TCREUR_Public/070119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 19, 2007, Vol. 8, No. 14      

                            Headlines


A U S T R I A

ALBERT FILSEKER: Creditors' Meeting Slated for February 1
AROM DIENSTLEISTUNG: Claims Registration Period Ends Feb. 1
DEGERDON & CO: Feldkirch Court Orders Business Closure
DIETRICH & DORINGER: Claims Registration Period Ends January 30
GINDA DATENSERVICE: Property Manager Declares Lack of Assets

GJIZ HANDEL: Vienna Court Orders Closure of Business
STIBAL PHARMA: Creditors' Meeting Slated for February 1
ZLOMREX INTERNATIONAL: Moody's Rates EUR170-Mln Notes at (P)Caa1
ZLOMREX INT'L: S&P Rates EUR170 Million Notes at Prelim B


F I N L A N D

METSO OYJ: Acquires 100% of Japanese Metso-SHI Joint Venture


F R A N C E

EUROTUNNEL GROUP: Posts GBP568 Million in Revenues for 2006
HIGHLANDER EURO II: Moody's Rates Cayman Unit's EUR24.5-Mln Debt


G E O R G I A

* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness


G E R M A N Y

AQUA SOCIETY: Auditors Express Going Concern Doubt
BBG-ZIMMEREI: Claims Registration Ends February 16
DAIMLERCHRYSLER AG: Heavy Truck Division Sales Rise 1.4% in 2006
DERMBACHER MALER: Claims Registration Ends February 14
F & F WOHNBAU: Claims Registration Ends February 9

LANDESBANK BERLIN: Moody's Assigns D+ Financial Strength Rating
LB-BAUBETREUUNG: Claims Registration Ends February 6
MAX POBURSKI: Claims Registration Ends February 16
PAPIER-SCHAFER: Claims Registration Ends February 9
SCHMIDT+ALTENSTADTER: Claims Registration Ends February 9

U. ZMUGG: Claims Registration Ends February 2
VOLKSWAGEN AG: Discusses Hostile Bid with Scania & MAN
WEC COMMUNICATIONS: Claims Registration Ends February 6


I R E L A N D

SAUCE BOAT: Enters Into Liquidation Due to Refurbishment Losses


I T A L Y

ALITALIA SPA: Air France Chief Executive Quits as Director
ALITALIA SPA: Government Meeting Spurs Unions to Cancel Strike
ALITALIA SPA: Funds Enough to Operate Until Autumn, Report Says
BANCA DI CREDITO: Fitch Assigns Individual C Rating
FIAT SPA: Italian Sales Rising; to Pay Dividends This Year


K A Z A K H S T A N

AGROSOUZ LLP: Creditors Must File Claims by February 27
CONSULTING-B LLP: Claims Filing Period Ends February 27
FARIDA LLP: Creditors' Claims Due February 27
OREAL-K LLP: Proof of Claim Deadline Slated for February 27
PETRO ENGINEERING: Claims Filing Period Ends February 27

SANEL LLP: Creditors Must File Claims by February 27
STROY SERVICE: Karaganda Court Opens Bankruptcy Proceedings
STROY SOUZ: Proof of Claim Deadline Slated for February 27
TALDY LLP: Claims Filing Period Ends February 27
VK KAZNEFTESERVICE: Creditors' Claims Due February 28


K Y R G Y Z S T A N

PACKPEN TRADE: Creditors' Claims Due February 28
TECHNO-TRADE LLP: Claims Filing Period Ends February 28


L U X E M B O U R G

DANA CORP: Will Share Parts Production for Ford's F-150 Truck


M A C E D O N I A

* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness


N E T H E R L A N D S

KONINKLIJKE AHOLD: Claimants May Fix Documentation Deficiencies
KONINKLIJKE AHOLD: Names Trond Kongrod as COO for ICA Norge Unit
PYATEROCHKA HOLDING: Q4 2006 Like-For-Like Group Sales Up 13%


N O R W A Y

KONINKLIJKE AHOLD: Names Trond Kongrod as COO for ICA Norge Unit


P O L A N D

ZLOMREX SA: Moody's Puts B2 Corporate Family Rating
ZLOMREX SA: S&P Puts B+ Long-Term Corporate Credit Ratings


P O R T U G A L

* Moody's Sees More SME Deals for Portuguese Securitizations


R U S S I A

ALATYRSKIY FEED: Claims Filing Deadline Set Feb. 23
DALI CJSC: Claims Filing Deadline Set Feb. 23
DYURTYULINSKOYE FEED: Claims Filing Deadline Set Feb. 23
GORNOMARIYSKIY LLC: Claims Filing Deadline Set Feb. 23
GORNYJ CJSC: Claims Filing Deadline Set Jan. 23

GRANITE LLC: Claims Filing Deadline Set Jan. 23
MONOLITH GROUP: Bankruptcy Hearing Slated for March 29
MOSCOW MORTGAGE: Global Default Cues Moody's Ba2 Rating
NIVA OJSC: Claims Filing Deadline Set Jan. 23
OBININSKIY PLYWOOD: Claims Filing Deadline Set Feb. 23

PERMSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by Jan. 23
ROS-INVEST CJSC: Creditors Must File Claims by Jan. 23
ROSNEFT OIL: Names Sergey Makarov as Financial Chief
ROSNEFT OIL: Looks on Contractor to Build New Tuapse Refinery
SADOVOYE CJSC: Claims Filing Deadline Set Jan. 23

SHAKHTA-TRANSTPORT OJSC Claims Filing Deadline Set Feb. 23
SIBACADEMBANK: Merger Cues Moody's to Lift UVTB's Rating to B1
TURQUOISE CJSC: Creditors Must File Claims by Jan. 23
URALVNESHTORGBANK: Merger Cues Moody's to Lift Rating to B1
URALVNESHTORGBANK: Moody's Withdraws Rating After Merger Closing

PYATEROCHKA HOLDING: Q4 2006 Like-For-Like Group Sales Up 13%


S E R B I A   &   M O N T E N E G R O

* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness


S W I T Z E R L A N D

ACM METALL: Zug Court Starts Bankruptcy Proceedings
ALMAK JSC: Lucerne Court Suspends Bankruptcy Proceedings
BATIX LLC: Lucerne Court Suspends Bankruptcy Proceedings
EMBLI LLC: Lucerne Court Suspends Bankruptcy Proceedings
PRO-HEALTH JSC: Davos Court Starts Bankruptcy Proceedings

R. + J. LLC: Lucerne Court Suspends Bankruptcy Proceedings
RISTORANTE - BAR UPS!: Lucerne Court Closes Bankruptcy Process
TURM-GARAGE JSC: Willisau Court Starts Bankruptcy Proceedings
WINDIRECT JSC: Lucerne Court Suspends Bankruptcy Proceedings
XENAPRISE LLC: Lucerne Court Starts Bankruptcy Proceedings


T U R K E Y

* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness


U K R A I N E

* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness


U N I T E D   K I N G D O M

ADVANCED MARKETING: Court Approves Securities Suit Settlement
BAA PLC: Parent Making Progress on Refinancing Plans
CHESBEE CELEBRATIONS: Taps Andrew Rosler to Liquidate Assets
CHILTERN INVADEX: Taps KPMG Restructuring as Administrators
CITY PLACEMENT: Nominates Liquidators from Abbot Fielding

COMMCARE LTD: Joint Liquidators Take Over Operations
COMPLETE BUILDING: Names Sabia Sahota Liquidator
DURA AUTOMOTIVE: Inks Pact with American Electric and NITCo
EUROTUNNEL GROUP: Posts GBP568 Million in Revenues for 2006
GAP INC: Credit Quality Declines Amid Rumors of Sale or Spin-off

H. PLUMB: Closes Eight Stores as Administrators Take Helm
HIGHLANDER EURO II: Moody's Rates Cayman Unit's EUR24.5-Mln Debt
LANDESBANK BERLIN: Moody's Assigns D+ Financial Strength Rating
LC REALISATIONS: Brings In Administrators from PwC
MMS ELECTRICAL: Names Jeremy Nicholas Bleazard as Administrator

MISYS PLC: Earns GBP22.8 Million in Six Months to Nov. 30, 2006
NASDAQ STOCK: LSE Reiterates Call for Rejection of Final Offer
ORION LOCUMS: Appoints Joint Administrators from Leonard Curtis
OWEN OWEN: HSBC Bank Taps Grant Thornton as Receivers
PEEL FABRICATIONS: Taps Langley Group as Administrators

SECURITY RESPONSE: Appoints Jonathan Lord as Liquidator
SOLUTIA INC: Committee Wants to Intervene in Calpine Arbitration
STOCKLE COLOUR: Appoints Administrators from Baker Tilly
THPA FINANCE: Fitch Affirms B Rating on GBP30-Mln Class C Notes
VOGUE CONTRACTS: Appoints Paul John Webb as Administrator

YOUR HEALTH: Appoints Zafar Igbal to Administer Assets

* BOOK REVIEW: Partners: Forming Strategic Alliances in
Health Care

                            *********

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


ALBERT FILSEKER: Creditors' Meeting Slated for February 1
---------------------------------------------------------
Creditors owed money by LLC Albert Filseker (FN 97230k) are
encouraged to attend the creditors' meeting at 1:00 p.m. on
Feb. 1 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Str. 12
         Wels, Austria

Headquartered in Attnang - Puchheim, Austria, the Debtor
declared bankruptcy on Dec. 5, 2006 (Bankr. Case
No. 20 S 155/06d).  Christian Rumplmayr serves as the court-
appointed property manager of the bankrupt estate.  

The property manager can be reached at:

         Dr. Christian Rumplmayr
         Stadtplatz 36
         4840 Voecklabruck, Austria
         Tel: 07672/75931
         Fax: 07672/75953
         E-mail: mail@rumplmayr.at


AROM DIENSTLEISTUNG: Claims Registration Period Ends Feb. 1
-----------------------------------------------------------
Creditors owed money by LLC Arom Dienstleistung (FN 226789p)
have until Feb. 1 to file written proofs of claims to court-
appointed property manager Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         Email: michael@lesigang.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 p.m. on Feb. 15 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 5, 2006 (Bankr. Case No. 5 S 159/06a).  


DEGERDON & CO: Feldkirch Court Orders Business Closure
------------------------------------------------------
The Land Court of Feldkirch entered Dec. 4, 2006, an order
closing the business of LLC Degerdon & Co (FN 62851d).  

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

The property manager can be reached at:

         Dr. Guenter Flatz
         c/o Dr. Egon Kasseroler
         Muehletorplatz 12
         6800 Feldkirch, Austria
         Tel: 05522/39100
         Fax: 05522/391001
         E-mail: office@tfd.at  

Headquartered in Bludesch, Austria, the Debtor declared
bankruptcy on Nov. 29, 2006 (Bankr. Case No. 14 S 52/06v).  
Egon Kasseroler represents Dr. Flatz in the bankruptcy
proceedings.


DIETRICH & DORINGER: Claims Registration Period Ends January 30
---------------------------------------------------------------
Creditors owed money by LLC Dietrich & Doringer (FN 113345i)
have until Jan. 30 to file written proofs of claims to court-
appointed property manager Thomas Wanek at:

         Dr. Thomas Wanek
         Hochstrasse 31
         2380 Perchtoldsdorf, Austria
         Tel: 01/8693888
         Fax: 01/869166033
         Email: anwalt@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Feb. 13 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Perchtoldsdorf, Austria, the Debtor declared
bankruptcy on Dec. 5, 2006 (Bankr. Case No. 11 S 133/06d).  


GINDA DATENSERVICE: Property Manager Declares Lack of Assets
------------------------------------------------------------
Dr. Hubert Sacha, the court-appointed property manager for LLC
Ginda Datenservice (FN 214382v), declared Dec. 4, 2006, that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Krems an der Donau is yet to rule on the
property manager's claim.

Headquartered in Grunddorf, Austria, the Debtor declared
bankruptcy on Oct. 30, 2006 (Bankr. Case No. 9 S 55/06w).  

The property manager can be reached at:

         Dr. Hubert Sacha
         Gartenaugasse 3
         3500 Krems, Austria
         Tel: 02732/76767
         Fax: 02732/76767-20
         E-mail: drsacha@aon.at


GJIZ HANDEL: Vienna Court Orders Closure of Business
----------------------------------------------------
The Trade Court of Vienna entered Dec. 4, 2006, an order closing
the business of LLC Gjiz Handel (FN 275309t).  

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

The property manager can be reached at:

         Dr. Kurt Bernegger
         c/o Mag. Waltraud Kohlfuerst
         Jacquingasse 21
         1030 Vienna, Austria
         Tel: 7991580
         Fax: 7965914
         E-mail: kanzlei@bernegger-wt.comm  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31, 2006 (Bankr. Case No. 4 S 157/06z).  Waltraud
Kohlfuerst represents Dr. Bernegger in the bankruptcy
proceedings.


STIBAL PHARMA: Creditors' Meeting Slated for February 1
-------------------------------------------------------
Creditors owed money by LLC Stibal Pharma (FN 249238b) are
encouraged to attend the creditors' meeting at 1:20 p.m. on
Feb. 1 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Str. 12
         Wels, Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Dec. 5, 2006 (Bankr. Case No. 20 S 156/06a).  Thomas Humer
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Thomas Humer
         Ringstrasse 4
         4600 Wels, Austria
         Tel: 07242/47240
         Fax: 07242/68650
         E-mail: office@hofer-humer.at  



ZLOMREX INTERNATIONAL: Moody's Rates EUR170-Mln Notes at (P)Caa1
----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency
corporate family rating to Zlomrex S.A., the largest Polish
steel scrap provider and a leading producer and distributor of
high-grade long steel products in the domestic market.

It also assigned a (P)Caa1 senior secured rating to the EUR170
million notes issued by Zlomrex International Finance S.A.  The
rating outlook is stable.  This is the first time Moody's has
assigned ratings to Zlomrex.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's opinion
on the draft documentation of the notes received at the time of
the press release.  Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavor to assign a
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

Zlomrex is in the process of acquiring voestalpine Stahlhandel
GmbH, the steel distribution arm of Austrian steel producer
voestalpine AG.  Under Moody's rating methodology for the global
steel industry, Zlomrex's corporate family rating -- based on
pro-forma last-twelve-month figures as at September 2006
including voestalpine Stahlhandel and the effects from the debt-
financed acquisition -- would map to a Ba2.  The actual assigned
rating of B2, three notches below the indicated rating under the
methodology, reflects Moody's concerns with regard to the
company's trailing performance and its exposure to cyclical
demand patterns, which means that its resilience in terms of
profitability and cash generation has yet to be tested through a
prolonged weakness in the pricing/demand environment.

"Zlomrex's B2 rating additionally factors in (i) the company's
comparatively small size, (ii) its dependence on regional steel
markets (Central and Eastern Europe in general but the Polish
construction market in particular), (iii) the limited corporate
history in the current form, (iv) the significant level of
additional debt relating to the voestalpine acquisition, (v)
risks arising from the integration of the voestalpine business,
and (vi) Moody's expectation of continued external and debt-
financed growth, which may not allow for any significant
improvement in the company's credit metrics in the short to
medium term," said Matthias Hellstern, Moody's lead analyst for
Zlomrex.

These risks are, however, partially mitigated by:

     (i) the company's strong position in niche markets,

    (ii) the positive market dynamics currently seen in Poland
         and other Central and Eastern European countries and

   (iii) Zlomrex's comparatively flexible cost structure, which
         should allow it to at least partially offset any
         negative swings in operating results with a negative
         swing in either revenues or costs.

The rating of the EUR170 million notes has been notched down to
(P)Caa1 in light of their contractual subordination to existing
secured term bank debt.

Headquartered in Poraj, Poland, Zlomrex S.A. is the largest
trader of steel scrap and one of the leading producers and
distributors of high-grade long steel products in its domestic
market.  Founded in 1990 as a pure scrap trader, the company has
transformed itself into a fully integrated producer of steel
products through a range of acquisitions in the long steel
production and distribution business.


ZLOMREX INT'L: S&P Rates EUR170 Million Notes at Prelim B
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term corporate credit ratings to Poland-based
integrated steel group Zlomrex S.A.  The outlook is stable.

At the same time, Standard & Poor's assigned its preliminary 'B'
senior secured debt rating to the proposed EUR170 million notes
due 2014 to be issued by subsidiary Zlomrex International
Finance S.A. (Zlomrex Finance), guaranteed by Zlomrex and
certain subsidiaries.  The notes will be used to finance the
sizable acquisition of a 74.9% stake in steel distribution
business voestalpine Stahlhandel GmbH (VA Stahl), refinance
debt, and for general corporate purposes.

"The ratings reflect Zlomrex's vulnerable business risk profile   
characterized by management's ambitious growth strategy; short
track record; and the group's small size relative to peers,"
said Standard & Poor's credit analyst Alex Herbert.  "This is
even allowing for significantly increased revenues after the
closing of the group's acquisition of VA Stahl from voestalpine
AG, which is active mostly in Austria."

The ratings are also constrained by Zlomrex's still limited
diversity and volatile margins in a cyclical, volatile, and
competitive steel sector.  The ratings are further constrained
by the group's aggressive financial risk profile, as
demonstrated by the wholly debt-financed nature of the VA Stahl
acquisition, and volatile cash flows.

Supporting the ratings are Zlomrex's integrated steel operations
including steel scrap, production, and distribution, which will
be enhanced by the VA Stahl acquisition; moderate leverage even
after the purchase; and minimal debt maturities in the medium
term.   

"Standard & Poor's expects Zlomrex to succeed in closing and
integrating the acquisition of VA Stahl," Mr. Herbert added.
"The ratings assume that the enlarged group will generate free
operating cash flows, although these are likely to remain
volatile."

To maintain the ratings, S&P expects Zlomrex to have credit
protection ratios of funds from operations to adjusted debt of
15%-20% and adjusted debt to EBITDA of below 3.5x over the
cycle.  No further material debt-financed acquisitions are
factored into the ratings, although S&P expects Zlomrex to use
cash flows to purchase the remaining 25.1% stake in VA Stahl in
2009 or 2010.  Upside rating potential is limited by the group's
business risk.  Downside rating pressure could develop if
management follows a more aggressive financial policy, or if
there is a marked downturn in the steel sector.


=============
F I N L A N D
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METSO OYJ: Acquires 100% of Japanese Metso-SHI Joint Venture
------------------------------------------------------------
Metso Paper, a unit of Metso Oyj, has acquired all of Sumitomo
Heavy Industries' shares at Metso-SHI Co. Ltd. joint venture.

Previously Metso Paper possessed 50%, Metso Automation 15% and
SHI 35% of the joint venture, through which Metso Paper has
handled all its business, and Metso Automation its pulp and
paper industry related business in Japan.  This arrangement
allows Metso Paper to organize their Japanese operations
flexibly now that the company has closed the acquisition of Aker
Kvaerner's Pulping and Power businesses.

The Japanese pulp and paper market, in which Metso has been
actively present in cooperation with SHI since 1976, is widely
considered as one of the world's most demanding.  In 2005 the
country's paper and board production totaled around 31 million
tons, whereas pulp production reached 11 million tons.

