of
Directors has determined that the company's 2006 Annual Meeting
of Stockholders will be held on June 7, at a time and place to
be disclosed in the company's notice of annual meeting and proxy
statement.

Stockholders of record at the close of business on
April 13, 2007, -- the record date established by the Board of
Directors -- will be entitled to vote at the 2006 Annual
Meeting.

Stockholders are entitled to present proposals for action at
future meetings if they comply with Affiliated Computer's bylaws
and the requirements of the proxy rules promulgated by the US
Securities and Exchange Commission.  To be eligible for
inclusion in Affiliated Computer's proxy statement, which will
be sent to stockholders in connection with the 2006 Annual
Meeting, a stockholder proposal must be sent to:

          William L. Deckelman, Jr.
          Corporate Secretary
          Affiliated Computer Services, Inc.
          2828 North Haskell Avenue
          Dallas, Texas, 75204,

The proposal must be presented no later than Jan. 19, 2007.

A proposal that is not included in the proxy statement to be
properly brought before the 2006 Annual Meeting by a
stockholder, must be delivered to Mr. Deckelman no later than
Jan. 19, 2007.  The foregoing time limits also apply in
determining whether notice is timely for purposes of rules
adopted by the SEC relating to the exercise of discretionary
voting authority with respect to proxies.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc. including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  The rating outlook is negative.


GETIN FINANCE: Fitch Assigns BB Rating on US$100-Mln Bond Issue
---------------------------------------------------------------
Fitch Ratings assigned Getin Finance Plc's US$100 million bond
issue a final Long-term rating of BB.

The bonds are issued under GF's EUR1 billion debt issuance
program and are unconditionally and irrevocably guaranteed by
Getin Bank SA.  GB's ratings are Issuer Default BB with Stable
Outlook, Short-term B, Individual D and Support 5.

The bonds are due November 2008.  Both the bonds and the
guarantee of GB have senior status.  The net proceeds of the
issue are used to fund GB.

GF is a SPV created by GB for the purpose of the above-mentioned
debt issuance program.  GB is 99.35%-owned by Getin Holding, a
privately owned integrated financial group quoted on the Warsaw
Stock Exchange.

At end of first half 2006, the bank's total assets amounted to
PLN8.6 billion. GB's business model is based on targeting the
rapidly growing Polish retail banking market and leveraging
third-party distribution channels.


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


ARDAF SA: Shareholders to Elect New Board on Feb. 7
---------------------------------------------------
Shareholders of Asigurare Reasigurare Ardaf S.A. will convene on
Feb. 7 to elect its Board of Directors, Ziarul Financiar
reports.

Aside from electing three members to the Board, shareholders
will also name members to Ardaf's executive management.  All
shareholders registered at the Central Repository as of Jan. 31
can attend the meeting, Ziarul Financiar relays.

Shareholders seeking election to the Board must submit their
application to:

         Asigurare Reasigurare Ardaf S.A.
         Strada Xenopol nr. 3
         400475 Cluj-Napoca
         Romania
         Tel: +40-264-594261
         Fax: +40-264-598266

Radu Cocea, the Ardaf's special administrator, is currently
taking all the duties of the Board.

As previously reported in the TCR-Europe, Comisiei de
Supraveghere a Asigurarilor, Romania's Insurance Monitoring
Commission, placed Ardaf under special administration and
appointed lawyer Radu Cocea as receiver on July 18.

CSA ruled that Ardaf has jeopardized the possibility of
satisfying its obligations to its clients and creditors.  The
insurance commission said the proposed measures were meant to
boost Ardaf's financial recovery and protect the rights of the
insured.  CSA noted that Ardaf's insurance contracts remains in
force on under normal conditions.

Following CSA's ruling, market regulators suspended Ardaf shares
from trading on the Bucharest Stock Exchange.

Ardaf underwent similar proceedings in October 2005.  The group
recovered within two months following a EUR5 million capital
hike.

The company's shareholders -- which include Tender SA (56.19%),
Raiffeisen Zentralbank (19.92%) and Clairmont Holding Ltd.
(10.17%) -- decided on Nov. 15, 2006, to raise Ardaf's RON62.28
million share capital by RON100 million.  The company had the
first phase of the capital increase on Nov. 23 to Dec. 27, 2006,
gaining around RON59.36 million in subscribed shares.  Ardaf
also recently concluded the second subscription stage on Jan. 5.

                         About Ardaf

Headquartered in Cluj-Napoca, Romania, Asigurare Reasigurare
Ardaf S.A. -- http://www.ardaf.ro/-- offers insurance
contracts, including all types of general facultative and life
insurance.  The company controls 5.28% of the Romanian insurance
market.


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


ELDORADO-WOOD LLC: Court Names T. Evdokimova to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Ms. T.
Evdokimova as Insolvency Manager for LLC Eldorado-Wood.  She can
be reached at:

         T. Evdokimova
         Post User Box 712
         Central Post Office
         634050 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-7150/06.

The Debtor can be reached at:

         LLC Eldorado-Wood
         Kuleva Str. 3-86
         Tomsk
         Tomsk Region
         Russia


FEDOROVSKOYE-IZHORA OJSC: Names K. Koloskov to Manage Assets
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. K. Koloskov as Insolvency Manager for OJSC
Fedorovskoye-Izhora.  He can be reached at:

         K. Koloskov
         Post User Box 211
         196084 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-32426/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC Fedorovskoye-Izhora
         Fedorovskoye
         Tosnenskiy Region
         187021 Leningrad Region
         Russia


FUEL-TRANSPORT COMPANY: Court Names V. Murin to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. V. Murin as
Insolvency Manager for LLC Fuel-Transport Company (TIN
7007009083).  He can be reached at:

         V. Murin
         Room 2
         Belinskogo Str. 20/1
         634029 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-7286/06.

The Debtor can be reached at:

         LLC Fuel-Transport Company
         Belinskogo Str. 3
         Kolpashevo
         Kolpashevskiy Region
         636460 Tomsk Region
         Russia


GREVI CJSC: Bankruptcy Hearing Slated for February 8
----------------------------------------------------
The Arbitration Court of Saratov Region will convene on Feb. 8
to hear the bankruptcy supervision procedure on CJSC Grevi.  The
case is docketed under Case No. A 57-668B/06-31.

