TCREUR_Public/070131.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

           Wednesday, January 31, 2007, Vol. 8, No. 22      

                            Headlines


A U S T R I A

BULL POWER: Claims Registration Period End February 20
GAM LIEGENSCHAFTSVERWERTUNG: Claims Registration Ends Feb. 27
SOLARTEC LLC: Claims Registration Period Ends March 1
WELLCOM HAUSTECHNIK: Claims Registration Period Ends Feb. 9


C Y P R U S

SHIP FINANCE: Sells Suezmax Tankers to Frontline for US$183.7MM


F I N L A N D

METSO OYJ: To Unveil Annual Results February 7


F R A N C E

LECTA SA: Moody's Puts Low-B Ratings to Proposed EUR648-Mln Debt
LECTA SA: S&P Gives B Rating to EUR175 Million Unsecured Notes
PERNOD RICARD: GBL Group Acquires 5% Stake
REMY COINTREAU: Diageo Eyes Possible Takeover Bid, Report Says
REVLON INC: Completes US$100 Million Rights Offering


G E R M A N Y

ADLER-HEINRICH: Claims Registration Ends February 20
AKTIENBRAUEREI VILSBIBURG: Claims Registration Ends Feb. 15
AUENGRUND GMBH: Creditors Registration Ends Feb. 19
B2K ACCESSOIRES: Claims Registration Ends February 24
BENQ CORP: Bacoc Fails to Submit Bid for Bankrupt Mobile Unit

BERND GUMTZ: Claims Registration Period Ends Feb. 26
C.N.-CARS: Claims Registration Period Ends March 5
CARIMPEX GMBH: Claims Registration Ends March 6
COMPUSTAR TECHNOLOGIES: Claims Registration Period Ends Feb. 23
CPT GMBH: Claims Registration Period Ends March 7

CWK INTEGRATED: Claims Registration Ends February 20
DAIMLERCHRYSLER: Sells Aviation Unit to ATON Group Subsidiary
FA. NEININGER: Claims Registration Ends February 28
FRECHENER BACKHAUS: Claims Registration Ends February 22
GERHARD WIESE: Creditors Must Register Claims by February 22

GUENTER LUCHTMEIJER: Creditors Must Register Claims by Feb. 2
HORSTMANN LOGISTIK: Creditors Must Register Claims by March 7
IDEA-HAUS: Creditors' Meeting Slated for March 3
IOS ABWICKLUNGS: Claims Registration Ends March 2
JUNGBLUT-REISEN GMBH: Claims Registration Ends February 28

KBL-KUECHENVERTRIEBS GMBH: Claims Registration Ends February 20
OTOMAN LOGISTIC: Claims Registration Ends February 19
PEHAC MASINSPECT: Claims Registration Ends February 22
PRASIDENTEN PILS: Claims Registration Ends Feb 23
R & R BAUMASCHINENZENTRUM: Claims Registration Ends Feb. 20

R&S ALLGEMEINE: Creditors' Meeting Slated for Feb. 22
REVIER LOEWEN: Claims Registration Ends February 20
SCHULZE DOERING: Creditors' Meeting Slated for February 21
SGH SAATGUTVERTRIEBS: Claims Registration Ends February 21
SGH SAMENZUCHT: Claims Registration Ends February 21

SPIELE DISTRIBUTION: Claims Registration Ends February 16
STERNEN GASTRONOMIE: Claims Registration Ends February 23
STRZODA BEDACHUNGEN: Claims Registration Ends March 5
TANGENS VERWALTUNGS: Claims Registration Ends March 7
TOGOSTRASSE 11: Creditors' Meeting Slated for March 16

WARDWELL EUROPE: Creditors' Meeting Slated for February 21


G R E E C E

ASPIS BANK: Fitch Affirms BB+ IDR with Stable Outlook


I R E L A N D

ZOO HF: S&P Assigns BB Rating to EUR5 Million Class E Notes


I T A L Y

UNIONFIDI: Weak Asset Quality Cues Fitch to Affirm Low-B Ratings


K A Z A K H S T A N

ADVERTISING-INFORMATIONAL: Claims Registration Ends March 9
AIDOSOV & K: Claims Registration Period Ends March 9
AK-BULAK TRADE: Claims Registration Period Ends March 9
ALORA OIL: Almaty Court Starts Bankruptcy Proceedings
ALTAY SERVICE: Claims Registration Period Ends March 9

COMPANY PRINCIPE: Creditors Have Until March 9 to Submit Claims
INNOVATION-CONSULTING: Claims Registration Period Ends March 9
MANGISTAU PROD: Claims Registration Period Ends March 9
SENIM-AUDIT: Claims Registration Period Ends March 9


K Y R G Y Z S T A N

ASKA HOLDING: Creditors Must File Claims by March 16


L U X E M B O U R G

LECTA SA: Moody's Puts Low-B Ratings to Proposed EUR648-Mln Debt
LECTA SA: S&P Gives B Rating to EUR175 Million Unsecured Notes


R O M A N I A

TRANSELECTRICA SA: Moody's Lifts Ba1 Corp. Family Rating to Baa3


R U S S I A

AGRO-COM CJSC: Creditors Must File Claims by February 13
CHERNYSHIKHINSKOYE OJSC: Bankruptcy Hearing Slated for April 10
CHIMEEVKSKIY SPRING: Bankruptcy Hearing Slated for April 25
FATEKS+ CJSC: Creditors Must File Claims by Feb. 13
KUEDINSKIY DIARY: Creditors Must File Claims by March 13

LUKOIL OAO: Unit Hikes 2006 Output by 51.2% to 5.3 Million Tons
MAXI CJSC: Court Names S. Kurochkin as Insolvency Manager
NEZHNEVARTOVSKIY CITY: Creditors Must File Claims by March 13
OB'-POLYMER CJSC: Asset Sale Slated for February 13
ORLYANSKOYE OJSC: Court Names I. Ryumin as Insolvency Manager

POLYMER-PAK CJSC: Court Names Y. Kushenko as Insolvency Manager
RAZDOLYE CJSC: Creditors Must File Claims by Feb. 13
ROSNEFT OIL: Russia Mulls Selling 25% Stake in Secondary Sale
ROSNO OAO: Moody's Puts Ba1 Insurance Financial Strength Rating
SIBERIAN BEARING: Creditors Must File Claims by March 13

SYLVA LLC: Creditors Must File Claims by February 13
SYNTHESIS A: Creditors Must File Claims by February 13
VOLTAYR-EKSIM CJSC: Creditors Must File Claims by March 13


S L O V E N I A

ABANKA VIPA: Fitch Holds Individual C Rating in Neg. Outlook


S P A I N

CABLEUROPA SAU: S&P Holds B Credit Rating with Positive Outlook
ONO FINANCE: S&P Junks Long-Term Senior Unsecured Debt


S W E D E N

DOLE FOOD: Moody's Cuts Low-B Ratings on Weak Performance
STENA AB: Moody's Rates Proposed EUR300-Mln Notes at (P)Ba3


S W I T Z E R L A N D

AMBER EXPORT: Creditors' Liquidation Claims Due February 12
ETOILES & VINS: Creditors' Liquidation Claims Due February 12
JMT TRADING: Creditors' Liquidation Claims Due February 12
NOVELIS INC: In Sale Talks; India-Based Group May Submit Offer
PLANUNG - ARCHITEKTUR: Liquidation Claims Due February 12

PMT CONSULTING: Creditors' Liquidation Claims Due February 12
SWISSAIR: Former Top Executives Deny Any Wrongdoing in Collapse


T U R K E Y

MNG BANK: Fitch Holds D/E Rating on Weak Profitability


U K R A I N E

ELEKTROCOM LLC: Claims Submission Deadline Set February 10
GORLOVSKOE LLC: Claims Submission Deadline Set February 10
KHARKOV UAZ-SERVICE: Claims Submission Deadline Set February 10
KREDITPROMBANK: Moody's Withdraws B2 Rating on Postponed Sale
KREMENNAYA FURNITURE: Claims Submission Deadline Set February 10

PERVOMAYSK SILUET: Claims Submission Deadline Set February 10
SMEREKA LLC: Claims Submission Deadline Set February 10
UKRSOTSBANK OJSC: S&P Puts B Prelim Rating to Sr. Unsecured Debt


U N I T E D   K I N G D O M

A & J ENGINEERING: Names Liquidator to Wind Up Business
ACME PAYROLL: Creditors' Meeting Slated for February 5
ADVANCE RECRUITMENT: Creditors' Meeting Slated for February 6
ABITIBI-CONSOLIDATED: Inks All-Stock Merger Deal with Bowater
ABITIBI-CONSOLIDATED: Eyes Joint Venture for Ont. Power Plants

ABITIBI-CONSOLIDATED: Moody's Holds B1 Corporate Family Rating
BLACKSTREET LTD: Creditors' Meeting Scheduled for February 6
BLOSSOMS NOTTINGHAM: Creditors' Meeting Scheduled for February 8
BOWDEN GLASS: Appoints Tenon Recovery to Administer Assets
BRITISH AIRWAYS: Resumes Normal Operations; Travel Loads Light

BYTRONIC INTERNATIONAL: Claims Filing Period Ends February 27
CAMERON UK: Creditors' Meeting Scheduled for February 13
CANOPIUS MANAGING: Moody's Withdraws C+ Below Average Rating
CHAPTER III: Creditors' Meeting Slated for February 13
CHRIS PELLING: G. W. Rhodes Leads Liquidation Procedure

CIRCATEX GROUP: Claims Filing Period Ends March 31
COLINS BRIDEWELL: Brings In Liquidators from Harrisons
COLLINS & AIKMAN: Court Approves North Pointe Lease Amendment
CORE DISTRIBUTION: Liquidator Sets March 1 Claims Bar Date
CORUS GROUP: Tata Steel Outbids CSN with GBP5.7 Billion Bid

CREATION ADM: Names David N. Kaye as Administrator
CREATION WINDOWS: Joint Liquidators Take Over Operations
D & D SPORTS: Taps Jane Walker to Liquidate Assets
D & S CONTRACTORS: Appoints Liquidator from Begbies Traynor
DATACOM INSTALLATIONS: Creditors' Meeting Slated for February 7

DAVID MICHAEL: Brings In Begbies Traynor to Administer Assets
DELTA GRAPHICS: Appoints Richard Long as Administrator
DOCKGUARD ENGINEERING: Taps Administrators from Rothman Pantall
DURA AUTOMOTIVE: Judge Carey OKs Kramer Levin as Panel's Counsel
DURA AUTOMOTIVE: Court Okays Chanin Capital as Panel's Advisor

ECLIPSE MOTOR: Creditors' Meeting Scheduled for February 6
ENRON GAS: Creditors Confirm Liquidators' Appointment
EPITOME LEISURE: Brings In Administrators from Grant Thornton
EURO SHEET: Appoints Cresswall Associates as Administrators
EXPELBECK LTD: Creditors' Meeting Scheduled for February 7

FASCIA MANIA: Westminster Bank Taps Begbies Traynor as Receivers
FINELINE SHOPFITTERS: Creditors' Meeting Slated for February 7
FIRST CLASS: Brings In Administrators from Antony Batty
FITZROY GREEN: Creditors' Meeting Scheduled for February 15
FONIX LTD: Taps Joint Administrators from KPMG LLP

FORD MOTOR: U.S. Market Rank May Fall by Two Notches, CEO Says
FORD MOTOR: Loss Wasn't A Surprise, Says UAW President
FREIGHT CARE: Creditors Confirm Voluntary Liquidation
GARDEN HOUSE: Taps Begbies Traynor to Administer Assets
GAVIN CONSTRUCTION: Appoints Administrators from F A Simms

GLOBAL HIGH: Moody's Assigns B Bond Fund Credit Rating
GOLBORNE DEVELOPMENTS: Creditors' Meeting Slated for February 13
HOMERTON TYRES: Joint Liquidators Take Over Operations
HYTYME MANAGEMENT: Appoints Liquidators from Vantis
J W S LANDSCAPES: Claims Filing Period Ends February 9

KINGSWAY DECORATORS: Creditors' Claims Due March 2
LIGHTWAVE LTD: Hires Liquidator from UHY Hacker Young
MUSIC ZONE: Administrator Unable to Find Buyer; Closes 72 Stores
NASDAQ STOCK: Keeps Bid for LSE at US$24.42 Per Share
NTL INC: Simon Duffy Resigns as Executive Vice Chairman

PRESTIGE & POWER: Names Peter Sargent Liquidator
PROOF FOUR: Calls In Liquidator from AlexanderLawsonJacobs
RANK GROUP: Prudential Holds 7.62% Non-Material Equity Interest
RAVENTHORPE ESTATES: Claims Filing Period Ends February 23
RAW ROAR: Creditors' Meeting Slated for February 20

READER'S DIGEST: Earns US$62 Million in Second Quarter 2006
REFCO INC: Files December 2006 Monthly Operating Report
ROLFE RESIDENTIAL: Ian Franses Leads Liquidation Procedure
ROOMS WITH A VIEW: Taps Liquidators from Begbies Traynor
SIMPLITE CITY: Names Tim Alexander Clunie Liquidator

SOLUTIA INC: Balks at Panel's Intervention on Calpine Talks
STANTON JOINERY: Creditors' Meeting Slated for February 16

* Europe Credit Cycle to Worsen Till Mid-2007, Moody's Reports

                            *********

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


BULL POWER: Claims Registration Period End February 20
------------------------------------------------------
Creditors owed money by LLC Bull Power Aufbereitungstechnik (FN
272373z) have until Feb. 20 to file written proofs of claim to
court-appointed property manager Martin Hengstschlager at:

         Mag. Martin Hengstschlager
         Fadingerstr. 9/2
         4020 Linz, Austria
         Tel: 78 40 80-0
         Fax: 78 40 80-4
         E-mail: office@hengstschlaeger-lindner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Haid bei Ansfelden, Austria, the Debtor
declared bankruptcy on Jan. 9 (Bankr. Case No. 38 S 2/07h).  


GAM LIEGENSCHAFTSVERWERTUNG: Claims Registration Ends Feb. 27
-------------------------------------------------------------
Creditors owed money by LLC GAM Liegenschaftsverwertung (FN
166095h) have until Feb. 27 to file written proofs of claim to
court-appointed estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9 (Bankr. Case No. 3 4 S 7/07t).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


SOLARTEC LLC: Claims Registration Period Ends March 1
-----------------------------------------------------
Creditors owed money by LLC Solartec (FN 131132t) have until
March 1 to file written proofs of claim to court-appointed
estate administrator Clemens Michael Schnelzer at:

         Dr. Clemens Michael Schnelzer
         Dr.-Franz-Weismann-Road 19
         3910 Zwettl, Austria
         Tel: 02822/53953
         Fax: 02822/53953-18
         E-mail: dr.schnelzer@utanet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Grossgerungs, Austria, the Debtor declared
bankruptcy on Jan. 3 (Bankr. Case No. 9 S 2/07b).  


WELLCOM HAUSTECHNIK: Claims Registration Period Ends Feb. 9
-----------------------------------------------------------
Creditors owed money by LLC Wellcom Haustechnik (FN 238212m)
have until Feb. 9 to file written proofs of claim to court-
appointed estate administrator Sabine Wintersberger at:

         Dr. Sabine Wintersberger
         c/o Mag. Peter Vogl
         Claudistrasse 5
         4910 Ried/Innkreis, Austria
         Tel: 07752/82 4 09
         Fax: 07752/80 1 25
         E-mail: office@puttinger-vogl.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Feb. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         1st Floor
         Ried im Innkreis, Austria

Headquartered in Aurolzmuenster, Austria, the Debtor declared
bankruptcy on Dec. 28, 2006 (Bankr. Case No. 17 S 47/06b).  
Peter Vogl represents Dr. Wintersberger in the bankruptcy
proceedings.


===========
C Y P R U S
===========


SHIP FINANCE: Sells Suezmax Tankers to Frontline for US$183.7MM
-------------------------------------------------------------
Ship Finance International Ltd. has agreed to sell five vessels
to Frontline Ltd. in connection with Frontline's proposed spin-
off of Sealift Ltd., a dedicated heavy-lift company.

The vessels are the single hull suezmax tankers Front Comor,
Front Granite, Front Target and Front Traveller, in addition to
Front Sunda, which is currently under conversion to a heavy-lift
vessel.  Delivery to the Buyer is expected to take place during
the first quarter of 2007.

The gross sales price for the five vessels is US$183.7 million,
and Ship Finance will receive a net amount of around US$121
million after compensation of around US$62 million to Frontline
for the termination of the charters.  There are currently
US$14.2 million in aggregate loans outstanding against the five
vessels, and the net cash effect to Ship Finance is estimated to
be around US$107 million.

Following these sales, Ship Finance will only have 11 single
hull vessels remaining in the fleet, including three vessels
with double sides.  This is significantly less than the 18
single hull vessels owned only three months ago. Of the
remaining crude oil tankers without double hull, Frontline has,
as charterer, secured profitable sub-charters for seven of the
vessels, and only four of the vessels are traded in the spot
market.

The reduction of the single hull tanker exposure is in line with
the Company's strategy of focusing on modern assets in various
shipping and offshore market segments.  The cash proceeds from
the sales is intended to be re-invested as equity contribution
in new projects, and the management of Ship Finance estimates
that the combination of sales proceeds, expected profit share
from Frontline for the year 2006, undrawn amounts under our
credit lines and available cash on our balance sheet may
facilitate additional investments in excess of US$1 billion.

Including new buildings and recently announced acquisitions and
sales, the Company's fleet will consist of 55 vessels,
essentially all on medium to long-term charters.

                       About Ship Finance

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

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

                          *     *     *

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

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

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


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


METSO OYJ: To Unveil Annual Results February 7
----------------------------------------------
Metso Oyj will publish its 2006 financial statements at noon on
Feb. 7, Finnish time.

A news conference will be held on the same date at:

   -- 8:00 a.m. U.S. EST
   -- 1:00 p.m. U.K. time
   -- 2:00 p.m. CET
   -- 3:00 p.m. Finnish time, EET

at the company's headquarters at:

         Metso Oyj
         Corporate Office
         Fabianinkatu 9 A
         Helsinki
         Finland

Conference call participants are requested to call in a few
minutes prior to the start of teleconference in

         U.S.: +1 334 420 4951
         other: +44 (0)20 7162 0125

A replay is available for 48 hours after the conference in:

         U.S.: +1 954 334 0342
               (access code: 681 846)

         other: +44 (0)20 7031 4064
                (access code: 681 846)

                        About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka 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
===========


LECTA SA: Moody's Puts Low-B Ratings to Proposed EUR648-Mln Debt
----------------------------------------------------------------
Moody's Investors Service assigned to Lecta S.A.:

   -- a Ba3 Corporate Family Rating;

   -- a provisional (P)Ba3 to the proposed EUR473-million
      Senior Secured Floating Rate Notes due 2014; and

   -- a provisional (P)B1 to the proposed EUR175-million
      Senior Unsecured Floating Rate Notes due 2014.  

The outlook for all ratings is stable.

"The Ba3 CFR is a reflection of Lecta's leading market positions
in its core South European markets of coated wood free paper,
the well-managed asset base, the favorable product mix as well
as the expectation of an industry-wide price recovery in the
latter half of 2007, which should help to bolster the company's
financial profile going forward," said Martin Kohlhase, Moody's
lead analyst for the European pulp and forest products industry.

However, the rating remains constrained primarily by:

   (i) the low degree of pulp integration exposing the company
       to periods of high pulp prices;

  (ii) the private equity shareholder, which over the last 10
       years has been very supportive to Lecta's financial
       profile -- no significant dividend payments, moderate
       leverage, support of a sizeable capex program in the
       last few years.

Moody's is cautious to what extent the shareholder would show
similar restraint, albeit within the limits of the bond
documentation, in the face of strengthened cash flows, which
could limit the positive impact of a potential industry recovery
for Lecta.

The stable outlook on Lecta's ratings incorporates the
expectation -- but is not conditional to -- a price recovery for
coated paper grades following capacity closures in Europe, which
should be the primary driver to a strengthening financial
profile, given that the company already operates at a very
efficient level.  Throughout 2007 Moody's also does not expect
that volatile input prices -- energy and pulp being the dominant
variables -- should have a similarly negative impact as over the
past two years.  

At the same time, Moody's said that the assigned ratings
incorporate the possibility of either a marginally more
shareholder-friendly dividend and capital structure policy or
some weakening of Lecta's financial profile due to pulp or paper
price fluctuations.  Apart from bolt-on acquisitions in the
paper distribution business in its core South European markets
and the co-generation plant in Italy, Moody's has not factored
into the rating any large debt-financed acquisitions or larger
capital expansion programs.

Lecta will use the proceeds from the issuance of the bonds,
EUR648-million, to repay existing credit facilities of EUR748.5-
million and will simultaneously enter into an agreement for a
EUR100-million bridge facility for a securitization program. A
new, EUR75-million multi currency revolving credit facility of
which EUR60-million will be committed, is expected to be un-
drawn at signing and only moderately used over the coming 12-
month period.  The revolver will be secured by shares, certain
bank accounts and receivables, and will be guaranteed by Lecta's
main operating companies.

The proposed secured and unsecured notes are both issued by
Lecta S.A., a holding company and are guaranteed on a
secured/unsecured basis by all major subsidiaries with the
exception of the French operating entity Condat S.A.  Due to the
security provided in support of the secured notes over
substantially the same assets as the revolver and the relatively
small amount of the senior secured bank and hedging transaction
debt, the secured notes have been rated at the same level as the
CFR.  The senior unsecured notes will be effectively
subordinated to all liabilities, including those to trade
creditors, and have been rated one notch below the CFR.

Lecta S.A., with legal headquarters in Luxembourg and its main
domicile in Paris/France, is a leading coated wood free paper
manufacturer in Spain, Italy and France.  The company also has a
Specialty paper division and distribution business in the
Iberian market.  During the first nine months of 2006 Lecta
recorded sales of EUR1.43 billion and employed around 4,700
people per Dec. 31, 2006.


LECTA SA: S&P Gives B Rating to EUR175 Million Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
and 'B' short-term corporate credit ratings to Luxembourg-based
paper manufacturer Lecta S.A.  The outlook is stable.  

At the same time, EUR473 million in proposed senior secured
floating rate notes and EUR175 million in proposed senior
unsecured floating rate notes were assigned long-term issue
credit ratings of 'BB-' and 'B', respectively. The secured issue
was assigned a recovery rating of '3'.

"The ratings on Lecta reflect its exposure to the cyclical,
competitive, and currently challenging European coated fine
paper market," said Standard & Poor's credit analyst Andreas
Zsiga.

The group's financial risk profile is aggressive with debt
protection measures that are currently weak for the rating. This
is partly offset by the group's good market position,
competitive and efficient asset base, proximity to key end-
markets, and prospects for medium-term market improvement.

The stable outlook reflects the expectation that Lecta's debt
protection measures will improve.

Ratings upside is very limited given the company's current
underperformance. Factors that could result in an upgrade
include further significant and sustainable deleveraging and
cash flow improvement.

Factors that could result in a downgrade include a protracted
market downturn with sustained pressure on margins and cash
flows.

Any recapitalization resulting in higher debt leverage, or debt-
funded acquisitions would be considered event risk and would be
negative.


PERNOD RICARD: GBL Group Acquires 5% Stake
------------------------------------------
The GBL Group has acquired a 5% stake in Pernod-Ricard, the
Financial Times reports.

GBL is identified with Belgian financier Albert Frere and
Canadian Paul Desmarais.

"This participation has been built up in full transparency
between its chairman, Patrick Ricard, and the families
Frere/Desmarais, which keep up an old and excellent
relationship," GBL said.

The Ricard family holds about 11% stake in the company, the
Financial Times relates.

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes  
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.
Nearly 90% of the Company's sales are generated outside France.
Pernod Ricard has seven principal sectors: Whiskies, Anise
Drinks, Liqueurs, Cognacs & Brandies, White Spirits & Rums,
Bitters and Wines.  Pernod Ricard has a decentralized structure
that is divided between brand owner subsidiaries, such as
Ricard, Irish Distillers and Chivas Brothers, which produce and
develop marketing strategies for the brands, and regional
distribution subsidiaries, such as Pernod Ricard Europe, which
implement marketing strategies and distribute local brands.  The
Company's key brands include Ricard, Havana Club, Stolichnaya,
Martell, Malibu, Chivas Regal, Jameson and Jacobs Creek.  In
2005 Pernod Ricard acquired Allied Domecq.

                          *     *     *

As reported in the TCR-Europe on Nov. 21, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
and senior unsecured debt ratings on French spirits manufacturer
and marketer Pernod Ricard S.A. to 'BB+' from 'BB' following
quicker-than-expected integration of acquired businesses and
improved profitability prospects.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  S&P said the outlook is stable.


REMY COINTREAU: Diageo Eyes Possible Takeover Bid, Report Says
--------------------------------------------------------------
Drinks maker Diageo plc may bid for France's Remy Cointreau in
an effort to boost its presence in China's growing market, The
Scotsman reports.

Sources speculate that Diageo mulls dissolving its joint venture
with LVMH (Moet Hennessy - Louis Vuitton) to make room for a
possible GBP450 million bid for Remy, Scotsman relates.

"It makes very good sense.  Remy Cointreau are well established
in China with very attractive distribution channels and some
luxury brands in cognac and wine that have very good growth
potential," an analyst told Scotsman.

According to the report, Remy Cointreau is enjoying increased
popularity in China and Russia, two of the world's fastest
growing markets for wines and spirits.

In December 2006, analysts have suggested a probable takeover
bid for the family-controlled distiller, hinting to The Wall
Street Journal that bidders could include Brown-Forman Corp.,
Bacardi & Co., Constellation Brands Inc. and Diageo plc.

In a report by the Troubled Company Reporter-Europe on Dec. 15,
Dominique Heriard Dubreuil, chairperson for Remy Cointreau,
quelled the rumors of a possible sale.

Ms. Heriard Dubreuil, who is one of four family members holding
a controlling stake in the group, told Adam Jones of the
Financial Times last month that there was no desire to sell the
business "because of a belief that Remy Cointreau will increase
in value in the years to come."

This bidding speculation was fueled by the company's decision to
terminate the Maxxium Global Distribution Agreement effective
March 30, 2009, which would enable Remy Cointreau to consider
alternative distribution options in priority markets such as
Asia.

Remy CEO Jean-Marie Laborde said its decision to leave Maxxium
came after dissatisfaction with its performance in Asia, FT
reported.  Family members have backed Mr. Laborde's strategy,
which has led the company to focus more on the top end of the
drinks market.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine  
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

Remy Cointreau's senior unsecured debt carries a Ba2 rating from
Moody's Investors Service since 2003.  Standard & Poor's rated
the Company's issuer credit at BB- in 2004.


REVLON INC: Completes US$100 Million Rights Offering
----------------------------------------------------
Revlon Inc. completed its over-subscribed US$100 million rights
offering and the related private placement it launched on
Dec. 18, 2006, with public shareholders seeking to subscribe for
about 72 million shares, which was around 34 million shares in
excess of the 37,847,472 shares sold to the public in the rights
offering at US$1.05 per share.

MacAndrews & Forbes Holdings Inc., Revlon's majority
stockholder, which is wholly-owned by Ronald O. Perelman, has
purchased in a private placement directly from Revlon a total of
57,390,623 shares of Revlon's Class A common stock, pursuant to
a previously-disclosed Stock Purchase Agreement between Revlon
and MacAndrews & Forbes, at the same price of US$1.05 per share,
representing the number of shares that MacAndrews & Forbes would
otherwise have been entitled to subscribe for in the rights
offering pursuant to its basic subscription privilege.

The shares sold to MacAndrews & Forbes were sold in reliance on
Rule 506 under the Securities Act of 1933, as amended.  The
issuance of shares to MacAndrews & Forbes was not registered
under the Securities Act of 1933, as amended, and, accordingly,
such shares may not be offered or sold in the U.S. absent
registration or an applicable exemption from registration
requirements.

As a result of these transactions, Revlon will have issued a
total of 95,238,095 new shares of its Class A common stock,
increasing the number of outstanding shares of Revlon's Class A
common stock to 476,688,940 shares and increasing the total
number of shares of common stock outstanding, including the
company's existing 31,250,000 shares of Class B common stock, to
507,938,940 shares. With the completion of these transactions,
MacAndrews & Forbes beneficially owns around 58% of Revlon's
Class A common stock and around 60% of Revlon's total common
stock outstanding, which shares represent around 74% of the
combined voting power of such shares.

Revlon also announced that Revlon Consumer Products Corp.,
Revlon's wholly owned operating subsidiary, will use around
US$50 million of the proceeds of the rights offering and related
private placement to redeem around US$50 million aggregate
principal amount of its 8 5/8% Senior Subordinated Notes due
2008, at a redemption price of 100% of the principal amount of
such Notes, plus accrued and unpaid interest up to, but not
including, the redemption date.  

In addition, Revlon announced that on or about Jan. 25, 2007,
RCPC used the remainder of such proceeds to repay around
US$43 million of indebtedness outstanding under RCPC's US$160
million revolving credit facility (which represented all of the
indebtedness outstanding under this facility at that time),
without any permanent reduction in that commitment, after paying
fees and expenses incurred in connection with the rights
offering and related private placement, with the remaining
around US$5 million available for general corporate purposes.

                            About Revlon

Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- is a  
cosmetics, skin care, fragrance, and personal care products
company.  The Company's brands include Revlon(R), Almay(R),
Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).

At Sept. 30, 2006, Revlon Inc.'s balance sheet showed US$925
million in total assets and US$2.1 billion in total liabilities,
resulting in a US$1.2 billion stockholders' deficit.

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc., which in turn is majority-owned by MacAndrews and
Forbes, which is wholly owned by Ronald O. Perelman.

                           *     *     *

As reported in the TCR-Europe on Oct. 2, 2006, Moody's Investors
Service lowered Revlon Consumer Products Corp.'s long-term
ratings, including the corporate family rating to Caa1 from B3.
Moody's affirmed the company's speculative grade liquidity
rating of SGL-4.  Moody's said the outlook remains negative.

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  S&P said the
outlook is negative.


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


ADLER-HEINRICH: Claims Registration Ends February 20
----------------------------------------------------
Creditors of Adler-Heinrich Blockfloetenbau GmbH have until
Feb. 20 to register their claims with court-appointed insolvency
manager Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 3, 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 Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz
         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 Chemnitz opened bankruptcy proceedings
against Adler-Heinrich Blockfloetenbau GmbH on Jan. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Adler-Heinrich Blockfloetenbau GmbH
         Dietrich Hahl, Manager
         Pestalozzistrasse 25
         08258 Markneukirchen
         Germany

The insolvency manager can be reached at:

         Andreas Schenk
         Franz-Mehring-Road 15
         08058 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Fax: (0375) 211 857 28


AKTIENBRAUEREI VILSBIBURG: Claims Registration Ends Feb. 15
-----------------------------------------------------------
Creditors of Aktienbrauerei Vilsbiburg AG i.L. have until
Feb. 15 to register their claims with court-appointed insolvency
manager Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on March 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         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 Landshut opened bankruptcy proceedings
against Aktienbrauerei Vilsbiburg AG i.L. on Jan. 9.   
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aktienbrauerei Vilsbiburg AG i.L.
         Veldener Str. 5
         84137 Vilsbiburg
         Germany

The insolvency manager can be reached at:

         Alexander Saponjic
         Bachstr 6
         84036 Landshut
         Germany
         Tel: 0871/943210
         Fax: 0871/9432150


AUENGRUND GMBH: Creditors Registration Ends Feb. 19
---------------------------------------------------
Creditors of Auengrund GmbH have until Feb. 19 to register their
claims with court-appointed insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 19, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         12th Floor
         Luxemburger Road 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be reached at:

         Auengrund GmbH
         Attn: Alexander Jahn
         Altenberger-Dom-Str. 2 a
         51519 Odenthal
         Germany

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne
         Germany
         Tel: 0221/92 12 17-0
         Fax: +4922192121720


B2K ACCESSOIRES: Claims Registration Ends February 24
-----------------------------------------------------
Creditors of B2K Accessoires GmbH have until Feb. 24 to register
their claims with court-appointed insolvency manager Dr. Hans-
Gert Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 19, 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 Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         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 Bad Kreuznach opened bankruptcy
proceedings against B2K Accessoires GmbH on Dec. 27, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B2K Accessoires GmbH
         Industriestr 10
         55606 Kirn
         Germany

         Attn: Christiane Brunk, Manager
         55743 Idar-Oberstein
         Germany

The insolvency manager can be reached at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr 7
         55566 Bad Sobernheim
         Germany
         Tel: 06751/938013
         Fax: 06751/9380-36


BENQ CORP: Bacoc Fails to Submit Bid for Bankrupt Mobile Unit
-------------------------------------------------------------
Bacoc, the German laptop computer company, failed to submit an
offer for BenQ Mobile GmbH & Co. OHG, the bankrupt German unit
of Taiwan-based BenQ Corp., after creditors rejected bids by two
potential buyers earlier in the month, John Blau of IDG News
Service reports.

Bacoc has been rumored to acquire BenQ's bankrupt mobile unit,
eyeing a two-third reduction of the company's work force and
planning to retain the firm's facility in Kamp-Lintfort in North
Rhine-Westphalia and close down the central office in Munich.  
According to Germany's Handelsblatt newspaper, Bacoc plans to
expand its product range to include mobile phones, targeting
sales of 4.5 million units in 2007.

A spokesperson for insolvency administrator Martin Prager said
creditors have yet to reach an agreement on a possible rescue
plan, although talks with interested bidders still continue.

Investor group SF Capital Partners, led by Hansjoerg Beha, a
former Daimler-Benz executive, pulled out of the bidding race
last week, with sources speculating that the group could not
raise the required funding needed for the acquisition, Mobile
Today reports.

As reported in the Troubled Company Reporter-Europe on Jan. 25,
Sentex Sensing Technology Inc. submitted a EUR52 million bid for
BenQ Mobile's assets.  Henrik Rubenstein, Sentex's chief
executive officer, told Dow Jones Newswires that the bid is
based on an earn-out model, which would base payments on BenQ
Mobile's financial success in the future.  He added that the
company had secured a "three-digit million euro sum" of working
capital financing.

"We are not too optimistic but we will see what happens by the
end of the month," Regine Petzsch, spokeswoman for
administrators Pluta Rechtsanwalts GmbH told Mobile Today.  "We
do not think that Sentex's interest is to be taken too
seriously.  No one is able to take on the risks so there is not
much hope for the business."

Creditors have not set a deadline to end sale talks with
interested parties.  However, Mr. Prager's spokesman said, the
sooner a rescue plan is found, the better, IDG News Service
relates.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

More than 3,000 manufacturing workers have been affected in the
company's insolvency proceedings after it disclosed of plans to
reduce two-thirds of its work force.  The mobile unit took over
a factory in Kamp Lintfort in western Germany from Siemens,
which cost Siemens more than US$1 billion.  Under the agreement,
BenQ will have the right to use the Siemens brand for five
years.  Siemens owns a 2.5 percent stake in BenQ Corp.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.  
The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BERND GUMTZ: Claims Registration Period Ends Feb. 26
----------------------------------------------------
Creditors of Bernd Gumtz GmbH have until Feb. 26 to register
their claims with court-appointed insolvency manager Heiko
Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Park Avenue 6
         21465 Reinbek
         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 Reinbek opened bankruptcy proceedings
against Bernd Gumtz GmbH on Jan. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bernd Gumtz GmbH
         Attn: Bernd Gumtz, Manager
         Technologiepark 11
         22946 Trittau
         Germany

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany


C.N.-CARS: Claims Registration Period Ends March 5
--------------------------------------------------
Creditors of C.N.-Cars GmbH have until March 5 to register their
claims with court-appointed insolvency manager Jens Koeke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 4, 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 Goettingen
         Hall B 11
         Berliner Road 8
         37073 Goettingen
         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 Goettingen opened bankruptcy proceedings
against C.N.-Cars GmbH on Dec. 20, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         C.N.-Cars GmbH
         Attn: Tassilo Busch, Manager
         Am Kalten Born 39
         37085 Goettingen
         Germany

The insolvency manager can be reached at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


CARIMPEX GMBH: Claims Registration Ends March 6
-----------------------------------------------
Creditors of Carimpex GmbH have until March 6 to register their
claims with court-appointed insolvency manager Jens Lieser.

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 Bad Kreuznach
         Hall 34
         Ringstrasse 79
         55543 Bad Kreuznach
         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 Bad Kreuznach opened bankruptcy
proceedings against Carimpex GmbH on Jan. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Carimpex GmbH
         Attn: Arno Pies, Manager
         Bahnhofstr. 54a
         56288 Kastellaun
         Germany

The insolvency manager can be reached at:

         Jens Lieser
         Josef Goerres Place 5
         56068 Koblenz
         Germany
         Tel: 0261/30479-0
         Fax: 0261/9114729
         E-mail: info@lieser-rechtsanwaelte.de


COMPUSTAR TECHNOLOGIES: Claims Registration Period Ends Feb. 23
---------------------------------------------------------------
Creditors of CompuStar Technologies GmbH & Co.KG have until
Feb. 23 to register their claims with court-appointed insolvency
manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Boardroom 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         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 Muenster opened bankruptcy proceedings
against CompuStar Technologies GmbH & Co. KG on Jan. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CompuStar Technologies GmbH & Co. KG
         Zum Kaiserbusch 7
         48165 Muenster
         Germany


         Attn: Ralf Klostermann, Manager
         Im Konvent 8
         47839 Krefeld und Stefan Dissel
         Gasselstiege 492
         48159 Muenster
         Germany

The insolvency manager can be reached at:

         Manfred Vellmer
         Rothenburg 20/21
         48143 Muenster
         Germany
         Tel: 0251/511801
         Fax: +492519277785


CPT GMBH: Claims Registration Period Ends March 7
-------------------------------------------------
Creditors of CPT GmbH Deutschland have until March 7 to register
their claims with court-appointed insolvency manager Marcello Di
Stefano.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen
         Germany

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

The District Court of Meiningen opened bankruptcy proceedings
against CPT GmbH Deutschland on Jan. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CPT GmbH Deutschland
         Attn: Martin Milz, Manager
         Pfuetschbergstrasse 11
         98527 Suhl
         Germany

The insolvency manager can be reached at:

         Marcello Di Stefano
         Jonny-Schehr-Str. 1
         99085 Erfurt
         Germany


CWK INTEGRATED: Claims Registration Ends February 20
----------------------------------------------------
Creditors of CWK Integrated IT Solutions GmbH & Co. KG have
until Feb. 20 to register their claims with court-appointed
insolvency manager Dr. Alexander Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 3, 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 Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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 Darmstadt opened bankruptcy proceedings
against CWK Integrated IT Solutions GmbH & Co. KG on Jan 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CWK Integrated IT Solutions GmbH & Co. KG
         Attn: Sigrid Engelhardt, Manager
         Anne Frank 8
         68519 Viernheim
         Germany

The insolvency manager can be reached at:

         Dr. Alexander Hoepfner
         Darmstadter Str. 43
         64646 Heppenheim
         Germany
         Tel: 06252-6739988
         Fax: 06252-6739989


DAIMLERCHRYSLER: Sells Aviation Unit to ATON Group Subsidiary
-------------------------------------------------------------
DaimlerChrysler AG has sold DaimlerChrysler Aviation GmbH, its
Stuttgart-based 100% subsidiary, to a subsidiary of ATON GmbH in
Fulda, Germany.

The transaction is subject to the approval of the relevant
antitrust and aviation authorities and will be completed in the
first quarter of 2007.  The parties have agreed to keep the
purchase price confidential.

The sale is part of the measures currently being taken to
increase efficiency and optimize the Group's portfolio with the
goal of improving the return on net assets.

DaimlerChrysler Aviation GmbH primarily provides tailored air-
transport services to business travelers and currently employs
around 200 persons.  In 2006, DCA generated revenues with
companies of the DaimlerChrysler Group and third parties of
around EUR65 million.

ATON GmbH makes long-term investments in innovative companies in
the future-oriented fields of raw materials, services and
applied technology.

                       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 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.


FA. NEININGER: Claims Registration Ends February 28
---------------------------------------------------
Creditors of Fa. Neininger GmbH have until Feb. 28 to register
their claims with court-appointed insolvency manager Andreas
Fischer.

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

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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 Baden-Baden opened bankruptcy proceedings
against Fa. Neininger GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fa. Neininger GmbH
         Attn: Wolfgang Neininger, Manager
         Industriestr. 2
         76473 Iffezheim
         Germany

The insolvency manager can be reached at:

         Andreas Fischer
         Kriegsstr. 25
         76133 Karlsruhe
         Germany


FRECHENER BACKHAUS: Claims Registration Ends February 22
--------------------------------------------------------
Creditors of Frechener Backhaus M. U. GmbH have until Feb. 22 to
register their claims with court-appointed insolvency manager
Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The District Court of Cologne opened bankruptcy proceedings
against Frechener Backhaus M. U. GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Frechener Backhaus M. U. GmbH
         Attn: Baronin Hildegard Monika von Stromburg and         
         Uwe Nieswandt, Managers
         Ernst-Heinrich-Geist-Str. 26
         50226 Frechen
         Germany

The insolvency manager can be reached at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne
         Germany


GERHARD WIESE: Creditors Must Register Claims by February 22
------------------------------------------------------------
Creditors of Gerhard Wiese Foerdertechnik GmbH have until
Feb. 22 to register their claims with court-appointed insolvency
manager Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against Gerhard Wiese Foerdertechnik GmbH on Jan. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerhard Wiese Foerdertechnik GmbH
         Humboldtstrasse 57 - 59
         22083 Hamburg
         Germany

         Attn: Angela Elfriede, Manager
         Oktaviostrasse 129
         22043 Hamburg
         Germany

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany


GUENTER LUCHTMEIJER: Creditors Must Register Claims by Feb. 2
-------------------------------------------------------------
Creditors of Guenter Luchtmeijer GmbH have until Feb. 2 to
register their claims with court-appointed insolvency manager
Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Room 018
         Schlossplatz 2
         26603 Aurich
         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 Aurich opened bankruptcy proceedings
against Guenter Luchtmeijer GmbH on Dec. 22, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Guenter Luchtmeijer GmbH
         Pollerweg 30d
         26409 Wittmund
         Germany

The insolvency manager can be reached at:

         Heiner Buss
         Hauptstrasse 169
         D 26639 Wiesmoor
         Germany
         Tel: 0 49 44/10 33
         Fax: 0 49 44/91 20 35


HORSTMANN LOGISTIK: Creditors Must Register Claims by March 7
-------------------------------------------------------------
Creditors of Horstmann Logistik Systeme GmbH have until March 7
to register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Horstmann Logistik Systeme GmbH on Dec. 22, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Horstmann Logistik Systeme GmbH
         Kaiserstrasse 150
         51643 Gummersbach
         Germany

         Attn: Bernd Horstmann, Manager
         Loher Busch 52
         32545 Bad Oeynhausen
         Germany

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germnay


IDEA-HAUS: Creditors' Meeting Slated for March 3
------------------------------------------------
The court-appointed insolvency manager for Idea-Haus-GmbH will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:20 a.m. on March 3.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 29 at the same venue.

Creditors have until April 3 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Idea-Haus-GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Idea-Haus-GmbH
         Wittestr. 15 K
         13509 Berlin
         Germany

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany


IOS ABWICKLUNGS: Claims Registration Ends March 2
-------------------------------------------------
Creditors of IOS Abwicklungs GmbH & Co. KG have until March 2 to
register their claims with court-appointed insolvency manager
Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 7:45 a.m. on March 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Meiningen opened bankruptcy proceedings
against IOS Abwicklungs GmbH & Co. KG on Jan. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         IOS Abwicklungs GmbH & Co. KG
         Ringstrasse
         98617 Suelzfeld
         Germany

The insolvency manager can be reached at:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany


JUNGBLUT-REISEN GMBH: Claims Registration Ends February 28
----------------------------------------------------------
Creditors of Jungblut-Reisen GmbH have until Feb. 28 to register
their claims with court-appointed insolvency manager Peter
Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 29, 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 Wolfsburg
         Hall D
         Rothenfelder Road 43
         38440 Wolfsburg
         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 Wolfsburg opened bankruptcy proceedings
against Jungblut-Reisen GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Jungblut-Reisen GmbH
         Attn: Francoise Jungblut, Manager
         Alversdorfer Strasse 8
         38364 Schoeningen
         Germany

The insolvency manager can be reached at:

         Peter Steuerwald
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531 / 244 80-0
         Fax: 0531 / 244 80-80
         E-Mail: psteuerwald@hausherr-steuerwald.de


KBL-KUECHENVERTRIEBS GMBH: Claims Registration Ends February 20
---------------------------------------------------------------
Creditors of KBL -Kuechenvertriebs - GmbH have until Feb. 20 to
register their claims with court-appointed insolvency manager
Jens Fahnster.

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

The meeting of creditors will be held at:

         The District Court of Limburg
         Room D 219
         Walderdorffstrasse 12
         65549 Limburg
         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 Limburg opened bankruptcy proceedings
against KBL -Kuechenvertriebs - GmbH on Dec. 29, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KBL -Kuechenvertriebs - GmbH
         Kapellenstrasse 2 a
         65555 Limburg-Offheim
         Germany

         Attn: Gerhard Solbach, Manager
         Im Weidenbusch 15
         56414 Steinefrenz
         Germany

The insolvency manager can be reached at:

         Jens Fahnster
         Koelnstr. 135
         D 53757 Sankt Augustin-Hangelar
         Germany
         Tel.: 02241/9060-0
         Fax: 02241/9060-90
         E-Mail: kanzlei@kalker-fahnster.de


OTOMAN LOGISTIC: Claims Registration Ends February 19
-----------------------------------------------------
Creditors of OTOMAN Logistic & Service GmbH have until Feb. 19
to register their claims with court-appointed insolvency manager
Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against OTOMAN Logistic & Service GmbH on Dec. 22, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         OTOMAN Logistic & Service GmbH
         Zeissstr. 36
         50171 Kerpen
         Germany

         Attn: Kudret Bueyuekkaja, Manager
         Grafeneck 4
         58239 Schwerte
         Germany

The insolvency manager can be reached at:

         Siegfried Mueller
         Koelner Strasse 67
         50226 Frechen
         Germany
         Tel: 02234/9678812
         Fax: +4922349678820


PEHAC MASINSPECT: Claims Registration Ends February 22
------------------------------------------------------
Creditors of Pehac Masinspect Gmbh Machines Trade and Service
have until Feb. 22 to register their claims with court-appointed
insolvency manager Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:22 a.m. on March 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Pehac Masinspect Gmbh Machines Trade And Service on
Dec. 1, 2006.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pehac Masinspect Gmbh Machines Trade And Service
         Lockenfeld 2
         51709 Marienheide
         Germany

         Attn: Achenbach Michael, Manager
         Enneststr. 20
         51702 Bergneustadt
         Germany

The insolvency manager can be reached at:

         Dr. Henning Dohrmann
         Moltkestrasse 12
         51643 Gummersbach
         Germany


PRASIDENTEN PILS: Claims Registration Ends Feb 23
-------------------------------------------------
Creditors of Prasidenten Pils GmbH & Co. have until Feb. 23 to
register their claims with court-appointed insolvency manager
Dr. Hans-Gert Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         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 Bad Kreuznach opened bankruptcy
proceedings against Prasidenten Pils GmbH & Co. on Jan 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prasidenten Pils GmbH & Co.
         Attn: Hans Erich Fuchs, Manager
         Kreuznacher Str. 4
         55452 Windesheim
         Germany

The insolvency manager can be reached at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr. 7
         D 55566 Bad Sobernheim
         Germany


R & R BAUMASCHINENZENTRUM: Claims Registration Ends Feb. 20
-----------------------------------------------------------
Creditors of R & R Baumaschinenzentrum Elbingerode GmbH have
until February 20 to register their claims with court-appointed
insolvency manager Dipl.-Betriebswirt Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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 Magdeburg opened bankruptcy proceedings
against Baumaschinenzentrum Elbingerode GmbH on January 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.              

The Debtor can be reached at:

         R & R Baumaschinenzentrum Elbingerode GmbH
         Muehlental 17
         38875 Elbingerode
         Germany

         Attn:  Doerte Reulecke
         Bergstr. 3
         38889 Ruebeland
         Germany

The insolvency manager can be reached at:

         Dipl.-Betriebswirt Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de


R&S ALLGEMEINE: Creditors' Meeting Slated for Feb. 22
-----------------------------------------------------
The court-appointed insolvency manager for R&S Allgemeine
Geschaftsfuehrungs-GmbH & Co, Dr. Christoph Schulte-Kaubruegger,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:55 a.m. on Feb. 22.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on May 24 at the same venue.

Creditors have until March 22 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against R&S Allgemeine Geschaftsfuehrungs-GmbH & Co
on Jan. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         R&S Allgemeine Geschaftsfuehrungs-GmbH & Co
         Hausotterstrasse 59 KG
         Pohlstr.20
         10785 Berlin
         Germany

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany


REVIER LOEWEN: Claims Registration Ends February 20
---------------------------------------------------
Creditors of Revier Loewen Oberhausen GmbH have until Feb. 20 to
register their claims with court-appointed insolvency manager
Dagmar Karutz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 22, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Revier Loewen Oberhausen GmbH on Jan. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Revier Loewen Oberhausen GmbH
         Kirchstr.5
         46117 Oberhausen
         Germany

         Attn: Lars Gerike, Manager
         Sodinger Str.544
         44627 Herne
         Germany

The insolvency manager can be contacted at:

         Dagmar Karutz
         Gemarkenstr. 95
         45147 Essen
         Germany


SCHULZE DOERING: Creditors' Meeting Slated for February 21
----------------------------------------------------------
The court-appointed insolvency manager for Schulze Doering
Klinkerbau GmbH, Christoph Schulte-Kaubruegger, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:55 a.m. on Feb. 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 30, at the same venue.

Creditors have until April 2 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Schulze Doering Klinkerbau GmbH on Jan. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schulze Doering Klinkerbau GmbH
         Novalisstr. 13
         10115 Berlin
         Germany

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany


SGH SAATGUTVERTRIEBS: Claims Registration Ends February 21
----------------------------------------------------------
Creditors of SGH Saatgutvertriebs- und Grosshandels-GmbH have
until Feb. 21 to register their claims with court-appointed
insolvency manager Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 21, 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover
         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 Hanover opened bankruptcy proceedings
against SGH Saatgutvertriebs- und Grosshandels-GmbH on Jan. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SGH Saatgutvertriebs- und Grosshandels-GmbH
         Attn: Reinhard Koch, Manager
         Riethorst 19
         30659 Hanover
         Germany

The insolvency manager can be contacted at:

         Ingo Thurm
         Aegidientorplatz 2 B
         30159 Hanover
         Germany
         Tel: 0511 475577-0
         Fax: 0511 475577-98
         

SGH SAMENZUCHT: Claims Registration Ends February 21
----------------------------------------------------
Creditors of SGH Samenzucht und Grosshandel GmbH & Co. KG i.L.
have until Feb. 21 to register their claims with court-appointed
insolvency manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 21, 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover
         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 Hanover opened bankruptcy proceedings
against SGH Samenzucht und Grosshandel GmbH & Co. KG i.L. on
Jan. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         SGH Samenzucht und Grosshandel GmbH & Co. KG i.L.
         Attn: Reinhard Koch, Manager
         Riethorst 19
         30659 Hannover
         Germany

The insolvency manager can be contacted at:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hanover
         Germany
         Tel: 0511 325095
         Fax: 0511 329934


SPIELE DISTRIBUTION: Claims Registration Ends February 16
---------------------------------------------------------
Creditors of Spiele Distribution und Marketing GmbH have until
Feb. 16 to register their claims with court-appointed insolvency
manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 408
         4th Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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 Giessen opened bankruptcy proceedings
against Spiele Distribution und Marketing GmbH on Jan. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Spiele Distribution und Marketing GmbH
         Attn: Michael Goll, Liquidator
         Carl-Benz-Ring 1
         35423 Lich
         Germany

The insolvency manager can be contacted at:

         Dr. Jan Markus Plathner
         c/o Rae Brinkmann und Kollegen
         Lyoner Road 14
         60528 Frankfurt/Main
         Germany
         Tel: 069/9623340
         Fax: 069/96233422


STERNEN GASTRONOMIE: Claims Registration Ends February 23
---------------------------------------------------------
Creditors of Sternen Gastronomie GmbH have until Feb. 23 to
register their claims with court-appointed insolvency manager
Christian Zschocke.

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 Konstanz
         Hall 207
         2nd Floor
         Main Building
         Lower Bower 12
         78462 Konstanz
         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 Konstanz opened bankruptcy proceedings
against Sternen Gastronomie GmbH on Jan. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Sternen Gastronomie GmbH
         Attn: Uwe Bruetsch, Liquidator
         Gottlieb-Daimler-Str. 19a
         78224 Singen, Germany

The insolvency manager can be contacted at:

         Christian Zschocke
         Enge Road 2
         78224 Singen, Germany
         

STRZODA BEDACHUNGEN: Claims Registration Ends March 5
-----------------------------------------------------
Creditors of Strzoda Bedachungen GmbH have until March 5 to
register their claims with court-appointed insolvency manager
Harald Schwartz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 19, 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 Amberg
         Room 115
         Meeting Room V
         1 Stick
         Baustadelgasse 1
         Amberg
         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 Amberg opened bankruptcy proceedings
against Strzoda Bedachungen GmbH on Jan. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Strzoda Bedachungen GmbH
         Gruber-Sperl-Str. 2
         93142 Maxhuette-Haidhof
         Germany

The insolvency manager can be contacted at:

         Dr. Harald Schwartz
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/91 10 0
         Fax: 09621/91 10 22
         

TANGENS VERWALTUNGS: Claims Registration Ends March 7
-----------------------------------------------------
Creditors of Tangens Verwaltungs GmbH i.L. have until March 7 to
register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Bad Kreuznach
         Hall 406
         Ringstrasse 79
         55543 Bad Kreuznach
         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 Bad Kreuznach opened bankruptcy
proceedings against Tangens Verwaltungs GmbH i.L. on
Dec. 27, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Tangens Verwaltungs GmbH i.L.
         Johann-Steffen-Str. 2
         56869 Mastershausen
         Germany

The insolvency manager can be contacted at:

         Jens Lieser
         Josef-Goerres-Place 5
         56068 Koblenz
         Germany
         Tel: 0261/30479-0
         Fax: 0261/9114729
         E-mail: info@lieser-rechtsanwaelte.de
         

TOGOSTRASSE 11: Creditors' Meeting Slated for March 16
------------------------------------------------------
The court-appointed insolvency manager for Togostrasse 11
Vermietungs- und Verwaltungs-GmbH & Co. Beteiligungs KG,
Christoph Schulte-Kaubruegger, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:05 a.m. on March 16.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on June 15, at the same venue.

Creditors have until April 16 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Togostrasse 11 Vermietungs- und Verwaltungs-
GmbH & Co. Beteiligungs KG on Dec. 27, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Togostrasse 11 Vermietungs- und
         Verwaltungs-GmbH & Co. Beteiligungs KG
         Kurfuerstenstr. 56
         10785 Berlin
         Germany

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


WARDWELL EUROPE: Creditors' Meeting Slated for February 21
----------------------------------------------------------
The court-appointed insolvency manager for Wardwell Europe GmbH,
Udo Feser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
Feb. 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on June 6, at the same venue.

Creditors have until April 4 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Wardwell Europe GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wardwell Europe GmbH
         Rhinstrasse 137
         10315 Berlin
         Germany

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany


===========
G R E E C E
===========


ASPIS BANK: Fitch Affirms BB+ IDR with Stable Outlook
-----------------------------------------------------
Fitch Ratings revised the Outlook on Greece-based Aspis Bank's
Issuer Default rating to Positive from Stable.  At the same
time, the agency has affirmed the bank's ratings at IDR 'BB+',
Short-term 'B', Individual 'C/D' and Support '5'.

"Aspis's operating profitability and cost efficiency - albeit
still weaker than that of its bigger Greek peers' - have
improved in 2005 and 9M06.  If sustained, these trends should
support the bank's standing in an increasingly competitive Greek
market," says Cristina Torrella, Director in Fitch's Financial
Institutions team.

A EUR53 million common share issue in December 2006 supports
future growth. The latter boosted Aspis's capital base, raising
its Tier 1 capital ratio to a sound 11.2% from 7.7% at the end
of third quarter of 2006.  "If the bank continues its positive
development with regards to operating profitability, cost
efficiency and reducing credit risk concentration without
compromising its risk profile or significantly eroding its
capitalization, the bank's IDR could be upgraded within the next
12 to 24 months," adds Ms. Torrella.

While reflecting its better-contained costs and solid niche
franchise in Greece's residential mortgage market, the ratings
also take into account Aspis's small size, still heavy cost
base, below-average asset quality and concentration in corporate
loan book.  At end of third quarter of 2006, impaired loans
represented a high 8.3% of gross loans and were only just
adequately provided for at 30%.  At the same time, Aspis's 20
biggest corporate loans amounted to 2.2 times eligible capital
with two loans exceeding 20% of eligible capital.  However, the
agency acknowledges that a fair share of those loans is
collateralized and that this concentration has fallen with the
bank's growing capital base.

Aspis's risk profile continues to benefit from a high share of
lower-risk residential mortgages, about a third of which are
state-subsidized.  Higher-risk loans like consumer loans and
credit cards still account for a relatively small percentage of
total loans.  The bank's liquidity has been supported by strong
retail deposit growth in 9M06 and is in Fitch's view sound.

Aspis is the 10th-largest bank in Greece by total assets, with a
1.2% market share of loans and 1.1% of deposits at end-2005.
Focused on Greece, it had 69 branches and 1,026 staff at end-
Q306 and offers a full range of banking and bancassurance
products.  As of mid-December 2006, Aspis Pronia General
Insurance Company its various affiliates owned 54.8% of the
bank, ABN AMRO 4.2% and institutional shareholders 15.2%; the
balance is listed on the Athens Stock Exchange.


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


ZOO HF: S&P Assigns BB Rating to EUR5 Million Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Zoo
HF 3 PLC's EUR127.00 million asset-backed floating-rate notes.

The ratings assigned to the notes reflect the credit enhancement
provided by the subordinated classes, the structure of the
transaction, and the diversification of the asset pool, which
was subjected to various stresses by Standard & Poor's.
   
                        Ratings Assigned
                          Zoo HF 3 PLC
   
            Class        Rating     Amount (EUR mil)
            -----        ------     ----------------
            A            AAA             94.50
            B            AA               8.00
            C            A                6.50
            D            BBB             12.50
            E            BB               5.50
            F            NR              18.00


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


UNIONFIDI: Weak Asset Quality Cues Fitch to Affirm Low-B Ratings
----------------------------------------------------------------
Fitch Ratings affirmed Italy-based Unionfidi's ratings at Issuer
Default 'BB+' with a Stable Outlook, Short-term 'B' and Insurer
Financial Strength 'BBB-'.

The ratings reflect UPI's scarce capitalization, weaker asset
quality relative to some of its peers and frail profitability.
They also take into account its good competitive position,
improving internal organization and low market risk.

UPI is expanding its geographical coverage.  It recently opened
three offices outside Piedmont and cooperates with other confidi
based in other Italian regions, thus helping it to sustain
growth.  In 2006, about 21% of new guarantees were issued
outside its historical area.

UPI's operating profitability is volatile.  Fees grew
significantly in 2006 as a result of revised pricing and higher
volumes.  Operating expenses decreased as management sought to
improve efficiency.  Management expects loan loss provisions to
increase slightly in 2006 following higher business volumes.

UPI has adequate credit assessment systems and its guarantee
book is well diversified by sector and single borrower.  Since
2002, UPI's guarantee book has gradually deteriorated, partly
reflecting weaknesses in the local economy.  At end-September
2006, problem guarantees were equal to EUR23 million or a
relatively high 44% of its equity plus loan loss reserves.  
Recoveries on problem guarantees are rising, thanks to
increasing use of counter-guarantees and an improved recovery
process.

At end-November 2006, UPI had EUR960 million gross guarantees
outstanding.  The European Investment Fund and the Central
Guarantee Fund counter-guarantee some of UPI's transactions.  
The combined use of counter-guarantees, structured products and
a credit default swap, entered with a major Italian bank by end-
2006, reduced by about 50% the credit risk of its guarantee
portfolio.

UPI's market risk is low and adequately monitored; it is not
exposed to equities or derivatives.

At end-2005, UPI's capital base was small at EUR23 million, both
in absolute terms and relative to the level of total and problem
guarantees.  However, UPI's equity grew by about 8% during 2006,
thanks to larger net income and increased share premiums paid by
its SME members.  Aware of the need to strengthen its capital,
management is trying to put in place a capital increase that
would yield a maximum of EUR8 million fresh capital.

UPI is a regional confidi that provides credit guarantees to
SMEs.  It was set up in 1975 and is based in Turin, in the
region of Piedmont. Given its size, Fitch expects UPI to qualify
as a financial intermediary under Article 107 of the Italian
Banking Act.  This would mean light supervision from Banca
d'Italia, once regulation by the Italian Ministry of Economy and
Finance and BdI is in place.


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


ADVERTISING-INFORMATIONAL: Claims Registration Ends March 9
-----------------------------------------------------------
LLP Advertising-Informational Centre has declared insolvency.  
Creditors have until March 9 to submit proofs of claim at:

         LLP Advertising-Informational Centre
         Shevchenko Str. 119-35
         Taldykorgan
         Almaty Region
         Kazakhstan


AIDOSOV & K: Claims Registration Period Ends March 9
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
has declared LLP Aidosov & K insolvent on Dec. 7, 2006.

Creditors have until March 9 to submit proofs of claim at:

         LLP Aidosov & K
         Suleimenov Str. 17(11a)
         Taraz
         Jambyl Region
         Kazakhstan


AK-BULAK TRADE: Claims Registration Period Ends March 9
-------------------------------------------------------
LLP Ak-Bulak Trade has declared insolvency.  Creditors have
until March 9 to submit proofs of claim at:

         Amangeldy Str. 14
         B. Ashekeev
         Karasai district
         Almaty Region
         Kazakhstan


ALORA OIL: Almaty Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
commenced bankruptcy proceeding against LLP Alora Oil Group on
Dec. 15, 2006.


ALTAY SERVICE: Claims Registration Period Ends March 9
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Altay Service Centre insolvent.

Creditors proofs of claim will be accepted until March 9 at:

         LLP Altay Service Centre
         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-77-29


COMPANY PRINCIPE: Creditors Have Until March 9 to Submit Claims
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
regionhas declared LLP Company Principe insolvent on Dec. 13,
2006.

Creditors have until March 9, to submit written proofs of claim
to:

         LLP Company Principe
         Valihanov Str. 145
         Semipalatinsk, Office 3
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 3222 56-21-57
              8 333 212 41-64


INNOVATION-CONSULTING: Claims Registration Period Ends March 9
--------------------------------------------------------------
LLP Innovation-Consulting Centre "Innotechs" has declared
insolvency.  Creditors have until March 9 to submit proofs of
claim at:

         LLP Innovation-Consulting Centre
         Office 61
         Tulebaev Str. 32
         Almaty
         Tel: 8 (3272) 71-42-59


MANGISTAU PROD: Claims Registration Period Ends March 9
-------------------------------------------------------
LLP Mangistau Prod Product has declared insolvency.  Creditors'
proofs of claim will be accepted until March 9 at:

         LLP Mangistau Prod Product
         59a-40
         Micro District 14
         Akatu
         Mangistau region
         Kazakhstan
         Tel: 8 (3292) 42-93-42


SENIM-AUDIT: Claims Registration Period Ends March 9
----------------------------------------------------
LLP Senim-Audit has declared insolvency.  Creditors proofs of
claim will be accepted until March 9 at:


         LLP Senim-Audit
         Gabdulin Str. 8
         kent Issyk-Ata
         Mahtaaralsky district
         South Kazakhstan region
         Kazakhstan


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


ASKA HOLDING: Creditors Must File Claims by March 16
----------------------------------------------------
Aska Holding Ltd. (INN 02301200410066) has declared insolvency.
Creditors have until March 16 to submit written proofs of claim
to:
     
         Aska Holding Ltd.
         Turusbekov Str. 47
         Bishkek, Kyrgyzstan


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


LECTA SA: Moody's Puts Low-B Ratings to Proposed EUR648-Mln Debt
----------------------------------------------------------------
Moody's Investors Service assigned to Lecta S.A.:

   -- a Ba3 Corporate Family Rating;

   -- a provisional (P)Ba3 to the proposed EUR473-million
      Senior Secured Floating Rate Notes due 2014; and

   -- a provisional (P)B1 to the proposed EUR175-million
      Senior Unsecured Floating Rate Notes due 2014.  

The outlook for all ratings is stable.

"The Ba3 CFR is a reflection of Lecta's leading market positions
in its core South European markets of coated wood free paper,
the well-managed asset base, the favorable product mix as well
as the expectation of an industry-wide price recovery in the
latter half of 2007, which should help to bolster the company's
financial profile going forward," said Martin Kohlhase, Moody's
lead analyst for the European pulp and forest products industry.

However, the rating remains constrained primarily by:

   (i) the low degree of pulp integration exposing the company
       to periods of high pulp prices;

  (ii) the private equity shareholder, which over the last 10
       years has been very supportive to Lecta's financial
       profile -- no significant dividend payments, moderate
       leverage, support of a sizeable capex program in the
       last few years.

Moody's is cautious to what extent the shareholder would show
similar restraint, albeit within the limits of the bond
documentation, in the face of strengthened cash flows, which
could limit the positive impact of a potential industry recovery
for Lecta.

The stable outlook on Lecta's ratings incorporates the
expectation -- but is not conditional to -- a price recovery for
coated paper grades following capacity closures in Europe, which
should be the primary driver to a strengthening financial
profile, given that the company already operates at a very
efficient level.  Throughout 2007 Moody's also does not expect
that volatile input prices -- energy and pulp being the dominant
variables -- should have a similarly negative impact as over the
past two years.  

At the same time, Moody's said that the assigned ratings
incorporate the possibility of either a marginally more
shareholder-friendly dividend and capital structure policy or
some weakening of Lecta's financial profile due to pulp or paper
price fluctuations.  Apart from bolt-on acquisitions in the
paper distribution business in its core South European markets
and the co-generation plant in Italy, Moody's has not factored
into the rating any large debt-financed acquisitions or larger
capital expansion programs.

Lecta will use the proceeds from the issuance of the bonds,
EUR648-million, to repay existing credit facilities of EUR748.5-
million and will simultaneously enter into an agreement for a
EUR100-million bridge facility for a securitization program. A
new, EUR75-million multi currency revolving credit facility of
which EUR60-million will be committed, is expected to be un-
drawn at signing and only moderately used over the coming 12-
month period.  The revolver will be secured by shares, certain
bank accounts and receivables, and will be guaranteed by Lecta's
main operating companies.

The proposed secured and unsecured notes are both issued by
Lecta S.A., a holding company and are guaranteed on a
secured/unsecured basis by all major subsidiaries with the
exception of the French operating entity Condat S.A.  Due to the
security provided in support of the secured notes over
substantially the same assets as the revolver and the relatively
small amount of the senior secured bank and hedging transaction
debt, the secured notes have been rated at the same level as the
CFR.  The senior unsecured notes will be effectively
subordinated to all liabilities, including those to trade
creditors, and have been rated one notch below the CFR.

Lecta S.A., with legal headquarters in Luxembourg and its main
domicile in Paris/France, is a leading coated wood free paper
manufacturer in Spain, Italy and France.  The company also has a
Specialty paper division and distribution business in the
Iberian market.  During the first nine months of 2006 Lecta
recorded sales of EUR1.43 billion and employed around 4,700
people per Dec. 31, 2006.


LECTA SA: S&P Gives B Rating to EUR175 Million Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
and 'B' short-term corporate credit ratings to Luxembourg-based
paper manufacturer Lecta S.A.  The outlook is stable.  

At the same time, EUR473 million in proposed senior secured
floating rate notes and EUR175 million in proposed senior
unsecured floating rate notes were assigned long-term issue
credit ratings of 'BB-' and 'B', respectively. The secured issue
was assigned a recovery rating of '3'.

"The ratings on Lecta reflect its exposure to the cyclical,
competitive, and currently challenging European coated fine
paper market," said Standard & Poor's credit analyst Andreas
Zsiga.

The group's financial risk profile is aggressive with debt
protection measures that are currently weak for the rating. This
is partly offset by the group's good market position,
competitive and efficient asset base, proximity to key end-
markets, and prospects for medium-term market improvement.

The stable outlook reflects the expectation that Lecta's debt
protection measures will improve.

Ratings upside is very limited given the company's current
underperformance. Factors that could result in an upgrade
include further significant and sustainable deleveraging and
cash flow improvement.

Factors that could result in a downgrade include a protracted
market downturn with sustained pressure on margins and cash
flows.

Any recapitalization resulting in higher debt leverage, or debt-
funded acquisitions would be considered event risk and would be
negative.


=============
R O M A N I A
=============


TRANSELECTRICA SA: Moody's Lifts Ba1 Corp. Family Rating to Baa3
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Transelectrica S.A. to Baa3 from Ba1.  The rating outlook is
stable.

This rating action concludes the review for possible upgrade
initiated on June 7, 2006 and reflects the upgrade of the local
currency rating of the Government of Romania to Baa3 from Ba1 on
6 October 2006, which was prompted by continuing improvements in
Romania's economic institutions and a reduction in the
government's debt burden.  In accordance with Moody's rating
methodology for Government-Related Issuers, Transelectrica's
rating reflects the combination of these inputs:

   -- Baseline credit assessment of 13 (on a scale of 1 to 21,
      where 1 represents the lowest credit risk)

   -- Baa3 local currency rating of the Government of Romania
   -- Medium dependence
   -- High support

According to Moody's, Transelectrica remains satisfactorily
positioned within its baseline credit assessment of 13.  The BCA
reflects Transelectrica's strategic role as owner and operator
of the Romanian transmission grid and an improving financial
profile within a fairly benign regulatory environment.  It is
nonetheless constrained by a weak liquidity position resulting
from an extensive capital investment programme and limited
committed undrawn debt facilities.

There have been no changes to Transelectrica's dependence or
support inputs as a result of this rating action.

Transelectrica, headquartered in Bucharest, Romania, is the
electricity transmission system and market operator in Romania.  
In 2005, the company's turnover was ROL1.7 billion (about EUR480
million).


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


AGRO-COM CJSC: Creditors Must File Claims by February 13  
--------------------------------------------------------
Creditors of CJSC Agro-Com have until Feb. 13 to submit written
proofs of claim to:

         A. Stepanov, Insolvency Manager
         Post User Box 169
         Central Post Office
         Tver Region
         Russia

The Arbitration Court of St. Petersburg and Leningrad Region
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A58-37675/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Agro-Com
         Voyskorovo
         Tosnenskiy Region
         Leningrad Region
         Russia


CHERNYSHIKHINSKOYE OJSC: Bankruptcy Hearing Slated for April 10
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene on
April 10 to hear the bankruptcy supervision procedure on OJSC
Chernyshikhinskoye.  The case is docketed under Case No.
A43-30917/2006-24-566.

The Temporary Insolvency Manager is:

         S. Buslaeva
         Room 7
         Iv. Romanova Str. 20
         603002 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Chernyshikhinskoye
         Chernyshikha
         Kstovskiy Region
         606229 Nizhniy Novgorod Region
         Russia


CHIMEEVKSKIY SPRING: Bankruptcy Hearing Slated for April 25
-----------------------------------------------------------
The Arbitration Court of Kurgan Region will convene at 10:30
a.m. on April 25 to hear the bankruptcy supervision procedure on
LLC Chimeevkskiy Spring.  The case is docketed under Case No.
A34-7578/2006.

The Temporary Insolvency Manager is:

         A. Maslakov
         Office 212
         Myagotina Str. 123
         640000 Kurgan Region
         Russia

The Debtor can be reached at:

         LLC Chimeevkskiy Spring
         Chimeevo
         Belozerskiy Region
         641254 Kurgan Region
         Russia


FATEKS+ CJSC: Creditors Must File Claims by Feb. 13  
---------------------------------------------------
Creditors of CJSC Fateks+ have until Feb. 13 to submit written
proofs of claim to:

         V. Zorov, Temporary Insolvency Manager
         K. Marksa Str. 9
         Kineshma
         155800 Ivanovo Region
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-42091/06-44-897B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Fateks+
         Shkulerova Str. 17
         109263 Moscow Region
         Russia


KUEDINSKIY DIARY: Creditors Must File Claims by March 13  
--------------------------------------------------------
Creditors of LLC Kuedinskiy Diary have until March 13 to submit
written proofs of claim to:

         N. Vokhmina, Insolvency Manager
         Geroev Khasana Str. 45B
         614064 Perm Region
         Russia

The Arbitration Court of Perm Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A 50-10716/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Kuedinskiy Diary
         Komsomolskaya Str. 58
         Kueda
         Perm Region
         Russia


LUKOIL OAO: Unit Hikes 2006 Output by 51.2% to 5.3 Million Tons
---------------------------------------------------------------
Lukoil Overseas, a unit of Lukoil OAO, released its preliminary
results of operational and economic activities in 2006.

Oil and gas condensate production of the international projects
of Lukoil Overseas, comprising all of Lukoil's international
upstream projects with the exception of Tengiz, have reached 5.3
million tons of oil -- 5.6 % of Lukoil's total oil production --
an increase of 51.2% year-on-year.  Gas production amounted to
1.75 billion cubic meters (11% of Lukoil's gas production), an
increase of 5.2%.

Similar to last year, the largest volume of work was carried out
in Kazakhstan.  In particular, construction of production
facilities and new well drilling was being undertaken at the
Kumkol field, Kyzylorda Region.  A new oil treatment and pumping
unit with annual capacity of four million tons of oil, plus 8
million tons of water for injection into the reservoir, was
commissioned there.

At the Karachaganak field, West Kazakhstan Region, hydrocarbon
production reached the level of 11.9 billion cubic meters of gas
and 10.4 million tons of gas condensate.  An agreement was
signed to increase gas shipments to the Orenburg Gas Plant,
where a joint Russian-Kazakhstan gas-processing venture has been
established.    A new economical export route for Karachaganak
crude from the field to Samara and the Transneft trunk pipeline
system, wherefrom oil crude can be directed either to Black Sea
or Baltic ports or directly to Central Europe via Druzhba oil
pipeline.  Preparation for the construction of the Karachaganak-
Uralsk gas line to supply up to 500 million cubic meters of gas
to consumers in West Kazakhstan Region has been completed.  

On Nov. 2, 2006, Lukoil Overseas signed an agreement to farm
into TOO Zhambai, the contractor under the PSA on two offshore
blocks, Zhambai South and South Zaburuniye, with a total area of
2,000 square kilometers, located in shallow water and the
transitional zone of Kazakhstan's sector of the Caspian Sea,
with a 25% interest.  Earlier, a detailed 2D seismic survey was
performed on the blocks, as a result of which three prospects,
Edil, Kosarna and Karabulak, were identified.

The project will be implemented jointly with KazMunaiGas, the
national oil and gas company, and Repsol Exploracion Kazakhstan
of Spain.

The Kandym-Khauzak-Shady-Kungrad project in Uzbekistan, which is
being carried out jointly with Uzbekneftegas, the national
holding company, came very close to Kazakhstan projects in 2006
in terms of scope of work and investment.  During the year
intensive development drilling continued at the Khauzak field,
Bukhara-Khiva Region, as well as the construction of a gas
treatment plant, gas gathering stations, camp, motor road and
power line.   First commercial gas will be produced here late
this year.  Active operations continued at other PSA sites, in
particular, exploration on the Kungrad acreage, Ust'yurt Region.  
As for now, it is the largest investment project in Uzbekistan.

On Aug. 30, 2006, the PSA for Exploration and Development of
Hydrocarbon Deposits in the Uzbek Sector of the Aral Sea was
signed.  a consortium of investors comprised of Uzbekneftegas,
Lukoil Overseas, Petronas Carigali Overseas (Malaysia), CNPC
International (China) and KNOC (Korea) will implement the PSA.  
Each member of the Consortium holds an equal share interest in
the project.  In December 2006 the parties of the consortium
signed a joint operating and single operating agreement and
called a tender to select the contractor for acquisition of a
seismic survey, which is due to start in March 2007.  The three-
year exploration program includes a 2D seismic survey and the
drilling of two exploration wells.

On Dec. 15, 2006 the consortium, which Lukoil Overseas is a part
of, developing the Shah-Deniz maritime gas condensate field in
Azerbaijan started commercial hydrocarbon production from the
first well, which is 6,500 meters deep and was drilled from a
stationary platform in 105 meters of water.  

The company achieved considerable success in its Middle Eastern
projects.   At the Anaran onshore exploration project in Iran
being implemented jointly with the Norway's Norsk Hydro,
discovery of commercial oil reserves exceeding two billion
barrels of oil was confirmed after analysis of the results of
exploration drilling on the Azar structure.  It is one of the
world's largest oil discoveries of the current decade.  In June
2006, the National Iranian Oil Company (NIOC) signed
commercialization report for Azar -- giving the parties the
exclusive right to negotiate on further development of the
field.  Negotiations and the drafting of the overall field
development plan are expected to be completed this spring.

On Feb. 18, 2006, Lukoil Overseas and NIOC singed a contract for
the joint geophysical and geological study of Moghan and Lali
prospective blocks located in the South Caspian and Zagros
Basins of Iran, respectively.  Reprocessing and interpretation
of drilling, log, seismic, gravitational and magnetic survey,
and geochemical rock analysis data is being undertaken in the
course of joint operations.  Geological modeling training of
Iranian professionals at a Russian training and operations base
is planned for 2007.

At the gas Block A in the Rub Al-Khali desert in Saudi Arabia
the drilling of the first exploration well on the Tukhman
structure was successfully completed.  Analysis of acquired
geological data has started.  Drilling of the exploration well
on the Malaiha structure is continuing.  The project is being
implemented together with Saudi Aramco, the national petroleum
company.

In 2006 the company's activities in Latin America reached a
qualitatively new level.  On the Condor Block in the Llanos
petroleum basin in Colombia (a joint project with Ecopetrol, the
national oil company) drilling of the first deep exploration
well on the Medina structure was completed successfully.  At
present drilling data is being studied.

In Venezuela, on the Junin-3 block (State of Anzoategui, the
Orinoco extra heavy oil belt) drilling of the first
stratigraphic (parametric) well started under the program to
estimate and certify reserves on one of the most promising oil
blocks in Latin America.  The program is being implemented
jointly by LUKOIL and CVP, the investment arm of PDVSA.  The
size of the block area is 640 square kilometers.  A total of 17
stratigraphic wells will be drilled on the block.

In 2006, Lukoil Overseas significantly expanded its activities
in Africa.  In particular, in July an agreement to acquire a 63%
interest in the exploration, development and production PSA
project on the ultra deepwater block CI-205 from Oranto
Petroleum International was signed.  The block is located in the
Bay of Guinea, 100 kilometers off the coast of Cote d'Ivoire in
deep water.  It is geologically confined to the Tano Basin,
where the Baobab field, the largest in the country, was
discovered.  Earlier, 2D and 3D seismic was acquired over the
block, and exploration drilling is the next step.  The project
is implemented together with the PETROCI Holding, the national
oil company.  Lukoil Overseas has established an office in
Abidjan, the capital of Cote d'Ivoire.

In August 2006, Lukoil and Sonatrach, the Algerian national oil
and gas company, signed the Memorandum of Cooperation in the
Area of Oil and Gas.  The Memorandum provides for cooperation
between LUKOIL and Sonatrach in Algeria and Russia, and in third
countries.  Lukoil Overseas has opened an office in the capital
of Algeria.

On Oct. 31, 2006, as result of talks between the Presidents of
Russia and Angola, the chief executives of LUKOIL and Sonangol,
signed a Memorandum of Understanding.

                         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.


MAXI CJSC: Court Names S. Kurochkin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. S. Kurochkin as Insolvency Manager for CJSC Agency
Maxi (TIN 7808030552).  He can be reached at:

         S. Kurochkin
         Post User Box 0620
         170100 Tver-100
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-43793/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Agency Maxi
         Suvorovskiy Pr. 50/52
         191015 St. Petersburg Region
         Russia


NEZHNEVARTOVSKIY CITY: Creditors Must File Claims by March 13  
-------------------------------------------------------------
Creditors of CJSC Nezhnevartovskiy City Diary have until
March 13 to submit written proofs of claim to:

         A. Plotnikov, Insolvency Manager
         Kominterna Str. 11a-111
         620078 Ekaterinburg Region
         Russia

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A 75-3802/2006.

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC Nezhnevartovskiy City Diary
         Zavodskaya Str. 25
         Nizhnevatrovsk
         628000 Khanty-Mansiyskiy autonomous region
         Russia


OB'-POLYMER CJSC: Asset Sale Slated for February 13
---------------------------------------------------
LLC Financial and Legal Consultants, the bidding organizer for
CJSC Ob'-Polymer, will open a public auction for the company's
properties at 11:00 a.m. on Feb. 13 at:

         LLC Financial and Legal Consultants
         6th Floor
         Krasina Str. 7a
         Tyumen Region
         Russia

Interested participants have until Feb. 9 to deposit an amount
equivalent to 10% of the starting price to:

         CJSC Ob'-Polymer
         Settlement Account 40702810000160000165 in branch OJSC
         Khanty-Mansiyskiy Bank
         Correspondent Account 3010181010000000740
         BIK 047162740

Bidding documents must be submitted by 11:00 a.m. on Feb. 12 to:

         LLC Financial and Legal Consultants
         6th Floor
         Krasina Str. 7a
         Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Ob'-Polymer
         Lazareva Str. 11
         Nyagan
         Khanty-Mansiyskiy Autonomous Region-Yugra
         628183 Tyumen Region
         Russia


ORLYANSKOYE OJSC: Court Names I. Ryumin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. I. Ryumin
as Insolvency Manager for OJSC Orlyanskoye.  He can be reached
at:

         I. Ryumin
         Office 37
         Moskovskoye Shosse 20
         Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-1078/2006.

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         OJSC Orlyanskoye
         Sergievskiy Region
         Verkhnyaya Orlyanka
         Samara Region
         Russia


POLYMER-PAK CJSC: Court Names Y. Kushenko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. Y. Kushenko
as Insolvency Manager for CJSC Polymer-Pak.  She can be reached
at:

         Y. Kushenko
         Post User Pox 9271
         644029 Omsk-29
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-12667/2006.

The Debtor can be reached at:

         CJSC Polymer-Pak
         Krasnoyarskiy Trakt 155
         644035 Omsk Region
         Russia


RAZDOLYE CJSC: Creditors Must File Claims by Feb. 13  
----------------------------------------------------
Creditors of CJSC Razdolye have until Feb. 13 to submit written
proofs of claim to:

         V. Smirnykh, Temporary Insolvency Manager
         Popova
         Vargashinskiy Region
         641237 Kurgan Region
         Russia

The Arbitration Court of Kurgan Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-34-7534/2006.

The Debtor can be reached at:

         CJSC Razdolye
         Popova
         Vargashinskiy Region
         641237 Kurgan Region
         Russia


ROSNEFT OIL: Russia Mulls Selling 25% Stake in Secondary Sale
-------------------------------------------------------------
OAO Rosneft Oil Co. considers selling another block of its
shares to the public following a successful US$10.6-billion
initial public offering in July 2006, Bloomberg News reports
citing Interfax News.

Valery Nazarov, head of Russia's Federal Property Management
Agency, told Interfax that the government might sell 25% of its
stake in Rosneft in a secondary share sale.

"We think it's enough if the Russian Federation keeps a
controlling stake," Mr. Nazarov said.  "When that actually
happens depends on market conditions and a government decision."

Nikolai Manvelov, a Rosneft spokesman, declined to comment on
Mr. Nazarov's statements.

                       About Rosneft

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

                        *     *     *

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

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


ROSNO OAO: Moody's Puts Ba1 Insurance Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned a first-time global scale
insurance financial strength rating of Ba1 to the Russian
insurer OAO ROSNO, Moscow, Russia.  The rating outlook is
stable.  

At the same time, Moody's Interfax Rating Agency assigned a
Aa1.ru national scale rating to ROSNO.

ROSNO is a top 4 insurer in Russia and has a high degree of
business diversification, focusing mostly on property, motor and
voluntary medical insurance.  The company is majority owned by
two shareholders, AFK Sistema, a Russian conglomerate with
investments in telecommunications, IT, real estate and financial
services with a 49.2% stake and Allianz SE, a major
international insurance group headquartered in Munich, Germany,
with a 47.3% stake.  Both shareholders have substantial
financial resources to support ROSNO's future growth.  Moody's
also notes ROSNO's well-developed distribution network, prudent
asset allocation policy and established track record of
profitability, as evidenced by a combined ratio of less than
100% in each of the last 5 years.

This is offset by ROSNO's relatively low capitalization (Gross
Underwriting Leverage of 668% as of year-end 2005), high expense
ratio (41.7% in 2005), varying profitability by line of
business, as well as lack of geographic diversification outside
the country.

Timour Boudkeev, Vice President -- Senior Credit Officer and
lead analyst for ROSNO at Moody's, said: "ROSNO is clearly one
of the leading and most established insurers in Russia with a
strong management team and a compelling business model, and its
Ba1 insurance financial strength and Aa1.ru national scale
ratings reflect that.  At the same time, the company's ratings
are constrained by its lean capitalization and the operating
risks inherent in the increasingly competitive Russian insurance
market."

Commenting on what could result in upward pressure on ROSNO's
IFSR, Moody's mentioned these factors: Gross Operating Leverage
based on IFRS, defined as [Gross Premiums Written + Gross
Technical Reserves] / Shareholders' Equity, consistently below
400%, strong profitability in P&C as evidenced by a sustained
combined ratio below 95% across the insurance cycle and/or an
improvement in the credit quality of the fixed income portfolio.

Conversely, negative rating pressure could develop in the event
of a decrease in profitability as evidenced by a combined ratio
above 105%, a riskier asset profile, with equities and real
estate exceeding 20% of invested assets, weaker capitalization,
downgrade of Russia's sovereign rating and/or material changes
in the ownership structure.

The first-time ratings were assigned:

   * OAO ROSNO -- insurance financial strength rating at Ba1,
                  stable outlook;

   * OAO ROSNO -- national scale rating at Aa1.ru.

Based in Moscow, Russia, ROSNO is one of the leading Russian
insurers.  ROSNO had shareholders' equity of US$98.4 million
under International Financial Reporting Standards as of Dec. 31,
2005.  For FY 2005, it reported Gross Premiums Written of
US$549.6 million and net income of US$20.2 million.


SIBERIAN BEARING: Creditors Must File Claims by March 13  
--------------------------------------------------------
Creditors of CJSC Siberian Bearing Company have until March 13
to submit written proofs of claim to:

         A. Kolmagorov, Insolvency Manager
         Post User Box 2719
         650070 Kemerovo Region
         Russia

The Arbitration Court of Tomsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A67-9193/06.

The Debtor can be reached at:

         CJSC Siberian Bearing Company
         Geroev Chebarovtsev Str. 30a-135
         634026 Tomsk Region
         Russia


SYLVA LLC: Creditors Must File Claims by February 13  
----------------------------------------------------
Creditors of LLC Poultry Farm Sylva (TIN 2631021983)
have until Feb. 13 to submit written proofs of claim to:

         N. Vokhmina, Temporary Insolvency Manager
         Geroev Khasana Str. 45B
         614064 Perm Region
         Russia

The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A50-16047/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Poultry Farm Sylva
         Sylva
         614503 Perm Region
         Russia


SYNTHESIS A: Creditors Must File Claims by February 13  
------------------------------------------------------
Creditors of CJSC Company Synthesis A have until Feb. 13 to
submit written proofs of claim to:

         M. Orlov, Insolvency Manager
         Post User Box 522
         Central Post Office
         170100 Tver Region
         Russia

The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A66-4709/2002.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         CJSC Company Synthesis A
         Apartment 5
         Sklizkova Str. 29
         Tver Region
         Russia


VOLTAYR-EKSIM CJSC: Creditors Must File Claims by March 13
----------------------------------------------------------
Creditors of CJSC Voltayr-Eksim have until March 13 to submit
written proofs of claim to:

         M. Galimov, Temporary Insolvency Manager
         Mendeleeva Str. 18
         Nizhnevatrovsk
         628616 Khanty-Mansiyskiy Autonomous Region
         Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A12-1355/2005-S57.

The Debtor can be reached at:

         M. Galimov, Temporary Insolvency Manager
         Mendeleeva Str. 18
         Nizhnevatrovsk
         628616 Khanty-Mansiyskiy Autonomous Region
         Russia


===============
S L O V E N I A
===============


ABANKA VIPA: Fitch Holds Individual C Rating in Neg. Outlook
------------------------------------------------------------
Fitch Ratings revised the Outlook on Slovenia-based Abanka
Vipa's Issuer Default rating to Stable from Negative.  The
bank's ratings are affirmed at IDR 'BBB', Short-term 'F3',
Individual 'C' and Support '3'.

The revision of the Outlook reflects the development of a long-
term strategy at Abanka and the expected improvement in the
quality of earnings.  Abanka's ratings are underpinned by
reasonable capitalization, decent asset quality, as well as the
strong economic environment in which it operates.

"Fitch takes a positive view of the creation of a formalized
long-term business plan at the bank," says Tim Beck, Director in
Fitch's Financial Institutions Group.  "While the strategy does
not signify a dramatic change in the direction of the bank,
there are new areas of focus.  Retail and SME banking will
increase in importance, as well as there being further expansion
outside Slovenia, mainly to countries of the former Yugoslavia.  
This should create better quality profitability, with lower
reliance on proprietary trading income, though a high appetite
for this remains at the bank."

Abanka intends to grow retail banking at a slightly faster rate
than the market as a whole, with retail lending forecast to grow
to 21% of the portfolio at end-2010 from 18% at end-2006.  
Neverthless, it will remain a predominantly corporate bank.  
Lending outside Slovenia will grow, but still remain moderate at
around 10%-15% of total lending by end-2010.  This will be
predominantly to companies connected to Slovenian corporates and
to a lesser extent subsidiaries of Slovenian corporates.

Important to both its expansion in retail lending and outside
Slovenia is co-operation with the bank's majority shareholder,
Zavarovalnica Triglav, the largest insurance company in
Slovenia.  Abanka intends to sell ZT products, making the
product offering to the customer more attractive, as well as
leveraging ZT's customer base in South Eastern Europe.

Abanka is 33%-owned directly and indirectly by ZT.  The
remainder is held by private companies or individuals, all with
holdings under 10%.  At end-June 2006, Abanka was the third
largest bank in Slovenia, representing 8.8% of the system
assets.


=========
S P A I N
=========


CABLEUROPA SAU: S&P Holds B Credit Rating with Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Spanish cable operator Cableuropa S.A.U. to positive from
stable.  

At the same time, Standard & Poor's affirmed its 'B' long-term
corporate credit rating on the group and its 'CCC+' long-term
debt rating on the senior unsecured debt issued by financing
vehicles ONO Finance PLC and ONO Finance II PLC and guaranteed
by Cableuropa.

At Sept. 30, 2006, Cableuropa had EUR550 million of senior
unsecured notes rated by Standard & Poor's.

Cableuropa continued to improve its operating and financial
metrics in 2006, despite the challenges of integrating and
transforming Auna TLC.  Specifically, the company improved its
operating margin to 35% and lowered its ratio of Standard &
Poor's-adjusted gross debt to last-quarter annualized EBITDA to
6.6x at Sept. 30, 2006.  The company also achieved positive
EBITDA minus capital expenditures for the combined group for the
first time ever.  Continuing operating and financial improvement
and shareholder financial support remain key supporting factors
for the rating.

That said, Cableuropa continues to face a number of challenges
and must show improvement in several critical areas for an
upgrade over the medium term. Specifically, it must complete
Auna's integration and turnaround after Auna's lower sales
during 2006; significantly increase sales and EBITDA to reduce
leverage and maintain adequate headroom under the covenants of
its bank facility; and stem its significant negative free cash
flow generation.

"The positive outlook reflects the possibility of an upgrade
over the medium term if Cableuropa continues to significantly
increase its earnings; completes the integration and turnaround
of Auna; reaches positive free operating cash flow and
materially reduces leverage," said Standard & Poor's credit
analyst Leandro de Torres Zabala.  "Given our operating and
financial expectations for the group, we do not expect this to
happen in 2007."


ONO FINANCE: S&P Junks Long-Term Senior Unsecured Debt
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Spanish cable operator Cableuropa S.A.U. to positive from
stable.  

At the same time, Standard & Poor's affirmed its 'B' long-term
corporate credit rating on the group and its 'CCC+' long-term
debt rating on the senior unsecured debt issued by financing
vehicles ONO Finance PLC and ONO Finance II PLC and guaranteed
by Cableuropa.

At Sept. 30, 2006, Cableuropa had EUR550 million of senior
unsecured notes rated by Standard & Poor's.

Cableuropa continued to improve its operating and financial
metrics in 2006, despite the challenges of integrating and
transforming Auna TLC.  Specifically, the company improved its
operating margin to 35% and lowered its ratio of Standard &
Poor's-adjusted gross debt to last-quarter annualized EBITDA to
6.6x at Sept. 30, 2006.  The company also achieved positive
EBITDA minus capital expenditures for the combined group for the
first time ever.  Continuing operating and financial improvement
and shareholder financial support remain key supporting factors
for the rating.

That said, Cableuropa continues to face a number of challenges
and must show improvement in several critical areas for an
upgrade over the medium term. Specifically, it must complete
Auna's integration and turnaround after Auna's lower sales
during 2006; significantly increase sales and EBITDA to reduce
leverage and maintain adequate headroom under the covenants of
its bank facility; and stem its significant negative free cash
flow generation.

"The positive outlook reflects the possibility of an upgrade
over the medium term if Cableuropa continues to significantly
increase its earnings; completes the integration and turnaround
of Auna; reaches positive free operating cash flow and
materially reduces leverage," said Standard & Poor's credit
analyst Leandro de Torres Zabala.  "Given our operating and
financial expectations for the group, we do not expect this to
happen in 2007."


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


DOLE FOOD: Moody's Cuts Low-B Ratings on Weak Performance
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of Dole Food
Company Inc. as follows:

   -- corporate family rating to B2 from B1;
   -- probability of default rating to B2 from B1;
   -- senior secured bank credit facilities to Ba3 from Ba2;
   -- senior unsecured notes to Caa1 from B3; and
   -- various shelf registrations to (P)Caa1 from (P)B3.  

The outlook is stable.

The downgrade reflects Dole's weaker than expected operating
performance, continuing competitive pressures in its key
European banana markets, and debt protection measures which are
much weaker than those consistent with its prior rating
category. The company's ratings reflect its high earnings and
cash flow volatility, its high leverage and very weak debt
protection measures, its exposure to commodity markets as well
as such uncontrollable factors as weather or political
regulations on key product markets such as bananas. These
challenges are partially offset by Dole's strong brand and
market position, its good product diversification, and its solid
geographic diversification of raw material supply.

The stable outlook reflects Moody's expectation that Dole's
operating performance will stabilize, that the company will work
to reduce debt and leverage over the next few years, and that
the company will manage its acquisition activity and financial
policy in such a way that will maintain its debt protection
measures at levels consistent with its rating.

Ratings downgraded are as follows:

   * Dole Food Company, Inc.

     -- Corporate family rating to B2 from B1;

     -- Probability of Default rating to B2 from B1;

     -- US$225-million senior secured 7-year term loan to Ba3
        (LGD 2/23%) from Ba2 (LGD 2/20%)

     -- Senior secured 7-year pre-funded letter of credit
        facility to Ba3 (LGD 2/23%) from Ba2 (LGD 2/20%)

     -- Senior unsecured notes to Caa1 (LGD 5/78%) from B3 (LGD
        5/77%);

     -- Senior unsecured shelf to (P) Caa1 (LGD 6/97%) from (P)
        B3 (LGD 6/97%);

     -- Senior subordinated shelf to (P) Caa1 (LGD 6/97%) from
        (P) B3 (LGD 6/97%); and

     -- Junior subordinated shelf to (P) Caa1 (LGD 6/97%) from
        (P) B3 (LGD 6/97%)

   * Solvest, Ltd.

     -- US$750-million senior secured 7-year term loan to Ba3
        (LGD 2/23%) from Ba2 (LGD 2/20%)

Dole Food Company, Inc., headquartered in Westlake Village,
California, has revenues of about US$6 billion.


STENA AB: Moody's Rates Proposed EUR300-Mln Notes at (P)Ba3
-----------------------------------------------------------
Moody's Investors Service changed the outlook on all Stena AB's
ratings to positive from stable and assigned a (P)Ba3 rating to
its proposed EUR300-million notes due 2017.

"The outlook-change to positive, reflects a continued improving
trend of Stena's operating performances in all its line of
business, as well as an expectation that Stena's consolidated
performance will demonstrate greater resilience going forward"
says Marco Vetulli, Vice-President -- Senior Analyst and the
lead analyst at Moody's for the European Shipping sector.  The
ferry division, in face of modest revenue growth, substantially
increased operating profitability as the benefits of cost
control policies deployed by the group took full effect.
Moreover, the turnaround of the ferry division can now be
considered successfully achieved following the double shocks
suffered by the business starting in the late 90s' following the
fall of the duty free activities and the increase of competition
of low cost airlines; Moody's believes that the ferry division's
profitability should be better assured going forward.  Other
shipping activities improved markedly resulting from good
charters rate and sale of assets exploiting good market
conditions.

Notwithstanding that this line of business is expected to remain
volatile, Stena's good customers base and current good market
environment should provide cushion over the short term.  The
shipping activities were further buoyed by the group's drilling
activities, which recorded very strong results after a number of
years of weak conditions.  The contribution of real estate
activities remained relatively stable at about 10% of total
revenues and about 15% of total EBITDA despite accounting for
around 40% of total adjusted debt.  Based on historical results
of the last five years Stena's rating continues to strengthen in
its Ba2 category under Moody's rating methodology for the global
shipping industry.  Further reduction in net indebtedness and
continued performance improvements could to lead to an improved
rating of Ba1 over the next 12-18 months."

Stena AB ratings are:

   -- Corporate Family: Ba2;
   -- Senior Unsecured Notes: Ba3;
   -- New Senior Unsecured Notes: (P)Ba3; and
   -- Outlook: Positive.

Moody's last rating action was on Nov. 20, 2003.

Headquartered in Gothenburg, Stena AB, with a consolidated
turnover of around EUR2.5 million, is one of the largest
privately owned groups in Sweden.  Olsson Family controls 100%
of the share capital of the Company.  Stena AB is a holding
company which controls the main business of the Group, currently
organized into five main business divisions:

   * Ferry Operations;
   * Shipping;
   * Offshore Drilling;
   * Real Estate; and
   * Other investment activities.


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


AMBER EXPORT: Creditors' Liquidation Claims Due February 12
-----------------------------------------------------------
Creditors of LLC Amber Export have until Feb. 12 to submit their
claims to:

         Gregor Mrozwski-Krupowies
         Liquidator
         Oberwilerstrasse 32
         6062 Wilen
         Munchwilen
         Thurgau
         Switzerland

The Debtor can be reached at:

         LLC Amber Export
         6060 Sarnen
         Obwalden
         Switzerland


ETOILES & VINS: Creditors' Liquidation Claims Due February 12
-------------------------------------------------------------
Creditors of LLC Etoiles & Vins have until Feb. 12 to submit
their claims to:

         Alfred Grangier
         Liquidator
         Mattenweg 6
         post box: 235
         8905 Islisberg
         Aargau
         Switzerland

The Debtor can be reached at:

         LLC Etoiles & Vins
         Zurich
         Switzerland


JMT TRADING: Creditors' Liquidation Claims Due February 12
----------------------------------------------------------
Creditors of LLC JMT Trading have until Feb. 12 to submit their
claims to:

         JSC JURA TREUHAND
         Liquidator
         Muhlemattstrasse 25
         4104 Oberwil
         Switzerland

The Debtor can be reached at:

         LLC JMT Trading
         Oberwil
         Switzerland


NOVELIS INC: In Sale Talks; India-Based Group May Submit Offer
--------------------------------------------------------------
Novelis Inc. is in talks with various parties that could lead to
a potential sale of the company, Dale Crofts writes for
Bloomberg News.

Bloomberg says Kumar Mangalam Birla's Aditya Birla Group might
make an offer soon following Novelis' disclosure.  However, the
company stated that there could be no assurance that any deal
would happen.

Mumbai-based Aditya Birla Group, the Hindustan Times says, might
make a US$5 billion to US$6 billion deal, citing an unknown
source.

MorningStar Inc. metals analyst Ben Butwin said the Novelis'
recent results were not remarkable and the company suffered
enough debt.  Novelis had a US$170 million loss for the nine-
month period ended Sept. 30, 2006, with US$3.2 billion in debt
and loans outstanding, Bloomberg notes.

According to the data compiled by Bloomberg, the company's
shares rose CDN$8.40 to CDN$44.05 on the Toronto Stock Exchange
last week, which have almost doubled in the past 12 months
surging 24% to a record.  Its market value is about CDN$3.26
billion (US$2.76 billion).

                        Management Changes

On Jan. 2, 2007, Novelis appointed Edward A. Blechschmidt as a
substitute CEO.  Bloomberg relates that the company is looking
for a permanent replacement after ousting Brian W. Sturgell in
August 2006 following a jump in metal prices led to losses.

Mr. Blechschmidt, a board member, succeeded Chairman William T.
Monahan, who had been interim CEO since ousting Mr. Sturgell, an
Alcan Inc. executive VP when he was named as Novelis CEO in
2004, Bloomberg adds.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has around 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has facilities in
Hongkong, Malaysia, Canada, the U.S. and Switzerland, among
others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 20, 2006,
Moody's Investors Service, in connection with its implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors,
confirmed Novelis Inc.'s B1 corporate family rating.  The rating
agency held the bank revolver rating to Ba2 from Ba3, the bank
term loan rating to Ba2 from Ba3, and senior unsecured notes to
B3 from B2.  Moody's also upgraded Novelis Corp.'s bank term
loan rating to Ba2 from Ba3.


PLANUNG - ARCHITEKTUR: Liquidation Claims Due February 12
---------------------------------------------------------
Creditors of Planung-Architektur-Fotografie atelier mouve have
until Feb. 12 to submit their claims to:

         Peter Tschappeler
         Liquidator
         Sahlistrasse 7
         3012 Bern
         Switzerland

The Debtor can be reached at:

         Planung-Architektur-Fotografie atelier mouve
         Berne
         Switzerland


PMT CONSULTING: Creditors' Liquidation Claims Due February 12
-------------------------------------------------------------
Creditors of LLC PMT Consulting have until Feb. 12 to submit
their claims to:

         JSC Industrieberatung Maier
         Liquidator
         Gewerbestrasse 10
         4450 Sissach
         Basel-Country
         Switzerland

The Debtor can be reached at:

         LLC PMT Consulting
         Sissach
         Basel-Country
         Switzerland


SWISSAIR: Former Top Executives Deny Any Wrongdoing in Collapse
---------------------------------------------------------------
Former top executives and board members of Swissair who have
appeared in court all entered a plea of "not guilty" to the
charges filed against them, Bloomberg News reports.  These
charges include damaging creditors, mismanagement, making false
statements about the business, and forging documents.

During the ongoing trial that began Jan. 16 in the District
Court of Buelach near Zurich, most of the other defendants
withheld testimony, with some of them replying only to the
district judge and not the state prosecutor.

Former CEO Mario Corti, who was chief executive of SAirGroup,
Swissair's parent group, prior to its October 2001 demise,
answered most questions, defending himself and criticizing the
prosecution's arguments, Swiss Radio International reports.

"The prosecutors based their [arguments] on the reports of an
expert who doesn't know a thing," Mr. Corti commented during the
second week of the trial.  "I've never had anything to hide," he
added.

Due to the ongoing civil procedures, he declined to comment on
Swissair's CHF243 million (EUR150 million) payment to Belgium's
Sabena airlines in 2001, which was part of the group's strategy
of buying minority shares in a number of smaller airlines.  
Experts claim this may have been a factor in the company's
insolvency, Swiss Radio International relates.

According to reports, Mr. Corti received in advance a salary of
CHF12 million when he took over as SAirGroup chief in March
2001, after the airline posted a CHF2.9 billion loss and debts
of up to CHF15 billion, Swiss Radio International reveals.

Philippe Bruggisser, Swissair's chief executive officer prior to
Mr. Corti, denied that he rearranged assets to hide debts and
raised the company's balance sheet with illegal deals, Bloomberg
News states.

"We didn't do anything wrong," Mr. Bruggisser told the court.  
"We didn't hide money in an over-indebted company as the state
prosecutor claims."

The company's board of directors fired Mr. Bruggisser in January
2001 because they grew tired of his strategy of buying stakes in
airlines such as Sabena.  Swissair's fleet was grounded in
October after the company went bankrupt.

Responding to the question regarding the transfer of a stake in
the ticketing service provider Galileo International Inc. to a
holding unit, Roscor AG, Mr. Bruggisser said that the board
supported the move in 1997 for tax reasons and because it
planned to ultimately sell Galileo in 2001, Bloomberg News
reports.

The state prosecutor alleges that Swissair lost CHF100 million
when Mr. Bruggisser and Chief Financial Officer Georges
Schorderet merged Roscor with SAirLines AG in late 2000.

Swissair also bought a stake in Poland's national carrier,
Polskie Linie Lotnicze LOT SA, and made monthly payments to its
CEO after Austrian Airlines Group reneged on its partnership
deal in 1999, opting to join German rival Deutsche Lufthansa
AG's Star Alliance instead, Bloomberg News relates.

"We had made no efforts to open destinations to the east because
we'd relied on Austrian Airlines to do that and had fed them
Swiss Passengers," said Mr. Bruggisser.

Mr. Bruggisser received almost CHF6 million after he was let go
by the board.  He was paid CHF2.2 million in cash and CHF3.75
million in pension payments.

Swiss billionaire Thomas Schmidheiny also appeared in court,
answered questions, and defended himself, saying that the
airline collapsed not due to board mismanagement but because of
the Sept. 11, 2001, terrorist attacks, Bloomberg News states.

"As long as I was on the board, over-indebtedness was never an
issue," said Mr. Schmidheiny.  "The group was grounded because
of the consequences of September 11," which led to a slump in
aviation travel, he said.

Mr. Schmidheiny, listed by Forbes Magazine as the world's 140th
richest person in 2006, joins former board members Gerhardt
Fischer, Benedict Hentsch, Andres Leuenberger, and Antoine
Hoefliger in pleading "not guilty" at the Zurich trial.

This is the first time that members of a board face criminal
charges for a company's collapse.  The trial is Switzerland's
biggest corporate case and is due to run until March 9.  

                         About Swissair

Swissair collapsed in 2001 after accumulating CHF17 billion in
debt in relation to significant investments in a number of
European airlines including Sabena, Air Liberte of France, and
Turkish Airlines.  It defaulted on the debt during the slump
that followed the Sept. 11, 2001, terrorist attacks in the U.S.


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


MNG BANK: Fitch Holds D/E Rating on Weak Profitability
------------------------------------------------------
Fitch Ratings affirmed Turkey-based MNG Bank's ratings at Short-
term 'B' and Individual 'D/E.  Its foreign and local currency
Issuer Default 'B-', National Long-term 'BBB' and Support '5'
ratings remain on Rating Watch Positive.

The Individual rating reflects MNG Bank's weak profitability,
interest rate risk and stretched capitalization.  Profitability
during 2006 was adversely affected by narrowing margins and
market volatility.  However, most of these losses were
subsequently reversed as markets gradually improved in the third
quarter of 2006.  Additionally, costs remain high relative to
revenues and assets. Cash loans grew 59% in 2005 and an
annualized 44% at the third quarter of 20056 as core corporate
portfolio expanded while retail lending remained marginal.  
Asset quality further improved as non-performing loans declined,
in absolute terms and as a proportion of total loans at end of
third quarter of 2006.  Total capital adequacy ratio was
diminished to 11.3% at end of third quarter of 2006, which Fitch
considers thin in the light of the bank's small size and poor
earnings capability.

MNG Bank plans to maintain its focus on small to medium-sized
companies with substantial foreign trade volumes and to increase
its factoring activity although this strategy has yet to bring
materially improved results.  MNG Bank stands to benefit from a
healthy expansion of its customer base, which remains a main
priority in the medium term.  The bank would benefit from
capital support to fund expansion of core banking activities.

The Issuer Default, National Long-term and Support ratings
remain on RWP pending the successful completion of the 91%
acquisition of MNG Bank by Arab Bank plc's and BankMed.  Arab
Bank will own 50% while BankMed will have 41% of the bank.  The
RWP reflects the benefits and support that MNG Bank is expected
to receive from its potential new shareholder Arab Bank.  The
acquisition will be finalized by the middle of first quarter of
2007.


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


ELEKTROCOM LLC: Claims Submission Deadline Set February 10
----------------------------------------------------------
Creditors of LLC Elektrocom (code EDRPOU 31456731) have until
Feb. 10 to submit written proofs of claim to:

         Jury Ignatchenko, Liquidator
         Kotovskiy Str. 9
         Kozelschina
         Poltava Region
         Ukraine
         Tel/Fax: 8-044-234-71-39

The Economic Court of Kiev Region commenced bankruptcy
proceedings against the company on Dec. 25, 2006, after finding
it insolvent.  The case is docketed under Case No. 24/905-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 Elektrocom
         Naumov Str. 23-b
         Kiev Region
         Ukraine


GORLOVSKOE LLC: Claims Submission Deadline Set February 10
----------------------------------------------------------
Creditors of LLC Gorlovskoe (code EDRPOU 30764637) have until
Feb. 10 to submit written proofs of claim to:

         Alexander Tihonov, Liquidator
         Gagarin Str. 51a/40
         Gorlovka
         84627 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 42/165b.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Gorlovskoe
         Rozhdestvenskiy Str. 34
         Gorlovka
         84640 Donetsk Region
         Ukraine


KHARKOV UAZ-SERVICE: Claims Submission Deadline Set February 10
---------------------------------------------------------------
Creditors of OJSC Kharkov Uaz-Service (code EDRPOU 00232319)
have until Feb. 10 to submit written proofs of claim to:

         V. Kravcov, Liquidator
         Geroev Truda Str. 29-b
         61136 Kharkov Region
         Ukraine

The Economic Court of Kharkov Region commenced bankruptcy
proceedings against the company on Dec. 26, 2006, after finding
it insolvent.   The case is docketed under Case No. B-19/105-02.

The Economic Court of Kharkov Region is located at:

         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov Region
         Ukraine

The Debtor can be reached at:

         OJSC Kharkov Uaz-Service
         October Revolution Str. 167
         Kharkov Region
         Ukraine


KREDITPROMBANK: Moody's Withdraws B2 Rating on Postponed Sale
-------------------------------------------------------------
Moody's Investors Service withdrawn the B2 rating for the debut
loan participation notes that were expected to be issued by HSBC
Bank plc (UK) on a limited recourse basis for the sole purpose
of funding a senior unsecured loan to Kreditprombank (Ukraine),
due to postponement of the sale at the issuer's option because
of unfavorable market conditions.

Kreditprombank is headquartered in Kiev (Ukraine) and as of
June 30, 2006, reported total IFRS assets and net income of
US$919 million and US$3.6 million, respectively.


KREMENNAYA FURNITURE: Claims Submission Deadline Set February 10
----------------------------------------------------------------
Creditors of CJSC Kremennaya Furniture Centre (code EDRPOU
00275300) have until Feb. 10 to submit written proofs of claim
to:

         Mikhail Klimenko, Liquidator
         October Str. 312
         Lisichansk
         Lugansk Region
         Ukraine

The Economic Court of Lugansk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 22/72 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         CJSC Kremennaya Furniture Centre
         Titov Str. 1
         Kremennaya
         92900 Lugansk Region
         Ukraine


PERVOMAYSK SILUET: Claims Submission Deadline Set February 10
-------------------------------------------------------------
Creditors of Pervomaysk Plant Siluet (code EDRPOU 03052865) have
until Feb. 10 to submit written proofs of claim to:

         Roman Rachok, Liquidator
         Oboronnaya Str. 24
         91033 Lugansk Region
         Ukraine

The Economic Court of Lugansk Region commenced bankruptcy
proceedings against the company on Dec. 7, 2006, after finding
it insolvent.  The case is docketed under Case No. 20/93 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         Pervomaysk Plant Siluet
         Bahmutskiy Str. 4
         Pervomaysk
         93200 Lugansk Region
         Ukraine


SMEREKA LLC: Claims Submission Deadline Set February 10
-------------------------------------------------------
Creditors of LLC Smereka (code EDRPOU 31729195) have until
Feb. 10 to submit written proofs of claim to:

         A. Rovniy, Liquidator
         Mir Str. 5
         Komunist
         Kharkov District
         62482 Kharkov Region
         Ukraine

The Economic Court of Kharkov Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 11, 2006.  The case is docketed under Case No. B-39/196-06.

The Economic Court of Kharkov Region is located at:

         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov Region
         Ukraine

The Debtor can be reached at:

         LLC Smereka
         Patrice Lumumba Str. 1
         Novaya Vogolaga
         Kharkov Region
         Ukraine


UKRSOTSBANK OJSC: S&P Puts B Prelim Rating to Sr. Unsecured Debt
----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' preliminary
rating to U.S. dollar-denominated senior unsecured loan
participation notes to be issued by Credit Suisse Int'l. on a
limited recourse basis for the sole purpose of funding a senior
unsecured loan to Ukrsotsbank OJSC.  

At the same time, Standard & Poor's placed the 'B' preliminary
rating of the notes on CreditWatch with positive implications.

The rating on the loan participation notes reflects the ratings
on Ukrsotsbank.  The ratings on the latter reflect the bank's
rapid loan growth, high, but reducing, single-party
concentrations in lending, and intensified competition in the
Ukrainian banking sector.  Positive rating factors are the
bank's good commercial franchise, good financial flexibility and
liquidity, strengthened capitalization, stabilized political
environment, and economic improvements in Ukraine.


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


A & J ENGINEERING: Names Liquidator to Wind Up Business
-------------------------------------------------------
Eileen Theresa Frances Sale of Sale Smith & Co. Ltd. was
appointed liquidator of A & J Engineering Ltd. on Jan. 19 for
the creditors' voluntary winding-up procedure.

The Liquidator can be reached at:  

         Sale Smith & Co. Ltd.
         111 Hagley Road
         Edgbaston
         Birmingham B16 8LB
         England


ACME PAYROLL: Creditors' Meeting Slated for February 5
------------------------------------------------------
Creditors of Acme Payroll Company Ltd. will meet at 11:30 a.m.
on Feb. 5 at the offices of:
  
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 2 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 1.


ADVANCE RECRUITMENT: Creditors' Meeting Slated for February 6
-------------------------------------------------------------
Creditors of Advance Recruitment (Leeds) Ltd. will meet at  
11:30 a.m. on Feb. 6 at:

         Jackson Gregory & Co.
         14 Wood Street
         Bolton BL1 1DZ
         England

Roderick Julian Jones of Jackson Gregory & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require.


ABITIBI-CONSOLIDATED: Inks All-Stock Merger Deal with Bowater
-------------------------------------------------------------
Abitibi-Consolidated Inc. and Bowater Incorporated disclosed of
a definitive agreement to combine in an all-stock merger of
equals.  The combination will create a new leader in publication
papers -- an operationally and financially stronger company
better able to meet changing customer needs, compete more
effectively in an increasingly global market, adapt to lower
demand for newsprint in North America, and deliver increased
value to shareholders.

The combined company, which will be called AbitibiBowater Inc.,
will have pro forma annual revenues of around US$7.9 billion or
CDN$9.3 billion, making it the third largest publicly traded
paper and forest products company in North America and the eight
largest in the world.  The current combined enterprise value of
the two companies is in excess of US$8 billion or CDN$9.4
billion.

John W. Weaver, president and chief executive officer of
Abitibi-Consolidated, will be executive chairman of
AbitibiBowater, and David J. Paterson, chairman, president and
chief executive officer of Bowater, will be president and chief
executive officer of AbitibiBowater.  The AbitibiBowater Board
of Directors will consist of 14 directors, seven from each
company.

AbitibiBowater's headquarters and executive office will be
located in Montreal, Quebec, with a U.S. regional manufacturing
and sales office in Greenville, South Carolina.  The company,
which will be incorporated in Delaware as the new parent
company, will apply to list its shares on the New York and
Toronto stock exchanges.

Under the terms of the transaction, each common share of
Abitibi-Consolidated will be exchanged for 0.06261 common share
of AbitibiBowater, and each Bowater common share will be
exchanged for 0.52 common share of AbitibiBowater.  The exchange
ratio will result in 48% of AbitibiBowater being owned by former
Abitibi-Consolidated shareholders and 52% of AbitibiBowater
being owned by former Bowater shareholders.

The combination is expected to generate around US$250 million or
CDN$295 million of annualized cost synergies from improved
efficiencies in such areas as production, selling, general and
administrative costs, distribution and procurement.  These
synergies are in addition to cost saving initiatives already in
process at both companies.

Mr. Weaver said, "The new AbitibiBowater will be a global leader
headquartered in Canada with a brighter future than either
company would have on its own.  The combined company's ability
to realize significant synergies will increase shareholder
value, improve our financial flexibility and better position us
to compete in today's increasingly competitive global
marketplace.  Combining our companies is also the best way to
continue to contribute to the local and regional economies of
the communities in which we operate."

Mr. Paterson said, "This is a logical strategic step to address
the realities of today's marketplace.  A more efficient
manufacturing platform will enable us to bring our customers
better product quality, new product innovation, and improved
logistical flexibility.  Both Abitibi-Consolidated and Bowater
shareholders will benefit from the upside potential of a
financially stronger company that is able to generate
significant cost synergies, improve its balance sheet, and
compete more effectively."

AbitibiBowater's product lines will include newsprint, uncoated
and coated mechanical papers, market pulp, and wood products.  
The company will also be one of the world's leading consumers of
recycled newspapers and magazines as it builds on the existing
efforts of both companies to be leaders in environmentally
sustainable production practices.

AbitibiBowater will own or operate 32 pulp and paper facilities
and 35 wood product facilities located mainly in Eastern Canada
and the Southeastern U.S.  Pro forma combined paper production
capacity is around 11.3 million tons per year and about 3.1
billion board feet of lumber.

                        Transaction Details

The exchanges of Abitibi-Consolidated and Bowater common shares
for AbitibiBowater common shares will be tax deferred for U.S.
resident holders of Abitibi-Consolidated and Bowater common
shares.

Taxable Canadian resident holders of Abitibi-Consolidated common
shares may elect to receive on a tax-deferred basis exchangeable
shares of a Canadian subsidiary of AbitibiBowater.  
AbitibiBowater will apply to list these exchangeable shares on
the Toronto Stock Exchange.  These shares will be exchangeable
into AbitibiBowater common shares at the option of their
holders.

For Abitibi-Consolidated, the combination will be achieved
through a Canadian Court-approved Plan of Arrangement requiring
the affirmative vote of the holders of two-thirds of the
Abitibi-Consolidated common shares present or represented by
proxy at a meeting of Abitibi-Consolidated shareholders.  For
Bowater, the combination will be effected through a Delaware
merger requiring the affirmative vote of a majority of all
outstanding Bowater common shares at a meeting of Bowater
shareholders.

The combination has been approved unanimously by the Boards of
Directors of both companies, which received fairness opinions
from their respective financial advisors.  The combination is
subject to approval by the shareholders of both companies,
regulatory approvals, and customary closing conditions.  It will
be completed in the third quarter of 2007.  Abitibi-Consolidated
and Bowater will continue to operate separately until the
transaction closes.

For Abitibi-Consolidated, CIBC World Markets Inc. and Credit
Suisse Securities (USA) LLC acted as financial advisors and
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Davies Ward
Phillips & Vineberg LLP, and McCarthy T,trault LLP acted as
legal advisors.

For Bowater, Goldman, Sachs & Co. and UBS Investment Bank acted
as financial advisors and Troutman Sanders LLP, Ogilvy Renault
LLP, and Mayer, Brown, Rowe & Maw LLP acted as legal advisors.

                    About Bowater Incorporated

Bowater Inc. (NYSE: BOW, TSX: BWX) -- http://www.bowater.com/--  
produces coated and specialty papers and newsprint.  In
addition, the company sells bleached market pulp and lumber
products. Bowater has 12 pulp and paper mills in the United
States, Canada, and South Korea.  In North America, it also owns
two converting facilities and 10 sawmills.  Bowater's operations
are supported by about 835,000 acres of timberlands owned or
leased in the United States and Canada and 28 million acres of
timber cutting rights in Canada.  Bowater operates six recycling
plants and is one of the world's largest consumers of recycled
newspapers and magazines.

                  About Abitibi-Consolidated Inc.

Abitibi-Consolidated Inc. (NYSE: ABY, TSX: A) --
http://www.abitibiconsolidated.com/-- is a global supplier in  
newsprint and commercial printing papers as well as a major
producer of wood products, serving clients in some 70 countries
from its 45 operating facilities.  Abitibi-Consolidated is among
the largest recyclers of newspapers and magazines in North
America, diverting annually around 1.9 million tons of waste
paper from landfills.  It also ranks first in Canada in terms of
total certified woodlands.  The Company supplies customers in
around 70 countries including Canada, the United States and the
United Kingdom.  


ABITIBI-CONSOLIDATED: Eyes Joint Venture for Ont. Power Plants
--------------------------------------------------------------
Abitibi-Consolidated Inc. has entered into a binding letter of
intent with the Caisse de depot et placement du Quebec to create
a joint-venture for the company's Ontario hydroelectric
generation facilities.  

The company will retain a 75% interest in the joint venture,
called ACH Limited Partnership, while the Caisse will acquire a
25% interest.  The Caisse has also provided a commitment to ACH
Limited Partnership for a 10-year unsecured term loan of US$250
million, non-recourse to the company, to partially fund the
acquisition of the facilities.

The transaction, on a consolidated basis, is expected to yield
gross proceeds of US$297.5 million to Abitibi-Consolidated.

ACH Limited Partnership is intended to be Abitibi-Consolidated's
growth vehicle in energy generation.  Abitibi-Consolidated's
substantial ownership interest in the joint-venture reflects the
ongoing strategic importance of its electricity generation
assets.  The company will enter into agreements by virtue of
which it will continue to operate and manage the facilities.

Closing of the transaction is expected to take place in the
first half of 2007 and is subject to execution of definitive
agreements and certain other conditions and approvals.  Scotia
Capital and CIBC World Markets have advised the company in
regards to this transaction.

ACH Limited Partnership encompasses eight hydroelectric
facilities located in Ontario, representing an aggregate
installed capacity of 136.8 MW and a normalized annual
generation of around 828 GWh.

                    About Abitibi-Consolidated

Abitibi-Consolidated, Inc. (TSX: A) (NYSE: ABY) --
http://www.abitibiconsolidated.com/-- produces newsprint and  
commercial printing paper products from its 45 operating
facilities.  The Company also recycler newspapers and magazines,
diverting around 1.9 million tons of waste paper from landfills
annually around 1.9 million tons of waste paper from landfills.  
It also ranks first in Canada in terms of total certified
woodlands.  The Company supplies customers in around 70
countries including Canada, the United States and the United
Kingdom.  

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 17, 2006,
Standard & Poor's Ratings Services revised its outlook on
Abitibi-Consolidated to negative from stable.  S&P affirmed the
ratings on the company, including the long-term corporate credit
rating at 'B+'.


ABITIBI-CONSOLIDATED: Moody's Holds B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Abitibi-Consolidated Inc.'s
B1 corporate family, B2 senior unsecured and SGL-2 speculative
grade liquidity ratings but revised the outlook to developing
from stable.

The action comes after the company's disclosure of a proposed
merger with Bowater Incorporated, and is based on the assessment
that the transaction is expected to have a minimal impact on the
company's credit profile.  In turn, this is based on the fact
that both companies have the same ratings and all consideration
will be non-cash.  Consequently, there is no immediate impact on
the relationship between debt and cash flow.

In addition, the transaction's expected cost savings and synergy
benefits, while potentially significant, are not sufficient to
prompt a positive outlook or ratings upgrade.  Indeed, with both
companies being weakly positioned at the B1 level, the expected
benefits serve only to improve relative positioning at the
prevailing rating.  Owing to the transaction not closing until
September and the very significant uncertainties that exist,
i.e. the vagaries of shareholder and regulatory approval,
composition of a combined management team, formulation of board
and financial policies, and the structural status of individual
bond issues at each company vis-a-vis the other and vis-a-vis a
yet-to-be arranged operating credit facility, the ratings
outlook was changed to developing.

Moody's considers both predecessor companies to be weakly
positioned at the prevailing B1 level, with very poor credit
protection measures only being partially off-set by favorable
rating signals derived from business profile type measures such
as aggregate size and scale and cost competitiveness.

However, given the two companies' geographic and product line
overlap, the prospective transaction provides good scope for
significant cost savings and synergies.  Moody's also expects
the combined company, AbitibiBowater, Inc., to have an improved
ability to appropriately anticipate the evolving supply-demand
dynamic in the North American mechanical pulp-based
communication paper market.

Accordingly, Moody's expects the benefits of the business
combination to cause future performance and credit protection
measures more appropriate for the B1 rating level.  In the
interim, the prospect of the transaction's benefits forestalls
adverse rating activity.

It should be noted that the transaction does not address the
fundamental issue of print media being disadvantaged relative to
digital.  The forces that have generated the past several years'
very poor financial performance are in no way combated by this
transaction.  In addition, US$-denominated spot pricing for
newsprint and uncoated mechanical papers has recently retreated
from highs observed in mid-to-late 2006.  This reverses a trend
that had seen US$-denominated prices increase steadily over a
four-year period.  With the transaction not expected to close
for several months, this development creates a concern that
extraneous forces may swamp a significant proportion of the
business combination's benefits before it can be consummated.
This is especially the case given that a significant proportion
of the expected benefits will not be realized until well into
2008.  Accordingly, in the event the transaction does not
proceed or is significantly delayed, or if business conditions
deteriorate markedly, there is a potential for an adverse rating
action.

Outlook Actions:

   * Abitibi-Consolidated Company of Canada

      -- Outlook, Changed To Developing From Stable

   * Abitibi-Consolidated Finance L.P.

      -- Outlook, Changed To Developing From Stable

   * Abitibi-Consolidated Inc.

      -- Outlook, Changed To Developing From Stable

   * Donohue Forest Products Inc.

      -- Outlook, Changed To Developing From Stable

Abitibi-Consolidated Inc., headquartered in Montreal, Quebec, is
North America's leader in newsprint and uncoated mechanical
paper and also has a significant lumber business.


BLACKSTREET LTD: Creditors' Meeting Scheduled for February 6
------------------------------------------------------------
Creditors of Blackstreet Ltd. will meet at 11:00 a.m. on Feb. 6
at the offices of:

         SPW Poppleton & Appleby
         Gable House
         239 Regents Park Road
         London N3 3LF
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 2.


BLOSSOMS NOTTINGHAM: Creditors' Meeting Scheduled for February 8
----------------------------------------------------------------
Creditors of Blossoms (Nottingham) Ltd. will meet at 11:30 a.m.
on Feb. 8 at the offices of:

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

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 7 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 6 and Feb. 7.

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


BOWDEN GLASS: Appoints Tenon Recovery to Administer Assets
----------------------------------------------------------
Carl Jackson and Nigel Fox of Tenon Recovery were appointed
joint administrators of Bowden Glass Ltd. (Company Number
03207253) on Jan. 5.

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

Bowden Glass Ltd. can be reached at:

         Unit 15
         10-12 Marshgate Lane
         London E15 2NH
         United Kingdom
         Tel: 020 8555 9660  
         Fax: 020 8519 5934


BRITISH AIRWAYS: Resumes Normal Operations; Travel Loads Light
--------------------------------------------------------------
British Airways Plc is operating a full flying schedule after
the Transport and General Workers' Union, representing 11,000
cabin crew employees of the airline, called off a planned 48-
hour strike, according to published reports.

However, according to BA, travel loads were light as many
passengers had rebooked their tickets, flown earlier, or made
other plans to avoid the strike days.

The carrier had earlier canceled 1,300 flights in preparation
for the strike action.

As previously reported in the TCR-Europe on Jan. 30, the T&G
decided to avert its scheduled strike on Tuesday and Wednesday
after negotiations resulted in an agreement that ended the two-
tier wage structure in the company, Tracy Alloway and Chad
Thomas write for Bloomberg News.

According to the report, the airline agreed to increase the top
base pay of its flight attendants hired after 1997 to GBP19,418
a year from GBP15,748.

The workers will receive the 4.6% wage increase this year and
the rate of inflation in the second year, The Associated Press
says.

BA CEO Willie Walsh said, the agreement "puts in place a system
to regulate how we manage sick leave."

The union also called of its two other 72-hour strikes scheduled
next month.

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

                        *     *     *

British Airways carry these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba1
      -- Senior Unsecured Debt: Ba2
      -- Outlook: Negative

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: BB+
      -- Long-Term Local Issuer Credit Rating: BB+


BYTRONIC INTERNATIONAL: Claims Filing Period Ends February 27
-------------------------------------------------------------
Creditors of Bytronic International Ltd. have until Feb. 27 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:

         C. H. I. Moore
         Liquidator
         K.J.Watkin & Co.  
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall WS9 8PH
         England

The company can be reached at:

         Bytronic International Ltd.
         5b The Courtyard  
         Reddicap Trading Estate  
         Sutton Coldfield  
         West Midlands B75 7BU  
         England
         Tel: 0121 378 0613  
         Fax: 0121 311 1774


CAMERON UK: Creditors' Meeting Scheduled for February 13
--------------------------------------------------------
Creditors of Cameron (U.K.) Services Ltd. will meet at 11:00
a.m. on Feb. 13 at the offices of:

         Tomlinsons
         St. John's Court
         72 Gartside Street
         Manchester M3 3EL
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 9.
  
Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all  
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.


CANOPIUS MANAGING: Moody's Withdraws C+ Below Average Rating
------------------------------------------------------------
Moody's Investors Service withdrawn the C+ Below Average, stable
outlook, performance rating of Lloyd's syndicate 44 -- Canopius
Managing Agents Ltd. -- following the decision that the
syndicate would effectively be placed into run-off with no new
or renewal business being written for 2007.

Syndicate 44 is a small Life syndicate with a capacity of
GBP1.8m that is now backed 100% by an agency dedicated vehicle
for 2007.  The syndicate has ceased accepting new or renewal
business from Jan. 1, with the syndicate effectively placed into
run-off at Dec. 331, 2006.  The syndicate will only accept
policies re-signed from previous years of account and is also
due to accept the RITC from the 2006 account at Dec. 31, 2008.

In light of the syndicate ceasing to accept new or renewal
business from 2007, Moody's has therefore withdrawn the C+ Below
Average performance rating of the syndicate.

The date of the preceding rating action was Sept. 25, 2006, when
the syndicate's performance rating was downgraded to C+ Below
Average, stable outlook.

Canopius Syndicate 44 is a GBP1.8 million Life syndicate
operating in the Lloyd's of London Insurance Market.


CHAPTER III: Creditors' Meeting Slated for February 13
------------------------------------------------------
Creditors of Chapter III Clothing Ltd. will meet at 11:00 a.m.
on Feb. 13 at the offices of:

         Moore Stephens
         Victory House
         Admiralty Place  
         Chatham Maritime
         Kent ME4 4QU
         England
          
Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 12 at the said address.  

David Ronald Elliott of Moore Stephens will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


CHRIS PELLING: G. W. Rhodes Leads Liquidation Procedure
-------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed liquidator of
Chris Pelling (Motor Accessories) Ltd. on Jan. 18 for the
creditors' voluntary winding-up procedure.

The Liquidator can be reached at:

         Begbies Traynor
         2-3 Pavilion Buildings
         Brighton
         East Sussex BN1 1EE
         England


CIRCATEX GROUP: Claims Filing Period Ends March 31
--------------------------------------------------
Creditors of Circatex Group Ltd. have until March 31 to send
their names and addresses and particulars of their debts or
claims, and the names and addresses of the Solicitors (if any),
to:

         Robert Hunter Kelly
         Joint Liquidator  
         Ernst & Young LLP
         PO Box 61
         Cloth Hall Court
         14 King Street
         Leeds LS1 2JN
         England

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  


COLINS BRIDEWELL: Brings In Liquidators from Harrisons
------------------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
joint liquidators of Colins Bridewell Restaurant Ltd. on Jan. 22
for the creditors' voluntary winding-up proceeding.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
so lutions 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.   

Colins Bridewell Restaurant Ltd. can be reached at:

         Colins Bridewell Restaurant Ltd.
         Off Duke St.
         Campbell SQ
         Liverpool L1 5BL  
         England  
         Tel: 0151 707 8003  
         Fax: 0151 707 8038


COLLINS & AIKMAN: Court Approves North Pointe Lease Amendment
-------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan approved an amendment to the
lease agreement of Collins and Aikman Corp. and its debtor-
affiliates with North Pointe Investors LLC.

The Debtors are authorized to pay the US$59,060 contingency
amount to North Pointe.  The automatic stay will be terminated
to allow North Pointe to exercise any and all state law remedies
with respect to the existing lease, as modified by the
Amendment, and the premises, including immediate possession of
the Premises, upon the earlier of the entry of an order
rejecting the lease pursuant to Section 365 of the Bankruptcy
Code, and April 30, 2007.

As previously reported in the TCR-Europe on Jan. 16, the Debtors
have been evaluating their real property leases and interests
since the Petition Date.  During the course of the evaluation,
the Debtors recognized that their lease on 91,986 square feet of
office and manufacturing space in the building located at 11149
Lindbergh Business Court, St. Louis, Missouri, was scheduled to
expire on April 30, 2007.  Under the terms of the existing
Lease, the Debtors are required to vacate the premises by
Dec. 31, 2006, if the Debtors do not agree to extend the lease
term beyond the expiration date.