The Metso-SHI joint venture employs a total of about 50 people,
located in Tokyo and Okayama.

                           About Metso

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

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

                          *     *     *

As reported in the TCR-Europe on April 11, 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
===========


EUROTUNNEL GROUP: Posts GBP568 Million in Revenues for 2006
-----------------------------------------------------------
Eurotunnel Group recorded revenues of GBP568 million in 2006,
compared with GBP542 million revenues in 2005.  The growth
resulted from Eurotunnel's Passenger and Truck Shuttle
activities that increased 7% to GBP318 million.

"Eurotunnel has seen a significant growth in revenue from the
now mature cross-Channel market, for the second year in a row.  
These excellent results are ahead of the business plan which has
served as the foundation for the company's financial
restructuring and are an encouraging indicator for the success
of the safeguard plan," Jacques Gounon, Eurotunnel's chairman
and CEO disclosed.

Total revenue for Eurotunnel, which included transport and non-
transport activities, has reached GBP568 million in 2006.  At
constant exchange rates, this equates to an increase of 5% when
compared to the previous year.  It rose by 1% between 2004 and
2005.

The Shuttle services linking Folkestone to Coquelles, carrying
trucks or passenger vehicles are the main driver for this
growth: their revenues have grown by 7% to GBP318 million.

Revenues from the Railways posted GBP240 million for 2006.  This
included payments due under the minimum usage charge of GBP65
million for the 11-months of 2006.  The ending of this
arrangement deprived Eurotunnel GBP6 million of revenue compared
with 2005.

                        About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

                         Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.


HIGHLANDER EURO II: Moody's Rates Cayman Unit's EUR24.5-Mln Debt
----------------------------------------------------------------
Moody's Investors Service assigned long-term ratings to the
notes issued by Highlander Euro CDO II B.V. on Dec. 14, 2006, a
special purpose vehicle incorporated in The Netherlands:

   -- Aaa to the EUR479.5 million Class A Primary Senior Secured
      Floating Rate Notes due 2022;

   -- Aa2 to the EUR56 million Class B Primary Senior Secured
      Floating Rate Notes due 2022;

   -- A3 to the EUR42 million Class C Primary Senior Secured
      Deferrable Floating Rate Notes due 2022; and

   -- Baa3 to the EUR28 million Class D Primary Senior Secured
      Deferrable Floating Rate Notes due 2022.

The Primary Issuer has also issued EUR58.8 million Class M
Primary Mezzanine Secured Notes due 2022 and EUR35.7 million
Class F-2 Primary Subordinated Notes due 2022* which are not
rated by Moody's.

Highlander Euro CDO II (Cayman) Ltd., and SPV incorporated in
Cayman Islands, will acquire the unrated Class M Primary
Mezzanine Notes directly from the Primary Issuer.  It will be
re-issued in a split form into a EUR24.5 million Class E
Secondary Senior Secured Deferrable Floating Rate Notes due
2022* and a EUR34.3 million Class F-1 Secondary Mandatorily
Redeemable Preferred Securities.  The Class F-1 Secondary
Mandatorily Redeemable Preferred Securities effectively rank
pari passu to the Class F-2 Primary Subordinated Notes due 2022.  

The Secondary Issuer will also purchase EUR3 million of the
Class C Primary Senior Secured Deferrable Floating Rate Notes
and EUR2.5 million Class D Primary Senior Secured Deferrable
Floating Rate Notes which will be re-issued and included in the
Class X Secondary Combination Securities together with EUR1.5
million Class F-1 Secondary Mandatorily Redeemable Preferred
Securities.

These ratings are assigned to the notes to be issued by
Highlander Euro CDO II (Cayman) Ltd.:

   -- A3 to the EUR3 million Class C Secondary Senior Secured
      Deferrable Floating Rate Notes due 2022;

   -- Baa3 to the EUR2.5 million Class D Secondary Senior
      Secured Deferrable Floating Rate Notes due 2022;

   -- Ba3 to the EUR24,500,000 Class E Secondary Senior Secured
      Deferrable Floating Rate Notes due 2022; and

   -- Baa1 to the EUR7,000,000 Class X Secondary Combination
      Securities due 2022.

These ratings address the expected loss of noteholders by the
legal final maturity date in December 2022.  The rating assigned
to the Class X Secondary Combination Securities addresses the
expected loss on such securities as a portion of the Rated
Balance and the payments of interest thereon at a Rated Coupon
of 0.25% per annum, where the Rated Balance is defined at any
time as the initial principal amount of such securities on the
Closing Date, less all payments made in respect of such
securities in excess of the Rated Coupon (including, for the
avoidance of doubt, any allocation of principal, interest in
excess of the Rated Coupon and dividends) at such time.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks, such as those
associated with the timing of principal prepayments and other
market risks, have not been addressed and may have a significant
effect on yield to investors.

These ratings are based upon:

   1. an assessment of the credit quality and of the
      diversification of the assets to be included in the
      portfolio;

   2. an assessment of the eligibility criteria, reinvestment
      criteria and portfolio limits applicable to the future
      additions to the portfolio;

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

   4. the expertise of Highland Capital Management Europe,
      Ltd. in the management of loans portfolios; and

   5. the legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a portfolio of EUR686 million comprised of senior
loans, mezzanine loans and high-yield bonds.  The portfolio is
dynamic and Highland Capital Management Europe, Ltd. will
provide investment advice to the Primary Issuer in respect
thereof.  The portfolio is around 90% ramped-up at closing, and
is expected to be fully ramped-up within six months after
closing, subject to compliance with the eligibility criteria and
portfolio guidelines (including, amongst other tests, the
diversity score, the weighted average rating factor, the
weighted average recovery rate, the weighted average spread and
the weighted average life of the assets in the portfolio).

This transaction was arranged by Goldman Sachs International and
managed by Highland Capital Management Europe, Ltd.


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


* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness
---------------------------------------------------------------
Standard & Poor's Ratings Services expects 2007 to be a positive
year for economic growth but a mixed one for sovereign
creditworthiness in Europe, with fewer ratings changes than in
2006.

This separation between economic conditions and potential
ratings changes in the European region is one of the key trends
for 2007 and beyond, but there are also a number of country-
specific developments that could affect sovereign ratings.

As of Jan. 17, 2007, European sovereign ratings show:

               European Sovereign Ratings List

                           Foreign Currency    Local Currency
Sovereign                 Ratings             Ratings
---------                 ----------------    --------------
Andorra
(Principality of)         AA/Stable/A-1+      AA/Stable/A-1+

Austria (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Belgium (Kingdom of)      AA+/Stable/A-1+     AA+/Stable/A-1+

Bulgaria (Republic of)    BBB+/Stable/A-2     BBB+/Stable/A-2

Croatia (Republic of)     BBB/Stable/A-3      BBB+/Stable/A-2

Cyprus (Republic of)      A/Stable/A-1        A/Stable/A-1

Czech Republic            A-/Positive/A-2     A/Positive/A-1

Denmark (Kingdom of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Estonia (Republic of)     A/Stable/A-1        A/Stable/A-1

Finland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

France (Republic of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Georgia (Government of)   B+/Stable/B         B+/Stable/B

Germany
(Federal Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Hellenic Republic
(Greece)                  A/Stable/A-1       A/Stable/A-1

Hungary (Republic of)     BBB+/Stable/A-2     BBB+/Stable/A-2

Iceland (Republic of)     A+/Stable/A-1       AA/Stable/A-1+

Ireland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Isle of Man               AAA/Stable/A-1+     AAA/Stable/A-1+

Italy (Republic of)       A+/Stable/A-1+      A+/Stable/A-1+

Latvia (Republic of)      A-/Stable/A-2       A-/Stable/A-2

Liechtenstein
(Principality of)         AAA/Stable/A-1+     AAA/Stable/A-1+


Lithuania (Republic of)   A/Stable/A-1        A/Stable/A-1

Luxembourg
(Grand Duchy of)          AAA/Stable/A-1+     AAA/Stable/A-1+

Macedonia (Republic of)   BB+/Stable/B        BBB-/Stable/A-3

Malta (Republic of)       A/Stable/A-1        A/Stable/A-1

Montenegro (Republic of)  BB/Positive/B       BB/Positive/B

Netherlands
(State of The)            AAA/Stable/A-1+     AAA/Stable/A-1+

Norway (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Poland (Republic of)      BBB+/Stable/A-2     A-/Stable/A-2

Portugal (Republic of)    AA-/Stable/A-1+     AA-/Stable/A-1+

Romania (Republic of)     BBB-/Stable/A-3     BBB/Stable/A-3

Russian Federation (The)  BBB+/Stable/A-2     A-/Stable/A-2

Serbia (Republic of)      BB-/Positive/B      BB-/Positive/B

Slovak Republic           A/Stable/A-1        A/Stable/A-1

Slovenia (Republic of)    AA/Stable/A-1+      AA/Stable/A-1+

Spain (Kingdom of)        AAA/Stable/A-1+     AAA/Stable/A-1+

Sweden (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Swiss Confederation
(Switzerland)             AAA/Stable/A-1+     AAA/Stable/A-1+

Turkey (Republic of)      BB-/Stable/B        BB/Stable/B

Ukraine                   BB-/Stable/B        BB/Stable/B

United Kingdom            AAA/Stable/A-1+     AAA/Stable/A-1+


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


AQUA SOCIETY: Auditors Express Going Concern Doubt
--------------------------------------------------
Amisano Hanson expressed substantial doubt about Aqua Society
Inc.'s ability to continue as a going concern after auditing the
company's financial statements for the fiscal years ended
Sept. 30, 2006 and 2005.  

The auditing firm pointed to the company's accumulated losses,
working capital deficiency and the expectation that the company
will continue to incur losses in the development of its
business.

At Sept. 30, 2006, the company's balance sheet showed
US$1.8 million in stockholders' deficit, compared with
US$463,306 in stockholder's equity at Sept. 30, 2005.

The company's Sept. 30 balance sheet also showed strained
liquidity with US$854,960 in total current assets available to
pay US$2.9 million in total liabilities coming due within the
next 12 months.

For the 12-month period ended September 2006, the company posted
US$4.3 million of net losses on US$2.2 million of sales,
compared with US$25.8 million of net losses on US$896,535 of
sales for the same period in 2005.

                     Financial Resources

The company's ability to continue as a going concern is
dependent upon its ability to generate future profitable
operations and/or to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal
business operations when they come due.  Management has no
formal plan in place to address this concern but considers that
the company will be able to obtain additional funds by equity
financing and/or related party advances, however there is no
assurance of additional funding being available.
   
Headquartered in Herten, Germany, Aqua Society Inc., designs and
develops applied technologies and provides consulting services
in the areas of heating, ventilation, air conditioning,
refrigeration, water purification, waste water treatment and
energy.


BBG-ZIMMEREI: Claims Registration Ends February 16
--------------------------------------------------
Creditors of BBG-Zimmerei und Holzbau GmbH Beelitz have until
Feb. 16 to register their claims with court-appointed insolvency
manager Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 31, 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 Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against BBG-Zimmerei und Holzbau GmbH Beelitz on Dec. 29, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BBG-Zimmerei und Holzbau GmbH Beelitz
         Bruecker Road 53-54
         14547 Beelitz, Germany

The insolvency manager can be contacted at:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg, Germany


DAIMLERCHRYSLER AG: Heavy Truck Division Sales Rise 1.4% in 2006
----------------------------------------------------------------
DaimlerChrysler AG disclosed that it sold 537,000 heavy trucks
in 2006, an increase of 1.4% from 2005, as demand from
construction and transportation companies surged, Bloomberg News
reports.

The company reported a boost in sales in Europe, Japan, and
North America.

"The Truck Group offers customer-focused products on all
continents. Throughout the world, these products are the
technological leaders in their respective segments - a fact that
is also reflected in our sales success," said Andreas Renschler,
DaimlerChrysler Board of Management member responsible for the
Truck Group & Buses.

At 142,100 units, Trucks Europe & Latin America sold 4.0% fewer
vehicles than in 2005.  On the other hand, sales were
substantially above the previous year's level in the core
markets of Western Europe, particularly in Germany.  The main
factor for this success continued to be the company's flagship
truck, the Actros.  Sales of this truck totaled 59,700 units,
thus matching the high level posted in 2005.  Sales increases in
Western and Eastern Europe were offset by declines in regions
such as the Middle East as well as by a declining market in
Brazil.

However, its North American unit is expecting a sales decline
this year because buyers accelerated truck purchases in 2006,
before new emission standards and higher prices were implemented
on Jan. 1.  The company plans to lay off 4,000 workers in North
America because of the anticipated decline, Bloomberg News
states.

"As a result of cyclical and regulatory developments, we expect
the markets in NAFTA and Japan to weaken significantly in 2007,
while we anticipate that the demand in the European markets will
contract only slightly," said Mr. Renschler.  "In addition, we
expect the markets to recover in 2008 because new emissions
regulations will probably lead to pre-buy effects," Mr.
Renschler observed.

                      About DaimlerChrysler

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

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

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

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

                             Outlook

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

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


DERMBACHER MALER: Claims Registration Ends February 14
------------------------------------------------------
Creditors of Dermbacher Maler GmbH Feldatal have until Feb. 14
to register their claims with court-appointed insolvency manager
Steffen Zerkaulen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on March 14, 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 Meiningen
         Hall A 0208
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against Dermbacher Maler GmbH Feldatal on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Dermbacher Maler GmbH Feldatal
         Attn: Werner Heumueller, Manager
         Untere Roede 4
         36466 Dermbach, Germany

The insolvency manager can be contacted at:

         Steffen Zerkaulen
         Gustav-Weisskopf-Str. 4
         99092 Erfurt, Germany


F & F WOHNBAU: Claims Registration Ends February 9
--------------------------------------------------
Creditors of F & F Wohnbau GmbH have until Feb. 9 to register
their claims with court-appointed insolvency manager
Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 16, 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 Bonn
         Hall S2.22
         2. Stick
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
F & F Wohnbau GmbH on Dec. 21, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         F & F Wohnbau GmbH
         Attn: Dennis Froesch, Manager
         Wolfsgasse 10
         53639 Koenigswinter, Germany

The insolvency manager can be contacted at:

         Dr. Andreas Schulte-Beckhausen
         Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn, Germany


LANDESBANK BERLIN: Moody's Assigns D+ Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned an A1 Issuer Rating to
Landesbank Berlin and affirmed the existing A1 Deposit, P-1
Short-term Deposit and D+ Financial Strength Ratings for the
bank.

The Issuer Rating has been assigned at the request of Landesbank
Berlin.  Issuer Ratings are opinions of the ability of entities
to honor senior unsecured financial obligations and contracts.  
Moody's rating symbols for Issuer Ratings are identical to those
used to indicate the credit quality of long-term obligations.

The A1 Issuer rating is consistent with the existing A1/P-1
Deposit Ratings for Landesbank Berlin and reflect the bank's
current majority ownership by the City of Berlin (rated Aa1).

Domiciled in Berlin, Germany, Landesbank Berlin reported total
assets of EUR144.4 billion and interim operating income of
EUR216 million as of end-September 2006.


LB-BAUBETREUUNG: Claims Registration Ends February 6
----------------------------------------------------
Creditors of LB-Baubetreuung GmbH have until Feb. 6 to register
their claims with court-appointed insolvency manager Mathias
Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 16, 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 Memmingen
         Meeting Room 103
         Ground Floor
         Law Courts
         Buxacher Road 6
         Memmingen, 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 Memmingen opened bankruptcy proceedings
against LB-Baubetreuung GmbH on Dec. 29, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         LB-Baubetreuung GmbH
         Attn: Brader Erwin and Losanksky Horst, Managers
         Madlenerstr. 6 b
         87700 Memmingen, Germany

The insolvency manager can be contacted at:

         Mathias Dorn
         Allgauer Str. 1
         87435 Kempten, Germany
         Tel: 0831/5800434
         Fax: 0831/5800464


MAX POBURSKI: Claims Registration Ends February 16
--------------------------------------------------
Creditors of Max Poburski + Soehne GmbH & Co. KG have until
Feb. 16 to register their claims with court-appointed insolvency
manager Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the 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 Hamburg opened bankruptcy proceedings
against Max Poburski + Soehne GmbH & Co. KG on Dec. 22, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Max Poburski + Soehne GmbH & Co. KG
         Randersweide 69-73
         21035 Hamburg, Germany

         Attn: Max Dietrich Wilhelm Poburski, Manager
         Billeweg 24a
         21465 Wentorf, Germany

         Guenter Poburski, Manager
         Sigismundkorso 54
         13465 Berlin, Germany

The insolvency manager can be contacted at:

         Michael W. Scholz
         Welckerstrasse 8
         20354 Hamburg, Germany
         

PAPIER-SCHAFER: Claims Registration Ends February 9
---------------------------------------------------
Creditors of Papier-Schafer GmbH have until Feb. 9 to register
their claims with court-appointed insolvency manager Claudia
Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on March 6, 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany    
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Papier-Schafer GmbH on Oct. 31, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Papier-Schafer GmbH
         Hostatostrasse 7
         65929 Frankfurt-Unterliederbach
         Germany

The insolvency manager can be contacted at:

         Claudia Jansen
         Bockenheimer Highway 20
         60323 Frankfurt/Main, Germany
         Tel: 069/4272686-5270
         Fax: 069/42726865555


SCHMIDT+ALTENSTADTER: Claims Registration Ends February 9
---------------------------------------------------------
Creditors of Schmidt+Altenstadter GmbH have until Feb. 9 to
register their claims with court-appointed insolvency manager
Kanzlei U. Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 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 Erfurt
         Hall 6
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, 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 Erfurt opened bankruptcy proceedings
against Schmidt+Altenstadter GmbH on Nov. 2, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schmidt+Altenstadter GmbH
         Karl-Marx-Road 1
         99610 Soemmerda, Germany

The insolvency manager can be contacted at:

         Kanzlei U. Hauter
         Untermarkt 12
         99974 Muehlhausen, Germany
         

U. ZMUGG: Claims Registration Ends February 2
---------------------------------------------
Creditors of U. Zmugg Tankstellen GmbH have until Feb. 2 to
register their claims with court-appointed insolvency manager
Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:02 a.m. on Feb. 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
      
The Court will also verify the claims set out in the insolvency
manager's report on 10:03 a.m. on March 16 at the same venue.

The District Court of Krefeld opened bankruptcy proceedings
against U. Zmugg Tankstellen GmbH on Nov. 9, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         U. Zmugg Tankstellen GmbH
         Lange Str. 105
         47829 Krefeld, Germany

         Attn: Hans Ulrich Zmugg, Manager
         Preussischer Hut 40
         47802 Krefeld, Germany

The insolvency manager can be contacted at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld, Germany


VOLKSWAGEN AG: Discusses Hostile Bid with Scania & MAN
------------------------------------------------------
Volkswagen AG's head Ferdinand Piech and Scania AB's Jacob
Wallenberg met with MAN AG to discuss the latter's EUR10.3
billion hostile bid for Scania on Jan. 15, AFX News Ltd.
reports.

"They were exploratory talks.  They were figuring out where they
now stand," Kjell Wallin, head of Scania's work council was
quoted by AFX as saying.

VW's Supervisory Board of Volkswagen AG rejected MAN's offer to
take over Scania on Jan. 11.  It has requested that the Board of
Management worked on a friendly merger of Scania and MAN.

Volkswagen holds the biggest share in Scania with 34% of the
voting rights and 18.7% of the equity.  VW also holds a 20%
stake in MAN.

According to The Wall Street Journal, Scania's second-largest
shareholder, the Wallenberg family, through its investment arm
Investor AB, acknowledged that a merger makes sense.  But they
are opposed the hostile nature of the bid.

The Wallenbergs disclosed that an agreement is not possible by
MAN's bid deadline, implicating that the offer of MAN will
expire without success.

"If the shareholders say no, then we'll accept that. This isn't
our only option," Hakan Samuelsson, MAN's chief executive
officer said in December 2006.  Mr. Samuelsson also told WSJ
that MAN's Jan. 31 deadline for Scania's shareholders wont be
extended.

A combination of MAN and Scania would create Europe's biggest
maker of commercial vehicles by market share and the world's
third biggest behind Sweden's Volvo AB and Germany's
DaimlerChrysler AG.

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

                        *    *    *

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

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

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


WEC COMMUNICATIONS: Claims Registration Ends February 6
-------------------------------------------------------
Creditors of WEC Communications GmbH have until Feb. 6 to
register their claims with court-appointed insolvency manager
Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against WEC Communications GmbH on Nov. 28, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         WEC Communications GmbH
         Attn: Goeycali Selcuk and Ibrahim Polat, Managers
         Cologne-Aachener-Str. 30
         50127 Bergheim, Germany

The insolvency manager can be contacted at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim, Germany


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


SAUCE BOAT: Enters Into Liquidation Due to Refurbishment Losses
---------------------------------------------------------------
Sauce Boat, the main trading company behind the John M Keating
pub in Dublin, Ireland, will go into liquidation after failing
to recover from significant redevelopment costs, The Sunday
Business Post reports.

The pub is located in the refurbished St. Mary's Church on Mary
Street in Dublin 1.

Sauce Boat is scheduled to be wound up at a creditors' meeting
in Dublin on Jan. 16 wherein a liquidator will also be
appointed.

Recent accounts of Sauce Boat revealed retained losses of more
than EUE4.3 million at the end of 2004.  The company incurred a
loss of EUR688,000 during the year, The Post relates.

According to the accounts, the directors were confident that the
company would "return to profitability in 2005."

John Keating is a shareholder and director of Sauce Boat.  Mr.
Keating owns the premises through a separate entity along with
other investors.


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


ALITALIA SPA: Air France Chief Executive Quits as Director
----------------------------------------------------------
Jean-Cyril Spinetta, chief executive officer of Air France-KLM
resigned as a director of Italian national carrier Alitalia
S.p.A.

Alitalia said in a statement that Mr. Spinetta resigned due to
the government's plan to sell its 30.1% stake in the carrier.

Mr. Spinetta's resignation bolstered speculations that Air
France would submit a non-binding offer for the Italian
government's stake in Alitalia.  Air France, which holds a two-
percent stake in Alitalia, might resume exploratory talks with
the Italian carrier to cool off some of the pressure for a rapid
tie-up, a source privy to the French carrier told Reuters.

"Air France wants to bid without a potential conflict of
interest," Patrizio Pazzaglia of Bank Insinger de Beaufort N.V.,
who co-manages US$330 million in Alitalia shares.   

"The market views Spinetta's exit positively as it believes an
offer is now closer," a Milan-based trader told BBC News.

Air France, however, said Mr. Spinetta resigned "since there is
a bidding process launched by the Italian government and given
that Air France-KLM is a business partner of Alitalia, its CEO
cannot be part of the board anymore," Reuters reports.

"You're telling me right now, I'm surprised," Italian Prime
Minister Romano Prodi told Agenzia Giornalistica Italia, adding
that his surprise was neutral.

"I didn't know that, but don't make me talk about Alitalia now,"
Transport Minister Alessandro Bianchi commented.

Mr. Spinetta's resignation spurred positive reaction from the
stock market, with Air France and Alitalia's share prices
posting gains on Jan. 18, Bloomberg News relates.  

Analysts, however, cautioned the move might more likely reflect
Air France' desire to gain maximum flexibility.

"I think the Italians overestimate the importance of Alitalia to
Air France-KLM," a senior French banker told Reuters.  "In a
way, things might have to get worse and really hit bottom before
it's the right time to get involved."

                        Board Dissolution

Following Mr. Spinetta's resignation, Alitalia now has only two
members of the board: Chief Executive Giancarlo Cimoli and
government representative Giovanni Sabatini.

Alitalia's by-laws require that the board comprise three to five
directors.  Four of Alitalia's board members resigned in the
past six months, with one being replaced by Mr. Saba, AFX News
reports.  With just two members, the carrier's board was
effectively dissolved.

Infrastructures Minister Antonio Di Pietro expressed concerned
that Mr. Spinetta's resignation not only weaken the Alitalia's
board but also spelled defeat for Air France.

                        Union Calls

Unions, meanwhile, called for the government and Alitalia's
shareholders to intervene, fearing the dissolution would cause
disarray.

"With the resignation of Jean Cyril Spinetta, the Alitalia Board
of Directors has fallen and the carrier is in chaos," Fabrizio
Solari, Secretary General of Federazione Italiana Lavoratori dei
Trasporti-Confederazione Generale Italiana del Lavoro, said.

"The Alitalia Board of Directors is now almost 'monocratic',"
Guglielmo Epifani, Secretary General of Confederazione Generale
Italiana del Lavoro, commented.  "The government should say what
they want to do and shareholders will have to make the decisions
also because there is some time."

Alitalia's shareholders will convene on a date between Feb. 19
and Feb. 23 to appoint a new member of the board.

                  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: Government Meeting Spurs Unions to Cancel Strike
--------------------------------------------------------------
Labor unions at Alitalia S.p.A. cancelled today's strike after
setting a meeting with the Italian government on Feb. 1.

The Italian government sent convocation letters to:

   -- 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.  

The meeting will particularly discuss the roles to be played by
unions on:

   -- Alitalia's future,
   -- workers' bonds; and
   -- the airline's privatization process.

Transport Minister Alessandro Bianchi had invited the unions to
discuss the guidelines on air transport reform, but was bounded
by the Jan. 29 deadline for the submission of bid for the
government's 30.1% stake in Alitalia.

"All the conditions are met to suspend the strike," Claudio
Genovesi, Secretary General of the FIT-CISL union, said.

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.

As reported in the TCR-Europe on Jan. 18, Union Piloti joined
Alitalia's main pilot union, Associazione Nazionale Piloti
Aviazione Commerciale, in boycotting today's strike.  

                  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: Funds Enough to Operate Until Autumn, Report Says
---------------------------------------------------------------
Alitalia S.p.A. has enough resources to operate until autumn,
newspaper Finanza & Mercati reports without citing a source.

According to the daily, though declining oil prices has eased
Alitalia's financial burden, the company is still suffering from
high costs and may have to endure losses caused by industrial
actions.

                         About Alitalia

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

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


BANCA DI CREDITO: Fitch Assigns Individual C Rating
---------------------------------------------------
Fitch Ratings assigned Italy-based Banca di Credito Popolare
ratings of Issuer Default BBB, Short-term F3, Individual C, and
Support 3.  The Outlook on the Issuer Default rating is Stable.

The ratings reflect the bank's stable moderate performance,
sound capitalization and adequate risk management.  The ratings
also reflect the bank's higher-than-average exposure to credit
risk and relatively small size.

BCP's profitability is moderate but stable.  Its performance
reflects cautious lending policies as its net interest margin is
relatively low.  Operating expenses weigh on results, reflecting
the bank's investments in its structure.  Nevertheless, the bank
has managed to keep the cost of credit under control, which has
in turn underpinned operating profit.  Exposure to credit risk
arises mainly from lending while the relatively high stock of
net impaired loans, at 31% of eligible capital at the end of
June 2006, reflects regional asset quality and late write-offs.

BCP benefits from an ample customer-funding base - over 150% of
customer loans - which has proved stable in the past.  With an
eligible capital/regulatory weighted risks ratio of 11.71% at
the end of June 2006, Fitch considers BCP's capitalization
adequate given the relatively large stock of impaired loans on
its balance sheet and the bank's expansion plans.

BCP is a small cooperative bank with equity of EUR170 million at
the end of 2005.  The bank is headquartered in Torre del Greco
near Naples in southern Italy, where its operations are
concentrated.  From its home base, the bank has since 2000
accelerated its growth by opening new branches within the
Campania region and by acquiring small single-branch cooperative
banks.  The bank also plans to extend its branch network into
the neighboring Lazio region.


FIAT SPA: Italian Sales Rising; to Pay Dividends This Year
----------------------------------------------------------
Fiat S.p.A. might pay dividends this year as it expects a rise
in Italian car sales, Bloomberg News reports, citing Chief
Executive Officer Sergio Marchionne.

"We have seen exceptional numbers in the first 15 days of the
month," Mr. Marchionne was quoted by Bloomberg News as saying.  

Mr. Marchionne, who attributes the rising car sales to a
government tax incentive program, noted that the dividend
payment would be the company's first in five years.  Mr.
Marchionne is credited with Fiat's turnaround.  Under his
stewardship, Fiat's European sales rose 17% in 2007 while shares
almost doubled, Bloomberg News notes.

"Given the sales they had in the fourth quarter, it's sure
results will be in line with expectations," Eric-Alain Michelis,
an analyst at Societe Generale, commented.

                        About Fiat S.p.A.

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

                          *     *     *

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

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

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

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

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

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

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

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


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


AGROSOUZ LLP: Creditors Must File Claims by February 27
-------------------------------------------------------
LLP Agrosouz has declared insolvency.  Creditors have until
Feb. 27 to submit written proofs of claim to:

         LLP Agrosouz
         Valihanov Str. 81
         Pavlodar
         Pavlodar Region
         Kazakhstan


CONSULTING-B LLP: Claims Filing Period Ends February 27
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
entered an order placing LLP Consulting-B (RNN 092200004195)
into compulsory liquidation.

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

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


FARIDA LLP: Creditors' Claims Due February 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Farida insolvent on Dec. 15, 2006.

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

         The Specialized Inter-Regional Economic Court
         of Kyzylorda Region
         Aiteke bi Str. 29
         Kyzylorda
         Kyzylorda Region
         Kazakhstan


OREAL-K LLP: Proof of Claim Deadline Slated for February 27
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
entered an order placing LLP Oreal-K (RNN 092300210146) into
compulsory liquidation.

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

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


PETRO ENGINEERING: Claims Filing Period Ends February 27
--------------------------------------------------------
LLP Petro Engineering has declared insolvency.  Creditors have
until Feb. 27 to submit written proofs of claim to:

         LLP Petro Engineering
         Kaldayakov Str. 59-67
         Almaty, Kazakhstan


SANEL LLP: Creditors Must File Claims by February 27
----------------------------------------------------
LLP Trade House Sanel has declared insolvency.  Creditors have
until Feb. 27 to submit written proofs of claim to:

         LLP Trade House Sanel
         Micro District Jetysu-2, 70a-25
         Almaty, Kazakhstan


STROY SERVICE: Karaganda Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Construction
Company Stroy Service (RNN 301200019466).

LLP Stroy Service is located at:

         Privokzalnaya Str. 2/1
         Temirtau
         Karaganda Region
         Kazakhstan


STROY SOUZ: Proof of Claim Deadline Slated for February 27
----------------------------------------------------------
LLP Construction Company Stroy Souz Service has declared
insolvency.  Creditors have until Feb. 27 to submit written
proofs of claim to:

         LLP Stroy Souz Service
         Micro District Gulder-1, 15-70
         Karaganda
         Karaganda Region
         Kazakhstan


TALDY LLP: Claims Filing Period Ends February 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
entered an order placing LLP Taldy (RNN 092300000294) into
compulsory liquidation.

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

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


VK KAZNEFTESERVICE: Creditors' Claims Due February 28
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP East Kazakhstan Oil Service VK
Kaznefteservice insolvent on Dec. 4, 2006.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP VK Kaznefteservice
         Chasnikov Str. 55
         Micro District 23
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-47-06


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


PACKPEN TRADE: Creditors' Claims Due February 28
------------------------------------------------
LLC Packpen Trade Company (INN 02912200510120) has declared
insolvency.  Creditors have until Feb. 28 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 60-38-42.


TECHNO-TRADE LLP: Claims Filing Period Ends February 28
-------------------------------------------------------
LLC Techno-Trade has declared insolvency.  Creditors have until
Feb. 28 to submit written proofs of claim to:

         LLC Techno-Trade
         Kurmanjan Datka Str. 111-35
         Bishkek, Kyrgyzstan


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


DANA CORP: Will Share Parts Production for Ford's F-150 Truck
-------------------------------------------------------------
Dana Corp. will share production of structural components and
assembly of frames for the next generation of Ford Motor
Company's F-150 trucks, Michael L. DeBacker, Dana Corp.'s vice
president, general counsel and secretary, discloses in a
regulatory filing with the U.S. Securities and Exchange
Commission.

Dana Corp., however, will continue to supply 100% of hydroformed
side rails and a significant portion of other structural
components for the frames, Mr. DeBacker adds.

Greg Bensinger of Bloomberg News says Magna International, Inc.,
based in Aurora, Ontario, won the portion of the Ford contract
that Dana Corp. lost.

                          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).


=================
M A C E D O N I A
=================


* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness
---------------------------------------------------------------
Standard & Poor's Ratings Services expects 2007 to be a positive
year for economic growth but a mixed one for sovereign
creditworthiness in Europe, with fewer ratings changes than in
2006.

This separation between economic conditions and potential
ratings changes in the European region is one of the key trends
for 2007 and beyond, but there are also a number of country-
specific developments that could affect sovereign ratings.

As of Jan. 17, 2007, European sovereign ratings show:

               European Sovereign Ratings List

                           Foreign Currency    Local Currency
Sovereign                 Ratings             Ratings
---------                 ----------------    --------------
Andorra
(Principality of)         AA/Stable/A-1+      AA/Stable/A-1+

Austria (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Belgium (Kingdom of)      AA+/Stable/A-1+     AA+/Stable/A-1+

Bulgaria (Republic of)    BBB+/Stable/A-2     BBB+/Stable/A-2

Croatia (Republic of)     BBB/Stable/A-3      BBB+/Stable/A-2

Cyprus (Republic of)      A/Stable/A-1        A/Stable/A-1

Czech Republic            A-/Positive/A-2     A/Positive/A-1

Denmark (Kingdom of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Estonia (Republic of)     A/Stable/A-1        A/Stable/A-1

Finland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

France (Republic of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Georgia (Government of)   B+/Stable/B         B+/Stable/B

Germany
(Federal Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Hellenic Republic
(Greece)                  A/Stable/A-1       A/Stable/A-1

Hungary (Republic of)     BBB+/Stable/A-2     BBB+/Stable/A-2

Iceland (Republic of)     A+/Stable/A-1       AA/Stable/A-1+

Ireland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Isle of Man               AAA/Stable/A-1+     AAA/Stable/A-1+

Italy (Republic of)       A+/Stable/A-1+      A+/Stable/A-1+

Latvia (Republic of)      A-/Stable/A-2       A-/Stable/A-2

Liechtenstein
(Principality of)         AAA/Stable/A-1+     AAA/Stable/A-1+


Lithuania (Republic of)   A/Stable/A-1        A/Stable/A-1

Luxembourg
(Grand Duchy of)          AAA/Stable/A-1+     AAA/Stable/A-1+

Macedonia (Republic of)   BB+/Stable/B        BBB-/Stable/A-3

Malta (Republic of)       A/Stable/A-1        A/Stable/A-1

Montenegro (Republic of)  BB/Positive/B       BB/Positive/B

Netherlands
(State of The)            AAA/Stable/A-1+     AAA/Stable/A-1+

Norway (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Poland (Republic of)      BBB+/Stable/A-2     A-/Stable/A-2

Portugal (Republic of)    AA-/Stable/A-1+     AA-/Stable/A-1+

Romania (Republic of)     BBB-/Stable/A-3     BBB/Stable/A-3

Russian Federation (The)  BBB+/Stable/A-2     A-/Stable/A-2

Serbia (Republic of)      BB-/Positive/B      BB-/Positive/B

Slovak Republic           A/Stable/A-1        A/Stable/A-1

Slovenia (Republic of)    AA/Stable/A-1+      AA/Stable/A-1+

Spain (Kingdom of)        AAA/Stable/A-1+     AAA/Stable/A-1+

Sweden (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Swiss Confederation
(Switzerland)             AAA/Stable/A-1+     AAA/Stable/A-1+

Turkey (Republic of)      BB-/Stable/B        BB/Stable/B

Ukraine                   BB-/Stable/B        BB/Stable/B

United Kingdom            AAA/Stable/A-1+     AAA/Stable/A-1+


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


KONINKLIJKE AHOLD: Claimants May Fix Documentation Deficiencies
---------------------------------------------------------------
Entwistle & Cappucci LLP, lead plaintiffs' counsel, and The
Garden City Group, the claims administrator appointed by the
U.S. District Court for the District of Maryland in the class
action against Koninklijke Ahold N.V., issue this informational
release to clarify certain incorrect statements made by the
Dutch Investors Association (VEB) concerning claims submitted to
participate in the settlement of the suit.

In a statement, the law firm and claims administrator stated
that contrary to the VEB's recent statements to the media,
claimants in the Ahold class action in the Netherlands and all
over the world are provided more than one opportunity to correct
deficiencies in the documentation that they have submitted to
participate in the Ahold settlement.

The First Deficiency Notice, which about 16% of Dutch claimants
received, is the first opportunity that such claimants have to
correct the identified problems.  

Most of the noted deficiencies involve forms that do not include
all of the information needed to substantiate the purchases and
sales of Ahold common stock noted on the claimant's form.

The claims administrator had requested that claimants receiving
the First Deficiency Notice submit a response Jan. 8.  Claimants
who do not respond by that date will receive a second
opportunity to correct the information submitted with their
claim forms, but all claimants are encouraged to correct noted
deficiencies as soon as possible to ensure payment.

Claimants must understand that the procedure for addressing and
correcting deficiencies is designed to accomplish the important
goals of:

     -- making sure that claimants with valid claims have an
        opportunity to demonstrate the validity of their claims;
        and

     -- preventing the submission of fraudulent claims.

The process for addressing noted deficiencies proceeds according
to a carefully planned schedule, which remains on track and no
claims have been rejected or will be rejected until each
claimant has at least two opportunities to correct or otherwise
address any noted problems.  Claimants are encouraged to act as
quickly as possible to correct identified problems.

The majority of the identified deficiencies involve incomplete
transaction information.  Contrary to statements made by the
VEB, these problems do not involve the format of the documents
provided by claimants and/or their banks, the law firm and
claims administrator said.  

Instead, these problems arise from incomplete documentation that
does not enable the claims administrator to perform the
arithmetic required to calculate the value of claims.

Despite the volume of statements made in the Dutch press, the
VEB has no official role in the claims process, according to the
statement.  

Instead, each claimant that has received a deficiency letter
must communicate directly with the claims administrator to
resolve his or her claims.  

Anyone that still has a deficient claim as of Jan. 8 will
receive a second letter explaining the remaining deficiency and
providing an additional period of time for the claimant to
resolve any remaining issues directly with the claims
administrator.  

Claimants must understand that the VEB has never had any
approved role in the U.S. class action against Ahold, and the
VEB has no official role in the procedure for correcting
deficient claims submitted in the settlement, according to the
statement.  

The VEB is not authorized to speak to the Claims Administrator
on behalf of any investor, and no claimant should contact the
VEB expecting to resolve deficiencies or to address officially
any other issue regarding the Ahold settlement, the statement
added.  

Instead, all claimants, banks, and other financial institutions
that manage funds or otherwise invest for claimants should act
as quickly as possible to submit all required transaction
information directly to the claims administrator.

For more details, contact The Claims Administrator Phone: 001-
800-1020-4060 or 001-941-906-4864 (International Toll-free call
center), E-mail: Questions@AholdSettlement.com.  The best time
for Dutch claimants to call is between 9:00 a.m. and 5:00 p.m.

                         About Ahold

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

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.
     
Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


KONINKLIJKE AHOLD: Names Trond Kongrod as COO for ICA Norge Unit
----------------------------------------------------------------
Trond Kongrod has been appointed new chief operating officer of
ICA Norge, a unit of Koninklijke Ahold N.V.  He was most
recently format director for the Norwegian ICA formats.

As COO for ICA Norge, Mr. Kongrod will be part of ICA AB's
Executive Board and report to ICA's president Kenneth Bengtsson.

Trond Kongrod takes over after Erland Bjorn.  Erland Bjorn will
remain in ICA AB's Executive Board and moves on to work with
strategic assignments for the ICA group.

ICA Norge has been involved in a significant change process.
Erland Bjorn has lead and managed this work during a build-up
phase for three years.  ICA Norge is now entering a new phase.  
Therefore, Erland's assignment in ICA Norge has been completed.

"I am very pleased that Trond has accepted this challenge.  He
is an enthusiastic and energetic leader with a strong sales
focus.  A profile which is an excellent fit for ICA," Kenneth
Bengtsson, CEO and President ICA AB, said.

                         About Ahold

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

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.
     
Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


PYATEROCHKA HOLDING: Q4 2006 Like-For-Like Group Sales Up 13%
-------------------------------------------------------------
Pyaterochka Holding N.V. (nka X5 Retail Group N.V.) provided a
trading update including store opening data and like-for-like
sales trends for the Pyaterochka and Perekrestok chains for Q4
and FY 2006.

                          Expansion

X5 Retail Group N.V. has successfully completed its 2006 store
opening program gaining additional net selling space of
approximately 59,000 square meters in Q4 2006.  Over the FY
2006, X5 Retail Group N.V. gained additional net selling space
of approximately 126,000 square meters (of which approximately
68,000 square meters for Perekriostok chain, and approximately
58,000 square meters for Pyaterochka chain), thus outstripping
its FY2006 store opening target to add approximately 120,000
square meters.  As of Dec. 31, 2006, X5 Retail Group N.V.
operated approximately 466,000 square meters of net selling
space.

In terms of numbers of stores, the Group opened 33 new
Pyaterochka soft-discount stores and 27 new Perekrestok
supermarkets during Q4 2006.  As of Dec. 31, 2006, X5 Retail
Group N.V. operated 451 company-managed Pyaterochka soft-
discount stores and 168 Perekrestok stores, including 12
hypermarkets.

Moscow

In Moscow, Pyaterochka chain gained additional net selling space
of approximately 13,000 square meters during Q4 2006, implying a
total of approximately 35,000 square meters gained in 2006.  As
of Dec. 31, 2006, Pyaterochka chain operated a total of
approximately 135,000 square meters of net selling space in the
Moscow area.  Perekrestok chain gained additional net selling
space of approximately 20,000 square meters during Q4 2006,
implying a total of approximately 30,000 square meters gained in
2006.  As of Dec. 31, 2006, Perekrestok chain operated a total
of approximately 111,000 square meters of net selling space in
the Moscow area.

In terms of numbers of stores, as of Dec. 31, 2006, the Group
operated in the Moscow area 222 Pyaterochka soft discount stores
and 100 Perekrestok stores including 3 hypermarkets.

St. Petersburg

In St. Petersburg, Pyaterochka chain gained additional net
selling space of approximately 2,000 square meters during Q4
2006, implying a total of approximately 19,000 square meters
gained in 2006.  As of Dec. 31, 2006, Pyaterochka chain operated
a total of approximately 114,000 square meters of net selling
space in the St. Petersburg area.  Perekrestok chain gained
additional net selling space of approximately 2,000 square
meters during Q4 2006, implying a total of approximately 10,000
square meters gained in 2006.  As of Dec. 31, 2006, Perekrestok
chain operated a total of approximately 20,000 square meters of
net selling space in the St. Petersburg area.

In terms of numbers of stores, as of Dec. 31, 2006, the Group
operated in the St. Petersburg area 204 soft discount
Pyaterochka stores and 17 Perekrestok stores.

Russian Regions, Ukraine and Kazakhstan

In the regions outside of Moscow and St. Petersburg, Perekrestok
chain gained additional net selling space of approximately
20,000 square meters during Q4 2006, implying a total of
approximately 29,000 square meters gained in 2006.  As of
Dec. 31, 2006, Perekrestok chain operated a total of
approximately 78,000 square meters of net selling space in the
regions.

In Yekaterinburg, Pyaterochka chain gained additional net
selling space of approximately 2,000 square meters during Q4
2006, implying a total of approximately 4,000 square meters
gained in 2006.  As of Dec. 31, 2006, Pyaterochka chain operated
a total of approximately 9,000 square meters of net selling
space in Yekaterinburg.

In terms of numbers of stores, as of Dec. 31, 2006, in the
regions outside of Moscow and St. Petersburg the Group operated
25 Pyaterochka stores and 51 Perekrestok stores, including 9
hypermarkets.

Pyaterochka's franchisees also continued to expand rapidly,
opening 66 new stores operating under the Pyaterochka brand
during Q4 2006.  As of Dec. 31, 2006, Pyaterochka's franchisees
operated 605 stores across Russia, in Ukraine and Kazakhstan.
Perekrestok had 10 stores operated by franchisees in the Moscow
area.

                         Store Operations

Over the year of 2006, X5 Retail Group N.V. not only outstripped
its store opening target but also experienced strong Like-for-
Like sales(1) trends across both chains, demonstrating the
strongest performance in Q4 2006 (+13%).  In Q4 the Group
maintained the positive Like-for-Like sales trends of the
previous quarters in Moscow, and showed continued improvement of
Payterochka Like-for-Like sales performance in St. Petersburg.

Group

During Q4 2006, Group LFL sales performance (including both
chains) reached +13%, composed of traffic of +8% and basket
growth of +5%.  For FY 2006, the group experienced LFL sales of
+11%, composed of traffic of +3% and basket growth of +8%.

The Pyaterochka chain experienced overall LFL sales performance
of +11% during Q4 2006 (traffic +3%, basket growth of 8%), and
9% for FY 2006 (traffic 0%, basket growth of +9%).

The Perekrestok chain experienced overall LFL sales performance
of +15% during Q4 2006 (traffic +13%, basket growth of +2%), and
+14% for FY 2006 (traffic +8%, basket growth of 6%).

Moscow

LFL sales at Moscow area Pyaterochka stores reached +14% during
Q4 2006, composed of traffic of +7% and an increase in the
average basket of +7%.  Over FY 2006, the Pyaterochka stores in
Moscow experienced LFL sales performance of +13%, composed of
traffic of +3% and basket growth of +10%.

LFL sales at Moscow area Perekrestok stores reached +18% during
Q4 2006, on the basis of traffic of +15% and basket growth of
+3%.  During FY 2006, the Perekrestok stores in Moscow
experienced LFL sales performance of +16%, composed of traffic
of +10% and basket growth of +6%.

St. Petersburg

LFL sales at St. Petersburg area Pyaterochka stores reached +7%
during Q4 2006, composed of traffic of -1% and basket growth of
+8%.  During FY 2006, the Pyaterochka stores in St. Petersburg
experienced LFL sales performance of +3%, composed of traffic of  
-4% and basket growth of +7%.

LFL sales at St. Petersburg area Perekrestok stores reached 10%
during Q4 2006, on the basis of traffic of +14% and basket of -
4%.  During FY 2006, the Perekrestok stores in St. Petersburg
experienced LFL sales performance of +8%, composed of traffic of
+10% and basket of -2%.

Regions

LFL sales at Perekrestok stores in the regions outside of Moscow
and St. Petersburg reached +7% during Q4 2006, composed of
traffic of +5% and basket growth of +2%.  For FY 2006 these
stores experienced LFL sales of + 11%, based on traffic of +5%
and basket growth of +6%.

                   About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. (nka
X5 Retail Group N.V.) (LSE: FIVE) -- http://www.5chka.com/--  
operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

Pyaterochka's 2004 net revenues were US$1.1 billion.  The
company has reported unaudited net revenues of US$1.4 billion
for 2005.

                          *     *     *

As reported in the TCR-Europe on Aug. 29, 2006, Moody's
Investors Service downgraded the corporate family rating of
Pyaterochka Holding N.V. to B1 from Ba3.  Moody's said the
outlook for the rating is stable.

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


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


KONINKLIJKE AHOLD: Names Trond Kongrod as COO for ICA Norge Unit
----------------------------------------------------------------
Trond Kongrod has been appointed new chief operating officer of
ICA Norge, a unit of Koninklijke Ahold N.V.  He was most
recently format director for the Norwegian ICA formats.

As COO for ICA Norge, Mr. Kongrod will be part of ICA AB's
Executive Board and report to ICA's president Kenneth Bengtsson.

Trond Kongrod takes over after Erland Bjorn.  Erland Bjorn will
remain in ICA AB's Executive Board and moves on to work with
strategic assignments for the ICA group.

ICA Norge has been involved in a significant change process.
Erland Bjorn has lead and managed this work during a build-up
phase for three years.  ICA Norge is now entering a new phase.  
Therefore, Erland's assignment in ICA Norge has been completed.

"I am very pleased that Trond has accepted this challenge.  He
is an enthusiastic and energetic leader with a strong sales
focus.  A profile which is an excellent fit for ICA," Kenneth
Bengtsson, CEO and President ICA AB, said.

                         About Ahold

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

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.
     
Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


ZLOMREX SA: Moody's Puts B2 Corporate Family Rating
---------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency
corporate family rating to Zlomrex S.A., the largest Polish
steel scrap provider and a leading producer and distributor of
high-grade long steel products in the domestic market.

It also assigned a (P)Caa1 senior secured rating to the EUR170
million notes issued by Zlomrex International Finance S.A.  The
rating outlook is stable.  This is the first time Moody's has
assigned ratings to Zlomrex.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's opinion
on the draft documentation of the notes received at the time of
the press release.  Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavour to assign a
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

Zlomrex is in the process of acquiring voestalpine Stahlhandel
GmbH, the steel distribution arm of Austrian steel producer
voestalpine AG.  Under Moody's rating methodology for the global
steel industry, Zlomrex's corporate family rating -- based on
pro-forma last-twelve-month figures as at September 2006
including voestalpine Stahlhandel and the effects from the debt-
financed acquisition -- would map to a Ba2.  The actual assigned
rating of B2, three notches below the indicated rating under the
methodology, reflects Moody's concerns with regard to the
company's trailing performance and its exposure to cyclical
demand patterns, which means that its resilience in terms of
profitability and cash generation has yet to be tested through a
prolonged weakness in the pricing/demand environment.

"Zlomrex's B2 rating additionally factors in (i) the company's
comparatively small size, (ii) its dependence on regional steel
markets (Central and Eastern Europe in general but the Polish
construction market in particular), (iii) the limited corporate
history in the current form, (iv) the significant level of
additional debt relating to the voestalpine acquisition, (v)
risks arising from the integration of the voestalpine business,
and (vi) Moody's expectation of continued external and debt-
financed growth, which may not allow for any significant
improvement in the company's credit metrics in the short to
medium term," said Matthias Hellstern, Moody's lead analyst for
Zlomrex.

These risks are, however, partially mitigated by:

     (i) the company's strong position in niche markets,

    (ii) the positive market dynamics currently seen in Poland
         and other Central and Eastern European countries and

   (iii) Zlomrex's comparatively flexible cost structure, which
         should allow it to at least partially offset any
         negative swings in operating results with a negative
         swing in either revenues or costs.

The rating of the EUR170 million notes has been notched down to
(P)Caa1 in light of their contractual subordination to existing
secured term bank debt.

Headquartered in Poraj, Poland, Zlomrex S.A. is the largest
trader of steel scrap and one of the leading producers and
distributors of high-grade long steel products in its domestic
market.  Founded in 1990 as a pure scrap trader, the company has
transformed itself into a fully integrated producer of steel
products through a range of acquisitions in the long steel
production and distribution business.


ZLOMREX SA: S&P Puts B+ Long-Term Corporate Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term corporate credit ratings to Poland-based
integrated steel group Zlomrex S.A.  The outlook is stable.

At the same time, Standard & Poor's assigned its preliminary 'B'
senior secured debt rating to the proposed EUR170 million notes
due 2014 to be issued by subsidiary Zlomrex International
Finance S.A. (Zlomrex Finance), guaranteed by Zlomrex and
certain subsidiaries.  The notes will be used to finance the
sizable acquisition of a 74.9% stake in steel distribution
business voestalpine Stahlhandel GmbH (VA Stahl), refinance
debt, and for general corporate purposes.

"The ratings reflect Zlomrex's vulnerable business risk profile
characterized by management's ambitious growth strategy; short
track record; and the group's small size relative to peers,"
said Standard & Poor's credit analyst Alex Herbert.  "This is
even allowing for significantly increased revenues after the
closing of the group's acquisition of VA Stahl from voestalpine
AG, which is active mostly in Austria."

The ratings are also constrained by Zlomrex's still limited
diversity and volatile margins in a cyclical, volatile, and
competitive steel sector.  The ratings are further constrained
by the group's aggressive financial risk profile, as
demonstrated by the wholly debt-financed nature of the VA Stahl
acquisition, and volatile cash flows.

Supporting the ratings are Zlomrex's integrated steel operations
including steel scrap, production, and distribution, which will
be enhanced by the VA Stahl acquisition; moderate leverage even
after the purchase; and minimal debt maturities in the medium
term.   

"Standard & Poor's expects Zlomrex to succeed in closing and
integrating the acquisition of VA Stahl," Mr. Herbert added.
"The ratings assume that the enlarged group will generate free
operating cash flows, although these are likely to remain
volatile."

To maintain the ratings, S&P expects Zlomrex to have credit
protection ratios of funds from operations to adjusted debt of
15%-20% and adjusted debt to EBITDA of below 3.5x over the
cycle.  No further material debt-financed acquisitions are
factored into the ratings, although S&P expected Zlomrex to use
cash flows to purchase the remaining 25.1% stake in VA Stahl in
2009 or 2010.  Upside rating potential is limited by the group's
business risk.  Downside rating pressure could develop if
management follows a more aggressive financial policy, or if
there is a marked downturn in the steel sector.


===============
P O R T U G A L
===============


* Moody's Sees More SME Deals for Portuguese Securitizations
------------------------------------------------------------
The Portuguese structured finance market was virtually unchanged
in 2006 compared with the preceding year, against a background
of an improving -- albeit still fragile -- domestic economy.

Securitization volume experienced a further slowdown in 2006
whereas in terms of the number of deals, the market remained
almost unchanged.  This stagnant trend was partly attributed to
the anticipated finalization of the Portuguese Covered Bond Act
in 2006, says Moody's Investors Service in its "2006 Review &
2007 Outlook" report on the Portuguese structured finance
market."  

The rating agency expects the level of activity in 2007 to be
either similar or slower to that of 2006, although the ABS asset
class is expected to gain ground.

Total volume outstanding in the Portuguese securitization market
remained flat in 2006, amounting to EUR5 billion, and there was
a similar number of deals.  

"The Portuguese market saw a total of seven issuances in 2006 of
which four were ABS transactions:

   -- BMORE finance No.4;
   -- LTR Finance No.6;
   -- LUSITANO SME No.1; and
   -- CHAVES SME Clo No.1.

"Meanwhile, RMBS accounted for the remaining three:

   -- MAGELLAN MORTGAGES No.4,
   -- LUSITANO MORTGAGES No.5, and
   -- DOURO MORTGAGES No. 2.

"Notably, the RMBS deals were all recurrent issuances whereas
ABS issuances were, in most cases, new launches," says Sandie
Arlene Fernandez, a Moody's Assistant Vice President and co-
author of this report.

Moody's expects that Portuguese RMBS will follow the same path
as witnessed in previous years (i.e. constant or declining
number of issuances) influenced by developments in the domestic
mortgage market as well as the economy.  However, ongoing
structural issues like weak competitive position and high
household indebtedness will drive market activity.  Moreover,
the ongoing fiscal consolidation process could further restrain
growth.  

"In contrast, ABS will probably see several SME transactions in
2007, repeating the trend established in 2006, and possibly the
asset type with attracting increasing interest in 2007 would be
covered bonds," Ms. Fernandez adds.

In the covered bonds sub-segment, Caixa Geral de Depositos, S.A.
(GGD) launched an inaugural Jumbo Covered Bond (EUR2 billion
issuance), thereby becoming the first originator to issue
mortgage covered bonds ("Obrigacoes hipotecarias" or OHs) in
accordance with the terms of new Portuguese Covered Bonds Act --
enacted in March 2006, and complemented by secondary legislation
issued by the Bank of Portugal in October 2006.  Moody's rated
CGD's mortgage covered bond program Aaa in December 2006.  The
rating was in accordance with the Moody's Covered Bond Rating
Methodology (published in 2005).  The agency notes that whilst
it is too early to determine whether other entities will issue
more covered bond programs, the CDG launch has created
considerable interest and Moody's believes that further
transactions will likely be brought to market in 2007.

Additionally, Moody's expects possible repackaging of several
Portuguese notes from previously closed deals in order to create
a new transaction, and such structures would likely emerge in
2007, thus repeating another key feature of the Portuguese
structured finance market witnessed throughout 2006, which saw
the demand for ratings of previously non-rated transactions,
i.e. deals that have already closed but without a Moody's
ratings.


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


ALATYRSKIY FEED: Claims Filing Deadline Set Feb. 23
---------------------------------------------------
Creditors of LLC Alatyrskiy Feed Mill have until Feb. 23 to
submit written proofs of claim to:

         V. Sokolov, Insolvency Manager
         Nikolaeva Str. 11
         Tsivirsk
         Chuvashiya Republic
         Russia

The Arbitration Court of Chuvashiya Republic commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A79-6071/2006.

