TCREUR_Public/070112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 12, 2007, Vol. 8, No. 9

                            Headlines


A U S T R I A

5STARS TRADING: Creditors' Meeting Slated for January 22
CHRISTIAN HEISSENBERGER: Assets Insufficient to Cover Claims
DEXIA KOMMUNALKREDIT: Fitch Affirms Individual C Rating
DKT TRANSPORT: Creditors' Meeting Slated for January 25
IN FOCUS: Claims Registration Period Ends January 25

JOHANN BRUNNER: Property Manager Declares Insufficient Assets
KARBINOVSKY & BARTL: Claims Registration Ends January 15
REISEARTIKEL U. LEDERWAREN: Creditors' Meeting Set for Jan. 23
SEITZ BAU: Wiener Neustadt Court Orders Business Shutdown


F R A N C E

DRESSER-RAND: Discloses Changes in Senior Management Team


F I N L A N D

METSO OYJ: Names Juhani Suvinen as Valmet Automotive President


G E R M A N Y

B & S IT: Claims Registration Ends January 24
BENQ CORP: Sentex Sensing Presents Business Model to Creditors
CANMAX AKTIENGESELLSCHAFT: Claims Registration Ends January 26
DAIMLERCHRYSLER AG: CEO Expresses Support for Chrysler Chief
GROHE HOLDING: S&P Assigns B Rating on EUR800-Mln Sr. Sec. Notes

GUENESER SUPERMARKT: Claims Registration Ends January 30
HOTZ ROLLTORE: Creditors' Meeting Slated for January 26
HSH HOTEL: Creditors' Meeting Slated for January 26
ICP IMMOBILIENVERWALTUNG: Creditors' Meeting Slated for Jan. 29
JOY GASTSTATTEN: Creditors' Meeting Slated for January 31

KEMPFER WOHNKERAMIK: Claims Registration Ends January 28
KPS FREIZEIT: Claims Registration Ends January 29
NFM TECHNOPLAST: Claims Registration Ends January 25
VOLKSWAGEN AG: Porsche CEO Wiedeking Calls for Company Changes
TREUHANDVEREIN VOLLEYBALL: Claims Registration Ends January 26


G E O R G I A

TBC BANK: Moody's Assigns E+ Financial Strength Rating


H U N G A R Y

AES CORP: Gets Hydroelectric Build-Operate Concessions in Panama
HERTZ CORP: Parent Discloses Strategies to Boost Competitiveness


I R E L A N D

SMURFIT KAPPA: Confirms Possible Initial Public Offering Plans
SMURFIT KAPPA: S&P Puts B+ Rating on Watch Positive on IPO Plans


I T A L Y

ALITALIA SPA: Paolo Alazraki Unveils EUR5-Billion Recovery Plan

* Fitch Downgrades Italian City of Taranto to D


K A Z A K H S T A N

AGROTECHSERVICE LLP: Jambyl Court Starts Bankruptcy Procedure
ALFA-MARKET LLP: Creditors Must File Claims by February 15
ALMAT ENGINEERING: Claims Filing Period Ends February 15
ALMATY JEEP: Proof of Claim Deadline Slated for February 15
ALTYN-AIMAK: East Kazakhstan Court Opens Bankruptcy Proceedings

ASIA LTD: Proof of Claim Deadline Slated for February 15
DERABINY LLP: Creditors Must File Claims by February 15
HYDROAGROSERVICE LLP: Creditors' Claims Due February 14
NAIZA SECURITY: Claims Filing Period Ends February 15
NAZYR LLP: Creditors Must File Claims by February 15


K Y R G Y Z S T A N

GIARETA LLC: Claims Filing Period Ends February 23
I-T SERVICE-OSH: Creditors' Claims Due February 22
OMEGA SOFT: Creditors Must File Claims by Feb 23
TOHTOZAN LLC: Creditors' Meeting Scheduled for January 29


L U X E M B O U R G

ELEX ALPHA: Moody's Rates EUR16.5-Mln Class E Notes at Ba3
EVRAZ GROUP: CFIUS Completes Review on Oregon Steel Takeover


N E T H E R L A N D S

ACXIOM CORP: Enhances Retail Solutions with Equitec Acquisition
KONINKLIJKE AHOLD: C. Schlicker Succeeds T. Schiano as Tops CEO
LAMBDA FINANCE: Moody's Puts Low-B Ratings on Two Note Classes


R U S S I A

AL'T CJSC: Creditors Must File Claims by February 16
ALISA-MED CJSC: Creditors Must File Claims by February 16
ANASHENSKOYE CJSC: Creditors Must File Claims by February 16
BAYKAL-RESORT CJSC: Bankruptcy Hearing Slated for April 12
CEDAR OJSC: Creditors Must File Claims by February 16

DALNEVOSTOCHNAYA FUEL: Creditors Must File Claims by February 16
EVRAZ GROUP: CFIUS Completes Review on Oregon Steel Takeover
GRANITE LLC: Creditors Must File Claims by February 16
GOSTINYJ DVOR: Court Starts Bankruptcy Supervision Procedure
GUBDEN LLC: Bankruptcy Hearing Slated for November 7

MAGADAN-SPIRIT-PROM: Creditors Must File Claims by February 16
MAGNITOGORSKIY FACTORY: Court Starts External Bankruptcy Process
PARNAS CJSC: Court Names O. Elistratova as Insolvency Manager
RUSSIA OJSC: Creditors Must File Claims by February 16
SITRONICS JSC: Forecasts Up to US$550-Mln Fresh Capital from IPO

SUAL GROUP: Inks US$650-Million Credit Facility
TATNEFT OAO: Board Approves Acquisition of AK Bars Bank Shares
SEVERO-ANGARSKIY MINING: Bankruptcy Hearing Slated for April 12


S P A I N

BANCAJA 10: Moody's Junks EUR31-Million Series E Notes


S W I T Z E R L A N D

BOX-TRANS JSC: Zug Court Suspends Bankruptcy Proceedings
GASTHAUS GUBEL: Zug Court Starts Bankruptcy Proceedings
HAMACO JSC: Zug Court Starts Bankruptcy Proceedings
I.P.C. INNOVATED: Zug Court Starts Bankruptcy Proceedings
KIGA INVEST: Zug Court Starts Bankruptcy Proceedings

KOY GASTRO: Zug Court Suspends Bankruptcy Proceedings
KUCHE + BAD: Olten Court Suspends Bankruptcy Proceedings
RC-MODELLBAU - SHOP.CH: Zug Court Suspends Bankruptcy Process
RODA BAU: Zug Court Suspends Bankruptcy Proceedings
THURTECH JSC: Court Suspends & Closes Bankruptcy Process


U K R A I N E

AGROKONTRAKT-KOVEL: Claims Filing Deadline Set January 24
EUROGATE-UKRAINE: Creditors Must Submit Claims by January 25
GLUHOV BREAD: Deadline for Submission of Claims Set January 24
INTER-FILTR: Creditors Must Submit Claims by January 25
NEDRIGAYLO MIXED: Claims Filing Deadline Set January 24

S.E.A. LTD: Creditors Must Submit Claims by January 25
ZORIA LLC: Claims Filing Deadline Set January 24


U N I T E D   K I N G D O M

COLLINS & AIKMAN: Seeks Court Nod on Lease Agreement Amendment
COLLINS & AIKMAN: Closing Five North American Plants by March
DURA AUTOMOTIVE: Seeks Court Nod for Lease Rejection Procedures
EASTMAN KODAK: Fitch Says Health Unit Sale May Improve Prospects
EASTMAN KODAK: S&P's B+ Credit Rating Remains on Watch Negative

ENMORE STAR: Nominates Liquidator from Hodgsons
ESSENTIAL GARDEN: Appoints Mark Reynolds as Liquidator
EU EMPLOYMENT: Names Liquidator to Wind Up Business
EXPANSE COMMERCIAL: Joint Liquidators Take Over Operations
EXPRESS RECRUITMENT: E. J. Stonham Leads Liquidation Procedure

FASHIONLOG LIMITED: Brings In Liquidators from Vantis
FORD MOTOR: CEO Alan Mulally Considers Selling Jaguar Brand
FROSTMIST LTD: Appoints Liquidators to Wind Up Business
GAP INC: Goldman Sachs Hiring Sparks Rumors on Strategic Options
GAP INC: December Sales Down 4%; Comparable Store Sales Down 8%

GETTY IMAGES: Soliciting Consents to Amend Debentures
GRACECHURCH CORPORATE: Moody's Assigns Low-B Rating on Two Notes
H M CONSULTING: Names Gagen Dulari Sharma Liquidator
HACKENTHORPE SOCIAL: Creditors' Claims Due January 31
HAIGHS OF NEWCASTLE: Creditors Confirm Liquidators' Appointment

HAMWORTHY ROYAL: Taps Liquidator from Begbies Traynor
INSIDE EDGE: Hires Liquidator from Bridgers
IPG PERSONNEL: Nominates Mervyn E. Smith as Liquidator
J ROUTLEDGE: Hires Gary Corbett to Liquidate Assets
JAMES PASS: Creditors' Claims Due January 30

JOHN HAMPDEN: Appoints Liquidators from Baker Tilly
MALDEN MILLS: Sells Assets to Gordon Brothers Under Chapter 11
MALDEN MILLS: Case Summary & 30 Largest Unsecured Creditors
MALDEN MILLS: Organizational Meeting Scheduled on January 19
REFCO INC: RCM Trustee Asks Court to Approve Bolton Settlement

SAMSONITE CORP: Earns US$8.9 Million in Quarter Ended October 31
SCOTTISH RE: Files Preliminary Proxy Statement with U.S. SEC
SCOTTISH RE: Shareholder to Reject MassMutual/Cerberus Deal
SMART BOX: Creditors Confirm Liquidator's Appointment
SOLAR DESIGNS: Appoints Liquidators from PricewaterhouseCoopers

SOUNDFORMAT LIMITED: Calls In Liquidator from Arrans
SRS COMMUNICATIONS: Taps I. D. Holland to Liquidate Assets
STOCKPORT GEAR: Brings In Liquidators from CLB Coopers
STONEYLANE DEVELOPMENTS: Hires David R. Acland as Liquidator
THERMAL ENGINEERING: Taps Liquidators from Deloitte & Touche LLP

THERMION SYSTEMS: Joint Liquidators Take Over Operations
TRAVEL BY DESIGN: Names Keith Aleric Stevens Liquidator
TRENT VALLEY: Appoints Gerald Irwin to Liquidate Assets
TRIPENTA LIMITED: Liquidator Sets Jan. 26 Claims Bar Date
WALKERS INSURANCE: Names Gerard Keith Rooney Liquidator

WEST ONE: Nimish C. Patel Leads Liquidation Procedure

* Fitch Says European High-Yield Issue Closes at Record High

* BOOK REVIEW: Working Together: 12 Principles for Achieving
               Excellence in Managing Projects, Teams, and
               Organizations

                            *********

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


5STARS TRADING: Creditors' Meeting Slated for January 22
--------------------------------------------------------
Creditors owed money by LLC 5stars trading (FN 266923i) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Jan. 22 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Nov. 23, 2006 (Bankr. Case No. 12 S 104/06s).  Guenther
Grassner serves as the court-appointed property manager of the
bankrupt estate.  Norbert Mooseder represents Mr. Grassner in
the bankruptcy proceedings.

The property manager can be reached at:

         Guenther Grassner
         Suedtiroler Road 4-6
         4020 Linz, Austria
         Tel: 77 08 15
         Fax: 77 08 16
         E-mail: lawfirm@gltp.at

Mr. Grassner's representative can be reached at:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr, Austria
         Tel: 07252/42 4 24
         Fax: 07252/42 4 24-24
         E-mail: lawfirm@gltp.at


CHRISTIAN HEISSENBERGER: Assets Insufficient to Cover Claims
------------------------------------------------------------
Dr. Susi Pariasek, the court-appointed property manager for LLC
Christian Heissenberger (FN 117916g), declared Nov. 23, 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 Oct. 25, 2006 (Bankr. Case No. 4 S 153/06m).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Dr. Susi Pariasek
         c/o Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


DEXIA KOMMUNALKREDIT: Fitch Affirms Individual C Rating
-------------------------------------------------------
Fitch Ratings affirmed Austria-based Dexia Kommunalkredit Bank
AG's ratings at Issuer Default AA, Short-term F1+, Individual C,
and Support 1.  The Outlook is Stable.

Dexia-Kom's Issuer Default, Short-term, and Support ratings
reflect the extremely strong potential support from its majority
shareholder Dexia Credit Local, given its role within the Dexia
group, Europe's largest provider of public finance.  Any changes
in DCL's ratings are likely to lead to a change in Dexia-Kom's
ratings, as would a change in the relationship between the bank
and DCL.

Dexia-Kom's Individual rating reflects its limited credit risk
from public sector lending.  It also takes into account the
short track record of both its bank and public sector lending in
Central and Eastern Europe, Dexia-Kom's small absolute equity
base, its reliance on volume-driven business, and possible risks
arising from strong asset growth.

"The majority of Dexia-Kom's credit exposure is to the public
sector in CEE, including states, regions, and larger
municipalities as well as quasi-public enterprises.  As a
result, asset quality is sound.  Lending, however, is
concentrated as the bank became operational only in the first
quarter of 2005 and has substantially grown in Poland and
Hungary," says Michael Steinbarth, director, in Fitch's
Financial Institutions Group.

Dexia-Kom is the result of a joint venture set up in 2000
between DCL and Kommunalkredit Austria AG, an Austrian-based
long-term lender to public authorities.  Dexia-Kom relies on
KA's staff and infrastructure.  Since 2005, KA employees,
including the management team, have been working for KA and
Dexia-Kom.

Operating costs are currently well controlled, but their high
level partly reflects the business's start-up character as well
as its retail banking operations in Slovakia.  Given DCL's
franchise and the owners' expertise in the public sector, Dexia-
Kom should be able to expand its customer base and product range
and thus improve future profitability.

Risk management is strong and well integrated into that of the
Dexia group.  Dexia-Kom has some exposure to market risk, mainly
through open structural positions on its balance sheet, but
controls are adequate and closely coordinated with Dexia.  
Dexia-Kom obtains most of its funding from Dexia, but expects to
diversify its funding by accessing local wholesale markets.

At the end of September 2006, the bank's 10.5% Tier 1 capital
ratio was satisfactory, given its risk profile, but capital
adequacy is expected to fall in line with loan growth.  
Management expects continued strong growth from Dexia-Kom's
Polish business where it obtained a banking license in 2006.

Dexia-Kom was established as a Vienna-based management holding
company for DCL's and KA's jointly held subsidiaries in CEE and
was renamed Dexia-Kom in March 2005 on receiving a full banking
license.  The bank holds around 79% in the leading Slovak bank
for municipal and local authority financing, Dexia Banka
Slovensko.  Wholly owned subsidiaries operate in the Czech
Republic and Poland, which has recently obtained a banking
license, and where management expects strong growth.  Local
offices in Bulgaria, Hungary, and Romania have also become fully
operational.


DKT TRANSPORT: Creditors' Meeting Slated for January 25
-------------------------------------------------------
Creditors owed money by LLC DKT Transport (FN 187579b) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Jan. 25 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2006 (Bankr. Case No. 5 S 157/06g).  Beate Holper
serves as the court-appointed property manager of the bankrupt
estate.  Susi Pariasek represents Dr. Holper in the bankruptcy
proceedings.

The property manager and her representative can be reached at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at  


IN FOCUS: Claims Registration Period Ends January 25
----------------------------------------------------
Creditors owed money by LLC In Focus Fotohandel (FN 40779w) have
until Jan. 25 to file written proofs of claims to court-
appointed property manager Eva Wexberg at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 8 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2006 (Bankr. Case No. 2 S 165/06m).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


JOHANN BRUNNER: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Walter Anzboeck, the court-appointed property manager for
LLC Johann Brunner (FN 91286w), declared Nov. 24, 2006, that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Neuaigen, Austria, the Debtor declared
bankruptcy on Oct. 9, 2006 (Bankr. Case No. 14 S 166/06m).  

The property manager can be reached at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln, Austria
         Tel: 02272/61 600
         Fax: 02272/61 600-20
         E-mail: anwalt@anzboeck


KARBINOVSKY & BARTL: Claims Registration Ends January 15
--------------------------------------------------------
Creditors owed money by LLC Karbinovsky & Bartl (FN 60137m) have
until Jan. 15 to file written proofs of claims to court-
appointed property manager Georg Unger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Jan. 29 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2006 (Bankr. Case No. 3 S 159/06m).  Peter Schulyok
represents Dr. Unger in the bankruptcy proceedings.


REISEARTIKEL U. LEDERWAREN: Creditors' Meeting Set for Jan. 23
--------------------------------------------------------------
Creditors owed money by LLC Reiseartikel u. Lederwaren E.
Hofmann (FN 102914w) are encouraged to attend the creditors'
meeting at 9:15 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. 23, 2006 (Bankr. Case No. 4 S 166/06y).  Eva Wexberg
serves as the court-appointed property manager of the bankrupt
estate.  Walter Kainz Budak represents Dr. Wexberg in the
bankruptcy proceedings.

The property manager and her representative can be reached at:

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


SEITZ BAU: Wiener Neustadt Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Wiener Neustadt entered Nov. 24, 2006, an
order shutting down the business of LLC Seitz Bau (FN 257035v).  

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

Headquartered in Woellersdorf-Steinabrueckl, Austria, the Debtor
declared bankruptcy on Nov. 14, 2006 (Bankr. Case No. 10 S 105/
06d).  


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


DRESSER-RAND: Discloses Changes in Senior Management Team
---------------------------------------------------------
Dresser-Rand Group Inc. disclosed that the company will make
changes in responsibilities for three members of its senior
management team.

"We believe that the actions we are announcing are important to
continue to develop our successful leadership team, as
rotational assignments are a fundamental part of our development
efforts, said Dresser-Rand's President and Chief Executive
Officer, Vincent R. Volpe, Jr.  These changes will occur during
the first quarter of this year to allow for orderly transition
in each area."

Jean-Francois Chevrier, currently Vice President and General
Manager, European Operations, will become Vice President and
General Manager, North American Operations.  Mr. Chevrier will
have responsibility for the Burlington Iowa, Olean, Wellsville,
and Painted Post, New York operations, including engineering and
drafting centers.  Additionally, he will have responsibility for
the global Research and Development Engineering organization.  
His sixteen years experience with Dresser-Rand includes
operations and engineering positions for Turbo Products,
including Director of Special Projects in Olean, New York. Prior
to joining Dresser-Rand, he worked in operations management for
a subsidiary of Peugeot in its military and aerospace equipment
businesses.  Mr. Chevrier has a BSME from Tarbes University in
France.  He and his wife Marie-Christine will relocate to Olean,
New York.

Walter J. Nye, currently Executive Vice President, Product
Services Worldwide, will assume responsibility for the European
Served Area as the Vice President and General Manager.  Mr. Nye,
who brings over 31 years of experience in Dresser-Rand, will
have responsibility for the German, Norwegian, and French
operations.  Additionally, he will assume responsibility for
Field Operations, New Unit Sales, and Product Services Sales
organizations in Europe. His prior experience with Dresser-Rand
includes positions as Controller, Turbo Products Division,
President of the Services Division and a variety of management
positions in accounting and operations.  Mr. Nye has a BA from
St. Bonaventure University.  He and his wife Michele will
relocate to Le Havre, France.

Christopher Rossi, currently Vice President and General Manager,
North American Operations, will become Executive Vice President,
Product Services Worldwide, assuming responsibility for all
aftermarket parts and services sales.  Mr. Rossi will also have
responsibility for the Controls Strategic Business Unit, and
Dresser-Rand's merger and acquisition initiatives Over the past
20 years with Dresser-Rand, Mr. Rossi has held various
leadership positions within Dresser-Rand, including General
Manager, Painted Post Operations, Vice President, Supply Chain
Management Worldwide and several operations and engineering
positions within the Reciprocating Compressor Division.  Mr.
Rossi has an MBA in Corporate Finance from the University of
Rochester, and a BSME from Virginia Tech. He and his wife
Georgia and their two children will relocate to Houston, Texas.

Headquartered in Houston, Texas, Dresser-Rand Group Inc.
-- http://www.dresser-rand.com/-- engages in the design,
manufacture, and marketing of rotating equipment solutions to
the oil, gas, petrochemical, and process industries worldwide.  
The company also operates in France, Czech Republic, India and
Italy.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 20,
Moody's Investors Service confirmed its Ba3 Corporate
Family Rating for Dresser-Rand Group Inc. in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology for the oilfield
service and refining and marketing sectors.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Revolving Credit
   Facility Due 2009      Ba3      Ba1    LGD2        18%

   Sr. Sec. Gtd.
   Term Loan
   Due 2011               Ba3      Ba1    LGD2        18%

   7.375% Sr. Sub.
   Gtd. Global Notes
   Due 2014               B2       B1     LGD5        73%


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F I N L A N D
=============


METSO OYJ: Names Juhani Suvinen as Valmet Automotive President
--------------------------------------------------------------
Juhani Suvinen has been appointed President of Valmet
Automotive, a unit of Metso Oyj, as of Jan. 10, 2007.  

Mr. Suvinen has held the position of Executive Vice President of
Valmet Automotive since 1996.

At the same time, Ilpo Korhonen was appointed Executive Vice
President, and is responsible for the production process.  He
has previously acted as Vice President responsible for the
Porsche project and the production, and before that he acted in
different production and quality related assignments.

Valmet Automotive's current president, Tapio Kuisma, resigns
simultaneously and will become Board Member of Valmet
Automotive.

                    About Valmet Automotive

Headquartered in Uusikaupunki, Finland, Valmet Automotive --
http://www.valmet-automotive.com/-- is a unit of Metso Corp aka  
Metso Oyj.  The company is a brand-independent contract
manufacturer of exclusive specialty cars of superior quality

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

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


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


B & S IT: Claims Registration Ends January 24
---------------------------------------------
Creditors of B & S IT-Consulting GmbH have until Jan. 24 to
register their claims with court-appointed insolvency manager
Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against B & S IT-Consulting GmbH on Nov. 17, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B & S IT-Consulting GmbH
         Hermannstrasse 15
         60318 Frankfurt/Main, Germany

The insolvency manager can be contacted at:

         Goetz Lautenbach
         Zeilweg 42
         D-60439 Frankfurt/Main, Germany
         Tel: 069/963761-0
         Fax: 069/963761145


BENQ CORP: Sentex Sensing Presents Business Model to Creditors
--------------------------------------------------------------
Henrik Rubinstein, president of Sentex Sensing Technologies
Inc., presented the company's position to creditors of BenQ
Mobile GmbH & Co. in relation to its offer to acquire the
bankrupt German unit of Taiwan-based BenQ Corp.

Mr. Henrik made the presentation at a creditors' meeting held by
Martin Prager, BenQ Mobile's insolvency administrator, under
German Insolvency Law on Jan. 9.  

The previous Siemens Mobile Division filed insolvency and is
under administration in Munich, Germany.  Sentex stated their
interest was based on the strong technology and products of the
previous Siemens R&D as well the market access in Europe which
turned out almost 25 million high-end mobile phones in the last
business year.

Mr. Rubinstein explained in detail its financial model, which
showed its fair value as well as the incentives for the
employees with strong growth in the NewCo -- SENSe Mobile GmbH.  
He provided the description of the mobile prototypes, which
showed clearly what the SENSe Mobile Division could create
versus the competition.

He explained the positive link between U.S. and German high tech
ventures.

As a result of the meeting, the Insolvency team informed Sentex
of the liquidation value of the assets and informed Sentex to
prepare new financial information that demonstrates how to pay
the liquidation value, and its acceptance of it.  They started
negotiations on the earn-out model.

Sentex has received a written statement of Nord Rhein Westfahlen
again on a country endorsement for working capital of EUR25
million, which was forwarded to the Bank for approval.

Sentex is in serious discussions with several Financial
Institutions for the strategic financing for the deal to
succeed.

The Administration team for BenQ Mobile was very helpful in the
due diligence process and created with Sentex a strong business
model based on the previous US$2 billion revenue from BenQ
Mobile GmbH & Co. OHG.

                      About Sentex Sensing

Sentex Sensing Technologies, Inc. http://www.sentextech.com/--  
provides fingerprint, facial and voice biometric technologies,
as well as systems, and critical system components that empower
the identification of individuals in large-scale ID and ID
management programs.

                          About BenQ

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

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

                        *     *     *

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


CANMAX AKTIENGESELLSCHAFT: Claims Registration Ends January 26
--------------------------------------------------------------
Creditors of CANMAX Aktiengesellschaft have until Jan. 26 to
register their claims with court-appointed insolvency manager
Thilo Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 1
         Holzmarkt 2
         79098 Freiburg, Germany
     
The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Feb. 12 to be held at:

         The District Court of Freiburg
         Room 304
         Holzmarkt 2
         79098 Freiburg, Germany

The District Court of Freiburg opened bankruptcy proceedings
against CANMAX Aktiengesellschaft on Dec. 22, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CANMAX Aktiengesellschaft
         Siemensstr. 7
         79331 Nimburg, Germany

         Attn: Ruben Welsch, Manager
         Muenchhofstr. 10
         79106 Freiburg, Germany

         Michael Paul, Manager
         Sofienstr. 9
         77933 Lahr, Germany

The insolvency manager can be contacted at:

         Thilo Braun
         Schillerstr 2
         79102 Freiburg, Germany
         Tel: 0761-703900
         Fax: 0761/7039052


DAIMLERCHRYSLER AG: CEO Expresses Support for Chrysler Chief
------------------------------------------------------------
Dieter Zetsche, chief executive of DaimlerChrysler AG, said he
and the company's supervisory board supports Chrysler head Tom
LaSorda in his effort to return the ailing U.S. unit to
profitability, Bloomberg News reports.

"I have given him advice to not read too many news clips," Mr.
Zetsche told Bloomberg News.  "He is doing a good job in a
difficult environment."

Bloomberg News suggests that Mr. Zetsche's comments may clarify
speculations that Mr. LaSorda may lose his job.  Mr. LaSorda
succeeded Mr. Zetsche as Chrysler's chief.

Chrysler, which posted US$1.5 billion net loss in third quarter
2006, is forecasting a deficit for 2006.  The division recently
disclosed of plans to return to profitability in February.

"They need to bite the bullet, close some plants and
restructure," said Erich Merkle, an analyst at IRN Inc.  "They
are not going to be able to sell themselves out of this.  The
economy is slowing down."

                      About DaimlerChrysler

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

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

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

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

                           Outlook

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

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


GROHE HOLDING: S&P Assigns B Rating on EUR800-Mln Sr. Sec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
the proposed EUR800-million senior secured floating-rate notes
to be issued by Germany-based Grohe Holding GmbH (B/Stable/--)
with final maturity in 2014.  

A recovery rating of '3' has been assigned to the notes,
indicating Standard & Poor's expectation of meaningful (50%-80%)
recovery of principal in the event of a payment default.

In addition, Standard & Poor's assigned its 'BB-' rating to the
EUR150-million senior secured revolving credit facility issued
by Grohe Beteiligungs GmbH and Grohe AG and guaranteed by Grohe
Holding.  S&P assigned a recovery rating of '1', indicating our
high expectation of full recovery of principal.  The ratings are
subject to final documentation.

"The proceeds of these issues will be used to repay outstanding
obligations under the existing EUR900-million senior credit
facilities and to pay related fees and expenses," said Standard
& Poor's credit analyst Eve Greb.  "Grohe's liquidity position
will significantly improve after this refinancing, as the
restrictive covenants under the former senior secured
facilities will end."  The group's liquidity is expected to be
satisfactory after the refinancing pro forma September 2006, as
the group will have about EUR80-million available under the new
EUR150-million revolving credit facility that matures in 2011
and EUR30 million of cash.

The ratings on Grohe Holding -- the holding company via an
intermediary holding of Germany-based manufacturer Grohe AG --
are constrained by the group's:

   -- highly leveraged financial profile;

   -- still-significant exposure to the German market (18% of
      sales);

   -- and exposure to commodity-price and exchange-rate
      fluctuations, as the group's manufacturing facilities and
      sales are mainly located in the Eurozone while volatile
      raw-material inputs are linked to the U.S. dollar.

The ratings are supported by Grohe's solid market position in
the fragmented European sanitary-fittings industry, its good
geographic diversity, strong brand name, and the importance of
the renovation and refurbishment end market, which accounts for
70% of total sales.  This market is moderately cyclical and has
sound fundamentals.

                     Recovery Analysis

After the proposed refinancing, Grohe will have the following
principal debt facilities in place:

   -- EUR150-million senior secured revolving credit facility,
      maturing in 2011;

   -- EUR800-million senior secured notes, maturing in 2014; and

   -- EUR335 million high-yield notes, maturing in 2014,
      benefiting from limited second-ranking security.

The ratings on both the revolving credit facility and senior
secured notes reflect the extensive asset and share security and
guarantee package, which covers approximately 80% of the group's
EBITDA and assets.  Although the two facilities rank pari passu
for the purposes of enforcement, the revolving credit facility
benefits from a super-priority, which grants the first
proceeds from enforcement to that facility.  This is the key
driver for the '1' recovery rating on the revolving facility.

The concentration of manufacturing assets in Germany is positive
from the perspective of the applicable insolvency regimes for
secured creditors.  This is tempered, however, by significant
manufacturing operations in jurisdictions that may be less
favorable to secured creditors (notably Thailand and China).

To determine recoveries, Standard & Poor's simulates a
hypothetical default scenario.  Under this scenario, S&P have
assumed that default would most likely be driven by the group's
high financial leverage, allowing the group to be reorganized
following a default.  Our default scenario assumes stable or
marginally declining revenues through to 2008, followed by a
more meaningful decline in 2009 as sentiment in the construction
market deteriorates.  In addition, increasing raw-material costs
are forecast across the period.  S&P also take into account
potential increases in interest rates across the period, which
are only partially offset by hedging in place.  Under this
scenario, the group appears most likely to default in 2009, with
EBITDA having declined by 30%-35% from current levels at the
point of default.

Based on a combination of discounted cash flow and stressed
market-multiple approach, S&P estimate the value of the company
to be above EUR800 million at default.  At default, the full
EUR800 million notes are expected to remain outstanding.  S&P
have also assumed full drawings on the revolver.  After
repayment of the prior-ranking revolver and taking into account
a moderate reduction in value to reflect the cross-
jurisdictional legal and enforcement cost issues, Standard &
Poor's has assigned a recovery rating of '3' to the senior
secured notes.  Cover is at the high end of the range.

The EUR335-million high-yield notes due 2014, benefit from a
number of second-ranking share pledges and second-ranking
pledges over intercompany pooling agreements likely to be of
limited tangible value in a default scenario.  Furthermore, S&P
see limited prospects for recovery from unencumbered
assets not subject to the senior security package due to the
high level of potential pari passu ranking claims.  This bond is
therefore rated 'CCC+', two notches below the corporate credit
rating, reflecting the high level of priority liabilities that
would rank ahead in insolvency.  


GUENESER SUPERMARKT: Claims Registration Ends January 30
--------------------------------------------------------
Creditors of Gueneser Supermarkt GmbH have until Jan. 30 to
register their claims with court-appointed insolvency manager
Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
      
The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on March 9, at the same venue.

The District Court of Krefeld opened bankruptcy proceedings
against Gueneser Supermarkt GmbH on Nov. 8, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Gueneser Supermarkt GmbH
         Borsingstrasse 25
         47809 Krefeld, Germany

         Attn: Naki Gueneser, Manager
         Rott 141 b
         47800 Krefeld, Germany

The insolvency manager can be contacted at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf, Germany


HOTZ ROLLTORE: Creditors' Meeting Slated for January 26
-------------------------------------------------------
The court-appointed insolvency manager for HOTZ Rolltore GmbH,
Ruediger Wienberg, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:40 a.m. on Jan. 26.

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 insolvency
manager's report at 10:20 a.m. on March 23, at the same venue.

Creditors have until Feb. 26 to register their claims with the
court-appointed insolvency manager.

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

The Debtor can be reached at:

         HOTZ Rolltore GmbH
         Tempelhofer Weg 112/113
         12347 Berlin, Germany

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin, Germany


HSH HOTEL: Creditors' Meeting Slated for January 26
---------------------------------------------------
The court-appointed insolvency manager for HSH Hotel und Hostel
Friedrichshain GmbH, Petra Hilgers, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:15 a.m. on Jan. 26.

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 insolvency
manager's report at 10:00 a.m. on April 27, at the same venue.

Creditors have until Feb. 26 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against HSH Hotel und Hostel Friedrichshain GmbH on
Nov. 7, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HSH Hotel und Hostel Friedrichshain GmbH
         Warschauer Road 57
         10243 Berlin, Germany

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


ICP IMMOBILIENVERWALTUNG: Creditors' Meeting Slated for Jan. 29
---------------------------------------------------------------
The court-appointed insolvency manager for ICP
Immobilienverwaltung GmbH, Thomas Maier, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 2:00 p.m. on Jan. 29.

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

         The District Court of Pirmasens
         Area 235
         2nd Floor
         Pirmasens, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on March 5, at the same venue.

Creditors have until Feb. 20 to register their claims with the
court-appointed insolvency manager.

The District Court of Pirmasens opened bankruptcy proceedings
against ICP Immobilienverwaltung GmbH on Nov. 23, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ICP Immobilienverwaltung GmbH
         Attn: Maria Luise Kerchner, Manager
         Speyerstrasse 4-6
         76846 Hauenstein, Germany

         Guenter Josef Schneider, Manager
         Hangstrasse 3
         76846 Hauenstein, Germany

The insolvency manager can be reached at:

         Thomas Maier
         Pirmasenser Road 18
         66994 Dahn, Germany
         Tel: 06391/92280
         Fax: 06391/922899
         E-mail: insolvenz@stb-maier.de


JOY GASTSTATTEN: Creditors' Meeting Slated for January 31
---------------------------------------------------------
The court-appointed insolvency manager for Joy Gaststatten
Betriebs GmbH, Michael Frege, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:55 a.m. on Jan. 31.

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 insolvency
manager's report at 10:15 a.m. on April 4, at the same venue.

Creditors have until Feb. 5 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Joy Gaststatten Betriebs GmbH on
Nov. 8, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Joy Gaststatten Betriebs GmbH
         Sredzkistr. 30
         10435 Berlin, Germany

The insolvency manager can be reached at:

         Michael Frege
         Markgrafenstr. 36
         10117 Berlin, Germany


KEMPFER WOHNKERAMIK: Claims Registration Ends January 28
--------------------------------------------------------
Creditors of Kempfer Wohnkeramik GmbH have until Jan. 28 to
register their claims with court-appointed insolvency manager
Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
      
The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 23, at the same venue.

The District Court of Krefeld opened bankruptcy proceedings
against Kempfer Wohnkeramik GmbH on Nov. 1, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Kempfer Wohnkeramik GmbH
         Markische Str. 12
         47809 Krefeld, Germany

         Attn: Gerhard de Haas, Manager
         Nikolausweg 2
         46282 Dorsten, Germany

The insolvency manager can be contacted at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld, Germany
         

KPS FREIZEIT: Claims Registration Ends January 29
-------------------------------------------------
Creditors of KPS Freizeit- und Gastro-Betriebe GmbH & Co. KG
have until Jan. 29 to register their claims with court-appointed
insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Park Avenue 6
         21465 Reinbek, Germany
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Reinbek opened bankruptcy proceedings
against KPS Freizeit- und Gastro-Betriebe GmbH & Co. KG on
Nov. 29, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         KPS Freizeit- und Gastro-Betriebe GmbH & Co. KG
         Attn: Karl Norbert Pirsch-Steigerwald, Manager
         Oher Weg 38
         22969 Witzhave, Germany

The insolvency manager can be contacted at:

         Dirk Decker
         Speersort 4 - 6
         20095 Hamburg, Germany


NFM TECHNOPLAST: Claims Registration Ends January 25
----------------------------------------------------
Creditors of NFM Technoplast GmbH have until Jan. 25 to register
their claims with court-appointed insolvency manager Marcus
Janca.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B.031
         Law Courts
         Boostedter Road 26
         Neumuenster, Germany      
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Neumuenster opened bankruptcy proceedings
against NFM Technoplast GmbH on Sept. 21, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         NFM Technoplast GmbH
         Borgstedtfelde 15
         24794 Borgstedt, Germany

         Attn: Horst Leiber, Manager
         Grosse Road 39
         24937 Flensburg, Germany

The insolvency manager can be contacted at:

         Marcus Janca
         Willestrasse 3
         24103 Kiel, Germany
         

VOLKSWAGEN AG: Porsche CEO Wiedeking Calls for Company Changes
--------------------------------------------------------------
Porsche AG CEO Wendelin Wiedeking is seeking for at least one
more board seat at Volkswagen AG and vowed he would push for big
changes at the company to increase its underperforming results,
Joseph B. White writes for the Wall Street Journal.

"I know how to make money.  I will force that we make money in
VW, believe me," Mr. Wiedeking, who already holds two seats on
VW's supervisory board, was quoted by WSJ as saying.  "There
must be a lot of changes in the VW organization."

In response to press speculation, Mr. Wiedeking disclosed he
does not want to take over as Volkswagen's CEO and eliminated a
full merger between Porsche and Volkswagen.  Porsche holds a
27.4% stake in Volkswagen.  

According to WSJ, Porsche will try to take advantage of VW's
measures to reduce the costs it must pay in developing expensive
new technology for its high performance cars.

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 Chief
Executive 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.


TREUHANDVEREIN VOLLEYBALL: Claims Registration Ends January 26
--------------------------------------------------------------
Creditors of Treuhandverein Volleyball e.V. have until Jan. 26
to register their claims with court-appointed insolvency manager
Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Treuhandverein Volleyball e.V. on Nov. 29, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Treuhandverein Volleyball e.V.
         Attn: Peter Oster, Manager
         Rheindorfer Str. 119
         51371 Leverkusen, Germany

The insolvency manager can be contacted at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen, Germany


=============
G E O R G I A
=============


TBC BANK: Moody's Assigns E+ Financial Strength Rating
------------------------------------------------------
Moody's Investors Service assigned B3 long-term and Not Prime
short-term foreign currency deposit ratings and Baa3 long-term
and Prime-3 short-term local currency deposit ratings to TBC
Bank, the largest bank in Georgia, as well as an E+ Financial
Strength Rating.  The outlooks for all ratings are stable.

According to Moody's, TBC's B3 long-term foreign currency
deposit rating factors in -- and is constrained by -- the
foreign currency transfer risk inherent in such instruments in
Georgia and is based on an assessment of local economic and
political factors.  It could therefore only be upgraded in the
event of a reduction in these risk factors.

Conversely, the bank's Baa3/Prime-3 local currency ratings are
not constrained by the foreign currency transfer risk and are at
the highest level currently attainable by a Georgian bank.  
These ratings reflect TBC's systemic importance as the largest
financial institution in the Georgian banking sector with a
sizeable market share of approximately 25% and hence, in Moody's
view, the high likelihood that TBC would receive financial
support, in case of need, from the Georgian authorities.  These
local currency ratings are dependent on our assessment of:

   (i) the bank's intrinsic strength reflected in the FSR,

  (ii) the degree to which the authorities' ability to support
       an important bank might be limited as a result of a
       monetary regime that precludes the creation of unlimited
       quantities of local currency; and

(iii) the willingness of the financial authorities to support
       the bank.

The bank's E+ FSR, which is a measure of TBC's intrinsic
strength on a standalone basis excluding external support
factors, is underpinned by:

   (i) its strong franchise in its domestic market and
       satisfactory financial fundamentals;

  (ii) its experienced and dedicated management team with a
       good track record of steering the bank in a somewhat
       difficult operating environment;

(iii) the bank's growing international profile and long-term
       co-operation with development institutions;

  (iv) its positive track record of solid financial performance,
       coupled with a high level of cost efficiency;

   (v) moderate single-party loan and deposit concentrations
       compared to many of the bank's peers in the Commonwealth
       of Independent States; and

  (vi) the potential entry of a strategic investor with a
       minority stake, which may be supportive of the bank's
       franchise strength.

At the same time the bank's E+ FSR is constrained by:

   (i) its volatile operating environment, which considerably
       increases the level of risks that TBC would face in an
       adverse scenario;

  (ii) its relatively unseasoned and untested loan portfolio on
       the back of accelerated growth in 2005 and 2006,
       especially in the retail and SME sectors;

(iii) some pressure on the credit quality of wine sector
       companies, especially those primarily oriented towards
       the Russian market, with a resultant rise in NPLs in H1
       2006;

  (iv) the relatively large, albeit shrinking, contractual
       liquidity gaps, due to the still significant, though
       declining, proportion of short-term funding; and

   (v) the challenge the bank faces in raising capital in a
       period of rapid growth.

Headquartered in Tbilisi, the capital of Georgia, TBC Bank
reported total assets of US$332.8 million in accordance with
IFRS as at Dec. 31, 2005.


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


AES CORP: Gets Hydroelectric Build-Operate Concessions in Panama
----------------------------------------------------------------
An official of Asep, the public services regulator in Panama,
told Business News Americas that the regulator has awarded three
hydroelectric build and operate concessions that total 416
megawatts in installed capacity to AES Corp.

BNamericas relates that the projects are:

          -- Gavilan (158 megawatts),
          -- Cauchero II (132 megawatts), and
          -- Chan-220 (126 megawatts), which would use water
             from the Changuinola river in Bocas del Toro.

The official told BNamericas that AES Corp. was given one year
to present the projects' final design.

AES Corp. runs four hydro plants with total 470 megawatts of
installed capacity and one 43-megawatt thermal plant in Panama,
BNamericas states.

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

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

                        *     *     *

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

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


HERTZ CORP: Parent Discloses Strategies to Boost Competitiveness
----------------------------------------------------------------
Hertz Global Holdings Inc., the indirect parent corporation of
The Hertz Corp., disclosed the first in a series of initiatives
to further improve Hertz's competitiveness and industry
leadership.

The company said that targeted job reductions affecting
approximately 200 employees are intended to help streamline
decision-making and improve service, in part by de-layering
management in several departments.  The job reductions are
occurring at the company's corporate headquarters in Park Ridge,
N.J., the U.S. service center in Oklahoma City, and in U.S.
field operations, and are expected to result in annualized
savings of up to US$15.8 million.  The company anticipates
incurring an estimated US$3.3 million-US$3.8 million
restructuring charge for severance and related costs that will
be taken in the first quarter of 2007.

The company said that the job reductions are occurring in the
context of initiatives intended to improve operational
efficiency and reduce costs worldwide.  The initiatives focus on
reducing new car costs, improving process efficiencies at its
car and equipment rental locations, centralizing purchasing and
organizational restructuring.

"Hertz is generating solid top-line growth and profits, enabling
us to take steps to reduce costs and improve efficiency from a
position of strength," said Mark P. Frissora, Chairman and CEO
of Hertz.

"Job reductions are a difficult decision, and we regret the
impact on affected employees, but the management team recognizes
that fleet cost inflation and competitive conditions require us
to act now. Throughout 2007, Hertz will implement a series of
operational initiatives that should result in even higher levels
of efficiency, enabling the company to maintain its position as
the premium brand and service leader in our markets," added Mr.
Frissora.

              About Hertz Global Holdings, Inc.

Hertz Global Holdings, Inc., the indirect parent corporation of
The Hertz Corp., is the largest worldwide general use car rental
brand and one of the largest equipment rental businesses in the
United States.  In its car rental business segment, Hertz and
its independent licensees and associates accept reservations for
car rentals at approximately 7,600 locations in approximately
145 countries.

Hertz Corp. -- https://www.hertz.com/ -- the largest global car
rental company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car
rental business that is less cyclical and more profitable, but
which is dominated by 'A-' rated Enterprise Rent-A-Car Co.  
Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  Hertz has operations in Hungary,
Philippines and Peru, among others.

                        *     *     *

As reported in the TCR-Europe on Nov. 24, Moody's Investors
Service changed the rating outlook of The Hertz Corp. to stable
from negative following the completion of a US$1.3 billion IPO
by Hertz Global Holdings, Inc., the acquisition vehicle through
which equity sponsors Clayton, Dubilier & Rice, Inc., The
Carlyle Group and Merrill Lynch Global Private Equity acquired
Hertz in December of 2005.

In a TCR-Europe report on Nov. 23, Standard & Poor's Ratings
Services affirmed its ratings on two synthetic securities
related to Hertz Corp. and its related entities and removed them
from CreditWatch, where they were placed with negative
implications on June 30.

The rating actions reflect the affirmation of the long-term
corporate credit and senior unsecured debt ratings on
Hertz Corp. (BB-/Negative/NR) and its related entities and their
removal from CreditWatch negative on Nov. 16, 2006.


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


SMURFIT KAPPA: Confirms Possible Initial Public Offering Plans
--------------------------------------------------------------
Smurfit Kappa Group confirmed it is considering an initial
public offering, AFX News reports.

The confirmation follows recent market speculation of a possible
share offer.

The company will seek creditors' approval to alter some terms of
its senior credit facility to facilitate an IPO this year, AFX
News relays.

                    About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard  
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.

                           *    *    *

Fitch Ratings affirmed Smurfit Kappa Acquisitions' Issuer
Default Rating at 'B+'.  At the same time the agency affirmed
the instrument ratings.  A Stable Outlook has been assigned.

The stable outlook assigned to Smurfit Kappa Group's ratings
reflects Fitch's view that EBITDA will return to growth during
the course of 2006 and that SKG will be in a position to
generate significant cashflow for debt repayment from 2007-8.


SMURFIT KAPPA: S&P Puts B+ Rating on Watch Positive on IPO Plans
----------------------------------------------------------------
Standard & Poor's Ratings placed all its ratings on Ireland-
based paper and packaging company Smurfit Kappa Group Ltd. and
related entities, including its 'B+' long-term corporate credit
rating on the group, on CreditWatch with positive implications.

This follows the group's announcement that it is considering an
initial public offering.  The '3' recovery rating on the group's
senior secured debt has not been placed on CreditWatch.
     
"A successful IPO could improve Smurfit Kappa's financial
profile should the proceeds be used for debt repayments,
although it should be noted that the group's current credit
measures are very weak for the existing ratings," said
Standard & Poor's credit analyst Alf Stenqvist.

Standard & Poor's estimates that Smurfit Kappa's adjusted-debt-
to-EBITDA ratio for full-year 2006 was slightly below 7x.  At
the end of September 2006, Smurfit Kappa had adjusted debt of
about EUR5.7 billion, including unfunded postretirement
liabilities of EUR635 million.

Regardless of whether the group carries out an IPO, its credit
measures are expected to improve in 2007, owing to gradually
improving operating performance.  This is a result of improving
market conditions and benefits from a rationalization program,
which have helped offset higher input costs.

Standard & Poor's will follow the developments of Smurfit
Kappa's IPO plans.  Any potential rising of the ratings will
depend on a successful completion of an IPO, and its impact on
the group's financial profile.  In addition, Standard & Poor's
will review the group's business and financial strategies before
resolving the CreditWatch.


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


ALITALIA SPA: Paolo Alazraki Unveils EUR5-Billion Recovery Plan
---------------------------------------------------------------
Paolo Alazraki has presented a recovery plan for national
carrier Alitalia S.p.A.

The plan, formulated by a consortium comprising hedge funds,
venture capitalists, banks, pension funds, an Asian airline and
Mr. Alazraki, entails a EUR5 billion investment -- EUR3 billion
to purchase Alitalia and EUR2 billion to relaunch the carrier,
AFX News reports.

Mr. Alazraki, Agenzia Giornalistica Italia relays, revealed that
purchase amount would be funded through:

   -- EUR1 billion from the Asian Airline;
   -- EUR1 billion from venture capitalists and hedge funds; and
   -- EUR1 billion from banks, pension funds and mutual funds.

"I will contact a series of lending institutions among which
American, Dutch, Canadian and of United Arab Emirates merchant
banks," Mr. Alazraki told Alitalia's unions.  "Two day ago, I am
called by an investor that wanted to invest US$75 million."

Mr. Alazraki said the EUR2 billion needed to relaunch Alitalia
would be funded either through a capital increase or a
convertible bond issue.  Mr. Alazraki added that they might
repay in advance an existing Alitalia bond to gain more
favorable financing conditions.

Mr. Alazraki said the recovery plan rules out lay-offs but
includes adding more routes that would allow Alitalia to earn
more revenues and meet costs.  The plan also includes fleet
renewal, and the revival of closed routes to North America and
Latin America.  

The plan also entails the expansion of Alitalia's cargo division
and reconsolidation of its maintenance unit.  The consortium
would also set up a real estate fund to manage Alitalia's
property assets.

The plan foresees a return to profit within 36 months.  Mr.
Alazraki will present full details of their recovery plans
before the deadline for the submission of non-binding interest
on Jan. 29.

"The jobs are our first goal to achieve," Mr. Alazraki was
quoted by Avionews as saying.  "I am ready to give as gift the
Milan-Rome route; I want to increase connections by EUR1000 each
seat, right where Alitalia is not present today."

Mr. Alazraki added that the consortium would reveal itself and
proceed with the bid if it receives the blessings of Alitalia's
unions.

                       Union Comments

Union representative said Mr. Alazraki made the "right approach"
but emphasized the need to "verify the concreteness of the plan"
in terms of financial details.

The Sindacato Unitario Lavoratori dei Trasporti union said the
plan was "interesting, but to be discussed further."

"Many of the actions present are the ones we have been asking
for over the past five years," a SULT representative said.  "But
things must be discussed more in detail, checking if financial
resources are compatible."

The Piloti Italian Uniti union warned that it would "firmly
oppose anyone who wants to take over the airline and reduce its
activity and staff, making it a lesser airline for some large
European one."

                   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.


* Fitch Downgrades Italian City of Taranto to D
-----------------------------------------------
Fitch Ratings downgraded the Italian City of Taranto's Long- and
Short-term local and foreign currency ratings to D from C.  This
follows confirmation from the city's financial lenders that it
has missed its debt installment repayment due by December 2006.

About EUR12 million installments referring to outstanding bonds
and loans of about EUR330 million are likely to be included in
proportional settlement together with Taranto's unfunded
liabilities, most of which arose before the official declaration
of financial distress in the middle of October 2006.  These
unfunded liabilities are reportedly at about EUR350 million.  
Bank advances of EUR25 million extended in 2004 to Taranto are
also to be included in the proportional settlement.  These bank
loans were supposed to have been repaid with the proceeds of an
asset sale that never materialized.

Upward rating potential may stem from the resumption of normal
operations following the approval of the 2007 budget.  The
budget entails the payment of all 2007 operating liabilities,
including installments of the city's long-term financial debt
due in the current year.

Fitch will continue to monitor the development of Taranto's
finances, as well as the potential implications of its default
and legislation changes on other deals and issuers.


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


AGROTECHSERVICE LLP: Jambyl Court Starts Bankruptcy Procedure
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP Agrotechservice on
Dec. 1, 2006.


ALFA-MARKET LLP: Creditors Must File Claims by February 15
----------------------------------------------------------
LLP Alfa-Market has declared insolvency.  Creditors have until
Feb. 15 to submit written proofs of claim to:

         LLP Alfa-Market
         Alihanov Str. 14b
         Karaganda
         Karaganda Region
         Kazakhstan


ALMAT ENGINEERING: Claims Filing Period Ends February 15
--------------------------------------------------------
LLP Almat Engineering has declared insolvency.  Creditors have
until Feb. 15 to submit written proofs of claim to:

         LLP Almat Engineering
         Jeltoksan Str. 12
         Almaty, Kazakhstan


ALMATY JEEP: Proof of Claim Deadline Slated for February 15
-----------------------------------------------------------
LLP Almaty Jeep Service has declared insolvency.  Creditors have
until Feb. 15 to submit written proofs of claim to:

         LLP Almaty Jeep Service
         Tole bi Str. 299a
         Almaty, Kazakhstan


ALTYN-AIMAK: East Kazakhstan Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against CJSC GMK
Altyn-Aimak on Dec. 8, 2006.


ASIA LTD: Proof of Claim Deadline Slated for February 15
--------------------------------------------------------
LLP Asia Ltd. Lux has declared insolvency.  Creditors have until
Feb. 15 to submit written proofs of claim to:

         LLP Asia Ltd. Lux
         Tohtarov Str. 80-51
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


DERABINY LLP: Creditors Must File Claims by February 15
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Derabiny insolvent.

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

         LLP Derabiny
         Myzy Str. 2/1-214
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77


HYDROAGROSERVICE LLP: Creditors' Claims Due February 14
-------------------------------------------------------
LLP Hydroagroservice has declared insolvency.  Creditors have
until Feb. 14 to submit written proofs of claim to:

         LLP Hydroagroservice
         Pahomov Str. 102
         Pavlodar
         Pavlodar Region
         140000 Kazakhstan


NAIZA SECURITY: Claims Filing Period Ends February 15
-----------------------------------------------------
LLP Naiza Security has declared insolvency.  Creditors have
until Feb. 15 to submit written proofs of claim to:

         LLP Naiza Security
         Aldar Kose Str. 7
         Almaty, Kazakhstan


NAZYR LLP: Creditors Must File Claims by February 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Nazyr insolvent.

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

         LLP Nazyr
         Myzy Str. 2/1-214
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77


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


GIARETA LLC: Claims Filing Period Ends February 23
--------------------------------------------------
LLC Giareta has declared insolvency.  Creditors have until
Feb. 23 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 97-48-42.


I-T SERVICE-OSH: Creditors' Claims Due February 22
--------------------------------------------------
LLC I-T Service-Osh (INN 02110200410065) has declared
insolvency.  Creditors have until Feb. 22 to submit written
proofs of claim.

Inquiries can be addressed to (+996 3222) 5-32-12.


OMEGA SOFT: Creditors Must File Claims by Feb 23
------------------------------------------------
LLC Omega Soft has declared insolvency.  Creditors have until
Feb. 23 to submit written proofs of claim to:

         Micro District Asanbai, 33-20
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 46-82-52


TOHTOZAN LLC: Creditors' Meeting Scheduled for January 29
---------------------------------------------------------
Creditors of LLC Tohtozan will convene at 11:00 a.m. on Jan. 29
at:

         Room 318
         Molodaya Gvardiya Ave. 27
         Bishkek, Kyrgyzstan   

The Inter-District Court of Bishkek for Economic Issues declared
LLC Tohtozan (Case No.ED-349/06 mbs5) insolvent on June 1, 2006.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Kazakbai Shambetov
         Tel: (+996 312) 65-58-61


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


ELEX ALPHA: Moody's Rates EUR16.5-Mln Class E Notes at Ba3
----------------------------------------------------------
Moody's assigned definitive credit ratings to six classes of
notes issued on Dec. 21, 2006 by eleX Alpha S.A., a Luxembourg
special purpose company.  The ratings are:

   -- EUR60-million Class A-1 Senior Secured Revolving Floating
      Rate Notes, due 2023: Aaa;

   -- EUR133.500-million Class A-2 Senior Secured Delayed Draw
      Floating Rate Notes, due 2023: Aaa;

   -- EUR28.5-million Class B Senior Secured Floating Rate
      Notes, due 2023: Aa2;

   -- EUR15-million Class C Senior Secured Deferrable Floating
      Rate Notes, due 2023: A2;

   -- EUR16.5-million Class D Senior Secured Deferrable Floating
      Rate Notes, due 2023: Baa3; and

   -- EUR16.5-million Class E Senior Secured Deferrable Floating
      Rate Notes, due 2023: Ba3.

   -- EUR30-million Subordinated Notes, due 2023 have also been
      issued, but those notes are not rated by Moody's.

The foregoing definitive ratings address the expected loss posed
to investors by the legal final maturity in 2023.  Moody's
definitive ratings address only the credit risks associated with
the transaction.  Other non-credit risks, such as those
associated with the timing of principal prepayments and other
market risks, have not been addressed and may have a significant
effect on yield to investors.

These definitive ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The overcollateralisation of the notes;

   4. The analysis of the foreign currency exchange risk   
      involved in the transaction;

   5. The expertise of DWS Finanz-Service GmbH as a collateral
      adviser; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR290-
million, comprised primarily of European senior secured debt
obligations, second lien loans and mezzanine obligations.  This
portfolio is dynamically managed with DWS Finanz-Service GmbH
acting in the capacity of collateral adviser to the Issuer.  
This portfolio has been partially acquired at the closing date
and will be partially acquired during the 6 month ramp-up period
in compliance with portfolio.  Thereafter, the portfolio of
loans will be actively managed pursuant to the advice of the
collateral adviser to buy or sell assets in the portfolio.  Any
addition or removal of assets will be subject to a number of
portfolio criteria.

The transaction was arranged by Barclays Capital.


EVRAZ GROUP: CFIUS Completes Review on Oregon Steel Takeover
------------------------------------------------------------
Evraz Group S.A. disclosed that the Committee on Foreign
Investment in the United States has concluded its review
relating to the company's proposed acquisition of Oregon Steel
Mills Inc. without the need for further investigation under the
Exon-Florio Amendment.

Accordingly, the condition to Evraz's pending cash tender offer
relating to the review of the proposed acquisition by CFIUS has
been satisfied.  In addition, Evraz disclosed that it was
waiving the condition to the tender offer requiring the
expiration or termination of the International Traffic in Arms
Regulations notification period.

Following a careful review of the existing facts and
circumstances, including the results of the CFIUS review of the
transaction, Evraz determined that the review being made
pursuant to ITAR should not further impact the structure of the
transaction or the timing of its closure.

As a result, Evraz further disclosed that the cash tender offer
by its wholly owned subsidiary Oscar Acquisition Merger Sub,
Inc. to purchase all outstanding shares of common stock --
including the associated preferred stock purchase rights -- of
Oregon Steel is being extended until 5:00 p.m., New York City
time, on Jan. 12 unless further extended or terminated.

Assuming that the minimum tender condition is satisfied at that
time, Evraz anticipates that the tender offer will close at 5:00
p.m., New York City time, on Jan. 12.  The tender offer had
previously been scheduled to expire at 5:00 p.m., New York City
time, on Jan. 9.

Evraz and Oscar Acquisition Merger Sub Inc. have been advised by
Mellon Investor Services LLC, the depositary for the tender
offer, that as of 4:00 p.m., New York City time, on Jan. 9,
stockholders of Oregon Steel had tendered into the tender offer
13,111,392 shares of Oregon Steel common stock, representing
approximately 36.6% of the outstanding shares of common stock of
Oregon Steel.

The tender offer is being made pursuant to a previously
disclosed merger agreement among Evraz, Oscar Acquisition Merger
Sub Inc. and Oregon Steel dated Nov. 20, 2006.  Upon the
successful closing of the tender offer, Oregon Steel
stockholders would receive US$63.25 in cash for each share of
Oregon Steel common stock tendered in the tender offer, less any
required withholding taxes.  

Following the purchase of shares in the tender offer, Oregon
Steel would become a subsidiary of Evraz.  Except as described
in this disclosure, all of the other terms and conditions of the
tender offer remain unchanged.  Under the merger agreement, if
all of the conditions to the tender offer are not satisfied as
of any expiration date, Evraz will have the right, and under
certain circumstances, may be required, to further extend the
tender offer.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and       
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.  

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group SA's Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.  

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


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


ACXIOM CORP: Enhances Retail Solutions with Equitec Acquisition
---------------------------------------------------------------
Acxiom Corp. has expanded and enhanced its retail business
solution capabilities with the acquisition of Equitec, based in
Cleveland, Ohio.

The acquisition pairs Acxiom with Equitec, a business with
strong marketing and merchandizing optimization expertise in the
retail industry.  All Equitec principals are being retained and
will continue to lead this practice in support of the company's
retail market growth strategies.  Terms of the asset purchase
were not released. Acxiom expects the transaction to be
accretive to earnings in fiscal 2008.

"This acquisition enables Acxiom to offer a unique combination
of custom consulting and analysis, deep customer insight and
standardized assessment that accelerates financial return for
retailers," said Acxiom Company Leader Charles D. Morgan.  
"Retailers will be able to confidently adjust merchandise
assortments, to better predict market and store potential, to
accurately assess new product launch opportunities and to
clearly identify underserved markets and segments, all derived
from the unique needs of consumers in individual store trading
areas."

The acquisition solidifies a successful business relationship
that dates to 1999 when the two companies initiated the Market
Advantage joint venture.  That experience generated numerous
client results including:

   -- the generation of US$14 million in new business on a
      US$100 million base;

   -- a reduction of US$17 million in working capital in the
      first year of an allocation re-program; and

   -- identification of US$160 million in revenue in
      underserved markets for a leading specialty retailer.

"Retail is increasingly a difficult business in which to
prosper," said Mike Henry, Chief Executive Officer and founder
of Equitec.  "It's no longer good enough to know 'what's
selling;' increasingly 'who's buying' matters more.  Progressive
retailers will locate stores, adjust their formats and allocate
and assort merchandise more frequently through the lens of deep
consumer insight."

"Acxiom now has the capability to diagnose, build, deliver and
leverage solutions that enable retailers to respond more
confidently and accurately to consumer buying behavior within
current or planned trading areas," said Tim Suther, Acxiom
Retail Client Services Leader.  "We will accelerate time-to-
benefit for those retailers seeking to better understand
consumer behavior and its influence upon merchandizing,
marketing, operations decisions and profits."

As Acxiom associates, Equitec's employees will continue to
provide industry-leading service to clients in retail,
manufacturing and travel sectors.  Notable Equitec clients
include:

   -- Black & Decker,
   -- The Home Depot,
   -- EarthLink,
   -- General Electric,
   -- KB Home,
   -- Masco Companies,
   -- Sabre Holdings,
   -- Saks and
   -- Travelocity.

                    About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Germany, the
Netherlands, Australia and China.

                         *     *     *

Standard & Poor's Ratings Services assigned on Sept. 6, 2006,
its loan and recovery ratings to Little Rock, Arkansas-based
Acxiom Corp.'s proposed US$800 million secured first-lien
financing.  The first-lien facilities consist of a US$200
million revolving credit facility and a US$600 million term
loan.  They are rated 'BB' with a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's
said the rating outlook is stable.


KONINKLIJKE AHOLD: C. Schlicker Succeeds T. Schiano as Tops CEO
---------------------------------------------------------------
Koninklijke Ahold disclosed that Giant-Carlisle/Tops CEO Tony
Schiano is retiring after 34 years with Ahold companies, and
that Carl Schlicker, currently Executive Vice President Sales
and Marketing for Giant-Carlisle/Tops, has been appointed his
successor.

Mr. Schlicker will assume his new role on Feb. 1, 2007,
reporting directly to Lawrence Benjamin, Chief Operating Officer
of Ahold's U.S. operations.  Mr. Schiano will remain with Giant-
Carlisle/Tops until March 15, 2007 to allow for an effective
transition.

"Carl's broad experience and proven ability to deliver results
position him especially well to lead the team at Giant-
Carlisle/Tops," said Ahold President and CEO Anders Moberg.  "I
am pleased that he has agreed to take on this challenge and
build upon the excellent work that Tony and the team have been
doing for the business."

Mr. Schlicker has spent his professional career working in the
retail supermarket business and has been with various Ahold
companies for 20 years.  In 1986, he joined First National
Supermarkets (later part of Edwards Food Stores) following
positions at Acme and Pathmark.  He has held a wide range of
operational and commercial positions, serving since 2000 as
Executive Vice President of Sales and Marketing for Giant-
Carlisle/Tops.

Mr. Schiano has held a number of senior executive positions at
current and former Ahold companies, including Stop & Shop, BI-
LO, and Edwards Super Food Stores, before becoming President and
CEO of Giant-Carlisle in 1997 and assuming responsibility for
Tops Markets in 2003.  

"After years of dedicated service, Tony leaves a great legacy of
leadership.  During his ten years as CEO of Giant-Carlisle, he
and the team doubled the number of stores and delivered ten
years of identical sales growth there" said Mr. Moberg.  "On
behalf of the Corporate Executive Board, I wish Tony an
enjoyable retirement and him and his family all the best for the
future."

                         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.


LAMBDA FINANCE: Moody's Puts Low-B Ratings on Two Note Classes
--------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings
related to Gracechurch Corporate Loans Series 2007-1 issued by
Lambda Finance B.V.:

   -- GBP2,905-million Class A1 Secured Floating Rate Notes due
      2031: (P)Aaa;

   -- GBP175-million Class AB1 Secured Floating Rate Notes due
      2031: (P)Aaa;

   -- GBP80.5-million Class B1 Secured Floating Rate Notes due
      2031: (P)Aa2;

   -- GBP94.5-million Class C1 Secured Floating Rate Notes due
      2031: (P)A2;

   -- GBP59.5-million Class D1 Secured Floating Rate Notes due
      2031: (P)Baa3;

   -- GBP70-million Class E1 Secured Floating Rate Notes due
      2031: (P)Ba2; and

   -- GBP45.5-million Class F1 Secured Floating Rate Notes due
      2031: (P)B2.

GBP70-million of Class G Secured Floating Rate Notes will also
be issued but will not be rated by Moody's.

Each class of notes may be issued in GBP, EUR and USD.  The
amounts mentioned above are the sterling equivalent of the
aggregate of each class of notes.  The final currency
composition will be decided upon closing.

The provisional ratings of the notes are based upon:

   (1) An assessment of the credit quality of the underlying
       entities;

   (2) The loss protection provided by the subordination, if
       any, of the more junior ranking classes of notes issued
       by Lambda Finance B.V.;

   (3) The protection against losses furnished by the first loss
       (2 per cent) and the excess spread (0.65 per cent per
       annum); and

   (4) The legal and structural integrity of the transaction.

Gracechurch Corporate Loans Series 2007-1 is a fully funded
synthetic transaction, arranged by Barclays Bank PLC, in which
investors are exposed to the credit risk related to a portfolio
of loans extended by Barclays to UK SME companies.  The credit
risk transferred by Barclays Bank PLC through this transaction
is related to a total portfolio of GBP3.5 billion.  This
reference pool is made up initially of 1434 separate obligors.
Throughout the 3-year revolving period, Barclays can replenish
the portfolio subject to satisfying certain criteria.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A final rating may
differ from a provisional rating.


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


AL'T CJSC: Creditors Must File Claims by February 16
----------------------------------------------------
Creditors of CJSC Financial Company Al't have until Feb. 16 to
submit written proofs of claim to:

         Y. Molokanov, Insolvency Manager
         Room 2006
         Angliyskiy Pr. 3
         St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and Leningrad Region
Region commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-30988/06.

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

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

The Debtor can be reached at:

         CJSC Financial Company Al't
         Razyezzhaya Str. 5
         St. Petersburg Region
         Russia


ALISA-MED CJSC: Creditors Must File Claims by February 16
---------------------------------------------------------
Creditors of CJSC Insurance Company Alisa-Med have until Feb. 16
to submit written proofs of claim to:

         M. Brylev, Insolvency Manager
         Post User Box 119
         191123 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and Leningrad Region
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A56-40283/2006.

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

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

The Debtor can be reached at:

         CJSC Insurance Company Alisa-Med
         Apartment 19
         Kolomenskaya Str. 14
         St. Petersburg Region
         Russia


ANASHENSKOYE CJSC: Creditors Must File Claims by February 16
------------------------------------------------------------
Creditors of CJSC Anashenskoye have until Feb. 16 to submit
written proofs of claim to:

         B. Stepanov, Insolvency Manager
         Post User Box 28495
         660020 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-10734/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Anashenskoye
         Oktyabrskaya Str. 18
         Anash
         Novoselovskiy Region
         662433 Krasnoyarsk Region
         Russia


BAYKAL-RESORT CJSC: Bankruptcy Hearing Slated for April 12
----------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 10:00
a.m. on April 12 to hear the bankruptcy supervision procedure on
CJSC Baykal-Resort.  The case is docketed under Case No.
A19-23739/06-29.

The Temporary Insolvency Manager is:

         I. Rudnev
         F. Engelsa Str. 8-801
         6640070 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Baykal-Resort
         Shiryamova Str. 32
         664081 Irkutsk Region
         Russia


CEDAR OJSC: Creditors Must File Claims by February 16
-----------------------------------------------------
Creditors of Irkutskoye OJSC on Spirit and Liqueur Goods
Production-Cedar (TIN 3800000213) have until Feb. 16 to submit
written proofs of claim to:

         V. Polov, Insolvency Manager
         Rabochego Shtaba Str. 27
         664001 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-8833/06-29.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         Irkutskoye OJSC on Spirit and Liqueur Goods
         Production-Cedar
         Rabochego Shtaba Str. 27
         664001 Irkutsk Region
         Russia


DALNEVOSTOCHNAYA FUEL: Creditors Must File Claims by February 16
----------------------------------------------------------------
Creditors of LLC Dalnevostochnaya Fuel Company (TIN 2721068880)
have until Feb. 16 to submit written proofs of claim to:

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

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-12142/2006-36.

The Debtor can be reached at:

         LLC Dalnevostochnaya Fuel Company
         Sheronova Str. 56-302
         Khabarovsk Region
         Russia


EVRAZ GROUP: CFIUS Completes Review on Oregon Steel Takeover
------------------------------------------------------------
Evraz Group S.A. disclosed that the Committee on Foreign
Investment in the United States has concluded its review
relating to the company's proposed acquisition of Oregon Steel
Mills Inc. without the need for further investigation under the
Exon-Florio Amendment.

Accordingly, the condition to Evraz's pending cash tender offer
relating to the review of the proposed acquisition by CFIUS has
been satisfied.  In addition, Evraz disclosed that it was
waiving the condition to the tender offer requiring the
expiration or termination of the International Traffic in Arms
Regulations notification period.

Following a careful review of the existing facts and
circumstances, including the results of the CFIUS review of the
transaction, Evraz determined that the review being made
pursuant to ITAR should not further impact the structure of the
transaction or the timing of its closure.

As a result, Evraz further disclosed that the cash tender offer
by its wholly owned subsidiary Oscar Acquisition Merger Sub,
Inc. to purchase all outstanding shares of common stock --
including the associated preferred stock purchase rights -- of
Oregon Steel is being extended until 5:00 p.m., New York City
time, on Jan. 12 unless further extended or terminated.

Assuming that the minimum tender condition is satisfied at that
time, Evraz anticipates that the tender offer will close at 5:00
p.m., New York City time, on Jan. 12.  The tender offer had
previously been scheduled to expire at 5:00 p.m., New York City
time, on Jan. 9.

Evraz and Oscar Acquisition Merger Sub Inc. have been advised by
Mellon Investor Services LLC, the depositary for the tender
offer, that as of 4:00 p.m., New York City time, on Jan. 9,
stockholders of Oregon Steel had tendered into the tender offer
13,111,392 shares of Oregon Steel common stock, representing
approximately 36.6% of the outstanding shares of common stock of
Oregon Steel.

The tender offer is being made pursuant to a previously
disclosed merger agreement among Evraz, Oscar Acquisition Merger
Sub Inc. and Oregon Steel dated Nov. 20, 2006.  Upon the
successful closing of the tender offer, Oregon Steel
stockholders would receive US$63.25 in cash for each share of
Oregon Steel common stock tendered in the tender offer, less any
required withholding taxes.  

Following the purchase of shares in the tender offer, Oregon
Steel would become a subsidiary of Evraz.  Except as described
in this disclosure, all of the other terms and conditions of the
tender offer remain unchanged.  Under the merger agreement, if
all of the conditions to the tender offer are not satisfied as
of any expiration date, Evraz will have the right, and under
certain circumstances, may be required, to further extend the
tender offer.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and       
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.  

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group SA's Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.  

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


GRANITE LLC: Creditors Must File Claims by February 16
------------------------------------------------------
Creditors of LLC Granite (TIN 2710005261) have until Feb. 16 to
submit written proofs of claim to:

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

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-12222/2006-39.

The Debtor can be reached at:

         LLC Granite
         Tsentralnaya Str. 21
         Chegdomyn
         Khabarovsk Region
         Russia


GOSTINYJ DVOR: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
commenced bankruptcy supervision procedure on CJSC Trading House
Gostinyj Dvor.  The case is docketed under Case No. A56-26312/
06.

The Temporary Insolvency Manager is:

         I. Babenko
         Post User Box 6
         194214 St. Petersburg Region
         Russia

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

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

The Debtor can be reached at:

         CJSC Trading House Gostinyj Dvor
         Moskovskaya Str. 25
         Pushkin
         St. Petersburg Region
         Russia


GUBDEN LLC: Bankruptcy Hearing Slated for November 7
----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region will
convene on Nov. 7 to hear the bankruptcy supervision procedure
on LLC Gubden.  The case is docketed under Case No. A81-3204/
2006.

The Temporary Insolvency Manager is:

         A. Kuzmin
         Post User Box 39
         House 17
         Panel 3
         Gubkinskiy
         Tyumen Region
         629830 Yamalo-Nenetskiy Autonomous Region
         Russia

The Arbitration Court of Yamalo-Nenetskiy Autonomous Region is
located at:

         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous Region
         Russia

The Debtor can be reached at:

         LLC Gubden
         Panel 1
         Prom. Area
         Gubkinskiy
         629830 Yamalo-Nenetskiy Autonomous Region
         Russia


MAGADAN-SPIRIT-PROM: Creditors Must File Claims by February 16
--------------------------------------------------------------
Creditors of Magadan-Spirit-Prom (TIN 4909074085) have until
Feb. 16 to submit written proofs of claim to:

         V. Monastyrskiy, Insolvency Manager
         Room 90
         Proletarskaya Str., 12
         685000 Magadan Region
         Russia

The Arbitration Court of Magadan Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-37-2509/06-7b.

The Debtor can be reached at:

         Magadan-Spirit-Prom
         Zaytseva Str. 3
         685004 Magadan Region
         Russia


MAGNITOGORSKIY FACTORY: Court Starts External Bankruptcy Process
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced external
management bankruptcy procedure on OJSC Magnitogorskiy Factory
of Metallurgic Engineering.  The case is docketed under Case No.
A 76-8958/2004-52-19.

The Temporary Insolvency Manager is:

         T. Kazakina
         Kharkovskaya Str. 5
         Magnitogorsk
         455002 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 Magnitogorskiy Factory of Metallurgic Engineering
         Kharkovskaya Str. 5
         Magnitogorsk
         455002 Chelyabinsk Region
         Russia


PARNAS CJSC: Court Names O. Elistratova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Ms. O. Elistratova as Insolvency Manager for CJSC
Building Company Parnas.  She can be reached at:

         O. Elistratova
         Obvodnogo Kanala Str. 181
         190103 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-58321/05.

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

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

The Debtor can be reached at:

         CJSC Building Company Parnas
         3rd Verkhniy Per. 4
         Prom area Parnas
         194292 St. Petersburg Region
         Russia


RUSSIA OJSC: Creditors Must File Claims by February 16
------------------------------------------------------
Creditors of OJSC Breeding Factory Russia have until Feb. 16 to
submit written proofs of claim to:

         I. Dolomego, Insolvency Manager
         Sorginskaya Str. 45
         Abakan
         655007 Khakasiya Republic
         Russia

The Arbitration Court of Khakasiya Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A74-3379/2006.

The Debtor can be reached at:

         OJSC Breeding Factory Russia
         Mira Str. 17
         Novorossiyskoye
         655665 Khakasiya Republic


SITRONICS JSC: Forecasts Up to US$550-Mln Fresh Capital from IPO
----------------------------------------------------------------
Sitronics JSC expects to raise between US$500 million to
US$550 million from its initial public offering scheduled in the
first quarter of 2007, RIA Novosti reports.

Alexander Boreiko, head of Sitronics's investor relations unit,
said the company would use the IPO proceeds for its development.  
Mr. Boreiko added that number of shares to be offered would
depend on the market condition at the time of the IPO.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

Fitch Ratings assigned Sitronics JSC a Long-term IDR rating of
B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.


SUAL GROUP: Inks US$650-Million Credit Facility
-----------------------------------------------
The SUAL Group signed a US$650-million five-year senior
syndicated credit facility with BNP Paribas, Citigroup and
Calyon S.A., Euroweek reports.

The loan, which is in general syndication, would be completed by
the end of January, Euroweek adds.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium  
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


TATNEFT OAO: Board Approves Acquisition of AK Bars Bank Shares
--------------------------------------------------------------
The Board of Directors of OAO Tatneft approved the company's
acquisition of 3.6 billion additional shares of OAO AK BARS Bank
at par value for the total consideration of RUR3.6 billion
placed by the bank by way of open subscription.

The company made the statutory filing on Jan. 4.

                         About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines  
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                        *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
upgraded Tatarstan-based Tatneft's Issuer Default rating to B+
from B and affirmed the Short-term rating at B.  Fitch said the
outlook remains Positive.

As reported in the TCR-Europe on Aug. 28, 2006, Standard &
Poor's Ratings Services withdrew its 'B-' long-term corporate
credit rating on Russia-based oil company Tatneft OAO.

The rating had been placed on CreditWatch with negative
implications on April 14, due to a continuing lack of consistent
information on the company's financial position.


SEVERO-ANGARSKIY MINING: Bankruptcy Hearing Slated for April 12
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene on
April 12 to hear the bankruptcy supervision procedure on CJSC
Severo-Angarskiy Mining and Smelting Factory.  The case is
docketed under Case No. A33-12365/2006.

The Temporary Insolvency Manager is:

         S. Rozhdestvenskiy
         Post User Box 11951
         660028 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Severo-Angarskiy Mining and Smelting Factory
         Razdolinsk
         Motyginskiy Region
         Krasnoyarsk Region
         Russia


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


BANCAJA 10: Moody's Junks EUR31-Million Series E Notes
------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
seven series of Bonos de Titulizacion de Activos to be issued by
Bancaja 10 Fondo de Titulizacion de Activos, a Spanish Asset
Securitization Fund that has been created by Europea de
Titulizacion, S.G.F.T, S.A. Moody's has assigned these ratings:

   -- EUR420-million Series A1 notes: (P)Aaa;
   -- EUR1,537-million Series A2 notes: (P)Aaa;
   -- EUR500-million Series A3 notes: (P)Aaa;
   -- EUR65-million Series B notes: (P)A1;
   -- EUR52-million Series C notes: (P)Baa3;
   -- EUR26-million Series D notes: (P)Ba3; and
   -- EUR31-million Series E notes: (P)Ca.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the Bancaja 10 notes allows for
timely payment of interest and ultimate payment of principal at
par, on or before the final legal maturity date, and not at any
other expected maturity date.  The ratings do not address the
full redemption of the notes on the expected maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

According to Moody's, this deal benefits from strong features,
including:

   (1) interest rate swaps partially covering the interest rate
       risk;

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism;

   (4) the securing of 100% of loans by residential mortgages;
       and

   (5) the quality of Bancaja as originator and servicer.

However, Moody's notes that the deal also has weak features,
including:

   (1) the fact that loans over 80% LTV comprise 35% of the
       total portfolio;

   (2) the strong geographical concentration (in the region of
       Valencia), which is an expected consequence of the
       originator's position as one of the main savings banks
       within this region; and

   (3) some of the debtors have the possibility of enjoying an
       automatic reduction in their margin in cases where they
       have been cross-sold other Bancaja products.  These
       increased risks were reflected in Moody's Credit
       Enhancement calculation.

This transaction marks the tenth time that Bancaja has tapped
the RMBS market.  The products being securitized are first-lien
mortgage loans granted to individuals, all of whom will use
these loans to acquire or refurbish properties located in Spain.
All of the mortgage loans were originated by Bancaja, which will
continue to service them.

As of November 2006, the provisional portfolio comprised 21616
loans for a total amount of EUR3,134,353,302.93.  The original
weighted average LTV is 78.43%.  The current WALTV is 76.50%.
The average loan size is EUR145,000.  All the loans are paid
through monthly instalments, which are debited to accounts held
by the debtors at Bancaja.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and on

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and any excess spread
       available to cover losses.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavour to assign a definitive rating.  A
definitive rating may differ from a provisional rating.


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


BOX-TRANS JSC: Zug Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of JSC Box-Trans on Dec. 11, 2006, pursuant to Article 230 of
the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Aug. 29, 2006, can be reached
at:

         JSC Box-Trans
         Baarerstrasse 75
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


GASTHAUS GUBEL: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Gasthaus Gubel on Oct. 30, 2006.

The Debtor can be reached at:

         LLC Gasthaus Gubel
         Gubel
         6313 Menzingen
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


HAMACO JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC HAMACO on Nov. 22, 2006.

The Debtor can be reached at:

         JSC HAMACO
         Industriestrasse 13 b
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


I.P.C. INNOVATED: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC I.P.C. Innovated Product Concepts on Nov. 22, 2006.

The Debtor can be reached at:

         JSC I.P.C. Innovated Product Concepts
         Alpenstrasse 15
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


KIGA INVEST: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC KIGA Invest on Oct. 24, 2006.

The Debtor can be reached at:

         JSC KIGA Invest
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


KOY GASTRO: Zug Court Suspends Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of LLC Koy Gastro on Dec. 11, 2006, pursuant to Article 230 of
the Swiss Bankruptcy Code.

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

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

         LLC Koy Gastro
         Lettenstrasse 11
         6343 Rotkreuz
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


KUCHE + BAD: Olten Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Olten in Solothurn suspended the
bankruptcy proceedings of LLC Kuche + Bad M & M on Dec. 4, 2006,
pursuant to Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Sept. 29, 2006, can be reached
at:

         LLC Kuche + Bad M & M
         Bahnhofstrasse 12
         4702 Oensingen
         Switzerland

The Bankruptcy Service of Olten can be reached at:

         Bankruptcy Service of Olten
         4702 Oensingen
         Solothurn
         Switzerland


RC-MODELLBAU - SHOP.CH: Zug Court Suspends Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of LLC rc-modellbau-shop.ch on Dec. 11, 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 CHF7,000
deposit.  The right for the additional deposit is retained.

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

         LLC rc-modellbau-shop.ch
         Schutzengelstrasse 57
         6340 Baar
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


RODA BAU: Zug Court Suspends Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug suspended the bankruptcy proceedings
of JSC Roda Bau on Dec. 11, 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 June 14, 2005, can be reached
at:

         JSC Roda Bau
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


THURTECH JSC: Court Suspends & Closes Bankruptcy Process
--------------------------------------------------------
The Bankruptcy Court of St. Gallen has suspended and closed the
bankruptcy proceedings of JSC Thurtech due to a lack of funds.

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

         JSC Thurtech
         Industrie 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


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


AGROKONTRAKT-KOVEL: Claims Filing Deadline Set January 24
---------------------------------------------------------
Creditors of LLC Agrokontrakt-Kovel (code EDRPOU 31462299) have
until Jan. 24 to submit written proofs of claim to:

         M. Zinchuk, Liquidator
         Stepan Bandera Str. 5
         Kovel
         45000 Volinska Region
         Ukraine

The Economic Court of Volinska Region commenced bankruptcy
proceedings against the company on Dec. 12, 2006, after finding
it insolvent.  The case is docketed under Case No. 4/124-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Agrokontrakt-Kovel
         Privokzalnaya Square 1-A
         Kovel
         45000 Volinska Region
         Ukraine
         Zinchuk M. /Liquidator


EUROGATE-UKRAINE: Creditors Must Submit Claims by January 25
------------------------------------------------------------
Creditors of LLC Eurogate-Ukraine (code EDRPOU 32345854) have
until Jan. 25 to submit written proofs of claim to:

         State Tax Inspection in Desnianka Region, Liquidator
         Zakrevskiy Str. 41
         02217 Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Oct. 10, 2006, after finding
it insolvent.  The case is docketed under Case No. 23/448-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 Eurogate-Ukraine
         Magnitogorskaya 1
         02094 Kiev Region
         Ukraine


GLUHOV BREAD: Deadline for Submission of Claims Set January 24
--------------------------------------------------------------
Creditors of OJSC Gluhov Bread Receiving Enterprise (code EDRPOU
00955905) have until Jan. 24 to submit written proofs of claim
to:

         Natalia Ivanenko, Liquidator
         Proletarian Str. 35
         40030 Sumy Region
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on Dec. 11, 2006, after finding it
insolvent.  The case is docketed under Case No. 12/97.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         OJSC Gluhov Bread Receiving Enterprise
         Industrial Str. 4
         Gluhov
         41400 Sumy Region
         Ukraine


INTER-FILTR: Creditors Must Submit Claims by January 25
-------------------------------------------------------
Creditors of LLC Inter-Filtr (code EDRPOU 30366464) have until
Jan. 25 to submit written proofs of claim to:

         State Tax Inspection in Desnianka Region, Liquidator
         Zakrevskiy Str. 41
         02217 Kiev Region
         Ukraine
         
The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Aug. 30, 2006, after finding
it insolvent.  The case is docketed under Case No. 23/305-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 Inter-Filtr
         Kurchatov Str. 14-a
         02156 Kiev Region
         Ukraine


NEDRIGAYLO MIXED: Claims Filing Deadline Set January 24
-------------------------------------------------------
Creditors of Nedrigaylo Mixed Fodder Plant (code EDRPOU
31952139) have until Jan. 24 to submit written proofs of claim
to:

         Vadim Zakorko, Temporary Insolvency Manager
         Rybalko Str. 2
         40011 Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 7/185-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         Nedrigaylo Mixed Fodder Plant
         Stroitelnaya Str. 1
         Zasullia
         Nedrigaylo District
         42100 Sumy Region
         Ukraine


S.E.A. LTD: Creditors Must Submit Claims by January 25
------------------------------------------------------
Creditors of LLC S.E.A. Ltd. (code EDRPOU 22898549) have until
Jan. 25 to submit written proofs of claim to:

         State Tax Inspection in Desnianka Region, Liquidator
         Zakrevskiy Str. 41
         02217 Kiev Region
         Ukraine
         
The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Aug. 8, 2006, after finding
it insolvent.  The case is docketed under Case No. 23/307-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 S.E.A. Ltd.
         Zakrevskiy Str. 15.
         02217 Kiev Region
         Ukraine


ZORIA LLC: Claims Filing Deadline Set January 24
------------------------------------------------
Creditors of LLC Agrarian Firm Zoria (code EDRPOU 30811367) have
until Jan. 24 to submit written proofs of claim to:

         Vadim Zakorko, Temporary Insolvency Manager
         Rybalko Str. 2
         40011 Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 8/186-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         LLC Agrarian Firm Zoria
         Proletarian Str. 123
         Pisarevka
         Sumy District
         42320 Sumy Region
         Ukraine


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


COLLINS & AIKMAN: Seeks Court Nod on Lease Agreement Amendment
--------------------------------------------------------------
Collins and Aikman Corp. and its debtor-affiliates asked the
U.S. Bankruptcy Court for the Eastern District of Michigan to
approve the amendment of their lease agreement with North Pointe
Investors LLC and authorize them to pay the contingency amount
of US$59,060.

The Debtors have been evaluating their real property leases and
interests since the Petition Date.  During the course of the
evaluation, the Debtors recognized that their lease on 91,986
square feet of office and manufacturing space in the building
located at 11149 Lindbergh Business Court, St. Louis, Missouri,
was scheduled to expire on April 30, 2007.  Under the terms of
the existing Lease, the Debtors are required to vacate the
premises by Dec. 31, 2006, if the Debtors do not agree to extend
the lease term beyond the expiration date.

The Debtors have determined that the premises is necessary to
their businesses and operations through the Expiration Date, Ray
C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, tells
the Court.  The Debtors use the Premises as a final assembly
point for a particular component that DaimlerChrysler Corp.
installs in its manufacture of minivans at a nearby DCC factory.  
The Debtors are required to produce the parts under postpetition
purchase orders with DCC and the Debtors' recent agreement with
their principal customers.

Accordingly, the Debtors engaged in a series of good-faith,
arm's-length negotiations with the Lessor, North Pointe
Investors LLC, to amend the Existing Lease to grant the Debtors
the right to remain in possession of the Premises until the
Expiration Date without requiring the Debtors to renew or extend
the Lease term.

The Amendment will be the third lease amendment with respect to
the Premises.  TYL Real Estate Inc., and Textron Automotive
Exteriors entered into a lease agreement dated Dec. 1, 1994.  
The first amendment to the lease dated Aug. 3, 1999, was
between BLB Real Estate L.L.C., as successor to TYL, and Textron
Automotive Company Inc.  The second amendment dated Oct. 31,
2004, was between North Pointe, as successor to BLB, and Collins
& Aikman Products Co., Mr. Schrock informs the Court.

Mr. Schrock asserts that if the Amendment is not approved, the
Debtors will be forced to vacate the Premises that will
terminate the assembly activities supported by the Premises;
incur significant costs to move to an alternative location to
replace the production at the Premises at the risk of
significant, irreparable delays; or incur damages under
postpetition purchase orders and the customer agreement.

The significant terms of the Amendment include:

     * North Pointe will grant the Debtors the right to
       remain on the Premises until April 30, 2007, in
       exchange for US$59,060 to be paid by the Debtors on
       or before Jan. 18, 2007;

     * the Debtors' obligation to pay rent will continue until
       April 30, 2007;

     * the Lessor will be allowed to enter into a lease of the
       Premises to any third party provided that the third party
       tenant will not be allowed to occupy the Premises before
       May 1, 2007;

     * on April 30, 2007, or upon an earlier rejection of the
       Existing Lease, the Debtors will surrender up peaceable
       possession of the Premises in the same condition as the
       Premises are in on Nov. 1, 2006; reasonable wear and
       tear and casualty excepted;

     * in the event that the Debtors will remain in
       possession of the Premises beyond the expiration of
       the lease term, whether by limitation or forfeiture,
       the party will pay double the rent amount under the
       lease during the holdover period and will indemnify
       the Lessor from any and all loss, cost or
       expense suffered by the Lessor; and

     * the Amendment will be automatically null and void unless
       on or before Jan. 18, 2007, the Court enters an order
       providing that the Amendment is approved, and the
       automatic stay will be terminated so as to allow the
       Lessor to exercise any and all state law remedies with
       respect to the Existing Lease.

                    About Collins & Aikman

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


COLLINS & AIKMAN: Closing Five North American Plants by March
-------------------------------------------------------------
Collins & Aikman Corp. will close five plants in North America
and cut more than 1,100 jobs by March 28.

According to C&A spokesperson David Youngman, the affected
plants, which have been deemed less likely to be sold, are
located in Americus, Georgia; Dover and Farmington, New
Hampshire; and Scarborough and Gananoque, Ontario.

Collins must negotiate severance packages with the
union-represented workers in some of the affected plants, which
packages are subject to the Court's approval, Bloomberg News
reports.

The company's soft-trim business is being sold through a Court-
monitored auction.  The chosen lead bidder is undisclosed, and
no auction date has been set.

                    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)


DURA AUTOMOTIVE: Seeks Court Nod for Lease Rejection Procedures
---------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates, pursuant
to Sections 365 and 554 of the Bankruptcy Code, seek the
approval of the U.S. Bankruptcy Court for the District of
Delaware for an expedited procedure for rejecting executory
contracts and unexpired leases of personal and non-residential
real property.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors are in the
process of consolidating their operations, which may require
exiting non-core and unprofitable locations, returning
unnecessary equipment, and terminating burdensome contracts in
order to minimize costs and strengthen the businesses.

In connection therewith, the Debtors anticipate that, in a very
short time, they will seek to reject a number of real property
leases, personal property leases, and executory contracts.  
Absent expedited procedures for managing this process, the
Debtors will inevitably suffer delays and resulting
administrative costs, which could be significant, Mr. Collins
avers.

The Debtors request that these procedures be approved in
connection with the rejection of any executory contract, lease,
sublease, or interest in the lease or sublease during the course
of their bankruptcy proceedings:

    a. The Debtors will file a notice to reject any executory
       contract, lease or sublease, or interest in the lease or
       sublease, pursuant to Section 365 and will serve the
       Notice, as well as the deadlines and procedures for
       filing objections to the Notice, via overnight delivery
       service upon:

         (i) the United States Trustee;

        (ii) counsel to the agent to the Debtors' prepetition
             secured lenders;

       (iii) counsel to the agent to the Debtors' postpetition
             secured lenders;

        (iv) counsel to the Official Committee of Unsecured
             Creditors;

         (v) the contract counter-party or landlord(s) affected
             by the Notice, and

        (vi) any other parties-in-interest to the executory
             contract or lease, including subtenants, if any,
             sought to be rejected by the Debtors.

       If the Notice is issued by the Debtors prior to the
       effective date of a plan of reorganization, the affected
       executory contract, lease, sublease or interest in the
       lease or sublease will be deemed to be subject to a
       motion to reject for all purposes.

    b. The Notice will set forth this information, to the best
       of the Debtors' knowledge, as applicable:

         (i) the street address of the real property underlying
             the lease or sublease, the interest in the personal
             property lease or sublease or the type of executory
             contract which the Debtors seek to reject;

        (ii) the Debtors' monthly payment obligation, if any,
             under the contract, lease or sublease or interest
             in the lease or sublease;

       (iii) the remaining term of the contract, lease or
             sublease or interest in the lease or sublease;

        (iv) the name and address of the contract counterparty,
             landlord or subtenant;

         (v) a general description of the terms of the executory
             contract or lease; and

        (vi) a disclosure describing the procedures for fling
             objections, if any.

    c. Should a party-in-interest object to the proposed
       rejection by the Debtors of an executory contract, lease
       or sublease, or interest in the lease or sublease, the
       party must file and serve a written objection so that the
       objection is filed with the Court and is actually
       received by these parties no later than 10 days after the
       date the Debtors serve the Notice:

         (i) counsel to the Debtors: Kirkland & Ellis LLP, 200
             East Randolph Drive, Chicago, Illinois 60601, Attn:
             Ryan Blaine Bennett, Esq., and Richards, Layton &
             Finger, One Rodney Square, 920 N, King Street,
             Wilmington, Delaware 19801, Attention: Daniel J.
             DeFranceschi, Esq.;

        (ii) counsel to the Creditors Committee; and

       (iii) the Office of the United State Trustee.

    d. Absent an objection, the rejection of the executory
       contract, lease or sublease, or interest in the lease or
       sublease, will become effective 10 days from the date the
       Notice was served on the Service Parties without further
       notice, hearing or order of the Court; provided, however,
       that with respect to leases or subleases for non-
       residential real property, the rejection will become
       effective on the later of:

         (x) the Rejection Date or

         (y) the date the Debtors unequivocally relinquished
             control of the premises to the affected landlord by
             turning over keys or "key codes" to the affected
             landlord.

    e. If a timely objection is filed that cannot be resolved,
       the Court will schedule a hearing to consider the
       objection only with respect to the rejection of any
       executory contract, lease or sublease, or interest in the
       lease or sublease, as to which an objection is properly
       filed and served.  If the Court upholds the objection and
       determines the effective date of rejection of the
       executory contract, lease or sublease, or interest in the
       lease or sublease, that date will be the rejection date.  
       If the objection is overruled or withdrawn or the Court
       does not determine the date of rejection, the rejection
       date of the lease, sublease or interest will be deemed to
       have occurred on the Rejection Date or NRP Lease
       Rejection Date, as applicable.

    f. If the Debtors have deposited funds with a lessor or
       contract counterparty as a security deposit or other
       arrangement, the lessor or contract counterparty may not
       set-off for otherwise use the deposit without the prior
       authority of the Court.

    g. With respect to any personal property of the Debtors
       located at any of the premises subject to any Notice, the
       Debtors will remove the property prior to the expiration
       of the period within which a party must file and serve a
       written objection.  If they determine that the value of
       the property at a particular location has a de minimis
       value or cost of removing the property exceeds the
       value of the property, the Debtors will generally
       describe the property in the Notice and, absent a timely
       objection, the property will be deemed abandoned pursuant
       to Section 554, as is, where is, effective as of the date
       of the rejection of the underlying unexpired lease.

The Debtors further request that counterparties to executory
contracts, leases or subleases, or interests in the leases and
subleases that are rejected pursuant to the Rejection Procedures
be required to file a proof of claim relating to the rejection
of the executory contract, lease or sublease, or interest in the
lease or sublease, if any, by the later of:

   (a) the claims bar date established in the Chapter 11 cases,
       if any; and

   (b) 30 days after the Rejection Date.

The Debtors believe that the Rejection Procedures provide a fair
and efficient manner for rejecting contracts, leases, subleases,
and interests in leases and subleases.

Mr. Collins asserts that the Rejection Procedures will enable
the Debtors to minimize their unnecessary postpetition
obligations while also providing parties-in-interest with
adequate notice of lease and contract rejections and an
opportunity to object to the rejection within a definitive time
period.

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

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


EASTMAN KODAK: Fitch Says Health Unit Sale May Improve Prospects
----------------------------------------------------------------
Fitch views the proposed sale of Eastman Kodak Company's Health
Group for US$2.35 billion as potentially having modest positive
credit implications for the company's senior unsecured debt
based on recovery, as Kodak plans to use US$1.15 billion of the
proceeds to fully repay its outstanding secured term debt.

Fitch currently rates Kodak, with a Negative Rating Outlook:

    -- Issuer Default Rating B;
    -- Secured credit facilities BB/RR1; and
    -- Senior unsecured debt B-/RR5.

Fitch believes the B- senior unsecured debt could potentially be
upgraded one notch based on the prospects for higher recovery
rates as a result of the proposed reduction of secured debt in
the capital structure.  However, in the absence of further
material improvement in digital revenue growth and
profitability, the IDR of B is likely to remain unchanged in the
near term as the decline in total debt is offset by the loss of
profits and business diversification benefits provided by the
Health Group following its divestiture.  Fitch will re-evaluate
Kodak's ratings subsequent to the closing of the transaction,
which is expected to occur in the first half of 2007, subject to
regulatory and other approvals.

The current recovery ratings and notching reflect Fitch's
recovery expectations under a distressed scenario.  Fitch
believes that the enterprise value of the company, and thus,
recovery rates for its creditors, will be maximized in a
restructuring scenario rather than a liquidation scenario.  
Fitch applies a significant discount to Kodak's EBITDA and
utilizes a 4 times distressed EBITDA multiple, which considers
Kodak's current multiple and multiples paid for prior
acquisitions, assuming that a stress event would indicate
business model difficulties, resulting in multiple contraction
under a stressed scenario.  

The current RR1 recovery rating for Kodak's secured bank
facility reflects Fitch's belief that 100% recovery is
realistic.  As is standard with Fitch's recovery analysis, the
revolver is fully drawn and cash balances fully depleted to
reflect a stress event.  The current RR5 Recovery Rating for the
senior unsecured debt reflects Fitch's estimate that a recovery
of only 10%-30% would be achievable.

Fitch estimates the Health Group generated US$2.5 billion of
revenue for the latest 12 months ended Sept. 30, 2006, and
operating EBITDA of approximately US$475 million-US$500 million,
or approximately 30% of Kodak's total operating EBITDA in the
period.  The Health Group is Kodak's second most profitable
business segment after the steadily declining Film and
Photofinishing Systems Group, accounting for US$286 million, or
approximately 51%, of total segment operating profit in the LTM
ended Sept. 30, 2006, based on Fitch's estimates.

Pro forma for the divestiture of the Health Group, Fitch expects
Kodak's total liquidity will increase to approximately US$3.1
billion-US$3.6 billion from US$2.1 billion as of Sept. 30, 2006,
due to the seasonally strong fourth quarter and net proceeds
after debt reduction from the sale of the Health Group.  Fitch
will monitor the outcome of Kodak's ongoing review of potential
uses for the remaining proceeds from the divesture.  Further
liquidity is provided by an undrawn US$1 billion secured
revolving credit facility due October 2010.

Fitch estimates pro forma total debt will decline to US$1.6
billion from US$2.8 billion as of Dec. 31, 2006, including
estimated secured debt reduction of US$550 million in the fourth
quarter of 2006.  Fitch estimates full-year 2006 net debt
reduction of approximately US$740 million, indicating that Kodak
is likely to achieve its full-year debt reduction goal of US$800
million.  Fitch believes the decline in total debt offset by the
divesture of the Health Group will decrease pro forma leverage
to 1.6x compared with approximately 2.2x at Sept. 30, 2006, and
1.8x at Dec. 31, 2006.  Pro forma interest coverage is expected
to improve to approximately 12x from nearly 6x for the LTM ended
Sept. 30, 2006, due to the redemption of variable-rate secured
debt, which carries a higher interest rate than the remaining
fixed-rate debt on the balance sheet.  Fitch believes the
company's near-term debt maturities are manageable, as the next
material debt maturity is not until 2008, when US$274 million of
debt matures.


EASTMAN KODAK: S&P's B+ Credit Rating Remains on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings, including
the 'B+' corporate credit rating, on Eastman Kodak Co. remain on
CreditWatch with negative implications.

The ratings were placed on CreditWatch on Aug. 2, 2006,
following the company's announcement that it had reached an
agreement to sell its Health Group to Onex Healthcare Holdings
Inc., a subsidiary of Onex Corp., for up to US$2.55 billion.  
The purchase price is composed of US$2.35 billion in cash at
closing and potential additional consideration of US$200 million
depending on future operating performance of the Health Group.

The company stated that it will use some of the proceeds to
entirely pay off its US$1.15 billion outstanding senior secured
term loan, but the use of the balance of the funds is still
under management review.  The transaction is expected to close
in the first half of 2007.  The Rochester, N.Y.-based imaging
company had US$3.3 billion in debt as of Sept. 30, 2006.

"Debt reduction from the proceeds of the transaction may not
fully offset what we regard as a negative shift in the company's
business portfolio," said Standard & Poor's credit analyst Tulip
Lim. "We are concerned about this, given the weakened
fundamentals of Kodak's traditional businesses and the
importance of developing its digital operations."

In resolving the CreditWatch listing, S&P will include an
updated assessment of the company's near- and intermediate-term
profit and cash flow potential in light of technology migration
pressures, implementation challenges, and competition facing the
remaining businesses.  The evaluation will also consider the
ultimate use of proceeds from the pending sale of
Kodak's Health Group.


ENMORE STAR: Nominates Liquidator from Hodgsons
-----------------------------------------------
David Emanuel Merton Mond of Hodgsons was nominated Liquidator
of Enmore Star Limited (t/a Zodiac Gifts) on Dec. 18, 2006, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Enmore Star Limited
         52 Beaufort Avenue  
         Bispham  
         Blackpool  
         Lancashire FY2 9HG  
         United Kingdom
         Tel: 01253 357 938


ESSENTIAL GARDEN: Appoints Mark Reynolds as Liquidator
------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Essential Garden Limited on Dec. 13, 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


EU EMPLOYMENT: Names Liquidator to Wind Up Business
---------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of EU Employment Limited on Dec. 15, 2006, for the
creditors' voluntary winding-up procedure.

The company ca n be reached at:
   
         EU Employment Limited
         187 Arden Road  
         Smethwick  
         Birmingham  
         West Midlands B67 6EN  
         United Kingdom
   

EXPANSE COMMERCIAL: Joint Liquidators Take Over Operations
----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Liquidators of Expanse Commercial Interiors
Limited on Dec. 21, 2006, for the creditors' voluntary winding-
up proceeding.

Headquartered in Farnborough, England, Expanse Commercial
Interiors Limited -- http://www.expansecommercial.com/--  
provides office refurbishment services including AutoCAD design
and advisory, survey and quotation.  


EXPRESS RECRUITMENT: E. J. Stonham Leads Liquidation Procedure
--------------------------------------------------------------
E. J. Stonham of Stonham.Co was appointed Liquidator of Express
Recruitment Services Ltd. on Dec. 18, 2006, for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         Stonham.Co
         13 Southgate
         Chichester
         West Sussex PO19 1ES
         United Kingdom


FASHIONLOG LIMITED: Brings In Liquidators from Vantis
----------------------------------------- ------------
G. Mummery and P. Atkinson of Vantis Redhead French Limited were
appointed Joint Liquidators of Fashionlog Limited on  
Dec. 19, 2006, for the creditors' voluntary winding-up
procedure.

The Joint Liquidators can be reached at:

         Vantis Redhead French Limited
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         United Kingdom


FORD MOTOR: CEO Alan Mulally Considers Selling Jaguar Brand
-----------------------------------------------------------
Ford Motor Co. CEO Alan Mulally revealed that he might consider
selling the company's Jaguar brand, threatening about 8,000 car
workers' jobs, The Scotsman reports.

The Company launched "Way Forward," a turnaround plan that
includes the sale of Aston Martin, in an effort to stem multi-
billion-pound losses, states The Scotsman.  Ford has explored
strategic options for its Aston Martin sports-car unit in
August, with particular emphasis on a potential sale of all or a
portion of the unit.

"All good businesses continually review their portfolio, and we
will continue to evaluate our portfolio going forward," Mr.
Mulally said.  "I feel more confident now than when I arrived
that we can create a viable Ford."  However, he noted that it
was a "critical time" for the whole car industry.

As reported in the Troubled Company Reporter-Europe on Aug. 30,
Sir Anthony Bamford, JC Bamford Excavators Ltd.'s chairman of
the board, was looking at the possibility of buying the Jaguar
brand from Ford.

However, in a TCR-Europe report on Oct. 19, 2006, Mr. Bamford
said he has abandoned plans of buying the Jaguar brand from Ford
after executives from Ford Europe and the Premier Automotive
Group, revealed that it has no intentions of selling the brand
at the moment.  According to Mr. Bamford, cited in the Financial
Times, Ford was only interested in selling the Jaguar brand
together with the profitable Land Rover operations.

JC Bamford is a U.K.-based construction-machinery company.  Mr.
Bamford said that the brand has potential although Jaguar needs
to cut ties with Land Rover for him to consider his plans
further.

Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- which includes other brands like Volvo, Land Rover
and Aston Martin.  In Ford's second quarter results, the segment
incurred a US$180 million net loss.  The Company's management
said the decline in earnings in the PAG segment primarily
reflected unfavorable currency exchange related to the
expiration of favorable hedges, adjustments to warranty accruals
for prior model-year vehicles, mainly at Land Rover and Jaguar,
and lower market share at Volvo associated with new model
changeovers, offset partially by favorable product and market
mix and lower overhead costs.

                         About Ford Motor

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

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

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

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


FROSTMIST LTD: Appoints Liquidators to Wind Up Business
-------------------------------------------------------
Jeremy Paul Oddie and Geoffrey Michael Weisgard were appointed
Liquidators of Frostmist Ltd. (formerly Almorah Ltd.) on  
Dec. 6, 2006, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Frostmist Ltd.
         35 Castle Street  
         Southport  
         Merseyside PR9 0NR
         United Kingdom
         Tel: 01704 500 878
         Fax: 01204 365 073


GAP INC: Goldman Sachs Hiring Sparks Rumors on Strategic Options
----------------------------------------------------------------
The Gap Inc. hired Goldman Sachs Group Inc. last month, CNBC's
David Faber states.

According to reports, analysts speculated that Goldman Sachs's
involvement with the clothing company could mean that Gap is
either up for sale, will spin off its brands, or will undergo a
leveraged buyout.

The announcement also renewed speculation that Gap chief
executive officer Paul Pressler and other senior executives'
tenure are at an end, Reuters said.

The company's shares surged yesterday to 11% before closing up
at over 7% at US$20.26 per share.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


GAP INC: December Sales Down 4%; Comparable Store Sales Down 8%
---------------------------------------------------------------
Gap Inc. discloses on Jan. 4, 2007, net sales of US$2.34 billion
for the five-week period ended Dec. 30, 2006, which represents a
4% percent decrease compared with net sales of US$2.44 billion
for the same period ended Dec. 31, 2005.  The company's
comparable store sales for December 2006 decreased 8% compared
with a 9% decrease in December 2005.

Comparable store sales by division for December 2006 were:

    * Gap North America: negative 9% versus negative 10% last
      year

    * Banana Republic North America: positive 2% versus negative
      5% last year

    * Old Navy North America: negative 10% versus negative 10%
      last year

    * International: negative 8% versus negative 3% last year.

"Although Banana Republic continued to make good progress in its
turnaround, we continued to experience negative traffic trends
at Gap and Old Navy," said Sabrina Simmons, senior vice
president, corporate finance, Gap Inc.  "Given the weak traffic
trends, we needed to take significant action on promotions and
markdowns at these two brands which drove Gap Inc.'s overall
merchandise margins significantly below last year.  We expect
continued margin pressure into January as we work to clear
remaining holiday product at Gap and Old Navy."

Based on its holiday sales performance, the company said that it
is revising its fiscal 2006 guidance.  The company now expects
full-year earnings per share to be US$0.83 to US$0.87 versus
previous guidance of US$1.01 to US$1.06.  Full-year operating
margins are now expected to be about 7% and free cash flow is
now expected to be about US$650 million for the year.

The company reiterated that it expects the percent increase in
inventory per square foot at the end of the fourth quarter of
fiscal 2006 to be in the low-single-digits versus prior year.

"We are clearly disappointed with Gap and Old Navy's holiday
sales and overall performance for the year," said Paul Pressler,
president and CEO, Gap Inc.  "Given that we did not gain the
traction we had expected, the management team, with the active
involvement of our board of directors, is currently reviewing
Gap and Old Navy's brand strategies.  We are committed to making
the necessary changes to improve performance."

Year-to-date net sales of US$14.75 billion for the 48 weeks
ended Dec. 30, 2006, decreased 2% compared with net sales of
US$15.07 billion for the same period ended Dec. 31, 2005.  The
company's year-to-date comparable store sales decreased 7%
compared with a 5% decrease in the prior year.

As of Dec. 30, 2006, Gap Inc. operated 3,184 store locations
compared with 3,126 store locations last year.

                          About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


GETTY IMAGES: Soliciting Consents to Amend Debentures
-----------------------------------------------------
Getty Images Inc. solicited consents from the holders of record
at the close of business on Jan. 4, 2007, of its outstanding
0.50% Convertible Subordinated Debentures, Series B due 2023 in
the aggregate principal amount of US$265 million to an amendment
to, and a waiver of an alleged or existing default or event of
default under, the indenture governing the Debentures.  

On Nov. 9, 2006, Getty Images' Board of Directors had
established a special committee to conduct an internal
investigation relating to Getty Images' stock option grant
practices and related accounting for stock option grants and
that it would delay the filing of its Quarterly Report on Form
10-Q for the quarter ended Sept. 30, 2006, until the special
committee's review is complete.  

Also on Nov. 29, 2006, Getty Images received notices of a
purported default from holders who claim to hold more than 25%
in principal amount of the outstanding Debentures asserting that
Getty Images' failure to file its Third Quarter Form 10-Q by the
prescribed filing date under SEC regulations was a default under
Section 17.01 of the Indenture, which incorporates by reference
Section 314(a) of the Trust Indenture Act of 1939.

Getty Images does not believe that it has failed to perform any
of its obligations under the Indenture, which does not contain
an express covenant requiring Getty Images to provide the
trustee under the Indenture or the holders with periodic
reports, such as the Third Quarter Form 10-Q.  While Section
314(a) of TIA is incorporated into the Indenture by virtue of
Section 17.01 thereof, Getty Images does not believe that the
TIA requires periodic reports to be filed with the SEC or
provided within any prescribed period of time.

Notwithstanding Getty Images' position regarding notices of
default, it is seeking an amendment to, and a waiver of the
alleged or existing default or event of default under, the
Indenture.

The proposed amendment to the Indenture would provide that no
notice of default delivered to Getty Images on or prior to
March 2, 2007, that specifies as the basis for the default a
failure to file with the SEC the Third Quarter Form 10-Q and/or
the company's Annual Report on Form 10-K for the year ended
Dec. 31, 2006, as applicable, and to file the applicable reports
with the trustee under the Indenture, will have any force or
effect with respect to the exercise of remedies by the trustee
or any holder of Debentures if Getty Images files the applicable
reports on or prior to May 1, 2007.  

The Consent Solicitation also includes a waiver of any defaults
and events of default under Section 17.01 of the Indenture that
may exist as a result of its failure to file the Third Quarter
Form 10-Q.

Getty Images proposes to make a cash payment to consenting
holders of the Debentures of US$5.00 per US$1,000 in aggregate
principal amount of the Debentures held by such consenting
holders, upon or promptly following expiration of the Consent
Solicitation.  Only registered holders of the Debentures on the
Jan. 4, 2007, record date that validly deliver, and do not
revoke, consents prior to 5:00 p.m. New York City time on
Jan. 17, 2007, the expiration of the Consent Solicitation, will
be eligible to receive the consent payment.

The consummation of the Consent Solicitation (including the
payment of the consent payment) is subject to the receipt of
valid consents in respect of a majority in aggregate principal
amount of all outstanding Debentures, the execution of the
supplemental indenture by us and the trustee under the
Indenture, and the absence of any existing or proposed law or
regulation or any proceeding that would make unlawful or invalid
or enjoin or delay the proposed amendment, the entering into of
the supplemental indenture or the payment of the consent
payment.

The Consent Solicitation with respect to the Debentures may be
extended or terminated by Getty Images at its option.

Getty Images has retained Goldman, Sachs & Co. to serve as the
Solicitation Agent and D.F. King & Co., Inc. to serve as
Information Agent and Tabulation Agent for the Consent
Solicitation. Requests for documents may be made directly to:

          D.F. King & Co., Inc.
          48 Wall Street, 22nd Floor
          New York, New York
          Tel: 800-488-8095 (toll free)
               212-269-5550 (collect)

Questions regarding the solicitation of consents may be directed
to:

          Goldman, Sachs & Co.
          Attention: Credit Liability Management Group
          Tel: 800-828-3182 (toll free)
               212-357-0775 (collect)

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                         *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.

As reported in the Troubled Company Reporter - Europe on Dec. 6,
2006, Standard & Poor's Ratings Services lowered its ratings on
Seattle, Wash.-based visual imagery company Getty Images Inc.,
including lowering the corporate credit rating to 'B+' from
'BB', and placed the ratings on CreditWatch with developing
implications.

The rating and CreditWatch actions came after the company
announced that it had received notices from bondholders that its
delayed third-quarter SEC Form 10-Q filing constituted an event
of default.  CreditWatch with developing implications indicates
that the rating could be either raised or lowered.

As of Sept. 30, 2006, Getty had US$265 million of convertible
notes outstanding.


GRACECHURCH CORPORATE: Moody's Assigns Low-B Rating on Two Notes
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings
related to Gracechurch Corporate Loans Series 2007-1 issued by
Lambda Finance B.V.:

   -- GBP2,905-million Class A1 Secured Floating Rate Notes due
      2031: (P)Aaa;

   -- GBP175-million Class AB1 Secured Floating Rate Notes due
      2031: (P)Aaa;

   -- GBP80.5-million Class B1 Secured Floating Rate Notes due
      2031: (P)Aa2;

   -- GBP94.5-million Class C1 Secured Floating Rate Notes due
      2031: (P)A2;

   -- GBP59.5-million Class D1 Secured Floating Rate Notes due
      2031: (P)Baa3;

   -- GBP70-million Class E1 Secured Floating Rate Notes due
      2031: (P)Ba2; and

   -- GBP45.5-million Class F1 Secured Floating Rate Notes due
      2031: (P)B2.

GBP70-million of Class G Secured Floating Rate Notes will also
be issued but will not be rated by Moody's.

Each class of notes may be issued in GBP, EUR and US$.  The
amounts mentioned above are the sterling equivalent of the
aggregate of each class of notes.  The final currency
composition will be decided upon closing.

The provisional ratings of the notes are based upon:

   (1) an assessment of the credit quality of the underlying
       entities;

   (2) the loss protection provided by the subordination, if
       any, of the more junior ranking classes of notes issued
       by Lambda Finance B.V.;

   (3) the protection against losses furnished by the first loss
       (2 per cent) and the excess spread (0.65 per cent per
       annum); and

   (4) the legal and structural integrity of the transaction.

Gracechurch Corporate Loans Series 2007-1 is a fully funded
synthetic transaction, arranged by Barclays Bank PLC, in which
investors are exposed to the credit risk related to a portfolio
of loans extended by Barclays to U.K. SME companies.  The credit
risk transferred by Barclays Bank PLC through this transaction
is related to a total portfolio of GBP3.5 billion.  This
reference pool is made up initially of 1434 separate obligors.
Throughout the 3-year revolving period, Barclays can replenish
the portfolio subject to satisfying certain criteria.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A final rating may
differ from a provisional rating.


H M CONSULTING: Names Gagen Dulari Sharma Liquidator
----------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of  
H M Consulting Limited on Dec. 7, 2006, for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         Sh arma & Co.
         50 Newhall Street
         Birmingham B3 3QE
         United Kingdom


HACKENTHORPE SOCIAL: Creditors' Claims Due January 31
-----------------------------------------------------
Creditors of Hackenthorpe Social Club Limited have until Jan. 31
to send in their names and addresses, together with particulars
of their debts or claims to appointed Liquidator William Clive
Swindell at:

         Yorkshire House
         7 South Lane
         Holmfirth
         Huddersfield HD9 1HN
         United Kingdom


HAIGHS OF NEWCASTLE: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------------
Creditors of Haighs of Newcastle Limited (formerly Business
Machinery (Newcastle upon Tyne) Limited) confirmed Dec. 21,
2006, the appointment of Gordon Smythe Goldie and Allan David
Kelly of Tait Walker as Joint Liquidators of the company.

Tait Walker -- http://www.taitwalker.co.uk/-- provides  
financial advisory services that include corporate finance,
audit and specialized audit, accounts, forensic accounting,
outsourcing, business development, business taxes and VAT,
company pension, schemes, company financial services, IT
consultancy, business disposals and acquisitions.

Haighs of Newcastle Limited can be reached at:

         6 Sullivan Walk  
         Hebburn  
         Tyne An d Wear NE311YN
         United Kingdom
         Tel: 0191 483 3153
         Fax: 0191 428 2619


HAMWORTHY ROYAL: Taps Liquidator from Begbies Traynor
-----------------------------------------------------
Michael Francis Stevenson of Begbies Traynor was appointed
Liquidator of Hamworthy Royal British Legion Club Limited on  
Dec. 14, 2006, for the creditors' voluntary winding-up
proceeding.

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

Hamworthy Royal British Legion Club Limited can be reached at:

         43 Blandford Road
         Hamworthy
         Poole
         Dorset BH15 4AZ
         United Kingdom
         Tel: 01202-673827  


INSIDE EDGE: Hires Liquidator from Bridgers
-------------------------------------------
John Arthur Kirkpatrick of Bridgers was appointed Liquidator of
Inside Edge Solutions Limited (formerly Guerilla Recruitment
Limited) on Dec. 21, 2006, for the creditors' voluntary winding-
up proceeding.

The Liquidator can be reached at:

         Bridgers
         6C Church Street
         Reading
         Berkshire RG1 2SB
         United Kingdom


IPG PERSONNEL: Nominates Mervyn E. Smith as Liquidator
------------------------------------------------------
Mervyn E. Smith was nominated Liquidator of IPG Personnel
Consultants Limited (formerly IPG Technical Recruitment Ltd.) on
Dec. 15, 2006, for the creditors' voluntary winding-up
procedure.

The Liquidator can be reached at:

         IPG Personnel Consultants Limited
         294a High Street
         Sutton
         Surrey SM1 1PQ
         United Kingdom


J ROUTLEDGE: Hires Gary Corbett to Liquidate Assets
---------------------------------------------------
Gary Corbett of Milner Boardman & Partners was appointed
Liquidator of J Routledge & Sons Limited on Dec. 13, 2006, for
the creditors' voluntary winding-up proceeding.

Headquartered in Widnes, England, J Routledge & Sons Limited --
http://www.j-routledge.co.uk/-- specializes in heavy industrial  
dismantling, demolition, and the decontamination of industrial,
chemical and commercial buildings and land.


JAMES PASS: Creditors' Claims Due January 30
--------------------------------------------
Creditors of James Pass & Company Limited have until Jan. 30 to
send their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator  
C. H. I. Moore at:

         K J Watkin & Co.
         Emerald House  
         20-22 Anchor Road
         Aldridge
         Walsall
         United Kingdom

The company can be reached at:

         James Pass & Company Limited
         71 Smallbrook  
         Queensway  
         Birmingham B5 4HX
         United Kingdom
         Tel: 0121 643 7623
         Fax: 0121 643 7623


JOHN HAMPDEN: Appoints Liquidators from Baker Tilly
---------------------------------------------------
G. P. Bushby and G. E. B. Mander of Baker Tilly were appointed
Liquidators of John Hampden Packaging Limited on Dec. 6, 2006,
for the creditors' voluntary winding-up proceeding.

Headquartered in Heanor, England, John Hampden Packaging Limited
-- http://www.jhp.co.uk/-- supplies printed packaging to the  
fashion retail market.  Products include leaflets, laminate, bar
code tickets, shirt bands, shoe boxes, sock bands, among others.
The company also provides digital proofing, automatic die-
cutting, artwork, and other services.


MALDEN MILLS: Sells Assets to Gordon Brothers Under Chapter 11
--------------------------------------------------------------
Malden Mills Industries Inc. disclosed Wednesday that its board
of directors has unanimously voted to approve the sale of the
company to Gordon Brothers Group of Boston, Massachusetts for
US$44 million.  

Malden Mills will continue normal manufacturing operations at
both its facilities in Lawrence, Massachusetts and Hudson, New
Hampshire.

In order to implement the sale, Malden Mills Industries filed
voluntary petitions for reorganization under Chapter 11 of the
U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the
District of Delaware.

The Chapter 11 process will provide an efficient environment for
completion of the sale.  The sale is subject to higher and
better offers, and completion of the sale is expected by the end
of February 2007, subject to court approval.

GE Commercial Finance will be providing a debtor-in-possession
financing facility, which ensures that the company has the
working capital required for a seamless transition in operations
to new ownership.

Malden Mills CEO Michael Spillane said, "Over the past three
years we have worked diligently to improve every aspect of the
operational side of the business.  Our on-time delivery,
manufacturing quality, and product innovation have never been
better.  The sale of Malden Mills to Gordon Brothers Group
transitions the company into a state of permanent ownership and
financial stability.  This financial transaction will
significantly improve the Company's balance sheet enabling
Malden Mills to continue to serve our customers in both the
commercial and military markets."

Meanwhile, Paul Halpern, Partner at Chrysalis Capital Partners,
expressed Chrysalis' interest in acquiring the Debtor's assets.

"Recent reports have stated that the sale of Malden Mills
Industries Inc. to Gordon Brothers Group is near completion,
pending approval from the U.S. Bankruptcy Court," Mr. Halpern
said.  "Chrysalis Capital Partners confirms that the sale is not
complete and that Chrysalis continues to be interested in
purchasing the assets of Malden Mills and operating the company.  
Chrysalis has submitted a similar offer to the owners of Malden
Mills and is looking forward to participating in the auction."

                     About Chrysalis Capital

Chrysalis Capital Partners -- http://www.ccpfund.com/-- is a  
Philadelphia-based private equity firm with US$300 million in
capital under management.  Chrysalis focuses on 'special
situation' investing such as divestitures, buyouts, turnarounds,
financial restructurings, reorganizations, and recapitalizations
in middle-market companies across a wide range of industries
throughout the United States.

Malden Mills Industries, Inc. - http://www.polartec.com/--  
develops, manufactures, and markets Polartec(R) performance
fabrics.  Polartec(R) products range from lightweight wicking
base layers to insulation to extreme weather protection and are
utilized by the best clothing brands in the world.  In addition,
Polartec(R) fabrics are used extensively by all branches of the
United States military including the Army, Navy, Marine Corps,
Air Force, and Special Operations Forces.  The company has
operations in Germany, Spain, France and the U.K.


MALDEN MILLS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Malden Mills Industries, Inc.
             46 Stafford Street
             Lawrence, MA 01842

Bankruptcy Case No.:

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      ADS Properties LLC                         07-10049
      AES Properties LLC                         07-10050
      Malden Mills Distributors                  07-10051
      Malden Mills GmbH Holding, Inc.            07-10052
      
Type of Business:  Malden Mills develops, manufactures, and
                   markets Polartec(R) performance fabrics.  
                   Polartec(R) products range from lightweight
                   wicking base layers to insulation to extreme
                   weather protection and are utilized by the
                   best clothing brands in the world.  In
                   addition, Polartec(R) fabrics are used
                   extensively by all branches of the United
                   States military including the Army, Navy,
                   Marine Corps, Air Force, and Special
                   Operations Forces.  The company also has
                   operations in Germany, Spain, France and the
                   U.K.  See http://www.polartec.com/

Chapter 11 Petition Date: January 10, 2007

Court: District of Delaware (Delaware)

Judge: Kevin Gross

Debtors' Counsel: Laura Davis Jones, Esq.
                  Michael Seidl, Esq.
                  Pachulski, Stang, Ziehl Young,
                  Jones & Weintraub, PC
                  919 North Market Street 17th Floor
                  Wilmington, DE 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

                           Estimated Assets    Estimated Debts
                           ----------------    ---------------
Malden Mills Industries,   US$1 Million to       More than
  Inc.                     US$100 Million        US$100 Million

ADS Properties LLC         US$1 Million to       More than
                           US$100 Million        US$100 Million

AES Properties LLC         US$1 Million to       More than
                           US$100 Million        US$100 Million

Malden Mills Distributors  US$10,000 to          More than
                           US$100,000            US$100 Million

Malden Mills GmbH Holding, Less than US$10,000   More than
  Inc.                                           US$100 Million

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Rechtsanwalt Harald Bubhardt  Note                  US$5,562,000
Ebersbach Gewerbering 8
02828 Gorlitz, Germany
Tel: 13581-38-52-0
Fax: 49-(0) 351-88527-40

Aaron Feuerstein              Contract Claim        US$1,560,516
300 Kent Street
Brookline, MA
Fax: (617) 574-4112

City of Methuen               Utility               US$1,492,933
41 Pleasant Street
Methuen, MA 01844-0397
Attn: Office of Tax Collector
Fax: (978) 794-3240

Caterpillar Inc.              Deficiency            US$1,161,928
c/o Holland & Knight LLP
10 St. James Avenue
Boston, MA 02116
Attn: Tara Myslinski
Fax: (617) 523-6850

Unifi Textured Polyster LLC   Trade                   US$304,254
P.O. Box 404617
Atlanta, GA 30384-4617
Attn: Terry Gore
Tel: (336) 316-5634
Fax: (336) 316-5607

Outside Magazine              Services                US$168,588

National Grid                 Utility                  US$97,336

Rodale                        Services                 US$67,914

Solar Turbines Inc.           Trade                    US$64,602

Avery Dennison Ris            Trade                    US$58,669

Grant Thornton LLP            Professional Fees        US$52,833

BASF Corporation              Trade                    US$51,510

Consoltex Inc.                Utility                  US$44,897

The Crosby Group              Services                 US$44,530

AV Sportswear Inc.            Trade                    US$43,839

Advanced Computer             Equipment Lease          US$42,746
Services Inc.

Sapona Manufacturing          Trade                    US$40,511
Company Inc.

Nail Communications Inc.      Services                 US$39,416

Lowe Alpine                   Services                 US$39,270

Exeltor Corp.                 Utility                  US$28,592

Boehme Filatex Inc.           Trade                    US$28,455

Sierra Magazine               Services                 US$27,482

Alliance Airport Advertising  Services                 US$26,989

Foster-Miller Inc.            Trade                    US$24,920

UPS Supply Solutions          Freight                  US$22,996

MDP Realty Associates LLC     Trade                    US$22,365

Adco 131448 Canada Inc.       Services                 US$21,750

Blue Fox Ned Graphics Inc.    Trade                    US$21,727

Groz-Beckert USA Inc.         Utility                  US$21,108

Backbone Media                Services                 US$20,815


MALDEN MILLS: Organizational Meeting Scheduled on January 19
------------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational
meeting to appoint an official committee of unsecured creditors
in Malden Mills Industries, Inc. and its debtor-affiliates'
chapter 11 cases at 10:00 a.m., on, Jan. 19, 2007, at Office of
the United States Trustee, Room 2112, J. Caleb Boggs Federal
Building, 844 North King Street in Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the
Debtors will attend and provide background information regarding
the cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102
of the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes that the reorganization of the Debtors is
impossible, the Committee will urge the Bankruptcy Court to
convert the Chapter 11 cases to a liquidation proceeding.

Headquartered in Lawrence, Massachusetts, Malden Mills
Industries, Inc. -- http://www.polartec.com/-- develops,  
manufactures, and markets Polartec(R) performance fabrics.  
Polartec(R) products range from lightweight wicking base layers
to insulation to extreme weather protection and are utilized by
the best clothing brands in the world.  In addition, Polartec(R)
fabrics are used extensively by all branches of the United
States military including the Army, Navy, Marine Corps, Air
Force, and Special Operations Forces.  The company also has
operations in Germany, Spain, France and the U.K.

The company and four of its affiliates filed for chapter 11
protection on Jan. 10, 2007 (Bankr. D. Del. Case Nos. 07-10048
through 07-10052).  Laura Davis Jones, Esq., and Michael Seidl,
Esq., at Pachulski, Stang, Ziehl Young, Jones & Weintraub, PC,
represent the Debtors.  When the Debtors filed for protection
from their creditors, they listed estimated assets between $1
million to $100 million and estimated debts of more than $100
million.  The Debtors' exclusive period to file a chapter 11
plan expires on May 10, 2007.


REFCO INC: RCM Trustee Asks Court to Approve Bolton Settlement
--------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee of Refco Capital
Markets, Ltd.'s estate, asked the U.S. Southern District of New
York to approve his settlement agreement, dated Dec. 8, 2006,
with certain affiliated entities and partnerships of Bolton
Capital Planning LLC.

BCP maintained trading, loan and margin accounts with RCM, Refco
LLC, and Refco Securities LLC.

The Bolton Entities consist of:

   * Kalkhoven/Pettit Trading Partners, L.P.,
   * Kalkhoven/Pettit #2 Trading Partners, L.P.,
   * PCMG Trading Partners XII, L.P.,
   * Bolton Investment Group L.P.,
   * Slayden Trading Company LLC, and
   * Slayden Partners LLC.

                     Bolton Entities' Claims

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
relates that before the Petition Date, it was the longstanding
business practice of RCM, Refco LLC, RSL, and the Bolton
Entities to net the debit and credit balances of all of the
Bolton Entities' accounts with RCM, Refco LLC and RSL.

According to RCM's schedule of prepetition liabilities prepared
by Houlihan Lokey Howard & Zukin, dated June 8, 2006, the Bolton
Entities held:

   (a) US$29,147,142 in cash on deposit in various accounts
       maintained at RCM; and

   (b) a US$32,581,168 aggregate debit balance, which includes
       the netting of a debit and credit balance in one of the
       Bolton Entities' accounts.

The Bolton Entities, except for BCP, filed secured claims
against the RCM estate totaling US$29,610,950.  In addition,
certain of the Bolton Entities, except for Kalkhoven and SPL,
filed unsecured
claims against the other Debtors totaling US$29,569,504

The RCM Trustee has independently reviewed and analyzed the
Bolton Claims, including RCM's books and records and account
statements to conduct due diligence with respect to validity and
amount of the Bolton Claims and to verify the substance of a
declaration filed by Stephen W. Nelson on the Bolton Entities'
behalf.

Mr. DeSieno states that as of the Petition Date, the Bolton
Entities had a total of US$29,611,037 in cash or cash
equivalents on deposit, and an aggregate debit balance of
US$32,264,463 in the various Bolton Entities' accounts
maintained at RCM.

In conducting his due diligence, the RCM Trustee reviewed the
amounts owing to each of the Bolton Entities based on the
Houlihan Schedule.

               Credit & Debit Amounts Discrepancy

Mr. DeSieno notes that the Bolton Entities have shown to the RCM
Trustee's satisfaction that the discrepancy between the credit
and debit amounts owing and the Agreed Credit Balance and Agreed
Debit Balance is that:

   (a) The credit and debit balances asserted by each of
       Kalkhoven, PCMG XII, BCP, BIG, and SPL match RCM's books
       and records.

   (b) Kalkhoven #2 maintained four accounts at RCM:

                  6334-0000         6334-10101
                  6334-10104          5205A23

       The credit and debit balances asserted by Kalkhoven #2 in
       respect of Account Nos. 6334-10101 and 6334-10104, and in
       sub-account No. 5205A23 match RCM's books and records
       based on the Houlihan Schedule. However, Kalkhoven #2
       asserted a US$4,707,857 debit balance in Account No.
       6334-, whereas RCM's books and records indicated a
       US$5,488,458 debit balance in Account No. 6334-0000.

       The Bolton Entities have also shown that the difference
       in the asserted debit amount and the Houlihan Schedule
       amount of Account No. 6334-0000 relates to an error by
       RCM in not booking a credit to the account for a transfer
       of funds from Refco LLC into Account No. 6334-0000 for
       US$762,000, plus a US$18,600 interest.

       Mr. DeSieno explains that the corrected debit amount
       resulting from recognizing the US$762,000 credit plus
       approximately US$18,600 interest accounts for the
       discrepancy, and the asserted debit amount of Kalkhoven
       # 2 in Account No. 6334-0000 is correct.

   (c) The sub-accounts maintained by STC at RCM include Account
       Nos. 4741A20 and 4741A21.  STC asserts a US$463,895
       credit balance in sub-account no. 4741A20 and a
       US$1,075,688 debit balance in sub-account no. 4741A21,
       which nets out to a US$611,793 debit balance.  The
       US$611,793 net debit amount matches the Houlihan Schedule
       of the debit amount owing from STC.

       Mr. DeSieno attests that the Bolton Entities have shown
       that the net debit amount scheduled on the Houlihan
       schedule is the result of RCM having netted out the
       credit balance in sub-account no. 4741A20 and the debit
       balance in sub-account no. 4741A21.  To effectuate a
       global netting of all the Bolton Entities' accounts, the
       US$463,895 credit balance in sub-account no. 4741A20 and
       another US$1,075,688 debit balance in sub-account no.
       4741A21 should be used in the calculation, Mr. DeSieno
       asserts.

Based on those adjustments, the parties reached the Agreed
Credit Balance and the Agreed Debit Balance amounts.  According
to Mr. DeSieno, a netting of the Agreed Credit Balance and the
Agreed Debit Balance in all of the Bolton Entities' accounts
maintained at RCM results in a US$2,653,426 balance due and
owing from the Bolton Entities to RCM.

                   Bolton Settlement Agreement

The salient terms of the Bolton Entities Settlement are:

   (1) pursuant to Sections 362(b)(27), 362(d) and 561 of the
       Bankruptcy Code, the Bolton Entities may exercise their
       rights to set off and net the aggregate cash on deposit
       against the outstanding balance in various RCM accounts.
       In so doing, the Bolton Entities are permitted to apply
       US$29,611,037, which represents the aggregate amounts
       held on deposit, against US$32,264,463, which represents
       the outstanding debit balances across the Bolton
       Entities' accounts.

   (2) BCP will immediately pay RCM US$2,653,426 by check or
       wire transfer pursuant to the payment instructions to be
       provided by the RCM Trustee, in consideration for and
       full settlement and mutual release of any and all claims,
       causes of action, defenses or other rights that each or
       any of the Bolton Entities or RCM may have against one
       another.

   (3) upon BCP's payment of the Settlement Payment, each of the
       Bolton Claims will be deemed disallowed and expunged.

   (4) RCM and the RCM Trustee will release and forever
       discharge the Bolton Entities from and against any and
       all claims, actions or causes of actions relating to or
       arising out of each of the Bolton Entities' accounts and
       relationship with RCM.

   (5) The Bolton Entities will file any notice or other
       evidence as may reasonably be requested by the RCM
       Trustee regarding the disallowance and expungement of the
       Bolton Entities' claims against RCM.

   (6) the parties exchange mutual releases.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 52; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


SAMSONITE CORP: Earns US$8.9 Million in Quarter Ended October 31
----------------------------------------------------------------
Samsonite Corp. reported US$8.9 million of net income on
US$285.9 million of net sales for the quarter ended Oct. 31,
2006, compared with a US$3 million net loss on US$248.7 million
of net sales for the same period in 2005.
   
Sales in all geographic areas increased.  Sales from Asian
operations increased 43.9%, followed by European operations,
Latin America, and North America, with increases of 13.5%,
11.5%, and 7.1%, respectively.  In absolute terms, the biggest
contributors to the increase in sales were Asian operations
followed by European operations, with increases of US$15.1
million and 14.5 million, respectively.  The increase in sales
in Asian operations is primarily driven by increased travel and
geographic expansion in the region, particularly in China and
India.  

Licensing revenues decreased to US$3.2 million in the third
quarter of fiscal 2007 from US$3.4 million in the third quarter
of fiscal 2006, a decrease of US$200,000 primarily due to the
termination of one of the company's license agreements.

Consolidated gross margin increased by 2.2 percentage points, to
50.7% in the third quarter of fiscal 2007 from 48.5% in the
third quarter of fiscal 2006.

Operating income increased to 25.6 million in the quarter ended
Oct. 31, 2006, compared with US$6.9 million in the prior
quarter.

Income tax expense increased to US$7.2 million in the third
quarter of fiscal 2007 from a benefit of US$400.000 in the third
quarter of fiscal 2006.  

At Oct. 31, 2006, the company's balance sheet showed US$653
million in total assets, US$668.3 million in total liabilities,
and US$20.1 million in minority interests in consolidated
subsidiaries, resulting in a US$35.4 million total stockholders'
deficit.

Full-text copies of the company's consolidated financial
statements for the quarter ended Oct. 31, 2006, are available
for free at http://researcharchives.com/t/s?181f

At Oct. 31, 2006, the company had cash and cash equivalents of
US$71.5 million and working capital of US$182.9 million.  

Cash availability under the company's senior credit facility was
US$35 million in the U.S., and EUR22 million for its European
subsidiary at Oct. 31, 2006.  At Oct. 31, 2006, the company had
US$4.6 million of letters of credit outstanding under the U.S.
portion of the facility, which reduced the net availability on
the U.S. line of credit to US$30.4 million.  At Oct. 31, 2006,
no amounts were outstanding under the European portion of the
facility.

                          About Samsonite

Samsonite Corporation -- http://www.samsonite.com/--  
manufactures, markets and distributes luggage and travel-related
products.  The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores.  Executive offices are
located in London.  The company has global locations in Aruba,
Australia, Costa Rica, Indonesia, India, Japan, and the United
States among others.  Executive offices are located in London,
England.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 14,
Moody's Investors Service confirmed the B1 corporate family
rating for Samsonite Corp.

Moody's also assigned Ba3 ratings to the proposed USUS$80
million senior secured revolving credit facility and USUS$450
million term loan B.  Proceeds from the new facilities, along
with a portion out outstanding cash balances, will be used to
fund a special dividend and debt repurchase, and pay associated
fees and premiums.  Moody's said the outlook is positive.

In a TCR-Europe report on Dec. 14, Standard & Poor's Ratings
Services assigned its loan and recovery ratings to Samsonite
Corp.'s USUS$530 million senior secured credit facility.

The facility consists of an USUS$80-million six-year revolving
credit and a USUS$450-million seven-year term loan B.  The loan
is rated 'BB-' (at the same level as the 'BB-' corporate credit
rating on Samsonite) with a recovery rating of '3', indicating
the expectation for meaningful (50%-80%) recovery of principal
in the event of a payment default.


SCOTTISH RE: Files Preliminary Proxy Statement with U.S. SEC
------------------------------------------------------------
Scottish Re Group Ltd. has filed a preliminary proxy statement
with the U.S. Securities and Exchange Commission or SEC in
relation to the agreement disclosed on Nov. 27, 2006, between
the company, MassMutual Capital Partners LLC and certain
affiliates of Cerberus Capital Management, L.P., whereby the
investors will invest US$300 million each into the company.

Scottish Re will distribute a definitive proxy statement to all
shareholders, together with an invitation to attend the
ExtraordinaryGeneral Meeting of Shareholders at which
shareholders will be asked to vote, in person or by proxy, on a
set of proposals relating to the investors' investment.

The definitive proxy statement will be mailed to shareholders no
earlier than 10 calendar days from Jan. 9, and any review of the
preliminary proxy statement by the SEC may delay the mailing.  
The date of the Extraordinary General Meeting of Shareholders
will be set forth in the definitive proxy statement.  The
preliminary proxy statement is available on the SEC's EDGAR Web
site at http://www.sec.gov/and is subject to revision prior to  
the mailing of the definitive proxy statement.

                   About Scottish Re Group

Scottish Re Group Limited -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities

                        *    *    *

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt which is rated at Ba3 and preferred stock rated
at B2.

Standard & Poor's Ratings Services has also revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.  Scottish Re has a
'CCC' counterparty credit rating, and Scottish Re's operating
companies have 'B+' counterparty credit and financial strength
ratings.  These ratings were placed on CreditWatch negative on
July 31, when Scottish Re announced poor second-quarter results
and that liquidity was tight.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, 2006, due to
concerns regarding the company's ability to repay US$115 million
of senior convertible notes that are expected to be put to the
company on Dec. 6, 2006.  Ratings on Rating Watch Negative
include the company's BB issuer default rating and the BB-
rating on its 4.5% US$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


SCOTTISH RE: Shareholder to Reject MassMutual/Cerberus Deal
-----------------------------------------------------------
In a letter to the Board of Directors of Scottish Re Group
Limited, Grace Brothers Ltd. strongly urged the Board to
immediately reconsider alternatives to the transaction disclosed
in November between the company, Mass Mutual Capital Partners
LLC, and affiliates of Cerberus Capital Management, L.P.

Grace Brothers, as beneficial owner of ordinary shares of
Scottish Re, has formally advised the Board that it intends to
vote against the MassMutual/Cerberus transaction when the
transaction is submitted for stockholder approval.

Grace Brothers strongly believes that the value of the company
would be higher without this dilutive transaction, and that
meaningful alternatives exist to maximize stockholder value,
including as one example a rights offering in which all
shareholders were allowed to participate in recapitalizing the
Company on a pro rata basis.

Grace Brothers further believes that even if such a rights
offering would only raise enough capital to allow the company to
undergo an orderly liquidation or a runoff of its assets, the
value to existing stockholders would be higher than that
resulting from the proposed MassMutual/Cerberus transaction.

In its letter, Grace Brothers further indicated its disapproval
of the course of action taken by management and its investment
bankers.  Instead of seeking the best value for existing
stockholders, management has accepted a highly dilutive
transaction that carries an onerous break-up fee of over
US$30,000,000, with the stated goal of rebuilding Scottish Re as
a "growth" insurance company.  Regardless of whether that can be
achieved, the transaction almost certainly maximizes returns for
new investors at the expense of existing shareholders, and Grace
Brothers is at a loss to understand how this course of action is
consistent with management's fiduciary duties.  The extreme
equity dilution as well as other costs associated with the
announced transaction make it highly unlikely that the current
shareholders will benefit from the transaction.

Even with payment of the ill-advised break-up fee, however,
Grace Brothers believes other financing alternatives are a
better choice from the point of view of the company's owners,
the current stockholders.

                   About Scottish Re Group

Scottish Re Group Limited -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities

                        *    *    *

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt which is rated at Ba3 and preferred stock rated
at B2.

Standard & Poor's Ratings Services has also revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.  Scottish Re has a
'CCC' counterparty credit rating, and Scottish Re's operating
companies have 'B+' counterparty credit and financial strength
ratings.  These ratings were placed on CreditWatch negative on
July 31, when Scottish Re announced poor second-quarter results
and that liquidity was tight.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, 2006, due to
concerns regarding the company's ability to repay US$115 million
of senior convertible notes that are expected to be put to the
company on Dec. 6, 2006.  Ratings on Rating Watch Negative
include the company's BB issuer default rating and the BB-
rating on its 4.5% US$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


SMART BOX: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Creditors of Smart Box (Vision) Limited (t/a Vision) confirmed
Dec. 11, 2006, the appointment of Roderick Graham Butcher of
Butcher Woods as Liquidator of the company.

The company can be reached at:

         Smart Box (Vision) Limited
         Reddicap Trading Estate  
         Sutton Coldfield  
         West Midlands B75 7BU  
         United Kingdom
         Tel: 01213-119600


SOLAR DESIGNS: Appoints Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Matthew Hammond and Robert Hunt of PricewaterhouseCoopers LLP
were appointed Liquidators of Solar Designs Limited on Dec. 11,
2006, for the creditors' voluntary winding-up procedure
proceeding.

The Joint Liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds LS1 4JP
         United Kingdom


SOUNDFORMAT LIMITED: Calls In Liquidator from Arrans
----------------------------------------------------
Robert Gibbons of Arrans was appointed Liquidator of Soundformat
Limited (t/a D & D Powder Coatings) on Dec. 21, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:
          
         Arrans
         Leonard House
         14 Silver Street
         Tamworth B79 7NH
         United Kingdom


SRS COMMUNICATIONS: Taps I. D. Holland to Liquidate Assets
----------------------------------------------------------
I. D. Holland was appointed Liquidator of SRS Communications
Limited on Nov. 15, 2006, for the creditors' voluntary  
winding-up procedure proceeding.

The company can be reached at:

         SRS Communications Limited
         93-99 Upper Richmond Road  
         London SW15 2TG  
         United Kingdom
         Tel: 020 8785 5730
         Fax: 020 8785 5685


STOCKPORT GEAR: Brings In Liquidators from CLB Coopers
------------------------------------------------------
Diane Hill and Mark Getliffe of CLB Coopers were appointed
Liquidators of Stockport Gear Supplies Limited on Dec. 6, 2006,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Stockport Gear Supplies Limited
         Horton Street  
         Stockport  
         Cheshire SK1 3LR
         United Kingdom
         Tel: 0161 477 3808
         Fax: 0161 474 7758


STONEYLANE DEVELOPMENTS: Hires David R. Acland as Liquidator
------------------------------------------------------------
David R. Acland of Begbies Traynor was appointed Liquidator of
Stoneylane Developments Limited (t/a Aardvark Concrete) on  
Dec. 18, 2006, for the creditors' voluntary winding-up procedure
proceeding.

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

Stoneylane Developments Limited can be reached at:

         1 Worsley Court  
         High Street
         Worsley  
         Manchester  
         Lancashire M28 3NJ
         United Kingdom
         Tel: 0161 442 8111


THERMAL ENGINEERING: Taps Liquidators from Deloitte & Touche LLP
----------------------------------------------------------------
Ian Brown and Adrian Berry of Deloitte & Touche LLP were
appointed Liquidators of Thermal EngineeringInternational
Limited (formerly Senior Thermal Engineering Limited) on
Dec. 25, 2006, for the creditors' voluntary winding-up
proceeding.

The Liquidators can be reached at:

         Deloitte & Touche LLP
         1 City Square
         Leeds
         West Yorkshire LS1 2AL
         United Kingdom


THERMION SYSTEMS: Joint Liquidators Take Over Operations
--------------------------------------------------------
Anthony Alan Josephs and Linda Ann Farish of RMT were appointed
Joint Liquidators of Thermion Systems Europe Limited on  
Dec. 11, 2006, for the creditors' voluntary winding-up procedure
procee ding.

The company can be reached at:

         Thermion Systems Europe Limited
         4a Power Court  
         Luton  
         Bedfordshire LU1 3JJ
         United Kingdom
         Tel: 01582 722 788
         Fax: 01582 732 844


TRAVEL BY DESIGN: Names Keith Aleric Stevens Liquidator
-------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed Liquidator
of Travel By Design (Chertsey) Limited on Dec. 15, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77-79 High Street
         Egham
         Surrey TW20 9HY
         United Kingdom


TRENT VALLEY: Appoints Gerald Irwin to Liquidate Assets
-------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Trent Valley Travel (Rugeley) Limited on Dec. 12, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Irwin & Company
         Station House Midland Drive
         Sutton Coldfield   
         West Midlands B72 1TU
         United Kingdom


TRIPENTA LIMITED: Liquidator Sets Jan. 26 Claims Bar Date
---------------------------------------------------------
Creditors of Tripenta Limited have until Jan. 26 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
C. H. I. Moore at:

         K.J.Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         United Kingdom

Creditors confirmed the appointment of C. H. I. Moore of
K.J.Watkin & Co. as Liquidator of the company on Dec. 15, 2006.

Headquartered in Broadway, England, Tripenta Limited --
http://members.aol.com/tripenta/-- buys and sells plastic raw  
materials.  The company also offers in-house reprocessing
services, i.e. granulation (size reduction) and compounding.


WALKERS INSURANCE: Names Gerard Keith Rooney Liquidator
-------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was appointed
Liquidator of Walkers Insurance Services Limited on Dec. 7,
2006, for the creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Rooney Associates  
         2nd Floor
         19 Castle Street
         Liverpool L2 4SX
         United Kingdom


WEST ONE: Nimish C. Patel Leads Liquidation Procedure
-----------------------------------------------------
Nimish C. Patel of Re10(London) Limited was appointed Liquidator
of West One Antennas Limited on Dec. 15, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Re10(London) Limited
         Trinity House
         Heather Park Drive
         Wembley
         Middlesex HA0 1SU
         United Kingdom


* Fitch Says European High-Yield Issue Closes at Record High
------------------------------------------------------------
Fitch Ratings says European high-yield issuance in 2006 reached
a record volume of EUR42 billion, representing an increase of
more than 61% on the EUR26 billion issuance in 2005, as debt
funded acquisitions continue to meet demand in a liquid credit
market supported by low default rates.

"The European high-yield market experienced renewed popularity
in the fourth quarter of 2006 as large LBO and corporate issuers
funded acquisitions and recapitalizations with attractively
priced and structured debt, while investors demonstrated
flexibility in relation to covenant and call protection,
enabling the product to compete more effectively with mezzanine
and second lien instruments," says Matthias Volkmer, associate
director in Fitch's European Leveraged Finance team.

An interesting development in the U.S. market in 2006, which has
yet to take off in Europe, was the use of toggle notes, a
structure that incorporates a contractual feature allowing the
issuer to make its interest payments either "in cash" or "in
kind."  Notably, the two largest U.S. high-yield transactions on
record, for hospital operator HCA and semiconductor business
Freescale, both incorporated this feature in the second half of
2006.  Provided current market conditions continue, Fitch
anticipates that the toggle feature could be the latest test of
investor appetite for risk as arrangers compete for lucrative
European high-yield mandates among issuers focused on cost and
flexibility.

Following a slowdown in the third quarter of 2006, the market
revived strongly in the fourth quarter of 2006 with a record
quarterly issuance total of EUR15.3 billion.  Issuance picked up
markedly early in October as Netherlands-based NXP established a
record for the largest European high- yield issue with its
EUR4.5 billion multi-tranche offering to fund the LBO of Philips
Electronics' semiconductor unit by a KKR-led private equity
consortium.  This issue alone represented 30% of the total
issuance in the fourth quarter of 2006 and was followed by
further jumbo issues including the EUR1.1 billion high-yield
refinancing of France-based specialty chemicals producer Rhodia,
EUR1.4 billion issue for the recapitalization of Greek mobile
telecom operator TIM Hellas, EUR730 million issue by Dutch TNT
Logistics to fund its LBO by Apollo, and EUR850 million bonds
from French wine and spirits producer Pernod Ricard to partly
refinance the acquisition of Allied Domecq.

Fitch expects the healthy issuance volumes witnessed in the
fourth quarter of 2006 to continue into the first half of 2007,
supported by EUR13.6 billion in existing bonds maturing during
2007, in addition to a promising high-yield pipeline of
approximately EUR5.9 billion from new issuers in the first
quarter of 2007.  These include a non-call 1.5-year EUR800
million floating-rate note from German sanitary fittings
manufacturer Grohe and an issue of up to EUR1.43 billion from
US-based software company Infor Global Solutions.

The trailing-12-month default rate at the end of 2006 increased
to 0.6% from 0.5% at the end of 2005, based on defaulted amounts
of EUR803.7 million from five issuers.  The defaults by U.S.
automotive parts and systems company Dana Corporation in March
and France's Global Automotive Logistics Finance in May were
followed by three additional defaults in the fourth quarter.  
Luxfer Holdings, a U.K. gas-cylinder manufacturer for the auto
and aerospace industries, agreed to exchange an equivalent
EUR238.5 million of outstanding bonds for equity, under terms
that left investors with a shortfall, and on Oct. 30, 2006, U.S.
automotive components supplier Dura Automotive Systems filed for
bankruptcy in the U.S. under Chapter 11, which also affected its
smaller European bond issue of EUR100 million.  Citing problems
with its Italian business, at the end of November 2006 U.K.
telecom services provider Damovo became the third European
issuer to default as it missed interest payments on a total bond
volume of EUR358 million.  Schefenacker has already missed an
interest payment on its second lien debt and the German
automotive supplier's bonds are likely to default in the first
quarter of 2007 when the next coupon payments fall due.


* BOOK REVIEW: Working Together: 12 Principles for Achieving
               Excellence in Managing Projects, Teams, and
               Organizations
------------------------------------------------------------
Author:     James P. Lewis
Publisher:  Beard Books
Paperback:  208 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/158798279X/internetbankru
pt

Henry Berry of Turnarounds & Workouts said in December 2006:

Working Together is about the passionate implementation of a set
of management principles that were instrumental in the
development of new airplanes at the Boeing Company and, in
particular, the groundbreaking Boeing 777 aircraft.

The chief engineer of the Boeing 777 program when it was
undertaken in the early 1980s was Alan Mulally.  He was soon
promoted to general manager of the project and, in 1986, was
named president of Commercial Airplanes.  Mr. Mulally remained
with Boeing for 37 years, eventually leading Boeing Commercial
Airplanes to a turnaround that began in 1996.  

And if the name sounds more than familiar, it should: in
September 2006, Ford Motor Company named Mr. Mulally as its new
President and CEO, citing his record of success during his long
tenure at Boeing.  Through all of those years, Mr. Mulally made
the "working together" principles and practices his gospel.  He
has been a vocal advocate of both the principles and this book
by James Lewis even during his highly visible transition to
Ford.

Working Together chronicles the application of Mulally's
leadership principles during his years at Boeing, especially
during the execution of the 777 project.  The 12 principles
espoused in "working together" comprise a management philosophy
that enabled Boeing "to dramatically increase production on all
of our airplanes, improve our entire production system, and
develop a number of new airplanes all simultaneously," as Mr.
Mulally notes in the Foreword to the book.

The value and effectiveness of working together is conveyed in a
dramatic way by the author.  Mr. Lewis introduces the high
stakes that Boeing faced in developing the 777.  At first, the
company bit off more than it could chew.  Fired by the
enthusiasms and passions of employees exemplified by Mr.
Mulally, Boeing pursued an ideal that exceeded its capacity to
meet.  At one point, Boeing had to "stop global production for
lack of parts."  Boeing was losing money, risking its future,
and disappointing its customers, investors, and employees.

But the roots of its problems were basically a lack of proper
preparedness and organization.  With Mr. Mulally in charge,
operations were revised according to the model of working
together.  Work processes were reinforced, reinvigorated, and
closely monitored.  Practices such as focused agendas for
meetings, clear assignments, communication among disparate
employee segments, solicitation of input, and keeping a project
on track, were implemented.

Boeing underwent a transformation from a company in danger of
permanently damaging its reputation and competence, to a company
that reaffirmed its preeminence in the field of airplane design
and production.  

As he took over the reins at Ford, Mr. Mulally observed that
many of the challenges he addressed in commercial airline
manufacturing are analogous to the issues he will now face at
the car manufacturing giant.  He stated, "I'm looking forward to
working closely with Bill [Ford] in the ongoing turnaround of
this great company.  I'm also eager to begin engagement with the
leadership team.  I believe strongly in teamwork and I fully
expect that our efforts will be a productive collaboration."

James P. Lewis is President of Lewis Institute, Inc., a training
and consulting company specializing in project management, which
he founded in 1981. He also teaches seminars on the subject in
the United States, England, and Asia.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Kristina A.
Godinez, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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.


                 * * * End of Transmission * * *