The Temporary Insolvency Manager is:

         A. Zadunayskiy
         Proletarskaya Str. 73V
         Olkhovka
         Olkhovskiy Region
         403650 Volgograd Region
         Russia

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Grevi
         Balakovo
         Saratov Region
         Russia


KALITVA-BUILDING-MATERIALS LLC: Court Hearing Set for March 19
--------------------------------------------------------------
The Arbitration Court of Rostov Region will convene at 2:30 p.m.
on March 19 to hear the bankruptcy supervision procedure on LLC
Kalitva-Building-Materials (TIN 6142015564).  The case is
docketed under Case No. A53-16154/06-S2-51.

The Temporary Insolvency Manager is:

         Y. Galadzheva
         Office 4
         Krasnoarmeyskaya Str. 208
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         LLC Kalitva-Building-Materials
         Shakhta-15
         Belaya Kalitva
         Rostov Region
         Russia


KLETSKAYA AGRICULTURAL: Court Names S. Pavlish to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed
Ms. S. Pavlish as Insolvency Manager for OJSC Kletskaya
Agricultural Company (TIN 3412005363).  She can be reached at:

         S. Pavlish
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-5681/06-s58.

The Debtor can be reached at:

         OJSC Kletskaya Agricultural Company
         Dymchenko Str. 47
         Kletskaya St.
         403560 Volgograd Region
         Russia


OKTYABRSKIY FACTORY: Court Names R. Baykov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed
Mr. R. Baykov as Insolvency Manager for OJSC Oktyabrskiy Factory
of Oil And Gas Engineering.  He can be reached at:

         R. Baykov
         Kosmonavtov Str. 65
         Oktyabrskiy
         Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-6943/06-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Oktyabrskiy Factory of Oil and Gas Engineering
         Kosmonavtov Str. 65
         Oktyabrskiy
         Bashkortostan Republic
         Russia


PETROVSKIY: Court Names O. Shatalova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Saratov Region appointed Ms. O.
Shatalova as Insolvency Manager for Federal State Unitary
Enterprise Horse Breeding Factory Petrovskiy.  She can be
reached at:

         O. Shatalova
         Post User Box 2492
         410076 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-435B/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         Federal State Unitary Enterprise Horse Breeding Factory
         Petrovskiy
         Sosnovoborskoye
         Petrovskiy Region
         Saratov Region
         Russia


PODPOROZHSKIY COMPLEX: Court Names V. Fedichev to Manage Assets
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. V. Fedichev as Insolvency Manager for CJSC
Podporozhskiy Complex Wood (TIN 4711001256).  He can be reached
at:

         V. Fedichev
         Premise 10N
         Letter A
         Bolshoy Pr. P.S. 79
         197022 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-36961/2005.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Podporozhskiy Complex Wood
         Premise 10N
         Letter A
         Bolshoy Pr. P.S. 79
         197022 St. Petersburg Region
         Russia


SAVINSKIY CJSC: Court Names O. Novikov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed
Mr. O. Novikov as Insolvency Manager for CJSC Savinskiy.  He can
be reached at:

         O. Novikov
         Post User Box 12
         163071 Arkhangelsk-71
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-11194//2006-6.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         CJSC Savinskiy
         40 Let Pobedy Str
         Savinskiy
         Plesetskiy Region
         Arkhangelsk Region
         Russia


SEVERNAYA CJSC: Bankruptcy Hearing Slated for April 30
------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at
11:00 a.m. on April 30 to hear the bankruptcy supervision
procedure on CJSC Gold-Mining Company Severnaya.  The case is
docketed under Case No. A33-18271/2006.

The Temporary Insolvency Manager is:

         E. Katser
         Post User Box 12161
         660041 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Gold-Mining Company Severnaya
         Veselaya Str. 16
         660006 Krasnoyarsk Region
         Russia


SEV-RYB-KHOLOD-FLOOT OJSC: Names D. Balakshin to Manage Assets
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. D. Balakshin as Insolvency Manager for OJSC
Sev-Ryb-Kholod-Floot.  He can be reached at:

         D. Balakshin
         Obvodnogo Kanala Quay 118A
         190005 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-42390/2005.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC Sev-Ryb-Kholod-Floot
         Premise 1N
         Mezhevoy Kanal 5A
         198035 St. Petersburg Region
         Russia


VENEER PRODUCTION-1: Bankruptcy Hearing Slated for March 14
-----------------------------------------------------------
The Arbitration Court of Perm Region will convene at 10:00 a.m.
on March 14 to hear the bankruptcy supervision procedure on LLC
Veneer Production-1 (TIN 5919018660).  The case is docketed
under Case No. A50-17151/2006-B.

The Temporary Insolvency Manager is:

         A. Bannykh
         Office 209
         Building 2
         Starykh Bolshevikov Str. 2a
         620017 Ekaterinburg Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Veneer Production-1
         Kommunisticheskaya Str. 44
         Solikamsk
         Perm Region
         Russia


VOLZHSKAYA LEASING: Court Names A. Polyakov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. A.
Polyakov as Insolvency Manager for OJSC Volzhskaya Leasing
Company (TIN 3435800865, KPP 343501001).  He can be reached at:

         A. Polyakov
         N. Kachuevskoy Str. 2D
         400002 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-16549/06-s57.

The Debtor can be reached at:

         A. Polyakov
         N. Kachuevskoy Str. 2D
         400002 Volgograd Region
         Russia


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


J.H. TRACHSLER: Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Bern-Mittelland entered Nov. 17, 2006,
an order closing the bankruptcy proceedings of JSC J. H.
Trachsler.

The Debtor can be reached at:

         JSC J. H. Trachsler
         Effingerstrasse 21
         Ostermundigen BE
         Switzerland

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

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


PP PINCO: Wallisellen Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Wallisellen suspended the bankruptcy
proceedings of LLC PP Pinco Palino on Nov. 27, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,000
deposit.  The right for the additional deposit is retained.

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

         LLC PP Pinco Palino
         Neugutstrasse 19
         8002 Zurich
         Switzerland

The Bankruptcy Service of Wallisellen can be reached at:

         Bankruptcy Service of Wallisellen
         8304 Wallisellen
         Zurich
         Switzerland


MATOLA JSC: Aussersihl-Zurich Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Aussersihl-Zurich entered Nov. 8, 2006,
an order closing the bankruptcy proceedings of JSC Matola.

