TCREUR_Public/070115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 15, 2007, Vol. 8, No. 10

                            Headlines


A U S T R I A

ALLEGRO LLC: Creditors' Meeting Slated for January 29
BOCKSRUCKER LLC: Claims Registration Period Ends January 30
ELEARNCONSULT CONSULTING: Claims Registration Ends Jan. 25
HOTEL UNTERBRUNN: Claims Registration Period Ends January 17
M.E.D.I.C.I. LLC: Claims Registration Ends January 23

MA.RE. - HOLDING: Creditors' Meeting Slated for January 22
MC-PROJEKTDATEN: Creditors' Meeting Slated for January 29
MV BAU: Creditors' Meeting Slated for January 29
SCHNABL LLC: Creditors' Meeting Slated for January 23
SP LLC: Creditors' Meeting Slated for January 30


C Y P R U S

SHIP FINANCE: Sells Front Transporter Ship for US$38 Million


C Z E C H   R E P U B L I C

ARAMARK CORP: Fitch Junks US$570 Million Sr. Sub. Notes


G E R M A N Y

A.I.S. INDUSTRIE: Claims Registration Ends February 7
ALLGEMEINE HYPOTHEKENBANK: Halts EUR20-Bln Loan Portfolio Sale
BENQ CORP: Mobile Unit Continues Sale Talks; Bacoc May Bid
DACHTEX WOLFGANG: Claims Registration Ends January 29
DAIMLERCHRYSLER AG: Might Delay Financial Statements Until April

ELKA GMBH: Claims Registration Ends February 2
FLACHSE GMBH: Claims Registration Ends February 2
GISTEC GMBH: Claims Registration Ends February 6
HELPE GMBH: Creditors' Meeting Slated for February 9
INFRASTRUKTURBAU GMBH: Claims Registration Ends January 30

INTERCOR MOEBEL: Creditors' Meeting Slated for February 2
JUNKER UND HONERBOM: Claims Registration Ends February 6
KA-MA VERWALTUNGS: Creditors' Meeting Slated for January 29
MY-TRONIC GMBH: Claims Registration Ends January 31
STEFAN LABS: Claims Registration Ends February 7

VERWALTUNGSGESELLSCHAFT REITHINGER: Claims Filing Ends Feb. 2
VOLKSWAGEN AG: Reorganization Leads to Wolfgang Bernhard's Exit
VOLKSWAGEN AG: Supervisory Board Restructures Management


I T A L Y

ALITALIA SPA: N M Rothschild Creates Consortium for Possible Bid
BANCA IFIS: Fitch Affirms Individual C Rating; Outlook Stable
SBARRO INC: S&P Raises Junk Corporate Credit Rating to B-
SEAT PAGINE: Owners May Sell Stake, Says Investitori Partner


K A Z A K H S T A N

ADYR LLP: Creditors Must File Claims by February 22
AK-ORDA-KAINAR LLP: Claims Filing Period Ends February 22
BANK TURANALEM: Sells US$1 Billion Bonds for Reinvestment Plans
BUDIMEX JSC: Proof of Claim Deadline Slated for February 27
KYZYL OIL: Claims Registration Ends February 22

METALLIST LLP: Creditors' Claims Due February 22
REM VAGON: Creditors Must File Claims by February 27
SHART: Almaty Court Opens Bankruptcy Proceedings
TELECOMSTROY LLP: Claims Filing Period Ends February 14
TRANSMERIDIAN KASPYI: Creditors' Claims Due February 27


K Y R G Y Z S T A N

BROOKLANDS INVESTMENT: Creditors' Claims Due February 20
ENCLAVE ARS: Proof of Claim Deadline Slated for February 22
ROSSBEE LLC: Claims Filing Period Ends February 22


N E T H E R L A N D S

VNU GROUP: Plans to Amend Senior Credit Facility


N O R W A Y

* Fitch Says Nordic Telecom Incumbents Face Challenges Ahead


R U S S I A

AMBER LLC: Orel Bankruptcy Hearing Slated for March 28
ANGRASK-OIL-PRODUCT OJSC: Creditors Must File Claims by Feb. 23
BARYATINSKIY DIARY: Creditors Must File Claims by Feb. 23
CENTERTELECOM OJSC: Nets 115,000 Internet Subscribers in 2006
FOOD COMBINE: Creditors Must File Claims by January 23

FURMANOVSKOYE CJSC: Creditors Must File Claims by Feb. 16
IMENI KRASINA: Tula Bankruptcy Hearing Slated for March 13
KUDARINSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
MINUSINSKIY LLC: Creditors Must File Claims by February 23
OVOSHEVOD CJSC: Omsk Bankruptcy Hearing Slated for June 19

ROS-OIL-SERVICE CJSC: Creditors Must File Claims by Jan. 23
SEL-KHOZ-TEKHNIKA OJSC: Bankruptcy Hearing Slated for Feb. 5
SHIGRY-AGRO-KHIM-SERVICE OJSC: Claims Filing Deadline by Feb. 23
SHUYSKIY COMBINE: Assets Sale Slated for January 26
TROSNYANSKIY FACTORY: Creditors Must File Claims by Feb. 23

WOOD CJSC: Creditors Must File Claims by Jan. 23


S W I T Z E R L A N D

AL-BAU UND: Thalwil Court Closes Bankruptcy Proceedings
BRUNNER & BIRGELEN: Bulach Court Suspends Bankruptcy Proceedings
FIBORA MANAGEMENT: Zurich Court Suspends Bankruptcy Proceedings
HANS SCHWARZ: Wadenswil Court Suspends Bankruptcy Proceedings
HEBATEC HEEB: Wallisellen Court Closes Bankruptcy Proceedings

INOVA BAUTEN: Dubendorf Court Suspends Bankruptcy Proceedings
ISELI KALTE-UND: Thurgau Court Closes Bankruptcy Proceedings
JOSURAN JSC: Zurich Court Suspends Bankruptcy Proceedings
RIET-GARAGE NIEDERGLATT: Zurich Court Starts Bankruptcy Process
X-TRANSPORT LOGISTIK: Zurich Court Suspends Bankruptcy Process


U K R A I N E

BALEON LLC: Creditors Must Submit Claims by January 25
BIELOGORSK WINE: Deadline for Submission of Claims Set Jan. 25
DOVIRA LLC: Deadline for Submission of Claims Set January 25
IMPERIAL LLC: Creditors Must Submit Claims by January 25
SMACHNOGO LLC: Deadline for Submission of Claims Set January 25

SOFT-ONLINE LLC: Creditors Must Submit Claims by January 25
WEST-KAPITAL LLC: Creditors Must Submit Claims by January 25


U N I T E D   K I N G D O M

ADVANCED MARKETING: Hachette Book Blocks US$75-Min DIP Financing
ADVANCED MARKETING: Taps Richards Layton as Local Bankr. Counsel
ADVANCED MARKETING: Wants to Hire O'Melveny Bankruptcy Counsel
CAB FACTORY: Appoints Joint Administrators from DTE Leonard
COLLINS & AIKMAN: Seeks Approval for BVP Lowell Lease Agreement

DANA CORP: Court Sets Feb. 8 Bidding Deadline for Engine Biz
DANA CORP: Wants to Implement Sypris' Parts' Re-Sourcing Program
DURA AUTOMOTIVE: Panel Taps Young Conaway Bankruptcy Co-Counsel
DURA AUTOMOTIVE: Gets Final Ct. OK to Pay Foreign Vendor Claims
ENESCO GROUP: Selling Assets to Tinicum Affiliate Under Ch. 11

ENESCO GROUP: Case Summary & 30 Largest Unsecured Creditors
EUROLINK WORLDWIDE: Names Andrew David Rosler Liquidator
FEDERAL-MOGUL: Court Lifts Stay on Use of U.K. Insurance Claims
FOCUS DIY: Appoints Rothschild for On-Going Strategic Review
GAP INC: Weak Sales Prompt Fitch's Ratings Downgrade

HMV GROUP: Simon Fox to Serve as Interim Managing Director
JIMBOB LIMITED: Appoints Liquidator to Wind Up Business
KARL PROFESSIONAL: Claims Filing Period Ends January 22
KENDALL STATIONERY: Joint Liquidators Take Over Operations
KENTON DISPLAY: Appoints Liquidators from Tenon Recovery

KM BODYSHOP: Liquidator Sets March 19 Claims Bar Date
LOCKINNS LTD: Names George H. W. Griffith Liquidator
MARK MENSWEAR: Brings In Liquidators from CLB Coopers
MARTLET NATURAL: Creditors' Claims Due January 16
METAL ART: Taps Liquidator from Begbies Traynor

MICROSET GRAPHICS: Claims Filing Period Ends January 31
MILLS CORP: Issues Bankruptcy Warning Amidst Accounting Errors
MILLS CORP: Secures March 31 Senior Term Loan Maturity Extension
MORTGAGE OPTIONS: Claims Registration Ends January 22
NASDAQ STOCK: Extends Final Offers for LSE Until January 26

NEW JEWEL: Hires Liquidators from CBA
NEW YORK NAIL: Creditors' Meeting Slated for January 16
ON ASSIGNMENT: Moody's Rates Proposed Credit Facilities at Ba3
ONLINE NETWORK: Taps Peter Bridger to Liquidate Assets
ORBIS TECHNOLOGIES: Calls In Liquidators from BRI Business

OXFORD INSULATION: Brings In Liquidators from Begbies Traynor
PAGAN FILM: Names Joint Liquidators to Wind Up Business
PARCEL FUSION: Appoints Jonathan Sinclair as Liquidator
PARTYGAMING PLC: Satisfies Gaming Biz Acquisition Licensing Deal
PHOENIX STONE: Names William Antony Batty Liquidator

PLAYSCAPE PRO: Nominates Liquidator from Neville Eckley
POSDISPLAY THURMASTON: Liquidator Sets Jan. 25 Claims Bar Date
POWERED ACCESS: Brings In Liqudiators from KPMG LLP
PREMIER FARE: Mark N. Ranson Leads Liquidation Procedure
PRINTS & BEDDING: Taps Paul Appleton to Liquidate Assets

QUATTRO GRAPHICS: Appoints A. J. Clark to Liquidate Assets
RANGEMILE LIMITED: Hires M. T. Coyne as Liquidator
RECTORT LIMITED: Creditors Confirm Liquidator's Appointment
REWIRES DEVON: Calls In Liquidators from Moore Stephens LLP
RUSHWOOD PROPERTIES: Appoints Liquidator to Wind Up Business

SAVECREST MACHINES: Appoints John Russell as Liquidator
SHINEOVER LTD: Creditors' Claims Due February 9
SHOWELL LIMITED: Nominates Paul John Webb as Liquidator
SOLUTIA INC: Expects Profit Growth in 5 Years After Ch. 11 Exit

                            *********

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


ALLEGRO LLC: Creditors' Meeting Slated for January 29
-----------------------------------------------------
Creditors owed money by LLC ALLEGRO (FN 277687p) are encouraged
to attend the creditors' meeting at 9:45 a.m. on Jan. 29 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2006 (Bankr. Case No. 3 S 161/06f).  Kurt Freyler
serves as the court-appointed property manager of the bankrupt
estate.  Hans Rant represents Dr. Freyler in the bankruptcy
proceedings.

The property manager can be reached at:

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


BOCKSRUCKER LLC: Claims Registration Period Ends January 30
-----------------------------------------------------------
Creditors owed money by LLC Bocksrucker (FN 118166z) have until
Jan. 30 to file written proofs of claims to court-appointed
property manager Michael Kadlicz at:

         Mag. Michael Kadlicz
         Domplatz 16
         2700 Wiener Neustadt, Austria
         Tel: 02622/81624
         Fax: 02622/81624-2
         Email: office@auer-kadlicz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 13 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Neunkirchen, Austria, the Debtor declared
bankruptcy on Nov. 24, 2006 (Bankr. Case No. 11 S 126/06z).


ELEARNCONSULT CONSULTING: Claims Registration Ends Jan. 25
----------------------------------------------------------
Creditors owed money by LLC eLearnconsult Consulting &
Engineering (FN 220195t) have until Jan. 25 to file written
proofs of claims to court-appointed property manager Wolfgang
Leitner at:

         Dr. Wolfgang Leitner
         c/o Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39
         Email: kanzlei@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Feb. 8 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2006 (Bankr. Case No. 2 S 166/06h).  Helmut
Platzgummer represents Dr. Leitner in the bankruptcy
proceedings.


HOTEL UNTERBRUNN: Claims Registration Period Ends January 17
------------------------------------------------------------
Creditors owed money by LLC Hotel Unterbrunn (FN 228790g) have
until Jan. 17 to file written proofs of claims to court-
appointed property manager Christoph Brandweiner at:

         Dr. Christoph Brandweiner
         Reichenhallerstr. 9
         5020 Salzburg, Austria
         Tel: 0662-844450
         Fax: 0662-840259-31
         Email: kanzlei@dr-brandweiner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Jan. 29 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         1st Floor
         Salzburg, Austria

Headquartered in Neukirchen am Grossvenediger, Austria, the
Debtor declared bankruptcy on Nov. 24, 2006 (Bankr. Case No.
23 S 81/06s).


M.E.D.I.C.I. LLC: Claims Registration Ends January 23
-----------------------------------------------------
Creditors owed money by LLC M.E.D.I.C.I. (FN 241328w) have until
Jan. 23 to file written proofs of claims to court-appointed
property manager Matthias Schmidt at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 6 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2006 (Bankr. Case No. 45 S 86/06k).  Florian
Gehmacher represents Dr. Schmidt in the bankruptcy proceedings.


MA.RE. - HOLDING: Creditors' Meeting Slated for January 22
----------------------------------------------------------
Creditors owed money by LLC MA.RE. - Holding Consulting (FN
214710a) are encouraged to attend the creditors' meeting at
10:45 a.m. on Jan. 22 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 27, 2006 (Bankr. Case No. 3 S 158/06i).  Daniel
Lampersberger serves as the court-appointed property manager of
the bankrupt estate.  Clemens Richter represents Mag.
Lampersberger in the bankruptcy proceedings.

The property manager can be reached at:

         Mag. Daniel Lampersberger
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at


MC-PROJEKTDATEN: Creditors' Meeting Slated for January 29
---------------------------------------------------------
Creditors owed money by LLC MC-Projektdaten (FN 98791g) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Jan. 29 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2006 (Bankr. Case No. 3 S 155/06y).  Peter Pullez
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna, Austria
         Tel: 513 29 79
         Fax: 513 29 79-25
         E-mail: pullezgschwandtner@aon.at


MV BAU: Creditors' Meeting Slated for January 29
------------------------------------------------
Creditors owed money by LLC MV Bau (FN 254277m) are encouraged
to attend the creditors' meeting at 9:30 a.m. on Jan. 29 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2006 (Bankr. Case No. 3 S 162/06b).  Georg Kahlig
serves as the court-appointed property manager of the bankrupt
estate.  Gerhard Stauder represents Dr. Kahlig in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna, Austria
         Tel: 523 47 91-0
         Fax: 523 47 91-33
         E-mail: kahlig.partner@aon.at


SCHNABL LLC: Creditors' Meeting Slated for January 23
-----------------------------------------------------
Creditors owed money by LLC SCHNABL (FN 228143f) are encouraged
to attend the creditors' meeting at noon on Jan. 23 to consider
the adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

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

Headquartered in Radlberg, Austria, the Debtor declared
bankruptcy on Nov. 24, 2006 (Bankr. Case No. 14 S 190/06s).
Johannes Jaksch serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Dr. Johannes Jaksch
         Schiessstattring 35/13
         3100 St. Poelten, Austria
         Tel: 02742/74 731
         Fax: 02742/74 731-22
         E-mail: kanzlei@jsr.at


SP LLC: Creditors' Meeting Slated for January 30
------------------------------------------------
Creditors owed money by LLC SP (FN 224378v) are encouraged to
attend the creditors' meeting at noon on Jan. 30 to consider the
adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 28, 2006 (Bankr. Case No. 6 S 118/06d).  Rainer
Radlinger serves as the court-appointed property manager of the
bankrupt estate.  Gerhard Schilcher represents Mag. Radlinger in
the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Rainer Radlinger
         c/o Dr. Gerhard Schilcher
         Backerstrasse 1/3/13
         1010 Vienna, Austria
         Tel: 513 23 44
         Fax: 513 23 44 15
         E-mail: wien@kosch-partner.at


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


SHIP FINANCE: Sells Front Transporter Ship for US$38 Million
------------------------------------------------------------
Ship Finance International Ltd. has agreed to sell the single
hull suezmax tanker Front Transporter to an unrelated third
party at a gross sales price of US$38 million.

Frontline will receive a compensation payment of approximately
US$15.4 million for the termination of the charter, and the
Company expects the sale to generate a small book profit.  There
are currently no loans relating to Front Transporter.  Delivery
to the new owner is expected to take place in May or June 2007.

The single hull suezmax tanker Front Target will be converted to
a heavy-lift vessel at COSCO Shipyard in China.  The conversion
will begin in May 2007, and completion is expected in August
2007.  Ship Finance is currently in discussions with Frontline
to structure a new 10-year time-charter for the converted heavy-
lift vessel.  The alternative is to sell the vessel to Frontline
prior to conversion.

Following the sale and conversion, Ship Finance will have 14
single hull vessels in the fleet, down from 18 vessels only
three months ago.  Including vessels under construction and
conversion, the Company's fleet will then consist of 59 vessels.

The announced sale and the heavy-lift conversion confirms the
Board of Director's strategy to diversify and grow the long-term
charter business and actively pursue alternatives for the
Company's single hull tanker fleet.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Moody's
Investors Service affirmed Ship Finance International Ltd.'s
ratings, including the Ba3 Corporate Family Rating, the Ba2
Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


===========================
C Z E C H   R E P U B L I C
===========================


ARAMARK CORP: Fitch Junks US$570 Million Sr. Sub. Notes
-------------------------------------------------------
Fitch expects to downgrade the Issuer Default Rating for both
ARAMARK Corp. and its wholly owned subsidiary, ARAMARK Services
Inc. to B from BB- and rate the proposed financings of ARAMARK
Corp.:

   -- US$600 million revolving senior secured credit facility
      due 2013 BB-/RR2;

   -- US$3.66 billion senior secured term loans due 2014
      BB-/RR2;

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 BB-/RR2;

   -- US$1.7 billion senior unsecured notes due 2015 B-/RR5; and

   -- US$570 million senior subordinated notes due 2017
      CCC+/RR6.

In addition, the rating for the US$250 million senior unsecured
notes due 2012 is expected to be downgraded to CCC+/RR6 from
BB-.

The assignment of these ratings is pending review of the final
transaction documentation.  Upon closing of the transaction,
Fitch expects to withdraw its BB- unsecured bank facility rating
and withdraw its BB- senior unsecured notes rating for existing
senior unsecured notes due 2007 and 2008 with the successful
completion of debt tender offers.  Fitch also expects that the
Negative Rating Watch will be resolved and the Outlook will then
be Stable.

The ratings reflect ARAMARK's substantially higher leverage
ratio and debt service requirements following the completion of
its leveraged buyout and Fitch's expectations for significantly
reduced free cash flow.  ARAMARK is in the process of being
acquired by management together with a consortium of private
equity firms in an LBO for approximately US$8.5 billion.  The
transaction is to be financed through approximately US$2 billion
in equity commitments with the remainder consisting of various
debt instruments noted above.  The transaction is expected to
close in late January.

Pro forma Sept. 29, 2006, total adjusted leverage is expected to
be approximately 7.0x with interest coverage at approximately
1.6x.  Fitch expects credit protection measures to remain near
pro forma levels through the intermediate term.  The ratings
also incorporate potential margin pressure from competitive
pricing and higher operating costs.

Positively, the ratings and outlook reflect ARAMARK's leading
positions in its core services, brand recognition, a well-
diversified customer portfolio, and high customer retention
rates.  In addition, ARAMARK's operating performance has been
relatively stable through various market conditions, including
the company's exposure to unforeseen events over the last couple
of years.

The expected Stable Outlook is also supported by the company's
adequate liquidity position pro forma the proposed transaction,
which includes US$103 million of pro forma cash, US$600 million
revolving credit facility, and a US$250 million accounts
receivable securitization program.  With the closing of the LBO
transaction, Fitch believes that ARAMARK will have limited
ability to improve its credit protection measures in the next
few years.  However the company's stable organic revenue growth
and solid market positions should limit any significant
deterioration of credit measures.

In the event that the senior unsecured and senior subordinated
note offerings are not completed by the transaction's close,
ARAMARK has in place a committed bridge loan facility to fund
the remainder of the transaction's purchase price.  The bridge
loans will be subordinated to the new senior secured credit
facilities.  The security for the senior secured credit
facilities is expected to include a first-priority pledge on all
capital stock held at the holding company, the borrower, and any
subsidiary guarantor; a perfected first-priority security
interest in the assets of the holding company, borrower, and
subsidiary guarantors.

According to company filings, the 2012 notes will only be
guaranteed by the holding company, ARAMARK Corporation, and will
not be guaranteed by the company's operating subsidiaries,
thereby resulting in structural subordination of these notes in
relation to all of the new debt issuances which will be fully
and unconditionally guaranteed by substantially all of the
company's domestic material operating subsidiaries.  The
indenture for the 2012 bonds generally provides no protection
from a change in control event and does not limit the company's
ability to incur additional indebtedness.

The recovery ratings and notching reflect Fitch recovery
expectations under a distressed scenario.  ARAMARK's recovery
ratings reflect Fitch's expectation that the enterprise value of
the company, and hence, recovery rates for its creditors, will
be maximized in a restructuring scenario, rather than a
liquidation.  The RR2 recovery rating for the company's credit
facilities reflects Fitch belief that 71-90% recovery is
reasonable given its priority position.  The recovery rating of
RR5 for the US$1.7 billion of senior unsecured notes, RR6 for
the US$570 million of senior subordinated notes, and RR6 US$250
million 5% senior unsecured notes due 2012 reflects Fitch's
estimate that negligible recovery would be achievable due to
their position in the capital structure.


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G E R M A N Y
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A.I.S. INDUSTRIE: Claims Registration Ends February 7
-----------------------------------------------------
Creditors of a.i.s. Industrie-Recycling Borken GmbH have until
Feb. 7 to register their claims with court-appointed insolvency
manager Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 21, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Meeting Room Area 17
         Building A
         Schladenweg 1
         34560 Fritzlar, 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 Fritzlar opened bankruptcy proceedings
against a.i.s. Industrie-Recycling Borken GmbH on Dec. 28, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         a.i.s. Industrie-Recycling Borken GmbH
         Attn: Michael Kniesel, Manager
         Albert-Einstein-Road 6
         34582 Borken, Germany

The insolvency manager can be contacted at:

         Sandra Mitter
         Wilhelmshoeher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166311
         Fax: 0561/3166312


ALLGEMEINE HYPOTHEKENBANK: Halts EUR20-Bln Loan Portfolio Sale
--------------------------------------------------------------
Allgemeine Hypothekenbank Rheinboden AG stopped the sale of its
EUR20-billion state loan portfolio to Depfa Bank Plc, the
Financial Times Deutschland reports citing an AHBR spokesman.

The spokesman attributed the failed talks to the sale's legal
uncertainties.  He added that the company still plans to pull
out from state loans and is reviewing all options to do so.

                      About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                        *     *     *

As reported in the TCR-Europe on Nov. 3, 2006, Standard & Poor's
Ratings Services lowered its long-term counterparty credit
rating on Germany-based Allgemeine HypothekenBank Rheinboden AG
to 'BB' from 'BB+', following the review of the new business
model the bank has started to implement.  At the same time, the
'B' short-term rating was affirmed.  S&P said the outlook
remains negative.

As reported in the TCR-Europe on Oct 24, 2006, Moody's Investors
Service downgraded the long-term debt and bank deposit ratings
of Allgemeine Hypothekenbank Rheinboden to Ba3 from Baa3 and the
short-term debt and deposit ratings to Not Prime from Prime-3.

The rating for AHBR's subordinated debt (lower tier 2) was
downgraded to B1 from Ba1.  The outlook on all long-term ratings
is negative.  The rating for AHBR's profit participation rights
(Genussscheine) was confirmed at Ca with a stable outlook.  The
E financial strength rating was affirmed and the outlook was
changed to positive.

As reported in TCR Europe on April 26, 2006, Fitch Ratings
placed Allgemeine Hypothekenbank Rheinboden's Short-term F3 and
Support 2 ratings, BBB- senior unsecured obligations, and BB+
subordinated obligations on Rating Watch Negative.  It assigned
AHBR an Issuer Default Rating of BBB-, which is also put on RWN.
The IDR, which replaces the Long-term rating, applies to those
obligations for which Fitch expects potential support to be
forthcoming.

At the same time, the bank's Individual rating is upgraded to
D/E from E and remains on Rating Watch Positive.  In addition,
Fitch affirmed AHBR's outstanding public sector Pfandbriefe at
AAA while the AA+ rated mortgage Pfandbriefe was placed on RWN.
The agency downgraded AHBR's participation rights maturing in
December 2005 through to December 2008 to C/RR6 on the Recovery
Rating Scale and removed them from RWN, following the
publication of its 2005 losses.  Genussscheine maturing after
December 2008 are affirmed at CC/RR5 and removed from RWN.


BENQ CORP: Mobile Unit Continues Sale Talks; Bacoc May Bid
----------------------------------------------------------
BenQ Mobile GmbH & Co. OHG are in talks with German laptop
computer company Bacoc over the latter's plans to acquire the
bankrupt German unit of Taiwan-based BenQ Corp., Germany's
Handelsblatt newspaper cited a spokeswoman for insolvency
administrator Martin Prager as saying.

Handelsblatt reports that Bacoc, which eyes a two-thirds
reduction of BenQ's work force, would retain the firm's facility
in Kamp-Lintfort in North Rhine-Westphalia and close down the
central office in Munich.  Bacoc currently employs 100 staff and
reports EUR95 million in sales.  It plans to expand its product
range to include mobile phones, targeting sales of 4.5 million
units in 2007, Handelsblatt adds.

                   U.S.-German Consortium Bid

Meanwhile, Gilbert Amelia, a former chairman of Apple Computer
Inc., and Hansjorg Beha, a former Daimler-Benz executive, are
reportedly among a group of investors planning to acquire BenQ
Mobile, Frankfurter Allgemeine Zeitung says.

As reported in the Troubled Company Reporter on Jan. 10, a
consortium of U.S.-German investors with IT and
telecommunications backgrounds is one of several groups
interested in BenQ.

According to the German daily, the group is suggesting that BenQ
Mobile specialize in the production of a limited number of
expensive, high-quality mobile phones.  Mr. Prager, however,
believes that there is little chance the group's offer will
succeed because of its incomplete financing concept, the daily
relates.

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

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

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

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

                         Sentex Bid

In a TCR-Europe report on Jan. 12, Henrik Rubinstein, president
of Sentex Sensing Technologies Inc., revealed plans to acquire
BenQ Mobile and disclosed of its position to the firm's
creditors.

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.

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.

                          About BenQ

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

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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


DACHTEX WOLFGANG: Claims Registration Ends January 29
-----------------------------------------------------
Creditors of dachtex Wolfgang Weller GmbH & Co. KG have until
Jan. 29 to register their claims with court-appointed insolvency
manager Manfred Dobler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 12, 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg, 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 Ludwigsburg opened bankruptcy proceedings
against dachtex Wolfgang Weller GmbH & Co. KG on Dec. 29, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         dachtex Wolfgang Weller GmbH & Co. KG
         Attn: Wolfgang Weller, Manager
         Dieselstrasse 27
         70839 Gerlingen, Germany

The insolvency manager can be contacted at:

         Manfred Dobler
         Gansheidestrasse 1
         70184 Stuttgart, Germany
         Tel: 0711/16433-0


DAIMLERCHRYSLER AG: Might Delay Financial Statements Until April
----------------------------------------------------------------
DaimlerChrysler AG's fourth quarter and full year 2006 financial
statements may not be released as planned on Feb. 14, and the
company's April 4 annual general assembly may be postponed, a
company spokeswoman told the Frankfurter Allgemeine
Sonntagszeitung.

She confirmed that the delay is caused by refusal of the
company's works council to approve overtime work for accountants
to complete the annual report on time, reports said.

The prohibition to work extra hours by the council is in protest
against management plans to cut 6,000 administrative jobs.

The company plans to move some administrative work to Prague
where labor costs are lower than in Germany.

                      About the Company

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.


ELKA GMBH: Claims Registration Ends February 2
----------------------------------------------
Creditors of Elka GmbH have until Feb. 2 to register their
claims with court-appointed insolvency manager Martin
Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 26, 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 Hildesheim
         Hall 124
         Main Building
         Emperor Route 60
         31134 Hildesheim, 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 Hildesheim opened bankruptcy proceedings
against Elka GmbH on Dec. 28, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Elka GmbH
         Zeissstr. 19
         30519 Hanover, Germany

The insolvency manager can be contacted at:

         Dr. Martin Moderegger
         Schiffgraben 23
         30159 Hanover, Germany
         Tel: 0511-3536738
         Fax: 0511-3536739


FLACHSE GMBH: Claims Registration Ends February 2
-------------------------------------------------
Creditors of Flachse GmbH have until Feb. 2 to register their
claims with court-appointed insolvency manager Thomas
Lauterfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against Flachse GmbH on Dec. 22, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Flachse GmbH
         Attn: Volker Hillemacher, Manager
         Pramienstrasse 110
         41844 Wegberg, Germany

The insolvency manager can be contacted at:

         Thomas Lauterfeld
         Eickener Road 183
         41063 Moenchengladbach, Germany
         Tel: 02161/2472517
         Fax: 02161/208874


GISTEC GMBH: Claims Registration Ends February 6
------------------------------------------------
Creditors of GIStec GmbH have until Feb. 6 to register their
claims with court-appointed insolvency manager Sylvia Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 8, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.308
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against GIStec GmbH on Dec. 28, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         GIStec GmbH
         Rundeturmstrasse 12
         64283 Darmstadt, Germany

         Attn: Uwe Jasnoch, Manager
         Jahnstrasse 16
         64732 Bad Koenig, Germany

The insolvency manager can be contacted at:

         Sylvia Hofmann
         Birkenweg 24
         64295 Darmstadt, Germany
         Tel: 06151-66729-0
         Fax: 06151-66729-20
         E-mail: darmstadt@ltb-anwaelte.de


HELPE GMBH: Creditors' Meeting Slated for February 9
----------------------------------------------------
The court-appointed insolvency manager for Helpe GmbH, Dirk
Wittkowski, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Feb. 9.

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 May 4, at the same venue.

Creditors have until March 9 to register their claims with the
court-appointed insolvency manager.

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

The Debtor can be reached at:

         Helpe GmbH
         Kaiserin-Augusta-Avenue 86 c
         10623 Berlin, Germany

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin, Germany


INFRASTRUKTURBAU GMBH: Claims Registration Ends January 30
----------------------------------------------------------
Creditors of Infrastrukturbau GmbH have until Jan. 30 to
register their claims with court-appointed insolvency manager
Bernd Wetjen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Feb. 19, 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 Hildesheim
         Hall 124
         Main Building
         Emperor Route 60
         31134 Hildesheim, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 1:00 p.m. on Feb. 26 at the same venue.

The District Court of Hildesheim opened bankruptcy proceedings
against Infrastrukturbau GmbH on Dec. 29, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Infrastrukturbau GmbH
         Lavesstr. 8-12
         31137 Hildesheim, Germany

The insolvency manager can be contacted at:

         Bernd Wetjen
         Alter Markt (Kaiserhaus) 1
         31134 Hildesheim, Germany
         Tel: 91710
         Fax: 917171


INTERCOR MOEBEL: Creditors' Meeting Slated for February 2
---------------------------------------------------------
The court-appointed insolvency manager for intercor Moebel- und
Innenausbau GmbH, Bjoern Gehde, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:35 a.m. on Feb. 2.

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 10:10 a.m. on April 27, at the same venue.

Creditors have until March 2 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against intercor Moebel- und Innenausbau GmbH on
Nov. 21, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         intercor Moebel- und Innenausbau GmbH
         Koethener Str. 44
         10963 Berlin, Germany

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin, Germany


JUNKER UND HONERBOM: Claims Registration Ends February 6
--------------------------------------------------------
Creditors of Junker und Honerbom Maurer- und Betonarbeiten GmbH
& Co.KG have until Feb. 6 to register their claims with court-
appointed insolvency manager Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Muenster
         Meeting Room 106 C
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Junker und Honerbom Maurer- und Betonarbeiten GmbH &
Co.KG on Dec. 1, 2006.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Junker und Honerbom Maurer- und
         Betonarbeiten GmbH & Co.KG
         Berno Honerbom, Manager
         Heiligenstadter Road 9
         46359 Heiden, Germany

         Attn: Matthias Junker, Manager
         Schuetzenstrasse 30
         46359 Heiden, Germany

The insolvency manager can be contacted at:

         Dr. Leo Schoofs
         Salierstr. 4
         46395 Bocholt, Germany


KA-MA VERWALTUNGS: Creditors' Meeting Slated for January 29
-----------------------------------------------------------
The court-appointed insolvency manager for KA-MA Verwaltungs
GmbH, Christoph Schulte-Kaubruegger, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on Jan. 29.

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 9:05 a.m. on May 21, at the same venue.

Creditors have until March 30 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against KA-MA Verwaltungs GmbH on Dec. 27, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KA-MA Verwaltungs GmbH
         Kurfuerstenstr. 56
         10785 Berlin, Germany

The insolvency manager can be reached at:

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


MY-TRONIC GMBH: Claims Registration Ends January 31
---------------------------------------------------
Creditors of my-tronic GmbH Entwicklung have until Jan. 31 to
register their claims with court-appointed insolvency manager
Hans-Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 15, 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 Wittlich
         Hall 3
         Law Courts
         Kurfuerstenstrasse 63
         54516 Wittlich, 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 Wittlich opened bankruptcy proceedings
against my-tronic GmbH Entwicklung on Dec. 29, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         my-tronic GmbH Entwicklung
         Hans-Georg Mettler Str. 6
         54497 Morbach, Germany

         Attn: Norbert Ernst, Manager
         Sand 28
         54497 Morbach, Germany

The insolvency manager can be contacted at:

         Hans-Albrecht Brauer
         Jahnstr. 1
         54550 Daun, Germany
         Tel: 06592/985604
         Fax: 06592/7344


STEFAN LABS: Claims Registration Ends February 7
------------------------------------------------
Creditors of Stefan Labs GmbH Gartenbau und
Landschaftsgestaltung have until Feb. 7 to register their claims
with court-appointed insolvency manager Julia Schupp.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 19, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against Stefan Labs GmbH Gartenbau und Landschaftsgestaltung on
Dec. 27, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Stefan Labs GmbH Gartenbau
         und Landschaftsgestaltung
         August-Thyssen-Str. 7
         52249 Eschweiler, Germany

The insolvency manager can be contacted at:

         Dr. Julia Schupp
         Windmuehle 80
         52399 Merzenich, Germany


VERWALTUNGSGESELLSCHAFT REITHINGER: Claims Filing Ends Feb. 2
-------------------------------------------------------------
Creditors of Verwaltungsgesellschaft Reithinger mbH have until
Feb. 2 to register their claims with court-appointed insolvency
manager Elfi Doubleday.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 20, 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 Konstanz
         Hall 102
         First Floor
         Nebengebaude
         Gerichtsgasse 9
         78462 Konstanz, 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 Konstanz opened bankruptcy proceedings
against Verwaltungsgesellschaft Reithinger mbH on Nov. 23, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Verwaltungsgesellschaft Reithinger mbH
         Attn: Jens-Ove Stier and Heinz Wascheck, Managers
         Freiheitstr. 35
         78224 Singen, Germany

The insolvency manager can be contacted at:

         Elfi Doubleday
         Bleicherstr. 16
         78467 Konstanz, Germany


VOLKSWAGEN AG: Reorganization Leads to Wolfgang Bernhard's Exit
---------------------------------------------------------------
Wolfgang Bernhard, chairman of Volkswagen AG's VW brand and
member of the company's board of management, will leave the
company by mutual agreement effective Jan. 31 as part of the
reorganization of responsibilities within the VW Group.

The Wall Street Journal previously reported that Mr. Bernhard's
resignation is the latest sign of high-level friction at the
German carmaker following last month's resignation of CEO Bernd
Pischetsrieder.  The planned management shake-up is backed by
the automaker's largest shareholder, chairman Ferdinand Piech.

In a Troubled Company Reporter-Europe report on Jan. 9, a new
position for Dr. Bernhard was proposed by the company's board of
directors and limits the executive's work to overseeing the
company's production and not the crucial development of new
models and sales.

However, according to people familiar with the matter last week,
Dr. Bernhard turned down the offer, stressing that it violates
the terms of his contract, which runs until 2010.

Citing Der Spiegel as its source, Bloomberg News relates that
Dr. Bernhard will receive about EUR6 million as a result of the
early termination of his contract.

Dr. Bernhard has been a member of Volkswagen AG's Board of
Management since Feb. 1, 2005.  He has also been responsible for
the Volkswagen brand as chairman of the brand group since May
2005.

Martin Winterkorn, who will take over the management of the VW
brand group in addition to his present duties, emphasized that
Dr. Bernhard had furthered the process of restructuring the
company resulting in increased productivity of the VW brand.

Mr. Bernhard played an important role in pushing forward the
company's tight cost cutting measures, including the campaign to
slash its German workforce by 20,000 in the face of rough
competition.

He was also behind the company's decision last year to pull out
from the U.S. market the US$68,00 VW Phaeton sedan following
disappointing sales, a move that bothered Mr. Piech, who
defended the Phaeton's development when he was CEO between 1993
and 2002.

Mr. Piech, whose grandfather Ferdinand Porsche founded Porsche
AG, became VW's largest shareholder when the sports-car maker
decided last year to purchase more than EUR3 billion Volkswagen
shares.

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

                        *    *    *

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

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

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


VOLKSWAGEN AG: Supervisory Board Restructures Management
--------------------------------------------------------
The Supervisory Board of Volkswagen AG unanimously agreed to the
restructuring of the Board of Management and the Group Executive
Committee put forward by Martin Winterkorn, chairman of the
board, on Jan. 11.

The Board decided to disband the Volkswagen and Audi brand
groups.

                       Board of Management

Wolfgang Bernhard, chairman of the board of management of the
Volkswagen brand and member of the board of management of
Volkswagen AG, will, by mutual consent, leave the company
effective Jan. 31, as a result of the reallocation of
responsibilities within the Volkswagen Group.

Dr. Winterkorn will take over the chairmanship of the Board of
Management of the VW brand in addition to his other tasks.

Dr. Winterkorn will also lead the Group Research and
Development, a new area of responsibility to be created.

Jochem Heizman will lead the Group Production, a new area of
responsibility, effective Feb. 1.  Dr. Heizmann was previously
responsible for production at the Audi brand.

The third new area of responsibility is Group Sales.  The holder
of this position will be decided at a later date.  The
responsibility for volumes, revenue and earnings remains fully
with the brands.

                   Other Management Changes

Stephan Gruehsem has been appointed the new Head of Group
Communications and, as a new member of the Group Management,
will be appointed General Representative of Volkswagen AG
effective Feb. 1.

The departments Group Investor Relations and Group External
Relations will be integrated into Group Communications.  Mr.
Gruehsem was previously Head of Corporate Communications at Audi
AG; he will initially be taking on the new responsibilities in
addition to his previously held post.

Ulrick Hackenberg has been appointed Member of the Board of
Management with responsibility for Development for the
Volkswagen brand with effect from Feb. 1.  He will be taking
over this position from Dr. Wolfgang Bernhard who previously
held this position.  Dr. Hackenberg was previously Head of
Concept Development, Body Development, Electronics and
Electrical Systems.

Werner Neubauer, previously General Representative of Volkswagen
AG, responsible for the Components Division, will be appointed
Member of the Board of Management of the Volkswagen brand with
responsibility for Components effective Feb. 1.

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

                        *    *    *

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

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

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


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


ALITALIA SPA: N M Rothschild Creates Consortium for Possible Bid
----------------------------------------------------------------
N M Rothschild & Sons Ltd. is forming a consortium of local and
international firms to present an offer for the Italia
government's 30.1% stake in Alitalia S.p.A., Reuters reports
citing a source privy to the investment bank.

The consortium will comprise Rothschild, Italian carriers Air
One and Meridiana S.p.A. and two U.S. private equity funds,
ATWOnline relays.  Meridiana acquired a 30% stake in Eurofly in
December 2006.

As reported in the TCR-Europe on Jan. 12, Paolo Alazraki has
presented a recovery plan for Alitalia.

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.

Mr. Alazraki said the EUR2 billion needed to relaunch Alitalia
would be funded either through a capital increase or a
convertible bond issue.

                     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.


BANCA IFIS: Fitch Affirms Individual C Rating; Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed Italy-based Banca IFIS's ratings at
Issuer Default BBB- with a Stable Outlook, Short-term F3,
Individual C, and Support 5.

The ratings reflect Banca IFIS's operations as a niche bank,
adequate risk management, satisfactory capitalization, and
credible plans to increase capital in the medium term.  They
also reflect its relatively small size, the fast growth
experienced in recent years, reliance on wholesale funding, and
the need to strengthen its internal organization and controls in
view of expansion plans in Italy and abroad.  IFIS's relatively
small size currently limits the upside potential of its ratings
which, however, might benefit from a longer record of good
performance and asset quality.  Conversely, the ratings might
come under pressure should the bank's profitability suffer a
structural deterioration or its liquidity or capital ratios
deteriorate materially.

Banca IFIS is a small bank providing factoring services to
predominantly Italian small- and medium-sized companies.  Given
the collateralized nature of this type of lending, the bank
considers factoring as a means of reducing credit risk.  Based
in northeast Italy, Banca IFIS has operated as a bank since
January 1, 2002, and has since expanded its activities at a
rapid pace.  It operates a network of 11 branches throughout
Italy.  Internationally, IFIS has two representative offices in
Budapest and Bucharest and a lightly staffed office in Paris.
In 2005, it acquired a small Polish factoring company, IFIS
Finance.


SBARRO INC: S&P Raises Junk Corporate Credit Rating to B-
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Melville, New York-based Sbarro Inc. to 'B-' from
'CCC+'.

Concurrently, all ratings were removed from CreditWatch, where
they were placed with developing implications after the report
that the company is being acquired by private equity investors.

The outlook is stable.

At the same time, Standard & Poor's assigned a 'B' rating to
Sbarro Inc.'s $25 million secured revolver due 2013 and
$150 million first-lien term loan due 2014.  This and the
recovery rating of '1' indicate that lenders can expect full
recovery of principal in the event of payment default.

Standard & Poor's also assigned a 'CCC' rating to the proposed
$150 million senior unsecured notes due 2015, which will be
issued under rule 144a with registration rights.  The notes are
rated two notches lower than the corporate credit rating due to
their structural subordination to the credit facility.

"The upgrade is the result of Sbarro's improved operating
performance over the past three years, and Standard & Poor's
expectation that the company can maintain its current level of
performance," said Standard & Poor's credit analyst Diane Shand.


SEAT PAGINE: Owners May Sell Stake, Says Investitori Partner
------------------------------------------------------------
Investitori Associati and other shareholders in Seat Pagine
Gialle S.p.A. may consider selling their stake in the company,
Bloomberg News reports citing Dario Cossutta, a partner at
Investitori Associati.

Mr. Cossutta said that Investitori Associati is currently not in
sale talks with anyone.  He, however, said that the firm might
sell the stake for the right price, Bloomberg News relays.

"If we were to receive a check we couldn't refuse, we'd sell,"
Mr. Cossutta said.  "We've had the holding for four years.  For
private-equity funds it's natural to think of selling after four
years."

Investitori Associati, CVC Capital Partners, Permira and BC
Partners together hold a 50.1% in Seat.

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. --
http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.

                          *     *     *

Moody's Investors Service assigned Seat Pagine Gialle S.p.A. a
Ba3 Corporate Family Rating, with stable outlook.

Fitch Ratings also placed the company an Issuer Default rating
of BB- with Stable Outlook.  Fitch also assigned rating of BB to
Seat's senior secured facilities, and B+ to the senior notes
issued by Lighthouse International Company S.A.

Standard & Poors also assigned BB- Long-term Local and Foreign
Issuer Rating to Seat.


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


ADYR LLP: Creditors Must File Claims by February 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Adyr insolvent on Nov. 20, 2006.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Feb. 22 to submit written proofs of claim
to:

         LLP Adyr
         Kurmanov Str. 63
         Kolbai
         Alakolsky District
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 24-11-28
              8 701 482 688


AK-ORDA-KAINAR LLP: Claims Filing Period Ends February 22
---------------------------------------------------------
According to decision of the Specialized Inter-Regional Economic
Court of Almaty Region declared LLP Ak-Orda-Kainar insolvent on
Nov. 20, 2006.  Subsequently, bankruptcy proceedings were
introduced at the company.

Creditors have until Feb. 22 to submit written proofs of claim
to:

         LLP Ak-Orda-Kainar
         Kurmanov Str. 63
         Kolbai
         Alakolsky District
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 24-11-28
              8 701 482 688


BANK TURANALEM: Sells US$1 Billion Bonds for Reinvestment Plans
---------------------------------------------------------------
Bank TuranAlem sold US$1 billion in bonds, which it plans to
invest on its expansion plans, Bloomberg News reports.

The bonds include US$250 million of two-year floating-rate notes
and US$750 million of 30-year fixed-rate securities, with buyers
getting the option to sell the 30-year bonds back to the bank
after 10 years, Bloomberg News states.

"We reached agreements with investors, mostly from the U.S., on
selling these bonds," Valentina Vladimirskaya, a spokeswoman for
the company, said before the sale was completed.

The two-year notes were priced to generate 1.60 percentage
points more than the three-month London Interbank offered rate,
while the 30-year bonds yield 8.375%, Bloomberg News relates.
The three-month Libor is 5.36%.

                      About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, Bank TuranAlem --
http://bta.kz/en/-- is the second largest commercial bank in
Kazakhstan by IFRS assets by 2005.  The group is present in all
segments of the market: corporate and retail banking, trade
financing, fund market, credits, SME development, leasing,
mortgage lending and pension funds.  The bank's common stock is
owned primarily by a number of Kazakh investors, but Raiffeisen
Zentralbank, the European Bank for Reconstruction and
Development, the International Finance Corporation and
Nederlandse Financierings - Maatschappij Voor
Ontwikkelingslanden own convertible preferred shares.

As of Dec. 31, 2005, Bank TuranAlem had over US$9.2 billion in
total assets and over US$1.6 billion in total equity.

                        *     *     *

As reported in the TCR-Europe on Dec. 6, 2006, Standard & Poor's
Ratings Services revised its outlook on Bank TuranAlem to
positive from stable.  At the same time, Standard & Poor's
affirmed its 'BB/B' long- and short-term counterparty credit
ratings.

As reported by the TCR-Europe on Dec. 27, 2006, Fitch Ratings
changed to Positive from Stable its Outlook on the bank's
foreign currency BB+ IDR, which was affirmed.  Other ratings for
the bank affirmed at local currency IDR BBB-/Stable, Short-term
foreign currency B, Short-term local currency F3, Support 3, and
Individual C/D.


BUDIMEX JSC: Proof of Claim Deadline Slated for February 27
-----------------------------------------------------------
The South-Kazakhstan Branch of JSC Budimex has declared
insolvency.  Creditors have until Feb. 27 to submit written
proofs of claim to:

         JSC Budimex
         Turkestanskaya Str. 2/4-1
         Shymkent
         South Kazakhstan Region
         Kazakhstan


KYZYL OIL: Claims Registration Ends February 22
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Kyzyl Oil insolvent on
Nov. 29, 2006.

Creditors have until Feb. 22 to submit written proofs of claim
to:

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


METALLIST LLP: Creditors' Claims Due February 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Trade House Metallist insolvent.

Creditors have until Feb. 22 to submit written proofs of claim
to:

         LLP Metallist
         Al-Farabi Ave. 119-303
         Kostanai
         Kostanai Region
         Kazakhstan
         Tel: 8 (3142) 53-63-21


REM VAGON: Creditors Must File Claims by February 27
----------------------------------------------------
JSC Rem Vagon has declared insolvency.  Creditors have until
Feb. 27 to submit written proofs of claim to:

         JSC Rem Vagon
         Birjan Sal Str. 4
         Astana, Kazakhstan
         Tel: 8 (3172) 93-39-18
              8 (3172) 93-58-88
              8 (3172) 93-56-90


SHART: Almaty Court Opens Bankruptcy Proceedings
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against Joint Stock Insurance
Company (Shart) RNN 600400015130 on Dec. 11, 2006.


TELECOMSTROY LLP: Claims Filing Period Ends February 14
-------------------------------------------------------
LLP Telecomstroy has declared insolvency.  Creditors have until
Feb. 14 to submit written proofs of claim to:

         LLP Telecomstroy
         Kurmangazy Str. 158
         Uralsk
         West Kazakhstan Region
         Kazakhstan


TRANSMERIDIAN KASPYI: Creditors' Claims Due February 27
-------------------------------------------------------
LLP Transmeridian Kaspyi Petroleum has declared insolvency.
Creditors have until Feb. 27 to submit written proofs of claim
to:

         Office 95
         Dostyk Ave. 44
         Almaty, Kazakhstan

            -- or --

         Business Centre White Tower
         Abylai han Ave. 135
         Almaty, Kazakhstan


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


BROOKLANDS INVESTMENT: Creditors' Claims Due February 20
--------------------------------------------------------
The Representation of Company Brooklands Investment Limited
Liability Company has declared insolvency.  Creditors have until
Feb. 20 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 62-32-97.


ENCLAVE ARS: Proof of Claim Deadline Slated for February 22
-----------------------------------------------------------
LLC Enclave ARS has declared insolvency.  Creditors have until
Feb. 22 to submit written proofs of claim to:

         LLC Enclave ARS
         Logvinenko Str. 26a-1
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 62-22-32


ROSSBEE LLC: Claims Filing Period Ends February 22
--------------------------------------------------
LLC Rossbee has declared insolvency.  Creditors have until
Feb. 22 to submit written proofs of claim to:

         LLC Rossbee
         Toktogula Str. 250
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 65-73-88


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


VNU GROUP: Plans to Amend Senior Credit Facility
------------------------------------------------
VNU Group B.V. intends to amend its senior credit facility in
order to reduce the interest rates on the term loans under the
facility.

The amendment will require the approval of the lenders in
accordance with the terms of the facility.

In a public presentation to its senior lenders, VNU disclosed
that it has drawn EUR4.06 billion (US$5.20 billion) from its
Term Loan B facility as of Sept. 30, 2006.  Including capital
leases, the total amount drawn from its Senior Secured Debt is
EUR4.17 billion (US$5.35 billion) as of Sept. 30, 2006.  The
company has EUR658 million (US$844 million) in Senior Unsecured
Notes as of Sept. 30, 2006.  Total operating company debt,
including Senior Subordinated Discount Notes, is EUR5.50 billion
(US$7.06 billion) as of Sept. 30, 2006.

A full-text copy of the company's presentation is provided at no
charge at http://bankrupt.com/misc/vnu_lender_pres2.pdf

                            About VNU

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                          *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


* Fitch Says Nordic Telecom Incumbents Face Challenges Ahead
------------------------------------------------------------
Fitch Ratings says Nordic telecom trends are likely to get worse
before they get better, negatively affecting the credit quality
of those incumbents with the greatest exposure to the region.

The continued decline of fixed-line operations, combined with
increased competition in both the mobile and broadband sectors,
will continue to place pressure on the revenues of TeliaSonera,
Telenor, and TDC.

"Despite significant international expansion in recent years,
these credits remain largely driven by their domestic Nordic
markets," says Mike Dunning, managing director in Fitch's
European TMT team.  "In addition, further revenue growth outside
the Nordic markets is likely to be restrained due to the current
high price of key foreign assets."

This report compares the fixed-line, broadband, and mobile
markets in Denmark, Finland, Sweden, and Norway and outlines
Fitch's views on the future impact of these markets on the
former incumbent telecom providers.


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


AMBER LLC: Orel Bankruptcy Hearing Slated for March 28
------------------------------------------------------
The Arbitration Court of Orel Region will convene on March 28 to
hear the bankruptcy supervision procedure on LLC Trading House
Amber.  The case is docketed under Case No. A48-5083/06-17b.

The Temporary Insolvency Manager is:

         A. Volchkov
         3rd Kurskaya Str. 15
         302004 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         LLC Trading House Amber
         Okyabrskaya Str. 27
         302028 Orel Region
         Russia


ANGRASK-OIL-PRODUCT OJSC: Creditors Must File Claims by Feb. 23
---------------------------------------------------------------
Creditors of OJSC Angrask-Oil-Product have until Feb. 23 to
submit written proofs of claim to:

         A. Krulikovskiy, Insolvency Manager
         Krasnokazachya Str. 119
         664081 Irkutsk Region
         Russia
         Tel/Fax: (3952)233-940/ 228-546

The Arbitration Court of Irkutsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-7593/06-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Angrask-Oil-Product
         K. Marksa Str. 6
         Angarsk
         665830 Irkutsk Region
         Russia


BARYATINSKIY DIARY: Creditors Must File Claims by Feb. 23
---------------------------------------------------------
Creditors of OJSC Baryatinskiy Diary have until Feb. 23 to
submit written proofs of claim to:

         F. Amarov, Insolvency Manager
         Sovetskaya Str. 106
         248032 Kaluga Region
         Russia
         Fax: 8(0842)54-32-48

The Arbitration Court of Kaluga Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A23-6554/05B-10-142.

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         OJSC Baryatinskiy Diary
         Sovetskaya Str. 45
         Baryatino
         149500 Kaluga Region
         Russia


CENTERTELECOM OJSC: Nets 115,000 Internet Subscribers in 2006
-------------------------------------------------------------
The number of subscribers of broadband Internet access via ADSL
2+ technology service promoted by OJSC CenterTelecom under
Domolink brand has exceeded 115,000 users in 2006.

Significant increase in the subscriber base of the Internet
ADSL-access service became one of the most important lines of
CenterTelecom activities in 2006.  Deep-laid marketing strategy,
thorough analysis of the Internet access services market of the
Central Russia, use of up-to-date sales system organization
methods and control of the project implementation by the
management of OJSCCenterTelecom, high quality of the service and
guaranteed technical support became the key components, which
made for success of the program on promotion of Domolink brand
in the Central Federal District.

For eight months of the project implementation, which started in
the middle of this year April, the number of subscribers of the
broadband Internet access service of OJSC CenterTelecom
increased by more than 7.2 times -- from 16,190 at the beginning
of the year up to 115,052 in December 2006.  At the same time
the dynamics of connections in November-December exceeded 5,500-
6,000 subscribers per week comparing with 500 new connections
per week in April-May of this year.

In 2006 Domolink project has been deployed on the territory of 6
regions of the CFD: in the Belgorod, Voronezh, Kaluga, Lipetsk,
Moscow and Tula regions.

In 2007 CenterTelecom plans to expand significantly the
geography of ADSL Internet access service provision with the use
of the new brand and start active promotion of the project in
the other regions covered by the Company.  At the same time,
according to the estimates of the OJSC CenterTelecom management,
the number of the broadband Internet access service subscribers
will reach 250 thousand users in the end of 2007.

Summing up the results of the Domolink project implementation in
2006, General Director of OJSC CenterTelecom Sergei Pridantsev
noted that the significant increase of the subscriber base and
great interest to ADSL Internet access features showed by the
actual and potential users had proved accuracy of the Company's
management forecasts about necessity and expediency of such
service launch in the CFD regions.

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides
fixed-line and mobile communications in the Russian Central
Federal District.  CenterTelecom had a charter capital of
RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, 2006, Fitch Ratings
changed OAO Centertelecom's Outlook to Positive from Stable.
Its ratings are affirmed at Issuer Default B- and Short-term B.
CT's National Long-term rating is affirmed at BB+.  The Outlook
on the National Long-term rating has been changed to Positive
from Stable.

Fitch has also assigned a BB+ rating to CT's RUB3 billion bond
with a maturity in August 2011.

Standard & Poor's Ratings Services also raised its long-term
corporate credit rating on CenterTelecom to B from B- (with
stable outlook) as well as its long-term Russian national scale
rating to ruBBB+ from ruBBB-.


FOOD COMBINE: Creditors Must File Claims by January 23
------------------------------------------------------
Creditors of CJSC Food Combine (TIN 5249018083) have until
Jan. 23 to submit written proofs of claim to:

         M. Smirnov, Insolvency Manager
         B. Pecherskaya Str. 45A - 7
         603155 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No.
A43-31912/2006, 33-329.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Food Combine
         Pirogova Str. 3A
         Dzerzhinsk
         Nizhniy Novgorod Region
         Russia


FURMANOVSKOYE CJSC: Creditors Must File Claims by Feb. 16
---------------------------------------------------------
Creditors of CJSC Furmanovskoye have until Feb. 16 to submit
written proofs of claim to:

         M. Chumak, Insolvency Manager
         Room 6
         Kalinina Square 17
         236039 Kaliningrad Region
         Russia

The Arbitration Court of Kaliningrad Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21-3476/2006.

The Arbitration Court of Kaliningrad Region is located at:

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         CJSC Furmanovskoye
         Furmanovo
         Gusevskiy Region
         238042 Kaliningrad Region
         Russia


IMENI KRASINA: Tula Bankruptcy Hearing Slated for March 13
--------------------------------------------------------
The Arbitration Court of Tula Region will convene at 10:00 a.m.
on March 13 to hear the bankruptcy supervision procedure on CJSC
Imeni Krasina (TIN 7113001495).  The case is docketed under Case
No. A68-617/B-06.

The Temporary Insolvency Manager is:

         N. Rzyankin
         Post User Box 1451
         Room 601
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         CJSC Named Imeni Krasina
         Imeni Krasina
         Efremovskiy Region
         301860 Tula Region
         Russia


KUDARINSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Buryatiya Republic commenced bankruptcy
supervision procedure on OJSC Butter Making Plant Kudarinskiy.
The case is docketed under Case No. A10-1652/06.

The Temporary Insolvency Manager is:

         V. Togmitov
         Room 300
         Solnechnaya Str.7A
         Ulan-Ude
         670051 Buryatiya Republic
         Russia

The Arbitration Court of Buryatiya Republic is located at:

         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         OJSC Butter Making Plant Kudarinskiy
         Promyshlennaya Str. 7
         Kudra-Somon
         Kyakhtinskiy Region
         Buryatiya Republic
         Russia


MINUSINSKIY LLC: Creditors Must File Claims by February 23
----------------------------------------------------------
Creditors of LLC Fishing Factory Minusinskiy have until
Feb. 23 to submit written proofs of claim to:

         A. Fomin, Insolvency Manager
         Post User Box 131
         664025 Irkutsk Region
         Russia
         Tel: (3952) 33-40-68

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-12571/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Fishing Factory Minusinskiy
         Repina Str. 1
         Minusinsk
         662800 Krasnoyarsk Region
         Russia


OVOSHEVOD CJSC: Omsk Bankruptcy Hearing Slated for June 19
----------------------------------------------------------
The Arbitration Court of Omsk Region will convene on June 19 to
hear the bankruptcy supervision procedure on CJSC Ovoshevod.
The case is docketed under Case No. A46-20087/2006.

The Temporary Insolvency Manager is:

         A. Lyasman
         Kuybysheva Str. 81-103
         644010 Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Ovoshevod
         Berezovaya Str. 1
         Klyuchi
         644516 Omsk Region
         Russia


ROS-OIL-SERVICE CJSC: Creditors Must File Claims by Jan. 23
-----------------------------------------------------------
Creditors of CJSC Ros-Oil-Service have until Jan. 23 to submit
written proofs of claim to:

         S. Kuznetsov, Insolvency Manager
         To be called for Mr. S. Kuznetsov
         125009 Moscow Region
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-40951/06-38-908B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Ros-Oil-Service
         Mira Pr. 101
         129085 Moscow Region
         Russia


SEL-KHOZ-TEKHNIKA OJSC: Bankruptcy Hearing Slated for Feb. 5
------------------------------------------------------------
The Arbitration Court of Tver Region will convene on Feb. 5 to
hear the bankruptcy supervision procedure on OJSC Sel-Khoz-
Tekhnika.  The case is docketed under Case No. A66-9249/06.

The Temporary Insolvency Manager is:

         S. Postnov
         Emmaus 27
         170330 Tver Region
         Russia

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         S. Postnov
         Emmaus 27
         170330 Tver Region
         Russia


SHIGRY-AGRO-KHIM-SERVICE OJSC: Claims Filing Deadline by Feb. 23
----------------------------------------------------------------
Creditors of OJSC Shigry-Agro-Khim-Service have until Feb. 23 to
submit written proofs of claim to:

         M. Servryukov, Insolvency Manager
         Seregina Str. 20
         305018 Kursk Region
         Russia

The Arbitration Court of Kursk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A35-3487/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Shigry-Agro-Khim-Service
         Lazareva Str. 17
         Shigry
         306530 Kursk Region
         Russia


SHUYSKIY COMBINE: Assets Sale Slated for January 26
---------------------------------------------------
CJSC Consulting Company Nikons, the bidding organizer for
OJSC Shuyskiy Combine of Grain Products, will open a public
auction for the company's properties at 2:00 p.m. on Jan. 26 at:

         OJSC Shuyskiy Combine of Grain Products
         Zavokzalnaya Str. 1
         Shuya
         Ivanovo Region
         Russia

The company has set RUR4,100,879 as starting price for the
auctioned asset.

Interested participants have until noon on Jan. 25 to deposit an
amount of RUR200,000 to:

         OJSC Shuyskiy Combine of Grain Products
         Settlement Account 40702810700050000145 in
         Shuyskiy Branch  OJSC CIB Evroalyans
         BIK 042433783
         Correspondent Account 3010181040000000783

Bidding documents must be submitted to:

         OJSC Shuyskiy Combine of Grain Products
         Zavokzalnaya Str. 1
         Shuya
         Ivanovo region
         Russia
         Tel: (49351) 2-30-05, (4932) 41-43-74

The Debtor can be reached at:

         OJSC Shuyskiy Combine of Grain Products
         Zavokzalnaya Str. 1
         Shuya
         Ivanovo Region
         Russia


TROSNYANSKIY FACTORY: Creditors Must File Claims by Feb. 23
-----------------------------------------------------------
Creditors of LLC Trosnyanskiy Factory have until Feb. 23 to
submit written proofs of claim to:

         A. Rostovtsev, Insolvency Manager
         Lenina Pr. 113a
         300026 Tula Region
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-318/B-02.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         LLC Trosnyanskiy Factory
         Pirogova Str. 45
         Shekino
         Tula Region
         Russia


WOOD CJSC: Creditors Must File Claims by Jan. 23
------------------------------------------------
Creditors of CJSC Wood have until Jan. 23 to submit written
proofs of claim to:

         I. Gorn, Insolvency Manager
         Post User Box 183
         127018 Moscow Region
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-18705/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Wood
         Sovetskaya Str. 18
         Molzino
         Noginskiy Region
         Moscow Region
         Russia


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


AL-BAU UND: Thalwil Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Thalwil entered Nov. 17, 2006, an order
closing the bankruptcy proceedings of JSC Al- Bau und
Sanierungs, Adliswil.

The Debtor can be reached at:

         JSC Al- Bau und Sanierungs, Adliswil
         Soodstr. 59
         8134 Adliswil
         Switzerland

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

         Bankruptcy Service of Thalwil
         8800 Thalwil
         Horgen, Zurich
         Switzerland


BRUNNER & BIRGELEN: Bulach Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Bulach suspended the bankruptcy
proceedings of JSC Brunner & Birgelen 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 CHF4,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Sept. 26, 2006, can be reached
at:

         JSC Brunner & Birgelen
         Wehntalerstrasse 10
         8181 Hori
         Switzerland

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

         Bankruptcy Service of Bulach
         8180 Bulach
         Zurich
         Switzerland


FIBORA MANAGEMENT: Zurich Court Suspends Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Reisbach-Zurich suspended the bankruptcy
proceedings of JSC Fibora Management & Beratung 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 Nov. 6, 2006, can be reached
at:

         JSC Fibora Management & Beratung
         Holbeinstrasse 20
         8008 Zurich
         Switzerland

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

         Bankruptcy Service of Riesbach-Zurich
         8034 Zurich
         Switzerland


HANS SCHWARZ: Wadenswil Court Suspends Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Zurich suspended the bankruptcy
proceedings of JSC Hans Schwarz Taucherarbeiten 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 Sept. 7, 2006, can be reached
at:

         JSC Hans Schwarz Taucherarbeiten
         Im Aesch
         8824 Schonenberg
         Switzerland

The Bankruptcy Service of Wadenswil can be reached at:

         Bankruptcy Service of Wadenswil
         8820 Wadenswil
         Horgen, Zurich
         Switzerland


HEBATEC HEEB: Wallisellen Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Wallisellen entered Nov. 14, 2006, an
order closing the bankruptcy proceedings of JSC Hebatec, A. + R.
+ R. Heeb.

The Debtor can be reached at:

         JSC Hebatec, A. + R. + R. Heeb
         Riedwiesenstrasse 23
         8305 Dietlikon
         Switzerland

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

         Bankruptcy Service of Wallisellen-Zurich
         8304 Wallisellen
         Zurich
         Switzerland


INOVA BAUTEN: Dubendorf Court Suspends Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Zurich suspended the bankruptcy
proceedings of JSC Inova Bauten on Dec. 14, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Nov. 8, 2006, can be reached
at:

         JSC Inova Bauten
         Oskar-Bider-Strasse 1
         8600 Dubendorf
         Switzerland

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

         Bankruptcy Service of Dubendorf
         8600 Dubendorf
         Zurich
         Switzerland


ISELI KALTE-UND: Thurgau Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Thurgau entered Nov. 24, 2006, an order
closing the bankruptcy proceedings of JSC Iseli Kalte-und
Energietechnik.

The Debtor can be reached at:

         JSC Iseli Kalte- und Energietechnik
         Kasereistrasse 31/Schocherswil
         8580 Amriswil
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


JOSURAN JSC: Zurich Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Zurich suspended the bankruptcy
proceedings of JSC Josuran 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 Oct. 5, 2006, can be reached
at:

         JSC Josuran
         Urdorferstr 26
         8952 Schlieren
         Switzerland

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

         Bankruptcy Service of Schlieren-Zurich
         8952 Schlieren
         Zurich
         Switzerland


RIET-GARAGE NIEDERGLATT: Zurich Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Riet-Garage, Niederglatt on Nov. 2, 2006.

The Debtor can be reached at:

         JSC Riet-Garage, Niederglatt
         Kaiserstuhlstrasse 64
         8172 Niederglatt
         Switzerland

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

         Bankruptcy Service of Niederglatt-Zurich
         8172 Niederglatt
         Dielsdorf, Zurich
         Switzerland


X-TRANSPORT LOGISTIK: Zurich Court Suspends Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Zurich suspended the bankruptcy
proceedings of LLC X-Transport Logistik & Partner 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 CHF4,500
deposit.  The right for the additional deposit is retained.

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

         LLC X-Transport Logistik & Partner
         Zurcherstrasse 3
         8620 Wetzikon-Zurich
         Switzerland

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

         Bankruptcy Service of Wetzikon-Zurich
         8622 Wetzikon
         Zurich
         Switzerland


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


BALEON LLC: Creditors Must Submit Claims by January 25
------------------------------------------------------
Creditors of LLC Baleon (code EDRPOU 32345865) 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 Nov. 23, 2006, after finding
it insolvent.  The case is docketed under Case No. 15/740-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 Baleon
         Magnitogorskaya Str. 1
         02094 Kiev Region
         Ukraine


BIELOGORSK WINE: Deadline for Submission of Claims Set Jan. 25
--------------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 2-31/17384-2006.

Creditors of State Enterprise Bielogorsk Wine Making Plant (code
EDRPOU 01271706) have until Jan. 25 to submit written proofs of
claim to:

         Sergey Yushkevich, Liquidator
         Zhukov Str. 31
         Simferopol
         AR Krym Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Bielogorsk Wine Making Plant
         Kirov Str. 11
         Zibino
         97610 AR Krym Region
         Ukraine


DOVIRA LLC: Deadline for Submission of Claims Set January 25
------------------------------------------------------------
Creditors of Agricultural LLC Dovira (code EDRPOU 03792042) have
until Jan. 25 to submit written proofs of claim to:

         Sergey Nazarenko, Liquidator
         Dobrovolskiy Str. 3/1
         18000 Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against the company on Dec. 7, 2006, after finding
it insolvent.  The case is docketed under Case No. 14/5824.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dovira
         Melniki
         Kaniv District
         19043 Cherkassy Region
         Ukraine


IMPERIAL LLC: Creditors Must Submit Claims by January 25
--------------------------------------------------------
Creditors of LLC Imperial (code EDRPOU 24723803) 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 Nov. 16, 2006, after finding
it insolvent.  The case is docketed under Case No. 15/724-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 Imperial
         Teodor Drayzer Str. 10
         02217 Kiev Region
         Ukraine


SMACHNOGO LLC: Deadline for Submission of Claims Set January 25
---------------------------------------------------------------
Creditors of LLC Zaporozhje Food Company Smachnogo (code EDRPOU
30105942) have until Jan. 25 to submit written proofs of claim
to:

         Vasilcov Sergey, Liquidator
         Praca Str. 33/55
         Berdiansk
         71118 Zaporozhje Region
         Ukraine

The Economic Court of Zaporozhje Region commenced bankruptcy
proceedings against the company on Nov. 30, 2006, after finding
it insolvent.  The case is docketed under Case No. 19/117/06.

The Economic Court of Zaporozhje Region is located at:

         Shaumiana Str. 4
         69001 Zaporizhje Region
         Ukraine

The Debtor can be reached at:

         LLC Zaporozhje Food Company Smachnogo
         Stulnovo
         Chernikov District
         71220 Zaporozhje Region
         Ukraine


SOFT-ONLINE LLC: Creditors Must Submit Claims by January 25
-----------------------------------------------------------
Creditors of LLC Soft-Online (code EDRPOU 32157987) 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 Nov. 16, 2006, after finding
it insolvent.  The case is docketed under Case No. 15/720-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 Soft-Online
         Teodor Drayzer Str. 6.
         02217 Kiev Region
         Ukraine


WEST-KAPITAL LLC: Creditors Must Submit Claims by January 25
------------------------------------------------------------
Creditors of LLC West-Kapital (code EDRPOU 31994823) have until
Jan. 25 to submit written proofs of claim to:

         Dmitriy Popovich, Liquidator
         Vizhnick District, Korytnoe
         Chernovcy Region
         Ukraine

The Economic Court of Chernovcy Region commenced bankruptcy
proceedings against the company on Nov. 20, 2006, after finding
it insolvent.  The case is docketed under Case No. 5/268/B.

The Economic Court of Chernovcy Region is located at:

         O. Kobylianska Str. 14
         58000 Chernovcy Region
         Ukraine

The Debtor can be reached at:

         LLC West-Kapital
         Zarozhany
         Hotinsk District
         60034 Chernovcy Region
         Ukraine


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


ADVANCED MARKETING: Hachette Book Blocks US$75-Min DIP Financing
----------------------------------------------------------------
Hachette Book Group USA Inc. asked the U.S. Bankruptcy Court for
the District of Delaware to reject Advanced Marketing Services
Inc. and its debtor-affiliates' request to obtain US$75,000,000
of DIP Financing.

The Hon. Christopher S. Sontchi of the Delaware Bankruptcy Court
recently authorized Advanced Marketing Services and its debtor-
affiliates, on an interim basis, to dip their hands into the DIP
financing facility arranged by Wells Fargo Foothill for a
consortium of lenders.

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

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

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

Hachette Book Group USA Inc., formerly known as Time Warner Book
Group, has been a supplier of books to AMS, over the past 20
years.  The Debtors have listed Hachette Book as their fourth
largest unsecured creditor, holding an unsecured claim for
US$22,569,624.

Jeffrey A. Marks, Esq., at Squire, Sanders & Dempsey L.L.P, in
Cincinnati, Ohio, says that during the 45 days before the
Petition Date, Hachette Book sold books to AMS for which it has
not yet been paid.  Accordingly, Hachette Book has the right to
reclaim the books sold to AMS during that period under Section
546(c) of the Bankruptcy Code, and to an administrative expense
claim for those books sold to AMS during the 20-day period
before the Petition Date under Section 503(b)(9).

To that end, on the Petition Date, Hachette Book sent an initial
reclamation demand to Mark D. Collins, Esq. of Richards, Layton
& Finger, P.A., the Debtors' proposed local counsel, demanding
reclamation and reserving its rights to supplement and amend its
reclamation demand upon further review of its books and records.

Hachette Book complains that pursuant to the DIP Loan Facility,
the Borrowers have obligated themselves, via an affirmative
covenant in the DIP Loan Agreement, to comply with the Qualified
Transaction Timeline providing, among other things, that:

   (i) within 10 days after the Petition Date, the Borrowers
       must file a motion to sell all or substantially all of
       their assets, or refinance or recapitalize so as to pay
       the Lenders in full; and

  (ii) within 50 days after filing the Sale Motion, the
       Borrowers must have received cash proceeds from a sale or
       Other transaction sufficient to pay the Lenders in full.

Mr. Marks notes that this obligation under the DIP Loan Facility
will fundamentally and irrevocably dictate the course of conduct
of the Debtors' bankruptcy case.  However, the Court, creditors
and other parties-in-interest simply have not been provided
sufficient information or opportunity to determine whether a
sale or other transaction, under the time frame stipulated, is
an appropriate resolution of the bankruptcy case, and is
otherwise in the best interests of the Debtors' estate and
creditors.

Mr. Marks also asserts that:

   (a) The request fails to specify a proposed maximum borrowing
       for the period before the Final Hearing;

   (b) The proposed time frame within which to investigate and,
       if appropriate, challenge, the position of the
       Lender/Senior Lender is too short and is overbroad in
       certain respects;

   (c) Certain provisions relating to the Professional Fee
       Carve- Expenses are unclear, specifically, the
       Distinction between the US$2,000,000 carve-out that is
       proposed to be in effect before a Payoff Event and the
       US$3,000,000 carve-out after a Payoff Event; and

   (d) The procedure for approval of a Non-Material Amendment is
       inappropriate to the extent that it permits an
       abbreviated approval process for an amendment that may in
       fact be material.  The definition of Non-Material
       Amendment encompasses provisions as any new, subsequent,
       modified, restated or amended covenants or conditions
       acceptable or required by the Lenders.  The covenants or
       conditions could very well include material provisions.

Quarto Inc.; Quarto Publishing, PLC; Book Sales Inc.; Creative
Publishing International Inc.; Walter Foster Inc.; and Design
Eye Limited, agree with Hachette's arguments.

The Quarto Entities assert claims exceeding US$3,200,000 against
the Debtors.

The Quarto Entities also contend that the US$2,400,000 extension
fee paid on July 31, 2006, to the Lenders under the Debtors'
Loan and Security Agreement with Wells Fargo Foothill Inc., as
well as the US$750,000 closing fee under the DIP Facility are
excessive and should be subject to close examination and
disallowance.

The Quarto Entities are represented in the Debtors' cases by
Victor A. Sahn, Esq., at Sulmeyer Kupetz, in Los Angeles,
California.

                    About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Taps Richards Layton as Local Bankr. Counsel
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Richards, Layton & Finger, P.A. as their
local bankruptcy counsel, nunc pro tunc to the Petition Date.

Richards Layton will be performing extensive legal services that
will be necessary during the Chapter 11 proceedings.

Aside from the firm's extensive knowledge in the field of
debtors' and creditors' rights and business reorganizations, the
Debtors also desire to employ Richards Layton because of its
expertise, experience, and knowledge in practicing before the
Delaware Bankruptcy Court, its proximity to the Court, and its
ability to respond quickly to emergency Court matters.

Richards Layton began providing legal services and advice to the
Debtors since December 2006.  During the firm's representation
period, it has acquired knowledge of the Debtors' business,
financial affairs, and capital structure.

The Debtors believe that Richards Layton is well qualified and
capable to efficiently represent them in the Chapter 11 cases.

As the Debtors' counsel, Richards Layton will:

   (a) advise the Debtors of their rights, powers and duties as
       debtors and debtors in possession;

   (b) take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions,
       the defense of any actions against the Debtors, the
       negotiation of disputes involving the Debtors and the
       preparation of objections to claims;

   (c) prepare all necessary motions, applications, answers,
       orders, reports and papers in connection with the
       administration of the debtors' estates; and

   (d) perform all other necessary legal services in connection
       with the Chapter 11 cases.

Richards Layton will be paid on an hourly basis at its normal
and customary hourly rates, plus reimbursement of actual,
necessary expenses and other charges incurred:

       Professional                      Hourly Rate
       ------------                      -----------
       Mark D. Collins                     US$520
       Paul N. Heath                       US$350
       Chun I. Pang                        US$225
       Aja E. McDowell                     US$165

Mark D. Collins, Esq., a director at Richards Layton, reports
that prior to the Petition Date, the Debtors paid the firm a
US$125,000 retainer.

The Debtors propose that the amount paid be treated as an
evergreen retainer to be held by the firm as security throughout
the Chapter 11 cases, until its fees and expenses are awarded.

Mr. Collins assures the Court that his firm is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code, and does not hold or represent any interest
adverse to the estates.

                      About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Wants to Hire O'Melveny Bankruptcy Counsel
--------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ O'Melveny & Myers LLP as their general
bankruptcy counsel, nunc pro tunc to the Petition Date.

Since April 2004, O'Melveny has represented the Debtors as
general corporate, securities, and litigation counsel.  It has
provided:

   -- extensive representation and advice relating to the
      Debtors' prepetition Loan and Security Agreement with
      Wells Fargo Foothill Inc., as agent, and a syndicate of
      lenders;

   -- efforts to refinance the Senior Facility and other
      strategic alternatives to recapitalize the Debtors; and

   -- disclosure advice regarding the Debtors' public
      announcements and regulatory obligations.

The Debtors want to hire O'Melveny because of the firm's
knowledge in their operations and finances, and its expertise
and experience in reorganizations, bankruptcy cases, and other
relevant areas of expertise.

As the Debtors' general bankruptcy counsel, O'Melveny will:

   (a) advise the Debtors regarding matters of bankruptcy law;

   (b) advise the Debtors of the requirements of the Bankruptcy
       Code, the Federal Rules of Bankruptcy Procedure,
       applicable local bankruptcy rules pertaining to the
       administration of their cases and U.S. Trustee Guidelines
       related to the daily operation of their business and the
       administration of the estates;

   (c) prepare motions, applications, answers, proposed orders,
       reports and papers in connection with the administration
       of the estates;

   (d) negotiate with creditors, prepare and seek confirmation
       of a Chapter 11 plan and related documents and assist the
       Debtors with implementation of the plan;

   (e) assist the Debtors in the analysis, negotiation and
       disposition of certain estate assets for the benefit of
       the estates and their creditors;

   (f) advise the Debtors regarding general corporate and
       securities matters and bankruptcy related employment and
       litigation issues; and

   (g) render other necessary advice and services as the Debtors
       may require in connection with their cases.

O'Melveny will be paid on an hourly basis at its normal and
customary hourly rates, plus reimbursement of actual, necessary
expenses and other charges incurred:

       Professional                      Hourly Rate
       ------------                      -----------
       Suzzanne Uhland                     US$725
       Austin Barron                       US$540
       Alexandra Feldman                   US$445
       Ana Acevedo                         US$300
       Lynn Talab                          US$285

Suzzanne Uhland, Esq., a partner at O'Melveny, discloses that
before the Petition Date, the Debtors paid O'Melveny
US$1,201,990 for fees and expenses for advice and legal services
rendered in connection with restructuring advice and the
preparation and commencement of the Debtors' cases, as well as
to serve as a retainer.  During the 90-day period before the
Petition Date, the Debtors paid invoices totaling US$942,682 to
the firm.

According to Ms. Uhland, after deducting fees and expenses
previously billed and paid for the prepetition legal services
plus estimated unbilled prepetition amounts, approximately
US$721,038 remains as retainer, which will be applied to
postpetition services.

Ms. Uhland attests that her firm is a "disinterested person," as
that term is defined in Section 101(14) of the Bankruptcy Code,
and does not hold or represent any interest adverse to the
estates.

                      About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Apr. 28.  (Advanced
Marketing Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


CAB FACTORY: Appoints Joint Administrators from DTE Leonard
-----------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of The Cab Factory Ltd. (Company Number
05418131) on Dec. 11, 2006.

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

The Cab Factory Ltd. can be reached at:

         Curran Buildings
         Curran Road
         Cardiff
         South Glamorgan CF10 5NE
         Tel: 029 2039 5264


COLLINS & AIKMAN: Seeks Approval for BVP Lowell Lease Agreement
---------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates asked the U.S.
Bankruptcy Court for the Eastern District of Michigan to approve
a stipulation between the Debtors and BVP Lowell LLC formerly
known as Vespera Lowell LLC involving a real property.

The Debtors leased real property located at 122 Western Avenue,
Lowell, Massachusetts, from BVP Lowell LLC, formerly known as
Vespera Lowell LLC, pursuant to a lease to which the Debtors
agreed to pay certain expenses associated with the property.

Pursuant to Section 365 of the Bankruptcy Code, effective as of
Oct. 30, 2006, the Debtors filed a notice on Oct. 19, 2006,
rejecting the Lease.  By correspondence dated Dec. 4, 2006,
Lowell asserted its claim of approximately US$2,198,273 under
the Lease, consisting predominantly of postpetition expenses
related to maintenance, repair and taxes associated with the
Lease Property.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, New
York, tells the Court that during extensive, arm's length
negotiations to resolve the Lease Claim, the parties identified
fundamental disagreements regarding the expenses Lowell was
entitled to recover from the Debtors pursuant to the Lease and
the Rejection.

The Debtors analyzed the Lease Claim and concluded that the
probable range of outcomes in litigation was significant; and in
light of the time, expense and uncertainty of litigation, they
believe that a settlement is in the best interest of their
estates and creditors.

Pursuant to a stipulation, the Debtors agree to pay Lowell
US$125,000 on or before Jan. 31, 2007, in full and final
settlement of all disputes associated with the Lease Claim and
Lease Property.

Upon Court approval of the stipulation, and bank clearance of
the Settlement Amount, the parties will release each other from
any and all claims, damages, actions, rights or allegations
arising from or related to the Lease, the Lease Claim, the
Rejection or the Rejection Notice.

                    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
US$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)


DANA CORP: Court Sets Feb. 8 Bidding Deadline for Engine Biz
------------------------------------------------------------
Dana Corp. and its debtor-affiliates revised their bidding
protocol, proposed order for bidding procedures, and notice of
sale and solicitation bids for the sale of their Engine Products
Business to include the Official Committee of Unsecured
Creditors, the Official Committee of Equity Security Holders,
the Official Committee of Non-Union Retirees and the Unions as
recipients of the submitted "Qualifying Bids."

The revised bidding protocol includes the Committees and the
Unions in the selection process of the best and highest bidder.
Professionals representing the Retiree Committee and the Unions
will also be allowed to attend the Auction.

The revised bidding protocol also provides that it does not
prejudice any party's rights under the Promec Shareholders'
Agreement.  The Debtors will notify Condumex of any proposed
purchase of their share in Promec in accordance with the
requirements of the Shareholders' Agreement.  The revised
bidding protocol does not impair Condumex's right to object to
any transfer of the Debtors' interest in Promec or their
interest in the Technical Assistance and Trademark License
Agreement.

Furthermore, the revised bidding protocol provides that the
obligations to pay the Break-up Fee and the Expense
Reimbursement will be superpriority administrative expense
claims in the Debtors' bankruptcy cases, senior to all other
superpriority administrative expense claims other than those
arising under the Debtors' postpetition financing or claims
falling within the carve-out under that facility.

In the Revised Bidding Protocol, the Debtors included members of
the Muskegon, Caldwell and Churubusco CBAs in the service list.

A full-text copy of the revised bidding protocol is available
for free at http://ResearchArchives.com/t/s?1819

                            Court Order

The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York approves the bidding
procedures, as revised, to govern the auction for the sale of
the Debtors' Engine Products Business.

All Qualified Bids must be submitted on Feb. 8, 2007.

If more than one Qualifying Bid is received, an auction will be
held on Feb. 12, 2007.

If no other Bid is received, the Court will conduct a hearing to
consider the sale of the Engine Products Business to MAHLE on
Feb. 14, 2007.

             Objections to Original Bidding Procedures

1. UAW and USW

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America, and the United Steel,
Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union pointed out
that the terms in the asset purchase agreement with MAHLE GmbH
is contrary to the terms of the collective bargaining agreements
covering the Muskegon, Michigan, and Caldwell, Ohio, union
employees.

Babette A. Ceccotti, Esq., at Cohen, Weiss and Simon, LLP, in
New York, noted the APA provides that the assumed liability will
be limited to liabilities relating to post-retirement welfare
benefit plan coverage for Union Transferred Employees and any
member of the Muskegon and Caldwell CBAs who retired with
eligibility in the CBAs' post-retirement welfare benefits.

The Debtors and MAHLE, however, have not requested nor held any
negotiation sessions with the Unions to discuss any changes to
the Caldwell and Muskegon CBAs.  Thus, Ms. Ceccotti said, it is
unclear what effect the sale of the Acquired Assets will have on
the Union-represented employees and retirees.

The Unions further pointed out that the bidding procedures
for the sale of the Engine Products Business do not contain
enough procedural protections to provide them with sufficient
time to bargain with the Debtors over the effects of the sale
and to bargain with MAHLE or the ultimate purchaser.

To ensure that the sale process fully preserves jobs and retiree
benefits, the Unions suggested that the bidding procedures
provide:

    (a) for them to receive notice of all competing bids,
        including contact information, so that they can discuss
        the bidder's intentions regarding future employment and
        benefits;

    (b) that all competing bidders and MAHLE are given copies of
        all of the CBAs;

    (c) them with a copy of a marked-up APA submitted by any
        bidder;

    (d) that they have the right to attend the Auction; and

    (e) that they reserve the right to object to, and submit
        additional arguments against any subsequent motions for
        an order authorizing the Debtors' sale of assets or for
        an order pursuant to Sections 1113 or 1114 of the
        Bankruptcy Code.

2. Condumex

Grupo Condumex, S.A. de C.V., noted that the proposed bidding
procedures purport to include the acquisition of the Debtors'
interests in Promotora de Industrias Mecanicas S.A. de C.V., a
joint venture among Dana Corporation, Sealed Power Technologies
Corporation of Nevada, and Condumex.

Jim L. Flegle, Esq., at Loewinsohn & Flegle, LLP, in Dallas,
Texas, told the Court that pursuant to a Shareholders'
Agreement, dated Aug. 21, 2000, Condumex has right to first
refusal on any transfer of the Debtors' shares in Promec.  From
the documents provided by the Debtors to Condumex, Mr. Flegle
notes that it seems the Debtors, MAHLE or any other potential
buyer may have the right to refuse to purchase the Promec
shares, with little or no notice given to Condumex.

Thus, Condumex objects to the Bidding Procedures to the extent:

    (1) it adversely affects any of its rights relating to
        Promec, including but not limited to its Right of First
        Refusal and the rights of any party pursuant to the
        Technical Assistance and Trademark License Agreement;

    (2) the bidding procedures and the proposed sale would be
        free and clear of the Promec Power Rights; and

    (3) it does not provide an adequate opportunity to review
        the relevant documents and schedules, and to the extent
        that the proposed procedures would allow the Debtors,
        MAHLE, or a third-party purchaser to change the terms of
        the purchase without adequate notice to Condumex.

Accordingly, Condumex asked the Court to deny approval of the
proposed bidding procedures.

Condumex wanted the Bidding Procedures and transactions to
require any prospective purchaser to comply with and be bound by
the Promec Rights.

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

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

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

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

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


DANA CORP: Wants to Implement Sypris' Parts' Re-Sourcing Program
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
take all actions necessary to implement a re-sourcing program of
parts supplied by Sypris Technologies Inc.

The Debtors' production of certain component parts, including
finished axle shafts, ring gears and pinions, depends on their
ability to obtain at competitive costs certain critical
component subparts for certain of the Parts.

The Debtors receive their main supply of these Parts from Sypris
Technologies Inc. under a series of long-term executory
contracts.  Since their bankruptcy filing, the Debtors have
purchased, on the average, $3,900,000 in Parts every week from
Sypris.  The pricing for most of the Parts under the Supply
Contracts is now at a significant premium above what the Debtors
believe they could obtain in the market, Corinne Ball, Esq., at
Jones Day, in New York, says.

Moreover, the Supply Contracts have been subject to substantial
disputes and litigation since before their bankruptcy filing,
Ms. Ball adds.  The disputes have arisen from and involved:

   (a) the Temporary Payment Assurances Agreement, dated
       December 15, 2005, between Sypris and the Debtors, under
       which Sypris obtained favorable adjustments to the
       Debtors' payment terms;

   (b) Sypris' later assertion that the Debtors have defaulted
       under the TPAA, from which Sypris obtained a further
       favorable adjustment of the Debtors' credit terms;

   (c) the near shutdown of key Dana operations a day before
       their bankruptcy filing, when Sypris advised the Debtors
       that it intended to halt its daily "just in time"
       shipments of Parts unless and until the Debtors agreed to
       eliminate credit terms entirely and go into "cash-in-
       advance" payment terms;

   (d) Sypris' April 27, 2006, Notice of Recoupment Rights and
       Lift Stay Motion, which sought to implement various
       setoffs and recoupments that the Debtors disputed; and

   (e) Sypris' disagreements with the Debtors over issues
       related to the purchase of materials to be used in the
       production of Parts in Morganton, North Carolina.

In May 2006, the Debtors entered into a Settlement Agreement
with Sypris, which afforded them continued supply of Parts from
Sypris without the immediate threat of additional litigation.
Sypris also benefited from the Settlement Agreement in terms of,
among other things, the immediate payment of $9,200,000 as
partial satisfaction of its administrative claim and a right to
apply setoff in satisfaction of its claims for certain
prepetition purchase debts after reconciliation.

One key element of the Settlement Agreement is the requirement
that most ongoing and future contract disputes between the
parties be submitted to binding arbitration.  Accordingly, in
June 2006, the parties began a multi-phase arbitration
proceeding.

In December 2006, the parties received the Final Award of
Arbitrator Relating to the Pricing and Sourcing of Gear Sets,
resolving some, but not all, of the disputes between the
parties concerning the relevant terms of the Supply Contracts.
Remaining disputes still need to be resolved through subsequent
phases of the Arbitration, Ms. Ball says.

According to Ms. Ball, despite the Settlement Agreement and the
Arbitration, the Debtors have confronted and continue to
confront a variety of challenges with respect to Sypris,
including:

   -- the economic burden of paying above-market prices for
      Sypris' Parts, which the Debtors estimate could cost them
      approximately $115,000,000 in the aggregate during the
      remaining term of the Supply Contracts;

   -- the costs and burdens to the Debtors of the Arbitration
      and the many pre-Arbitration disputes and court
      proceedings involving Sypris and the Supply Contracts;

   -- the uncertainties for the Debtors of the outcome of future
      phases of the Arbitration and of Sypris' claims for
      damages;

   -- the intensity of the discussions with Sypris and the
      practical bearing of the difficult relationship of the
      parties on the remaining term of the Supply Contracts;

   -- the Debtors' inability thus far to reach a consensus with
      Sypris; and

   -- the eventual obligation of the Debtors to assume or reject
      the Supply Contracts.

In light of these challenges, the Debtors have been compelled to
explore the availability of alternatives to Sypris.  For several
months now, the Debtors have been conducting due diligence and
analysis of several alternative suppliers and market pricing for
the Parts, Ms. Ball informs the Court.

The Debtors' investigation has confirmed that Alternative
Suppliers are willing to supply many of the Parts at pricing
that is significantly more favorable than that contained in the
Sypris Supply Contracts.

Accordingly, the Debtors wish to embark on a staged program to
evaluate those alternatives more fully and ultimately secure
them if they are determined, in the Debtors' business judgment,
to be reliable and preferable, Ms. Ball tells Judge Lifland.

                      The Re-Sourcing Program

The Debtors have classified purchase orders into three
categories:

   1. Tooling P.O.'s -- Initial purchase orders with certain
      Alternative Suppliers for the creation of "production
      intent" tooling and equipment needed to produce the Parts.

   2. PPAP P.O.'s -- Corresponding purchase orders for limited,
      test quantities of the Parts, to be subjected to the Part
      Production Approval Process.

   3. Requirements P.O.'s -- Subject to successful Tooling and
      PPAP, purchase orders for supply of the Debtors'
      requirements for the Parts.

The Debtors have designed three Stages for the Re-Sourcing
Program:

A. Stage One focuses on large-steer axle beams, axle shafts,
   machining of drive-axle differential cases, and full-float
   axle-tube assemblies.

   With respect to each of the Stage One Parts, the Debtors
   propose that they promptly will enter into Tooling P.O.s and
   PPAP P.O.'s with certain Alternative Suppliers whom they
   already have identified.  In developing the Re-Sourcing
   Program, the Debtors have conducted specific and material,
   though preliminary and non-committal, discussions with the
   list of Alternative Suppliers.

   The Debtors' maximum estimated expenditure under the Stage
   One Tooling P.O.'s and PPAP P.O.s is $4,900,000, which the
   Debtors plan to pay over time as progress installments, per
   schedules to be negotiated in the Tooling P.O.s and PPAP
   P.O.'s.  Extrapolating from the volumes of the past 12
   months, the Debtors project that they can achieve net annual
   savings of approximately $6,700,000, as a result of using
   Alternative Suppliers for the Stage One Parts.

B. In Stage Two, the Debtors propose to re-source:

      * ring forgings for approximately $577,000 and a lead time
        of approximately 44 weeks;

      * pinion forgings for approximately $190,500 and a lead
        time of approximately 40 weeks;

      * input shaft forgings for approximately $29,400 and a
        lead time of approximately 20 weeks;

      * king pins for no material Capital Expense and a lead
        time of approximately only 12 weeks;

      * steer arms for approximately $250,000 and a lead time of
        approximately 44 weeks;

      * tie rod arms for approximately $250,000 and a lead time
        of approximately 44 weeks; and

      * full-float axle tube assembles not re-sourced in Stage
        One, at a Capital Expense of approximately $1,703,000
        and a lead time of approximately 48 weeks.

C. In Stage Three, the Debtors propose to re-source:

      * helical gear forgings for approximately $144,200 and a
        lead time of approximately 28 weeks;

      * precision forgings for approximately $30,000 and a lead
        time of approximately 15 weeks;

      * forging and machined knuckles for approximately $600,000
        and a lead time of approximately 30 weeks; and

      * carriers and caps for approximately $970,000 and a lead
        time of approximately 24 weeks.

Stage One will lay the foundation for obtaining 50% of the
Debtors' axle shaft requirements from certain Alternative
Suppliers.  The remaining 50% will be re-sourced from a separate
Alternative Supplier, who has indicated willingness to invest
approximately $405,000,000 in equipment and a new machine shop
to produce the Parts to the Debtors.  To fund these investments,
the Alternative Supplier intends to seek project financing,
according to Ms. Ball.

The Debtors' current plan is to negotiate a long-term supply
contract with the Alternative Supplier, to be contingent on
their successful project financing and expansion of their
production facility, as well as upon successful Tooling and
PPAP.

The Debtors expect that lead time needed for the Alternative
Supplier's financing and expansion, as well as their PPAP, will
be extensive, including no fewer than 10 months for the Tooling.

To position the Debtors to receive a steady supply of Parts from
an Alternative Supplier by early 2008, Ms. Ball contends that
they would need to commence negotiations with an Alternative
Supplier no later than Feb. 1, 2007, if negotiations with Sypris
have not by then resulted in a mutually beneficial resolution of
the parties' disputes.

                          About Dana Corp.

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

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

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

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

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


DURA AUTOMOTIVE: Panel Taps Young Conaway Bankruptcy Co-Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in DURA Automotive
Systems Inc. and its debtor affiliates' Chapter 11 cases seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Young Conaway Stargatt & Taylor, LLP as
bankruptcy co-counsel, nunc pro tunc to Nov. 14, 2006.

Committee Chairperson Nicholas W. Walsh relates that Young
Conaway will, among others:

   (a) assist and advise the Committee in its consultation with
       the Debtors and the U.S. Trustee relative to the
       administration of the Debtors' Chapter 11 cases;

   (b) review, analyze and respond to pleadings filed with the
       Court by the Debtors and to participate in the pleading
       hearings;

   (c) assist and advise the Committee in its examination and
       analysis of the conduct of the Debtors' affairs and
       financial condition;

   (d) assist the Committee in the review, analysis, and
       negotiation of any plan of reorganization and its
       disclosure statement, and any asset acquisition proposal
       that may be filed;

   (e) take all necessary action to protect the rights and
       interests of the Committee, including, but not limited
       to, possible prosecution of actions on its behalf; if
       appropriate, negotiations concerning all litigation in
       which the Debtors are involved; and if appropriate,
       review and analysis of claims filed against the Debtors'
       estate;

   (f) represent the Committee in connection with the exercise
       of its powers and duties under the Bankruptcy Code and in
       connection with the Debtors' Chapter 11 cases;

   (g) generally prepare on behalf of the Committee all
       necessary motions, applications, answers, orders, reports
       and papers in support of positions taken by the
       Committee;

   (h) assist the Committee in the review, analysis, and
       negotiation of any financing arrangements; and

   (i) perform all other necessary legal services in connection
       with the Debtors' Chapter 11 cases.

Young Conaway will bill:

           Professional                        Hourly Rate
           ------------                        -----------
           M. Blake Cleary                        $440
           Edmon L. Morton                        $380
           Erin Edwards                           $270
           Kim Beck (paralegal)                   $155

Mr. Cleary, a partner at Young Conaway, discloses that the firm
may have in the past represented, may currently represent, and
will likely in the future represent parties-in-interest to the
Debtors' Chapter 11 cases.  Mr. Cleary assures the Court that no
past or current representations are material or related to the
Debtors' Chapter 11 cases.  The parties are:

   -- certain Secured lenders represented by the firm include
      Bank of America, N.A.; Deutsche; Silver Point Capital; and
      Wachovia Bank, National Association;

   -- Contender 2 Limited, a significant equity investor and
      shareholder;

   -- the Debtors' Indenture Trustees;

   -- significant bondholders, including Bank of America;
      Deutsche; Jefferies & Company, Inc.; Lehman Brothers Inc;
      and Wachovia Bank; and

   -- Lear Corporation, a litigant.

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

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

The Debtors filed for chapter 11 petition on October 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 $1,993,178,000
in total assets and $1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Gets Final Ct. OK to Pay Foreign Vendor Claims
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems Inc. and its debtor
affiliates' request to pay prepetition claims owing to vendors,
service providers, regulatory agencies, and governments located
in foreign jurisdictions, including claims for payment for
direct and indirect materials and services provided to the
Debtors, as well as import or tax obligations.

As reported in the Troubled Company Reporter on Nov. 20, 2006,
the Debtors estimated that they owe approximately $3,400,000 to
Foreign Vendors as of their bankruptcy filing.  Of that amount,
the Foreign Claims of the foreign joint venture aggregate
approximately $100,000.

The Debtors also requested that they be authorized to permit all
prepetition checks issued by them to the Foreign Vendors to
clear the Debtors' bank accounts.

The Debtors further requested that the banks honor, unless
otherwise directed, any and all prepetition and postpetition
checks drawn by the Debtors to pay any of the prepetition and
postpetition obligations owing to the Foreign Entities.

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 October 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 $1,993,178,000
in total assets and $1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ENESCO GROUP: Selling Assets to Tinicum Affiliate Under Ch. 11
--------------------------------------------------------------
An affiliate of Tinicum Capital Partners II, L.P., a private
investment partnership, has agreed in principle to a financial
restructuring for Enesco Group, Inc.

As part of the restructuring, Enesco expects to enter into an
asset purchase agreement with Tinicum, which would provide for
an affiliate of Tinicum to purchase substantially all of the
assets of Enesco and to assume certain of Enesco's unsecured
liabilities.  Under the agreement, the purchase price for
Enesco's business, operations and assets would be paid by the
forgiveness of all or substantially all of Enesco's senior
secured debt.

After the transaction, substantially all of Enesco's assets
would be owned by the Tinicum affiliate, a private company.
Enesco does not anticipate there would be any distribution to
its stockholders from the transaction.

In order to effect these transactions, Enesco and certain of its
domestic subsidiaries filed voluntary petitions for
reorganization relief under Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the Northern District of
Illinois, Eastern Division, which is located in Chicago,
Illinois, on Jan. 12, 2007.  Each of the transactions is subject
to the finalization and execution of the definitive agreements
and receipt of all requisite bankruptcy court approvals.

"We are very pleased to have a financial and strategic partner
in Tinicum who shares our vision for Enesco," Basil Elliott,
Enesco president and chief executive officer, said.  "Tinicum is
well versed with the demands and needs of our particular
industry.  With their expertise and resources, we believe
Tinicum will help Enesco bring our customers the highest quality
products and customer service that they and the marketplace
require."

"We are delighted to be associated with Enesco," Terence M.
O'Toole, co-managing partner of Tinicum said.  "The company has
a long established tradition of excellence and we are excited to
be part of its continued growth.  We applaud the support and
loyalty of Enesco's extraordinary employees, customers,
suppliers and artists and we look forward to working with them."

                       About Enesco Group

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- produces giftware, and home and garden
décor products.  Enesco's product lines include some of the
world's most recognizable brands, including Disney, Heartwood
Creek, Nickelodeon, Cherished Teddies, Lilliput Lane, Border
Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in the United Kingdom, Australia, Mexico, Asia and the
Pacific Rim.  With subsidiaries in Europe, Canada and a business
unit in Hong Kong, Enesco's international distribution network
leads the industry.

                          Credit Default

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

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


ENESCO GROUP: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Enesco Group Inc.
             225 Windsor Drive
             Itasca, IL 60143

Bankruptcy Case No.: 07-00565

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Enesco International Ltd.                  07-00571
      Gregg Manufacturing, Inc.                  07-00574

Type of Business: The Debtors design, manufacture, and sells
                  licensed and proprietary branded giftware and
                  home and garden décor products to a variety of
                  specialty gift, home décor, mass market, and
                  direct mail retailers.  Product lines include
                  some of the world's recognizable brands
                  including Heartwood Creek(TM) by Jim Shore,
                  Foundations(R), Pooh & Friends(R), Walt Disney
                  Classics Collections(R), Disney Traditions(R),
                  Disney(R), Border Fine Arts(TM), Cherished
                  Teddies(R), Halcyon Days(R), and Lilliput
                  Lane(TM), among others.  Products include
                  diverse lines of accent furniture, wall decor,
                  garden accessories, frames, desk accessories,
                  figurines, cottages, musicals, music boxes,
                  ornaments, waterballs, tableware, general home
                  accessories, and resin figures.

                  The company serves markets operating in
Europe,
                  Australia, Mexico, Asia and the Pacific Rim.
                  The company has subsidiaries in Europe, Canada
                  and a business unit in Hong Kong.  See
                  http://www.enesco.com/


Chapter 11 Petition Date: January 12, 2007

Court: Northern District of Illinois (Chicago)

Judge: A. Benjamin Goldgar

Debtors' Counsel: Brian L Shaw, Esq.
                  Shaw Gussis Fishman Glantz Wolfson & Tow
                  321 N Clark Street, Suite 800
                  Chicago, IL 60610
                  Tel: (312) 541-0151
                  Fax: (312) 980-3888

                       -- and --

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  333 West Wacker Drive
                  Chicago, IL 60606-1285

Consolidated Financial Condition as of Nov. 30, 2006:

   Total Assets: $155,350,698

   Total Debts:  $107,903,518

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Internal Revenue Service         Tax                 $5,400,000
Ogden, UT 84201-0012

UPS Supply Chain Solutions(SM)   Trade Debt          $1,260,916
P.O. Box 226717
Dallas, TX 75222-6717
Fax: (913) 469-8824

Jim Shore Designs, Inc.          License Fees        $1,147,509
426 N. Main Street
Health Springs, SC 29058
Fax: (866) 665-0069

National Distribution Centers    Trade Debt            $870,866
P.O. Box 827600
Philadelphia, PA 19182-7600

United Parcel Service            Trade Debt            $834,104
Lockbox 577
Carol Stream, IL 60132-0577
Fax: (630) 851-7571

Citic Global Logistics Ltd.      Trade Debt            $610,581
11854 South Alameda Street
Lynwood, CA 90262
Fax: (310) 638-3790

Churchward Ltd.                  Trade Debt            $371,336
68/6 Moo 1
Salaya
Puthamonthon
Nadompathom, Thailand

WBE Industries Co. Ltd.          Trade Debt            $338,267
17 Lane 99
Pei Yuan Street
Tainan, Taiwan
Fax: 86-752-367929

Victradco (H.K.) Limited         Trade Debt            $337,738
Suites 828-831, Ocean Center
5 Canton Road, Tsim Sha Tsui
Kowloon, Tsinshatsui, Hong Kong
Fax: 866-2-2721-5845

China Innovation Co. Ltd.        Trade                 $311,177
No. 16 Chuang YI Road
Long Hua Town, Baoan District
ShenZhen, GuangDong
China

Disney Enterprises Inc.          License Fees          $310,068
File 55988
Los Angeles, CA 90074-5988
Fax: (818) 553-7210

Seagull Décor Co. Ltd.           Trade Debt            $308,771
13F No. 167, Sec. 5
Ming Sheng E. Road
Taipei, Thailand
Fax: 886-2-2765-4174

Mesirow Financial                Professional          $288,130
Consulting LLC                   Services
350 N. Clark Street
Chicago, IL 60610
Fax: (312) 595-4246

KPMG LLP                         Professional          $258,000
Department 0970                  Services
P.O. Box 120001
Dallas, TX 75312-0970
Fax: (214) 840-2297

Faith Cartage Inc.               Trade                 $231,313
7401 South 78th Avenue
Bridgeview, IL 60455
Fax: (708) 458-4197

Vedder Price                     Professional          $196,733
Kaufman & Kammholz, P.C.         Services
222 North LaSalle Street
Chicago, IL 60601-1003
Fax: (312) 609-5005

Illinois Department of Revenue   Tax                   $151,118

Maritz                           Trade Debt            $149,250

Blue Cross Blue                  Insurance Plan        $128,811
Shield of Illinois

Tukaiz Litho Inc.                Trade Debt            $121,822

City Forum Enterprises Ltd.      Trade Debt            $121,281

Phoenix International            Trade Debt            $112,856
Freight Service

Federal Express                  Trade Debt            $108,592

Oracle USA                       Trade Debt            $107,323

Deloitte Touche                  Professional          $106,000
                                 Services

Taiwan Merchant (HK) Co.         Trade Debt             $88,758

American Express                 Trade Debt             $87,097

Priscilla Hillman 888            License Fees           $81,787

Hild Studios Inc.                Trade Debt             $81,034

SGS Testing Company Inc.         Trade Debt             $60,146


EUROLINK WORLDWIDE: Names Andrew David Rosler Liquidator
--------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions was appointed
Liquidator of Eurolink Worldwide Express Ltd. on Dec. 19, 2006,
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Eurolink Worldwide Express Ltd.
         9-11 Princess Street
         Knutsford
         Cheshire WA166BY
         Tel: 0161 926 1414
         Fax: 0870 751 2554


FEDERAL-MOGUL: Court Lifts Stay on Use of U.K. Insurance Claims
---------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware grants the request of Federal-Mogul
Corp. and its debtor affiliates for the lifting of the automatic
stay, to the extent necessary to exercise setoff rights as
contemplated by the settlement agreements relative to employers'
liability insurance coverage of asbestos-related claims of
employees of T&N and the U.K. Debtors.

The Court rules that the Debtors' obligations under the
Collateral Settlement Agreement will not be varied or modified
by the terms of any plan of reorganization.

To the extent that the Debtors' settlement of claims pursuant to
the Settlement Agreements constitute a use or sale of the claims
outside of the ordinary course of business, the Court approves
the use or sale of those claims.  In addition, the Court
authorizes the Debtors to effectuate the use or sale of the
claims consistent with the terms of the Settlement Agreements.

As reported in the Troubled Company Reporter on Dec. 6, 2005,
the Bankruptcy Court approved the settlement agreement inked
among Federal-Mogul Corporation and its debtor-affiliates based
in the United Kingdom, including T&N Limited and two insurers
resolving the litigation and dispute over the employers'
liability insurance coverage of asbestos-related claims of
employees of T&N and the U.K. Debtors.

The Employers' Liability Insurers are:

   (a) Royal Insurance Company, now Royal & SunAlliance; and
   (b) Brian Smith Syndicate at Lloyd's.

A list of the 58 U.K. Debtors is available for free at
http://ResearchArchives.com/t/s?36e

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  The Company
filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del.
Case No. 01-10582).  Lawrence J. Nyhan Esq., James F. Conlan
Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood,
and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 120; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


FOCUS DIY: Appoints Rothschild for On-Going Strategic Review
------------------------------------------------------------
Focus DIY (Finance) PLC has appointed Rothschild to advise the
Board as part of its on-going strategic review of future options
for the Group.

In January 2006, Focus agreed a new business plan to July 2007
in order to renegotiate its senior debt covenants for that
period.  At that time it was envisaged that the financing
structure of the Group would need to be reviewed in the first
half of 2007.

                     Restructuring Talks

The Company is in discussions with a coordination committee of
senior lenders and an ad-hoc committee of mezzanine note
holders, as well as its shareholders, regarding the requirement
to restructure its debt and equity.  The Rothschild review will
include the potential sale of the business and has the full
support of all these stakeholders.

Focus is a profitable and cash generative Group, which delivered
pre-exceptional EBITDA of GBP42.7 million for the 12 months to
the end of October 2006, and has continued to invest in the
development of its business.

Over the past two years, 18 new stores have been opened with
further openings planned this year.  Distribution infrastructure
has been significantly enhanced with the doubling in size of the
Tamworth distribution center and implementation of voice
picking.  A new store ordering system has been implemented and
is delivering significant benefits to availability and stock
management.  New ranges continue to be introduced in store.

As a result, Focus has consistently outperformed the U.K. DIY
market since last summer.  Total sales growth over the 17 weeks
to 2 January 2007 has been +3.4%.  During the same period, like
for like sales improved by +1.9% and margins have remained firm.
Whilst the DIY market remains challenging, it has shown an
improving trend over that period, following the sharp declines
of the previous 18 months.  During the seventeen weeks to
Jan. 2, Focus has grown market share and total sales growth has
outperformed the market by 3.5%.  The business enters 2007 with
good sales momentum and a number of further trading initiatives
underway.

"Against the background of a difficult market, Focus has traded
well over the last 2 years and actions taken by management have
built up good sales momentum over the last 6 months," Steve
Johnson, Chief Executive said.  "With the support of a number of
key financial stakeholders, the Board is now keen to evaluate
the most appropriate ownership and financing structure for the
Group going forward.  Rothschild will be evaluating all options
to achieve this goal."

Focus DIY -- http://www.focusdiy.co.uk/-- is third-largest DIY
retailer in the United Kingdom by market share and offer an
extensive range of DIY and gardening products, primarily to
consumers seeking to undertake light home improvement and
maintenance projects.  The company operates over 250 stores with
a total of approximately 8.2 million square feet of net selling
space (including 1.9 million square feet of outdoor selling
space) and, on average, approximately 32,000 square feet of net
selling space per store.

                           *     *     *

As reported in the TCR-Europe on Sept. 8, Fitch Ratings
downgraded U.K.-based Focus DIY (Investments) Ltd.'s and Focus
DIY (Finance) PLC's Issuer Default ratings to CCC from B-.  The
Short-term rating has been downgraded to C from B.  The Outlook
remains Negative.  At the same time, the agency downgraded these
debt instruments:

   * Focus DIY (Investments) Ltd.'s senior secured facilities:
     downgraded to B- from B following the downgrade of the
     IDR although the Recovery Rating is upgraded to RR2
     from RR3

   * Focus DIY (Finance) PLC's GBP100 million 9.375% mezzanine
     notes due 2015: downgraded to CC from CCC.  The RR is
     affirmed at RR6.


GAP INC: Weak Sales Prompt Fitch's Ratings Downgrade
----------------------------------------------------
Fitch has downgraded its ratings on The Gap, Inc. as:

   -- Issuer Default Rating to 'BB+' from 'BBB-'; and,
   -- Senior unsecured notes to 'BB+' from 'BBB-'.

The Rating Outlook is Negative.

The rating action affects approximately US$513 million of debt.

The downgrade reflects the company's continued weak same store
sales trends which have resulted in lower operating margins and
weaker credit metrics.  As a result, the company has announced
that management and the board of directors are together
reviewing Gap's and Old Navy's brand strategies.  The weak
operating trends and the uncertainty related to the strategic
review of the portfolio are reflected in the Negative Rating
Outlook.  The ratings continue to consider the company's
competitive operating environment as well as its diverse store
base and liquidity position.

Gap has reported negative comparable store sales for 28 of the
last 31 months.  Most recently, for the holiday period of
December 2006 comparable store sales were down 8%, on top of a
decline of 9% in December 2005.  The weakness is particularly
evident at the company's two largest banners, Gap and Old Navy,
which account for 85% of revenues and is despite the company's
efforts to improve the quality and assortment of the merchandise
and service levels in the stores.

The weak comparable store sales trends have resulted in
continued promotional activity, which, together with efforts to
improve service levels, have resulted in lower operating
margins.  For the latest twelve months ended Oct. 28, 2006 EBIT
margin declined to 8.4% from 12.8% in fiscal year 2004.  Given
the weak holiday sales results, Gap announced a reduction of its
full year 2006 guidance with EBIT margin expected to be about 7%
compared with previous guidance of 10%.

As a result, Fitch anticipates that credit measures will
deteriorate further from current levels of 2.8x EBITDAR coverage
of interest and rents and 2.9x leverage, measured by total
adjusted debt/EBITDAR, for the latest twelve months ended Oct.
28, 2006.  Fitch expects that EBITDAR coverage of interest and
rents will fall below 2.5x, and leverage, measured by total
adjusted debt/EBITDAR will increase to over 3.0x.  Also, further
margin deterioration will constrain cash flow generation over
time.

In addition, as a result of the weak comparable store sales
results, the company announced that management and the board of
directors would review Gap's and Old Navy's brand and
merchandising strategies.  However, given the time frame for
implementing and executing on a new strategy, it is not likely
that any meaningful improvement from this review would be
apparent until late 2007 at the earliest.  In addition, while it
is unclear what will be the result of the strategic review, any
capital structure changes could result in a weaker credit
profile for the company given the company's low level of funded
debt. Nonetheless, Gap's current liquidity position remains
strong, with US$2.4 billion of cash and short term investments
as of Oct. 28, 2006.


HMV GROUP: Simon Fox to Serve as Interim Managing Director
----------------------------------------------------------
HMV Group plc disclosed that Steve Knott is standing down from
the Group's Board and as Managing Director of HMV U.K. and
Ireland by mutual consent, effective from the end of January.

Simon Fox, Chief Executive Officer, will additionally become
managing director of HMV U.K. and Ireland, pending the
appointment of a permanent successor.

"On behalf of the Board of HMV Group plc, I would like to thank
Steve for his significant contribution over the 16 years he has
been associated with the Group, and wish him every success in
the future.  While we search for a permanent successor the
Group's Chief Executive, Simon Fox, will assume the role of
managing director of HMV U.K. & Ireland," Chairman Carl Symon
said.

Steve Knott, 54, was appointed to the Group Board on Aug. 1,
2005.  He was appointed managing director of HMV U.K. & Ireland
in May 2003, after two years as managing director of
Waterstone's.  He originally joined HMV U.K. in 1990 as
operations director and became managing director of HMV Germany
in 1996.  He is a former managing director of World Duty Free
(Europe) Limited, a subsidiary of BAA plc.  Before joining HMV,
he had ten years experience in retail management with the Burton
Group, after spending five years with BHS Limited, which he
joined as a graduate trainee in 1976.  He is currently chairman
of the Entertainment Retailers Association and of The Official
Charts Company.

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight
different countries under two powerful retail brands, HMV and
Waterstone's.

At April 29, 2006, the company's balance sheet showed GBP2.4
million in stockholders' deficit, compared with a GBP14.4
million deficit at April 30, 2005.


JIMBOB LIMITED: Appoints Liquidator to Wind Up Business
-------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Jimbob Limited on Dec. 19, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Sale Smith & Co. Limited
         Carmella House
         3 & 4 Grove Terrace
         Walsall
         West Midlands WS1 2NE
         United Kingdom


KARL PROFESSIONAL: Claims Filing Period Ends January 22
-------------------------------------------------------
Creditors of Karlton Professional Tools Ltd. have until Jan. 22
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Adelle Firestone at:

         Firestones
         Ground Floor
         Taunton House
         Waterside Court
         Medway City Estate
         Rochester
         Kent ME2 4NZ
         United Kingdom

Adelle Firestone of Firestones was appointed Liquidator of the
company on Dec. 11, 2006, by resolutions of members and
creditors.

The company can be reached at:

         Karlton Professional Tools Ltd.
         Unit 3
         Sextant Park
         Neptune Close
         Medway City Estate
         Rochester
         Kent ME2 4LU
         United Kingdom
         Tel: 01634 726 633


KENDALL STATIONERY: Joint Liquidators Take Over Operations
----------------------------------------------------------
Charles Howard Ranby-Gorwood and Paul Atkinson were appointed
Joint Liquidators of Kendall Stationery Limited (formerly
Kendall Wyatt Limited and Hall Printing Limited) on Dec. 18,
2006, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Kendall Stationery Limited
         Wilton Road
         Humberston
         Grimsby
         South Humberside DN364AW
         United Kingdom
         Tel: 01472 210 457


KENTON DISPLAY: Appoints Liquidators from Tenon Recovery
--------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed Liquidators of Kenton Display Limited on Dec. 11,
2006, for the creditors' voluntary winding-up procedure.

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

Kenton Display Limited can be reached at:

         21-27 Bissell Street
         Birmingham
         West Midlands B5 7HT
         United Kingdom
         Tel: 0121 622 3071
         Fax: 0121 622 5767


KM BODYSHOP: Liquidator Sets March 19 Claims Bar Date
-----------------------------------------------------
Creditors of KM Bodyshop Limited have until March 19 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
Kevin Brown at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         United Kingdom

The company can be reached at:

         KM Bodyshop Limited
         Unit 9
         193 Garth Road
         The Garth Road Industrial Centre
         Morden
         Surrey SM4 4LZ
         United Kingdom
         Tel: 020 8330 1206
         Fax: 020 8330 6515


LOCKINNS LTD: Names George H. W. Griffith Liquidator
----------------------------------------------------
George H. W. Griffith was appointed Liquidator of Lockinns Ltd.
on Dec. 21, 2006, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Lockinns Ltd.
         Kings Bromley Road
         Alrewas
         Burton on Trent
         Staffordshire DE137DB
         United Kingdom
         Tel: 01283 791 468
         Fax: 01283 792 886


MARK MENSWEAR: Brings In Liquidators from CLB Coopers
-----------------------------------------------------
Diane Hill and Mark Getliffe of CLB Coopers were appointed
Liquidators of Mark Menswear Limited on Dec. 7, 2006, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Mark Menswear Limited
         14-16 Rochdale Road
         Manchester
         Lancashire M4 4JR
         United Kingdom
         Tel: 0161 839 2300
         Fax: 0161 839 4300


MARTLET NATURAL: Creditors' Claims Due January 16
-------------------------------------------------
Creditors of Martlet Natural Foods Limited have until Jan. 16 to
prove and send their claims to appointed Liquidator Ian Carr at:

         Grant Thornton U.K. LLP
         Byron House
         Cambridge Business Park
         Cowley Road
         Cambridge CB4 0WZ
         United Kingdom

The Liquidator intends to declare a Final Dividend within four
months of the last date for proving.

The company can be reached at:

         Martlet Natural Foods Limited
         10-14 Meadow Close
         Ise Valley Industrial Estate
         Wellingborough
         Northamptonshire NN8 4BH
         United Kingdom
         Tel: 01933 442 022
         Fax: 01933 440 815


METAL ART: Taps Liquidator from Begbies Traynor
-----------------------------------------------
Michael Francis Stevenson of Begbies Traynor was appointed
Liquidator of Metal Art Welded Fabrications Limited on
Dec. 18, 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.

Metal Art Welded Fabrications Limited can be reached at:

         64 Cobham Road
         Ferndown Industrial Estate
         Wimborne
         Dorset BH217QJ
         United Kingdom
         Tel: 01202 868 860


MICROSET GRAPHICS: Claims Filing Period Ends January 31
-------------------------------------------------------
Creditors of Microset Graphics Limited have until Jan. 31 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to appointed Joint Liquidators Paul Michael Davis and Timothy
John Edward Dolder at:

         Begbies Traynor
         Chiltern House
         24-30 King Street
         Watford WD18 0BP
         United Kingdom

Headquartered in Basingstoke, England, Microset Graphics Limited
-- http://www.microsetgraphics.com/-- is a digital imaging and
print production company offering clients a single source center
for all their print related products. The company's products
include one-off banner, poster, point-of-sale piece, leaflet,
brochure, among others.


MILLS CORP: Issues Bankruptcy Warning Amidst Accounting Errors
--------------------------------------------------------------
The Mills Corp. issued a warning in a U.S. Securities and
Exchange Commission filing saying that it could file for
bankruptcy protection if it cannot sell all or part of the
company amidst accounting errors and speculations of possible
executive misconduct.

The Audit Committee of the Board of Directors of Mills Corp. has
completed its investigation into various issues related to the
historical accounting policies and practices of the company and
The Mills Limited Partnership.

In support of the Investigation, the Audit Committee's
independent counsel, Gibson, Dunn & Crutcher LLP, engaged FTI
Consulting, Inc., a forensic accounting firm, to provide
technical accounting guidance and analysis, as well as to assist
with document collection, interview support, and transaction
review.

The Investigation focused on:

   (a) each of the accounting errors addressed in restatements
       announced by the company in February 2003, March 2005,
       and January 2006;

   (b) allegations set forth in two anonymous letters addressed
       to the "SEC Complaint Center" and received by the company
       in October 2005 and January 2006;

   (c) various additional accounting-related issues identified
       at the outset of, or during, the course of the
       Investigation either by the Audit Committee's independent
       counsel, Gibson, Dunn & Crutcher LLP, by company
       management, or by the company's independent registered
       public accountants, Ernst & Young LLP;

   (d) issues reported in the company's Form 8-K Reports filed
       January 6, February 24, March 17, May 11, and August 10,
       2006; and

   (e) the errors pending restatement.

The numerous issues addressed in the Investigation varied in
complexity and financial significance.

Mills Corp. and Mills LP's historical financial statements will
be restated:

a. Cost Capitalization

The company and Mills LP will correct a variety of items
relating to cost capitalization:

   * Interest capitalization

     The company and Mills LP will correct:

     (a) situations where interest was capitalized up to one
         year following the opening of a development on space
         where no major tenant improvements were in process;

     (b) the interest capitalization for equity method
         investments;

     (c) the interest rate used to calculate the amount of
         interest to be capitalized; and

     (d) the qualifying asset base to exclude land parcels on
         which no significant development activity was
         occurring.

     The corrections to interest capitalization will also
     include the impacts on this category of the other cost
     capitalization corrections described herein.

   * Indirect project cost capitalization

     The company and Mills LP establish cost pools from various
     departments for purposes of estimating, capitalizing, and
     allocating indirect project costs.  Historically, these
     pools included departments that were incidental, but not
     directly related, to the development efforts.  In the
     restatement, the pools will be adjusted to exclude the
     costs of these departments.

   * Capitalization of direct leasing origination costs

     The company and Mills LP estimate the time and cost of the
     activities performed by its leasing department for purposes
     of capitalizing direct costs of originating leases.  These
     activities include:

     (a) evaluating the prospective lessee's financial
         condition,

     (b) evaluating and recording guarantees, collateral and
         other security arrangements,

     (c) negotiating lease terms,

     (d) preparing and processing lease documents, and

     (e) closing the transaction.

     The restatement reflects adjustments to lower the estimates
     of the time and cost incurred by the leasing department for
     these activities.

   * Grand opening and marketing costs

     The company and Mills LP have determined that the cost of
     marketing new developments, including the cost of grand
     opening events, should have been expensed and not
     capitalized as part of the cost of the project.  These
     costs were previously capitalized as project costs on the
     basis that such costs have a long-term benefit to the
     property by attracting customers to the property.  In the
     restatement, it was determined that, since such costs were
     directed primarily at the tenants' customers, they do not
     relate directly to leasing space to tenants and therefore,
     should be treated as pre-opening and advertising expenses.

   * Evaluation of predevelopment projects and acquired
     construction in progress

     Costs of predevelopment activities associated with specific
     projects are capitalized as assets if the project is
     considered probable.  In the restatement, it was determined
     that certain predevelopment projects were no longer
     probable in prior periods.  In addition, the Company and
     Mills LP will also adjust predevelopment project costs to
     expense costs:

     (a) not associated with a specific site,

     (b) associated with a site after that site was replaced by
         a new site in the same geographic market, and

     (c) associated with a project deemed to be abandoned as of
         the time that there was a cessation of significant
         activity.

     Also certain allocations of purchase price to acquired
     construction in progress will be adjusted to reflect a
     consistent methodology using square footage whereas
     previously the company and Mills LP had applied varying
     allocation methodologies for different acquisitions.

   * Empire tract transfer

     In connection with securing the ground lease and
     development rights for the Continental Arena Site, the
     Meadowlands Mills joint venture was required to convey the
     587 acre Empire tract to the State of New Jersey.
     Originally, the exchange was accounted for as a donation of
     real estate to a government agency in exchange for rights
     to develop real estate.  As such, the historical cost of
     the Empire Tract was recorded as the cost of the
     development rights obtained in the exchange.  Since the
     development rights were associated with a long-term ground
     lease interest and not a fee interest in the Meadowlands
     Xanadu Site, the company and Mills LP have since determined
     that the exchange should have been accounted for at fair
     value and that the fair value should be allocated to
     prepaid ground rent and not capitalized project costs.  In
     the restatement, Meadowlands Xanadu project costs will be
     reduced to fair value in 2003 via an impairment charge.
     The Meadowlands Xanadu project is a joint venture that was
     consolidated effective March 31, 2004.

b. FIN 46(R) Adoption and Application

The company and Mills LP prospectively adopted FASB
Interpretation No. 46(R), Consolidation of Variable Interest
Entities, or FIN 46(R), on March 31, 2004, and consolidated 15
joint ventures for which the company and Mills LP were
determined to be the primary beneficiary.

In reviewing the application of FIN 46(R), the company and Mills
LP have determined that development and leasing fees and
interest received should be eliminated in their entirety.

This adjustment impacts the previously reported cumulative
effect for the adoption of FIN 46(R), effective March 31, 2004,
and the operating results in 2004 and 2005.

c. Fixed Asset Accounting

Depreciation expense will be corrected for errors made in
inputting the useful lives of certain assets into the
depreciation and amortization calculation models and to expense
certain items that were erroneously capitalized.

d. Revenue Recognition

The review of accounting for leases determined that:

(1) certain lease modifications had not been recorded in a
    timely manner;

(2) certain termination income had been recorded before the
    tenant vacated rather than when the tenant vacated;

(3) certain tenant allowances should have been written off when
    the tenant vacated;

(4) certain recovery percentages related to costs recoverable
    from tenants should be adjusted; and

(5) some of the gains recognized on land sales should have been
    deferred.

Also an adjustment to gains on land sales will be required
primarily in cases where, as part of the consideration for the
land sale transaction, the company and Mills LP had accepted
interest-only notes that did not contractually obligate the
buyer to make payments sufficient to maintain a 20% interest in
the property over the term of the note or to make annual
principal and interest payments equal to a combined payment
associated with, at a minimum, a 20-year mortgage.

e. Foreign Currency Translation

The company and Mills LP will correct their accounting for
foreign currency translations by removing the re-measurement
impact of translating the permanent investment in non-U.S.
operations from the statement of income and charging it directly
to equity as a component of "Other comprehensive income or
loss."

There is no impact to the company's previously reported
stockholders' equity or the Mills LP's previously reported
partners' capital at Sept. 30, 2005.

f. Long Term Incentive Plan

The company will adjust the timing of accruals for its Long Term
Incentive Plan, or LTIP, which did not match the applicable
employee service periods.

g. Other Stock Compensation

The company and Mills LP reviewed other stock-based
compensation, including accounting for stock options, and will
make adjustments that are expected to be less than $3 million in
the aggregate.

h. Retail Investments

The company and Mills LP have reviewed their accounting for
investments made in retail operations by their wholly owned
taxable REIT subsidiary, Mills Enterprises, Inc. and a similar
investment by one of their joint ventures and determined that
various accounting errors have occurred.

These errors include accounting for loans as equity investments,
lack of timely recording of impairment adjustments, the
inappropriate recognition of a sale of partnership interests and
the timing of recognizing various other items as income or
expense.

i. Series A and Series F Preferred Stock

The company and Mills LP have reviewed their accounting for
Series A Cumulative Convertible Preferred Stock dividends and
dividends paid on the corresponding Series A preferred units.
Issuance costs previously classified and amortized as deferred
financing costs and dividends previously classified as interest
expense will be reversed and recorded as dividends.  The Series
A preferred stock and the corresponding Series A preferred units
were converted to common stock and Mills LP common units,
respectively, in 2003 and are no longer outstanding.

In addition, the Series F Convertible Cumulative Redeemable
Preferred Stock and the corresponding Series F preferred units
were previously classified as permanent equity.  Following any
termination of trading of the company's common stock on the New
York Stock Exchange, holders of Series F preferred stock may
require the Company to purchase any or all of their Series F
preferred stock at its liquidation preference, plus any
accumulated and unpaid dividends to the date of purchase, and,
in certain circumstances, a make whole premium.  Since the
listing of the common stock does not technically rest solely in
the control of the company, the Company has determined that
these securities, and the corresponding Series F preferred units
of Mills LP, are more appropriately presented as mezzanine
equity.

When a definitive redemption date is determinable, mezzanine
equity is recorded net of the issuance costs, which are accreted
to redemption value by recording a charge to accumulated deficit
over the period between issuance and the first definable
redemption date.  In the event no definitive redemption date is
definable, the mezzanine equity is recorded at face value.  Both
accretion and dividends are excluded from earnings available to
common stockholders or common unit holders.

j. Others

Various other adjustments, none of which were determined to be
significant individually, are expected to be included as part of
the restatement.

k. Reclassifications

These reclassifications, which do not impact net income, will
also be included:

   * Tenant allowances/inducements.  The Company and Mills LP
     reviewed construction amounts paid to tenants to ready
     their spaces for use and found that some payments were more
     properly classified as tenant inducements rather than
     tenant allowances.  The impact of this will be to
     reclassify amounts included as building improvements to
     tenant inducements on the consolidated balance sheets and
     reclassify amounts previously charged to depreciation
     expense as charges to minimum rent, thereby reducing
     revenues from previously reported amounts.  Net income will
     not be affected because both tenant allowances and tenant
     inducements are amortized on a straight line basis over the
     life of the lease.

   * Amortization of basis differences.  Amortization expense
     resulting from basis differences in investments in
     unconsolidated joint ventures will be reclassified to
     equity in the earnings of unconsolidated joint ventures.

   * Utility income/expense.  Recoverable utility income was
     previously netted against the related expense.  This will
     be reclassified to recoverable income from tenants.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?1849

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world including Spain and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation.  The SEC
initiated an informal inquiry in January after the Company
reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through 2004
and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.


MILLS CORP: Secures March 31 Senior Term Loan Maturity Extension
----------------------------------------------------------------
The Mills Corp. has disclosed that the lenders and Goldman
Sachs, as administrative agent, have agreed to extend the
maturity date of the company's Senior Term Loan from Dec. 31,
2006, to March 31, 2007, subject to certain conditions,
including that the company files its 2005 restated financial
statements with the U.S. Securities and Exchange Commission by
Jan. 31, 2007, and its audited financial statements for the
fiscal year ended Dec. 31, 2006 by March 1, 2007.

The New York Stock Exchange has further granted the company an
additional two-month trading period through March 1, 2007,
subject to reassessment on an ongoing basis.

Mills also indicated that it is currently targeting filing its
2005 Form 10-K with the SEC by the end of January 2007 and its
Form 10-Qs for the first three quarters of 2006 within 45 days
after the filing of the 2005 Form 10-K.  The company also
disclosed that it does not expect to timely file its 2006
audited financial statements due to the delay in completing its
2005 audited financial statements.

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world including Spain and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation.  The SEC
initiated an informal inquiry in January after the Company
reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through 2004
and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.


MORTGAGE OPTIONS: Claims Registration Ends January 22
-----------------------------------------------------
Creditors of Mortgage Options Nationwide Limited have until
Jan. 22 to send in their names and addresses with particulars of
their debts or claims to appointed Joint Liquidator David Moore
at:

         Begbies Traynor
         No.1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

David Moore and Donald Bailey of Begbies Traynor were appointed
Joint Liquidators of the company on Dec. 11, 2006.

The company can be reached at:

         Mortgage Options Nationwide Limited
         19-21 The Paddock
         Handforth
         Wilmslow
         Cheshire SK9 3HQ
         United Kingdom
         Tel: 01625 525 125


NASDAQ STOCK: Extends Final Offers for LSE Until January 26
-----------------------------------------------------------
The Board of The Nasdaq Stock Market Inc. extended its Final
Offers for London Stock Exchange Group plc and will remain open
for acceptance until 3:00 p.m. (London time) on Jan 26.

As of press time, Nightingale Acquisition Limited, a wholly
owned subsidiary of NASDAQ, owns 61,291,389 LSE Ordinary Shares,
representing approximately 28.75% of the existing issued
ordinary share capital of LSE.

As at 3.00 p.m. (London time) on Jan. 11, being the First
Closing Date, valid acceptances had been received by NAL in
respect of a total of 1,307,978 LSE Ordinary Shares,
representing approximately 0.61% of the existing issued ordinary
share capital of LSE and 33,931 LSE B Shares, representing
approximately 0.43% of the existing issued B share capital of
LSE.

Accordingly NAL owns, or has received valid acceptances in
respect of, a total of 62,599,367 LSE Ordinary Shares
representing approximately 29.36% of the existing issued
ordinary share capital of LSE.

Save as disclosed in the Offer Document and above, neither NAL,
NASDAQ, nor, so far as NAL and NASDAQ are aware, any person
acting in concert with either of them, is interested in or has
any rights to subscribe for any LSE Shares, nor does any such
person have any short position or any arrangement in relation to
LSE Shares.

LSE Shareholders who have not yet accepted the Final Offers and
who hold LSE Shares in certificated form (that is, not through
CREST) should complete, sign and return the relevant Form(s) of
Acceptance in accordance with the instructions thereon and the
instructions in the Offer Document as soon as possible and, in
any event, so as to be received no later than 3.00 p.m.
(London time) on Jan. 26.

LSE Shareholders who have not yet accepted the Final Offers and
who hold LSE Shares in uncertificated form (that is, through
CREST), should submit a TTE instruction in accordance with the
instructions in the Offer Document for settlement as soon as
possible and, in any event, by no later than 3.00 p.m. (London
time) on Jan. 26.

Copies of the Offer Document, the Response Document and Forms of
Acceptance are available for collection (during normal business
hours only) from:

         Capita Registrars
         The Registry
         34 Beckenham Road, Beckenham
         Kent BR3 4TU
         United Kingdom

            -- and --

         Greenhill & Co. International LLP
         Lansdowne House
         57 Berkeley Square
         London W1J 6ER
         United Kingdom

The Offer Document and the Response Document are also available
on NASDAQ's Web site.

The Final Offers will not be revised except that NAL reserves
the right to revise the Final Offers:

   (i) upon the recommendation of the LSE Board; or

  (ii) if a firm intention to make a competing offer for LSE
       is announced, whether or not subject to
       any preconditions.

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with approximately 3,200 companies.

                         *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  The 'BB+' rating on Nasdaq's existing
bank loan facility, which financed the initial 29% stake in the
London Stock Exchange (LSE), is affirmed, while the Recovery
Rating is revised to '1' from '2'.  The ratings were removed
from CreditWatch Negative where they were placed on Nov. 20,
2006.  S&P said the outlook is stable.

At the same time, Standard & Poor's has assigned our 'BB+' bank
loan rating to the proposed USUS$750 million senior secured Term
Loan B, USUS$2.0 billion senior secured Term Loan C, and USUS$75
million revolver to be issued by Nasdaq, as well as the
USUS$500 million senior secured Term Loan C to be issued by
Nightingale Acquisition Ltd., a U.K.-based subsidiary of Nasdaq.
The rating agency has assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's has assigned its 'B+' rating to
the proposed USUS$1.75 billion senior unsecured bridge loan to
be issued by Nasdaq and NAL.

Moody's Investors Service assigned in April 2006 ratings to
three new bank facilities of The Nasdaq Stock Market Inc.: a
USUS$750 million Senior Secured Term Loan B, a USUS$1,100
million Secured Term Loan C, and a USUS$75 million Senior
Secured Revolving Credit Facility.  Moody's said each facility
is rated Ba3 with a negative outlook.


NEW JEWEL: Hires Liquidators from CBA
-------------------------------------
Neil Richard Gibson and Mark Grahame Tailby of CBA were
appointed Joint Liquidators of New Jewel Limited (formerly Swan
Accessories Ltd.)(t/a Star Jewellery) on Dec. 18, 2006, for the
creditors' voluntary winding-up procedure.

The Joint Liquidators can be reached at:

         CBA
         39 Castle Street
         Leicester LE1 5WN
         United Kingdom


NEW YORK NAIL: Creditors' Meeting Slated for January 16
-------------------------------------------------------
Creditors of The New York Nail Co. Ltd. (Company Number
03782399) and The Nail Bar Ltd. (Company Number 03638215) will
meet at 11:00 on Jan. 16 at:

         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London EC1M 7AD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Jan. 15 at:

         Nicholas John Miller and Ian Robert
         Joint Administrators
         Kingston Smith and Partners LLP
         Devonshire House
         60 Goswell Road
         London EC1M 7AD
         United Kingdom
         Tel: 020 7566 4000
         Fax: 020 7566 4010

Headquartered in London, England, Kingston Smith and Partners
LLP -- http://www.kingstonsmith.co.uk/-- advises owner-managers
seeking solutions to business problems.  The company has over
400 people, including 45 partners, based in six offices in
London and the South East, and was founding member of KS
International, a network of over 100 offices in 49 countries
around the world.  It was originally formed in 1923.


ON ASSIGNMENT: Moody's Rates Proposed Credit Facilities at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
first lien credit facilities and the Corporate Family Rating of
On Assignment, Inc., the borrower.

Proceeds from the proposed facilities together with surplus cash
and ASGN stock will be used to fund the acquisition of Oxford
Global Resources, Inc. and to pay related fees and expenses.

The assignment of a Ba3 Corporate Family Rating to the proposed
financing reflects strong margins, good interest coverage
metrics and moderate leverage proforma for the Oxford and Vista
Staffing Solutions, Inc. acquisitions while recognizing the
recent improvement in financial results following several years
of poor operating performance.  The rating also acknowledges
that a material portion of the profitability and cash flow of
the combined entity will be derived from the acquired operations
with the benefit of funds raised through a secondary equity
offering.

Other factors that lend support to the rating include the
company's diverse customer base, low working capital and capital
expenditure requirements, and favorable demand dynamics for the
industry over the near to medium-term.

Factors that weight negatively on the company's ratings include
the highly competitive, fragmented nature of the industry in
which ASGN operates together with its small size on the basis of
revenues relative to its competitors in the temporary staff
space and to other entities within the rating category.

The outlook is stable, reflecting Moody's belief that the
company will successfully leverage its scalable infrastructure
and continue on course with the revenue and efficiency
initiatives that have been underway during the past three years
to continue to grow revenues and improve margins.

It is Moody's expectation that the company will continue to
expand revenues and broaden the service offerings it provides
through a combination of organic growth as well as through the
use of opportunistic acquisitions in a measured, disciplined
manner.  Strong cash flow thus generated is expected to enable
the firm to rapidly repay its new senior secured term loan in
advance of its maturity in 2013.

The SGL-2 rating reflects Moody's belief that the company's
internally generated cash flow will be sufficient to fund all
working capital, capital expenditure and debt service
requirements over the twelve months ending Dec. 31, 2007.  The
rating would be highly sensitive to a material acquisition that
is not accompanied by enhanced liquidity support.  The rating
also anticipates that the revolver will remain largely
unutilized except for the issuance of letters of credit
throughout the near-term.  Adequate cushion under the financial
covenants is expected to ensure orderly access to the facility.

The ratings or outlook could experience downward pressure if the
company undertakes a large debt-financed acquisition, resulting
in adjusted total debt to EBITDA ratio of 4.5x or more on a
sustained basis or if top-line revenue growth or margin
improvements falter, resulting in a ratio of FCF to adjusted
total debt ratio of 10% or less on a sustained basis.

Conversely, the ratings could be experience upward momentum if
margin improvements achieved through the leveraging of the
company's infrastructure and the revitalization program results
in a FCF to adjusted total debt ratio in the 15% to 20% range on
a sustained basis.  The ratings could also be positively
affected if adjusted total debt to EBITDA declines below 2.8x on
a sustained basis.

These summarizes the ratings assigned:

   -- US$20 million revolving credit facility, due 2012, Ba3,
      LGD3, 31%

   -- US$145 million senior secured term loan, due 2013, Ba3,
      LGD3, 31%

   -- Corporate Family Rating, Ba3

   -- PDR Rating, B1

   -- Speculative grade liquidity rating, SGL-2

On Assignment, Inc., with headquarters in Calabasas, California,
is a diversified professional staffing firm that provides
flexible and permanent staffing solutions in a host of specialty
skills, including Healthcare, Laboratory/Scientific, Healthcare,
and Medical, Financial & Health Information Services.  The
company maintains operations through roughly 60 branch offices
located in the U.S., the United Kingdom, the Netherlands, and
Belgium.  For the last twelve months ended Sept. 30, 2006, the
company recognized revenues of approximately US$276 million.


ONLINE NETWORK: Taps Peter Bridger to Liquidate Assets
------------------------------------------------------
Peter Bridger of Bridgers was appointed Liquidator of Online
Network Solutions Ltd. on Dec. 12, 2006, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Online Network Solutions Ltd.
         Beacon House
         Harts Lane
         Burghclere
         Newbury
         Berkshire RG209JZ
         United Kingdom
         Tel: 0163 5276 276
         Fax: 01635 276 200


ORBIS TECHNOLOGIES: Calls In Liquidators from BRI Business
----------------------------------------------------------
Peter John Windatt and Gary Steven Pettit of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Orbis Technologies Limited on Dec. 14, 2006, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Orbis Technologies Limited
         5a Thorpe Close
         Banbury
         Oxfordshire OX164SW
         United Kingdom
         Tel: 01295 273 179
         Fax: 01295 276 394


OXFORD INSULATION: Brings In Liquidators from Begbies Traynor
-------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed Liquidators of Oxford
Insulation Cladding Limited on Dec. 18, 2006, for the creditors'
voluntary winding-up proceeding.

Headquartered in Witney, England, Oxford Insulation Cladding
Limited -- http://www.insulation-uk.com/-- provides insulation
cladding, flexible valve covers, metal cladding and sheet metal
fabricators.


PAGAN FILM: Names Joint Liquidators to Wind Up Business
-------------------------------------------------------
John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators of Pagan Film
Productions Ltd. on Dec. 14, 2006, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Pagan Film Productions Ltd.
         The Oaks
         Pagans Hill
         Chew Stoke
         Bristol
         Avon BS408UF
         United Kingdom
         Tel: 01275 333 311


PARCEL FUSION: Appoints Jonathan Sinclair as Liquidator
-------------------------------------------------------
Jonathan Sinclair of Sinclair Harris was appointed Liquidator of
Parcel Fusion Limited on Dec. 19, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Parcel Fusion Limited
         2 Roundwood Terrace
         Vartry Road
         Haringey
         London N15 6PY
         United Kingdom
         Tel: 020 8809 0486


PARTYGAMING PLC: Satisfies Gaming Biz Acquisition Licensing Deal
----------------------------------------------------------------
PartyGaming Plc has satisfied the software licensing condition
applicable to the agreed acquisitions of the assets, players and
gaming related contracts associated with Empire Online Limited's
gaming business and all of Intercontinental Online Gaming's
business and assets.

A four-year software licensing agreement covering the key online
gaming Web sites being acquired from Empire and Intercontinental
has been concluded with Playtech, the world's largest publicly
traded online gaming software supplier.  The terms of the
agreements, which will replace the contracts that Playtech has
in place with both Empire and Intercontinental and which are
conditional on the completion of the sale of the Empire and
Intercontinental assets, are not being disclosed.

Online gaming Web sites operated by Empire and Intercontinental
include:

   -- NoblePoker.com,
   -- Clubdicecasino.com,
   -- EnterCasino.com,
   -- MissBingo.com,
   -- FairPoker.com, and
   -- MagicBoxCasino.com

Founded in 1999, Playtech is listed on London's Alternative
Investment Market.  It has more than 300 employees, of which 250
are engaged in research and development of current and future
gaming technologies.  All of Playtech's products support
multiple currencies and are available in several European and
Asian languages.  The Playtech gaming platform can also be fully
integrated or run in tandem with PartyGaming's gaming systems.

                      Acquisition Terms

PartyGaming has reached agreement with EOL to acquire certain
assets, players and gaming related contracts associated with its
online gaming business through the acquisition of a newly formed
subsidiary of EOL for consideration of 83,325,934 new ordinary
shares in PartyGaming.  PartyGaming has also agreed with
Intercontinental to acquire all of its assets through the
acquisition of a newly formed subsidiary of Intercontinental for
a consideration of 31,867,908 Consideration Shares.  Based upon
an average price of 29.32p over the last 15 days, the aggregate
115,193,842 Consideration Shares payable to EOL and
Intercontinental represented a total consideration of
approximately US$66.3 million.

A total of 17,374,637 Consideration Shares due to EOL and
5,212,391 Consideration Shares due to Intercontinental, which
are valued at approximately US$13 million in aggregate, is being
retained in escrow and will be released in installments over an
18-month period subject to certain conditions.

The agreement with EOL is conditional, inter alia, upon the
approval of EOL shareholders and the execution of certain
assignments and licenses with Playtech Ltd. and associated
companies, which provide software and support to the EOL Assets
and the Intercontinental Assets.  EOL has received irrevocable
undertakings from certain EOL shareholders, including the
directors who hold ordinary shares, to the effect that their
votes will be cast in favor of the necessary resolution at an
extraordinary general meeting in respect of a total of
169,720,837 EOL ordinary shares, representing approximately
57.97 per cent of the issued share capital of EOL.  This
transaction is expected to be completed on or around Jan. 19.
Completion of the acquisition of the Intercontinental Assets is
conditional upon, and is expected to take place immediately
following, completion of the acquisition of the EOL Assets and
execution of the assignments and licenses referred to above.
Acquisition Terms

PartyGaming has reached agreement with EOL to acquire certain
assets, players and gaming related contracts associated with its
online gaming business through the acquisition of a newly formed
subsidiary of EOL for consideration of 83,325,934 new ordinary
shares in PartyGaming.  PartyGaming has also agreed with
Intercontinental to acquire all of its assets through the
acquisition of a newly formed subsidiary of Intercontinental for
a consideration of 31,867,908 Consideration Shares.  Based upon
an average price of 29.32p over the last 15 days, the aggregate
115,193,842 Consideration Shares payable to EOL and
Intercontinental represented a total consideration of
approximately US$66.3 million.

A total of 17,374,637 Consideration Shares due to EOL and
5,212,391 Consideration Shares due to Intercontinental, which
are valued at approximately US$13 million in aggregate, is being
retained in escrow and will be released in installments over an
18-month period subject to certain conditions.

The agreement with EOL is conditional, inter alia, upon the
approval of EOL shareholders and the execution of certain
assignments and licenses with Playtech Ltd. and associated
companies, which provide software and support to the EOL Assets
and the Intercontinental Assets.  EOL has received irrevocable
undertakings from certain EOL shareholders, including the
directors who hold ordinary shares, to the effect that their
votes will be cast in favor of the necessary resolution at an
extraordinary general meeting in respect of a total of
169,720,837 EOL ordinary shares, representing approximately
57.97 per cent of the issued share capital of EOL.  This
transaction is expected to be completed on or around Jan. 19.
Completion of the acquisition of the Intercontinental Assets is
conditional upon, and is expected to take place immediately
following, completion of the acquisition of the EOL Assets and
execution of the assignments and licenses referred to above.

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/ -- engages in online gaming
business and owns and operates PartyPoker.com, the world's
largest online poker room.  The Group is also the world's
largest online casino and operates PartyCasino.com and
StarluckCasino Online.  In addition, the Group offers online
bingo through PartyBingo.com, online backgammon through
PartyGammon.com, and non-US facing sports betting through
Gamebookers.com.  The company has operations in India.

At June 30, 2006, the company's balance sheet showed
US$91.5 million in unaudited positive equity, after reporting a
US$45.9 million stockholders' deficit at Dec. 31, 2005.

On Oct. 13, PartyGaming suspended all real money gaming
activities to customers located in the U.S. after U.S. President
George W. Bush signed the Safe Port Act into law.


PHOENIX STONE: Names William Antony Batty Liquidator
----------------------------------------------------
William Antony Batty of Antony Batty & Co. was appointed
Liquidator of Phoenix Stone (Hornchurch) Limited on
Dec. 19, 2006, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Phoenix Stone (Hornchurch) Limited
         55 High Street
         Hornchurch
         Essex RM111TP
         Tel: 01708 475 757
         Fax: 01708 443 300


PLAYSCAPE PRO: Nominates Liquidator from Neville Eckley
-------------------------------------------------------
Neville Richard Eckley of Neville Eckley was nominated
Liquidator of Playscape Pro Racing Limited on Dec. 12, 2006, for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Playscape Pro Racing Limited
         390 Streatham High Road
         Lambeth
         London SW166HX
         United Kingdom
         Tel: 020 8677 8677


POSDISPLAY THURMASTON: Liquidator Sets Jan. 25 Claims Bar Date
--------------------------------------------------------------
Creditors of Posdisplay (Thurmaston) Limited have until Jan. 25
to send their names and addresses and particulars of their debts
or claims, and the names and addresses of their Solicitors (if
any) to appointed Liquidator R. J. Elwell at:

         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire LE12 7NN
         United Kingdom

The company can be reached at:

         Posdisplay (Thurmaston) Limited
         639 Melton Road
         Thurmaston
         Leicester
         Leicestershire LE4 8EB
         United Kingdom
         Tel: 0116 260 9402
         Fax: 0116 260 8097


POWERED ACCESS: Brings In Liqudiators from KPMG LLP
---------------------------------------------------
James Douglas Ernie Money and Jane Bronwen Moriarty of KPMG LLP
were appointed Joint Liquidators of Powered Access Sales &
Service Limited on for the creditors' voluntary winding-up
procedure.

The Joint Liquidators can be reached at:

         KPMG LLP
         37 Hills Road
         Cambridge CB2 1XL
         United Kingdom


PREMIER FARE: Mark N. Ranson Leads Liquidation Procedure
--------------------------------------------------------
Mark N. Ranson of Horwath Clark Whitehill (Yorkshire) LLP was
appointed Liquidator of Premier Fare Limited on Dec. 14, 2006,
for the creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Horwath Clark Whitehill (Yorkshire) LLP
         2nd Floor
         Alexandra House
         Lawnswood Business Park
         Redvers Close
         Leeds LS16 6RB
         United Kingdom


PRINTS & BEDDING: Taps Paul Appleton to Liquidate Assets
--------------------------------------------------------
Paul Appleton was appointed Liquidator of Prints & Bedding
Limited on Dec. 18, 2006, for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Prints & Bedding Limited
         47-49 Goodall Street
         Walsall
         West Midlands WS1 1QJ
         United Kingdom
         Tel: 01922 631 512


QUATTRO GRAPHICS: Appoints A. J. Clark to Liquidate Assets
----------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Quattro
Graphics Limited on Dec. 21, 2006, for the creditors' voluntary
winding-up procedure proceeding.

The company can be reached at:

         Quattro Graphics Limited
         3 Hall Road
         Hemel Hempstead Industrial Estate
         Hemel Hempstead
         Hertfordshire HP2 7BH
         Tel: 01923 223 344
         Fax: 01442 450 505


RANGEMILE LIMITED: Hires M. T. Coyne as Liquidator
--------------------------------------------------
M. T. Coyne of Poppleton & Appleby was appointed Liquidator of
Rangemile Limited on Dec. 19, 2006, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Rangemile Limited
         Coventry Road
         Baginton
         Coventry
         West Midlands CV8 3AZ
         United Kingdom
         Tel: 024 7630 4452
         Fax: 024 7663 9031


RECTORT LIMITED: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Rectort Limited confirmed on Dec. 14, 2006, the
appointment of Stephen Franklin of Panos Eliades, Franklin & Co.
as Liquidator of the company.

The company can be reached at:

         Rectort Limited
         Tall Trees
         Nugents Park
         Pinner
         Middlesex HA5 4RA
         United Kingdom
         Tel: 02084288118


REWIRES DEVON: Calls In Liquidators from Moore Stephens LLP
----------------------------------------- ------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
Liquidators of Rewires (Devon) Limited on Dec. 11, 2006, for the
creditors' voluntary winding-up procedure proceeding.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

Rewires (Devon) Limited can be reached at:

         5 Waddeton Clo old
         Brixham Road
         Paignton
         Devon TQ4 7RE
         United Kingdom
         Tel: 01803 527 524
         Fax: 01803 526 789


RUSHWOOD PROPERTIES: Appoints Liquidator to Wind Up Business
------------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Rushwood Properties Ltd. on Dec. 21, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Sale Smith & Co. Limited
         Carmella House
         3 & 4 Grove Terrace
         Walsall
         West Midlands WS1 2NE
         United Kingdom


SAVECREST MACHINES: Appoints John Russell as Liquidator
-------------------------------------------------------
John Russell of The P&A Partnership was appointed Liquidator of
Savecrest Machines Limited on Dec. 11, 2006, for the creditors'
voluntary winding-up proceeding.

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

Savecrest Machines Limited can be reached at:

         Stepney Gr
         Bridlington
         North Humberside YO167PD
         United Kingdom
         Tel: 012 6267 1921
         Fax: 012 6260 5318


SHINEOVER LTD: Creditors' Claims Due February 9
-----------------------------------------------
Creditors of Shineover Ltd. have until Feb. 9 to send in their
names and addresses, with particulars of their debts or claims,
and the names and addresses of their Solicitors (if any) to
appointed Liquidator Stephen John Burkinshaw at:

         H. R. Harris & Partners
         44 St Helen's Road
         Swansea SA1 4BB
         United Kingdom

The company can be reached at:

         Shineover Ltd.
         9-10 Mansel Street
         Swansea
         West Glamorgan SA1 5SF
         United Kingdom
         Tel: 077 6456 8284
         Fax: 01792 458 214


SHOWELL LIMITED: Nominates Paul John Webb as Liquidator
-------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Showell Limited on Dec. 12, 2006, for
the creditors' voluntary winding-up proceeding.

The Liquidator can be reached at:

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


SOLUTIA INC: Expects Profit Growth in 5 Years After Ch. 11 Exit
---------------------------------------------------------------
Solutia Inc. expects its earnings to rise in the next five years
following its exit from Chapter 11, according to its revised
business plan provided to certain holders of 6.72% notes due
Oct. 15, 2037, or the 7.375% notes due Oct. 15, 2027, it issued
pursuant to an Indenture dated Oct. 1, 1997.

Solutia presented the business plan, which includes both
historical and projected financial information, to Noteholders
pursuant to the terms of a confidentiality agreement entered
into on Dec. 8, 2006.

Solutia's net income of US$8,000,000, including a US$44,000,000
gain from one-time items, for the year 2006 changed little from
2005.  Solutia expects its profit from continuing operations,
which excludes some items, to be US$79,000,000 in 2007;
US$124,000,000 in 2008; US$166,000,000 in 2009; US$197,000,000
in 2010; and US$228,000,000 in 2011.

Solutia's financial projections assume emergence from Chapter 11
on Dec. 31, 2006.  Each quarter delay in emergence accounts for
an additional cash outlay of US$25,000,000 for lack of OPEB
funding and reorganization professional fees.  Total cash paid
at emergence is assumed to be US$301,000,000:

     -- US$152,000,000 for exit related costs; and
     -- US$149,000,000 to fund the 2007 domestic pension plan.

A full-text copy of the Dec. 8, 2006, draft business plan is
available for free at http://researcharchives.com/t/s?184c

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 74; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
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