TCREUR_Public/070122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 22, 2007, Vol. 8, No. 15

                            Headlines


A U S T R I A

AFRO FRISUREN: Claims Registration Period Ends February 1
AGROPEX LLC: Feldkirch Court Orders Business Shutdown
DIETRICH & DORINGER: Claims Registration Period Ends January 30
EUROSNAP HANDEL: Steyr Court Orders Business Shutdown
FASHION OUTLET: Property Manager Declares Insufficient Assets

KARL VANEK: Vienna Court Orders Business Shutdown
KIRCHBERGER BACKEREI: Claims Registration Period Ends February 6
HDN BAUTRAGER: Vienna Court Orders Business Shutdown
NOEBAUER TRANSPORT: Linz Court Orders Business Shutdown
WIENERBERGER AG: Moody's Puts (P)Ba1 Rating on Debt Issuance


C Z E C H   R E P U B L I C

LEAR CORP: Reschedules Earnings Conference Call


D E N M A R K

INVACARE CORP: Moody's Assigns B1 Corporate Family Rating
INVACARE CORP: S&P Junks Proposed US$125-Million Sr. Sub. Notes


F I N L A N D

BENEFON OYJ: Names Robin Halliday as Chief Financial Officer
METSO OYJ: Paper Unit Inks EUR100-Million Supply Deal in Japan


F R A N C E

ALCATEL-LUCENT: Alenia Space Unit Inks EUR103-Mln Satellite Deal
ALCATEL-LUCENT: To Transfer Asia-Pacific Headquarter to Shanghai
HELLER SA: Argentan Commercial Court Authorizes Manop Takeover


G E R M A N Y

AGFAPHOTO GMBH: Sues Agfa-Gevaert N.V. for Unpaid Deliveries
ARTECPLAN BAUTRAGER: Claims Registration Ends February 12
BAYFA-HANDELS: Creditors' Meeting Slated for January 31
DITHMARSCHER BAUPARTNER: Claims Registration Ends January 29
DREIECK-BAU: Claims Registration Ends February 8

EIS UND CAFE: Claims Registration Ends February 2
FRANZ FOERG: Claims Registration Ends February 5
FRIEDBERGER BRAUHAUS: Claims Registration Ends February 9
GOLDLAND UHREN: Claims Registration Ends February 5
KOLEX NAHRUNGSMITTEL: Claims Registration Ends January 30

MARX BAU: Claims Registration Ends February 2
R & T MANAGEMENT: Claims Registration Ends February 12
SANMINA-SCI: Files Annual Report for Year Ended Sept. 30, 2006
SANMINA-SCI: Fitch Affirms B+ IDR with Negative Outlook
SANMINA-SCI: 10-K Filing Prompts Moody's to Affirm Low-B Ratings

SCHABBON & EHRLER: Claims Registration Ends February 9
SCHEIDT GMBH: Claims Registration Ends February 7
VOLKSWAGEN AG: Skoda Unit Sells 549,667 Total Vehicles


I T A L Y

ALCATEL-LUCENT: Alenia Space Unit Inks EUR103-Mln Satellite Deal
ALITALIA SPA: CEO Giancarlo Cimoli Quits from Air France Board
ALITALIA SPA: Banca Popolare di Vicenza Mulls Filing Bid
ALITALIA SPA: Emirates & LAN Airlines to Join Alazraki's Group
FIAT SPA: Issuing 1.5-Bln Bonds to Gain Investment Grade Rating


K A Z A K H S T A N

ALIN STROY: Karaganda Court Opens Bankruptcy Proceedings
ASAR ORDA: Creditors Must File Claims by February 22
HALYK BANK: Fitch Affirms Individual C/D Rating
KURYLYS ORIGINAL: Claims Filing Period Ends February 22
RUBEJ INVEST: Proof of Claim Deadline Slated for February 27

SESTA CJSC: Claims Registration Ends February 27
STROYKURYLYS LLP: Claims Filing Period Ends February 28
TALAPTY OJSC: Court Begins Bankruptcy Proceedings
TAZA SEUR: Creditors Must File Claims by February 28
TRANSKAZLOGISTICS LLP: Claims Filing Period Ends February 28

BANK TURANALEM: Fitch Rates US$1-Bln Eurobonds at Final BB+
X-TELEVISION LLP: Creditors' Claims Due February 28


K Y R G Y Z S T A N

MARZIPAN LLC: Creditors' Claims Due February 28
RIVERA LLC: Creditors Meeting Slated for February 14


L U X E M B O U R G

EVRAZ GROUP Shareholders Name Alexander Frolov as New CEO


N E T H E R L A N D S

TURANALEM FINANCE: Fitch Rates US$1-Bln Eurobonds at Final BB+
VNU NV: Renames to The Nielsen Company; Launches New Web Site


N O R W A Y

SHIP FINANCE: Acquires Jack-Drilling up Rig for US$210 Million
SHIP FINANCE: Names Svein Aaser to Board of Directors


P O L A N D

* Iberian Law Firm Garrigues Expands Practice to Warsaw


R U S S I A

AGRO-MASH OJSC: Creditors Must File Claims by Jan. 30
ALKOR OJSC: Creditors Must File Claims by Jan. 30
DEMYANSKIY: Bidding Deadline Slated for January 27
ENGINEER CJSC: Creditors Must File Claims by Jan. 30
EVRAZ GROUP Shareholders Name Alexander Frolov as New CEO

FAKIR CJSC: Creditors Must File Claims by Jan. 30
FINLAIN CJSC: Creditors Must File Claims by Jan. 30
KOLOMENSKIYE MILLS: Creditors Must File Claims by Jan. 30
LOTUS CJSC: Creditors Must File Claims by Jan. 30
PECHINOK-AGRO-TEKH-SERVICE OJSC: Claims Deadline Set Jan. 30

RUZA CJSC: Creditors Must File Claims by Jan. 30
SPARK CJSC: Creditors Must File Claims by Jan. 30
SUZEMVSKIY SYRODEL: Bankruptcy Hearing Slated for April 19
SWEATS LLC: Creditors Must File Claims by Jan. 30
TEKSKOM CJSC: Creditors Must File Claims by Jan. 30

TOPAZ LLC: Kursk Bankruptcy Hearing Slated for March 14


S W I T Z E R L A N D

ADF AUTOMATED: Creditors' Liquidation Claims Due February 9
ANDRENA SUISSE: Creditors' Liquidation Claims Due February 9
ANI SANITAR: Schwyz Court Suspends Bankruptcy Proceedings
BAM INVEST: Creditors' Liquidation Claims Due February 9
BARRY CALLEBAUT: Europe Sales Net CHF866 Mln for 1Q 2006-2007

BURGSCHAFT JSC: Creditors' Liquidation Claims Due February 9
C + C VERWALTUNG: Creditors' Liquidation Claims Due February 9
HC ZENTRALSCHWEIZ: Lucerne Court Starts Bankruptcy Proceedings
MALER AMREIN: Lucerne Court Starts Bankruptcy Proceedings
PROMATIC JSC: Schaffhausen Court Suspends Bankruptcy Proceedings

TRAVERSA-RACING LLC: March Court Starts Bankruptcy Proceedings


U K R A I N E

ARTMAYDAN LLC: Creditors Must Submit Claims by Feb. 8
MAX LINE: Claims Submission Deadline Set Feb. 23
PRIVATBANK CJSC: Commences Sale of Mortgage-Backed Bonds
PRIVATBANK CJSC: Fitch Rates Eurobond at Long-Term B
PRIVATBANK CJSC: Moody's Assigns Ba2 Rating on Eurobond Issue

PRORIV LLC: Creditors Must Submit Claims by Feb. 23
RUBANSKOE LLC: Creditors Must Submit Claims by Feb. 8
UKRSIBBANK JSIB: Shareholders' Meeting Slated for Feb. 23


U N I T E D   K I N G D O M

ALINCO LTD: Appoints Jane Lindsay Gandon as Administrator
ALINCO LTD: Sheet Metal Manufacturer Up for Sale
CRASH AUTO: Names Brendan Eric Doyle Liquidator
EASYAMG.COM LTD: Names Paul Anthony Saxton Liquidator
ENVIRONMENT IQ: Brings In Liquidator from Ensors

FABFOLD LTD: Hires Liquidator from Poppleton & Appleby
FLAGSUK.COM LTD: Joint Liquidators Take Over Operations
FLOWELD LTD: Calls In Liquidators from Abbot Fielding
FRUDD CONSTRUCTION: Ernst & Young Selling Construction Firm
GLASS INSULATION: Brings In Grant Thornton as Administrators

GLASS INSULATION: Grant Thornton Selling PVC Manufacturer
MUSIC ZONE: Deloitte Administrators Selling Music Chain
OBORNE AND ANDREWS: Brings In Liquidator from Mazars LLP
OCTAVIA CONSULTING: Taps Richard Rones to Liquidate Assets
PARAMOULD LTD: Joint Liquidators Take Over Operations

PHILEAS FROG: Calls In Liquidator from Begbies Traynor
UK SPV: Fitch Rates Upcoming Eurobond Issue at Long-Term B
UK SPV: Moody's Assigns Ba2 Rating on Eurobond Issue
RE-CONSTRUCTION UK: Creditors Confirm Liquidators' Appointment
RENTOKIL INITIAL: Securitas May Bid for Electronic Security Unit

RENTOKIL INITIAL: Takes Over Enviro-Fresh Ltd. for GBP9 Million
RENTOKIL INITIAL: Acquires Acelec Alarme Assets for EUR600,000
RESTPROPCO LTD: Appoints Administrators from PwC
SOLUTIA INC: Wants Court to Increase OCP Payment to US$15 Mil.
TREASURED PALS: Brings In Joint Administrators from PwC

VERITAS MANAGEMENT: Taps DTE Leonard to Administer Assets
WEST LANCS: Appoints John C. Moran to Liquidate Assets
WHITSTONE CAPITAL: Fitch Upgrades Class C Notes to BB+ from BB

* PricewaterhouseCoopers Taps Brian Martin as New Head


                            *********


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


AFRO FRISUREN: Claims Registration Period Ends February 1
---------------------------------------------------------
Creditors owed money by LLC AFRO Frisuren (FN 72779d) have until
Feb. 1 to file written proofs of claims to court-appointed
property manager Thomas Deschka at:

         Dr. Thomas Deschka
         c/o Dr. Robert Klein
         Spiegelgasse 10
         1010 Vienna, Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: deschka@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.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. 6, 2006 (Bankr. Case No. 5 S 160/06y).  Robert Klein
represents Dr. Deschka in the bankruptcy proceedings.


AGROPEX LLC: Feldkirch Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Feldkirch entered Dec. 5, 2006, an order
shutting down the business of LLC Agropex (FN 142177i).

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

The property manager can be reached at:

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

Headquartered in Wolfurt, Austria, the Debtor declared
bankruptcy on Nov. 23, 2006 (Bankr. Case No. 13 S 55/06b).


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
         E-mail: 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.

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).


EUROSNAP HANDEL: Steyr Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Steyr entered Dec. 5, 2006, an order shutting
down the business of LLC Eurosnap Handel (FN 207519a).

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

The property manager can be reached at:

         Dr. Gerwald Schmidberger
         c/o Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr, Austria
         Tel: 07252/52408
         E-mail: ra.schmidberger@utanet.at
                 office@sks-law.at

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Dec. 1, 2006 (Bankr. Case No. 14 S 61/06b).
Heinz Kassmannhuber represents Dr. Schmidberger in the
bankruptcy proceedings.


FASHION OUTLET: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Mag. Bettina Presl, the court-appointed property manager for LLC
Fashion Outlet Mode und Tracht (FN 265231x), declared
Dec. 6, 2006, that the Debtor's property is insufficient to
cover creditors' claim.

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

Headquartered in Schlitters, Austria, the Debtor declared
bankruptcy on Nov. 21, 2006 (Bankr. Case No. 19 S 121/06a).

The property manager can be reached at:

         Mag. Bettina Presl
         Waldbadstrasse 537
         6290 Mayrhofen, Austria
         Tel: 05285/624 82
         Fax: 05285/6248279
         E-mail: ra.presl@aon.at


KARL VANEK: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Dec. 5, 2006, an order
shutting down the business of LLC Karl Vanek (FN 124385w).

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

The property manager can be reached at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 712 63 02
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31, 2006 (Bankr. Case No. 45 S 81/06z).  Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.


KIRCHBERGER BACKEREI: Claims Registration Period Ends February 6
----------------------------------------------------------------
Creditors owed money by LLC Kirchberger Backerei & Konditorei
(FN 273592t) have until Feb. 6 to file written proofs of claims
to court-appointed property manager Georg Rupprecht at:

         Mag. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden bei Wien, Austria
         Tel: 02252/86580
         Fax: 02252/86580 3
         E-mail: rupprecht@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 20 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Lindabrunn, Austria, the Debtor declared
bankruptcy on Dec. 6, 2006 (Bankr. Case No. 11 S 132/06g).


HDN BAUTRAGER: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Dec. 6, 2006, an order
shutting down the business of LLC HDN Bautrager (FN 106543g).

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

The property manager can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 22, 2006 (Bankr. Case No. 4 S 164/06d).


NOEBAUER TRANSPORT: Linz Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Linz entered Dec. 6, 2006, an order shutting
down the business of LLC Noebauer Transport-Logistik (FN
238627y).

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

The property manager can be reached at:

         Gerhard Rothner
         c/o Elisabeth Buerger-Huber
         Hopfengasse 23
         4020 Linz, Austria
         Tel: 66 73 26-0
         Fax: 66 73 20 29
         E-mail: g.rothner@wildmoser-koch.com

Headquartered in St. Georgen, Austria, the Debtor declared
bankruptcy on Dec. 1, 2006 (Bankr. Case No. 12 S 106/06k).
Elisabeth Buerger-Huber represents Mr. Rothner in the bankruptcy
proceedings.


WIENERBERGER AG: Moody's Puts (P)Ba1 Rating on Debt Issuance
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 rating
to Wienerberger's proposed issuance of subordinated perpetual
securities by Wienerberger AG and at the same time affirmed its
Baa2 rating for its senior unsecured debt.  The outlook is
stable.

Moody's said that the (P)Ba1 rating for the junior subordinated
perpetual securities reflects the deep subordination of this
security relative to other debt obligations of Wienerberger.  In
particular, the bonds will be the most junior debt obligations
of the issuer and subordinated to and ranking behind the claims
of all other unsubordinated and subordinated creditors.  Moody's
recently published a request for comment for a change in the
notching of hybrids.  If the change is introduced as proposed
this could lower the rating of this bond by one notch.

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basked "C" treatment, i.e.
50% equity and 50% debt for financial leverage purposes.  The
basket allocation is based on the following rankings for the
three dimensions of equity:

   * no maturity: moderate -- The notes will have no maturity
     but a first call option by the issuer after 10 years or,
     prior to that, upon certain events, such as a tax event.
     Potential redemption will be covered by satisfactory
     replacement language where the issuer expresses its
     intention that the instrument can only be replaced by one
     with the same or more equity-like characteristics.  This
     instrument also includes a change of control provision.  In
     the case of Wienerberger, Moody's does not view this to
     disadvantage senior creditors as they are largely
     protected.

   * no ongoing payments: moderate -- There is optional
     deferral.  Any outstanding distributions must be settled
     within one year of the earlier of when:

     1) common dividends are resumed;
     2) payments are made on parity or junior securities;
     3) repurchases of parity or junior securities;
     4) when cash payments are resumed.

     If none of these four events have happened by fifth year,
     the company will use its best efforts to settle via the
     Alternative Coupon Satisfaction Mechanism.  Distributions
     can only be settled by issuing common shares (new or
     treasury) capped at 2% of share capital per period or
     Eligible Securities, which are defined as parity and/or
     junior securities with a 99-year maturity, callable with
     intent-based replacement language, mandatory deferral, non-
     cum.  Eligible Securities are capped at 25% of the
     principal amount.  In bankruptcy, claim in bankruptcy for
     any unsettled distributions will be limited to 25% of the
     principal amount less payments made through the issuance of
     Eligible Securities.

   * loss absorption: moderate -- in the event of liquidation,
     the securities will rank junior to all other senior and
     subordinated creditors of the issuer.

The affirmation of the company's rating is backed by its
continuous growth and solid profitability as well as the
company's solid business profile benefiting from strong
geographic diversification and leading positions in its major
markets balancing the weakening trend in credit metrics in the
recent past resulting from debt financed growth activities,
although the budgeted acquisition and expansion spending for the
next years is expected to be higher than the free cash flow
generated in the business.