The Debtor can be reached at:

         JSC Matola
         Kanzleistrasse 80
         8004 Zurich
         Switzerland

The Bankruptcy Service of Aussersihl-Zurich can be reached at:

         Bankruptcy Service of Aussersihl-Zurich
         8026 Zurich
         Switzerland


MERENGUE JSC: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Merengue on Nov. 8, 2006.

The Debtor can be reached at:

         JSC Merengue
         Im Rotel 10a
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


NOVELIS INC: Appoints Edward Blechschmidt as Chief Executive
------------------------------------------------------------
Novelis Inc. reported that it has named Edward A. Blechschmidt,
currently a member of its Board of Directors, to become acting
chief executive officer, effective Jan. 2, 2007.

Mr. Blechschmidt succeeds board chairperson William T. Monahan,
who has been interim chief executive officer since August 2006.
Mr. Monahan remains chairperson of the Novelis board.

Mr. Monahan said, "When I assumed the Interim CEO (chief
executive officer) position in August, our ideal goal was to
have a new CEO by year-end, at which time I could return to my
other commitments.  However, finding the right CEO for Novelis
will take a little longer than expected, so I am passing the
baton to Ed Blechschmidt, a Board colleague with significant
management experience and commitment to shareholder value.  Ed
has been part of our three-person Office of the chairman for the
last four months and he is the right person to move the company
forward in a hands-on manner during whatever period of time is
needed to address new day-to-day leadership.  Novelis will
continue its search for a permanent CEO."

Mr. Blechschmidt joined the Novelis board in June 2006.  He is a
former chairperson and chief executive officer of Gentiva Health
Services, Inc., a provider of specialty pharmaceutical and home
health care services that was spun off from Olsten Corporation
and taken public in 2000.  He retired from Gentiva Health in
2002 and remained a director until 2005.  Before joining Gentiva
Health, Mr. Blechschmidt served as president and then chief
executive officer of Olsten.  Prior to that, he served as
president and chief executive officer of Siemens Nixdorf
Americas and Siemens Pyramid Technologies from 1996 to 1998, and
spent more than 20 years with Unisys Corp., where he held
positions of increasing responsibility including chief financial
officer.

"I look forward to working with the talented employees of
Novelis at this exciting time.  We continue to take important
steps forward in developing a world-class organization that
delivers value to both shareholders and customers.  I am happy
to have the opportunity to play a more meaningful role in those
initiatives," Mr. Blechschmidt stated.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

                        *    *    *

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

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

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

Issuer: Novelis Inc.

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

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

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

Issuer: Novelis Corporation

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


SAMPEX CAPITAL: Berne Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy
proceedings of Sampex Capital Inc. 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 Aug. 9, 2006, can be reached
at:

         Sampex Capital Inc.
         Steinibachweg 3
         3052 Zollikofen
         Berne
         Switzerland

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

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


STAUFFENEGGER JSC: Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland entered Nov. 17, 2006,
an order closing the bankruptcy proceedings of JSC
Stauffenegger.

The Debtor can be reached at:

         JSC Stauffenegger
         Effingerstrasse 39
         3008 Bern
         Switzerland

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

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


TECHNET JSC: Oerlikon-Zurich Court Suspends Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Oerlikon-Zurich suspended the bankruptcy
proceedings of LLC PP Pinco Palino on Nov. 27, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF6,000
deposit.  The right for the additional deposit is retained.

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

         LLC PP Pinco Palino
         Schwamendingenstrasse 53
         8050 Zurich
         Switzerland

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland


TELIO FIX: Embrach Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Embrach entered Nov. 2, 2006, an order
closing the bankruptcy proceedings of JSC Telio Fix.

The Debtor can be reached at:

         JSC Telio Fix
         Weiacherstrasse 85
         8427 Rorbas
         Zurich
         Switzerland

The Bankruptcy Service of Embrach can be reached at:

         Bankruptcy Service of Embrach
         8424 Embrach
         Zurich
         Switzerland


TRESA LLC: Wadenswil Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Wadenswil entered Oct. 26, 2006, an
order closing the bankruptcy proceedings of LLC Tresa.

The Debtor can be reached at:

         LLC Tresa
         Ekrem Inan?
         Zugerstrasse 36
         8805 Richterswil
         Zurich
         Switzerland

The Bankruptcy Service of Wadenswil can be reached at:

         Bankruptcy Service of Wadenswil
         8820 Wadenswil
         Switzerland


WARCRAFT LLC: Berne Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland entered Nov. 13, 2006,
an order closing the bankruptcy proceedings of LLC Warcraft.

The Debtor can be reached at:

         LLC Warcraft
         Worblentalstrasse 8
         3063 Ittigen
         Berne
         Switzerland

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

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


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


ENCORE LLC: Creditors Must File Claims by January 18
----------------------------------------------------
Creditors of LLC Enterprise Encore (code EDRPOU 30153650) have
until Jan. 18 to submit written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 20, 2006, after finding it
insolvent.  The case is docketed under Case No. 24/669-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 Enterprise Encore
         Obolonskiy Avenue 32
         04205 Kyiv Region
         Ukraine


KURENI TRANS: Creditors Must File Claims by January 18
------------------------------------------------------
Creditors of LLC Kureni Trans (code EDRPOU 25198500) have until
Jan. 18 to submit written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 16, 2006, after finding it
insolvent.  The case is docketed under Case No. 15/715-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 Kureni Trans
         Berezhanskaya Str. 15
         04201 Kyiv Region
         Ukraine


MIA PODIYA: Creditors Must File Claims by January 18
----------------------------------------------------
Creditors of LLC Mia Podiya (code EDRPOU 31175937) have until
Jan. 18 to submit written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company after finding it insolvent.  The case is
docketed under Case No. 15/716-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 Mia Podiya
         Frunze Str. 152, ap. 28
         Kyiv Region
         Ukraine


NTS LLC: Creditors Must File Claims by January 18
-------------------------------------------------
Creditors of LLC NTS (code EDRPOU 30045687) have until Jan. 18
to submit written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 20, 2006, after finding it
insolvent.  The case is docketed under Case No. 24/668-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 NTS
         Obolonskiy Avenue 23-a
         04205 Kyiv Region
         Ukraine


PRIMA LOTOS: Creditors Must File Claims by January 18
-----------------------------------------------------
Creditors of LLC Prima Lotos have until Jan. 18 to submit
written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 20, 2006, after finding it
insolvent.  The case is docketed under Case No. 24/666-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 Prima Lotos
         Vyshgorodskaya Str. 16
         04074 Kyiv Region
         Ukraine


ROST-MAR LLC: Creditors Must File Claims by January 18
------------------------------------------------------
Creditors of LLC Rost-Mar (code EDRPOU 33611586) have until
Jan. 18 to submit written proofs of claim to:

         I. Yasnogor, Liquidator
         p.o.b. 2350
         49040 Dniepropetrovsk Region
         Ukraine
         Tel: (0562)318-212

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceeding against the company on Dec. 14, 2006, after finding
it insolvent.  The case is docketed under Case No. B 15/240-06.

The Economic Court of Dniepropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dniepropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Rost-Mar
         Topolya-1 15
         49000 Dniepropetrovsk Region
         Ukraine


UKRAINIAN INDUSTRIAL: Creditors Must File Claims by January 18
--------------------------------------------------------------
Creditors of LLC Ukrainian Industrial Power Resources (code
EDRPOU 31486881) have until Jan. 18 to submit written proofs of
claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 16, 2006, after finding it
insolvent.  The case is docketed under Case No. 15/717-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 Ukrainian Industrial Power Resources
         Obolonskiy Avenue 23-a
         04205 Kyiv Region
         Ukraine


UKRAINIAN SECONDARY: Creditors Must File Claims by January 18
-------------------------------------------------------------
Creditors of LLC Ukrainian Secondary Resources (code EDRPOU
30683019) have until Jan. 18 to submit written proofs of claim
to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 16, 2006, after finding it
insolvent.  The case is docketed under Case No. 15/714-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 Ukrainian Secondary Resources
         Avtozavodskaya Str. 18
         04074 Kyiv Region
         Ukraine


UKRPOLYMERPAK LLC: Creditors Must File Claims by January 18
-----------------------------------------------------------
Creditors of LLC Ukrpolymerpak (code EDRPOU 25264881) have until
Jan. 18 to submit written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 16, 2006, after finding it
insolvent.  The case is docketed under Case No. 15/712-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 Ukrpolymerpak
         Kozakov Avenue 6
         Krasnych
         04073 Kyiv Region
         Ukraine


ZERNOSOYUZ LLC: Creditors Must File Claims by January 18
--------------------------------------------------------
Creditors of LLC Zernosoyuz (code EDRPOU 30867818) have until
Jan. 18 to submit written proofs of claim to:

         O. Scherban, Liquidator
         p.o.b. 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceeding
against the company on Nov. 20, 2006, after finding it
insolvent.  The case is docketed under Case No. 24/667-b.

The Debtor can be reached at:

         LLC Zernosoyuz
         Skliarenko Str. 5
         04073 Kyiv Region
         Ukraine


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


ARROW ELECTRONICS: Buys Agilysys KeyLink Systems for US$485 Mln
---------------------------------------------------------------
Arrow Electronics Inc. has signed a definitive agreement
pursuant to which Arrow will acquire substantially all of the
assets and operations of the Agilysys KeyLink Systems Group for
US$485 million in cash.

Arrow will also enter into a long-term procurement agreement
with the Agilysys Enterprise Solutions Group, Agilysys' value-
added reseller business.

Based in Cleveland, Ohio, KeyLink is a leading value-added
distributor of enterprise servers, storage and software in the
United States and Canada.  Through approximately 500 employees,
KeyLink provides complex solutions from industry leading
manufacturers to more than 800 reseller partners.  Pro forma
sales for the 2006 calendar year are expected to be
approximately US$1.6 billion, which include revenues that will
be associated with the above-mentioned procurement agreement.

"With this acquisition, we will become the leading distributor
of enterprise products for both International Business Machines
Corp. and Hewlett Packard Company, as well as the leading value-
added distributor of storage and software," stated William E.
Mitchell, Chairman, President and Chief Executive Officer of
Arrow Electronics, Inc.  "Keylink is a natural complement to our
existing enterprise computing solutions business with its value-
added approach and its resellers' focus on small and medium
sized customers."

"Our partnership will create significant cross selling
opportunities to further accelerate our growth in the global
enterprise computing solutions distribution market," stated M.
Catherine Morris, president, Arrow Enterprise Computing
Solutions.  All field sales positions will remain intact to
ensure that we will continue to provide our customers and
suppliers with superior levels of service."

"We believe KeyLink will further benefit from Arrow's
considerable global scale, vast customer base, strong financial
resources and leadership in the technology distribution market,"
said Arthur Rhein, chairman, president and chief executive
officer of Agilysys.  "As a result of this transaction, both
Agilysys and Keylink will be better positioned to achieve their
full potential as Agilysys focuses solely on growing its
information technology solutions business.  We wish Arrow well
as they continue to grow their business," added Mr. Rhein.

"The acquisition is expected to be US$0.18 to US$0.22 accretive
in the first 12 months and will further strengthen our industry
leading return on invested capital, while generating an expected
US$30 million in operating cash flow annually," added Paul J.
Reilly, senior vice president and chief financial officer of
Arrow Electronics, Inc.

The transaction, which will be funded with cash-on-hand plus
borrowings under Arrow's existing committed liquidity
facilities, is subject to customary closing conditions,
including obtaining the necessary government approvals, and is
expected to be completed within 90 days.  Goldman, Sachs & Co.
acted as financial advisor and Milbank, Tweed, Hadley & McCloy
LLP acted as legal counsel to Arrow in connection with this
transaction.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Great Britain, Ireland, Latvia,
Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland,
Belgium, the Netherlands and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


ARROW ELECTRONICS: Closes Takeover of InTechnology Storage Ops
--------------------------------------------------------------
Arrow Electronics Inc. has completed its previously disclosed
acquisition of the storage and security distribution business of
InTechnology plc for a purchase price of around US$80 million.

"The acquisition of InTechnology's storage and security
distribution business enables us to further expand our
Enterprise Computing Solutions business into the United Kingdom,
Europe's second largest IT market," stated M. Cathy Morris,
president, Arrow Enterprise Computing Solutions.  "We expect
this transaction to create further opportunities for us in the
growing storage and security software markets.  We expect this
transaction to be US$.02 to US$.04 accretive in 2007."

InTechnology Distribution, which is headquartered in Harrogate,
England and has approximately 200 employees, delivers storage
and security solutions to value-added resellers in the United
Kingdom.  Total 2006 sales are expected to exceed US$400
million.

"The addition of InTechnology's storage and security
distribution business is a key strategic step towards our goal
of becoming the preeminent provider of enterprise computing
solutions in Europe," stated Kurt Schoeffer, managing director,
DNS. "This transaction will enable us to provide a more
comprehensive suite of solutions for our reseller customers,"
added Steve Pearce, chief operating officer, InTechnology plc.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Great Britain, Ireland, Latvia,
Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland,
Belgium, the Netherlands and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.   The rating
outlook is positive.


ARROW ELECTRONICS: Fitch Keeps BB+ Default Rating on Acquisition
----------------------------------------------------------------
Fitch Ratings expects that Arrow Electronics Inc.'s proposed
acquisition of Agilysys Keylink Systems Group for US$485 million
in cash will not affect the company's ratings or Positive Rating
Outlook.

However, Fitch believes further meaningful debt-financed
acquisitions could result in a revision of Arrow's Rating
Outlook to Stable or negative rating actions.

Fitch currently rates Arrow as:

   -- Issuer Default Rating of BB+;
   -- Senior unsecured notes of BB+; and
   -- Senior unsecured bank credit Facility of BB+.

Arrow recently announced that it has entered into a definitive
agreement to acquire substantially all the assets of Keylink, a
leading enterprise and computing solutions distributor, from
Agilysys Inc. for US$485 million in cash.  Simultaneously, Arrow
entered into a long-term procurement agreement with Agilysis'
value-added reseller business.

With approximately US$1.6 billion of sales for calendar year
2006, pro forma for the Agilysis procurement agreement, Fitch
believes the proposed acquisition will consolidate Arrow's
already leading position in distributing enterprise computing
solutions, and strengthen Arrow's exposure to Keylink's leading
suppliers, International Business Machines and Hewlett Packard.

In addition, Arrow expects Keylink to generate approximately
5.5%-6.0% operating EBIT margins in 2007, including expectations
for modest cost reductions, which would be accretive to Arrow's
corporate-wide profitability, which Fitch estimates was at 4.7%
for the latest 12 months ended Sept. 30, 2006.

While recognizing these anticipated positives, this transaction,
if consummated, would be Arrow's fifth acquisition over the past
year and the first to be debt-financed.  Including expectations
for positive free cash flow for the fourth quarter ended
Dec. 31, 2006, but with just US$253 million of cash and cash
equivalents as of Sept. 30, 2006, Fitch expects Arrow will fund
the majority of the purchase price with either its US$600
million senior unsecured revolving credit facility expiring
June 2010 and/or US$550 million accounts receivable
securitization facility expiring February 2008, both of which
were undrawn as of Sept. 30, 2006.

Nonetheless, even assuming the transaction is fully funded with
borrowings under these facilities, total debt adjusted for rent
expense to operating EBITDAR will remain below 3.0 times.  Fitch
believes that Arrow will continue to pursue acquisition
opportunities, mainly in the more fragmented global enterprise
computing market, which, depending on materiality, could
pressure Fitch's Positive Rating Outlook in the future.


COLLINS & AIKMAN: Court Approves Deferral of Interest Payments
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
has approved, on an interim basis, the request of Collins &
Aikman Corp. and its debtor-affiliates to further defer adequate
protection payments to their senior, secured prepetition
lenders.

In the absence of prior payment or an order to the contrary, the
Debtors will be obligated to make the Deferred Payments on
Feb. 1, 2007.

The motion will be heard on a final basis on Jan. 11, 2007, or
to another date to which the motion is continued.

As reported, the Court approved the JPMorgan Chase Bank debtor-
in-possession financing motion on an interim basis on the
Petition Date, and approved the JPMorgan DIP Motion on a final
basis on July 28, 2005.

The postpetition interest payments and letter of credit fees,
other than fronting fees, payable under paragraph 11 of the
final DIP order are approximately US$7,200,000 per month.

On Aug. 29, 2006, the Court approved of the Debtors' request to
defer their obligation to pay postpetition interest and letter
or credit fees, other than fronting fees, to Jan. 1, 2007.

As the Court is aware, the Debtors have determined that the best
course of action to maximize the value of their assets is to
effectuate sales of their businesses as going concerns, given
the existing market conditions, Ray C. Schrock, Esq., at
Kirkland & Ellis LLP, in New York, New York, says.

The Debtors, the agent for the prepetition lenders, and the
Debtors' major customers are negotiating an agreement under
which the customers will provide the Debtors with substantial
financial and other accommodations as well as an agreement on
the terms of a Chapter 11 plan.

Mr. Schrock notes that since the inception of the Debtors'
Chapter 11 cases, their use of cash continues to be a crucial
item for the estates.  Payment of postpetition interest is a
significant monthly obligation for the Debtors' estates.

It is beyond dispute that the Prepetition Lenders are entitled
to adequate protection for, among other things, use of their
collateral and for the priming liens granted under the Final DIP
Order, Mr. Schrock tells the Court.  The Debtors intend to file
a Chapter 11 plan under which the Debtors contemplate on paying
the Prepetition Lenders from the cash proceeds received by the
Debtors on account of the sale of their assets.

Deferral of the payments will help ensure that the Debtors have
sufficient liquidity to continue their restructuring and
complete the sales of their businesses for the benefit of their
estates, creditors, and parties-in-interest, Mr. Schrock
asserts.  The obligations of the Debtors to pay timely the
adequate protection payments, other than the Deferred Payments,
will not be affected.

                    About Collins & Aikman

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


GREAT NORTHERN: Plans 155 Redundancies to Pay Franchise Fees
------------------------------------------------------------
Great North Eastern Railway is drawing up plans to cut jobs as
it strives to meet the terms of its franchise agreement with the
British government, according to Dan Milmo of the Guardian.

The Guardian reports that GNER is considering 155 redundancies,
out of a 3,100-strong GNER workforce.

Mr. Milmo quotes a GNER spokesman as saying "We have not set out
a specific number.  But there will be a reduction in headcount.
The quantum and timing is part of ongoing discussions with trade
unions."  The spokesman added that GNER hopes to achieve the job
cuts through voluntary redundancies and a partial hiring freeze.

According to the Guardian, GNER is missing revenue targets that
underpin its pledge to pay the government GBP1.3 billion over
the 10-year course of the franchise.  Amid rising electricity
prices and a fall in tourist numbers due to the July 7, 2006,
bombings, it posted turnover growth of 3.3% in 2005, when 10%
was needed.

As widely reported, the government has agreed to tear up the
franchise agreement and re-tender the right to run trains on the
east coast line in two years' time.  In the meantime, GNER will
run the franchise on a fixed management contract while the
government draws up a new tender and conducts an auction for a
new operator.

                         RMT to Strike

The Rail Maritime and Transport union, which represents 1,500 of
GNER's 3,100 workers, said it would resist any redundancies at
the company, Haydn Lewis of The Press reports.

According to the Press, RMT General Secretary Bob Crow said GNER
gave us written confirmation of projected staffing levels under
the 35-hour week deal, which would at least maintain existing
staff numbers and would even increase the staff complement in
some grades.  Now it seems that the company has been telling the
media that there will be redundancies.  RMT has already made it
clear that we will resist redundancies, with industrial action
if necessary."

A GNER spokesman was also quoted as saying "GNER's challenge is
to maintain and build upon our high standards of service,
reflected in record passenger satisfaction of 90 per cent, while
delivering that service as efficiently as possible in line with
our current franchise contract with Government.  We have been in
discussions with trade union partners for many months about how
to maintain our high standards while becoming more efficient.
There may be a modest reduction in overall numbers of employees
but only after full consultation.  This will be managed
sensitively and progressively.  No decisions have been taken on
the size and timing of any changes, which will be subject to
full consultation.  GNER has not leaked any information to the
media."

Furthermore, according to the Press, Mr. Crow urged the
Government to block any job cuts at the rail firm asserting that
their priority remains to ensure that their members' jobs are
not sacrificed to enable a privateer to dig itself out its
financial crisis.

                      About Sea Containers

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

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

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

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.


GREAT NORTHERN: To Appeal Rail Regulator's Open Access Order
------------------------------------------------------------
Great North Eastern Railway is taking its battle against
"unlawful state aid" granted by United Kingdom's Office of Rail
Regulation to Hull Trains and Grand Central Railway to the
European Commission, reports Paul Rogerson of The Herald.  The
ORR is the economic regulator for the railway industry in Great
Britain.

The Herald disclosed that GNER wants the European Commission to
investigate the ORR's decision to grant its rival train
companies the right to run "open access" passenger services on
the east coast route.  GNER argues that its rivals will be
charged less for access to the same rail network for the
provision of equivalent services.

According to The Herald, GNER said the present regime will
result in the east coast franchise losing up to GBP9.7 million a
year, at a time when its parent, Sea Containers, Ltd., is
negotiating with  government on the terms of GNER's franchise.
GNER argues that all companies should pay an equivalent amount
for access to the rail network for equivalent services.

GNER previously challenged the ORR's decision in the High Court
but failed to win its case, Mr. Rogerson adds.

The Herald quotes GNER's Legal Director, Janet Huck, as saying,
"We welcome competition and already operate on one of the most
competitive travel routes in Britain.  We have nothing against
new entrants on the route, but competition should be on a level
playing field.  The current regime is unfair and will place
franchise operators at a competitive disadvantage compared with
open access operators who compete on the same track for the same
passenger revenue.  The commercial consequences of this
unfairness are serious, so we have little option but to pursue
further this important matter of principle."

GNER won the franchise for the east coast route in 2005.  GNER
had agreed to pay GBP1.3 bilion to the Treasury over a seven-
year franchise if performance targets are met.  According to The
Herald, senior directors at GNER say that the company's ability
to pay that premium was called into question by the ORR's
decision.

                      About Sea Containers

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

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

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

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.


REFCO INC: Court Approves Settlement with JPMorgan Chase Bank
-------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Southern District of New
York has approved the Settlement Agreement and Mutual Release
between Marc S. Kirschner, the Chapter 11 trustee for the estate
of Refco Capital Markets, Ltd., and JPMorgan Chase Bank, N.A.

Any and all related claims filed by JPMorgan against RCM and any
other Debtors will be deemed disallowed and expunged, with
prejudice, except the two JPMorgan claims asserted against Refco
Capital LLC and Refco Group Ltd., LLC.

Headquartered in New York, New York, Refco Inc. --
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 Bankruptcy News, Issue No. 52; Bankruptcy
Creditors' Service Inc. 215/945-7000)


REFCO INC: Files Operating Results Statement for November 2006
--------------------------------------------------------------
In lieu of comprehensive financial statements, Refco Inc. and
its debtor-affiliates delivered to the U.S. Bankruptcy Court for
the Southern District of New York a statement of their cash
receipts and disbursements for the period from Nov. 1 to 30,
2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,575,010,000 cash balance at the start of the
reporting period.  Refco received US$407,890,000 and disbursed
US$25,212,000 in cash.  Refco's ending cash balance totals
US$1,957,687,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately US$2,100,000.

Mr. James discloses that Refco paid US$381,000 in gross wages,
of which approximately US$167,000 was paid on behalf of and
reimbursed by the Non-Debtors and Refco LLC.  Refco also
withheld US$117,000 in employee payroll taxes, of which US$8,000
was remitted to a third party vendor.

Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.

Refco paid US$9,331,000 for professional fees for November, and
US$105,008,000 since the Petition Date.  The Debtors did not pay
professional fees on Refco LLC's behalf.

Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

Headquartered in New York, New York, Refco Inc. --
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 Bankruptcy News, Issue No. 53; Bankruptcy
Creditors' Service Inc. 215/945-7000)


SEA CONTAINERS: Wants to Hire Vollman as Special Advisors
----------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask permission
from the U.S. Bankruptcy Court for the District of Delaware to
employ Vollman Brothers Ltd., formerly known as Artemis
Corporate Finance, as their special corporate and financial
advisors, nunc pro tunc to Oct. 15, 2006.

Robert D. MacKenzie, president and chief executive officer of
Sea Containers Ltd., discloses that Vollman Brothers is a
corporate finance advisory firm that provides, among others,
restructuring and transactions services to blue-chip clients.
The firm has served as the Debtors' corporate and financial
advisors relating to the sale and disposal of certain non-core
businesses and assets since June 2006.

Mr. Mackenzie says Vollman Brothers is well equipped to
represent the Debtors given that the firm has developed
institutional knowledge and an understanding of their
businesses, assets, operations, systems, and capital structure.

As the Debtors' Special Advisors, Vollman Brothers will:

   (1) advise the Debtors on the disposal of selected
       businesses;

   (2) provide the services of an internal corporate development
       department in relation to Advisory Projects and project
       management, concentrating particularly on the disposal of
       non-core businesses;

   (3) provide project management services in relation to
       certain corporate transactions for which the Debtors have
       appointed other advisers or is running a process
       internally; and

   (4) provide at the Debtors' behest, additional services as
       may be appropriate in its role as the Debtors' financial
       advisor, subject to the parties' agreeing to the basis of
       the additional services.

Specifically, in connection with the Advisory Projects, Vollman
Brothers will:

   (a) assist with bidder identification, assess bidder
       appetite, and communicate with bidders as required;

   (b) coordinate and oversee the running of a disposal process,
       including project management;

   (c) assist with the preparation of an information memorandum;

   (d) illustratively valuate the businesses with reference to
       appropriate parameters;

   (e) review legal and tax structure advice provided by the
       Debtors internally and the Debtors' legal, accounting and
       tax advisers;

   (f) assist with data room preparation and completion of any
       vendor due diligence, if agreed in advance and in
       conjunction with the Debtors' legal, accounting and tax
       advisers;

   (g) assist with management presentations; and

   (h) assist with commercial and legal negotiations.

With regard to the Project Management Projects, Vollman Brothers
will review information memorandum, assist in identifying
separation and consent issues, review and assess bids received,
and review financial advice in connection with the disposals of
the Debtors' Australia and New Zealand operations.

As to the Corporate Development Role, Vollman Brothers will
assist:

   (i) in relation to free cash flow analysis, funding analysis,
       reconciliation of group management accounts to local
       accounts and analysis of local intercompany accounts
       related to the Advisory Businesses;

  (ii) in determining the most effective strategy for maximizing
       value and free cash flows from disposing of the Advisory
       Businesses;

(iii) in the development of revised business plans for the
       Advisory Businesses;

  (iv) in preparation of reports in relation to the non-core
       businesses to be presented to the Court and the Debtors'
       board;

   (v) in preparation of reports for the Official Committee of
       Unsecured Creditors and its advisors and interaction with
       the advisors on matters related to the Advisory
       Businesses;

  (vi) in communication and negotiation with outside
       constituents, including the Debtors, the banks and their
       advisors in relation to the Advisory Businesses; and

(vii) with other matters as may be requested by the Debtors in
       writing that are mutually agreeable to the parties.

Vollman Brothers will be paid for its services based on its
customary billing practices:

    -- a monthly retainer of GBP125,000 payable monthly in
       advance; and

    -- a completion fee, subject to a minimum of GBP100,000 per
       transaction, in connection with any transaction that
       occurs either during the term of the firm's engagement or
       during a period of 12 months following the effective date
       of termination of its engagement.  For each Transaction
       the Completion Fee will be:

       Total Consideration                     Completion Fee
       -------------------                     --------------
        GBP1,000,000 to  GBP5,000,000                  5.0%
        GBP5,000,000 to GBP10,000,000                  3.0%
       GBP10,000,000 to GBP15,000,000                  2.5%
       GBP15,000,000 to GBP20,000,000                  2.0%
       GBP20,000,000 to GBP50,000,000                  1.0%

In addition, for any Transaction relating to Project Management,
Vollman Brothers will receive a Completion Fee of GBP18,000 for
each Transaction involving one of the Debtors' Australia and New
Zealand businesses.  As to any additional work, Vollman Brothers
will be entitled to an agreed upon fee for each piece of work
based on standard market rates for the work completed.

Bill Kendall, managing director of Vollman Brothers, relates
that his firm received payments of GBP1,114,258 within 90 days
of the Petition Date.  The firm will hold any amounts received
prepetition in excess of fees and expenses that accrued
prepetition, if any, and apply the excess amounts to
postpetition fees and expenses.

The Debtors will indemnify Vollman Brothers in certain
circumstances relating to its engagement.  The firm has agreed
not to assert any defense based on jurisdiction, venue,
abstention, or otherwise to the Bankruptcy Court's jurisdiction
and venue to determine any controversy in any way related to
Vollman Brothers' engagement.

Mr. Kendall informs Judge Carey that it is not the general
practice of corporate advisory firms to keep detailed time
records; however, the Vollman Brothers' employees involved in
the Chapter 11 cases will keep time records describing their
general daily activities, the identity of persons who performed
the activities, and the estimated amount of time expended on the
activities in half hour increments.

Accordingly, to the extent necessary, the Debtors seek a waiver
of the information requirements of Rule 2016-2(d) of the Local
Rules of Bankruptcy Practice and Procedure of the United States
Bankruptcy Court for the District of Delaware.

Mr. Kendall assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.  Vollman Brothers has no connection with, and
holds no interest adverse to, the Debtors or their estates in
the matters on which it is to be engaged, Mr. Kendall adds.

                      About Sea Containers

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

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

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


SEA CONTAINERS: Train Unit Plans 155 Redundancies to Pay Fees
-------------------------------------------------------------
Great North Eastern Railway is drawing up plans to cut jobs as
it strives to meet the terms of its franchise agreement with the
British government, according to Dan Milmo of the Guardian.

The Guardian reports that GNER is considering 155 redundancies,
out of a 3,100-strong GNER workforce.

Mr. Milmo quotes a GNER spokesman as saying "We have not set out
a specific number.  But there will be a reduction in headcount.
The quantum and timing is part of ongoing discussions with trade
unions."  The spokesman added that GNER hopes to achieve the job
cuts through voluntary redundancies and a partial hiring freeze.

