TCREUR_Public/070123.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

            Tuesday, January 23, 2007, Vol. 8, No. 16

                            Headlines


A U S T R I A

ADEM SIVAS: Claims Registration Period Ends January 29
AQUATRON - HOHENEGGER: Claims Registration Period Ends Feb. 6
CHRIST PERSONALMANAGEMENT: Claims Registration Ends January 30
GZF HANDEL: Creditors' Meeting Slated for February 6
HOTEL BUSCHENREITER: Creditors' Meeting Slated for January 31


D E N M A R K

TDC AS: Selling Bite to Mid Europa Partners for EUR450 Million


F R A N C E

AIRBUS SAS: A380 Delay Spurs Full Year 2006 Losses
GAP INC: Pressler Resigns as President & Chief Executive Officer


G E R M A N Y

ALMETRA METALL: Creditors' Meeting Slated for February 14
F & M OBJEKT: Claims Registration Ends February 12
GFZ ELEKTROANLAGEN: Creditors' Meeting Slated for February 15
GOLDLER GMBH: Claims Registration Ends February 12
HOWATEC UMWELTTECHNIK: Claims Registration Ends February 12

ICT INTEGRATED: Claims Registration Ends February 13
LPP DIALOG: Claims Registration Ends February 14
VOLKSWAGEN AG: Investor AB Reiterates Rejection of MAN's Bid
VOLKSWAGEN AG: Kaluga Site Construction Starts July


I R E L A N D

CLOVERIE PLC: S&P Downgrades Series 2005-55 Debt Ratings to B+


I T A L Y

ALITALIA SPA: Won't Deny Nor Confirm EUR400-Mln 2006 Net Loss


K A Z A K H S T A N

AKTOBE-ELECTROD LLP: Creditors' Claims Due February 28
BESARYK-2 LLP: Creditors Must File Claims by February 22
CONSTRUCTION LLP: Claims Filing Period Ends February 27
ENERGOMASHSERVICE-2030 LLP: Creditors' Claims Due February 28
KARAOZEK LLP: Proof of Claim Deadline Slated for February 22

KARAOZEK XXI: Claims Filing Period Ends February 22
PASSAJIR LLP: Proof of Claim Deadline Slated for February 27
SITECS INTEGRATION: Claims Registration Ends February 22
STROY PORTAL: Creditors Must File Claims by February 28
TECHNOGARANT LLP: Claims Filing Period Ends February 28


K Y R G Y Z S T A N

ASIA PICTURES: Claims Filing Period Ends March 9


L U X E M B O U R G

EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO


N E T H E R L A N D S

GLOBAL POWER: Court Extends Lease Decision Period to April 26
LAURUS NV: Appoints New CFO, Marketing & Purchasing Manager


R U S S I A

ALEKSEEVSKAYA MANUFACTURE: Court Names I. Gorn to Manage Assets
ANZHERSKAYA PETROLEUM: Names E. Grinevich as Insolvency Manager
ASKOPA CJSC: Court Names I. Gorn as Insolvency Manager
CAMOMILE OJSC: Orel Bankruptcy Hearing Slated for March 28
ENTERPRISE BUILDER: Court Names D. Yanushevskiy to Manage Assets

EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO
GAZPROM NEFT: Launches Electronic Tendering System for Products
GRIBANOVSKIY SUGAR: Bankruptcy Hearing Slated for March 14
KALUZHSKIY CREDIT: Court Names V. Yunin as Insolvency Manager
MINE BIRYLINSKAYA: Bidding Deadline Slated for January 27

OLD SQUARE: Moscow Court Names A. Kubasov as Insolvency Manager
RASSVET CJSC: Irkutsk Bankruptcy Hearing Slated for May 15
ROSNEFT OIL: License Revocation on Yuganskneftegaz Unit Looms
STROY-TRANS-SERVICE CJSC: Court Names I. Gorn to Manage Assets
SUAL GROUP: Competition Service OKs Merger with RusAl & Glencore

SVETLINSKIY DIARY: Court Names K. Kibataev as Insolvency Manager
TEKH-FLEET CJSC: Court Names V. Grishko as Insolvency Manager
TERNOVKA-AGRO-SERVICE OJSC: Names B.Sander as Insolvency Manager
UZHUR-SOVKHOZ CJSC: Bankruptcy Hearing Slated for March 13
VOLKSWAGEN AG: Kaluga Site Construction Starts July


S W E D E N

INVACARE CORP: Moody's Rates US$400 Million Facilities at Ba2
INVACARE CORP: S&P Rates Proposed US$400 Mil. Sr. Facility at B+


S W I T Z E R L A N D

ASCENTIS CAPITAL: Creditors' Liquidation Claims Due February 7
FATTO MATTO: Creditors' Liquidation Claims Due February 9
FUNK-SYSTEME GERBER: Creditors' Liquidation Claims Due Feb.9
JANA AG: Creditors' Liquidation Claims Due February 9
LICHTENSTEIN & KORNER: Creditors' Liquidation Claims Due Feb. 9


U N I T E D   K I N G D O M

3SF VENTURES: Names Stephen Gordon Franklin as Administrator
ACORDIS U.K.: Creditors' Claims Due February 9
APEX PITCHMASTIC: Joint Liquidators Take Over Operations
APTEC TECHNOLOGIES: Claims Filing Period Ends March 22
BRITISH AIRWAYS: Cabin Crew Workers to Stage Three-Day Strike

C D REALISATIONS: Taps Liquidators from KPMG LLP
CHERRY INTERIORS: Calls In Liquidators from PKF (U.K.) LLP
COREL CORP: Earns US$9.4 Million in Fourth Quarter 2006
CURETON LTD: Hires Liquidators from Cooper Parry LLP
DREAMPALM LTD: Appoints Liquidators from Deloitte & Touche

DRIVEHARD LTD: Taps Ian Bull to Liquidate Assets
EMI GROUP: Drops Suit Against Baidu; Launches Free Streaming
EMI GROUP: Networking Web Sites to Give Songwriters More Value
ENRON EUROPE: Taps Liquidators from PricewaterhouseCoopers LLP
GAP INC: Pressler Resigns as President & Chief Executive Officer

GARDENING SUPPLIES: Claims Filing Period Ends April 5
GREAT NORTH: Hints on Raising a New Bid for East Coast Franchise
GEO GROUP: S&P Affirms BB- Corporate Credit Rating
HIGHBURY NEXUS: Appoints Liquidators from Ernst & Young LLP
INDOOR KARTING: Names Michael Francis Stevenson Liquidator

INVICTA ELECTRICAL: Nominates Alex Kachani as Liquidator
JACKLIN LTD: Appoints Liquidator from Bridgers
JOHN DUFFY: Taps Liquidator from Kay Johnson Gee
LAND AND GARDEN: Brings In Liquidator from Jeremy Knight
LEYLAND RUBBER: Clive Morris Leads Liquidation Procedure

LION TRANSPORT: Liquidator Sets March 31 Claims Bar Date
M & D PROJECTS: Creditors Tap Ninos Koumettou as Liquidator
M D BODIES: Names J. M. Titley Liquidator
MPC MEDIA: Hires Liquidator from Rimmer Higson
PHOENIX DEVELOPMENT: Joint Liquidators Take Over Operations

PHOENIX WINDOWS: Names Mark Reynolds Liquidator
POWER PACKAGING: Hires A. Turpin to Liquidate Assets
PRESENTATION PLASTICS: Appoints Liquidator from Tenon Recovery
QUEENSGATE MARKETING: Nominates Liquidator from Mayfields
RAVEN TECHNOLOGY: J. N. Bleazard Leads Liquidation Procedure

RE-CONSTRUCTION UK: Calls On Creditors to File Claims
REFCO INC: RCM Trustee Asks for Procedures on Resolving Claims
REFCO INC: RCM Trustee Withdraws Objection to PlusFunds' Claims
REVOLUTION MEDIA: Brings In Liquidator from Bishop Fleming
RICHMOND KITCHENS: Nominates Paul John Webb as Liquidator

SHAWS PET: Creditors Confirm Liquidator's Appointment
SOVEREIGN PROPERTY: Appoints Moira C. Fitzpatrick as Liquidator
SPANISH TILE: Creditors Ratify Voluntary Liquidation
SPIDER I.T.: Calls In Liquidator from Findlay James
ST. HELENS: Hires Paul J. Fleming to Liquidate Assets

STUFF FACILITIES: Names Liquidators to Wind Up Business
SUNDIAL LEISURE: Claims Filing Period Ends February 9
SYNCHRONICITY 2000: Brings In Liquidators from Tenon Recovery
TASK U.K.: Creditors Confirm Liquidators' Appointment
THOMAS JAMES: Creditors Confirm Liquidators' Appointment

TOP ONE: Appoints K. T. Brown as Liquidator
ULTRA BUILDING: Joint Liquidators Take Over Operations
UTILITY LINK: J. O'Sullivan Leads Liquidation Procedure
WATERFORD WINDOWS: Taps Lloyd Biscoe to Liquidate Assets
WOOGO U.K.: Liquidator Sets April 5 Claims Bar Date

WORLDWIDE CONNECT: Creditors Ratify Voluntary Liquidation
WORLDWIDE DIRECT: Names James Stephen Pretty Liquidator

* Large Companies with Insolvent Balance Sheets

                            *********

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


ADEM SIVAS: Claims Registration Period Ends January 29
------------------------------------------------------
Creditors owed money by LLC Adem Sivas (FN 231303b) have until
Jan. 29 to file written proofs of claims to court-appointed
property manager Karl Schirl at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 12 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 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 7, 2006 (Bankr. Case No. 3 S 164/06x).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


AQUATRON - HOHENEGGER: Claims Registration Period Ends Feb. 6
-------------------------------------------------------------
Creditors owed money by LLC Aquatron - Hohenegger (FN 119599g)
have until Feb. 6 to file written proofs of claims to court-
appointed property manager from LLC Goldsteiner & Strebinger at:

         LLC Goldsteiner & Strebinger
         Wiener Str. 14 - 16
         2700 Wiener Neustadt, Austria
         Tel: 02622/24222
         Fax: 02622/24222-22
         E-mail: anwalt@rechtsbuero.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 20 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Katzelsdorf an der Leitha, Austria, the Debtor
declared bankruptcy on Dec. 7, 2006 (Bankr. Case
No. 11 S 134/06a).


CHRIST PERSONALMANAGEMENT: Claims Registration Ends January 30
--------------------------------------------------------------
Creditors owed money by LLC Christ Personalmanagement (FN
79727x) have until Jan. 30 to file written proofs of claims to
court-appointed property manager Wolfgang Strasser at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin, Austria
         Tel: 07435/524 37
         Fax: 07435/524 37 21
         E-mail: ra-strasserwolf@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Feb. 13 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Asten, Austria, the Debtor declared bankruptcy
on Dec. 7, 2006 (Bankr. Case No. 14 S 62/06z).


GZF HANDEL: Creditors' Meeting Slated for February 6
----------------------------------------------------
Creditors owed money by LLC GZF Handel (FN 167106w) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Feb. 6 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         2nd Floor
         Graz, Austria

Headquartered in Loipersdorf, Austria, the Debtor declared
bankruptcy on Dec. 7, 2006 (Bankr. Case No. 26 S 112/06z).
Franz Krainer serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Dr. Franz Krainer
         Herrengasse 19
         8010 Gr, Austria
         Tel: 0316/822082
         Fax: 0316/822082-75
         E-mail: office@dr-krainer.at


HOTEL BUSCHENREITER: Creditors' Meeting Slated for January 31
-------------------------------------------------------------
Creditors owed money by LLC Hotel Buschenreiter (FN 82847i) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Jan. 31 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on Dec. 7, 2006 (Bankr. Case No. 36 S 139/06t).
Michael Umfahrer serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Michael Umfahrer
         Währinger Road 2-4
         1090 Vienna, Austria
         Tel: 01/319 58 89
         Fax: 01/319 58 89 50
         E-mail: michael.umfahrer@notar.at


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


TDC AS: Selling Bite to Mid Europa Partners for EUR450 Million
--------------------------------------------------------------
TDC A/S will sell its 100%-owned Baltic mobile operator Bite to
private equity fund Mid Europa Partners for a cash consideration
of EUR450 million.

"Bite is a well-managed and fast-growing company in a very
attractive market.  However, in accordance with TDC's strategic
focus, Bite is considered a financial holding with the purpose
to maximize value.  To this end, we feel the time is now right
to dispose of Bite to another party to continue its
development," Jesper Theill Eriksen, CEO of TDC Mobile
Interna-tional, said.

The disposal of Bite is the end result of a thorough strategic
review process of the company.  Following this process, TDC has
concluded that at the agreed price and conditions, Mid Europa
Partners is the right owner for Bite going forward.

In recent years, Bite has steadily increased its market shares
in a growing market for mobile telephony in Lithuania and
Latvia.  Since 2004, Bite's customer base has quadrupled to
almost 2 million. In 2005, Bite achieved a 22% revenue growth to
EUR152.2 million.  In September 2005, Bite expanded into Latvia
creating new growth prospects.  Bite employs around 500 persons
in both countries.

                  About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

As reported in the TCR-Europe on May 11, Fitch affirmed TDC
A/S's Issuer Default Rating at BB- with Stable Outlook and
senior secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR5.625% notes due 2009; and
   -- EUR6.5% notes due 2012.


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


AIRBUS SAS: A380 Delay Spurs Full Year 2006 Losses
--------------------------------------------------
Airbus SAS will post a loss before-interest-and-tax in 2006 due
to a two-year delay to its A380 superjumbo jet, Bloomberg News
reports.

"Our financial estimate is a consequence of our 2006 turbulences
-- in particular reflecting the effect of the A380 delay," Louis
Gallois, Airbus president and chief executive officer, said.

The delays in the company's A380 planes hiked costs and forced
customers to demand for compensation and shift to rival Boeing
Co.  Bloomberg says that Airbus, distracted by A380 delays,
failed to manufacture a rival plane to Boeing's 787, thus
falling behind U.S. competitor in new orders in 2006.

"The turbulences of 2006 and in particular the ever-weaker U.S.
dollar require Airbus to make a major effort," Airbus said in a
statement.

"Certain one-time charges in relation to settlements with
customers, impairment of assets, or financial impacts of Power8
originally expected to occur in 2007 and after are now foreseen
to be recognized as early as 2006," European Aeronautic,
Defense & Space Co., Airbus' parent, said in a separate
statement.

"These things have a habit of getting worse before they get
better," Sandy Morris, an analyst at ABN Amro Holding N.V.,
said.  "The worrying bit is the comment about additional A380
charges."

EADS, which at the same time issued a profit, said its other
divisions would compensate for Airbus' losses.  It added that it
might take additional charges tied to the two-year slip in
deliveries of the A380, which cost around US$13.5 billion to
develop.

Airbus, meanwhile, announced the implementation of its new
competitiveness program called Power 8.  The company said the
program is aimed at making it "leaner, more integrated, more
efficient and more productive."

"Power8 is the condition to ensure our success and profitability
in the future, and that we shall be able to serve our customers
even better," Mr. Gallois added.

Headquartered in Toulouse, France, Airbus S.A.S. --
http://www.airbus.com/en -- manufactures aircraft in Europe
with around 57,000 people employed at sixteen sites in
Germany, France, Spain and the United Kingdom.  The company
captured half or more of all orders for airliners with more than
100 seats.


GAP INC: Pressler Resigns as President & Chief Executive Officer
----------------------------------------------------------------
The Gap Inc. president and chief executive officer Paul Pressler
will step down from his position, as well as resign his seat on
the company's board, effective immediately.

Robert J. Fisher, the company's current non-executive chairman
of the board of directors, will also serve as president and
chief executive officer on an interim basis, effective
immediately.

Robert J. Fisher, chairman of Gap Inc.'s board of directors
said, "We want to thank Paul for the hard work and dedication
that he has shown Gap Inc. over the past four years.

"Under his leadership, the company has meaningfully improved its
operations, strengthened its balance sheet, greatly enhanced its
on-line presence across the brand portfolio and improved its
standing as a global corporate citizen.  We appreciate all of
his efforts and wish Paul every success in the future," Mr.
Fisher added.

"I have enjoyed the opportunity to lead this iconic company over
the past four years.  It has been a pleasure to work with the
management team and such talented people throughout the
organization," Mr. Pressler said.

"Gap Inc. is a company with tremendous potential and I wish all
the employees much success in the years ahead."

The board will begin a search for a new chief executive officer.
A search committee has been formed by the board and will be led
by independent Gap Inc. director Adrian D. Bellamy, chairman of
The Body Shop International plc.

Additional directors serving on the committee include:

   -- Donald G. Fisher, Gap Inc.'s founder and Chairman
      Emeritus,

   -- Domenico De Sole, former president and chief executive
      officer, Gucci Group NV, and

   -- Bob L. Martin, the company's lead independent director and
      former president and chief executive officer of Wal-Mart
      International.

The search committee's preference is to focus their efforts on
recruiting a chief executive officer who has deep retailing and
merchandising experience ideally in apparel, understands the
creative process, and can effectively execute strategies in
large, complex environments while maintaining strong financial
discipline.

"I look forward to serving our employees, customers, and
shareholders as interim CEO," Mr. Fisher said.  "My personal
ties and nearly 30-year professional history in operating roles
at the company and as a board member have resulted in a deep
appreciation for the creative process, gratitude to our
customers who have supported us for the past 38 years and
profound respect for the talented and passionate employees, past
and present who have built this company.

"During this important transition period for our company, the
board of directors and I are committed to working with our
employees to enhance our focus on what has been at the heart of
the company's past success, reinvigorating our brands and
charting a new course for the future that will deliver strong
returns for our shareholders."

During his nearly 30-year history at Gap Inc., Mr. Fisher
started with the company as a store manager in 1980 and worked
his way up through the company's merchandising ranks.  He also
held a variety of senior executive leadership positions at the
company, including chief operating officer, chief financial
officer, president of Banana Republic and president of Gap
brand.  Mr. Fisher has served on the company's board of
directors since 1990.

Pursuant to Mr. Pressler's employment agreement dated Sept. 25,
2002, which was disclosed at the time of his hire, Mr. Pressler
is eligible for severance benefits subject to certain conditions
as described in more detail in his agreement:

   -- Salary of up to $1.5 million per annum payable over a
      24-month period, subject to cessation or reduction if he
      accepts other employment or compensation,

   -- Future bonuses he would have otherwise received during the
      24-month period, up to an aggregate $1.5 million, if
      company financial performance targets are met and subject
      to elimination or reduction if he accepts other employment
      or compensation; he will not receive a bonus for fiscal
      2006;

   -- Stock option acceleration with approximately $9.5 million
      of in-the-money value, assuming a company stock price of
      $20 per share.

In total, and subject to reduction if Mr. Pressler accepts other
employment or compensation during the 24-month period, he is
eligible for up to approximately US$14 million associated with
his severance with the company, assuming a company stock price
of US$20 per share.  He is also eligible to receive nominal
health benefits.

The company will release 2006 fourth quarter and full-year
earnings on March 1, 2007, and continues to expect 2006 earnings
per share of $0.83 to $0.87 per share, 2006 full-year operating
margins of about 7% and free cash flow to be about $650 million
for the full year.

The company also continues to expect the percent increase in
inventory per square foot at the end of the fourth quarter of
fiscal 2006 to be in the low single digits versus prior year.

                          About Gap Inc.

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 15,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  Fitch said the Rating Outlook is
Negative.

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


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


ALMETRA METALL: Creditors' Meeting Slated for February 14
---------------------------------------------------------
The court-appointed insolvency manager for Almetra Metall-
Handels GmbH, Thomas Schmidt, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
8:00 a.m. on Feb. 14.

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

         The District Court of Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on March 14, at the same venue.

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

The District Court of Aschaffenburg opened bankruptcy
proceedings against Almetra Metall-Handels GmbH on
Dec. 28, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Almetra Metall-Handels GmbH
         Attn: Ulrich Siegfried Helbig, Manager
         Graf-Reginar-Road 39
         54294 Trier, Germany

The insolvency manager can be reached at:

         Dr. Thomas Schmidt
         Kalenfelsstrasse 5 a
         54290 Trier, Germany
         Tel: 0651/970400
         Fax: 0651/9704040
         E-mail: thomas.schmidt@king-lawyers.de


F & M OBJEKT: Claims Registration Ends February 12
--------------------------------------------------
Creditors of F & M Objekt Bauunternehmung GmbH & Co KG have
until Feb. 12 to register their claims with court-appointed
insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, Germany

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

The District Court of Moenchengladbach opened bankruptcy
proceedings against F & M Objekt Bauunternehmung GmbH & Co KG on
Dec. 27, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         F & M Objekt Bauunternehmung GmbH & Co KG
         Attn: Sylvia Flessers, Manager
         Burgstrasse 35
         41372 Niederkruechten, Germany

The insolvency manager can be contacted at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld, Germany
         Tel: 02151/58 13143
         Fax: +4921515813133


GFZ ELEKTROANLAGEN: Creditors' Meeting Slated for February 15
-------------------------------------------------------------
The court-appointed insolvency manager for GFZ Elektroanlagen
GmbH, Knut Rebholz, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:15 a.m. on Feb. 15.

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

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:50 a.m. on May 24, at the same venue.

Creditors have until March 27 to register their claims with the
court-appointed insolvency manager.

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

The Debtor can be reached at:

         GFZ Elektroanlagen GmbH
         Axel-Springer-Road 43
         10969 Berlin, Germany

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin, Germany


GOLDLER GMBH: Claims Registration Ends February 12
--------------------------------------------------
Creditors of GOLDLER GmbH have until Feb. 12 to register their
claims with court-appointed insolvency manager Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:55 a.m. on March 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Area 35
         Untermarkt 17
         Muelhausen, 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 Muelhausen opened bankruptcy proceedings
against GOLDLER GmbH on Dec. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         GOLDLER GmbH
         Attn: Jens Eisfeld, Manager
         Schurzfell 12
         99734 Nordhausen, Germany

The insolvency manager can be contacted at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen, Germany


HOWATEC UMWELTTECHNIK: Claims Registration Ends February 12
-----------------------------------------------------------
Creditors of HoWaTec Umwelttechnik GmbH have until Feb. 12 to
register their claims with court-appointed insolvency manager
Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 5, 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 Duisburg
         Area C407
         4th Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against HoWaTec Umwelttechnik GmbH on Dec. 27, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HoWaTec Umwelttechnik GmbH
         Attn: Edwin Ignaz Kosidowski, Manager
         Krengelstr. 97
         46539 Dinslaken, Germany

The insolvency manager can be contacted at:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer, Germany


ICT INTEGRATED: Claims Registration Ends February 13
----------------------------------------------------
Creditors of ICT Integrated Control Technology GmbH have until
Feb. 13 to register their claims with court-appointed insolvency
manager Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against ICT Integrated Control Technology GmbH on Dec. 28, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ICT Integrated Control Technology GmbH
         Hochacker 4
         85630 Grasbrunn, Germany

The insolvency manager can be contacted at:

         Dr. Wolfgang Ott
         Nymphenburgerstr. 139
         80636 Munich, Germany
         Tel: 089/120260
         Fax: 089/12026127


LPP DIALOG: Claims Registration Ends February 14
------------------------------------------------
Creditors of LPP Dialog GmbH Werbeagentur fuer integrierte
Kommunikation have until Feb. 14 to register their claims with
court-appointed insolvency manager Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 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 Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against LPP Dialog GmbH Werbeagentur fuer
integrierte Kommunikation on Dec. 12, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         LPP Dialog GmbH Werbeagentur
         fuer integrierte Kommunikation
         Reuterweg 49
         60323 Frankfurt/Main, Germany

The insolvency manager can be contacted at:

         Dr. Holger Lessing
         Hanauer Highway 287-289
         D 60314 Frankfurt/Main
         Germany


VOLKSWAGEN AG: Investor AB Reiterates Rejection of MAN's Bid
------------------------------------------------------------
Investor AB, the second largest shareholder of Scania AB owned
by the Wallenberg family, reiterated its rejection of MAN AG's
EUR10.3 billion hostile bid for Scania, Bloomberg News reports.

However, the Wallenbergs holding company stated that it is open
to a friendly merger between Scania and MAN.

According to Investor, MAN's revised bid for Scania was rejected
because the offer does not reflect the value of Scania and the
potential synergies of a combination.

Investor wants to keep all doors open with regards to Scania's
future, though there's nothing that would make the holding
company accept MAN's existing bid, Bloomberg cites Investor AB
CEO Boerje Ekholm as saying.

Mr. Ekholm said that a merger between Scania and MAN is
therefore still an alternative.

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

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

MAN's offer for Scania will expire on Jan. 31.

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

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

                        *    *    *

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

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

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


VOLKSWAGEN AG: Kaluga Site Construction Starts July
---------------------------------------------------
Volkswagen AG will start building its EUR470-million assembly in
Kaluga, Russia, at the end of July 2007, RIA Novosti reports.

In a TCR-Europe report on Nov. 8, 2006, Volkswagen AG said it is
building an assembly plant in the region to tap low labor cost
and to fill the growing demand for cars in Russia.

A spokesman for the carmaker said the assembly plant would be
completed in the second half of 2009 and would have an annual
capacity of 115,000 cars.  VW will initially invest around
US$340 million on the site and add another US$130 million later.

German Gref, Russia's Economic Development and Trade Minister,
said during the site's cornerstone-laying in November that VW's
cars would be 20% cheaper in 2010 than today, mainly due to
localization of manufacturing.

The site would assemble the Skoda Octavia, Polo, Passat and
Touareg brands.

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

                        *    *    *

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

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

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


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


CLOVERIE PLC: S&P Downgrades Series 2005-55 Debt Ratings to B+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
classes from various U.S. synthetic CDO transactions and removed
them from CreditWatch with positive implications.

Concurrently, the ratings on 13 tranches were lowered and
removed from CreditWatch with negative implications.  At the
same time, the ratings on nine tranches were affirmed and
removed from CreditWatch negative.

The ratings on all the classes mentioned in this release had
been previously placed on CreditWatch negative or CreditWatch
positive and were reviewed to determine the appropriate rating
action.  If the synthetic rated overcollateralization ratio was
above 100% at the next higher rating level, S&P raised the
rating on the tranche.  If the SROC ratio was lower than 100% at
the current date and at a 90-day forward projected date, S&P
lowered the rating on the tranche.  If the SROC ratio was above
100% at the current rating level, S&P affirmed the rating on the
tranche.

                              Ratings List

                        Class         To            From
                        -----         --            ----
* Bank of Nova Scotia
   CDN$98.465 million
   portfolio credit-linked
   notes                Port Cred     A-          A-/Watch Neg

* Blue Point CDO SPC
   Series 2005-1        B-1           A+           A+/Watch Neg
                        B-2           A+           A+/Watch Neg

   Series 2005-2        B             A+           A+/Watch Neg

* Cloverie PLC
   Series 2005-55       Notes         B+           BB-/Watch Neg

* Greystone CDO SPC
   Series 2006-2        A             AA-          AA-/Watch Neg

* Lorally CDO Ltd.
   Series 2006-1        Tranche B     A            A/Watch Neg

* Morgan Stanley ACES SPC
   Series 2005-25       ScFltRtNt     A+           AA-/Watch Neg

   Series 2006-3        IA            AA-          AA/Watch Neg
                        IB            AA-          AA/Watch Neg
                        IC            AA-          AA/Watch Neg

   Series 2006-7        IIA           BBB+         A-/Watch Neg
   Series 2006-12       I             A            A+/Watch Neg

* Oban Trust
   Series 2005-2        A             A+           A+/Watch Neg

* Prelude Europe CDO Ltd.
   Series 2006-2 Notes                A+           AA/Watch Neg

* REPACS Trust
   Series CAT 2005-1    Debt units    A+           AA-/Watch Neg

   Series 2006-1
   Monte Rosa           A-1           AA-          AA/Watch Neg
                        A-2           AA-          AA/Watch Neg

* Rutland Rated Investments
     Delancy 2006-1     A1-L          AA-          AA+/Watch Neg
                        B2-L          BBB-         BBB/Watch Neg

* SALS HY 2005-A
   Series 2926          A-Class D     BBB          BBB/Watch Neg

* Salt Creek
   High Yield CSO
   2005-2 Ltd.          A-1           AA+          AA/Watch Pos
                        A-2           AA           A+/Watch Pos

* Signum Finance II PLC
   Series 2005-2        B             AA+          AA/Watch Pos

* Sunset Park CDO Ltd. SPC
   Series 2005-5        C             A            A/Watch Neg

* Tribune Ltd.
   Series 38            Tranche       AA           AA+/Watch Neg

* Tribune Ltd.
   Series 39            Tranche       AA+          AAA/Watch Neg

* Walton SCDO
   2003-1 Ltd.          A-2L          AA           AA/Watch Neg
                        A-2F          AA           AA/Watch Neg
                        A-3DL-1       BBB+         A-/Watch Neg


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


ALITALIA SPA: Won't Deny Nor Confirm EUR400-Mln 2006 Net Loss
-------------------------------------------------------------
Alitalia issues these statements following a request from
Commissione Nazionale per le Societa e la Borsa:

   -- regarding communications concerning the current state of
      activities to dispose of non-strategic assets and non-
      instrumental real estate, Alitalia will immediately
      provide such information once the operations have been
      finalized;

   -- regarding the evaluation of sustainable financial
      requirements for the Alitalia Group during the coming 12
      months, it should be noted that -- with all the
      limitations caused by the Company's present situation and
      the fact that part of the shareholding is up for sale --
      the plan is to draw up the current budget by the end
      of January 2007, in order to provide the essential
      elements for such appraisal;

   -- as a result of the sales procedure for the government
      shareholding in the Company decided by the Council of
      Ministers on Dec. 1, 2006, and implemented by the Ministry
      of Economy and Finance via a communique issued on
      Dec. 5 2006, coupled with the fact that the Alitalia Board
      of Directors no longer has a quorum, it is not possible,
      as things stand, to complete the updating of the Plan for
      the years 2007-2009;

   -- finally, in regard to frequent rumors in the press
      forecasting a negative result for 2007 of around
      EUR400 million, it should be pointed out that, at the
      present time, it is not possible either to deny or to
      confirm such predictions which seem, rather, to be based
      on an extrapolation on an annual basis of the before-tax
      result for the first nine months of the year.

                         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.


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


AKTOBE-ELECTROD LLP: Creditors' Claims Due February 28
------------------------------------------------------
LLP Joint Enterprise Aktobe-Electrod has declared insolvency.
Creditors have until Feb. 28 to submit written proofs of claim
to:

         LLP Aktobe-Electrod
         Passing-Track 41
         Aktobe
         Aktobe Region
         Kazakhstan


BESARYK-2 LLP: Creditors Must File Claims by February 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Besaryk-2 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
         Kazakhstan


CONSTRUCTION LLP: Claims Filing Period Ends February 27
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Construction insolvent on Nov. 24, 2006.

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

         The Specialized Inter-Regional Economic Court
         of Mangistau Region
         Former Kindergarten #51
         Micro District 27
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 41-22-37


ENERGOMASHSERVICE-2030 LLP: Creditors' Claims Due February 28
-------------------------------------------------------------
LLP Energomashservice-2030 has declared insolvency.  Creditors
have until Feb. 28 to submit written proofs of claim to:

         LLP Energomashservice-2030
         Maresiev Str. 4
         Aktobe
         Aktobe Region
         Kazakhstan


KARAOZEK LLP: Proof of Claim Deadline Slated for February 22
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Company Karaozek 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
         Kazakhstan


KARAOZEK XXI: Claims Filing Period Ends February 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Karaozek XXI 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
         Kazakhstan


PASSAJIR LLP: Proof of Claim Deadline Slated for February 27
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Passajir insolvent on Nov. 20, 2006.

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

         LLP Passajir
         Ospanov Str. 11
         Georgievka
         Jarminsky District
         East Kazakhstan Region
         Kazakhstan


SITECS INTEGRATION: Claims Registration Ends February 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Sitecs Integration insolvent.

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

         LLP Sitecs Integration
         Altynsarin Str. 31
         Aktobe
         Aktobe Region
         Kazakhstan


STROY PORTAL: Creditors Must File Claims by February 28
-------------------------------------------------------
LLP Stroy Portal Sever has declared insolvency.  Creditors have
until Feb. 28 to submit written proofs of claim to:

         LLP Stroy Portal Sever
         Ulyanov Str. 55-9
         Petropavlovsk
         Petropavlovsk Region
         Kazakhstan


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

         LLP Technogarant
         Leninogorskaya Str. 96
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


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


ASIA PICTURES: Claims Filing Period Ends March 9
------------------------------------------------
LLC Asia Pictures (INN 02112200510258) has declared insolvency.
Creditors have until March 9 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 51-15-74.


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


EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO
-------------------------------------------------------------
Evraz Group S.A. disclosed that subsequent to the resolutions of
the extraordinary general meeting on Jan. 18, the company's
Board of Directors, convened on Jan. 19 in London, has resolved,
inter alia, to:

   -- delegate the daily management of the Company's business
      to Alexander Frolov and appoint him as Chief Executive
      Officer of the Company.  The Board has also confirmed Mr.
      Frolov's position as the Chairman of the Board of
      Directors.

   -- appoint Dmitry Melnikov as the new Secretary of the
      Board effective immediately.

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


GLOBAL POWER: Court Extends Lease Decision Period to April 26
-------------------------------------------------------------
The U.S Bankruptcy Court for the District of Delaware further
extended until April 26, 2007, the period within which Global
Power Equipment Group and its debtor-affiliates can assume,
assume or assign, or reject unexpired leases of nonresidential
real property.

As reported in the Troubled Company Reporter on Jan. 3, 2007,
the Debtors told the Court that they have five unexpired leases
of nonresidential real property, including, the Debtors'
headquarters in Tulsa, Oklahoma; two of Williams Group
facilities in Stone Mountain, Georgia and Lakeland, Florida; and
Branden Group facilities in Tulsa, Oklahoma.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.


LAURUS NV: Appoints New CFO, Marketing & Purchasing Manager
-----------------------------------------------------------
Laurus N.V. appointed Thomas C.M. van Beek, 39, as chief
financial officer of the company, effective Feb. 26.  Since
2001, he has been corporate controller at Laurus N.V., having
previously worked for KPMG.

Laurus also appointed Eric C.J. Leebeek, 43, as Marketing and
Purchasing Manager of the company and will assume his post on
the same date.

He will be responsible for activities concerned with Marketing
and Formats, as well as for Buying & Merchandising.  Mr. Leebeek
is currently Manager Category Management Europe at Philips DAP,
prior to which he held various buying and marketing positions at
Ahold and Albert Heijn.

                        About Laurus N.V.

Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus
N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off-
license stores, employs about 24,000 workers, and holds a 14.3%
market share in 2005.  Laurus was formed on Oct. 30, 1998,
through a merger of De Boer Unigro N.V. and Vendex Food Groep
B.V.

In January 2006 the company disclosed of its intention to sell
its Edah and Konmar Superstores operations in order to focus on
its Super de Boer format.  Super de Boer counts 400
supermarkets, half of it is owned by Laurus and the other half
is run by affiliated retailers.

                        *     *     *

Laurus told Ian Bickerton of the Financial Times in September
2006 that the company was renegotiating financing arrangements
with its banks, after it warned creditors that the company would
breach loan covenants and be loss-making this year.

In 2004, Laurus suffered a net loss of EUR128 million, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.
In 2005, the company posted a EUR66 million net loss against
EUR273 million in gross profits.


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


ALEKSEEVSKAYA MANUFACTURE: Court Names I. Gorn to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Alekseevskaya Manufacture.  He can
be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-48157/06-123-1046B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Alekseevskaya Manufacture
         Klimova Str. 38
         Noginsk
         Moscow Region
         Russia


ANZHERSKAYA PETROLEUM: Names E. Grinevich as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed
Mr. E. Grinevich as Insolvency Manager for CJSC Anzherskaya
Petroleum Storage Depot.  He can be reached at:

         E. Grinevich
         Michurina Per. 5-73
         650099 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-16230/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Anzherskaya Petroleum Storage Depot
         Depovskaya Str. 1
         Anzhero-Sudzhensk
         652090 Kemerovo Region
         Russia


ASKOPA CJSC: Court Names I. Gorn as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. I. Gorn
as Insolvency Manager for CJSC Askopa.  He can be reached at:

         I. Gorn
         Apartment 157
         Nevelskogo Str. 4
         Vladivostok
         690013 Primorye Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-12751/2006-36.

The Debtor can be reached at:

         CJSC Askopa
         Gagarina Str. 11-1
         Khabarovsk Region
         Russia


CAMOMILE OJSC: Orel Bankruptcy Hearing Slated for March 28
----------------------------------------------------------
The Arbitration Court of Orel Region will convene on March 28 to
hear the bankruptcy supervision procedure on OJSC Camomile.
The case is docketed under Case No. A48-4988/06-17b.

The Temporary Insolvency Manager is:

         V. Goltsov
         Office 24
         Gorkogo Str. 45
         302028 Orel Region
         Russia
         Tel/Fax: 8(4862) 43-72-55

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Camomile
         Pushkina Str. 54
         Orel Region
         Russia


ENTERPRISE BUILDER: Court Names D. Yanushevskiy to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. D.
Yanushevskiy as Insolvency Manager for LLC Enterprise Builder
(TIN 3515002195).  He can be reached at:

         D. Yanushevskiy
         Office 4
         Pobedy Pr. 55
         160035 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-9732/2006-22.

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         LLC Enterprise Builder
         Nyuksenitsa
         Vologda Region
         Russia


EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO
-------------------------------------------------------------
Evraz Group S.A. disclosed that subsequent to the resolutions of
the extraordinary general meeting on Jan. 18, the company's
Board of Directors, convened on Jan. 19 in London, has resolved,
inter alia, to:

   -- delegate the daily management of the Company's business
      to Alexander Frolov and appoint him as Chief Executive
      Officer of the Company.  The Board has also confirmed Mr.
      Frolov's position as the Chairman of the Board of
      Directors.

   -- appoint Dmitry Melnikov as the new Secretary of the
      Board effective immediately.

                         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.


GAZPROM NEFT: Launches Electronic Tendering System for Products
---------------------------------------------------------------
OAO Gazprom Neft is deploying its electronic tendering system
for petroleum products, RIA Novosti reports.

The system aims to ensure maximum effectiveness in transactions
and secure equal access to resources for clients, RIA Novosti
relates citing a Gazprom Neft statement.

"World oil companies have widely applied the bidding system to
sell oil products, which ensures the transparency of trading and
lowers corruption and image-related risks," Gazprom Neft said.

The company held a dry run of the system on Dec. 15, 2006, when
it conducted tenders for oil, petrochemical and liquefied
hydrocarbon gas products.

"The results summed up on Dec. 19-20, 2006, were satisfactory
for the company, and Gazprom Neft is preparing for electronic
tendering," the company added.

                      About Gazprom Neft

Headquartered in Moscow, Russia, Gazprom Neft OAO --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The
Company'smain oil processing center is the Omsk Refinery.

                          *     *     *

As reported in the TCR-Europe on Nov. 20, 2006, Standard &
Poor's Ratings Services placed its 'BB+' corporate credit rating
and 'ruAA+' national scale rating on Russia-based oil company
JSC Gazprom Neft on CreditWatch with positive implications.


GRIBANOVSKIY SUGAR: Bankruptcy Hearing Slated for March 14
----------------------------------------------------------
The Arbitration Court of Voronezh Region will convene at noon on
March 14 to hear the bankruptcy supervision procedure on
LLC Gribanovskiy Sugar.  The case is docketed under Case No.
A14-10630/2006-213/16b.

The Temporary Insolvency Manager is:

         L. Shkilev
         Belinskogo Str. 48
         305001 Kursk Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         LLC Gribanovskiy Sugar
         Sakhzavodskaya Str. 22
         Gribanovskiy
         Voronezh Region
         Russia


KALUZHSKIY CREDIT: Court Names V. Yunin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Mr. V. Yunin as
Insolvency Manager for CJSC Kaluzhskiy Credit House.  He can be
reached at:

         V. Yunin
         Mayakovskogo Str. 17
         248009 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A23-3872/06B-17-212.

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         CJSC Kaluzhskiy Credit House
         Kaluga Region
         Russia


MINE BIRYLINSKAYA: Bidding Deadline Slated for January 27
---------------------------------------------------------
LLC Business Group, the bidding organizer for OJSC Mine
Birylinskaya, will open a public auction for the company's
properties at 10:00 a.m. on Jan. 30 at:

         LLC Business Group
         Kirova Str. 57, 9
         Kemerovo Region
         Russia

The company has set a RUR14 million starting price for the
auctioned assets.

Interested participants have until Jan. 27 to deposit an amount
of RUR2.8 million to:

         LLC Business Group
         Settlement Account 40702810300070003655
         Correspondent Account 30101810400000000739
         BIK 043207739 branch 4207
         CJSC Vneshtorgbank
         TIN 4205057164
         KPP 420501001
         Kemerovo Region
         Russia

Bidding documents must be submitted to:

         LLC Business Group
         Kirova Str. 57, 9
         Kemerovo Region
         Russia


OLD SQUARE: Moscow Court Names A. Kubasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Kubasov
as Insolvency Manager for CJSC Advertising Agency Old Square
(TIN 7724016086).  He can be reached at:

         A. Kubasov
         Office of ROSAU
         Krasnokazarmennaya Str. 9
         111250 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-58705/06-95-1114B.


The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Advertising Agency Old Square
         Kashiorskoye
         115522 Moscow Region
         Russia


RASSVET CJSC: Irkutsk Bankruptcy Hearing Slated for May 15
----------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene on May 15
to hear the bankruptcy supervision procedure on CJSC Rassvet
(TIN 8501002719).  The case is docketed under Case No.
A19-22760/06-38.

The Temporary Insolvency Manager is:

         O. Fominykh
         Office 34
         Proletarskaya Str. 8
         Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Rassvet
         Tabarsuk
         Alarskiy region
         UOBAO
         Irkutsk region
         Russia


ROSNEFT OIL: License Revocation on Yuganskneftegaz Unit Looms
-------------------------------------------------------------
The Federal Service for the Oversight of Natural Resources is
asking the Ministry of Natural Resources of the Russian
Federation to revoke the license of Rosneft-Yuganskneftegaz, a
production unit of OAO Rosneft Oil Co. previously owned by OAO
Yukos Oil Company, RIA Novosti reports.

Oleg Mitvol, the regulators' deputy head, said Rosneft-
Yuganskneftegaz failed to implement the development terms of the
license, which includes associated gas utilization procedures on
the Priobskoye oil site in western Siberia, RIA Novosti relates.

Mr. Mitvol said that the terms of license requires Rosneft-
Yuganskneftegaz to 95% of its associated gas by 2002.  The unit,
however, has only used 1.9% of the gas in 2005.  Mr. Mitovol
added that some 1.3 billion cubic meters of associated gas was
flared at the deposit in 2005.

Mr. Mitvol added that the unit also committed other violations
like:

   -- pollution of soil with oil; and
   -- unauthorized emissions of polluting gases.

                        About Rosneft

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

                        *     *     *

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

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


STROY-TRANS-SERVICE CJSC: Court Names I. Gorn to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Stroy-Trans-Service.  He can be
reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-19269/06

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Stroy-Trans-Service
         Vladimirskaya Str. 12
         Egoryevsk
         115522 Moscow Region
         Russia


SUAL GROUP: Competition Service OKs Merger with RusAl & Glencore
----------------------------------------------------------------
The Federal Anti-Monopoly Service approved a merger between
Siberian-Urals Aluminium Company, Russky Alyuminiyum and
Glencore International AG, RIA Novosti reports.

"We have made a decision in principle to approve the deal and we
intend to complete work within two weeks to prepare our
conclusion," Igor Artemyev, chief of FAS, said.

"This will enhance Russia's positions as a full participant in
international economic integration and strengthen its influence
on world markets," Mr. Artemyev added.

The three firms agreed on Oct. 9, 2006, to merge their assets to
form United Company RusAl, with RusAl holding a 66% stake, Sual
22% and Glencore 12%.  The combined company would have a total
production capacity of 4 million tons of aluminum and 11 million
tons of alumina.  The merged company will hold 12.5% of the
global primary aluminum market and 16% of the worldwide alumina
market, RIA Novosti relates.

As reported in the TCR-Europe on Nov 15, 2006, the United
Company RUSAL will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Energy products and commodities are marketed and coordinated
primarily in Glencore's headquarters in Baar, Switzerland and
through the offices of its subsidiaries in London, Stamford and
Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

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

                        *     *     *

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

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


SVETLINSKIY DIARY: Court Names K. Kibataev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. K.
Kibataev as Insolvency Manager for OJSC Svetlinskiy Diary.  He
can be reached at:

         K. Kibataev
         Proletarskaya Str. 216
         460035 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-2325/2006-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Svetlinskiy Diary
         Svetlyj
         462740 Orenburg Region
         Russia


TEKH-FLEET CJSC: Court Names V. Grishko as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed
Mr. V. Grishko as Insolvency Manager for CJSC Tekh-Fleet.  He
can be reached at:

         V. Grishko
         R. Lyuksemburg Str. 7 48
         Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-6444/2006-21.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         CJSC Tekh-Fleet
         Pomorskaya Str. 7
         Arkhangelsk Region
         Russia


TERNOVKA-AGRO-SERVICE OJSC: Names B.Sander as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. B. Sander as
Insolvency Manager for OJSC Ternovka-Agro-Service (TIN
5829011211).  He can be reached at:

         B. Sander
         Pushkina Str. 2-002
         Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-3841/2006-370b/26.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Ternovka-Agro-Service
         Ternovskogo 222A
         Penza Region
         Russia


UZHUR-SOVKHOZ CJSC: Bankruptcy Hearing Slated for March 13
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at
10:00 a.m. on March 13 to hear the bankruptcy supervision
procedure on CJSC Uzhur-Sovkhoz.  The case is docketed under
Case No. A33-18824/2006.

The Temporary Insolvency Manager is:

         N. Zubenko
         Post User Box 2
         Sosnovoborsk
         662501 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Uzhur-Sovkhoz
         Skryleva Str. 112-2
         Uzhur
         662255 Krasnoyarsk Region
         Russia


VOLKSWAGEN AG: Kaluga Site Construction Starts July
---------------------------------------------------
Volkswagen AG will start building its EUR470-million assembly in
Kaluga, Russia, at the end of July 2007, RIA Novosti reports.

In a TCR-Europe report on Nov. 8, 2006, Volkswagen AG said it is
building an assembly plant in the region to tap low labor cost
and to fill the growing demand for cars in Russia.

A spokesman for the carmaker said the assembly plant would be
completed in the second half of 2009 and would have an annual
capacity of 115,000 cars.  VW will initially invest around
US$340 million on the site and add another US$130 million later.

German Gref, Russia's Economic Development and Trade Minister,
said during the site's cornerstone-laying in November that VW's
cars would be 20% cheaper in 2010 than today, mainly due to
localization of manufacturing.

The site would assemble the Skoda Octavia, Polo, Passat and
Touareg brands.

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

                        *    *    *

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

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

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


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


INVACARE CORP: Moody's Rates US$400 Million Facilities at Ba2
-------------------------------------------------------------
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 approximately 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.

These ratings were assigned to Invacare Inc:

   -- US$250 Million Term Loan B, due 2013 Ba2, LGD2, 22%;

   -- US$150 Million Revolver, due 2012, Ba2, LGD2, 22%;

   -- US$175 Million Senior Notes, due 2015, B2, LGD4, 68%;

   -- US$125 Million Senior Subordinated Convertible Notes, due
      2027, B3, LGD6, 93%;

   -- Corporate Family Rating, B1;

   -- Probability of Default Rating, B1; and,

   -- 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$1,480 million for the twelve months ended Sept. 30, 2006.
Invacare has manufacturing plants in the United States,
Australia, Canada, Denmark, Germany, France, Mexico, New
Zealand, Portugal, Sweden, Switzerland and the United Kingdom.


INVACARE CORP: S&P Rates Proposed US$400 Mil. Sr. Facility at B+
----------------------------------------------------------------
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.

Standard & Poor's also assigned its  'B-' rating to the
company's proposed US$175 million senior unsecured notes
maturing in 2015 and its '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 Standard & Poor's
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, Standard & Poor's believes
that the company will maintain an appropriate financial risk
profile for the current rating.


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


ASCENTIS CAPITAL: Creditors' Liquidation Claims Due February 7
--------------------------------------------------------------
The creditors of JSC Ascentis Capital have until Feb. 7 to
submit their claims to:

         Rene Steimer
         Liquidator
         Rennweg 27
         8704 Herrliberg
         Zurich
         Switzerland

The Debtor can be reached at:

         JSC Ascentis Capital
         Zurich
         Switzerland


FATTO MATTO: Creditors' Liquidation Claims Due February 9
---------------------------------------------------------
The creditors of LLC FATTO MATTO have until Feb. 9 to submit
their claims to:

         Marianne Haldimann
         Liquidator
         Grunenstrasse 6
         3455 Grunen
         Sumiswald
         Trachselwald
         Berne
         Switzerland

The Debtor can be reached at:

         LLC FATTO MATTO
         Battwil
         Switzerland


FUNK-SYSTEME GERBER: Creditors' Liquidation Claims Due Feb.9
------------------------------------------------------------
The creditors of JSC Funk-Systeme Gerber + Friedland have until
Feb. 9 to submit their claims to:

         Hans Gerber
         Liquidator
         Leutwilerstrasse 590
         5724 Durrenasch
         Kulm, Aargau
         Switzerland

The Debtor can be reached at:

         JSC Funk-Systeme Gerber + Friedland
         Dulliken
         Switzerland


JANA AG: Creditors' Liquidation Claims Due February 9
-----------------------------------------------------
The creditors of JSC Jana AG have until Feb. 9 to submit their
claims to:

         Gust Eugster
         Liquidator
         Nollisweid 17
         9050 Appenzell
         Switzerland

The Debtor can be reached at:

         JSC Jana AG
         Appenzell
         Switzerland


LICHTENSTEIN & KORNER: Creditors' Liquidation Claims Due Feb. 9
---------------------------------------------------------------
The creditors of JSC Lichtenstein & Korner have until Feb. 9 to
submit their claims to:

         JSC Fred Brugger
         Liquidator
         Roschibachstrasse 22
         8037 Zurich 10
         Switzerland

The Debtor can be reached at:

         JSC Lichtenstein & Korner
         Zurich
         Switzerland


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


3SF VENTURES: Names Stephen Gordon Franklin as Administrator
------------------------------------------------------------
Stephen Gordon Franklin was named administrator of 3SF Ventures
Ltd. (Company Number 4561527) on Dec. 7, 2006.

The administrator can be reached at:

         Stephen Gordon Franklin
         Panos Eliades, Franklin & Co.
         Albany House
         18 Theydon Road
         London E5 9NZ
         United Kingdom
         Tel: 020 8815 4000
         Fax: 02 0 8815 4040

3SF Ventures Ltd. can be reached at:

         4 Hartham Close
         Isleworth
         Middlesex TW7 5EX
         United Kingdom
         Tel: 020 8232 8240


ACORDIS U.K.: Creditors' Claims Due February 9
----------------------------------------------
Creditors of Acordis U.K. Ltd. have until Feb. 9 to send in
their names and addresses, with particulars of their debts or
claims, and the names and addresses of their Solicitors (if any)
to appointed Joint Administrator Ian Brown at:

         Deloitte & Touche LLP
         1 City Square
         Leeds LS1 2AL
         England

The company can be reached at:

         Acordis U.K. Ltd.
         Saint Street
         Bradford
         West Yorkshire BD7 4AB
         England
         Tel: 01472 241 241
         Fax: 01274 525 299


APEX PITCHMASTIC: Joint Liquidators Take Over Operations
--------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
Liquidators of Apex Pitchmastic Ltd. on Dec. 20, 2006, for the
creditors' voluntary winding-up procedure.

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.

Apex Pitchmastic Ltd. can be reached at:

         Apex House
         3 Embassy Drive
         Calthorpe Road
         Edgbaston
         Birmingham
         West Midlands B15 1TR
         England
         Tel: 0114 272 8724


APTEC TECHNOLOGIES: Claims Filing Period Ends March 22
------------------------------------------------------
Creditors of Aptec Technologies Ltd. have until March 22 to send
in writing their names and addresses and the particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Joint Liquidators David Matthew
Hammond, Edward Mark Shires and Ian David Green at:

         PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth BH2 6HR
         England

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.


BRITISH AIRWAYS: Cabin Crew Workers to Stage Three-Day Strike
-------------------------------------------------------------
The Transport & General Workers Union, representing 11,000 cabin
crew employees of British Airways Plc, will carry out a
three-day strike starting Jan. 29 after talks over sick leave,
pay and staffing issues failed to reach an agreement, Tracy
Alloway and Stuart Wallace write for Bloomberg News.

According to Andrew Murray, a spokesman for T&G, two more three-
day strikes are expected to happen in February unless the
dispute is resolved.  He added that there are no further talks
scheduled between the airline and the union.

"Our members are fed up with being bullied into coming to work
when sick and with division caused by poverty levels," Jack
Dromey, T&G deputy general secretary, said.

BA was disappointed by the union's move as industrial action
would cause "massive disruption" for its customers.  The carrier
is now allowing passengers who had booked flights between
Jan. 29 and Feb. 16 to change the dates of their trips.

The airline is still hoping for a negotiated settlement although
the union is refusing another dialogue, BA spokesman Paul
Marston was quoted by Bloomberg as saying.

Mr. Marston revealed that the union is seeking a unified pay
scale that would cost BA up to GBP50 million pounds a year.

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

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

                        *     *     *

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


C D REALISATIONS: Taps Liquidators from KPMG LLP
------------------------------------------------
David John Crawshaw and Jonathan Scott Pope of KPMG LLP
Restructuring were appointed Liquidators of C D Realisations
Ltd. (formerly Cardiff Demolition Company) on Jan. 10 for the
creditors' voluntary winding-up procedure.

The Liquidators can be reached at:

         KPMG LLP Restructuring
         Marlborough House
         Fitzalan Court
         Fitzalan Road
         Cardiff CF24 0TE
         Wales


CHERRY INTERIORS: Calls In Liquidators from PKF (U.K.) LLP
----------------------------------------------------------
Kerry Balley and Jonathan D. Newell of PKF (U.K.) LLP were
appointed Joint Liquidators of Cherry Interior Contracts Ltd. on
Jan. 5 for the creditors' voluntary winding-up procedure.

The Joint Liquidators can be reached at:

         PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester M2 5HR
         England


COREL CORP: Earns US$9.4 Million in Fourth Quarter 2006
-------------------------------------------------------
Corel Corp. reported financial results for its fourth quarter
and year ended Nov. 30, 2006.  Revenues in the fourth quarter of
fiscal 2006 were US$47.4 million, an increase of 4% over
revenues of US$45.6 million in the fourth quarter fiscal 2005.

GAAP net income in the fourth quarter of fiscal 2006 was
US$9.4 million compared to a GAAP net loss of US$3.4 million in
the fourth quarter of fiscal 2005.

Non-GAAP adjusted net income for the fourth quarter fiscal 2006
was US$13.1 million, an increase of 90% compared to non-GAAP
adjusted net income for the fourth quarter of fiscal 2005 of
US$6.9 million.  Non-GAAP adjusted EBITDA increased 11% in the
fourth quarter to US$14.7 million compared to US$13.3 million in
the fourth quarter of fiscal 2005.

In fiscal year 2006, Corel achieved revenue of US$177.2 million,
an increase of 8%, compared to US$164.0 million in fiscal 2005.
GAAP net income for the year was US$9.3 million compared to a
GAAP net loss of US$8.8 million for fiscal year 2005.

For the full-year 2006, Non-GAAP adjusted net income was
US$37.6 million, an increase of 31% from the previous year of
US$28.6 million.  Non-GAAP adjusted EBITDA for 2006 was US$55.2
million, a 13% increase over 2005 non-GAAP adjusted EBITDA of
US$49.0 million.

"Corel closed a busy 2006 with a solid fourth quarter,
delivering strong results on both revenue and earnings and
continuing to execute against all facets of our strategy," said
David Dobson, Corel's CEO.  "As we enter 2007, we are very
excited about the acquisition of Intervideo, which we closed in
December.  This combination creates the broadest digital media
portfolio in the industry, and will further our core strategy of
expanding our partner ecosystem, delivering new products and
growing in new and emerging markets.  We expect that over the
course of 2007, we will improve Intervideo's gross margins,
realize significant cost synergies between the two
organizations, and drive increased value to our customers,
partners and shareholders."

                        Financial Guidance

There are several items related to the acquisition that will
impact revenue and earnings for the first quarter and full year
of 2007.  These are as follows:

   -- The acquisition closed on Dec. 12, 2006, so Corel will not
      recognize approximately two weeks of revenue from
      Intervideo in the first quarter.  In addition, revenue
      from OEM customers is primarily reported to Intervideo
      after the end of each calendar quarter.  Corel is not able
      to recognize revenue that is reported from OEM customers
      for products sold prior to the close of the acquisition
      that traditionally would have been reported in
      Intervideo's first quarter results.  Beginning in our
      second quarter, the company will be able to report the
      full Intervideo OEM revenue.  The impact of these items on
      revenue will be approximately US$15 million in the first
      quarter.  The impact on earnings for both the first
      quarter and fiscal year 2007 will be approximately US$7
      million.

   -- Also, the company expects that it will no longer recognize
      approximately US$15 million of revenue that was annually
      sold by Intervideo at cost.  There will be no impact on
      earnings as a result of this change.

   -- The company expects to rationalize approximately US$5
      million to US$7 million of unprofitable revenue in fiscal
      2007.

   -- The company expects to take a one-time charge of
      approximately US$8.5 million to in-process research and
      development and a US$2 million restructuring and
      transition charge in the first quarter.

The combined impact of these changes on revenue is expected to
be approximately US$20 million in the first quarter and US$35
million to US$37 million in fiscal year 2007.

                First Quarter Fiscal 2007 Guidance

Corel provided guidance for the first quarter ending Feb. 28,
2007.  The Company currently expects:

   * Revenue in the range of US$51 million to US$53 million.

   * GAAP net loss of US$18 million to US$20 million and a non-
     GAAP adjusted net loss of US$1 million to a non-GAAP
     adjusted net income of US$1 million.

                       Fiscal 2007 Guidance

Corel provided guidance for the year ending Nov. 30, 2007.  The
Company currently expects:

   * Revenue in the range of US$245 million to US$255 million

   * GAAP net loss of US$10.5 million to US$13.5 million and
     non-GAAP adjusted net income of US$33 million to US$36
     million.

                        About Corel Corp.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company
with an   estimated installed base of over 40 million users.
The Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).  In Europe, the company maintains
operations in France, Germany, Italy, the Netherlands, and the
United Kingdom.

                           *     *     *


As reported in the Troubled Company Reporter-Europe on Nov. 6,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.

In a TCR-Europe report on Oct. 19, Moody's confirmed its Caa1
Corporate Family Rating for Corel Corp. in connection with the
rating agency's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


CURETON LTD: Hires Liquidators from Cooper Parry LLP
----------------------------------------------------
Tyrone Shaun Courtman and Rashpal Singh Sandhu of Cooper Parry
LLP were appointed Liquidators of Cureton Ltd. on Dec. 19, 2006,
for the creditors' voluntary winding-up procedure.

The Liquidators can be reached at:

         Cooper Parry LLP
         The Crescent
         King Street
         Leicester LE1 6RX
         England


DREAMPALM LTD: Appoints Liquidators from Deloitte & Touche
----------------------------------------------------------
Lee Anthony Manning, Neville Barry Kahn and Nicholas James
Dargan of Deloitte & Touche LLP were appointed Liquidators of
Dreampalm Ltd. on Jan. 9 for the creditors' voluntary winding-up
procedure.

The Liquidators can be reached at:

         Deloitte & Touche LLP
         Athene Place
         66 Shoe Lane
         London EC4A 3WA
         England


DRIVEHARD LTD: Taps Ian Bull to Liquidate Assets
------------------------------------------------
Ian Bull of Ian Bull & Co. was appointed Liquidator of Drivehard
Ltd. on Jan. 9 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Drivehard Ltd.
         4 Broom Hill Road
         Ipswich
         Suffolk IP1 4EH
         England
         Fax: 01473 401 571


EMI GROUP: Drops Suit Against Baidu; Launches Free Streaming
------------------------------------------------------------
EMI Group Plc will drop legal charges against Baidu.com Inc. and
collaborate with the Chinese Internet-search company on a
program that will allow Chinese Internet users to listen to EMI
songs free of charge, the Wall Street Journal reports.

EMI and six other music industry giants filed a lawsuit against
Baidu in 2005, arguing that the Chinese company infringed on
copyrights by providing links in its search results to
unlicensed MP3 versions of songs on other sites.  Baidu refuted
the claim, denying any wrongdoing since it doesn't supply the
files for download, the Wall Street Journal relates.

In a statement released Jan. 16, the London-based company
revealed that EMI Music and Baidu entered into a pioneering
strategic partnership to launch an advertising-supported online
music streaming service in China, the first revenue-sharing
arrangement between an Internet search engine and an
international music company in the country.  EMI and Baidu also
agreed to explore developing advertising-supported music
download services.

This agreement will see Chinese repertoire from EMI's Typhoon
Music being made available for streaming, at no charge, to all
users of Baidu.

Baidu will set up a special "EMI Music Zone" in its music search
channel, which will legally stream all of EMI Music's Chinese
repertoire, including recordings from artists such as Jolin
Tsai, Stephanie Sun, David Tao, Sandy Lam, and Richie Ren.
While consumers listen to the music for free, they will be
exposed to Internet advertising, and EMI and Baidu will share
the revenue generated by the advertising, a pioneering approach
to promoting digital music in China.

Robin Li, chairman and chief executive officer of Baidu said:
"We believe this cooperation between Baidu and EMI will create a
meaningful ecosystem for value generating services for Baidu
users, content providers, and advertisers.  The cooperation with
EMI, the world's best music major and no. 1 Chinese repertoire
music company, has set the stage for win-win cooperation between
the Internet and music industries.  It also sets the direction
and a new model for future ongoing digital music business
development in the Internet era."

"With Baidu's close relationship with Chinese digital music
lovers, EMI and Baidu's cooperation is a major breakthrough in
the history of online music in China.  It provides an efficient
digital distribution platform to reach Chinese consumers,
allowing fans to listen to EMI's latest quality music
immediately on the Internet," said Norman Cheng, chairman of EMI
Music Asia and director of Typhoon Music.

"The cooperation between Baidu and EMI also moves us towards
jointly controlling digital piracy, something that is important
to EMI in the Chinese digital music market.  Our cooperation
with the world's largest Chinese search engine is also part of
EMI's strategic roadmap to expanding digital music development
across the region."

Following a Chinese court ruling in favor of Baidu in November
2006, the International Federation of the Phonographic Industry,
which led the copyright infringement suit on behalf of the
record labels, filed for an appeal.  However, in light of EMI's
recent partnership with Baidu, Joanna Huang, Chinese repertoire
general manager for EMI Music Marketing China, said that EMI
would withdraw from the appeal, the Wall Street Journal states.

According to the report, the two companies agreed to explore ad-
driven music-download services, but they have yet to reach a
deal.

                           About Baidu

Baidu is the largest Internet portal in China and the fourth
largest in the world.  According to the 2006 report from the
official China Internet Network Information Center, Baidu has a
market share in overall search of 62.1%, while the latest report
from iResearch, a market research company for China's Internet
industry, calculates that the company has an 84% share of music
searches.  With over 150 million Internet users in China and the
clear popularity of Chinese music, this new service provides a
new business model in China for the development of the online
music market.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                            *   *   *

According to a TCR-Europe report published Jan. 17, Moody's
Investors Service downgraded EMI Group plc's Corporate Family
and senior debt ratings to Ba3 from Ba2.  All ratings remain
under review for possible further downgrade.

As reported in the TCR-Europe on Dec. 19, 2006, Standard &
Poor's Ratings Services affirmed its 'BB/B' long- and short-term
corporate credit and 'BB' senior unsecured debt ratings on U.K.-
based music major EMI Group PLC.

The long-term and debt ratings were removed from CreditWatch,
where they had been placed with negative implications on
Nov. 28, 2006, when the group reported a takeover approach.  The
outlook is negative.


EMI GROUP: Networking Web Sites to Give Songwriters More Value
--------------------------------------------------------------
MySpace.com and other social networking Web sites will create
"more value" for songwriters compared with advertising-supported
acquisition sites such as SpiralFrog, revealed Roger Faxon,
president of EMI Group Plc's music publishing unit, Bloomberg
News reports.

"The price businesses have paid to purchase these sites is an
indication that people believe there will be a great deal of
advertising revenue generated," Mr. Faxon added.

News Corp., controlled by Rupert Murdoch, acquired MySpace.com
operator Intermix Media Inc. in September 2005 for US$580
million.  In November 2006, Google Inc. shelled out US$1.65
billion to purchase YouTube Inc., which lets users post videos
on its Web site for others to watch, Bloomberg News relates.

Social networking Web sites ask users to provide personal
information and group them according to their interests, making
targeted marketing easier, according to Nick Bertolotti, an
analyst at Credit Suisse.  This helps music companies find
alternative ways to increase sales and address the dent caused
by piracy and illegal downloading, Bloomberg News states.

Warner Music Group Corp., in September 2006, became the first
record company to allow users of YouTube's Web site to download
and manipulate copyrighted music and videos in exchange for part
of the advertising revenue, Bloomberg News said.

Commenting on the rise of social networking sites, Mr. Faxon
said: "The growth in participation has been so rapid and
culturally deep across the whole population, but largely among
people under the age of 25, that it's become part of the
culture.  When something becomes part of the culture and is
fulfilling a need in that culture, it's likely to persist."

Mr. Faxon further said that performance revenues are growing,
unlike industry mechanical revenues.  "These sites are largely
performance-related, so you're listening to it, you're
participating in it," he said.  "Do I think that they will drive
a substantial shift further away from models that were about the
sale of music?  Yes, I do."

While the sale of music will remain "important," Mr. Faxon said,
"the broader consumer participation in social networking sites
puts music into a broader context and will probably draw more
people, and in turn more advertising."  While this doesn't mean
SpiralFrog and Qtrax won't serve a distinct audience and be
"successful," social networking sites will "create more value"
for songwriters, he concluded.

In June 2006, EMI entered into an accord with online music
service Qtrax, which permits users to listen to songs free for a
fixed number of times in an ad-funded service.  The company's
music publishing division agreed in September 2006 to allow the
ad-supported SpiralFrog Web site to use EMI's catalog of music
for its download service in the U.S., Bloomberg News reports.

New York-based SpiralFrog offers legal music downloading to
users of its no-cost service.  In August 2006, it revealed that
Vivendi SA's Universal Music Group would offer its songs for
free to SpiralFrog's North American customers, Bloomberg News
states.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                            *   *   *

According to a TCR-Europe report published Jan. 17, Moody's
Investors Service downgraded EMI Group plc's Corporate Family
and senior debt ratings to Ba3 from Ba2.  All ratings remain
under review for possible further downgrade.

As reported in the TCR-Europe on Dec. 19, 2006, Standard &
Poor's Ratings Services affirmed its 'BB/B' long- and short-term
corporate credit and 'BB' senior unsecured debt ratings on U.K.-
based music major EMI Group PLC.

The long-term and debt ratings were removed from CreditWatch,
where they had been placed with negative implications on Nov.
28, 2006, when the group reported a takeover approach.  The
outlook is negative.


ENRON EUROPE: Taps Liquidators from PricewaterhouseCoopers LLP
--------------------------------------------------------------
Ian Christopher Oakley and David John Blenkarn of
PricewaterhouseCoopers LLP were appointed Joint Liquidators of
Enron Europe Construction Ltd. on Jan. 8 for the creditors'
voluntary winding-up procedure.

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 Joint Liquidators can be reached at:

         12 Plumtree Court
         London EC4A 4HT
         England


GAP INC: Pressler Resigns as President & Chief Executive Officer
----------------------------------------------------------------
The Gap Inc. president and chief executive officer Paul Pressler
will step down from his position, as well as resign his seat on
the company's board, effective immediately.

Robert J. Fisher, the company's current non-executive chairman
of the board of directors, will also serve as president and
chief executive officer on an interim basis, effective
immediately.

Robert J. Fisher, chairman of Gap Inc.'s board of directors
said, "We want to thank Paul for the hard work and dedication
that he has shown Gap Inc. over the past four years.

"Under his leadership, the company has meaningfully improved its
operations, strengthened its balance sheet, greatly enhanced its
on-line presence across the brand portfolio and improved its
standing as a global corporate citizen.  We appreciate all of
his efforts and wish Paul every success in the future," Mr.
Fisher added.

"I have enjoyed the opportunity to lead this iconic company over
the past four years.  It has been a pleasure to work with the
management team and such talented people throughout the
organization," Mr. Pressler said.

"Gap Inc. is a company with tremendous potential and I wish all
the employees much success in the years ahead."

The board will begin a search for a new chief executive officer.
A search committee has been formed by the board and will be led
by independent Gap Inc. director Adrian D. Bellamy, chairman of
The Body Shop International plc.

Additional directors serving on the committee include:

   -- Donald G. Fisher, Gap Inc.'s founder and Chairman
      Emeritus,

   -- Domenico De Sole, former president and chief executive
      officer, Gucci Group NV, and

   -- Bob L. Martin, the company's lead independent director and
      former president and chief executive officer of Wal-Mart
      International.

The search committee's preference is to focus their efforts on
recruiting a chief executive officer who has deep retailing and
merchandising experience ideally in apparel, understands the
creative process, and can effectively execute strategies in
large, complex environments while maintaining strong financial
discipline.

"I look forward to serving our employees, customers, and
shareholders as interim CEO," Mr. Fisher said.  "My personal
ties and nearly 30-year professional history in operating roles
at the company and as a board member have resulted in a deep
appreciation for the creative process, gratitude to our
customers who have supported us for the past 38 years and
profound respect for the talented and passionate employees, past
and present who have built this company.

"During this important transition period for our company, the
board of directors and I are committed to working with our
employees to enhance our focus on what has been at the heart of
the company's past success, reinvigorating our brands and
charting a new course for the future that will deliver strong
returns for our shareholders."

During his nearly 30-year history at Gap Inc., Mr. Fisher
started with the company as a store manager in 1980 and worked
his way up through the company's merchandising ranks.  He also
held a variety of senior executive leadership positions at the
company, including chief operating officer, chief financial
officer, president of Banana Republic and president of Gap
brand.  Mr. Fisher has served on the company's board of
directors since 1990.

Pursuant to Mr. Pressler's employment agreement dated Sept. 25,
2002, which was disclosed at the time of his hire, Mr. Pressler
is eligible for severance benefits subject to certain conditions
as described in more detail in his agreement:

   -- Salary of up to $1.5 million per annum payable over a
      24-month period, subject to cessation or reduction if he
      accepts other employment or compensation,

   -- Future bonuses he would have otherwise received during the
      24-month period, up to an aggregate $1.5 million, if
      company financial performance targets are met and subject
      to elimination or reduction if he accepts other employment
      or compensation; he will not receive a bonus for fiscal
      2006;

   -- Stock option acceleration with approximately $9.5 million
      of in-the-money value, assuming a company stock price of
      $20 per share.

In total, and subject to reduction if Mr. Pressler accepts other
employment or compensation during the 24-month period, he is
eligible for up to approximately US$14 million associated with
his severance with the company, assuming a company stock price
of US$20 per share.  He is also eligible to receive nominal
health benefits.

The company will release 2006 fourth quarter and full-year
earnings on March 1, 2007, and continues to expect 2006 earnings
per share of $0.83 to $0.87 per share, 2006 full-year operating
margins of about 7% and free cash flow to be about $650 million
for the full year.

The company also continues to expect the percent increase in
inventory per square foot at the end of the fourth quarter of
fiscal 2006 to be in the low single digits versus prior year.

                          About Gap Inc.

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 15,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  Fitch said the Rating Outlook is
Negative.

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


GARDENING SUPPLIES: Claims Filing Period Ends April 5
-----------------------------------------------------
Creditors of Gardening Supplies Ltd. have until April 5 to send
in their names, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Joint Liquidator Andrew
Andronikou at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         England

Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed Joint Liquidators of the company on Jan. 5 by
resolutions of members and creditors.


GREAT NORTH: Hints on Raising a New Bid for East Coast Franchise
----------------------------------------------------------------
Great North Eastern Railways hinted it would raise a new bid for
the East Coast Main Line, the franchise it agreed to let go on
Dec. 11, 2006, The Scotsman reports.

According to the report, GNER emphasized it has "no intention of
simply standing on the sidelines," while Virgin/Stagecoach and
FirstGroup lodged interest on the franchise by the Jan. 15
deadline.

"We are not confirming at this stage whether we have submitted a
bid for pre-qualification, either with or without another
party," a spokesman for GNER told Scotsman.

GNER declined to clarify its purpose, but raised an option that
it would join a consortium.

According to the report, the Department for Transport would
announced on Feb. 9 a shortlist of three to five bidders, with
an invitation to tender being issued in March and bids being
returned by June.  The successful bidder will be disclosed in
July or August, and would run the franchise from "late autumn"
this year until 2015.

As reported in the TCR-Europe on Dec. 11, the government decided
to end GNER's GBP1.3-billion franchise agreement to operate the
East Coast main line railway after the company was unable to
meet a 10% revenue growth requirement in 2005, stipulated under
the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.


GEO GROUP: S&P Affirms BB- Corporate Credit Rating
--------------------------------------------------
Standard & Poor's affirmed its 'BB-' corporate credit rating on
GEO Group and revised the rating outlook to negative from
stable.

Standard & Poor's Ratings Services assigned its loan and
recovery ratings to The GEO Group Inc.'s new US$515 million
senior secured credit facility, which comprises:

   -- an upsized US$150 million revolving credit facility due
      2010, and

   -- a proposed US$365 million term loan B due 2014.

The facility was rated 'BB' (one notch higher than the 'BB-'
corporate credit rating) with a recovery rating of '1',
indicating a high expectation for full recovery of principal in
the event of a payment default.

Also, the rating on GEO's senior unsecured debt rating was
lowered to 'B' from 'B+', reflecting unsecured lenders' less
favorable recovery position than the senior secured lenders
under the company's pro forma capital structure.

Accordingly, S&P has also lowered our preliminary senior
unsecured shelf debt rating to 'B' from 'B+'.  However, in the
event that senior unsecured shelf drawdowns are used to repay a
substantial portion of senior secured debt, S&P would consider
rating the drawn down debt at 'B+'.

Proceeds from the US$365 million term loan facility will be used
in conjunction with cash to fund the acquisition of CentraCore
Properties Trust (CPT), a correctional and detention facility
REIT, for about US$396.1 million (US$356.1 million acquisition
price and the assumption of US$40.0 million of CPT debt), plus
related transaction fees.  Pro forma for the transaction, GEO is
expected to have about US$515 million in total debt outstanding,
excluding nonrecourse debt.

"The 'BB-' corporate credit rating reflects GEO's narrow
business focus, customer concentration, and highly leveraged
financial profile," said Standard & Poor's credit analyst Mark
Salierno.  "These factors are somewhat mitigated by the
company's strong market position in the highly regulated U.S.
private correctional facility management industry, as well as
favorable demographic trends."

When the transaction closes, GEO's capital structure will be
more highly leveraged and its credit measures will weaken,
despite a reduction in operating lease obligations.  On a pro
forma basis, S&P expects lease- and pension-adjusted total debt
to EBITDA to be about 5.4x, excluding GEO's non-recourse debt,
which we consider to be true pass-through arrangements.

S&P believed GEO would improve credit measures in the near term
by maintaining its strong operating performance and by applying
free cash flow to debt reduction.

The company has limited flexibility at the current rating level
for additional debt-financed acquisitions.


HIGHBURY NEXUS: Appoints Liquidators from Ernst & Young LLP
-----------------------------------------------------------
Margaret Elizabeth Mills and Roy Bailey of Ernst & Young LLP
were appointed Joint Liquidators of Highbury Nexus Special
Interests Ltd. on Jan. 3 for the creditors' voluntary winding-up
procedure.

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

Highbury Nexus Special Interests Ltd. can be reached at:

         Media House
         Azalea Drive
         Swanley
         Kent BR8 8HU
         England
         Tel: 01322 660 070
         Fax: 01322 616 319


INDOOR KARTING: Names Michael Francis Stevenson Liquidator
----------------------------------------------------------
Michael Francis Stevenson of Begbies Traynor was appointed
Liquidator of Indoor Karting Centre Ltd. on Jan. 8 for the
creditors' voluntary winding-up proceeding.

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

Indoor Karting Centre Ltd. can be reached at:

         Blue Zone
         Aviation Park West
         Hurn
         Christchurch
         Dorset BH236NW
         England
         Tel: 01202 570 022
         Fax: 01202 570 044


INVICTA ELECTRICAL: Nominates Alex Kachani as Liquidator
--------------------------------------------------------
Alex Kachani of Crawfords was nominated Liquidator of Invicta
Electrical Ltd. on Dec. 21, 2006, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Invicta Electrical Ltd.
         23 Anthony Crescent
         Whitstable
         Kent CT5 4TS
         England
         Tel: 01227 281 673


JACKLIN LTD: Appoints Liquidator from Bridgers
----------------------------------------------
John Arthur Kirkpatrick of Bridgers was appointed Liquidator of
Jacklin Ltd. on Dec. 21, 2006, for the creditors' voluntary
winding-up proceeding.

The Liquidator can be reached at:

         Bridgers
         6C Church Street
         Reading
         Berkshire RG1 2SB
         England


JOHN DUFFY: Taps Liquidator from Kay Johnson Gee
------------------------------------------------
Jonathan Avery-Gee of Kay Johnson Gee was appointed Liquidator
of John Duffy (North) Ltd. on Jan. 9 for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:
         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Manchester M3 5EQ
         England


LAND AND GARDEN: Brings In Liquidator from Jeremy Knight
--------------------------------------------------------
William Jeremy Jonathan Knight of Jeremy Knight & Co. was
appointed Liquidator of Land and Garden Ltd. on Jan. 5 for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Jeremy Knight & Co.
         68 Ship Street
         Brighton
         East Sussex BN1 1AE
         England


LEYLAND RUBBER: Clive Morris Leads Liquidation Procedure
---------------------------------------------------------
Clive Morris of Marshall Peters Ltd. was appointed Liquidator of
Leyland Rubber Ltd. on Jan. 9 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Leyland Rubber Ltd.
         Unit 3 Lostock House
         Lancashire Enterprise Business Park
         Leyland
         Lancashire PR266TZ
         England
         Tel: 0870 797 0925
         Fax: 0870 990 1358


LION TRANSPORT: Liquidator Sets March 31 Claims Bar Date
--------------------------------------------------------
Creditors of Lion Transport Ltd. have until March 31 to send in
their names and addresses and particulars of their debts or
claims and of any security held by them, and the names and
addresses of their Solicitors (if any), to:

         Alan Keith Thornton
         Liquidator
         Bulley Davey
         69-75 Lincoln Road
         Peterborough PE1 2SQ
         England


M & D PROJECTS: Creditors Tap Ninos Koumettou as Liquidator
-----------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of M & D Projects Ltd. on Dec. 21, 2006, for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         AlexanderLawsonJacobs
         1 Kings Avenue
         Winchmore Hill
         London N21 3NA
         England


M D BODIES: Names J. M. Titley Liquidator
-----------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed Liquidator of
M. D. Bodies Ltd. on Jan. 5 for the creditors' voluntary
winding-up proceeding.

The Liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. Johns
         Blackburn BB1 8AF
         England


MPC MEDIA: Hires Liquidator from Rimmer Higson
----------------------------------------------
Timothy Hargreaves of Rimmer Higson was appointed Liquidator of
MPC Media Ltd. on Jan. 5 for the creditors' voluntary winding-up
procedure.

The Liquidator can be reached at:

         Rimmer Higson
         22 Ribblesdale Place
         Preston PR1 3NA
         England


PHOENIX DEVELOPMENT: Joint Liquidators Take Over Operations
-----------------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed Joint Liquidators of Phoenix
Development & Construction Ltd. on Dec. 22, 2006, for the
creditors' voluntary winding-up procedure.

The Joint Liquidators can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds LS1 2RU
         England


PHOENIX WINDOWS: Names Mark Reynolds Liquidator
-----------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Phoenix Windows Ltd. on Dec. 22, 2006, for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

         Valentine & Co.
         4 Dancastle Court
         14 Arcadia Avenue
         London N3 2HS
         England


POWER PACKAGING: Hires A. Turpin to Liquidate Assets
----------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
Power Packaging Ltd. on Dec. 21, 2006, for the creditors'
voluntary winding-up proceeding.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Power Packaging Ltd. can be reached at:

         Delph Road Industrial Estate
         Dudley Road
         Brierley Hill
         West Midlands DY5 1UA
         England
         Tel: 01384 758 71
         Fax: 01384 572 749


PRESENTATION PLASTICS: Appoints Liquidator from Tenon Recovery
--------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Presentation Plastics Ltd. on Dec. 20, 2006, for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         England


QUEENSGATE MARKETING: Nominates Liquidator from Mayfields
---------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Queensgate Marketing Ltd. on Dec. 12
2006, for the creditors' voluntary winding-up proceeding.

The Liquidator can be reached at:

         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen B63 4AB
         England


RAVEN TECHNOLOGY: J. N. Bleazard Leads Liquidation Procedure
------------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd was appointed
Liquidator of Raven Technology (U.K.) Ltd. on Dec. 28, 2006, for
the creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         XL Business Solutions Ltd.
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         England


RE-CONSTRUCTION UK: Calls On Creditors to File Claims
-----------------------------------------------------
Creditors of Re-Construction U.K. Ltd. are required to send in
writing their names and addresses and the particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any), to appointed Joint Liquidators David Malcolm Walker
and Edward Klempka at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds LS1 4JP
         England


REFCO INC: RCM Trustee Asks for Procedures on Resolving Claims
--------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital
Markets, Ltd. estate, asked the Hon. Lewis A. Kaplan of the U.S.
Southern District of New York for a scheduling order governing
procedures for resolving certain claims brought against RCM and
other debtors, and the claim objections that have been filed or
soon will be filed by the RCM Trustee.

The RCM Trustee objects to the Claims on the grounds that they
are, among others:

   (i) based on theories of recovery that fail as a matter of
       law;

  (ii) inconsistent with RCM's and other Debtors' books and
       records;

(iii) fail to articulate any facts that could serve as the
       basis for any claim against RCM;

  (iv) duplicative of certain claims previously resolved in
       settlement agreements; and

  (iv) not supported by any documentary evidence of an RCM
       account as of the Petition Date.

The Claims are:

Claimant                       Claim No.     Claim Amount
--------                       ---------     ------------
ABBA Funds, L.P.                 11709         US$577,952
                                 11710            577,952

Geshoa Fund Class A              11442         17,379,011

Geshoa Structured Finance Ltd.   14177         10,134,755
                                 11443          9,560,708

Global Macro Fund Limited        12080         40,384,865

Living Water Fund, L.P.          10495          1,453,670

OFI Palmares                     12054         12,943,388

PCMG Trading Partners V LP        9315          1,889,281

PlusFunds Group, Inc.            11289          7,000,000

Refco SPhinX Managed Futures
Index Fund, Ltd.                  9482             11,926

Reifler, Barry C.                14124          5,879,839

SPhinX Ltd., et al.              11375       Unliquidated

SPhinX Managed Futures Fund
SPC, et al.                      11378            Various
                                 11384            Various
                                 11387          4,312,945

SPhinX Managed Futures
Index Fund, LP                   13256         39,005,537

                      About Refco Inc.

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

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

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on
Dec. 26, 2006.


REFCO INC: RCM Trustee Withdraws Objection to PlusFunds' Claims
---------------------------------------------------------------
In a stipulation approved by the U.S. Bankruptcy Court for the
Southern District of New York, Marc S. Kirschner, Chapter 11
Trustee of Refco Capital Markets, Ltd., and Refco Inc. and its
debtor-affiliates agree to withdraw their objections to
PlusFunds Group, Inc.'s claims, with prejudice.

PlusFunds filed amended proofs of claim on Dec. 1, 2006.  The
parties agree that the Amended Claims will supersede all Claims
filed by PlusFunds in the Refco cases.

In addition, allowance of the Amended Claims against all the
Debtors and Refco LLC will, in the aggregate, be capped at
US$7,000,000.

PlusFunds will be required to establish in further proceedings
which the Debtor, if any, is liable for the Amended Claim or
Claims, and in what amount.  The Debtors will establish reserves
as appropriate for a potential US$7,000,000 claim in the
aggregate against all the Debtors and Refco LLC.  The aggregate
reserve will be used to pay any allowed Amended Claim against
any of the Debtors and Refco LLC not exceeding US$7,000,000.
Any reserve taken by a Debtor in connection with the
US$7,000,000 cap will reduce, dollar-for-dollar, the reserve
amount that must be taken by the other Debtors with respect to
the Amended Claims.

If and to the extent the Amended Claims should be adjudicated as
a liability of RCM, the RCM Trustee will classify the Amended
Claim as a Class 3 RCM FX/Unsecured Claim under the Plan.

The parties reserve all rights with respect to the validity of
the Amended Claims as against any Debtor or Refco LLC, or
whether the same is subject to subordination.  The Debtors and
Refco LLC reserve the right to seek avoidance of any
preferential payment to PlusFunds.  PlusFunds reserves the right
to assert all defenses to the same.

On Dec. 7, 2006, PlusFunds cast ballots to reject the Plan in
the full amount of its Amended Claims.  Pursuant to the
Stipulation, the Ballots cast will not be counted for purposes
of numerosity, value or existence of the Amended Claims at any
or all of the Debtors.  However, any elections contained in any
Ballot will be deemed valid to the extent the applicable Amended
Claim is allowed.

PlusFunds withdraws its Plan confirmation objection with
prejudice and its request pursuant to Bankruptcy Rule 3018
seeking temporarily allowance of the Amended Claims for voting
purposes.

Prior to the stipulation, Marc S. Kirschner, Chapter 11 Trustee
of Refco Capital Markets, Ltd., asks Judge Drain to disallow and
expunge Claim No. 11289 filed by PlusFunds against RCM for
approximately US$532,000,000.

The Claim asserts entitlement to an amount precisely equal to a
US$312,000,000 preference cash, plus PlusFunds' "enterprise
value" of US$220,000,000 and "unliquidated damages in an amount
to be determined at trial" related to PlusFunds' lost management
fees.

Claim No. 11289 arose from the decline of PlusFunds' assets
under management in the wake of a preference action commenced by
the Official Committee of Unsecured Creditors against SPhinX
Managed Futures Fund SPC.

The SPhinX Preference Action sought to avoid a US$312,000,000
cash transfer placed with RCM by SPhinX to segregated customer
accounts at Refco, LLC.  The Preference Cash was then
transferred from Refco LLC outside of Refco entirely, to
accounts at Lehman Brothers.

Jared R. Clark, Esq., at Bingham McCutchen LLP, in New York,
relates that on October 13, 2005, Refco, Inc., and its
affiliates imposed a 15-day moratorium on withdrawals from RCM
accounts because of insufficient liquidity within RCM.  On
December 16, Judge Drain entered a temporary restraining order
freezing and attaching SPhinX's assets in an amount equal to the
Preference Cash.

To resolve the SPhinX Preference Action, the Creditors Committee
and SPhinX entered into a settlement, subsequently approved by
Judge Drain, providing for a US$263,000,000 payment to RCM.

The SPhinX Settlement is currently subject to appeal pending
before the U.S. District Court for the Southern District of New
York.

Mr. Clark tells Judge Drain that Claim No. 11289 fails to
articulate any facts that could serve as the basis for an
alleged breach of a contractual obligation or common law duty by
RCM.

Mr. Clark argues that the unspecified charge of wrongdoing does
not approach the level of particularity required for a fraud
claim under Rule 9(b) of the Federal Rules of Civil Procedure.
Specifically, he states, the Claim does not allege with
particularity:

   (1) what statement or omission RCM made or failed to make;
   (2) scienter on the part of RCM;
   (3) how or whether PlusFunds replied; or
   (4) what specific injury resulted.

Furthermore, Mr. Clark contends that PlusFunds' general
allegations of breach of contract, breach of fiduciary duty,
aiding, abetting, and conspiracy are similarly unsubstantiated.
He notes that the Claim asserts breach of contract without
specifying the nature of the contract with RCM that PFGI replies
upon; duty without alleging a relationship; and conspiracy
without naming the cabalists.

"The Claim's general, innuendo-laden allegations themselves
demonstrate that nothing lies back of it; it is prima facie
invalid," Mr. Clark asserts.

To the extent the Claim suggests the SPhinX Transfer itself
started a chain of events leading to PlusFunds' collapse,
PlusFunds was the catalyst, Mr. Clark points out.  Therefore, he
says, PlusFunds' subsequent wounds were self-inflicted.

To the extent the Claim suggests that Refco's filing for
bankruptcy caused PlusFunds to lose value, PlusFunds fails to
state a cognizable claim, Mr. Clark maintains.

                      About Refco Inc.

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

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

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan became effective on
Dec. 26, 2006.


REVOLUTION MEDIA: Brings In Liquidator from Bishop Fleming
----------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Revolution Media Ltd. on Jan. 8 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Bishop Fleming
         1 Barnfield Crescent
         Exeter EX1 1QY
         England


RICHMOND KITCHENS: Nominates Paul John Webb as Liquidator
---------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Richmond Kitchens & Bathrooms Ltd. on
Dec. 14, 2006, for the creditors' voluntary winding-up
procedure.

The Liquidator can be reached at:

         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen B63 4AB
         England


SHAWS PET: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Creditors of Shaws Pet Products Ltd. confirmed Jan. 4 the
appointment of Robert Day of Robert Day and Company Ltd. as
Liquidator of the company.

The company can be reached at:

         Shaws Pet Products Ltd.
         1 Chamberlain Road
         Aylesbury
         Buckinghamshire HP198RB
         England
         Tel: 01296 429 333


SOVEREIGN PROPERTY: Appoints Moira C. Fitzpatrick as Liquidator
---------------------------------------------------------------
Moira C. Fitzpatrick of MCF Business Rescue and Insolvency was
appointed Liquidator of Sovereign Property Designers Ltd. on
Jan. 8 for the creditors' voluntary winding-up proceeding.

The Liquidator can be reached at:

         MCF Business Rescue and Insolvency
         39 Southernhay East
         Exeter EX1 1PE
         England


SPANISH TILE: Creditors Ratify Voluntary Liquidation
----------------------------------------------------
Creditors of Spanish Tile Company Ltd. ratified Jan. 4 the
company's resolutions for voluntary liquidation.

The appointment of Jonathan Lord of Bridgestones as Liquidator
of the company was also confirmed on the same date.

The Liquidator can be reached at:

         Bridgestones
         125-127 Union Street
         Oldham OL1 1TE
         England


SPIDER I.T.: Calls In Liquidator from Findlay James
---------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
Spider I.T. Ltd. on Dec. 19, 2006, for the creditors' voluntary
winding-up proceeding.

The Liquidator can be reached at:

         Alisdair J. Findlay
         Findlay James
         Saxon House
         Saxon Way
         Cheltenham GL52 6QX
         England


ST. HELENS: Hires Paul J. Fleming to Liquidate Assets
-----------------------------------------------------
Paul J. Fleming was appointed Liquidator of St. Helens Auto
Electrical Services Ltd. on Jan. 2 for the creditors' voluntary
winding-up procedure proceeding.

The company can be reached at:

         St. Helens Auto Electrical Services Ltd.
         Peasley Cross Lane
         St. Helens
         Merseyside WA9 3AW
         England
         Tel: 01744 735 101
         Fax: 01744 454 043


STUFF FACILITIES: Names Liquidators to Wind Up Business
-------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Stuff Facilities
Ltd. on Jan. 5 for the creditors' voluntary winding-up
proceeding.

The Joint Liquidators can be reached at:

         Blades Insolvency Services
         19B Market Place
         Bingham
         Nottingham NG13 8AP
         England


SUNDIAL LEISURE: Claims Filing Period Ends February 9
-----------------------------------------------------
Creditors of Sundial Leisure Ltd. have until Feb. 9 to submit
particulars of their debts and claims to appointed Joint
Liquidator Geoffrey Stuart Kinlan at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire AL9 5BS
         England

Geoffrey Stuart Kinlan and Anthony Sanderson of BDO Stoy Hayward
LLP were appointed Joint Liquidators of the company on
Sept. 27, 2005.

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


SYNCHRONICITY 2000: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed Joint Liquidators of Synchronicity 2000 Ltd. (t/a PC
Ideals) on Jan. 5 for the creditors' voluntary winding-up
proceeding.

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

Synchronicity 2000 Ltd. can be reached at:

         2c Albert Road
         Southsea
         Hampshire PO5 2SH
         England
         Tel: 023 9286 3362
         Fax: 023 9285 1661


TASK U.K.: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------
Creditors of Task U.K. Ltd. (formerly Task U.K. Plc) confirmed
the appointment of Geoffrey Stuart Kinlan and Antony David
Nygate of BDO Stoy Hayward LLP as Joint Liquidators of the
company on Dec. 19, 2006.

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

The Joint Liquidators can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         England


THOMAS JAMES: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Thomas James & Sons Ltd. confirmed on Jan. 4 the
appointment of T. J. Binyon and S. J. Parker of Tenon Recovery
as Joint Liquidators of the company.

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

The Joint Liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London W1U 6RD
         England


TOP ONE: Appoints K. T. Brown as Liquidator
-------------------------------------------
K. T. Brown of Marriotts LLP was appointed Liquidator of Top One
Fashions Ltd. (t/a Interno) on June 19, 2006, for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

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


ULTRA BUILDING: Joint Liquidators Take Over Operations
------------------------------------------------------
Ian Donald Williams and Laurence Pagden of Benedict Mackenzie
LLP were appointed Joint Liquidators of Ultra Building
Contractors Ltd. on Jan. 10 for the creditors' voluntary
winding-up proceeding.

The Joint Liquidators can be reached at:

         Benedict Mackenzie LLP
         62 Wilson Street
         London EC2A 2BU
         England


UTILITY LINK: J. O'Sullivan Leads Liquidation Procedure
-------------------------------------------------------
J. O'Sullivan of Bishop Fleming was appointed Liquidator of
Utility Link Ltd. on Jan. 8 for the creditors' voluntary
winding-up procedure.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides
services that include tax advice, financial forecasts, business
planning and corporate finance.

The Liquidator c an be reached at:

         Bishop Fleming
         16 Queen Square
         Bristol BS1 4NT
         England


WATERFORD WINDOWS: Taps Lloyd Biscoe to Liquidate Assets
--------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Waterfod Windows Glass Ltd. on Jan. 5 for the creditors'
voluntary winding-up proceeding.

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

The Liquidator can be reached at:

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


WOOGO U.K.: Liquidator Sets April 5 Claims Bar Date
---------------------------------------------------
Creditors of Woogo U.K. Ltd. have until April 5 to send in their
full forenames and surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Gerald Maurice Krasner at:

         Bartfields (U.K.) Ltd.
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
         England

Creditors confirmed on Jan. 5 the company's resolutions for
voluntary liquidation and the appointment of Gerald Maurice
Krasner of Bartfields (U.K.) Ltd. as Liquidator.


WORLDWIDE CONNECT: Creditors Ratify Voluntary Liquidation
---------------------------------------------------------
Creditors of Worldwide Connect U.K. Ltd. ratified the company's
resolutions for voluntary liquidation on Dec. 19, 2006.

The appointment of Jonathan Lord and Robert Cooksey of
Bridgestones as Joint Liquidators was also confirmed on the same
date.

The company can be reached at:

         Worldwide Connect U.K. Ltd.
         Lygon Court
         Hereward Rise
         Halesowen
         West Midlands B62 8AN
         England
         Tel: 0121 585 8611
         Fax: 0121 585 9738


WORLDWIDE DIRECT: Names James Stephen Pretty Liquidator
-------------------------------------------------------
James Stephen Pretty of Atherton Bailey was appointed Liquidator
of Worldwide Direct Mail Ltd. on Jan. 9 for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

         Atherton Bailey
         Kent House
         Romney Place
         Maidstone
         Kent ME15 6LH
         England


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

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
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