The stable outlook also takes into account the improved capital
structure following the issue of above mentioned hybrid bond and
management's commitment to keep the capital structure stable.
The rating could come under pressure if the management would
considerably step up its acquisition spending in the coming
years to above EUR320 million in 2007 as compared to the
previous years without any measures taken to offset increased
debt levels, and thereby weakening cas flow to debt metrics.

"Although cash flow to debt metrics have weakened substantially
in the current financial year, Wienerberger's business profile
combined with its recent growth activities as well as strong and
solid profitability levels support a Baa2 rating.  With the
issue of the hybrid bond management has taken steps to offset
the negative impact on Wienerberger's credit metrics stemming
from recent debt financed growth activities bringing these
ratios back to levels more commensurate with a Baa2 rating,"
added Matthias Hellstern, Vice President-Senior Analyst at
Moodys and lead analyst for Wienerberger.

The Baa2 rating, stable outlook was assigned to Wienerberger AG
in April 2005.

Headquartered in Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's second-largest producer
of roof tiles.  In 2005, the company generated sales of around
EUR2bn.


===========================
C Z E C H   R E P U B L I C
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LEAR CORP: Reschedules Earnings Conference Call
-----------------------------------------------
Lear Corp. rescheduled its conference call to review the
company's fourth-quarter and full-year 2006 financial results
and related matters.

The new time for the call is 8:00 a.m. EST on Jan. 25, 2007.
This revision is to avoid conflict with Ford Motor Co.'s
conference call, which was added to the schedule.

In a TCR-Europe report on Jan. 18, Lear Corp. will release its
fourth quarter and full year 2006 financial results on Jan. 25
before the stock market opens.

To participate in the conference call:

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

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

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

The audio replay will be available until Feb. 8.

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

Inquiries can be addressed to:

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

                      About the Company

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

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

                           *     *     *

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

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

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

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


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


INVACARE CORP: Moody's Assigns B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned first time ratings to the
proposed US$400-million Senior Secured Credit Facility,
US$175-million of Senior Notes, and US$125-million of Senior
Subordinated Convertible Notes of Invacare Inc.

Concurrently, Moody's assigned a B1 Corporate Family Rating and
Speculative Grade Liquidity Rating of SGL-2 to the company.  The
outlook for the ratings is stable.

Invacare's B1 rating reflects the factors outlined in Moody's
Global Medical Products and Device Industry Rating Methodology.
While the methodology suggests an indicative rating for Invacare
of Ba3, Moody's has assigned an initial rating one notch lower
at B1.  The lower rating reflects Moody's concern that overall
profitability and cash flow coverage of debt could continue to
deteriorate due to unfavorable Medicare reimbursement changes,
and to a lesser extent, competitive pricing in some of its
segments.

Moody's notes that the company's cash coverage of debt ratios,
operating margins and return on assets are at the low end of the
single B category.  However, Moody's acknowledges that Invacare
benefits from scale and diversification and low research and
development spending as a percentage of revenues, which reflect
an investment grade credit profile.

The outlook is stable, despite Moody's expectation that
unfavorable Medicare reimbursement changes and continued
competition from Asia manufacturers will continue to put
pressure on revenues in 2007, followed by stabilization in 2008.

Moody's believes that Invacare will partially offset the effects
of lower revenues through additional reductions in staffing,
consolidation of manufacturing and distribution facilities, and
increased outsourcing to Asia.  As a result, Moody's forecasts
minimal margin compression in 2007.  The outlook also considers
Moody's expectation that free cash flow will continue to
deteriorate based on lower earnings, despite lower capital
spending and modest working capital improvements.

The assignment of the SGL-2 speculative grade liquidity rating
reflects the company's good liquidity position and incorporates
Moody's expectation that, over the twelve month period ending
Dec. 31, 2007, Invacare will likely fund its ordinary working
capital, capital expenditures, mandatory debt amortization and
other cash requirements without further access to external
sources.

This rating also considers the limited size of external
committed funding the company is anticipated to have upon
closing of the proposed US$150-million revolving credit
facility, with around US$115 million in availability.

Since Moody's anticipates that Invacare will have a comfortable
cushion to remain in compliance with the financial covenants
inherent in the proposed credit facility, Invacare should be
able to maintain access to its committed source of funding over
the next four quarters.  However, the SGL rating recognizes the
absence of an alternate source of liquidity, since all assets
will be encumbered under the credit agreement.

Ratings assigned to Invacare Inc:

   -- U.S.$250-Million Term Loan B, due 2013 Ba2, LGD2, 22%

   -- U.S.$150-Million Revolver, due 2012, Ba2, LGD2, 22%

   -- U.S.$175-Million Senior Notes, due 2015, B2, LGD4, 68%

   -- U.S.$125-Million Senior Subordinated Convertible Notes,
due
      2027, B3, LGD6, 93%

   -- Corporate Family Rating, B1

   -- Probability of Default Rating, B1

   -- Loss Given Default Rating, LGD4, 50%

Headquartered in Elyria, Ohio, Invacare Corp. is the leading
manufacturer and distributor of non-acute health care products
for home health care, retail and extended care markets
worldwide.  The company's products are principally sold to over
25,000 home healthcare and medical equipment providers in North
America, Europe and Asia.  The company reported revenues of
US$1.48 billion for the 12 months ended Sept. 30, 2006.


INVACARE CORP: S&P Junks Proposed US$125-Million Sr. Sub. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Elyria, Ohio-based medical equipment
manufacturer Invacare Corp.  The rating outlook is stable.

At the same time, Standard & Poor's assigned its loan and
recovery ratings to Invacare's proposed US$400-million senior
secured credit facility, consisting of a US$150-million revolver
maturing in 2012 and a US$250-million term loan maturing in
2013.  The credit facility is rated 'B+' with a recovery rating
of '1', indicating the expectation for full recovery of
principal in the event of a payment default.

S&P also assigned our 'B-' rating to the company's proposed
US$175-million senior unsecured notes maturing in 2015 and the
'CCC+' rating to the company's proposed US$125-million senior
subordinated convertible notes maturing in 2027.  Proceeds will
be used to refinance the company's existing debt and pay
associated premiums, fees, and expenses.

"The 'B' rating reflects Invacare's exposure to Medicare
reimbursement reductions, its concentration in wheelchairs,
counterparty risk for its accounts receivable, pricing and
volume pressures from lower-priced competitors, and the
company's significant debt leverage," said S&P credit analyst
Jesse Juliano.  "These concerns are partially mitigated by
Invacare's market-leading positions and brand reputation, its
customer and geographic diversity, and its opportunities to
reduce costs."

Following the refinancing, Invacare will have just over US$600
million of debt.  The company's financial risk profile is
consistent with the current rating, given a pro forma lease-
adjusted debt-to-EBITDA ratio of around 5.4x and EBITDA interest
coverage of less than 3x.  If the company is unable to execute
its cost savings initiatives, pricing and volume pressures could
weaken these numbers, or at least delay an improvement in the
financial risk profile.  However, S&P believes that the company
will maintain an appropriate financial risk profile for the
current rating.


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


BENEFON OYJ: Names Robin Halliday as Chief Financial Officer
------------------------------------------------------------
Benefon Oyj appointed Robin Halliday as Chief Financial Officer
and Christopher Pay as Vice President of Global Sales.

The appointments underscore Benefon's commitment to growing the
company globally as it launches the new TWIG Discovery GPS-
enabled mobile device into markets around the world.

"We are delighted to welcome on board such a wealth of talent to
Benefon at such an exciting time in mobile communications," said
Tomi Raita, acting Chief Executive of Benefon.  "The role of GPS
technology in the wireless ecosystem is set to grow considerably
as a key driver of new location services.  These new
appointments will enhance our strategies and help us develop
stronger relationships with key customers and partners, critical
to the success of TWIG in the consumer personal navigation
market."

In his new role as CFO, Mr. Halliday will be responsible for
consolidating, growing and managing Benefon's finances.

Mr. Halliday brings a wealth of operational experience in high
growth technology businesses, which include managing and leading
two successful IPOs, one on AIM, the other a full LSE listing.
He has also successfully completed numerous private equity fund
raisings.

"I am delighted to join Benefon at this exciting time for the
company," said Mr. Halliday.  "With the consumer GPS market
continuing to grow so rapidly, I am looking forward to
contributing to the success of the TWIG brand and product range
of personal navigation handsets."

As VP of Global Sales, Christopher Pay will be responsible for
developing Benefon's global consumer offering to create an
extensive partnership base from which to distribute the new TWIG
range of handsets.  Christopher will also be responsible for
establishing Benefon's presence in new markets, which will
involve staff recruitment and personnel management in key target
territories.

"Christopher brings to Benefon more than 17 years of sales and
management expertise in the North American and European
markets," Jeremy Newing, Benefon's Chief Marketing Officer,
said.  "We're very pleased to welcome Christopher to Benefon,
his enthusiasm and previous experience makes him a valuable
addition to our team."

Mr. Pay will be supported in his new role by another new team
member, Geoff Iwamoto, Sales Manager for North America, whose
appointment bolsters Benefon's presence in the U.S. and its
overall sales.

                         About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.
The company also operates in the Czech Republic, Russia and the
U.K.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total
assets and EUR7.30 million in total liabilities, resulting in a
EUR2.33 million stockholders' deficit.


METSO OYJ: Paper Unit Inks EUR100-Million Supply Deal in Japan
--------------------------------------------------------------
Metso Paper, a unit of Metso Oyj, will supply a large
OptiConcept papermaking line to a Japanese paper mill.  The name
of the customer is not disclosed.

The new line will come on stream during the 2nd quarter of 2008.
The order, valued at more than EUR100 million, has been recorded
in the 4th quarter 2006 order intake.

The line will produce more than 400,000 tons/year of wood-free
coated paper.

Metso's scope of supply contains stock preparation equipment; a
1,800 m/min, 10.7-meter-wide OptiConcept paper machine, air
systems, auxiliary systems and automation systems.

                          About Metso

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

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

                        *     *     *

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


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


ALCATEL-LUCENT: Alenia Space Unit Inks EUR103-Mln Satellite Deal
----------------------------------------------------------------
Alcatel Alenia Space, a unit of Alcatel-Lucent, signed a EUR103
million contract with the Italian Ministry of Defense to provide
the telecommunication satellite SICRAL-1B.

The satellite, dedicated to the Italian Armed Forces, will
ensure strategic and tactical communications on the Italian and
foreign territories as well as mobile communications between
terrestrial, naval and air platforms. It will also provide UHF
and SHF band satellite capacities to NATO forces, further to a
Memorandum of Understanding, which was signed in 2004 between
the Ministries of Defense of Italy, France, the United Kingdom,
and the Atlantic Alliance.

This contract, signed end of 2006, is financed by the Italian
Ministry of Economic Development, in the scope of the industry
competitiveness and high technology initiatives currently
undertaken by the Ministry.

As prime contractor, Alcatel Alenia Space will manufacture and
deliver the satellite as well as several ground segment's
subsystems, amongst which the Telecommunications Control Centre
in Vigna di Valle (Italy).

This announcement follows previous contracts signed with the
Italian Ministry of Defense, including one worth EUR72 million
signed in 2003, for non-recurring costs related to SICRAL-1B
satellite and ground segment.  A further contract for the
completion of SICRAL-1B ground segment and satellite launch is
forecast in the near future.

SICRAL-1B structure manufacturing and satellite integration is
taking place in Alcatel Alenia Space's facility in Turin, Italy,
whilst the environmental tests will be carried out in its
facility in Cannes, France.  The payload, which is manufacturing
in Rome, Italy, is composed of 3 UHF band, 5 SHF band and 1
EHF/Ka band transmitters.

"The SICRAL system is particularly strategic for the Italian
Defense Administration as it has already demonstrated its
efficiency in past military operations," Carlo Alberto Penazzi,
CEO of Alcatel Alenia Space in Italy, said.  "SICRAL-1B
satellite, which represents a further technological development
for the Italian industry, consolidates Alcatel Alenia Space's
leading role in SICRAL system development and in the delivery of
end-to-end military telecommunications systems."

SICRAL-1B, which is set for launch end of 2007, will supplement
SICRAL-1 in operation since 2001.  It will increase the
availability and the complete reliability of the SICRAL system
and will satisfy the operational requirements that the Italian
Armed Forces are facing, mainly coming from "foreign areas."

SICRAL-1B will be operational until 2019 and will be followed by
SICRAL-2, which should be operational from 2011 until 2026.

The SICRAL system has been chosen by NATO, together with the
French program Syracuse -- also under the prime contractorship
of Alcatel Alenia Space -- and its British counterpart, to
develop a network of protected telecommunications available to
allied countries (the NATO SatCom program post-2000_NSP2K).  In
this position, the SICRAL system, which already guarantees
efficient operation with the other systems, will be enhanced,
thanks to the development of the SICRAL-1B satellite that will
extend the potential of the system within NATO programs until
2019, contributing to increase the total capacity available to
the Italian Armed Forces and its allies.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Brazil and Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
U.S. activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: To Transfer Asia-Pacific Headquarter to Shanghai
----------------------------------------------------------------
Alcatel-Lucent has chosen the Pudong area of Shanghai for its
new Asia-Pacific headquarters, China Tech News reports.

According to the report, Alcatel-Lucent Asia Pacific President
Luo Ruizhe said that they have full confidence in the China
market and will soon set up a new research and development
center in Shanghai.

China Tech also cites Mr. Ruizhe as saying said that they are
optimistic about Shanghai's excellent industry environment, and
that's why they have decided to incorporate their headquarters
and move it there.

Alcatel originally set up its Asia-Pacific headquarters in
January 2000 in Singapore, the report recounts.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Brazil and Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
U.S. activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


HELLER SA: Argentan Commercial Court Authorizes Manop Takeover
--------------------------------------------------------------
The Commercial Court of Argentan ruled on Jan. 15 that Heller
S.A. be sold to Manufacture D'objets Precieux for EUR200,000,
Les Echos reports.

Manop will absorb 38 of the company's 71 employees, in a sale
that will be concluded on Jan. 26.  The court also ordered the
buyer to provide working capital of EUR1 million and investments
of EUR1 million to update products, Les Echos states.

Heller's composition proceedings commenced in July 2006, with
liabilities estimated at EUR3.4 million.  The company, which
manufactures plastic model aircraft, cars, and ships, suffered
because of competition from video and computer games in recent
years.  Three private U.K. investors took over the company in
2004, Les Echos relates.

According to the report, three interested parties submitted bids
for Heller by Dec. 1, 2006, but only Manop guaranteed that it
would take over part of the company's workforce.

                        About Heller S.A.

Founded in Paris, France, Heller S.A. produces plastic scale
model kits of aircraft, cars, and ships.  Heller was acquired by
the Hobby Products Group of Borden, owners of British model
company Humbrol, in 1981.  In 1986, rival kit maker Airfix also
joined the group.  Production of Airfix kits would subsequently
move to the Heller factory in Trun.

Heller, with the rest of the group, was sold to an Irish
investment company, Allen & McGuire, in 1994.  In 2005, Heller
was the subject of a management buy-out.  However, the company
went into administration on July 21, 2006.


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


AGFAPHOTO GMBH: Sues Agfa-Gevaert N.V. for Unpaid Deliveries
------------------------------------------------------------
Andreas Ringstmeier, insolvency administrator for AgfaPhoto
GmbH, filed legal action against Agfa-Gevaert N.V., company's
former parent, Handelsblatt reports.

Mr. Ringstmeier accused Agfa-Gevaert of failing to pay
EUR55 million worth of deliveries from AgfaPhoto, believing that
the Belgian group is seeking to transfer its own risks to
creditors of the German company, Handelsblatt states.

In a company statement on Jan. 16, Agfa-Gevaert revealed that
immediately after the insolvency filing of AgfaPhoto in May
2005, the Belgian company has, in order to support the
preliminary receiver and the new management in the objective to
preserve the operations and employment of the company, agreed to
continue to perform certain distribution, invoicing, and
collection activities for the account of AgfaPhoto and its
subsidiaries.

An agreement was signed with the company's preliminary receiver,
Dr. Ringstmeier, and its new management, according to which
Agfa-Gevaert is to pay for the goods supplied by AgfaPhoto only
when the end customer has paid its invoices and to the extent
that Agfa-Gevaert itself is not exposed to additional commercial
and financial risks.

The products were sold mainly through 35 foreign sales
subsidiaries of Agfa-Gevaert, and the revenues were to be
forwarded to Agfa-Photo.  However, the company only received a
small portion of the income from the product sales, Handelsblatt
relates.

Agfa-Gevaert added in its statement that at present, a
substantial amount of receivables against end customers is still
outstanding, meaning that these still need to be collected.
Other, less significant amounts have been collected but it is
unclear whether these are wholly or partially due to AgfaPhoto's
receiver or to other parties.

Agfa-Gevaert explained that it remains willing to cooperate with
all parties concerned in order to resolve the pending issues
under the distribution arrangements.  The Belgian group is also
prepared to simply put the collected amounts in an escrow
account until a court decides on the allocation of these
amounts.

                      About AgfaPhoto GmbH

Headquartered in Cologne, Germany, AgfaPhoto GmbH --
http://www.agfaphoto.com/-- manufactures photographic film,
papers, chemicals, and disposable cameras.  It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing.  The company has 1,800 employees.

Six months after it was sold to its management and a group of
investors, the company filed for insolvency at the district
court of Cologne and appointed Andreas Ringstmeier provisional
administrator.  The company blamed the growing popularity of
digital photography for its demise.  It has 32 subsidiaries
outside Germany that are not affected by the insolvency.  The
company owes money to suppliers and pension security body
Pensionssicherungsverein.


ARTECPLAN BAUTRAGER: Claims Registration Ends February 12
---------------------------------------------------------
Creditors of artecplan, Bautrager GmbH have until Feb. 12 to
register their claims with court-appointed insolvency manager
Thorsten Konrad.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         2nd Floor
         West Wing
         Schloss
         68149 Mannheim, 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 Mannheim opened bankruptcy proceedings
against artecplan, Bautrager GmbH on Jan. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         artecplan, Bautrager GmbH
         Attn: Ante Juricic, Manager
         Bahnhofstr. 13
         68309 Mannheim, Germany

The insolvency manager can be contacted at:

         Thorsten Konrad
         Saarburger Ring 10-12
         68229 Mannheim, Germany
         Tel: 0621/483240


BAYFA-HANDELS: Creditors' Meeting Slated for January 31
-------------------------------------------------------
The court-appointed insolvency manager for BAYFA-Handels-GmbH,
Ulrich Kaiser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:10 a.m. on
Jan. 31.

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

         The District Court of Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on March 13, at the same venue.

Creditors have until Feb. 13 to register their claims with the
court-appointed insolvency manager.

The District Court of Aschaffenburg opened bankruptcy
proceedings against BAYFA-Handels-GmbH on Jan. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BAYFA-Handels-GmbH
         Glattbacher Str. 88
         63741 Aschaffenburg, Germany

The insolvency manager can be reached at:

         Ulrich Kaiser
         Theresienstr. 3
         63741 Aschaffenburg, Germany
         Tel: 06021/428221
         Fax: 06021/428210


DITHMARSCHER BAUPARTNER: Claims Registration Ends January 29
------------------------------------------------------------
Creditors of Dithmarscher Baupartner GmbH have until Jan. 29 to
register their claims with court-appointed insolvency manager
Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:46 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 Meldorf
         Hall II
         Domstrasse 1
         25704 Meldorf, 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 Meldorf opened bankruptcy proceedings
against Dithmarscher Baupartner GmbH on Jan. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Dithmarscher Baupartner GmbH
         Attn: Rainer Mohr and Detlef Vallen, Managers
         Bun-desstr. 5 51
         25719 Barlt, Germany

The insolvency manager can be contacted at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg, Germany


DREIECK-BAU: Claims Registration Ends February 8
------------------------------------------------
Creditors of Dreieck-Bau GmbH have until Feb. 8 to register
their claims with court-appointed insolvency manager
Oliver Schulte.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Hall 12
         Ground Floor
         Gerichtsstr. 6
         Auxiliary Building
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against Dreieck-Bau GmbH on Jan. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Dreieck-Bau GmbH
         Emilienstr. 32 a
         32756 Detmold, Germany

         Attn: Ruediger Krentz, Manager
         Barntruper Str. 134
         32758 Detmold, Germany

The insolvency manager can be contacted at:

         Oliver Schulte
         Moltkestr. 12
         32756 Detmold, Germany


EIS UND CAFE: Claims Registration Ends February 2
-------------------------------------------------
Creditors of Eis und Cafe GmbH have until Feb. 2 to register
their claims with court-appointed insolvency manager Norbert
Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 23, 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 Bielefeld
         Hall 4065
         4th Floor
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Eis und Cafe GmbH on Jan. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Eis und Cafe GmbH
         Brackweder Str. 33
         33335 Guetersloh, Germany

         Attn: Astrid Kranzmann, Manager
         Plantagenweg 26
         32758 Detmold, Germany

The insolvency manager can be contacted at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld, Germany


FRANZ FOERG: Claims Registration Ends February 5
------------------------------------------------
Creditors of Franz Foerg GmbH & Co. Stahlhandel KG have until
Feb. 5 to register their claims with court-appointed insolvency
manager Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Franz Foerg GmbH & Co. Stahlhandel KG on Dec. 28, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Franz Foerg GmbH & Co. Stahlhandel KG
         Attn: Gerald Foerg, Manager
         Wasserturmstrasse 51
         86199 Augsburg, Germany

The insolvency manager can be contacted at:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg, Germany


FRIEDBERGER BRAUHAUS: Claims Registration Ends February 9
---------------------------------------------------------
Creditors of Friedberger Brauhaus Gaststatten Betriebs GmbH have
until Feb. 9 to register their claims with court-appointed
insolvency manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg
         Room 237
         2nd Floor
         District Court Building
         Homburger Road 18
         61169 Friedberg (Hessen), 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 Friedberg opened bankruptcy proceedings
against Friedberger Brauhaus Gaststatten Betriebs GmbH on
Jan. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Friedberger Brauhaus Gaststatten Betriebs GmbH
         Attn: Juergen Mueller and Walter Gross, Managers
         Kaiserstrasse 37-39
         61169 Friedberg, Germany

The insolvency manager can be contacted at:

         Dr. Jan Markus Plathner
         Lyoner Road 14
         60528 Frankfurt/Main, Germany
         Tel: (069) 96 23 34-0
         Fax: (069) 96 23 34-22
         E-mail: m.plathner@brinkmann-partner.de


GOLDLAND UHREN: Claims Registration Ends February 5
---------------------------------------------------
Creditors of Goldland Uhren und Schmuck GmbH & Co. KG have until
Feb. 5 to register their claims with court-appointed insolvency
manager Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, 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 Nuernberg opened bankruptcy proceedings
against Goldland Uhren und Schmuck GmbH & Co. KG on Jan. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Goldland Uhren und Schmuck GmbH & Co. KG
         Attn: Werner Dannewitz, Manager
         Merianstrasse 26
         90409 Nuernberg, Germany

The insolvency manager can be contacted at:

         Dr. Stefan Oppermann
         Aussere Sulzbacher Str. 118
         90491 Nuernberg, Germany
         Tel: 0911/598900
         Fax: 0911/5989011


KOLEX NAHRUNGSMITTEL: Claims Registration Ends January 30
---------------------------------------------------------
Creditors of KOLEX Nahrungsmittel GmbH i.L. have until Jan. 30
to register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against KOLEX Nahrungsmittel GmbH i.L. on Jan. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         KOLEX Nahrungsmittel GmbH i.L.
         Steinstrasse 27
         40210 Duesseldorf, Germany

The insolvency manager can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


MARX BAU: Claims Registration Ends February 2
---------------------------------------------
Creditors of Marx Bau GmbH have until Feb. 2 to register their
claims with court-appointed insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         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 Osterode am Harz opened bankruptcy
proceedings against Marx Bau GmbH on Jan. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Marx Bau GmbH
         Attn: Daniel and Klaus Marx, Managers
         Bahnhofstrasse 46 a
         37441 Bad Sachsa, Germany

The insolvency manager can be contacted at:

         Torsten Gutmann
         Lueders Partnerschaftsgesellschaft
         Blauen See 5
         31275 Hannover/Lehrte, Germany
         Tel: 05132-8268-38
         Fax: 05132-8268-96
         E-mail: gutmann@luederslaw.de


R & T MANAGEMENT: Claims Registration Ends February 12
------------------------------------------------------
Creditors of R & T Management GmbH have until Feb. 12 to
register their claims with court-appointed insolvency manager
Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against R & T Management GmbH on Jan. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         R & T Management GmbH
         Attn: Dirk Marx, Manager
         Nordstrasse 23
         01917 Kamenz, Germany

The insolvency manager can be contacted at:

         Albert Wolff
         Weisseritzstrasse 3
         01067 Dresden, Germany
         Web site: http://www.WORAKO.de/


SANMINA-SCI: Files Annual Report for Year Ended Sept. 30, 2006
--------------------------------------------------------------
Sanmina-SCI Corp. filed its annual report on Form 10-K for the
fiscal year ended Sept. 30, 2006 on Jan. 3.

"We are pleased that we were able to file our 10-K and to have
the restatement of our financial results behind us," Jure Sola,
Chairman and CEO of Sanmina-SCI, said.  "As we look forward to
2007, we remain focused on delivering superior service to our
customers, further aligning our business towards new
opportunities and driving operational efficiencies."

Mr. Sola will host the company's fiscal 2007 first quarter
earnings conference call at 5:00 p.m. on Jan. 25 at:
http://www.sanmina-sci.com/

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina.com/-- is one of the largest electronics
contract manufacturing services companies providing a full
spectrum of integrated, value added solutions.  In Europe, the
company has operations in Finland, France, Ireland, Germany,
Sweden, Hungary, and Spain.  In Latin America, it operates in
Brazil and Mexico.


SANMINA-SCI: Fitch Affirms B+ IDR with Negative Outlook
-------------------------------------------------------
Fitch Ratings removed Sanmina-SCI Corporation from Rating Watch
Negative and affirmed its ratings:

    -- Issuer Default Rating at B+;
    -- Senior secured credit facility at BB+/RR1;
    -- Senior unsecured term loan at BB+/RR1; and
    -- Senior subordinated debt at B/RR5.

The Rating Outlook is Negative.  Fitch's action affects around
US$1.7 billion of total debt.

The removal of the Rating Watch Negative reflects Sanmina's
successful filing of its fiscal third quarter 2006 10Q and
fiscal 2006 10K reports.  The company also refinanced US$525
million 3% convertible subordinated notes, which were set to
mature in March 2007, using a US$600 million senior unsecured
term loan that matures in January 2008.  Sanmina's ratings were
placed on Rating Watch Negative on Aug. 22, 2006, after the
company failed to file its third quarter fiscal 2006 10Q filing
with the U.S. SEC, thereby creating a technical default under
its bond covenants.

The ratings and Negative Outlook reflect weak operating trends
including a 7% decline in revenue in fiscal 2006 versus fiscal
2005, low operating EBIT margin of 2.2% and cash conversion
cycle days of 44, among the highest of Fitch-rated EMS
companies, in fiscal 2006.  Sanmina also carries the largest
debt balances among tier 1 EMS companies leading to the highest
leverage ratio of the group at 5.2 times.  In addition, the
company's fiscal 2006 10K filing identifies a material weakness
in Sanmina's internal controls over financial reporting.
Specifically, the material weakness is comprised of internal
control deficiencies in stock option administration.

Fitch expects a difficult competitive environment within the EMS
industry in 2007 driven by continued pricing pressure from Asian
EMS and ODM vendors as well as a continued trend by OEMs to
consolidate EMS vendors, both of which could hamper efforts to
improve the operating performance at Sanmina.  The company is
currently evaluating its strategy and position within the market
and recently announced a shift in its original design
manufacturing business to a joint-design manufacturing model.

In addition, Sanmina is considering various strategic
alternatives for its low margin personal computing, low-end
server, and storage businesses.  Actions including a divestiture
of lower margin businesses to improve overall operating
performance, the use of proceeds from asset divestitures to pay
down debt, a successful refinancing of the US$600 million term
loan, or correcting the internal control deficiencies could
stabilize Sanmina's ratings.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence
recovery rates for its creditors, will be maximized in
liquidation rather than in a going concern enterprise value
scenario.  In estimating Sanmina's liquidation value under a
distressed scenario, Fitch applied advanced rates of 80%, 20%,
and 10% to Sanmina's current balance of accounts receivable,
inventory, and property, plant, and equipment, respectively.
That leads to a distressed enterprise value estimate of around
US$1.3 billion, providing the basis for a waterfall analysis to
determine recovery ratings.  The current RR1 recovery rating for
Sanmina's secured credit facility and unsecured term loan
reflects Fitch's belief that 100% recovery is realistic.  As is
standard with Fitch's recovery analysis, the revolver is fully
drawn and cash balances fully depleted to reflect a stress
event.  The current RR5 Recovery Rating for the senior
subordinated debt reflects Fitch's estimate that a recovery of
only 10%-30% would be achievable.

As of Sept. 30, 2006, Fitch believes liquidity was adequate and
supported by US$492 million in cash and equivalents; US$500
million senior secured revolving credit facility due December
2008, of which US$400 million remains available; and various
receivables sales facilities totaling around US$400 million, of
which around US$100 million remains available.  While Fitch
estimates Sanmina's free cash flow for fiscal 2006 was negative
US$473 million, largely due to increases in working capital
driven by higher cash conversion cycle days, Fitch expects
working capital trends to moderate, which should enable Sanmina
to produce positive free cash flow in fiscal 2007.  Pro forma
for the US$600 million term loan and convertible subordinated
note redemption, Fitch estimates total debt was US$1.7 billion
consisting of US$100 million drawn against a US$500 million
senior secured revolving credit agreement; a US$600 million
senior unsecured term loan that expires in January 2008; US$400
million in 6.75% senior subordinated notes due 2013; and US$600
million in 8.125% senior subordinated notes due 2016.


SANMINA-SCI: 10-K Filing Prompts Moody's to Affirm Low-B Ratings
----------------------------------------------------------------
Moody's has confirmed the Ba3 corporate family rating for
Sanmina -- SCI Corp. after Sanmina's recent filing of its fiscal
2006 Form 10-K with the U.S. Securities and Exchange Commission.

At the same time, Moody's has revised the outlook to stable and
lowered the company's liquidity rating to SGL-2.

The filing has brought Sanmina in compliance with covenants per
its borrowing program and removed Moody's concern over the
company's liquidity, caused by the delay of filing of its
financial statements.  As part of the filing, Sanmina restated
financial statements for the past 9 fiscal years for a
cumulative amount of US$224 million due to backdating of stock
options.  However, Moody's understands that cash impact is
minimal from the restatement.

The stable outlook reflects Moody's expectation that potential
liability, if any, that may arise from derivative lawsuits
surrounding the options backdating should be sufficiently
covered by the company's insurance policies as well as the
expectation that Sanmina should be at least free cash flow
neutral in fiscal 2007.  Deviations from such expectations may
cause Moody's to re-examine Sanmina's outlook.  This concludes
the review process on Sanmina's rating commenced in August 2006.

The recent downgrade of Sanmina's corporate family rating to Ba3
from Ba2 reflects the uncertainty surrounding the company's
evolving business model, its weak financial performance, and
deterioration in credit metrics.

Sanmina generated negative free cash flow of US$470 million in
fiscal 2006 as a result of declining funds from operations and a
sizable increase in working capital.  Given the contraction in
cash flow generation and significant reduction in its cash
balance, Moody's revised Sanmina's liquidity rating to SGL-2
from SGL-1.  Sanmina's business model appears to be in
transition as the company searches for a more sustainable and
profitable model in terms of product mix and strategic
initiatives.

Sanmina recently reported scaling back its ODM initiative, which
caused inventory write-off for Q4 2006 further impacting
profitability.  Factors supporting Sanmina's Ba3 rating include
Sanmina's size, its tier one status in the EMS industry,
generally favorable outsourcing trend by the OEMs, growing
diversity in Sanmina's end markets served, and the company's
strength in some of the newer industries such as medical and
defense industries.

The stable outlook reflects Moody's expectations that Sanmina's
credit profile is unlikely to change significantly over the
intermediate term.

These ratings were confirmed:

   -- Corporate family rating at Ba3;

   -- Probability-of-default rating at Ba3;

   -- US$400 million senior subordinated notes due 2013 at B2,
      LGD5, 85%;

   -- US$600 million senior subordinated notes due 2016 at B2,
      LGD5, 85%;

   -- US$600 million senior unsecured term loan due 2008 at Ba3,
      LGD3, 45%;

This rating was revised:

   -- Speculative grade liquidity rating to SGL-2 from SGL-1.

Sanmina-SCI Corp., headquartered in San Jose, California, is one
of the largest electronics contract manufacturing services
companies providing a full spectrum of integrated, value added
solutions.  In Europe, the company has operations in Finland,
France, Ireland, Germany, Sweden, Hungary, and Spain. In Latin
America, it operates in Brazil and Mexico.


SCHABBON & EHRLER: Claims Registration Ends February 9
------------------------------------------------------
Creditors of Schabbon & Ehrler GmbH have until Feb. 9 to
register their claims with court-appointed insolvency manager
Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4th Floor
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Schabbon & Ehrler GmbH on Jan. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Schabbon & Ehrler GmbH
         Salzufler Str. 18
         32052 Herford, Germany

         Attn: Susanne Schulz, Manager
         Himbergstr. 9
         58540 Meinerzhagen, Germany

The insolvency manager can be contacted at:

         Jochen Schnake
         Ravensberger Str. 11 u. 12
         33824 Werther., Germany


SCHEIDT GMBH: Claims Registration Ends February 7
-------------------------------------------------
Creditors of Scheidt GmbH have until Feb. 7 to register their
claims with court-appointed insolvency manager Juergen Blersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 28, 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 Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Scheidt GmbH on Jan. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Scheidt GmbH
         Attn: Bettina Scheidt and Klaus Wagner, Managers
         Eltviller Str. 31
         65232 Taunusstein, Germany

The insolvency manager can be contacted at:

         Dr. Juergen Blersch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden, Germany
         Tel: 0611/180 89-100
         Fax: 0611/180 89-189
         E-mail: mail@bgp-insol.de


VOLKSWAGEN AG: Skoda Unit Sells 549,667 Total Vehicles
------------------------------------------------------
Volkswagen AG's Czech unit Skoda Auto A.S. sold a total of
549,667 Fabia, Octavia, Roomster and Superb vehicles in over 90
countries in 2006.  Compared with 2005, the sales increased by
11.7%.

"The growth of Skoda Auto's sales was greater than that of the
entire market.  The company has reinforced its position as a
major player in European markets and managed to take advantage
of the increasing growth in Asia," Detlef Wittig, Skoda Auto BOD
Chairman disclosed.

Scoda sold 270,274 Octavia vehicles in 2006, 243,982 Fabias and
20,989 Superbs.  A total of 14,422 customers bought the
Roomster, a brand new model line that was launched in market
acceptance, the car manufacturer set up a third production shift
two months earlier than planned.

Skoda increased its sales by 9.1% in Western Europe with a total
of 301,343 vehicles sold.  The most successful markets are now
Germany, Great Britain, Spain and Austria - the car manufacturer
has increased its market shares substantially and set new sales
records.

Altogether 118,527 vehicles have been registered in Germany,
38,801 vehicles were in Great Britain, 24,869 vehicles in Spain
and 16,943 vehicles in Austria.

The company also defended its market leading position in the
Czech Republic.  New registrations include 37,388 Fabias, 21,233
Octavias, 2,406 Roomsters and 1,835 Superbs.

With 146,612 vehicles sold in Central and Eastern Europe, Skoda
Auto has grown also in this part of the world.  The company has
defended its market leading position in Poland with a 12.04%
share.  Besides the Czech Republic and Poland, Skoda is the
market leader in Slovakia, Bulgaria, in Lithuania and
Bosnia/Herzegovina. Very successful markets are Estonia,
Lithuania and Latvia. Russia, the Ukraine and Kazakhstan are
growing dynamically, too.

Skoda Auto sold 36,541 vehicles in the Asia and Pacific region
in 2006, the largest markets being India, Turkey, Egypt and
Israel.  The company has also set new production records.

Skoda Auto produced altogether 556,443 vehicles in its
manufacturing plants in the Czech Republic in 2006, 12.5% more
than in 2005.  The Mlada Boleslav plant produced 240,919 Octavia
and Fabia vehicles, Vrchlabí 96,853 Octavia and Octavia Tour
vehicles, Kvasiny.

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, like Mexico, Africa,
and Asia.  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 former Chief
Executive Bernd Pischetsrieder and former Volkswagen brand head,
Wolfgang Bernhard.

In November 2006, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

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


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


ALCATEL-LUCENT: Alenia Space Unit Inks EUR103-Mln Satellite Deal
----------------------------------------------------------------
Alcatel Alenia Space, a unit of Alcatel-Lucent, signed a EUR103
million contract with the Italian Ministry of Defense to provide
the telecommunication satellite SICRAL-1B.

The satellite, dedicated to the Italian Armed Forces, will
ensure strategic and tactical communications on the Italian and
foreign territories as well as mobile communications between
terrestrial, naval and air platforms. It will also provide UHF
and SHF band satellite capacities to NATO forces, further to a
Memorandum of Understanding, which was signed in 2004 between
the Ministries of Defense of Italy, France, the United Kingdom,
and the Atlantic Alliance.

This contract, signed end of 2006, is financed by the Italian
Ministry of Economic Development, in the scope of the industry
competitiveness and high technology initiatives currently
undertaken by the Ministry.

As prime contractor, Alcatel Alenia Space will manufacture and
deliver the satellite as well as several ground segment's
subsystems, amongst which the Telecommunications Control Centre
in Vigna di Valle (Italy).

This announcement follows previous contracts signed with the
Italian Ministry of Defense, including one worth EUR72 million
signed in 2003, for non-recurring costs related to SICRAL-1B
satellite and ground segment.  A further contract for the
completion of SICRAL-1B ground segment and satellite launch is
forecast in the near future.

SICRAL-1B structure manufacturing and satellite integration is
taking place in Alcatel Alenia Space's facility in Turin
(Italy), whilst the environmental tests will be carried out in
its facility in Cannes (France).  The payload, which is
manufacturing in Rome (Italy), is composed of 3 UHF band, 5 SHF
band and 1 EHF/Ka band transmitters.

"The SICRAL system is particularly strategic for the Italian
Defense Administration as it has already demonstrated its
efficiency in past military operations," Carlo Alberto Penazzi,
CEO of Alcatel Alenia Space in Italy, said.  "SICRAL-1B
satellite, which represents a further technological development
for the Italian industry, consolidates Alcatel Alenia Space's
leading role in SICRAL system development and in the delivery of
end-to-end military telecommunications systems."

SICRAL-1B, which is set for launch end of 2007, will supplement
SICRAL-1 in operation since 2001.  It will increase the
availability and the complete reliability of the SICRAL system
and will satisfy the operational requirements that the Italian
Armed Forces are facing, mainly coming from "foreign areas."

SICRAL-1B will be operational until 2019 and will be followed by
SICRAL-2, which should be operational from 2011 until 2026.

The SICRAL system has been chosen by NATO, together with the
French program Syracuse -- also under the prime contractorship
of Alcatel Alenia Space -- and its British counterpart, to
develop a network of protected telecommunications available to
allied countries (the NATO SatCom program post-2000_NSP2K).  In
this position, the SICRAL system, which already guarantees
efficient operation with the other systems, will be enhanced,
thanks to the development of the SICRAL-1B satellite that will
extend the potential of the system within NATO programs until
2019, contributing to increase the total capacity available to
the Italian Armed Forces and its allies.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Brazil and Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALITALIA SPA: CEO Giancarlo Cimoli Quits from Air France Board
--------------------------------------------------------------
Giancarlo Cimoli, Chief Executive Officer of Alitalia S.p.A.,
resigned as member of the Board of Directors of Air France-KLM,
Bloomberg News reports.

Mr. Cimoli's resignation follows the departure of Jean-Cyril
Spinetta, Air-France's president and chief executive, from
Alitalia's board.

Alitalia said in a in stock exchange statement that Mr. Cimoli's
resignation as Air France's director was a pre-agreed result of
Mr. Spinetta's exit from Alitalia's board since the two airlines
had a reciprocity deal, Reuters reports.

"The reciprocity of membership in the respective boards of
directors of the two carriers was decided in 2002," Alitalia
said in stock exchange statement.

In a TCR-Europe report on Jan. 19, 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.

Following Mr. Spinetta's exit, Alitalia now has only two members
of the board: Mr. 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.

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.

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: Banca Popolare di Vicenza Mulls Filing Bid
--------------------------------------------------------
Banca Popolare di Vicenza S.c.p.A. would submit a non-binding
offer for the government's 30.1% stake in Alitalia S.p.A. if
firms from Italy's Veneto region decide to file an offer,
Agenzia Giornalistica Italia reports citing BPV president Gianni
Zonin.

"Alitalia deserves to be re-launched and if the employers firm
Veneto participate also our institute should participate," Mr.
Zonin told La Stampa.

Mr. Zonin was commenting over speculations that a group of firms
from Veneto will submit a bid for Alitalia.

"I am convinced that we must take a good look at the dossier and
all of us sit at a table: leaders, public shareholders, private
entrepreneurs, banks and trade unions, and discuss with the aim
to reach a positive result for every one."

"Alitalia is like an excellent F1 car that is driven by great
pilots, with an excellent team, but in spite of that it breaks
down at each and every race," Mr. Zonin added.  "We must
understand the real reason why this happens."

                   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.

The government aims to complete the process this month.

                 About Banca Popolare di Vicenza

Headquartered in Vicenza, Italy, Banca Popolare di Vicenza
S.c.p.A. -- http://www.gruppopopolarevicenza.it/-- offers
retail and corporate banking services.  BPV also operates all
over the country through a network of 483 branches.

                         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: Emirates & LAN Airlines to Join Alazraki's Group
----------------------------------------------------------------
Emirates and LAN Airlines have expressed interest in joining a
consortium led by local tycoon Paolo Alazraki to bid for Italy's
30.1% holdings in national carrier Alitalia S.p.A., Agenzia
Giornalistica Italia reports.

Mr. Alazraki, in a meeting with Alitalia's union
representatives, said two large banks would guarantee their
finances, AGI says.

Mr. Alazraki noted that in Alitalia's case, "money is not an
issue."  He stressed that the basic issue is to sign at least
two years of truce with the company's unions and boost.

"[Mr.] Alazraki asked us to pursue technical talks, and that's
what we want to do, even though the feasibility of the proposal
is yet to be ascertained," Mauro Rossi Federazione Italiana
Trasporti-Confederazione Italiana Sindacati Lavoratori told AGI.

In a TCR-Europe report on Jan. 12, Paolo Alazraki has presented
a recovery plan for national carrier Alitalia S.p.A.

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

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

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

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

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

Mr. Alazraki said the recovery plan rules out lay-offs but
includes adding more routes that would allow Alitalia to earn
more revenues and meet costs.  The plan also includes fleet
renewal, and the revival of closed routes to North America and
Latin America.  The plan also entails the expansion of
Alitalia's cargo division and reconsolidation of its maintenance
unit.  The consortium would also set up a real estate fund to
manage Alitalia's property assets.  The plan foresees a return
to profit within 36 months.

                   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.

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.


FIAT SPA: Issuing 1.5-Bln Bonds to Gain Investment Grade Rating
---------------------------------------------------------------
Fiat S.p.A. will issue around EUR1.5 billion of bonds this year,
Bloomberg News reports.

The move is part of the carmaker's goal to achieve investment-
grade credit ratings.  The company currently carries:

   -- Ba3 Corporate Family Rating from Moody's Investors
      Service;

   -- BB- Issuer Default and Senior Unsecured and 'B' Short-term
      ratings from Fitch; and

   -- BB Long-Term Corporate Credit and B short-term ratings
      from Standard & Poor's.

This year's bond issues are the first in a series that will
total about EUR1.5 billion every year, Bloomberg News relates.

"We will continue to access the capital markets," Giovanni
Ronca, Fiat's Senior Vice President for Financial Markets, said.
"There's a lot of value for us in that."

The company issued EUR2 billion of bonds in 2006, the first debt
sales since 2003, when it sold six-week EUR200 million bonds.

Fiat recently announced a possible dividend payment this year
spurred by rise sales.

                        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.

Issuers: Fiat Finance & Trade Ltd.
         Fiat Finance Canada Ltd.
         Fiat Finance Luxembourg S.A.
         Fiat Finance North America Inc.
         Fiat France S.A.
         Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

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
===================


ALIN STROY: Karaganda Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Building
Company Alin Story (RNN 301200215455).

LLP Alin Story is located at:

         Abdirov Str. 4/1
         Temirtau
         Karaganda Region
         Kazakhstan


ASAR ORDA: Creditors Must File Claims by February 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Asar Orda insolvent on Dec. 12, 2006.

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

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


HALYK BANK: Fitch Affirms Individual C/D Rating
-----------------------------------------------
Fitch Ratings affirmed Kazakhstan-based Halyk Bank's ratings at
foreign currency Issuer Default BB+, Short-term foreign currency
B, local currency Issuer Default BBB-, Short-term local currency
F3, Individual C/D, and Support 3.  The Outlook on the foreign
currency Issuer Default rating remains Positive, and that on the
local currency IDR Stable.

"Halyk's standalone financial strength has improved sufficiently
to warrant a BB+ IDR without considering possible support from
the Kazakhstani authorities," Dmitri Angarov, associate director
of Fitch's Financial Institutions Group in Moscow, said.  "The
improvement has been driven by the bank's continued strong
profitability track record, reasonable asset quality, and
adequate capital adequacy levels despite continuous rapid asset
growth, as well as increased capital flexibility following a
recently completed IPO."  Halyk's broad domestic franchise,
reasonable liquidity, and low market risk appetite are also
positives for the bank's credit profile.  However, risks are
inherent in the bank's rapid credit growth, notable, albeit
declining, business concentrations and certain weaknesses in the
operating environment.

The Positive Outlook on Halyk's IDR continues to reflect that on
the IDRs of the Kazakhstan sovereign, since a sovereign upgrade
would be likely to raise the support floor for the bank.
Likewise, the bank's local currency IDR continues to be driven
by potential support being forthcoming from the Kazakhstani
authorities.  Fitch in addition notes that, given its current
view of the authorities' propensity to provide support to Halyk,
upward potential for the support floor of its IDRs is capped at
BBB-.

Further profitable franchise growth, reduction in concentration
levels, and improvements in corporate governance could be
positive for Halyk's standalone creditworthiness.  Any
significant deterioration in asset quality driving reductions in
capitalization levels or a failure to manage the credit and
operational risks associated with rapid growth, notably in
retail lending, would be negatives and could give rise to
downward pressure on the Individual rating.

Halyk retains a leading position on the Kazakhstani market in
terms of its retail customer base and deposits and branch
network.  At the end of the first nine months of 2006, the bank
ranked third with a 12% share of system assets; however, this is
decreasing gradually due to the more aggressive growth of
medium-sized players.  Following the December 2006 IPO,
institutional and individual investors will hold a 29% stake in
the bank.  Almex Group, beneficially owned by the daughter and
son-in-law of President Nursultan Nazarbayev, will retain a
majority stake.


KURYLYS ORIGINAL: Claims Filing Period Ends February 22
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Kurylys Original insolvent on Dec. 20, 2006.

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

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


RUBEJ INVEST: Proof of Claim Deadline Slated for February 27
------------------------------------------------------------
LLP Rubej Invest has declared insolvency.  Creditors have until
Feb. 27 to submit written proofs of claim to:

         LLP Rubej Invest
         Micro District Gulder-1, 15-70
         Karaganda
         Karaganda Region
         Kazakhstan


SESTA CJSC: Claims Registration Ends February 27
------------------------------------------------
CJSC Company Sesta has declared insolvency.  Creditors have
until Feb. 27 to submit written proofs of claim to:

         CJSC Sesta
         Sanatornaya Str. 14
         Micro District Baganashyl
         Almaty, Kazakhstan
         Tel: 8 (3272) 50-33-73


STROYKURYLYS LLP: Claims Filing Period Ends February 28
-------------------------------------------------------
LLP Construction Company Stroykurylys has declared insolvency.
Creditors have until Feb. 28 to submit written proofs of claim
to:

         LLP Stroykurylys
         Kunaev Ave. 47
         Talgar
         Talgarsky District
         Almaty Region
         Kazakhstan


TALAPTY OJSC: Court Begins Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared OJSC Talapty insolvent on
Aug. 11, 2006.  Subsequently, bankruptcy proceedings were
introduced at the company.

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

Inquiries can be addressed to 8 701 771 02-09.


TAZA SEUR: Creditors Must File Claims by February 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Taza Seur insolvent on Dec. 11, 2006.
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Taza Seur
         Baitursynov Str. 70
         Kostanai
         Kostanai Region
         Kazakhstan


TRANSKAZLOGISTICS LLP: Claims Filing Period Ends February 28
------------------------------------------------------------
LLP Transkazlogistics has declared insolvency.  Creditors have
until Feb. 28 to submit written proofs of claim to:

         LLP Transkazlogistics
         Buzurbaev Str. 10-10
         Almaty, Kazakhstan


BANK TURANALEM: Fitch Rates US$1-Bln Eurobonds at Final BB+
-----------------------------------------------------------
Fitch Ratings assigned final Long-term BB+ ratings to TuranAlem
Finance B.V.'s US$750 million 8.25% putable notes due January
2037 and its US$250 million floating rate notes due January
2009.

The issues are guaranteed by Kazakhstan's Bank TuranAlem, rated
foreign currency Issuer Default BB+ with a Positive Outlook,
local currency Issuer Default BBB- with a Stable Outlook, Short-
term foreign currency B, Short-term local currency F3,
Individual C/D, and Support 3.

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

BTA is one of the largest two commercial banks in Kazakhstan.
Its common stock is owned primarily by a small group of Kazakh
investors.


X-TELEVISION LLP: Creditors' Claims Due February 28
---------------------------------------------------
LLP X-Television has declared insolvency.  Creditors have until
Feb. 28 to submit written proofs of claim to:

         LLP X-Television
         Lenin Str. 44-115
         Almaty, Kazakhstan


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


MARZIPAN LLC: Creditors' Claims Due February 28
-----------------------------------------------
Joint Kyrgyz-Russian-Netherlands LLC Marzipan has declared
insolvency.  Creditors have until Feb. 28 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 27-38-82.


RIVERA LLC: Creditors Meeting Slated for February 14
----------------------------------------------------
Creditors of River LLC will convene at 11:00 a.m. on Feb. 14 at:

         Lev Tolstoi Str. 100b
         Bishkek, Kyrgyzstan

Agenda:

   -- transformation of bankruptcy proceedings procedure
      into rehabilitation procedure;

   -- affirmation of rehabilitation plan; and

   -- commencement of rehabilitation procedure.

Proxies must have authorization to vote.

Inquiries can be addressed to (0-503) 29-41-24.


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


EVRAZ GROUP Shareholders Name Alexander Frolov as New CEO
---------------------------------------------------------
Evraz Group S.A. disclosed that all the resolutions proposed at
its extraordinary general meeting on Jan. 18 were duly passed.

The shareholders authorized the Board of Directors to appoint
Alexander Frolov as Chief Executive Officer of the Company, and
passed the resolution on the amounts of the remuneration to
Company's CEO and members of the Board of Directors for 2007.

The shareholders also appointed Philippe Delaunois as director
of the Company with immediate effect.  Mr. Delaunois was born on
Nov. 12, 1941 in Belgium.  In 1987-1999 he was Managing Director
and CEO of Cockerill Sambre, and in 2001 he was adviser to the
Algerian government in the privatization of the steel industry.
He has served on the boards of directors of many Belgian and
international companies.

                         About Evraz

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

                          *     *     *

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

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

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


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


TURANALEM FINANCE: Fitch Rates US$1-Bln Eurobonds at Final BB+
--------------------------------------------------------------
Fitch Ratings assigned final Long-term BB+ ratings to TuranAlem
Finance B.V.'s US$750 million 8.25% putable notes due January
2037 and its US$250 million floating rate notes due January
2009.

The issues are guaranteed by Kazakhstan's Bank TuranAlem, rated
foreign currency Issuer Default BB+ with a Positive Outlook,
local currency Issuer Default BBB- with a Stable Outlook, Short-
term foreign currency B, Short-term local currency F3,
Individual C/D, and Support 3.

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

BTA is one of the largest two commercial banks in Kazakhstan.
Its common stock is owned primarily by a small group of Kazakh
investors.


VNU NV: Renames to The Nielsen Company; Launches New Web Site
-------------------------------------------------------------
VNU N.V., a marketing and media information firm, is changing
its name to The Nielsen Company.

"Nielsen is one of the great names in the information-services
industry," said David L. Calhoun, Chairman & Chief Executive of
The Nielsen Company.  "For more than 75 years, the Nielsen brand
has stood for the highest standards of integrity and quality,
for independence and objectivity, and for an unrelenting
dedication to helping clients be more successful.  The Nielsen
name is a source of pride for everyone in our organization, and
it is now the name under which we all will go to market."

Immediate steps to launch the new branding for the company
include the introduction of a new corporate Web site --
http://www.nielsen.com/-- and graphic identity.  The new
identity will be rolled out progressively by all Nielsen
businesses during 2007.

Mr. Calhoun said that, given the company's increased focus on
marketing and media information services, Nielsen is a name that
more clearly suggests the company's position and role in the
marketplace.

"We are focused more intently than ever on the delivery of truly
integrated marketing and media services that reveal clients'
growth opportunities," Mr. Calhoun said.  "We are uniquely
positioned to provide clients with a complete understanding of
consumer behavior, with new insights into where their markets
are headed, and with high-value solutions to their business
issues.  We will work more closely together than ever to deliver
revolutionary products and services that bring real clarity to
today's complex markets."

"Nielsen will be the primary name and branding that will be
adopted in every part of our business," Mr. Calhoun also said.
"That said, there is no question that the existing identities or
brands such as ACNielsen, Nielsen Media Research, Spectra,
Homescan, BASES, Claritas and many others, including their
respective underlying product brands, plus our many Business
Media and editorial identities have tremendous meaning and
equity in the marketplace.  As we implement our new branding, we
will protect and enhance that equity and link it appropriately
to the governing Nielsen brand."

                           About VNU

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

                          *     *     *

As reported in the TCR-Europe on July 20, 2006, Moody's
Investors Service downgraded the Corporate Family Rating of VNU
NV to B2 from B1 and its senior unsecured debt ratings to Caa1
from B1.  This concludes Moody's review of VNU's ratings, which
was last continued on May 26, 2006.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

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

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

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

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

In a TCR-Europe report on July 19, 2006, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

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


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


SHIP FINANCE: Acquires Jack-Drilling up Rig for US$210 Million
--------------------------------------------------------------
Ship Finance International Ltd. has agreed to acquire a new
building jack-up drilling rig currently under construction, the
West Prospero Seadrill 4, from a subsidiary of Seadrill Ltd.

The purchase price for the drilling rig is agreed to US$210
million and expected delivery from Keppel Fels in Singapore will
be in July 2007.  The Company is currently in discussions with
banks for the financing of the rig, and based on discussions to
date, the company expects to enter into a term loan facility in
an amount of around US$170 million.

The rig will be chartered back to the seller for 15 years on a
bareboat basis, guaranteed by Seadrill.  Seadrill is among the
world's leading offshore drilling contractors, with a market
capitalization of around US$6 billion.  The aggregate charter
payments for the first three years will be around US$120
million, the following four years will be around US$77 million,
and the last eight years will be around US$109 million.

Seadrill has been awarded a letter of intent by ExxonMobil
Exploration and Production Malaysia Inc. for the West Prospero,
and the intended contract has duration of 400 days, with an
estimated value of around US$82 million. Start-up of operations
is planned in the third quarter of 2007, following delivery from
the construction yard.

In addition to the fixed charter rate, Ship Finance will receive
a profit split element of 4% above certain threshold levels,
starting Jan. 1, 2009.  During the charter period the charterer
will have several options to buy back the rig, and the first
purchase option will be after three years at US$142 million and
the last purchase option after 15 years at US$60 million.

                       About Ship Finance

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

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

                          *     *     *

In a TCR-Europe report on Dec. 7, 2006, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Bermuda-based Ship Finance International Ltd., a ship-owning
company tied to Frontline Ltd., to 'BB' from 'BB-'.  The outlook
is stable.

At the same time, S&P raised its senior unsecured debt rating on
Ship Finance's US$580-million bonds to 'B+' from 'B'.

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


SHIP FINANCE: Names Svein Aaser to Board of Directors
-----------------------------------------------------
Ship Finance International Ltd. has appointed Svein Aaser to the
Board of Directors.

Mr. Aaser is the former President and Chief Executive Officer of
DnB NOR ASA, the largest financial institution in Norway, and a
leading maritime financier worldwide. During his carreer in DnB
NOR, the market capitalization of the company increased from
around US$2.2 billion to around US$19.1 billion.

Prior to his position in DnB NOR, Mr. Aaser had a long carreer
as a top executive in several copmpanies, including Nycomed
Amersham plc., Storebrand Skade AS and Stabburet AS. Mr Aaser
serves on several boards, including Pan Fish ASA and Laerdal
Medical AS.

"We are very pleased to have recruited Mr. Aaser to become a
non-executive board member," Tor Olav Troim, Chairman in Ship
Finance, said.  "His broad international background in large
multinational companies, substantial banking experience and his
outstanding track record in the capital market secures our
Company a very competent and professional board member.

"Furthermore, the announced investment in the oil exploration
sector validate the Board of Director's strategy to diversify
the asset base and grow the long-term charter business. Over the
last 12 months, the Company has announced investments of US$950
million, of which more than US$760 million outside the tanker
segment.  The company believes there will be particularly good
growth opportunities within oil exploration and related
segments, as the company sees a high activity level and
significant cash flows, and there is a positive market outlook."

                       About Ship Finance

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

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

                          *     *     *

In a TCR-Europe report on Dec. 7, 2006, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Bermuda-based Ship Finance International Ltd., a ship-owning
company tied to Frontline Ltd., to 'BB' from 'BB-'.  The outlook
is stable.

At the same time, S&P raised its senior unsecured debt rating on
Ship Finance's US$580-million bonds to 'B+' from 'B'.

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


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


* Iberian Law Firm Garrigues Expands Practice to Warsaw
-------------------------------------------------------
Garrigues opened a new office in Warsaw, Poland as a first step
towards establishing its presence in other central and eastern
European countries.

The venture involves the integration into Garrigues of the firm
"Fuster & Sartorius" which has been operating in the region for
five years, and its founders, Jaime Fuster and Jacobo Sartorius,
will be joining Garrigues as partners after ratification at the
upcoming Partners' Meeting.  Both professionals have extensive
experience in providing advice to businesses on setting up
operations in these countries and will be responsible for
Garrigues' expansion in the region.

The new Warsaw office will field an initial team of 15 lawyers,
covering practically all practice areas:

   -- real estate and zoning;
   -- financial services and banking;
   -- foreign investment;
   -- corporate;
   -- infrastructure;
   -- labor and employment;
   -- litigation, and tax.

The opening of this office is a natural consequence of
Garrigues' attitude to economic globalization.  Just a few years
ago, Spain and Portugal were basically destinations for
investment, with the exception of capital invested in Latin
America, but the situation is changing rapidly.  After heavily
backing the Latin American market, with a significant network of
its own offices and a presence through Affinitas in Latin
America, a natural region for growth given the cultural and
linguistic similarities, Garrigues has set its sights on other
areas increasingly targeted by European investors.  This new
phase in its strategy commenced with the opening of its offices
in Shanghai and Casablanca and now continues in Central and
Eastern Europe.

"For some time now, Garrigues has been seeing a steady flow of
Spanish and Portuguese investments towards Eastern Europe,"
explained Garrigues Partner Jose Palacios, one of the architects
of the Firm's international expansion.  "The next logical step
was to ensure an ongoing service by setting up our own office in
the Polish capital.  Our ultimate objective, however, given the
interest we have noted in Spain in everything happening in the
new European Union Member States, is to become the firm of
choice in the local markets in this region."

"The strategy goes much further than Poland, which is, in
itself, a highly important country, Mr. Fuster revealed.  "The
core idea is to be able to offer our clients a comprehensive
service throughout Central and Eastern Europe.  We plan to open
an office in Romania and another in Bulgaria in 2007."

The Garrigues EU and Anti-trust Law Department and the
International Taxand network, of which Garrigues is a founding
member, will support the new Warsaw office.

"Our aim is for all our offices to be perceived by clients as a
byword for quality and service" explained Marcos Araujo, the
partner in charge of the Department.  "There is no reason why
the Warsaw office should be any different from the Madrid,
Barcelona, Lisbon or Seville offices."

Garrigues' international network boasts 27 offices in the
Iberian Peninsula with another five offices in Brussels,
Casablanca, New York, Shanghai and Warsaw.

                        About Garrigues

Spain-based law firm, Garrigues, founded in 1941, is the legal
services firm in the Iberian Peninsula, EUR223.1 million in 2006
in terms of billings and 1,700 of professionals at present and a
total of over 2,000 employees.

The Firm, which provides legal and advisory services in all
areas of law, with 25 offices across Spain and another 2 in
Portugal.

Garrigues promotes 'Affinitas', an international Latin American
alliance of leading law firms in Argentina, Brazil, Colombia,
Chile, Spain, Mexico, Peru and Portugal.  Affinitas, created in
February 2004, is the result of a far-reaching and exclusive
commitment to integration by its member firms.  The Affinitas
network currently comprises over 2,500 professionals, operating
in 12 countries.

Garrigues is also a founding member of Taxand, an independent
alliance of exclusively tax firms, which has more than 1,650
professionals from 36 firms in Europe, the Americas, Asia and
Africa.  In Poland, the Taxand member firm is Accreo and,
accordingly, the Garrigues' new Warsaw office will be able to
offer fully backed advisory services to the highest standard.

              Extensive Professional Experience

Mr. Fuster boasts a wealth of experience in private
international law, corporate law, public transportation law and
project finance.  His career has focused, above all, on the
business world, combining his law practice with other functions
such as directorships and secretaryships at various
multinationals.  He is currently a member of the Advisory Board
of the Real Estate Fund in Central and Eastern Europe and
Secretary of the Internationalization Committee of the Madrid
Association of Real Estate Developers.

Mr. Sartorius is an expert in public and private international
law and has broad experience in proceedings at foreign,
international and arbitration courts and tribunals, such as the
European Court of Justice in Luxembourg and the European Court
of Human Rights in Strasbourg.  His professional career has
focused mainly on the field of internationalization of Spanish
business and he has acted in major cross-border commercial
transactions.


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


AGRO-MASH OJSC: Creditors Must File Claims by Jan. 30
-----------------------------------------------------
Creditors of OJSC Agro-Mash have until Jan. 30 to submit written
proofs of claim to:

         L. Rud', Temporary Insolvency Manager
         Lenina Pr. 113A
         300026 Tula Region
         Russia

The Arbitration Court of Tula Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A68-577/B-05.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Mash
         Selkhoznikovskaya Str. 1
         Teploye
         301900 Tula Region
         Russia


ALKOR OJSC: Creditors Must File Claims by Jan. 30
-------------------------------------------------
Creditors of OJSC Alkor have until Jan. 30 to submit written
proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-12412/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Alkor
         Zavodskaya Str. 1 A
         Lyubuchany
         Chekhovskiy Region
         142380 Moscow Region
         Russia


DEMYANSKIY: Bidding Deadline Slated for January 27
--------------------------------------------------
G. Kanunnikov, insolvency manager and the bidding organizer for
Municipal Unitary Enterprise Agricultural Flax Factory
Demyanskiy, will open a public auction for the company's
properties at 11:00 a.m. on Feb. 1 at:

         Lenina Str. 7
         Demyansk
         Novgorod Region
         Russia

Interested participants have until Jan. 27 to deposit an amount
equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         G. Kanunnikov, Insolvency Manager, Bidding Organizer
         Tel: 90-37-09 or (816) 73-77-17

The Debtor can be reached at:

         Municipal Unitary Enterprise Agricultural Flax Factory
         Demyanskiy
         Lnozavodskiy Per. 9a
         Demyansk
         175310 Novgorod Region
         Russia


ENGINEER CJSC: Creditors Must File Claims by Jan. 30
----------------------------------------------------
Creditors of CJSC Engineer have until Jan. 30 to submit written
proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-16755/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Engineer
         PF NAT
         Novyj Byt
         Klin
         Moscow Region
         Russia


EVRAZ GROUP Shareholders Name Alexander Frolov as New CEO
---------------------------------------------------------
Evraz Group S.A. disclosed that all the resolutions proposed at
its extraordinary general meeting on Jan. 18 were duly passed.

The shareholders authorized the Board of Directors to appoint
Alexander Frolov as Chief Executive Officer of the Company, and
passed the resolution on the amounts of the remuneration to
Company's CEO and members of the Board of Directors for 2007.

The shareholders also appointed Philippe Delaunois as director
of the Company with immediate effect.  Mr. Delaunois was born on
Nov. 12, 1941 in Belgium.  In 1987-1999 he was Managing Director
and CEO of Cockerill Sambre, and in 2001 he was adviser to the
Algerian government in the privatization of the steel industry.
He has served on the boards of directors of many Belgian and
international companies.

                         About Evraz

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

                          *     *     *

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

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

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


FAKIR CJSC: Creditors Must File Claims by Jan. 30
---------------------------------------------------
Creditors of CJSC Fakir have until Jan. 30 to submit written
proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A40-42089/06-123-847B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Fakir
         Matveevskaya Str. 6
         Moscow Region
         Russia


FINLAIN CJSC: Creditors Must File Claims by Jan. 30
---------------------------------------------------
Creditors of CJSC Finlain have until Jan. 30 to submit written
proofs of claim to:

         N. Biryukova, Insolvency Manager
         Chulkovo
         Ramenskiy Region
         140125 Moscow Region
         Russia

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A40-35075/06-123-538B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Finlain
         Balchug Str. 22
         Moscow Region
         Russia


KOLOMENSKIYE MILLS: Creditors Must File Claims by Jan. 30
---------------------------------------------------------
Creditors of LLC Kolomenskiye Mills have until Jan. 30 to submit
written proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-16710/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Kolomenskiye Mills
         Kolkhoznaya Str. 14
         Kolomna
         Moscow Region
         Russia


LOTUS CJSC: Creditors Must File Claims by Jan. 30
-------------------------------------------------
Creditors of CJSC Lotus have until Jan. 30 to submit written
proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-18583/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Lotus
         Klimova Str. 38
         Noginsk
         Moscow Region
         Russia


PECHINOK-AGRO-TEKH-SERVICE OJSC: Claims Deadline Set Jan. 30
------------------------------------------------------------
Creditors of OJSC Pechinok-Agro-Tekh-Service have until Jan. 30
to submit written proofs of claim to:

         A. Nikolaev, Temporary Insolvency Manager
         Post User Box 11
         214018 Smolensk Region
         Russia

The Arbitration Court of Smolensk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A62-5146/06.

The Debtor can be reached at:

         OJSC Pechinok-Agro-Tekh-Service
         Yubileynaya Str. 10a
         Pochinok
         Smolensk Region
         Russia


RUZA CJSC: Creditors Must File Claims by Jan. 30
------------------------------------------------
Creditors of CJSC Holding Agricultural Industrial Enterprise
Ruza have until Jan. 30 to submit written proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-17553/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Holding Agricultural Industrial Enterprise
         Ruza
         Partizan Square 8
         Ruza
         Moscow Region
         Russia


SPARK CJSC: Creditors Must File Claims by Jan. 30
-------------------------------------------------
Creditors of CJSC Spark have until Jan. 30 to submit written
proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-18447/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Spark
         OJSC ZhZPM
         Sitne-Shelkanovo
         Stupinskiy Region
         Moscow Region
         Russia


SUZEMVSKIY SYRODEL: Bankruptcy Hearing Slated for April 19
----------------------------------------------------------
The Arbitration Court of Bryansk Region will convene at
9:30 a.m. on April 19 to hear the bankruptcy supervision
procedure on CJSC Suzemvskiy Syrodel (TIN 3228003237).  The case
is docketed under Case No. A09-7141/06-8.

The Temporary Insolvency Manager is:

         Y. Zvyagintseva
         Room 406
         Dzerzhinskogo Str. 68
         305001 Kursk Region
         Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         CJSC Suzemvskiy Syrodel
         Bryanskaya Str. 14
         Suzemka
         Bryansk Region
         Russia


SWEATS LLC: Creditors Must File Claims by Jan. 30
---------------------------------------------------
Creditors of LLC Confectionary Russian Sweats have until Jan. 30
to submit written proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A40-42154/06-123-880B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Confectionary Russian Sweats
         1st Irtyshskiy Pr. 6
         Moscow Region
         Russia


TEKSKOM CJSC: Creditors Must File Claims by Jan. 30
---------------------------------------------------
Creditors of CJSC Tekskom have until Jan. 30 to submit written
proofs of claim to:

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

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A40-46302/06-71-1003B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Tekskom
         Room 3
         Yakimanskaya Quay 2
         Moscow Region
         Russia


TOPAZ LLC: Kursk Bankruptcy Hearing Slated for March 14
-------------------------------------------------------
The Arbitration Court of Kursk Region will convene at noon on
March 14 to hear the bankruptcy supervision procedure on LLC
Topaz (TIN 4629007311).  The case is docketed under Case No.
A35-6399/06 g.

The Temporary Insolvency Manager is:

         Y. Zvyagintseva
         Room 406
         Dzerzhinskogo Str. 68
         305001 Kursk Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         LLC Topaz
         K. Marksa Str. 17
         Kursk Region
         Russia


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


ADF AUTOMATED: Creditors' Liquidation Claims Due February 9
-----------------------------------------------------------
The creditors of JSC ADF Automated Dokument Factory have until
Feb. 9 to submit their claims by proceedings to liquidator
Christoph Burki.  The creditors of the liquidated enterprise
have to submit their proofs of claims.

The Debtor can be reached at:

         JSC ADF Automated Dokument Factory
         Uster
         Switzerland

The Liquidator can be reached at:

         Burki Christoph
         8489 Wildberg
         Calw
         Baden-Wurttemberg
         Switzerland


ANDRENA SUISSE: Creditors' Liquidation Claims Due February 9
------------------------------------------------------------
The creditors of JSC Andrena Suisse have until Feb. 9 to submit
their claims by proceedings to liquidator Dr. Marco Balmelli.
The creditors of the liquidated enterprise have to submit their
proofs of claims.

The Debtor can be reached at:

         JSC Andrena Suisse
         Basel
         Switzerland

The Liquidator can be reached at:

         Christen Rickli Partner
         Postfach 257
         4010 Basel
         Switzerland


ANI SANITAR: Schwyz Court Suspends Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Schwyz suspended the bankruptcy
proceedings of LLC ANI Sanitar 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 CHF3,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 10, 2006, can be reached
at:

         LLC ANI Sanitar
         6430 Schwyz
         Switzerland

The Bankruptcy Service of Schwyz can be reached at:

         Bankruptcy Service of Schwyz
         6430 Schwyz
         Switzerland


BAM INVEST: Creditors' Liquidation Claims Due February 9
--------------------------------------------------------
The creditors of JSC Bam Invest have until Feb. 9 to submit
their claims by proceedings to liquidator Dr. Felix Klaus.  The
creditors of the liquidated enterprise have to submit their
proofs of claims.

The Debtor can be reached at:

         JSC Bam Invest
         Basel
         Switzerland

The Liquidator can be reached at:

         WAEBER, FERRARI & KLAUS
         48 Postfach
         8035 Zurich
         Switzerland


BARRY CALLEBAUT: Europe Sales Net CHF866 Mln for 1Q 2006-2007
-------------------------------------------------------------
Barry Callebaut AG disclosed of its key sales figures for the
first three months ended Nov. 30, 2006, for financial year 2006-
2007.

In addition, the company reconfirmed the decision to repay the
outstanding 9 1/4% High-Yield Bond due 2010 in the amount of
EUR165 million at the earliest call date, which is March 15.

Starting as of the current fiscal year, Barry Callebaut is also
bringing its disclosure of financial results in line with other
major food companies.  The company will publish only key sales
figures for the first and the third quarter but maintain the
publication of detailed half-year and full-year results.

Overview of business performance in the first three months of
fiscal year 2006/2007

As of Sept. 1, 2006, Barry Callebaut introduced a new
organizational structure with a regional focus.  This change
results in a new reporting structure in line with the company's
main business regions, i.e. Europe, the Americas, Asia, & the
Rest of the World.  Operating results per business segment will
still be given on a semi-annual basis as before.

Sales volumes for the Group went up to 316,506 tons, which
corresponds to a strong organic growth of 5.7%.  Sales revenue
grew by 3.6% to CHF1.24 million.

"We were able to carry the strong fourth quarter growth of the
past fiscal year into the first quarter of the current fiscal
year; seasonal Christmas business was again very good, Chief
Executive Officer Patrick De Maeseneire, said.  "Our new
organizational structure introduced as of Sept. 1, 2006, will
allow us to drive the intended geographic expansion and growth
outside of Western Europe with the necessary determination. We
are satisfied with our results for the first three months of
fiscal year 2006/2007."

According to Bloomberg News, the company's sales figures matched
the median estimate of four analysts surveyed by Bloomberg.

"The company is in good shape, with the growth story in its two
most important segments convincing,'' Daniel Buerki, an analyst
at Zuercher Kantonalbank, said in a note to investors, referring
to Callebaut's industrial and gourmet units.  Mr. Buerki has a
"market perform" recommendation on the stock.

                         Sales by Region

Europe

Europe had a sales volume growth of 7.7% to 215,984 tons, driven
by good sales mainly in the business with industrial and
artisanal customers.  Sales revenue increased 5.8% to
CHF886.3 million, up from CHF838.0 million for the same prior-
year period, mainly as a result of higher sales volumes, helped
by positive foreign exchange effects.

The Food Manufacturers business unit benefited from increased
and new outsourcing volumes in Western Europe and very strong
growth in Eastern Europe.  The Gourmet & Specialties business
unit recorded very good sales in Central and Eastern Europe.
The earlier communicated discontinuation of the Manner contract
and of some unprofitable customer label contracts led to
slightly lower sales revenue in the Consumer Products Europe
business unit, but resulted in a more profitable product mix.
Higher sales of branded and co-manufactured products compensated
for some of this sales revenue decrease.

Americas

Sales volumes in Americas slightly increased to 80,717 tons.
Sales revenue declined by 4.0% to CHF278.1 million, down from
CHF289.8 million.  This was the result of lower sales of
consumer products and negative foreign exchange effects, partly
offset by higher sales in the other businesses.

Sales in the Food Manufacturers and the Gourmet & Specialties
business units showed solid growth rates.  Consumer Products
North America did not renew a low-margin contract with a major
U.S. retailer for Halloween products and discontinued a number
of unprofitable products.  This led to overall flat sales
volumes and lower sales revenue in this region.

Asia & Rest of the World

Region Asia & Rest of the World registered sales volumes of
19,805 tons, up 8.6% from the 18,239 tons of the prior year.
Sales revenue grew 9.3% to CHF77.3 million, up from CHF70.7
million.

Food Manufacturers benefited from strong growth in China,
starting, of course, from low levels.  Gourmet & Specialties did
particularly well in the premium product range, especially in
Japan.

Development of business segments in the first three months of
fiscal year 2006/2007

                   Industrial Business Segment

The Industrial business segment focuses on selling cocoa and
chocolate products to industrial food processors and consumer
goods manufacturers worldwide.

Sales volumes were 219,998 tons, which represents an organic
growth of 10.5% from the 199,147 tons for same prior-year
period.

Sales volumes of Cocoa products sold to third-party customers
amounted to 36,025 tons, which is a plus of 9.4%.  Volumes were
pushed in order to compensate for the margin decline caused by
the deteriorating combined ratio.

Sales volumes in the Food Manufacturers business unit were
183,973 tons, 10.7% more than in the same prior-year period.
Main drivers were increased outsourcing volumes from existing
and new customers.

Sales revenue recorded in the Industrial business segment went
up 8.4% to CHF692.8 million, compared to CHF639.2 million for
the same prior-year period.

Sales revenue in the Cocoa business unit grew 4.7% to CHF117.3
million, as a result of higher sales volumes, despite the afore-
mentioned lower average sales prices resulting from the lower
combined ratio.

The Food Manufacturers business unit increased sales revenue by
9.2% to CHF575.5 million, up from CHF527.2 million for the same
prior-year period, benefiting from higher sales volumes as well
as exchange rate effects.

              Food Service/Retail Business Segment

The Food Service/Retail business segment serves a broad range of
customers, from local craftsmen to global retailers.

Sales revenue was CHF548.9 million, down 1.9% from CHF559.3
million recorded for the same prior-year period.

Sales revenue in the Gourmet & Specialties business unit
increased to CHF178.1 million, up 13.2% from CHF157.4 million
for the same prior-year period.  There were some positive
foreign exchange effects, but the main reason was strong growth
in all regions.

Sales revenue in the Consumer Products business units decreased
by 7.7% to CHF370.8 million, due to the discontinuation of
unprofitable contracts.

            Early Repayment High-Yield Bond due 2010

Barry Callebaut will repay the outstanding 9 1/4% Senior
Subordinated Notes in the amount of EUR165 million on March 15
by drawing on the existing Revolving Credit Facility of EUR850
million signed in August 2005.  Due to the call premium payable
of 4.625% and the write-off of the remaining capitalized
financing fee, the impact on net financial costs will be
negative in the amount of around CHF8 million in the current
fiscal year 2006/2007.  However, as from fiscal year 2007/2008,
net financial costs will improve substantially by about CHF14
million per annum.

                             Outlook

"I am pleased that we can repay the outstanding High-Yield Bond
at the first possible call date, thanks to our strong financial
position," Patrick De Maeseneire. Chief Executive said.  "This
will have a direct positive impact on our financial performance
as of the next fiscal year.  The announced decline in the
combined ratio had the foreseen negative effect on our first-
quarter profitability but we were able to fully absorb this
thanks to the good operational performance of our other
businesses, including our European consumer business.

"Therefore, and even though it is still early in the fiscal
year, we can confirm the communicated financial targets for the
three-year period 2005/2006 through 2007/2008, which are on
average: organic top-line growth of 3-5%, EBIT growth of around
8-10%, and PAT growth of 12-15%.  This outlook, of course, is
given barring any major unforeseen events."

                      About Barry Callebaut

With annual sales of more than CHF4 billion for fiscal year
2005/2006, Zurich-based Barry Callebaut -- http://www.barry-
callebaut.com/ -- is the world's leading manufacturer of high-
quality cocoa, chocolate, and confectionery products - from the
cocoa bean to the finished product on the store shelf.  Barry
Callebaut is present in 25 countries, operates more than 30
production facilities and employs around 8,000 people.  The
company serves the entire food industry, from food manufacturers
to professional users of chocolate, to global retailers.  It
also provides a comprehensive range of services in the fields of
product development, processing, training, and marketing.

On Nov. 29, 2006, TCR-Europe reported that Moody's upgraded the
Corporate Family Rating of Barry Callebaut AG to Ba1 and
upgraded to Ba3 the rating on the EUR165-million senior
subordinated notes due 2010 issued by its subsidiary Barry
Callebaut Services N.V.  The outlook is stable.


BURGSCHAFT JSC: Creditors' Liquidation Claims Due February 9
------------------------------------------------------------
The creditors of JSC Burgschaft have until Feb. 9 to submit
their claims by proceedings to liquidator Thomas Mader.  The
creditors of the liquidated enterprise have to submit their
proofs of claims.

The Debtor can be reached at:

         JSC Burgschaft
         Meiringen
         Switzerland

The Liquidator can be reached at:

         Bank Brienz Oberhasli
         Hauptstrasse 115
         3855 Brienz
         Switzerland


C + C VERWALTUNG: Creditors' Liquidation Claims Due February 9
--------------------------------------------------------------
The creditors of JSC C + C Verwaltung have until Feb. 9 to
submit their claims by proceedings to liquidator Christian
Sauser.  The creditors of the liquidated enterprise have to
submit their proofs of claims.

The Debtor can be reached at:

         JSC C + C Verwaltung
         Nidau
         Switzerland

The Liquidator can be reached at:

         Suter & Weissberg
         2502 Biel-Bienne
         Switzerland


HC ZENTRALSCHWEIZ: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against Union HC Zentralschweiz on Dec. 6, 2006.

The Debtor can be reached at:

         Union HC Zentralschweiz
         Tribschenstrasse 9
         6005 Lucerne
         Switzerland

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

         Bankruptcy Service of Lucerne-Stadt
         6000 Lucerne 5
         Switzerland


MALER AMREIN: Lucerne Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against LLC Maler Amrein und Felder on Nov. 2, 2006.

The Debtor can be reached at:

         LLC Maler Amrein und Felder
         Gartenweg 7
         6030 Ebikon
         Switzerland

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

         Bankruptcy Service of Lucerne-Land
         6011 Kriens
         Switzerland


PROMATIC JSC: Schaffhausen Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Schaffhausen suspended the bankruptcy
proceedings of JSC Promatic on Dec. 27, 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 CHF10,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on June 2, 2006, can be reached
at:

         JSC Promatic
         Tobelackerstrasse 4
         8212 Neuhausen am Rheinfall
         Switzerland

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland


TRAVERSA-RACING LLC: March Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of March in Schwyz commenced bankruptcy
proceedings against LLC Traversa-Racing on Nov. 21, 2006.

The Debtor can be reached at:

         LLC Traversa-Racing
         Haslenstr 22
         8862 Schubelbach
         Switzerland

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         Schwyz
         Switzerland


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


ARTMAYDAN LLC: Creditors Must Submit Claims by Feb. 8
-----------------------------------------------------
Creditors of LLC Artmaydan (code EDRPOU 30992097) have until
Feb. 8 to submit their proofs of claim to:

         Gennadiy Sidorenko, Temporary Insolvency Manager
         Nekrasov Str. 16
         Borozenka
         Romni District
         42005 Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 12, 2006.  The case is under docketed Case No. 8/554-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         LLC Artmaydan
         Privokzalnaya Str. 33
         40000 Sumy Region
         Ukraine


MAX LINE: Claims Submission Deadline Set Feb. 23
------------------------------------------------
Creditors of LLC Max Line (code EDRPOU 33272657) have until
Feb. 8 to submit their proofs of claim to:

         A. Petrenko, Liquidator
         Ubileyniy Lane 18/17
         69114 Zaporozhye Region
         Ukraine
         Tel: +38-067-612-37-23

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Dec. 14, 2006, after finding
it insolvent.  The case is under docketed Case No. 15/682-B.

The Economic Court of Kiev Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Debtor can be reached at:

         LLC Max Line
         Tupolev Str. 17
         04128 Kiev Region
         Ukraine


PRIVATBANK CJSC: Commences Sale of Mortgage-Backed Bonds
--------------------------------------------------------
Privatbank CJSC is selling its first mortgage-backed bond this
week, Bloomberg News reports citing UBS AG, the bond's sale
arranger.

According to UBS AG, the home loan-backed securities will be
sold in tranches of US$134.1 million, US$36.9 million and
US$9 million, Bloomberg News relates.

The company will repay first the U$134-million bonds, rated by
Moody's Investors Service at Baa3 and by Fitch Ratings at BBB-.

Headquartered in Dnipropetrovsk, Ukraine, Privatbank JSC --
http://www.privatbank.ua/-- offers more than 150 types of the
most modern services, among which are account servicing, deposit
operations, plastic card products, numerous programs on the
consumer crediting, partnership projects with leading Ukrainian
and foreign companies.  PrivatBank was empowered by the
government of Ukraine to proceed payments of pensions and social
assistance to citizens, as well as indemnification payments to
the victims of Nazi pursuits.

                         *     *     *

As reported in the TCR-Europe on Nov. 27, 2006, Fitch Ratings
affirmed CJSC Privatbank's ratings at Issuer Default B, Short-
term B, Individual D, and Support 4.  Fitch said the
Outlook on the Issuer Default rating remains Positive,
reflecting that of the Ukrainian sovereign.

As reported in the TCR-Europe on Nov. 23, Moody's changed the
outlook on the B2 long-term foreign currency deposit rating of
Privatbank to positive from stable.  Moody's also changed the
outlook Ba3 long-term foreign currency subordinated debt rating
of the bank to positive from stable


PRIVATBANK CJSC: Fitch Rates Eurobond at Long-Term B
----------------------------------------------------
Fitch Ratings assigned U.K. SPV Credit Finance PLC's upcoming
issue of fixed-rate U.S. dollar notes expected ratings of
Recovery RR4 and Long-term B.

The notes are to be used for the sole purpose of financing a
loan from the SPV to Ukraine-based CJSC Privatbank, rated Issuer
Default B with a Positive Outlook, Short-term B, Individual D,
and Support 4.  Privat will unconditionally and irrevocably
guarantee the payment of principal and interest under the notes.
The SPV will grant security over the loan to a trustee, the Bank
of New York, for the benefit of noteholders.  The final ratings
of the issue are contingent upon receipt of final documentation
conforming materially to information already received.

The SPV's claims under the loan agreement will rank at least
equally with the claims of other senior unsecured creditors of
Privat, save those claims, including those of retail depositors,
which are preferred under Ukrainian law.  At the end of the
first nine months of 2006, retail deposits accounted for a high
50% of Privat's total liabilities, according to the bank's
reviewed IFRS accounts, which could significantly limit
recoveries for Privat's other senior creditors in a default
scenario.

While, in Fitch's view, this risk is not at present sufficient
to warrant a Recovery Rating of below RR4 for the notes, any
significant further increase in the proportion of retail funding
in Privat's liabilities could lead to a downgrade of the
Recovery and Long-term ratings of the notes.  That said, Fitch
notes that the successful completion of the current transaction
would result, at least temporarily, in a reduction in the
proportion of retail funding.

The loan agreement contains covenants that restrict mergers and
disposals by Privat and oblige it to enter into any transactions
with affiliates on market terms.  It also contains a cross
default clause, which is triggered by overdue indebtedness of
US$20 million or more, and a negative pledge clause, which
allows for securitizations in an amount up to 35% of Privat's
assets.  Fitch comments that the nature and extent of any over-
collateralization under such transactions would be assessed by
the agency for any potential impact on unsecured creditors.

Privat is the largest bank in Ukraine by total assets, equity,
retail deposits, and number of branches.  Three individuals with
extensive industrial assets ultimately own around 94% of the
bank.  The remaining 6% is held by its senior management.


PRIVATBANK CJSC: Moody's Assigns Ba2 Rating on Eurobond Issue
-------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba2 to the
guaranteed notes to be issued on a limited recourse basis by
U.K. SPV Credit Finance PLC, an orphan special purpose vehicle,
and unconditionally and irrevocably guaranteed by Closed Joint-
Stock Company Commercial Bank PrivatBank.

The proceeds will be used for the sole purpose of funding a loan
to PrivatBank.  The outlook for the rating is stable.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of PrivatBank to make payments
under the loan agreement.  Moody's Ba2 rating is based on the
fundamental credit quality of PrivatBank.  The rating of the
notes has pierced Ukraine's Ba3 (positive outlook) foreign
currency sovereign ceiling for bonds.

PrivatBank's obligations under the loan agreement and the
guarantee will rank at all times at least pari-passu with the
claims of all other unsecured and unsubordinated creditors of
the bank, save for those claims that are preferred by any
relevant law.  The terms and conditions of the notes contain a
negative pledge clause and a cross-acceleration clause,
covenants that limit mergers, disposals and transactions with
affiliates.

According to Moody's, the notes might be eligible for early
redemption by the noteholders if the bank's ratings were to be
downgraded in the event that the current shareholders cease to
own more than a 50% stake of the bank.

PrivatBank is headquartered in Dnipropetrovsk, Ukraine, and as
of Dec. 31 2005, reported total assets of US$4.62 billion and
equity of US$399 million under IFRS.


PRORIV LLC: Creditors Must Submit Claims by Feb. 23
---------------------------------------------------
Creditors of LLC Proriv have until Feb. 8 to submit their proofs
of claim to:

         Gennadiy Sidorenko, Temporary Insolvency Manager
         Nekrasov Str. 16
         Borozenka
         Romni District
         42005 Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
supervision procedure on the company on Dec. 5, 2006.  The case
is under docketed Case No. 7/192-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         LLC Proriv
         Kalininskoe
         Lipovody District
         42500 Sumy Region
         Ukraine


RUBANSKOE LLC: Creditors Must Submit Claims by Feb. 8
----------------------------------------------------------------
Creditors of LLC Rubanskoe (code EDRPOU 30864471) have until
Feb. 8 to submit their proofs of claim to:

         Gennadiy Sidorenko, Temporary Insolvency Manager
         Nekrasov Str. 16
         Borozenka
         Romni District
         42005 Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
supervision procedure on the company on Dec. 14, 2006.  The case
is under docketed Case No. 8/550-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         LLC Rubanskoe
         Nedrigaylo District Rubanka
         42144 Sumy Region
         Ukraine


UKRSIBBANK JSIB: Shareholders' Meeting Slated for Feb. 23
---------------------------------------------------------
JSIB Ukrsibbank will hold its stockholder's general meeting at
noon on Feb. 23, at

         Andreeskaya Str. 2/12
         Kiev Region
         Ukraine

                      About JSIB UkrSibbank

Headquartered in Kiev, Ukraine, JSIB UkrSibbank --
http//www.ukrsibbank.com/en -- offers an exhaustive list of
banking services representing its consistent adherence to the
principles of individual approach to each client.  The trade
network of JSIB UkrSibbank includes 952 branches and outlets.

                          *     *     *

In a TCR-Europe report on Dec. 27, 2006, Fitch Ratings upgraded
JSCIB UkrSibbank Individual rating to D from D/E.  The bank's
other ratings are affirmed at foreign currency Issuer Default
BB-, local currency Issuer Default BB, Short-term B, and Support
3.  The Outlooks on the IDRs remain Positive.

As reported in the TCR-Europe on Nov. 23, 2006, Moody's
Investors Service changed the outlook on the B2 long-term
foreign currency deposit ratings of JSIB Ukrsibbank.


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


ALINCO LTD: Appoints Jane Lindsay Gandon as Administrator
---------------------------------------------------------
Jane Lindsay Gandon of GCP was appointed administrator of Alinco
Ltd. (Company Number 03774540) on Jan. 5.

The administrator can be reached at:

         Jane Lindsay Gandon
         GCP
         2 Preston Park Avenue
         Brighton
         East Sussex BN1 6HJ

Alinco Ltd. can be reached at:

         22 Albert Drive
         Burgess Hill
         West Sussex RH15 9TN
         United Kingdom
         Tel: 01444 232 719


ALINCO LTD: Sheet Metal Manufacturer Up for Sale
------------------------------------------------
Jane Lindsay Gandon of GCP, in her capacity as administrator,
offers for sale the business and assets of Alinco Ltd.

Features:

   -- manufacture precision fine limit sheet metal work;

   -- ISO 9001-2000 approved;

   -- skilled workforce with product design and development
      capabilities;

   -- annual turnover of around GBP700,000 with established
      customer base;

   -- leasehold premises 9,000 sq. ft. in Burgess Hill, West
      Sussex; and

   -- offered with plant, machinery, stock and work in progress.

Inquiries can be addressed to:

         Jane Lindsay Gandon
         GCP
         Flat 7
         2 Preston Park Avenue
         Brighton
         West Sussex BN1 6HJ
         Tel: 01273 556925


CRASH AUTO: Names Brendan Eric Doyle Liquidator
-----------------------------------------------
Brendan Eric Doyle was appointed Liquidator of Crash Auto Clinic
Limited on Dec. 7, 2006, for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Crash Auto Clinic Limited
         The Cottage
         Boverton
         Llantwit Major
         South Glamorgan CF611UH
         Wales
         Tel: 029 2022 2576
         Fax: 029 2022 2566


EASYAMG.COM LTD: Names Paul Anthony Saxton Liquidator
-----------------------------------------------------
Paul Anthony Saxton of Elwell Watchorn & Saxton LLP was
appointed Liquidator of Easyamg.com Ltd. on Dec. 20, 2006, for
the creditors' voluntary winding-up procedure.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Easyamg.com Ltd. can be reached at:

         Field Street
         Shepshed
         Loughborough
         Leicestershire LE129AL
         England
         Tel: 01509 560 560


ENVIRONMENT IQ: Brings In Liquidator from Ensors
------------------------------------------------
Steven Mark Law of Ensors was appointed Liquidator of
Environment IQ Limited on Jan. 4 for the creditors' voluntary
winding-up procedure.

Ensors -- http://www.ensors.co.uk/-- offers all levels of
accounts preparation.  From basic records through to
sophisticated computerized data, the firm tailors its service to
meet the needs of its client's business.

Environment IQ Limited can be reached at:

         St. Johns Innovation Park
         Cowley Road
         Cambridge
         Cambridgeshire CB4 0WS
         England
         Tel: 0870 220 4844


FABFOLD LTD: Hires Liquidator from Poppleton & Appleby
------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
Fabfold Ltd. on Dec. 7, 2006, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Fabfold Ltd.
         Sandy Way
         Amington Industrial Estate
         Tamworth
         Staffordshire B77 4DS
         England
         Tel: 01827 313 396
         Fax: 01827 313 289


FLAGSUK.COM LTD: Joint Liquidators Take Over Operations
-------------------------------------------------------
John Bell and Simon John Lundy of Hawdon Bell & Co. were
appointed Joint Liquidators of Flagsuk.com Ltd. on Jan. 5 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Flagsuk.com
         2b Coopies Field
         Coopies Lane
         Morpeth
         Northumberland NE616JT
         England
         Tel: 01670 503 503
         Fax: 01670 504 411


FLOWELD LTD: Calls In Liquidators from Abbot Fielding
-----------------------------------------------------
Andrew Tate, and Nedim Ailyan of Abbot Fielding were nominated
Joint Liquidators of Floweld Ltd. on Jan. 5 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Floweld Ltd.
         New House Farm Cottage
         Kemsing Road
         Wrotham
         Sevenoaks
         Kent TN157BU
         England
         Tel: 01732 884 561
         Fax: 01732 884 706


FRUDD CONSTRUCTION: Ernst & Young Selling Construction Firm
-----------------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP, in their capacity as joint administrators, offer for
sale as a going concern the business and assets Frudd
Construction Ltd.

Features:

   -- long-established construction contractor based in
      East Midlands

   -- turnover of around GBP12 million;

   -- separate profitable maintenance division, with turnover of
      around GBP3.5 million;

   -- reactive and planned contract maintenance;

   -- blue chip customer base

   -- fully qualified multi-skilled workforce; and

   -- leasehold site in Nottingham

Inquiries can be addressed to:

         Trevor Oates
         Ernst & Young LLP
         Cloth Hall Court
         14 King Street
         Leeds LS1 2JN
         United Kingdom
         Tel: (0113) 298 2539
              (0115) 9555 888
         E-mail: toates@uk.ey.com

Headquartered in Leeds, England, Ernst & Young --
http://www.ey.com/-- provides broad array of services relating
to audit and risk-related service s, tax, and transactions
across all industries-from emerging growth companies to global
powerhouses-deal with a broad range of business issues.

Frudd Construction Ltd. can be reached at:

         Byidon House
         92 Rolleston Drive Arnold
         Nottingham
         Nottinghamshire NG5 7JP
         United Kingdom
         Tel: 0115 955 5888
         Fax: 0115 955 5900


GLASS INSULATION: Brings In Grant Thornton as Administrators
------------------------------------------------------------
Nicholas Wood and Daniel Smith of Granth Thornton U.K. LLP were
appointed joint administrators of Glass Insulation Specialists
PLC (Company Number 1411231) on Jan. 3.

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 advisor y services, tax
consulting and valuation services.

Headquartered in Luton, England, Glass Insulation Specialists
PLC manufactures, sells, and installs windows, doors and
conservatories.


GLASS INSULATION: Grant Thornton Selling PVC Manufacturer
---------------------------------------------------------
Nicholas Wood and Daniel Smith of Grant Thornton U.K. LLP, in
their capacity as Joint Administrators, offer for sale the
business and assets of Glass Insulation Specialists Plc.

The company manufactures, installs and retails PVCu windows,
doors and conservatories.  It boasts of GBP4.5 million in annual
turnover.  The company operates a plant and machinery in a
33,000 sq. ft. leasehold site in Luton.

Inquiries can be addressed to:

         Sarah Crick-Linton
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         England
         Tel:/Fax: +44 (0) 870 991 2489
         E-mail: sarah.crick-linton@gtuk.com

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.


MUSIC ZONE: Deloitte Administrators Selling Music Chain
-------------------------------------------------------
William Kenneth Dawson and Nicholas James Dargan of Deloitte and
Touche LLP, in their capacity as joint administrators, offer for
sale the business and assets of Music Zone Holdings Ltd. and
Music Zone Services Ltd.

Features:

   -- operates a chain of over 100 high street stores
      nationwide, selling music and DVDs;

   -- 30,000 sq ft leasehold head office in Stockport;

   -- 56,000 sq ft leasehold distribution centre in Denton,
      Greater Manchester;

   -- 104 leasehold store interests nationwide;

   -- fixtures and fittings;

   -- retail stock; and

   -- intellectual property.

Inquiries can be addressed to:

         Matt Widdall
         Tel: 01614391455
         E-mail: mwiddall@deloitte.co.uk

        - or -

         Sam Woodward
         Tel: 07780 917 895
         E-mail: sawoodward@deloitte.co.uk

In a TCR-Europe report on Jan. 17, Music Zone Services and
parent Music Zone Holdings Ltd administrators from Deloitte and
Touche LLP on Jan. 3 after the companies' bankers decided to
recover debts and withdraw credit facilities without notice and
with immediate effect.

"Despite the best efforts of a very capable management team,
Music Zone has struggled in the face of aggressive pricing and
deteriorating sales across the music and DVD sector," a
spokesperson for Lloyds TSB Development Capital, Music Zone's
private equity backers told The Times.

According to The Times, the company's financial fix started
after acquiring rival music chain MVC from insolvency.

"We're currently trading the business while seeking interested
parties to acquire Music Zone as a going concern," joint
administrator Bill Dawson told The Times.

Headquartered in London, England Deloitte & Touche LLP --
http://www.deloitte.com/-- provides audit, tax, consulting and
corporate finance services through more than 9,000 people in 21
locations.  The group is the United Kingdom member firm of
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.

Headquartered in Stockport, England, Music Zone Services Ltd. --
http://www.musiczone.co.uk/-- operates 104 music stores across
the U.K.  It employs 1,100 staff.


OBORNE AND ANDREWS: Brings In Liquidator from Mazars LLP
--------------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
Liquidator of Oborne and Andrews (Plumbing & Heating Engineers)
Ltd. on Dec. 4, 2006, for the creditors' voluntary winding-up
proceeding.

The Liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton Down
         Clifton
         Bristol BS8 4AN
         England


OCTAVIA CONSULTING: Taps Richard Rones to Liquidate Assets
----------------------------------------------------------
Richard Rones of ThorntonRones LLP was appointed Liquidator of
Octavia Consulting Ltd. on Dec. 22, 2006, for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         ThorntonRones LLP
         First Floor
         167 High Road
         Loughton
         Essex IG10 4LF
         England


PARAMOULD LTD: Joint Liquidators Take Over Operations
---------------------------------------------------- -----
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed Liquidators of Paramould Ltd. on
Dec. 13, 2006, for the creditors' voluntary winding-up
proceeding.

The Liquidators can be reached at:

         The P&A Partnership
         93 Queen Street
         Sheffield S1 1WF
         England


PHILEAS FROG: Calls In Liquidator from Begbies Traynor
------------------------------------------------------
Wayne Macpherson of Begbies Traynor was appointed Liquidator of
Phileas Frog Ltd. on Jan. 4 for the creditors' voluntary
winding-up procedure.

The Liquidator can be reached at:

         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend on Sea
         Essex SS1 2EG
         England


UK SPV: Fitch Rates Upcoming Eurobond Issue at Long-Term B
----------------------------------------------------------
Fitch Ratings assigned U.K. SPV Credit Finance PLC's upcoming
issue of fixed-rate U.S. dollar notes expected ratings of
Recovery RR4 and Long-term B.

The notes are to be used for the sole purpose of financing a
loan from the SPV to Ukraine-based CJSC Privatbank, rated Issuer
Default B with a Positive Outlook, Short-term B, Individual D,
and Support 4.  Privat will unconditionally and irrevocably
guarantee the payment of principal and interest under the notes.
The SPV will grant security over the loan to a trustee, the Bank
of New York, for the benefit of noteholders.  The final ratings
of the issue are contingent upon receipt of final documentation
conforming materially to information already received.

The SPV's claims under the loan agreement will rank at least
equally with the claims of other senior unsecured creditors of
Privat, save those claims, including those of retail depositors,
which are preferred under Ukrainian law.  At the end of the
first nine months of 2006, retail deposits accounted for a high
50% of Privat's total liabilities, according to the bank's
reviewed IFRS accounts, which could significantly limit
recoveries for Privat's other senior creditors in a default
scenario.

While, in Fitch's view, this risk is not at present sufficient
to warrant a Recovery Rating of below RR4 for the notes, any
significant further increase in the proportion of retail funding
in Privat's liabilities could lead to a downgrade of the
Recovery and Long-term ratings of the notes.  That said, Fitch
notes that the successful completion of the current transaction
would result, at least temporarily, in a reduction in the
proportion of retail funding.

The loan agreement contains covenants that restrict mergers and
disposals by Privat and oblige it to enter into any transactions
with affiliates on market terms.  It also contains a cross
default clause, which is triggered by overdue indebtedness of
US$20 million or more, and a negative pledge clause, which
allows for securitizations in an amount up to 35% of Privat's
assets.  Fitch comments that the nature and extent of any over-
collateralization under such transactions would be assessed by
the agency for any potential impact on unsecured creditors.

Privat is the largest bank in Ukraine by total assets, equity,
retail deposits, and number of branches.  Three individuals with
extensive industrial assets ultimately own around 94% of the
bank.  The remaining 6% is held by its senior management.


UK SPV: Moody's Assigns Ba2 Rating on Eurobond Issue
----------------------------------------------------
Moody's Investors Service assigned a rating of Ba2 to the
guaranteed notes to be issued on a limited recourse basis by
U.K. SPV Credit Finance PLC, an orphan special purpose vehicle,
and unconditionally and irrevocably guaranteed by Closed Joint-
Stock Company Commercial Bank PrivatBank.

The proceeds will be used for the sole purpose of funding a loan
to PrivatBank.  The outlook for the rating is stable.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of PrivatBank to make payments
under the loan agreement.  Moody's Ba2 rating is based on the
fundamental credit quality of PrivatBank.  The rating of the
notes has pierced Ukraine's Ba3 (positive outlook) foreign
currency sovereign ceiling for bonds.

PrivatBank's obligations under the loan agreement and the
guarantee will rank at all times at least pari-passu with the
claims of all other unsecured and unsubordinated creditors of
the bank, save for those claims that are preferred by any
relevant law.  The terms and conditions of the notes contain a
negative pledge clause and a cross-acceleration clause,
covenants that limit mergers, disposals and transactions with
affiliates.

According to Moody's, the notes might be eligible for early
redemption by the noteholders if the bank's ratings were to be
downgraded in the event that the current shareholders cease to
own more than a 50% stake of the bank.

PrivatBank is headquartered in Dnipropetrovsk, Ukraine, and as
of Dec. 31 2005, reported total assets of US$4.62 billion and
equity of US$399 million under IFRS.


RE-CONSTRUCTION UK: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------------
Creditors of Re-Construction U.K. Ltd. confirmed on Jan. 5 the
appointment of David Malcolm Walker and Edward Klempka of
PricewaterhouseCoopers LLP as Joint Liquidators of the company.

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.


RENTOKIL INITIAL: Securitas May Bid for Electronic Security Unit
----------------------------------------------------------------
Securitas Systems AB is considering a bid for Rentokil Initial
Plc's Initial Electronic Security unit, Daniel Frykholm and
Ambereen Choudhury write for Bloomberg News.

According to UBS analysts, the business may be valued as much as
GBP500 million (US$983 million).

On Nov. 30, Rentokil hired Greenhill & Co. to review a possible
disposal of the unit, Bloomberg relates.

"This would be a very big acquisition for Securitas Systems,
which could put their balance sheet under pressure, so if there
is a deal the price tag will be vital," Henrik Froejd, an
analyst at Kaupthing Bank in Stockholm, said.

Securitas Systems CEO Juan Vallejo told Bloomberg that there are
clear knowledge synergies between the two companies.  He added
that he would be able to raise the cash needed should he decide
to make an offer.

"We were spun off in order to be in a freer position, so when
something like this comes up, with someone doing the same thing
as us, we will look at it," Juan Vallejo, Securitas Chief
Executive told Bloomberg News.  "But we'd really need to do our
homework."

Rentokil is expected to provide shareholders with an update
regarding the potential sale in February.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At June 30, 2006, Rentokil's balance sheet showed
GBP562.8 million in stockholders' deficit, compared with a
GBP844.5 million deficit at June 30, 2005.

The company's balance sheet also showed strained liquidity with
GBP605.1 million in total current assets available to pay
GBP1.1 billion in total liabilities coming due within the next
12 months.


RENTOKIL INITIAL: Takes Over Enviro-Fresh Ltd. for GBP9 Million
---------------------------------------------------------------
Rentokil Initial plc has acquired Enviro-Fresh Ltd. for a total
consideration of GBP9 million in cash.

Enviro-Fresh is an innovative U.K. company, which specializes in
the provision of effective, environmentally friendly washroom
products.

Enviro-Fresh was established in June 2000.  It has developed and
patented a product for men's urinals called Sani-sleeve, which
together with its Enviro-Flush system, deals comprehensively
with all common urinal problems, reducing operating and
maintenance costs, and improving hygiene.  In particular, the
system reduces flush water usage for business customers by up to
90%.

Rentokil Initial will look to expand the use of the Sani-sleeve
product and Enviro-flush system across its businesses, while at
the same time continuing to develop the business using a wide
range to routes to market including distributors and other third
parties.

"Water usage is a major cost and environmental focus for
businesses around the world and as a result of the agreement we
will be able to offer our customers an innovative solution which
can cut flush water usage by up to 90%.  As a leading supplier
of washroom services our aim is to maintain product and service
innovation, focused on the needs of our customers, as well as
providing market leading solutions to raise standards in the
washroom environment," Henry Chandler, Divisional Managing
Director - Initial Textiles and Washroom services, said.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At June 30, 2006, Rentokil's balance sheet showed
GBP562.8 million in stockholders' deficit, compared with a
GBP844.5 million deficit at June 30, 2005.

The company's balance sheet also showed strained liquidity with
GBP605.1 million in total current assets available to pay
GBP1.1 billion in total liabilities coming due within the next
12 months.


RENTOKIL INITIAL: Acquires Acelec Alarme Assets for EUR600,000
--------------------------------------------------------------
Rentokil Initial plc has acquired Acelec Alarme SAS, a provider
of electronic security services in the Bordeaux region of
France, from two private owners.

Acelec Alarme had revenues of EUR4.2 million in the year to
Dec. 31, 2005, and the value of gross assets acquired is
EUR600,000.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At June 30, 2006, Rentokil's balance sheet showed
GBP562.8 million in stockholders' deficit, compared with a
GBP844.5 million deficit at June 30, 2005.

The company's balance sheet also showed strained liquidity with
GBP605.1 million in total current assets available to pay
GBP1.1 billion in total liabilities coming due within the next
12 months.


RESTPROPCO LTD: Appoints Administrators from PwC
------------------------------------------------
Ian David Stokoe, Ian David Green and Stephen Andrew Ellis of
PricewaterhouseCoopers LLP were appointed, Dec. 29, joint
administrators of:

   -- Restpropco Ltd. (Company Number 4592893);
   -- TLLC Cmpropco6 Ltd. (Company Number 4588962);
   -- TLLC Cmpropco7 Ltd. (Company Number 4588792);
   -- TLLC Levpropco6 Ltd. (Company Number 4582103);
   -- TLLC Restaurants Ltd. (Company Number 5337191); and
   -- TLLC Restaurants2 Ltd. (Company Number 5337196).

The companies can be contacted through:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds LS1 4JP
         United Kingdom
         Tel: [44] (113) 289 4000
         Fax: [44] (113) 289 4460
         E-mail: steve.a.ellis@uk.pwcglobal.com

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.


SOLUTIA INC: Wants Court to Increase OCP Payment to US$15 Mln
-------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to increase the
aggregate total amount payable to ordinary course professionals
from US$10,000,000 to US$15,000,000, without prejudice to
requests for further increase.

The Court, in January 2004, entered an order approving Solutia's
request to employ and pay ordinary course professionals.  The
OCPs could be retained and paid without having to file
individual retention and fee applications as long as the
aggregate amount of fees do not exceed US$10,000,000.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
New York, tells the Court that due to the duration of the
Debtors' Chapter 11 cases, Solutia will soon exceed the OCP Cap.

If the OCP Cap is not increased, Solutia will no longer have the
ability to employ and compensate its OCPs without their
preparation and filing of retention and fee applications,
Mr. Henes avers.

The preparation and filing of the applications is an unnecessary
financial burden to Solutia and its estates as the OCPs are
being retained in the ordinary course of business, Mr. Henes
asserts.  Hence, he maintains, an increase in the OCP Cap by
US$5,000,000 is in the best interests of the estates.

                       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)


TREASURED PALS: Brings In Joint Administrators from PwC
-------------------------------------------------------
Michael J. A. Jervis and Mark N. Cropper of
PricewaterhouseCoopers LLP were appointed joint administrators
of Treasured Pals Ltd. (Company Number 02790981), Trump
Greetings Ltd. (Company Number 03015283), and Xcess Property
Ltd. (Company Number 02935446) on Jan. 2.

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.

The companies can be reached at:

         Royal Star Arcade
         High Street
         Maidstone
         Kent ME14 1JL
         United Kingdom
         Tel: 01622 662 250
         Fax: 01622 662 250


VERITAS MANAGEMENT: Taps DTE Leonard to Administer Assets
---------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Veritas Management Ltd. (Company Number
03726353) on Dec. 28, 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.

Veritas Management Ltd. can be reached at:

         Summit House
         Riparian Way
         Cross Hills
         Keighley
         West Yorkshire BD20 7BW
         United Kingdom
         Tel: 015 3561 4500
         Fax: 015 3561 4501


WEST LANCS: Appoints John C. Moran to Liquidate Assets
------------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed Liquidator
of West Lancs Surfacing Ltd. on Jan. 9 for the creditors'
voluntary winding-up procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

West Lancs Surfacing Ltd. can be reached at:

         Unit 11 Capitol Trading Park
         Kirkby Bank Road
         Knowsley Ind Pk
         Liverpool
         Merseyside L33 7SY
         England
         Tel: 0151 548 2444
         Fax: 0151 548 2555


WHITSTONE CAPITAL: Fitch Upgrades Class C Notes to BB+ from BB
--------------------------------------------------------------
Fitch Ratings upgraded Whinstone Capital Management Ltd. notes.
The Whinstone notes reference the performance of the reserve
funds acting as credit enhancement for 13 existing Granite
mortgage-backed securitization transactions launched by Northern
Rock plc.

The referenced Granite transactions comprise three stand-alone
pass-through deals as well as the first 10 RMBS issues from the
Granite Finance Funding Ltd. platform of the Granite master
trust program.

The reserve funds include the issuer reserve funds of the stand-
alone transactions, the issuer reserve funds of the master trust
transactions, and the Funding reserve fund.  The first layer of
protection is a threshold amount retained by NR, which will
equal the Funding reserve fund.  The redemption at par of
Granite 99-1 and Granite 01-2 has triggered the repayment of the
Class A notes from Whinstone and the build-up of the relative
enhancement provided by the threshold amount.

The rating actions are:

    -- Class B1 upgraded to BBB+ from BBB;
    -- Class B2 upgraded to BBB+ from BBB;
    -- Class B3 upgraded to BBB+ from BBB;
    -- Class C1 upgraded to BB+ from BB;
    -- Class C2 upgraded to BB+ from BB; and
    -- Class C3 upgraded to BB+ from BB.

Class A was redeemed in October 2006.


* PricewaterhouseCoopers Taps Brian Martin as New Head
------------------------------------------------------
PricewaterhouseCoopers has recruited Brian Martin to spearhead
growth at its industrial arm.

Mr. Martin, who has also worked for ICI and Accenture, is the
first full-time head of PwC's performance improvement
consultancy division in Scotland.

He will be unveiled this month as the head of the firm's 40-
strong team, most of whom have also worked in industry, advising
companies on how to change the way they work to become more
profitable.

               About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries work
collaboratively across our network using Connected Thinking to
develop fresh perspectives and practical advice.

PricewaterhouseCoopers Corporate Advisory & Restructuring LLC
is owned by PricewaterhouseCoopers LLP, a member firm of the
PricewaterhouseCoopers network and is a member of the NASD and
SIPC.  PwC CAR is not engaged in the practice of public
accountancy.  "PricewaterhouseCoopers" refers to the network of
member firms of PricewaterhouseCoopers International Ltd., each
of which is a separate and independent legal entity.


                           *********

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 * * *