The Debtor can be reached at:

         LLC Alatyrskiy Feed Mill
         Alatyr
         Chuvashiya Republic
         Russia


DALI CJSC: Claims Filing Deadline Set Feb. 23
---------------------------------------------
Creditors of CJSC Company Dali have until Feb. 23 their proofs
of claim to:

         E. Safonova, Insolvency Manager
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar Region
         Russia
         Tel: (861) 262-97-27

The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case was docketed under Case No. A-32-12063/2006-46/788-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Company Dali
         Rashpilevskaya Str. 53
         350000 Krasnodar Region
         Russia


DYURTYULINSKOYE FEED: Claims Filing Deadline Set Feb. 23
--------------------------------------------------------
Creditors of OJSC Dyurtyulinskoye Feed Mill have until Feb. 23
to submit written proofs of claim to:

         N. Mutallapov, Insolvency Manager
         Post User Box 56
         Ufa
         450009 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A07-18644/06-G-
GRA.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Dyurtyulinskoye Feed Mill
         Internatsionalnaya Str. 4/1
         Dyurtyuli
         452320 Bashkortostan Republic
         Russia


GORNOMARIYSKIY LLC: Claims Filing Deadline Set Feb. 23
------------------------------------------------------
Creditors of LLC Meat Combine Gornomariyskiy have until Feb. 23
to submit written proofs of claim to:

         Mr. N. Smyshlyaev, Insolvency Manager
         Post User Box 75.
         Yoskar-Ola
         424007 Mariy El Republic
         Russia

The Arbitration Court of Mariy El Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-38-2086-11/164-2006.

The Debtor can be reached at:

         LLC Meat Combine Gornomariyskiy
         Chekeevo.
         Gornomariyskiy Region
         Mariy El Republic
         Russia


GORNYJ CJSC: Claims Filing Deadline Set Jan. 23
-----------------------------------------------
Creditors of CJSC Gornyj have until Jan. 23 to submit written
proofs of claim to:

         S. Spirin, Insolvency Manager
         Stalerov Str. 94-85
         454038 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8509/2006-34-60.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Gornyj
         Profsoyuznaya Str.
         Svetlogorsk
         Agapovskiy Region
         457418 Chelyabinsk Region
         Russia


GRANITE LLC: Claims Filing Deadline Set Jan. 23
-----------------------------------------------
Creditors of LLC Granite have until Jan. 23 to submit written
proofs of claim to:

         D. Pimenov, Insolvency Manager
         Lunacharskogo Str. 53
         440061 Penza Region Russia

The Arbitration Court of Penza Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case was docketed under Case No. A49-6292/2006-526b/26.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         LLC Granite
         Gorodishe
         Gorodishenskiy Region
         Fabrichnaya Str. 45.
         Penza Region
         Russia


MONOLITH GROUP: Bankruptcy Hearing Slated for March 29
------------------------------------------------------
The Arbitration Court of Moscow will convene to hear bankruptcy
supervision procedure on OJSC Monolith Group at 2:30 p.m. on
March 29 at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

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

         O. Andreenko, Temporary Insolvency Manager
         Office 215
         Building 3
         Petrovka Str. 26
         127051 Moscow Russia
         Tel. 686-00-15

The case is docketed under Case No. A40-72034/06-123-1140B.

The Debtor can be reached at:

         OJSC Monolith Group
         Sadovnicheskaya Str. 32-34/25.
         113035 Moscow
         Russia


MOSCOW MORTGAGE: Global Default Cues Moody's Ba2 Rating
-------------------------------------------------------
Moody's Investors Service has assigned global scale ratings with
a stable outlook to Moscow Mortgage Agency:

   -- Ba2 long-term and Not Prime short-term foreign and local
      currency deposit ratings and an E+ financial strength
      rating.

At the same time, Moody's Interfax Rating Agency has affirmed
the bank's Aa2.ru long-term national scale credit rating.  
Moscow-based Moody's Interfax is majority-owned by Moody's.

According to Moody's and Moody's Interfax, the Ba2/NP/E+ global
scale ratings reflect MMA's global default and loss expectation,
while the Aa2.ru national scale rating reflects the standing of
the bank's credit quality relative to its domestic peers.

MMA's Ba2/NP long- and short-term foreign currency deposit
ratings are based on Moody's assessment that support, would be
extended to the bank in the event of need by its 100% owner the
City of Moscow (Baa1/Stable); hence the assigned long-term
rating incorporates a multi-notch uplift from MMA's standalone
rating of B3.  Such support is confirmed by successive capital
injections from the city government since the bank's inception
in 2000 and by the presence of high-ranking Moscow officials on
the bank's supervisory board.  However, there remains some
uncertainty with regard to the scope and timeliness of any such
support given that the bank has no systemic value to the City of
Moscow (unlike Bank of Moscow).

The FSR of E+ takes account of MMA's significant position in
corporate mortgage lending in Moscow and its strong
capitalization.  It also factors in the bank's potential for
building up a niche franchise in mortgage lending to individuals
through participation in projects implemented by the City of
Moscow.

However, the FSR is also constrained by:

     (i) the challenges posed by the operating and regulatory
         environment in Russia, which, despite being systemic
         factors common to all banks in the country, exert
         negative pressure on MMA's rating;

    (ii) the bank's modest core profitability;

   (iii) the high single-party concentration in the loan book,
         and

    (iv) the possibility of deteriorating asset quality due to
         high risks intrinsic to corporate mortgage lending in
         Russia.

Moscow Mortgage Agency is headquartered in Moscow, Russian
Federation.  As at year-end 2005, the bank reported consolidated
total assets of US$124 million under IFRS.  MMA ranked 183rd by
assets and 160th by regulatory capital among Russian banks as of
Sept. 30, 2006, according to Interfax.


NIVA OJSC: Claims Filing Deadline Set Jan. 23
---------------------------------------------
Creditors of OJSC Niva have until Jan. 23 to submit written
proofs of claim to:

         R. Galimov, Insolvency Manager
         Chishminskaya Str. 6
         Davlekanovo
         453400 Orel Region
         Russia

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case was docketed under Case No. A47-5912/2006-14GK.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Niva
         Grachevka
         Grachevskiy Region
         Orel Region
         Russia


OBININSKIY PLYWOOD: Claims Filing Deadline Set Feb. 23
------------------------------------------------------
Creditors of CJSC Obininskiy Plywood Manufacturing Plant have
until Feb. 23 to submit written proofs of claim to:

         A. Mikhalevym, Insolvency Manager
         Okruzhnaya 8-18
         248021 Kaluga Region
         Russia

The Arbitration Court of Kaluga Region commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case was docketed under Case No. A 23-3131/06B-10-180.

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         CJSC Obininskiy Plywood Manufacturing Plant
         Kievskaya Str. 57.
         Obninsk
         Kaluga Region
         Russia


PERMSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by Jan. 23
--------------------------------------------------------------
Creditors of LLC Permskiy Wood-Prom-Khoz have until Jan. 23 to
submit written proofs of claim to:

         I. Gaysin, Temporary Insolvency Manager
         Apartment 77
         Sotsialisticheskaya Str. 64b
         Neftekamsk
         452688 Bashkortostan Republic
         Russia

The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A50-18038/2006-B.

The Debtor can be reached at:

         LLC Permskiy Wood-Prom-Khoz
         Suvorova Str. 84
         Yugo-Kamskiy
         614526 Perm Region
         Russia


ROS-INVEST CJSC: Creditors Must File Claims by Jan. 23
------------------------------------------------------
Creditors of CJSC Ros-Invest have until Jan. 23 to submit
written proofs of claim to:

         E. Kuznetsov, Temporary Insolvency Manager
         Post User Box 14449
         443084 Samara-84
         Russia

The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A55-16229/2006-36.

The Debtor can be reached at:

         CJSC Ros-Invest
         Kirova Pr. 2A
         Samara
         Russia


ROSNEFT OIL: Names Sergey Makarov as Financial Chief
----------------------------------------------------
OAO Rosneft Oil Co. disclosed of staff changes aimed at
strengthening the company's financial division in connection
with the increased scale of its operations.

Peter O'Brien, vice president and head of the group of financial
advisers to the president of Rosneft, will concentrate largely
on strategy and development prospects for the Company, growth in
capitalization, acquisition of new assets, restructuring issues,
as well as mergers and acquisitions.

Rosneft has appointed Sergey Makarov as vice president of
financial issues.  Mr. Makarov has 12 years of experience in
corporate finance.  Born in Moscow in 1963, Mr. Makarov is a
graduate of the Moscow Aviation Institute and also of the London
School of Business Administration.

In the late 1990s and early 2000s, Mr. Makarov worked in Britain
at a number of financial and commercial organizations.

In 2003, he began working at the Oboronpom group, first as head
of the financial department at Unified Industrial Corp.
Oboronprom and later as chairman of the board of directors at
Oboronpromlizing (one of the structures comprising Oboronprom).

At Rosneft, the new vice president will oversee the Company's
financial service, which will cover issues of increasing the
effectiveness of the Company's internal financial operations, as
well as budgeting questions.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006.  S&P said the outlook is developing.

As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed
OJSC Rosneft Oil's foreign and local currency Issuer Default
ratings of BB+ on Rating Watch Positive following the company's
announcement of strong financial results for the first nine
months of 2006.


ROSNEFT OIL: Looks on Contractor to Build New Tuapse Refinery
-------------------------------------------------------------
OAO Rosneft Oil will hold a tender to select a general
contractor to construct a new oil refinery on the territory of
the current Tuapse Oil Refinery.

The new refinery will have a capacity of 12 million tons per
year. Plans envision the construction of a turnkey refinery.  A
detailed project design, facilities installation, construction,
assembly, as well as balancing and commissioning are all
planned.  Rosneft will finance the refinery's construction
through company funds.  Documents for participation in the
tender will be accepted until Jan. 31, 2007.

The Company plans to begin construction of the new refinery
during the third quarter of 2007, with a target finish date
after 42 months. The refinery will produce oil products that
meet international Euro-4 and Euro-5 standards. Refining depth
should reach 95%. Rosneft has already completed license
agreements and contracts for base engineering of the main
production technologies envisioned in the new refinery's design.
UOP (isomerization and catalytic reforming of gasoline
fractions), Chevron LG (hydrocracking combined with
hydrotreating of diesel fuel) and Technip (hydrogen production)
have all been selected as licensors.

Large companies like Toyo Engineering Corp. and Chiyoda Corp.
(Japan), Poon Lim Industrial (Korea), Lurgi AG and Technip
(Germany), Snamprogetty (Italy) and Foster Wheeler, Parsons
Corp., ABB Lummus Global and Bechtel Corp. (United States) have
all been invited to participate in the tender.

The construction of the new refinery is a unique project not
only for Rosneft but also for Russia's entire oil industry.  Its
completion will inaugurate the end of the first stage of the
Tuapse Refinery's reconstruction, which, owing to its
integration with another of Rosneft's subsidiaries --
Tuapsenefteprodukt -- will allow for the creation of a single
high-capacity channel for production and export of high-quality
oil products to Mediterranean markets.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006.  The outlook is developing.

As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed
OJSC Rosneft Oil's foreign and local currency Issuer Default
ratings of BB+ on Rating Watch Positive following the company's
announcement of strong financial results for the first nine
months of 2006.


SADOVOYE CJSC: Claims Filing Deadline Set Jan. 23
-------------------------------------------------
Creditors of CJSC Sadovoye have until Jan. 23 to submit written
proofs of claim to:

         A. Vasilyev, Insolvency Manager
         Apartment 1b
         Volskaya Str. 11a
         Saratov Region
         Russia

The Arbitration Court of Saratov Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case was docketed under Case No. A-57-439B/06-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Sadovoye
         Podshibalovka
         Krasnopartizanskiy Region
         Saratov Region
         Russia


SHAKHTA-TRANSTPORT OJSC Claims Filing Deadline Set Feb. 23
----------------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case was docketed under Case No. A53-16879/2006-S2-33.

Creditors of OJSC Shakhta-Transtport have until Jan. 23 to
submit written proofs of claim to:

         A. Afanasyeva, Insolvency Manager
         Voroshilova Str. 5
         Shakhty
         346527 Rostov Region
         Russia

The Debtor can be reached at:

         OJSC Shakhta-Transtport
         Pereulka Cherenkova
         Tupik
         Shakhty
         346500 Rostov Region
         Russia


SIBACADEMBANK: Merger Cues Moody's to Lift UVTB's Rating to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit rating of Russia's Uralvneshtorgbank to B1 from
B2.

At the same time, Moody's Interfax Rating Agency has upgraded
UVTB's long-term national scale rating to A1.ru from A3.ru.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

The upgrades conclude the review for possible upgrade initiated
on Oct. 3, 2006, and reflect UVTB's merger with the financially
stronger institution URSA-Bank (formerly SibAcademBank, rated
B1/NP/E+ with positive outlook), which was finalized at the end
of 2006.  UVTB's Not Prime short-term foreign currency deposit
rating and E+ financial strength rating have been affirmed. The
outlook on the B1/E+ ratings is stable.

Moody's note that the ratings of UVTB will be withdrawn as it
has ceased to exist as an independent legal entity following the
merger.

Headquartered in Yekaterinburg, Russia, UVTB reported
consolidated total assets of US$679 million and shareholders'
equity of US$73 million under IFRS as at 30 June 2006.


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

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

The Arbitration Court of Tyumen Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-70-8712/3-06.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Turquoise
         Znamenskaya Str. 56a
         626150 Tyumen Region
         Tobolsk
         Russia


URALVNESHTORGBANK: Merger Cues Moody's to Lift Rating to B1
-----------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit rating of Russia's Uralvneshtorgbank to B1 from
B2.

At the same time, Moody's Interfax Rating Agency has upgraded
UVTB's long-term national scale rating to A1.ru from A3.ru.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

The upgrades conclude the review for possible upgrade initiated
on Oct. 3, 2006, and reflect UVTB's merger with the financially
stronger institution URSA-Bank (formerly SibAcademBank, rated
B1/NP/E+ with positive outlook), which was finalized at the end
of 2006.  UVTB's Not Prime short-term foreign currency deposit
rating and E+ financial strength rating have been affirmed. The
outlook on the B1/E+ ratings is stable.

Moody's note that the ratings of UVTB will shortly be withdrawn
as it has ceased to exist as an independent legal entity
following the merger.

Headquartered in Yekaterinburg, Russia, UVTB reported
consolidated total assets of US$679 million and shareholders'
equity of US$73 million under IFRS as at June 30, 2006.


URALVNESHTORGBANK: Moody's Withdraws Rating After Merger Closing
----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of
Uralvneshtorgbank, which has ceased to exist as an independent
legal entity following its merger with URSA-Bank (formerly
SibAkademBank) at the end of 2006.  

These ratings were withdrawn:

   -- Financial Strength Rating: E+
   -- Long-term foreign currency deposit rating: B1
   -- Short-term foreign currency deposit rating: Not Prime
   -- National scale rating: A1.ru

Uralvneshtorgbank was based in Yekaterinburg, Russia, and
reported consolidated total assets of US$679 million under IFRS
as at June 30, 2006.


PYATEROCHKA HOLDING: Q4 2006 Like-For-Like Group Sales Up 13%
-------------------------------------------------------------
Pyaterochka Holding N.V. (nka X5 Retail Group N.V.) provided a
trading update including store opening data and like-for-like
sales trends for the Pyaterochka and Perekrestok chains for Q4
and FY 2006.

                          Expansion

X5 Retail Group N.V. has successfully completed its 2006 store
opening program gaining additional net selling space of
approximately 59,000 square meters in Q4 2006.  Over the FY
2006, X5 Retail Group N.V. gained additional net selling space
of approximately 126,000 square meters (of which approximately
68,000 square meters for Perekriostok chain, and approximately
58,000 square meters for Pyaterochka chain), thus outstripping
its FY2006 store opening target to add approximately 120,000
square meters.  As of Dec. 31, 2006, X5 Retail Group N.V.
operated approximately 466,000 square meters of net selling
space.

In terms of numbers of stores, the Group opened 33 new
Pyaterochka soft-discount stores and 27 new Perekrestok
supermarkets during Q4 2006.  As of Dec. 31, 2006, X5 Retail
Group N.V. operated 451 company-managed Pyaterochka soft-
discount stores and 168 Perekrestok stores, including 12
hypermarkets.

Moscow

In Moscow, Pyaterochka chain gained additional net selling space
of approximately 13,000 square meters during Q4 2006, implying a
total of approximately 35,000 square meters gained in 2006.  As
of Dec. 31, 2006, Pyaterochka chain operated a total of
approximately 135,000 square meters of net selling space in the
Moscow area.  Perekrestok chain gained additional net selling
space of approximately 20,000 square meters during Q4 2006,
implying a total of approximately 30,000 square meters gained in
2006.  As of Dec. 31, 2006, Perekrestok chain operated a total
of approximately 111,000 square meters of net selling space in
the Moscow area.

In terms of numbers of stores, as of Dec. 31, 2006, the Group
operated in the Moscow area 222 Pyaterochka soft discount stores
and 100 Perekrestok stores including 3 hypermarkets.

St. Petersburg

In St. Petersburg, Pyaterochka chain gained additional net
selling space of approximately 2,000 square meters during Q4
2006, implying a total of approximately 19,000 square meters
gained in 2006.  As of Dec. 31, 2006, Pyaterochka chain operated
a total of approximately 114,000 square meters of net selling
space in the St. Petersburg area.  Perekrestok chain gained
additional net selling space of approximately 2,000 square
meters during Q4 2006, implying a total of approximately 10,000
square meters gained in 2006.  As of Dec. 31, 2006, Perekrestok
chain operated a total of approximately 20,000 square meters of
net selling space in the St. Petersburg area.

In terms of numbers of stores, as of Dec. 31, 2006, the Group
operated in the St. Petersburg area 204 soft discount
Pyaterochka stores and 17 Perekrestok stores.

Russian Regions, Ukraine and Kazakhstan

In the regions outside of Moscow and St. Petersburg, Perekrestok
chain gained additional net selling space of approximately
20,000 square meters during Q4 2006, implying a total of
approximately 29,000 square meters gained in 2006.  As of
Dec. 31, 2006, Perekrestok chain operated a total of
approximately 78,000 square meters of net selling space in the
regions.

In Yekaterinburg, Pyaterochka chain gained additional net
selling space of approximately 2,000 square meters during Q4
2006, implying a total of approximately 4,000 square meters
gained in 2006.  As of Dec. 31, 2006, Pyaterochka chain operated
a total of approximately 9,000 square meters of net selling
space in Yekaterinburg.

In terms of numbers of stores, as of Dec. 31, 2006, in the
regions outside of Moscow and St. Petersburg the Group operated
25 Pyaterochka stores and 51 Perekrestok stores, including 9
hypermarkets.

Pyaterochka's franchisees also continued to expand rapidly,
opening 66 new stores operating under the Pyaterochka brand
during Q4 2006.  As of Dec. 31, 2006, Pyaterochka's franchisees
operated 605 stores across Russia, in Ukraine and Kazakhstan.
Perekrestok had 10 stores operated by franchisees in the Moscow
area.

                         Store Operations

Over the year of 2006, X5 Retail Group N.V. not only outstripped
its store opening target but also experienced strong Like-for-
Like sales(1) trends across both chains, demonstrating the
strongest performance in Q4 2006 (+13%).  In Q4 the Group
maintained the positive Like-for-Like sales trends of the
previous quarters in Moscow, and showed continued improvement of
Payterochka Like-for-Like sales performance in St. Petersburg.

Group

During Q4 2006, Group LFL sales performance (including both
chains) reached +13%, composed of traffic of +8% and basket
growth of +5%.  For FY 2006, the group experienced LFL sales of
+11%, composed of traffic of +3% and basket growth of +8%.

The Pyaterochka chain experienced overall LFL sales performance
of +11% during Q4 2006 (traffic +3%, basket growth of 8%), and
9% for FY 2006 (traffic 0%, basket growth of +9%).

The Perekrestok chain experienced overall LFL sales performance
of +15% during Q4 2006 (traffic +13%, basket growth of +2%), and
+14% for FY 2006 (traffic +8%, basket growth of 6%).

Moscow

LFL sales at Moscow area Pyaterochka stores reached +14% during
Q4 2006, composed of traffic of +7% and an increase in the
average basket of +7%.  Over FY 2006, the Pyaterochka stores in
Moscow experienced LFL sales performance of +13%, composed of
traffic of +3% and basket growth of +10%.

LFL sales at Moscow area Perekrestok stores reached +18% during
Q4 2006, on the basis of traffic of +15% and basket growth of
+3%.  During FY 2006, the Perekrestok stores in Moscow
experienced LFL sales performance of +16%, composed of traffic
of +10% and basket growth of +6%.

St. Petersburg

LFL sales at St. Petersburg area Pyaterochka stores reached +7%
during Q4 2006, composed of traffic of -1% and basket growth of
+8%.  During FY 2006, the Pyaterochka stores in St. Petersburg
experienced LFL sales performance of +3%, composed of traffic of  
-4% and basket growth of +7%.

LFL sales at St. Petersburg area Perekrestok stores reached 10%
during Q4 2006, on the basis of traffic of +14% and basket of -
4%.  During FY 2006, the Perekrestok stores in St. Petersburg
experienced LFL sales performance of +8%, composed of traffic of
+10% and basket of -2%.

Regions

LFL sales at Perekrestok stores in the regions outside of Moscow
and St. Petersburg reached +7% during Q4 2006, composed of
traffic of +5% and basket growth of +2%.  For FY 2006 these
stores experienced LFL sales of + 11%, based on traffic of +5%
and basket growth of +6%.

                   About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. (nka
X5 Retail Group N.V.) (LSE: FIVE) -- http://www.5chka.com/--  
operates a large store network largely covering the Moscow
region and St. Petersburg but also has a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.

Pyaterochka's 2004 net revenues were US$1.1 billion.  The
company has reported unaudited net revenues of US$1.4 billion
for 2005.

                          *     *     *

As reported in the TCR-Europe on Aug. 29, 2006, Moody's
Investors Service downgraded the corporate family rating of
Pyaterochka Holding N.V. to B1 from Ba3.  Moody's said the
outlook for the rating is stable.

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness
---------------------------------------------------------------
Standard & Poor's Ratings Services expects 2007 to be a positive
year for economic growth but a mixed one for sovereign
creditworthiness in Europe, with fewer ratings changes than in
2006.

This separation between economic conditions and potential
ratings changes in the European region is one of the key trends
for 2007 and beyond, but there are also a number of country-
specific developments that could affect sovereign ratings.

As of Jan. 17, 2007, European sovereign ratings show:

               European Sovereign Ratings List

                           Foreign Currency    Local Currency
Sovereign                 Ratings             Ratings
---------                 ----------------    --------------
Andorra
(Principality of)         AA/Stable/A-1+      AA/Stable/A-1+

Austria (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Belgium (Kingdom of)      AA+/Stable/A-1+     AA+/Stable/A-1+

Bulgaria (Republic of)    BBB+/Stable/A-2     BBB+/Stable/A-2

Croatia (Republic of)     BBB/Stable/A-3      BBB+/Stable/A-2

Cyprus (Republic of)      A/Stable/A-1        A/Stable/A-1

Czech Republic            A-/Positive/A-2     A/Positive/A-1

Denmark (Kingdom of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Estonia (Republic of)     A/Stable/A-1        A/Stable/A-1

Finland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

France (Republic of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Georgia (Government of)   B+/Stable/B         B+/Stable/B

Germany
(Federal Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Hellenic Republic
(Greece)                  A/Stable/A-1       A/Stable/A-1

Hungary (Republic of)     BBB+/Stable/A-2     BBB+/Stable/A-2

Iceland (Republic of)     A+/Stable/A-1       AA/Stable/A-1+

Ireland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Isle of Man               AAA/Stable/A-1+     AAA/Stable/A-1+

Italy (Republic of)       A+/Stable/A-1+      A+/Stable/A-1+

Latvia (Republic of)      A-/Stable/A-2       A-/Stable/A-2

Liechtenstein
(Principality of)         AAA/Stable/A-1+     AAA/Stable/A-1+


Lithuania (Republic of)   A/Stable/A-1        A/Stable/A-1

Luxembourg
(Grand Duchy of)          AAA/Stable/A-1+     AAA/Stable/A-1+

Macedonia (Republic of)   BB+/Stable/B        BBB-/Stable/A-3

Malta (Republic of)       A/Stable/A-1        A/Stable/A-1

Montenegro (Republic of)  BB/Positive/B       BB/Positive/B

Netherlands
(State of The)            AAA/Stable/A-1+     AAA/Stable/A-1+

Norway (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Poland (Republic of)      BBB+/Stable/A-2     A-/Stable/A-2

Portugal (Republic of)    AA-/Stable/A-1+     AA-/Stable/A-1+

Romania (Republic of)     BBB-/Stable/A-3     BBB/Stable/A-3

Russian Federation (The)  BBB+/Stable/A-2     A-/Stable/A-2

Serbia (Republic of)      BB-/Positive/B      BB-/Positive/B

Slovak Republic           A/Stable/A-1        A/Stable/A-1

Slovenia (Republic of)    AA/Stable/A-1+      AA/Stable/A-1+

Spain (Kingdom of)        AAA/Stable/A-1+     AAA/Stable/A-1+

Sweden (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Swiss Confederation
(Switzerland)             AAA/Stable/A-1+     AAA/Stable/A-1+

Turkey (Republic of)      BB-/Stable/B        BB/Stable/B

Ukraine                   BB-/Stable/B        BB/Stable/B

United Kingdom            AAA/Stable/A-1+     AAA/Stable/A-1+


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


ACM METALL: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC acm metall on Dec. 5, 2006.

The Debtor can be reached at:

         JSC acm metall
         Birkenstrasse 51
         6343 Rotkreuz
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


ALMAK JSC: Lucerne Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Lucerne suspended the bankruptcy
proceedings of JSC Almak on Dec. 21, 2006, pursuant to Article
230 of the Swiss Bankruptcy Code.

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

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

         JSC Almak
         38
         6002 Lucerne
         Switzerland

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

         Bankruptcy Service of Lucerne-Stadt
         6000 Lucern 5
         Switzerland


BATIX LLC: Lucerne Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Lucerne suspended the bankruptcy
proceedings of LLC Batix on Dec. 21, 2006, pursuant to Article
230 of the Swiss Bankruptcy Code.

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

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

         LLC Batix
         6000 Lucerne
         Switzerland

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

         Bankruptcy Service of Lucerne-Stadt
         6000 Lucern 5
         Switzerland


EMBLI LLC: Lucerne Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Lucerne suspended the bankruptcy
proceedings of LLC Embli on Dec. 11, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Sept. 27, 2006, can be reached
at:

         LLC Embli
         Muhleweg 8
         6010 Kriens
         Switzerland

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

         Bankruptcy Service of Lucerne-Land
         6011 Kriens
         Lucerne
         Switzerland


PRO-HEALTH JSC: Davos Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Davos in Graubunden commenced bankruptcy
proceedings against JSC Pro-Health on Nov. 2, 2006.

The Debtor can be reached at:

         JSC Pro-Health
         7270 Davos Platz
         Switzerland

The Bankruptcy Service of Davos can be reached at:

         Bankruptcy Service of Davos
         7270 Davos Platz
         Switzerland


R. + J. LLC: Lucerne Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Lucerne suspended the bankruptcy
proceedings of LLC R. + J. on Dec. 11, 2006, pursuant to Article
230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,500
deposit.  The right for the additional deposit is retained.

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

         LLC R. + J.
         Rengglochstrasse 25
         6012 Obernau
         Switzerland

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

         Bankruptcy Service of Lucerne-Land
         6011 Kriens
         Lucerne
         Switzerland


RISTORANTE - BAR UPS!: Lucerne Court Closes Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Lucerne entered Dec. 6, 2006, an order
closing the bankruptcy proceedings of LLC Ristorante-Bar ups!.

The Debtor can be reached at:

         LLC Ristorante-Bar ups!
         Obernauerstrasse 86
         6012 Obernau
         Switzerland

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

         Bankruptcy Service of Lucerne-Land
         6011 Kriens
         Switzerland


TURM-GARAGE JSC: Willisau Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Willisau in Lucerne commenced bankruptcy
proceedings against JSC Turm-Garage on Dec. 11, 2006.

The Debtor can be reached at:

         JSC Turm-Garage
         Hauptstrasse 5
         6260 Reiden
         Switzerland

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau
         Switzerland


WINDIRECT JSC: Lucerne Court Suspends Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Lucerne suspended the bankruptcy
proceedings of JSC Windirect on Dec. 18, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Nov. 15, 2006, can be reached
at:

         JSC Windirect
         Gampi 10
         6043 Adligenswil
         Switzerland

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

         Bankruptcy Service of Lucerne-Land
         6011 Kriens
         Switzerland


XENAPRISE LLC: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against LLC Xenaprise on Nov. 15, 2006.

The Debtor can be reached at:

         LLC Xenaprise
         St. Karli-Quai 9
         6002 Lucerne
         Switzerland

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland


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


* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness
---------------------------------------------------------------
Standard & Poor's Ratings Services expects 2007 to be a positive
year for economic growth but a mixed one for sovereign
creditworthiness in Europe, with fewer ratings changes than in
2006.

This separation between economic conditions and potential
ratings changes in the European region is one of the key trends
for 2007 and beyond, but there are also a number of country-
specific developments that could affect sovereign ratings.

As of Jan. 17, 2007, European sovereign ratings show:

               European Sovereign Ratings List

                           Foreign Currency    Local Currency
Sovereign                 Ratings             Ratings
---------                 ----------------    --------------
Andorra
(Principality of)         AA/Stable/A-1+      AA/Stable/A-1+

Austria (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Belgium (Kingdom of)      AA+/Stable/A-1+     AA+/Stable/A-1+

Bulgaria (Republic of)    BBB+/Stable/A-2     BBB+/Stable/A-2

Croatia (Republic of)     BBB/Stable/A-3      BBB+/Stable/A-2

Cyprus (Republic of)      A/Stable/A-1        A/Stable/A-1

Czech Republic            A-/Positive/A-2     A/Positive/A-1

Denmark (Kingdom of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Estonia (Republic of)     A/Stable/A-1        A/Stable/A-1

Finland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

France (Republic of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Georgia (Government of)   B+/Stable/B         B+/Stable/B

Germany
(Federal Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Hellenic Republic
(Greece)                  A/Stable/A-1       A/Stable/A-1

Hungary (Republic of)     BBB+/Stable/A-2     BBB+/Stable/A-2

Iceland (Republic of)     A+/Stable/A-1       AA/Stable/A-1+

Ireland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Isle of Man               AAA/Stable/A-1+     AAA/Stable/A-1+

Italy (Republic of)       A+/Stable/A-1+      A+/Stable/A-1+

Latvia (Republic of)      A-/Stable/A-2       A-/Stable/A-2

Liechtenstein
(Principality of)         AAA/Stable/A-1+     AAA/Stable/A-1+


Lithuania (Republic of)   A/Stable/A-1        A/Stable/A-1

Luxembourg
(Grand Duchy of)          AAA/Stable/A-1+     AAA/Stable/A-1+

Macedonia (Republic of)   BB+/Stable/B        BBB-/Stable/A-3

Malta (Republic of)       A/Stable/A-1        A/Stable/A-1

Montenegro (Republic of)  BB/Positive/B       BB/Positive/B

Netherlands
(State of The)            AAA/Stable/A-1+     AAA/Stable/A-1+

Norway (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Poland (Republic of)      BBB+/Stable/A-2     A-/Stable/A-2

Portugal (Republic of)    AA-/Stable/A-1+     AA-/Stable/A-1+

Romania (Republic of)     BBB-/Stable/A-3     BBB/Stable/A-3

Russian Federation (The)  BBB+/Stable/A-2     A-/Stable/A-2

Serbia (Republic of)      BB-/Positive/B      BB-/Positive/B

Slovak Republic           A/Stable/A-1        A/Stable/A-1

Slovenia (Republic of)    AA/Stable/A-1+      AA/Stable/A-1+

Spain (Kingdom of)        AAA/Stable/A-1+     AAA/Stable/A-1+

Sweden (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Swiss Confederation
(Switzerland)             AAA/Stable/A-1+     AAA/Stable/A-1+

Turkey (Republic of)      BB-/Stable/B        BB/Stable/B

Ukraine                   BB-/Stable/B        BB/Stable/B

United Kingdom            AAA/Stable/A-1+     AAA/Stable/A-1+


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


* S&P Sees Mixed Growth for Europe's Sovereign Creditworthiness
---------------------------------------------------------------
Standard & Poor's Ratings Services expects 2007 to be a positive
year for economic growth but a mixed one for sovereign
creditworthiness in Europe, with fewer ratings changes than in
2006.

This separation between economic conditions and potential
ratings changes in the European region is one of the key trends
for 2007 and beyond, but there are also a number of country-
specific developments that could affect sovereign ratings.

As of Jan. 17, 2007, European sovereign ratings show:

               European Sovereign Ratings List

                           Foreign Currency    Local Currency
Sovereign                 Ratings             Ratings
---------                 ----------------    --------------
Andorra
(Principality of)         AA/Stable/A-1+      AA/Stable/A-1+

Austria (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Belgium (Kingdom of)      AA+/Stable/A-1+     AA+/Stable/A-1+

Bulgaria (Republic of)    BBB+/Stable/A-2     BBB+/Stable/A-2

Croatia (Republic of)     BBB/Stable/A-3      BBB+/Stable/A-2

Cyprus (Republic of)      A/Stable/A-1        A/Stable/A-1

Czech Republic            A-/Positive/A-2     A/Positive/A-1

Denmark (Kingdom of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Estonia (Republic of)     A/Stable/A-1        A/Stable/A-1

Finland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

France (Republic of)      AAA/Stable/A-1+     AAA/Stable/A-1+

Georgia (Government of)   B+/Stable/B         B+/Stable/B

Germany
(Federal Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Hellenic Republic
(Greece)                  A/Stable/A-1       A/Stable/A-1

Hungary (Republic of)     BBB+/Stable/A-2     BBB+/Stable/A-2

Iceland (Republic of)     A+/Stable/A-1       AA/Stable/A-1+

Ireland (Republic of)     AAA/Stable/A-1+     AAA/Stable/A-1+

Isle of Man               AAA/Stable/A-1+     AAA/Stable/A-1+

Italy (Republic of)       A+/Stable/A-1+      A+/Stable/A-1+

Latvia (Republic of)      A-/Stable/A-2       A-/Stable/A-2

Liechtenstein
(Principality of)         AAA/Stable/A-1+     AAA/Stable/A-1+


Lithuania (Republic of)   A/Stable/A-1        A/Stable/A-1

Luxembourg
(Grand Duchy of)          AAA/Stable/A-1+     AAA/Stable/A-1+

Macedonia (Republic of)   BB+/Stable/B        BBB-/Stable/A-3

Malta (Republic of)       A/Stable/A-1        A/Stable/A-1

Montenegro (Republic of)  BB/Positive/B       BB/Positive/B

Netherlands
(State of The)            AAA/Stable/A-1+     AAA/Stable/A-1+

Norway (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Poland (Republic of)      BBB+/Stable/A-2     A-/Stable/A-2

Portugal (Republic of)    AA-/Stable/A-1+     AA-/Stable/A-1+

Romania (Republic of)     BBB-/Stable/A-3     BBB/Stable/A-3

Russian Federation (The)  BBB+/Stable/A-2     A-/Stable/A-2

Serbia (Republic of)      BB-/Positive/B      BB-/Positive/B

Slovak Republic           A/Stable/A-1        A/Stable/A-1

Slovenia (Republic of)    AA/Stable/A-1+      AA/Stable/A-1+

Spain (Kingdom of)        AAA/Stable/A-1+     AAA/Stable/A-1+

Sweden (Kingdom of)       AAA/Stable/A-1+     AAA/Stable/A-1+

Swiss Confederation
(Switzerland)             AAA/Stable/A-1+     AAA/Stable/A-1+

Turkey (Republic of)      BB-/Stable/B        BB/Stable/B

Ukraine                   BB-/Stable/B        BB/Stable/B

United Kingdom            AAA/Stable/A-1+     AAA/Stable/A-1+


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


ADVANCED MARKETING: Court Approves Securities Suit Settlement
-------------------------------------------------------------
The U.S. District Court for the Southern District of California
entered the Order of Final Judgment and Dismissal of the Action
with Prejudice and granted final approval of the Settlement, the
Plan of Allocation of Settlement Proceeds and the Request for
Attorneys' Fees and Reimbursement of Expenses in the suit "In re
Advanced Marketing Services, Inc. Securities Litigation, Case
No. 04-CV-00121 RTB (AJB)."

The case was filed on behalf of purchasers of Advance Marketing
common stock from Jan. 16, 1999, to Jan. 13, 2004, inclusive.  
The lawsuit arose out of AMS's announcement on Jan. 14, 2004,
that it would restate its previously filed financial statements
for the prior five fiscal years.

The planned restatement resulted from the company's ongoing
review of its cooperative advertising practices and related
accounting, and relates primarily to the timing and
quantification of recognition of revenue and reversal of accrued
liabilities.

Following the announcement of the restatement, the price of
AMS's stock fell 15.2% from US$11.97 to US$10.15 per share.  
Afterwards, Advanced Marketing and certain of its officers and
directors were named as defendants in these federal securities
class actions in the U.S. District Court for the Southern
District of California in:

    -- "Eastside Investors, LLP v. Advanced Marketing
       Services, Inc., et al., Case No. 04-CV-00121 JM (AJB);"

    -- "Bowen v. Advanced Marketing Services, Inc., et al.,
       Case No. 04-CV-00139 H (JMA);" and

    -- "Anderson v. Advanced Marketing Services, Inc., et al.,
       Case No. 04-CV-00324 WQH (AJB)."

The lawsuits alleged that Advanced Marketing and the individual
defendants either knowingly or recklessly made misstatements
concerning the company's reported financial results to
artificially inflate the price of AMS common stock.

On Feb. 24, 2004, the court consolidated the federal securities
actions into a single case.  On May 4, 2004, the court appointed
Detroit P&F, a public pension fund organized for the benefit of
current and retired police and fire personnel from the city of
Detroit, as lead plaintiff, and approved Detroit P&F's selection
of Bernstein Litowitz as lead counsel.

In August 2005, the parties participated in a settlement
mediation session with the assistance of retired California
Court of Appeal Justice Charles S. Vogel.

Following this mediation session, counsel for the parties
continued to discuss settlement.  In February 2006, the parties
reached agreement on the terms of settlement and executed a
Memorandum of Understanding.

On Oct. 16, 2006, the court entered the Order of Final Judgment
and Dismissal of the Action with Prejudice and granted final
approval of the Settlement, the Plan of Allocation of Settlement
Proceeds and the Request for Attorneys' Fees and Reimbursement
of Expenses.

                    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.  (Class
Action Reporter January 18, Vol. 9, No. 13)


BAA PLC: Parent Making Progress on Refinancing Plans
----------------------------------------------------
Airport Development and Investment Ltd., parent company of BAA
Plc, made good progress on refinancing the airport operator's
GBP5-billion debt, Reuters reports.

ADI reaffirmed its plans to refinance BAA's sterling and euro
bonds with "a longer-term financing structure based upon proven
techniques adopted by other regulated companies."

"ADI's intention is to migrate existing bondholders into an
investment grade ring-fenced entity backed by regulated assets
of BAA," the Gruppo Ferrovial-led consortium said.

ADI said it would require a restructuring to segregate BAA's
regulated and non-regulated assets, Reuters reports.  

ADI will resume the development of its plans in the next few
months and intends to consult major bondholders via the
Association of British Insurers.

Reuters suggests that ADI might employ the regulated asset base
financing, a form of fundraising pioneered by British water
utilities such as Glas Cymru and Anglian Water.  According to
Reuters, RAB is a form of "whole business securitization," that
entails splitting off assets that regulators allow to make a
given return from non-regulated assets.

The method has been used to raise investment-grade debt worth up
to 85% of the asset base, Reuters cites an RBS research.

                         About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Healthrow, 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.


CHESBEE CELEBRATIONS: Taps Andrew Rosler to Liquidate Assets
------------------------------------------------------------
Andrew Rosler of Ideal Corporate Solutions Ltd. was appointed
Liquidator of Chesbee Celebrations Ltd. on Dec. 20, 2006, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Chesbee Celebrations Ltd.
         Bolholt Industrial Park
         Walshaw Road
         Bury
         Lancashire BL8 1PL
         England
         Tel: 0870 240 4230
         Fax: 0870 240 4231  


CHILTERN INVADEX: Taps KPMG Restructuring as Administrators
-----------------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG Restructuring
were appointed joint administrators of Chiltern Invadex Ltd.
(Company Number 01182024) on Jan. 4.

Headquartered in Birmingham, England, 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 Bicester, England, Chiltern Invadex Ltd.
manufactures medical care products.


CITY PLACEMENT: Nominates Liquidators from Abbot Fielding
---------------------------------------------------------
Nedim Ailyan and Hasan Mirza of Abbot Fielding were nominated
Joint Liquidator s of City Placement Ltd. on Dec. 14, 2006, for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         City Placement Ltd.
         Bury House
         33 Bury Street
         City of Westminster
         London SW1Y6AU
         England  
         Tel: 020 7925 1517


COMMCARE LTD: Joint Liquidators Take Over Operations
----------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Commcare Ltd. on Dec. 19, 2006, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Commcare Ltd.
         Unit P
         Orchard Business Centre
         St. Barnabas Close
         Allington
         Maidstone
         Kent ME160JZ
         England  
         Tel: 01622 688 444
         Fax: 01622 688 906  


COMPLETE BUILDING: Names Sabia Sahota Liquidator
------------------------------------------------
Sabia Sahota of BBK Partnership was appointed Liquidator of  
Complete Building Solutions Ltd. on Dec. 19, 2006, for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Complete Building Solutions Ltd.
         Oakhanger
         Boughton Hall Avenue
         Send
         Woking
         Surrey GU237DF
         England
         Tel: 01483 831 164


DURA AUTOMOTIVE: Inks Pact with American Electric and NITCo
-----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates entered
into agreements with American Electric Power, et al., and
Northern Indiana Trading Co. to resolve the utility companies'
objections to the Debtors' adequate assurance procedures.

As reported in the Troubled Company Reporter on Jan. 5, 2007,
Quest Energy, LLC, Northern Indiana Trading Co., American
Electric, et al., Lawrenceburg Utility and Upper Cumberland
Electric filed their objections to the adequate assurance
procedures of DURA Automotive Systems Inc. and its debtor
affiliates.

                 Stipulations with Utilities

(a) AEP, et al.

As previously reported, American Electric Power, Duke Energy
Indiana, Inc., Exelon Energy Company, The Detroit Edison
Company, and the Michigan Consolidated Gas Company objected to
the Debtors' Utility Motion.  After negotiations, the parties
have reached an agreement.

Pursuant to a Court approved stipulation, the Debtors will pay
AEP and Exelon a one-month payment in advance each month under
these terms and conditions:

    a. commencing in December 2006, the Debtors will tender
       these payments to AEP and Exelon on or before the first
       business day of each month:

          i. AEP -- US$175,000

         ii. Exelon -- US$63,000, consisting US$37,000 for
             electric and US$26,000 for gas.

    b. if payment is not timely received by AEP and Exelon, they
       can terminate service to the Debtors after providing the
       Debtors and their counsel with email and facsimile notice
       of the default and 5 days to cure the default.

The Debtors, and Duke and Detroit Edison/MCG agree that:

   (1) the Debtors will pay Duke a one-month deposit for
       US$10,000 as adequate assurance of payment.  As Duke has
       received a US$6,525 deposit payment from the Debtors,
       Duke can apply the US$6,525 toward the US$10,000 deposit
       and the Debtors have to pay the remaining $3,475 on or
       before Nov. 22, 2006;

   (2) the Debtors will pay Detroit Edison/MCG a one-month
       deposit in the amount of US$31,000.  As Detroit
       Edison/MC0 has received a US$11,250 deposit payment from
       the Debtors, Detroit Edison/MCG can apply the US$11,250
       to the US$31,000 deposit.  The Debtors have to pay the
       remaining US$19,750 on or before Nov. 22, 2006; and

   (3) the Debtors will pay all future bills from Duke and
       Detroit Edison/MCG by the applicable due date.

The Utilities agree to promptly provide the Debtors with the
amounts of their prepetition claims once they have those
figures.

(b) NITCo

On Nov. 19, 1991, Northern Indiana Trading Company entered into
a contract regarding the purchase of natural gas on behalf of
Dura Automotive Systems, Inc., and Universal Tool & Stamping for
their Sutler, Indiana, facility.

Pursuant to the Contract, NITCo is obligated to attempt to
purchase, at Universal's request and as Universal's agent,
natural gas from natural gas producers on Universal's behalf.  
Following the purchase, NITCo arranges for the transportation of
purchased natural gas to Universal's plant in Butler, Indiana,
Each month, NITCo arranges, on Universal's behalf, for the sale
of any excess gas purchased by Universal.

As compensation for these services, Universal pays NITCo an
"agency fee" each month.

To provide adequate assurance of payment to NITCo for the
Debtors' continued use of its services, the parties had agreed
to these terms:

    1. on or before 4:00 p.m. (Eastern Time) on Dec. 1, 2006,
       the Debtors will pay NITCo, via wire transfer, these
       amounts:

          i. a security deposit of US$11,734 for postpetition
             services; and

         ii. charges for postpetition utility services that have
             accrued but have not been paid as of Dec. 1, 2006,
             in an amount to be identified in writing by
             NITCo by the close of business on Nov. 30, 2006,
             and agreed upon by the Debtors;

    2. commencing on Dec. 10, 2006, on or before 4:00 p.m.
       (Eastern Time) and continuing monthly on the 10th day of
       each calendar month, NITCo will send the Debtors, via
       facsimile, an invoice for the Debtors' estimated usage
       for the following month based upon Debtors' historical
       usage for that month;

    3. commencing on Dec. 20, 2006, on or before 4:00 p.m.
       (Eastern Time) and continuing monthly on the 20th day of
       each calendar month, the Debtors will pay NITCo the
       Prepayment Amount, via wire transfer, as payment in
       advance for service to be rendered during the following
       month; and

    4. if the Debtors fail to make any of the agreed payments
       when due, NITCo may provide notice of default to the
       Debtors.  If the Debtors fail to cure the specified
       default within five days after the effective date of the
       notice, NITCo will be authorized to suspend or terminate
       all services as of the close of business on the last day
       of the month in which the default occurs.

Headquartered in Rochester Hills, Mich., 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).


EUROTUNNEL GROUP: Posts GBP568 Million in Revenues for 2006
-----------------------------------------------------------
Eurotunnel Group recorded revenues of GBP568 million in 2006
compared with GBP542 million revenues in 2005.  The growth
resulted from Eurotunnel's Passenger and Truck Shuttle
activities that increased 7% to GBP318 million.

"Eurotunnel has seen a significant growth in revenue from the
now mature cross-Channel market, for the second year in a row.  
These excellent results are ahead of the business plan which has
served as the foundation for the company's financial
restructuring and are an encouraging indicator for the success
of the safeguard plan," Jacques Gounon, Eurotunnel's chairman
and CEO disclosed.

Total revenue for Eurotunnel, which included transport and non-
transport activities, has reached GBP568 million in 2006.  At
constant exchange rates, this equates to an increase of 5% when
compared to the previous year.  It rose by 1% between 2004 and
2005.

The Shuttle services linking Folkestone to Coquelles, carrying
trucks or passenger vehicles are the main driver for this
growth: their revenues have grown by 7% to GBP318 million.

Revenues from the Railways posted GBP240 million for 2006.  This
included payments due under the minimum usage charge of GBP65
million for the 11-months of 2006.  The ending of this
arrangement deprived Eurotunnel GBP6 million of revenue compared
with 2005.

                        About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

                         Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.


GAP INC: Credit Quality Declines Amid Rumors of Sale or Spin-off
----------------------------------------------------------------
Following speculations that Gap Inc. could be acquired in a
leveraged buyout, its credit-default swaps based on US$10
million of Gap bonds jumped 27% to US$167,000 from US$132,000,
suggesting a decline in the perception of credit quality,
Bloomberg News reports.

According to sources familiar with the matter, Gap hired Goldman
Sachs Group Inc. to examine strategic alternatives, which may
include a sale or a spin-off of one of Gap's units, Bloomberg
News states.

Gap spokesman Greg Rossiter, reacting on the matter, said the
company has been working with Goldman Sachs since 1995 and it
doesn't comment on "rumors and speculation".

The company disclosed on Jan. 4 that net sales declined in 28 of
the past 31 months and dropped 8% in December 2006, prompting
its board to review strategies for the Gap and Old Navy chains.  
The company will release the board's review before March 1.  CEO
Paul Pressler slashed prices at its stores in the wake of
disappointing sales during the holidays, Bloomberg News relates.

"He'll not be the leader of the company six months from now,"
said Matrix Asset Advisors' David Katz, who helps manage 2.3
million Gap shares.  "The critical piece for Gap's success has
been the right merchandise.  He's not been able to do that.  He
did a great job getting the finances under control.  He's not
the right person now."

Mr. Pressler, hired in 2002 from Walt Disney Co., has appointed
new executives, including heads for the Gap and Old Navy chains,
in an effort to boost flagging sales.  His five-year contract
ends in September.  At least eight top executives deserted the
company as revenue plummeted, Bloomberg News states.

According to the report, Mr. Pressler received US$17 million in
total compensation in fiscal 2005, including US$1.5 million in
salary and stock options worth US$15.2 million, but didn't get a
bonus after failing to meet the company's financial goals.

Gap has a stock market value of US$16.4 billion as of Jan. 16
and is worth US$24 to US$27 a share.  It had US$513 million of
debt at the end of October 2006, Bloomberg News reports.

Same-store sales at Gap in North America slid 9%, while Old Navy
fell 10%.  Banana Republic sales increased 2%, exceeding
estimates for a 0.2% gain, Bloomberg News said.

Moody's Investors Service said it may cut Gap's credit ratings
from the current level of Baa3, the lowest investment-grade
ranking, Bloomberg News relates.

                          About Gap Inc.

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

                        *     *     *

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

In a TCR-Europe report published Jan. 15, Fitch has downgraded
Gap Inc.'s Issuer Default Rating to BB+ from BBB- and its Senior
Unsecured Notes to BB+ from BBB-.


H. PLUMB: Closes Eight Stores as Administrators Take Helm
---------------------------------------------------------
David Swaden and Dermot Justin Power of BDO Stoy Hayward were
appointed joint administrators of H. Plumb & Son Ltd., a Wigan-
based television retailer, on Jan. 2.

According to Wigan Today, 76 employees went jobless and eight
stores have closed following the 70 year-old company's
breakdown.

"It is all very sad.  So many specialist high street retailers
have already foundered because they cannot compete with Internet
purchasing and pressures from others who have encroached into
their space," Dermot Power told Wigan Today.

"Plumb's has been a Wigan name for 70 years and the demise of
its retail side is all the sadder because after years of
ownership by the founder and his son, Mr. Plumb Jr. passed the
business into an employees' benefit trust," Mr. Power added.
"We are working to secure a sale of the rental side of the
business which already has over 10,000 customers and further
potential for growth."

According to Mr. Power, if the rental division can be sold as a
going concern, it could save the jobs of around 25 workers.

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.

H. Plumb & Son Ltd. can be reached at:

         48-50 Standishgate
         Wigan
         Lancashire WN1 1RQ
         United Kingdom
         Tel: 01942 244 442


HIGHLANDER EURO II: Moody's Rates Cayman Unit's EUR24.5-Mln Debt
----------------------------------------------------------------
Moody's Investors Service assigned long-term ratings to the
notes issued by Highlander Euro CDO II B.V. on Dec. 14, 2006, a
special purpose vehicle incorporated in The Netherlands:

   -- Aaa to the EUR479.5 million Class A Primary Senior Secured
      Floating Rate Notes due 2022;

   -- Aa2 to the EUR56 million Class B Primary Senior Secured
      Floating Rate Notes due 2022;

   -- A3 to the EUR42 million Class C Primary Senior Secured
      Deferrable Floating Rate Notes due 2022; and

   -- Baa3 to the EUR28 million Class D Primary Senior Secured
      Deferrable Floating Rate Notes due 2022.

The Primary Issuer has also issued EUR58.8 million Class M
Primary Mezzanine Secured Notes due 2022 and EUR35.7 million
Class F-2 Primary Subordinated Notes due 2022* which are not
rated by Moody's.

Highlander Euro CDO II (Cayman) Ltd., an SPV incorporated in
Cayman Islands, will acquire the unrated Class M Primary
Mezzanine Notes directly from the Primary Issuer.  It will be
re-issued in a split form into a EUR24.5 million Class E
Secondary Senior Secured Deferrable Floating Rate Notes due
2022* and a EUR34.3 million Class F-1 Secondary Mandatorily
Redeemable Preferred Securities. The Class F-1 Secondary
Mandatorily Redeemable Preferred Securities effectively rank
pari passu to the Class F-2 Primary Subordinated Notes due 2022.  

The Secondary Issuer will also purchase EUR3 million of the
Class C Primary Senior Secured Deferrable Floating Rate Notes
and EUR2.5 million Class D Primary Senior Secured Deferrable
Floating Rate Notes which will be re-issued and included in the
Class X Secondary Combination Securities together with EUR1.5
million Class F-1 Secondary Mandatorily Redeemable Preferred
Securities.

These ratings are assigned to the notes to be issued by
Highlander Euro CDO II (Cayman) Ltd.:

   -- A3 to the EUR3 million Class C Secondary Senior Secured
      Deferrable Floating Rate Notes due 2022;

   -- Baa3 to the EUR2.5 million Class D Secondary Senior
      Secured Deferrable Floating Rate Notes due 2022;

   -- Ba3 to the EUR24.5 million Class E Secondary Senior
      Secured Deferrable Floating Rate Notes due 2022; and

   -- Baa1 to the EUR7 million Class X Secondary Combination
      Securities due 2022.

These ratings address the expected loss of noteholders by the
legal final maturity date in December 2022.  The rating assigned
to the Class X Secondary Combination Securities addresses the
expected loss on such securities as a portion of the Rated
Balance and the payments of interest thereon at a Rated Coupon
of 0.25% per annum, where the Rated Balance is defined at any
time as the initial principal amount of such securities on the
Closing Date, less all payments made in respect of such
securities in excess of the Rated Coupon (including, for the
avoidance of doubt, any allocation of principal, interest in
excess of the Rated Coupon and dividends) at such time.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks, such as those
associated with the timing of principal prepayments and other
market risks, have not been addressed and may have a significant
effect on yield to investors.

These ratings are based upon:

   1. an assessment of the credit quality and of the
      diversification of the assets to be included in the
      portfolio;

   2. an assessment of the eligibility criteria, reinvestment
      criteria and portfolio limits applicable to the future
      additions to the portfolio;

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

   4. the expertise of Highland Capital Management Europe,
      Ltd. in the management of loans portfolios; and

   5. the legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a portfolio of EUR686 million comprised of senior
loans, mezzanine loans and high-yield bonds.  The portfolio is
dynamic and Highland Capital Management Europe, Ltd. will
provide investment advice to the Primary Issuer in respect
thereof.  The portfolio is around 90% ramped-up at closing, and
is expected to be fully ramped-up within six months after
closing, subject to compliance with the eligibility criteria and
portfolio guidelines (including, amongst other tests, the
diversity score, the weighted average rating factor, the
weighted average recovery rate, the weighted average spread and
the weighted average life of the assets in the portfolio).

This transaction was arranged by Goldman Sachs International and
managed by Highland Capital Management Europe, Ltd.


LANDESBANK BERLIN: Moody's Assigns D+ Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned an A1 Issuer Rating to
Landesbank Berlin and affirmed the existing A1 Deposit, P-1
Short-term Deposit and D+ Financial Strength Ratings for the
bank.

The Issuer Rating has been assigned at the request of Landesbank
Berlin.  Issuer Ratings are opinions of the ability of entities
to honor senior unsecured financial obligations and contracts.  
Moody's rating symbols for Issuer Ratings are identical to those
used to indicate the credit quality of long-term obligations.

The A1 Issuer rating is consistent with the existing A1/P-1
Deposit Ratings for Landesbank Berlin and reflect the bank's
current majority ownership by the City of Berlin (rated Aa1).

Domiciled in Berlin, Germany, Landesbank Berlin reported total
assets of EUR144.4 billion and interim operating income of
EUR216 million as of end-September 2006.


LC REALISATIONS: Brings In Administrators from PwC
--------------------------------------------------
Ian David Stokoe, Ian David Green and Stephen Andrew Ellis of
PricewaterhouseCoopers LLP were appointed joint administrators
of LC Realisations Ltd. (Company Number 5464770) and
The People's Restaurant Group Ltd. (Company Number 5429724) on
Jan. 3.

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

Headquartered in Sheffield, England, The People's Restaurant
Group Ltd. and LC Realisations Ltd. --
http://www.littlechef.co.uk/-- operates 193 Little Chef  
restaurants from Scotland to Cornwall.


MMS ELECTRICAL: Names Jeremy Nicholas Bleazard as Administrator
---------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Ltd. was named
administrator of MMS Electrical Contractors Ltd. (Company Number
04559408) on Jan. 2.

The administrator can be reached at:

         Jeremy Nicholas B leazard
         XL Business Solutions Ltd.  
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom
         Fax: 01274 870606
         Tel: 01274 870101
         E-mail: enquiries@xlbs.co.uk
                 jbleazard@xlbs.co.uk  

MMS Electrical Contractors Ltd. can be reached at:

         The Stables 225A
         Handsworth Road
         Handsworth Sheffield
         South Yorkshire S13 9BH
         United Kingdom
         Tel: 0114 242 2255
         Fax: 0114 242 2255
         Web site: http://www.mmselectrical.co.uk/


MISYS PLC: Earns GBP22.8 Million in Six Months to Nov. 30, 2006
---------------------------------------------------------------
Misys plc released its unaudited interim results for the six
months ended Nov. 30, 2006.

Misys posted a GBP22.8 million net profit on GBP468.2 million of
revenues for the six months ended Nov. 30, 2006, compared with a
GBP20.2 million net profit on GBP464.5 million of revenues for
the six months ended Nov. 30, 2005.

At Nov. 30, 2006, the Company's balance sheet showed a positive
stockholders' equity of GBP11.6 million, compared with a
GBP155.6 million deficit at Nov. 30, 2005.

The Company's Nov. 30 balance sheet also showed strained
liquidity with GBP266.5 million in total current assets
available to pay GBP331.9 million in total current liabilities.

Mike Lawrie, Misys chief executive, commented, "Our Treasury &
Capital Markets business is growing well as a result of its
revamped product portfolio and Core Banking is making some
progress. However, in Healthcare, our performance was
unacceptable and we have taken action to address
this - early indications are positive and we will take further
action if necessary.

"It is clear to me since joining Misys that given not only the
growth opportunities in the core markets in which we operate,
but also internal initiatives we can pursue, we have the
potential to deliver much greater performance.  As I outlined in
December, we are in the process of developing a full turnaround
plan for Misys to deliver value for our customers, employees and
shareholders.  I'll be saying more about our plans in early
March."

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software   
serving the international banking and healthcare industries and
the U.K. general insurance industry.


NASDAQ STOCK: LSE Reiterates Call for Rejection of Final Offer
--------------------------------------------------------------
The Board of London Stock Exchange Group plc is posting its
second shareholder circular in response to the final offer
posted by Nasdaq on Dec. 12, 2006.

The Circular highlights the excellent prospects of the Exchange
Group which are underpinned by its global leadership position
for listings, the continuing structural shift to higher volumes
of trading driven by declining transaction costs, increasingly
fast and efficient technology and the growing demand for data
products.

The Circular includes the Exchange's SETS forecast for financial
year 2008 of at least 480,000 average trades per day, an
increase of at least 180%.  As evidence of the Board's
confidence in the Exchange Group's growth prospects, the Board
also announces an increase of up to GBP250 million in its
existing share buyback program, underlining its commitment to
continue its proactive approach to capital management.  Over the
last two and a half years, the Exchange Group has returned or
announced a commitment to return up to GBP974 million, 35% of
its current market capitalization.

Furthermore, the Circular illustrates the Exchange Group's long
culture of competing successfully for liquidity against a number
of trading platforms in the UK and, with MiFID, the opportunity
for the Exchange Group to extend its successful franchise in an
increasingly pan-European market.

The Circular sets out the Board's continuing view that the
Exchange Group should be valued against a much broader group of
global exchanges which is supported by financial experts in
recent precedent exchange transactions.  Nasdaq's offer of
24.4x is far below the trading P/E multiples for the 12 months
to Dec. 31, 2006 of virtually all other major listed exchanges.

The Board of the Exchange Group continues to recommend strongly
that Exchange Group shareholders reject Nasdaq's wholly
inadequate offer and take no action in respect of their
shareholdings.

"[Thurs]day's revised SETS forecast, together with the recently
announced tariff changes, support a compelling value creation
story for the Exchange Group.  The Exchange is an increasingly
attractive strategic asset in the rapidly evolving
global exchange sector," Clara Furse, Chief Executive Officer of
the Exchange Group, commented.

"The Board's confidence in the Exchange Group's growth prospects
explains the focus on ensuring the standalone value of the
Exchange Group is fully understood.  Nasdaq's wholly inadequate
offer persists in undervaluing the world's capital market.  Your
Board remains open to a strategic combination and the Circular
explains that shareholders and customers would benefit from a
transaction which properly recognizes the value of the Exchange
Group and its markets.  Shareholders should not be persuaded to
sell their shares below their true value," Chris Gibson-Smith,
Chairman of the Exchange Group, commented.

The Board of Nasdaq earlier extended its Final Offers for LSE
and will remain open for acceptance until 3:00 p.m. (London
time) on Jan 26.

As previously reported in the TCR-Europe on Dec. 15, 2006,
Nasdaq Stock Market Inc. launched a fresh takeover bid for
London Stock Exchange Plc, valuing the LSE at GBP2.7 billion
(US$5.3 billion).

As stated in NASDAQ's announcements on Nov. 20, 2006, and
Dec. 19, 2006, the NASDAQ Board believes that its Ordinary Offer
of 1,243 pence per LSE Ordinary Share is a full and fair price.

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

                         *     *     *

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

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

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

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


ORION LOCUMS: Appoints Joint Administrators from Leonard Curtis
---------------------------------------------------------------
N. A. Bennett and K. D. Goodman of Leonard Curtis were appointed
joint administrators of Orion Locums Ltd. (Company Number
4231383)on Dec. 12, 2006.

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

Orion Locums Ltd. can be reached at:

         15-16 Basildon Business Center
         Bentalls
         Basildon
         Essex SS14 3FT
         United Kingdom
         Tel: 01268 527 797
         Fax: 01268 244 399


OWEN OWEN: HSBC Bank Taps Grant Thornton as Receivers
-----------------------------------------------------
HSBC Bank Plc. appointed Leslie Ross and Keith Hinds of Grant
Thornton U.K. LLP joint administrative receivers of Owen Owen
(Wellingborough) Ltd. (Company Number 03890792) on
Dec. 15, 2006.

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

Owen Owen (Wellingborough) Ltd. can be reached at:

         Irthlingborough Road
         Wellinborough
         Northamptonshire NN8 1RA
         United Kingdom
         Tel: 01933 223 212
         Fax: 01933 440 150


PEEL FABRICATIONS: Taps Langley Group as Administrators
-------------------------------------------------------
Alan Simon and Philip Simons of Langley Group LLP were appointed
joint administrators of Peel Fabrications (Southampton) Ltd.
(Company Number 0948518) on Dec. 29, 2006.

The administrators can be reached at:

         Alan Simon and Philip Simons
         Langley Group LLP
         Langley House  
         Park Road  
         East Finchley  
         London N2 8EX  
         United Kingdom
         Tel: 020 8444 2000  
         Fax: 020 8444 3400
         E-mail: philip.simons@langleypartners.co.uk

Peel Fabrications (Southampton) Ltd. can be reached at:

         Unit 11
         Solent Industrial Estate
         Shamblehurst Lane  
         Hedge End  
         Southampton  
         Hampshire SO30 2FX
         United Kingdom
         Tel: 01489 782 262
         Fax: 01489 781 822


SECURITY RESPONSE: Appoints Jonathan Lord as Liquidator
-------------------------------------------------------
Jonathan Lord of Bridgestones was appointed Liquidator of
Security Response Ltd. on Dec. 4, 2006, for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         Bridgestones
         125-127 Union Street  
         Oldham OL1 1TE
         England


SOLUTIA INC: Committee Wants to Intervene in Calpine Arbitration
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Solutia Inc.
and its debtor-affiliates seeks permission from the U.S.
Bankruptcy Court for the Southern District of New York to
intervene in the arbitration of the contested claims of Decatur
Energy Center LLC, and Calpine Central L.P. pursuant to Rule
24(a)(2) of the Federal Rules of Bankruptcy Procedure, and
Section 1109(b) of the Bankruptcy Code.

Before it filed for bankruptcy, Solutia entered into a series of
20-year term contracts scheduled to commence in 2002, with
Calpine Central, Calpine Power Services Company, and Decatur
pursuant to which Calpine built a natural gas co-generation
facility on land leased from Solutia at Solutia's plant in
Decatur, Alabama.

Calpine and Solutia, however, agreed to delay commencement of
performance until June 1, 2004, because of the unanticipated
increase in natural gas prices.

In 2004, Solutia determined that the then-current and forecasted
price of natural gas rendered it more cost-effective for Solutia
to return to its historical practice of purchasing energy of the
Decatur plant from the Tennessee Valley Authority and generating
its own steam, rather than buying energy and steam from Calpine.  
On May 13, 2004, Solutia filed a motion seeking to reject
certain Contracts.

The Court entered a stipulated order on May 24, 2004, settling
the motion and approving the rejection of certain Contracts.  
Calpine was permitted to submit proofs of claim for damages
allegedly resulting from the rejection of the Contracts.

Solutia objected to two of the three claims filed by Calpine for
damages relating to the Rejected Contracts.  Both claims
aggregate US$382,717,333.

The Court entered an order dated November 2005, compelling
arbitration of the contested claims of Calpine Central and
Decatur.  The parties agreed to stay the Arbitration to conduct
settlement negotiations; however, no resolution materialized
between the parties and, consequently, the Arbitration will
proceed.  The Creditors Committee then sought and obtained
approval, in August 2006, to retain conflicts counsel to
represent the interests of unsecured creditors in the
Arbitration.

The Creditors Committee and the Debtors have consulted
extensively about the merits of the Arbitration, and the Debtors
have granted the Creditors Committee access to documents
produced in the Arbitration.

John J. Jerome, Esq., at Saul Ewing LLP, in Philadelphia,
Pennsylvania, conflicts counsel to the Creditors Committee,
tells the Court that the outcome of the Arbitration will affect
the ultimate recoveries available to unsecured creditors,
therefore, it is essential for the Creditors Committee to become
a formal party to the Arbitration in order to assert and protect
the interests of the unsecured creditors.

The Creditors Committee's request to intervene is also timely as
the Arbitration remains in the early stages -- fact discovery is
ongoing and the deadline to disclose experts and exchange expert
reports is in late March 2007.  The Arbitration hearing is not
until Aug. 27, Mr. Jerome notes.

The Creditors Committee does not intend to raise new issues,
assert new or different objections to the Calpine Claims, or
take any other actions that would adversely affect the
scheduling order entered by the Arbitration Panel in September
2006.  Moreover, no party will be prejudiced by the
intervention, Mr. Jerome maintains.  He clarifies that the
Committee merely seeks to ensure that its constituents'
interests are represented.

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


STOCKLE COLOUR: Appoints Administrators from Baker Tilly
---------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly were
appointed joint administrators of Stockle Colour Printers Ltd.
(Company Number 4548510) on Dec. 22, 2006.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

Stockle Colour Printers Ltd. can be reached at:

         Linton Street
         Bradford  
         West Yorkshire BD4 7EZ
         United Kingdom
         Tel: 01274 308 100
         Fax: 01274 308 321


THPA FINANCE: Fitch Affirms B Rating on GBP30-Mln Class C Notes
---------------------------------------------------------------
Fitch Ratings affirmed THPA Finance Ltd.'s notes:

    -- Class A2 GBP145 million secured 7.127% fixed-rate notes
       due 2024 at A;

    -- Class B GBP70 million secured 8.421% fixed-rate notes due
       2028 at BBB; and

    -- Class C GBP30 million secured floating-rate notes due
       2031 at BB.

THPA is a securitization of the assets held and earnings
generated by the PD Ports group, which owns the port of Tees &
Hartlepool on the northeast coast of England.  Babcock & Brown
Infrastructure Ltd, an Australia-based infrastructure investment
vehicle, acquired PD Ports in January 2006.

This rating affirmation follows a review of the recent financial
performance to September 2006, which reported the transaction's
trailing 12-month EBITDA before exceptional items of GBP40.4
million, almost stable compared with the year before.  The
EBITDA debt service coverage ratio stands at 2x, ahead of its
1.25x default covenant.

Fitch notes that following the full prepayment of the A1 tranche
in September 2004, the current debt service requirement only
consists of interest payments, which artificially improves the
transaction's coverage ratio.  Fitch views this prepayment as a
credit negative as debt service requirements will markedly
increase in 2011 when principal amortizations resume for the A2
tranche.

Despite this concern, the annuity-based net cash flow DSCR
adjusting for principal amortization holidays, stands at 1.59x
as of September 2006, in line with a BB rating, compared with
1.19x at close.


VOGUE CONTRACTS: Appoints Paul John Webb as Administrator
---------------------------------------------------------
In the High Court of Justice (Chancery Division), Paul John Webb
of Mayfields Insolvency Practitioners was appointed
administrator of Vogue Contracts Ltd. (Company Number 05650685)
on Dec. 21, 2006.

The administrator can be reached at:

         Paul John Webb
         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen
         West Midlands B63 4AB
         United Kingdom
         Tel: 0121 550 0011

Vogue Contracts Ltd. can be reached at:

         113 Hockley Street
         Birmingham
         West Midlands B19 3DP
         United Kingdom
         Tel: 0121 551 9949
         Fax: 0121 551 9979


YOUR HEALTH: Appoints Zafar Igbal to Administer Assets
------------------------------------------------------
Zafar Iqbal of Cooper Young was appointed administrator of Your
Health Plus Ltd. (Company Number 04973934) and Your Health Plus
Insurance Services Ltd. (Company Number 04919218) on Dec. 28.

The administrator can be reached at:
          
         Zafar Igbal
         Cooper Young
         Kirkdale House
         Kirkdale Road
         Leytonstone
         London E11 1HP
         United Kingdom
         Tel: 020 8539 0700   

Your Health Plus Ltd. and Your Health Plus Insurance Services
Ltd. can be reached at:

         Stylus House
         London Road
         Bracknell  
         Berkshire RG12 2UT
         United Kingdom
         Tel: 01344 455 541


* BOOK REVIEW: Partners: Forming Strategic Alliances in
               Health Care
-------------------------------------------------------
Authors:    Arnold D. Kaluzny, Howard S. Zuckerman, and
            Thomas C. Ricketts III
Publisher:  Beard Books
Paperback:  204 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981513/internetbankru
pt

From Henry Berry, Nightingale's Healthcare News, November 2006:  

The content of Partners: Forming Strategic Alliances in Health
Care comes from a November 1993 conference in Chapel Hill, North
Carolina, that was held in conjunction with the Clinton
Administration's proposals for sweeping change in the nation's
healthcare system.  The conference was attended by 80 of the
nation's top healthcare administrators, academicians,
physicians, and lawyers.

In a foreword to the book, which is a reprint of a 1995
publication, Kenneth F. Thorpe, Deputy Assistant Secretary for
Health Policy at the Department of Health and Human Services at
the time, conveys the Clinton Administration's position that
strategic alliances are of particular value in healthcare.

Not surprisingly, strategic alliances were to play an important
role in the Administration's proposals for healthcare reform.  
The Administration's approach did not get far politically and
thus did not bring reform.

Nonetheless, the healthcare field has come to recognize the
pertinence and value of strategic alliances, which have been
embraced in business fields where change in consumer interests,
technology, research, delivery systems, and other areas is
ongoing.

In sections that are well organized, both topically and with
internal references, the fundamentals and benefits of strategic
alliances are explained.

The book also offers instructive experiences in forming and
administering such alliances.

Strategic alliances were not simply an approach touted by the
Clinton Administration as a way of effecting healthcare reform.
Nor were strategic alliances a theory arising from the business
conditions and challenges at the time.

Strategic alliances were, instead, a widespread arrangement to
deal with the business environment of the early 1990s.  This
environment continues to this day, with no end in sight.

For the most part, today's healthcare industry is characterized
by new, often problematic, opportunities and challenges in
greatly expanding markets that can be changed overnight by a
financial report or research finding, new legislation and
regulation, or the introduction of new technology.

Howard Zuckerman, one of the editors, expresses it well, saying
that the healthcare industry is a "turbulent environment [where]
companies around the globe and across a multitude of industries
are turning to alliances as a cooperative, inter-organizational
mechanism for adaptation."

Strategic alliances uniquely enable participating organizations
to extend their operational reach and work toward desirable
strategic ends.

Strategic alliances have thus become more than an ad hoc
arrangement to help healthcare organizations get through a tough
stretch or resolve a pressing problem.

Strategic alliances have been incorporated into the healthcare
field as an ever-present operational and strategic
consideration.

In the contemporary environment of continual change and
unpredictable developments, many organizations face
circumstances where strategic alliance is necessary to stay
timely and competitive.

As Mr. Zuckerman notes, "Strategic alliances are designed to
achieve strategic purposes not attainable by a single
organization, providing flexibility and responsiveness while
retaining the basic fabric of participating organizations."

The rationale to form strategic alliances is the same for
healthcare organizations as it is for other business entities.
Organizations form strategic alliances because they recognize
their value in engendering flexibility and bringing access to an
ever-broadening array of resources and markets.

As Barry Stein, president of Goodmeasure Inc. notes, these are
not trivial benefits, but are essential considerations of any
corporation that hopes to remain relevant and vibrant.

Healthcare organizations of all sizes and in all markets can
enjoy the benefits offered by strategic alliances.  Says Mr.
Stein, "Alliances tend to be particularly important in
unfamiliar markets.

"For larger organizations trying to enter local markets, it is
sound practice to build local alliances because local knowledge
and connections are valuable.

"Smaller organizations in local markets can take advantage of
network ties outside their traditional boundaries to tap broader
or perhaps global sources of materials, capital, or expertise."

While strategic alliances offer enhanced operational
capabilities and higher strategic goals to practically every
healthcare organization, such advantages are not gained
automatically.

Apart from whether strategic alliances prove fruitful, the
inevitable management issues can be difficult to resolve.  If an
alliance is to be workable and beneficial, certain challenges
have to be met by experienced, capable businesspersons.

Some alliances come apart; and some do not fulfill their
purposes.  Even for strategic alliances that work, the
management complexities are enormous.

As one participant in the conference observed, the
"rewards...must be incredible to justify all the extra short-
term costs that go along with them."

Partners: Forming Strategic Alliances in Health Care identifies
the pros and cons of strategic alliances and offers advice and
commentary on how to eliminate or minimize difficulties so
healthcare organizations can partake of the rewards that
strategic alliances singularly make possible.

Arnold D. Kaluzny, Howard S. Zuckerman, and Thomas C. Ricketts
III are all professors in university health policy and
administration departments.  Geoffrey B. Walton is a top
executive with Strategic Integration and Practice Operations at
Sun Health, an Arizona company.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Kristina A.
Godinez, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *