TCREUR_Public/070125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 25, 2007, Vol. 8, No. 18      

                            Headlines


A U S T R I A

EAG EGGER: Creditors' Meeting Slated for February 9
GAMO-GASTRONOMIEBETRIEB: Creditors' Meeting Slated for Feb. 13
GASTHOF MAIER: Creditors' Meeting Slated for February 13
GUNTENDORFER BAUMASCHINEN: Claims Registration Ends Jan. 29
JAKOBI HANDEL: Claims Registration Period Ends January 29

LANDSCAPE NATURSCHUTZ: Creditors' Meeting Slated for Feb. 1
RH - BAU: Creditors' Meeting Slated for February 1
SILICATE SYSTEMS: Claims Registration Period Ends February 6
WIMMER LLC: Claims Registration Period Ends January 30


B E L G I U M

REDPRAIRIE CORP: Moody's Junks US$70-Mln Sr. Sec. Lien Notes


D E N M A R K

TDC A/S: Fitch Keeps BB- Rating on Mobile Subsidiary's Sale


F I N L A N D

METSO OYJ: Names Seven Nominees to Board of Directors


F R A N C E

ALCATEL-LUCENT: Profit & Revenue Figures Slide in 4th Qtr. 2006


G E R M A N Y

AERO ENGINES: S&P Rates EUR150 Million Convertible Bonds at BB-
ALERIS INT'L: TPG Affiliates Complete US$3.3-Billion Acquisition
B.I.S. GMBH: Claims Registration Ends February 15
BAUTENSCHUTZ EICKHOFF: Claims Registration Ends February 16
DAIMLERCHRYSLER AG: BaFin Probes Timely Disclosure of CEO Exit

FBI FAHRBAHN: Creditors' Meeting Slated for February 15
FLAIG GARTEN: Claims Registration Ends February 16
FREY HOLDING: Creditors' Meeting Slated for February 15
FREY SERVICE: Creditors' Meeting Slated for February 13
HAPPY CAR: Claims Registration Ends February 14

HEINRICH BECKS: Claims Registration Ends February 16
HTM KUNSTSTOFFTECHNIK: Claims Registration Ends February 12
HUMAN SECURITY: Claims Registration Ends February 16


I R E L A N D

ELAN CORP: Fourth Quarter and Annual Results Out February 20


K A Z A K H S T A N

ALMAS LLP: Creditors Must File Claims by March 3
DAUREN LLP: Proof of Claim Deadline Slated for March 3
KAM OIL LTD: Claims Filing Period Ends February 28
KAZHIMPOLIMER LLP: Creditors' Claims Due February 28
KIY LLP: Creditors Must File Claims by March 3

ORDABASY AGRO: Claims Registration Ends February 28
PROTUS-E LLP: Proof of Claim Deadline Slated for March 3
PTITSEFABRIKA LLP: Akmola Court Opens Bankruptcy Proceedings
SK BAHYT-OIL: Claims Registration Ends February 28
VERTEX JSC: Claims Filing Period Ends March 9


K Y R G Y Z S T A N

FREIGHT AVIA: Claims Registration Ends March 9
GRUZOVYE AVIA: Claims Filing Period Ends March 9


R U S S I A

ABAKANSKIY EXPERIMENTAL: Creditors Must File Claims by Jan. 30
ALLIANCE CJSC: Creditors Must File Claims by March 2
ALTAYSKIY FACTORY: Creditors Must File Claims by February 23
ANGARA OJSC: Irkutsk Bankruptcy Hearing Slated for June 5
BAYKAL-TEKH-SERVICE CJSC: Bankruptcy Hearing Slated for March 7

CHERNOZEMYE LLC: Creditors Must File Claims by March 2
LUKOIL OAO: Hikes Stake in OOO Geoilbent to 100% After Purchase
MAYAK OJSC: Creditors Must File Claims by March 2
MINERALOVODSKIY LIQUEUR: Creditors Must File Claims by March 2
NEFTEKUMSKIY OJSC: Court Names S. Rudomanov to Manage Assets

REINFORCED-CONCRETE GOODS-2: Bankruptcy Hearing Slated for May 8
SHIGONY-SEL-KHOZ-TRANS OJSC: Claims Filing Period End March 2
SIBUR HOLDING: Fitch Assigns BB Issuer Default Rating
TANGI-WOOD LLC: Creditors Must File Claims by March 2
UST'-KALMANSKIY BUTTER: Creditors Must File Claims by Jan. 30

VOLGOGRADSKIY INSTRUMENTAL: Claims Filing Period End March 2
WOOD-STAR LLC: Irkutsk Bankruptcy Hearing Slated for March 19


S W I T Z E R L A N D

CCR CLASSIC: St. Gallen Court Starts Bankruptcy Proceedings
CELLVITALIS LLC: Kussnacht Court Suspends Bankruptcy Proceedings
EASY-LINK JSC: Dornach Court Starts Bankruptcy Proceedings
FREI WOHNBAU: St. Gallen Court Starts Bankruptcy Proceedings
HIRSCHEN JSC: Kussnacht Court Suspends Bankruptcy Proceedings

MARMARA IMBISS: St. Gallen Court Suspends Bankruptcy Proceedings
NAVEED TRADERS: Solothurn Court Suspends Bankruptcy Proceedings
PWP CONSULTING: Hofe Court Suspends Bankruptcy Proceedings
RC BAU: Solothurn Court Suspends Bankruptcy Proceedings
RINETROSAN JSC: Solothurn Court Suspends Bankruptcy Proceedings


U K R A I N E

CONSTRUCTOR OJSC: Creditors Must Submit Claims by Feb. 3
JOKER LLC: Claims Submission Deadline Set Feb. 3
UKOPROM LLC: Claims Submission Deadline Set February 3
UKRAINE MORTGAGE: Moody's Rates US$36.9-Million Notes at (P)Ba3
UKRAINIAN METAL: Claims Submission Deadline Set for Feb. 3

VOROZHBA BREAD: Creditors Must Submit Claims by Feb. 3
YUZHNAYA CJSC: Claims Submission Deadline Set Feb. 3


U N I T E D   K I N G D O M

ADVANCED MARKETING: Wants Filing Period Extended to March 29
ADVANCED MARKETING: U.S. Trustee Picks 5-Member Creditors Panel
AFFINIA GROUP: Moody's Upgrades Corporate Family Rating to B2
AMTRAK EXPRESS: Appoints KPMG as Joint Administrators
COLLINS & AIKMAN: Creditors Committee Supports Reorg. Plan

CORUS GROUP: Takeover Panel Unveils Auction Rules for Asset Sale
COUNTY PLUMBING: Joint Liquidators Take Over Operations
DURA AUTOMOTIVE: Judge Carey Names Warren Smith as Fee Auditor
ENESCO GROUP: Inks Asset Purchase Agreement with Tinicum Capital
FAREPAK FOOD: Administrators Say Customers Will Get 5% of Claims

FOCUS DIY: Fitch May Downgrade Ratings for Lack of Covenant News
HOTELOC PLC: Asset Sale Delays Spur Fitch to Junk Bond Ratings
HURST PARNELL: Brings In KPMG to Administer Assets
INGOT SERVICES: A. Clifton Leads Liquidation Procedure
J C LE ROUX: Taps KPMG LLP as Joint Administrators

MUSASHI NUTRITION: Creditors' Claims Due April 10
NOW GROUP: Brings In Ernst & Young as Joint Administrators
OVENDEN CIVIL: Brings In Joint Administrators from PwC
PARCELS HOLDINGS: Taps Joint Administrators from KPMG
REFCO INC: CFTC Objects to Mr. McNeil's Case Conversion Request

REFCO INC: IDC Wants Contracts Deemed Assigned to Man Financial
REFCO INC: Payments to Professionals Reach US$145.3 Million
RICHARDSON & OTTEWILL: Appoints G. W. Rhodes as Liquidator
ROUTIERS LTD: Creditors Confirm Voluntary Liquidation
ROWLEY & HALL: Hires Liquidator from Chris Haworth & Co.

RUSCO INTERNATIONAL: Nominates Ninos Koumettou as Liquidator
S & B FABRICATIONS: Liquidator Sets February 16 Claims Bar Date
SCAFFOLD SALES: Brings In Liquidators from CBA
SCOTTISH RE: Rejects Proposal from Brandes Investment
SCOTTISH RE: Shareholders to Vote on MassMutual Deal on Feb. 23

SECURETRAK LTD: Appoints KPMG Restructuring as Administrators
SIGN FACTORY: Calls In Liquidators from Harrisons
SOUTHERN ROCK: Improved Position Spurs S&P to Lift Rating to BB
SUCHA DESIGN: Creditors' Claims Due February 22
SUNGARD DATA: Fitch Junks US$1 Billion Sr. Sub. Notes Due 2015

THV NESN: Appoints Malcolm Edward Fergusson as Liquidator
UK BALLS: Claims Filing Period Ends February 28
WYVERN ENTERPRISES: Creditors' Claims Due February 20
XDS LTD: Appoints Liquidators from Deloitte & Touche LLP
YORKSHIRE SECURITY: Hires R. E. C. Cook to Liquidate Assets

* Upcoming Meetings, Conferences and Seminars

                            *********

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


EAG EGGER: Creditors' Meeting Slated for February 9
---------------------------------------------------
Creditors owed money by LLC EAG Egger Abdichtungstechnik
(FN 33138h) are encouraged to attend the creditors' meeting at
10:40 a.m. on Feb. 9 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Room 214
         Conference Hall
         2nd Floor
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Schwaz, Austria, the Debtor declared bankruptcy
on Dec. 12, 2006 (Bankr. CaseNo. 7 S 40/06a).  Klaus Perktold
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Klaus Perktold
         Museumstrasse 1/I
         6020 Innsbruck, Austria
         Tel: 0512/58 15 15
         Fax: 0512/585151
         E-mail: klaus.perktold@chello.at  


GAMO-GASTRONOMIEBETRIEB: Creditors' Meeting Slated for Feb. 13
--------------------------------------------------------------
Creditors owed money by LLC GAMO-Gastronomiebetrieb (FN 192052f)
are encouraged to attend the creditors' meeting at 11:40 a.m. on
Feb. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Kematen an der Ybbs, Austria, the Debtor
declared bankruptcy on Dec. 12, 2006 (Bankr. Case No. 14 S
202/06f).  Christine Riess serves as the court-appointed
property manager of the bankrupt estate.  

The property manager can be reached at:

         Dr. Christine Riess
         Kapuzinergasse 9
         3340 Waidhofen/Ybbs, Austria
         Tel: 07442/52 22 60
         Fax: 07442/52 22 66
         E-mail: rb.anwalt@utanet.at


GASTHOF MAIER: Creditors' Meeting Slated for February 13
--------------------------------------------------------
Creditors owed money by LLC Gasthof Maier (FN 133839y) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Feb. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Waidhofen an der Ybbs, Austria, the Debtor
declared bankruptcy on Dec. 12, 2006 (Bankr. Case No. 14 S
201/06h).  Christine Riess serves as the court-appointed
property manager of the bankrupt estate.  

The property manager can be reached at:

         Dr. Christine Riess
         Kapuzinergasse 9
         3340 Waidhofen/Ybbs, Austria
         Tel: 07442/52 22 60
         Fax: 07442/52 22 66
         E-mail: rb.anwalt@utanet.at


GUNTENDORFER BAUMASCHINEN: Claims Registration Ends Jan. 29
-----------------------------------------------------------
Creditors owed money by LLC Guntendorfer Baumaschinen (FN
99596s) have until Jan. 29 to file written proofs of claim to
court-appointed property manager Johannes Hochleitner at:

         Dr. Johannes Hochleitner
         Kirchenplatz 8
         4070 Eferding, Austria
         Tel: 07272/3781-0
         Fax: 07272/3783
         E-mail: office@iura.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Feb. 8 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in St. Marienkirchen/Polsenz, Austria, the Debtor
declared bankruptcy on Dec. 12, 2006 (Bankr. Case No. 20 S
161/06m).  


JAKOBI HANDEL: Claims Registration Period Ends January 29
---------------------------------------------------------
Creditors owed money by LLC Jakobi Handel (FN 259198z) have
until Jan. 29 to file written proofs of claim to court-appointed
property manager Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 12, 2006 (Bankr. Case No. 38 S 77/06k).  


LANDSCAPE NATURSCHUTZ: Creditors' Meeting Slated for Feb. 1
-----------------------------------------------------------
Creditors owed money by LLC Landscape Naturschutz und Land
schaftspflege (FN 51257d) are encouraged to attend the
creditors' meeting at 10:30 p.m. on Feb. 1 to consider the
adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

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

Headquartered in Feldkirchen, Austria, the Debtor declared
bankruptcy on Dec. 12, 2006 (Bankr. Case No. 26 S 114/06v).  
Alexander Isola serves as the court-appointed property manager
of the bankrupt estate.  

The property manager can be reached at:

         Dr. Alexander Isola
         Marburgerkai 47
         8010 Graz, Austria
         Tel: 0316/833777
         Fax: 0316/833777-33
         E-mail: graz@gmp.at


RH - BAU: Creditors' Meeting Slated for February 1
--------------------------------------------------
Creditors owed money by LLC RH - BAU und Baustoffe (FN 237453x)
are encouraged to attend the creditors' meeting at 2:30 p.m. on
Feb. 1 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         2nd Floor
         Graz, Austria

Headquartered in Graz - Puntigam, Austria, the Debtor declared
bankruptcy on Dec. 12, 2006 (Bankr. Case No. 25 S 114/06m).  
Candidus Cortolezis serves as the court-appointed property
manager of the bankrupt estate.  

The property manager can be reached at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz, Austria
         Tel: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com


SILICATE SYSTEMS: Claims Registration Period Ends February 6
------------------------------------------------------------
Creditors owed money LLC Silicate Systems (FN 251472m) have
until Feb. 6 to file written proofs of claim to court-appointed
property manager Susi Pariasek at:

         Dr. Susi Pariasek
         c/o Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Feb. 20 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 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 12, 2006 (Bankr. Case No. 6 S 124/06m).  Beate Holper
represents Dr. Pariasek in the bankruptcy proceedings.


WIMMER LLC: Claims Registration Period Ends January 30
------------------------------------------------------
Creditors owed money by LLC Wimmer (FN 79900a) have until
Jan. 30 to file written proofs of claim to court-appointed
property manager Oskar Welzl at:

         Dr. Oskar Welzl
         c/o Mag. Christopher Schuster
         Fabrikstrasse 3
         4020 Linz, Austria
         Tel: 0732/773333-0
         Fax: 0732/773333-44
         E-mail: ra-welzl@aon.at
                 ra-schuster@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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 Land Court of Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 12, 2006 (Bankr. Case No. 12 S 109/06a).  Christopher
Schuster represents Dr. Welzl in the bankruptcy proceedings.


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


REDPRAIRIE CORP: Moody's Junks US$70-Mln Sr. Sec. Lien Notes
------------------------------------------------------------
Moody's Investors Service affirmed RedPrairie Corp. ratings
following the company's announcement of its intentions to offer
a one-time debt financed US$25 million dividend to its equity
sponsors.  

The new debt will increase the size of RedPrairie's second lien
borrowings from US$45 million to US$70 million.

Moody's notes that this additional financing when coupled with
RedPrairie's previously stated intentions to increase the size
of its first lien borrowings to US$170 million for the
acquisition of StorePerform does not change the company's B2
corporate family rating, the individual loan ratings, or its
stable outlook.  However, Moody's notes that the increase in
leverage to approximately 5.2x places the company closer to the
lower end of the B2 rating category.  Additionally, the company
is following up a relatively soft third quarter and does not yet
have audited financials available for the fourth quarter.

The following ratings are affirmed:

   -- Corporate Family Rating, B2

   -- US$20-million Senior Secured Revolving Credit Facility due    
      5yr, B1, LGD3, 33%

   -- US$170-million Senior Secured First Lien due 6 yr, B1,
      LGD3, 33%

   -- US$70 million Senior Secured Second Lien due 6.5yr, Caa1,
      LGD5, 84%

RedPrairie, headquartered in Waukesha, Wisconsin, is a provider
of warehouse management, labor management, transportation
management and store operations software solutions.


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


TDC A/S: Fitch Keeps BB- Rating on Mobile Subsidiary's Sale
-----------------------------------------------------------
Fitch Ratings says it does not expect the intended sale by TDC
A/S of its Lithuanian and Latvian mobile subsidiary Bite to
affect TDC's Issuer Default rating of 'BB-' or the ratings of
TDC's and NTC Holdings'.

This view is based on the fact that Bite represents a relatively
small proportion of TDC's overall revenues and EBITDA, therefore
the sale will have a minimal effect on TDC's results.  The sale
is also in line with the company's strategy to focus on the
Nordic region.  Reported cash proceeds of EUR450 million, to be
received during the first quarter of 2007, could either be
reinvested in the business during the next 12 months or used to
repay debt.  

Although the sale reduces the company's revenue diversification,
the change in TDC's business portfolio and pro-forma financial
condition is considered minimal.  Reported Fitch-adjusted
leverage was 5.6x at Q306 and, assuming the disposal proceeds
remain as cash on balance sheet, the agency estimates pro-forma
gross leverage would increase to 5.7x, with net leverage
reducing to 5.2x.

The rating impact of any potential reinvestment of the proceeds
in new business lines or in acquisitions will be considered on a
case to case basis.

* TDC's debt instruments:

   -- Senior secured bank facilities rated 'BB+'

   -- EMTN bonds rated 'BB-':

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

   -- NTC Holdings senior notes rated 'B+':

         -- EUR800-million 8.25% senior notes due 2016;
         -- US$600-million 8.875% senior notes due 2016;
         -- EUR750-million floating-rate notes due 2016


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


METSO OYJ: Names Seven Nominees to Board of Directors
-----------------------------------------------------
The Nomination Committee of Metso Oyj proposed to the next
Annual General Meeting, set on April 3, that the number of board
members remains at seven.

The Nomination Committee proposes the re-election of six members
from the current Board:

   -- Svante Adde,
   -- Maija-Liisa Friman,
   -- Christer Gardell,
   -- Matti Kavetvuo,
   -- Yrjo Neuvo, and
   -- Jaakko Rauramo.

Mr. Kavetvuo is proposed to continue as chairman of the Board
and Mr. Rauramo as vice chairman.  It is also proposed that
Ms. Liljeblom, professor at Swedish School of Economics and
Business Administration, Helsinki, Finland, will be elected as a
new member of the Metso Board.

The new proposed Board member, Ms. Liljeblom, PhD. Econ., is the
professor in Finance and Head of the Department of Finance and
Statistics at Swedish School of Economics and Business
Administration, Helsinki, Finland.  She currently holds Board
membership positions at:

   -- Stockman PLC, a Finnish based department store and
      retailer;

   -- Fennia Mutual Insurance Company, Finland;

   -- Municipality Finance PLC, Finland; and

   -- State Pension Fund, Finland, where she serves as chairman       
      for the Investment Consultative Committee;

   -- Investment Strategy Council of the Government Pension Fund
      - Global, Norway; and

   -- Official Controller of the OMXH25 index (Indeksiasiamies)
      for the Helsinki stock market (OMX).

The Nomination Committee proposes these annual fees to be paid:

   -- Chairman of the Board: EUR80,000,
   -- Vice Chairman of the Board: EUR50,000
   -- Chairman of the Audit Committee EUR50,000, and
   -- other Board Members: EUR40,000.

In addition, a fee of EUR500 per meeting is paid to all members
for the Board and Board committee meetings they attend.

Metso's Board of Directors will include these proposals into the
Annual General Meeting notice, which will be published later.

                    Personnel Participation

The Nomination Committee notes that a personnel representative
will participate as an external expert in the Metso Board
meetings also in the next Board term within the limitations
imposed by the Finnish law.  The new Board will invite the
personnel representative as its external expert in April 2007.

                    The Nomination Committee

The members of the Nomination Committee were:

   -- Markku Tapio (Chairman of the Nomination Committee),
      Director General, State Shareholdings unit (State of
      Finland);

   -- Harri Sailas, CEO (Ilmarinen Mutual Pension Insurance
      Company);

   -- Mikko Koivusalo, Director, Investments (Varma Mutual
      Pension Insurance Company) and

   -- Henry Wiklund, Managing Director (Svenska
      litteratursallskapet i Finland r.f.).

Matti Kavetvuo, Chairman of Metso's Board of Directors, served
as the Committee's expert member.

                          About Metso

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

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

                           *    *    *

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


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


ALCATEL-LUCENT: Profit & Revenue Figures Slide in 4th Qtr. 2006
---------------------------------------------------------------
Alcatel-Lucent disclosed of its preliminary financial results
for the quarter and year ended Dec. 31, 2006.  The pro-forma
results are based on unaudited financial information and on
preliminary information reviewed by the management to date.

Alcatel-Lucent expects to post EUR120 million in operating
profit against EUR4.42 billion in revenues for the fourth
quarter of 2006.  

The company's fourth quarter results include the impact from
purchase accounting entries of around -EUR230 million.  Alcatel-
Lucent expects restructuring charges, which consist primarily of
non-cash write-offs of intangibles associated with product
rationalization and of a limited impact from headcount reduction
at this point, and asset impairment charges of capitalized
development costs to reach EUR800 million.

Alcatel-Lucent also expects to post EUR710 million in operating
profit against EUR12.3 billion in sales for the full year 2006.

The company's full year results include Alcatel's stand-alone
operations from January to November 2006, and combined
operations of Alcatel-Lucent for December 2006.  Businesses to
be contributed to Thales will be presented as discontinued
activities.

Alcatel-Lucent will publish its fourth quarter and full year
2006 results on Feb. 9.

                        Adjusted Figures

Alcatel-Lucent will also provide adjusted pro-forma financial
results on Feb. 9.  These results will include combined
operations for Alcatel-Lucent as of Jan. 1, 2006, and will
exclude any impact from purchase accounting entries.  Businesses
to be contributed to Thales will be presented as discontinued
activities.

On an adjusted pro-forma basis, Alcatel-Lucent expects to post a
breakeven operating result against EUR4.42 billion in revenues
for the fourth quarter of 2006, compared to EUR570 million in
operating profit against EUR5.42 billion in revenues for the
same period in 2007.

On an adjusted pro-forma basis, Alcatel-Lucent expects to post
EUR1.04 billion in operating profit against EUR18.3 billion in
revenues for full year 2006.

"2006 was an extraordinary year in many ways for our company,"
Patricia Russo, Chief Executive of Alcatel-Lucent, said.  "We
completed the first and largest merger to date in our industry,
we enhanced our wireless portfolio through the acquisition of
Nortel's UMTS radio business and we completed a substantial part
of the transfer of some of our operations to Thales."

Ms. Russo added that the merger created short-term uncertainty
for the company's customers.  

"This uncertainty together with the work required to close the
merger significantly impacted the business," Ms. Russo added.  
"Overall, the 2006 adjusted pro-forma financial results of the
combined company were impacted by the weak performance in the
fourth quarter resulting in cumulative revenues for full year
2006 at a similar level to full year 2005 revenues."

Ms. Russo said Alcatel-Lucent will take "additional actions to
further reduce its cost structure" to achieve combined cost
savings of around EUR600 million in full year 2007.

                         Merger Worries

Per Lindberg, an analyst at Dresdner Kleinwort, described
Alcatel-Lucent revenue shortfalls "astonishing."

"Such a derailment only months after completing the
controversial merger should re-instill fears that the
combination of Alcatel and Lucent is exceedingly ill-suited to
deliver," Mr. Lindberg told the Wall Street Journal.

Dresdner Kleinwort noted that the company's revenue shortfalls
are clear evidence of Alcatel-Lucent's "massive market share
losses," The Associated Press relates.

"The new company is suffering," Franck Hennin of Richelieu
Finance told Bloomberg News.  "It's tougher than expected.  This
raises a lot of questions about the future."

"It's too early to say whether the consolidation will pay off,"
Christophe Quarante of Natexis Bleichroeder, said.  "When you
combine the companies, the result is zero.  "The difference
between the reported figures and pro-forma is Lucent.  That
means Lucent is unprofitable."

Mr. Quarante commented that increased competition will force
Alcatel-Lucent to pass on part of its cost savings to customers.

                    About Alcatel-Lucent

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

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

                          *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
U.S. activities merged with their Alcatel counterparts.  The
outlook for all these ratings is stable.  

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

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


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


AERO ENGINES: S&P Rates EUR150 Million Convertible Bonds at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to the EUR150 million in convertible bonds
guaranteed by MTU Aero Engines Holding AG and issued through the
wholly owned subsidiary MTU Aero Engines Finance B.V.  

The issue size could be raised to EUR180 million, depending on
demand and the exercise of a EUR15 million green-shoe option.
The bonds are due in February 2012.

"MTU will use the proceeds from the convertible issue to fund
the early redemption of the outstanding high-yield senior notes
issued in March 2004," said Standard & Poor's credit analyst
Werner Staeblein.  The notional amount of outstanding senior
notes is EUR165 million.  The redemption price including the
call premium is about EUR182 million.

Convertible debt generally does not attract any specific equity
credit in Standard & Poor's methodology for corporate hybrid
instruments.  They are therefore essentially viewed as debt,
except on rare occasions in which a conversion in the near term
is extremely likely.  Subject to the share price development of
MTU's ordinary shares, the convertible bond can be called no
sooner than three years after issuance.

The ratings continue to reflect the group's relatively weak
business profile, which is constrained by its reliance on the
cyclical civil aviation industry, vulnerability to the weakness
of the U.S. dollar, and its relatively modest size compared with
OEMs.  Nevertheless, MTU benefits from its leading positions in
niche markets and is protected by its long-term strategic
alliance with Pratt & Whitney engines, its participation in
engine programs through a number of risk and revenue-sharing
partnerships; and its role as a strategic partner for the
German Air Force.


ALERIS INT'L: TPG Affiliates Complete US$3.3-Billion Acquisition
----------------------------------------------------------------
Affiliates of Texas Pacific Group completed the acquisition of
Aleris International Inc.

As reported in the Troubled Company Reporter on Aug. 9, 2006,
Aleris entered into a definitive merger agreement, under which
Texas Pacific Group will acquire all of the outstanding stock of
Aleris International for approximately US$1.7 billion plus the
assumption of or repayment of approximately US$1.6 billion of
debt.  The company's stockholders will receive US$52.50 in cash
for each share of Aleris common stock.

Steve Demetriou, chairman and chief executive officer, said, "We
are very pleased to complete this transaction with TPG which has
created significant value for shareholders while positioning
Aleris with a partner committed to our continued growth as a
private company."

The company's common stock will cease trading on the New York
Stock Exchange and will be delisted.  As soon as practicable, a
paying agent appointed by TPG will send information to all
company stockholders of record, explaining how they can
surrender company stock in exchange for US$52.50 per share in
cash without interest.  Stockholders of record should await this
information before surrendering their shares.

Stockholders who hold shares through a bank or broker will not
have to take any action to have their shares converted into cash
because the conversions will be handled by the bank or broker.

                         About TPG

Texas Pacific Group -- http://www.tpg.com/-- is a private
investment partnership, which currently has more than US$30
billion of assets under management.  With offices in San
Francisco, London, Hong Kong, Fort Worth and other locations
globally, TPG has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings.

                About Aleris International

Headquartered in Beachwood, Ohio, Aleris International, Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and is a global leader in aluminum recycling
and the production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The Company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 21, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' loan and
'2' recovery ratings on the senior secured first-lien term loan
of Aleris International Inc., after the report that the company
increased the term loan by US$125 million.  With the add-on, the
total amount of the facility is now US$1.23 billion.


B.I.S. GMBH: Claims Registration Ends February 15
-------------------------------------------------
Creditors of B.I.S. GmbH have until Feb. 15 to register their
claims with court-appointed insolvency manager Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Villingen-Schwenningen
         Hall 2
         2nd Floor
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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 Villingen-Schwenningen opened bankruptcy
proceedings against B.I.S. GmbH on Jan. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         B.I.S. GmbH
         Attn: Claus Dietrich and Uwe Plau, Managers
         Leopoldstr. 1
         78112 St. Georgen, Germany

The insolvency manager can be contacted at:

         Albert Hirt
         Berner Field. 74
         78628 Rottweil, Germany


BAUTENSCHUTZ EICKHOFF: Claims Registration Ends February 16
-----------------------------------------------------------
Creditors of Bautenschutz Eickhoff GmbH have until Feb. 16 to
register their claims with court-appointed insolvency manager
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C315
         3rd 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 Bautenschutz Eickhoff GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bautenschutz Eickhoff GmbH
         Attn: Dirk Wosnitza, Manager
         Erlenstr. 37
         46539 Dinslaken, Germany

The insolvency manager can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg, Germany


DAIMLERCHRYSLER AG: BaFin Probes Timely Disclosure of CEO Exit
--------------------------------------------------------------
BaFin, Germany's financial regulator, outlined in a letter, sent
in 2005 to Stuttgart prosecutors, that DaimlerChrysler AG knew
nearly three weeks before an official announcement that former
Chief Executive Juergen Schrempp was likely to step down from
his post, Reuters relates.

According to reports, the information is pertinent to
shareholders who are suing the company for EUR7 million,
claiming they lost money when they sold DaimlerChrysler shares
just before news leaked out that Mr. Schrempp would resign.  The
July 28, 2005 bombshell led to an 11% stock surge, the company's
biggest intra-day gain ever.

The BaFin letter revealed that a number of people knew that Mr.
Schrempp would leave, weeks before a supervisory board meeting
held on the day they announced his resignation and appointed
Dieter Zetsche as his successor, Reuters states.

"The decision that Schrempp would end his contract at the end of
2005 had been made with strong likelihood on July 10, 2005, at
the latest," the letter discloses.

The regulator "established that DaimlerChrysler should have made
an announcement earlier," said Klaus Rotter, the attorney
representing the investors.

BaFin is investigating whether the company violated rules
requiring timely disclosure, which could mean a fine of up to
EUR1 million, Bloomberg News reports.

"We are completely certain that we met all requirements," said
Ursula Mertzig-Stein, a DaimlerChrysler spokeswoman.  "We
published the information as soon as possible after the decision
was made" for Mr. Schrempp to leave.

                     Shareholder Litigation

The DaimlerChrysler shareholder lawsuit is the first since
Germany enacted a law in 2002 that ensures stricter reporting
rules for companies in the country, Bloomberg News states.

Mr. Rotter represents 100 DaimlerChrysler investors worldwide,
including institutional investors and pension funds.  They
comprise shareholders who sold stock between July 1 and July 28,
2005, Bloomberg News relates.

According to reports, the next hearing for the case, which is
being heard at the regional court in Stuttgart, is scheduled for
Feb. 15.  The judge handling the case said in December 2006 that
the matter depends on when information about Mr. Schrempp's
departure was material and probable enough to merit disclosure.

                      About DaimlerChrysler

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

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

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

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

                             Outlook

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

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


FBI FAHRBAHN: Creditors' Meeting Slated for February 15
-------------------------------------------------------
The court-appointed insolvency manager for FBI Fahrbahn
Ingenieurbuero GmbH, Wolfgang Jung, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on Feb. 15.

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

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on March 8, at the same venue.

Creditors have until Feb. 23 to register their claims with the
court-appointed insolvency manager.

The District Court of Hanau opened bankruptcy proceedings
against FBI Fahrbahn Ingenieurbuero GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FBI Fahrbahn Ingenieurbuero GmbH
         Attn: Michael Charbonnier and Gerd Rudnick, Managers
         Eisenbahn 3 a
         63584 Gruendau, Germany

The insolvency manager can be reached at:

         Wolfgang Jung
         Rhoenstr. 5
         63526 Erlensee, Germany
         Tel: 06183/2666
         Fax: 06183/71979


FLAIG GARTEN: Claims Registration Ends February 16
--------------------------------------------------
Creditors of Flaig Garten und Landschaftsbau GmbH & Co KG have
until Feb. 16 to register their claims with court-appointed
insolvency manager Klaus Haischer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil, 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 Rottweil opened bankruptcy proceedings
against Flaig Garten und Landschaftsbau GmbH & Co KG on Jan. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Flaig Garten und Landschaftsbau GmbH & Co KG
         Attn: Ulrich Flaig, Manager
         Kirchplatz 6
         78713 Schramberg, Germany

The insolvency manager can be contacted at:

         Klaus Haischer
         Hauptstr. 4
         78727 Oberndorf, Germany
         Tel: 07423/8106-0
         Fax: 07423/810610


FREY HOLDING: Creditors' Meeting Slated for February 15
-------------------------------------------------------
The court-appointed insolvency manager for Frey Holding und
Management GmbH, Wolfgang Jung, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Feb. 15.

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

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 8, at the same venue.

Creditors have until Feb. 23 to register their claims with the
court-appointed insolvency manager.

The District Court of Hanau opened bankruptcy proceedings
against Frey Holding und Management GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Frey Holding und Management GmbH
         Eisenbahn 3
         63584 Gruendau, Germany

The insolvency manager can be reached at:

         Wolfgang Jung
         Rhoenstr. 5
         63526 Erlensee, Germany
         Tel: 06183/2666
         Fax: 06183/71979


FREY SERVICE: Creditors' Meeting Slated for February 13
-------------------------------------------------------
The court-appointed insolvency manager for Frey Service-GmbH
Mitte Dienstleister im Schienenverkehr, Wolfgang Jung, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:10 a.m. on Feb. 13.

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

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on March 8, at the same venue.

Creditors have until Feb. 23 to register their claims with the
court-appointed insolvency manager.

The District Court of Hanau opened bankruptcy proceedings
against Frey Service-GmbH Mitte Dienstleister im Schienenverkehr
on Jan. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Frey Service-GmbH Mitte Dienstleister
         im Schienenverkehr
         Eisenbahn 3
         63584 Gruendau, Germany

The insolvency manager can be reached at:

         Wolfgang Jung
         Rhoenstr. 5
         63526 Erlensee, Germany
         Tel: 06183/2666
         Fax: 06183/71979


HAPPY CAR: Claims Registration Ends February 14
-----------------------------------------------
Creditors of Happy Car Rent GmbH have until Feb. 14 to register
their claims with court-appointed insolvency manager
Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Feb. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Happy Car Rent GmbH on Dec. 29, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Happy Car Rent GmbH
         Attn: Hans Walter Rehbach, Manager
         Brauereiweg 23
         24939 Flensburg, Germany

The insolvency manager can be contacted at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg, Germany


HEINRICH BECKS: Claims Registration Ends February 16
----------------------------------------------------
Creditors of Heinrich Becks & Sohn GmbH & Co. KG have until
Feb. 16 to register their claims with court-appointed insolvency
manager Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C207
         2nd 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 Heinrich Becks & Sohn GmbH & Co. KG on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Heinrich Becks & Sohn GmbH & Co. KG
         Hansastr. 84
         47058 Duisburg, Germany

         Attn: Heinrich Becks, Manager
         Bussardweg 20
         45478 Muelheim an der Ruhr
         Germany

The insolvency manager can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg, Germany


HTM KUNSTSTOFFTECHNIK: Claims Registration Ends February 12
-----------------------------------------------------------
Creditors of HTM Kunststofftechnik GmbH & Co. KG have until
Feb. 12 to register their claims with court-appointed insolvency
manager Philipp Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Area 223
         2nd Floor
         Mannheimer Str. 17
         75179 Pforzheim, 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 Pforzheim opened bankruptcy proceedings
against HTM Kunststofftechnik GmbH & Co. KG on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HTM Kunststofftechnik GmbH & Co. KG
         Attn: Frank Holzschuh, Manager
         Koebler 2
         75438 Knittlingen, Germany

The insolvency manager can be contacted at:

         Dr. Philipp Grub
         Humboldtstr. 16
         70178 Stuttgart, Germany


HUMAN SECURITY: Claims Registration Ends February 16
----------------------------------------------------
Creditors of Human Security AG have until Feb. 16 to register
their claims with court-appointed insolvency manager Mathias
Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Area 126
         I. Stock
         Herrenstr. 42
         88212 Ravensburg, 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 Ravensburg opened bankruptcy proceedings
against Human Security AG on Jan. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Human Security AG
         Attn: Alexander Hasel, Manager
         Schmiedstr. 26
         88239 Wangen, Germany

The insolvency manager can be contacted at:

         Mathias Dorn
         Allgauer Str. 1
         87435 Kempten, Germany


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


ELAN CORP: Fourth Quarter and Annual Results Out February 20
------------------------------------------------------------
Elan Corp. Plc will release its fourth quarter and full year
2006 financial results on Feb. 20, before the U.S. and European
financial markets open.

The company will host a conference call on at 8:30 a.m. EST and
1:30 p.m. GMT on the same date with the investment community to
discuss its fourth quarter and full year 2006 financial results.

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology  
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                         *     *     *

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.  

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


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


ALMAS LLP: Creditors Must File Claims by March 3
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Almas insolvent on Dec. 11, 2006.

Creditors have until March 3 to submit written proofs of claim
to:


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


DAUREN LLP: Proof of Claim Deadline Slated for March 3
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Dauren insolvent on
Dec. 11, 2006.

Creditors have until March 3 to submit written proofs of claim
to:

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


KAM OIL LTD: Claims Filing Period Ends February 28
--------------------------------------------------
LLP Kam Oil Ltd. has declared insolvency.  Creditors have until
Feb. 28 to submit written proofs of claim to:

         LLP Kam Oil Ltd.
         Satbaev Str. 10/21
         Kyzylorda
         Kyzylorda Region
         Kazakhstan


KAZHIMPOLIMER LLP: Creditors' Claims Due February 28
----------------------------------------------------
LLP Kazakh Chemical Polymer Kazhimpolimer has declared
insolvency.  Creditors have until Feb. 28 to submit written
proofs of claim to:

         LLP Kazhimpolimer
         Respublika Square 15
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-72-17


KIY LLP: Creditors Must File Claims by March 3
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP KIY insolvent.

Creditors have until March 3 to submit written proofs of claim
to:

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


ORDABASY AGRO: Claims Registration Ends February 28
---------------------------------------------------
LLP Ordabasy Agro has declared insolvency.  Creditors have until
Feb. 28 to submit written proofs of claim to:

         LLP Ordabasy Agro
         Ryskulbekov Str. 50
         Shymkent
         South Kazakhstan Region
         Kazakhstan


PROTUS-E LLP: Proof of Claim Deadline Slated for March 3
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Protus-E insolvent.  

Creditors have until March 3 to submit written proofs of claim
to:

         LLP Protus-E
         Micro District Mamyr-1, 13-43
         Almaty, Kazakhstan
         Tel: 8 333 294 44-97


PTITSEFABRIKA LLP: Akmola Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Shuchinskaya
Poultry Factory Ptitsefabrika.


SK BAHYT-OIL: Claims Registration Ends February 28
--------------------------------------------------
LLP SK Bahyt-Oil (RNN 480100217571) has declared insolvency.  
Creditors have until Feb. 28 to submit written proofs of claim
to:

         LLP SK Bahyt-Oil
         Buketov Str. 62
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


VERTEX JSC: Claims Filing Period Ends March 9
---------------------------------------------
JSC Vertex has declared insolvency.  Creditors have until
March 9 to submit written proofs of claim to:

         JSC Vertex
         Bogenbai baatyr Str. 142
         Almaty, Kazakhstan


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


FREIGHT AVIA: Claims Registration Ends March 9
----------------------------------------------
LLC Freight Avia Transportations Ltd. has declared insolvency.  
Creditors have until March 9 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 69-37-72, 69-30-72.


GRUZOVYE AVIA: Claims Filing Period Ends March 9
------------------------------------------------
LLC Gruzovye Avia Perevozki Ltd. has declared insolvency.  
Creditors have until March 9 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 69-37-72, 69-30-72.


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


ABAKANSKIY EXPERIMENTAL: Creditors Must File Claims by Jan. 30
--------------------------------------------------------------
Creditors of OJSC Abakanskiy Experimental Mechanical Factory
have until Jan. 30 to submit written proofs of claim to:

         A. Kirichenko, Temporary Insolvency Manager
         Post User Box 28495
         660020 Krasnoyarsk Region
         Russia

The Arbitration Court of Khakasiya Republic commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A74-4269/2006.

The Arbitration Court of Khakasiya Republic is located at:

         Post User Box 147
         Pushkina Str. 165
         Abakan
         655017 Khakasiya Republic
         Russia

The Debtor can be reached at:

         OJSC Abakanskiy Experimental Mechanical Factory
         Budennogo Str. 86
         Nizhnyaya Sogra
         Abakan
         655000 Khakasiya Republic
         Russia


ALLIANCE CJSC: Creditors Must File Claims by March 2
----------------------------------------------------
Creditors of CJSC Alliance (TIN 271004130) have until March 2 to
submit written proofs of claim to:

         A. Krylov, Insolvency Manager
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia
         Tel/Fax: 347-060

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-11450/2006-38.

The Debtor can be reached at:

         CJSC Alliance
         Pobedy Str. 6-9
         Novyj Urgal
         Khabarovsk Region
         Russia


ALTAYSKIY FACTORY: Creditors Must File Claims by February 23
------------------------------------------------------------
Creditors OJSC Altayskiy Factory of Fuel Pumps have until
Feb. 23 to submit written proofs of claim to:

         R. Bolshakov, Insolvency Manager
         Apartment 10
         Oktyabrskaya Str. 84
         630099 Novosibirsk Region
         Russia

The Arbitration Court of Altay Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A03-4996/06-B.

The Debtor can be reached at:

         OJSC Altayskiy Factory of Fuel Pumps
         Kalinina Pr. 15V
         Barnaul
         656011 Altay Region
         Russia


ANGARA OJSC: Irkutsk Bankruptcy Hearing Slated for June 5
---------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 11:00
a.m. on June 5 to hear the bankruptcy supervision procedure on
OJSC Angara.  The case is docketed under Case No. A19-24182/
06-38.

The Temporary Insolvency Manager is:

         L. Firyulin
         Post User Box 54
         664081 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:

         OJSC Angara
         Lenina Str. 11
         Novonukutskiy
         Nukutskiy Region
         UOBAO
         669401 Irkutsk Reigon
         Russia


BAYKAL-TEKH-SERVICE CJSC: Bankruptcy Hearing Slated for March 7
---------------------------------------------------------------
The Arbitration Court of Buryatiya Republic will convene at 3:00
p.m. on March 7 to hear the bankruptcy supervision procedure on
CJSC Baykal-Tekh-Service (TIN 0317003353).  The case is docketed
under Case No. A10-5607/06.

The Temporary Insolvency Manager is:

         V. Afanasyeva
         Office 308
         Lenina Str., 18
         664025 Irkutsk Region
         Russia

The Arbitration Court of Buryatiya Republic is located at:

         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         CJSC Baykal-Tekh-Service
         Office 5
         Mayskiy Per. 1
         Severobaykalsk
         671701 Buryatiya Republic
         Russia


CHERNOZEMYE LLC: Creditors Must File Claims by March 2
------------------------------------------------------
Creditors of LLC Furniture of Chernozemye (TIN 2723047519) have
until March 2 to submit written proofs of claim to:

         A. Krylov, Insolvency Manager
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia
         Tel/Fax: 347-060

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-12975/2006-36.

The Debtor can be reached at:

         LLC Furniture of Chernozemye
         Sidorenko, 7
         Khabarovsk Region
         Russia


LUKOIL OAO: Hikes Stake in OOO Geoilbent to 100% After Purchase
---------------------------------------------------------------
The Lukoil Group completed a deal to purchase a 34% stake in
OOO Geoilbent, consolidating 100% of the firm.

An appropriate approval by the Federal Antimonopoly Office of
Russia was obtained on Jan. 12.

OOO Geoilbent develops the Severo-Gubkinskoye, Prisklonovoye and
Yuzhno-Tarasovskoye fields in the Yamal Nenets Autonomous
District and undertakes prospecting and exploration on a number
of lisence blocks.

As of the beginning of 2006 its recoverable reserves for the
ABC1 category were 29.8 million tons of oil and 68 billion cubic
meters of gas, and 43.9 million tons of oil and 19.6 billion
cubic meters of gas respectively for the C2 category.  Oil
production in 2006 amounted to 1.2 million tons.  

                          About Lukoil

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

                          *     *     *

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


MAYAK OJSC: Creditors Must File Claims by March 2
-------------------------------------------------
Creditors of OJSC Agricultural Company Mayak have until March 2
to submit written proofs of claim to:

         V. Goryachkin, Insolvency Manager
         Office 3
         Rubtsova Str. 9
         160000 Vologda Region
         Russia

The Arbitration Court of Vologda Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13-8898/2006-22.

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Mayak
         Porokhovo
         Vologda Region
         Russia


MINERALOVODSKIY LIQUEUR: Creditors Must File Claims by March 2
--------------------------------------------------------------
Creditors of CJSC Mineralovodskiy LiquEURVodka Distillery (TIN
2630016236) have until March 2 to submit written proofs of claim
to:

         O. Shoshina, Insolvency Manager
         Apartment 6
         45th Parallel Str. 14
         355000 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-6087/2006-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 458 b
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Mineralovodskiy LiquEURVodka Distillery
         50 Let Oktyabrya Str. 39/A
         Izobilnyj
         356141 Stavropol Region
         Russia


NEFTEKUMSKIY OJSC: Court Names S. Rudomanov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. S.
Rudomanov as Insolvency Manager for OJSC Meat Combine
Neftekumskiy.  He can be reached at:

         S. Rudomanov
         Krasnoflotskaya Str. 46
         355003 Stavropol Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-8845/2006-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 458 b
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Neftekumskiy
         Neftekumsk
         Stavropol Region
         Russia


REINFORCED-CONCRETE GOODS-2: Bankruptcy Hearing Slated for May 8
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 11:00
a.m. on May 8 to hear the bankruptcy supervision procedure on
LLC Factory of Reinforced-Concrete Goods-2 (TIN 3819013600).
The case is docketed under Case No. A19-24233/06-38.

The Temporary Insolvency Manager is:

         V. Afanasyeva
         Office 308
         Lenina Str. 18
         664025 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:

         LLC Factory of Reinforced-Concrete Goods-2
         Korostova Str. 20
         Usolye-Sibirskoye
         Irkutsk Region
         Russia


SHIGONY-SEL-KHOZ-TRANS OJSC: Claims Filing Period End March 2
-------------------------------------------------------------
Creditors of OJSC Shigony-Sel-Khoz-Trans have until March 2 to
submit written proofs of claim to:

         O. Ponomarev, Insolvency Manager
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Arbitration Court of Samara Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55-9386/06-40.

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         OJSC Shigony-Sel-Khoz-Trans
         Shigony
         Shigonskiy Reigon
         Samara Region
         Russia  


SIBUR HOLDING: Fitch Assigns BB Issuer Default Rating
-----------------------------------------------------
Fitch Ratings assigned Russia-based petrochemicals producer OJSC
Sibur Holding an Issuer Default rating of 'BB' with Stable
Outlook and a Short-term 'B' rating.

The ratings reflect Sibur's position as the largest vertically
integrated petrochemicals producer in Russia, leading market
position in most of its products and natural feedstock advantage
as a Russia-based company.

Sibur has achieved a significant operational and financial
turnaround since 2002, with the support of its sole shareholder,
Gazprom group.  Fitch acknowledges Gazprom's historical support
for, and its current business ties, with Sibur, which range from
Gazprom supplying some of Sibur's feedstock to managing all of
Sibur's export business.  However, Fitch views Sibur as a
largely independent credit given Gazprom's uncertain strategy
regarding the subsidiary and Sibur's lack of integration into,
and its limited strategic importance to, the Gazprom group.

The ratings are underpinned by Sibur's solid financial profile
and considerable debt reduction through a debt-for-equity swap.
In FY05 the group swapped US$1.5 billion of financial
liabilities to Gazprom into Sibur shares.  The ratings are
further supported by Sibur's considerably improved operational
profitability and positive free cash flow generation since FY05.  
The group is well diversified with more than 100 products while
its exposure to individual customers remains moderate.

The ratings are challenged by Sibur's high sales concentration
in the Russian market, resulting in limited geographical
diversification and dependence on domestic demand.  While Sibur
continues to engineer its operational turnaround by investing in
new capacity and the modernization of existing facilities, its
profit margins still somewhat lag behind that of some major
Eastern European competitors.  Compared to its international
peers, Sibur has low production efficiency and above-average
production costs due to out-dated production technologies at
some of its ageing facilities.  Fitch also notes that the
capital expenditure program involves some execution risk.

In FY05, Sibur reported sales of RUB106.6 billion, up 26%
year-on-year largely due to growing domestic demand.  It
reported strong EBITDAR margins at 25.8% in the first nine
months of FY06, compared with an already high 21.2% in FY05.  
Sibur's major credit ratios are comfortable for the rating level
with net debt/EBITDA of 0.4x at FY05 and 0.1x at 9MFY06.  Sibur
expects its total debt/EBITDA to be under 1x in the near future.


TANGI-WOOD LLC: Creditors Must File Claims by March 2
-----------------------------------------------------
Creditors of LLC Tangi-Wood have until March 2 to submit written
proofs of claim to:

         I. Bashmakova, Insolvency Manager
         Dzerzhinskogo Str., 28
         680000 Khabarovsk Region
         Russia

The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-4351/06-S16.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         LLC Tangi-Wood
         Lesnaya Str. 13
         Tangi
         Aleksandrovsk-Sakhalinskiy Region
         Russia


UST'-KALMANSKIY BUTTER: Creditors Must File Claims by Jan. 30
-------------------------------------------------------------
Creditors of OJSC Ust'-Kalmanskiy Butter and Cheese Factory have
until Jan. 30 to submit written proofs of claim to:

         A. Generalov, Insolvency Manager
         Post User Box 3923
         Barnaul-15
         656015 Altay region
         Russia

The Arbitration Court of Altay Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AO3-14468/06-B.

The Arbitration Court of Altay Region is located at:

         Lenina Pr. 76
         Barnaul
         656015 Altay Region
         Russia

The Debtor can be reached at:

         OJSC Ust'-Kalmanskiy Butter and Cheese Factory
         Ust-Kalmanka
         Ust-Kalmanskiy Region
         Altay Region
         Russia


VOLGOGRADSKIY INSTRUMENTAL: Claims Filing Period End March 2
------------------------------------------------------------
Creditors of CJSC Volgogradskiy Instrumental Factory have until
March 2 to submit written proofs of claim to:

         A. Kamenskiy, Insolvency Manager
         Yasnomorskaya Str. 2
         400039 Volgograd Region
         Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-12031/06-s57.

The Debtor can be reached at:

         CJSC Volgogradskiy Instrumental Factory
         Yasnomorskaya Str. 2
         400039 Volgograd Region
         Russia


WOOD-STAR LLC: Irkutsk Bankruptcy Hearing Slated for March 19
-------------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 10:30
a.m. on March 19 to hear the bankruptcy supervision procedure on
LLC Wood-Star.  The case is docketed under Case No. A19-3449/
06-34.

The Temporary Insolvency Manager is:

         A. Krupennikov
         Post User Box 1355
         Ust-Ilimsk
         666683 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:

         LLC Wood-Star
         Bratsk
         Irkutsk Region
         Russia


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


CCR CLASSIC: St. Gallen Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC CCR Classic Car Restauration on Oct. 24,
2006.

The Debtor can be reached at:

         LLC CCR Classic Car Restauration
         Lochriet
         8890 Flums
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service St. Gallen
         Office Buchs
         Yves Beljean
         9471 Buchs
         St. Gallen
         Switzerland


CELLVITALIS LLC: Kussnacht Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Kussnacht in Schwyz suspended the
bankruptcy proceedings of LLC Cellvitalis on Dec. 27, 2006,
pursuant to Article 230 of the Swiss Bankruptcy Code.

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

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

         LLC Cellvitalis
         Luzernerstrasse 1
         6403 Kussnacht
         Schwyz
         Switzerland

The Bankruptcy Service of Kussnacht can be reached at:

         Bankruptcy Service of Kussnacht
         6403 Kussnacht
         Schwyz
         Switzerland


EASY-LINK JSC: Dornach Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Dornach in Solothurn commenced
bankruptcy proceedings against JSC Easy-Link on Nov. 28, 2006.

The Debtor can be reached at:

         JSC Easy-Link
         Lehnhollenstr 109
         4233 Meltingen
         Switzerland

The Bankruptcy Service of Dornach can be reached at:

         Bankruptcy Service Dornach
         4702 Oensingen
         Solothurn
         Switzerland


FREI WOHNBAU: St. Gallen Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Frei Wohnbau on Dec. 4, 2006.

The Debtor can be reached at:

         LLC Frei Wohnbau
         Kirlenstrasse 20
         9450 Altstatten
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service St. Gallen
         Office Buchs
         Leila Spirig-Hayoz
         9471 Buchs
         St. Gallen
         Switzerland


HIRSCHEN JSC: Kussnacht Court Suspends Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Kussnacht in Schwyz suspended the
bankruptcy proceedings of JSC Hirschen on Dec. 27, 2006,
pursuant to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF12,000
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Oct. 11, 2006, can be reached
at:

         JSC Hirschen
         Unterdorf 9
         6403 Kussnacht
         Schwyz
         Switzerland

The Bankruptcy Service of Kussnacht can be reached at:

         Bankruptcy Service of Kussnacht
         6403 Kussnacht
         Schwyz
         Switzerland


MARMARA IMBISS: St. Gallen Court Suspends Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of St. Gallen suspended the bankruptcy
proceedings of LLC Marmara Imbiss on Dec. 20, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Nov. 24, 2006, can be reached
at:

         LLC Marmara Imbiss
         Untere Bahnhofstrasse 7
         9500 Wil
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Office Oberuzwil
         Urs Ghirlanda
         9242 Oberuzwil
         St. Gallen
         Switzerland


NAVEED TRADERS: Solothurn Court Suspends Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Solothurn suspended the bankruptcy
proceedings of LLC Naveed Traders & Importers on Dec. 11, 2006,
pursuant to Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Aug. 29, 2006, can be reached
at:

         LLC Naveed Traders & Importers
         Burgackerring 9
         bei Naveed Khaliq
         4652 Winznau
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Solothurn
         Switzerland


PWP CONSULTING: Hofe Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Hofe in Schwyz suspended the bankruptcy
proceedings of LLC PWP Consulting on Dec. 27, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF6,500
deposit.  The right for the additional deposit is retained.

The Debtor, declared bankrupt on Nov. 7, 2006, can be reached
at:

         LLC PWP Consulting
         Churerstrasse 31
         8808 Pfaffikon
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


RC BAU: Solothurn Court Suspends Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Solothurn suspended the bankruptcy
proceedings of LLC RC Bau on Dec. 11, 2006, pursuant to Article
230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on July 11, 2006, can be reached
at:

         LLC RC Bau
         Zeisigweg 21
         4528 Zuchwil
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Solothurn
         Switzerland


RINETROSAN JSC: Solothurn Court Suspends Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Solothurn suspended the bankruptcy
proceedings of JSC Rinetrosan on Dec. 11, 2006, pursuant to
Article 230 of the Swiss Bankruptcy Code.

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

The Debtor, declared bankrupt on Aug. 29, 2006, can be reached
at:

         JSC Rinetrosan
         Hauptstrasse 34
         4562 Biberist
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Solothurn
         Switzerland


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


CONSTRUCTOR OJSC: Creditors Must Submit Claims by Feb. 3
--------------------------------------------------------
Creditors of OJSC Constructor (code EDRPOU 01272597) have until
Feb. 3 to submit their proofs of claim to:

         Vitaliy Nasadiuk Temporary Insolvency Manager
         I. Franko Str. 10/11   
         Nadvornaya
         Ivano-Frankovsk Region
         Ukraine

The Economic Court of Ivano-Frankovsk Region commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. B-7/232.

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Constructor
         Cheremshyna Str. 2
         Nadvornaya
         Ivano-Frankovsk Region
         Ukraine

  
JOKER LLC: Claims Submission Deadline Set Feb. 3
------------------------------------------------
Creditors of LLC Joker (code EDRPOU 21738276) have until Feb. 3
to submit their proofs of claim to:

         Y. Zubashenko Liquidator
         Sobornost Str. 32/72
         Lutsk
         43000 Volin Region
         Ukraine

The Economic Court of Volin Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is under docketed Case No. 1/112-B.

The Economic Court of Volin Region is located at:

         Volia Avenue 54-a
         43010 Lutsk
         Volin Region
         Ukraine

The Debtor can be reached at:

         LLC Joker
         Sobornost Str. 32/72
         Lutsk
         43000 Volin Region
         Ukraine


UKOPROM LLC: Claims Submission Deadline Set February 3
------------------------------------------------------
Creditors of LLC Scientific Production Kommercial Firm Ukoprom
(code EDRPOU 24266808) have until Feb. 3 to submit their proofs
of claim to:

         Viacheslav Leckan Liquidator
         Dovzhenko Str. 16 V
         03057 Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Dec. 5 2006, after finding it
insolvent.  The case is under docketed Case No. 15/770-b.

The Economic Court of Kiev Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific Production Kommercial Firm Ukoprom
         Pobedy Avenue 40
         03057 Kiev Region
         Ukraine


UKRAINE MORTGAGE: Moody's Rates US$36.9-Million Notes at (P)Ba3
---------------------------------------------------------------
Moody's assigned provisional ratings to the two classes of notes
to be issued by Ukraine Mortgage Loan Finance No1 plc:

   -- US$134.1-million Class A Residential Mortgage Backed
      Floating Rate Notes due 2031: (P)Baa3;

   -- US$36.9-million Class B Residential Mortgage Backed
      Floating Rate Notes due 2031: (P)Ba3.

The Class C notes are not rated.

This transaction is the first public RMBS transaction in
Ukraine.  Ukraine Mortgage Loan Finance No.1 Plc, a special
purpose vehicle incorporated under the laws of England and
Wales, will issue three classes of U.S. dollar-denominated notes
to fund the purchase of receivables arising from Ukrainian
mortgage loans originated by PrivatBank.  The transfer of the
receivables and the related collateral is governed by Ukrainian
law, while the remaining transaction documents are governed by
English law.

The ratings of the notes are inter alia based on:

   (i) the collateral consisting of a portfolio of approximately
       11,000 loans to individuals secured by a first lien
       mortgage on owner occupied residential properties located
       throughout most regions of the Ukraine,

  (ii) the sound legal structure including the re-registration
       of all mortgages in the name of the Issuer,

(iii) high credit quality of the transaction parties, in
       particular PrivatBank's (Local Currency long term deposit
       rating Baa3), which make adverse scenarios less likely,

  (iv) credit enhancement provided by Excess Spread, Reserve
       Funds, subordination and the PRI Policy; and

   (v) the Stand-by Servicing Arrangements.

The Class A Notes are supported by a PRI Reserve Fund and a PRI
Policy provided by Steadfast Insurance Company.  In order to
provide coverage during the first 180 days of a PRI Event, the
Issuer will establish a political risk insurance reserve fund to
be applied towards payments of the Senior Expenses and interest
payments due under the Class A Notes for the first 180 days.
After this period the Issuer will have the benefit for a period
of 15 years from the Issue Date of an insurance policy for
Expropriation and Currency Inconvertibility issued by Steadfast
Insurance Company.  

The PRI Policy will insure against the Issuer's inability to
make:

   (i) payments due with respect to the Senior Expenses; and

  (ii) interest payments due under the Class A Notes as a result
       of an Expropriation or Currency Inconvertibility.

Steadfast is not rated by Moody's; however, Moody's believes
that the ability and willingness of the insurance company to pay
any claim under this transaction in addition to the PRI reserve,
mitigates the convertibility and expropriation risk to a level
consistent with the Baa3 rating assigned to the notes.

The pool consists of fixed rate loans, denominated in U.S.
dollars and secured by mortgages on properties in most of the
regions of the Ukraine.  The servicing will be performed by
PrivatBank, while Ukeximbank is the contracted back-up services
for this transaction.  The SPV will enter into an interest rate
cap agreement with UBS AG in order to hedge its exposure due to
the mismatch of the fixed rate interest received under the
mortgage pool and the floating rate interest payments due under
the Notes.  The interest rate cap agreement is not consistent
with Moody's criteria.  Therefore the hedging arrangements for
this transaction may introduce some incremental risk to the
ratings of the Notes in the event the ratings of the swap
counter party declines.

Besides a Reserve Fund of US$7.2 million (4.0% of the initial
note balance), the notes are supported by a Commingling Reserve
in the amount of US$720,000 (0.4% of the initial note balance),
the PRI Reserve Fund, a Contingency Reserve in the amount of
US$250,000 (0.14% of the initial note balance) and a Set Off
Reserve in the amount of US$1,926,000 (1.07 % of the initial
note balance).

The Notes will amortize sequentially.

The ratings on the Class A address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A Notes and for
ultimate payment of interest and ultimate payment of principal
with respect to the Class B Notes.  These ratings do not address
the probability that the step-up amounts will be paid on the
floating rate Notes.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.  Moody's issues provisional ratings in
advance of the final sale of securities, but these ratings
represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated
documentation, Moody's will endeavour to assign definitive
ratings to the Notes.  A definitive rating may differ from a
provisional rating.


UKRAINIAN METAL: Claims Submission Deadline Set for Feb. 3
----------------------------------------------------------
Creditors of LLC Ukrainian Metal Industry (code EDRPOU 32343171)
have until Feb. 3 to submit their proofs of claim to:

         O. Dobrodub Liquidator
         Bogomolec Str. 4 of. 18
         01601 Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Dec. 13 2006 after finding it
insolvent. The case is under docketed Case No. 23/567-b.

The Economic Court of Kiev Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Metal Industry
         Malogvardeyskaya Str. 11.
         03151 Kiev Region
         Ukraine


VOROZHBA BREAD: Creditors Must Submit Claims by Feb. 3
------------------------------------------------------
Creditors of OJSC Vorozhba Bread Receiving Enterprise (code
EDRPOU 00955957) have until Feb. 3 to submit their proofs of
claim to:

         Vadim Zakorko, Temporary Insolvency Manager
         Rybalko Str. 2
         40011 Sumy Region
         Ukraine

The Economic Court of Sumy Region commenced bankruptcy
supervision procedure on the company on Nov. 28, 2006.  The case
is under docketed Case No. 6/153-06.

The Economic Court of Sumy Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumy Region
         Ukraine

The Debtor can be reached at:

         OJSC Vorozhba Bread Receiving Enterprise
         Novikov Str. 15
         Vorozhba
         Bielopolsk District
         41811 Sumy Region
         Ukraine


YUZHNAYA CJSC: Claims Submission Deadline Set Feb. 3
----------------------------------------------------
Creditors of CJSC Brokerage-Invesment Firm Yuzhnaya (code EDRPOU
32987906) have until Feb. 3 to submit their proofs of claim to:

         I. Yasnogor, Liquidator
         a/b 2350
         49040 Dnipropetrovsk Region
         Ukraine
         Tel/Fax: (0562) 318-212   

The Economic Court of Dnipropetrovsk Region Ukraine Region
commenced bankruptcy proceedings against the company on Dec. 26,
2006, after finding it insolvent.  The case is under docketed
Case No. B 29/367-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         CJSC Brokerage-Invesment Firm Yuzhnaya
         Pobediteley Str. 9
         49000 Dnipropetrovsk Region
         Ukraine


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


ADVANCED MARKETING: Wants Filing Period Extended to March 29
------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to extend
to March 29 their deadline to file:

  -- schedules of assets and liabilities;
  -- a schedule of current income and expenditure;
  -- a schedule of executory contracts and unexpired leases; and
  -- a statement of financial affairs.

Under Rule 1007(b) of the Federal Rules of Bankruptcy Procedure
and Rule 1007-1(b) of the Local Rules of Bankruptcy Practice and
Procedure of the U.S. Bankruptcy Court for the District of
Delaware, the Debtors are required to file their Schedules and
Statements within 30 days after filing their Chapter 11
petitions.

Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, however, tells Judge Christopher S.
Sontchi that because of the substantial size and scope of the
Debtors' business, the complexity of their financial affairs,
the limited staffing available to perform the required internal
review of their accounts and affairs, and the press of business
incident to the commencement of their cases, the Debtors were
unable to assemble, prior to Dec. 29, 2006, all of the
information necessary to complete and file the Schedules and
Statements.

The Debtors will not be in a position to complete the Schedules
and Statements within the time specified in Bankruptcy Rule 1007
and Local Rule 1007-1(b), Mr. Heath relates.  Completing the
Schedules and Statements for each of the Debtors, Mr. Heath
explains, will require the collection, review and assembly of
information from multiple locations throughout the United
States.

                    About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue No.
3; Bankruptcy Creditors' Service inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: U.S. Trustee Picks 5-Member Creditors Panel
---------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
appointed five creditors to the Official Committee of Unsecured
Creditors in Advanced Marketing Services Inc. and its debtor-
affiliates' Chapter 11 cases.

The Creditors Committee members are:

   (1) Random House Inc.
       400 Hahn Road
       Westminster, MD 21157
       Attn: William C. Sinnott
       Tel: (410) 386-7480
       Fax: (410) 386-7439

   (2) Penguin Group USA Inc.
       375 Hudson Street
       New York, NY 10014
       Attn: Alexander Gigante
       Tel: (212) 366-2959
       Fax: (212) 366-2867

   (3) Hachette Book Group USA
       3 Center Plaza
       Boston, MA 02108
       Attn: Dennis J. Balog
       Tel: (617) 263-1880
       Fax: (617) 263-2852

   (4) Grove/Atlantic
       841 Broadway
       New York, NY 10003
       Attn: E. Morgan Entrekin, Jr.
       Tel: (212) 614-7975
       Fax: (212) 529-9725

   (5) Wisdom Publications Inc.
       199 Elm Street
       Somerville, MA 02144
       Attn: Timothy McNeill
       Tel: (617) 776-7416
       Fax: (617) 776-7841

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtor's expense.  They may investigate the Debtor's business
and financial affairs.  Most importantly, official committees
serve as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes that reorganization of the Debtor is
impossible, the Committee will urge the Bankruptcy Court to
convert the Chapter 11 case to a liquidation proceeding.

                    About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue No.
3; Bankruptcy Creditors' Service inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


AFFINIA GROUP: Moody's Upgrades Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.

Ratings on the company's first lien bank obligations and
subordinated notes were also raised one notch.  The actions
reflect progress Affinia has achieved to date in restoring its
margins from continuing operations, benefits provided by its
liquidity and debt maturity profiles, and lower volatility in
demand associated with the bulk of its product offering, which
address normal service and maintenance requirements in the
automotive aftermarket.

While the company's ongoing results will continue to experience
restructuring charges and related cash expenditures, Affinia
will increasingly realize meaningful savings in operating
expenses, and, going forward, those savings will begin to exceed
the remaining cash disbursements under the program.  Although
seasonal working capital swings may require use of external
sources before unwinding in subsequent periods, internal
resources are expected to finance capital expenditures and
restructuring actions over the intermediate period.  As a
result, lower leverage will evolve and coverage ratios will
trend higher, firmly positioning the company in the B2 rating
category.

Ratings Upgraded:

   -- Corporate Family Rating to B2 from B3   

   -- Probability of Default to B2 from B3

   -- First lien bank debt to Ba3 (LGD2, 27%) from B1 (LGD2,
      27%)

   -- Subordinated Notes to B3 (LGD5, 76%) from Caa1 (LGD5, 76%)

   -- Outlook to stable from negative

Ratings affirmed:

   -- Senior Unsecured Issuer Rating, B3
   -- Speculative Grade Liquidity Rating, SGL-2

The last rating action was in September 2006 when Affinia's
ratings were adjusted to incorporate Moody's Loss Given Default
Methodology.  The company's liquidity rating of SGL-2 was
affirmed in December 2006.

Affinia's debt/EBITDA declined to roughly 4.8 times at the end
of September 2006, and its EBITA/interest improved to 1.6 times
on an LTM basis at the same date.  While these ratios exclude
the impact of non-recurring charges, principally restructuring
costs associated with its multi-year program, they are
considered reflective of the ongoing return and coverage
capacity of the business.  To date, the cash portion of the
restructuring initiative has not required any external funding.
And, going forward, the savings generated by the program are
anticipated to reach a point at which they will match or exceed
the remaining cash disbursements.  Consequently, Affinia's
quantitative metrics are anticipated to exhibit improving trends
and will be consistent with peers in the B2 Corporate Family
Rating category.

The stable outlook considers the ongoing level of demand and
market share for Affinia's replacement parts and improving
operating margins.  Demand for Affinia's products are correlated
with normal maintenance and wear requirements.  This contrasts
with repair and warranty requirements which are more influenced
by product failure rates which have been affected by general
trends in improved quality of original equipment parts.  It
further recognizes benefits from the company's good liquidity
profile, which is supported by access to substantial amounts of
external liquidity, and anticipates that the company's
restructuring efforts will lead to stronger operating margins
and free cash flow over the intermediate period.

The Ba3 rating on the first lien bank debt reflects its
estimated 26% loss-given-default, which results from the first
priority nature of its secured claims, up-streamed guarantees
from certain material domestic subsidiaries, and considerable
amounts of junior capital.  Those amounts include US$300-million
of senior subordinated notes as well as approximately
US$61.5-million of accreted notes at a holding company two
levels above the issuer, which are both structurally and
contractually subordinate to the bank debt.  

The B3 rating on the subordinated notes reflects their 76% loss-
given-default, and their junior status to the bank debt.  The
US$300-million of senior subordinated notes at Affinia benefit
from up-streamed guarantees from material domestic subsidiaries
and the structural subordination of the aforementioned notes at
a higher holding company.  The Senior Unsecured Issuer rating of
B3, one notch below the Corporate Family Rating, reflects its
junior priority to secured bank obligations and its comparable
status to the senior subordinated notes.

Affinia Group Inc., headquartered in Ann Arbor, MI, is a
designer, manufacturer and distributor of aftermarket components
for passenger cars, sport utility vehicles, light, medium and
heavy trucks and off-highway vehicles.  The company's product
range addresses filtration, brake and chassis markets in North
and South America, Europe and Asia.  In 2005, the company
reported revenues of approximately US$2.1 billion.


AMTRAK EXPRESS: Appoints KPMG as Joint Administrators
-----------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG Restructuring
were appointed joint administrators of Amtrak Express Parcels
Ltd. (Company Number 02079362) on Jan. 13, and Amtrak Holdings
Ltd. (Company Number 02082306) on Jan. 12.

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

Amtrak Express Parcels Ltd. and Amtrak Holdings Ltd. can be
reached at:

         Company House  
         Jacob Street  
         Tower Hill  
         Bristol  
         Avon BS2 0AZ  
         United Kingdom
         Tel: 01922 744 474  
         Fax: 01179 273 406


COLLINS & AIKMAN: Creditors Committee Supports Reorg. Plan
----------------------------------------------------------
Collins & Aikman Corp. advised the U.S. Bankruptcy Court for the
Eastern District of Michigan overseeing its cases that it has
reached an agreement in principle with the Official Committee of
Unsecured Creditors and the unofficial steering committee for
the company's senior, secured prepetition lenders regarding the
terms of the company's amended plan.  The company intends to
file a revised disclosure statement and plan reflecting the
agreement.

"We have recently come to an agreement on the allocation of
litigation trust distributions and funding of the litigation
trust, which clears the way for a consensual plan," said John
Boken, Collins & Aikman's Chief Restructuring Officer.  "We are
pleased to have reached another major milestone in these cases
now that we have the support of our most significant creditor
constituencies and our major customers regarding the terms of
our plan."

Additionally, the company are prepared to move forward on the
hearing to approve the disclosure statement's adequacy tomorrow,
Jan. 25, 2007, with relatively few objections filed, and the
company expects that most of the objections will be resolved
prior to the disclosure statement hearing.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.


CORUS GROUP: Takeover Panel Unveils Auction Rules for Asset Sale
----------------------------------------------------------------
The British Takeover Panel is set to lay down the rules on the
auction process for the acquisition of Corus Group Plc this
week, DNA Money reports.

As previously reported in the TCR-Europe on Dec. 20, 2006, the
panel said that it requires an auction procedure to determine
Corus' buyer if the "competitive situation" between Tata Steel
U.K. Ltd. and CSN Acquisitions Ltd. remains unresolved.

On Dec. 19, 2006, the panel had given the bidders until Jan. 30
to come up with revised offers for Corus.

According to The Journal, the takeover watchdog is in
discussions with the parties involved.

Merchant banking sources close to Corus revealed that both
bidders are apprehensive about the auction process, adding the
procedure could further delay the outcome.

Analysts expect Tata Steel to offer up to 550 pence a share to
acquire Corus, The Business Standard says.

CSN is also believed to return with a higher offer as it has
increased the size of its loan facilities in recent weeks, Times
Online relates.

                            CSN Bid

As reported in the TCR-Europe on Dec. 13, 2006, CSN increased
its purchase offer for Corus to US$9.6 billion or 515 pence a
share, topping Tata Steel's 500 pence per share offer.

Companhia Siderurgica's proposed purchase of Corus will be
funded through a BP4.35 billion of debt underwritten by Barclays
Plc, ING Groep NV and Goldman Sachs Group Inc., Bloomberg says,
citing Chief Financial Officer Otavio Lazcano as saying.  
Meanwhile, Companhia Siderurgica promised to pay BP138 million
to fund the deficit in the Corus Engineering Steels Pension
Scheme, Bloomberg says.  Also, the steelmaker will raise the
contribution rate on the British Steel Pension Scheme to 12%
from 10% until March 31, 2009.  The company's success in
acquiring Corus hinges on the unions' support, according to
published reports.

                           Tata Offer

As reported in the TCR-Europe on Dec. 11, 2006, the Boards of
Directors of Tata Steel Ltd. and Corus Group plc have agreed the
terms of an increased recommended revised acquisition at a price
of 500 pence in cash per Corus share.

Under the terms of the Revised Acquisition, Corus shareholders
will be entitled to receive 500 pence in cash for each Corus
Share.  This represents a price of 1,000 pence in cash for each
Corus ADS.

The terms of the Revised Acquisition value the entire existing
issued and to be issued share capital of Corus at approximately
GBP4.7 billion and the Revised Price represents:

   -- an increase of approximately 10% compared with 455 pence,
      being the Price under the original terms of the
      Acquisition;

   -- on an enterprise value basis, a multiple of approximately
      7.5x EBITDA from continuing operations for the 12 months
      to Sept. 30, 2006 (excluding the non-recurring pension
      credit of GBP96 million) and a multiple of approximately
      5.9x EBITDA from continuing operations for the year ended
      Dec. 31, 2005;

   -- a premium of approximately 38.7% to the average closing
      mid-market price of 360.5 pence per Corus Share for the
      12 months ended Oct. 4, 2006, being the last business day
      before the announcement by Tata Steel that it was
      evaluating various opportunities including Corus; and

   -- a premium of approximately 22.7% to the closing mid-market
      price of 407.5 pence per Corus Share on Oct. 4, 2006,
      being the last business day before the announcement by
      Tata Steel that it was evaluating various opportunities
      Including Corus.

The terms of the Revised Acquisition remain subject to the
conditions and do not affect Tata Steel's intentions regarding
the business of Corus, its management, employees and locations,
nor the proposals relating to Corus's pension schemes, the Corus
Share Schemes, Convertible Bonds or cancellation of the Deferred
Shares.

              About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and  
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Portugal and the U.S.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, 2006, Standard &
Poor's Ratings Services kept its 'BB' long-term corporate rating
on U.K.-based steelmaker Corus Group PLC on CreditWatch with
developing implications, following the announcement by Brazil-
based steel maker Companhia Siderurgica Nacional (BB/Watch Neg/-
-) of a proposed takeover offer worth 475 pence per share.

At the same time, the 'BB+' senior secured bank loan ratings and
'BB-' unsecured debt ratings on Corus remain on CreditWatch with
developing implications.  The 'B' short-term corporate credit
rating remains on CreditWatch with positive implications.  All
ratings were placed on CreditWatch on Oct. 18  following the
announcement of an initial bid for the company from India-based
steel manufacturer Tata Steel Ltd.

In a TCR-Europe report on Oct. 25, 2006, Moody's Investors
Service placed all ratings of Corus Group plc under review with
direction uncertain following the recommendation of the board of
Corus Group in favor of the proposed acquisition of the entire
capital of Corus Group by Tata Steel Ltd.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

As reported in the TCR-Europe on Oct. 24, 2006, Fitch Ratings
changed the Rating Watch on Corus Group PLC's Issuer Default and
senior unsecured BB- and Short-term B ratings to Negative from
Positive.  This follows the recommendation by the CS Board of an
offer from India-based Tata Steel Ltd. valued at GBP4.3 billion.

The RWN also applies to these debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.


COUNTY PLUMBING: Joint Liquidators Take Over Operations
-------------------------------------------------------
Adrian David Allen of Baker Tilly and Richard Dixon Fleming of
KPMG were appointed joint liquidators of County Plumbing &
Electrical Services Ltd. on Jan. 10 for the creditors' voluntary
winding-up procedure.

Adrian David Allen can be reached at:

         Baker Tilly
         2 Whitehall Quay
         Leeds LS1 4HG
         England

Richard Dixon Fleming can be reached at:

         KPMG
         1 The Embankment
         Neville Street  
         Leeds LS1 4DW
         England


DURA AUTOMOTIVE: Judge Carey Names Warren Smith as Fee Auditor
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware has appointed Warren H. Smith &
Associated, P.C., as fee auditor and as his special consultant
for professional fee and expense review and analysis.

In his administrative order, Judge Carey notes that the size,
complexity and duration of Dura Automotive Systems Inc. and its
debtor-affiliates' jointly administered bankruptcy cases will
result in the filing of a number of interim applications of
professional fees and reimbursement of expenses in significant
amounts.  Hence, he has determined that the appointment of a fee
editor is in the best interests of the Debtors' estates and
parties-in-interest in the Debtors' cases.

The Debtors and the Official Committee of Unsecured Creditors
have conferred and reached agreement with respect to the
appointment of the fee auditor.

Warren H. Smith will review the fee applications of all
professionals employed in the Debtors' bankruptcy cases except
the ordinary course professionals.  However, to the extent that
the fees and expenses of any ordinary course professional exceed
the compensation caps, the Fee Auditor will review the OCPs'
fees and expenses.

Specifically, Warren H. Smith will:

   (a) review all fee applications filed by estate professionals
       in the Bankruptcy Cases;

   (b) review any documents filed in the Bankruptcy Cases;

   (c) serve an initial report on each professional to
       communicate questions, issues or disputes regarding the
       fee applications;

   (d) within 10 days after the service of the initial report,
       engage in an informal process with each professional, to
       resolve matters raised in the Fee Auditor's initial
       report;

   (e) conclude the informal response period by filing with the
       Court a final report with respect to each fee
       application; and

   (f) serve each Final Report to the U.S. Trustee, counsel for
       the Committee and the Debtors, and each professional
       whose fees and expenses are addressed in the Final
       Report.

The total fees paid to Warren H. Smith for its services will be
charged at its ordinary hourly rates for services of the same
nature.  The firm's fees and expenses are subject to
application and review pursuant to Federal Rule of Evidence
706(b) and will be paid from the Debtors' estates as an
administrative expense under Section 503(b)(2).

                 About DURA Automotive Systems Inc.

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

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had $1,993,178,000
in total assets and $1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ENESCO GROUP: Inks Asset Purchase Agreement with Tinicum Capital
----------------------------------------------------------------
Enesco Group, Inc., and an affiliate of Tinicum Capital Partners
II, L.P., a private investment partnership, have entered into a
definitive asset purchase agreement, which provides for the
Tinicum affiliate to purchase substantially all of the assets of
Enesco and to assume certain of Enesco's unsecured liabilities.  
Under the agreement, the purchase price for Enesco's business,
operations and assets would be paid by the repayment of all or
substantially all of Enesco's senior secured debtor-in-
possession financing facility, the forgiveness of certain
obligations owed to Tinicum or its affiliates, the assumption of
certain of Enesco's liabilities, and the payment in cash of
US$600,000.

After the transaction, substantially all of Enesco's assets
would be owned by the Tinicum affiliate, a private company.  As
reported in the Troubled Company Reporter on Jan. 15, 2007,
Enesco does not anticipate there would be any distribution to
its stockholders from the transaction, which remains subject to
approval by the U.S. Bankruptcy Court for the Northern District
of Illinois.  On Jan. 22, 2007, the Court entered an order
establishing certain procedures to govern the sale process and
setting a hearing for Feb. 15, 2007 to consider the proposed
Tinicum transaction.

                 DIP Financing Interim Approval

Enesco also disclosed that the Court gave interim approval on
Jan. 22, 2007 to its Debtor-In-Possession financing arrangement
with Wells Fargo Foothill, part of Wells Fargo & Company.  The
financing arrangement, in which Tinicum has purchased a 100%
participation interest, provides for a revolving loan facility
of up to US$65 million, the proceeds of which will be used to
pay off Enesco's existing senior secured debt and to provide
working capital for the period prior to the closing of the sale
to the Tinicum affiliate.  Final approval of the facility is
expected to come at a hearing before the Court on Feb. 7, 2007.

"This transaction with Tinicum will represent a new era for
Enesco," Basil Elliott, President and CEO of Enesco Group, Inc.,
said.  "Smooth and continuous operations are critical to
Enesco's success and we greatly appreciate the efforts of all
our employees and partners through this transitional phase.  We
look forward to continuing this strong relationship with all our
partners.  The employees of Enesco, our retail customers and
vendors are eagerly anticipating the partnership with Tinicum to
springboard us into a profitable, innovative and exciting
future."

"The passion, loyalty, and determination of the employees,
vendors and licensors have been both compelling and
overwhelming," Terence M. O'Toole, co-managing partner of
Tinicum added.  "We are looking forward to becoming an integral
part of the Enesco family and the future growth trajectory of
the company."

                       About Enesco Group

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

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

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


FAREPAK FOOD: Administrators Say Customers Will Get 5% of Claims
----------------------------------------------------------------
Administrators BDO Stoy Hayward LLP revealed in a report to
creditors that the 113,000 customers and agents of Farepak Food
& Gifts Ltd., who filed claims for GBP38.8 million in cash, are
entitled to only 5 pence for every pound they lost, the Daily
Record reports.

The report, published Jan. 18, states: "Farepak did not protect
the money paid by agents and customers.  When Farepak required
payment of this money, HER, the parent company, was not able to
pay Farepak.

"This meant Farepak was unable to pay its suppliers and was
unable to supply vouchers, hampers, and gifts, which customers
had made payments towards."

Only employees, who are entitled to GBP16,000, are secured
creditors of the company, the Accountancy Age states.

The report showed that BDO Stoy Hayward had accrued GBP400,000
in fees as of Dec. 31, 2006, working around 2,000 hours at
GBP199 per hour.  The administrators will write off GBP100,000
of the cost relating to work helping ministers and others on the
case, the Accountancy Age relates.

According to published reports, the firm also recommended that
Farepak be put into liquidation, which will allow creditors to
recover their money without going into court.

If the firm is chosen as liquidator, Dermot Power, another BDO
partner, will join current joint administrator Shagun Dubey, the
Accountancy Age adds.

Joint Administrator Martha Thompson said: "Any liquidator has
wider powers than an administrator to take legal action against
third parties if this is appropriate.  Such legal action could
lead to further funds being realized for the benefit of the
creditors.  These are some of the reasons I would recommend that
Farepak be placed into liquidation."

MP Jim Devine called for the prohibition of Farepak and HER
chiefs from holding company directorships in the U.K.  He also
requested fraud officers to investigate the company's collapse,
the Daily Record relates.

                          About Farepak

Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. can be reached at:

         Farepack House
         Westmead Industrial Estate
         Westlea
         Swindon
         Wiltshire SN5 7YZ
         United Kingdom
         Tel: 01793 486 441
         Web site: http://www.farepak.co.uk/


FOCUS DIY: Fitch May Downgrade Ratings for Lack of Covenant News
----------------------------------------------------------------
Fitch Ratings says that U.K.'s Focus DIY has two main probable
options: trade sale of covenant renegotiation -- to minimize
potential losses to its financial creditors, as opposed to a
debt-for-equity swap exit.  It's issuer Default rating is 'CCC'
on Negative Outlook while its mezzanine notes are rated at 'CC'.

"Despite the stabilization of and even slight improvement in
like-for-like sales performance in the year to October 2006,
Focus's existing leveraged capital structure is looking
increasingly unsustainable," says Pablo Mazzini, Director at
Fitch's Leveraged Finance team.  "Future debt service
commitments as currently structured would require a substantial
improvement in sales and profits, both of which appear unlikely
to materialize in the short term."

While Focus's 2006 performance is expected to have been in line
with its revised plan that was circulated in early 2006, the
business outlook remains bleak and Focus continues to be a
financially weak competitor.  Although the company has complied
with revised covenant thresholds for the short-term, original
levels will come into effect in July 2007, making default a real
possibility in the absence of a meaningful improvement in
underlying performance or another covenant waiver has to be
sought.  Alternatively, other options exist.

The first option is a trade-sale that would trigger a change of
control, thereby crystallizing recovery prospects for lenders.
Fitch remains cautious nonetheless about the level of interest
of larger trade buyers, such as B&Q, which is already
constrained by its current focus on reshaping the format of its
stores, and Homebase, as well as their ability to acquire Focus
as a going concern.  A sale to another investor also remains a
possibility although Fitch believes that the price paid by a
financial suitor would likely be less than the consideration
offered by a trade buyer. This is because of synergies that the
latter can usually extract from such a transaction, which cannot
be typically matched by a financial acquirer.

A second option would be amending the senior covenants on top of
the reset already made in January 2006 and injecting additional
cash.  This option assumes that Focus's problems can be resolved
as the U.K. DIY market recovers. However, the company would
require an interim cash injection due to the business'
seasonality, and the source of such new money is by no means
certain.  However, in Fitch's view, this option does not address
the apparent structural changes in the DIY market in recent
months.  

Effectively, consumers moving to contractors and away from DIY,
lower media attention, increased competition leading to an
increased preference of consumers for the softer-end offering
that appears to have enabled Homebase to perform better than its
peers, alongside recent interest rate rises in the U.K. to their
highest level since 2001, would limit the prospects of a
sustainable business recovery.  Nevertheless, this alternative
would provide the much needed breathing space for Focus and
ratings could be expected to stabilize at current levels at
least in the short term.

Finally, a distressed restructuring or 'debt-for-equity' swap
should not be ruled out.  While this is most likely to trigger
an event of default, it could be a more effective means to
restore Focus's long-term financial flexibility and unlock
resources that could be reinvested in business development.  
With financial sponsors having already extracted some return
from the Wickes sale in early 2005, shareholders may be less
inclined to oppose a debt-for-equity restructuring.

Fitch will monitor closely the outcome of the recent and ongoing
negotiations with Focus's financial creditors as well as
potential trade buyers.  With time running out for a covenant
renegotiation and the disclosure of full 2006 results due in
late February, the lack of any news by then will most likely be
deemed a credit negative event, translating either into a Rating
Watch Negative or additional downward pressure on the ratings.


HOTELOC PLC: Asset Sale Delays Spur Fitch to Junk Bond Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all
notes issued by HOTELoC PLC.  The notes remain on CreditWatch
with negative implications, where they were placed on Sept. 22,
2006.
  
The notes are backed by a single loan, which is secured on a
portfolio of 28 hotels in the U.K. operated by Thistle Hotels
(Management) Ltd.  The hotels are due to be sold and the rating
action follows further delays in the exchange of contracts with
a potential purchaser.  S&P has material concerns that, even
if contracts on this sale are eventually exchanged, the sale
will not be completed in time to allow any proceeds to be used
to repay the notes before legal final maturity in May 2007.
  
S&P also notes that the delays in the current sale process could
reduce sale proceeds to an extent that they would be unable to
redeem in full all rated debt.  Failure to complete a sale with
the current proposed purchaser could severely hinder Capmark
Services U.K. Ltd.'s ability, as the special servicer, to
execute a subsequent sale with any alternative purchasers at a
price sufficient to repay all the rated notes in full in the
then-limited time before legal maturity.

Further delays, or a reduction in communication of decisions to
us, are likely to result in further negative rating actions on
all classes of notes as the legal final maturity date
approaches.  The ratings on all classes of notes will
be lowered to 'D' if no sale has been concluded at that time.  
S&P would expect to withdraw ratings on all the notes if the
terms and conditions of the notes, in particular the legal final
maturity date, are modified.
  
Had the legal final maturity been two years later than the
present legal final, all the current investment-grade notes
would have retained their initial rating.  Timely payment of
interest would not have been an issue given the transaction
structure, borrower payments, and the Lloyds TSB Bank PLC
guarantee.  In our view, the sale proceeds from the disposal of
the hotels would have met principal payments in full by the
extended legal final maturity date.
  
                          Ratings List
                           HOTELoC PLC
                    GBP514 Million Commercial
                Mortgage-Backed Floating-Rate Notes
                              and
                 US$26.557 Million Mortgage-Backed
                        Floating-Rate Notes
  
           Class                      Rating
                            To                  From
                            --                  ----
           A          AA/Watch Neg          AAA/Watch Neg
           B          AA/Watch Neg          AAA/Watch Neg
           C          BBB/Watch Neg         A/Watch Neg
           D          B/Watch Neg           BB/Watch Neg
           E1         CCC/Watch Neg         B/Watch Neg
           E2         CCC/Watch Neg         B/Watch Neg
           E3         CCC/Watch Neg         B/Watch Neg


HURST PARNELL: Brings In KPMG to Administer Assets
--------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of Hurst Parnell & Co. Ltd.
(Company Number 0254824) and Hurst Parnell Imports & Exports
Ltd.(Company Number 05094463) on Jan. 12.

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

Headquartered in Bristol, England, Hurst Parnell & Co. Ltd.
-- http://hurstparnell.net/-- wholesales fresh fruits and  
vegetables.


INGOT SERVICES: A. Clifton Leads Liquidation Procedure
------------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed Liquidator of
Ingot Services (U.K.) Ltd. on Jan. 4 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.

Ingot Services (U.K.) Ltd. can be reached at:

         Unit 48a  
         Claydon Business Park  
         Great Blakenham  
         Ipswich  
         Suffolk IP6 0NL  
         England
         Tel: 01473 833 480  
         Fax: 01473 830 970  


J C LE ROUX: Taps KPMG LLP as Joint Administrators
--------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of J C LE Roux Properties Ltd.
(Company Number 04311743) on Jan. 12.

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

Headquartered in Cheltenham, England, J C LE Roux Properties
Ltd. wholesales fresh fruits.


MUSASHI NUTRITION: Creditors' Claims Due April 10
-------------------------------------------------
Creditors of Musashi Nutrition Ltd. have until April 10 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidator Robert C. Keyes at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         England

Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson
Corporate Recovery LLP were appointed joint liquidators of the
company on Jan. 10.


NOW GROUP: Brings In Ernst & Young as Joint Administrators
----------------------------------------------------------
S. Allport and T. A. Jack of Ernst & Young LLP were appointed
joint administrators of Now Group Plc (Company Number 04000248)
on Jan. 12.

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.   

Headquartered in Preston, England, Now Group Plc manufactures
and sells kitchen furniture.


OVENDEN CIVIL: Brings In Joint Administrators from PwC
------------------------------------------------------
Karen Dukes and David Blenkarn of PricewaterhouseCoopers LLP
were appointed joint administrators of Ovenden Civil Engineering
Ltd. (Company Number 03522661) on Jan. 12.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.   

Headquartered in Canterbury, England, Ovenden Civil Engineering
Ltd. -- http://www.ovenden.biz/-- is a civil engineering sub-
contractor operating throughout London and the South-East of
England.


PARCELS HOLDINGS: Taps Joint Administrators from KPMG
-----------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG Restructuring
were appointed joint administrators of Parcels Holdings Ltd.
(Company Number 03639697) on Jan. 12.

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

Parcels Holdings Ltd. can be reached at:

         Company House
         Jacob Street
         Tower Hill
         Bristol
         Avon BS2 0AZ
         United Kingdom
         Fax: 0117 933 7763


REFCO INC: CFTC Objects to Mr. McNeil's Case Conversion Request
---------------------------------------------------------------
Commodity Futures Trading Commission asked the Honorable Robert
D. Drain of the U.S. Bankruptcy Court for the Southern District
of New York to deny Michael A. McNeil's request to convert Refco
F/X Associates, LLC's and all Refco companies' cases from a
Chapter 11 case to Chapter 7 of the Bankruptcy Code because the
relief he is seeking is not available under the Bankruptcy Code.

Glynn L. Mays, Esq., Senior Assistant General Counsel of CFTC,
in Washington, D.C., tells the Court that, pursuant to the
limits provided under Subchapter IV of Chapter 7 of the
Bankruptcy Code, any customers of FXA, are not eligible for
relief under that subchapter.

Ms. Mays contends that while, in general, the Commodity Exchange
Act requires that transactions should be conducted on or subject
to the rules of a board of trade designated or registered by the
CFTC as a contract market or derivatives transaction execution
facility, retail foreign currency futures transactions may be
conducted away from a contract market under a CEA statutory
exemption.

According to Ms. Mays, Subchapter IV applies to and requires
that bankruptcy proceedings be conducted under Chapter 7 for any
"commodity broker" as defined in Section 101(6).

Section 101(6) defines commodity broker as a futures commission
merchant with respect to which there is a "customer."  Section
761(9) defines "customer" as an entity that holds a claim
against the futures commission merchant on account of a
commodity contract made, received, acquired, or held by or
through that merchant.  Moreover, Section 761(4) defines
"commodity contract" with respect to a futures commission
merchant, as a "contract for the purchase or sale of a commodity
for future delivery on, or subject to the rules of, a contract
market or board of trade."  That is, Ms. Mays clarifies, only
contracts traded "on exchange" are included.

Ms. Mays notes that Mr. McNeil's claim is that FXA engaged in
futures business, however, the record seems clear that its
business was not "on exchange."  Thus, she asserts, Subchapter
IV of Chapter 7 could not apply.

Furthermore, Ms. Mays says, Mr. McNeil asserted that FXA is
required to liquidate under Subchapter IV on the basis that it
was also a "foreign futures commission merchant," a "leverage
transaction merchant," a "clearing organization," and a
"commodity options dealer."

Rather than go through separate eligibility requirements for
each one of those types of entities under Subchapter IV, Mr.
McNeil provides virtually no factual context for his assertions,
Ms. Mays points out.

                      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: IDC Wants Contracts Deemed Assigned to Man Financial
---------------------------------------------------------------
Based on the conduct of the parties and the benefits received by
Refco Inc. and its debtor-affiliates' estates from uninterrupted
service under the Accounts, Interactive Data Corp. asked
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York to find that the Accounts were
assumed by the Debtors and assigned to Man Financial, in
furtherance of the sale of the Refco business to avoid prejudice
to IDC.

As of Dec. 7, 2006, the total balance due in the remaining
active customer accounts is US$214,163.

IDC supplies financial information essential to the operation of
Refco inc.'s regulated commodities futures merchant business,
pursuant to certain executory contracts and license agreements
with the Debtors.

IDC acknowledges that many of its services are "mission-
critical" in that the Debtors could not have transferred their
business uninterrupted without IDC's continued services.

IDC discussed the issues with counsel and financial advisors to
the Debtors; Albert Togut, the Chapter 7 trustee overseeing the
liquidation of Refco, LLC estate; and Man Financial inc.

During that meeting, Douglas B. Rosner, Esq., at Goulston &
Storrs, P.C., in Boston, Massachusetts, on IDC's behalf, notes
that some of the executory contracts may have been with entities
that were part of Refco LLC before the November 2005 sale of
Refco's business to Man Financial.

Mr. Rosner relates that following the Sale, Man Financial has
continued to enjoy the benefits of Interactive Data's services
under several of the Refco executory contracts and licenses as  
if they had been assumed by the Debtors and assigned to Man
Financial under Section 365 of the Bankruptcy Code.

Mr. Rosner states that the final acquisition agreement between
the Debtors and Man Financial provided the purchaser until
Aug. 22, 2006, the benefit of all of the Debtors' executory
contracts, intellectual property licenses, and real property
leases to permit Man Financial to conduct the Refco business as
it had previously been operated before the Sale.

Mr. Rosner explains that Interactive Data continued to perform
in good faith under the Accounts during the transition period
with the belief that the Accounts would be designated for
assumption and assignment.  After the expiration of the
transition period on Aug. 22, 2006, Man Financial continued to
use Interactive Data's services being performed again as if they
had been assumed by the Debtors and assigned to Man Financial.

More recently, Mr. Rosner says, Man Financial has begun
requesting to amend the agreements underlying the Accounts to
change the name and billing information from the Debtors to Man
Financial.  Those requests brought to light the fact that the
Accounts had not been formally assumed and assigned
notwithstanding the conduct of the Debtors and Man Financial
clearly indicating otherwise.

Mr. Rosner contends that any position taken by the Debtors that
legally enforceable rights under the Accounts were not assigned
to Man Financial pursuant to the Sale is entirely inconsistent
with the conduct of the Debtors and Man Financial post-sale, and
can only be intended to deprive IDC of its entitlement to have
defaults cured as required by Section 365.

"Had the Debtors wished to reject the Accounts, they should have
done so unequivocally and with proper notice to [IDC] at the
time of completion of the [Sale] so that [IDC] could have taken
steps it deemed appropriate with respect to the Accounts,
including refusing to continue the services thereunder," Mr.
Rosner tells the Court.

IDC also asks the Court to direct either the Debtors or Man
Financial to cure all defaults under the Accounts as of
Dec. 1, 2006.

Mr. Rosner asserts that by doing so, the Court would be
formalizing what should be, and is intended to be, the
consequence of the parties' actions.

Considering the investigation required to determine the correct
debtor counterparty with regards to the Sale, IDC will also be
filing a similar request in Refco LLC's Chapter 7 case.

Moreover, in a separate filing, IDC asks Judge Drain to maintain
its status quo pending resolution of the Motion, notwithstanding
the language of the Debtors' Modified Chapter Plan, which
purports to effect a rejection of all unassumed contracts.

                      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: Payments to Professionals Reach US$145.3 Million
-----------------------------------------------------------
Refco Inc. has paid US$145.3 million of fees and expenses to 34
firms of lawyers and restructuring professionals working for the
company or its creditors committee through the end of 2006, the
Associated Press reports.

Court documents disclose that Skadden, Arps, Slate, Meagher &
Flom, the company's lead counsel, collected US$38.8 million in
fees.  J. Gregory Milmoe, Esq., at Skadden Arps, told AP that
the fees were justified given the complexity of the case.  The
final tab could reach to US$180 million, he said.

AP reveals that the company also paid these firms:

   -- Milbank Tweed Hadley & McCloy LLP for US$17.4 million;
   -- AlixPartners LLC for US$24.4 million;
   -- FTI Consulting for US$11.8 million; and
   -- Goldin Associates for US$10.1 million.

Reports show that in December, the company has rewarded
US$1.81 billion to creditors, with the bulk of that amount going
to Refco Capital Markets Ltd. creditors, Refco's offshore unit.  

Refco Capital owns US$83% of the US$670 million Refco still
holds in its safety box.

                      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.


RICHARDSON & OTTEWILL: Appoints G. W. Rhodes as Liquidator
----------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of
Richardson & Ottewill Ltd. on Jan. 11 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
         2-3 Pavilion Buildings
         Brighton
         East Sussex BN1 1EE
         England


ROUTIERS LTD: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of Routiers Ltd. confirmed on Jan. 12 the company's
resolutions for liquidation and the appointment of Martin J.
Atkins of Harris Lipman LLP as Liquidator.

The company can be reached at:

         Routiers Ltd.
         188-190 Earls Court Road  
         Kensington and Chelsea  
         London SW5 9QG  
         England
         Tel: 020 7370 5113  
         Fax: 020 7370 4528  


ROWLEY & HALL: Hires Liquidator from Chris Haworth & Co.
--------------------------------------------------------
Christopher George Taylor Haworth of Chris Haworth & Co. was
appointed liquidator of Rowley & Hall (Ventilation) Ltd.
(formerly Buckley-Rowley Ltd.) on Jan. 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Rowley & Hall (Ventilation) Ltd.  
         Unit 4 Westlake Trading Estate  
         Canal Lane  
         Stoke on Trent  
         Staffordshire ST6 4NZ  
         England  
         Tel: 01782 837 592  
         Fax: 01782 833 810  


RUSCO INTERNATIONAL: Nominates Ninos Koumettou as Liquidator
------------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
liquidator of Rusco International Ltd. on Jan. 11 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Rusco International Ltd. &nbs p;
         222 Seven Sisters Road  
         London N4 3NX  
         England
         Tel: 020 7272 7060
              020 7272 8488  
         Fax: 020 72722752  


S & B FABRICATIONS: Liquidator Sets February 16 Claims Bar Date
---------------------------------------------------------------
Creditors of S & B Fabrications (Swindon) Ltd. have until  
Feb. 16 to send in their full names and addresses, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
David William Tann at:

         The Norton Practice (Insolvency Services) Ltd.
         1 Wesley Gate
         70 Queens Road
         Reading RG1 4AP
         England


SCAFFOLD SALES: Brings In Liquidators from CBA
----------------------------------------------
Neil Richard Gibson and Mark Grahame Tailby of CBA were
appointed joint liquidators of Scaffold Sales & Hire Ltd. on
Jan. 10 for the creditors' voluntary winding-up procedure.

The Joint Liquidators can be reached at:

         CBA
         39 Castle Street
         Leicester LE1 5WN
         England


SCOTTISH RE: Rejects Proposal from Brandes Investment
-----------------------------------------------------
Brandes Investment Partners, L.P., had reviewed the terms of the
investment in the Scottish Re Group Ltd. recently proposed by
Cerberus Capital Management, L.P. and MassMutual Capital
Partners, LLC and agreed to by Scottish Re's board of directors.

In light of objections to the Investment Transaction, on
Jan. 11, 2006, Brandes, on behalf of its clients who own around
2.63% of Scottish Re shares, sent a letter to the company asking
its board to consider an alternative shareholder-backed rights
offering.  In response to the Proposal, on Jan. 18, 2007,
Brandes received a letter from Scottish Re indicating that it
did not consider the Proposal to be superior to the Investment
Transaction and that it would not be pursuing the Proposal
further.  

Brandes believes the objections set in the rejection letter are
without substance, and that Scottish Re has not identified
genuine impediments to the pursuit of a shareholder-backed
rights offering.

                          About Brandes

Brandes is a U.S. registered investment advisor. Located in San
Diego, California, Brandes managed around US$117 billion on
behalf of institutional and individual investors, as of
Dec. 31, 2006.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities

                        *    *    *

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Ltd.'s senior
unsecured debt which is rated at Ba3 and preferred stock rated
at B2.

Standard & Poor's Ratings Services has also revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.  Scottish Re has a
'CCC' counterparty credit rating, and Scottish Re's operating
companies have 'B+' counterparty credit and financial strength
ratings.  These ratings were placed on CreditWatch negative on
July 31, when Scottish Re announced poor second-quarter results
and that liquidity was tight.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of
senior convertible notes that are expected to be put to the
company on Dec. 6.  Ratings on Rating Watch Negative include the
company's BB issuer default rating and the BB- rating on its
4.5% US$115 million senior convertiblenotes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Ltd.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


SCOTTISH RE: Shareholders to Vote on MassMutual Deal on Feb. 23
---------------------------------------------------------------
Scottish Re Group Ltd. will hold an Extraordinary General
Meeting of Shareholders at 11 a.m. local time on Feb. 23 to vote
on its previously announced agreement between Scottish Re Group
and MassMutual Capital Partners LLC and certain affiliates of
Cerberus Capital Management L.P.

The meeting will be held at:

         Fairmont Hamilton Princess Hotel
         76 Pitts Bay Road
         Pembroke HM11
         Hamilton
         Bermuda

Scottish Re set Jan. 19 as the record date for the determination
of shareholders entitled to vote at the Extraordinary General
Meeting.  Scottish Re will mail a definitive proxy statement to
all shareholders of record as of the record date on Jan. 22.  
Scottish Re urges all shareholders to sign, date and return
their proxy cards without delay.

                      MassMutual Agreement

In a TCR-Europe report on Nov. 29, 2006, Scottish Re Group Ltd.
entered into an agreement wherein MassMutual Capital Partners
LLC, and affiliates of Cerberus Capital Management, L.P. will
each invest US$300 million into the company, resulting in a
total new equity investment of US$600 million.

Under the terms of the agreement, MassMutual Capital and
Cerberus will purchase a total of 1,000,000 newly issued
convertible preferred shares of Scottish Re.

According to the transaction agreement, the Convertible
Preferred Shares may be converted into 150,000,000 ordinary
shares of Scottish Re at any time, representing a 68.8% Ordinary
Share ownership on a fully diluted basis at the time of
investment.  Scottish Re's board of directors has unanimously
approved the transaction.

The Convertible Preferred Shares acquired by MassMutual Capital
and Cerberus will have the same voting rights as holders of
Ordinary Shares of Scottish Re.  

                        About MassMutual

MassMutual Financial Group is the fleet name for Massachusetts
Mutual Life Insurance Company and its affiliates, with more than
13 million clients and over US$395 billion in assets under
management at year-end 2005.  Founded in 1851, MassMutual is a
mutually owned financial protection, accumulation and income
management company headquartered in Springfield, Mass.  
MassMutual's major affiliates include: OppenheimerFunds, Inc.;
Babson Capital Management LLC; Baring Asset Management Limited;
Cornerstone Real Estate Advisers LLC; MML Investors Services,
Inc., MassMutual International LLC and The MassMutual Trust
Company, FSB.

MassMutual Capital is a limited liability company created by
Massachusetts Mutual Life Insurance Company to focus on
strategically investing in business opportunities as a means of
optimizing the value of the enterprise on behalf of MassMutual
and other investors.

                About Cerberus Capital Management

Established in 1992, Cerberus Capital Management, L.P. --
http://www.cerberuscapital.com/-- is one of the world's leading  
private investment firms with approximately US$22 billion under
management in funds and accounts.  Through its team of more than
275 investment and operations professionals, Cerberus
specializes in providing both financial resources and
operational expertise to help transform undervalued companies
into industry leaders for long-term success and value creation.
Cerberus is headquartered in New York City, with offices in
Chicago, Los Angeles, and Atlanta, as well as advisory offices
in London, Baarn, Frankfurt, Tokyo, Osaka and Taipei.    

                   About Scottish Re Group

Scottish Re Group Ltd. -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities

                        *    *    *

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt which is rated at Ba3 and preferred stock rated
at B2.

Standard & Poor's Ratings Services has also revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.  Scottish Re has a
'CCC' counterparty credit rating, and Scottish Re's operating
companies have 'B+' counterparty credit and financial strength
ratings.  These ratings were placed on CreditWatch negative on
July 31, when Scottish Re announced poor second-quarter results
and that liquidity was tight.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, 2006, due to
concerns regarding the company's ability to repay US$115 million
of senior convertible notes that are expected to be put to the
company on Dec. 6, 2006.  Ratings on Rating Watch Negative
include the company's BB issuer default rating and the BB-
rating on its 4.5% US$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Ltd.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


SECURETRAK LTD: Appoints KPMG Restructuring as Administrators
-------------------------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG Restructuring
were appointed joint administrators of Securetrak Ltd. (Company
Number 05501885) on Jan. 13.

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

Securetrak Ltd. can be reached at:

         Vaughan Trading Estate
         Sedgley Road East
         Tipton
         West Midlands DY4 7UJ
         United Kingdom
         Tel: 0121 522 2266  
         Fax: 0121 522 3549


SIGN FACTORY: Calls In Liquidators from Harrisons
-------------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
Joint Liquidators of The Sign Factory Ltd. on Jan. 12 for the
creditors' voluntary winding-up procedure.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.   

The Joint Liquidators can be reached at:

         Harrisons
         35 Waters Edge Business Park
         Modwen Road
         Manchester M5 3EZ
         England


SOUTHERN ROCK: Improved Position Spurs S&P to Lift Rating to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Gibraltar-based non-life insurer Southern Rock Insurance Co.
Ltd. to 'BB' from 'BB-'.  The outlook is stable.

"The upgrade reflects the company's improved competitive
position through successful development of Internet-based direct
distribution channels," said Standard & Poor's credit analyst
Nigel Bond.

The ratings on Southern Rock Insurance Co. Ltd. reflect its very
short existence, marginal but improving competitive position,
and its strategic dependence on reinsurance.  These negative
factors are partly offset by the company's good capitalization
and good operating performance.

Southern Rock commenced trading in early 2005, and its very
short existence to some extent restrains Standard & Poor's view
of its financial strength.  In particular, the ability to manage
its planned very fast growth has yet to be tested.

The company's competitive position is viewed as marginal, but
improving.  Southern Rock is relatively new, very small, and has
very limited product and geographic diversification.  However,
its rapid and successful growth to date indicates that it is
developing a sophisticated, highly flexible business model
centered on the Internet that may over time yield significant
cross-cycle outperformance.

The company is significantly reliant on reinsurance, as it uses
a 50% quota share to supply it with capacity. Although this
capacity is provided by only one company, the support of a
highly rated reinsurer is, nevertheless, a positive factor.

"The stable outlook reflects Standard & Poor's expectation that
Southern Rock will deliver a net profit for 2006 on net premiums
written in excess of GBP13 million, and an underwriting profit,
while doubling both its gross and net premiums written in 2007,"
said Mr. Bond.  Its capital adequacy ratio is expected to
diminish but to remain at least strong.  Standard & Poor's does
not expect any significant change to the company's operating and
investment strategies.


SUCHA DESIGN: Creditors' Claims Due February 22
-----------------------------------------------
Creditors of Sucha Design Ltd. have until Feb. 22 to send their
names and addresses with particulars of the debts or claims to
appointed Joint Liquidator David Moore at:

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

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

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


SUNGARD DATA: Fitch Junks US$1 Billion Sr. Sub. Notes Due 2015
--------------------------------------------------------------
Fitch affirmed these ratings for SunGard Data Systems Inc.:

   -- Issuer Default Rating at 'B';

   -- US$1 billion senior secured revolving credit facility due
      2011 at 'BB-/RR2';

   -- US$3.9 billion senior secured term loan due 2013 at '
      BB-/RR2';

   -- US$250 million 3.75% senior notes due 2009 at 'B/RR4';

   -- US$250 million 4.875% senior notes due 2014 at 'B/RR4';

   -- US$2 billion senior unsecured notes due 2013 at 'B-/RR5';

   -- US$1 billion 10.25% senior subordinated notes due 2015 at
      'CCC+/RR6'.

The Rating Outlook is Stable.

The ratings reflect: SunGard's significant debt levels and debt
service requirements; Fitch's expects that meaningful debt
reduction is unlikely over the foreseeable future, given limited
debt amortization requirements over the next few years;
pressured operating EBITDA margins due in part to aggressive
pricing related to retaining long-term customer contracts; and
integration risks resulting from the company's historical bias
toward augmenting mature organic revenue growth rates with
acquisitions.

The ratings are supported by SunGard's: leading positions in
each of its businesses with significant scale and product
breadth; strong recurring revenue profile driven by longer-term
contracts and significant switching costs; consistent free cash
flow; and well-diversified customer portfolio.

The Stable Rating Outlook reflects Fitch's expectations that,
despite the aforementioned margin erosion, SunGard's operating
performance and credit protection measures should remain
consistent, driven primarily by higher revenues. SunGard's
longer-term customer contracts and a recurring revenue stream
that represents almost 90% of total revenues are also expected
to continue contributing to its consistent operating
performance.  

Total adjusted leverage should remain above 6.5 times with
interest coverage at just under 2.0x.  While organic growth
rates for all three of its segments - financial systems,
availability services, and higher education and public sector
systems - are anticipated to be in the low- to mid-single digits
over the next several years, SunGard will continue to augment
more mature market growth rates via smaller tuck-in
acquisitions, particularly in the more fragmented FS and HEPS
segments, and some share gains.  Fitch believes SunGard will
continue to generate free cash flow approximating US$150 million
annually, of which the company is required to use 50% of these
annual amounts not reinvested as of year end for reducing term
loan balances.

The Recovery Ratings reflect Fitch's belief that SunGard would
be reorganized rather than liquidated in a bankruptcy scenario,
given Fitch's estimates that the company's ongoing concern value
of US$5.7 billion is significantly higher than its projected
liquidation value of around US$251 million, due mostly to the
significant value associated with SunGard's intangible assets.  
In estimating ongoing concern value, Fitch assumes a 7x multiple
and discounts SunGard's normalized operating EBITDA by 30%,
reflecting some concentration to FS and annual rollover risk of
25% of the company's long-term contract portfolio.  After
reductions for administrative and cooperative claims, Fitch
arrived at an adjusted reorganization value of approximately
US$4.9 billion.  Based upon these assumptions, the senior
secured debt, including US$1 billion revolving credit and nearly
US$4 billion of term loan facilities recover 88%, resulting in
'RR2' ratings for both tranches of debt.  The senior notes'
'RR4' recovery rating reflects the partial security these notes
received during the leveraged buyout process and Fitch's belief
that the secured bank debt is in a superior position due to its
right to the company's intellectual property.  The 'RR5'
recovery rating for the US$1.6 billion senior unsecured debt
reflects Fitch's estimate that 11%-30% recovery is reasonable,
while the 'RR6' recovery rating for the US$1 billion of
subordinated debt reflects Fitch's belief that negligible
recovery would be achievable due to its deep subordination to
other securities in the capital structure.

As of Sept. 30, 2006, Fitch believes SunGard's liquidity
position was sufficient and supported by:

   -- around US$268 million of cash;

   -- US$1 billion of senior secured revolving credit facilities
      expiring 2011; and

   -- a US$450 million accounts receivable securitization
      program expiring 2011.  

As of Sept. 30, 2006, total on-balance-sheet debt was
approximately US$7.4 billion and consisted primarily of: US$3.9
billion of senior secured term loans expiring 2013;
approximately US$250 million of 3.75% senior notes due 2009;
approximately US$250 of 4.875% senior notes due 2014; US$1.6
billion of 9.125% senior unsecured notes due 2013; US$400
million of floating-rate senior unsecured notes due 2013; and
US$1.0 billion of 10.25% of senior subordinated notes due 2015.
Debt amortization requirements under the term loans are only
US$40 million in each of the next two fiscal years.


THV NESN: Appoints Malcolm Edward Fergusson as Liquidator
---------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of THV (NESN) Ltd. on Jan. 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         THV (NESN) Ltd.
         22-24 Jubilee Road  
         Middlesbrough  
         Cleveland TS6 9ER  
         England  
         Tel: 01642 463 994


UK BALLS: Claims Filing Period Ends February 28
-----------------------------------------------
Creditors of U.K. Balls Ltd. have until Feb. 28 to send in their
names and addresses, particulars of their debts or claims and
the names and addresses of their Solicitors (if any) to
appointed Liquidator David Halstead Bottomley at:

         Bottomley & Co.
         Glenwood House
         5 Arundel Way
         Cawston
         Rugby
         Warwickshire CV22 7TU
         England

David Halstead Bottomley of Bottomley & Co. was appointed
Liquidator of the company on Jan. 8.


WYVERN ENTERPRISES: Creditors' Claims Due February 20
-----------------------------------------------------
Creditors of Wyvern Enterprises Ltd. have until Feb. 20 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to appointed Joint Liquidator Joseph Gordon Maurice Sadler at:

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

Joseph Gordon Maurice Sadler and John Michael Munn of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of the
company on Jan. 9.

The company can be reached at:

         Wyvern Enterprises Ltd.
         45-46 Commercial Road  
         Swindon  
         Wiltshire SN1 5NX  
         England    
         Tel: 01793 488 535  
         Fax: 01793 488 535  


XDS LTD: Appoints Liquidators from Deloitte & Touche LLP
--------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint liquidators of  
XDS Ltd. on Jan. 12 for the creditors' voluntary winding-up
procedure.

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

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         England


YORKSHIRE SECURITY: Hires R. E. C. Cook to Liquidate Assets
-----------------------------------------------------------
R. E. C. Cook of UHY Hacker Young was appointed Liquidator of
Yorkshire Security Services Ltd. on Jan. 12 for the creditors'
voluntary winding-up procedure.

The Liquidator can be reached at:

         UHY Hacker Young  
         St. James Building
         79 Oxford Street
         Manchester M1 6HT
         England


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800 or http://www.abiworld.org/

January 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

January 30-31, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Korea Securitisation and Structured Credit Summit
         JW Marriott Hotel, Seoul, South Korea
            Contact: http://www.euromoneyplc.com/

January 31 to February 1, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia M&A Forum
         Island Shangi-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800 or http://www.abiworld.org/

February 5, 2007
   STRATEGIC RESEARCH INSTITUTE
      3rd Annual Tranche B & 2nd Lien Financing Summit
         Scottsdale, AZ
            Contact: http://www.euromoneyplc.com/

February 8-9, 2007
   EUROMONEY CONFERENCES
      2nd Philippine Investment Conference
         Cebu Convention Center, Cebu, Philippines
            Contact: http://www.euromoneyplc.com/

February 8-9, 2007
   EUROMONEY
      Leverage Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

February 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wharton Restructuring Conference
         The Wharton School
            Philadelphia, PA
               Contact: http://www.turnaround.org/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
         Perceptions & Realities
            Marriott Hotel, Islamabad, Pakistan
               Contact: http://www.euromoneyplc.com/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Devil Rays Turnaround
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

February 27-28, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      5th Annual Corporate Restructuring Summit
         Sheraton Park Lane Hotel, London, UK
            Contact: http://www.euromoneyplc.com/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 18-21, 2007
   INSOL
      Annual Europe, Africa & Middle East Conference
         Cape Town, South Africa
            Contact: http://www.insol.org/CapeTown07/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 22-23, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Euromoney Indonesian Financial Markets Congress
         Bali, Indonesia
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa, Atlantic City, NJ
            Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;           
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;  
         http://www.beardaudioconferences.com/

    BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price        
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service inc., Fairless
Hills, Pennsylvania, USA, and Beard Group inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Kristina A.
Godinez, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *