TCREUR_Public/070111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 11, 2007, Vol. 8, No. 8

                            Headlines


A U S T R I A

AGROPEX LLC: Creditors' Meeting Slated for January 18
EAV ELEKTRO: Vienna Court Orders Business Shutdown
EXOCA-BAU: Property Manager Declares Insufficient Assets
FUTURA BAU: Graz Court Orders Business Shutdown
HDN BAUTRAGER: Creditors' Meeting Slated for January 23

HERBERT SOMMER: Vienna Court Orders Business Closure
HONEGGER-OESTERREICHISCHE: Creditors' Meeting Slated for Jan. 17
LEITNER BAUPROJEKT: Creditors' Meeting Slated for January 22
RINNER MEDIA: Creditors' Meeting Slated for January 19
STB BAU: Creditors' Meeting Slated for January 23


B E L G I U M

GOODYEAR TIRE: Workers' Strike to Result in US$350 Million Loss


D E N M A R K

TDC A/S: Kim Frimer Resigns as TDC Totallosninger CEO


F R A N C E

ALCATEL-LUCENT: Names Sphinx as U.K. Voice Distributor
PERNOD RICARD: Will Likely Acquire Swedish V&S, JPMorgan Says


G E R M A N Y

ALACHER GERUESTBAUGESELLSCHAFT: Claims Registration Ends Jan. 25
BAUEN+WOHNEN: Claims Registration Ends January 19
BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit
BKS WOHNBAU: Claims Registration Ends January 19
CACE SYSTEMHAUS: Claims Registration Ends January 22

DAMS GMBH: Claims Registration Ends January 18
EOB EISENSCHUTZ: Claims Registration Ends January 22
ERBSTOESSER SICHERHEITSTECHNIK: Claims Registration Ends Jan. 20
GOURMETMENUE GMBH: Claims Registration Ends January 18
GROHE HOLDING: Moody's Rates Proposed EUR800-Mln Notes at (P)B2

KOHA- KONSERVENHANDELS: Creditors' Meeting Slated for Jan. 22
KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for January 22
LANDSCHLACHTEREI PIEPER: Claims Registration Ends January 19
MASECO MEDIA: Creditors' Meeting Slated for January 22
NOFA NORDDEUTSCHE: Claims Registration Ends January 19

VOLKSWAGEN AG: U.S. Brand Rely on New Models to Increase Sales


H U N G A R Y

TDC A/S: Hungarian Unit Acquires Invitel for EUR470 Million

* Number of Insolvent Companies Rising in Hungary, Coface Says


I T A L Y

ALITALIA SPA: FIT-CISL Union Ready to Ink Deal with New Owner
SBARRO INC: Launches Tender Offer for 11% US$255MM Senior Notes
SBARRO INC: Moody's Junks Proposed US$150-Mln Sr. Unsec. Notes


K A Z A K H S T A N

ALL-STATES PROPERTIES: Creditors' Claims Due February 21
ARAI LLP: Creditors Must File Claims by February 14
EUROPROFILE LLP: Claims Filing Period Ends February 15
FINIMPEX LLP: Proof of Claim Deadline Slated for February 15
JANASTROY LLP: Court Opens Bankruptcy Proceedings

KAZSTROYTRANSGAS JSC: Jambyl Court Starts Bankruptcy Procedure
KOTLOGASSTANDART LLP: Claims Registration Ends February 21
SIBPROMTECHMET-2 LLP: Claims Filing Period Ends February 15
TELECOMSTROYENGINEERING LLP: Creditors' Claims Due February 21
TRINITY PROJECTS: Proof of Claim Deadline Slated for February 15

TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+


K Y R G Y Z S T A N

KUBANYCH JSC: Creditors' Claims Due February 20
KYRGYZ TRUST: Claims Filing Period Ends February 20


N E T H E R L A N D S

KONINKLIJKE AHOLD: Albert Heijn B.V. Unit Sells 10 Stores


R U S S I A

BOGORODSKIYE SAUSAGES: Bankruptcy Hearing Slated for March 27
BULZINSKOYE OJSC: Bankruptcy Hearing Slated for April 17
FERTILITY OJSC: Tula Court Names A. Popov as Insolvency Manager
GLAZOV-AGRO-SNAB OJSC: Court Starts Bankruptcy Supervision
KUBANSKAYA TEA: Court Names A. Shepin as Insolvency Manager

LIQUEUR-VODKA DISTILLERY OJSC: S. Sokolovskiy to Manage Assets
MEAT COMBINE-GOTNYA: Court Names K. Yakovlev to Manage Assets
OIL-KHIM-SERVICE LLC: Court Names D. Krutov to Manage Assets
PENZENSKIY FACTORY: Court Names M. Presnyakova to Manage Assets
PERVOMAYSKOYE CJSC: Court Names R. Akhmetov to Manage Assets

RIF-INVEST-PUT' OJSC: Names A. Ovchinnikov to Manage Assets
TUYMAZINSKIY ELEVATOR: Court Starts External Bankruptcy Process
VOLMANGA-WOOD OJSC: Kirov Bankruptcy Hearing Slated for March 28
WHEAT KHOMUTOVSKAYA: Court Names S. Bykov as Insolvency Manager


S W I T Z E R L A N D

ANDREAS STEGER: St. Gallen Court Starts Bankruptcy Proceedings
DOLORMAT 2000: Thurgau Court Suspends Bankruptcy Proceedings
EURO MUZIK: Olten Court Closes Bankruptcy Proceedings
FLORIADE LLC: Olten Court Closes Bankruptcy Proceedings
GOLDSTEIN ROSENBERG: Court Suspends Bankruptcy Proceedings

H+S BAU: St. Gallen Court Suspends Bankruptcy Proceedings
OBERHAMMER & PARTNER: Court Starts Bankruptcy Proceedings
SO CHIC: Thurgau Court Suspends Bankruptcy Proceedings
SOLO-STEIN: Solothurn Court Closes Bankruptcy Proceedings
SPM PROJEKTMANAGEMENT: Court Starts Bankruptcy Proceedings


U K R A I N E

ANGELINA LLC: Creditors Must Submit Claims by January 24
DNIEPR CURRENT-ELECTRODE: Claims Filing Deadline Set January 24
GISKON-TRADE: Deadline for Submission of Claims Set January 24
SAVINSKIY CJSC: Deadline for Submission of Claims Set January 24
SILVER TOWER: Creditors Must Submit Claims by January 24

SILTECH LLC: Deadline for Submission of Claims Set January 24
UKRMASHIMPEX CJSC: Creditors Must Submit Claims by January 24


U N I T E D   K I N G D O M

ADVANCED MARKETING: Court Grants Interim Access to DIP Financing
ADVANCED MARKETING: Gets Interim Access to Use Cash Collateral
ADVANCED MARKETING: 20 Largest Unsecured Creditors
AMERICAN CAMSHAFT: High Steel Costs Prompt Bankruptcy Filing
AMERICAN CAMSHAFT: Case Summary & 59 Largest Unsecured Creditors

BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit
BRITISH AIRWAYS: Proposed Pension Plan Cues S&P's Watch Positive
C.F. JAMES: Liquidator Calls On Creditors to Submit Claims
CHEQUERS U.K.: Appoints Leonard Curtis as Liquidator
COLLINS & AIKMAN: Can Enter Into New Cananwill Financing Deals

COLLINS & AIKMAN: Wants Exclusive Period Extended Through May 14
COMPUTFORCE LIMITED: Creditors Confirm Liquidators' Appointment
CONNECTIVITY SOLUTIONS: Names Kevin John Hellard as Liquidator
CONTEXT GB: Appoints Liquidator to Wind-Up Business
CONTRACTULE LIMITED: Taps Simon Thornton Liquidate Assets

COOPERS PLANT: Creditors Confirm Liquidator's Appointment
CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator
CRANE ELEGANCE: Creditors Confirm Voluntary Liquidation
CSM BUILDING: Appoints Joint Liquidators from Gerald Edelman
D & R FINISHERS: Taps Lloyd Biscoe to Liquidate Assets

D J CONVEYOR: Creditors' Claims Due March 4
D REALISATIONS: Brings In Liquidators from Begbies Traynor
DALE ROBERTS: Hires Tim Heaselgrave to Liquidate Assets
DB EXPRESS: Appoints J. N. Bleazard as Liquidator
DODSWORTH YORK: Taps Liquidator from David Horner & Co.

DOTCOM BUILDING: Creditors Ratify Liquidator's Appointment
EASY-123 LIMITED: Joint Liquidators Take Over Operations
EASYPAY ORGANIA: Claims Filing Period Ends January 24
EDEN CHILLED: Claims Filing Period Ends February 20
ENESCO GROUP: Bank Lenders Limit Credit Facility Advances

GENERAL MOTORS: Eyes More Job Cuts and Overseas Expansion
GENERAL MOTORS: GM Europe to Report Profit in 2006
KINGFISHER SWIMMING: Names Melvyn Rose as Administrator
ON ASSIGNMENT: Buys Oxford Global for US$200 Million
OVERALL INTERNATIONAL: Taps Grant Thornton as Administrators

PENNY POT: Brings In Begbies Traynor to Administer Assets
PLANET 21: A. J. Clark Leads Liquidation Procedure
POOLE POTTERY: Menzies Selling Contemporary Art Pottery Maker
PROPEX INC: S&P Cuts Rating to B- on Highly Leveraged Profile
ROYAL & SUN: Terminates U.S. Registration of Shares

SOLUTIA INC: Includes Final Deal with JPMorgan in Amended Plan
STARTRITE DESIGNS: Menzies Selling Engineering Design Firm
SYSTEMS CONSTRUCTION: Hires Liquidator from DTE Leonard Curtis
WEBBS AMUSEMENTS: Calls In Liquidator from Valentine & Co.
WEST YORKSHIRE: Taps Liquidators from PKF U.K. LLP

* AlixPartners Names 12 New Managing Directors

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AGROPEX LLC: Creditors' Meeting Slated for January 18
-----------------------------------------------------
Creditors owed money by LLC Agropex (FN 142177i) are encouraged
to attend the creditors' meeting at 9:40 a.m. on Jan. 18 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Hoersching, Austria, the Debtor declared
bankruptcy on Nov. 23, 2006 (Bankr. Case No. 13 S 55/06b).
Bernhard Kessler serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Dr. Bernhard Kessler
         Marktplatz 12
         6850 Dornbirn, Austria
         Tel: 05572/26637
         Fax: 05572/26677
         E-mail: bernhard.kessler@inode.at


EAV ELEKTRO: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Nov. 22, 2006, an order
shutting down the business of LLC EAV Elektro-Anlagen-
Installationen (FN 263521g).

Court-appointed property manager Astrid A. Haider 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. Astrid A. Haider
         c/o Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 0222/535 46 11
         E-mail: haider@thr.at

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


EXOCA-BAU: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Dr. Walter Kainz, the court-appointed property manager for LLC
Exoca-Bau (FN 106822t), declared Nov. 22, 2006, that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10, 2006 (Bankr. Case No. 2 S 114/06m).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: mailto:kanzlei@kainz-wexberg.at


FUTURA BAU: Graz Court Orders Business Shutdown
-----------------------------------------------
The Land Court of Graz entered Nov. 22, 2006, an order shutting
down the business of LLC Futura Bau (FN 262361a).

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

The property manager can be reached at:

         Dr. Michael Pacher
         Kaiserfeldgasse 1/2
         2nd Floor
         8010 Graz, Austria
         Tel: 0316/829073
         Fax: 0316/829073-73
         E-mail: rechtsanwaelte@pacherundpartner.at

Headquartered in Graz - Liebenau, Austria, the Debtor declared
bankruptcy on Nov. 20, 2006 (Bankr. Case No. 25 S 105/06p).


HDN BAUTRAGER: Creditors' Meeting Slated for January 23
-------------------------------------------------------
Creditors owed money by LLC HDN Bautrager (FN 106543g) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Jan. 23 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 22, 2006 (Bankr. Case No. 4 S 164/06d).  Romana Weber-
Wilfert serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Romana Weber-Wilfert
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 533 24 55
         Fax: 533 24 55-24
         E-mail: office@weber-wilfert.at


HERBERT SOMMER: Vienna Court Orders Business Closure
----------------------------------------------------
The Trade Court of Vienna entered Nov. 22, 2006, an order
closing the business of LLC Herbert Sommer Gastronomiebetrieb
(FN 190234g).

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

The property manager can be reached at:

         Dr. Andrea Simma
         c/o Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at
                 Hoedl@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 22, 2006 (Bankr. Case No. 6 S 85/06a).  Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.


HONEGGER-OESTERREICHISCHE: Creditors' Meeting Slated for Jan. 17
----------------------------------------------------------------
Creditors owed money by LLC Honegger-Oesterreichische
Kratzenfabrik (FN 33628d) are encouraged to attend the
creditors' meeting at 9:30 a.m. on Jan. 17 to consider the
adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on Nov. 23, 2006 (Bankr. Case No. 9 S
61/06b).  Hannes Hirtzberger serves as the court-appointed
property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Hannes Hirtzberger
         Ringstrasse 50
         3500 Krems, Austria
         Tel: 02732/81393
         Fax: 02732/81393-85
         E-mail: office@advoc.co.at


LEITNER BAUPROJEKT: Creditors' Meeting Slated for January 22
------------------------------------------------------------
Creditors owed money by LLC Leitner Bauprojekt (FN 279432f) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Jan. 22 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 23, 2006 (Bankr. Case No. 3 S 156/06w).  Helmut
Platzgummer serves as the court-appointed property manager of
the bankrupt estate.  Wolfgang Leitner represents Dr.
Platzgummer in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Helmut Platzgummer
         c/o Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39
         Fax: 533 19 39-39
         E-mail: helmut.platzgummer@lp-law.at


RINNER MEDIA: Creditors' Meeting Slated for January 19
------------------------------------------------------
Creditors owed money by LLC rinner media & marketing (FN
257808f) are encouraged to attend the creditors' meeting at 9:30
a.m. on Jan. 19 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Hall 214
         2nd Floor New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Ehenbichl, Austria, the Debtor declared
bankruptcy on Nov. 23, 2006 (Bankr. Case No. 9 S 31/06t).
Wilfried Leys serves as the court-appointed property manager of
the bankrupt estate.  Walter Lenfeld represents Dr. Leys in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malser Road 49 a
         6500 Landeck, Austria
         Tel: 05442/63029
         Fax: 05442/6302914
         E-mail: RA-LL@aon.at


STB BAU: Creditors' Meeting Slated for January 23
-------------------------------------------------
Creditors owed money by LLC STB Bau und Transporte (FN 264839w)
are encouraged to attend the creditors' meeting at 1:45 p.m. on
Jan. 23 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 22, 2006 (Bankr. Case No. 6 S 117/06g).  Leopold Riess
serves as the court-appointed property manager of the bankrupt
estate.  Nikolaus Vogt represents Dr. Riess in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Leopold Riess
         c/o Mag. Nikolaus Vogt
         Zeltgasse 3/12
         1080 Vienna, Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at
                 nikolaus.vogt@riess.co.at


=============
B E L G I U M
=============


GOODYEAR TIRE: Workers' Strike to Result in US$350 Million Loss
---------------------------------------------------------------
The Goodyear Tire & Rubber Co. disclosed that a recent strike at
12 of its U.S. tire factories would result in a loss of at least
US$350 million, BBC News reports.

About 15,000 workers refused to work for two months, protesting
threats to jobs and health benefits.  The dispute, which may
have cost the company up to US$35 million a week in lost
production and sales, was settled in early January, states BBC.

However, Goodyear's shares rose by 1% after the company revealed
that it expects to save US$610 million in the wake of new worker
contracts, BBC relates.

"We recognize that there were short-term negatives from the
strike," said Goodyear CEO Robert Keegan.  "However, on balance,
the improvements in our system far outweigh those negatives."

According to the report, the company will set up a fund to pay
for healthcare for retired staff under the deal agreed by unions
earlier this month, but will probably close a plant in Texas by
2008.

Goodyear warned that the full financial brunt of the strike will
be reflected in its fourth quarter results due to be published
in February.  Experts predict a substantial loss for the three-
month period, BBC reports.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala and Peru in Latin America.  Goodyear employs more than
80,000 people worldwide.  The company's European operations is
headquartered in Belgium.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on Jan. 9,
Fitch Ratings affirmed its ratings on Goodyear Tire & Rubber Co.
and removed them from Rating Watch Negative where they were
placed on Oct. 18, 2006, when the company announced a US$975
million drawdown of its bank revolver.

Goodyear's debt and recovery ratings are:

   -- Issuer Default Rating B;

   -- US$1.5 billion first lien credit facility BB/RR1;

   -- US$1.2 billion second lien term loan BB/RR1;

   -- US$300 million third lien term loan B/RR4;

   -- US$650 million third lien senior secured notes
      B/RR4; and

   -- Senior unsecured debt CCC+/RR6.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities
      BB/RR1.

The Rating Outlook is Negative.


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


TDC A/S: Kim Frimer Resigns as TDC Totallosninger CEO
-----------------------------------------------------
Kim Frimer, a member of the executive committee of TDC A/S and
the chief executive officer of TDC Totallosninger A/S, a
subsidiary of TDC A/S, resigned by mutual agreement with TDC
from both positions effective this week.

As a result, a simplified organizational structure of TDC
Totallosninger will be implemented.  President and CEO of TDC
A/S, Jens Alder, will serve as the CEO of TDC Totallosninger A/S
in an interim period of time in addition to his current
positions.

In addition, Mr. Alder will serve as the CEO of TDC Solutions in
an interim period of time.

Consequently, TDC Solutions' top management will, in addition to
Jens Alder, consist of:

   * Gert Rieder (residential market and installation),

   * Klaus Pedersen (business market and TDC Song in the Nordic
     region),

   * Dan Sorensson (network and wholesale), and

   * Jesper Helmuth Larsen (finance, processes and staff).

                    About TDC Solutions

TDC Solutions provides communications services in Denmark and
the Nordic countries.  Its activities include landline telephony
services, convergence products, and data communications and
Internet services, including broadband solutions, security and
hosting services, leased lines, sale of terminals and
installation.

                      About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

As reported in the TCR-Europe on May 11, Fitch affirmed TDC
A/S's Issuer Default Rating at BB- with Stable Outlook and
senior secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


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


ALCATEL-LUCENT: Names Sphinx as U.K. Voice Distributor
------------------------------------------------------
Alcatel-Lucent expanded its U.K. channel coverage with the
signing of a distribution deal with Sphinx, one of the U.K.'s
foremost independent distributors.

This deal forms a central part of Alcatel-Lucent's new strategy
to significantly extend its U.K. channels coverage through the
recruitment of leading channel partners.  Sphinx will distribute
Alcatel-Lucent's enterprise voice solutions to its own data
resellers and also to new and existing Alcatel-Lucent voice
resellers with an ultimate goal of providing end users in the
U.K. with a viable alternative for voice and data infrastructure
solutions.

While offering a full portfolio of complementary IT products,
Sphinx will not carry any competitive products to Alcatel-
Lucent's enterprise voice solutions.  This focus will enable
Sphinx to deliver superior marketing initiatives, training
programs, and technical support, all of which will help
resellers to improve their enterprise offerings and boost their
revenues.  A dedicated team has also been set up within Sphinx
to assist Alcatel-Lucent resellers with business development
activities as well as with pre- and post-sales technical
support.

By supplying Alcatel-Lucent's complete portfolio of enterprise
IP telephony solutions -- including the Alcatel-Lucent OmniPCX
Enterprise, designed for large enterprises, and the Alcatel-
Lucent OmniPCX Office, optimized for small-to-medium sized
businesses -- Sphinx is intent on offering customers the ability
to choose the solutions from the marketplace that best fit their
needs.  Sphinx will also offer Alcatel-Lucent's range of contact
center solutions and unified communication applications.

"We are very enthusiastic about the signing of this agreement
with Sphinx," said Graeme Allan, for Alcatel-Lucent enterprise
activities in U.K. and Ireland.  "It is a highly strategic move
for the new Alcatel-Lucent in the U.K.; the current U.K. IP
telephony market is widely predicted to grow, so it's vital we
have a distribution partner that is focused on helping resellers
deliver solutions that provide true value and choice to end
users while closing more deals. Sphinx's commitment to Alcatel-
Lucent as its sole voice vendor is key to the expansion of our
U.K. channel operations. While multi-vendor distributors have
little or no incentive to promote competing solutions to the
same reseller, Sphinx has no split loyalties, and will champion
Alcatel-Lucent solutions to all voice resellers."

"Convergence is having a wholesale affect on the way the channel
operates; businesses are looking to integrate IT, voice and data
systems onto a single network so it's crucial that resellers
expand their expertise," said Mark Hatton, managing director,
Sphinx. "We spent a considerable time looking at the best way to
enter the IP telephony market and are delighted to be working
with Alcatel-Lucent, one of the global leaders. By adding
Alcatel-Lucent voice solutions to our security and networking
product portfolio, our resellers now have access to a range of
best-of-breed solutions that meets all the technology needs of
today's enterprise."

                          About Sphinx

Sphinx provides technology products from market leaders and
innovators in the converging areas of Security, Networking and
Telecoms. These products are supported and complemented by a
substantial range of value added services which assist Reseller
partners to successfully develop appropriate, cost-effective
technology solutions, right for their market and their
customers.

                      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.


PERNOD RICARD: Will Likely Acquire Swedish V&S, JPMorgan Says
-------------------------------------------------------------
French liquor company Pernod Ricard S.A. and its U.S.-based
rival Fortune Brands Inc. are the most probable buyers of
Absolut vodka maker V&S Vin & Spirit AB, Bloomberg News reports
citing JPMorgan Chase & Co.

However, according to Simon Hales, an analyst at JPMorgan in
London, Fortune may be able to offer more because it distributes
V&S brands in the U.S. and wouldn't have to pay fees to exit
other distribution goods.

The sale of the Swedish government-owned beverage maker may be
valued as much as EUR4.6 billion (US$6 billion), Mr. Hales said.
He noted that V&S will likely be sold to a competitor rather
than through a stock flotation, Bloomberg relates.  Mr. Hales
added that the acquisition of V&S would fill a gap in Pernod's
range of brands by adding premium vodka in its offering.

Both companies declined to comment on the report.

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.
Nearly 90% of the Company's sales are generated outside France.
Pernod Ricard has seven principal sectors: Whiskies, Anise
Drinks, Liqueurs, Cognacs & Brandies, White Spirits & Rums,
Bitters and Wines.  Pernod Ricard has a decentralized structure
that is divided between brand owner subsidiaries, such as
Ricard, Irish Distillers and Chivas Brothers, which produce and
develop marketing strategies for the brands, and regional
distribution subsidiaries, such as Pernod Ricard Europe, which
implement marketing strategies and distribute local brands.  The
Company's key brands include Ricard, Havana Club, Stolichnaya,
Martell, Malibu, Chivas Regal, Jameson and Jacobs Creek.  In
2005 Pernod Ricard acquired Allied Domecq.

                        *     *     *

As reported in the TCR-Europe on Nov. 21, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
and senior unsecured debt ratings on French spirits manufacturer
and marketer Pernod Ricard S.A. to 'BB+' from 'BB' following
quicker-than-expected integration of acquired businesses and
improved profitability prospects.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  S&P said the outlook is stable.


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


ALACHER GERUESTBAUGESELLSCHAFT: Claims Registration Ends Jan. 25
----------------------------------------------------------------
Creditors of Alacher Geruestbaugesellschaft mbH i.L. have until
Jan. 25 to register their claims with court-appointed
provisional administrator Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 15, 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 Alacher Geruestbaugesellschaft mbH i.L. on
Nov. 13, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Alacher Geruestbaugesellschaft mbH i.L.
         Attn: Steffen Kahne, Liquidator
         Salomonsborner Road 1
         99100 Alach, Germany

The administrator can be contacted at:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle, Germany


BAUEN+WOHNEN: Claims Registration Ends January 19
-------------------------------------------------
Creditors of Bauen+Wohnen GmbH have until Jan. 19 to register
their claims with court-appointed provisional administrator Tim
Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Worms
         Hall 320
         Worms, 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 Worms opened bankruptcy proceedings
against Bauen+Wohnen GmbH on Nov. 23, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bauen+Wohnen GmbH
         Attn: Andreas Bumb, Manager
         Weinsheimer Str. 79
         67547 Worms, Germany

The administrator can be contacted at:

         Tim Brauer
         Alzeyer Road 31
         67549 Worms, Germany
         Tel: 06241/9106-0
         Fax: 06241/910610


BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit
--------------------------------------------------------------
The Management Board of Bayerische Hypo-und Vereinsbank AG
agreed to transfer its 77.53% shareholding in its Austrian
subsidiary, Bank Austria Creditanstalt, to UniCredito Italiano
S.p.A. at a price of EUR109.81 per share, which is equivalent to
a total cash consideration of around EUR12.5 billion.

The Management Board also approved the execution of the sale of
HVB's 100% shareholding in HVB Latvia to BA-CA for a cash
consideration of EUR35 million, plus the capital increase of HVB
Bank Latvia of around EUR40 million subscribed by HVB in August
2006.

In addition, the Management Board established that the actions
for rescission served on the parties do not militate against
execution of these transactions, which represents an essential
prerequisite for implementation thereof:

   -- the sale of the 70.26% shareholding in International
      Moscow Bank (IMB) plus the options on a further 4.81% of
      IMB to BA-CA at a total purchase price of EUR1;015 million
      in cash;

   -- the sale of the 100% shareholding in HVB Bank Ukraine to
      UniCredit against payment of EUR83 million in cash; and

   -- the sale of assets and liabilities of its branches in
      Estonia and Lithuania to HVB Bank Latvia at a purchase
      price of EUR1 million and EUR9 million, respectively,
      plus the difference between the accounting value of the
      assets transferred and liabilities assumed.

The sale of BA-CA to UniCredit and the sale of HVB Latvia to BA-
CA have already been approved by the public authorities
responsible.  In particular, the execution of the remaining
transactions still needs to be officially authorized; the
approvals in question are expected in due course.

                           About HVB

Headquartered in Munich, Germany, Bayerische Hypo-und
Vereinsbank AG (HVB) -- http://www.hypovereinsbank.de/-- offers
a large portfolio of banking and financial products to both
corporate and private customers.  Its services include consumer
banking, personal, mortgage and business loans, brokerage
services, portfolio and asset management, securities
transactions and real estate financing.  The HVB Group also
includes Bank Austria Creditanstalt AG, which offers a full
range of financial services in Austria and the CEE region.

                         *     *     *

As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings
upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on the banks' Issuer Default ratings to Positive
from Stable.  Its IDR is affirmed at A.  The other ratings are
affirmed at Short-term F1 and Support 1.


BKS WOHNBAU: Claims Registration Ends January 19
------------------------------------------------
Creditors of BKS Wohnbau GmbH have until Jan. 19 to register
their claims with court-appointed provisional administrator Romy
Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on Feb. 19, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, Germany

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

The District Court of Erfurt opened bankruptcy proceedings
against BKS Wohnbau GmbH on Oct. 19, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BKS Wohnbau GmbH
         Loeberwallgraben 17
         99096 Erfurt, Germany

         Attn: Knut Riedel, Manager
         1 Nikokleous Street
         3027 Limassol/Zypern, Germany

The administrator can be contacted at:

         Romy Metzger
         Steigerstrasse 30
         99096 Erfurt, Germany


CACE SYSTEMHAUS: Claims Registration Ends January 22
----------------------------------------------------
Creditors of Cace Systemhaus GmbH & Co.KG have until Jan. 22 to
register their claims with court-appointed provisional
administrator Michael Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 106 C
         Gerichtsstr. 2-6
         48149 Muenster, Germany

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

The District Court of Muenster opened bankruptcy proceedings
against Cace Systemhaus GmbH & Co.KG on Dec. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Cace Systemhaus GmbH & Co.KG
         Rudolf-Dieselstrasse 44
         48157 Muenster, Germany

         Attn: Lars Michler, Manager
         Hogenbergstrasse 72
         48153 Muenster, Germany

         Joerg Volkmer, Manager
         Edith-Stein-Weg 18
         48653 Coesfeld, Germany

The administrator can be contacted at:

         Michael Moenig
         Von-Steuben-Road 20
         48143 Muenster, Germany


DAMS GMBH: Claims Registration Ends January 18
----------------------------------------------
Creditors of DAMS GmbH have until Jan. 18 to register their
claims with court-appointed provisional administrator Gerret
Hoeher.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.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 of Offenbach am Main
         Hall 166N
         1st Floor
         Emperor Route 16-18 (Building K18)
         63065 Offenbach am Main
         Germany

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

The District Court of Offenbach am Main opened bankruptcy
proceedings against DAMS GmbH on Nov. 22, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         DAMS GmbH
         Kaiserstrasse 42
         63065 Offenbach am Main, Germany

         Attn: Slavko Miladinovic, Manager
         Mailander Road 12
         60598 Frankfurt am Main, Germany

The administrator can be contacted at:

         Gerret Hoeher
         Zeilweg 42
         60439 Frankfurt, Germany
         Tel: 069/963761730
         Fax: 069/963761145


EOB EISENSCHUTZ: Claims Registration Ends January 22
----------------------------------------------------
Creditors of eob Eisenschutz Otto Buchloh GmbH have until
Jan. 22 to register their claims with court-appointed
provisional administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against eob Eisenschutz Otto Buchloh GmbH on Dec. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         eob Eisenschutz Otto Buchloh GmbH
         Foerderturm 36-38
         45472 Muelheim an der Ruhr
         Germany

         Attn: Rolf Hofmann, Manager
         Wittekindstr. 36
         45470 Muelheim an der Ruhr
         Germany

The administrator can be contacted at:

         Thomas Schmitz
         Flohbusch 1
         47802 Krefeld, Germany


ERBSTOESSER SICHERHEITSTECHNIK: Claims Registration Ends Jan. 20
----------------------------------------------------------------
Creditors of Erbstoesser Sicherheitstechnik GmbH have until
Jan. 20 to register their claims with court-appointed
provisional administrator Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 15, 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 Wuerzburg
         Room No. 14
         II Law Branch
         Tiepolostr. 6
         Wuerzburg, 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 Wuerzburg opened bankruptcy proceedings
against Erbstoesser Sicherheitstechnik GmbH on Nov. 21, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Erbstoesser Sicherheitstechnik GmbH
         Attn: Jens Erbstoesser, Manager
         Dillberg 15
         97828 Marktheidenfeld, Germany

The administrator can be contacted at:

         Frank Hanselmann
         Berliner Place 6
         97080 Wuerzburg, Germany
         Tel: 0931/359800


GOURMETMENUE GMBH: Claims Registration Ends January 18
------------------------------------------------------
Creditors of Gourmetmenue GmbH have until Jan. 18 to register
their claims with court-appointed provisional administrator
Kaufmann Michael Schmitz.

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 Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against Gourmetmenue GmbH on Nov. 27, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gourmetmenue GmbH
         Mausegatt 8
         47228 Duisburg, Germany

         Attn: Ursula Tacke, Manager
         Ernst-Barlach-Str. 38
         76227 Karlsruhe, Germany

         Juergen Roes, Manager
         Berliner Str. 75 A
         13467 Berlin, Germany

The administrator can be contacted at:

         Kaufmann Michael Schmitz
         Flohbusch 1-3
         47802 Krefeld, Germany


GROHE HOLDING: Moody's Rates Proposed EUR800-Mln Notes at (P)B2
---------------------------------------------------------------
Moody's assigned a (P)B2 rating to the proposed Senior Secured
EUR800-million Floating Rate Notes due 2014 to be issued by
Grohe Holding GmbH and a (P)B1 to the five-year EUR150-million
Revolving Credit Facility to be borrowed by certain subsidiaries
and guaranteed by Grohe Holding GmbH.

The proceeds from the new Notes will be largely advanced to
Grohe Beteiligungs GmbH and Grohe AG in the form of proceeds
loans and will be used to fully repay drawings under the
existing EUR900-million senior facilities, including the EUR100-
million RCF.

The Floating Rate Notes and the new Revolving Credit Facility
will be secured on a first priority basis, and the existing
EUR335-million Notes due 2014 on a second priority basis, by the
Issuer's share capital in Grohe Beteiligungs, and in a profit
and loss pooling agreement with Grohe Beteiligungs.  The FRNs
and the RCF will further benefit from a first-priority interest
in the proceeds loan to Grohe Beteiligungs, and certain other
assets of Grohe Holding and certain of its subsidiaries.  While
benefiting from the same security, the Revolving Credit Facility
must be repaid ahead of the Floating Rate Notes according to the
terms of an intercreditor agreement.

In addition, all subsidiaries that currently guarantee the
existing EUR335-million notes will guarantee the new senior
Floating Rate Notes and RCF on a senior basis.  The (P)B2 rating
of the new Notes reflects the fact that they will represent
approximately 60% of debt under the new capital structure on a
fully drawn basis, while the (P)B1 rating of the new RCF
reflects its priority rights to repayment among the Senior
Facilities.  Moody's notes that the applicability of the
security and guarantees is subject to the legal limitations of
different jurisdictions.

The indenture to the new Notes stipulates a minimum coverage
ratio of 2x, and a maximum Senior Secured Leverage ratio of 5.5x
for debt incurrence.  Debt carve-outs include EUR150 million
under the credit facilities; debt of acquired subsidiaries;
hedging obligations; and EUR50 million for purchase money
indebtedness and capital leases; and a general basket of not
more than EUR40 million or 6% of tangible assets.  Restricted
payments are limited to 50% of consolidated net income or 100%
of the proceeds from issuance of new equity.

Moody's views positively the lengthening of the debt maturity
profile as a result of this transaction, and the additional
liquidity provided by the increased size of the Revolving Credit
Facility.  Post refinancing, however, the company's available
liquidity is expected to remain limited, consisting of its
undrawn portion of the RCF, estimated to be EUR80 million, and
EUR29.9 million of cash on hand.

Furthermore, Moody's notes that in the 12 months to
Sept. 30, 2006, the company's operating cash flow remained
negative, and Adjusted Total Debt/EBITDA was in excess of 8
times, resulting in credit metrics which remain weak for the
current rating category.  The company's operating cash flows are
expected to benefit from a reduction in cash restructuring costs
in 2007 compared with 2005 and 2006, as the majority of the
costs associated with the Fit For The Future restructuring
programmed have been incurred.

Moody's notes that the company's sales in 2006 have shown a
revival over 2005, which reflects in part organic growth as well
as the higher cost of brass being gradually passed on to
consumers.  The company implemented a general price increase of
8% in January 2007, after a 5% increase in July 2006.  The
extent to which this translates into higher revenues will depend
on the discretionary nature of spending for its products.  While
the company actively hedges its exposure to the prices of brass
components, Moody's believes that the company's profitability
and cash flows will remain exposed to the price fluctuations of
copper and zinc.

The negative outlook reflects the company's continued weak
credit metrics for the rating category, and uncertainty
concerning the impact of recent restructuring and brass prices
on medium-term cash flow generation.  The current ratings do not
factor in any specific outcome from European Commission
investigations into alleged anti-competitive practices in the
European sanitary products industry.

The current ratings are premised on an expected improvement in
credit metrics during 2007, both in terms of leverage and cash
flow generation. Should the company's recent restructuring not
result in free cash flow generation turning positive on a
sustainable basis with a concurrent reduction in leverage
towards 7 times during the current financial year and below 7x
thereafter, the rating could be lowered.  A deterioration in
liquidity could also be negative for the rating.

A stabilization of the outlook could result from a trend
improvement in cash flow generation, which may benefit from
recent price increases for its products or cost saving
initiatives that have been implemented.

Ratings affected:

   -- B2 Corporate Family Rating at Grohe Holding GmbH,
      affirmed;

   -- (P)B2 rating assigned to the proposed EUR800-million
      Floating Rate Notes due 2014 issued at Grohe Holding GmbH;

   -- (P)B1 rating assigned to the new EUR150-million RCF;

   -- Caa1 rating on the EUR335-million 8.625% notes due
      2014 at Grohe Holding GmbH, affirmed;

   -- Caa2 rating on the remaining 11.5% senior notes
      due 2010 at Grohe Beteiligungs GmbH (originally issued
      by Grohe Aktiengesellschaft), affirmed; and

   -- the B2 rating on the existing EUR900-million senior
      secured credit facilities at Grohe Beteiligungs GmbH, to
      be withdrawn following their redemption.

Grohe Holding GmbH is the ultimate holding company for Grohe AG,
which is headquartered in Hemer, Germany.  Grohe is a leading
European supplier of sanitary technology systems.  For the year
ended Sept. 30, 2006, Grohe generated revenues and EBITDA of
EUR911 million and EUR165 million, respectively.  In 2004 the
company was acquired by its two current shareholders, TPG
Partners and DLJ Merchant Banking Funds, which retain equal
shareholdings.


KOHA- KONSERVENHANDELS: Creditors' Meeting Slated for Jan. 22
-------------------------------------------------------------
The court-appointed provisional administrator for KoHa-
Konservenhandels- und Dienstleistungsgesellschaft mbH, Ruediger
Wienberg, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:05 a.m. on
Jan. 22.

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 9:00 a.m. on March 26, at the same
venue.

Creditors have until Feb. 4 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against KoHa- Konservenhandels- und
Dienstleistungsgesellschaft mbH on Nov. 3, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         KoHa- Konservenhandels- und
         Dienstleistungsgesellschaft mbH
         Sickingenstr. 20-28
         10553 Berlin, Germany

The administrator can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin, Germany


KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for January 22
---------------------------------------------------------------
The court-appointed provisional administrator for Konzepta
Grundstuecksgesellschaft mbH & Co. Achte Wohnbauten KG,
Christoph Schulte-Kaubruegger, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:10 a.m. on Jan. 22.

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 9:05 a.m. on March 26, at the same
venue.

Creditors have until Feb. 4 to register their claims with the
court-appointed provisional administrator.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Konzepta Grundstuecksgesellschaft mbH & Co.
Achte Wohnbauten KG on Nov. 1, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Konzepta Grundstuecksgesellschaft mbH & Co. Achte
         Wohnbauten KG
         Menzelstr. 17
         14193 Berlin, Germany

The administrator can be reached at:

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


LANDSCHLACHTEREI PIEPER: Claims Registration Ends January 19
------------------------------------------------------------
Creditors of Landschlachterei Pieper GmbH have until Jan. 19 to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Feb. 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         Auxiliary Building
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against Landschlachterei Pieper GmbH on Nov. 30, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Landschlachterei Pieper GmbH
         Pieperstr. 41-47
         32791 Lage, Germany

         Attn: Klaus-Dieter Zabel, Manager
         Ueckendorfer Road 212
         45876 Gelsenkirchen, Germany

         Wolfgang Lehmkuhl, Manager
         Emsgrund 26
         48231 Warendorf, Germany

The administrator can be contacted at:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford, Germany


MASECO MEDIA: Creditors' Meeting Slated for January 22
------------------------------------------------------
The court-appointed provisional administrator for maseco Media
GmbH, Christian Koehler-Ma, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on Jan. 22.

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

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

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

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

The District Court of Charlottenburg opened bankruptcy
proceedings against maseco Media GmbH on Nov. 9, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         maseco Media GmbH
         Leibnizstr. 101
         10625 Berlin, Germany

The administrator can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin, Germany


NOFA NORDDEUTSCHE: Claims Registration Ends January 19
------------------------------------------------------
Creditors of NOFA Norddeutsche Fassadentechnik GmbH have until
Jan. 19 to register their claims with court-appointed
provisional administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against NOFA Norddeutsche Fassadentechnik GmbH on Nov. 22, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         NOFA Norddeutsche Fassadentechnik GmbH
         Attn: Buelent Guelcemal, Manager
         Steindamm 77
         20099 Hamburg, Germany

The administrator can be contacted at:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg, Germany


VOLKSWAGEN AG: U.S. Brand Rely on New Models to Increase Sales
--------------------------------------------------------------
Volkswagen AG's U.S. operations aimed to raise its market share
from 1.8 percent to 5 percent by 2012, Financial Times reports
citing Adrian Hallmark, U.S. VW brand's chief, as saying.

"New models and the move into new market segments will help us
to achieve this goal," Mr. Hallmark told FT Deutschland.

According to Bloomberg News, Volkswagen will introduce in the
U.S., Tiguan, a compact sport-utility vehicle, and a minivan
built with DaimlerChrysler AG in 2008.

Mr. Hallmark told FT that an imminent model offensive would
enable VW to achieve a significant increase in sales.  Wolfgang
Bernhard, VW brand head, had already envisioned the development
of 20 new models to strengthen VW's core brand.

The Volkswagen brand in the U.S. had a loss of EUR843 million in
2005.  It reported 235,140 total vehicles sold in 2006,
representing a year-on-year rise of 4.9 percent.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Africa, and Asia,
including China, Volkswagen has more than 343,000 employees
producing over 21,500 vehicles or are involved in vehicle-
related services on every working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by then CEO Bernd
Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


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


TDC A/S: Hungarian Unit Acquires Invitel for EUR470 Million
-----------------------------------------------------------
Hungarian Telephone and Cable Corp., TDC's subsidiary in
Hungary, concluded an agreement to purchase the shares in
Invitel, at a total price of EUR470 million, including the
assumption of debt.

The transaction is subject to customary closing conditions,
including Hungarian and Romanian competition regulatory
approvals.

"With the acquisition of Invitel, HTCC will become a strong
challenger in the market.  HTCC's market position improves
markedly and it is in line with our strategy in the Hungarian
market," says Jesper Theill Eriksen, chairman of HTCC and
president of TDC Mobile International.

With the acquisition, HTCC is expected to hold a 20 percent
market share of the Hungarian fixed line market.  The
combination of the two companies is expected to create
significant synergies.

"In addition, HTCC will gain a solid platform for developing and
marketing new business concepts within VoIP, triple play, etc.
This makes it possible for HTCC to take advantage of the new
business opportunities arisen from the recent years'
liberalization of the Hungarian telecom market," says Jesper
Theill Eriksen.

HTCC finances the acquisition of Invitel by raising new loans
and by issuing up to 1.1 million new HTCC shares to be purchased
by selected members of the Invitel management.  Invitel's
earnings before interest, taxes, depreciation and amortization
(EBITDA) were EUR77.6 million for the 12 months ending Sept. 30,
2006.

                      About Invitel

Founded in 1994, Invitel offers telephony, Internet and data
services for residential and business customers in Hungary and
is the second largest operator in the Hungarian telecom market.

                        About HTCC

Headquartered in Seattle, Washington, Hungarian Telephone and
Cable Corp. (HTCC) -- http://www.htcc.hu/-- is a holding
company, which owns the Hungarian telco Hungarotel, supplying
fixed line and broadband services provider in Hungary.  HTCC
also owns PanTel, the alternative network operator in Hungary
with a national optical fiber network.  The fiber network is
connected to all seven adjacent countries.

                      About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

As reported in the TCR-Europe on May 11, Fitch affirmed TDC
A/S's Issuer Default Rating at BB- with Stable Outlook and
senior secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


* Number of Insolvent Companies Rising in Hungary, Coface Says
--------------------------------------------------------------
The number of insolvent companies in Hungary tripled year-on-
year in 2006, Budapest Business Journal reports citing a survey
by Coface Hungary Credit Management Services Kft.

According to Coface, around 3.15% of local companies failed to
repay their debts in 2006.  Coface expects credit risk in the
country to rise in the next two-to-three years, BBJ adds.

The credit insurance firm added that most of the insolvent
companies were from the private security, textile manufacturing
and construction sectors.

Coface Hungary Credit Management Services Kft. --
http://www.cofaceintercredit.hu/-- offers a full array of
solutions suited to companies of all sizes across all sectors of
the economy.  It manages, finances and protects the customer
portfolio while enabling companies to outsource all or part of
their receivables management, as well as the related risks.


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


ALITALIA SPA: FIT-CISL Union Ready to Ink Deal with New Owner
-------------------------------------------------------------
The Federazione Italiana Trasporti-Confederazione Italiana
Sindacati Lavoratori union expressed readiness to sign a new
deal with the future shareholder of Alitalia S.p.A., Agenzia
Giornalistica Italia reports.

"Faced with a serious proposal for the re-launch and development
of Alitalia, CISL is ready to make a new pact between the new
shareholder and workers, and also to discuss the contractual
norms," Claudio Genovesi, National Secretary of FIT-CISL, told
AGI.

Mr. Genovesi said the union might also call off or postpone a
scheduled Jan. 19 strike, after the government committed to
involve the union in the future of Alitalia.

"With this, we certainly do not want to mix up the roles and
prerogatives: in no way are we asking to manage the competition,
but we do want to be protagonists in the part which concerns the
future of Alitalia and the sector," Mr. Genovesi added.  "The
setting in motion of debate with the government could be of
great help and favor this period process which will lead to the
privatization of Alitalia."

Mr. Genovesi, reacting to a statement by Transport Minister
Alessandro Bianchi over reforming air transport unions, said
that FIT-CISL would introduce new forms of protest that would
not burden passengers.

                   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.


SBARRO INC: Launches Tender Offer for 11% US$255MM Senior Notes
---------------------------------------------------------------
Sbarro Inc. is offering to purchase for cash any and all of the
outstanding US$255,000,000 principal amount at maturity of 11%
Senior Notes due 2009 issued by it, on the terms and subject to
the conditions set forth in the Offer to Purchase and Consent
Solicitation Statement dated Jan. 8, 2007.

Sbarro is also soliciting consents to eliminate most of the
restrictive covenants in the indenture under which the Notes
were issued.

On Nov. 22, 2006, Sbarro and its shareholders entered into a
definitive agreement with MidOcean SBR Holdings LLC -- an
affiliate of MidOcean Partners III, LP, aka MidOcean -- whereby
MidOcean will acquire Sbarro.  In connection with the
acquisition, Sbarro expects to enter into a new US$150.0 million
senior secured term loan facility and a new US$25.0 million
senior secured revolving facility.  Sbarro expects to raise
US$150.0 million through the issuance of new senior unsecured
notes.

Sbarro intends to use US$300.0 million of the additional cash
available from its new senior secured credit facilities and the
issuance of new senior unsecured notes to finance the
acquisition and the tender offer.

The total consideration for each US$1,000 principal amount of
the Notes tendered and accepted for purchase pursuant to the
tender offer will be US$1,020.83.  Sbarro will pay accrued and
unpaid interest up to, but not including, the applicable payment
date.  Each holder who validly tenders its Notes and delivers
consents on or prior to Jan. 22, 2007, shall be entitled to a
consent payment, which is included in the total consideration
above, of US$10 for each US$1,000 principal amount of Notes
tendered by such holder if such Notes are accepted for purchase
pursuant to the tender offer.  Holders who tender after the
Consent Date, but prior to the Expiration Date, shall receive
the total consideration minus the consent payment.  Holders who
tender Notes are required to consent to the proposed amendments
to the indenture.

The tender offer by Sbarro will expire at midnight, New York
City time, on Feb. 6, 2007, unless extended or earlier
terminated by Sbarro.  The consent solicitation will expire on
the Consent Date, unless extended.

Tenders of Notes prior to the Consent Date may be validly
withdrawn and consents may be validly revoked at any time prior
to the Consent Date, but not thereafter unless the tender offer
and the consent solicitation are terminated without any Notes
being purchased.  Sbarro reserves the right to terminate,
withdraw or amend the tender offer and consent solicitation
at any time subject to applicable law.

Sbarro expects to pay for any Notes purchased pursuant to its
tender offer and consent solicitation in same-day funds on a
date promptly following the Expiration Date.  Sbarro may accept
and pay for any Notes tendered prior to the Consent Date at any
time after the Consent Date, in its sole discretion.

Sbarro's tender offer is subject to the conditions set forth in
the Offer Document, including the receipt of consents of the
holders representing at least a majority in aggregate principal
amount of the Notes outstanding under the indenture,
consummation of the acquisition of Sbarro by MidOcean and Sbarro
obtaining the financing necessary to pay for the Notes and
consents in accordance with the terms of the tender offer and
consent solicitation.

Sbarro has retained Credit Suisse Securities (USA) LLC and Banc
of America Securities LLC to act as Dealer Managers and
Solicitation Agents in connection with the tender offer and
consent solicitation.  Questions about the tender offer and
consent solicitation may be directed to:

           Credit Suisse Securities (USA) LLC
           Phone: (800) 820-1653 (toll free)
                  (212) 325-7596 (collect)

                        or

           Banc of America Securities LLC
           Phone: (888) 292-0070
                  (704)-388-9217 (collect).

Copies of the Offer Document and other related documents may be
obtained from the information agent for the tender offer and
consent solicitation at:

           DF King & Co., Inc.
           Phone: (800) 290-6426 (toll free)
                  (212) 269-5550 (collect).

Headquartered in Melville, New York, Sbarro, Inc. is a quick
service restaurant chain that serves Italian specialty foods.
As of Oct. 8, 2006, the company owned and operated 479 and
franchised 476 restaurants worldwide under brand names such as
"Sbarro," "Umberto's," and "Carmela's Pizzeria".  The company
also operated 25 other restaurant concepts and joint ventures
under various brand names.  The company announced on June 19,
2006, its internationalexpansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas and
Romania.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 9,
Standard & Poor's Rating Services revised the CreditWatch
listing on Sbarro Inc. to developing from negative.

"The revision comes as the potential for a downgrade has
decreased because the acquisition of the company by MidOcean
Partners will not significantly change the capital structure,"
said Standard & Poor's credit analyst Diane Shand.

"In addition, because the company has had positive operating
performance for the past three years an upgrade is a
possibility."

The corporate credit rating is 'CCC+'.


SBARRO INC: Moody's Junks Proposed US$150-Mln Sr. Unsec. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
to Sbarro, Inc. while at the same time assigned Ba3 senior
secured ratings to the company's proposed bank facility
consisting of a US$25-million 1st lien revolver and a
US$150-million 1st lien term loan.

Additionally, a Caa1 rating on the proposed US$150-million
senior unsecured notes and a SGL-3 speculative grade liquidity
rating were assigned.  Moody's noted that the rating assignments
are subject to a review of the final documentation.  The
proceeds from the bank and bond financings will be used to pay
off Sbarro's existing US$255-million senior unsecured notes as
well to help fund the purchase of the company by private equity
firm, MidOcean Partners, LLC.  Moody's expects to withdraw the
senior unsecured legacy rating once the proposed financings are
closed.  The rating outlook is stable.

Moody's previous rating action on Sbarro was in November 2006
when the outlook was changed to developing from positive
following the company's announcement that it had entered into an
agreement to be acquired by MidOcean for approximately US$417
million.

The B3 corporate family rating acknowledges management's success
at revitalizing the Sbarro brand, the positive operating
momentum currently underway and the benefit of having a
committed, larger source of alternate liquidity now in place.
Moody's noted that the increased leverage stemming from the
change in sponsorship largely offsets the recent progress the
company had made in strengthening its credit quality and
profile.  Nonetheless, the expectation for gradually improving
credit metrics commensurate with the rating in the near-to-
intermediate term remains.  Factors that continue to constrict
the ratings include still weak credit metrics, intense
competition within the pizza segment of the restaurant industry
and the seasonality of revenues and cash flow driven largely by
shopping mall traffic patterns.

The rating outlook is stable with the anticipation that
improvement in credit metrics will continue but much slower than
the pace the company was on prior to the MidOcean buyout.  The
SGL-3 speculative grade liquidity rating reflects adequate
liquidity and the rating agency's expectation that Sbarro's
internally generated cash flow will be sufficient in funding
growth and maintenance capital expenditures, term loan
amortization obligations, working capital needs and other
internal investments over the next twelve months.

Ratings assigned with a stable outlook:

   -- B3 corporate family rating and B3 probability of default
      rating;

   -- US$25-million 1st lien revolver maturing in 2013: Ba3
      (LGD2, 18%);

   -- US$150-million 1st lien term loan maturing in 2014: Ba3
      (LGD2, 18%);

   -- US$150-million senior unsecured notes maturing in 2015:
      Caa1 (LGD5, 75%); and

   -- SGL-3 speculative grade liquidity rating.

Rating expected to be withdrawn after the recapitalization is
finalized:

   -- US$255 million senior unsecured notes maturing in 2009:
      Caa1 (LGD4, 53%)

Sbarro Inc. (Sbarro) headquartered in Melville, New York, is a
leading quick service restaurant chain that serves Italian
specialty foods.  As of Oct. 8, 2006, the company owned and
operated 479 and franchised 476 restaurants worldwide under
brand names such as "Sbarro," "Umberto's," and "Carmela's
Pizzeria."  The company also operated 25 other restaurant
concepts and joint ventures under various brand names.  Total
revenues for fiscal 2005 were approximately US$348 million.


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


ALL-STATES PROPERTIES: Creditors' Claims Due February 21
--------------------------------------------------------
LLP All-States Properties has declared insolvency.  Creditors
have until Feb. 21 to submit written proofs of claim to:

         LLP All-States Properties
         Polejaev Str. 92a
         050050 Almaty, Kazakhstan
         Tel: 8 (3272) 33-30-01


ARAI LLP: Creditors Must File Claims by February 14
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Arai insolvent. Creditors have until Feb. 14 to
submit written proofs of claim to:

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


EUROPROFILE LLP: Claims Filing Period Ends February 15
------------------------------------------------------
LLP Europrofile has declared insolvency.  Creditors have until
Feb. 15 to submit written proofs of claim to:

         LLP Europrofile
         Tole bi Str. 73-55
         Almaty, Kazakhstan


FINIMPEX LLP: Proof of Claim Deadline Slated for February 15
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Finimpex insolvent on Nov. 20, 2006.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Feb. 15 to submit written proofs of claim
to:

         LLP Finimpex
         Post Box 252
         Main Post Office
         050000 Almaty, Kazakhstan
         Tel: 8 333 241 79-98


JANASTROY LLP: Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Janastroy (RNN 582100241780) on Nov. 10, 2006.


KAZSTROYTRANSGAS JSC: Jambyl Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against JSC Kazstroytransgas on
Dec. 11, 2006.


KOTLOGASSTANDART LLP: Claims Registration Ends February 21
----------------------------------------------------------
LLP Kotlogasstandart has declared insolvency.  Creditors have
until Feb. 21 to submit written proofs of claim to:

         LLP Kotlogasstandart
         Mahambet Str. 128/8
         Atyrau
         Atyrau Region
         Kazakhstan


SIBPROMTECHMET-2 LLP: Claims Filing Period Ends February 15
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
entered an order placing LLP Sibpromtechmet-2 (RNN 091600211043)
into compulsory liquidation.

Creditors have until Feb. 15 to submit written proofs of claim
to:

         LLP Sibpromtechmet-2
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 24-19-77


TELECOMSTROYENGINEERING LLP: Creditors' Claims Due February 21
--------------------------------------------------------------
LLP Telecommunication Company Telecomstroyengineering has
declared insolvency.  Creditors have until Feb. 21 to submit
written proofs of claim to:

         LLP Telecomstroyengineering
         Baitursynov Str. 55-38
         Kostanai
         Kostanai Region
         Kazakhstan


TRINITY PROJECTS: Proof of Claim Deadline Slated for February 15
----------------------------------------------------------------
LLP Trinity Projects has declared insolvency.  Creditors have
until Feb. 15 to submit written proofs of claim to:

         LLP Trinity Projects
         Furmanov Str. 269
         Almaty, Kazakhstan
         Tel: 8 (3272) 58-33-60


TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+
-------------------------------------------------------------
Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming
Eurobond issue an expected BB+ Long-term rating.

The issue will be denominated in US$ and comprise two tranches:

   -- a 30-year fixed rate tranche with a put option after 10
      years; and

   -- a two-year floating rate tranche.

The final rating of the issue is contingent upon receipt of
final documentation conforming materially to information already
received.  Fitch also assigned a BB+ Long-term rating to TAF's
JPY20 billion 4.25% notes issue due December 2016, which has put
and call options exercisable in December 2011.

The US$ issue is to be guaranteed, and the JPY issue is
guaranteed, by Kazakhstan's Bank TuranAlem, rated foreign
currency Issuer Default BB+, local currency Issuer Default BBB-,
Short-term foreign currency B, Short-term local currency F3,
Individual C/D, and Support 3.  Proceeds from the issue will be
deposited with BTA.

The issues are made within the framework of BTA's and TAF's US$3
billion global medium-term note program, rated Long-term BB+ for
senior unsecured foreign currency notes with maturities in
excess of one year and Short-term B for senior unsecured foreign
currency notes with maturities of less than one year.

BTA's guarantees of the issues rank at least equally with all
present or future unsecured senior obligations of the bank, save
those preferred by relevant provisions of law and of general
application.  Under Kazakhstani law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At the end of third quarter 2006, retail deposits accounted for
12% of BTA's total liabilities according to the bank's reviewed
International Financial Reporting Standards accounts.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at the end of the first half of 2006, and has top three
positions in all major market segments.  The bank's common stock
is owned primarily by a number of Kazakh investors.


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


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

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


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

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


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


KONINKLIJKE AHOLD: Albert Heijn B.V. Unit Sells 10 Stores
---------------------------------------------------------
Albert Heijn B.V., a full subsidiary of Koninklijke Ahold N.V.,
has reached agreement with a number of supermarket groups on the
sale of ten Albert Heijn stores.  Five of these stores have been
sold at the order of the Dutch Competition Authorities or NMa.
The other stores have been sold in connection with a relocation.

In the last quarter of 2006, Albert Heijn opened 20 new stores
in former Konmar premises.  In 2007, three more will be added.
As a result the number of new Albert Heijn stores from the
Konmar deal will reach the projected total of 23.

The NMa's approval of the transaction was given on condition
that five existing Albert Heijn stores also be sold off:

   -- one in Almere,
   -- two in Den Haag,
   -- one in Maassluis, and
   -- one in Zoetermeer.

The sales agreements with other supermarket groups for these
stores have now been finalized.

In a number of locations, Albert Heijn has decided to
concentrate its activities in the recently opened stores.  In
Drachten, Hoogeveen, Middelburg, Nijmegen and Winschoten, sales
agreements have been agreed with a number of supermarket groups
for the "old" Albert Heijn stores.  As a result, the total
number of stores sold comes to 10.  These ten stores will be
handed over to the new owners in the coming two months.

Albert Heijn is still negotiating with potential buyers on four
stores in Eindhoven, Oss, Utrecht and Hoogvliet.  The "old"
Albert Heijn stores in these locations are closed to customers,
except for the "old" Albert Heijn in Hoogvliet that is still
open.

Albert Heijn is not making any announcements about the proceeds
received from the transaction.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/ -- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on Netherlands-based
food retailer and food service distributor Koninklijke Ahold
N.V. to positive from stable.  At the same time, the 'BB+/B'
long- and short-term corporate credit ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


BOGORODSKIYE SAUSAGES: Bankruptcy Hearing Slated for March 27
-------------------------------------------------------------
The Arbitration Court of Tula Region will convene at 10:00 a.m.
on March 27 to hear the bankruptcy supervision procedure on LLC
Bogorodskiye Sausages (TIN 7112011853).  The case is docketed
under Case No. A68-630/B-06.

The Temporary Insolvency Manager is:

         D. Zubanov
         Office 1
         Frunze Str. 7
         300041 Tula Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         LLC Bogorodskiye Sausages
         Vyazovskiy Per. 41
         Bogoroditsk
         Bogoroditskiy Region
         301836 Tula Region
         Russia


BULZINSKOYE OJSC: Bankruptcy Hearing Slated for April 17
--------------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene at
11:00 a.m. on April 17 to hear the bankruptcy supervision
procedure on OJSC Bulzinskoye.  The case is docketed under Case
No. A76-30273/2006-48-275.

The Temporary Insolvency Manager is:

         S. Gusev
         Office 212, 2
         Kaslinskaya Str. 3
         454084 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Bulzinskoye
         Lenina Str. 18
         Bulzi
         Kaslinskiy Region
         456846 Chelyabinsk Region
         Russia


FERTILITY OJSC: Tula Court Names A. Popov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. A. Popov as
Insolvency Manager for OJSC Fertility.  He can be reached at:

         A. Popov
         Post User Box 345
         115230 Moscow-230 Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-67/B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Fertility
         Arkhangelskoye
         Kamenskiy Region
         Tula Region
         Russia


GLAZOV-AGRO-SNAB OJSC: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on OJSC Glazov-Agro-Snab.  The case is
docketed under Case No. A71-002190/2006 G21.

The Temporary Insolvency Manager is:

         L. Bogdanov
         Post User Box 4253
         8th Post Office
         Glazov
         427628 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Glazov-Agro-Snab
         Yukamenskaya Str. 33
         Glazov
         Udmurtiya Republic
         Russia


KUBANSKAYA TEA: Court Names A. Shepin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed
Mr. A. Shepin as Insolvency Manager for LLC Kubanskaya Tea
Company.  He can be reached at:

         A. Shepin
         Room 7
         Montazhnikov Str. 1
         Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-17359/2006-1/1049-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Kubanskaya Tea Company
         Krasnaya Str. 124
         350000 Krasnodar Region
         Russia


LIQUEUR-VODKA DISTILLERY OJSC: S. Sokolovskiy to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed
Mr. S. Sokolovskiy as Insolvency Manager for OJSC Liqueur-Vodka
Distillery.  He can be reached at:

         S. Sokolovskiy
         70 Let Oktyabrya Str. 5
         Novokhoperskiy
         Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-2995-2006 66/20b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Liqueur-Vodka Distillery
         Koltsovskaya Str. 24
         Voronezh Region
         Russia


MEAT COMBINE-GOTNYA: Court Names K. Yakovlev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. K.
Yakovlev as Insolvency Manager for CJSC Meat Combine-Gotnya.  He
can be reached at:

         K. Yakovlev
         Post User Box 657
         308033 Belgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-8889/06-24B.

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         CJSC Meat Combine-Gotnya
         Borisovskoye 2
         Proletarskiy
         Rakityanskiy Region
         Belgorod Region
         Russia


OIL-KHIM-SERVICE LLC: Court Names D. Krutov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed
Mr. D. Krutov as Insolvency Manager for LLC Oil-Khim-Service.
He can be reached at:

         D. Krutov
         Office 804v
         Svobody Str. 173
         Izhevsk
         426911 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-007728/2006 G21.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         LLC Oil-Khim-Service
         Dragunova Str. 66-13
         Izhevsk
         Udmurtiya Republic
         Russia


PENZENSKIY FACTORY: Court Names M. Presnyakova to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Penza Region appointed Ms. M.
Presnyakova as Insolvency Manager for OJSC Penzenskiy Factory of
Reinforced Concrete Products.  She can be reached at:

         M. Presnyakova
         Baydukova Str. 67
         440015 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-2905/200b-276B.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Penzenskiy Factory of Reinforced Concrete Products
         Zakharova Str. 20
         Penza Region
         Russia


PERVOMAYSKOYE CJSC: Court Names R. Akhmetov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. R.
Akhmetov as Insolvency Manager for CJSC Pervomayskoye (TIN
7425000151).

         R. Akhmetov
         Stalevarov Str. 17
         Magnitogorsk
         455038 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-9751/2006-48-86.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Pervomayskoye
         Tsentralnaya Str. 31
         Pervomayskiy
         Agapovskiy Region
         457441 Chelyabinsk Region
         Russia


RIF-INVEST-PUT' OJSC: Names A. Ovchinnikov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. A.
Ovchinnikov as Insolvency Manager for OJSC Rif-Invest-Put' (TIN
3114005449).  He can be reached at:

         A. Ovchinnikov
         Rzhevskoye Shosse Str. 11
         Shebekino
         309290 Belgorod Region
         Russia
         Tel/Fax: (47248) 30640

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 Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Rif-Invest-Put'
         Oskolskoye
         Novooskilskiy Region
         309615 Belgorod Region
         Russia


TUYMAZINSKIY ELEVATOR: Court Starts External Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
external management bankruptcy procedure on OJSC Tuymazinskiy
Elevator.  The case is docketed under Case No. A07-14556/
05-G-FLE.

The External Insolvency Manager is:

         A. Khusainov
         Post User Box 174
         Ufa
         450054 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Tuymazinskiy Elevator
         Sovetskaya Str. 7
         Tuymazy
         Bashkortostan Republic
         Russia


VOLMANGA-WOOD OJSC: Kirov Bankruptcy Hearing Slated for March 28
----------------------------------------------------------------
The Arbitration Court of Kirov Region will convene at 10:00 a.m.
on March 28 to hear the bankruptcy supervision procedure on OJSC
Volmanga-Wood.  The case is docketed under Case No. A28-633/
06-328/6.

The Temporary Insolvency Manager is:

         O. Goreva
         Gertsena Str. 15
         610002 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Volmanga-Wood
         Maromitsa
         Oparinskiy Region
         Kirov Region
         Russia


WHEAT KHOMUTOVSKAYA: Court Names S. Bykov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Bykov as
Insolvency Manager for OJSC Wheat Khomutovskaya.  He can be
reached at:

         S. Bykov
         K. Marksa Str. 106
         Livny
         303850 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-2318/06-17b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat Khomutovskaya
         Komsomolskaya Str. 13
         Khomutovo
         Novoderevenkovskiy Region
         Orel Region
         Russia


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


ANDREAS STEGER: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Andreas Steger on Oct. 9, 2006.

The Debtor can be reached at:

         JSC Andreas Steger
         Mühlibachstrasse 10
         9450 Altstatten
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Office Buchs
         Urs Hartmann
         9471 Buchs
         Switzerland


DOLORMAT 2000: Thurgau Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Thurgau suspended the bankruptcy
proceedings of LLC Dolormat 2000 on Dec. 7, 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 CHF1,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Aug. 3, 2006, can be reached
at:

         LLC Dolormat 2000
         Seestrasse 16
         8597 Landschlacht
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Switzerland


EURO MUZIK: Olten Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Olten entered Nov. 14, 2006, an order
closing the bankruptcy proceedings of LLC Euro Muzik.

The Debtor can be reached at:

         LLC Euro Muzik
         Industriestr 14
         4612 Wangen
         Switzerland

The Bankruptcy Service of Olten can be reached at:

         Bankruptcy Service of Olten
         4702 Oensingen
         Switzerland


FLORIADE LLC: Olten Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Olten entered Nov. 16, 2006, an order
closing the bankruptcy proceedings of LLC Floriade.

The Debtor can be reached at:

         LLC Floriade
         Hauptstrasse 137
         4625 Oberbuchsiten
         Switzerland

The Bankruptcy Service of Olten can be reached at:

         Bankruptcy Service of Olten
         4702 Oensingen
         Switzerland


GOLDSTEIN ROSENBERG: Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of Goldstein, Rosenberg & Partner Limited on Dec. 6,
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. 24, 2006, can be reached
at:

         Goldstein, Rosenberg & Partner Limited
         Kornhausstrasse 3
         9000 St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Urs Benz
         9001 St. Gallen
         Switzerland


H+S BAU: St. Gallen Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of JSC H+S Bau on Dec. 6, 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. 30, 2006, can be reached
at:

         JSC H+S Bau
         Burerfeld 16a
         9245 Oberburen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Office Oberuzwil
         Urs Ghirlanda
         9242 Oberuzwil
         Switzerland


OBERHAMMER & PARTNER: Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Oberhammer & Partner on Oct. 17, 2006.

The Debtor can be reached at:

         JSC Oberhammer & Partner
         Martinsbruggstrasse 98a
         9016 St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Urs Benz
         9001 St. Gallen
         Switzerland


SO CHIC: Thurgau Court Suspends Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Thurgau suspended the bankruptcy
proceedings of LLC so chic on Dec. 7, 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. 13, 2006, can be reached
at:

         LLC so chic
         Hauptstrasse 22
         8280 Kreuzlingen
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Switzerland


SOLO-STEIN: Solothurn Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Solothurn entered Nov. 14, 2006, an
order closing the bankruptcy proceedings of JSC Solo-Stein.

The Debtor can be reached at:

         JSC Solo-Stein
         Emmenweg 23
         4528 Zuchwil
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4501 Solothurn
         Switzerland


SPM PROJEKTMANAGEMENT: Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC SPM Projektmanagement on Nov. 7, 2006.

The Debtor can be reached at:

         LLC SPM Projektmanagement
         Hauptstrasse 2
         9030 Abtwil
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Max Banziger
         9001 St. Gallen
         Switzerland


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


ANGELINA LLC: Creditors Must Submit Claims by January 24
--------------------------------------------------------
Creditors of LLC Angelina (code EDRPOU 32557937) have until
Jan. 24 to submit written proofs of claim to:

         Kachkurov Farit, Liquidator
         a/b 169
         02206 Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Dec. 5, 2006, after finding
it insolvent.  The case is docketed under Case No. 15/693-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 Angelina
         Sniatoshinskaya Str. 3
         03115 Kiev Region
         Ukraine


DNIEPR CURRENT-ELECTRODE: Claims Filing Deadline Set January 24
----------------------------------------------------------------
Creditors of LLC Dniepr Current-Electrode (code EDRPOU 31393593)
have until Jan. 24 to submit written proofs of claim to:

         Denis Lihopek, Liquidator
         P.O. Box 37
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against the company on Dec. 19, 2006, after finding
it insolvent.  The case is docketed under Case No. B 24/371-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Dniepr Current-Electrode
         Uralskaya Str. 19/89
         49008 Dnipropetrovsk Region
         Ukraine


GISKON-TRADE: Deadline for Submission of Claims Set January 24
--------------------------------------------------------------
Creditors of Industrial Enterprise Giskon-Trade (code EDRPOU
33340297) have until Jan. 24 to submit written proofs of claim
to:

         E. Golub, Liquidator
         Komsomolskiy Avenue 8
         83055 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region commenced bankruptcy
proceedings against the company on Dec. 12, 2006, after finding
it insolvent.  The case is docketed under Case No. 42/247.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Industrial Enterprise Giskon-Trade
         Oktiabr Str. 1
         83030 Donetsk Region
         Ukraine


SAVINSKIY CJSC: Deadline for Submission of Claims Set January 24
----------------------------------------------------------------
Creditors of CJSC Agrarian Complex Savinskiy (code EDRPOU
31982357) have until Jan. 24 to submit written proofs of claims
to:

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

The Economic Court of Harkiv Region commenced bankruptcy
proceedings against the company on Nov. 2, 2006, after finding
it insolvent.  The case is docketed under Case No. B-31/85-06.

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:

         CJSC Agrarian Complex Savinskiy
         Pivnichna Str. 2
         Savincy
         Balakleya District
         Kharkov Region
         Ukraine


SILVER TOWER: Creditors Must Submit Claims by January 24
--------------------------------------------------------
Creditors of CJSC Silver Tower (code EDRPOU 32915627) have until
Jan. 24 to submit written proofs of claim to:

         Y. Ignatchenko, Liquidator
         Zhytomirskaya 24
         Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Dec. 7, 2006, after finding
it insolvent.  The case is docketed under Case No. 43/358.

The Economic Court of Kiev Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Debtor can be reached at:

         CJSC Silver Tower
         Krasnoarmeyskaya Str. 39
         Kiev Region
         Ukraine


SILTECH LLC: Deadline for Submission of Claims Set January 24
-------------------------------------------------------------
Creditors of LLC Siltech (code EDRPOU 33011606have until Jan. 24
to submit written proofs of claim to:

         Elena Kliashtornaya, Liquidator
         Pobeda Str. 75
         69005 Zaporozhje Region
         Ukraine

The Economic Court of Zaporozhje Region commenced bankruptcy
proceedings against the company on Dec. 13, 2006, after finding
it insolvent.  The case is docketed under Case No. 25/254/06.

The Economic Court of Zaporozhje Region is located at:

         Shaumiana Str. 4
         69001 Zaporizhje Region
         Ukraine

The Debtor can be reached at:

         LLC Siltech
         40 years of Soviet Ukraine Str. 92-a
         69057 Zaporozhje Region
         Ukraine


UKRMASHIMPEX CJSC: Creditors Must Submit Claims by January 24
-------------------------------------------------------------
Creditors of CJSC Ukrmashimpex (code EDRPOU 22965910) have until
Jan. 24 to submit written proofs of claim to:

         Igor Golovachev, Temporary Insolvency Manager
         Stalingrada Avenue 27-a
         Geroev
         Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 23/517-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:

         CJSC Ukrmashimpex
         Akademic Palladin Avenue 44
         03142 Kiev Region
         Ukraine


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


ADVANCED MARKETING: Court Grants Interim Access to DIP Financing
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Advanced Marketing Services
Inc. and its debtor-affiliates, on an interim basis, to dip
their hands into the DIP financing facility arranged by Wells
Fargo Foothill for a consortium of lenders.

Advanced Marketing Services, Publishers Group Inc., and
Publishers Group West Inc. are borrowers under a Loan and
Security Agreement dated April 27, 2004, with Wells Fargo
Foothill Inc., as agent, and a consortium of lenders.  The
Senior Facility provides for a revolving line of credit up to a
maximum commitment level of US$90,000,000.

Curtis R. Smith, AMS's vice-president and chief financial
officer, relates that the Senior Lenders have agreed to continue
to provide liquidity to the Debtors through a DIP Loan Facility,
which carries forward many of the terms of the Senior Facility.

Against this backdrop, the Debtors seek the Court's authority to
obtain from Foothill and the Senior Lenders, though the DIP Loan
Facility, cash advances and other extensions of credit in an
aggregate principal amount of up to US$75,000,000.

Absent immediate and continued availability of credit, the
Debtors' operations will be severely disrupted, and they will be
forced to cease or sharply curtail operations of some or all of
their businesses, which in turn will eliminate the Debtors'
ability to generate operating revenue and the value of their
businesses as a going concern, Mr. Smith says.

Before agreeing to enter into the DIP Loan Facility with
Foothill and the Senior Lenders, the Debtors engaged in numerous
discussions concerning secured and unsecured financing, as well
as equity or other infusions, with several potential investors.
Yet, they received only one proposal for debtor-in-possession
financing other than that offered by the Senior Lenders.  Upon
evaluation, the Debtors determined that the alternate proposal
was not viable.

"No other prospective lender was willing to provide debtor in
possession financing without at least the type of protections
afforded Senior Lenders under the DIP Loan Facility," Mr. Smith
relates.

                   Terms of the DIP Facility

The DIP Facility provides, among other things, that each Lender
with a Revolver Commitment agrees to make Advances to the
Debtors at any one time in amounts not exceeding the Lender's
Pro Rata Share of an amount equal to the lesser of (i) the
Maximum Revolver Amount -- presently set at US$75,000,000 --
less the Letter of Credit Usage, or (ii) the Borrowing Base less
the Letter of Credit Usage.

     Lender                                 Revolver Commitment
     ------                                 -------------------
     Wells Fargo Foothill Inc.                  US$37,500,000
     LaSalle Business Credit, LLC                  16,500,000
     Marathon Structured Finance Fund, L.P.         8,250,000
     Capitalsource Finance LLC                     12,750,000

The Issuing Lender agrees to issue Letters of Credit for the
account of the Borrowers or to purchase or execute an L/C
Undertaking with respect to letters of credit issued by an
Underlying Issuer for the account of the Borrowers.  The Issuing
Lender will have no obligation to issue an L/C if any of these
events would result after giving effect to the issuance of the
requested L/C:

   (1) the L/C Usage would exceed the Borrowing Base less the
       outstanding amount of Advances; or

   (2) the L/C Usage would exceed US$10,000,000; or

   (3) the L/C Usage would exceed the Maximum Revolver Amount
       less the outstanding amount of Advances.

The Borrowing Base under the DIP Loan Agreement determines the
maximum amount that may be borrowed as Advances.  It is a
function of inventory and account values ranging up to 85% of
appraised liquidation values and is subject to various reserves,
including a Dilution Reserve in an amount sufficient to reduce
the advance rate against Eligible Accounts by 1 percentage point
for each percentage point by which Dilution is in excess of 5%.

The interest rate on all Obligations will be calculated based on
Wells Fargo Bank, National Association's prime rate plus 3.50%.

The DIP Agreement was scheduled to close by Jan. 4.  The
postpetition facility will continue in full force and effect for
a term ending in July.  The Lender Group, upon the election of
the Required Lenders, will have the right to terminate its
obligations under the DIP Loan Agreement immediately and without
notice on the occurrence and during the continuation of an Event
of Default.

The proceeds of the Advances may be used (1) on the Closing
Date, to pay transactional fees, costs, and expenses incurred in
connection with the DIP Loan Agreement, the other Loan
Documents, and contemplated transactions including the funding
in whole or in part of the Carve Out Reserve Fund, and (ii) for
the Debtors' lawful and permitted business and general corporate
purposes including the financing of working capital needs and
capital expenditures, in accordance with the Debtors' 14-week
Budget related to the DIP Loan Facility.

The Budget runs through March 30, and sets forth the
expenditures that the Debtors critically need to make to allow
them to continue to operate.

The Borrowers agree to pay a variety of fees and charges to
Foothill:

   -- a Letter of Credit fee accruing at 3.50% per annum times
      the Daily Balance of the undrawn amount of all outstanding
      L/C;

   -- on the first day of an each month, an Unused Line Fee
      equal to 0.375% per annum times the result of (a) the
      Maximum Revolver Amount, less (b) the sum of (1) the
      average Daily Balance of Advances that were outstanding
      during the immediately preceding month, plus (2) the
      average Daily Balance of the L/C Usage during the
      immediately preceding month;

   -- a US$750,000 closing fee, which will be fully earned, due,
      and payable on the Closing Date;

   -- a US$5,000 servicing fee per quarter, due and payable, in
      arrears, on the first day of each quarter, commencing with
      the first day of the quarter immediately following the
      Petition Date; and

   -- certain audit, appraisal and valuation fees and charges
      relating to audits and appraisals performed by personnel
      employed by Foothill.

The postpetition obligations due the Lenders by the Debtors will
be entitled to the super-administrative priority afforded under
Section 364(c)(1) of the Bankruptcy Code.

The Lenders' liens and administrative claims will be subject to
a carve out for (i) the fees payable to the Clerk of the
Bankruptcy Court and to the Office of the United States Trustee
relating to the Bankruptcy Cases; and (ii) Professional Fee
Carve Out Expenses of US$2,000,000 prior to a Payoff Event and
US$3,000,000 afterwards.

Moreover, the Debtors covenant that they will not:

   (a) on any measurement date where the Projected Operating
       Cash Flow is a positive amount, have Actual Operating
       Cash Flow for the relevant period that is both less than
       85% of the Projected Operating Cash Flow, and at least
       US$2,500,000 less than Projected Operating Cash Flow, for
       the period; or

   (b) on any measurement date where the Projected Operating
       Cash Flow is a negative amount, have Actual Operating
       Cash Flow for the relevant period that is both less than
       115% of the Projected Operating Cash Flow, and at least
       US$2,500,000 less than the Projected Operating Cash Flow,
       for the period.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, clarifies that the terms and covenants set
forth in the Senior Facility are amended and restated in their
entirety by the terms and conditions set forth in the DIP Loan
Agreement.  However, the DIP Loan Agreement does not extinguish
the obligations for the payment of money outstanding under the
Senior Facility, or for the discharge or release of any
security.  Rather, the DIP Loan Agreement provides for the
satisfaction of the prepetition obligations owed to the Senior
Lenders through application of Cash Collateral postpetition -- a
"roll-up" of the prepetition debt.

The Roll-up provision provides that each Senior Lender is
entitled to apply any and all proceeds of the Collateral or the
Senior Collateral or any other consideration it received in
respect of the Senior Obligations in accordance with the Senior
Facility and the Loan Documents, which includes the application
of Senior Collateral -- first, on account of the Senior
Obligations until the Senior Obligations are paid and satisfied,
and then on account of the Postpetition Obligations.
Furthermore, all outstanding L/C under the Senior Facility are
deemed to be L/C and Obligations under the DIP Credit Agreement.
Mr. Collins says the Debtors have determined that this provision
is appropriate given that the Senior Lenders are substantially
over-secured.

                  Qualified Transaction Timeline

The Debtors agree with the DIP Lenders to file within 10 days
after the Petition Date a qualified transaction motion calling
for the sale of substantially all or a significant portion of
their business, or a refinancing or debt or equity investment or
other recapitalization.

Within 20 days after the filing of the Qualified Transaction
Motion, the Debtors will attempt to obtain approval of
competitive bidding procedures and to identify a "stalking
horse" bidder in the event they pursue a sale.

The DIP Lenders want the Qualified Transaction Motion approved
within 45 days after the filing.  They also want to receive cash
proceeds from the Qualified Transaction within 50 days.

Mr. Collins says the Debtors believe that the Qualified
Transaction provisions are reasonable given the overall benefits
of the DIP Facility, and given that the Senior Lenders were
unwilling to extend financing without those provisions.

Foothill is represented in the Debtors' cases by Paul S. Arrow,
Esq., and William S. Brody, Esq., at Buchalter Nemer, in Los
Angeles, California, and Kurt F. Gwynne, Esq., at Reed Smith,
LLP, in Wilmington, Delaware.

                           *     *     *

Judge Sontchi held that the Debtors do not have sufficient
available sources of working capital to operate its business in
the ordinary course of business with the postpetition financing.
According to Judge Sontchi, the Debtors' ability to maintain
business relationships with its vendors, suppliers, and
customers, to pay its employees, and to otherwise fund its
operations, is essential to the Debtors' continued viability.

Judge Sontchi rules that the DIP Lenders have the right to use
the DIP Obligations to credit bid with respect to any bulk or
individual sale of all or any portion of the Debtors' assets
securing the loan.

The Debtors are prohibited from obtaining postpetition loans or
other financial accommodations other than from the DIP Lenders
unless their DIP Obligations have been indefeasibly paid in
full.

Judge Sontchi will convene a hearing to consider approval of the
Debtors' request on a final basis on January 24, at 10:00 a.m.
Objections, if any, are due January 22.

                      About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Gets Interim Access to Use Cash Collateral
--------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Advanced Marketing Services
Inc. and its debtor-affiliates, on an interim basis, to use the
Secured Lenders' Cash Collateral.

Judge Sontchi rules that it will be an event of default if the
Debtors use the Lenders' Cash Collateral without further
express, written consent of the Lenders.

The Loan and Security Agreement dated April 27, 2004, among the
Debtors, Wells Fargo Foothill Inc., as agent, and a syndicate of
lenders, is secured by a first priority security interest on
substantially all of the Debtors' assets, all products and
proceeds of the assets, and all cash proceeds and all other cash
equivalents and cash collateral.

Curtis R. Smith, AMS's vice-president and chief financial
officer, relates that the Senior Facility imposes numerous
restrictions on the Debtors' ability to access their cash.

Before the Petition Date, virtually all of the Debtors' cash
from operations was swept daily into an account controlled by
Foothill and applied to the loans outstanding, then re-advanced
as loans in accordance with the borrowing base formula as
established and adjusted by Foothill from time to time.

As of the Petition Date, the borrowing base formula under the
Senior Facility totaled US$64,764,447.  In contrast, Mr. Smith
says, the Senior Lenders are secured by approximately
US$147,500,000 in accounts receivable, approximately
US$72,500,000 in inventory, as well as other valuable collateral
including Advanced Marketing Services' interests in foreign
subsidiaries, fixed assets and intellectual property.

As of the Petition Date, the Debtors were obligated to the
Senior Lenders for the principal amount drawn on the Revolving
Loans plus accrued and unpaid interest and certain additional
unpaid fees and expenses totaling US$41,514,347.

Pursuant to an Inter-company Subordination Agreement between the
Debtors and certain of their subsidiaries, as Obligors, and
Foothill, the parties agreed to subordinate the payment of all
indebtedness, liabilities and other obligations of each Obligor
owing to any other Obligor to the payment of the US$41,514,347
Indebtedness.

Mr. Smith reminds the Court that the Debtors have secured a
US$75,000,000 postpetition facility from Foothill.  In that
regard, the Debtors obtained the express consent of the Senior
Lenders to use the prepetition Cash Collateral in connection
with the DIP Loan Facility.

Accordingly, the Debtors seek the Court's authority to use the
Secured Lenders' Cash Collateral.

To secure all postpetition obligations due to the Lenders by the
Debtors, the Debtors propose to grant the Lenders a lien with
priority and senior to all other liens, other than validly
perfected prepetition liens that would otherwise be senior and
prior to the Senior Lenders' prepetition liens, on all of the
Debtors' prepetition, present and future assets.  Moreover, upon
the occurrence of a Default or Event of Default, each Borrower
waives any right to use Cash Collateral.

Judge Sontchi will convene a hearing to consider approval of the
Debtors' request on a final basis on January 24, at 10:00 a.m.
Objections, if any, are due January 22.

                      About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: 20 Largest Unsecured Creditors
--------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates' list
of 20 largest unsecured creditors include:

Entity                        Nature of Claim      Claim Amount
------                        ---------------      ------------
Random House                  Trade Debt          US$43,347,815
1540 Broadway
New York, NY 10036
Attn: Bill Sinnott
Tel: (410) 386-7480
Fax: (410) 386-7439

Simon & Schuster Inc.         Trade Debt          US$26,457,886
1230 Avenue of the Americas
New York, NY 10020
Attn: David England
Tel: (212) 689-7022
Fax: (212) 698-1258

Penguin Putnam Inc.          Trade Debt           US$24,614,829
375 Hudson Street
New York, NY 10014
Attn: Michelle Cangialosi
Tel: (201) 767-2916
Fax: (201) 767-5162

Hachette Book Group USA       Trade Debt          US$22,569,624
d/b/a Hachette and Time
Warner Publishing
Three Center Plaza
Boston, MA 02108-2084
Attn: Steve Mubarek
Tel: (617) 263-1949
Fax: (617) 263-2978

HaperCollins US               Trade Debt          US$18,029,249
3030 Robinson Road
Jefferson City, MO 65111
Attn: John Shearer
Tel: (570) 941-1244
Fax: (570) 941-1590

Publications International    Trade Debt          US$12,546,943
7373 North Cicero Avenue
Lincolnwood, IL 60712-1613
Attn: Jeff Coyle
Tel: (847) 329-5355
Fax: (847) 329-5810

VHPS                          Trade Debt           US$9,597,108
175 Fifth Avenue
20th Floor
New York, NY 10010
Attn: Peter Garabedian
Tel: (646) 307-5451
Fax: (917) 302-7466

Andrews McMeel Publishing     Trade Debt           US$8,658,324
4520 Main Street
Kansas City, MO 64111
Attn: Thom Thorton
Tel: (816) 932-6700
Fax: (816) 932-6735

John Wiley & Sons Inc.       Trade Debt            US$6,030,223
One Wiley Drive
Somerset, NJ 08875-1272
Attn: Dean Karrel
Tel: (201) 748-6275
Fax: (201) 748-8641

Leisure Arts                  Trade Debt           US$4,685,334
80 Willow Park Road
Menlo Park, CA 94025
Attn: Rich Smeby
Tel: (650) 324-5505
Fax: (650) 324-1532

Workman Publishing Company    Trade Debt           US$4,403,889
225 Varick Street
New York, NY 10014-4381
Attn: Phil Gerace
Tel: (212) 614-7565
Fax: (212) 254-8098

Rich Publishing LLC           Trade Debt           US$4,380,171
6611 North 64th Place
Paradise Valley, AZ 85253
Attn: Sharon Lechter
Tel: (480) 607-1940
Fax: (480) 949-6085

Chronicle Books               Trade Debt           US$4,344,797
275 Fifth Street
San Francisco, CA 94103
Attn: Jack Jensen
Tel: (415) 777-7240
Fax: (415) 777-8887

Meredith Corporation          Trade Debt           US$4,333,958
1716 Locust Street
Des Moines, IA 50309
Attn: Ken Zagor
Tel: (515) 284-2282
Fax: (515) 284-3947

Houghton Mifflin Trade Div.   Trade Debt           US$2,564,958
222 Berkeley Street
Boston, MA 02116
Attn: Gary Gentel
Tel: (617) 351-5927
Fax: (617) 351-1185

Avalon Publishing Group       Trade Debt           US$2,297,489
1400 65th Street
Suite 250
Emeryville, CA 94608
Attn: Susan Reich
Tel: (510) 595-3664
Fax: (510) 595-4228

United States Playing         Trade Debt           US$2,015,057
Card Co.
2510 Reliable Parkway
Chicago, IL 60686-0025
Attn: Amy Bruno
Tel: (800) 542-7430 ext. 7507
Fax: (513) 396-5878

Zondervan                     Trade Debt           US$2,002,239
5300 Patterson Avenue, SE
Grand Rapids, MI 49530
Attn: Verne Kenney
Tel: (616) 698-6548
Fax: (616) 698-3313

Global Book Publishing        Trade Debt           US$1,747,737
Level 8, 15 Orion Road
Lane Cove, NSW
Australia 2066
Attn: Cheryl Perry
Tel: (+612) 9425-5800
Fax: (+612) 9967-5891

Cook Illustrated              Trade Debt           US$1,483,506
17 Station Street
Brookline, MA 02445
Attn: Demee Gambulos
Tel: (617) 232-1000
Fax: (617) 232-1572

                      About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


AMERICAN CAMSHAFT: High Steel Costs Prompt Bankruptcy Filing
------------------------------------------------------------
American Camshaft Specialties Inc. filed a petition to
reorganize under Chapter 11 of the U.S. Bankruptcy Code in the
U.S. Bankruptcy Court for the Eastern District of Michigan on
Dec. 9, 2006.

The company is a U.S. subsidiary of Asimco Technologies which is
headquartered in Beijing, China.  The bankruptcy however is
limited to the Grand Haven facilities and doesn't extend to
Asimco's offices and other manufacturing facilities overseas,
Grand Haven Tribune relates.

The bankruptcy filing comes after costs have increased for raw
materials, especially steel, in the past few years.

"We're looking into a restructure or a potential sale," the
Grand Haven Tribune quotes an Asimco representative.  "We're
looking at getting some costs under control or a potential
sale," the representative added.

Grand Haven Tribune reports that in a Dec. 11, 2006, press
release, Jack Perkowski, Asimco's chairman and chief executive
officer, stated, "[s]ince acquiring the businesses several years
ago, we have been faced with significant raw material price
increases and declining volumes in North America."

"Despite these adverse economic conditions, we continued to
support the business while trying to obtain offsetting price
concessions.  Unfortunately, we were unable to gain sufficient
price relief in the normal course, and several months ago, began
working with our customers as a group to try and jointly develop
a plan which would return the business to long-term economic
viability.

"Given the further volume declines, which our customers expect
in North America in 2007, we decided that the best course was to
file for protection in order to balance the interests of all our
stakeholders and ensure uninterrupted supply while we seek to
develop a longer term solution," Mr. Perkowski added.

American Camshaft Specialties Inc. is located at the southwest
corner of M-45 and U.S. 31, includes two plants - ACS Grand
Haven, which is solely owned by Asimco Technologies, and a joint
venture between Nippon Piston Ring and ACS Inc.

Headquartered in Beijing, China, Asimco Technologies --
http://www.asimco.com/-- produces a wide range of power train,
chassis and diesel fuel injection products for light duty and
commercial vehicle applications, according to its Web site.  The
company assembles semi-fully finished cast, steel and assembled
camshafts.  Aside from its U.S. operations, Asimco has 18
manufacturing facilities and 52 sales offices in China and one
regional office in the United Kingdom and Japan.  Asimco's major
customers are automotive-based, such as DaimlerChrysler, Ford,
GM, Cummins and CAT.


AMERICAN CAMSHAFT: Case Summary & 59 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: American Camshaft Specialties, Inc.
             1000 Town Center, Suite 1050
             Southfield, MI 48075

Bankruptcy Case No.: 06-58298

Type of Business: American Camshaft has two plants - ACS Grand
                  Haven, which is solely owned by Asimco
                  Technologies, and a joint venture between
                  Nippon Piston Ring and ACS Inc.

                  Asimco, the Debtor's parent company, is
                  located in Beijing, China.  Asimco also has a
                  regional office in the United Kingdom and
                  Japan.

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Assembled Camshaft, Inc.                   06-58300
      ACS Orland, Inc.                           06-58301
      ACS Grand Haven, Inc.                      06-58302

Chapter 11 Petition Date: December 9, 2006

Court: Eastern District of Michigan (Detroit)

Judge: Phillip J. Shefferly

Debtors' Counsel: Christopher A. Grosman, Esq.
                  Robert A. Weisberg, Esq.
                  Carson Fischer, P.L.C.
                  4111 Andover West, Second Floor
                  Bloomfield Hills, MI 48302-1924
                  Tel: (248) 644-4840

                              Estimated Assets   Estimated Debts
                              ----------------   ---------------
American Camshaft             Less than $50,000   $10 Million to
   Specialties, Inc.                              $50 Million

Assembled Camshaft, Inc.      $10 Million to      $10 Million to
                              $50 Million         $50 Million

ACS Orland, Inc.              Less than $50,000   $10 Million to
                                                  $50 Million

ACS Grand Haven, Inc.         $10 Million to      $10 Million to
                              $50 Million         $50 Million

A. American Camshaft Specialties, Inc's 19 Largest Unsecured
   Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
   Federal Mogul Corporation                            $750,000
   2655 Northwest Highway
   Southfield, Michigan 48034

   Miller Johnson Snell & Cummisky                       $13,376
   P.O. Box 306
   Grand rapids, MI 49501

   Service Express                                        $5,912
   4845 Corporate Exchange
   Grand Rapids, MI 49512

   Plante & Moran, PLLC                                   $5,650

   Not So Basic Training & Consulting                     $5,010

   George Fergision                                       $2,500

   ADP, Inc.                                              $2,134

   Consultation Plus, LLC                                 $2,120

   The Hartford                                           $1,904

   CDW                                                    $1,870

   Environmental Resource Mgt.                            $1,569

   Global Crossing                                        $1,223

   Research in Motion Corp.                                 $927

   Cingular Wireless                                        $816

   Sterling Commerce                                        $609

   Oakstone Wellness                                        $575

   Employers Association of West Michigan                   $477

   AT&T                                                     $440

   Vision Service Plan                                      $413

B. Assembled Camshaft, Inc.'s 20 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
   Nippon Piston Ring Co., Ltd.                         $486,177
   No. 12-10-5-Chome
   Honmachi-Higashi
   Yono-City
   Saitama Japan

   Ametek                                               $278,816
   Specialty Metal Products Div.
   Route 419 Box 427
   Eighty Four, PA 15330

   Grand Haven Charter Twp.                             $211,001
   13300 - 168th Avenue
   Grand Haven, MI 49417

   BMC Bill-Mac Corporation                              $87,190

   Mac Steel                                             $79,340

   Consumers Power Co.                                   $55,279

   Accu Serve Corporation                                $41,853

   C.B. Dekorne, Inc.                                    $30,182

   Gosiger Michigan                                      $28,376

   Graphite Machining                                    $22,779

   Creston Industrial                                    $21,369

   Assured Tool & Gauge, Inc.                            $19,450

   Liquid Industrial Waste                               $15,299

   Donald Engineering                                    $14,312

   Cinetic Landis Grinding Corp.                         $13,500

   K&G Tool Company                                      $10,891

   RCM Technology                                        $10,451

   Great Lakes Industrial                                 $9,857

   Metallurgical High Vac                                 $8,667

   Reliant Professional Cleaning Contractors Inc.         $8,612


C. ACS Grand Haven, Inc.'s 20 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
   Cummins Inc.                                       $3,035,000
   Box 3005
   Columbus, Indiana 47202

   Mac Steel                                          $1,647,714
   Division of Quanex Corp.
   One Jackson Square, Suite 500
   Jackson, MI 49201

   Mahle Metal Leve S.A.                                $790,488
   Rod. SP 340, KM 176,5
   Mogi Guacu - SP
   Brasil 13486-901

   Creston Industrial                                   $322,496
   1150 Front Street Northwest
   Grand Rapids, MI 49417

   Grand Haven Charter Township                         $240,738

   Nucor                                                $212,810

   Consumers Energy                                     $138,281

   Federal-Mogul Camshaft Ltd.                          $129,616

   Manpower                                             $121,823

   Kennametal, Inc.                                      $84,155

   Super Steel Treating                                  $79,997

   Motion Industries                                     $65,691

   Alro Steel Corp.                                      $51,241

   Gosiger, Inc.                                         $50,660

   C.B. Dekorne, Inc.                                    $47,753

   K&G Tool Company                                      $47,742

   Saint Gobrain Abrasives                               $44,278

   Asahi Diamond America, Inc.                           $36,954

   Norchuk Supply Co.                                    $35,397

   Action Industrial Supply                              $33,405


BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit
--------------------------------------------------------------
The Management Board of Bayerische Hypo-und Vereinsbank AG
agreed to transfer its 77.53% shareholding in its Austrian
subsidiary, Bank Austria Creditanstalt, to UniCredito Italiano
S.p.A. at a price of EUR109.81 per share, which is equivalent to
a total cash consideration of around EUR12.5 billion.

The Management Board also approved the execution of the sale of
HVB's 100% shareholding in HVB Latvia to BA-CA for a cash
consideration of EUR35 million, plus the capital increase of HVB
Bank Latvia of around EUR40 million subscribed by HVB in August
2006.

In addition, the Management Board established that the actions
for rescission served on the parties do not militate against
execution of these transactions, which represents an essential
prerequisite for implementation thereof:

   -- the sale of the 70.26% shareholding in International
      Moscow Bank (IMB) plus the options on a further 4.81% of
      IMB to BA-CA at a total purchase price of EUR1;015 million
      in cash;

   -- the sale of the 100% shareholding in HVB Bank Ukraine to
      UniCredit against payment of EUR83 million in cash; and

   -- the sale of assets and liabilities of its branches in
      Estonia and Lithuania to HVB Bank Latvia at a purchase
      price of EUR1 million and EUR9 million, respectively,
      plus the difference between the accounting value of the
      assets transferred and liabilities assumed.

The sale of BA-CA to UniCredit and the sale of HVB Latvia to BA-
CA have already been approved by the public authorities
responsible.  In particular, the execution of the remaining
transactions still needs to be officially authorized; the
approvals in question are expected in due course.

                           About HVB

Headquartered in Munich, Germany, Bayerische Hypo-und
Vereinsbank AG (HVB) -- http://www.hypovereinsbank.de/-- offers
a large portfolio of banking and financial products to both
corporate and private customers.  Its services include consumer
banking, personal, mortgage and business loans, brokerage
services, portfolio and asset management, securities
transactions and real estate financing.  The HVB Group also
includes Bank Austria Creditanstalt AG, which offers a full
range of financial services in Austria and the CEE region.

                         *     *     *

As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings
upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on the banks' Issuer Default ratings to Positive
from Stable.  Its IDR is affirmed at A.  The other ratings are
affirmed at Short-term F1 and Support 1.


BRITISH AIRWAYS: Proposed Pension Plan Cues S&P's Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating and its 'BB-' senior unsecured debt
rating on U.K.-based airline British Airways PLC on CreditWatch
with positive implications.

This follows an announcement that the airline's four unions are
to recommend its proposals to address changes to clear the
deficit at BA's New Airways Pensions Scheme.

"The CreditWatch placement reflects the positive implications of
the proposed pension-deficit solution for BA's capital
structure, future cash flows, and business operations," said
Standard & Poor's credit analyst Leigh Bailey.  "The proposals
should allow the group to maintain credit metrics consistent
with an investment-grade rating."

The proposals present a structured, manageable plan for the
progressive clearance of a substantial liability, and provide
important clarity on the future growth of cash contributions to
BA's main pension scheme.  In addition, the company should now
be able to focus resources on its plans for fleet renewal and
replacement.

At Sept. 30, 2006, BA reported GBP3.8 billion of total on-
balance-sheet financial debt.

Under BA's pension proposal, 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 a one-off employee saving of GBP400
million and changes to future benefits, the GBP2.1 billion NAPS
deficit will be reduced by more than one half to GBP900 million.
In the short term, leverage will decrease moderately reflecting
the benefits of employee savings.  BA's one-off contribution
payment will likely come from existing cash balances, which is
neutral for the company's financial profile.  Over the next
10 years, the capital structure should progressively improve as
BA clears the remaining deficit through annual contributions.

To resolve the Credit Watch status, Standard & Poor's will meet
with management to discuss the final outcome of the pension
proposals; current and future trading expectations; and the
company's funding strategy, and plans for fleet renewal and
investment.

"Any upgrade of the long-term corporate credit rating will
likely be limited to one notch, and remains subject to
successful acceptance of the pension proposals," said Mr.
Bailey.


C.F. JAMES: Liquidator Calls On Creditors to Submit Claims
-----------------------------------------------------------
Creditors of C.F. James Limited are required 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 Joint Liquidator Stewart
Bennett at:

         35 Ballards Lane
         London N3 1XW
         United Kingdom

Headquartered in London, England, C.F. James Limited --
http://www.cfjames.co.uk/-- supplies wholesale architectural
ironmongery including locks and cylinders, door, window and
cabinet furniture, indicator bolts, bathroom fittings and a
variety of signs in metal and plastic to local authorities,
builders and architects all over London, England and the U.K.
The company specializes in fire safety equipment and approved
facility fittings.  It also sells door & gate fittings, safety
signs, advertising signs, electronic locks, security locks, and
bathroom fittings.


CHEQUERS U.K.: Appoints Leonard Curtis as Liquidator
----------------------------------------------------
The Members and Creditors of Chequers (U.K.) Limited appointed
N. A. Bennett of Leonard Curtis as Liquidator of the company on
Dec. 18, 2006.

The company can be reached at:

         Chequers (U.K.) Limited
         78 East Duck Lees Lane
         Brimsdown
         Enfield
         EN3 7SR Middlesex
         United Kingdom
         Tel: 020 8805 8855
         Fax: 020 88059318
         Web: http://www.chequersuk.ltd.uk/


COLLINS & AIKMAN: Can Enter Into New Cananwill Financing Deals
--------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan approved Collins & Aikman Corp.
and its debtor-affiliates' request to enter into:

    -- the New Financing Agreements with Cananwill Inc.; and

    -- future insurance premium financing agreements with
       Cananwill of any other third-party lender that are on
       substantially similar or better terms than the New
       Financing Agreements.

Each insurance premium financier is granted first priority
security interest in any gross unearned premiums payable to the
Debtors pursuant to the Debtors' insurance policies financed
under the relevant Future Financing Agreements.  The security
interest will be senior to any prepetition and postpetition
security interest in the collateral that is or may be senior to
or pari passu with the security interest of the Insurance
Premium Financier in the Collateral.

In the event that the Debtors default in the timely repayment of
any amounts due to the Insurance Premium Financier under the
terms of the Future Financing Agreements, the automatic stay
provisions of Section 362 of the Bankruptcy Code will be
immediately lifted and the Insurance Premium Financier may
cancel the Debtors' insurance policies financed under the
relevant Future Financing Agreements after giving notice.

The Insurance Premium Financier may apply any unearned premiums
payable to the Debtors upon cancellation of the Debtors'
insurance policies to any amount owing by the Debtors to the
Insurance Premium Financier on account of the Future Financing
Agreements, all without further application to or order of the
Court.

In the event that upon cancellation of the insurance policies
financed by an Insurance Premium Financier, the unearned or
returned premiums are insufficient to pay Debtors' total amount
due to the Insurance Premium Financier under the Future
Financing Agreements, then any remaining amount owing to the
Insurance Premium Financier on account of the Future Financing
Agreements will be administrative expenses under Section 503 of
the Bankruptcy Code.

The reversal or modification on appeal of the authorization
under the Order and Section 364 of the Bankruptcy Code will not
effect the validity of the debt, priority or lien granted to an
Insurance Premium Financier.

Upon occurrence of a default by the Debtors under the terms and
conditions of the Future Financing Agreements and applicable
law, no action will be taken to hinder, impede or delay exercise
by an Insurance Premium Financier of its rights and remedies
under the Future Financing Agreements and applicable law.

Each Insurance Premium Financier's rights under the Future
Financing Agreements and applicable state law will not be
impaired by the Debtors' Chapter 11 cases, the appointment of a
trustee or the conversion to a Chapter 7 case, or any other
provisions of the Bankruptcy Code.

              Debtors Sought Approval for New Accord

As part of operating their businesses, the Debtors maintain
numerous insurance policies, some of which require them to pay
annual premiums in one lump sum.  The Debtors finance certain of
the premiums by entering into premium financing agreements with
third-party lenders, Marc J. Carmel, Esq., at Kirkland & Ellis
LLP, in New York, New York, informed the Court.

On Jan. 6, 2006, the Court approved the Debtors' previous
request to enter into an insurance premium financing agreement
with Cananwill Inc. and additional agreements on substantially
similar terms.

Recently, the Debtors have decided to enter into a new insurance
premium financing agreement with Cananwill, under which
Cananwill agrees to finance US$2,090,561 for premiums owed by
the Debtors under certain insurance policies beginning Dec. 1,
2006, on the condition that the Debtors obtain Court approval to
enter into the new financing agreements and provide Cananwill
with protections.

Mr. Carmel reiterated that laws of various states require the
Debtors to provide certain insurance coverage to continue to
operate.  The New Financing Agreements and the Future Financing
Agreements would finance the insurance coverage in the most
cost-effective manner.  Without the Financing Agreements, the
Debtors would be compelled to either attempt to pursue financing
alternatives at greater cost and less convenience, or pay the
entire insurance premiums in one lump sum that would be
detrimental to the Debtors' efforts to reorganize, Mr. Carmel
asserted.

Moreover, Section 364(c) permits a debtor to incur secured debt
if the debtor has been unable to obtain unsecured credit,
Mr. Carmel noted.  The Debtors sought unsuccessfully to obtain
unsecured credit to finance the premiums of the insurance
policies and expect that this may occur with the Debtors' effort
to finance other insurance policies.

Furthermore, the Financing Agreements will allow the Debtors to
spread the cost of their insurance coverage over a longer
period of time, permitting the Debtors to use cash efficiently,
Mr. Carmel pointed out.  Entering into the Financing Agreements
will allow the Debtors the greatest opportunity to continue to
restructure efficiently, he maintained.

                     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. 49;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Wants Exclusive Period Extended Through May 14
----------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to further
extend:

    -- their exclusive period to file a plan of reorganization
       from Jan. 12, 2007, through and including May 14, 2007;
       and

    -- their exclusive period to solicit acceptances of the plan
       from March 14, 2007 through and including July 12, 2007,

without prejudice to the Debtors' rights to seek additional
extensions.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, New
York, tells the Court, since the latest extension of the
Exclusivity Periods, and in connection with the pursuit of a
cooperative sale process, the Debtors recently negotiated a
customer agreement with their principal customers and the
senior, secured lenders' agent, JPMorgan Chase Bank, N.A.

As a result of the Customer Agreement's interim approval, the
Debtors filed their first amended Chapter 11 Plan and Disclosure
Statement on Dec. 22, 2006.  JPMorgan and the Customers agreed
to support the Plan.

Mr. Schrock relates, upon information and belief, JPMorgan and
the Official Committee of Unsecured Creditors will soon reengage
in negotiations regarding the Plan.  Accordingly, more time is
needed to negotiate the terms of a consensual plan with the
Creditors Committee and to incorporate the terms into the
Amended Plan for the Court's approval, he asserts.

The Debtors are also continuing their efforts to market and sell
substantially all of their assets, Mr. Schrock relates.
Pursuant to the Customer Agreement, the Debtors intend to
complete the process by the end of June 2007.

The Debtors believe that it is important to the stability of
their bankruptcy cases that they maintain their exclusive right
to propose and file a Chapter 11 Plan, and to solicit and obtain
acceptances of the Plan.  An extension does not harm parties-in-
interest, Mr. Schrock maintains.  On the other hand, he
contends, the termination of the Exclusivity Periods could
expose the Debtors' Chapter 11 cases to needless disruption that
could jeopardize the significant progress that the Debtors have
made to date.

Moreover, the size and complexity of the Debtors' Chapter 11
cases alone constitute sufficient cause for an extension,
Mr. Schrock argues.

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. 49;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPUTFORCE LIMITED: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------------
Creditors of Computforce Limited confirmed on Nov. 27, 2006, the
appointment of Peter James Hughes-Holland and Frank Wessely of
Vantis as Joint Liquidators the company.

The Joint Liquidators can be reached at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         United Kingdom


CONNECTIVITY SOLUTIONS: Names Kevin John Hellard as Liquidator
--------------------------------------------------------------
Creditors of Connectivity Solutions Limited appointed Kevin John
Hellard as Liquidator of the company on Dec. 5, 2006.

The Liquidator can be reached at:

         30 Finsbury Square
         London EC2P 2YU
         United Kingdom


CONTEXT GB: Appoints Liquidator to Wind-Up Business
---------------------------------------------------
Jonathan Malcolm Timmis of J M Marriott & Co. was appointed
Liquidator of Context GB Limited (formerly Dawcroft Limited) on
Nov. 27, 2006, for the creditors' voluntary winding-up
procedure.

The Liquidator can be reached at:

         J M Marriott & Co.
         12 Sun Street
         Lancaster LA1 1EW
         United Kingdom


CONTRACTULE LIMITED: Taps Simon Thornton Liquidate Assets
---------------------------------------------------------
The Members and Creditors of Contractule Limited (t/a Sturdy
Perryman Associates) appointed Simon Thornton of Houghton Stone
Business Recovery as Liquidator of the company on Dec. 21, 2006.

The Liquidator can be reached at:

         Houghton Stone Business Recovery
         The Conifers
         Filton Road
         Hambrook
         Bristol BS16 1QG
         United Kingdom


COOPERS PLANT: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Coopers Plant Hire Limited confirmed on Dec. 15,
2006, the appointment of Stephen Franklin of Panos Eliades,
Franklin & Co. as Liquidator of the company.

The Liquidator can be reached at:

         Panos Eliades, Franklin & Co.
         Albany House
         18 Theydon Road
         London E5 9NZ
         United Kingdom


CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator
----------------------------------------------------------
Creditors of Core Technical Support Limited nominated Timothy
Hargreaves of T.H.Associates as Liquidator of the company on
Dec. 7, 2006.

The Liquidator can be reached at:

         T.H.Associates
         Towngate House
         116-118 Towngate
         Leyland PR25 2LQ
         United Kingdom


CRANE ELEGANCE: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Crane Elegance Limited confirmed Nov. 29, 2006, the
resolutions for voluntary liquidation and the appointment of
Andrew Philip Wood and John Russell of The P&A Partnership as
Liquidators of the company.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors


CSM BUILDING: Appoints Joint Liquidators from Gerald Edelman
------------------------------------------------------------
The Members and Creditors of CSM Building Limited (formerly CMS
Buildings Limited) appointed Bernard Hoffman and Ian Yerrill of
Gerald Edelman Business Recovery as Joint Liquidators of the
company on Dec. 5, 2006.

The Joint Liquidators can be reached at:

         Kent House
         Station Road
         Ashford
         Kent TN23 1PP
         United Kingdom


D & R FINISHERS: Taps Lloyd Biscoe to Liquidate Assets
------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
D & R Finishers PLC on Nov. 30, 2006, for the creditors'
voluntary winding-up procedure.

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


D J CONVEYOR: Creditors' Claims Due March 4
-------------------------------------------
Creditors of D J Conveyor Services Limited have until March 4 to
send their names and addresses and particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Joint Liquidators Ian Michael Rose and Robert
Michael Young at:

         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent
         Staffordshire ST3 6HP
         United Kingdom


D REALISATIONS: Brings In Liquidators from Begbies Traynor
----------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed Joint Liquidators of
D Realisations U.K. Limited (formerly DSS U.K. Limited) on
Nov. 10, 2006, for the creditors' voluntary winding-up
procedure.

The Joint Liquidators can be reached at:

         Begbies Traynor (South) LLP
         32 Cornhill
         London EC3V 3B
         United Kingdom


DALE ROBERTS: Hires Tim Heaselgrave to Liquidate Assets
-------------------------------------------------------
The Members and Creditors of Dale Roberts Fencing Limited
appointed Tim Heaselgrave of The Till Morris Partnership as
Liquidator of the company on Dec. 14, 2006.

The Liquidator can be reached at:

         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         United Kingdom


DB EXPRESS: Appoints J. N. Bleazard as Liquidator
-------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of DB Express Limited on Dec. 18, 2006, for the
creditors' voluntary winding-up proceeding.

Headquartered in Bradford, England, DB Express Limited
http://www.dbexpress.co.uk/-- provides courier services
specializing in very urgent or fragile deliveries such as
computer parts, auto parts, tenders, graphics and legal
documents.


DODSWORTH YORK: Taps Liquidator from David Horner & Co.
-------------------------------------------------------
The Members and Creditors of Dodsworth (York) Limited appointed
David Anthony Horner of David Horner & Co. as Liquidator of the
company on Dec. 7, 2006.

The Liquidator can be reached at:

         11 Clifton Moor Business Village
         Jame s Nicholson Link
         Clifton Moor
         York YO30 4XG
         United Kingdom


DOTCOM BUILDING: Creditors Ratify Liquidator's Appointment
----------------------------------------------------------
Creditors of Dotcom Building Supplies Limited confirmed on
Dec. 20, 2006, the resolutions for voluntary liquidation and
ratified the appointment of Freddy Khalastchi of Harris Lipman
LLP as Liquidator of the company.

The Liquidator can be reached at:

         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London N20 0YZ
         United Kingdom


EASY-123 LIMITED: Joint Liquidators Take Over Operations
--------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher
Capital Business Centre were appointed Joint Liquidators of
Easy-123 Limited for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Easy-123 Limited
         80 Harrow Road
         Warlingham
         Surrey CR6 9EW
         United Kingdom
         Tel: 018 8362 7171


EASYPAY ORGANIA: Claims Filing Period Ends January 24
-----------------------------------------------------
Creditors of Easypay (Organia) Limited have until Jan. 24 to
send in their names, their addresses and particulars of their
debts or claims, to appointed Liquidator Peter Adrian Finn at:

         Businesscare Solutions Limited
         Tong Hall
         Tong
         West Yorkshire BD4 0RR
         United Kingdom

The company can be reached at:

         Easypay (Organia) Limited
         645A Roundhay Road
         Leeds LS8 4BA
         Tel: 0870-830 1872


EDEN CHILLED: Claims Filing Period Ends February 20
---------------------------------------------------
Creditors of Eden Chilled Foods Limited have until Feb. 20 to
detail their names and addresses (and Solicitors if applicable),
together with particulars of their debts or claims, in writing,
or in person, to appointed Liquidator Duncan R. Beat at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex CM2 6JB
         United Kingdom

Duncan R. Beat of Tenon Recovery was appointed Liquidator of the
company on Dec. 22, 2006.

The company can be reached at:

         Eden Chilled Foods Limited
         Railway Arch
         326/327 Bloucher Road
         London SE5 0LH
         United Kingdom
         Tel: 020-7703-5789


ENESCO GROUP: Bank Lenders Limit Credit Facility Advances
---------------------------------------------------------
Enesco Group Inc. reported that the lenders under its senior
credit facility with Bank of America N.A. and LaSalle Bank N.A.
have elected to allow future advances under the credit facility
only on a limited discretionary basis.

The company continues to seek refinancing for the senior credit
facility and to pursue other restructuring alternatives.  The
company said there could be no certainty as to whether it will
be successful in achieving its goals.

Enesco Group, Inc. --- http://www.enesco.com/-- is a world
leader in the giftware, and home and garden decor industries.
Serving more than 44,000 customers worldwide, Enesco distributes
products to a wide variety of specialty card and gift retailers,
home decor boutiques, as well as mass-market chains and direct
mail retailers.  Internationally, Enesco serves markets
operating in the United Kingdom, Canada, Europe, Mexico,
Australia and Asia.  With subsidiaries located in Europe and
Canada, and a business unit in Hong Kong, Enesco's international
distribution network is a leader in the industry.  Enesco's
product lines include some of the world's most recognizable
brands, including Border Fine Arts, Bratz, Circle of Love,
Foundations, Halcyon Days, Jim Shore Designs, Lilliput Lane,
Pooh & Friends, Walt Disney Classics Collection, and Walt Disney
Company, among others.

                          Credit Default

As reported in the Troubled Company Reporter on Aug. 15, 2006,
Enesco is continuing to aggressively pursue long-term debt
financing.  Enesco previously had agreed to obtain a commitment
for long-term financing by Aug. 7, 2006.  Because Enesco has not
obtained a commitment, the company is in default of its current
credit facility agreement.

Enesco is working with the lenders for possible additional loans
or terms and conditions, but has been advised that the lenders
are not committing to waive the default.


GENERAL MOTORS: Eyes More Job Cuts and Overseas Expansion
---------------------------------------------------------
General Motors Corp. warned of more job cuts in 2007, BBC News
reports citing Chief Executive Rick Wagoner.

The company shut down 12 sites and shed over 34,000 jobs to trim
US$9 billion from operating costs in 2006, following a
US$10.6 billion net loss in 2005.

Despite the job cuts, GM will continue its expansion overseas,
where sales outperformed its U.S. business for third straight
year.  GM is struggling to keep up with Asian rivals in the
U.S., where company sales dipped 8.7% in 2006 while pursuer
Toyota posted a 13% hike in sales, BBC News relays.

"I like being number one, and I think our people take pride in
it," Mr Wagoner told BBC News.  "We're not going to sit back and
let somebody else pass us by."

Mr. Wagoner said that GM would improve productivity,
profitability and its competitive edge to remain as the world's
leading car producer.  The company is also rolling out new
vehicles as well as unveiling its new Camaro convertible concept
car at the Detroit Motor Show in the weekend.

The company will also negotiate for more concessions on a new
four-year contract with United Auto Workers (UAW) Union, as it
focuses on lightening its health care burden, BBC News reports.

"We are not fully competitive yet," Mr. Wagoner said. "We need
to make progress in the 2007 negotiations.

"These are tough issues. . . and health-care has put us at a
US$5 billion disadvantage.  The structure we have doesn't work
in today's global industry."

GM plans to hike its average transaction price, mainly through
ongoing reductions in discount offers.

BBC News relays that GM's health care costs account for US$1,500
of each new car compared to US$200 at Toyota.

                     About General Motors Corp.

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

                           *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

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


GENERAL MOTORS: GM Europe to Report Profit in 2006
--------------------------------------------------
GM Europe, a unit of General Motors Corp., will post a profit in
2006, the unit's first in six years, John Reed writes for the
Financial Times.

"It is safe to assume it will be a profitable year," Carl-Peter
Forster, President GM Europe of the unit, told FT.

GM Europe, which would publish its 2006 results on Jan. 30,
posted US$196 million in net profit for the first nine months of
2006, FT reports.  The unit also accounted for a fifth of GM's
US$127.9 billion automotive sales.  GM Europe sold over two
million cars -- Chevrolet, Opel, Vauxhall, Cadillac, Saab, and
Hummer brands -- in 2006 and holds around 10% share of the
European market, excluding light commercial vehicles.

Mr. Forster attributed two-thirds of GM Europe's profit
improvement over the past two years to margin improvement,
spurred by rolling off new cars and increasing its revenue-per-
vehicle.

In 2004, GM restructured its European operations, reducing the
workforce by 12,000 and cutting costs by EUR500 million.

                        Production Plans

GM plans to boost production capacity in Eastern Europe,
particularly in Russia where the company aims to hike its
capacity to 500,000 cars within five to six years.  The company,
however, is yet to decide how much it should increase its
Russian capacity, Mr. Forster said.

"We have a hefty internal debate on whether the current growth
level continues," Mr. Forster was quoted by FT as saying.

GM also plans to shift the production of its Aveo cars, known as
Kalos in Europe, from Korea to Poland's FSO plant, adding
capacity up to 150,000 units.  D. Nick Reilly, GM's President
for Asia-Pacific, said the production shift would free up Korean
capacity to supply more cars in Asia and more Aveos in Europe.
Mr. Reilly assured that the production shift would not result in
job losses, FT relays.

The company is conducting final talks to form a joint venture
with Ukraine's Ukravto, which acquired FSO from Korea's Daewoo
in 1990s.

"We hope to sign a final agreement in the next couple of
months," Mr. Reilly said, adding that GM also wants to acquire
another former Daewoo plant in Romania for the production of its
Matiz mini-car.

                     About General Motors Corp.

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

                           *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

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


KINGFISHER SWIMMING: Names Melvyn Rose as Administrator
-------------------------------------------------------
Melvyn L. Rose of Elliot, Woolfe & Rose was named administrator
of Kingfisher Swimming Pools Ltd. (Company Number 0312828) on
Dec. 15, 2006.

The administrator can be reached at:

         Melvyn L. Rose
         Elliot Woolfe & Rose
         1st Floor
         Equity House
         128/136 High Street
         Edgware
         Middlesex HA8 7TT
         United Kingdom
         Tel: 020 8952 0707
         Fax: 020 8952 2332
         E-mail: mlr@ewr.co.uk

Kingfisher Swimming Pools Ltd. can be reached at:

         8 Station Yard
         Oxford Road
         Adderbury
         Banbury
         Oxon
         Oxfordshire OX17 3HJ
         United Kingdom
         Tel: 01295 811 422
         Fax: 01295 811 432


ON ASSIGNMENT: Buys Oxford Global for US$200 Million
----------------------------------------------------
On Assignment Inc. signed a definitive agreement to acquire
Oxford Global Resources Inc. for US$200 million, of which US$190
million is in cash and US$10 million in common stock.

In addition, Oxford shareholders have the opportunity to achieve
an earn-out of up to US$12 million based on Oxford's 2007 and
2008 performance.

The Company intends to utilize its existing cash position and a
new US$165 million senior secured credit facility it is
negotiating to finance the acquisition.  The new facility is
expected to include a US$20 million revolving credit facility
and a US$145 million term loan facility.

The company disclosed that it may achieve an annual after tax
savings of approximately US$5 million per year over the next 15
years as a result of the election to classify the Oxford
transaction as an asset sale for tax purposes under section
338(h)(10) of the IRS code.  After the closing of the proposed
transaction, On Assignment expects to have approximately
US$16 million cash on hand.

Peter Dameris, president and chief executive officer, said,
"Oxford is a well-established, leading player in the large and
growing information technology and engineering staffing sectors.
Oxford employs a disciplined strategy of focusing on temporary
staffing assignments that require high-end skill sets.

"The acquisition is a significant fit with On Assignment's
growth strategy of operating in strong niche staffing practices
with durable business models that are characterized by high bill
rates, high and sustainable gross margins and low customer
concentration.

"As with our recent VISTA acquisition, Oxford adds a growth
segment of the professional staffing business that generates
higher than industry average bill rates and gross margins with a
large, attractive and diverse client base.  On Assignment
expects, with the acquisitions of Oxford and VISTA, to have pro
forma revenues in excess of US$520 million for 2006."

Mr. Dameris continued, "When we were on the roadshow for our
recent follow-on offering in November, we discussed a growth
strategy that involved vigorously pursuing growth opportunities
in our core Healthcare and Lab Support staffing businesses, and
augmenting this growth with acquisitions in other complementary,
high-end professional staffing verticals.

"I feel we have been very successful in growing our core
businesses, having grown consolidated revenues 22% in the first
three quarters of 2006.

"Pro forma for the Oxford and VISTA acquisitions, our Healthcare
(including VISTA) and Lab Support practices will represent
roughly two-thirds of our overall revenues and continue to
present us with exciting growth opportunities in those areas
going forward.

"The acquisition of Oxford will augment the growth we are
experiencing in our core staffing businesses by providing us
with access to the robust IT staffing market, which represents
approximately US$17 billion-plus of annual spend, and the
US$6 billion-plus technical/engineering market, both with double
digit annual growth.

"I believe the collective experience of our management team, in
the IT area and in acquisitions, will be invaluable in building
shareholder value from this transaction.  Having successfully
deployed the capital we raised in November, we will now focus
the majority of our resources on operating our existing business
and supporting the two businesses we have agreed to acquire."

UBS Investment Bank is acting as On Assignment's financial
advisor and arranging the financing in this transaction.

                   About Oxford Global Resources

Headquartered in Beverly, Massachusetts, Oxford Global Resources
-- http://www.oxfordcorp.com-- is a leading provider of high-
end information technology and engineering staffing services.
Founded in 1984, Oxford delivers senior information technology,
software and hardware engineering, mechanical, electrical and
validation engineering and telecommunications engineering
professionals to clients in a wide range of industries.
Headquartered in Beverly, Massachusetts, Oxford has 20 offices
throughout the United States and an office in Ireland to serve
the European market.

                        About On Assignment

Headquartered in Calabasas, California, On Assignment, Inc.
(Nasdaq: ASGN) is a diversified professional staffing firm
providing staffing solutions in specialty skills including
Laboratory/Scientific, Healthcare, and Medical, Financial &
Health Information Services.  The company has approximately 60
branch offices across the United States, the United Kingdom, the
Netherlands, and Belgium.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 5, 2007,
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Calabasas, Calif.-based temporary professional
staffing provider On Assignment Inc.  S&P said the rating
outlook is stable.


OVERALL INTERNATIONAL: Taps Grant Thornton as Administrators
------------------------------------------------------------
Nigel Morrison and Trevor Patrick O'Sullivan of Grant Thornton
U.K. LLP were appointed joint administrators of Overall
International Air Cargo Ltd. (Company Number 02157196) on
Dec. 14, 2006.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, t ax
consulting and valuation services.

Overall International Air Cargo Ltd. can be reached at:

         Unit 3
         Pier Road
         Feltham
         Middlesex TW14 0TW
         Tel: 020 8751 4801
         Fax: 020 8751 4273


PENNY POT: Brings In Begbies Traynor to Administer Assets
---------------------------------------------------------
Kevin Coates and P. Stanley of Begbies Traynor were appointed
joint administrators of Penny Pot (Clacton) Ltd. (Company Number
00486357) on Dec. 22, 2006.

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

Penny Pot (Clacton) Ltd. can be reached at:

         8 16 Alton Road
         Clacton on Sea
         Essex CO15 1LB
         United Kingdom
         Tel: 01255 424 077
         Fax: 01255 473 096


PLANET 21: A. J. Clark Leads Liquidation Procedure
--------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of The
Planet 21 Group Limited on Dec. 19, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         The Planet 21 Group Ltd
         36 Watling Street
         Radlett WD7 7NN
         Hertfordshire
         Tel: 01923 289789
         Fax: 01923 289782


POOLE POTTERY: Menzies Selling Contemporary Art Pottery Maker
-------------------------------------------------------------
The Joint Administrators of Poole Pottery Ltd. and Poole Pottery
Factory Outlet Ltd., are offering to sell the company's business
and assets as a going concern.

Features:

   -- leading U.K. manufacturer, established in 1873;

   -- manufacturing facility located in Poole, Dorset measuring
      around 51,000 sq. ft.;

   -- factory outlet store located at Poole Quay measuring
      around 33,000 sq. ft.;

   -- quality customer base including leading U.K. department
      stores;

   -- substantial quantities of finished goods and work in
      progress available; and

   -- experienced management and sales teams.

Inquiries can be addressed to:

         Paul Clark or Geoff Bouchier
         Menzies Corporate Restructuring
         Tel: 020 7487 7240
         Fax: 020 7487 7299
         E-mail: pclark@menzies.co.uk
                 gbouchier@menzies.co.uk

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


PROPEX INC: S&P Cuts Rating to B- on Highly Leveraged Profile
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Propex
Inc. including its corporate credit rating to 'B-' from 'B+'.
The outlook is stable.

The downgrade reflects concerns that difficult operating
conditions are likely to forestall Propex's ability to
meaningfully improve its highly leveraged financial profile
during the next couple of years.  The potential for lower-than-
expected residential construction activity and the possibility
for further declines in the domestic housing markets could cause
earnings and cash flow to be weaker than previously expected.

"While Propex's liquidity position is satisfactory and
supportive of credit quality, we believe the current level of
uncertainty in operating trends raises the potential for
financial covenant violations during the next several quarters,"
said Standard & Poor's credit analyst David Bird.  "We expect
that Propex will successfully negotiate relief as necessary, but
ratings will be constrained until the company's operating
performance results in improved measures of credit quality."

The ratings on Propex reflect the company's vulnerable business
position as a niche producer of primary and secondary carpet
backing and geosynthetic and industrial fibers for mature and
competitive end markets, and a highly leveraged financial
profile.

Chattanooga, Tenn.-based Propex is a leading producer of
polypropylene fabrics and fibers used in primary and secondary
carpet backing, geosynthetic and industrial applications, and
concrete fiber reinforcement, with about US$750 million in
annual sales and US$458 million of total debt outstanding
(adjusted for approximately US$5 million of capitalized
operating leases, US$36 million of unfunded postretirement
obligations, after tax, and US$28 million of 10% payment-in-kind
seller notes due in 2013).


ROYAL & SUN: Terminates U.S. Registration of Shares
---------------------------------------------------
Royal & Sun Alliance Insurance Group plc has filed a Form 15
with the U.S. Securities and Exchange Commission, thereby
terminating the U.S. registration of its Ordinary Shares.

Under SEC rules, R&SA's reporting obligations have now ceased.

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, 2006, A.M. Best Co.
has placed the financial strength ratings of C++ (Marginal) and
the issuer credit ratings of "b" of the Royal & SunAlliance
U.S.A. Insurance Pool and Royal Surplus Lines Insurance Company
under review with developing implications pending the completion
of the proposed sale of these operations to Arrowpoint Capital,
a new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, 2006, Standard &
Poor's Ratings Services lowered its counterparty credit and
insurer financial strength ratings on Royal & Sun Alliance
Insurance Group PLC's U.S. insurance operations (RSA USA) to
'BB' from 'BB+'.  S&P said the outlook remains negative.  At the
same time, the ratings were withdrawn at the request of the
companies' management.


SOLUTIA INC: Includes Final Deal with JPMorgan in Amended Plan
--------------------------------------------------------------
Solutia Inc. has filed with the U.S. Securities and Exchange
Commission its proposal for an amended plan of reorganization,
incorporated in a settlement term sheet that outlines the key
terms of:

   (a) a modification of a global settlement as described in
       Solutia's disclosure statement on Feb. 14, 2006;

   (b) a final settlement of the JPMorgan Chase Bank Adversary
       Proceeding; and

   (c) a final settlement of the Official Committee of Equity
       Security Holders Adversary Proceeding.

Pursuant to a confidentiality agreement entered into with
certain holders of 6.72% notes due Oct. 15, 2037, and the 7.375%
notes due Oct. 15, 2027, that it issued, Solutia presented to
the Noteholders the Amended Plan Proposal, which provides the
framework for negotiations with the Noteholders and other major
stakeholders.

To assure that the restrictions on the Noteholders' ability to
trade would be limited, Solutia agreed to publicly disseminate
the terms of the Amended Plan Proposal on or before Dec. 28,
2006.

The general Plan assumptions are:

     * Total Enterprise Value of US$2,507,000,000;

     * Pro forma net debt of US$1,507,000,000;

     * Implied Equity Value of US$1,000,000,000;

     * Solutia acquires Akzo-Nobel's 50% joint venture ownership
       in Flexsys and effects the sale of a business unit;

     * General unsecured claims pool of US$765,000,000 based on
       estimated Claim amounts as of November 2006;

     * Plan stock price per share of US$10.  The rights will be
       struck at a 25% discount to the Plan Stock Price per
       share, implying a theoretical share price of
       common shares of US$9 per share, after accounting
        for rights offering'

     * In total, 108,300,000 common shares will be issued upon
       emergence:

        (a) A total of 75,000,000 shares will be distributed
            directly to the Noteholders, the general unsecured
            creditors, Monsanto Company and the retirees --
            the primary common shares; and

        (b) another 33,300,000 shares will be distributed on a
            pro rata basis to holders of Noteholder Claims,
            General Unsecured Claims, Monsanto and the Retirees
            pursuant to the Rights Offering; and

     * Effective Date of the Plan will be on March 31, 2007.

The Company's post-reorganization Board of Directors will
initially consist of nine members, including the company's
chairman and chief executive officer, Jeffry Quinn, and two
continuing directors of the company.  The ad hoc committee of
Noteholders will select two directors, and the Official
Committee of Unsecured Creditors and Monsanto will select one
director each.  The remaining two directors will be selected by
the initial seven directors from a panel of candidates
identified by a national search firm employed by the Company.

                       Treatment of Claims

The Noteholder Claims -- holders of 6.720% notes due Oct. 15,
2037, and the 7.375% notes due Oct. 15, 2027 -- will be
classified separately from other claims, with an aggregate
allowed amount of US$455,400,000.  The Noteholder Claims will be
exchanged for 36,520,000 Primary Common Shares, and rights to
purchase 16,230,000 Common Shares in the Rights Offering.

General Unsecured Claims will be exchanged for 19,660,000
Primary Common Shares, and rights to purchase 8,740,000 Common
Shares in the Rights Offering.

Monsanto's Claim against the estates, classified separately,
will be exchanged for 17,000,000 Primary Common Shares, and
rights to purchase 7,560,000 Common Shares in the Rights
Offering.

The Retiree Claim, in accordance with the Retiree Settlement,
will be exchanged for 1,820,000 Primary Common Shares, and
rights to purchase 810,000 Common Shares in the Rights Offering.

Holders of Equity interests will not receive a distribution
under the Plan.  Monsanto will resolve the Equity Committee
Adversary Proceeding at its sole cost.

The size of the Rights Offering is US$250,000,000, at US$7.50
per share, implying a 25% discount to the Plan stock price.

                       Recovery Analysis
                         (in millions)

                       Primary
                       Common      Rights      Net       Net
                        Share     Offering    Value    Recovery
                       -------    --------    -----    --------
Noteholders          US$337.1    US$28.1   US$365.2       80.2%
General Unsecured Cred. 181.5       15.1      196.6       63.5%
Monsanto                156.9       13.1      170.0       44.4%
Retirees                 16.8        1.4       18.2       52.0%

A full-text copy of a version of the Amended Plan Proposal is
available for free at http://researcharchives.com/t/s?183c

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  The company
and its debtor-affiliates 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
$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.  The
Debtors' exclusive period to file a plan expires on Jan. 15,
2007.  (Solutia Bankruptcy News, Issue No. 75; Bankruptcy
Creditors' Service, Inc.,http://bankrupt.com/newsstand/or
215/945-7000).


STARTRITE DESIGNS: Menzies Selling Engineering Design Firm
----------------------------------------------------------
Jason Godefroy and Paul Clark of Menzies Corporate
Restructuring, in their capacity as Joint Administrators of
Startrite Designs Limited, are offering to sell the company's
business and assets as a going concern.

The assets for sale feature:

   -- a specialist engineering design and manufacturer;

   -- GBP4 million annual turnover;

   -- blue chip customer base in aerospace, automotive and
      electronics;

   -- MOD approved supplier and to quality standards
      ISO9001:2000;

   -- leasehold premises in Gillingham, Chatham and Birmingham;
      and

   -- around 70 employees.

Inquiries can be addressed to:

         John Norris or Oliver Carter
         Menzies Corporate Restructuring
         Tel: 020 7487 7240
         Fax: 020 7487 7299
         E-mail: jnorris@menzies.co.uk
                 ocarter@menzies.co.uk

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


SYSTEMS CONSTRUCTION: Hires Liquidator from DTE Leonard Curtis
--------------------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed Liquidator of
Systems Construction Limited on Dec. 18, 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


WEBBS AMUSEMENTS: Calls In Liquidator from Valentine & Co.
----------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Webbs Amusements Limited on Dec. 15, 2006, for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         Valentine & Co.
         4 Dancastle Court
         14 Arcadia Avenue
         London N3 2HS
         United Kingdom


WEST YORKSHIRE: Taps Liquidators from PKF U.K. LLP
--------------------------------------------------
The Members and Creditors of West Yorkshire Caravans Limited
appointed Edward Terence Kerr and I an James Gould of PKF (UK)
LLP as Joint Liquidators of the company on Dec. 11, 2006.

The company can be reached at:

         West Yorkshire Caravans Limited
         Rock Works
         Island Drive
         Brockholes
         Huddersfield HD9 7AD
         West Yorkshire
         United Kingdom
         Tel: 01484 664444


* AlixPartners Names 12 New Managing Directors
----------------------------------------------
AlixPartners promoted twelve new managing directors effective
January 1, 2007:

   * Laura Barlow (London)
   * John Castellano (Chicago)
   * Charles Cipione (Dallas)
   * Foster Finley (New York)
   * Barry Folse (Dallas)
   * Andrew Grantham (London)
   * David Hutchinson (London)
   * Doug Jung (New York)
   * Stephen Maurer (Chicago)
   * Stefan Ohl (Munich)
   * Laurent Petizon (Paris)
   * Detlev Schauwecker (Dusseldorf)

"We are pleased to recognize the superb client service and
leadership capabilities of our new managing directors," said
Michael Grindfors, AlixPartners' Chief Executive Officer.  "The
promotion of these highly-respected professionals is in response
to the growing demand for the hands-on, consensual approach that
is the hallmark of AlixPartners and which drives our clients'
success."

Ms. Barlow, who is based in London, joined AlixPartners in May
2003 from an interim management role at Marconi plc, where she
led global liquidity initiatives in support of its
restructuring.  She was previously a Director in the Corporate
Finance and Restructuring practices at Arthur Andersen.  Barlow
has more than 15 years of experience working with companies that
face significant operational and financial challenges.  She has
held interim management and advisory roles, developing and
implementing crisis stabilization, turnaround and operational
improvement plans for public and private companies.  Her
experience includes serving as joint Chief Restructuring Officer
at Stolt Offshore SA, a global offshore oil services business
that completed an US$844 million restructuring of its debt and
other facilities.  She is a graduate of Oxford University, a
Chartered Accountant, and SFA Securities Representative.  She is
the co-author of Leading Corporate Turnaround, and a guest
lecturer for the MBA program at London Business School.

Based in Chicago, Mr. Castellano brings a unique set of skills
to AlixPartners from both his experience as a Manager in
Strategic Advisory Services at Ernst & Young and as a Corporate
Budgeting/Planning and Product/Cost Manager for the Sweetheart
Cup Company, Inc.  Since joining the firm in June 1998,
he has been an integral part of such engagements as ANC, Mirant,
New World Pasta, Peregrine, and his current assignment at
Calpine Corporation.  He specializes in designing and
implementing business turnarounds and providing crisis interim
management, but he also has a strong background in strategic
restructuring and hands-on implementation.  He was graduated
from DePaul University with a B.S. degree in commerce and
accounting, and earned his MBA from the Kellogg School of
Management at Northwestern University, with an emphasis in
finance and strategic management.  He is also a CPA.

Mr. Cipione joined AlixPartners in April 2001 and is based in
the firm's Dallas office.  He has more than 15 years of
experience in designing and implementing technology solutions
focused on solving financial, operational, and litigation
problems.  He is currently focusing on implementing litigation
technology strategies for corporate clients.  Cipione designed a
variety of technology solutions for clients involved in
regulatory investigations and litigations.  These solutions
include custom-designed, complex data analytics and reporting,
as well as a full suite of electronic discovery solutions.  He
has also helped companies such as WorldCom, Kmart, and Fleming
with various aspects of their restructurings.  His career began
with Arthur Andersen, and he later formed his own consulting
company, specializing in software development to solve complex
analytical and reporting problems.  He received his bachelor's
degree in chemistry and his MBA degree from Texas A&M
University.

Mr. Finley joined AlixPartners' New York office in October 2004.
He has over 20 years of industry and consulting experience.
Prior to joining the firm, he was a Vice President in the
Operations Service practice with A.T. Kearney, where he co-led
their global supply chain offering.  He has a successful track
record of executing high-impact, complex projects and delivering
results for operation-intensive clients.  His distinctive
competencies include supply chain strategy, asset effectiveness,
logistics management, and inventory optimization.  Prior to
management consulting, Finley ran manufacturing operations for
Rockwell Automation in Milwaukee.  He holds a Bachelor of
Mechanical Engineering degree from the Georgia Institute of
Technology, and an MBA from Marquette University in Milwaukee.
He is a licensed Professional Engineer and a Certified
Production and Inventory Manager.  He is also a member of the
Council of Supply Chain Management Professionals.

Mr. Folse joined the Dallas office of AlixPartners in May 2001.
He is an experienced information technology professional with
expertise in workflow analysis, the redesign and consolidation
of business processes, and the negotiation and resolution of
complex business disputes.  He is currently focused on
maneuvering large clients through the Chapter 11 reorganization
process.  He also provides testimony and other support for a
variety of bankruptcy issues.  His key clients include Cable &
Wireless, Calpine Corporation, Exide, Fleming, Genuity, and
Sunterra.  Prior to joining AlixPartners, he worked for 14 years
at DFMC Corporation, where he was an Executive Vice
President/COO/CTO.  He began his career as a programmer/analyst
for Trinity Industries, Inc.  Folse earned a bachelor's
degree in business administration with concentrations in
statistical methods and computer science from Louisiana State
University.

Mr. Grantham has been a member of the London office of
AlixPartners since joining in November 2005.  He is a financial
expert with more than 15 years of experience as a forensic
accountant and expert witness in valuation, breach of contract
and loss of profits, acquisitions and disposals, minority
shareholder and joint venture disputes, matrimonial disputes and
post-acquisition disputes.  He has testified in court and other
tribunals in the UK and in international arbitrations in
connection with significant commercial disputes.  Prior to
joining AlixPartners, he was a director in the Forensic
Department of KPMG and led their Engineering & Construction
team.  Previously, he was in the Disputes Analysis &
Investigations team with PricewaterhouseCoopers.  He graduated
with honors with a BSC degree in mathematics from Nottingham
University, and is a Fellow of the Institute of Chartered
Accountants in England and Wales as well as a Governor and the
Assistant Treasurer of the Expert Witness Institute.  Prior to
joining the firm's London office in October 2004, Hutchinson was
with A.T. Kearney and before that Coopers & Lybrand leading
manufacturing and supply chain improvement projects for global
clients.  He also served as an Operations Manager for Phillips
Imperial Petroleum and ICI Chemicals & Polymers.  He has over
twenty years of industry and consulting experience in operations
management across a range of industry sectors including
specialty chemicals, food and FMCG products, packaging,
construction, pharmaceuticals, refining and petrochemicals.  He
obtained a master's degree in engineering science from Oxford
University and is a member of the Institute of Mechanical
Engineers.  He has also previously served as a member of the
Operations Excellence Board of global chemicals company, ICI.

Mr. Jung joined the New York office in November 2005.  He
possesses a diverse background in investigations due diligence,
audit, finance, and credit with more than 25 years of experience
in various industries such as consumer goods, retail,
distribution, aerospace, heavy manufacturing, telecom,
agriculture, textile and apparel, energy, finance companies, and
healthcare.  He has conducted a variety of financial
investigations, reviews of business operations, and analyses of
complex structured financings.  Prior to joining AlixPartners,
he was with JPMorgan as COO for Chase Business Credit, where he
built and managed a specialized due diligence and asset-based
banking group within the Investment Bank and Credit
organizations, providing structuring, due diligence, asset
valuation, and advisory services for leveraged or distressed
clients.  He is a CPA and holds a bachelor's degree in
accounting from Syracuse University.

Based in Chicago, Mr. Maurer joined AlixPartners in March 2005.
He is recognized as a subject matter expert in manufacturing,
and has expertise in operations improvement, product
development, and supply chain management across a range of
industries including automotive, manufacturing and food
processing.  Prior to joining AlixPartners, he was a Principal
with A.T. Kearney, where he led the Innovation & Product
Development practice for North America.  He has also held
positions with the consulting group George Group, Inc. and
Lockheed Martin Tactical Aircraft Systems.  He holds a
bachelor's degree and master's degree in mechanical engineering
from the University of Iowa and an MBA from the College of
William and Mary.

Mr. Ohl joined AlixPartners' Munich office in May 2004.  With
more than 13 years of global business experience, he provides
hands-on operational consulting to the automotive, assembly, and
high-tech industries.  His expertise includes efficiency
improvement and cost management, as well as product development,
purchasing, and supply chain management.  Before joining
AlixPartners, he was an Associate Principal with McKinsey & Co.
in Hamburg, Cleveland, and Detroit, where he co-led its
Automotive & Assembly and Operations Effectiveness practices.
Prior to that, he worked with DaimlerChrysler.  He also co-
founded the McKinsey cost management initiative and invented the
"Integrated Cost Reduction" approach for reducing and managing
total product cost.  He holds a Master of Economic Engineering
degree from the University of Karlsruhe, Germany, and earned his
PhD in "Planning and Forecasting in the Automotive Industry."

Ms. Petizon was a founding member of the firm's Paris office
when he joined in January 2006, and his ability to manage
complex assignments has helped establish a strong AlixPartners
presence in Paris.  He has 15 years of experience in strategy
and organization, research and development, strategic sourcing,
and post-merger integration in industries such as automotive,
assembly, and utilities.  Prior to joining AlixPartners, he was
with A.T. Kearney where he worked in the firm's Paris, New York,
and Detroit offices.  While at A.T. Kearney, he was in charge of
the Automotive and Assembly practice for Southwest Europe.
Before that, he worked at Thales, the French electronics defense
group.  Petizon holds an MSC degree in electrical engineering
and an MBA from HEC Business School in Paris.

Mr. Schauwecker joined the Dusseldorf office of AlixPartners in
March 2005.  His experience includes operational and financial
restructuring, cost management, business planning, liquidity
planning, project management and implementation.  He has worked
in a wide array of industries, including information technology,
media, consumer goods, construction and real estate management,
and he has served in a variety of interim roles, such as Chief
Restructuring Officer and Chief Financial Officer.  Prior to
joining AlixPartners, he was a partner with Roland Berger in
Munich.  Before that, he was with Kraft Jacobs Suchard (Phillip
Morris Group), serving in a variety of marketing and sales
positions with increasing responsibility.  Schauwecker studied
economics at Westfalische Wilhelms Universitat Munster, and
there he received his Diplom-Kaufmann in marketing.

The firm also disclosed 28 promotions to director:

* Chicago:

   -- Jim Bienias, Andrea Gonzales, Mark Hojnacki, and Scott
      Matrenec;

* Dallas:

   -- Joel Bines, Kyle Braden, John Franks, Brad Hunter, Robb
      McWilliams, and Brent Robison;

* London:

   -- Gary Davies, David Hewish, and Nnenna Ilomechina;

* Los Angeles:

   -- Trevor Sturges;

* Milan:

   -- Giacomo Cantu, Dario Duse, Francesco Leone, and Michele
      Mauri;

* Munich:

   -- Jens Haas and Michael Tyroller;

* New York:

   -- Stacey Hightower, Michael Porter, and Anish Sheth; and

* Southfield, Michigan:

   -- Adam Fless, Drew Kendall, Bill Kocovski, Chris Payne, and
      Dan Ritter.

                    About AlixPartners

Headquartered in Southfield, Michigan, AlixPartners --
http://www.alixpartners.com/-- is a global performance
improvement, corporate turnaround and financial advisory
services firm.  The AlixPartners' "one-stop-shop" suite of
services range from operational performance improvement and
financial restructuring across all major corporate disciplines
(manufacturing, supply chain, IT, sales and marketing, etc.), to
financial advisory services (including financial reporting,
corporate governance and investigations) to technology-enabled
restructuring and claims management.  The firm has more than 500
employees, and has offices in Chicago, Dallas, Detroit,
Dusseldorf, London, Los Angeles, Milan, Munich, New York, Paris,
San Francisco and Tokyo.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

    BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300


                           *********

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

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

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

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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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