TCREUR_Public/070118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 18, 2007, Vol. 8, No. 13      

                            Headlines


A U S T R I A

ECO LLC: Creditors' Meeting Slated for February 9
KHT KLIMA: Claims Registration Period Ends January 20
KREBS & SERTOV: Creditors' Meeting Slated for January 24
TAKE AND GRILL: Claims Registration Period Ends January 22


B E L G I U M

GREIF INC: Soliciting Consents to Waive Events of Default


D E N M A R K

SITEL CORP: Posts US$1.8-Mln Net Loss in Third Quarter 2006


F I N L A N D

METSO OYJ: Paper Unit Supplies EUR30-Mln Equipment to Stora Enso


F R A N C E

FRESH DEL MONTE: S&P Pares Corp. Credit Rating to BB- from BB
UTSTARCOM INC: Noteholders Agree to Waive Covenant Defaults


G E R M A N Y

A.I.S. INDUSTRIE: Claims Registration Ends February 7
BENQ CORP: Mobile Unit Continues Sale Talks with Investor Group
BENQ CORP: Combase Buys Insolvent Inservio Subsidiary
BIKAP BERLINER: Creditors' Meeting Slated for February 6
BRAINTRUST FLEXCONCEPT: Claims Registration Ends February 6

CONCEPT DATA: Claims Registration Ends February 9
DAIMLERCHRYSLER AG: Denies Shareholders' Meeting Delay
GLOBLOGIS GLOBALE: Creditors' Meeting Slated for February 1
LOHMEN-BAU: Claims Registration Ends February 6
PFLEIDERER AG: Submits SEK2.73 Billion Takeover Bid for Pergo

PFLEIDERER AG: Fitch Says Pergo Takeover Won't Impact Ratings
S + H GMBH: Claims Registration Ends February 9
SPECTRUM BRANDS: Receives Notice of Default from Noteholders
SPECTRUM BRANDS: Balks at Noteholders' Claims of Default
SPECTRUM BRANDS: To Cut 100 Jobs Pursuant to Reorganization


I T A L Y

ALITALIA SPA: Italy Sets Job Security as Key Criteria for Sale
ALITALIA SPA: Union Piloti Withdraws from Jan. 19 Strike
ALITALIA SPA: Gabriele Checchia Quits as Director
ARTIGIANFIDI VARESE: Fitch Affirms Issuer Default Rating at BB+
PARMALAT SPA: Deloitte & Touche Settles Cases for US$149 Million

TEKSID ALUMINUM: Moody's Junks Corporate Family Rating

* Fitch Predicts Stable Outlook for 2007 Italian Corporate Bonds


K A Z A K H S T A N

AET SK: Creditors Must File Claims by February 27
AGROPROMTECHNIKA OJSC: Creditors' Claims Due February 28
BATYRBURSERVICE LLP: Claims Filing Period Ends February 27
COMPUTER TRADE: Claims Registration Ends February 28
KAZ SERVICE: Karaganda Court Starts Bankruptcy Procedure

KUMSAN: Proof of Claim Deadline Slated for February 28
SUNTOUR LLP: Claims Registration Ends February 28
SVETOTECHPRIBOR LLP: Creditors Must File Claims by February 23
TECHNORESOURCE-NS LLP: Claims Filing Period Ends February 28
VOSTOK LLP: Proof of Claim Deadline Slated for February 28


K Y R G Y Z S T A N

HIMIK OJSC: Claims Filing Period Ends February 28
MANAS CJSC: Creditors' Claims Due February 28


L U X E M B O U R G

DANA CORP: Bankr. Court Allows Jan. 13 Pension Funding Payment
DANA CORP: Ct. Sets Deadlines for Sec. 1113/1114 Scheduling Plan
DANA CORP: Trade Creditors Sell 203 Claims Totaling US$31.7 Mln


P O L A N D

LEAR CORP: To Unveil Annual & Quarterly Results on Jan. 25


R U S S I A

CHEBAKOVO OJSC: Creditors Must File Claims by February 23
CHELYABINSKIY ELECTRO-MECHANICAL: Under Bankruptcy Supervision
ERSHOVSKAYA AGRO-KHIMIYA: Names A. Pshenkov to Manage Assets
DRESDNER BANK: Forms Carbon Trading Venture with Gazprombank
GAZPROMBANK OAO: Doubles Asset Value to RUR904 Bln in 2006

GAZPROMBANK OAO: Forms Carbon Trading Venture with Dresdner Bank
HARVEST CJSC: Creditors Must File Claims by February 23
INTERNATIONAL INDUSTRIAL: Fitch Affirms B Issuer Default Rating
KUSHVINSKOYE TRANSPORT: Court Starts Bankruptcy Supervision
LUKOIL OAO: Commences Second Stage of Share Buyback Program

MILK LLC: Creditors Must File Claims by February 23
OZINKI-AGRO-PROM-TRANS OJSC: Court Hearing Slated for March 29
RUBTSOVSKIY FOOD: Court Starts Bankruptcy Supervision Procedure
SEL-KHOZ-KHIMIYA OJSC: Creditors Must File Claims by February 23
SEL-KHOZ-TEKHNIKA-K OJSC: Names A. Pshenkov to Manage Assets

SIB-TEKH-SERVICE CJSC: Bankruptcy Hearing Slated for March 6
TOBOLSK-OIL-GAS-STORY OJSC: Names P. Veshev to Manage Assets
TRANSPORT ENTERPRISE: Creditors Must File Claims by February 23
TUGULYMSKIY WOOD-PROM-KHOZ: Claims Deadline Set February 23
ZHURAVLINO CJSC: Court Names V. Sakhno as Insolvency Manager


S W E D E N

METSO OYJ: Paper Unit Supplies EUR30-Mln Equipment to Stora Enso
PFLEIDERER AG: Submits SEK2.73 Billion Takeover Bid for Pergo
PFLEIDERER AG: Fitch Says Pergo Takeover Won't Impact Ratings


S W I T Z E R L A N D

DURMAZ BROCANTE: Basel Court Suspends Bankruptcy Proceedings
PFAFF BAUUNTERNEHMUNG: Basel Court Closes Bankruptcy Proceedings
SWISSAIR: Executives Face Mismanagement Charge as Trial Begins


T U R K E Y

COCA-COLA ICECEK: Fitch Affirms Foreign Currency IDR at BB


U N I T E D   K I N G D O M

ADVANCED MARKETING: Authorized to Pay Prepetition Shipping Duty
ADVANCED MARKETING: Court Issues Injunction Against Utility Cos.
ADVANCED MARKETING: Seeks Court Approval for Bidding Protocol
AIRWING AIRCRAFT: Names Andrew John Whelan Liquidator
ALTOGETHER BETTER: Creditors Confirm Liquidator's Appointment

ANDREAM LTD: Hires Chris Williams to Liquidate Assets
APEX COOLING: Taps Liquidator from Marks Bloom
AUTO BODY: Nominates Gary Stones as Liquidator
AUTO DIRECT: J. N. Bleazard Leads Liquidation Procedure
B VOLES: Joint Liquidators Take Over Operations

BAA PLC: Posts 1.6% Annual Traffic Growth in December 2006
BAA PLC: More Passengers Travel at Southampton Airport in 2006
BESPOKE ALUMINIUM: Brings In Kroll to Administer Assets
BRETTELL WINDOWS: Appoints Liquidators from Begbies Traynor
BRIDGE MUSICAL: Claims Filing Period Ends February 28

BRIO FOODS: Names Harjinder Johal Liquidator
BRITISH AIRWAYS: T&G Union Favors Settlement Over Strike Action
BURFORD HOUSE: Hires Liquidator from Campbell Crossley
BURGESS PLANT: Creditors' Claims Due February 1
CARLTON COMMERCIAL: Creditors Confirm Liquidator's Appointment

CHAMPION STAR: Appoints Bijal Shah as Liquidator
CHASE LINES: Creditors' Meeting Slated for January 25
CHEEKYMOON ENTERTAINMENT: Contemplates on Subsidiary Liquidation
CHELSEA SELECT: Brings In Liquidators from Begbies Traynor
COLLINS & AIKMAN: Four Parties Object Deal with Major Customers

CORBUILD LTD: Hires Claire L. Dwyer as Liquidator
COUNTRYWIDE INNS: Calls In Liquidators from Kroll
CRYSTALKLEEN LTD: Appoints Ian Franses to Liquidate Assets
CURRAN ENGINEERING: Names David Hill as Administrator
DM & JD HALL: Appoints Joint Administrators from KPMG

DRAKARD & HUMBLE: Taps Joint Administrators from BDO Stoy
DURA AUTOMOTIVE: Seeks Court Nod for Lease Rejection Procedures
DURA AUTOMOTIVE: Trustee Appoints HSBC Bank to Creditors' Panel
DURA AUTOMOTIVE: Section 341(a) Meeting Adjourned Sine Die
FACADE SYSTEM: Confirms Liquidation Procedure

GENERAL MOTORS: Says Too Early to Provide Details on Proton Deal
HEARTS OF OAK: FSA Intensifies Solvency Monitoring
HILLCREST HOMES: Creditors Confirm Liquidators' Appointment
HYDE ELECTRICAL: Brings In Joint Administrators from PKF
INDEPENDENT AUTOMATION: Taps Administrators from Milner Boardman

INFLATABLES LTD: Taps Richard Kelly to Liquidate Assets
POOLE POTTERY: Ten Firms May Bid to Acquire Ceramics Firm
REFCO INC: Asks Court to Cut West Loop Claims
ROYAL & SUN: Writing Down U.S. Operation to Fair Value for 2006
SCOTTS MIRACLE: Launches Offer for US$200MM of 6.625% Sr. Notes

SHAW GROUP: Delays 10-Q Filing to Complete Accounting
SOLUTIA INC: Court Extends Plan-Filing Period Through April 16

* Fitch Says European Companies Face Diverse Challenges
* Huron Consulting Group Reports 20 Managing Director Promotions

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ECO LLC: Creditors' Meeting Slated for February 9
-------------------------------------------------
Creditors owed money by LLC ECO (FN 54538d) are encouraged to
attend the creditors' meeting at noon on Feb. 9 to consider the
adoption of final decision and distribution.

Court-appointed property manager Ulla Reisch offered 6.58%
recovery on creditors' claims.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11, 2006 (Bankr. Case No. 2 S 117/06b).  

The property manager can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         E-mail: office.wien@ulsr.at  


KHT KLIMA: Claims Registration Period Ends January 20
-----------------------------------------------------
Creditors owed money by LLC KHT Klima- und Haustechnik (FN
230449x) have until Jan. 20 to file written proofs of claims to
court-appointed property manager Hans Peter Puchleitner at:

         Mag. Hans Peter Puchleitner
         Taborstrasse 3
         8350 Fehring, Austria
         Tel: 03155/5170
         Fax: 03155/5170-20
         Email: kanzlei-puchleitner@inode.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Feb. 1 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz, Austria

Headquartered in Bad Radkersburg, Austria, the Debtor declared
bankruptcy on Dec. 4, 2006 (Bankr. Case No. 26 S 110/06f).  


KREBS & SERTOV: Creditors' Meeting Slated for January 24
--------------------------------------------------------
Creditors owed money by LLC Krebs & Sertov (FN 52620h) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Jan. 24 to approve the compensation project.

Court-appointed property manager Stephan Riel offered creditors
a 20% recovery of their claims that will be paid within two
years from approval of the compensation project.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 6, 2006 (Bankr. Case No. 3 S 125/06m).  

The property manager and his representative can be reached at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


TAKE AND GRILL: Claims Registration Period Ends January 22
----------------------------------------------------------
Creditors owed money by LLC Take and Grill (FN 239425x) have
until Jan. 22 to file written proofs of claims to court-
appointed property manager Thomas Kurz at:

         Mag. Thomas Kurz
         Roseggerstrasse 58
         4020 Linz, Austria
         Tel: 78 43 31-0
         Fax: 78 43 31-57
         Email: manuela.winkelmayr@haslinger-nagele.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 4, 2006 (Bankr. Case No. 12 S 99/06f).


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


GREIF INC: Soliciting Consents to Waive Events of Default
---------------------------------------------------------
Greif Inc. is commencing an offer to purchase and a consent
solicitation for any and all of its outstanding 8-7/8% Senior
Subordinated Notes due 2012 with aggregate principal amount
currently outstanding of around US$242.6 million.

The offer to purchase will expire at midnight, New York City
time, on Feb. 8, 2007.  The consent solicitation will expire at
5 p.m., New York City time, on Jan. 25, 2007.

Holders tendering their notes will be deemed to have delivered
their consent to certain proposed amendments to the notes and
the indenture governing the notes, which will eliminate, among
other things, substantially all of the restrictive covenants and
certain events of default in the indenture.

The purchase price for each US$1,000 principal amount of notes
tendered and not validly withdrawn on or prior to the expiration
date of the offer to purchase will be US$1,028.36 plus unpaid
interest on the principal amount of the notes accruing to, but
not including, the payment date.  In addition to the purchase
price, Greif will make a consent payment of US$30 for each
US$1,000 principal amount of notes for which consents have been
delivered on or prior to the expiration date of the consent
solicitation.

The offer to purchase and consent solicitation conditions
include a majority of the aggregate principal amount of notes
outstanding being tendered on or prior to the consent date, a
refinancing condition, and the execution of a supplemental
indenture on or prior to the acceptance date implementing the
proposed amendments.

Deutsche Bank Securities Inc. is the dealer manager for the
offer to purchase and the solicitation agent for the consent
solicitation.  Questions or requests for assistance and
documentation may be directed to Deutsche Bank Securities Inc.,
60 Wall Street, New York, N.Y. 10005, Attn: Christopher White at
(212) 250-6008, or to the information agent for the offer to
purchase and consent solicitation, MacKenzie Partners, Inc., 105
Madison Avenue, New York, NY 10016, at (800) 322-2885 or
(212) 929-5500 (call collect).

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- produces steel, plastic,  
fibre, corrugated and multiwall containers, protective packaging
and containerboard, and provides blending and packaging services
for a wide range of industries.  The company also manages timber
properties in North America and is positioned in more than 40
countries to serve global as well as regional customers.  The
company has operations in Australia, Argentina, Brazil, Belgium,
China, Malaysia, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 3,
2006, Moody's Investors Service, in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. manufacturing sector,
confirmed its Ba2 Corporate Family Rating for Greif,
Incorporated, as well as revised its rating on the company's
US$250 million 8.875% senior subordinate notes due 2012 to Ba3
from B1.  Those debentures were assigned an LGD5 rating
suggesting lenders will experience an 82% loss in the event of
default.


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


SITEL CORP: Posts US$1.8-Mln Net Loss in Third Quarter 2006
-----------------------------------------------------------
Sitel Corp. reported a US$1.8 million net loss on US$274.5
million of revenues for the third quarter ended Sept. 30, 2006,
compared with a US$1.9 million net loss on US$244 million of
revenues for the same period in 2005.

Revenue increased US$30.5 million primarily due to revenue
increases in Europe of US$34.1 million and Latin America of
US$4.3 million, partly offset by decreases in North America of
US$5.6 million and Asia Pacific of US$2.3 million.

The revenue increases in Europe and Latin America resulted from
higher sales volumes from new and existing clients.

North American revenue decreased in view of a decrease of
US$23.8 million resulting from the loss of General Motors,
partly offset by US$18.2 million of revenue growth primarily in
customer care, customer acquisition and risk management.

Lower sales volumes from existing clients in Asia Pacific
resulted in US$1.7 million of the decrease.

Direct labor and telecommunications expenses increased
US$26.2 million, or 17.8%, for the three months ended Sept. 30,
2006, compared to the same period of 2005.  The increase was
primarily the result of higher ramp-up costs of new client
programs, particularly in Europe, and a change in the mix of
services provided in the three months ended Sept. 30, 2006,
compared to the same period in 2005.

Subcontracted and other services expenses decreased US$1.7
million for the three months ended Sept. 30, 2006, compared to
the same period of 2005 primarily as the result of lower
subcontracted IT costs to support client programs partially
offset by higher subcontracted services provided by the
company's India joint venture.

Operating, selling and administrative expenses increased
US$6.3 million for the three months ended Sept. 30, 2006,
compared to the same period of 2005.  The weakening of the U.S.
dollar compared to the primary currency in the jurisdictions
that the company operates in accounted for US$1.8 million of the
increase.  The remainder of the increase was associated with the
revenue increase.

The company recorded restructuring expenses of US$4.6 million
for the three months ended Sept. 30, 2005.  There were no
restructuring expenses for the same period in 2006.

Other income, net decreased US$500,000 for the three months
ended Sept. 30, 2006, compared to the same period in 2005
primarily as a result of fluctuations in foreign currency
remeasurement gains  arising from monetary assets and
liabilities denominated in currencies other than the business
unit's functional currency.

During the three months ended Sept. 30, 2005, the company
recorded a non-cash tax benefit of approximately US$5.8 million,
which is included in income tax benefit in the consolidated
condensed statements of operations.  This tax benefit results
from the release of a valuation allowance associated with
deferred tax assets in one of the European business units.  The
decision to release this valuation allowance was based on a
sustained improvement of earnings combined with an improved
financial outlook for the business unit.  The improved financial
situation led management to decide that the tax losses in the
business unit would be fully utilized before they expire.

At Sept. 30, 2006, the company's balance sheet showed US$419.2
million in total assets, US$279.1 million in total liabilities,
US$6.3 million in minority interests, and US$133.8 million in
total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at http://researcharchives.com/t/s?1887

              Merger Agreement with ClientLogic Corp.

On Oct. 13, 2006, the company and ClientLogic Corporation
disclosed that they have signed a definitive merger agreement.
Under the terms of the agreement, a newly formed subsidiary of
ClientLogic will merge with the company and pay US$4.05 per
share in cash for all of the outstanding common stock of the
company.  The board of directors of each company has unanimously
approved the transaction.  The transaction is expected to be
completed in the first quarter of 2007 and is subject to
customary closing conditions, including approval of the
company's shareholders and regulatory clearances.  The company's
board of directors has recommended to its shareholders that they
vote in favor of the transaction.  

                       About Sitel Corp.

Sitel Corp. (NYSE:SWW) -- http://www.sitel.com/-- provides   
outsourced customer support services.  On behalf of many of the
world's leading organizations, SITEL designs and improves
customer contact models across its clients' customer
acquisition, retention and development cycles.  SITEL manages
approximately two million customer interactions per day via the
telephone, e-mail, Internet and traditional mail.   SITEL has
over 42,000 employees in 101 global contact centers, utilizing
more than 32 languages and dialects to serve customers in 56
countries including Argentina, Denmark, Panama, Philippines, and
the United Kingdom, among others.

                           *     *     *  

Sitel Corp. carries Standard & Poor's Rating Services 'B'
corporate credit rating.


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


METSO OYJ: Paper Unit Supplies EUR30-Mln Equipment to Stora Enso
----------------------------------------------------------------
Metso Paper, a unit of MEtso Oyj, will supply Stora Enso's
Varkaus mill in Finland with an extensive rebuild of their PM 3
fine paper machine.  Metso will also modernize the PM 1 at Stora
Enso's Nymoella, Sweden mill.

The projects will be finalized in late 2007.  The total value of
the orders is more than EUR30 million. The orders have been
booked in the order book for the first quarter of 2007.

The Varkaus PM 3 delivery comprises of a wire section
modernization, modifications to the press and dryer sections, a
new winder, and a rewinder.  The operation will improve the
machine's efficiency and its competitive position. It has a wire
width of 8,470 mm and a speed of 1,200 m/min.  For Nymolla PM 1
Metso Paper will supply a headbox dilution system.

Stora Enso is an integrated paper, packaging, and forest
products company, producing publication and fine paper,
packaging board, and wood products. Stora Enso's sales totaled
EUR13.2 billion in 2005.  The Group has some 46 000 employees in
more than 40 countries.  The Varkaus mill produces some 600,000
tpy of wood-containing printing papers and woodfree fine papers.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology     
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

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

                        *     *     *

As reported in the TCR-Europe on April 11, 2006, Standard &
Poor's Ratings Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit ratings, as well as the 'BB'
senior unsecured debt rating on the group were affirmed.


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


FRESH DEL MONTE: S&P Pares Corp. Credit Rating to BB- from BB
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Cayman
Islands-based Fresh Del Monte Produce Inc.  The corporate credit
rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

The rating outlook is negative.  About US$399 million of total
debt was outstanding at Sept. 29, 2006.

"The downgrade reflects Fresh Del Monte's ongoing weak
performance and significantly higher-than-expected leverage,"
explained Standard & Poor's credit analyst Alison Sullivan.

"The company has been negatively affected by difficult industry
conditions, including competitive pressures and higher fuel
and production costs, and we expect these challenges will
continue into 2007.  On Dec. 27, 2006, Fresh Del Monte received
its second amendment in 2006 to relax its leverage covenant on
its secured bank facilities."

The 'BB-' rating reflects Fresh Del Monte's participation in the
highly variable, commodity-oriented fresh fruit and vegetable
industry, which is affected by uncontrollable factors such as
global supply, political risk, weather, and disease.  Mitigating
these concerns are the company's leading positions in the
production, marketing, and distribution of fresh produce.

Product concentration remains a rating concern due to the high
sales and earnings concentration from bananas and pineapples.  
However, Fresh Del Monte is looking for ways to diversify within
the produce industry, for example, by expanding into branded
fresh-cut fruit and vegetables, and growing internationally.  
Sales outside North America represented about 52% of 2005
consolidated sales.

Standard & Poor's expect Fresh Del Monte to continue investing
in diversification without adding significant debt.

For the nine months ending Sept. 29, 2006, sales declined
slightly, yet adjusted EBITDA declined 54% because of
difficulties in the company's prepared food business,
competitive pressures in the European banana market, and lower
profitability in the other fresh produce segment because of
adverse weather conditions.  Higher costs related to fuel, raw
materials, packaging, labor, and transportation also hurt
financial results.

As a result, credit measures have weakened further than Standard
& Poor's had expected.  Lease- and pension-adjusted debt to
EBITDA increased to 4.8x for the 12 months ended Sept. 29, 2006,
from about 2.3x at Dec. 31, 2005.  

Although the company has implemented cost saving initiatives,
given expected ongoing difficult industry conditions,
Standard & Poor's believes Fresh Del Monte will be challenged
to improve performance in the near term.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France and Korea.


UTSTARCOM INC: Noteholders Agree to Waive Covenant Defaults
-----------------------------------------------------------
UTStarcom Inc., as of the expiration of its consent solicitation
at 5:00 p.m., New York City time, on Jan. 9, 2007, received from
holders of a majority of the outstanding aggregate principal
amount of its 7/8% convertible subordinated notes due 2008
consents which were not revoked.

The Proposed Waiver became effective Jan. 9, 2007.

As reported in the Troubled Company Reporter-Europe on Jan. 3,
UTStarcom is soliciting consents from the noteholders relative
to proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain defaults.

                  First Supplemental Indenture

The company and U.S. Bank National Association, the trustee
under the Indenture, have entered into a first supplemental
indenture implementing the Proposed Amendments.  The amendments
contained in the First Supplemental Indenture will be binding on
all Holders, including non-consenting Holders.

Under the terms of the First Supplemental Indenture, during the
period beginning Jan. 9, 2007 and ending 5:30 p.m., May 31,
2007, any failure by the company to comply with certain
provisions will not result in a default or an event of default,
and the Notes will accrue an additional 6.75% per annum in
special interest from and after Jan. 9, 2007 to the maturity
date of the Notes, unless the Notes are earlier repurchased or
converted.  Payments of the special interest will be made in
addition to and at the same time and in the same manner as
regularly scheduled payments of interest to Holders entitled to
such regularly scheduled payments of interest.

Citigroup Corporate and Investment Banking served as the
solicitation agent for the consent solicitation.  Questions
regarding the Consent Solicitation may be directed to Citigroup
Corporate and Investment Banking at 800-558-3745 (toll-free) or
212-723-6106.

The information agent for the consent solicitation was Global
Bondholder Services Corporation.

Alameda, Calif.-based UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end  
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.


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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


BENQ CORP: Mobile Unit Continues Sale Talks with Investor Group
---------------------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., has not reached an agreement with a U.S.-
German investor group regarding a potential sale as of Jan. 16,
Suddeutsche Zeitung reports.

The paper states that the consortium led by Hansjorg Beha, a
former Daimler-Benz executive, and Gilbert Amelio, a former
chairman of Apple Computer Inc., are continuing talks on the
financing of the purchase price and wages required by insolvency
administrator Martin Prager.

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

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

   -- compensation for employing 800 out of 3,000 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.

However, the Land of North-Rhine Westphalia declared that it was
only prepared to pay less than EUR100 million in state
guarantee, as a higher amount would cause problems with EU law,
Suddeutsche Zeitung relates.

Mr. Beha previously set a Jan. 16 deadline to improve on its
initial offer for the bankrupt mobile unit.  

In a Troubled Company Reporter-Europe report on Jan. 16, Messrs.
Amelio and Beha said they would aim to hit break-even for the
mobile company this year and report a EUR10 million profit in
2008.  The managers are optimistic BenQ Mobile could double its
mobile phone production to 8 million units by 2008.

                        Other Bidders

As previously reported in the TCR-Europe, German laptop computer
company Bacoc is also in talks with BenQ Mobile over its plans
to acquire the company's business.

Bacoc, which eyes a two-third reduction of BenQ's work force,
plans to retain BenQ's facility in Kamp-Lintfort in North Rhine-
Westphalia and close down the central office in Munich.  It is
targeting sales of 4.5 million units in 2007.

On the other hand, Sentex Sensing Technologies has revealed
its plans to acquire BenQ Mobile to the firm's creditors.  
Sentex disclosed that it 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 said it 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.


BENQ CORP: Combase Buys Insolvent Inservio Subsidiary
-----------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., has sold its mobile repair subsidiary to
ComBase AG for an undisclosed amount.

The sale, which took effect on Jan. 12, calls for ComBase to
take over Inservio's assets in Bocholt, Leipzig and Kamp-
Lintfort, Germany.  The sale was concluded between ComBase and
Inservio's insolvency administrator, Michael Pluta.

"In addition to the organization of BenQ Mobile services we are
also planning to strengthen the location Bocholt as repair
center for other makes in a contemporary way," Bernhard
Frericks, shareholder of ComBase AG said.

Inservio GmbH, which used to have a 250 work force, employs
around 40 staff, Frankfurter Allgemeine Zeitung relates.  

                        About Combase

ComBase AG acts as international service company in the areas of
Telecommunication, IT, Multimedia, Entertainment and Security
(TIMES) and is in the same field of activities with its repair
services just as BenQ Mobile's subsidiary Inservio.  From its
head office in Karlstein near Frankfurt on Main, the ComBase
group has cared for well-known key accounts such as O2, T-
Mobile, Samsung, and Nokia in Germany as well as in other
European countries for nearly 15 years.

                        About Inservio

Inservio was founded in July 2006 to take over the after-sales
service for Siemens, BenQ Siemens and BenQ mobile phones.

                          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.


BIKAP BERLINER: Creditors' Meeting Slated for February 6
--------------------------------------------------------
The court-appointed insolvency manager for bikap Berliner
Immobilien & Kapitalanlagen GmbH, Thomas Kuehn, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:30 a.m. on Feb. 6.

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 9:25 a.m. on May 15, 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 bikap Berliner Immobilien & Kapitalanlagen
GmbH on Dec. 27, 2006.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         bikap Berliner Immobilien & Kapitalanlagen GmbH
         Poststr. 12
         10178 Berlin, Germany

The insolvency manager can be reached at:

         Thomas Kuehn
         Luetzowstr. 100
         10785 Berlin, Germany


BRAINTRUST FLEXCONCEPT: Claims Registration Ends February 6
-----------------------------------------------------------
Creditors of BRAINTRUST flexconcept GmbH have until Feb. 6 to
register their claims with court-appointed insolvency manager
Matthias Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on March 13, 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 Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckburg, 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 Bueckeburg opened bankruptcy proceedings
against BRAINTRUST flexconcept GmbH on Dec. 20, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BRAINTRUST flexconcept GmbH
         Weserstsr. 23
         31737 Rinteln, Germany

         Attn: Ulrike Clausius, Manager
         Taubeneck 2a
         31675 Bueckeburg, Germany

The insolvency manager can be contacted at:

         Matthias Lehmann
         Mindener Str. 6
         31675 Bueckeburg, Germany
         Tel: 05722/1016
         Fax: 05722/1018


CONCEPT DATA: Claims Registration Ends February 9
-------------------------------------------------
Creditors of Concept Data Trading GmbH have until Feb. 9 to
register their claims with court-appointed insolvency manager
Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle, 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 Celle opened bankruptcy proceedings
against Concept Data Trading GmbH on Dec. 28, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Concept Data Trading GmbH
         Attn: Christian Dehning, Manager
         Westcellertorstr. 7 a
         29221 Celle, Germany

The insolvency manager can be contacted at:

         Karl-Heinz Blaha
         Bahnhofstr. 30 A
         29221 Celle, Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de


DAIMLERCHRYSLER AG: Denies Shareholders' Meeting Delay
------------------------------------------------------
DaimlerChrysler AG refuted reports that it would postpone its
annual general meeting of shareholders on April 4, Bloomberg
News says.

"From today's perspective there is no reason to assume a
postponement of the AGM," Thomas Froehlich, Daimler spokesman,
told Bloomberg.

The company was reacting to report by Frankfurter Allgemeine
Sonntagszeitung that Daimler would postpone the meeting due to
no-overtime protests by in-house accountants over cost-cutting
plans.   

DaimlerChrysler, which would unveil its 2006 results on Feb. 14,
plans to cut 6,000 jobs worldwide in a bid to improve profit.

                      About DaimlerChrysler

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

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

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

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


GLOBLOGIS GLOBALE: Creditors' Meeting Slated for February 1
-----------------------------------------------------------
The court-appointed insolvency manager for Globlogis Globale
Logistik GmbH i.L., Bjoern Gehde, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:00 a.m. on Feb. 1.

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 9:55 a.m. on May 24, 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 Globlogis Globale Logistik GmbH i.L. on
Dec. 22, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Globlogis Globale Logistik GmbH i.L.
         Hauptstrasse 117
         10827 Berlin, Germany

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin, Germany


LOHMEN-BAU: Claims Registration Ends February 6
-----------------------------------------------
Creditors of Lohmen-Bau GmbH have until Feb. 6 to register their
claims with court-appointed insolvency manager Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against Lohmen-Bau GmbH on Dec. 28, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Lohmen-Bau GmbH
         Attn: Dr. Thomas Besch, Manager
         Basteistrasse 96
         01847 Lohmen, Germany

The insolvency manager can be contacted at:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden, Germany
         Web site: http://www.junker-kollegen.de/


PFLEIDERER AG: Submits SEK2.73 Billion Takeover Bid for Pergo
-------------------------------------------------------------
Pfleiderer AG has proposed a SEK2.73 billion voluntary takeover
offer for all of the shares in Pergo AB to boost U.S. sales and
enter the European laminate-flooring market, Bloomberg News
reports.

Pfleiderer AG will submit the offer via its indirectly wholly
owned subsidiary, Pfleiderer Sweden AB, at an offer price of
SEK51 in cash per share in Pergo.  Currently, 53,569,685 shares
in Pergo are outstanding.

The offer represents a premium of 13.6% compared to the closing
price of the Pergo share on Jan. 11 of SEK44.9 and a premium of
17.2% compared to the volume weighted average price of SEK43.5
during the last 20 trading days prior to the suspension of
trading of the Pergo share on Jan. 12, which preceded the
announcement of the offer.

The board of directors of Pergo has unanimously recommended
Pergo shareholders' to accept the offer.  In addition,
Pfleiderer Sweden AB has received irrevocable undertakings to
accept the offer from major shareholders of Pergo together
representing 41.9% of the shares in Pergo.

The offer contains the usual conditions and among them the
condition that the offer should be accepted by at least 90% of
the total number of shares in Pergo as well as the receipt of
all necessary anti-trust approvals.  Pfleiderer Sweden AB may
waive conditions partially or entirely.  The acceptance period
for the offer is expected to begin during the week commencing
Jan. 29 and run for about four weeks.  Subject to the approval
of the anti-trust authorities the settlement of the offer is
expected to begin about a week after the end of the acceptance
period.

The Pfleiderer cash offer is fully financed.

The Pergo purchase would inflate Pfleiderer's sales to about
EUR1.9 billion and would make Pfleiderer the number one
laminate-floor supplier in the U.S., a market it entered in the
early 1980s, Bloomberg News relates.

"With Pergo we can cover the total U.S. area excellently," said
Pfleiderer CEO Hans Overdiek.  "Since the beginning of last year
we've been looking for a production site in the south of the
U.S. We already produce in Canada, in Montreal."  Demand for
laminate floors may rise by 10% a year in the U.S., he added.

                         About Pfleiderer

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and  
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.

As reported in the Troubled Company Reporter-Europe on Oct. 2,
2006, Fitch Ratings changed Pfleiderer AG's Outlook to Positive
from Stable.  At the same time, the agency has affirmed the
group's ratings at Issuer Default BB and Short-term B.


PFLEIDERER AG: Fitch Says Pergo Takeover Won't Impact Ratings
-------------------------------------------------------------
Fitch Ratings said that Germany-based Pfleiderer AG's Issuer
Default rating of BB and Short-term rating of B are not affected
by the group's takeover bid for Sweden-based Pergo AB.  The
rating Outlook remains Positive.

Pfleiderer disclosed that it is offering SEK51 in cash per share
for Pergo, a Swedish flooring company with sales of about SEK3
billion, resulting in a total offer value of SEK2,732 million.  
Pergo commands significant market positions in the U.S. and in
Europe and is a leading brand in laminate flooring, serving the
high quality segment of the market.  Its shares are listed in
the mid-cap industrials sector of the Nordic Stock Exchange.  
The Board of Directors has unanimously recommended that the
shareholders in Pergo accept the offer while major shareholders,
mainly venture capital funds, who represent 41.9% of the shares,
have already provided irrevocable undertakings to accept the
offer.

In Fitch's view, the planned acquisition is consistent with
Pfleiderer's growth strategy, which involves leveraging its
position as a leading producer in the international engineered
wood sector and growing the business in Western Europe, North
America, and Eastern Europe.  Given that Pfleiderer's laminate
flooring capacities are mainly in North America, the planned
acquisition will close a strategic gap by accelerating
Pfleiderer's move into the European laminate flooring market.  
Pergo is also a good fit with Pfleiderer's HDF production
capabilities in Europe.  Furthermore, the combined company will
become the market leader in North America with a 15% market
share.

In Fitch's view, the acquisition is expected to have limited
impact on Pfleiderer's liquidity and credit metrics, which will
remain adequate for the rating.  While the offer price in
relation to Pergo's historical EBITDA appears high, the multiple
may be justified by Pergo's outlook as well as the strategic
value and synergies that the acquisition offers to Pfleiderer
and also by the premium brand name of Pergo.

The ratings continue to reflect Pfleiderer's position amongst
the world-leading producers in the engineered wood industry,
sound geographical diversification, and balanced product
portfolio.  At the third quarter of Fiscal-Year 2006,
Pfleiderer's liquidity and funding profile were adequate.  Its
access to committed and uncommitted credit facilities provides
sufficient financial flexibility.


S + H GMBH: Claims Registration Ends February 9
-----------------------------------------------
Creditors of S + H GmbH have until Feb. 9 to register their
claims with court-appointed insolvency manager Juergen Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on March 1, 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 Kaiserslautern
         Room 87
         Bahnhofstr. 24
         67655 Kaiserslautern, 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 Kaiserslautern opened bankruptcy
proceedings against S + H GmbH on Dec. 21, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         S + H GmbH
         Austr. 3
         66885 Altenglan, Germany

         Attn: Armin Stutzmann, Manager
         Hauptstr. 5
         66887 Elzweiler, Germany

The insolvency manager can be contacted at:

         Juergen Roth
         Fritz-Wunderlich-Road 49 d
         66869 Kusel, Germany
         Tel: 06381-92250
         Fax: 06381-922539


SPECTRUM BRANDS: Receives Notice of Default from Noteholders
------------------------------------------------------------
Spectrum Brands Inc. received on Jan. 10, 2007, a purported
notice of default from entities claiming to be the holders of or
to have discretionary authority in respect of its 8-1/2% Senior
Subordinated Notes due 2013.

The Notice asserted that the company's incurrence of
indebtedness under its Fourth Amended and Restated Credit
Agreement dated as of Feb. 7, 2005, gave rise to certain
defaults relating to the incurrence of indebtedness, incurrence
of liens and delivery of proper notice under the Indenture,
dated as of Sept. 30, 2003, between the company and the U.S.
Bank National Association, as trustee, governing the Notes.

The company believes that it is not in default under the terms
of the Indenture.

The company believes that all existing indebtedness was incurred
in compliance with the provisions of the Indenture and that no
default has occurred under the Indenture.

The default provisions of the Indenture provide that if the
company had incurred indebtedness other than in compliance with
the Indenture and thereafter received written notice of a
default from either the Trustee or holders representing 25% or
more of the aggregate principal amount of the Notes then
outstanding, the failure by the company for 60 days after such
written notice to comply with the agreements set forth in the
Indenture would constitute an "Event of Default" under the
Indenture.

If an "Event of Default" were found to have occurred, the
Trustee or holders of at least 25% in aggregate principal amount
of the Notes then outstanding would have the contractual right
to declare all unpaid principal, and any accrued, default or
additional interest, on the Notes then outstanding to be due and
payable.

Such an "Event of Default" could also result in the acceleration
of indebtedness under:

     (i) the company's 7-3/8% Senior Subordinated Notes due 2015
         by action of the trustee under the indenture governing
         those notes or the respective holders of at least 25%
         in principal amount of those notes outstanding; and

    (ii) the Credit Agreement by action of the requisite lenders
         under the Credit Agreement.

The company has carefully considered the allegations set forth
in the Notice and has concluded that there is no default under
the Indenture.

The Credit Agreement, the indebtedness under which ranks senior
to the indebtedness under the Notes and the 7-3/8% Notes,
includes:

   -- a revolving credit facility for borrowings of up to US$300
      million;

   -- contains customary minimum interest coverage and maximum
      leverage ratio tests; and

   -- contains a customary debt incurrence covenant permitting
      the indebtedness under the Notes and the 7-3/8% Notes,
      indebtedness necessary to support its ordinary course
      operations and a general basket for other unsecured
      indebtedness in the aggregate amount of US$50 million.

It believes that the company and its subsidiary borrowers are in
compliance with the terms and provisions of the Credit
Agreement, including those relating to limitations on
indebtedness.

As of Sept. 30, 2006, there was:

   (a) approximately US$350 million in aggregate principal
       amount of the Notes outstanding and approximately US$15
       million of accrued but unpaid interest;

   (b) approximately US$700 million in aggregate principal
       amount of the 7-3/8% Notes outstanding and approximately
       US$9 million of accrued but unpaid interest; and

   (c) approximately US$26 million under the Revolving Credit
       Facility and approximately US$1,144 million in other
       indebtedness was outstanding under the Credit Agreement.

A full-text copy of the Notice of Default is available for free
at http://ResearchArchives.com/t/s?189e

A full-text copy of the company's response is available for free
at http://ResearchArchives.com/t/s?189f

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products     
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company's European
headquarters is located at Sulzbach, Germany.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 16,
Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


SPECTRUM BRANDS: Balks at Noteholders' Claims of Default
--------------------------------------------------------
Spectrum Brands Inc. denies claims that it defaulted on its 8.5%
senior subordinate notes due 2013 by entering into a revised
credit agreement in February 2005, the Associated Press reports.

Citing a filing with the U.S. Securities and Exchange
Commission, the AP relates that Spectrum received a notice from
Castlerigg Master Investments Ltd., Sandelman Partners LP, and
Cerion Capital Partners, asserting that the company defaulted on
its senior notes.

Spectrum insisted that the noteholders were "confused" and that
their claims were "flawed."

The paper says that Spectrum warned that if the allegations will
cause significant damage to the company, it would take necessary
steps to seek reparation for any damages.

Spectrum's shares dropped 6 cents Tuesday afternoon to US$11.91
on the New York Stock Exchange.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products     
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company's European
headquarters is located at Sulzbach, Germany.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 16,
Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


SPECTRUM BRANDS: To Cut 100 Jobs Pursuant to Reorganization
-----------------------------------------------------------
Spectrum Brands Inc. will cut approximately 100 jobs pursuant
to the company's plan to streamline its business into three
units.

In a press release dated Jan. 10, 2006, Spectrum Brands
disclosed plans to realign the company's four operating segments
into three vertically integrated, product-focused operating
units: Global Batteries & Personal Care, Home & Garden and
Global Pet Supplies.

Spectrum said that the consolidation of the operating segments
will begin immediately and will be reflected in its financial
report for the second quarter of fiscal 2007.

According to Dave Jones, Spectrum Chairman and Chief Executive
Officer, the realignment will make the company a stronger, more
efficient and competitive company.  

"By streamlining the business into three product-oriented
operating units, we will significantly enhance our competitive
focus and improve our cost structure," Mr. Jones says.  "These
changes will allow us to go to market faster with new,
innovative products, as well as improve our ability to
efficiently allocate resources on a worldwide basis.  This
business unit realignment will also facilitate the orderly
execution of the asset sale process we announced in July."

With the changes, the company plans to undertake steps to cut
down costs including a reduction in employee headcount by around
100 employees.  "Our new structure will enable Spectrum to
operate more efficiently and profitably by eliminating
duplicative staff functions and overhead in each of our business
units, and downsizing our corporate infrastructure," Mr. Jones
adds.

Moreover, the company unveiled appointments including:

   * David Lumley as President of Global Batteries & Personal
     Care and Home & Garden, and Co-Chief Operating Officer of
     Spectrum Brands;

   * Remy Burel as President of Europe/ROW;

   * John Heil as Co-Chief Operating Officer of Spectrum Brands;
     and

   * Kent Hussey as Vice Chairman of Spectrum Brands.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products     
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company's European
headquarters is located at Sulzbach, Germany.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 16,
Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


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


ALITALIA SPA: Italy Sets Job Security as Key Criteria for Sale
--------------------------------------------------------------
The Italian government will select the buyer for Alitalia S.p.A.
based on the bidder's willingness to guarantee jobs at the
national carrier, Bloomberg News reports citing Public Works
Minister Antonio Di Pietro.

"The commitment of the government is to find a partner that
guarantees jobs," Mr. Di Pietro told Bloomberg News.  "The
criterion isn't the price."

In a TCR-Europe report on Jan. 16, Alitalia's labor unions will
hold an indefinite strike on Jan. 19 until the Italian
government open direct talks with the carrier's worker
representatives.

The unions have criticized the Italian government for not
consulting them on decisions regarding Alitalia's future,
including the recent tender offer to sell its 30.1% stake.

                   Formal Bidding Process

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

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

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

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

The Ministry also outlined mandatory commitments for the buyer
to:

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

   -- safeguard Alitalia's national identity; and

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

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

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

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

The government aims to complete the process this month.

                         About Alitalia

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

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


ALITALIA SPA: Union Piloti Withdraws from Jan. 19 Strike
--------------------------------------------------------
Union Piloti will not participate in an indefinite strike
scheduled tomorrow, Jan. 19, against Italian national carrier
Alitalia S.p.A., Bloomberg News reports.

"At the moment all the actions of the union have been in keeping
with the law," UP said in a statement, adding that a walkout
might shove away potential buyers for Alitalia.

The union added they want to "avoid resorting to such strong
actions while bidding is still in course."

UP joins Alitalia's main pilot union, Associazione Nazionale
Piloti Aviazione Commerciale, in boycotting the strike.  
Bloomberg News suggests that UP and ANPAC's non-participation in
the industrial action might lead to a cancellation or
postponement of the scheduled strike.

Unions participating in the strike include:

    * Federazione Italiana Lavoratori dei Trasporti-
      Confederazione Generale Italiana del Lavoro,

    * Federazione Italiana Trasporti-Confederazione Italiana
      Sindacati Lavoratori,

    * Unione Generale del Lavoro, and

    * Sindacato Unitario Lavoratori dei Trasporti.  

In a TCR-Europe report on Jan. 11, the FIT-CISL said it might
call off or postpone the scheduled Jan. 19 strike, after the
government committed to involve the union in the future of
Alitalia.

"The setting in motion of debate with the government could be of
great help and favor this period process which will lead to the
privatization of Alitalia," Claudio Genovesi, National Secretary
of FIT-CISL, told Agenzia Giornalistica Italia.

                   Formal Bidding Process

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

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

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

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

The Ministry also outlined mandatory commitments for the buyer
to:

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

   -- safeguard Alitalia's national identity; and

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

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

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

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

The government aims to complete the process this month.

                         About Alitalia

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

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


ALITALIA SPA: Gabriele Checchia Quits as Director
-------------------------------------------------
Alitalia S.p.A. disclosed that Ambassador Gabriele Checchia has
resigned from his post as a director of the Company.

In a communication addressed to the President-CEO and to the
President of the Auditing Board, Ambassador Checchia stated that
his experience with Alitalia had been highly gratifying both
from the human and the professional points of view.

At the same time, he pointed out that his current position as
Italian Ambassador to Lebanon made it impossible for him,
unfortunately, to continue his directorship with the necessary
diligence, especially in view of the particularly delicate and
important phase the Company is going through.

It should be noted that Ambassador Checchia is not a member of
internal committees, as shown in the corporate governance report
included in the 2005 end-of-year balance sheet.  Furthermore,
Ambassador Checchia does not hold shares in the Company capital.

                         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.


ARTIGIANFIDI VARESE: Fitch Affirms Issuer Default Rating at BB+
---------------------------------------------------------------
Fitch Ratings affirmed Italy-based Artigianfidi Varese's ratings
at Issuer Default BB+, Short-term B, and Insurer Financial
Strength BBB-.  The Outlooks on both the Issuer Default and IFS
ratings remain Stable.

The ratings reflect AV's small size, weak income generation, and
a higher share of problem guarantees relative to its total
outstanding guarantees than those of its peers, which partly
reflects the vulnerability of the local economy.  The ratings
also consider its stronger capital ratios than those of its
peers, management efforts to improve risk management tools and
procedures, and adoption of clearer corporate governance rules.

Profitability is weak, due to the not-for-profit nature of its
activities.

The increase in business volumes during 2002-2005, combined with
unremarkable economic growth in the province of Varese, caused a
constant rise in the level of problem guarantees.  Although the
level of gross problem guarantees has stabilized since the end
of 2005, it amounted to a high 4% of total issued guarantees at
the end of September 2006.  However, loan loss reserves were at
a comfortable level and the stock of problem guarantees
represented a manageable proportion of its equity plus loan loss
reserves.  About half of AV's portfolio of guarantees is
counter-guaranteed by the European Investment Fund, by other
guarantors via Artigiancredit Lombardia, thereby reducing its
direct credit risk.

Although internal capital generation is limited and the size of
its equity is small in absolute terms, AV has a reasonably
strong capital base for its level of activity and higher than
many of its peers'.

AV is a cooperative set up in 1996 active in the province of
Varese, in Northern Italy close to the Swiss border.  Its
members are small, local artisan companies, to which it provides
credit guarantees.  Given its size, Fitch expects AV to qualify
as a financial intermediary under Article 107 of the Italian
Banking Act, which would mean light supervision from Banca
d'Italia, once regulation by the Italian Ministry of Economy and
Finance and BdI is in place.


PARMALAT SPA: Deloitte & Touche Settles Cases for US$149 Million
----------------------------------------------------------------
Parmalat S.p.A. and Deloitte & Touche S.p.A. and Dianthus S.p.A.
-- the firm that operated in Italy under the Deloitte & Touche
name until July 2003 -- communicate that the damages actions
filed by Parmalat S.p.A. against Deloitte & Touche S.p.A. and
Dianthus S.p.A. have been settled, as have the counterclaims
filed by Deloitte & Touche S.p.A. and Dianthus S.p.A. against
Parmalat S.p.A.

Deloitte & Touche S.p.A. and Dianthus S.p.A. have committed to
provide Parmalat S.p.A. with total consideration valued at
US$149 million.  Following the settlement, Parmalat S.p.A. and
Deloitte & Touche S.p.A. and Dianthus S.p.A. have undertaken to
withdraw all pending actions and allegations between them.

The settlement follows years of investigation by Parmalat
S.p.A., and extensive civil discovery by the parties in
connection with actions pending in the United States, and was
facilitated by various judicial and regulatory authorities.  

Under the settlement Deloitte & Touche S.p.A. and Dianthus
S.p.A. have an option upon the payment to Parmalat S.p.A. of
US$15 million to terminate the agreement within 60 days if they
do not obtain a contribution bar pursuant to the Illinois Joint
Tortfeasor Contribution Act.  

Both Parmalat S.p.A. and Deloitte & Touche S.p.A. express their
satisfaction at the settlement, which will set in place the
conditions for a mutually beneficial future relationship.  
Parmalat S.p.A. and Deloitte & Touche S.p.A. look forward to
working together.  

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged
from bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Parmalat Capital Finance
Limited, Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat SpA.  The Finance Companies are
under separate winding up petitions before the Grand Court of
the Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Limited serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


TEKSID ALUMINUM: Moody's Junks Corporate Family Rating
------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Teksid Aluminum Ltd to Caa3 from Caa1 and the senior
unsecured rating of Teksid Aluminum Luxembourg Sarl SCA to Ca
from Caa3.

The ratings remain on review with an uncertain direction; the
rating review was initiated on Nov. 3, 2006.

The downgrade of the Corporate Family Rating by two notches
reflects the company's announcement that it did not make the
interest payment due on Jan. 15 on the 11 3/8% Senior Notes
maturing in 2011 issued by Teksid Aluminum Luxembourg Sarl and
that it will not be in compliance with certain financial
covenants of its bank facility in the fourth quarter of 2006 and
remaining uncertainty about the ultimate recovery value that
might be achieved.  The downgrade of the senior unsecured rating
from Caa3 to Ca incorporates Moody's expectation that the
recovery value for the notes could be significantly higher than
the recovery of a "C"--rated instrument.

In November 2006 the company announced that it had entered into
a definitive agreement to sell certain core assets to Tenedora
Nemak, S.A. de C.V and that it intended to redeem its
outstanding liabilities with the proceeds of the asset disposal.
The deal, which will be closed in the first quarter of 2007, is
subject to various conditions, including the receipt by the
seller of certain consents and waivers from TK Aluminum's
bondholders as well as other customary conditions, including
regulatory approvals.  In addition, the company is in
negotiations with other investors to dispose of its remaining
operations.

Moody's understands that, given the continuous need to fund
ongoing losses of the underlying operations, working capital
needs, capital expenditures and restructuring of the remaining
businesses until closing of the deal, the company has initiated
additional measures to avoid disruptions of the ongoing
operations, namely negotiations of a bridge financing.

Moody's rating review with direction uncertain reflects the
possibility that prospective recovery values for the bondholders
may be higher than would typically be expected for the current
rating category, provided in particular that the Tenedora Nemak
deal is closed on time under the conditions agreed.  However,
the review also takes into account the uncertainty regarding
final recovery values given that closing of the deal is subject
to various conditions, the challenge to fund continuous
liquidity needs of the operations until the deal is closed and
final payments will be received.  In addition, the review
considers potential additional liquidity needs for operating and
restructuring needs of the remaining operations until final
agreements for their disposal will be made.

Downgrades:

   * TK Aluminum Ltd

     -- Corporate Family Rating, Downgraded to Caa3 from Caa1

   * Teksid Aluminum Luxembourg Sarl SCA

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        Ca from Caa3

Teksid Aluminum Ltd, a Bermuda-based company with corporate
offices in Carmagnola, Italy, is a leading global supplier of
aluminium casting components for the automotive industry
worldwide. For the twelve months ended Dec. 2005, the company
generated net revenues of EUR1.001 billion.


* Fitch Predicts Stable Outlook for 2007 Italian Corporate Bonds
----------------------------------------------------------------
Fitch Ratings says that Italian corporate bond issuance in 2007
is expected to see similar volumes to those in 2006.  Volumes in
2006 were down 6% year on year at EUR10.3 billion, in contrast
to the nearly 60% increase in the EMEA corporate bond issuance
volume.  The latter totaled EUR270 billion in 2006, mainly as a
result of increased M&A activity across the region during the
year.

Some repeat issuers like Telecom Italia issued in 2006 partly to
cover 2007 maturities, most likely in anticipation of rising
interest rates throughout the euro area.  However, some M&A
transactions that have been postponed to 2007 may be financed or
refinanced in the bond market.  The utility sector remains a
good candidate for bond issuance, as a number of completed and
announced acquisitions are still being finalized.

"Italian high-yield issuance is also expected to be moderate in
2007," says Elisabetta Zorzi, senior director at Fitch's
Corporate team based in Milan.  "There are no significant bond
expiries before 2008, and Fitch does not expect the Italian
market to match the number of high-yield transactions seen in
the more mature European bond markets like the U.K., France, and
Germany."

Fitch also views that small and medium-sized enterprises' access
to the debt capital markets will remain below potential in the
medium term as they continue to rely on competitively priced
long-term bank financing for their investment requirements.  
Although banks are increasingly focusing on reducing industry
and customer risk concentration, competitively priced loans,
together with extended maturities, appear to prevail over the
debt capital market issuance option, due to the continuing
excess liquidity within the Italian banking system.  Fitch
warns, however, that this will delay the move to improving SMEs'
transparency as the willingness to come under market scrutiny
and accept formal credit rating processes continues to be low.

While the proportion of speculative-grade issues increased to
40% of the total Italian corporate bond issuance in 2006 from
only 24% in 2005, this was dominated by Fiat.  The company
returned to the market with two EUR1 billion bonds between
February and May as its credit profile recovered.  Lottomatica
issued the first Italian corporate hybrid bond in the amount of
EUR750 million.  This was a clear signal that international
investors are interested in Italian issuers - even in the
speculative-grade territory - as long as there is adequate
transparency and best practices are being employed.  There was
no issuance by SMEs.


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


AET SK: Creditors Must File Claims by February 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP AET SK insolvent on Dec. 7, 2006.

Creditors have until Feb. 27 to submit written proofs of claim
to:

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


AGROPROMTECHNIKA OJSC: Creditors' Claims Due February 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered an order on June 30, 2006, placing
OJSC Agro Industrial Technics Agropromtechnika into compulsory
liquidation.

Creditors have until Feb. 28 to submit written proofs of claim
to:

         Liquidation Commission
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 46-46-26
         Fax: 8 (3152) 46-35-83


BATYRBURSERVICE LLP: Claims Filing Period Ends February 27
----------------------------------------------------------
LLP Batyrburservice has declared insolvency.  Creditors have
until Feb. 27 to submit written proofs of claim to:

         LLP Batyrburservice
         Bratya Jubanovy Str. 285/2-3
         Aktobe
         Aktube Region
         Kazakhstan


COMPUTER TRADE: Claims Registration Ends February 28
----------------------------------------------------
LLP Computer Trade Group has declared insolvency.  Creditors
have until Feb. 28 to submit written proofs of claim to:

         LLP Computer Trade Group
         Office 8
         Kunaev Str. 64
         Almaty, Kazakhstan
         Tel: 8 (3272) 73-00-44


KAZ SERVICE: Karaganda Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Kaz Service
Invest-2 (RNN 301200210058).

LLP Kaz Service Invest-2 is located at:

         Komsomolsky Ave. 55/2-83
         Temirtau
         Karaganda Region
         Kazakhstan


KUMSAN: Proof of Claim Deadline Slated for February 28
------------------------------------------------------
Kazakh-Korean Investment Agency Kumsan has declared insolvency.
Creditors have until Feb. 28 to submit written proofs of claim
to:

         Kumsan
         Office 28a
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-50-80
              8 (3272) 72-57-67


SUNTOUR LLP: Claims Registration Ends February 28
-------------------------------------------------
LLP International Tourist Agency Suntour has declared
insolvency.  Creditors have until Feb. 28 to submit written
proofs of claim to:

         LLP Suntour
         Vinogradov Str. 108-27
         Almaty, Kazakhstan


SVETOTECHPRIBOR LLP: Creditors Must File Claims by February 23
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Svetotechpribor (RNN 451500010991) declared
insolvent on Dec. 4, 2006.  Subsequently, bankruptcy proceedings
were introduced at the company.

Creditors have until Feb. 23 to submit written proofs of claim
to:

         LLP Svetotechpribor
         Malahov Str. 37
         Pavlodar
         Pavlodar Region
         Kazakhstan


TECHNORESOURCE-NS LLP: Claims Filing Period Ends February 28
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Technoresource-NS insolvent on Nov. 27, 2006.

Creditors have until Feb. 28 to submit written proofs of claim
to:

         LLP Technoresource-NS
         Saryarka Str., 24-77
         010000 Astana, Kazakhstan
         Tel:  8 (3172) 23-80-72
               8 (3172) 36-09-38
               8 (7013) 28-76-84


VOSTOK LLP: Proof of Claim Deadline Slated for February 28
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Vostok insolvent on Dec. 11, 2006.

Creditors have until Feb. 28 to submit written proofs of claim
to:

         LLP Vostok
         Saryarka Str., 24-77
         010000 Astana, Kazakhstan
         Tel:  8 (3172) 23-80-72
               8 (3172) 36-09-38
               8 (7013) 28-76-84


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


HIMIK OJSC: Claims Filing Period Ends February 28
-------------------------------------------------
OJSC Himik has declared insolvency.  Creditors have until
Feb. 28 to submit written proofs of claim to:

         OJSC Himik
         Satybaldiev Str. 30
         Alabuka
         Alabukinsky District
         Djalal-Abad Region
         Kyrgyzstan


MANAS CJSC: Creditors' Claims Due February 28
---------------------------------------------
CJSC Manas has declared insolvency.  Creditors have until
Feb. 28 to submit written proofs of claim to:

         CJSC Manas
         Local Government after Zulpuev, Kamalata
         Nookatsky District
         Osh Region
         Kygyzstan
         Tel: (0-502) 57-10-64


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


DANA CORP: Bankr. Court Allows Jan. 13 Pension Funding Payment
--------------------------------------------------------------
The Honorable Burton R. Lifland the U.S. Bankruptcy Court for
the Southern District of New York approved a stipulation between
Dana Corp. and its debtor-affiliates and the Official Committee
of Unsecured Creditors allowing the January 13 pension funding
payment.

The Debtors periodically make contributions to their defined
benefit pension plans in connection with their collective
bargaining agreements and benefit programs for certain non-union
employees.

As required by the Internal Revenue Code and the Employee
Retirement Income Security Act, the next pension contribution,
amounting to US$7,601,000, will be on Jan. 13, 2007.

The Debtors want to make the January 13 Contribution.  The
Official Committee of Unsecured Creditors asserts that
postpetition contributions to the Pension Plans on account of
prepetition services are not required by the Bankruptcy Code.

The Debtors and the Creditors Committee have agreed to resolve
their dispute solely with respect to the January 13
Contribution.

Accordingly, the parties stipulate that the Debtors will make
the January 13 Contribution with the consent of the DIP Lenders.

The Debtors and the Committee agree that neither the making of
the January 13 Contribution nor any party's consent to it is
intended to waive the right of any party to challenge the
Debtors' ability to make any future Pension Contributions.

                        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.  Dana has facilities in China, Argentina and
Italy.

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

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

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

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 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).

                        *     *     *

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of USUS$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the USUS$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a USUS$750
million super priority senior secured asset based revolving
credit and a USUS$700 million super priority senior secured term
loan B.


DANA CORP: Ct. Sets Deadlines for Sec. 1113/1114 Scheduling Plan
----------------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York establishes these deadlines to
govern the briefing, discovery, hearing and adjudication of the
Debtors' Section 1113/1114 Process:

   January 29, 2007  -- Deadline for Debtors to file witness
                        list

                     -- Deadline for Debtors to file Section
                        1113/1114 Motion

   February 5, 2007  -- Deadline for Debtors to produce
                        supporting documents to all other
                        parties

   February 9, 2007  -- Deadline for Official Committee of Non-
                        Union Retirees and the International
                        Union, United Automobile, Aerospace and
                        Agricultural Implement Workers of
                        America, the United Steel, Paper and
                        Forestry, Rubber, Manufacturing, Energy,
                        Allied Industrial and Service Workers
                        International Union and International
                        Association of Machinists and Aerospace
                        Workers to file preliminary witness list

   February 20, 2007 -- Deadline to respond or objection to
                        Section 1113/1114 Motion

   February 22, 2007 -- Deadline for Retiree Committee and the
                        Unions to file final witness list

                     -- Deadline for all other parties to
                        produce supporting documents to Debtors

   February 26, 2007 -- Deadline for filing of declarations and
                        affidavits to be used for testimony

       March 1, 2007 -- Completion of discovery

       March 2, 2007 -- Deadline to respond to objections to
                        Section 1113/1114 Motion

       March 6, 2007 -- Pre-trial Conference

      April 30, 2007 -- Target date for the Court to render a
                        decision on the Section 1113/1114 Motion

                            Objections

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 argued that
the 1113/1114 Scheduling Motion is another misstep in the
Debtors' postpetition relationship with their employees, which
only reinforces the ill-will generated since their announcement
of the plan to eliminate jobs, cut labor costs, and terminate
retirees' health care.

The Unions assert that the Scheduling Motion is premature.  The
Section 1113 and Section 1114 proposals have been tendered to
the Unions only very recently and there have been very few
meetings with the Debtors regarding those proposals.  

Babette A. Ceccotti, Esq., at Cohen, Weiss and Simon, LLP, in
New York, pointed out that the proposed schedule leaves very
little time for the work that would be required to address the
issues in the comprehensive bargaining process that the Unions
have told the Debtors would be required given the scope of what
is at stake.

The Debtors' notion that they can continue to negotiate during
the frenetically paced litigation activity they envision over
the next six weeks may be a boon to their litigators but, in the
real world, will mean that negotiations will not progress very
far given the enormous distraction that the proposed litigation
schedule poses for the Unions, Ms. Ceccotti added.

In addition, the Unions noted that the process contemplated by
the Scheduling Motion strongly suggests that the Debtors are
merely "going through the motions" in their effort to
demonstrate compliance with the requirements of Section 1113 and
Section 1114.  In sharp contrast to the litigation-driven
process proposed by the company, Sections 1113 and 1114 were
enacted to promote negotiation and bargaining as the focus of
the process, with litigation intended only as a last resort, Ms.
Ceccotti contended.

"The proposed schedule is also excessive, unduly burdensome and
poorly constructed," Ms. Ceccotti said.

Thus, the Unions asked the Court to deny the Scheduling Motion.

2. Retiree Committee

The Official Committee of Non-Union Retirees asked the Court to
deny the Scheduling Motion for several reasons:

    (a) the Debtors themselves do not yet have sufficient
        information to engage in good faith negotiations with
        the Retiree Committee;

    (b) the overly aggressive hearing schedule sought by the
        Debtors will unnecessarily and materially increase
        professional fees;

    (c) the anticipated flow of information from the Debtors
        pursuant to Section 1114 will not provide sufficient
        time for examination and good faith negotiations; and

    (d) even if the Debtors' proposed hearing dates were not
        overruled, aspects of the Debtors' discovery and related
        pre-trial schedule is patently unreasonable.

The Retiree Committee has long been interested in obtaining the
Debtors' financial forecasts for 2007 but the Debtors have and
continue to assert that the information is not yet available.
The Retiree Committee believed that the Debtors' game plan has
been to "hide the ball" and delay it for as long as possible
from any necessary analysis.

The Retiree Committee added that the Debtors' intention to
eliminate all retiree benefits while trying to pass out millions
to their Senior Executives exhibits bad faith.

The Retiree Committee, thus, asked the Court to direct the
Debtors to promptly respond to its outstanding information
requests; and renegotiate with it in good faith and report to
the Court the progress of their negotiations.

If the Court grants any portion of the Scheduling Motion, the
Retiree Committee asked the Court to move the schedules to:

    February 1, 2007   -- Service of written discovery to
                          Section 1113/1114 Parties

    February 13, 2007  -- Deadline for Debtors to file a list of
                          expert witnesses

    February 19, 2007  -- Deadline for Debtors to file a Section
                          1113/1114 Motion

                       -- Deadline for all other Section
                          1113/1114 Parties to file list of
                          expert witnesses

    February 26, 2007  -- Exchange of expert reports among
                          Section 1113/1114 Parties

    March 5, 2007      -- Deadline for responses on written
                          discovery and responses to Section
                          1113/1114 Motion

                       -- Completion of all discovery and
                          conclusion of all depositions

    March 9, 2007      -- Exchange of rebuttal expert reports
                          among Section 1113/1114 Parties

    March 8, 2007      -- Deadline for Debtors to file response
                          to objections to Section 1113/1114
                          Motion

    March 12, 2007     -- Debtors' Section 1113/1114 Process
                          will be trial ready

    March 12, 13 & 14  -- Trial dates

3. IAMAW

The International Association of Machinists and Aerospace
Workers is party to postpetition labor agreements representing
four bargaining units in the Debtors' facilities in Churubusco
Indiana; Manchester, Missouri; Robinson, Illinois; and
McConnelsville, Ohio.

The IAWMAW asserted that since the four CBAs were entered and
amended postpetition, they are not subject to Section 1113
proceedings.  The IAWMAW added that modifications of the
Churubusco, Manchester, and McConnelsville CBAs will have no
impact to the Debtors' reorganization since they will be sold as
part of the Engine Products Business.

Marianne Goldstein Robbins, Esq., at Previant, Goldberg, Uelmen,
Gratz, Miller & Bruggeman, S.C., in Milwaukee, Wisconsin,
said the Debtors and the IAMAW can negotiate on any
modifications of the Robinson CBA in the ordinary course of
business without the expense of an 1113/1114 process.

The IAWMAW also pointed out that the Scheduling Motion proposes
an aggressive discovery schedule that will prevent any
meaningful negotiation of the CBAs.

Furthermore, the IAMAW said it did not receive any prerequisites
for an 1113/1114 motion, no proposal nor information with which
to evaluate the proposals.

Accordingly, the IAMAW asked the Court to deny the Scheduling
Motion.

                       About Dana Corp.

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

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 USUS$7,900,000,000 in total
assets and USUS$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).

                        *     *     *

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of USUS$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the USUS$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a USUS$750
million super priority senior secured asset based revolving
credit and a USUS$700 million super priority senior secured term
loan B.


DANA CORP: Trade Creditors Sell 203 Claims Totaling US$31.7 Mln
---------------------------------------------------------------
Papers filed with the U.S. Bankruptcy Court for the Southern
District of New York showed claims transfers in the months of
October, November, and December by Dana Corp. and its debtor-
affiliates.

                     December Claims Transfers

In December 2006, the Clerk of the Bankruptcy Court recorded 63
claims transfers totaling US$12,231,303, to:

   (a) Silver Point Group, LLC:

       Transferor                      Claim Amount
       ----------                      ------------
       Tracetech, Inc.                 US$1,264,295
       Kaiser Aluminum Fabricated           467,946
       Eaton Corporation                    423,150
       Eaton Corporation                    159,093
       Eaton Electrical, Inc.               110,014
       JB Tool & Die & Engineering          103,360
       Almco Steel Products                 100,412
       Eaton MDH Company, Inc.               93,562
       Eaton Aeroquip, Inc.                  45,329
       Almco Steel Products                  44,196
       Eaton Aeroquip, Inc.                  20,083
       Eaton Corporation                     20,000
       Eaton Corporation                      2,108
       Eaton Hydraulics, Inc.                 2,062
       Eaton Aeroquip, Inc.                   1,202
       Eaton Aerospace, LLC                     528

   (b) Amroc Investments, LLC:

       Transferor                      Claim Amount
       ----------                      ------------
       Ulbrich of Georgia                US$406,402
       McDaniel Machinery, Inc.             305,750
       Jonesville Tool & Mfg.                70,916
       Ohio Gasket & Shim Co.                41,239
       Grand Haven Steel Products            40,727
       Arkansas Industrial Machinery         35,301
       West Machine & Tool, Inc.             34,839
       Jonesville Tool & Mfg.                18,095
       Bailey Company, Inc.                  16,243
       West Field Services, Inc.             13,825
       West Field Services, Inc.             13,825
       Jonesville Tool & Mfg.                12,619
       Ohio Gasket & Shim Co.                 3,090

   (c) Sierra Liquidity Fund:

       Transferor                      Claim Amount
       ----------                      ------------
       Snadvik Materials Technology       US$94,716
       Columbia City Municipal                8,867
       BWP Industries, Inc.                     968
       Factoria                                 838
       Modern Electrical Contracting            653
       Allstar Fence & Supply Co.               500

   (d) Debt Acquisition Company of America:

       Transferor                      Claim Amount
       ----------                      ------------
       Penn Fibre Plastics, Inc.           US$1,635
       Gibbs Wire & Steel Co., Inc.             904
       Rochester Hills Corp. Center             253

   (e) Contrarian Funds, LLC:

       Transferor                      Claim Amount
       ----------                      ------------
       Engineered Materials Solutions     US$97,113
       Moehrle, Inc.                         80,400
       Engineered Materials Solutions        77,763
       AP&T North America, Inc.              22,326

   (f) Merrill Lynch Credit Products, LLC:

       Transferor                      Claim Amount
       ----------                      ------------
       Ludlum Corporation                US$741,250
       United States Steel Corp.            696,503

Three claims filed by Ridout & Maybee, LLP, totaling US$109,258,
were transferred to Distressed/High Yield Trading Opportunities
Fund.

Two claims filed by Prolift Industrial Equipment, aggregating
US$242,178, were transferred to Cargill Financial Markets, PLC.

Two claims filed by the Milton Makoski Estate, totaling
US$1,450,558, were transferred to 3V Capital Master Fund, Ltd.

The Court Clerk also recorded 12 claims transfers to various
transferees:

   Transferor                 Transferee         Claim Amount
   ----------                 ----------         ------------
   Wesco Distribution, Inc.   Argo Partners      US$4,046,009
   Webb Wheel Products, Inc.  Lehman Commercial       616,272
   Oakley Industries, Inc.    Longacre Master          69,395
   Mitchell Water & Sewer     Fair Harbor Capital       2,205
   Refrigeration Appliance    Trade-Debt                  530
   Rexnord Corporation        Redrock Capital               -
   H.C. Starck, Inc.          Redrock Capital               -
   Atmos Energy               Redrock Capital               -
   Garrison Service Corp.     Hain Capital                  -
   WJ Carey Construction      Hain Capital                  -
   Standard Locknut, Inc.     Hain Capital                  -
   Mansfield Brass            Hain Capital                  -

               October and November Claims Transfers

In October and November 2006, the Clerk of the Bankruptcy Court
recorded 140 claim transfers totaling US$19,471,143, to:

    Transferee                         Transfers   Total Amount
    ----------                         ---------   ------------
    3V Capital Master Fund, Ltd.              5    US$9,418,230
    Longacre Master Fund                     20       3,776,455
    Amroc Investments, LLC                   24       2,506,792
    JPMorgan Chase Bank, N.A.                 2       1,675,532
    Merrill Lynch Credit Products, LLC        6       1,212,944
    Madison Investment Trust                 11         277,373
    Redrock Capital Partners, LLC             4         234,841
    Revenue Management                        1         158,992
    Fair Harbor Capital, LLC                  1          65,476
    Sierra Liquidity Fund                     6          55,652
    Airgas, Inc.                              8          44,548
    Debt Acquisition                         36          38,973
    Trade-Debt.net                            6           5,335
    Hain Capital                             10               -

Airgas can be reached through Nick Chiros, at 259 Radnor-Chester
Road, Suite 100, P.O. Box 6675, in Radnor, Pennsylvania.

                          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 US$7,900,000,000 in total
assets and  US$6,800,000,000 in total debts.

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

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

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


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


LEAR CORP: To Unveil Annual & Quarterly Results on Jan. 25
----------------------------------------------------------
Lear Corp. will release its fourth quarter and full year 2006
financial results on Jan. 25 before the stock market opens.

The company financial results and related matters at 9:00 a.m.
EST on the same day.

To participate in the conference call:

   -- Domestic calls: 1-800-789-4751
   -- International calls: 1-706-679-3323

The audio replay will be available two hours following the call
at:

   -- Domestic calls: 1-800-642-1687
   -- International calls: 1-706-645-9291

The audio replay will be available until Feb. 8.

A live audio Web cast of the call, in listen only mode, is
available at http://www.lear.com/.

Inquiries can be addressed to:

         Melissa Skauradchun
         Manager, Investor Relations
         Lear Corporation
         Tel: (248) 447-5648
         E-mail: mskauradchun@lear.com

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                           *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Moody's
Investors Service raised Lear Corp.'s rating outlook to stable
from negative and affirmed all other Lear ratings.

In a TCR-Europe report on Nov. 22, 2006, Standard & Poor's
Ratings Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.  At the same time, Moody's affirmed Lear's Corporate
Family Rating of B2, Speculative Grade Liquidity rating of SGL-2
and negative outlook.  All other long-term ratings are
unchanged.


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


CHEBAKOVO OJSC: Creditors Must File Claims by February 23
---------------------------------------------------------
Creditors of OJSC Breeding Factory Chebakovo have until Feb. 23
to submit written proofs of claim to:

         D. Ryndenko, Insolvency Manager
         Post User Box 13
         Rybinsk
         152930 Yaroslavl Region
         Russia

The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A.

The Debtor can be reached at:

         OJSC Breeding Factory Chebakovo
         Nikulskoye
         Tutaevskiy Region
         152336 Yaroslavl Region
         Russia


CHELYABINSKIY ELECTRO-MECHANICAL: Under Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
supervision procedure on OJSC Chelyabinskiy Electro-Mechanical
Factory (TIN 7453014903, OGRN 1027403860428).  The case is
docketed under Case No. A76-3515/2006-52-15.

The Temporary Insolvency Manager is:

         E. Lomovtsev
         Apartment 2
         Kirova Str. 4
         Zlatoust
         456203 Chelyabinsk region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Chelyabinskiy Electro-Mechanical Factory
         Tsentralnaya Str. 3b
         Shershni
         454902 Chelyabinsk Region
         Russia


ERSHOVSKAYA AGRO-KHIMIYA: Names A. Pshenkov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Pshenkov as Insolvency Manager for OJSC Ershovskaya Agro-
Khimiya.  He can be reached at:

         A. Pshenkov
         Lenina Pr. 79-102
         400078 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-664B/06-31.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Ershovskaya Agro-Khimiya
         Samoylovka
         Saratov Region
         Russia


DRESDNER BANK: Forms Carbon Trading Venture with Gazprombank
------------------------------------------------------------
Dresdner Bank AG and OAO Gazprombank disclosed the proposed
launch of a joint venture entity to invest in the rapidly
developing carbon emissions trading market.

The joint venture will invest in primary projects generating CO2
certificates through the mechanisms of the Kyoto protocol with a
view to repackaging these credits for resale to investors on a
secondary market basis.

The Carbon Trade & Finance SICAR S.A. will be a 50:50 joint
venture incorporated in Luxembourg as a SICAR.  The application
to the Luxembourg regulator CSSF will shortly be filed.  The
joint venture was already approved by the EU Commission on
Dec. 19.

Dresdner Bank's involvement in the joint venture will be led
through its investment bank, Dresdner Kleinwort.  Gazprombank,
is a part of Gazprom Group -- one of the world's largest energy
groups.  The joint venture, which will not be open to third
party investment at launch, will be run as an independent
investor.

"The demand for new and liquid secondary products in the
European carbon trading markets is rising all the time as this
market matures at an exceptional rate," said Ingo Ramming, head
of Emissions Trading at Dresdner Kleinwort.  "This joint venture
is a unique opportunity to bring together the market-leading
carbon trading expertise of Dresdner Kleinwort, with the
unmatched regional influence and knowledge of Gazprombank, to
offer the market access to these products.  The carbon trading
market has an integral part to play in the management of global
CO2 emissions and this joint venture is an important example of
the role that financial markets players such as Dresdner need to
play in this market."

Alexei Obozintsev, Deputy Chairman of the Management Board at
Gazprombank, comments, "Russia has enormous potential to benefit
from the opportunities offered by the Kyoto Protocol.  
Gazprombank with its wide client base in Russia and unique
relationship with Gazprom Group, plans to be at the forefront of
this exciting new market.  We believe the complementary
strengths of the bank and our partner Dresdner through the joint
venture can offer our clients unrivalled expertise in benefiting
from opportunities in the carbon market."  

                       About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,  
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                      About Dresdner Bank

Dresdner Bank -- http://www.dresdner-bank.com/-- is one of the  
leading banking groups in Europe in terms of assets and number
of customers, with about 960 branch offices and 28,774 full-time
staff in 50 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 6,
2006, Fitch Ratings affirmed Dresdner Bank AG's ratings at
Issuer Default A, Short-term F1, Individual C and Support 1.  
Fitch said the Outlook on the Issuer Default rating remains
Stable.


GAZPROMBANK OAO: Doubles Asset Value to RUR904 Bln in 2006
----------------------------------------------------------
OAO Gazprombank more than doubled its asset value in 2006, RIA
Novosti reports.

As of Jan. 1, 2007, Gazprombank, a unit of OAO Gazprom, has
total asset of RUR903.98 billion.  The company said its asset
value gained 22% during the fourth quarter of 2006.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, OAO Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, 2006, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, 2006, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


GAZPROMBANK OAO: Forms Carbon Trading Venture with Dresdner Bank
----------------------------------------------------------------
Dresdner Bank AG and OAO Gazprombank disclosed the proposed
launch of a joint venture entity to invest in the rapidly
developing carbon emissions trading market.

The joint venture will invest in primary projects generating CO2
certificates through the mechanisms of the Kyoto protocol with a
view to repackaging these credits for resale to investors on a
secondary market basis.

The Carbon Trade & Finance SICAR S.A. will be a 50:50 joint
venture incorporated in Luxembourg as a SICAR.  The application
to the Luxembourg regulator CSSF will shortly be filed.  The
joint venture was already approved by the EU Commission on
Dec. 19.

Dresdner Bank's involvement in the joint venture will be led
through its investment bank, Dresdner Kleinwort.  Gazprombank,
is a part of Gazprom Group -- one of the world's largest energy
groups.  The joint venture, which will not be open to third
party investment at launch, will be run as an independent
investor.

"The demand for new and liquid secondary products in the
European carbon trading markets is rising all the time as this
market matures at an exceptional rate," said Ingo Ramming, head
of Emissions Trading at Dresdner Kleinwort.  "This joint venture
is a unique opportunity to bring together the market-leading
carbon trading expertise of Dresdner Kleinwort, with the
unmatched regional influence and knowledge of Gazprombank, to
offer the market access to these products.  The carbon trading
market has an integral part to play in the management of global
CO2 emissions and this joint venture is an important example of
the role that financial markets players such as Dresdner need to
play in this market."

Alexei Obozintsev, Deputy Chairman of the Management Board at
Gazprombank, comments, "Russia has enormous potential to benefit
from the opportunities offered by the Kyoto Protocol.  
Gazprombank with its wide client base in Russia and unique
relationship with Gazprom Group, plans to be at the forefront of
this exciting new market.  We believe the complementary
strengths of the bank and our partner Dresdner through the joint
venture can offer our clients unrivalled expertise in benefiting
from opportunities in the carbon market."  

                      About Dresdner Bank

Dresdner Bank -- http://www.dresdner-bank.com/-- is one of the  
leading banking groups in Europe in terms of assets and number
of customers, with about 960 branch offices and 28,774 full-time
staff in 50 countries.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,  
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Dec. 4, 2006, Standard & Poor's
Ratings Services affirmed its 'BB+/B' long-and short-term
counterparty credit ratings and 'ruAA+' Russia national scale
rating on Gazprombank, following the upgrade of its 100% owner,
OAO Gazprom, to 'BBB' from 'BBB-.'

At the same time, the ratings on Gazprombank were removed from
CreditWatch, where they had been placed with positive
implications on Nov. 15, 2006, following a review of government
influence on Russian government-related entities (GREs),
including Gazprom.  The outlook is stable.

Standard & Poor's Ratings Services also assigned its preliminary
credit ratings to the EUR143.2-million and RUR864-million
mortgage-backed fixed- and floating-rate notes to be issued by
Dali Capital PLC, a special purpose entity incorporated as a
limited liability company in Ireland.

The proceeds from the note issuance will be used to buy three
classes of loan notes issued by a special purpose entity
incorporated under Luxembourg law.  The Luxembourg SPE,
Gazprombank Mortgage Funding 1 S.A., will in turn use the
proceeds from the sale of the loan notes to purchase a pool of
performing mortgage certificates granted to Russian individuals.
The certificates are denominated in Russian rubles and are
secured over residential properties in Russia.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


HARVEST CJSC: Creditors Must File Claims by February 23
-------------------------------------------------------
Creditors of CJSC Harvest (TIN 3446016162) have until Feb. 23 to
submit written proofs of claim to:

         M. Shevrina, Insolvency Manager
         Prazhskaya Str. 16A-8
         400005 Volgograd Region
         Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-14437/05-s50.

The Debtor can be reached at:

         CJSC Harvest
         Khvolynskaya Str. 17
         Kamyshin
         403872 Volgograd Region
         Russia


INTERNATIONAL INDUSTRIAL: Fitch Affirms B Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings upgraded Russia-based International Industrial
Bank's National Long-term rating to BBB from BBB-.  The Outlook
on the National Long-term rating remains Stable.

Its other ratings are affirmed at Issuer Default B with Stable
Outlook, Short-term B, Individual D and Support 5.

The upgrade of the National Long-term rating reflects IIB's
sustained track record of adequate capitalization, liquidity,
and asset quality to date, as well as the bank's improving
transparency.  IIB's covenants to Eurobond holders provide
additional comfort that the bank will be adequately capitalized
until at least August 2009, with the minimum total Basle I ratio
set at 20%.  At the same time, the ratings reflect IIB's limited
franchise, concentrated balance sheet, and declining
profitability.

IIB serves a limited group of clients, thus making its
performance sensitive to competitive pressure.  However, a low
cost base, reflecting the bank's small network, and substantial
free funding from a large equity base have partially offset this
and supported return on assets.  Greater lending to mid-sized
corporates and new fee-based products could help improve core
profitability, but this effect might be counteracted by
anticipated higher funding and operating costs as the bank
gradually increases leverage and develops its franchise.

IIB's loans grew quickly during 2004, until the nine months
ended 2006, at a compounded average of about 20%, but somewhat
slower than the Russian corporate market.  Concentrations are
gradually falling and at the end of the third quarter of 2006,
the top 20 borrowers accounted for about 35% of its loans.  Mid-
sized corporate loans are increasing rapidly but retail loans
are set to remain modest in the medium term.  Loan loss history
has been good to date.

Liquidity is supported by the large capital base, but vulnerable
to concentrations, especially in the light of the early
withdrawal option enjoyed by IIB's corporate terms depositors.  
Currently, the majority of funding is provided by domestic
corporate and institutional clients, although the bank aims to
diversify through retail deposits and international wholesale
markets.

The ratings could be further upgraded if IIB continues to
broaden its franchise and increase diversification, while
maintaining adequate capitalization and liquidity.  Downside
potential is limited but could result from a failure to manage
the risks associated with IIB's diversification.

IIB ranked among the top 20 Russian banks by IFRS total assets
and top five by IFRS equity at the end of the third quarter of
2006.  IIB's network, together with its retail subsidiary,
includes two branches and four other points-of-sale.  IIB is
managed by OPK Trust Company Ltd incorporated in New Zealand.  
Sergei Pugachev is the principal controlling person of the
trust, which is beneficially owned by Pugachev family members
and the bank's senior managers.  Mr. Pugachev also has
significant industrial interests in a broad range of sectors,
which are consolidated under the management company United
Industrial Corporation.  Since 2001, Mr. Pugachev has been a
member of the upper house of the Russian parliament from Tyva
Republic.


KUSHVINSKOYE TRANSPORT: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on OJSC Kushvinskoye Transport Enterprise.
The case is docketed under Case No. A60-33680/06-S11.

The Temporary Insolvency Manager is:

         S. Semenov
         Post User Box 165
         620075 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Kushvinskoye Transport Enterprise
         Pervomayskaya Str. 75
         Kushva
         Sverdlovsk Region
         Russia


LUKOIL OAO: Commences Second Stage of Share Buyback Program
-----------------------------------------------------------
Lukoil OAO has commenced the second phase of its share buyback
program, RosBusinessConsulting reports citing Leonid Fedum, the
company's vice president.

In a TCR-Europe report on Nov. 7, 2006, Lukoil said it would buy
back US$3 billion in shares at US$100 apiece as soon as U.S.
shareholder ConocoPhillips raises its stake to 20%.  At the
time, ConocoPhillips held 18.6% of Lukoil.

Lukoil's 2006-2008 share repurchase program is aimed at
recovering around five percent of its stock, RBC relates.  The
company plans to use excess proceeds from oil sold above
US$46 per barrel.

Gains through increase in share quotations or subsequent sale of
the shares will be used to fund the company's share option
program and acquisitions, Mr. Fedum told RBC.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces   
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                          *     *     *

As reported in the TCR-Europe on July 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Lukoil OAO to 'BB+' from 'BB'.  S&P said the outlook
is positive.


MILK LLC: Creditors Must File Claims by February 23
---------------------------------------------------
Creditors of LLC Milk have until Feb. 23 to submit written
proofs of claim to:

         V. Pokshin, Insolvency Manager
         K. Marksa Str. 26
         440026 Penza Region
         Russia

The Arbitration Court of Penza Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A49-6476/2006-545b/3.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         LLC Milk
         Saratovskaya Str. 97
         Kondol
         Penza Region
         Russia


OZINKI-AGRO-PROM-TRANS OJSC: Court Hearing Slated for March 29
--------------------------------------------------------------
The Arbitration Court of Saratov Region will convene at 2:30
p.m. on March 29 to hear the bankruptcy supervision procedure on
OJSC Ozinki-Agro-Prom-Trans.  The case is docketed under Case
No. A-57-13830B/06-31.

The Temporary Insolvency Manager is:

         V. Vasilyev
         Office 8
         Br. Nikitinykh Str. 4a
         410018 Saratov Region
         Russia

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Ozinki-Agro-Prom-Trans
         8th Marta Str. 51
         Ozinki
         Ozinskiy Region
         413620 Saratov Region
         Russia


RUBTSOVSKIY FOOD: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Altay Region commenced bankruptcy
supervision procedure on OJSC Rubtsovskiy Food Combine.  The
case is docketed under Case No. A03-12184/06-B.

The Temporary Insolvency Manager is:

         N. Grineva
         Post User Box 3077
         Barnaul
         656015 Altay Region
         Russia

The Debtor can be reached at:

         N. Grineva
         Post User Box 3077
         Barnaul
         656015 Altay Region
         Russia


SEL-KHOZ-KHIMIYA OJSC: Creditors Must File Claims by February 23
---------------------------------------------------------------
Creditors of Agricultural Chemical Company OJSC Sel-Khoz-Khimiya
have until Feb. 23 to submit written proofs of claim to:

         Y. Khistnyj, Insolvency Manager
         Office 75
         Zootekhnicheskiy Per. 15
         355000 Stavropol Region
         Russia
         Tel: (8652) 34-18-98

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 63-5875/2006-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 458 b
         Stavropol Region
         Russia

The Debtor can be reached at:

         Agricultural Chemical Company OJSC Sel-Khoz-Khimiya
         Novoaleksandrovsk
         Stavropol Region
         Russia


SEL-KHOZ-TEKHNIKA-K OJSC: Names A. Pshenkov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Pshenkov as Insolvency Manager for OJSC Sel-Khoz-Tekhnika-K.  He
can be reached at:

         A. Pshenkov
         Lenina Pr. 79-102
         400078 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-13921/06-32.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika-K
         Samoylovka
         Saratov Region
         Russia


SIB-TEKH-SERVICE CJSC: Bankruptcy Hearing Slated for March 6
------------------------------------------------------------
The Arbitration Court of Tymen Region will convene at 9:00 a.m.
on March 6 to hear the bankruptcy supervision procedure on CJSC
Sib-Tekh-Service.  The case is docketed under Case No. A70-8982/
3-06.

The Temporary Insolvency Manager is:

         A. Zaytsev
         Office 455
         Melnikayte Str. 106
         Tymen Region
         Russia

The Debtor can be reached at:

         CJSC Sib-Tekh-Service
         Respubliki Str. 143A
         Tymen Region
         Russia


TOBOLSK-OIL-GAS-STORY OJSC: Names P. Veshev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. P. Veshev
as Insolvency Manager for CJSC Tobolsk-Oil-Gas-Story.  He can be
reached at:

         P. Veshev
         Office 305a
         Stankostroiteley Str. 1
         625048 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-8900/3-06.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Tobolsk-Oil-Gas-Story
         6th location 27 45
         Tobolsk
         352355 Tyumen Region
         Russia


TRANSPORT ENTERPRISE: Creditors Must File Claims by February 23
---------------------------------------------------------------
Creditors of OJSC Transport Enterprise have until Feb. 23 to
submit written proofs of claim to:

         O. Oganesyan, Insolvency Manager
         Office 12
         Building 2
         Nogina Avenue 4
         Tver Region
         Russia

The Arbitration Court of Smolensk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-5352/2006 (1087-N/2006).

The Debtor can be reached at:

         OJSC Transport Enterprise
         Serebryanka Str. 84a
         Smolensk Region
         Russia  


TUGULYMSKIY WOOD-PROM-KHOZ: Claims Deadline Set February 23
-----------------------------------------------------------
Creditors of OJSC Tugulymskiy Wood-Prom-Khoz have until Feb. 23
to submit written proofs of claim to:

         A. Yulygin, Insolvency Manager
         Office 500
         Krasina Str. 7a
         625003 Tyumen Region
         Russia

The Arbitration Court of Sverdlovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A60-13586/06-11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Tugulymskiy Wood-Prom-Khoz
         Klubnaya Str. 31
         Lugovskiy
         Tugulymskiy Region
         623660 Sverdlovsk Region
         Russia


ZHURAVLINO CJSC: Court Names V. Sakhno as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. V. Sakhno as
Insolvency Manager for CJSC Agricultural Company Zhuravlino.  He
can be reached at:

         V. Sakhno
         Post User Box 90
         123290 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A35-3784/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Zhuravlino
         Zhuravlino
         Oktyabrskiy Region
         Kursk Region
         Russia


===========
S W E D E N
===========


METSO OYJ: Paper Unit Supplies EUR30-Mln Equipment to Stora Enso
----------------------------------------------------------------
Metso Paper, a unit of Metso Oyj, will supply Stora Enso's
Varkaus mill in Finland with an extensive rebuild of their PM 3
fine paper machine.  Metso will also modernize the PM 1 at Stora
Enso's Nymoella, Sweden mill.

The projects will be finalized in late 2007.  The total value of
the orders is more than EUR30 million. The orders have been
booked in the order book for the first quarter of 2007.

The Varkaus PM 3 delivery comprises of a wire section
modernization, modifications to the press and dryer sections, a
new winder, and a rewinder.  The operation will improve the
machine's efficiency and its competitive position. It has a wire
width of 8,470 mm and a speed of 1,200 m/min.  For Nymolla PM 1
Metso Paper will supply a headbox dilution system.

Stora Enso is an integrated paper, packaging, and forest
products company, producing publication and fine paper,
packaging board, and wood products. Stora Enso's sales totaled
EUR13.2 billion in 2005.  The Group has some 46 000 employees in
more than 40 countries.  The Varkaus mill produces some 600,000
tpy of wood-containing printing papers and woodfree fine papers.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology     
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

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

                        *     *     *

As reported in the TCR-Europe on April 11, 2006, Standard &
Poor's Ratings Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit ratings, as well as the 'BB'
senior unsecured debt rating on the group were affirmed.


PFLEIDERER AG: Submits SEK2.73 Billion Takeover Bid for Pergo
-------------------------------------------------------------
Pfleiderer AG has proposed a SEK2.73 billion voluntary takeover
offer for all of the shares in Pergo AB to boost U.S. sales and
enter the European laminate-flooring market, Bloomberg News
reports.

Pfleiderer AG will submit the offer via its indirectly wholly
owned subsidiary, Pfleiderer Sweden AB, at an offer price of
SEK51 in cash per share in Pergo.  Currently, 53,569,685 shares
in Pergo are outstanding.

The offer represents a premium of 13.6% compared to the closing
price of the Pergo share on Jan. 11 of SEK44.9 and a premium of
17.2% compared to the volume weighted average price of SEK43.5
during the last 20 trading days prior to the suspension of
trading of the Pergo share on Jan. 12, which preceded the
announcement of the offer.

The board of directors of Pergo has unanimously recommended
Pergo shareholders' to accept the offer.  In addition,
Pfleiderer Sweden AB has received irrevocable undertakings to
accept the offer from major shareholders of Pergo together
representing 41.9% of the shares in Pergo.

The offer contains the usual conditions and among them the
condition that the offer should be accepted by at least 90% of
the total number of shares in Pergo as well as the receipt of
all necessary anti-trust approvals.  Pfleiderer Sweden AB may
waive conditions partially or entirely.  The acceptance period
for the offer is expected to begin during the week commencing
Jan. 29 and run for about four weeks.  Subject to the approval
of the anti-trust authorities the settlement of the offer is
expected to begin about a week after the end of the acceptance
period.

The Pfleiderer cash offer is fully financed.

The Pergo purchase would inflate Pfleiderer's sales to about
EUR1.9 billion and would make Pfleiderer the number one
laminate-floor supplier in the U.S., a market it entered in the
early 1980s, Bloomberg News relates.

"With Pergo we can cover the total U.S. area excellently," said
Pfleiderer CEO Hans Overdiek.  "Since the beginning of last year
we've been looking for a production site in the south of the
U.S. We already produce in Canada, in Montreal."  Demand for
laminate floors may rise by 10% a year in the U.S., he added.

                         About Pfleiderer

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and  
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.

As reported in the Troubled Company Reporter-Europe on Oct. 2,
2006, Fitch Ratings changed Pfleiderer AG's Outlook to Positive
from Stable.  At the same time, the agency has affirmed the
group's ratings at Issuer Default BB and Short-term B.


PFLEIDERER AG: Fitch Says Pergo Takeover Won't Impact Ratings
-------------------------------------------------------------
Fitch Ratings said that Germany-based Pfleiderer AG's Issuer
Default rating of BB and Short-term rating of B are not affected
by the group's takeover bid for Sweden-based Pergo AB.  The
rating Outlook remains Positive.

Pfleiderer disclosed that it is offering SEK51 in cash per share
for Pergo, a Swedish flooring company with sales of about SEK3
billion, resulting in a total offer value of SEK2,732 million.  
Pergo commands significant market positions in the U.S. and in
Europe and is a leading brand in laminate flooring, serving the
high quality segment of the market.  Its shares are listed in
the mid-cap industrials sector of the Nordic Stock Exchange.  
The Board of Directors has unanimously recommended that the
shareholders in Pergo accept the offer while major shareholders,
mainly venture capital funds, who represent 41.9% of the shares,
have already provided irrevocable undertakings to accept the
offer.

In Fitch's view, the planned acquisition is consistent with
Pfleiderer's growth strategy, which involves leveraging its
position as a leading producer in the international engineered
wood sector and growing the business in Western Europe, North
America, and Eastern Europe.  Given that Pfleiderer's laminate
flooring capacities are mainly in North America, the planned
acquisition will close a strategic gap by accelerating
Pfleiderer's move into the European laminate flooring market.  
Pergo is also a good fit with Pfleiderer's HDF production
capabilities in Europe.  Furthermore, the combined company will
become the market leader in North America with a 15% market
share.

In Fitch's view, the acquisition is expected to have limited
impact on Pfleiderer's liquidity and credit metrics, which will
remain adequate for the rating.  While the offer price in
relation to Pergo's historical EBITDA appears high, the multiple
may be justified by Pergo's outlook as well as the strategic
value and synergies that the acquisition offers to Pfleiderer
and also by the premium brand name of Pergo.

The ratings continue to reflect Pfleiderer's position amongst
the world-leading producers in the engineered wood industry,
sound geographical diversification, and balanced product
portfolio.  At the third quarter of Fiscal-Year 2006,
Pfleiderer's liquidity and funding profile were adequate.  Its
access to committed and uncommitted credit facilities provides
sufficient financial flexibility.


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


DURMAZ BROCANTE: Basel Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Basel suspended the bankruptcy
proceedings of LLC Durmaz Brocante on Dec. 16, 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 Aug. 17, 2006, can be reached
at:

         LLC Durmaz Brocante
         Allschwilerstrasse 75
         4055 Basel
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland


PFAFF BAUUNTERNEHMUNG: Basel Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Basel entered Nov. 20, 2006, an order
closing the bankruptcy proceedings of JSC Pfaff Bauunternehmung.

The Debtor can be reached at:

         JSC Pfaff Bauunternehmung
         Paulusgasse 16
         4011 Basel
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland


SWISSAIR: Executives Face Mismanagement Charge as Trial Begins
--------------------------------------------------------------
The trial looking into the demise of bankrupt Swissair began in
the District Court of Buelach near Zurich on Jan. 16.

As widely reported, the Debtor's top executives, board members,
and advisers faced charges on criminal mismanagement and false
accounting.  The defendants denied the charges and blamed
Swissair's October 2001 collapse to the Sept. 11, 2001,
terrorist attacks in the United States.  The charges have been
brought against:

    * Mario Corti, the company's final chairman and CEO;

    * board members Lukas Muhlemann and Thomas Schmidheiny; and

    * Eric Honegger, who briefly served as CEO, chairman, and
      member of the board.

Other defendants, including Jan Litwinski, former CEO of the
Polish airline LOT, former chief financial officers, top
bankers, politicians, and corporate leaders, are scheduled to
appear at the trial in the next few weeks, the Associated Press
relates.

"I fulfilled my task with great responsibility," said Gerhard
Fischer, a former board member, in response to the accusation.  
"The allegations by the prosecutor's office are unfounded and
malicious."

"I am convinced that without those events the company would
still be in a healthy state," Mr. Fischer said, referring to the
Sept. 11, 2001 terrorist strikes.  "I was confronted with the
unexpected worsening of the financial situation," he added.  Mr.
Fischer then exercised his right to remain silent, AP reports.

According to BBC News, the company had a cash balance of more
than EUR2.3 billion in the early 1990s.  However, under the
leadership of former CEO Philippe Bruggisser, who is also a
defendant, the group folded under the burden of stakes in loss-
making counterparts, the Financial Times relates.

Swissair was abruptly grounded on Oct. 2, 2001, after failing to
supply enough cash to pay fuel and landing fees to oil companies
and airports that had refused to extend credit.  Tens of
thousands of passengers were stranded worldwide, and thousands
of employees and shareholders suffered from the company's ruin
as well, AP says.

"Forget about paybacks of the small investors' losses," said
Hans-Jacob Heitz, who headed a group of shareholders.  
"Nevertheless, it's important that the bankruptcy be cleared up
legally and judged."

Swissair's sudden demise resulted in the loss of hundreds of
jobs.  Big banks had to invest billions of U.S. dollars into the
successor, Swiss International Air Lines, the Associated Press
states.

                         About Swissair

Swissair collapsed in 2001 after accumulating debt in relation
to significant investments in a number of European airlines
including Sabena, Air Liberte of France,y and Turkish Airlines.  
It defaulted on the debt during the slump that followed the
Sept. 11, 2001, terrorist attacks in the U.S.


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


COCA-COLA ICECEK: Fitch Affirms Foreign Currency IDR at BB
----------------------------------------------------------
Fitch Ratings affirmed Coca-Cola Icecek A.S.'s local currency
senior unsecured and Issuer Default ratings at BBB.  Its foreign
currency IDR, which is constrained by Turkey's Country Ceiling,
is affirmed at BB.  The Outlook for the local currency IDR
remains Stable and the Outlook on the foreign currency IDR
remains Positive.

The ratings are supported by CCI's leadership in the growing
Turkish alcohol-free beverage market, superior product
portfolio, the quality of its management, and its effective
distribution system.  They are further supported by its
currently moderate leverage and the broadened scope of
operations following the November 2005 acquisition of Central
Asian Coca-Cola bottler Efes Invest.  

The recent geographic enlargement of operations has strengthened
CCI's importance within the bottling system of The Coca Cola
Company and could lead it to enter additional neighboring areas.  
While such moves would absorb financial resources, Fitch expects
the company's cash flow to continue to grow rapidly and be able
to mitigate any increase of leverage.  Furthermore, CCI's recent
listing on the Istanbul stock exchange has enhanced the
company's financial flexibility.

The local currency BBB rating - one of the highest for a Turkish
corporate - is constrained by the company's still limited
geographic diversification and relatively small size compared
with other major TCCC bottlers.  It is also limited by the focus
of its operations in countries that can be vulnerable to
economic instability and the mismatch between the hard-currency
denomination of CCI's raw material prices and financial debt and
the YTL denomination of its cash flow.  CCI's foreign currency
IDR is unlikely to breach the Country Ceiling, as the company
does not hold any hard-currency assets outside the country and
does not operate in an industry that is strategic for Turkey.

Following the acquisition of Efes Invest and the IPO of CCI in
May 2006, the company has been moving towards a more leveraged
balance sheet.  Capital expenditure increased significantly in
2006, and the dividend payout is now more generous.  Based on
the first nine months of 2006 figures, net debt/EBITDA for
Fiscal-Year-ended 2006 is expected to be around 1.2x, which is
moving towards the upper end of what is consistent with the
current local currency rating of BBB.

Fitch has also taken into account the track record of CCI's core
shareholder TCCC in supporting its bottlers where needed and the
synergistic cooperation on distribution between CCI and its
majority shareholder Anadolu Efes - the main player in the
Turkish beer market.  While AE proportionately consolidates CCI
since Fiscal-Year 2006, in the light of TCCC's veto rights and
direct involvement in managing CCI, Fitch views CCI as separated
from AE and rates CCI accordingly.


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


ADVANCED MARKETING: Authorized to Pay Prepetition Shipping Duty
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Advanced Marketing Services
Inc. and its debtor-affiliates to pay, up to US$725,000 in the
aggregate, prepetition shipping obligations.

The Debtors wants to reimburse the valid prepetition claims of
about 51 domestic and international common carriers, shippers,
freight forwarders and truckers, and related shipping services
and supplies providers that the Debtors use for shipment,
transport, and delivery of goods that are critical to the sale
of merchandise and the timely shipping and delivery of goods
used and sold in the ordinary course of business.

Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors receive goods
through various forms of shipment, and much of the Debtors'
pricing policies, marketing strategies and fundamental business
operations rely on their ability to obtain and sell goods at
competitive prices.  He notes that the distribution and sale of
books, other media, related accessories, and other items is the
essence of the Debtors' business.

Mr. Heath says the Debtors' ability to receive, distribute and
fulfill sales depends on the maintenance of a successful and
efficient system of transportation.  Any disruption of (a) the
delivery or return of the Merchandise, and (b) the Debtors'
ability to sell the Merchandise would have an immediate and
devastating impact on the Debtors' operations.  Hence, the
maintenance of the Debtors' business operations and the
preservation of their going-concern value depend on the
maintenance of reliable and efficient transportation and sale
processing systems for the Merchandise, and these two related
and important systems involve the use of the Common Carriers.

The Debtors must ensure that their Chapter 11 cases do not cause
third parties like the Common Carriers to cease performing
timely services because the Debtors are in many cases dependent
on the services of the third parties, Mr. Heath tells the Court.  
If the Debtors are unable to ship, receive and sell deliveries
of the Merchandise on a timely and uninterrupted basis, their
operations will be immediately and substantially impeded and
their business will suffer irreparable damage.

The Debtors' choice of Common Carriers is based on selecting the
most efficient vendor in any market.  The use of substitute
vendors in any market would not only increase the vendors'
shipping costs materially, but it would also jeopardize the
availability of shippers in certain markets.

The Debtors have determined that each of the Common Carriers is
absolutely necessary to the continued shipping, delivery and
return of goods used or sold in the ordinary course of the
Debtors' business.

Before the Petition Date, the Debtors performed an analysis of:

  (a) the Merchandise that was in transit or needed to be
      shipped by the Common Carriers;

  (b) the anticipated amount of payments that would be necessary
      for the Debtors to receive the Merchandise in transit; and

  (c) the anticipated amount of payments that would be necessary
      for the Debtors to continue receiving the services
      provided by the Common Carriers.

Mr. Heath discloses that the Merchandise valued at approximately
US$16,050,000 is currently being shipped at the Debtors' expense
in respect of returns to certain of the Debtors' publishers.  
The total estimated amount owed to all Common Carriers in
respect of all prepetition services is approximately US$685,000,
and the Debtors believe that the maximum amount required to
obtain or deliver the Merchandise currently in transit is
approximately US$170,000.

Mr. Heath says the Debtors anticipate that certain of the Common
Carriers will have some outstanding invoices for the Merchandise
delivered to the Debtors before the Petition Date.  The Debtors
will only pay Shipping Charges that, in their business judgment,
will benefit the estates and their creditors from making those
payments, taking into account (1) the costs the estates would
incur by bringing an action to compel turnover of goods, (2) the
delays associated with those actions, (3) the costs of the delay
in shipping, receiving and selling goods and merchandise, and
(4) the business expenses related to replacing the Common
Carriers to the extent replacement is possible.

In sum, the total amount to be paid to the Common Carriers would
be minimal compared to the importance and necessity of the
services of the Common Carriers, and the losses the Debtors
would suffer if their operations are affected by a refusal to
provide ongoing services, Mr. Heath submits.  Moreover, the
Debtors do not believe that there are viable timely alternatives
to the Common Carriers that they have used before the Petition
Date.

Mr. Heath further notes that the Court's authorization to pay
the Shipping Charges will not be deemed to constitute
postpetition assumption or adoption of any agreement pursuant to
Section 365 of the Bankruptcy Code.  The Debtors reserve all
their rights under the Bankruptcy Code with respect to any of
those agreements, and to contest the amount or validity of any
Shipping Charges, in whole or in part.

                      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: Court Issues Injunction Against Utility Cos.
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware granted, on an interim basis, Advanced
Marketing Services Inc. and its debtor-affiliates' request for
an injunction against their utility providers, prohibiting them
from discontinuing utility services.

In the normal course of their business, the Debtors have
relationships with certain utility providers for the provision
of natural gas, electricity, telephone, sewer, sanitation, and
other services.  According to Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware, before
the Petition Date, the Utility Providers provided Utility
Services to the Debtors at various locations, including the
Debtors' distribution centers located throughout the United
States.  Ordinarily, upon receipt of a monthly invoice, the
Debtors pay each of the Utility Providers directly for the
Utility Services provided during the immediately preceding
month.

The Debtors have not had significant defaults or arrearages with
respect to their undisputed invoices for Utility Services, other
than payment interruptions that may be caused by the
commencement of their Chapter 11 cases, Mr. Collins tells the
Court.

By this motion, the Debtors ask the Court to enter a ruling:

  (a) prohibiting the Utility Providers from altering, refusing,
      or discontinuing Utility Services on account of unpaid
      prepetition invoices;

  (b) providing that the Utility Providers have "adequate
      assurance of payment" by virtue of a supplemental two-week
      deposit calculated on the basis of the average bill over
      the preceding 12 months;

  (c) establishing procedures for determining requests for
      additional adequate assurance of payment;

  (d) providing that if a Utility Provider timely requests in
      writing additional adequate assurance that the Debtors
      believe is unreasonable, then, at the request of the
      Utility Providers and after a reasonable period for
      discussion and negotiation, the Debtors will promptly file
      a request for determination of adequate assurance of
      payment and set that request for a hearing;

  (e) providing that any Utility Provider that does not timely
      request additional adequate assurance of payment will be
      deemed to have adequate assurance; and

  (f) providing that, in the event that a determination request
      is filed or a determination hearing is scheduled, any
      objecting Utility Provider will be deemed to have adequate
      assurance of payment without the need for payment of
      additional deposits or other securities until a Court
      ruling is entered to the contrary in connection with that
      determination request or determination hearing.

In order to provide adequate assurance of payment for future
services to their Utility Providers, the Debtors propose to make
a Utility Deposit equal to two weeks of the Debtors' estimated
cost of their utility consumption to each Utility Provider,
which totals approximately US$79,744 in aggregate deposits for
the Utility Providers.  The Debtors propose to make Utility
Deposits to each of the Utility Providers promptly after the
entry of an interim ruling granting the Debtors' request,
pending further Court ruling, for the purpose of providing each
Utility Provider with adequate assurance of payment of its
postpetition services to the Debtors.

Additionally, the Debtors seek to establish reasonable
procedures by which a Utility Provider may request additional
adequate assurance of future payment, in the event that the
Utility Provider believes that its Utility Deposit does not
provide it with satisfactory adequate assurances.  The
Procedures, in particular, would provide that:

  (1) If a Utility Provider is not satisfied with the assurance
      of future payment provided by the Debtors, the Utility
      Provider must serve a written request on the Debtors
      setting forth the locations for which Utility Services are
      provided, the account numbers for the locations, the
      outstanding balance for each account, a summary of the
      Debtors' payment history on each account, and an
      explanation of why the Utility Deposit is inadequate
      assurance of payment;

  (2) The Request must be actually received by the Debtors'
      counsel within 45 days of the Court ruling granting the
      Debtors' Motion;

  (3) Without further Court ruling, the Debtors may enter into
      agreements granting additional adequate assurance to a
      Utility Provider serving a timely Request, if the Debtors,
      in their discretion, determine that the Request is
      reasonable;

  (4) If the Debtors believe that a Request is unreasonable,
      then they will, within 30 days after the Request Deadline
      date, file a determination request seeking a determination
      from the Court that the Utility Deposit, plus any
      additional consideration offered by the Debtors,
      constitutes adequate assurance of payment.  Pending notice
      and a hearing on a determination request, the Utility
      Provider that is the subject of the unresolved Request may
      not alter, refuse, or discontinue services to the Debtors
      or recover or set off against a prepetition deposit; and

  (5) The Utility Deposit will be deemed adequate assurance of
      payment for any Utility Provider that fails to make a
      timely Request.

Moreover, the Debtors request that the Court ruling provide that
Utility Providers must immediately refund any Utility Deposit in
the event that the Debtors terminate the services of any Utility
Provider.  The Debtors believe that the immediate refund of a
Utility Deposit by a Utility Provider whose services are
terminated is fair and appropriate under the circumstances
because the Utility Provider would no longer require adequate
assurances of future performance by the Debtors.

                      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: Seeks Court Approval for Bidding Protocol
-------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
establish procedures and a timeline to consummate a Qualified
Transaction.  The Debtors also ask the Court to establish an
offer evaluation process for certain Qualified Transactions, set
a date for the Qualified Transaction Hearing and certain
deadlines to seek approval of a Qualified Transaction and to
submit competing offers.

The Debtors have been seeking to recapitalize their businesses
through a strategic transaction, by way of the sale of
substantially all or a portion of their major assets, or a debt
or equity investment.  The Debtors have received substantial
investor interest, with multiple third parties executing non-
disclosure agreements and conducting diligence.

Pursuant to their Amended and Restated Loan and Security
Agreement dated as of Jan. 3, with Wells Fargo Foothill Inc., as
DIP agent, and a consortium of lenders, the Debtors are
obligated to take steps to consummate a Qualified Transaction
pursuant to a specified timeline.

The Debtors also seek permission to provide stalking horse
protections with respect to a stalking horse for the Qualified
Transaction.  The Debtors also seek approval of the manner of
notice of the Qualified Transaction Procedures.

The Debtors will seek approval of a Qualified Transaction not
more than two days following Court approval of the Qualified
Transaction Procedures.

                           Sale Notice

In the event they enter into an agreement to sell substantially
all of their assets, the Debtors will send notice of the
proposed Qualified Transaction Procedures and the proposed time
and date of the Sale Procedures to all parties-in-interest and
all potential purchasers.  The Qualified Transaction Motion will
attach the form of asset purchase agreement executed by the
Stalking Horse, and the notice will include instructions as to
how parties-in-interest may obtain a copy of the Definitive
Agreement.

                       Access to Data Room

The Debtors will establish an electronic data room that contains
information relevant to the Debtors for evaluation by interested
parties.  The Debtors will make the electronic data room
available to any entity the Debtors determine to be qualified
that executes an appropriate confidentiality agreement.

                          Offer Deadline

Binding offers to purchase all or any defined portion of the
Debtors' assets may be submitted up to two days prior to the
date the Offer Evaluation Process is to occur.  Each Qualified
Offer should include:

   (i) a mark up of the Definitive Agreement;

  (ii) detailed information about the party making the Qualified
       Offer, including its financial and other capacity to
       consummate the transaction;

(iii) an identification of the executory contracts and leases
       to be assumed by the party making the Qualified Offer;
       and

  (iv) information sufficient to demonstrate that the party
       making the Qualified Offer will be able to provide
       parties to the contracts and leases with adequate
       assurance of its ability to perform under them.

                    Offer Evaluation Process

Two business days prior to the Qualified Transaction Hearing, a
meeting will be held at the offices of Richards Layton & Finger,
the Debtors' Delaware counsel, if the Debtors determine in their
discretion, after consultation with their major creditors, that
proceeding with the Offer Evaluation Process is appropriate.

During the Offer Evaluation Process, the Debtors will evaluate
the offers of the Stalking Horse and any Qualified Offers.  
Successive Qualified Offers will be considered only if they
exceed the previous offer by a minimum increment to be
determined by the Debtors in their business judgment, provided
that the initial increment will be not less than the amount that
would be owed if the Debtors would be required to pay the
Stalking Horse Protections to the Stalking Horse.

The Debtors may recess the Offer Evaluation Process from time to
time in their discretion to assess Qualified Offers or permit
participants whether to alter or increase their Qualified
Offers.

If the Qualified Transaction Motion seeks approval of a
financing transaction or other debt or equity infusion, no
overbid procedures will be necessary.

In the event the Debtors have not selected a Stalking Horse at
the time they file the Qualified Transaction Motion, the
Definitive Agreement will be drafted by the Debtors.

                          Multiple Lots

The Debtors reserve the right to accept and evaluate one or more
Qualified Offers seeking the purchase of one or more defined
subsets of their assets.  In the event that acceptance and
evaluation of the Qualified Offers is deemed appropriate in the
Debtors' business judgment, formed after consultation with their
major creditors, the Offer Evaluation Process may proceed in
multiple lots, provided that any participant will have an
opportunity to submit a Qualified Offer on one or more lots or
on all lots together, and the Debtors will be free in their
business judgment to accept the Qualified Offer or Offers that,
alone or in conjunction with others, the Debtors deem to
comprise the highest and best offer available.

                  Qualified Transaction Hearing

The Debtors ask the Court to schedule the Qualified Transaction
Hearing on a date not less than 22 days after entry of the
Qualified Transaction Procedures Order.

                   Stalking Horse Protections

The Debtors seek authority, but not direction, to provide these
Stalking Horse Protections upon the execution of a Definitive
Agreement:

  (i) a break up fee of up to 2.5% of the net consideration to
      the Debtors under the Definitive Agreement, or

(ii) reimbursement of reasonable, documented out of pocket
      expenses not to exceed US$200,000.

To be entitled to the Protections, the Debtors explain that the
Stalking Horse must agree to keep its offer open until the
conclusion of the Offer Evaluation Process.

In the event that the Debtors seek a Qualified Transaction in
the form of a refinancing of the DIP Facility, the Debtors seek
authority, but not direction, to provide a refinancing lender
with these protections:

  (i) a break up fee of up to 0.5% of the face amount of the new
      facility, or

(ii) reimbursement of reasonable, documented out of pocket
      expenses not to exceed US$150,000.

The Qualified Transaction Protections are modest sums, Paul N.
Heath, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, assures Judge Sontchi.

"Not only will a Stalking Horse or Refinancing Lender provide
the Debtors and their creditors with a measure of comfort that
the Qualified Transaction will in fact be consummated, but the
presence of a Stalking Horse will encourage third parties to
submit competitive offers and will enable the Debtors to
maximize value for their estates," Mr. Heath says.  "The
benefits of having a Stalking Horse or a Refinancing Lender thus
far outweigh the potential costs associated with the Qualified
Transaction Protections."

                      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)


AIRWING AIRCRAFT: Names Andrew John Whelan Liquidator
------------------------------------------------------
Andrew John Whelan of Marks Bloom was appointed Liquidator of
Airwing Aircraft Sales Ltd. on Dec. 20, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Airwing Aircraft Sales Ltd.
         Airwing House Coventry Airport
         Rowley Road
         Coventry
         West Midlands CV3 4FR
         England
         Tel: 024 7663 9254
         Fax: 024 7630 7192  


ALTOGETHER BETTER: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Altogether Better Ltd. confirmed on Jan. 2 the
appointment of Andrew James Nichols of Redman Nichols as
Liquidator of the company.

The company can be reached at:

         Altogether Better Ltd.
         200-202 Spring Bank
         Hull
         North Humberside HU3 1NP
         England
         Tel: 01482 221 454
         Fax: 01482 610 240


ANDREAM LTD: Hires Chris Williams to Liquidate Assets
-----------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
Liquidator of Andream Ltd. on Dec. 20, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Andream Ltd.
         Unit 12
         Norwich Road Industrial Estate
         Watton
         Thetford
         Norfolk IP256DR
         England
         Tel: 01953 885 775


APEX COOLING: Taps Liquidator from Marks Bloom
----------------------------------------------
Andrew John Whelan of Marks Bloom was appointed Liquidator of  
Apex Cooling Services Ltd. on Jan. 8 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Apex Cooling Services Ltd.
         124 High Street
         Redbourn
         St. Albans
         Hertfordshire AL3 7BD
         England
         Tel: 01582 793 820


AUTO BODY: Nominates Gary Stones as Liquidator
----------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Auto
Body Perfections Ltd. on Dec. 22, 2006, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Auto Body Perfections Ltd.
         99 Portmanmoor Road
         Cardiff
         South Glamorgan CF245FX
         Tel: 029 2049 5299
         Fax: 029 2049 5299  


AUTO DIRECT: J. N. Bleazard Leads Liquidation Procedure
-------------------------------------------------------
J. N. Bleazard of XL Business Solutions was appointed Liquidator
of Auto Direct (U.K.) Ltd. on Dec. 2, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Auto Direct (U.K.) Ltd.
         Gail House
         Hudcar Lane
         Bury
         Lancashire BL9 6EX
         England
         Fax: 0161 762 0333  


B VOLES: Joint Liquidators Take Over Operations
-----------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of B Voles & Son (Chiswick) Ltd. on Dec. 19, 2006,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         B Voles & Son (Chiswick) Ltd.
         279 Chiswick High Road
         Hounslow
         London W4 4PU
         England
         Tel: 020 8994 0984
         Fax: 020 8747 8918  


BAA PLC: Posts 1.6% Annual Traffic Growth in December 2006
----------------------------------------------------------
BAA Plc's seven U.K. airports handled a total of 10.9 million
passengers in December 2006, an increase of 1.6% on December
2005. This took the calendar year total to 147.7 million, an
increase of 2.3%.

Each of BAA's airports was affected by the foggy conditions that
persisted in the south of England for much of the last week
before Christmas, normally a particularly busy period.  In total
it is estimated that the loss in traffic handled as a result of
the fog amounted to about 175,000 passengers, around 1.7% of the
total that would have been carried had it not been for the
cancellations to flights caused by the bad weather.

Of the individual markets, Domestic and short haul European
services were most disrupted by the bad weather.  As a result
Domestic traffic was down 5.8%, while growth on European
scheduled routes was reduced to 3.0%. North Atlantic traffic
grew 1.1%, and other long haul routes recorded a collective
increase of 8.1%.

Among individual airports, as a result of the disruption to its
Domestic traffic, Heathrow traffic was down 2.4%.  Gatwick was
less affected by the fog and saw a passenger increase of 8.8%,
taking its annual figure past 34 million for the first time.  
Stansted was up 3.9%, whilst Southampton saw growth of 2.2%.

Cut backs in London services also hit all three Scottish
airports. As a result, each experienced a drop in recent growth
trends.  Glasgow saw growth of 2.3%, whilst Edinburgh and
Aberdeen grew 0.3%, and 9.5% respectively.

As a result of the bad weather, the total number of air
transport movements at BAA airports was down 1.2%.  Cargo
tonnage was down 15.3%.

                        About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destination by around 300 airlines.  Its U.K. airports handled
over 117 million international passenger during the 12 months up
to October 2005.  International passengers make up 81% of its
total U.K. airport traffic.  BAA had total assets of GBP15.2
billion and pre-tax profits of GBP757 million for the year ended
March 31, 2006.

                        *     *     *

As reported in the TCR-Europe on June 9, 2006, Moody's Investors
Service downgraded to Ba1 from Baa3 the issuer rating of BAA Plc
as well as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BAA PLC: More Passengers Travel at Southampton Airport in 2006
--------------------------------------------------------------
BAA Plc disclosed the continued passenger growth at Southampton
Airport during 2006.  

The airport welcomed 1.913 million passengers, an increase of
4.1% on 2005, and making it the busiest year ever in its 97-year
history.  130,000 people used the airport in the month of
December alone.

Southampton Airport currently serves 47 destinations with 8
airline partners.  The Top 10 routes during 2006 were;
Edinburgh, Manchester, Glasgow, Newcastle, Jersey, Guernsey,
Amsterdam, Dublin, Belfast and Leeds.  New routes already
confirmed for 2007 include Nice with Flybe and Verona with
Inghams.

"2006 has been a very successful year and I would like to
personally thank all of the 1200 staff at the airport, for their
hard work and dedication," Chris Butler, Managing Director at
Southampton Airport, said.   "Looking forward, 2007 promises to
be another exciting year, and we aim to pass the 2 million
passenger milestone in the latter part of the year."

                        About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destination by around 300 airlines.  Its U.K. airports handled
over 117 million international passenger during the 12 months up
to October 2005.  International passengers make up 81% of its
total U.K. airport traffic.  BAA had total assets of GBP15.2
billion and pre-tax profits of GBP757 million for the year ended
March 31, 2006.

                        *     *     *

As reported in the TCR-Europe on June 9, 2006, Moody's Investors
Service downgraded to Ba1 from Baa3 the issuer rating of BAA Plc
as well as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BESPOKE ALUMINIUM: Brings In Kroll to Administer Assets
-------------------------------------------------------
J. M. Wright and A. J. Wolstenholme of Kroll Ltd. were appointed
joint administrators of Bespoke Aluminium Solutions Ltd.
(Company Number 04379033) on Jan. 3.

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

Bespoke Aluminium Solutions Ltd. can be reached at:

         Kenworthy Road
         Stafford
         Staffordshire ST16 3DY
         United Kingdom
         Tel: 01785 227 955


BRETTELL WINDOWS: Appoints Liquidators from Begbies Traynor
-----------------------------------------------------------
Peter A. Blair and Richard A. B. Saville of Begbies Traynor were
appointed Joint Liquidators of Brettell Windows Ltd. on  
Dec. 8, 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.   
Brettell Windows Ltd. can be reached at:

         White City Works
         Southwell Road East
         Rainworth
         Mansfield
         Nottinghamshire NG210EH
         England
         Tel: 01623 794 269
         Fax: 01623 490 136  


BRIDGE MUSICAL: Claims Filing Period Ends February 28
-----------------------------------------------------
Creditors of Bridge Musical Instruments Ltd. have until  
Feb. 28 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 Richard
Albert Brock Saville and Peter Andrew Blair at:

         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham NG1 5DU
         England

The company can be reached at:

         Bridge Musical Instruments Ltd.
         28 Boston Road
         Sleaford
         Lincolnshire NG347ET
         England
         Tel: 01529 415 372
         Fax: 01529 415 372  


BRIO FOODS: Names Harjinder Johal Liquidator
--------------------------------------------
Harjinder Johal of Ashcrofts was appointed Liquidator of Brio
Foods Ltd. on Dec. 14, 2006, for the creditors' voluntary
winding-up proceeding.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

Brio Foods Ltd. can be reached at:

         Unit 110
         Tenth Avenue
         Deeside Industrial Park
         Deeside
         Flintshire CH5 2UA
         Wales
         Tel: 01244 288599
         Fax: 01244 288622


BRITISH AIRWAYS: T&G Union Favors Settlement Over Strike Action
---------------------------------------------------------------
The Transport & General Workers Union, representing 11,000 cabin
crew employees of British Airways Plc, is considering a
negotiated settlement with the airline as talks with top
management on Tuesday aimed at averting a possible strike action
failed to reach an agreement, Bloomberg News reports citing T&G
Deputy General Secretary Jack Dromey.

The airline intends to pursue more discussions with union
officials in an effort to find a peaceful outcome that would
protect the travel plans of its customers, a spokesman for
British Airways said in a statement.

BA Chief Executive Willie Walsh reiterated that there was "no
justification" for carrying out a strike action and insisted
that the proposed pension scheme was the best possible option,
BBC News relates.

As previously reported in the TCR-Europe on Jan. 17, 96% of T&G
union's cabin crew members, who are employed at BA, voted in
favor of a strike action over the airline's proposed deal that
would narrow a GBP2.1-billion pension deficit.

According to The Wall Street Journal, the airline failed to
address the grievances of the cabin crews with regards to the
implementation of sickness-absence policies, staffing levels in
aircraft cabins, and issues of pay and responsibility levels.

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

                        *     *     *

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


BURFORD HOUSE: Hires Liquidator from Campbell Crossley
------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of Burford House Retail Ltd. on  
Dec. 19, 2006, for the creditors' voluntary winding-up
proceeding.

Campbell Crossley and Davis -- http://www.campbell-crossley-
davis.co.uk/ -- specializes in debt problems leading to
insolvency.  It is a partnership and is associated to the
general accountancy practice of Crossley and Davis.  

Burford House Retail Ltd. can be reached at:

         Burford House
         Burford Lane
         Lymm
         Cheshire WA13 0SL
         England
         Tel: 01925 756 987
         Fax: 01925 755 524


BURGESS PLANT: Creditors' Claims Due February 1
-----------------------------------------------
Creditors of Burgess Plant Engineers (Northern) Ltd. have until
Feb. 1 to send their names and addresses with particulars of the
debts or claims to appointed Joint Liquidator David Moore at:

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

The company can be reached at:

         Burgess Plant Engineers (Northern) Ltd.
         Liverpool L37 3WX
         England
         Tel: 01704 870 988
         Fax: 01704 870 988  


CARLTON COMMERCIAL: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Carlton Commercial Vehicles Ltd. confirmed on  
Dec. 13, 2006, the appointment of Ian William Kings of Tenon
Recovery as the company's Liquidator.

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

Carlton Commercial Vehicles Ltd. can be reached at:

         Carlton House
         Carlton Miniott
         Thirsk
         North Yorkshire YO7 4NJ
         England
         Tel: 01845 522 666
         Fax: 01845 522 666  


CHAMPION STAR: Appoints Bijal Shah as Liquidator
------------------------------------------------
Bijal Shah of RE10 (South East) Ltd. was appointed Liquidator of
Champion Travel Agency Ltd. on Dec. 7, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:
       
         Champion Travel Agency Ltd.
         24-26 High Street
         Hampton Hill
         Hampton
         Middlesex TW121PD
         England  
         Tel: 020 8977 1714
              020 8977 1061
         Fax: 020 8977 9187  


CHASE LINES: Creditors' Meeting Slated for January 25
-----------------------------------------------------
Creditors of Chase Lines (Rugeley) Ltd. will meet at 10:30 a.m.
on Jan. 25 at:

         7 Portland Road
         Edgbaston
         Birmingham
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Jan. 24 at:

         Sharma & Co.
         50 Newhall Street
         Birmingham B3 3QE
         England

A list of the names and addresses of the Company's Creditors
will be available for inspection, free of charge, from Gagen
Sharma at Sharma & Co., between 10:00 a.m. and 4:00 p.m. on
Jan. 23.


CHEEKYMOON ENTERTAINMENT: Contemplates on Subsidiary Liquidation
----------------------------------------------------------------
CheekyMoon Entertainment Plc. is contemplating on liquidating
CheekyMoon Ltd., its trading subsidiary, due to operational
difficulties, ShareCast reports.

According to the report, the group was having trouble in its
program host that resulted in its failure to launch its product
range and the termination of its chief executive.

The group also believed that the passing of the Safe Port Act in
the U.S., which prohibits the transfer of funds from a financial
institution to an Internet gambling site, would affect the
online gaming sector, its main focus.

"The board are now actively considering various options to
preserve the remaining cash in the company and generate
shareholder value," ShareCast quoted the company as saying

"The options being considered include, inter alia, the cessation
of trade and/or liquidation of CheekyMoon Ltd., the company's
trading subsidiary," it added.

At the end of June 2006, the company's cash was GBP425,000.

Headquartered in Stockport, England, CheekyMoon Entertainment is
engaged in online gaming.


CHELSEA SELECT: Brings In Liquidators from Begbies Traynor
----------------------------------------------------------
Jamie Taylor and Lloyd Biscoe of Begbies Traynor were appointed
Joint Liquidators of Chelsea Select Cleaning Contractors Ltd. on
Dec. 11, 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.   

Chelsea Select Cleaning Contractors Ltd. can be reached at:

         Unit 3 Central House
         High Street
         Ongar
         Essex CM5 9AA
         England  
         Tel: 01277 365 984


COLLINS & AIKMAN: Four Parties Object Deal with Major Customers
---------------------------------------------------------------
Four parties-in-interests objected to Collins & Aikman Corp. and
its debtor-affiliates' deal with major customers and JPMorgan
Chase Bank N.A.:

   a. H.S. Die & Engineering Inc.,

   b. State of New Hampshire Department of
      Environmental Services,

   c. D&F Corporation, and

   d. Brown Corp.

                          Objections

(1) H.S. Die

H.S. Die & Engineering Inc., on behalf of itself and its
subsidiaries, including H.S. Die Rantoul Mold Service L.L.C.,
asks the Court to:

    -- enter an order clarifying that the approval of the
       Customer Agreement is without prejudice to or impact to
       any of its liens or rights against certain tooling it has
       produced, or is in the process of producing, for the
       Debtors; or

    -- deny entry of the final order requested by the Debtors
       until a language protecting its rights is included in the
       Customer Agreement.

H.S. Die manufactures and repairs tooling and dies and serves as
a supplier of tooling to the Debtors in connection with the
Debtors' work for their customers, including DaimlerChrysler
Corp., Ford Motor Co., General Motors Corp., and
Auto Alliance International Inc.

Robert D. Wolford, Esq., at Miller Johnson, in Grand Rapids,
Michigan, counsel to H.S. Die, notes that the Customer Agreement
requires the entry of a final approval order, which would
provides that, with the exception of the unpaid tooling or
supplier tooling, the Customers own, free and clear of all
liens, claims or encumbrances, all other tooling used in the
production of their respective component parts.

H.S. Die has produced or is in the process of producing certain
tooling for the Debtors, some of which may be considered
Customer Tooling under the terms of the Motion and the Customer
Agreement to the extent the Customer has paid for the H.S. Die
Tooling, Mr. Wolford says.

To the extent the Debtors have not paid H.S. Die for the H.S.
Die Tooling, H.S. Die claims a lien on the H.S. Die Tooling for
amounts owed pursuant to the Michigan Mold Lien Act, MCL
445.611, et. seq., the Michigan Special Tools Lien Act, MCL
570.541, et. seq., or the Illinois Tool and Die Lien Act, 770
ILCS 105/0.01, et. seq., Mr. Wolford informs the Court.

Although the parties to the Customer Agreement may not have
intended the Agreement to impact H.S. Die's lien rights in the
H.S. Die Tooling, the language of the Customer Agreement and the
proposed final order could be argued as having that result, Mr.
Wolford argues.

(2) New Hampshire

Collins & Aikman Automotive Interiors, Inc., formerly known as
Textron Automotive Interiors, Inc., owns and operates a
manufacturing facility in Farmington, New Hampshire, where it
produces plastic automotive components.

Representing the State of New Hampshire Department of
Environmental Services, Peter C.L. Roth, senior assistant
attorney general, Environmental Protection Bureau, states that
the Farmington Plant site is contaminated by chlorinated
solvents and other volatile organic compounds that the Debtor
released into the soil and groundwater.  The Debtor is strictly
liable for hazardous waste contamination in the soil and
groundwater at the Farmington Plant under the applicable New
Hampshire state law, N.H. RSA 147-B:10, he adds.

The State issued a groundwater management permit dated Aug. 30,
2002, to the Debtor, which governs the current remedial efforts
being taken at the Farmington Plant site by the Debtor and its
consultants.

Mr. Roth says that under the Permit, the Debtor must monitor
groundwater quality and submit data to the State, including a
summary in a yearly annual report.  The Debtor must maintain and
operate a hydraulic containment system, evaluate system
performance yearly in the Annual Report, and attain the
performance standards for the system specified in condition
11(B) of the Permit.

According to Mr. Roth, the Debtor is in violation of Permit
condition 10 and must complete a remedial action plan revision
to achieve compliance with the Ambient Groundwater Quality
Standards established by state law at the final groundwater
management zone boundary within an expedited timeframe.  The
State can seek injunctive relief and penalties up to US$10,000
per day against violations of the Permit under the state law,
N.H. RSA 485-C:19, Mr. Roth informs the Court.

The Debtor funded certain activities associated with the control
and remediation of the contaminants at the Farmington Plant and
taken steps to comply with the Permit.  However, the Customer
Agreement appears to shift costs for the Farmington Plant to
others in accordance with a funding protocol and budget, Mr.
Roth argues.

The Debtor's obligation to pay for costs of the Farmington Plant
is constrained and determined by the Customer Agreement and
other orders.  Neither the funding protocol nor the budget was
provided despite repeated requests, Mr. Roth maintains.  
Consequently, the State cannot determine whether the Debtor will
be able to continue to take necessary steps to comply with State
law in the operation of its New Hampshire facilities, he adds.

Mr. Roth asserts that a budget for environmental compliance
should be provided, and argues that the Debtor cannot use the
Customer Agreement to:

     * avoid its responsibilities under generally applicable
       State laws; and

       Approval of the Customer Agreement does not exempt the
       Debtor from its responsibilities under environmental
       permits and regulations.  Moreover, the costs of
       compliance with the Permit are administrative expenses
       against the estate.

     * constructively abandon the Farmington Plant.

       A debtor cannot abandon property of the estate without
       taking steps to ensure that environmental conditions at
       the property do not pose a threat to public health and
       safety.  The Customer Agreement appears to cede the
       Debtor's financial control over the Farmington Plant to
       the major Plastics & Convertibles Customers until
       the exit date or closing date when presumably
       the facility's fate will be determined, Mr. Roth
       points out.

       If the Customer Agreement does not provide for
       environmental compliance costs, the Debtor is effectively
       abandoning the Farmington Plant to the State and the
       customers, Mr. Roth asserts.

The State can seek injunctive relief and civil penalties in the
New Hampshire courts if compliance costs are not provided,
Mr. Roth notes.  The Debtor's liability for civil penalties
would constitute administrative expenses, he adds.

New Hampshire asks the Court to deny final approval of the
Customer Agreement, or in the alternative, grant it only upon
the express condition that the Debtor demonstrates to the
State's and the Court's satisfaction that the Customer
Agreement, the Funding Protocol, and the budget provide for and
allow appropriate funding of environmental compliance costs,
including costs associated with compliance with the Permit.

(3) D&F

D&F Corporation is a tooling supplier with a lien against
certain tool fixtures it supplied to the Debtors, preserved
pursuant to the Michigan Moldbuilder's Lien Act, MCLA 445.611
et. seq.

D&F previously filed a motion requesting relief from the
automatic stay, or in the alternative, for an order granting
adequate protection in connection with the Debtors' continued
use of the property secured by D&F's molder's lien.  A
stipulated protection order was entered resolving D&F's motion,
and protecting D&F's rights.

The Debtors owed D&F US$175,999 for the fixtures, and have been
making monthly adequate protection payments -- as of
Jan. 5, 2007, six payments of US$4,500, or a total of US$27,000
have been made -- under the terms of the D&F Order.  The Debtors
are also obligated to give D&F written notice when the D&F
fixtures are no longer in the Debtors' possession, and to notify
D&F and its counsel with 10 days of any information received by
the Debtors indicating a reduction of the useful life of the
fixtures or "the duration or resourcing of any customer program
for which the fixtures are used."

The interim order approving the Customer Agreement authorizes
the Debtors to resource production, and the Debtors have failed
to give any written notice of the proposed resourcing of
production, Frederick A. Berg, Esq., at Kotz, Sangster, Wysocki
& Berg, P.C., in Detroit, Michigan, notes.

The Interim Order further proposes that customers pay the
"supplier" -- Collins & Aikman Corp. -- for unpaid tooling.
Mr. Berg argues that the Interim Order prejudices D&F in that:

    -- Collins should not receive payment for tooling
       supplied by D&F, or other tooling suppliers, for which
       it has not already paid the tooling supplier, unless
       the tooling supplier's lien attaches to proceeds, but
       if there are no proceeds, then the lien should survive;

    -- the Debtors should not be permitted to terminate adequate
       protection payments or transfer the liened
       property unless the Court also lifts the automatic
       stay to permit D&F, or other tooling suppliers,
       to recover possession of collateral secured by
       statutory liens; and

    -- the Interim Order does not propose to transfer the liens
       of D&F or other unpaid tooling suppliers to proceeds, it
       only transfers Collins' lien to proceeds.

Mr. Berg points out that neither the Interim Order nor the
Customer Agreement addresses how unpaid tooling supplier liens
will be paid when Collins has previously been paid in full by
Customers for the tools.  The Customers will not pay for the
tools that have, upon information and belief, been previously
paid for.  Accordingly, it is arguable there are no proceeds on
which D&F's lien may attach, he says.

The tools should not be transferred by Collins free and clear of
liens as the Interim Order proposes.  The liens must remain
attached, or the tools paid for, Mr. Berg asserts.

D&F objects to the entry of a final order approving the Motion,
and asks the Court to rescind the Interim Order.

(4) Brown Corp.

Brown Corp. is a Tier II supplier for certain of the Debtors'
Customers, which means that Customers contracted with the
Debtors to produce the component parts pursuant to certain
purchase orders.

The Debtors, in turn, arranged with Brown to produce certain
component parts, and to acquire the tooling to manufacture the
Brown component parts.  The Debtors purchased production parts
directly from Brown for the Brown Component Parts and in most
cases arranged for Brown to acquire the Brown tooling.

Brown has not been paid for all of the Brown Tooling or been
paid for parts promised with the Brown Tooling, Mark L. Collins,
Esq., at Varnum, Riddering, Schmidt & Howlett LLP, in Grand
Rapids, Michigan, informs the Court.

Mr. Collins notes that Section 17 of the executed Customer
Agreement includes language allowing the Customers the option of
having the Debtors assign existing supplier contracts without
stating or recognizing that the rights of a vendor to the
Debtors are independent of the agreement between the Debtors and
customers.

Brown objects to the Motion to the extent it implies that the
Customers and Debtors can, via contract, motion or otherwise,
prejudice or require Brown to act in any way inconsistent with
Brown's rights under either prior or existing arrangements to
the Debtors.

Mr. Collins also notes that Section 19 of the Customer Agreement
may allow Customers to use the motion and any approving order as
a means to obtain possession of the Brown Tooling, which has not
been paid for or which may be subject to lien rights in favor of
Brown arising under the Michigan Tooling Lien statues, MCL
510.541, et. seq. or other similar statues or laws in other
states.

While Brown acknowledges that the Debtors and Customers may only
intend that the Motion pertain to tooling in the Debtors'
possession, the Motion is ambiguous, Mr. Collins tells the
Court.

For any Customer to assert that it owns the Brown Tooling, free
and clear would be in direct contravention of Brown's ownership
rights and lien rights in the Brown Tooling.  The Customer
Agreement cannot circumvent and preempt Brown's ownership in the
Brown Tooling or other lien rights, Mr. Collins maintains.

The proposed order approving the Customer Agreement gives a
Customer the right to take immediate possession of the Tooling,
Mr. Collins notes.  The Debtors' requested relief should be
limited to exclude the Brown Tooling or other tooling in the
possession of third parties or otherwise subject to the rights
of third parties, and the Customer's rights should be subject to
Brown's ownership or other lien rights with respect to the
tooling, Mr. Collins asserts.

Brown asks Judge Rhodes to limit the relief requested by the
Debtor in the Motion so as to:

    -- clarify that any arrangement entered into between the
       Debtors and the Customers to transition the Debtors'
       supply arrangements is without prejudice to
       Brown's rights with respect to prior or existing
       supply arrangements between Brown and the Debtors; and

    -- preclude Customers from taking ownership of the Brown
       Tooling in contravention of Brown's rights or free and
       clear of Brown's interests and to preclude Customers from
       taking any actions to recover possession of the Brown
       Tooling.

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)  


CORBUILD LTD: Hires Claire L. Dwyer as Liquidator
-------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of Corbuild Ltd. on Dec. 21, 2006, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Corbuild Ltd.
         Waterswallows Quarry
         Waterswallows Road
         Green Fairfield
         Buxton
         Derbyshire SK177JB
         England
         Tel: 01298 275 40
         Fax: 01298 730 72  


COUNTRYWIDE INNS: Calls In Liquidators from Kroll
-------------------------------------------------
S. Wilson and D. J. Whitehouse of Kroll were appointed Joint
Liquidators of Countrywide Inns Ltd. on Dec. 14, 2006, for the
creditors' voluntary winding-up procedure.

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

Countrywide Inns Ltd. can be reached at:

         Smiths Road
         Waterside Industrial Park
         Bolton
         Lancashire BL3 2QJ
         England
         Tel: 01204 544 120
         Fax: 01204 544 120  


CRYSTALKLEEN LTD: Appoints Ian Franses to Liquidate Assets
----------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed Liquidator
of Crystalkleen Ltd. on Dec. 22, 2006, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Crystalkleen Ltd.
         8 Fifth Avenue
         Hayes
         Middlesex UB3 2ER
         England  
         Tel: 020 8581 0599


CURRAN ENGINEERING: Names David Hill as Administrator
-----------------------------------------------------
David Hill of Begbies Traynor was named administrator of Curran
Engineering Ltd. (Company Number 04393779) on Dec. 29.

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

Curran Engineering Ltd. can be reached at:

         Unit 15-16 Valleys Enterprise
         Bedwas House Industrial Estate
         Bedwas
         Caerphilly
         Mid Glamorgan CF83 8DW
         United Kingdom
         Tel: 029 2085 0800
         Fax: 029 2085 0800


DM & JD HALL: Appoints Joint Administrators from KPMG
-----------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of D.M. & J.D. Hall (Vehicle Service) Ltd.
(Company Number 1357297) on Dec. 28.

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

Headquartered in Manchester, England, D.M. & J.D. Hall (Vehicle
Service) Ltd. is engaged in transport services.


DRAKARD & HUMBLE: Taps Joint Administrators from BDO Stoy
---------------------------------------------------------
Geoffrey Stuart Kinlan and Francis Graham Newton of BDO Stoy
Hayward LLP were appointed joint administrators of Drakard &
Humble Ltd. (Company Number 00468044) on Dec. 22.

Headquartered in Hatfield, England, BDO Stoy Hayward --  
http://www.bdo.co.uk/-- focuses on business assurance (audit),  
corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational
institutions, family businesses, financial services, leisure,
and hospitality.  The company is the U.K. arm of BDO
International and has offices in more than 15 cities throughout
the U.K.

Drakard & Humble Ltd. can be reached at:

         Unit E  
         Brunleys Kiln Farm
         Milton Keynes
         Buckinghamshire MK11 3EP
         United Kingdom
         Tel: 01908 567 909
         Fax: 01908 563 527


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

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

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

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

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

         (i) the United States Trustee;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        (ii) counsel to the Creditors Committee; and

       (iii) the Office of the United State Trustee.

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

         (x) the Rejection Date or

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

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

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

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

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

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

   (b) 30 days after the Rejection Date.

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

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

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

The Creditors Committee now comprises:

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

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

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

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

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

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

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

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

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Section 341(a) Meeting Adjourned Sine Die
----------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
has adjourned sine die the meeting of creditors of Dura
Automotive Systems Inc. and its debtor-affiliates required under
Section 341(a) of the U.S. Bankruptcy Code.  The U.S. Trustee
had convened the Meeting of Creditors on Dec. 7, 2006.

The Meeting of Creditors was continued pending the Debtors'
filing of their schedules of assets and liabilities, schedules
of current income and expenditures, and statements of financial
affairs.  The Debtors are expected to file their Schedules in
January 2007.

The Meeting of Creditors offers the opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FACADE SYSTEM: Confirms Liquidation Procedure
---------------------------------------------
Facade System Engineering Ltd. confirmed that it has gone into
liquidation, without disclosing further details, Ashfield Today
says.

According to Ashfield Today, some of the company's high-profile
projects include: Birmingham's Bull Ring shopping center, the
extension and redevelopment of London's St Pancras Station and
Southampton's West Quay shopping center.

J. M. Right and A. J. Wolstenholme of Kroll Limited were
appointed Joint Administrators of the company on Jan. 3.

Headquartered in Nottingham, England, Facade System Engineering
Ltd. offers a design, supply and installation facility for the
construction of facades for buildings including theaters,
museums and leisure facilities.


GENERAL MOTORS: Says Too Early to Provide Details on Proton Deal
----------------------------------------------------------------
General Motors Corp. says many parties are seeking a stake in
Malaysian automaker Proton Holdings Bhd., and it is too early to
provide details on the bidding process, Reuters reports.

GM's statement relates to Wednesday's article in the Troubled
Company Reporter-Europe on the U.S. carmaker's interest in
buying a stake in Proton, which could reach more than MYR10 for
each Proton share.

According to Bloomberg, Proton, which has suffered low profits
in the past seven years, is seeking a new partner to stem losses
following the end of its 21-year partnership with Mitsubishi
Motors Corp. in March 2004.

Proton disclosed a MYR250.3 million loss in the quarter ended
Sept. 30, 2006, compared to a MYR154.3 million loss for the same
period in 2005.

GM's Shanghai-based spokesman Rob Leggat told reporters that GM
held talks with Proton.  However, Faridah Idris, a spokeswoman
at Proton, declined to comment.  In November 2000, GM held talks
with Proton about a deal in Malaysia but the discussions did not
result in any partnership.

                     About General Motors Corp.

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

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2006, Standard &   
Poor's Ratings Services assigned its 'B+' bank loan rating to   
General Motors Corp.'s proposed US$1.5 billion senior term   
loan facility, expiring 2013, with a recovery rating of   
'1'.  The 'B+' rating was placed on Creditwatch with negative   
implications, consistent with the other issue ratings of GM,   
excluding recovery ratings.   
   
At the same time, Moody's Investors Service assigned a Ba3,   
LGD1, 9% rating to the proposed US$1.5 Billion secured term   
loan of General Motors Corp.  The term loan will be secured by
a first priority perfected security interest in all of the U.S.   
machinery and equipment, and special tools of GM and Saturn   
Corporation.


HEARTS OF OAK: FSA Intensifies Solvency Monitoring
--------------------------------------------------
The Financial Services Authority is intensifying its monitoring
on Hearts of Oak after it failed to meet the solvency tests set
down by the regulator for eight years, Teresa Hunter writes for
Scotsman.

According to Scotsman, the society fell short of its minimum
capital requirement by GBP5.5 million as revealed in its
solvency returns filed by actuaries at Watson Wyatt and
accountants at ECBrown and Batts last April.  Income and
expenditure for year ending December 2005 was at GBP57.9
million.

The society anticipates another balance-sheet insolvency should
any further deterioration in its financial position arises.

Hearts of Oak Chief Executive Richard Gough told Scotsman that
until these solvency issues are resolved policyholders would
continue to be at risk.  He added that increased longevity is
one of the biggest threats that the company is facing.

Hearts of Oak was close to merging with Liverpool Victoria.  The
deal did not push through because both parties were accumulating
huge expenses in advisers' fees without any prospect of
agreement in sight, Mr. Gough was quoted by Scotsman as saying.

Mr. Gough acknowledged the involvement of the FSA in the
decision-making.  The regulatory body agreed to terminate the
merger plan.

A spokesman for the FSA, headed by John Tiner said, "Our
overriding concern must always be to secure the best outcome for
policyholders.  There are always a number of options open to us
and we work together with the management to achieve the best
solution we can.  Shutting the business down is only one of them
and may not be the best solution."

Headquartered in London, England, Hearts of Oak is a door-to-
door benefits company that sell small protection policies.


HILLCREST HOMES: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Hillcrest Homes (Eastbourne) Ltd. confirmed on Jan.
4 the appointment of S. J. Parker and T. J. Binyon of Tenon
Recovery as the company's Joint Liquidators.

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

Hillcrest Homes (Eastbourne) Ltd. can be reached at:

         Dyke House
         110 South Street
         Eastbourne
         East Sussex BN214LZ
         England  
         Tel: 01323 734 154
         Fax: 01323 749 878  


HYDE ELECTRICAL: Brings In Joint Administrators from PKF
--------------------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (U.K.) Ltd. were
appointed joint administrators of Hyde Electrical Services Ltd.
(Company Number 04234712) on Dec. 18, 2006.

Headquartered in Manchester, England, PKF (U.K.) LLP --  
http://www.pkf.co.uk/-- specializes in advising the management  
of developing private and public businesses.  Its principal
services include assurance & advisory; corporate finance;
corporate recovery & insolvency; forensic; management
consultancy and taxation.  It also offers financial services
through its FSA authorized company, PKF Financial Planning Ltd..

Hyde Electrical Services Ltd. can be reached at:

         1 Hadfield Street
         Dukinfield  
         Cheshire SK16 4RL
         United Kingdom
         Tel: 0161 342 1900


INDEPENDENT AUTOMATION: Taps Administrators from Milner Boardman
----------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Independent Automation
Services Ltd. (Company Number 04958016) on Dec. 28.

Milner Boardman & Partners -- http://www.milnerboardman.co.uk/
-- provides financial accounting and business advisory services.   

Independent Automation Services Ltd. can be reached at:

         Unit 4A
         Crewe Hall Enterprise Park  
         Weston Road
         Crewe  
         Cheshire CW1 6UA
         United Kingdom
         Tel: 01270 211 106


INFLATABLES LTD: Taps Richard Kelly to Liquidate Assets
-------------------------------------------------------
Richard Kelly of T Murphy & Co. was appointed Liquidator of
Boing Inflatables Ltd. on Nov. 27, 2006, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Boing Inflatables Ltd.
         Foundry lane
         Bristol
         Avon BS5 7UZ
         England


POOLE POTTERY: Ten Firms May Bid to Acquire Ceramics Firm
---------------------------------------------------------
A number of businesses expressed interest in buying Poole
Pottery Factory Outlet Ltd., a ceramics company that went into
administration on Dec. 21, 2006, Birmingham Post reports.

Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring, the company's joint administrators, confirmed to
Birmingham Post that around ten firms had contacted them to
declare an interest in buying Poole.

"The business was declared insolvent and we were called in on
Dec. 22, since then we have been looking at finding a solution,"
Mr. Clark disclosed.  "I expect to sell both the shop and the
factory, but because of the Christmas break things have not
moved as quickly as we would have liked."

Mr. Clark also confirmed the shop's reopening to sell the
company's remaining pottery pieces.

About 100 workers went jobless following the closure of Poole's
factory and retail outlets.

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

Headquartered in Dorset, England, Poole Pottery Factory Outlet
Ltd. retails contemporary art pottery.


REFCO INC: Asks Court to Cut West Loop Claims
---------------------------------------------
Refco Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to reduce Claim Nos.
9884 and 9887 so that their maximum amount cannot exceed the
statutory cap under Section 502(b)(6) of the Bankruptcy Code.

Refco Group Ltd. LLC and 550 Jackson Associates Limited
Liability Company were parties to a lease dated April 24, 2001,
for an office space located at 550 West Jackson Boulevard, in
Chicago, Illinois.  West Loop Associates Inc. acquired title to
the Premises, with an assignment of the Lease.

RGL rejected the Lease, effective as of Aug. 15, 2006.

               West Loop Claim Nos. 9884 and 9887

West Loop filed Claim Nos. 9884 and 9887 against RGL asserting
damages equal to US$67,482,808 caused by:

   (1) RGL's breach and rejection of the Lease;

   (2) acts of occupants of the Premises during the term of the
       Lease that caused the filing of mechanic's liens against
       the Building;

   (3) RGL's fraudulent transfer of around US$1,325,000,000
       to Refco Group Holdings, Inc., in connection with a
       leveraged recapitalization that left RGL undercapitalized
       and insolvent; and

   (4) RGL's fraud, including misrepresentations, omissions, and
       concealment of material facts with the intent to defraud
       West Loop.

Specifically, West Loop asserted that:

   (i) assuming that payment of rent remains current under the
       Lease until August 15, the base rent owed from
       Aug. 16, 2006, to March 31, 2015, will total
       US$36,159,764; and

  (ii) an additional rent is owed under the Lease from
       Aug. 16, 2006, to March 31, 2015, totaling approximately
       US$27,484,008.

Thus, according to West Loop, the Base Rent and Additional Rent
from Aug. 16, 2006, to the end of the Lease total US$63,643,772.

Furthermore, West Loop held that the total rent reserved under
the Lease from the Petition Date until March 2015 is
US$69,041,563, of which 15% equals the US$10,256,235 Rejection
Claim Amount.

West Loop also asserted that it will incur additional estimated
damages for US$3,002,217 in commissions, and US$8,114,100 in
tenant improvement costs in connection with re-letting the
premises.

Accordingly, the Debtors ask the Court to reduce Claim Nos. 9884
and 9887 so that their maximum amount cannot exceed the
statutory cap under Section 502(b)(6) of the Bankruptcy Code.

The Debtors object to West Loop's calculation of the Rejection
Claim Amount on the grounds that:

   (1) West Loop failed to include all of its claims relating to
       the rejection of the Lease that are subject to Section
       502(b)(6) cap, including its fraud-related damage
       claims, and the cost of re-letting the Premises,
       including the commissions.

   (2) rejection damage calculation is incorrect; and

   (3) the Building is in Illinois and, under Illinois law, West
       Loop has a duty to mitigate its damages, and has the
       burden of proving its mitigation.

In addition, the Debtors want West Loop's claim for
reimbursement of attorneys' fees and costs denied because West
Loop:

   -- did not provide documentation evidencing that it incurred
      no less than US$366,491 in attorneys' fees and costs; and

   -- has not demonstrated that the fees and costs are
      reimbursable for the full amount sought.

Moreover, the Debtors state that the attorneys' fees and costs
are subject to cap under Section 502(b)(6) of the Bankruptcy
Code.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, tells the Court that there is no evidence
that RGL was insolvent in September 2005.  Since there was no
default, there could be no false statement of material fact in
the estoppel certificate.

Ms. Henry argued that there is no evidence that the RGL estoppel
certificate was issued to induce West Loop to act, or that RGL
received any benefit from executing the certificate.

Ms. Henry summoned West Loop to demonstrate that its damages
result from relying on RGL's purported false statements.

The Debtors maintained that West Loop has not demonstrated that
it is entitled to recover additional estimated damages equal to
US$3,002,217 in commissions and US$8,114,100 in tenant
improvement costs with reletting the Premises.

The Debtors insisted that even if the Lease allows West Loop to
recover the Reletting Claims, the costs of reletting the
Premises were caused by the rejection of the Lease, and, thus
should be capped under Section 502(b)(6).

                    West Loop Related Claims

The Debtors further asked the Court to disallow and expunge:

   (a) a master proof of claim -- Claim No. 11560 -- filed by
       West Loop against RGL and its affiliates, except Refco
       Capital Markets, Ltd., Refco, Inc., and Refco, LLC;

   (b) Claim Nos. 9885 and 9886 filed by West Loop against Refco
       asserting damages caused by Refco's fraud; and

   (c) Claim Nos. 9882 and 9883 filed by West Loop against New
       Refco Group Ltd., LLC, asserting claims to the extent
       New RGL (x) had knowledge of, or was involved in, the
       fraudulent activities of RGL, Refco LLC, and (y) received
       any benefit on account of the breaches or fraudulent
       activities of entities, or is found responsible for the
       conduct of the entities.

Ms. Henry insisted that the Related Claims should be disallowed
because:

   (i) West Loop has not demonstrated that a fraud claim lies
       against RGL;

  (ii) West Loop did not specifically assert that the RGL
       Affiliates made any misleading misrepresentations that
       were relied on by West Loop resulting in damages, nor has
       West Loop shown any other basis on which entities other
       than RGL could be liable; and

(iii) West Loop's broad allegation that the RGL Affiliates are
       liable, to the extent that any or all of them had
       knowledge of or were involved in the fraudulent
       activities of Refco, Refco LLC, or RGL, received any
       benefit on account of the breaches or fraudulent
       activities of those entities or are found responsible for
       their conduct, does not satisfy Rule 9(b) of the Federal
       Rules of Civil Procedure.

To the extent that the Related Claims are not disallowed and
expunged in their entirety, the Debtors seek that they should be
subject to the Section 502(b)(6) cap because West Loop's
damages, if any, arise from RGL's rejection of the Lease.

              Debtors Seek Partial Summary Judgment

The Debtors asked Judge Drain to enter an order granting partial
summary judgment under Rule 7056 of the Federal Rules of
Bankruptcy Procedure and Civil Rule 56, finding that any fraud-
related damages asserted in the West Loop Claims are subject to
statutory limitation on lease rejection claims pursuant to
Section 502(b)(6).

Ms. Henry stated that West Loop's recharacterization of its
lease termination damages claim to a fraud claim is irrelevant.  
There was a landlord-tenant relationship between West Loop and
RGL.  West Loop's fraud claim is a claim arising from the
termination of a lease, she says.

Ms. Henry maintained that even if the Court favors West Loop,
the asserted fraud-related damages should be subject to Section
502(b)(6) limitation on lease termination damage claims.

The Official Committee of Unsecured Creditors supports the
Debtors' position.

                       West Loop Responds

A. Brent Truitt, Esq., at Hennigan, Bennett & Dorman LLP, in New
York, argued that West Loop's fraud claim and the damages
arising from that claim are factually and legally independent
and distinct from any claims and damages that resulted from
RGL's rejection of the Lease.

Mr. Truitt noted that the Court has (i) previously rejected the
very arguments now raised by the Debtors, and (ii) expressly
held that Section 502(b)(6) does not apply to damages resulting
from a sale of real property.

Mr. Truitt reminded Judge Drain that the Bankruptcy Court for
the Southern District of New York has recognized in Leslie Fay
Cos., Inc. v. Corporate Property Associates 3 (In re The Leslie
Fay Cos., Inc.), 166 B.R. 802 (Bankr. S.D.N.Y. 994), that "it is
simply impossible to draw the inference which Leslie Fay says
flows from the facts which it has pleaded, that the fair market
value of the Premises is nothing more than the discounted rental
stream."

Rather, Mr. Truitt pointed out, the damages caused by West
Loop's payment of a purchase price in excess of the Property's
actual value is not simply lost cash flow, but is based on the
higher capitalization rate that would have been applied by West
Loop in October 2005 to calculate its purchase price, had it not
been misled about RGL's solvency and financial condition.

Mr. Truitt insisted that the Section 502(b)(6) cap simply does
not apply to West Loop's fraud-based claims, and, thus the
Debtors' request should be denied.

                        About Refco Inc.

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

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

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or        
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on
Dec. 26, 2006.  


ROYAL & SUN: Writing Down U.S. Operation to Fair Value for 2006
---------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc disclosed that in
accordance with IFRS 5, it would be classifying its U.S.
operation as "held for sale" in its 2006 results.

In line with IFRS 5, the U.S. operation will be written down to
fair value less any disposal costs in the 2006 results.

This write down and the U.S. operation's result for the year
will be shown on one line in the 2006 preliminary announcement
as "discontinued operations," which is outside the Group's
Operating Result.

The write down and the loss for the year are together expected
to total approximately GBP480 million.

                    About Royal & Sun Alliance

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

                           *    *    *

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

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


SCOTTS MIRACLE: Launches Offer for US$200MM of 6.625% Sr. Notes
---------------------------------------------------------------
The Scotts Miracle-Gro Company commenced a cash tender offer for
any and all of the company's outstanding US$200 million
aggregate principal amount of 6.625% Senior Subordinated Notes
due 2013 (CUSIP No. 810186AG1).

The total consideration per US$1,000 principal amount of notes
validly tendered and not withdrawn prior to 5 p.m., New York
City time, on Jan. 24, 2007 unless extended will be calculated
based on the present value on the payment date of the sum of
US$1,033.13 plus interest payments through Nov. 15, 2008,
determined using a discount factor equal to the yield on the
price determination date of the 4-3/8% U.S. Treasury Note due
Nov. 15, 2008 plus a fixed spread of 50 basis points.  The
company expects that the price determination date will be 2
p.m., New York City time, on Jan. 26, 2007.  Holders who validly
tender their notes by the Consent Payment Deadline will receive
payment on the payment date, which is expected to be on or about
Feb. 14, 2007.

In connection with the tender offer, the company is soliciting
consents to proposed amendments to the indenture governing the
notes, which would eliminate substantially all of the
restrictive covenants and certain events of default in the
indenture.  The company is offering to make a consent payment of
US$30 per US$1,000 principal amount of notes to holders who
validly tender their Notes and deliver their consents on or
prior to the consent payment deadline.  Holders may not tender
their notes without delivering consents, and may not deliver
consents without tendering their notes.

The tender offer is scheduled to expire at 5 p.m., New York City
time, on Feb. 8, 2007, unless extended or earlier terminated.  
However, no consent payments will be made in respect of notes
tendered after the consent payment deadline.  Holders who tender
their notes after the consent payment deadline but on or prior
to the expiration date will receive the total consideration
referred to above per US$1,000 principal amount of notes validly
tendered and not withdrawn, less US$30 per US$1,000 principal
amount.  Tendered notes may not be withdrawn and consents may
not be revoked after the consent payment deadline.

The tender offer and consent solicitation are subject to the
satisfaction of certain conditions, including the consummation
of the refinancing contemplated by the commitment letter, dated
as of Dec. 11, 2006, that Scotts Miracle-Gro received from
JPMorgan Chase Bank, N.A., Bank of America, N.A. and Citigroup
Global Markets Inc. to provide Scotts Miracle-Gro and certain of
its subsidiaries loan facilities totaling in the aggregate up to
US$2.1 billion.  The tender offer is also conditioned upon the
receipt of tenders from holders of a majority in principal
amount of the outstanding notes and satisfaction of customary
conditions.

The complete terms and conditions of the tender offer and
consent solicitation are described in the Offer to Purchase and
Consent Solicitation Statement of the company dated Jan. 10,
2007, copies of which may be obtained by contacting D.F. King &
Co., Inc., the information agent for the offer, at (212) 269-
5550 (collect) or (800) 714-3312 (U.S. toll-free).

The company has engaged Banc of America Securities LLC to act as
the exclusive dealer manager and solicitation agent in
connection with the tender offer and consent solicitation.  
Questions regarding the tender offer or consent solicitation may
be directed to Banc of America Securities LLC, High Yield
Special Products, at (888) 292-0070 (US toll-free) and (704)
388-9217 (collect).  U.S. Bank National Association has been
retained as the depositary in this transaction.

                    About Scotts Miracle-Gro

Headquartered in Marysville, Ohio, The Scotts Miracle-Gro
Company (NYSE: SMG) -- http://www.scotts.com/-- through its  
wholly owned subsidiary, The Scotts Company LLC, is a marketer
of branded consumer products for lawn and garden care, with
products for professional horticulture as well.

The company's brands are Scotts(R), Miracle-Gro(R) and Ortho(R)
brands are market-leading in their categories, as is the
consumer Roundup(R) brand, which is marketed in North America
and most of Europe exclusively by Scotts and owned by Monsanto.  
The company also owns Smith & Hawken, a brand of garden-inspired
products that includes pottery, watering equipment, gardening
tools, outdoor furniture and live goods, and Morning Song, a
brand in the wild bird food market.  In Europe, the company's
brands include Weedol(R), Pathclear(R), Evergreen(R),
Levington(R), Miracle-Gro(R), KB(R), Fertiligene(R) and
Substral(R).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 17,  
Moody's Investors Service downgraded the long-term debt ratings  
of Scott's Miracle Gro Company, including the company's  
corporate family rating to Ba2 from Ba1.


SHAW GROUP: Delays 10-Q Filing to Complete Accounting
-----------------------------------------------------
The Shaw Group Inc. will delay reporting of it consolidated
financial results and will file for a 5-day extension of time to
file its quarterly report on Form 10-Q for the quarter ended
Nov. 30, 2006, to allow for the completion of accounting for
certain aspects of its 20% equity investment in Westinghouse.  

Shaw expects to file its Form 10-Q within the 5-day extension
period allowed by the U.S. Securities and Exchange Commission,
and will provide a follow-up announcement of its consolidated
results and a conference call to discuss the results when
completed.

Shaw confirmed that excluding all income and expenses related to
its investment in Westinghouse, including any interest,
amortization, foreign exchange losses and taxes, it expects
operating results to generally be in the range of its previous
guidance for the quarter.  Shaw expects earnings per share,
giving effect to certain non-cash charges related to the
investment in Westinghouse, to be substantially lower.  The
company will release its consolidated financial statements once
its accounting is complete.

Shaw expects to report record revenues of USUS$1,273.9 million
for the quarter ended Nov. 30, 2006, compared with USUS$1,135.5
million in the prior year period.  The current quarter included
approximately USUS$40 million of revenues from hurricane related
activities, compared with approximately USUS$300 million in the
prior year quarter.  For the first quarter of fiscal 2007,
operating costs are expected to be USUS$1,175.7 million,
yielding USUS$98.2 million of gross profit.  After general and
administrative expenses of USUS$62.2 million, operating income
is expected to be USUS$36.0 million for the fiscal quarter ended
Nov. 30, 2006, compared with USUS$53.7 million for the prior
year period.  Shaw expects net cash provided by operating
activities for the first quarter of fiscal 2007 to be USUS$134.8
compared with net cash used in operating activities of
USUS$112.3 in the prior year period, an improvement of over
USUS$247 million.  The preliminary results reflected in this
announcement could be revised in our Form 10-Q to reflect any
changes determined to be necessary prior to the filing of the
Form 10-Q.

Shaw's backlog at Nov. 30, 2006, was a record USUS$9.5 billion,
up from USUS$9.1 billion at August 31, 2006, not including the
recently announced China nuclear projects.  Approximately
USUS$4.7 billion, or 50%, of the backlog is expected to be
converted during the next 12 months.  Approximately USUS$4.9
billion, or 51%, of the backlog is comprised of power industry
sector projects for fossil fuel, nuclear and other power
generating related business, and over USUS$1.7 billion, or 18%,
of the backlog is made up of the chemical industry projects.  
Over USUS$2.8 billion, or 30%, of the backlog is in the
environmental and infrastructure sector, primarily contracts
with federal and other governmental agencies, including
emergency response and hurricane disaster recovery, and
commercial entities.

Robert L. Belk, Executive Vice President and Chief Financial
Officer of The Shaw Group Inc., said, "While we had expected to
be able to complete our accounting and the reviews of our
quarterly financial reports by the applicable filing requirement
dates, the complexities associated with accounting for our
investment in Westinghouse have delayed our reporting and we
expect to file our quarterly report within the 5-day extension."

J.M. Bernhard, Jr., Chairman, President and Chief Executive
Officer of The Shaw Group Inc., said, "We are very pleased with
the strong revenues for the first quarter of fiscal 2007,
especially in comparison to last year when first quarter
revenues included USUS$300 million of hurricane response work.  
Significant revenues are being generated in our power and
chemicals business lines as we begin to ramp up activity on a
number of major projects.  These projects are expected to
continue to contribute significantly to Shaw for the remainder
of this fiscal year and beyond.  In addition, we are very
pleased with our strong operating cash flow of nearly USUS$135
million."

Mr. Bernhard added, "For the first quarter, we again reported a
record backlog of USUS$9.5 billion, with approximately USUS$4.7
billion expected to be converted in the next twelve months.  In
addition to projects already booked as backlog, we continue to
work with clients on additional major potential projects that
could add significantly to backlog over the next several
quarters if contracts are awarded. Lastly, as we announced last
month, our Shaw/Westinghouse consortium and the Westinghouse
AP1000 technology has been selected for the first four nuclear
reactors to kick off China's highly published nuclear expansion
program.  This project is expected to get started in the near
future and represents significant long-term potential for us."

Because of the significance of the Westinghouse acquisition to
Shaw's financial statements, Shaw was required to file an
amended Current Report on Form 8-K with the U.S. Securities and
Exchange Commission by Jan. 3, 2007, including the audited
financial statements of Westinghouse for the fiscal years ended
March 31, 2006, and 2005 and unaudited financial statements for
its six months ended Sept. 30, 2006.  As a subsidiary of British
Nuclear Fuels plc, Westinghouse maintained its accounting
records under generally accepted accounting principles accepted
in the United Kingdom.  Further, Westinghouse did not obtain
separate audits of its results for the periods required for
Shaw's Current Report on Form 8-K.  These factors have caused
delays in obtaining the information and reports needed to timely
file the amended Form 8-K with the SEC.  Shaw is required to
file the amended Current Report on Form 8-K by Jan. 18, 2007, or
it will be in violation of certain debt covenants of its Bank
Credit Facility, or Shaw must obtain a waiver under the Bank
Credit Facility.  Shaw believes it will be able to file the
amended Form 8-K by Jan. 18, 2007, or obtain the necessary
waiver.

Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com/-- is a global provider of services to  
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure (E&I); Energy &
Chemicals (E&C); Maintenance, and Fabrication, Manufacturing &
Distribution (F&M).  In January 2005, the company sold
substantially all of the assets of its Shaw Power Technologies,
Inc. and Shaw Power Technologies International, Ltd. units to
Siemens Power Transmission and Distribution Inc., a unit of
Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
Oct. 2006.  The outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the USUS$100 million increase to the company's revolving credit
facility.


SOLUTIA INC: Court Extends Plan-Filing Period Through April 16
--------------------------------------------------------------
Pursuant to an amended order, the Honorable Prudence Carter
Beatty of the U.S. Bankruptcy Court for the Southern District of
New York extended Solutia Inc. and its debtor-affiliates'
exclusive period to file a plan of reorganization through and
including Feb. 13, 2007, and their exclusive period to solicit
acceptances of the plan through and including April 16, 2007.

The Debtors' exclusive period to file a plan expired on
Jan. 15, 2007.

The extension order is without prejudice to:

   (a) the Debtors moving for further extensions of
       the Exclusive Periods pursuant to Section 1121(d)
       of the Bankruptcy Code; and

   (b) the rights of parties-in-interest to request that the
       Exclusive Periods be shortened upon appropriate
       notice and motion and the Debtors' and other
       parties' rights to oppose the motion.

                       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)


* Fitch Says European Companies Face Diverse Challenges
-------------------------------------------------------
Fitch Ratings says that European retail, leisure, consumer
product, and pharmaceutical companies face diverse credit
conditions and challenges.

"Within the non-food retail sector, companies such as Marks &
Spencer and Sainsbury are expected to further recover amid ever-
changing market conditions whereas others like Kingfisher and
Next have yet to discern their strategic direction," says John
Hatton, in Fitch's RLCP team.  "In most RLCP sectors, from
brewers to tobacco, internationals forays have proved to be
either a success or a cash drain to respective groups."

Fitch anticipates European food retailers to maintain their
financial profiles although free cash flow generation is
expected to be constrained by demands from high levels of
capital expenditure.  Food retailers should continue to develop
their private labels and non-food products to increase volume.  
A focus on cost savings and supply chain remains a key priority
to improve working capital and compensate for increased wages,
rents, and utility costs.  Some cross-border M&A activities
could occur due to the reorganization of some players'
international activities, leading to both disposals and
acquisitions of assets.

Competition amongst U.K. supermarkets is expected to intensify,
competing neck-to-neck for valuable domestic market share often
by stretching their brand to respective private labels,
investing in quality, while keeping an eye on prices and
increasing non-food offerings.  The composition of sales will be
increasingly blurred by an expansion in non-food sales as
supermarkets and even Marks & Spencer are now selling electrical
goods including flat-screen TVs.  In Fitch's view, M&A or LBO
activities are unlikely given competition concerns.  The
Competition Commission enquiry into the U.K. grocery market is
due to close in early 2007.  Discretionary non-food sub-sectors,
particularly consumer electronics will face testing times
especially when the TV upgrade cycle starts to abate and in the
absence of major sports events such as the World Cup in 2006.  
The U.K. Do-It-Yourself sector remains under pressure with
little visibility of improvement in the short-term.

The hotel industry, which is reaching its cyclical peak, is
expected to spend its cash flows on development capital
expenditure, notably in emerging markets.  It is likely to take
advantage of high asset prices and reduce the business's asset
intensity either through sale & variable leaseback or sale &
manage-back transactions.  Brewing is likely to remain under
pressure in mature markets, therefore further investments or M&A
activity are expected in emerging markets to seek growth.  
Market conditions are more favorable for spirits companies,
especially in the U.S.  The process of consolidation of the
industry is still ongoing.  The possible sale of Absolut by the
Swedish State could constitute the M&A highlight of the year.

The outlook for the European tobacco industry is only cautiously
optimistic despite the high stability of its cash generation and
the abatement of litigation concerns.  Challenges to product
demand such as tax increases and smoking bans, as well as a more
competitive trading environment, highlight the relative weakness
of certain players.  The recent cash offer for Gallaher by Japan
Tobacco could start another round of consolidation.

For 2007, Fitch expects rated European pharmaceutical players to
maintain healthy credit profiles, mainly due to their well-
diversified product portfolios with a relatively low percentage
of sales at risk through patent expiries.  Cost-containment
policies and a tough generics environment are, however, likely
to put pressure on profit margins.  This should, however, be
largely mitigated by cost-cutting measures and efficiency
initiatives.

Food manufacturers remain split between those that are able to
withstand margin pressure from raw material prices and
retailers, thanks to the pricing power of their brands and cost-
cutting, and those that cannot.  Due to the phasing of future
contracts, benefits from the recent reduction of commodity
prices will not be felt immediately in 2007.  Ratings could be
affected by more shareholder-friendly financial policies.


* Huron Consulting Group Reports 20 Managing Director Promotions
----------------------------------------------------------------
Huron Consulting Group reported that 20 directors have been
promoted to the role of managing director.

"These outstanding individuals have been an integral part of
Huron's success and continued growth," said Gary E. Holdren,
chairman and chief executive officer, Huron Consulting Group.  
"They have also shown unparalleled commitment to client service.  
Huron congratulates them on this important milestone in their
careers."

Huron's promotions to managing director are:

   Corporate Advisory Services

     * Brian Linscott (Chicago)
     * Rob Vanderbeek (New York)

   Disputes & Investigations

     * Gary M. Arrick (New York)
     * Wanda L. Forrest (Washington, D.C.)
     * Michael Landa (San Francisco)

   Higher Education

     * Gregory T.  Bedell (Chicago)
     * Matthew W. Staman (Chicago)
     * Joseph F. Taylor (Chicago)

   Legal Business Consulting

     * Susan Chapdelaine (Boston)
     * Nancy Jessen (Washington, D.C.)

   Pharmaceuticals and Health Plans

     * Dorothy DeAngelis (Charlotte)

   Performance Improvement

     * Paul Saias (Chicago)

   Strategic Sourcing

     * Duane W. Harrington (Chicago)
     * John H. Hutchinson (Chicago)
     * Timothy J. Lefkowicz (San Francisco)
     * Derek T. Smith (Charlotte)

   Corporate

     * Wayne Lipski, Company Controller (Chicago)
     * Susan McLeish, Operations (Boston)
     * J. James O'Malley, Recruiting (Chicago)
     * Gregg Sutfin, IT (Chicago)

                  About Huron Consulting Group

Huron Consulting Group -- http://www.huronconsultinggroup.com/-
- helps clients effectively address complex challenges that
arise in litigation, disputes, investigations, regulatory
compliance, procurement, financial distress, and other sources
of significant conflict or change.  The company also helps
clients deliver superior customer and capital market performance
through integrated strategic, operational, and organizational
change.  Huron provides services to a wide variety of both
financially sound and distressed organizations, including
Fortune 500 companies, medium-sized businesses, leading academic
institutions, healthcare organizations, and the law firms that
represent these various organizations.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;           
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;  
         http://www.beardaudioconferences.com/

    BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price        
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Kristina A.
Godinez, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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