TCREUR_Public/070110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, January 10, 2007, Vol. 8, No. 7

                            Headlines


A U S T R I A

ALTHEIM NELL: Creditors' Meeting Slated for January 15
BIOGAS LLC: Claims Registration Period Ends January 16
DSI LLC: Creditors' Meeting Slated for January 18
GRUBER SANIERUNG: Property Manager Declares Insufficient Assets
HOSPOGA LLC: Klagenfurt Court Orders Business Closure

MEBRI FITNESSCENTER: Wels Court Orders Business Shutdown
SCHMIDT LLC: Property Manager Declares Insufficient Assets
TIERTRANSPORT LLC: Court Orders Business Shutdown


B E L A R U S

* European Commission Probes into Russia-Belarus Gas Dispute
* Fitch Says Russian Oil Supply to Central Europe Less Reliable


C Z E C H   R E P U B L I C

STROJPLAST TACHOV: Stops Production; Alfa Plastik Takes Over


F R A N C E

ALCATEL-LUCENT: To Test OLF's WiMAX Pilot in the North Sea


G E R M A N Y

ADVANCED MEDICAL: Acquires IntraLase Corp for US$808 Million
ADVANCED MEDICAL: S&P Places BB- Rating on CreditWatch Negative
AUTOHAUS POHLMANN: Claims Registration Ends January 18
BENQ CORP: U.S.-German Investors May Bid for Bankrupt Mobile Arm
COMPUTER-SERVICE: Claims Registration Ends January 18

DUMAS VERFAHRENSTECHNIK: Claims Registration Ends January 17
EAD-COMPUTER: Claims Registration Ends January 16
EPGH OFENBAU: Creditors' Meeting Slated for January 18
FBE FENSTERBAU: Claims Registration Ends January 17
GFG GESELLSCHAFT: Creditors' Meeting Slated for January 18

M + S HANDELS: Claims Registration Ends January 18
WCM BETEILIGUNGS: Creditors' Meeting Slated for January 15


H U N G A R Y

AES CORP: Joins Electric Drive Transportation Association Board


I R E L A N D

MICRON TECHNOLOGY: S&P Lifts to BB- Rating on Good Performance
NIMMO'S RESTAURANT: Parent's Liquidation Cues Business Closure
SPANISH WALK: Creditors Vote to Liquidate Business


I T A L Y

ALITALIA SPA: Directors Board to Review Non-Core Asset Disposals
ALITALIA SPA: Lowers Group's November Net Debt to EUR964 Million
ALITALIA SPA: Air France-KLM & SkyTeam Members Mulls Bid
DURA AUTOMOTIVE: Trustee Appoints HSBC Bank to Creditors' Panel
FIAT SPA: Eyes EUR5-Billion Operating Profit in 2010

FIAT SPA: Maserati Aims to Raise Deliveries Outside Italy
PARMALAT SPA: Selling Parma AC for EUR4 Million
PARMALAT SPA: Agrees with Liquidators to Continue TRO to Mar. 15


K A Z A K H S T A N

AKJOL CORP: Almaty Court Opens Bankruptcy Proceedings
ASIA COMPANY: Creditors Must File Claims by February 8
ATYRAU BROOD: Proof of Claim Deadline Slated for February 13
BANK CENTERCREDIT: Moody's Puts Ba1 Rating to Dutch Unit's Notes
BANK CENTERCREDIT: Fitch Assigns Eurobond Long-Term BB- Rating

KASPYDORSERVICE LLP: Creditors' Claims Due February 21
MARINE INTER SERVICE: Claims Filing Period Ends February 9
POKROVSKOYE LLP: Creditors Must File Claims by February 14
SAMALTRANS OJSC: Creditors' Claims Due February 21
SELSKOHOZAISTVENNAYA STANTSIYA: Claims Registration Ends Feb. 14

SERPIL TRADE: Proof of Claim Deadline Slated for Feb. 9
TIMIRAZEVSKOYE LLP: Claims Filing Period Ends February 14


K Y R G Y Z S T A N

BAKAI-ATINSKY: Public Auction Scheduled for Jan. 23


L U X E M B O U R G

DANA CORP: DCC Finalizes Forbearance Agreement with Noteholders
DANA CORP: Completes Asset Sale to Hendrickson USA for US$31 Mln
DANA CORP: Unions to Appeal Judge Lifland's Officers' Pay Order


N E T H E R L A N D S

CENTERCREDIT INT'L: Moody's Puts Ba1 Rating to BCC Senior Notes
CENTERCREDIT INT'L: Fitch Assigns Eurobond Long-term BB- Rating
GTB Finance: Fitch Rates Upcoming Debt Issue at B+/RR4


R U S S I A

BELGORODSKIY FACTORY: Assets Sale Slated for Jan. 23
BUILDER LLC: Kaluga Court Names V. Yunin as Insolvency Manager
GOR-ENERGO OJSC: Creditors Must File Claims by Feb. 16
IRKUTSKIY COMBINE: Court Names S. Ivasyuk as Insolvency Manager
KHANSA-TRANS CJSC: Court Names G. Rabina as Insolvency Manager

KONAKOVSKIY FAIENCE: Court Names P. Tarasov to Manage Assets
KURGAN-WOOD-TOP-PROM OJSC: Court Starts Bankruptcy Proceedings
LOES CJSC: Pskov Court Names P. Kapkin as Insolvency Manager
MICRO-EL-TEKH CJSC: Moscow Bankruptcy Hearing Slated for May 15
NORTH AIR: Moscow Court Names A. Fomin as Insolvency Manager

SEL-KHOZ-TEKHNIKA: Omsk Court Starts Bankruptcy Process
SEVERSTAL OAO: Directors Buy 30,000 Global Depositary Receipts
TBILISSKIY SEED: Bankruptcy Hearing Slated for March 23
VOLGOGRADSKIY OJSC: Court Names E. Slushkin to Manage Assets
ZARECHENSKIY WOOD-PROM-KHOZ: Names G. Rabina to Manage Assets

ZELENOKUMSKIY BRICKWORKS 1: Names T. Magomedov to Manage Assets

* European Commission Probes into Russia-Belarus Gas Dispute
* Fitch Says Russian Oil Supply to Central Europe Less Reliable


S P A I N

BANCAJA 10: S&P Junks EUR31.5-Million Class E Notes
LADBROKES PLC: Inks Joint Venture Deal with Cirsa Slot


S W I T Z E R L A N D

BURO LEUENBERGER: Schaffhausen Court Closes Bankruptcy Process
DUSS FREDY: Lucerne Court Suspends Bankruptcy Proceedings
HSR SOLUTIONS: Zurich Court Suspends Bankruptcy Proceedings
K4-HOLDING: Schaffhausen Court Suspends Bankruptcy Proceedings
MIE - LASER: Dubendorf Court Suspends Bankruptcy Proceedings

PROFARM JSC: St. Gallen Court Starts Bankruptcy Proceedings
RESTEM LLC: Zurich Court Suspends Bankruptcy Proceedings
SWISSINTER JSC: Wetzikon Court Suspends Bankruptcy Proceedings
ZELIN LLC: Zurich Court Suspends Bankruptcy Proceedings
ZHB AC: Schaffhausen Court Suspends Bankruptcy Proceedings


T U R K E Y

DOGAN YAYIN: Subsidiary Acquires Trader Media for US$500 Million
DOGAN YAYIN: Fitch Affirms Issuer Default Ratings at B+
HURRIYET GAZETECILIK: Acquires Trader Media for US$500 Million
HURRIYET GAZETECILIK: Fitch Places BB Ratings on Watch Negative


U K R A I N E

GORODOK RESEARCH: Hmelnitskij Court Starts Bankruptcy Process
GREEN HORN: Claims Submission Deadline Set January 19
OREHOVSKOE BEET: Creditors Must File Claims by January 20
SPECIAL ASSEMBLING: Creditors Must File Claims by January 20
STARYE BABANY: Creditors Must File Claims by January 19

TH BALCEM: Creditors Must File Claims by January 24
TRIESPASS NOVAN: Creditors Must File Claims by January 19
UNIPROMSERVICE LLC: Creditors Must File Claims by January 19
ZHURAVKA LLC: Claims Submission Deadline Set January 19


U N I T E D   K I N G D O M

ABBSEAL (U.K.) LTD: Brings In KPMG to Administer Assets
B D P JOINTERS: Creditors' Meeting Scheduled for Jan. 18
BAILEY & SMITH: Names Claire Dwyer to Administer Assets
BB & EA: Claims Filing Period Ends Jan. 31
BCT OUTDOORS: Appoints Joint Administrators from KPMG

BEAUMONT ROSE: Creditors' Claims Due Jan. 22
BENNETTS PLAYCARE: Names Vernon Charles Wright Liquidator
BERNSTEIN GROUP: Creditors' Meeting Slated for January 19
BERRYS DIRECT: Taps N. A. Bennett to Liquidate Assets
BLUEWATER MARINE: Nominates Liquidator from Mayfields

BOOKS FOR STUDENTS: Brings In Liquidators from PwC
BOOTS BOARD: Appoints M. S. E. Solomons as Liquidator
BRETTON HOLDINGS: Nominates Liquidators from PwC
BRISTOL TOOL: Creditors' Claims Due Jan. 31
BRITISH AIRWAYS: Agrees to Trade Unions' Pension Scheme Proposal

BRITISH AIRWAYS: Traffic Figures Slide in December 2006
BRUCE BUTCHER: Calls In Liquidators from Kroll
BUSY BEES: Taps Liquidator from DTE Leonard Curtis
CARLINGS BUTCHERS: Claims Filing Period Ends Jan. 12
CELTIC SAVOURIES: Appoints Administrators from Begbies Traynor

COLLINS & AIKMAN: Agrees to Resolve Prepetition Debt with Lear
CORUS GROUP: Confirms Issuance of Ordinary Shares & Bonds
DURA AUTOMOTIVE: Creditors Panel Taps Kramer Levin as Counsel
DURA AUTOMOTIVE: Panel Taps Chanin Capital as Financial Advisors
DURA AUTOMOTIVE: Auction Sets Bond Price at 24.12% of Face Value

ENCHANTED INTERIORS: Names Andrew Appleyard as Administrator
FORD MOTOR: Partners with Microsoft on In-Car Digital Systems
FRAGONSET RAILWAYS: Taps Begbies Traynor as Joint Administrators
FUSION FILLINGS: Taps Buchanans Ltd as Joint Administrators
GENERAL MOTORS: Says Highland Rival Bid Could Delay Delphi Deal

GENERAL MOTORS: Awards Lithium-Ion Battery Development Contracts
GREENFIELD CONSTRUCTION: Creditors' Meeting Slated for Jan. 19
LADBROKES PLC: Inks Joint Venture Deal with Cirsa Slot
MOORSIDE ELECTRICAL: Brings In John Bell as Administrator
NASDAQ STOCK: Seeks Shareholder Acceptance on Final LSE Offer

SOLUTIA INC: Equity Committee Retains Experts For Pharmacia Case
TRIMCO COOLAIR: Brings In Administrators from Begbies Traynor
WOODVALE EVENTS: Appoints I. E. Walker to Administer Assets

* Fitch Says Stable Outlook at Risk in European Auto Industry
* Fitch Keeps Neg. Credit Outlook for European Auto Suppliers

                            *********

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A U S T R I A
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ALTHEIM NELL: Creditors' Meeting Slated for January 15
------------------------------------------------------
Creditors owed money by LLC Altheim, Nell & Partner (FN 234036x)
are encouraged to attend the creditors' meeting at 11:00 a.m. on
Jan. 15 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 Sept. 13, 2006 (Bankr. Case No. 3 S 131/06v).  Kurt Bernegger
serves as the court-appointed property manager of the bankrupt
estate.  Waltraud Kohlfuerst represents Mr. Bernegger in the
bankruptcy proceedings.

The property manager can be reached at:

         Kurt Bernegger
         c/o Mag. Waltraud Kohlfuerst
         Jaquingasse 21
         1030 Vienna, Austria
         Tel: 01/799 15 80
         Fax: 01/796 59 14
         E-mail: kanzlei@bernegger-wt.com


BIOGAS LLC: Claims Registration Period Ends January 16
------------------------------------------------------
Creditors owed money by LLC Biogas (FN 217526t) have until
Jan. 16, to file written proofs of claims to court-appointed
property manager Hubert Just at:

         Dr. Hubert Just
         c/o Dr. Julius Bitter
         Hauptplatz 7
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/62 0 74
         Email: ra.just.kirchdorf@utanet.at
                ra.bitter@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on Jan. 30 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in St. Pankraz, Austria, the Debtor declared
bankruptcy on Nov. 22, 2006 (Bankr. Case No. 14 S 60/06f).
Julius Bitter represents Dr. Just in the bankruptcy proceedings.


DSI LLC: Creditors' Meeting Slated for January 18
-------------------------------------------------
Creditors owed money by LLC DSI (FN 82443s) are encouraged to
attend the creditors' meeting at 10:15 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. 22, 2006 (Bankr. Case No. 5 S 155/06p).  Georg Unger
serves as the court-appointed property manager of the bankrupt
estate.  Arno Maschke represents Dr. Unger in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Georg Unger
         c/o Dr. Arno Maschke
         Mariahilfer Road 50
         1070 Vienna, Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: schulyok-unger@csg.at


GRUBER SANIERUNG: Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Dr. Wolfgang Kleibel, the court-appointed property manager for
LLC Gruber Sanierung- und Projektentwick lung (FN 207522f),
declared Nov. 16, 2006, that the Debtor's property is
insufficient to cover creditors' claim.

The Land Court of Salzburg is yet to rule on the property
manager's claim.

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 12, 2006 (Bankr. Case No. 23 S 70/06y).

The property manager can be reached at:

         Dr. Wolfgang Kleibel
         Erzabt-Klotz-Str. 4
         5020 Salzburg, Austria
         Tel: 0662-842281
         Fax: 0662-842281-29
         E-mail: wolfgang.kleibel@k-b-k.at


HOSPOGA LLC: Klagenfurt Court Orders Business Closure
-----------------------------------------------------
The Land Court of Klagenfurt entered Nov. 16, 2006, an order
closing the business of LLC Hospoga (FN 250875i).

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

The property manager can be reached at:

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

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


MEBRI FITNESSCENTER: Wels Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Wels entered Nov. 16, 2006, an order shutting
down the business of LLC Mebri Fitnesscenter (FN 259884h).

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

The property manager can be reached at:

         Mag. Gerhard Eigner
         Ringstrasse 25
         4600 Wels, Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: OFFICE@EIGNER-ROYER.AT

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Oct. 24, 2006 (Bankr. Case No. 20 S 125/06t).


SCHMIDT LLC: Property Manager Declares Insufficient Assets
----------------------------------------------------------
Dr. Hans-Joerg Haftner, the court-appointed property manager for
LLC Schmidt (FN 91368s), declared Nov. 16, 2006, that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of St. Poelten is yet to rule on the property
manager's claim.

Headquartered in Murstetten, Austria, the Debtor declared
bankruptcy on Nov. 8, 2006 (Bankr. Case No. 14 S 183/06m).

The property manager can be reached at:

         Dr. Hans-Joerg Haftner
         Wiener Road 12
         3100 St. Poelten, Austria
         Tel: 02742/35 42 34
         Fax: 02742/35 14 48
         E-mail: office@plusjus.at


TIERTRANSPORT LLC: Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Ried im Innkreis entered Nov. 16, 2006, an
order shutting down the business of LLC Tiertransport (FN
113647d).

Court-appointed property manager Thomas Brueckl 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. Thomas Brueckl
         Parkgasse 11 - Dr.Th.Senn-Road 18
         4910 Ried/Innkreis, Austria
         Tel: 07752/87 676-0
         Fax: 07752/87676-17
         E-mail: thomas.brueckl@aon.at

Headquartered in Ried im Innkreis, Austria, the Debtor declared
bankruptcy on Sept. 21, 2006 (Bankr. Case No. 17 S 35/06p).


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B E L A R U S
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* European Commission Probes into Russia-Belarus Gas Dispute
------------------------------------------------------------
At the request of Commissioner Andris Piebalgs, the Gas
Coordination Group met to assess the reliability of gas supply
through Belarus after the last-minute agreement signed between
Gazprom and Belarus on Dec. 31, 2006.

The Group assessed the agreement positively and stressed the
importance of a consolidated and stable multi-annual agreement
to secure gas transit through Belarus.  For the first time a
Belarussian representative was invited to the meeting

"A secure and predictable energy supply is a must for European
economy and a right for European citizens," said Commissioner
Piebalgs.  Security of energy supply is one of the key elements
of the European Energy Policy that the Commission is going to
present on 10 January."

H.E. Vladimir Senko, Ambassador, Head of Mission of Belarus to
the European Union, presented the main outline of the agreement
from the Belarussian perspective.  The Group also reviewed the
measures that were taken by the Member States most concerned in
case of a temporary supply disruption.  In the context of a mild
winter and considering the current situation of storage and gas
flows, the measures taken by the Member States were considered
appropriate to ensure security of supply.

After the crisis concerning transit through Ukraine last year,
the threats made to security of supply during the recent
Russian-Belarus gas dispute clearly emphasized the need for
strong cooperation between Member States.

About 20% of Russian gas imports in the EU transit through
Belarus, mainly to Poland, Germany and Lithuania.

The Gas Coordination Group was established by a 2004 Directive
dealing with measures to safeguard security of natural gas
supply.  It is chaired by the European Commission and composed
of representatives of Member States, representative bodies of
the industry concerned and of relevant consumers.


* Fitch Says Russian Oil Supply to Central Europe Less Reliable
---------------------------------------------------------------
Fitch Ratings says recent disruptions in crude oil supply via
the Druzhba pipeline from Russia across Belarus to Poland and
Germany indicate that supplies of Russian crude oil to Central
Europe have become less reliable.

Belarus has reduced the amount of Russian crude oil supply in
transit to Poland and Germany.  This is likely to be related to
the dispute between Russia and Belarus over the excise tax and
transit duty on Russian oil.

"Belarus is an important transit country for Russian crude oil
to CE given that all three sections of the Druzhba pipeline pass
through it," says Arkadiusz Wicik, Associate Director in Fitch's
Energy team.  So far only the supplies to Poland and Germany
have been halted as reported by the Polish crude oil
transportation company PERN "Przyjazn" S.A that operates the
Polish part of the Druzhba pipeline.  However, there may also
have been supply disruptions to refineries in Ukraine, Slovakia,
the Czech Republic, and Hungary.

The crude oil disruptions news came as a surprise given the lack
of significant disruptions of crude oil to Poland's PKN Orlen
S.A. or Hungary's MOL in the past 10 years.  As Fitch notes in
its previous reports refineries in the CE region are highly
reliant on supplies of oil and gas from Russia.  Pipeline
deliveries from Russia meet most of the crude oil demand in
regional refineries, for example to PKN Orlen S.A., Grupa Lotos
S.A., MOL's refineries in Hungary and Slovakia, and Lithuania's
Mazeikiu Nafta AB.

Nevertheless, Fitch views that the recent supply disruptions do
not currently warrant a negative rating action for CE refineries
given the obligatory inventory of crude oil and fuels in
European Union countries in the CE region.  In addition, CE
refineries have alternative routes of supplies.  However, if
supplies are not resumed in the long run, Fitch may review the
ratings, as a deficit in pipeline supplies from Russia would
have to be met with seaborne imports of Russian crude oil,
resulting in additional transportation costs or more expensive
crude oil from the North Sea or the Middle East.  Such a
scenario would considerably affect CE refiners' margins, which
are currently some of the highest in Europe thanks to a steep
discount of Russian Export Blend crude oil to Brent.


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C Z E C H   R E P U B L I C
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STROJPLAST TACHOV: Stops Production; Alfa Plastik Takes Over
------------------------------------------------------------
Strojplast Tachov has shut down its operations prompting its 270
employees to transfer to rival, Alfa Plastik Bruntal, the Czech
Happenings reports.

"The company has no staff or assets," said Jan Klima, one of
Strojplast's receivers.  The receiver further disclosed that the
company had transferred all of its real estate in the 1990s,
adding that the company cut share capital by CZK207 million from
CZK296 million in October 2001.

Alfa Plastik took over Strojplast's production June 1, 2006,
after the company terminated all of its employees May 31, 2006.
The company's managers are currently under police investigation
due to "suspicious transactions," the Czech Happenings relays.

Strojplast had previously planned hundreds of millions of crowns
in investments at the end of 2002.  Its 2003 financial
statement, the last one made public, disclosed CZK430 million in
sales and zero profits, says the Czech Happenings.

Alfa Plastik, owned by Czech company PAC, is the largest Czech
producer of plastic packages for the food and pharmaceutical
industries and for waste management.  Employing 500 staff in
2005, it made profits exceeding CZK13 million on CZK650 million
in sales.

                       About Strojplast

Based in Tachov, Czech Republic, STROJPLAST, a.s. --
http://www.strojplast.cz/-- is a plastic moldings maker that
manufactures plastic bottle crates, transport crates, plastic
car parts, and plastic household goods.


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F R A N C E
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ALCATEL-LUCENT: To Test OLF's WiMAX Pilot in the North Sea
----------------------------------------------------------
Alcatel-Lucent has been selected by OLF, the Norwegian Oil
Industry Association, to carry out a Universal WiMAX test in the
North Sea.

The primary objective is to confirm that WiMAX technology will
improve offshore data communication.  The deployment is planned
for the first quarter of 2007 and should last nine months.

OLF is looking to enhance the communication between platforms
and moving vessels whatever the weather conditions.  It has
selected WiMAX notably for its long range and high capacity.
The pilot is based on Universal WiMAX IEEE 802.16e-2005 standard
equipment.  Alcatel-Lucent will provide OLF with its Alcatel-
Lucent 9100 WiMAX end-to-end radio solution, including base
stations, Wireless Access Controller and Operation and
Maintenance Center.  Alcatel-Lucent's high-power base stations,
equipped with Advanced Antenna System (AAS) technology for
beamforming technology will be installed on one of the platforms
at BP Norway's Valhall field, while two ships will be equipped
with terminal equipment.

"We expect considerable improvements in data communication
between platforms and ships, compared to traditional
technologies," Oyvind Roth, Senior Advicer to OLF, said.  "WiMAX
will allow high speed and high quality data transfers.  It will
enable the usage of VoIP along the Norwegian coast and in the
off-shore sector.  We trust Alcatel-Lucent, the leader in this
technology, to make this pilot successful."
"This WiMAX pilot in the North Sea is the very first in the oil
& gas industry.  We are proud to support OLF in this exciting
project as we strongly believe in the huge potential of WiMAX,"
said Lars Boilesen, Head of Alcatel-Lucent's activities in the
Nordic and Baltic regions.

Alcatel-Lucent's Universal WiMAX solution integrates the most
advanced radio technology available on the market today.  The
Alcatel-Lucent 9116 WiMAX base station is compact and easy-to-
install, enabling easy site acquisition, fast rollout and
flexible configuration.  Its embedded AAS technology enables
higher throughputs, longer reach and sharply lowered capital
expenditures.

Alcatel-Lucent has begun shipping Universal WiMAX IEEE 802.16e-
2005 standard equipment and is supporting a number of WiMAX IEEE
802.16e-2005 trials worldwide.

                            About OLF

OLF, The Norwegian Oil Industry Association, --
http://www.olf.no/-- is a professional body and employer's
association for oil and supplier companies engaged in the field
of exploration and production of oil and gas on the Norwegian
Continental Shelf.  OLF is a member of the Confederation of
Norwegian Business and Industry (NHO).OLF shall contribute to
making the Norwegian Shelf an attractive investment and activity
area for oil companies and supplier companies.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  With 79,000 employees and operations in more than 130
countries, including Brazil, Alcatel-Lucent is a local partner
with global reach.  Through its operations in fixed, mobile and
converged broadband networking, Internet protocol (IP)
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable communications services for
people at home, at work and on the move.

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

                        *    *    *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


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


ADVANCED MEDICAL: Acquires IntraLase Corp for US$808 Million
------------------------------------------------------------
Advanced Medical Optics Inc. and IntraLase Corp. entered into a
definitive agreement for AMO to acquire IntraLase for around
US$808 million in cash.

Under terms of the agreement, approved by the boards of
directors of both companies, following the receipt of fairness
opinions from their respective financial advisors, AMO will pay
US$25 in cash per share of IntraLase stock and the individually
determined cash value per share of outstanding stock options.
AMO has arranged committed financing from a consortium of banks
to complete the transaction.

AMO expects the transaction to be completed early in the second
quarter of 2007.  The transaction is subject to IntraLase
stockholder approval as well as regulatory approvals and other
customary closing conditions.

"This acquisition offers significant strategic value by further
establishing AMO as the global refractive technology leader,
positioning us with a broad range of technologies and expertise
to serve the needs of comprehensive refractive practices," said
AMO Chairman, President and CEO Jim Mazzo.  "We believe the
transaction benefits eye care practitioners and their patients
by bringing together state-of-the-art technologies to define a
new standard of care in laser vision correction.  Additionally,
we believe the transaction is financially attractive and will
create significant operating leverage and growth opportunities,
as well as stockholder value."

"Besides the value that we believe will be created for both
companies' stockholders, we think this transaction provides
truly unique opportunities," commented IntraLase President and
CEO Robert J. Palmisano.  "There will now be the ability to
advance our femtosecond laser technology in a coordinated way,
both developmentally and commercially, with the world's leading
excimer laser technology.  Also, this combination provides the
opportunity for further innovation and beneficial refinement of
LASIK procedures that can and should grow the overall LASIK
market."

Mr. Palmisano concluded, "I am confident that this combination
will provide for better surgical procedures for patients,
happier customers and future opportunities for employees."

                     Strategic Rationale

The addition of the IntraLase femtosecond laser technology into
AMO's portfolio of refractive technologies complements AMO's
fundamental growth strategy.

Key benefits:

   -- builds a clearly differentiated position in the ophthalmic
      industry, uniquely positioning AMO as the eye care
      professional's "complete refractive solution," with a
      suite of corneal and lens-based products and services that
      address a lifetime of refractive vision needs;

   -- serves practitioners and patients across the globe by
      linking AMO's market-leading Advanced CustomVue(TM) laser
      vision correction procedure and market-leading IntraLase
      femtosecond laser innovations to define a new standard of
      care: custom all-laser LASIK, a procedure that delivers
      superior clinical outcomes and enhances surgeon
      productivity;

   -- optimizes cross-selling opportunities between installed
      bases of both companies;

   -- combines R&D expertise in excimer lasers, femtosecond
      lasers, diagnostics and optics; and

   -- blends two companies' infrastructures and core
      competencies to improve operating leverage and create
      strong platforms for international expansion.

                   Revised Financial Guidance

AMO expects the transaction to be dilutive to 2007 adjusted
earnings per share (EPS) and slightly accretive to 2008 adjusted
EPS.  As a result of this transaction, AMO expects amortization
to increase by approximately US$30 million on an annualized
basis, which would bring the company's total annual amortization
to approximately US$70 million or about US$0.70 per share on an
after-tax basis.  For more information, see the "Use of Non-GAAP
Measures" section later in this release.

Assuming successful close of the transaction early in the second
quarter of 2007, AMO's financial guidance is as follows:

                            2007                       2008
                                     With
                 Previous         Acquisition
                 --------         -----------
Revenue        1,060-1,080       1,150-1,175       1,350-1,370
(in US$
millions)

Adjusted EPS    1.85-2.00         1.40-1.55         2.25-2.40

UBS Investment Bank is acting as lead financial advisor and
Goldman Sachs is acting as co-financial advisor to AMO.  UBS
Investment Bank is acting as lead arranger of a US$900 million
acquisition facility for AMO.  Bank of America and Goldman Sachs
are acting as joint-arrangers of the acquisition facility.  Bank
of America is acting as lead financial advisor and JPMorgan is
acting as co-financial advisor to IntraLase.  Skadden, Arps,
Slate, Meagher & Flom LLP is acting as legal advisor to AMO.
Stradling Yocca Carlson & Rauth is acting as legal advisor to
IntraLase.

                     IntraLase Technology

More than 1,200 surgeons worldwide have incorporated the
IntraLase Method(TM) into their LASIK practices.  Many U.S.
ophthalmic teaching institutes, including Duke University
Medical School, the Wilmer Eye Institute at Johns Hopkins, the
Bascom Palmer Eye Institute at University of Miami, and Stanford
University, use the IntraLase FS(TM) laser technology to train
future generations of LASIK surgeons.

The 4th generation IntraLase FS(TM) laser uses an infrared light
beam, generating 60,000 pulses per second, to prepare the
intracorneal bed and create the corneal flap in the first step
of LASIK.

   -- using an "inside-out" process, the laser beam is precisely
      focused to a point within the cornea;

   -- the laser pulses then create thousands of microscopic
      bubbles which define the incision within the intracorneal
      surface;

   -- along the edge, bubbles are then stacked up at a beveled
      angle -- a feature unique to the IntraLase Method(TM) --
      to the corneal surface to complete the flap;

   -- from start to finish, the IntraLase Method(TM) typically
      takes 15-30 seconds;

   -- the physician then exposes the prepared corneal bed for
      excimer laser treatment (the second step of LASIK) by
      lifting the flap.

   -- the LASIK procedure is complete when the flap is securely
      repositioned on its beveled edge.

Key benefits of IntraLase's technology:

   -- enabling surgeons to more precisely control the first
      critical step of LASIK including flap diameter, depth,
      hinge location and width, and side cut architecture.

   -- providing a perfectly thin and planar flap resulting in
      improved biomechanical stability.

   -- enabling for precise repositioning, alignment and seating
      after the LASIK procedure is completed, reducing the risk
      of flap displacement, a complication occasionally seen
      after microkeratome flaps;

   -- enhanced safety profile as evidenced in a presentation by
      Elizabeth A. Davis, M.D. and Richard L. Lindstrom, M.D.:
      "Early Experience with the 30 kHz IntraLase."

   -- clinically proven superior overall visual outcomes in both
      standard and custom LASIK procedures with more patients
      achieving visual acuity of 20/20, 20/15, and 20/12.5 as
      evidenced in a presentation by Daniel S. Durrie:
      "Randomized, Prospective, Contralateral Study of LASIK:
      IntraLase laser Versus Mechanical Keratome."

                      About IntraLase Corp.

Headquartered in Irvine, Calif., -- http://www.intralase.com/--
IntraLase designs, develops, and manufactures an ultra-fast
laser that is revolutionizing refractive and corneal surgery by
creating safe and more precise corneal incisions.  Delivering on
the promise of ophthalmic laser technology, the IntraLase FS(TM)
laser, related software, and disposable devices replace the
hand-held microkeratome blade used during LASIK surgery.

                  About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://www.amo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs approximately 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries.
In Europe, the company maintains operations in Denmark, Finland,
France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden,
Switzerland, and the United Kingdom.

                          *     *     *

In October 2006, Fitch simultaneously affirmed and withdrew its
ratings for Advanced Medical Optics Inc.

Affected ratings include the company's 'B+' Issuer Default
Rating and 'BB+/RR1' Senior Secured Credit Facility Rating.

Additionally, Moody's Investors Service confirmed its B1
Corporate Family Rating for Advanced Medical Optics in
connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


ADVANCED MEDICAL: S&P Places BB- Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for
Advanced Medical Optics Inc., including the 'BB-' corporate
credit rating, on CreditWatch with negative implications,
reflecting the company's intention to acquire IntraLase Corp.
for US$808 million.

While the acquisition is strategically attractive, AMO is paying
a high multiple (around 30x EBITDA) and using debt to finance
the transaction," said Standard & Poor's credit analyst Cheryl
Richer. "The company's limited debt capacity within constraints
of the current rating reflects the issuance of US$500 million of
convertible debentures in mid 2006 to finance a share repurchase
program."

IntraLase provides a complementary technology to AMO's LASIK
business: It designs, develops, and manufactures a
computer-controlled femtosecond laser that replaces the hand-
held microkeratome blade used during LASIK surgery.  IntraLase's
proprietary laser and disposable patient interfaces are
presently marketed throughout the U.S. and 32 other countries.
AMO's largely stock-financed acquisition of VISX Inc. for US$1.4
billion in May 2005 transformed it into the No. 1 Laser Vision
Correction player.  While LVC revenue growth has been bolstered
by custom procedures, AMO believes it can reinvigorate stagnant
LASIK demand by providing the more advanced femtosecond
technology.

AMO holds leading positions in its three business segments --
cataract/implants, eye care, and LVC -- which accounted for 52%,
25%, and 23% of revenues for the first half of 2006,
respectively.  Geographic diversity is demonstrated by the 57%
of sales derived outside the U.S.

Standard & Poor's will meet with management to review AMO's
prospects for success in the LASIK area and its ability to
reduce debt in a timely manner following the IntraLase
acquisition to determine if a downgrade is warranted.  S&P
anticipates that the rating, if lowered, would not fall by more
than one notch.


AUTOHAUS POHLMANN: Claims Registration Ends January 18
------------------------------------------------------
Creditors of Autohaus Pohlmann GmbH have until Jan. 18 to
register their claims with court-appointed provisional
administrator Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 14, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, Germany

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

The District Court of Potsdam opened bankruptcy proceedings
against Autohaus Pohlmann GmbH on Nov. 15, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Autohaus Pohlmann GmbH
         Attn: Marion Pohlmann, Manager
         Goettliner Chaussee 33
         14712 Rathenow, Germany

The administrator can be contacted at:

         Dr. Ulrich Wenzel
         Grossbeerenstrasse 231,
         14480 Potsdam, Germany


BENQ CORP: U.S.-German Investors May Bid for Bankrupt Mobile Arm
----------------------------------------------------------------
BenQ Mobile GmbH & Co OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., has attracted potential investors, including
an unidentified U.S.-German consortium with IT and
telecommunications backgrounds, according to published reports.

"The German-American group is one of several groups interested
in BenQ," Regine Petzsch, a spokeswoman for insolvency
administrator Martin Prager, was quoted by the IDG News Service
as saying.  "There is a sense of urgency with the negotiations
because everyone realizes that the longer the plants remain
idle, the more difficult it will be to start them up again."

Ms. Petzsch declined to comment on the identity of the
interested parties.

John Blau of IDG News Service states that ministry officials in
Dusseldorf and Bavaria are looking for ways to rescue the
company's facilities in Kamp-Lintfort, Bocholt and Munich.

Ministry officials, investors, Siemens executives, BenQ Mobile
workers' council representatives, the investor group and Mr.
Prager discussed the consortium's offer Jan. 8 at a special
meeting at the Ministry of Economics in the state government of
North Rhine Westphalia in Dusseldorf, Mr. Blau reports.

Unnamed sources told German news magazine Spiegel that the
investor group is seeking:

   -- up to EUR100 million in state-backed credit lines;

   -- compensation for employing 800 BenQ Mobile employees, who
      have since been transferred to a temporary organization
      funded by Siemens and the Federal Employment Agency; and

   -- rights to BenQ Corp.'s brand names.

Spiegel reveals that Hansjorg Beha, a technology investor and
former IT director at then Daimler-Benz, is one of the members
of the U.S.-German group.

                     Sentex Sensing Bid

Meanwhile, Henrik Rubinstein, Sentex Sensing Tech.'s chief
executive, told Die Welt that Sentex plans to bid for BenQ
Mobile, AFX News Limited relates.

Terms of the deal were not disclosed.

A Munich Court opened insolvency proceedings against BenQ Mobile
on Jan. 1 after Mr. Prager failed to meet a Dec. 31 deadline in
finding a buyer for the company.

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

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

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

                          About Siemens

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

                          About BenQ

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

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

                        *     *     *

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


COMPUTER-SERVICE: Claims Registration Ends January 18
-----------------------------------------------------
Creditors of Computer-Service Grosse Druck GmbH have until
Jan. 18 to register their claims with court-appointed
provisional administrator Jens Koeke.

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 Goettingen
         Hall B 11
         Berliner Road 8
         37073 Goettingen, 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 Goettingen opened bankruptcy proceedings
against Computer-Service Grosse Druck GmbH on Nov. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Computer-Service Grosse Druck GmbH
         Attn: Bernd Keil, Manager
         Adolf-Hoyer-Road 5
         37089 Goettingen, Germany

The administrator can be contacted at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen, Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


DUMAS VERFAHRENSTECHNIK: Claims Registration Ends January 17
------------------------------------------------------------
Creditors of DUMAS Verfahrenstechnik GmbH have until Jan. 17 to
register their claims with court-appointed provisional
administrator Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against DUMAS Verfahrenstechnik GmbH on
Nov. 1, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         DUMAS Verfahrenstechnik GmbH
         Koenigsberger Weg 34
         65719 Hofheim am Taunus,
         Germany

The administrator can be contacted at:

         Dr. Georg Bernsau
         Zeilweg 42
         D-60439 Frankfurt/Main,
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145


EAD-COMPUTER: Claims Registration Ends January 16
-------------------------------------------------
Creditors of EAD-Computer GmbH have until Jan. 16 to register
their claims with court-appointed provisional administrator
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 a.m. on Feb. 13, 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against EAD-Computer GmbH on Nov. 16, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         EAD-Computer GmbH
         Ahrensburger Str. 1
         30659 Hanover, Germany

         Attn: Georg Schuster, Manager
         Bleichstr. 19
         32547 Bad Oeynhausen, Germany

The administrator can be contacted at:

         Henning Jung
         Odeonstr. 2
         30159 Hanover, Germany
         Tel: 0511/353960-60
         Fax: 0511/353960-69


EPGH OFENBAU: Creditors' Meeting Slated for January 18
------------------------------------------------------
The court-appointed provisional administrator for EPGH Ofenbau
Vermoegensverwaltungsgesellschaft mbH, Knut Rebholz, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:00 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 10:00 a.m. on April 26, at the same
venue.

Creditors have until March 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against EPGH Ofenbau Vermoegensverwaltungs GmbH on
Nov. 24, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         EPGH Ofenbau Vermoegensverwaltungsgesellschaft mbH
         Grellstr. 75
         10409 Berlin, Germany

The administrator can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin, Germany


FBE FENSTERBAU: Claims Registration Ends January 17
---------------------------------------------------
Creditors of FBE Fensterbau Eberswalde GmbH have until Jan. 17
to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Feb. 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), 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 (Oder) opened bankruptcy
proceedings against FBE Fensterbau Eberswalde GmbH on
Nov. 28, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         FBE Fensterbau Eberswalde GmbH
         Marie-Curie-Str. 5
         16225 Eberswalde, Germany

The administrator can be contacted at:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin, Germany


GFG GESELLSCHAFT: Creditors' Meeting Slated for January 18
----------------------------------------------------------
The court-appointed provisional administrator for GFG
Gesellschaft fuer Grundbesitz mbH & Co. Flachglashandel KG, Udo
Feser, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:30 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 9:10 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 GFG Gesellschaft fuer Grundbesitz mbH & Co.
Flachglashandel KG on Nov. 27, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GFG Gesellschaft fuer Grundbesitz mbH & Co.
         Flachglashandel KG
         Kaubstr. 7
         10713 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


M + S HANDELS: Claims Registration Ends January 18
--------------------------------------------------
Creditors of m + s Handels + Service GmbH have until Jan. 18 to
register their claims with court-appointed provisional
administrator Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 8, 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 15
         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 m + s Handels + Service GmbH on Nov. 17, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         m + s Handels + Service GmbH
         Attn: Matthias Stoelzel, Manager
         Riessner Road 10
         99427 Weimar, Germany

The administrator can be contacted at:

         Thomas Alter
         Schillerstr. 2
         99096 Erfurt, Germany


WCM BETEILIGUNGS: Creditors' Meeting Slated for January 15
----------------------------------------------------------
The court-appointed provisional administrator for WCM
Beteiligungs- und Grundbesitz-Aktiengesellschaft, Michael C.
Frege, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:00 a.m. on Jan. 15.

The meeting of creditors and other interested parties 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 at 9:00 a.m. on April 23, at the same
venue.

Creditors have until March 22 to register their claims with the
court-appointed provisional administrator.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against WCM Beteiligungs- und Grundbesitz-
Aktiengesellschaft on Nov. 21, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft
         Attn: Karl-Ernst Schweikert, Manager
         Opernplatz 2
         60313 Frankfurt/Main, Germany

The administrator can be reached at:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt/Main, Germany
         Tel: 069/71701-300
         Fax: 069/71701-40-410


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


AES CORP: Joins Electric Drive Transportation Association Board
---------------------------------------------------------------
The AES Corp. has joined the Electric Drive Transportation
Association or EDTA, and Robert Hemphill, Executive Vice
President of AES, will serve as AES' representative on the EDTA
Board of Directors.  EDTA is the industry association
representing battery, hybrid and fuel cell transportation
technologies and supporting infrastructure.

AES joins four energy companies on the EDTA Board, which also
includes auto manufacturers, component suppliers, and other
industry organizations.

"AES is committed to meeting a growing market need for
alternative energy resources and technologies," said Robert
Hemphill.  "We see electric drive as a practical way to meet our
transportation needs while also supporting the environment.  We
are pleased to join the Board of EDTA and to work with all of
EDTA's members to support the use of electric transportation."

"Electric drive technology is an indispensable part of the
effort to create a secure and sustainable energy future," said
EDTA President Brian Wynne.  "AES' leadership on the Board will
accelerate EDTA's efforts in Washington, DC and throughout our
industry."

AES plans to invest in excess of US$1 billion over the next
three years in the alternative energy sector, including power
wind generation, global climate change and liquefied natural
gas. Through its global climate change business, AES is
targeting the production of up to 40 million tons per year of
emission offset credits by 2012.

                        About EDTA

EDTA is the preeminent U.S. industry association dedicated to
the promotion of electric drive as the best means to achieve the
highly efficient and clean use of secure energy in the
transportation sector.  As a unified voice for the electric
drive industry, EDTA's membership includes a diverse
representation of vehicle and equipment manufacturers, energy
providers, component suppliers and end users.  EDTA supports the
sustainable commercialization of all electric drive
transportation technologies by providing in-depth information,
education, industry networking, public policy advocacy and
international conferences and exhibitions.

                      About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, 2006, Moody's
Investors Service affirmed its B1 Corporate Family Rating for
AES Corp. in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


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


MICRON TECHNOLOGY: S&P Lifts to BB- Rating on Good Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Micron Technology Inc. to 'BB-' from 'B+'.  The
outlook is stable.

"The upgrade reflects the company's improving business
diversity, good operating performance, and sustained
satisfactory capitalization," said Standard & Poor's credit
analyst Bruce Hyman.

The ratings on Boise, Idaho-based Micron reflect the challenges
of supplying capital- and technologically-intensive products in
an environment of severe price pressures and aggressive
competition, tempered by the company's moderate financial
policies and good industry position.  Micron has been
diversifying its business away from the commodity dynamic random
access memory industry, used in PCs.  Micron also supplies
specialty DRAMs for servers, networking and wireless
applications; NAND flash memories for music players through a
joint venture with Intel Corp.; and is the leading supplier
of complementary metal-oxide semiconductors image sensors for
phones.

Micron is the fifth-largest DRAM supplier, holding about a 10%
share of the global market, after Samsung Electronics Co. Ltd.,
Qimonda AG, Hynix Semiconductor Inc., and Elpida Memory Inc.
Micron has substantially reduced its position in the highly
challenging commodity DRAM market.  Commodity DRAM margins are
now well below the low-20% corporate average (after D&A), while
most other products' gross margins are in the 40% area.  About
20%-25% of wafers entering production are for imaging, a similar
amount are specialty DRAM, 15%-20% NAND, and about 40% commodity
PC DRAM; the percentages vary seasonally.  PC DRAMs had been 75%
of wafer starts in the November 2004 quarter.

IM Flash Technologies LLC, Micron's 51%-owned NAND joint venture
with Intel Corp., began operations in January 2006.  The
business will supply a significant portion of Apple Computer
Corp.'s iPod memory needs in addition to merchant market sales.
IM operates a 300-millimeter wafer fabrication plant in
Virginia, and uses some capacity in Micron's Idaho plant.
Micron's NAND market share was in the low single digits entering
2006.  Total NAND output could double by year-end as a Utah
plant comes on line, and the company plans to produce NAND chips
in Singapore in 2008.


NIMMO'S RESTAURANT: Parent's Liquidation Cues Business Closure
--------------------------------------------------------------
Creditors of Spanish Walk placed the company into liquidation
and closed its restaurant, Nimmo's Restaurant and Wine Bar, The
Sunday Business Post reports.

According to the report, the creditors appointed a liquidator
for the Debtor during a creditors' meeting in December.

The Sunday Business Post reveals that Spanish Walk's main asset
would likely be the remaining 15-year lease for the building
where Nimmo's is operating.

                  About Nimmo's Restaurant

Headquartered in Galway, Ireland, Nimmo's Restaurant and Wine
Bar was established by Harriet Leander, and was named after
Scottish engineer Alexander Nimmo who built roads and port
facilities in Ireland.

Two years ago, Ms. Leander told The Sunday Business Post that
she decided to sell part of the business and remain as co-owner,
but later sold her entire stake to Dave Sweeney.


SPANISH WALK: Creditors Vote to Liquidate Business
--------------------------------------------------
Creditors of Spanish Walk placed the company into liquidation
and closed its restaurant, Nimmo's Restaurant and Wine Bar, The
Sunday Business Post reports.

According to the report, the creditors appointed a liquidator
for the Debtor during a creditors' meeting in December.

The Sunday Business Post reveals that Spanish Walk's main asset
would likely be the remaining 15-year lease for the building
where Nimmo's is operating.

                  About Nimmo's Restaurant

Headquartered in Galway, Ireland, Nimmo's Restaurant and Wine
Bar was established by Harriet Leander, and was named after
Scottish engineer Alexander Nimmo who built roads and port
facilities in Ireland.

Two years ago, Ms. Leander told The Sunday Business Post that
she decided to sell part of the business and remain as co-owner,
but later sold her entire stake to Dave Sweeney.


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


ALITALIA SPA: Directors Board to Review Non-Core Asset Disposals
----------------------------------------------------------------
The Board of Directors of Alitalia S.p.A. will convene in mid-
January to discuss possible disposals of non-strategic assets
and of the non-instrumental property.

The Board would also review the carrier's results for November,
when the Alitalia Group posted a decrease in net liabilities to
EUR964 million.

The Board will also convene at the end of the month to discuss
the carrier's financial needs for the rest of 2007.

                   Formal Bidding Process

In a TCR-Europe report on Jan. 3, the Italian government
formally launched the bidding process for its 30.1% stake in
troubled national carrier Alitalia S.p.A. on Dec. 29, 2006.

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

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

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

The Ministry also outlined mandatory commitments for the buyer
to:

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

   -- safeguard Alitalia's national identity; and

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

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

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

As reported in the TCR-Europe on Jan. 5, Paolo Alazraki, owner
of Real Dreams Italy Srl, heads a group of 16 investors that
indicated their interest in acquiring the national carrier.

The government aims to complete the process this month.

                         About Alitalia

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

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


ALITALIA SPA: Lowers Group's November Net Debt to EUR964 Million
----------------------------------------------------------------
Alitalia Group's net debt as of Nov. 30, 2006, amounted to
EUR964 million, showing a reduction in net indebtedness of
EUR8 million (-0.8%) compared to the situation on Oct. 31, 2006.

The net debt of the parent company Alitalia S.p.A. on
Nov. 30, 2006, including short-term net financial credits for
subsidiaries, amounted to EUR939 million showing a reduction of
net indebtedness of EUR9 million (-0.9%) compared to net debt as
of Oct. 31, 2006.

Cash-to-hand and short-term financial credits on Nov. 30, 2006,
at the Group level and for Alitalia, amounted to EUR752 million
and EUR785 million respectively; the corresponding figures on
Oct. 31, 2006, were EUR769 million and EUR801 million.

It should be noted that on Nov. 30, 2006, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR136 million -- whose capital share, including
lease closure value, amounted to EUR152 million, of which
EUR21 million represent the current capital share falling due
within 12 months of the reference date, with EUR19 million
held by the parent company.

By comparison, the same figure as of Oct. 31, 2006, amounted to
EUR154 million, of which EUR21 million euros falling due in the
12 months from the reference date; the corresponding figures for
the parent company on Oct. 31, 2006, amounted to EUR138 million
and EUR19 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees -- mortgages on aircraft -
-- or by personal guarantees -- mainly guarantees issued
by banks for export credit.  The relative financing contracts
contain standard legal clauses relating to withdrawal.  None of
the contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During November 2006, repayments were made of medium/long-term
financing amounting to about EUR23 million euros.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Nov. 30, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Nov. 30, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to a
single airport management company for disputed debts amounting
to a total of EUR82 million on Nov. 30, 2006.

                     Pending Petitions

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- injunctions issued by an airport management company for a
      total of about EUR14 million (5 decrees);

   -- a further injunction has been issued by an IT
      services supplier for about EUR812,000 (1 decree);

   -- another injunction has been issued by a professional
      studio for EUR534,000;

   -- a contractor for restructuring work has issued
      an injunction for about EUR635,000 (1 decree);

   -- an injunction issued by a supplier of on-board movies for
      around EUR909,000 (1 decree); and

   -- injunctions issued by suppliers for a total of around
      EUR110,000 (6 decrees).

Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of
Nov. 30, 2006, nor are there any threats by suppliers to suspend
operations.

Italian stock market regulator Commissione Nazionale per le
Societa e la Borsa has asked Alitalia to submit its debt
position monthly, a requirement for companies on the regulator's
black list.

Consob has asked Alitalia to file monthly reports on its debt
situation, as it does for all companies on its 'black list'.

                         About Alitalia

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

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


ALITALIA SPA: Air France-KLM & SkyTeam Members Mulls Bid
--------------------------------------------------------
Air France-KLM considers forming a consortium with members of
the SkyTeam Alliance to bid for Italian national carrier
Alitalia S.p.A., AFX News reports citing Finanza & Mercati.

SkyTeam members Korean Air, Aeromexico, and CSA Czech Airlines
are interested in acquiring a stake in Alitalia, the financial
magazine relates.  The SkyTeam alliance also includes Delta Air
Lines Inc., China Southern Airlines Co., Continental Airlines
Inc. and Northwest Airlines Corp.

Meanwhile, Italian stock market regulator Commissione Nazionale
per le Societa e la Borsa has asked Alitalia to submit its debt
position monthly, a requirement for companies on the regulator's
black list.

Consob has asked Alitalia to file monthly reports on its debt
situation, as it does for all companies on its 'black list'.

                   Formal Bidding Process

In a TCR-Europe report on Jan. 3, the Italian government
formally launched the bidding process for its 30.1% stake in
troubled national carrier Alitalia S.p.A. on Dec. 29, 2006.

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

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

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

The Ministry also outlined mandatory commitments for the buyer
to:

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

   -- safeguard Alitalia's national identity; and

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

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

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

As reported in the TCR-Europe on Jan. 5, Paolo Alazraki, owner
of Real Dreams Italy Srl, heads a group of 16 investors that
indicated their interest in acquiring the national carrier.

The government aims to complete the process this month.

                         About Alitalia

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

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


DURA AUTOMOTIVE: Trustee Appoints HSBC Bank to Creditors' Panel
---------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
has added HSBC Bank USA, National Association, to the Official
Committee of Unsecured Creditors in DURA Automotive Systems,
Inc. and its debtor affiliates' Chapter 11 cases.

The Creditors Committee now comprises:

     (1) Wilfrid Aubrey LLC
         Attn: Nicholas W. Walsh
         100 William Street
         Suite 1850
         New York, NY 10038
         Phone: 212-675-4906
         Fax: 212-675-3626

     (2) BNY Trust Company Midwest
         Attn: Robert H. Major
         6525 W. Campus Oval
         New Albany, OH 43054
         Phone: 614-775-5278
         Fax: 614-775-5636

     (3) U.S. Bank National Association
         Attn: James E. Murphy
         100 Wall Street
         Suite 1600
         New York, NY 10005
         Phone: 212-361-6174
         Fax: 212-514-6841

     (4) International Union, UAW
         Attn: Niraj Ganatra, Esq.
         8000 East Jefferson Avenue
         Detroit, MI 48214
         Phone: 313-926-5216
         Fax: 313-926-5240

     (5) Pension Benefit Guaranty Corporation
         Attn: William McCarron, Jr.
         1200 K Street N.W.
         Washington, D.C. 20005
         Phone: 202-326-4000, ex. 3471
         Fax: 202-326-4112

     (6) Johnson Electric N.A., Inc.
         Attn: Douglas G. Eberle
         47660 Halyard Drive
         Plymouth, MI 48170
         Phone: 734-392-5308
         Fax: 734-392-5388

     (7) Thompson I.G., LLC
         Attn: Christine Maria DeSonia
         3196 Thompson Rd.
         Fenton, MI 48430
         Phone: 810-629-9558
         Fax: 810-629-8342

     (8) HSBC Bank USA, National Association
         Attn: Robert A. Conrad
         452 Fifth Avenue
         New York, NY 10018
         Phone: 212-525-1314
         Fax: 212-525-1300

                      About the Company

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FIAT SPA: Eyes EUR5-Billion Operating Profit in 2010
----------------------------------------------------
Fiat S.p.A. aims to double its net profit this year and post
EUR5 billion in operating profits in 2010, Agenzia Giornalistica
Italia reports citing company Chief Executive Sergio Marchionne.

"The aim is to arrive at 2010 with EUR5 billion in operating
profits.  10,000 billion Lira, a huge number, never reached
before in Fiat's past," Mr. Marchionne said during a visit at
Fiat's Piedimonte San Germano plant.  "We are talking about an
enormous result thanks to the work of all of the sectors.  This
is a huge goal that the group has never reached in the past.
This was possible only due to the collective work of Fiat"

Mr. Marchionne revealed Fiat would achieve the goal by
strengthening and expanding its international, AGI relays.

"We have announced quite a few in the last two years and these
will continue," Mr. Marchionne said.  "The future of Fiat Auto
is to find international partners with whom to develop its
structure without running particular risks."

Meanwhile, Mr. Marchionne announced the roll-off of its Bravo
car, produced at Fiat's Piedimonte San Germano plant, in
February.  He also disclosed of the launching of its Delta car,
manufactured at the company's Cassino site, at the end of 2007,
AGI reports.

                           About Fiat

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

Fiat manufactures cars in Italy, Poland, Brazil and Argentina,
with joint venture productions in France, Turkey, Egypt South
Africa, India, Russia and China.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, 2006, Moody's Investors
Service changed the outlook on Fiat S.p.A.'s Ba3 Corporate
Family Rating to positive from stable and affirmed the long-term
senior unsecured ratings as well as the short-term non-Prime
rating.

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

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

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

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

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

On Oct. 4, 2006, Fitch Ratings affirmed Fiat S.p.A.'s Issuer
Default and senior unsecured ratings at BB- and Short-term
rating at B. This follows Fiat's exercise of its call option to
buy back 29% of Ferrari's capital from a consortium led by
Mediobanca.  Fitch said the Outlook is Positive.

On Aug. 8, 2006, Standard & Poor's Ratings Services raised its
long- term corporate credit rating on Fiat S.p.A. to 'BB' from
'BB-'. At the same time, Standard & Poor's affirmed its 'B'
short-term rating on Fiat.  S&P said the outlook is stable.


FIAT SPA: Maserati Aims to Raise Deliveries Outside Italy
---------------------------------------------------------
Maserati S.p.A., the luxury- and sports-car unit of Fiat S.p.A.,
aims to sell 7,000 vehicles and raise deliveries outside Italy
by the end of the year, Bloomberg News reports citing Giancarlo
Binetti, sales chief of the Maserati division, as saying.

"The markets in which we believe we can grow well are four,
including the U.S., Middle East, China and Japan," Mr. Binetti
told Bloomberg.

The division plans to raise sales by 30% in the U.S. and 45% in
Japan in 2007 and doubles it in the next two to three years.

Maserati is one of CEO Sergio Marchionne's attempts to Fiat's
turnaround.

Sales of Maserati increased 0.5 percent in 2006, Mr. Binetti
disclosed.  The division sold 4,171 cars in the first nine
months of 2006 and had an operating loss of EUR32 million.

                           About Fiat

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

                          *     *     *

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

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

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

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

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

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

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

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


PARMALAT SPA: Selling Parma AC for EUR4 Million
-----------------------------------------------
Parmalat S.p.A. plans to sell soccer team Parma AC for at least
EUR4 million to focus on its core operations, Bloomberg News
says.

Interested parties have until today, Jan. 10, to submit non-
binding offers, Parmalat said in a published notice.  Parmalat
said potential buyers have to indicate how much capital they are
willing to inject to "reinforce the team's financial structure
and guarantee its competitiveness."

Two-time UEFA Cup champion Parma AC is currently second from
bottom in the Serie A division with 12 points.  The team is
trying to avoid relegation by not landing at the bottom three.

                         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 SPA: Agrees with Liquidators to Continue TRO to Mar. 15
----------------------------------------------------------------
Gordon I. MacRae and James Cleaver, the Joint Official
Liquidators of Parmalat Capital Finance Limited, Dairy Holdings
Limited, and Food Holdings Limited, on the one hand, and
Parmalat Finanziaria S.p.A. and its affiliates and subsidiaries,
under the direction of Dr. Enrico Bondi, Extraordinary
Administrator of the Parmalat companies, on the other, agree to
further extend the Temporary Restraining Order in the Finance
Companies' Section 304 cases until March 15, 2007.

Judge Drain will convene a hearing to consider the Liquidators'
application for preliminary injunction on March 15, 2007, at
10:00 a.m.  Parmalat Finanziaria's time to answer the Petition
commencing the ancillary proceedings is extended until April 20.

The Joint Official Liquidators have been advised that an appeal
from the TRO will be taken to the Privy Council.  In 2006, Judge
Kaplan stayed all proceedings in In re Parmalat Securities
Litigation as to all the parties to discuss settlement.

Accordingly, Messrs. Cleaver and MacRae have elected to seek to
continue the Temporary Restraining Order in place and not to
seek entry of a preliminary injunction at this point.

                         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 S.p.A.  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
===================


AKJOL CORP: Almaty Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against CJSC Corporation Akjol
(RNN 600900021866) on Dec. 13, 2006.


ASIA COMPANY: Creditors Must File Claims by February 8
------------------------------------------------------
LLP Asia Company has declared insolvency.  Creditors have until
Feb. 8 to submit written proofs of claim to:

         LLP Asia Company
         Gorky Str. 7a
         Menovnoye
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


ATYRAU BROOD: Proof of Claim Deadline Slated for February 13
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyrau Brood Master insolvent.

Creditors have until Feb. 13 to submit written proofs of claim
to:

         LLP Atyrau Brood Master
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


BANK CENTERCREDIT: Moody's Puts Ba1 Rating to Dutch Unit's Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency rating to the senior unsecured notes expected to be
issued by CenterCredit International B.V. (Netherlands), a
direct wholly owned subsidiary of Kazakhstan's Bank
CenterCredit.

The issue will be unconditionally and irrevocably guaranteed by
BCC.  The notes will be issued under 144A rule and denominated
in U.S. dollars, while the amount, tenor and the price of the
notes will be determined by the market conditions.  The outlook
on the rating is stable.

The Ba1 rating incorporates some degree of potential support
from the Kazakh authorities in the event of need, in reflection
of BCC's importance to the national banking system as the
country's sixth-largest bank in terms of total assets and
fourth-largest in terms of retail customer deposits as of end-
third quarter 2006, with market shares of 8% and 11.3%,
respectively.  However, Moody's cautions that any outside
support for BCC from the authorities in case of distress might
be of a limited nature and its extent and timeliness uncertain.

The bank's obligations under the guarantee will rank at least
pari passu in right of payment with all other senior unsecured
obligations.  According to the terms and conditions of the
notes, BCC must comply with a number of covenants such as
negative pledge, limitations on certain transactions, limitation
on payment of dividends and maintenance of a minimum
consolidated BIS Capital Adequacy Ratio of 10%, a level which
the bank has continuously exceeded during the last several
years, but which may be more difficult to achieve under the
conditions of rapid asset growth.  Moody's notes that, while the
likelihood that any of the above-mentioned covenants being
breached is relatively low at the present time, any such
occurrence could potentially have adverse liquidity implications
for the bank, and might exert additional downward pressure on
its ratings.

Headquartered in Almaty, Kazakhstan, BCC reported under IFRS
total consolidated assets of KZT514.5 billion (US$4.04 billion)
and total shareholders equity of KZT35.19 billion (US$276.6
million) as of Sept. 30, 2006.


BANK CENTERCREDIT: Fitch Assigns Eurobond Long-Term BB- Rating
--------------------------------------------------------------
Fitch Ratings assigned CenterCredit International B.V.'s
upcoming Eurobond issue an expected Long-term BB- rating.

Kazakhstan's Bank CenterCredit rated Long-term BB- with Stable
Outlook, Short-term B, Individual D, and Support 3, will
unconditionally guarantee the timely and full repayment of the
notes in a trust deed between itself and the trustee, Deutsche
Trustee Company Limited.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The terms and conditions of the notes specify that the
obligations of BCC under the guarantee will rank at least
equally with claims of other unsecured creditors of BCC, save
those preferred by relevant laws.  Under Kazakhstani law, the
claims of retail depositors and account holders rank above those
of other senior unsecured creditors.  At end-September 2006,
retail deposits and accounts constituted 19.8% of BCC's total
liabilities, according to the bank's reviewed IFRS financial
statements.

Covenants prevent BCC from entering into transactions of US$7
million or more on other than market terms, restrict dividend
payments to 50% of net income, and oblige the bank to maintain a
total capital ratio of at least 10%, as calculated in accordance
with the Basel Committee's recommendations.  The terms and
conditions of the notes also contain a cross default clause and
a negative pledge clause, the latter of which allows for a
degree of securitization by BCC.

Should any securitization be undertaken by BCC, Fitch comments
that the nature and extent of any over-collateralization would
be assessed by the agency for any potential impact on unsecured
creditors.

BCC is one of the six largest banks in Kazakhstan with a market
share of assets of around 7.8% at end- September 2006, and
focuses primarily on the SME and retail segments, utilizing its
countrywide branch network.  Bakhtybek Bayseitov, current
chairman of the Board of Directors, is now consolidating his 51%
stake in the bank; about 12% is owned by management.


KASPYDORSERVICE LLP: Creditors' Claims Due February 21
------------------------------------------------------
LLP Kaspydorservice has declared insolvency.  Creditors have
until Feb. 21 to submit written proofs of claim to:

         LLP Kaspydorservice
         Corps 46a
         Micro District 28
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 40-44-46


MARINE INTER SERVICE: Claims Filing Period Ends February 9
----------------------------------------------------------
LLP Marine Inter Service has declared insolvency.  Creditors
have until Feb. 9 to submit written proofs of claim to:

         LLP Marine Inter Service
         Micro District 4, 39-27
         Aktau
         Mangistau Region
         Kazakhstan


POKROVSKOYE LLP: Creditors Must File Claims by February 14
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Agro Firm Pokrovskoye insolvent.

Creditors have until Feb. 14 to submit written proofs of claim
to:

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


SAMALTRANS OJSC: Creditors' Claims Due February 21
--------------------------------------------------
OJSC Samaltrans has declared insolvency.  Creditors have until
Feb. 21 to submit written proofs of claim to:

         OJSC Samaltrans
         Pervomaiskaya Str. 54
         Osakarovsky District
         Karaganda Region
         Kazakhstan


SELSKOHOZAISTVENNAYA STANTSIYA: Claims Registration Ends Feb. 14
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
State Utility Enterprise Lvovskaya Agricultural Station
Selskohozaistvennaya Stantsiya declared insolvent.

Creditors have until Feb. 14 to submit written proofs of claim
to:

         Selskohozaistvennaya Stantsiya
         Maiyakovsky Str. 115-47
         Kostanai
         Kostanai Region
         Kazakhstan
         Tel: 8 (3142) 26-39-17
              8 (3143) 49-43-65


SERPIL TRADE: Proof of Claim Deadline Slated for Feb. 9
-------------------------------------------------------
LLP Serpil Trade has declared insolvency.  Creditors have until
Feb. 9 to submit written proofs of claim to:

         LLP Serpil Trade
         Kydyrov Str. 2-9
         Kyzylorda
         Kyzylorda Region
         Kazakhstan


TIMIRAZEVSKOYE LLP: Claims Filing Period Ends February 14
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Timirazevskoye insolvent.

Creditors have until Feb. 14 to submit written proofs of claim
to:

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


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


BAKAI-ATINSKY: Public Auction Scheduled for Jan. 23
---------------------------------------------------
The Chui-Bishkek-Talas Territorial Department of the State
Committee on State Property will auction the Bakai-Atinsky
Forestry Fruit Storehouse of State Forest Service to the public
at 11:00 a.m. on Jan. 23 at:

         Floor 5
         Moskovskaya Str. 172
         Bishkek, Kyrgyzstan

The Bakai-Atinsky Forestry Fruit Storehouse of State Forest
Service is located at:

         Urmaral
         Bakai-ata
         Talas Region
         Kyrgyzstan

The entity has established a KGS561,838 starting price for the
property.

The conditions of the commercial tender include:

   -- preposition of the price for the object;

   -- the volume and terms of proposed investments;

   -- preservation of the activity profile;

   -- social program in the field of salary, level
      of employment;

   -- increasing of optimal work places; and

   -- providing the preservation of the environment.

All liabilities should have quantitative term and specific
period of implementation.

The winner of the commercial tender is the obligatory person who
proposed the highest price for the object of privatization,
exposed to the tender.

Information on Bakai-Atinsky Forestry Fruit Storehouse as of
Sept. 1, 2006:

    * main activity: forestry
    * condition of immovable property: satisfactory
    * area of land: 0.27 hectares

Interested bidders have until 5:00 p.m. on Jan. 22 to deposit an
amount equivalent to 10% of the starting price to the settlement
account of:

         Chui-Bishkek-Talas Territorial Department
         of the State Committee on State Property
         Settlement Account No.1020002080100155
         Leninsky ROK
         Lenin Branch of OJSC Kyrgyzpromstroybank in Bishkek
         MFO 102002
         Personal Account No.205802605

and submit their bids and necessary documents at:

         Room 1
         Floor 5
         Moskovskaya Str. 172
         Bishkek, Kyrgyzstan

The winner of the auction will pay 7% from the selling price of
the object.

Inquiries can be addressed to (+996 312) 21-87-34, (+996 3422)
5-28-54.


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


DANA CORP: DCC Finalizes Forbearance Agreement with Noteholders
---------------------------------------------------------------
Dana Corp. and non-debtor Dana Credit Corp. finalized and
executed on Dec. 18, 2006, a Settlement Agreement, which
resolves certain intercompany claims.

On the same date, DCC and the holders of approximately 95% of
the outstanding principal amount of the DCC Notes finalized and
executed a Forbearance Agreement.

Taken together, the Settlement and Forbearance Agreements
provide, among other things, that:

   (a) the Forbearing Noteholders will forbear from exercising
       their rights or remedies under any of the DCC Note
       documents or applicable law for a period of 24 months
       during which DCC will endeavor to sell its remaining
       portfolio assets in an orderly manner and will use the
       proceeds to pay down the DCC Notes;

   (b) the Forbearing Noteholders release the Debtors from all
       claims they may have against the Debtors;

   (c) DCC will have an allowed general unsecured claim for
       US$325,000,000 against Dana Corp. in exchange for DCC's
       release of all other claims it may have against the
       Debtors that arose before the effective date of the
       Settlement Agreement;

   (d) until the effective date of a plan of reorganization, DCC
       will provide the Ad Hoc Committee of DCC Noteholders, the
       Official Committee of Unsecured Creditors, the Official
       Committee of Equity Security Holders and the Official
       Committee of Non-Union Retirees with notice and
       opportunity to object before any sale or transfer of the
       Intercompany Claim to a third party;

   (e) the applicable Debtors will make timely cash payments to
       the applicable DCC entities of all rental or other
       amounts that become due after the effective date of the
       Settlement Agreement under any lease of real or personal
       Property between them, net of any amounts owed by the DCC
       entities to the Debtors;

   (f) DCC consents to the release to Dana Corp. of the
       currently escrowed proceeds from the sale of certain real
       estate properties and waives any right to receive any
       portion of the proceeds from the escrow accounts; and

   (g) the time for the Debtors to assume or reject unexpired
       leases of non-residential real property between the
       Debtors, as lessees, and DCC, as lessor, is extended
       until the date of entry of an order confirming a plan.

A full-text copy of the DCC Settlement and Forbearance
Agreements is available for free at

   http://bankrupt.com/misc/dana_dccsettlement&forbearance.pdf

In a regulatory filing with the U.S. Securities and Exchange
Commission, Michael L. DeBacker, vice president, general counsel
and secretary of Dana Corp., related that DCC intended to pay
approximately US$155,000,000 to the Forbearing Noteholders on
Dec. 28, 2006.  The amount includes a principal payment of
approximately US$125,000,000, thereby reducing DCC's current
outstanding debt from US$392,000,000 to US$267,000,000.

Holders of DCC Notes who have not signed the Forbearance
Agreement may obtain information about becoming Forbearing
Noteholders by contacting counsel for the Ad Hoc Committee:

                  Matthew Cantor, Esq.
                  Kirkland & Ellis, LLP
                  153 East 53rd Street
                  New York, New York 10022
                  Tel. No.: 212-446-4846

                        About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries including Switzerland and Luxembourg.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and  US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 29;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Completes Asset Sale to Hendrickson USA for US$31 Mln
----------------------------------------------------------------
Dana Corp. and its subsidiary, Dana Canada Corp., completed the
sale of their trailer axle manufacturing assets to Hendrickson
USA, L.L.C., a subsidiary of The Boler Company, and its
affiliates.

The U.S. and Canadian assets, which include trailer axle
production equipment, inventory, and related assets at
facilities in Lugoff, S.C., USA, and Barrie, Ontario, Canada,
were sold for a combined US$31 million, subject to inventory
adjustments at closing.

Additionally, a Chinese affiliate of Hendrickson has established
a US$2 million escrow for the purchase of certain trailer axle
production equipment, inventory and related assets from Dana's
Chinese subsidiary Dana (Wuxi) Technology Co. Ltd.  Dana expects
that the sale of the Wuxi assets will close in the first quarter
of 2007.

"The sale of the trailer axle assets enables Dana's Commercial
Vehicle group to concentrate its resources on its core products
and competencies -- drive and steer axles, driveshafts, brakes
and tire inflation systems for commercial vehicles," Dana Heavy
Vehicle Products President Nick Stanage said.

In conjunction with these transactions, Bendix Spicer Commercial
Vehicle Foundation Brake LLC, a joint venture in which Dana has
an interest, has entered into an agreement to supply certain of
Hendrickson's requirements for Bendix(R) brake products and
systems through 2013.

                        About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries including Switzerland and Luxembourg.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and  US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 29;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Unions to Appeal Judge Lifland's Officers' Pay Order
---------------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America and the United Steel,
Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union notify the
U.S. Bankruptcy Court for the Southern District of New York that
they will take an appeal to the U.S. District Court for the
Southern District of New York from Judge Burton Lifland's order
approving the employment agreements of Michael Burns and other
Senior Executives and the long-term incentive plan.

                        About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries including Switzerland and Luxembourg.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and  US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances to
that plan.  (Dana Corporation Bankruptcy News, Issue No. 29;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


CENTERCREDIT INT'L: Moody's Puts Ba1 Rating to BCC Senior Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency rating to the senior unsecured notes expected to be
issued by CenterCredit International B.V. (Netherlands), a
direct wholly-owned subsidiary of Kazakhstan's Bank CenterCredit

The issue will be unconditionally and irrevocably guaranteed by
BCC.  The notes will be issued under 144A rule and denominated
in U.S. dollars, while the amount, tenor and the price of the
notes will be determined by the market conditions.  The outlook
on the rating is stable.

The Ba1 rating incorporates some degree of potential support
from the Kazakh authorities in the event of need, in reflection
of BCC's importance to the national banking system as the
country's sixth-largest bank in terms of total assets and
fourth-largest in terms of retail customer deposits as of end-
third quarter 2006, with market shares of 8% and 11.3%,
respectively.  However, Moody's cautions that any outside
support for BCC from the authorities in case of distress might
be of a limited nature and its extent and timeliness uncertain.

The bank's obligations under the guarantee will rank at least
pari passu in right of payment with all other senior unsecured
obligations.  According to the terms and conditions of the
notes, BCC must comply with a number of covenants such as
negative pledge, limitations on certain transactions, limitation
on payment of dividends and maintenance of a minimum
consolidated BIS Capital Adequacy Ratio of 10%, a level which
the bank has continuously exceeded during the last several
years, but which may be more difficult to achieve under the
conditions of rapid asset growth.  Moody's notes that, while the
likelihood that any of the above-mentioned covenants being
breached is relatively low at the present time, any such
occurrence could potentially have adverse liquidity implications
for the bank, and might exert additional downward pressure on
its ratings.

Headquartered in Almaty, Kazakhstan, BCC reported under IFRS
total consolidated assets of KZT514.5 billion (US$4.04 billion)
and total shareholders equity of KZT35.19 billion (US$276.6
million) as of Sept. 30, 2006.


CENTERCREDIT INT'L: Fitch Assigns Eurobond Long-term BB- Rating
---------------------------------------------------------------
Fitch Ratings assigned CenterCredit International B.V.'s
upcoming Eurobond issue an expected Long-term BB- rating.

Kazakhstan's Bank CenterCredit rated Long-term BB- with Stable
Outlook, Short-term B, Individual D, and Support 3, will
unconditionally guarantee the timely and full repayment of the
notes in a trust deed between itself and the trustee, Deutsche
Trustee Company Limited.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The terms and conditions of the notes specify that the
obligations of BCC under the guarantee will rank at least
equally with claims of other unsecured creditors of BCC, save
those preferred by relevant laws.  Under Kazakhstani law, the
claims of retail depositors and account holders rank above those
of other senior unsecured creditors.  At end-September 2006,
retail deposits and accounts constituted 19.8% of BCC's total
liabilities, according to the bank's reviewed IFRS financial
statements.

Covenants prevent BCC from entering into transactions of US$7
million or more on other than market terms, restrict dividend
payments to 50% of net income, and oblige the bank to maintain a
total capital ratio of at least 10%, as calculated in accordance
with the Basel Committee's recommendations.  The terms and
conditions of the notes also contain a cross default clause and
a negative pledge clause, the latter of which allows for a
degree of securitization by BCC.

Should any securitization be undertaken by BCC, Fitch comments
that the nature and extent of any over-collateralization would
be assessed by the agency for any potential impact on unsecured
creditors.

BCC is one of the six largest banks in Kazakhstan with a market
share of assets of around 7.8% at end- September 2006, and
focuses primarily on the SME and retail segments, utilizing its
countrywide branch network.  Bakhtybek Bayseitov, current
chairman of the Board of Directors, is now consolidating his 51%
stake in the bank; about 12% is owned by management.


GTB Finance: Fitch Rates Upcoming Debt Issue at B+/RR4
------------------------------------------------------
Fitch Ratings assigned Netherlands-based GTB Finance BV's
upcoming issue of guaranteed unsecured unsubordinated callable
notes an expected Issuer Default rating of B+ and an expected
Recovery Rating of RR4.

The expected Recovery Rating for the issue is in accordance with
Fitch's soft cap for Nigeria.  At the same time Fitch affirmed
the ratings of Guaranty Trust Bank Plc as presented below.  The
final rating is contingent on the receipt of final documents
conforming to information already received.

GTB Finance BV is a wholly owned subsidiary of GTB, and was
incorporated to raise funds in the international capital markets
for GTB and its subsidiaries.  The notes will be unconditionally
and irrevocably guaranteed by GTB.  The notes will be U.S.
dollar-denominated and are expected to have a term to maturity
of five years.  The notes have a call and put option in favour
of GTB Finance BV and the note holder respectively, and the
ability to exercise the call and put option is dependent on a
change in tax legislation in the relevant jurisdictions or a
change in shareholding of the guarantor.  The proceeds of the
notes will be used for general funding purposes.

The ratings on GTB reflect Nigeria's difficult operating
environment and GTB's concentrated loan book.  They also reflect
the bank's well-established domestic franchise, strong financial
performance, and sound asset quality.  For the six months to
August 31, 2006, GTB reported a net profit after tax of NGN4.8
billion.

GTB is a Nigerian-listed commercial bank that began operating in
1990.  GTB's banking activities include loans, deposit taking,
guarantees and letters of credit, money market activities, and
foreign operations.

Ratings are affirmed:

* GTB

   -- Foreign currency Issuer Default rating affirmed at B+ with
      a Stable Outlook;

   -- Short-term foreign currency affirmed at B;

   -- National Long-term affirmed at AA- with a Stable Outlook;

   -- National Short-term affirmed at F1+;

   -- Individual affirmed at D; and

   -- Support affirmed at 4.


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


BELGORODSKIY FACTORY: Assets Sale Slated for Jan. 23
----------------------------------------------------
Gsu Fund of State Property of Belgorod Region, the bidding
organizer for OJSC Belgorodskiy Factory of Reinforced-Concrete
Constructions-1, will open a public auction at 11:00 a.m. on
Jan. 23 at:

         Gsu Fund of State Property of Belgorod Region
         Room 216
         2nd floor
         Nekrasova Str. 9/15
         308007 Belgorod Region
         Russia

The case is docketed under Case No. A08-16562/04-24 B.

Interested participants have until Jan. 17 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Belgorodskiy Factory Of Reinforced-Concrete
         Constructions-1
         Settlement Account 40602810416020000052
         CB Vnezhtorgbank, branch in Belgorod
         BIK 041403757
         TIN 3124012318
         KPP 312301001
         Correspondent Account 3010181040000000757

Bidding documents must be submitted to:

         Gsu Fund of State Property of Belgorod Region
         Room 216
         2nd floor
         Nekrasova Str. 9/15
         308007 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Belgorodskiy Factory of Reinforced-Concrete
         Constructions-1
         Belgorod Region
         Russia


BUILDER LLC: Kaluga Court Names V. Yunin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Mr. V. Yunin as
Insolvency Manager for LLC Kaluzhskaya Building Company Builder.
He can be reached at:

         V. Yunin
         Mayakovskogo Str. 17
         248009 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A23-4083/06B-8-302.

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         LLC Kaluzhskaya Building Company Builder
         Mstikhino
         Kaluga Region
         Russia


GOR-ENERGO OJSC: Creditors Must File Claims by Feb. 16
------------------------------------------------------
Creditors OJSC Gor-Energo have until Feb. 16 to submit written
proofs of claim to:

         E. Pozhidaev, Insolvency Manager
         Office 18
         Kuleva Str. 33
         634034 Tomsk Region
         Russia

The Arbitration Court of Tomsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A67-2844/04.

The Debtor can be reached at:

         OJSC Gor-Energo
         Office 1
         Vodyanaya Str. 80
         Tomsk Region
         Russia


IRKUTSKIY COMBINE: Court Names S. Ivasyuk as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. S. Ivasyuk
as Insolvency Manager for OJSC Irkutskiy Combine of Grain
Products.  He can be reached at:

         S. Ivasyuk
         Post User Box 74
         664046 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-20579/03-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Irkutskiy Combine of Grain Products
         Polyarnaya Str. 85
         664014 Irkutsk Region
         Russia


KHANSA-TRANS CJSC: Court Names G. Rabina as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Ms. G. Rabina as Insolvency Manager for CJSC Khansa-
Trans (TIN 4718004739).  She can be reached at:

         G. Rabina
         Post User Box 146
         OPS 17
         Mira Str. 23
         600017 Vladimir Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-36184/2006.

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:

         CJSC Khansa-Trans
         Apartment 112
         Rubezhnaya Str. 36
         Vyborg
         Leningrad Region
         Russia


KONAKOVSKIY FAIENCE: Court Names P. Tarasov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. P. Tarasov as
Insolvency Manager for OJSC Konakovskiy Faience Factory.  He can
be reached at:

         P. Tarasov
         Post User Box 19
         OPS-100
         Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-8027/2006.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Konakovskiy Faience Factory
         Kalinina Square 3
         Konakovo
         Tver Region
         Russia


KURGAN-WOOD-TOP-PROM OJSC: Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Kurgan Region commenced bankruptcy
supervision procedure on OJSC Kurgan-Wood-Top-Prom.  The case is
docketed under Case No. A34-3274/06.

The Temporary Insolvency Manager is:

         K. Zelyutin
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Kurgan-Wood-Top-Prom
         Omskaya Str. 179
         Kurgan Region
         Russia


LOES CJSC: Pskov Court Names P. Kapkin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. P. Kapkin as
Insolvency Manager for CJSC Loes.  He can be reached at:

         P. Kapkin
         Apartment 18
         Yubileynaya Str. 87A
         180016 Pskov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-3726/2006/4.

The Arbitration Court of Pskov Region is located at:

         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         CJSC Loes
         Evlentyeva Str. 1
         Pskov Region
         Russia


MICRO-EL-TEKH CJSC: Moscow Bankruptcy Hearing Slated for May 15
---------------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:00 a.m. on
May 15 to hear the bankruptcy supervision procedure on CJSC
Micro-El-Tekh (TIN 7735025646).  The case is docketed under Case
No. A40-68076/06-86-1120 B.

The Temporary Insolvency Manager is:

         Y. Safonov
         Post User Box 40
         109652 Moscow Region
         Russia
         Tel: 8-916-444-90-75

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Micro-El-Tekh
         Sherbakovskaya Str. 53
         105187 Moscow Region
         Russia


NORTH AIR: Moscow Court Names A. Fomin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Fomin as
Insolvency Manager for CJSC Air Company North Air.  He can be
reached at:

         A. Fomin
         Mira Pr. 101 V
         129085 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-65657/05-86-145 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Air Company North Air
         Mira Pr., 57
         129110 103001 Moscow Region
         Russia


SEL-KHOZ-TEKHNIKA: Omsk Court Starts Bankruptcy Process
-------------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on OJSC Sel-Khoz-Tekhnika Isilkulskaya
(TIN 5514002171).  The case is docketed under Case No.
A46-18349/2006.

The Temporary Insolvency Manager is:

         S. Lepsshonkov
         Room 27
         Internatsionalnaya Strlk 14
         644099 Omsk Region
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika Isilkulskaya
         Leningradskaya Str. 51
         Isilkul
         646020 Omsk Region
         Russia


SEVERSTAL OAO: Directors Buy 30,000 Global Depositary Receipts
--------------------------------------------------------------
Following its corporate policy of maximum transparency and the
best market practices, OAO Severstal disclosed that Mr. Chris
Clark, the Non-executive Chairman of the Board, bought 20,000
GDRs of Severstal at a market price on Jan. 4.

Mr. Ron Freeman, the Non-executive Independent Director, bought
10,000 GDRs of Severstal at a market price on Jan. 5.

                        About Severstal

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

As of June 30, 2006, Severstal had US14.04 billion in total
assets, US$4.89 billion in total liabilities and US$9.15 billion
in total shareholders' equity.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

                        *     *     *

As reported in the TCR-Europe on July 5, 2006, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

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

As reported in the TCR-Europe on June 28, 2006, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.

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


TBILISSKIY SEED: Bankruptcy Hearing Slated for March 23
-------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene on
March 23 to hear the bankruptcy supervision procedure on OJSC
Tbilisskiy Seed Factory (TIN 2351004689).  The case is docketed
under Case No. A-32-24406/2006-46/2325 B.

The Temporary Insolvency Manager is:

         A. Pavlov
         Room 307
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia
         Tel: (861) 275-89-30

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Tbilisskiy Seed Factory
         Tbilisskaya St.
         Tbilisskiy Region
         Krasnodar Region
         Russia


VOLGOGRADSKIY OJSC: Court Names E. Slushkin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. E.
Slushkin as Insolvency Manager for OJSC Diary Volgogradskiy.  He
can be reached at:

         E. Slushkin
         Post User Box 1034
         400105 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-11128/06-s5.

The Debtor can be reached at:

         OJSC Diary Volgogradskiy
         Raboche-Krestyanskaya Str. 44
         400074 Volgograd Region
         Russia


ZARECHENSKIY WOOD-PROM-KHOZ: Names G. Rabina to Manage Assets
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Ms. G. Rabina as Insolvency Manager for CJSC
Zarechenskiy Wood-Prom-Khoz (TIN 4718004739).  She can be
reached at:

         G. Rabina
         Post User Box 146
         OPS 17
         Mira Str. 23
         600017 Vladimir Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-15829/2006.

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:

         CJSC Zarechenskiy Wood-Prom-Khoz
         Berezhki
         Volkhovskiy Region
         187404 Leningrad Region
         Russia


ZELENOKUMSKIY BRICKWORKS 1: Names T. Magomedov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. T.
Magomedov as Insolvency Manager for LLC Zelenokumskiy Brickworks
1.  He can be reached at:

         T. Magomedov
         Lenina Str., 431
         355029 Stavropol Region
         Russia
         Tel: (8652) 950-036

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2373/05S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 458 b
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Zelenokumskiy Brickworks 1
         Pervomayskaya Str. 135
         Zelenokumsk
         Stavropol Region
         Russia


* European Commission Probes into Russia-Belarus Gas Dispute
------------------------------------------------------------
At the request of Commissioner Andris Piebalgs, the Gas
Coordination Group met to assess the reliability of gas supply
through Belarus after the last-minute agreement signed between
Gazprom and Belarus on Dec. 31, 2006.

The Group assessed the agreement positively and stressed the
importance of a consolidated and stable multi-annual agreement
to secure gas transit through Belarus.  For the first time a
Belarussian representative was invited to the meeting

"A secure and predictable energy supply is a must for European
economy and a right for European citizens," said Commissioner
Piebalgs.  Security of energy supply is one of the key elements
of the European Energy Policy that the Commission is going to
present on 10 January."

H.E. Vladimir Senko, Ambassador, Head of Mission of Belarus to
the European Union, presented the main outline of the agreement
from the Belarussian perspective.  The Group also reviewed the
measures that were taken by the Member States most concerned in
case of a temporary supply disruption.  In the context of a mild
winter and considering the current situation of storage and gas
flows, the measures taken by the Member States were considered
appropriate to ensure security of supply.

After the crisis concerning transit through Ukraine last year,
the threats made to security of supply during the recent
Russian-Belarus gas dispute clearly emphasized the need for
strong cooperation between Member States.

About 20% of Russian gas imports in the EU transit through
Belarus, mainly to Poland, Germany and Lithuania.

The Gas Coordination Group was established by a 2004 Directive
dealing with measures to safeguard security of natural gas
supply.  It is chaired by the European Commission and composed
of representatives of Member States, representative bodies of
the industry concerned and of relevant consumers.


* Fitch Says Russian Oil Supply to Central Europe Less Reliable
---------------------------------------------------------------
Fitch Ratings says recent disruptions in crude oil supply via
the Druzhba pipeline from Russia across Belarus to Poland and
Germany indicate that supplies of Russian crude oil to Central
Europe have become less reliable.

Belarus has reduced the amount of Russian crude oil supply in
transit to Poland and Germany.  This is likely to be related to
the dispute between Russia and Belarus over the excise tax and
transit duty on Russian oil.

"Belarus is an important transit country for Russian crude oil
to CE given that all three sections of the Druzhba pipeline pass
through it," says Arkadiusz Wicik, Associate Director in Fitch's
Energy team.  So far only the supplies to Poland and Germany
have been halted as reported by the Polish crude oil
transportation company PERN "Przyjazn" S.A that operates the
Polish part of the Druzhba pipeline.  However, there may also
have been supply disruptions to refineries in Ukraine, Slovakia,
the Czech Republic, and Hungary.

The crude oil disruptions news came as a surprise given the lack
of significant disruptions of crude oil to Poland's PKN Orlen
S.A. or Hungary's MOL in the past 10 years.  As Fitch notes in
its previous reports refineries in the CE region are highly
reliant on supplies of oil and gas from Russia.  Pipeline
deliveries from Russia meet most of the crude oil demand in
regional refineries, for example to PKN Orlen S.A., Grupa Lotos
S.A., MOL's refineries in Hungary and Slovakia, and Lithuania's
Mazeikiu Nafta AB.

Nevertheless, Fitch views that the recent supply disruptions do
not currently warrant a negative rating action for CE refineries
given the obligatory inventory of crude oil and fuels in
European Union countries in the CE region.  In addition, CE
refineries have alternative routes of supplies.  However, if
supplies are not resumed in the long run, Fitch may review the
ratings, as a deficit in pipeline supplies from Russia would
have to be met with seaborne imports of Russian crude oil,
resulting in additional transportation costs or more expensive
crude oil from the North Sea or the Middle East.  Such a
scenario would considerably affect CE refiners' margins, which
are currently some of the highest in Europe thanks to a steep
discount of Russian Export Blend crude oil to Brent.


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


BANCAJA 10: S&P Junks EUR31.5-Million Class E Notes
---------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2.6-billion mortgage-backed floating-
rate notes and EUR31.5-million floating-rate notes to be issued
by Bancaja 10, Fondo de Titulizacion de Activos, a special
purpose entity.

The notes are backed by first-lien mortgage loans for
residential properties in Spain.

The originator is Caja de Ahorros de Valencia, Castellon y
Alicante (Bancaja), the third-largest savings bank in Spain and
the sixth leading financial institution in the country.  This is
its 10th RMBS securitization.

The ratings on the notes reflect class subordination, the
reserve fund, the presence of the interest rate swap, comfort
provided by various other contracts, and the rating on Bancaja.

This transaction is similar to previous Bancaja RMBS
transactions, both in terms of the structure and the
characteristics of the collateral backing the notes.

As in other Spanish transactions, interest and principal are
combined into a single priority of payments, with triggers in
the payment of the interest of subordinated notes to protect the
senior class.

                          Ratings List
          Bancaja 10, Fondo de Titulizacion de Activos
        EUR2.6-Billion Mortgage-Backed Floating-Rate Notes
             and EUR31.5-Million Floating-Rate Notes

                        Prelim.        Prelim.
         Class          rating         amount (Mil. EUR)
         -----          ------         ------
         A1             AAA            420
         A2             AAA            1,537
         A3             AAA            500
         B              A              65
         C              BBB            52
         D              BB             26
         E(1)           CCC-           31.5

   (1) The class E notes will be used to fund the reserve fund.
       However, this amount is preliminary and may change at
       closing.


LADBROKES PLC: Inks Joint Venture Deal with Cirsa Slot
------------------------------------------------------
Ladbrokes PLC and Cirsa Slot Corporation SL have established a
50:50 joint venture company to develop a sports betting business
in Spain.

The JV will combine Ladbrokes, the world's biggest bookmaker,
with operations in the U.K., Ireland, Belgium and Italy with
Cirsa Slot, the leading slot machine company in Spain.  Cirsa
Slot accounts for 9% of the Spanish slot machine market,
servicing over 15,000 food and beverage outlets with gaming
areas and 90 arcades.  The company is a division of CIRSA
Corporation, which owns and operates casinos, arcades and bingo
halls throughout the country.

The JV company will apply for the new betting licenses being
offered in Madrid where a new decree was passed in December 2006
regulating dedicated betting shops, non-dedicated betting kiosks
(bars, arcades and bingo halls) and remote betting (telephone
and Internet) for the first time.  Applications for the
licenses, which initially last five years, but are renewable,
will be submitted to the Madrid regional government when
requested, likely to be by mid-January.

The JV will also work to secure betting licenses in other areas
of Spain that are also considering regulating betting for the
first time.  Several of the other 16 regions of Spain are
believed to be actively considering similar betting regulation.
The Spanish gambling market was worth around EUR29 billion last
year.

Christopher Bell, Chief Executive of Ladbrokes plc commented:
"This represents another major step forward in our international
aspirations.  In December we opened our first shops in Italy and
successfully tendered for new licenses.  Now we have formed a JV
with a market leader in Spain that gives us access to a network
of thousands of potential site operators.  As soon as regulation
allows we are confident that the combination of Ladbrokes' vast
experience and expertise in betting and the local knowledge and
operational capability of Cirsa will build a strong business in
Spain."

Pablo Alcala, Director of Cirsa Slot commented: "Sports betting
is set to become an increasingly mainstream activity in Spain
and we believe that this Joint Venture builds on the strengths
of both companies -- Ladbrokes with over 100 years experience in
betting and Cirsa with its massive presence in the Spanish
market."

                         About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, Standard & Poor's
Ratings Services affirmed its 'BB' ratings on the senior
unsecured debt of U.K.-based gaming operator Ladbrokes PLC and
its guaranteed subsidiary Ladbrokes Group Finance PLC, and
removed the ratings from CreditWatch with negative implications.

Moody's Investors Service downgraded in February the senior
unsecured long-term ratings of Hilton Group Plc (nka Ladbrokes
Plc) and its guaranteed subsidiaries to Ba2 from Baa3; the
outlook is stable.


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


BURO LEUENBERGER: Schaffhausen Court Closes Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Schaffhausen entered Nov. 14, 2006, an
order closing the bankruptcy proceedings of LLC Buro
Leuenberger.

The Debtor can be reached at:

         LLC Buro Leuenberger
         Hauptstrasse 40
         8224 Löhningen
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland


DUSS FREDY: Lucerne Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Lucerne-Land suspended the bankruptcy
proceedings of JSC Duss Fredy Architektur on Dec. 4, 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 Oct. 6, 2006, can be reached
at:

         JSC Duss Fredy Architektur
         Grubenstrasse 7
         6014 Littau
         Switzerland

The Bankruptcy Service of Lucerne-Land can be reached at:

         Bankruptcy Service of Lucerne-Land
         6011 Kriens
         Switzerland


HSR SOLUTIONS: Zurich Court Suspends Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Fluntern-Zurich suspended the bankruptcy
proceedings of LLC HSR Solutions 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 CHF4,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Nov. 1, 2006, can be reached
at:

         LLC HSR Solutions
         Hadlaubstrasse 154
         8006 Zurich
         Switzerland

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

         Bankruptcy Service of Fluntern-Zurich
         8032 Zurich
         Switzerland


K4-HOLDING: Schaffhausen Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Schaffhausen suspended the bankruptcy
proceedings of JSC K4-Holding on Dec. 4, 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 July 7, 2006, can be reached
at:

         JSC K4-Holding (in liquidation)
         Schlossstrasse 85
         8207 Schaffhausen
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland


MIE - LASER: Dubendorf Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Dubendorf suspended the bankruptcy
proceedings of JSC MIE - Laser & Electronics 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 CHF3,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Sept. 6, 2006, can be reached
at:

         JSC MIE - Laser & Electronics
         Holzliwisenstrasse 5
         8604 Volketswil
         Switzerland

The Bankruptcy Service of Dubendorf can be reached at:

         Bankruptcy Service of Dubendorf
         8600 Dubendorf 2
         Switzerland


PROFARM JSC: St. Gallen Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Profarm on Nov. 23, 2006.

The Debtor can be reached at:

         JSC Profarm
         Rorschacherstrasse 15
         9450 Altstatten
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Office Buchs
         Leila Spirig-Hayoz
         9471 Buchs
         Switzerland


RESTEM LLC: Zurich Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Oerlikon-Zurich suspended the bankruptcy
proceedings of LLC Restem 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 CHF4,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 17, 2006, can be reached
at:

         LLC Restem
         Ueberlandstrasse 377
         8051 Zurich
         Switzerland

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

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland


SWISSINTER JSC: Wetzikon Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Wetzikon-Zurich suspended the bankruptcy
proceedings of JSC swissinter 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 Oct. 11, 2006, can be reached
at:

         JSC swissinter
         Im Tobel 5, Hadlikon
         8340 Hinwil
         Switzerland

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

         Bankruptcy Service of Wetzikon-Zurich
         8622 Wetzikon-Zurich
         Switzerland


ZELIN LLC: Zurich Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Aussersihl-Zurich suspended the
bankruptcy proceedings of LLC Zelin 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 CHF3,500
deposit.  The right for the additional deposit is retained.

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

         LLC Zelin
         Motorenstrasse 25
         8005 Zurich
         Switzerland

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

         Bankruptcy Service of Aussersihl-Zurich
         8026 Zurich
         Switzerland


ZHB AC: Schaffhausen Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Schaffhausen suspended the bankruptcy
proceedings of LLC ZHB AC on Dec. 4, 2006, pursuant to Article
230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Sept. 1, 2006, can be reached
at:

         LLC ZHB AC
         Alte Zollstrasse 12
         8260 Stein am Rhein
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland


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


DOGAN YAYIN: Subsidiary Acquires Trader Media for US$500 Million
----------------------------------------------------------------
Hurriyet Gazetecilik ve Matbaacylyk A.S. disclosed a recommended
voluntary offer to acquire 100% of Trader Media East Ltd. for
US$500 million in cash.

Hurriyet, a subsidiary of Dogan Yayin Holding, has a leading
position in the Turkish media sector.  With this potential
acquisition, Hurriyet will be one of the largest providers of
online and offline classified advertising.  Moreover, this will
give Hurriyet access to high growth regions of Central & Eastern
Europe, especially Russia and CIS.

TME is a provider of print and online classified advertising in
the Russia, CIS, Baltics and Eastern Europe region.

"Hurriyet's leading position in the Turkish classified
advertising market, combined with TME's leading position in
high-growth markets in the Russian, CIS, Baltics and Eastern
European region will create one of the largest classified
advertising groups in the world," Vuslat Dogan Sabancy,
Hurriyet's CEO disclosed.

"Following the Offer, approximately 35% of the Hürriyet group's
overall revenues will come from outside Turkey.  The Offer is an
important step towards Dogan Yayin's stated strategy of becoming
a major international force.  I believe our offer to TME
Shareholders is at an attractive value and will be received
positively," Mr. Sabancy added.

TME shares were offered to public in February 2006 for US$13 per
share.  The company's 2005 consolidated net revenues were
US$197.9 million and consolidated EBITDA was US$64.9 million.

                            About TME

Headquartered in Netherlands, Trader Media East Ltd. --
http://www.tmeast.com/-- is an online and print classified
advertising provider with strong local brands serving local
markets in Central and Eastern Europe.  It has operations in
Russia, Poland, Hungary, Croatia, Ukraine, Kazakhstan, Belarus
and Lithuania.

TME has strong local brands in print and online classified
market.  Some of TME's important brands among its 256 print
titles are Iz Ruk v Ruki and Aviso in Russia & CIS; Szuperinfo
and Expressz in Hungary, Oglasnik in Crotia; AutoBit in Poland.
With a total of 50,000,000 GDRs, TME is traded on London Stock
Exchange.

Over the three months ending Dec. 19, 2006, the GDRs had a
volume weighted average closing price of US$8.10 while
Hurriyet's offer is US$10.00.  TME's closing share price was
US$7.80 as of Dec. 19, 2006.

                        About Hurriyet

Headquartered in Turkey, Hurriyet Gazetecilik ve Matbaacylyk
A.S. is the flagship subsidiary of Dogan Yayin Holding and is
the leading publishing house in Turkey.

The company publishes four national newspapers, operates five
online news and classified portals, and owns eight printing
facilities.  It has 1,900 employees.

As of Financial Year 2005, Hurriyet has posted US$436 million
revenues and US$120 million EBITDA.  Hurriyet is listed on
Istanbul Stock Exchange with 40% free float and over 90% of its
free float is held by foreign institutional shareholders.  The
company is trading at a market capitalization of around US$1.1
billion.

About Dogan Yayin Holding

DYH -- http://www.dmg.com.tr/-- has a market-leading position
in the Turkish market through its operations in newspapers and
magazine publishing, television and radio broadcasting, printing
and new media with total consolidated revenues and EBITDA of
US$1.3 billion and US$153 million respectively for Financial
Year 2005.

With approximately 7,000 employees, DYH is uniquely positioned
in different segments of media, with an estimated 42% share of
the total advertising market in Turkey.  DYH is listed on
Istanbul Stock Exchange, with a 34% free float.


DOGAN YAYIN: Fitch Affirms Issuer Default Ratings at B+
-------------------------------------------------------
Fitch Ratings affirmed Turkey-based Dogan Yayin Holding's local
and foreign currency Issuer Default ratings at B+.  The Outlooks
remain Positive.  DYH has no issues outstanding as of January.

The rating action follows DYH's flagship subsidiary Hurriyet's
recent announcement of a conditional offer to acquire up to 100%
of Trader Media East Limited's issued share capital at US$10 per
share for an implied valuation of US$500 million.  Fitch notes
that Hurriyet may become highly leveraged as a result of this
transaction affecting the net consolidated leverage level at the
holding company level.  However, Fitch does not expect DYH to
leverage beyond the management's target net debt/EBITDA of 2x
even under the worst-case scenario.  Fitch factors in cash
inflow from the sale of a 25% stake in Dogan TV as a mitigating
factor for possible reduced upstream cash flow from Hurriyet.
Fitch sees Hurriyet's offer as an important step towards the
media group's aspirations for regional growth in Russia, the
CIS, and Eastern Europe.

Fitch acknowledges the strategic benefits that the Star TV
acquisition has provided to the DYH group, with meaningful cash
flow contribution from Star TV in 2006 following the completion
of the channel's integration with Dogan TV.  Broadcasting EBITDA
was up significantly year on year in nine months ended Fiscal
Year 2006 at US$31.9 million with EBITDA margin expanding to 12%
from 7%.  This reinforces Fitch's view that the cost-cutting
measures in the broadcasting segment have started to bear fruit,
due to additional economies of scale with the integration of
Star TV.

As at Fiscal Year 2006, gross debt at DYH was US$425 million,
which mainly financed the acquisition of Star TV in 2005.  DYH
signed in November 2006 a share purchase agreement with Axel
Springer on the 25% stake sale in Dogan TV for EUR375 million,
implying a total equity valuation of EUR1,500 million for the
broadcasting asset.  As a result of this transaction, DYH is
expected to post a net consolidated cash position as of end-
2006, which is a major improvement from the net consolidated
leverage-to-annualized EBITDA of 2.5x at first quarter ended
2006.  Fitch expects DYH to carry the proceeds from the 25%
stake sale of Dogan TV on its consolidated balance sheet,
lessening the impact of any leveraging attempt by Hurriyet.

As a holding company, DYH depends on dividend flows, service
income, and capital gains.  DYH defined its dividend policy
initially in Fiscal Year 2003, stating that its publicly quoted
companies would distribute 50% of distributable income.  Fitch's
ratings reflect the dividend flow from only Hurriyet, Dogan
Gazetecilik, and Dogan Burda Rizzoli.  However, if and when the
TME transaction closes, Fitch notes that Hurriyet will rely on
its free cash flow generation capability to satisfy its
outstanding obligations and it is highly unlikely that there
will be any dividend flow from Hurriyet to DYH in the medium
term.  Fitch also notes that dividend flow from Dogan TV is not
expected in the next five years as the subsidiary pays down its
portion of debt.  DYH currently has full control over its
subsidiaries and Fitch views that management has scope to direct
the cash when needed.

DYH is owned by Dogan Sirketler Grubu A.S., which is the holding
company of Aydin Dogan and his family.  The Dogan Family and AD
Foundation owns 3% of the company.  The rest of DYH shares are
floated.


HURRIYET GAZETECILIK: Acquires Trader Media for US$500 Million
--------------------------------------------------------------
Hurriyet Gazetecilik ve Matbaacylyk A.S. disclosed a recommended
voluntary offer to acquire 100% of Trader Media East Ltd. for
US$500 million in cash.

Hurriyet, a subsidiary of Dogan Yayin Holding, has a leading
position in the Turkish media sector.  With this potential
acquisition, Hurriyet will be one of the largest providers of
online and offline classified advertising.  Moreover, this will
give Hurriyet access to high growth regions of Central & Eastern
Europe; especially Russia and CIS.

TME is a provider of print and online classified advertising in
the Russia, CIS, Baltics and Eastern Europe region.

"Hurriyet's leading position in the Turkish classified
advertising market, combined with TME's leading position in
high-growth markets in the Russian, CIS, Baltics and Eastern
European region will create one of the largest classified
advertising groups in the world," Vuslat Dogan Sabancy,
Hurriyet's CEO disclosed.

"Following the Offer, approximately 35% of the Hürriyet group's
overall revenues will come from outside Turkey.  The Offer is an
important step towards Dogan Yayin's stated strategy of becoming
a major international force.  I believe our offer to TME
Shareholders is at an attractive value and will be received
positively," Mr. Sabancy added.

TME shares were offered to public in February 2006 for US$13 per
share.  The company's 2005 consolidated net revenues were
US$197.9 million and consolidated EBITDA was US$64.9 million.

                         About TME

Headquartered in Netherlands, Trader Media East Ltd. --
http://www.tmeast.com/-- is an online and print classified
advertising provider with strong local brands serving local
markets in Central and Eastern Europe.  It has operations in
Russia, Poland, Hungary, Croatia, Ukraine, Kazakhstan, Belarus
and Lithuania.

TME has strong local brands in print and online classified
market.  Some of TME's important brands among its 256 print
titles are Iz Ruk v Ruki and Aviso in Russia & CIS; Szuperinfo
and Expressz in Hungary, Oglasnik in Crotia; AutoBit in Poland.
With a total of 50,000,000 GDRs, TME is traded on London Stock
Exchange.

Over the three months ending Dec. 19, 2006, the GDRs had a
volume weighted average closing price of US$8.10 while
Hurriyet's offer is US$10.00.  TME's closing share price was
US$7.80 as of Dec. 19, 2006.

                        About Hurriyet

Headquartered in Turkey, Hurriyet Gazetecilik ve Matbaacylyk
A.S. is the flagship subsidiary of Dogan Yayin Holding and is
the leading publishing house in Turkey.

The company publishes four national newspapers, operates five
online news and classified portals, and owns eight printing
facilities.  It has 1,900 employees.

As of Financial Year 2005, Hurriyet has posted US$436 million
revenues and US$120 million EBITDA.  Hurriyet is listed on
Istanbul Stock Exchange with 40% free float and over 90% of its
free float is held by foreign institutional shareholders.  The
company is trading at a market capitalization of around US$1.1
billion.

About Dogan Yayin Holding

DYH -- http://www.dmg.com.tr/-- has a market-leading position
in the Turkish market through its operations in newspapers and
magazine publishing, television and radio broadcasting, printing
and new media with total consolidated revenues and EBITDA of
US$1.3 billion and US$153 million respectively for Financial
Year 2005.

With approximately 7,000 employees, DYH is uniquely positioned
in different segments of media, with an estimated 42% share of
the total advertising market in Turkey.  DYH is listed on
Istanbul Stock Exchange, with a 34% free float.


HURRIYET GAZETECILIK: Fitch Places BB Ratings on Watch Negative
---------------------------------------------------------------
Fitch Ratings placed Turkey-based Hurriyet's foreign currency
and local currency Issuer Default ratings of BB on Rating Watch
Negative following its recommended voluntary offer to acquire
100% of Trader Media East Limited at US$10 per share for an
implied valuation of US$500 million.

The agency also placed Hurriyet's National Long-term rating of
AA- on RWN.  Hurriyet has no issues outstanding as of January.

Closing of the transaction is conditional on receiving necessary
regulatory approvals, sufficient valid acceptances from TME
shareholders corresponding to an at least 51% stake in the
company and other customary conditions.  Fitch notes that TME's
current stock price on the London Stock Exchange is already
above the offer price of US$10 per share and the duration of the
offer by Hurriyet is seven months.  The transaction is expected
to result in a significant cash outflow from Hurriyet that will
be financed by a US$350 million loan from ABN Amro Bank and
US$150 million from the company's internal sources.

TME is a leading provider of print and online classified
advertising in Russia, the CIS, the Baltics, and Eastern Europe.
It is one of the leading classified advertising companies in the
region, operating with weekly and daily newspapers and websites,
primarily in the real estate, automotive and recruitment
categories.  The company's 2005 consolidated net revenues were
US$197.9 million and consolidated EBITDA was US$64.9 million.
Following the successful completion of the transaction,
approximately 35% of the Hurriyet group's overall revenues will
be derived from outside Turkey.  Fitch sees this offer as an
important step towards the media group's aspirations for
regional growth in Russia, the CIS, and Eastern Europe.

The RWN reflects Fitch's view that the rating could remain at
its current level or be downgraded upon the conclusion of the
acquisition.  The Watch will be resolved when the deal closes or
if it is abandoned.  The rating outcome will depend on the final
structure of the transaction depending on acceptance level by
the TME shareholders and consequently the resulting cash outflow
from Hurriyet.  As at nine months ended Fiscal Year 2006,
Hurriyet's consolidated net cash stood at US$62 million.  If and
when this transaction closes, Hurriyet's consolidated Fiscal
Year ended 2006 net debt-to-EBITDA could range from 1.4x to 2.7x
under the worst-case scenario.  The latter could indicate a
maximum of one-notch rating downgrade depending on the final
structure of the deal.

Hurriyet is Turkey's leading daily national newspaper, with
strong positions in advertising and circulation revenues.
Hurriyet is a subsidiary of Dogan Yayin Holding, which has 60%
equity interest.  The latter is controlled by Dogan Holding.


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


GORODOK RESEARCH: Hmelnitskij Court Starts Bankruptcy Process
-------------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
proceeding against OJSC Gorodok Research Experimental Plant
(code EDRPOU 00901677) on Dec. 12, 2006, after finding it
insolvent.  The case is docketed under Case No. 3/187-B.

The Liquidator/Insolvency Manager is:

         Victor Matuschak
         G. Skovoroda Str. 14
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Gorodok Research Experimental Plant
         Stanciynaya Str. 1
         Gorodok
         31416 Hmelnitskij Region
         Ukraine


GREEN HORN: Claims Submission Deadline Set January 19
-----------------------------------------------------
Creditors of Agricultural LLC Green Horn (code EDRPOU 32874539)
have until Jan. 19 to submit written proofs of claim to:

         Sergey Vinnyk, Temporary Insolvency Manager
         Gvardeyskiy Lane 3
         Cherkassy Region
         Ukraine
         Tel: 65-11-28

The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 01/5002.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Green Horn
         Zeleniy Rog
         Shazhkov District
         19720 Cherkassy Region
         Ukraine


OREHOVSKOE BEET: Creditors Must File Claims by January 20
---------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
proceeding against the company on Dec. 12, 2006, after finding
it insolvent.  The case is docketed under Case No. 18/213.

Creditors of Agricultural OJSC Orehovskoe Beet Farm (code EDRPOU
00384928) have until Jan. 20 to submit written proofs of claim
to:

         Larisa Goleynaya, Liquidator
         Mir Str. 9
         36022 Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Orehovskoe Beet Farm
         Novoorehovka
         Lubenka District
         37562 Poltava Region
         Ukraine


SPECIAL ASSEMBLING: Creditors Must File Claims by January 20
------------------------------------------------------------
Creditors of LLC Special Assembling Industry (code EDRPOU
32735765) have until Jan. 20 to submit written proofs of claim
to:

         V. Shulga, Liquidator
         Anischenko Str. 12
         01010 Kiev Region
         Ukraine

The Economic Court of Kiev Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Debtor can be reached at:

         LLC Special Assembling Industry
         Berlinskiy Str. 9
         04060 Kiev Region
         Ukraine


STARYE BABANY: Creditors Must File Claims by January 19
-------------------------------------------------------
Creditors of OJSC Starye Babany Granite Full Gallop (code EDRPOU
00293717) have until Jan. 19 to submit written proofs of claim
to:

         Oleg Bilera, Liquidator
         Shevchenko Boulevard 250
         Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region commenced bankruptcy
proceeding against the company on Nov. 21, 2006, after finding
it insolvent.  The case is docketed under Case No. AA 783030.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         OJSC Starye Babany Granite Full Gallop
         Granitnaya 1
         Starie Babany
         Uman District
         19733 Cherkassy Region
         Ukraine


TH BALCEM: Creditors Must File Claims by January 24
---------------------------------------------------
Creditors of LLC TH Balcem (code EDRPOU 31461542) have until
Jan. 24 to submit their proofs of claims TO:

         DPI of Balakleya District
         Mukanov Str. 63
         Balakleya
         64200 Kharkov Region
         Ukraine

The Economic Court of Kharkov Region commenced bankruptcy
proceeding against the company on Nov. 2, 2006, after finding it
insolvent.  The case is docketed under Case No. B-31/84-06.

The Economic Court of Kharkov Region is located at:

         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov Region
         Ukraine

The Debtor can be reached at:

         LLC TH Balcem
         Balakleya
         Kharkov Region
         Ukraine


TRIESPASS NOVAN: Creditors Must File Claims by January 19
---------------------------------------------------------
Creditors of LLC Triespass Novan (code EDRPOU 33398263) have
until Jan. 19 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceeding
against the company on Dec. 6, 2006, after finding it insolvent.
The case is docketed under Case No. 44/593-b.

The Economic Court of Kiev Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Debtor can be reached at:

         LLC Triespass Novan
         Berlinskiy Str. 9
         04060 Kiev Region
         Ukraine


UNIPROMSERVICE LLC: Creditors Must File Claims by January 19
------------------------------------------------------------
Creditors of LLC Unipromservice (code EDRPOU 24999327) have
until Jan. 19 to submit written proofs of claim to:

         Alexander Shykulenko, Liquidator
         Shyrshova Str. 7
         49030 Dniepropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceeding against the company on Dec. 5, 2006, after finding it
insolvent.  The case is docketed under Case No. B 29/348-06.

The Economic Court of Dniepropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dniepropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Unipromservice
         Matrosov Str. 88-58
         Dnieprodzerzhynsk
         51900 Dniepropetrovsk Region
         Ukraine


ZHURAVKA LLC: Claims Submission Deadline Set January 19
-------------------------------------------------------
Creditors of LLC Zhuravka (code EDRPOU 30950518) have until
Jan. 19 to submit written proofs of claim to:

         Natalya Chesnova, Temporary Insolvency Manager
         P.O. Box 2047
         49033 Dnipropetrovsk Region
         Ukraine
         Tel: 8(0562) 36-10-75

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 15/178/05.

The Economic Court of Dniepropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dniepropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Zhuravka
         Lenin Str. 50
         Yurievka
         Carichanskiy District
         51020 Dnipropetrovsk Region
         Ukraine


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


ABBSEAL (U.K.) LTD: Brings In KPMG to Administer Assets
-------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Abbseal (U.K.) Ltd. (Company
Number 05304745) on Dec. 18.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Abbseal (U.K.) Ltd. can be reached through:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         West Yorkshire LS1 4DW
         United Kingdom
         Tel: 0113 231 3332
         Fax: 0113 231 3183


B D P JOINTERS: Creditors' Meeting Scheduled for Jan. 18
--------------------------------------------------------
Creditors of B D P Jointers Ltd. will meet at 11:00 a.m. on
Jan. 18 at:

         Cooper Young
         Kirkdale House
         Kirkdale Road
         London E11 1HP
         United Kingdom

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, between 10:00 a.m. and 4:00 p.m.
on Jan. 16 at:

         Cooper Young
         Kirkdale House
         Kirkdale Road
         London E11 1HP

The company can be reached at:

         B D P Jointers Ltd.
         36 Vernon Road
         Ilford
         Essex IG3 8DL
         United Kingdom
         Tel: 020 8597 8497


BAILEY & SMITH: Names Claire Dwyer to Administer Assets
-------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was named
administrator of Bailey & Smith Ltd. (Company Number 05648982)
on Dec. 15, 2006.

The administrator can be reached at:

         Claire L. Dwyer
         Jones Lowndes Dwyer LLP
         4 The Stables
         Wilmslow Road
         Didsbury
         Manchester M20 5PG
         United Kingdom
         Tel: 0161 832 9454
         Fax: 0161 832 9455
         E-mail: clairedwyer@joneslowndesdwyer.co.uk

Headquartered in Manchester, England, Bailey & Smith Ltd. --
http://www.baileysmith.co.uk/-- manufactures and supplies
refrigeration equipment.


BB & EA: Claims Filing Period Ends Jan. 31
------------------------------------------
Creditors of BB & EA Holdings Limited have until Jan. 31, to
send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors, (if any) to appointed Joint Liquidator Thomas M.
Burton at:

         Ernst & Young
         Ten George Street
         Edinburgh EH2 2DZ
         United Kingdom

Thomas M. Burton and Colin P. Dempster of Ernst & Young were
appointed Joint Liquidators of the company on May 7, 2004.

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


BCT OUTDOORS: Appoints Joint Administrators from KPMG
-----------------------------------------------------
Neil Anthony Armour and Blair Carnegie Nimmo of KPMG LLP were
appointed joint administrators of BCT Outdoors Ltd. (Company
Number 01709058) on Dec. 15, 2006.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Bradford, England, BCT Outdoors Ltd.
manufactures tents.


BEAUMONT ROSE: Creditors' Claims Due Jan. 22
--------------------------------------------
Creditors of Beaumont Rose Limited (formerly Ormes Wine Bar
Ltd.) have until Jan. 22 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Liquidator Martin C. Armstrong at:

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

The company can be reached at:

         Beaumont Rose Limited
         545 Garratt Lane
         Wandsworth
         London SW184SR
         United Kingdom
         Tel: 020 8879 1056
         Fax: 020 8879 1322


BENNETTS PLAYCARE: Names Vernon Charles Wright Liquidator
---------------------------------------------------------
Vernon Charles Wright was appointed Liquidator of Bennetts
Playcare Limited on Nov. 29, 2006, for the creditors' voluntary
winding-up procedure.

Turpin Barker Armstrong -- http://www.turpinba.co.uk/--
provides accounting, tax and business advisory services.

The Liquidator can be reached at:

         Vernon Wright & Co. Limited
         40-42 High Street
         Maldon
         Essex CM9 5PN
         United Kingdom


BERNSTEIN GROUP: Creditors' Meeting Slated for January 19
---------------------------------------------------------
Creditors of Bernstein Group Holdings Ltd. (Company Number
4956646) will meet at 10:00 a.m. on Jan. 19, at:

         Ramada Jarvis Hotel
         Manchester Road
         Blackrod
         Bolton BL6 5RU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 18, at:

         David Costley-Wood
         Joint Administrator
         KPMG LLP
         St. James' Square
         Manchester
         Greater Manchester M2 6DS
         United Kingdom
         Tel: 0161 838 4000
         Fax: 0161 838 4040

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


BERRYS DIRECT: Taps N. A. Bennett to Liquidate Assets
-----------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed Liquidator of
Berrys Direct Limited on Dec. 19, 2006, for the creditors'
voluntary winding-up procedure.

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

Berrys Direct Limited can be reached at:

         Berrys Direct Limited
         Unit 1
         1000 North Circular Road
         Brent
         London NW2 7JP
         United Kingdom
         Tel: 0870 366 6100
         Fax: 020 8452 8800


BLUEWATER MARINE: Nominates Liquidator from Mayfields
-----------------------------------------------------
Paul John Webb of Mayfields was nominated Liquidator of
Bluewater Marine (Kingsbridge) Limited on Nov. 28, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Mayfields
         Church Steps House
         Queensway
         Halesowen
         West Midlands B63 4AB
         United Kingdom


BOOKS FOR STUDENTS: Brings In Liquidators from PwC
--------------------------------------------------
Mark David Charles Hopkins and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed Liquidators of Books
for Students Limited on Sept. 21, 2006, for the creditors'
voluntary winding-up procedure.

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

Books for Students Limited can be reached at:

         22-28 George Street
         Hull HU1 3AP
         United Kingdom
         Tel: 01482 384660
         Fax: 01482 384677
         Web: http://www.bfsworldwide.com/


BOOTS BOARD: Appoints M. S. E. Solomons as Liquidator
-----------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
Liquidator of Boots Board Ltd. (t/a Boots Systems) on
Dec. 20, 2006, for the creditors' voluntary winding-up
procedure.

Headquartered in Bedford, England, Boots Board Ltd. --
http://www.bootsit.com/about.html/-- provides developing
advanced solutions for U.K. businesses for over ten years.  The
company hosts the online presence of hundreds of small/medium
enterprises and many global corporates.  It has worldwide
hosting capability via partners in New York, Boston, Sydney and
other major centers -- with customers using this coverage to
lower their cost of ownership for global networking.


BRETTON HOLDINGS: Nominates Liquidators from PwC
------------------------------------------------
Shareholders of Bretton Holdings (One) Limited nominated Ian
Christopher Oakley Smith and David John Blenkarn of
PricewaterhouseCoopers LLP nominated as Joint Liquidators of the
company on Dec. 19, 2006, for the creditors' voluntary
winding-up procedure.

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

The Joint Liquidators can be reached at:

         PricewaterhouseCoopers LLP
         12 Plumtree Court
         London EC4A 4HT
         United Kingdom


BRISTOL TOOL: Creditors' Claims Due Jan. 31
-------------------------------------------
Creditors of Bristol Tool & Gauge Engineering Limited have until
Jan. 31 to prove and send their claims to appointed Liquidator
N. Morrison at:

         Grant Thornton U.K. LLP
         43 Queen Square
         Bristol BS1 4QR
         United Kingdom

The Liquidator intends to pay a first dividend within four
months of the last date for proving.

The company can be reached at:

         Bristol Tool & Gauge Engineering Limited
         Unit E
         Siston Centre
         Station Road
         Kingswood
         Bristol BS154GQ
         United Kingdom
         Tel: 0117 967 4881
         Fax: 0117 960 3800


BRITISH AIRWAYS: Agrees to Trade Unions' Pension Scheme Proposal
----------------------------------------------------------------
British Airways welcomed the decision by its trade unions in the
BA Forum to recommend changes to its New Airways Pension Scheme
(NAPS), which has a GBP2.1 billion deficit.

The British Airways Forum represents the airline's four unions
and is recommending acceptance of the proposal and will now
consult with members formally.

The company has agreed to make a one off contribution of
GBP800 million into the fund subject to acceptance of benefit
changes.  Together with a one-off employee saving of
GBP400 million and changes to future benefits, the NAPS pension
deficit will be reduced by more than half from an existing
GBP2.1 billion to GBP0.9 billion and the company's annual
contributions will be around GBP280 million a year for the next
ten years.

British Airways' chief executive, Willie Walsh, said: "This is
great news.  Together with the NAPS Trustees and staff, we have
found a shared solution that helps secure the pensions of our
33,500 NAPS members and removes a major blocker to future
investment in British Airways.  This brings the NAPS deficit and
ongoing contributions to a level which is affordable by British
Airways and effectively tackles one of the most fundamental
issues we face."

A funding plan to clear the NAPS deficit over 10 years was
agreed with the pension scheme trustees in 2006, subject to
members accepting changes to future benefits.

Under the proposals there will be a normal retirement age of 65
with a contribution rate of 5.25 percent and the ability for
employees to pay a higher pension contribution rate of 8.5
percent to retire at 60.  Staff can still choose to retire
earlier than the normal retirement age but with a reduced
pension.

There will also be a normal retirement age of 55 with a
contribution rate of 9 percent on top of the cost of retiring at
60.  This option is available to all staff.

Future pensionable pay rises will be capped to inflation and
pension growth in retirement remains at five percent.

The company will make a one-off contribution of GBP800 million
and up to GBP150 million more in contributions over the next
three years subject to financial targets.

Together with the one-off employee saving of GBP400 million and
changes to future benefits, the GBP2.1 billion deficit will be
more than halved to GBP0.9 billion.

The airline's annual contributions for the next ten years of
GBP280 million, up from GBP272 million in November last year,
will clear the remaining deficit.  The GBP8-million increase
represents the cost of improved contributions and keeping LPI at
five percent.

The NAPS trustees approved the funding plan to clear the deficit
last year.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Traffic Figures Slide in December 2006
-------------------------------------------------------
British Airways disclosed its traffic and capacity statistics
for December 2006.

In December 2006, passenger capacity, measured in Available Seat
Kilometers, was 0.1% below December 2005.  Traffic, measured in
Revenue-Passenger-Kilometers, was lower by 0.5%.  This resulted
in a passenger load factor down 0.3 points versus last year, to
73.9%.  The decrease in traffic comprised a 2.8% increase in
premium traffic and a 1% decrease in non-premium traffic.
Cargo, measured in Cargo-Ton-Kilometers, decreased by 11.6%.
Severe fog conditions in the run up to Christmas led to the
cancellation of more than 800 flights, affecting European and
domestic services. Overall load factor fell by 0.6 points to
70.5%.

For the September to December quarter, ASKs rose by 0.5%, with
RPKs flat.  This resulted in passenger load factor down 0.4
points, to 73.7%.  This comprised a 2.8% increase in premium
traffic and a 0.6% increase in non-premium traffic.  CTKs fell
by 9%.

Underlying market conditions are broadly unchanged.

                    Strategic Developments

The airline launched a new five times a week service From
Heathrow to Calgary and a new five times a week service from
Gatwick to Salzburg.

The T&G's cabin crew branch is balloting its members on
industrial action.  The company has been in talks for some time
with the T&G and Amicus on changes to work practices that would
contribute toward the airline's drive to achieve a
GBP450-million reduction in costs by March 2008.  Talks
continue.

In response to the Government's announcement of a 100% increase
in Air Passenger Duty, the airline called for tax reform and
said at least GBP87 million should be ring-fenced for spending
on emissions-reducing renewable energy projects in the
developing world, thereby offsetting all the airline's
emissions.

The New Year flight sale featured discounts on 4.5 million seats
to 140 destinations worldwide.

Avis and Vanguard have been selected as the airline's worldwide
car rental partners.

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRUCE BUTCHER: Calls In Liquidators from Kroll
----------------------------------------------
Adrian John Wolstenholme and Joanne Marie Wright of Kroll were
appointed Liquidators of Bruce Butcher Electrical Limited on
Nov. 3, 2006, for the creditors' voluntary winding-up
proceeding.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigat ion,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Bruce Butcher Electrical Limited can be reached at:

         North Hinksey Lane
         Botley
         Oxford
         Oxfordshire OX2 0JS
         United Kingdom
         Tel: 01865 727058
         Fax: 01865 79076


BUSY BEES: Taps Liquidator from DTE Leonard Curtis
--------------------------------------------------
The Members and Creditors of Busy Bees Commercial Cleaning U.K.
Limited appointed Alan Clifton of DTE Leonard Curtis as
Liquidator of the company on Dec. 13, 2006, for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham B3 2BB
         United Kingdom


CARLINGS BUTCHERS: Claims Filing Period Ends Jan. 12
----------------------------------------------------
Creditors of Carlings Butchers & Delicatessen Limited have until
Jan. 12 to send their names and addresses and particulars of
their claims to appointed Joint Liquidators Matthew Colin Bowker
and David Antony Willis at:

         Jacksons Jolliffe Cork
         Lowgate Ho use
         Lowgate
         Hull HU1 1EL
         United Kingdom

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.


CELTIC SAVOURIES: Appoints Administrators from Begbies Traynor
--------------------------------------------------------------
David Hill and William John Kelly of Begbies Traynor were
appointed joint administrators of Celtic Savouries Ltd. (Company
Number 05458105) on Dec. 18, 2006.

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

Celtic Savouries Ltd. can be reached at:

         CWMDU Industrial Estate
         Carmarthen Road
         Gendros
         Swansea
         West Glamorgan SA5 8JF
         United Kingdom
         Tel: 01792 588 674


COLLINS & AIKMAN: Agrees to Resolve Prepetition Debt with Lear
--------------------------------------------------------------
Collins and Aikman Corp. and its debtor-affiliates asked the
U.S. Bankruptcy Court for the Eastern District of Michigan to
approve a second stipulation with Lear Corp. and its affiliates
and subsidiaries.

The parties have agreed on a second stipulation to resolve the
remaining disputed prepetition debt, which will mark the end of
the parties' dispute, Marc J. Carmel, Esq., at Kirkland & Ellis
LLP, in New York, New York, informs the court.

Before the Petition Date, the Debtors and Lear provided each
other with certain automotive component parts.  It was agreed on
the first stipulation that the prepetition Lear receivable owed
to the Debtors was US$4,441,028.  The Debtors also believed that
they were owed an additional US$866,622 from Lear on account of
prepetition shipments to Lear.

It was also agreed in the First Stipulation that Lear was owed
US$331,899.  At the time of the First Stipulation, Lear asserted
that it continued to be owed on account of prepetition shipments
to the Debtors an additional US$88,209 from the Debtors.  Both
parties have reconciled and agreed that the additional
receivable is due to Lear.

On Nov. 3, 2006, Lear filed a motion seeking a declaration that
the automatic stay did not prohibit it from recouping the
prepetition amounts owed to Lear against prepetition amounts
that Lear owed the Debtors.

Mr. Carmel relates that under certain agreements, the Debtors
transferred certain accounts to Carcorp Inc., who in turn
assigned substantially all accounts receivable to General
Electric Capital Corporation.

GECC alleged that under the terms of the Agreements, around
US$1,776,305 of the Lear Receivable was assigned to GECC.  It
was agreed in the First Stipulation that US$1,323,907 was owed
in respect to the assigned accounts.

On Dec. 22, 2005, GECC filed a complaint for declaratory
judgment and related relief against the Debtors and Lear seeking
payment of the portion of the Lear Receivable assigned to GECC.

In accordance with the First Stipulation, Lear paid the Debtors
US$2,697,683 and paid GECC US$1,323,907.

On Oct. 13, 2006, the Court approved a stipulation regarding a
Receivables Transfer Agreement between the Debtors and GECC.

The Debtors and Lear now agree that US$513,168 of the disputed
prepetition debt is actually owed by various other customers of
the Debtors or is otherwise not payable by Lear; and US$273,272
is based on invoices that were paid by Lear, and therefore, were
not properly categorized as part of the Lear Receivable, Mr.
Carmel states.  The remaining Disputed Prepetition Debt is
US$79,512.

Pursuant to the Second Stipulation, the Debtors and Lear have
agreed that:

     * Lear will pay US$39,756 to the Debtors within
       five business days from the entry of Court order, and
       the payment will absolve Lear of any and all
       liability for any debt on account of the Lear
       Receivable or the Disputed Prepetition Debt; and

     * Lear may recoup the Reserve and apply it in full
       settlement of the Additional Receivable.

                    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)


CORUS GROUP: Confirms Issuance of Ordinary Shares & Bonds
---------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirmed that, as at Jan. 8, it had
these relevant securities in issue (including any ordinary
shares represented by American Depositary Shares but excluding
any ordinary shares held in treasury):

   -- 945,889,566 ordinary shares of 50p each under
      ISIN code GB00B127GF29.

   -- 4.625% convertible subordinated bonds due 2007
      amounting to NLG345,000,000 convertible into
      19,338,687 ordinary shares of Corus Group plc.

      The ISIN code for these securities is NL0000183184.

Each American Depositary Share represents two ordinary shares of
the company.

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, 2006, Standard &
Poor's Ratings Services kept its 'BB' long-term corporate rating
on U.K.-based steelmaker Corus Group PLC on CreditWatch with
developing implications, following the announcement by Brazil-
based steel maker Companhia Siderurgica Nacional (BB/Watch Neg/-
-) of a proposed takeover offer worth 475 pence per share.

At the same time, the 'BB+' senior secured bank loan ratings and
'BB-' unsecured debt ratings on Corus remain on CreditWatch with
developing implications.  The 'B' short-term corporate credit
rating remains on CreditWatch with positive implications.  All
ratings were placed on CreditWatch on Oct. 18  following the
announcement of an initial bid for the company from India-based
steel manufacturer Tata Steel Ltd.

In a TCR-Europe report on Oct. 25, 2006, Moody's Investors
Service placed all ratings of Corus Group plc under review with
direction uncertain following the recommendation of the board of
Corus Group in favor of the proposed acquisition of the entire
capital of Corus Group by Tata Steel Limited.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

As reported in the TCR-Europe on Oct. 24, 2006, Fitch Ratings
changed the Rating Watch on Corus Group PLC's Issuer Default and
senior unsecured BB- and Short-term B ratings to Negative from
Positive.  This follows the recommendation by the CS Board of an
offer from India-based Tata Steel Ltd. valued at GBP4.3 billion.

The RWN also applies to these debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.


DURA AUTOMOTIVE: Creditors Panel Taps Kramer Levin as Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in DURA Automotive
Systems Inc. and its debtor affiliates' Chapter 11 cases, seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Kramer Levin Naftalis & Frankel LLP as its
counsel, effective as of Nov. 7, 2006.

Nicholas W. Walsh, chairperson of the Committee, explains that
the Creditors Committee selected Kramer Levin primarily because
the firm's Corporate Restructuring and Bankruptcy Department has
extensive experience in the fields of bankruptcy and creditors'
rights and, in particular, has represented official creditors
committees in some of the largest and most complex Chapter 11
reorganization cases of recent years, including Dana
Corporation, Genuity Inc., Bethlehem Steel Corporation, and
Adelphia Business Solutions Inc., among others.

In addition to acting as primary spokesman for the Committee,
Kramer Framer Levin's services will also, without limitation,
assist, advise, and represent the Committee with respect to:

    a. the administration of these cases and the exercise of
       oversight with respect to the Debtors' affairs including
       all issues in connection with the Debtors, the Committee
       or the Chapter 11 cases;

    b. the preparation on behalf of the Committee of necessary
       applications, motions, memoranda, orders, reports and
       other legal papers;

    c. appearances in Court and at statutory meetings of
       creditors to represent the interests of the Committee;

    d. the negotiation, formulation, drafting and confirmation
       of a plan or plans of reorganization and matters related
       thereto;

    e. the investigation, if any, as the Committee may desire
       concerning, among other things, the assets, liabilities,
       financial condition, sale of any of the Debtors'
       businesses, and operating issues concerning the Debtors
       that may be relevant to the Chapter 11 Cases;

    f. communications with the Committee's constituents and
       others at the direction of the Committee in furtherance
       of its responsibilities, including, but not limited to,
       communications required under Section 1102 of the
       Bankruptcy Code; and

    g. the performance of all of the Committee's duties and
       powers under the Bankruptcy Code and the Bankruptcy Rules
       and the performance of  other services as are in the
       interests of those represented by the Committee.

Kramer Levin will bill:

          Professional                    Hourly Rate
          ------------                    -----------
          Partners                       US$500 to US$795
          Counsel                        US$505 to US$855
          Associates                     US$295 to US$545
          Legal Assistants               US$190 to US$220

Kramer Levin will also seek reimbursement of out-of-pocket
expenses.

Thomas Moers Mayer, Esq., a member at Kramer Levin, assures the
Court that:

   (i) the firm is a "disinterested person" within the meaning
       of Section 101(14) of the Bankruptcy Code;

  (ii) neither Kramer Levin nor its professionals have any
       connection with the Debtors, the creditors or any other
       party-in-interest; and

(iii) Kramer Levin does not hold or represent any interest
       adverse to the Committee in the matters for which it is
       to be retained.

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

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


DURA AUTOMOTIVE: Panel Taps Chanin Capital as Financial Advisors
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in DURA Automotive
Systems Inc. and its debtor affiliates' Chapter 11 cases seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Chanin Capital Partners as its financial
advisors, nunc pro tunc to Nov. 10, 2006.

Nicholas W. Walsh, chairperson of the Committee, relates that
Chanin Capital has diverse experience and extensive knowledge in
the field of bankruptcy.  The firm has advised debtors and
creditors committees in numerous restructuring transactions,
including some of the largest and most complicated cases like in
ATX Communications, Inc.; Birch Telecom, Inc.; Cable & Wireless
USA, Inc.; Converse, Inc.; and Neoplan USA.

Mr. Walsh tells the Court that the Committee needs Chanin
Capital's assistance in collecting and analyzing financial and
other information in relation to the Debtors' Chapter 11 cases.

Chanin Capital will:

   (a) analyze and evaluate the liquidity position, assets and
       liabilities, and financial condition of the Debtors;

   (b) review and analyze the Debtors' financial and operating
       statement;

   (c) review and analyze the Company's business and financial
       projections;

   (d) evaluate the Company's debt capacity in light of its
       projected cash flows;

   (e) assist in the determination of an appropriate capital
       structure for the Company;

   (f) determine a theoretical range of values for the Company
       on a going concern basis;

   (g) assist the Committee in identifying and evaluating
       candidates for the potential acquisition of certain
       assets the Company;

   (h) analyze proposed sales of assets of the Debtors, the
       terms and options and related issues, including available
       strategic alternatives;

   (i) review, analyze and monitor the Debtor-In-Possession
       financing and other financing alternatives;

   (j) advise the Committee on tactics and strategies for
       negotiating with the Company and other purported
       stakeholders;

   (k) determine a theoretical range of values for any
       securities to be issued or distributed in connection with
       the Chapter 11 case, including without limitation any
       securities to be distributed under a plan;

   (l) advise and assist the Committee in the review and
       analysis of the Debtors' business plan;

   (m) advise and assist the Committee in the review of all
       plans;

   (n) assist with a review of the Debtors' short-term cash
       management procedures and monitoring of cash flow;

   (o) assist with a review of the Debtors' employee benefit
       programs;

   (p) assist and advise the Committee with respect to the
       Debtors' management of their supply chain, including
       critical and foreign vendors;

   (q) assist with a review of the Debtors' performance of
       cost/benefit evaluations with respect to the affirmation
       or rejection of various executory contracts involving
       vendors and customers;

   (r) assist in the evaluation of the Debtors' operations and
       identification of areas of potential cost savings,
       including overhead and operating expense reductions and
       efficiency improvements;

   (s) assist in the review and preparation of information and
       analysis necessary for the confirmation of a plan;

   (t) assist in the review of potential claims levels and the
       Debtors' reconciliation process;

   (u) assist with various tax matters;

   (v) provide testimony in any proceeding before the Court; and

   (w) provide the Committee with other appropriate general
       restructuring advice.

Chanin Capital will be paid US$150,000 per month and will be
reimbursed for expenses incurred in connection with the
engagement.  A US$1,500,000 transaction fee will also be paid to
the firm on the effective date of a plan of reorganization.

Brent Williams, managing director at Chanin Capital, discloses
that the firm represents certain Committee members or parties-
in-interest in the Debtors' Chapter 11 cases.  Chanin Capital,
however, has not identified any material relationships with any
party that would otherwise affect its judgment or ability to
perform services for the Committee.

Chanin Capital assures the Court that it has not and will not
provide any professional services to the Debtors, any of the
creditors, other parties-in-interest with regard to any matter
related to the Debtors' Chapter 11 cases.

Mr. Williams assures the Court that Chanin Capital is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code.

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

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


DURA AUTOMOTIVE: Auction Sets Bond Price at 24.12% of Face Value
----------------------------------------------------------------
In an auction held on Nov. 28, 2006, Dura Automotive Systems
Inc.'s US$400,000,000 of 8.625% notes have been given a
redemption price of 24.125 cents on the dollar by credit-default
swap dealers, Bloomberg News reports.  The redemption rate will
be used by up to 327 banks and investors to cash-settle credit-
default swaps based on the notes.

Another auction set a value of 3.5% of face value for Dura's
$523,000,000 of 9% subordinated notes, according to Bloomberg's
Shannon D. Harrington

Credit-default swaps are financial instruments based on bonds
and loans that are used to speculate on a company's ability to
repay debt.

Twelve dealers participated in the auctions, which were run by
Creditex Group Inc. and Markit Group Ltd.  According to the
International Swaps and Derivatives Association, the bidders
were Bank of America, Barclays, Bear Stearns, Citigroup, Credit
Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman
Brothers, Merrill Lynch, Morgan Stanley, and UBS.

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

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


ENCHANTED INTERIORS: Names Andrew Appleyard as Administrator
------------------------------------------------------------
Andrew Appleyard of Haines Watts was named administrator of
Enchanted Interiors Ltd. (Company Number 04649921) on
Dec. 20, 2006.

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

Enchanted Interiors Ltd. can be reached at:

         6 Shakespeare Drive
         Shirley
         Solihull
         West Midlands B90 2AJ
         United Kingdom
         Tel: 01217445551


FORD MOTOR: Partners with Microsoft on In-Car Digital Systems
-------------------------------------------------------------
Ford Motor Company has launched a new factory-installed, in-car
communications and entertainment system that is designed to
change the way consumers use digital media portable music
players and mobile phones in their vehicles.

The Ford-exclusive technology based on Microsoft Auto software,
called Sync, provides consumers the convenience and flexibility
to bring into their vehicle nearly any mobile phone or digital
media player and operate it using voice commands or the
vehicle's steering wheel or radio controls.

Sync offers consumers two ways to bring electronic devices into
their Ford, Lincoln, and Mercury vehicles and operate them
seamlessly through voice commands or steering wheel controls:

   * Bluetooth, for wireless connection of phones and phones
     that play music.

   * A USB 2.0 port for command and control and charging of
     digital media players -- including the Apple iPod and
     Microsoft Zune -- as well as PlaysForSure music devices and
     most USB media storage devices.  Supported formats include
     MP3, AAC, WMA, WAV, and PCM.

Sync will debut this calendar year on the 2008 Ford Focus,
Fusion, Five Hundred, Edge, Freestyle, Explorer, and Sport Trac;
Mercury Milan, Montego, and Mountaineer; and Lincoln MKX and
MKZ.  The technology will be on all Ford, Lincoln, and Mercury
vehicles in the near future.

"Ford and Microsoft share a vision for a future where drivers
are safely connected to the people, information and
entertainment they care about while they are on the road,"
Microsoft Corporation Chairman Bill Gates said.

                        About Ford Motor Co.

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

                         *     *     *

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

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

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


FRAGONSET RAILWAYS: Taps Begbies Traynor as Joint Administrators
----------------------------------------------------------------
W. J. Kelly and Mark R. Fry of Begbies Traynor were appointed
joint administrators of Fragonset Railways Ltd. (Company Number
03305312) on Dec. 19, 2006.

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

Fragonset Railways Ltd. can be reached at:

         R.T.C. Business Park
         London Road
         Derby
         Derbyshire DE24 8 UP
         United Kingdom
         Tel: 01332 262 469
         Fax: 01332 262 617


FUSION FILLINGS: Taps Buchanans Ltd as Joint Administrators
-----------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans Ltd. were
appointed joint administrators of Fusion Fillings Ltd. (Company
Number 04159888) on Dec. 20, 2006.

The administrators can be reached at:

         Peter Anthony Hall and Alan Peter Whalley
         Buchanans Ltd.
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom
         Tel: 023 8022 1222

Fusion Fillings Ltd. can be reached at:

         136 Long Street
         Easingwold
         York
         North Yorkshire YO61 3JA
         United Kingdom
         Tel: 01347821524


GENERAL MOTORS: Says Highland Rival Bid Could Delay Delphi Deal
---------------------------------------------------------------
Delphi Corp. and General Motors Corp.'s reorganization deal with
Appaloosa Management LP and Cerberus Capital Management could be
delayed by a rival offer from Highland Capital Management LP,
Reuters quotes Rick Wagoner, GM's CEO, as saying.

Under Appaloosa and Cerberus' US$3.4 billion offer, GM will
receive 7 million shares of Reorganized Delphi's common stock,
US$2.63 billion in cash, and a release of claims by Delphi
against GM.

Highland's proposed funding fund, on the other hand, amounts to
approximately US$4.7 billion.

Delphi became a fully independent company on May 28, 1999, after
it was spun-off from GM.

                         About Delphi Corp.

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The Company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  The Company filed for chapter 11 protection on
Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm.
Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, represent the
Debtors in their restructuring efforts.  Robert J. Rosenberg,
Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at
Latham & Watkins LLP, represents the Official Committee of
Unsecured Creditors.  As of Aug. 31, 2005, the Debtors' balance
sheet showed US$17,098,734,530 in total assets and
US$22,166,280,476 in total debts.

                     About General Motors Corp.

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

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the TCR-Europe on Nov. 16, Moody's Investors
Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5
Billion secured term loan of General Motors Corp.  The term loan
will be secured by a first priority perfected security interest
in all of the U.S. machinery and equipment, and special tools of
GM and Saturn Corporation.


GENERAL MOTORS: Awards Lithium-Ion Battery Development Contracts
----------------------------------------------------------------
General Motors Corp. has awarded advanced battery development
contracts to two suppliers to design and test lithium-ion
batteries for use in the Saturn Vue Green Line plug-in hybrid
SUV.

One contract has been awarded to Johnson Controls - Saft
Advanced Power Solutions LLC, a joint venture between Tier 1
automotive supplier Johnson Controls and Saft.

Another agreement was signed with Cobasys, in partnership with
A123Systems.  Cobasys, based in Orion, Mich., is a joint venture
between Chevron Technology Ventures LLC, a subsidiary of Chevron
Corp., and Energy Conversion Devices Inc.  A123Systems, based in
Watertown, Mass., is a manufacturer of high power lithium-ion
batteries.

The two test batteries, one from Cobasys - A123Systems and the
other from Johnson Controls - Saft, will be evaluated in
prototype Saturn Vue Green Line plug-in hybrids beginning later
this year. While both are lithium-ion batteries, the chemistry
differs significantly.  The suppliers also use unique methods in
the design and assembling of the battery packs.

GM announced in November at the 2006 Greater Los Angeles Auto
Show its intention to produce a Saturn Vue Green Line plug-in
hybrid that has the potential to achieve double the fuel
efficiency of any current SUV.

In addition to plug-in technology and a lithium-ion battery pack
when ready, the Vue Green Line will use a modified version of
GM's 2-mode hybrid system, powerful electric motors and highly
efficient electronics to achieve significant increases in fuel
economy.

GM is co-developing the 2-mode hybrid system with
DaimlerChrysler and BMW Group for use in front-, rear- and four-
wheel drive applications in an array of car and truck models.
The 2-mode system debuts later this year in the Chevrolet
Tahoe/GMC Yukon Hybrid SUVs.

                    About Johnson Controls Inc.

Johnson Controls Inc., headquartered in Milwaukee, Wis., had
sales of US$32 billion in fiscal year 2006 and employs
approximately 136,000 people.  Johnson Controls' power solutions
business provides more than 110 million starter batteries
globally each year.

                About Saft Advanced Power Solutions

Saft Advanced Power Solutions LLC, headquartered in Paris,
employs 4,000 people and had annual sales of more than US$700
million in 2005.  Saft is a world leader in high performance
batteries and has a decade of experience in lithium-ion
development and manufacturing.  Saft provided lithium-ion
batteries for the Chevrolet Sequel fuel cell concept vehicle.

                About Johnson - Saft Joint Venture

Saft and Johnson Controls formed the battery joint venture last
year.  Now, more than 150 people work for the joint venture,
based also in Milwaukee.

                           About Cobasys

Cobasys has facilities in both Michigan and Ohio with
approximately 400 employees to the design, manufacture and
integrate advanced energy storage systems for both
transportation and stationary power markets.  It's headquarters
features one of the world's largest Energy Storage System
development and test facilities required for the validation of
battery systems.  Cobasys is presently supplying nickel-metal
hydride systems for the Saturn Vue Green Line hybrid SUV and
will be supplying NiMH systems for the 2007 Saturn Aura Green
Line hybrid sedan.

                         About A123Systems

A123Systems, which employs 250 people, was started in 2001 to
commercialize technology developed at the Massachusetts
Institute of Technology.  A123Systems has quickly grown to be
one of the world's largest suppliers of high power lithium-ion
batteries.  By the end of 2007, A123Systems will have the annual
capacity to make 20 million lithium-ion batteries for use in
power tools.  It also sells batteries for stationary backup
power, jet engine auxiliary power units, and hybrid trucks and
buses.

                     About General Motors Corp.

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

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the TCR-Europe on Nov. 16, Moody's Investors
Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5
Billion secured term loan of General Motors Corp.  The term loan
will be secured by a first priority perfected security interest
in all of the U.S. machinery and equipment, and special tools of
GM and Saturn Corporation.


GREENFIELD CONSTRUCTION: Creditors' Meeting Slated for Jan. 19
--------------------------------------------------------------
Creditors of Greenfield Construction Ltd. (Company Number
04090552) will meet at 11:00 a.m. on Jan. 19 at:

         Days Hotel
         Pentagon Roundabout
         Nottingham Road
         Derby DE21 6DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 18 at:

         Chris Marsden
         Joint Administrator
         Ernst & Young LLP
         No. 1 Colmore Square
         Birmingham B4 6HQ
         United Kingdom
         Tel: +44 [0] 121 535 2000
         Fax: +44 [0] 121 535 2001

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.


LADBROKES PLC: Inks Joint Venture Deal with Cirsa Slot
------------------------------------------------------
Ladbrokes PLC and Cirsa Slot Corporation SL have established a
50:50 joint venture company to develop a sports betting business
in Spain.

The JV will combine Ladbrokes, the world's biggest bookmaker,
with operations in the U.K., Ireland, Belgium and Italy with
Cirsa Slot, the leading slot machine company in Spain.  Cirsa
Slot accounts for 9% of the Spanish slot machine market,
servicing over 15,000 food and beverage outlets with gaming
areas and 90 arcades.  The company is a division of CIRSA
Corporation, which owns and operates casinos, arcades and bingo
halls throughout the country.

The JV company will apply for the new betting licenses being
offered in Madrid where a new decree was passed in December 2006
regulating dedicated betting shops, non-dedicated betting kiosks
(bars, arcades and bingo halls) and remote betting (telephone
and Internet) for the first time.  Applications for the
licenses, which initially last five years, but are renewable,
will be submitted to the Madrid regional government when
requested, likely to be by mid-January.

The JV will also work to secure betting licenses in other areas
of Spain that are also considering regulating betting for the
first time.  Several of the other 16 regions of Spain are
believed to be actively considering similar betting regulation.
The Spanish gambling market was worth around EUR29 billion last
year.

Christopher Bell, Chief Executive of Ladbrokes plc commented:
"This represents another major step forward in our international
aspirations.  In December we opened our first shops in Italy and
successfully tendered for new licenses.  Now we have formed a JV
with a market leader in Spain that gives us access to a network
of thousands of potential site operators.  As soon as regulation
allows we are confident that the combination of Ladbrokes' vast
experience and expertise in betting and the local knowledge and
operational capability of Cirsa will build a strong business in
Spain."

Pablo Alcala, Director of Cirsa Slot commented: "Sports betting
is set to become an increasingly mainstream activity in Spain
and we believe that this Joint Venture builds on the strengths
of both companies -- Ladbrokes with over 100 years experience in
betting and Cirsa with its massive presence in the Spanish
market."

                         About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, Standard & Poor's
Ratings Services affirmed its 'BB' ratings on the senior
unsecured debt of U.K.-based gaming operator Ladbrokes PLC and
its guaranteed subsidiary Ladbrokes Group Finance PLC, and
removed the ratings from CreditWatch with negative implications.

Moody's Investors Service downgraded in February the senior
unsecured long-term ratings of Hilton Group Plc (nka Ladbrokes
Plc) and its guaranteed subsidiaries to Ba2 from Baa3; the
outlook is stable.


MOORSIDE ELECTRICAL: Brings In John Bell as Administrator
---------------------------------------------------------
John Bell of Clarke Bell was appointed administrator of Moorside
Electrical Contractors Ltd. (Company Number 03494603) on
Dec. 8, 2006.

The administrator can be reached at:

         John Bell
         Clarke Bell
         Parsonage Chambers
         3 The Parsonage
         Manchester
         Greater Manchester M3 2HW
         United Kingdom
         Tel: 0161 907 4044
         Fax: 0161 907 4086
         E-mail: clarkebell@mac56.com

Moorside Electrical Contractors Ltd. can be reached at:

         3 Hogarth Rise
         Oldham
         Lancashire OL1 4QD
         United Kingdom
         Tel: 0161 628 4545


NASDAQ STOCK: Seeks Shareholder Acceptance on Final LSE Offer
-------------------------------------------------------------
The Board of The Nasdaq Stock Market Inc. disclosed that it is
posting a document to Shareholders (other than certain Overseas
Shareholders) in London Stock Exchange Group plc in response to
the circular issued by LSE on Dec. 19, 2006.

As stated in NASDAQ's announcements on Nov. 20, 2006, and
Dec. 19, 2006, the NASDAQ Board believes that its Ordinary Offer
of 1,243 pence per LSE Ordinary Share is a full and fair price.
The Response Document highlights the reasons why LSE
Shareholders should accept the Final Offers:

   -- the Ordinary Offer reflects a realistic assessment
      of standalone value, a full premium for control of
      54% to the undisturbed price and a fair share of
      synergies;

   -- LSE Shareholders should not be misled by a simple
      emphasis on volume growth without price cuts, a
      defensive return of capital, or potential initiatives
      that could promote piecemeal co-operation or
      minority blocking stakes;

   -- the LSE fails to acknowledge growing
      customer dissatisfaction, new competitive
      threats introduced by upcoming regulatory changes,
      or accelerating consolidation of the exchange landscape;

   -- LSE Shares would be worth far less without NASDAQ, and
      a lapsing of the Final Offers is likely to precipitate
      a substantial fall in the share price;

   -- an LSE/NASDAQ combination is good for LSE stakeholders
      as it will reinforce London's pre-eminence as
      Europe's premier financial center and yield benefits
      to users, issuers and investors

These factors have been recognized by long-term shareholders in
LSE, who have voted with their feet and sold their shares.

The imminent announcement of LSE's 2006 financials, which has
been anticipated in press speculation, in no way changes the
fact that LSE's value case has been entirely based on current
and historical financial performance.  However, the key issue is
how LSE will react to the substantial future challenges that it
will face in 2007 and beyond.  The Response Document describes
why Nasdaq believes the LSE is unprepared for those challenges
ahead.

Commenting on the Final Offers, NASDAQ President and CEO Robert
Greifeld said: "The Final Offers represent full and fair value
to existing LSE Shareholders, and the proposed LSE/NASDAQ
combination presents a unique opportunity to create a global,
balanced and scalable exchange business.  Together with NASDAQ,
the LSE will be better positioned to meet new and increasing
challenges, including competing initiatives from customers,
significant regulatory changes, and the recent wave of
consolidation among powerful competitors.  The LSE circular
presented a weak case to Shareholders and offered no new
important information."

LSE Shareholders are urged to accept the Final Offers as you,
rather than the LSE Board, will determine whether the Final
Offers will be implemented.

To accept the Final Offers in respect of LSE Shares held in
certificated form (that is, not through CREST), holders should
complete, sign and return the relevant Form(s) of Acceptance in
accordance with the instructions thereon and the instructions in
the Offer Document as soon as possible and, in any event, so as
to be received no later than 3.00 p.m. London time on Jan. 11.

To accept the Final Offers in respect of LSE Shares held in
uncertificated form (that is, through CREST), holders should
submit a TTE instruction in accordance with the instructions in
the Offer Document for settlement as soon as possible and, in
any event, by no later than 3.00 p.m. London time on Jan. 11.

Copies of the Response Document, the Offer Document and Forms of
Acceptance are available for collection (during normal business
hours only) from Capita Registrars, The Registry, 34 Beckenham
Road, Beckenham, Kent BR3 4TU, United Kingdom and Greenhill &
Co. International LLP at Lansdowne House, 57 Berkeley Square,
London W1J 6ER, United Kingdom.  The Response Document will also
be made available on http://www.nasdaq.com/

The Final Offers will not be revised except that NAL reserves
the right to revise the Final Offers:

   (i) upon the recommendation of the LSE Board; or

  (ii) if a firm intention to make a competing offer for LSE
       is announced, whether or not subject to
       any preconditions.

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with approximately 3,200 companies.

                         *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  The 'BB+' rating on Nasdaq's existing
bank loan facility, which financed the initial 29% stake in the
London Stock Exchange (LSE), is affirmed, while the Recovery
Rating is revised to '1' from '2'.  The ratings were removed
from CreditWatch Negative where they were placed on Nov. 20,
2006.  S&P said the outlook is stable.

At the same time, Standard & Poor's has assigned our 'BB+' bank
loan rating to the proposed USUS$750 million senior secured Term
Loan B, USUS$2.0 billion senior secured Term Loan C, and USUS$75
million revolver to be issued by Nasdaq, as well as the
USUS$500 million senior secured Term Loan C to be issued by
Nightingale Acquisition Ltd., a U.K.-based subsidiary of Nasdaq.
The rating agency has assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's has assigned its 'B+' rating to
the proposed USUS$1.75 billion senior unsecured bridge loan to
be issued by Nasdaq and NAL.

Moody's Investors Service assigned in April 2006 ratings to
three new bank facilities of The Nasdaq Stock Market Inc.: a
USUS$750 million Senior Secured Term Loan B, a USUS$1,100
million Secured Term Loan C, and a USUS$75 million Senior
Secured Revolving Credit Facility.  Moody's said each facility
is rated Ba3 with a negative outlook.


SOLUTIA INC: Equity Committee Retains Experts For Pharmacia Case
----------------------------------------------------------------
In accordance with the order of the U.S. Bankruptcy Court for
the Southern District of New York approving procedures for the
retention of experts entered on Dec. 15, 2005, the Official
Committee of Equity Security Holders of Solutia, Inc., filed
separate notices of the retention of David O. Carpenter and
Walter P. Schuetze, as experts in the adversary proceeding
commenced by the Equity Committee against Monsanto Company and
Pharmacia Corporation.

The Debtors have consented to the retention of Messrs. Carpenter
and Schuetze.

Mr. Carpenter is knowledgeable on the effects of PCBs on human
health and PCB regulation by federal and international agencies
before September 1997.  He has been retained to provide analyses
and opinions regarding Pharmacia Corporation's, "Old Monsanto",
knowledge of the distribution of and health effects of PCBs at
the time of the spin-off of Solutia.

Mr. Carpenter's analysis will focus on, among other things, the
contrast between:

     * the facts in Old Monsanto's possession at the time of the
       spin related the human health effects of PCBs; and

     * the characterization of the risks by Old Monsanto in its
       spin related disclosure statements.

Mr. Carpenter will be paid US$400 per hour and reimbursed for
out-of-pocket expenses incurred in connection with his services.

The Equity Committee also seeks the retention of Mr. Schuetze,
an expert on Federal Accounting Standards Board Statement No. 5.
He has been retained to provide analyses and opinions regarding
Old Monsanto's compliance with FAS 5 at the time of the spin-off
of Solutia from Old Monsanto based on statements contained in
various spin-related disclosure documents, including the
July 14, 1997 proxy statement seeking shareholder approval of
the spin.  The opinions will include Old Monsanto's spin-related
compliance with FAS 5 as to the Anniston PCB toxic tort
litigation and the disclosure and accrual of other legacy
liabilities.

Mr. Schuetze's analysis will focus on, among other things, the
contrast between:

     * the facts in Old Monsanto's possession at the time of the
       spin related the economic risks that the legacy
       liabilities posed to the economic viability of Solutia;
       and

     * the characterization of the economic risks by
       Old Monsanto in its spin related disclosure statement.

Mr. Schuetze will receive US$1,000 per hour and will be
reimbursed for out-of-pocket expenses incurred in connection
with the services.

                      Reservation of Rights

Pharmacia Corporation and Monsanto Company reserve any and all
rights relating to the proposed witnesses, Messrs. Carpenter and
Schuetze, beyond the mere issue of retention, including the
right to object to the qualifications of each of the proposed
witnesses; to the subject matter of the testimony purported to
be given; to the admissibility of any testimony from the
witnesses; and to the fees and expenses for the proposed
witnesses under any standard.

                       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)


TRIMCO COOLAIR: Brings In Administrators from Begbies Traynor
-------------------------------------------------------------
D. Bailey and G. N. Lee of Begbies Traynor were appointed joint
administrators of Trimco Coolair Ltd. (Company Number 02071973)
on Dec. 20, 2006.

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

Headquartered in Stockport, England, Trimco Coolair Ltd.
distributes wholesale refrigeration and catering equipment.


WOODVALE EVENTS: Appoints I. E. Walker to Administer Assets
-----------------------------------------------------------
I. E. Walker of Begbies Traynor was appointed administrator of
Woodvale Events Ltd. (Company Number 03516250) on Dec. 12, 2006.

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

Woodvale Events Ltd. can be reached at:

         Pridhamsleigh Farm
         Pridhamsleigh
         Ashburton
         Newton Abbot
         Devon TQ13 7JJ
         United Kingdom
         Tel: 01364644432


* Fitch Says Stable Outlook at Risk in European Auto Industry
-------------------------------------------------------------
Fitch Ratings states that the outlook for the European auto
industry remains stable in 2007 but sees risks to this stability
over the coming year.  It expects the business environment to be
extremely challenging for car manufacturers in 2007 and is
concerned that this could jeopardize the positive results
stemming from various measures taken by manufacturers recently.

"Restructuring efforts and the success of new models will be
crucial to limit market share erosion, improve cost structure,
and maintain the stable outlook in Europe," says Emmanuel Bulle,
director in Fitch's Industrials team.

Fitch does not expect any help from demand-driven growth.
European car manufacturers still derive the majority of their
sales from their European domestic market, which is mature with
low growth prospects.  In Germany, a better economic environment
should mitigate the effect from an increased value added tax in
2007, but a payback effect from the sales increase posted in
2006 is likely.  Moderate growth in France and Italy should also
mitigate the sales decline in Spain and the UK.  Overall, sales
are expected to be flat at best in 2007 across Western Europe,
with any potential growth concentrated in the second half of the
year.

In this low-growth environment, Fitch views that competition,
especially from Asian brands, will be a decisive feature driving
the outlook for European groups.  As Asian competitors adapt
their offering ever more closely to consumer demands, European
car manufacturers' ability to respond to their customers and
offer exciting products is crucial to resisting the growing
penetration of Japanese and Korean brands.  Sharp competition
will also lead to further pricing pressure as manufacturers
fight for market share with incentives and discounts.
Furthermore, car manufacturers will have to manage the expanding
number of silhouettes and niche models and the shortening
product life cycles, which require a greater ability from
manufacturers to react to changing consumer preferences and
continuous R&D.

Other challenges include high R&D needs to comply with European
regulations, especially emission regulations, raw materials
price increases, and unfavorable foreign exchange rates.  The
strong euro is a serious hurdle for exporting manufacturers as
they increasingly target markets outside of Europe.

Fitch expects European groups to reap the benefit of the
measures taken recently both on the revenue and cost sides.  The
strong focus put on markets outside of WE compensates for
limited growth in manufacturers' domestic markets.  In
particular, while Fitch views that Renault SA's and Peugeot SA's
market shares will continue to suffer across WE in 2007, this
sales decline is likely to be offset by an increasing
contribution from non-WE countries.  At the same time, new
products to be launched in Europe should help limit market share
erosion and compensate for the declining sales due to more
selective commercial policies.  Several European OEMs have
decided to cut lower-margin rental fleet and self-registrations.

Cost saving measures will be of utmost importance again in 2007.
In Fitch's view, cost-cutting actions will include further
assembly capacity relocation outside of WE, improved economies
of scale through technological tie-ups, and workforce
rationalization.  PSA has recently announced its plan to reduce
overheads, rationalize its plants, and reduce capital
expenditure and R&D.  DaimlerChrysler's Mercedes car group
division has announced similar measures to reduce assets and
increase efficiency and flexibility to enhance revenues and
margins.  Renault's recovery plan calls for a 6% operating
margin by 2009 on the back of incremental revenues, thanks to a
product offensive starting in 2007 and improved efficiency.
Fiat SpA expects to reach an operating margin between 2.6% and
3.4% for its automotive division by 2007 as it looks to build up
on the success of the Grande Punto.  Volkswagen Group is in the
midst of a restructuring plan, which targets a profit before tax
of EUR5.1 billion by 2008, i.e. a EUR4-billion increase on 2004
PBT.

Although Fitch expects manufacturers to continue collaborating
on specific projects and selective partnerships, it does not
anticipate major tie-ups like the Renault/Nissan/GM project
discussed in 2006.  Most manufacturers are expected to continue
to strengthen their balance sheets before embarking on major
investments that may burden their financial profiles.
Similarly, share buybacks are likely to be limited and free cash
generation should be directed towards industrial investments and
cash savings.


* Fitch Keeps Neg. Credit Outlook for European Auto Suppliers
-------------------------------------------------------------
Fitch Ratings said the outlook for the credit quality of the
European automotive supply industry is overall negative.  This
view includes Fitch's privately rated leveraged finance issuers
in this sector where more than 40% of the Issuer Default ratings
carry a Negative Outlook.

"While many leading suppliers continue to maintain stable credit
profiles, the pressure on the industry has further intensified
due to high raw material costs, growing competition from low-
cost countries, and the ongoing low-growth environment," says
Markus Leitner, director in Fitch's European Industrials team.
"Suppliers are also facing unabated stress from car producers
that are saddled with fierce competition, substantial
overcapacity, and ongoing restructuring measures."

Tyre producers such as Compagnie Generale des Etablissements
Michelin that had historically absorbed higher costs by price
rises in the replacement market were heavily hit by the high
rubber prices in 2006.  Despite some recent relief Fitch views
that most suppliers continue to struggle with persistently high
and volatile raw material costs that can only be partly shared
with original equipment manufacturers.

However, M&A- and LBO-related event risks aside, Fitch expects
that well-positioned and innovative companies such as Robert
Bosch GmbH, Continental AG, GKN, and Autoliv, Inc. will continue
to see relatively stable credit quality.  In contrast, U.S. auto
suppliers are heavily affected by their exposure to the ailing
U.S. auto producers General Motors Corp. and Ford Motor Company,
as well as high structural and legacy costs.

The mature car markets in Western Europe, the US, and Japan are
expected to continue to see sluggish growth.  Moreover, car
manufacturers expect continuous innovation from their suppliers.
As a result, strong but cost-intensive R&D resources are crucial
to new product development, allowing for higher margins.
Suppliers with a strong position in electronics technology will
continue to take advantage from the ever-growing value of
electronics components in cars.

Considerable OEM investment in growth regions such as Eastern
Europe has accelerated the pressure on the supply industry to
offer a global presence.  Suppliers are expected to follow OEMs
to their global production facilities.  At the same time, the
shift in labor-intensive production towards low-cost countries
has helped to reduce production costs.  Such globalization
strategies not only require substantial capital expenditure but
also involve significant execution risks, particularly for
smaller players with little or no experience of global
structures.

Fitch expects M&A activity to be particularly driven by
suppliers keen to expand their geographical scope or acquire
complementary high-quality assets to extend their technological
footprint.  Continental AG reiterated its plans to pursue
further acquisitions following its purchase of the automotive
electronics business of Motorola, Inc. for US$1 billion in 2006.
At the same time, the agency notes that in 2006, Continental AG
was approached by a private equity investor for a potential
takeover bid.  While this process has been terminated by mutual
agreement, LBO risks remain.  Another recent example is French
supplier Valeo SA, which has signed a memorandum of
understanding with Ford to acquire its thermal systems facility
that generates sales of approximately US$450 million.

Leveraged auto suppliers saw their credit quality deteriorate
further during 2006, as higher input prices and ongoing pricing
pressure from OEMs continued to take their toll.  Manufacturers
of mature and commodity-type products with limited added value
have been the hardest hit, particularly those that still have
the bulk of their production capacities in Western Europe.  As a
result of these challenges Fitch anticipates very limited
recoveries for junior lenders in a distress scenario.

                           *********

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, Zora Jayda Zerrudo Sala, and Kristina A.
Godinez, Editors.

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

This material is copyrighted and any commercial use, resale or
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prior written permission of the publishers.

Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
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                 * * * End of Transmission * * *