According to the Guardian, GNER is missing revenue targets that
underpin its pledge to pay the government GBP1,300,000,000 over
the 10-year course of the franchise.  Amid rising electricity
prices and a fall in tourist numbers due to the July 7 bombings,
it posted turnover growth of 3.3% in 2005, when 10% was needed.

As widely reported, the government has agreed to tear up the
franchise agreement and re-tender the right to run trains on the
east coast line in two years' time.  In the meantime, GNER will
run the franchise on a fixed management contract while the
government draws up a new tender and conducts an auction for a
new operator.

                         RMT to Strike

The Rail Maritime and Transport union, which represents 1,500 of
GNER's 3,100 workers, said it would resist any redundancies at
the company, Haydn Lewis of The Press reports.

According to the Press, RMT General Secretary Bob Crow said GNER
gave us written confirmation of projected staffing levels under
the 35-hour week deal, which would at least maintain existing
staff numbers and would even increase the staff complement in
some grades.  Now it seems that the company has been telling the
media that there will be redundancies.  RMT has already made it
clear that we will resist redundancies, with industrial action
if necessary."

A GNER spokesman was also quoted as saying "GNER's challenge is
to maintain and build upon our high standards of service,
reflected in record passenger satisfaction of 90 per cent, while
delivering that service as efficiently as possible in line with
our current franchise contract with Government.  We have been in
discussions with trade union partners for many months about how
to maintain our high standards while becoming more efficient.
There may be a modest reduction in overall numbers of employees
but only after full consultation.  This will be managed
sensitively and progressively.  No decisions have been taken on
the size and timing of any changes, which will be subject to
full consultation.  GNER has not leaked any information to the
media."

Furthermore, according to the Press, Mr. Crow urged the
Government to block any job cuts at the rail firm asserting that
their priority remains to ensure that their members' jobs are
not sacrificed to enable a privateer to dig itself out its
financial crisis.

                           About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

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

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

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


SEA CONTAINERS: Train Unit Appeals on Regulator's Access Order
--------------------------------------------------------------
Great North Eastern Railway is taking its battle against
"unlawful state aid" granted by United Kingdom's Office of Rail
Regulation to Hull Trains and Grand Central Railway to the
European Commission, reports Paul Rogerson of The Herald.  The
ORR is the economic regulator for the railway industry in Great
Britain.

The Herald disclosed that GNER wants the European Commission to
investigate the ORR's decision to grant its rival train
companies the right to run "open access" passenger services on
the east coast route.  GNER argues that its rivals will be
charged less for access to the same rail network for the
provision of equivalent services.

According to The Herald, GNER said the present regime will
result in the east coast franchise losing up to GBP9,700,000 a
year, at a time when its parent, Sea Containers, Ltd., is
negotiating with  government on the terms of GNER's franchise.
GNER argues that all companies should pay an equivalent amount
for access to the rail network for equivalent services.

GNER previously challenged the ORR's decision in the High Court
but failed to win its case, Mr. Rogerson adds.

The Herald quotes GNER's Legal Director, Janet Huck, as saying,
"We welcome competition and already operate on one of the most
competitive travel routes in Britain.  We have nothing against
new entrants on the route, but competition should be on a level
playing field.  The current regime is unfair and will place
franchise operators at a competitive disadvantage compared with
open access operators who compete on the same track for the same
passenger revenue.  The commercial consequences of this
unfairness are serious, so we have little option but to pursue
further this important matter of principle."

GNER won the franchise for the east coast route in 2005.  GNER
had agreed to pay GBP1,300,000,000 to the Treasury over a seven-
year franchise if performance targets are met.  According to The
Herald, senior directors at GNER say that the company's ability
to pay that premium was called into question by the ORR's
decision.

                           About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

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

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

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


SOLUTIA INC: Board Approves Salary Increases for Executives
-----------------------------------------------------------
In a filing with the U.S. Securities and Exchange Commission,
Solutia Inc., disclosed that, based on recommendations of the
Executive Compensation and Development Committee of its Board of
Directors, the Board approved base salary increases for certain
executive officers.  The new annual base salaries for the
executive officers, effective Jan. 1, 2007, are:

  Executive                                   Annual Base Salary
  ---------                                    -----------------
  James M. Sullivan                              US$412,500
  Senior Vice President, Chief Financial
     Officer and Treasurer

  Luc De Temmerman                                  405,000
  Senior Vice President and President -
     Performance Products

  Jonathon P. Wright                                405,000
  Senior Vice President and President -
     Integrated Nylon

  James R. Voss                                     351,000
  SVP of Business Operations

The Board of Directors has also authorized Solutia to seek Court
approval of a salary increase for Jeffry N. Quinn, president,
chief executive officer and chairman of the Board, as well as
certain adjustments to his employment agreement.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 75; Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: Calpine Has Until Jan. 22 to Decide on Leases
----------------------------------------------------------
Solutia Inc. and its debtor-affiliates have consented to a
further extension of the time within which Decatur Energy Center
LLC, Calpine Corp., and its affiliates, must assume or reject
certain leases, through and including April 24, 2007, in their
Chapter 11 cases pending before the U.S. District Court for the
Southern District of New York.

The leases and agreements to which Decatur and Solutia are
parties to, relate to:

   (a) Decatur's cogeneration power project at Solutia's
       plant in Decatur, Alabama; and

       Third amended and restated lease, shared services and
       water supply agreement -- principal agreement --, dated
       as of June 1, 2004; and certain contracts relating to
       switching station equipment.

   (b) Decatur's power project and the Principal Agreement; and

       Ground lease addendum; Shared services addendum;
       and Water supply addendum, all dated as of June 1, 2004.

   (c) other agreements that constitute leases of
       non-residential real property.

This is the third stipulation approved by the New York Court
with respect to the Leases decision time extension.  Solutia had
earlier agreed to Calpine's request for time extension to assume
or reject the Leases until Oct. 20, 2006, and then again, until
Jan. 22, 2007.

Solutia may withdraw from the Third Stipulation on 45 days'
written notice to Calpine and their counsel.  Pursuant to
Section 365(d)(4) of the Bankruptcy Code, upon expiration of the
45-day notice period, the Leases will be deemed rejected, unless
Calpine files a motion to assume the Leases before the
expiration of the notice period.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 75; Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000)


                           *********

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
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