The Debtors have determined that the premises is necessary to
their businesses and operations through the Expiration Date, Ray
C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, tells
the Court.  The Debtors use the Premises as a final assembly
point for a particular component that DaimlerChrysler Corp.
installs in its manufacture of minivans at a nearby DCC factory.  
The Debtors are required to produce the parts under postpetition
purchase orders with DCC and the Debtors' recent agreement with
their principal customers.

Accordingly, the Debtors engaged in a series of good-faith,
arm's-length negotiations with the Lessor, North Pointe
Investors LLC, to amend the Existing Lease to grant the Debtors
the right to remain in possession of the Premises until the
Expiration Date without requiring the Debtors to renew or extend
the Lease term.

The Amendment will be the third lease amendment with respect to
the Premises.  TYL Real Estate Inc., and Textron Automotive
Exteriors entered into a lease agreement dated Dec. 1, 1994.  
The first amendment to the lease dated Aug. 3, 1999, was
between BLB Real Estate L.L.C., as successor to TYL, and Textron
Automotive Company Inc.  The second amendment dated
Oct. 31, 2004, was between North Pointe, as successor to BLB,
and Collins & Aikman Products Co., Mr. Schrock informs the
Court.

The significant terms of the Amendment include:

     * North Pointe will grant the Debtors the right to
       remain on the Premises until April 30, 2007, in
       exchange for US$59,060 to be paid by the Debtors on
       or before Jan. 18, 2007;

     * the Debtors' obligation to pay rent will continue until
       April 30, 2007;

     * the Lessor will be allowed to enter into a lease of the
       Premises to any third party provided that the third party
       tenant will not be allowed to occupy the Premises before
       May 1, 2007;

     * on April 30, 2007, or upon an earlier rejection of the
       Existing Lease, the Debtors will surrender up peaceable
       possession of the Premises in the same condition as the
       Premises are in on Nov. 1, 2006; reasonable wear and
       tear and casualty excepted;

     * in the event that the Debtors will remain in
       possession of the Premises beyond the expiration of
       the lease term, whether by limitation or forfeiture,
       the party will pay double the rent amount under the
       lease during the holdover period and will indemnify
       the Lessor from any and all loss, cost or
       expense suffered by the Lessor; and

     * the Amendment will be automatically null and void unless
       on or before Jan. 18, 2007, the Court enters an order
       providing that the Amendment is approved, and the
       automatic stay will be terminated so as to allow the
       Lessor to exercise any and all state law remedies with
       respect to the Existing Lease.

                    About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corp.
-- 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 around 23,000 and a network of more than 100
technical centers, sales offices and manufacturing sites in 17
countries throughout the world.  The Company and its debtor-
affiliates filed for chapter 11 protection on May 17, 2005
(Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 50;  
Bankruptcy Creditors' Service, Inc.,  
http://bankrupt.com/newsstand/or 215/945-7000)


CORE DISTRIBUTION: Liquidator Sets March 1 Claims Bar Date
----------------------------------------------------------
Creditors of Core Distribution (U.K.) Ltd. have until March 1 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:

         Matthew John Waghorn
         Liquidator
         Oury Clark
         Herschel House
         58 Herschel Street
         Slough
         Berkshire SL1 1PG


CORUS GROUP: Tata Steel Outbids CSN with GBP5.7 Billion Bid
-----------------------------------------------------------
Tata Steel Ltd. won an auction for Corus Group Plc over
Companhia Siderurgica Nacional after offering investors 608
pence per share in cash, or GBP5.7 billion (US$11.3 billion),
Debarati Roy and Claudia Carpenter write for Bloomberg News.

According to the British Takeover Panel, Tata outbid CSN's final
offer of 603 pence per share.

The auction started at 4:30 p.m. in London yesterday.

CSN and Tata were eyeing to buy Corus as they seek to become
significant players in the consolidating steel industry, Reuters
relates.

Bloomberg says the acquisition will enable Tata to add finishing
mills in Europe that supply automakers Ford Motor Co. and Volvo
AB to plants in India.

Moody's Investors Service and Standard & Poor's, however, warned
to lower Tata's debt rating.

"While the Corus acquisition would greatly enhance Tata's scale,
the size of the transaction would represent a substantial
financial challenge," Moody's Investors Service said.  "The
current resultant high leverage, on a consolidated basis, will
likely test the company's financial strength."

As previously reported in the TCR-Europe on Jan. 29, the auction
process requires a difference of at least five pence for each
round of the bid.

If a competitive situation continues to exist, a final round
would be held to give a chance to the offerors to outbid the
other within a ceiling approved by the panel.

The European Commission previously cleared CSN's proposed
GBP4.9-billion takeover bid for Corus.

According to the commission, a CSN takeover would not hurt
competition in Europe as the companies have only limited
overlaps for semi-finished and finished carbon steel products.

Overlaps were "below a level where the companies could affect
either the total quantity or the prevailing price in the
market," the commission said.

The British takeover regulator cleared Tata Steel's bid for
Corus last month.

                            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 GBP4.35 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 GBP138
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.

Tata Steel is advised by:

         NM Rothschild & Sons Ltd.
         New Court, Saint Swithin's Lane
         London EC4P 4DU United Kingdom

              -- and --

         Deutsche Bank AG
         Taunusanlage 12
         60262 Frankfurt Am Main
         Germany

              -- and --

         ABN Amro Holding NV
         Hansalaya Building
         15, Barakhamba Road
         New Delhi 110001

Corus Group is advised by:

         Credit Suisse Group
         One Cabot Square
         London E14 4QJ

              -- and --

         JPMorgan Cazenove
         20 Moorgate
         London
         EC2R 6DA
         United Kingdom

             -- and --

         HSBC Holdings Plc
         8 Canada Square, Level 4
         London E14 5HQ
         United Kingdom

Companhia Siderurgica is advised by:

         Lazard Ltd.
         Signatura Lazard
         Av. Brigadeiro Faria Lima
         2277 8, Andar
         SP 01452-000

             -- and --

         Goldman Sachs Group Inc.
         85 Broad Street
         New York, NY 10004
         
             -- and --

         UBS AG
         Avenida Brigadeiro Faria Lima
         3729 8 9 e 10, Andar
         Jardim Paulista
         SP 04538-133

             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.


CREATION ADM: Names David N. Kaye as Administrator
--------------------------------------------------
David N. Kaye of Crawfords was named administrator of Creation
ADM (U.K.) Ltd. (Company Number 4907377) on Jan. 2.

The administrator can be reached at:

         David N. Kaye
         Crawfords
         Stanton House  
         41 Blackfriars Road  
         Salford  
         Manchester M3 7DB  
         United Kingdom
         Tel: 0161 828 1000  
         Fax: 0161 832 1829

Creation ADM (U.K.) Ltd. can be reached at:

         4th Floor Fourways House
         57 Hilton Street
         Manchester
         Lancashire M1 2EJ  
         United Kingdom
         Tel: 0161 236 0123


CREATION WINDOWS: Joint Liquidators Take Over Operations
--------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed
joint liquidators of Creation Windows & Conservatories Ltd. on
Jan. 17 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Creation Windows & Conservatories Ltd.
         Capital House  
         107 Upper Wickham Lane  
         Welling  
         Kent DA16 3AG  
         England
         Tel: 020 8316 6776  
         Fax: 020 8316 2111  


D & D SPORTS: Taps Jane Walker to Liquidate Assets
--------------------------------------------------
Jane Walker of Errington Walker Ltd. was appointed liquidator of
D & D Sports & Leisure Ltd. on Jan. 22 for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

         Errington Walker Ltd.
         PO Box 9344
         Dorridge
         Solihull
         West Midlands B93 8YP
         England


D & S CONTRACTORS: Appoints Liquidator from Begbies Traynor
-----------------------------------------------------------
Richard Andrew Segal of Begbies Traynor was appointed liquidator
of D & S Contractors Ltd. on Jan. 18 for the creditors'
voluntary winding-up proceeding.

Mr. Segal can be reached at:

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


DATACOM INSTALLATIONS: Creditors' Meeting Slated for February 7
---------------------------------------------------------------
Creditors of Datacom Installations Ltd. will meet at 10:30 a.m.
on Feb. 7 at:
  
         Begbies Traynor
         1 Winckley Court
         Chapel Street
         Preston
         Lancashire PR1 8BU
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 6 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 5.

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


DAVID MICHAEL: Brings In Begbies Traynor to Administer Assets
-------------------------------------------------------------
Paul Stanley and Stephen L Conn of Begbies Traynor were
appointed joint administrators of David Michael Interiors Ltd.
(Company Number 02958032) 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.   

David Michael Interiors Ltd. can be reached at:

         Unit 8
         Moss Lane Industrial Estate
         Moss Lane  
         Royton
         Oldham  
         Lancashire OL2 6HR  
         United Kingdom
         Tel: 01706 290 900  
         Fax: 01706 390 901


DELTA GRAPHICS: Appoints Richard Long as Administrator
------------------------------------------------------
Richard Williams James Long of Richard Long and Co. was
appointed administrator of Delta Graphics Ltd. (Company Number
1612086) on Jan. 17.

The administrator can be reached at:

         Richard Long & Co.  
         Castlegate House
         36 Castle Street
         Hertford
         Hertfordshire SG14 1HH  
         United Kingdom
         Tel: 01992 503372  
         Fax: 01992 503373
         E-mail: jbissett@richardlong.co.uk

Delta Graphics Ltd. can be reached at:

         Church Street
         Ware
         Hertfordshire SG12 9EN  
         United Kingdom
         Tel: 01920 460 311  
         Fax: 01920 463 883


DOCKGUARD ENGINEERING: Taps Administrators from Rothman Pantall
---------------------------------------------------------------
R D Smailes and S B Ryman of Rothman Pantall & Co. were
appointed joint administrators of Dockguard Engineering Ltd.
(Company Number 03055867) on Ja n. 2.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/--  
provides financial accounting and corporate services.

Dockguard Engineering Ltd. can be reached at:

         Leagrave Road
         Luton
         Bedfordshire LU3 1RJ  
         United Kingdom
         Tel: 01582 876 007  
         Fax: 01582 876 839


DURA AUTOMOTIVE: Judge Carey OKs Kramer Levin as Panel's Counsel
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized the Official Committee of
Unsecured Creditors in Dura Automotive Systems Inc. and its
debtor-affiliates' chapter 11 cases to retain Kramer Levin
Naftalis & Frankel LLP as its counsel, effective as of Nov. 7,
2006.

As reported in the Troubled Company Reporter on Jan. 9, 2007, in
addition to acting as primary spokesman for the Committee,
Kramer Framer Levin's services will include, without limitation,
assisting, advising and representing the Committee with respect
to these matters:

    a. The administration of these cases and the exercise of
       oversight with respect to the Debtors' affairs including
       all issues in connection with the Debtors, the Committee
       or the Chapter 11 cases;

    b. The preparation on behalf of the Committee of necessary
       applications, motions, memoranda, orders, reports and
       other legal papers;

    c. Appearances in Court and at statutory meetings of
       creditors to represent the interests of the Committee;

    d. The negotiation, formulation, drafting and confirmation
       of a plan or plans of reorganization and matters related
       thereto;

    e. The investigation, if any, as the Committee may desire
       concerning, among other things, the assets, liabilities,
       financial condition, sale of any of the Debtors'
       businesses, and operating issues concerning the Debtors
       that may be relevant to the Chapter 11 Cases;

    f. Communications with the Committee's constituents and
       others at the direction of the Committee in furtherance
       of its responsibilities, including, but not limited to,
       communications required under Section 1102 of the
       Bankruptcy Code; and

    g. The performance of all of the Committee's duties and
       powers under the Bankruptcy Code and the Bankruptcy Rules
       and the performance of  other services as are in the
       interests of those represented by the Committee.

Kramer Levin will be paid on an hourly basis based on its
customary rates:

          Professional                    Hourly Rate
          ------------                    -----------
          Partners                     US$500 to US$795
          Counsel                      US$505 to US$855
          Associates                   US$295 to US$545
          Legal Assistants             US$190 to US$220

Kramer Levin will also seek reimbursement of out-of-pocket
expenses.  The firm regularly charges its clients for the
expenses and disbursements incurred in connection with the
client's case, including, inter alia, word processing,
secretarial time, telecommunications, photocopying, postage and
package delivery charges, court fees, transcript costs, travel
expenses, expenses for "working meals" and computer-aided
research.

Thomas Moers Mayer, Esq., a member at Kramer Levin, assured the
Court that:

   (i) the firm is a "disinterested person" within the meaning
       of Section 101(14) of the Bankruptcy Code;

  (ii) neither Kramer Levin nor its professionals have any
       connection with the Debtors, the creditors or any other
       party-in-interest; and

(iii) Kramer Levin does not hold or represent any interest
       adverse to the Committee in the matters for which it is
       to be retained.

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


DURA AUTOMOTIVE: Court Okays Chanin Capital as Panel's Advisor
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized the Official Committee of
Unsecured Creditors to retain Chanin Capital Partners as its
financial advisors, nunc pro tunc Nov. 10, 2006, in Dura
Automotive Systems Inc. and its debtor-affiliates' chapter 11
cases.

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Committee needs Chanin Capital's assistance in collecting
and analyzing financial and other information in relation to the
Debtors' Chapter 11 cases.  

The Committee expects the firm to:

   (a) analyze and evaluate the liquidity position, assets and
       liabilities, and financial condition of the Debtors;

   (b) review and analyze the Debtors' financial and operating
       statement;

   (c) review and analyze the Company's business and financial
       projections;

   (d) evaluate the Company's debt capacity in light of its
       projected cash flows;

   (e) assist in the determination of an appropriate capital
       structure for the Company;

   (f) determine a theoretical range of values for the Company
       on a going concern basis;

   (g) assist the Committee in identifying and evaluating
       candidates for the potential acquisition of certain
       assets of the Company;

   (h) analyze proposed sales of assets of the Debtors, the
       terms and options and related issues, including available
       strategic alternatives;

   (i) review, analyze and monitor the Debtor-In-Possession
       financing and other financing alternatives;

   (j) advise the Committee on tactics and strategies for
       negotiating with the Company and other purported
       stakeholders;

   (k) determine a theoretical range of values for any
       securities to be issued or distributed in connection with
       the Chapter 11 case, including without limitation any
       securities to be distributed under a plan;

   (l) advise and assist the Committee in the review and
       analysis of the Debtors' business plan;

   (m) advise and assist the Committee in the review of all
       plans;

   (n) assist with a review of the Debtors' short-term cash
       management procedures and monitoring of cash flow;

   (o) assist with a review of the Debtors' employee benefit
       programs;

   (p) assist and advise the Committee with respect to the
       Debtors' management of their supply chain, including
       critical and foreign vendors;

   (q) assist with a review of the Debtors' performance of
       cost/benefit evaluations with respect to the affirmation
       or rejection of various executory contracts involving
       vendors and customers;

   (r) assist in the evaluation of the Debtors' operations and
       identification of areas of potential cost savings,
       including overhead and operating expense reductions and
       efficiency improvements;

   (s) assist in the review and preparation of information and
       analysis necessary for the confirmation of a plan;

   (t) assist in the review of potential claims levels and the
       Debtors' reconciliation process;

   (u) assist with various tax matters;

   (v) provide testimony in any proceeding before the Court; and

   (w) provide the Committee with other appropriate general
       restructuring advice.

Chanin Capital will be paid US$150,000 per month and will be
reimbursed for expenses incurred in connection with the
engagement.  A US$1,500,000 transaction fee will also be paid to
the firm on the effective date of a plan of reorganization.

Brent Williams, managing director at Chanin Capital, disclosed
that the firm represents certain Committee members or parties-
in-interest in the Debtors' Chapter 11 cases.  Chanin Capital,
however, has not identified any material relationships with any
party that would otherwise affect its judgment or ability to
perform services for the Committee.  

Chanin Capital assured the Court that it has not and will not
provide any professional services to the Debtors, any of the
creditors, other parties-in-interest with regard to any matter
related to the Debtors' Chapter 11 cases.

Mr. Williams attestd that Chanin Capital is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code.

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


ECLIPSE MOTOR: Creditors' Meeting Scheduled for February 6
----------------------------------------------------------
Creditors of Eclipse Motor Bodies Ltd. will meet at noon on  
Feb. 6 at:
  
         Milner Boardman & Partners
         Century House
         Ashley Road
         Hale
         Cheshire WA15 9TG
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 5 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 2.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides  
financial accounting and business advisory services.   


ENRON GAS: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------
Creditors of Enron Gas Construction Ltd. confirmed Jan. 19 the
appointment of Ian Christopher Oakley Smith and David John
Blenkarn of PricewaterhouseCoopers LLP as joint liquidators of
the company.

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

  
EPITOME LEISURE: Brings In Administrators from Grant Thornton
-------------------------------------------------------------
Joseph P McLean and Keith Hinds of Grant Thornton U.K. LLP were
appointed joint administrators of Epitome Leisure Ltd. (Company
Number 05000521) on Jan. 2.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Epitome Leisure Ltd. can be reached at:

         Mosley Street
         Newcastle Upon Tyne
         Tyne and Wear NE1 1DF  
         United Kingdom
         Tel: 0191 261 6439


EURO SHEET: Appoints Cresswall Associates as Administrators
-----------------------------------------------------------
Gordon Craig and John Christopher Sallabank of Cresswall
Associates Ltd. were appointed joint administrators of Euro
Sheet Plastics Ltd. (Company Number 04346420) on Dec. 22, 2006.

The administrators can be reached at:

         Gordon Craig and John Christopher Sallabank
         Cresswall Associates Ltd.
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683   

Euro Sheet Plastics Ltd. can be reached at:

         Unit 1-3 Premier Mill
         Hartley Street
         Great Harwood
         Blackburn
         Lancashire BB6 7SR  
         United Kingdom
         Tel: 01254 886 662  
         Fax: 01254 885 332


EXPELBECK LTD: Creditors' Meeting Scheduled for February 7
----------------------------------------------------------
Creditors of Expelbeck Ltd. will meet at 3:00 p.m. on Feb. 7 at:
   
         Smith & Williamson Ltd.
         No.1 St. Swithin Street
         Worcester WR1 2PY
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on Feb. 5 at the said
address.


FASCIA MANIA: Westminster Bank Taps Begbies Traynor as Receivers
----------------------------------------------------------------
National Westminster Bank Plc. appointed Peter Andrew Blair and
Richard Albert Brock Saville of Begbies Traynor joint
administrative receivers of Fascia Mania Ltd. (Company Number
03088337) on Dec. 21, 2006.

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

Fascia Mania Ltd. can be reached at:

         1287 London Road
         Alvaston
         Derby
         Derbyshire DE24 8QN  
         United Kingdom
         Tel: 0800 975 7577


FINELINE SHOPFITTERS: Creditors' Meeting Slated for February 7
--------------------------------------------------------------
Creditors of Fineline Shopfitters Ltd. will meet at 11:30 a.m.
on Feb. 7 at:
  
         Smith & Williamson Ltd.
         No.1 St. Swithin Street
         Worcester WR1 2PY
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on Feb. 5.


FIRST CLASS: Brings In Administrators from Antony Batty
-------------------------------------------------------
William Antony Batty and Stephen John Evans of Antony Batty &
Co. were appointed joint administrators of First Class Mortgages
Ltd. (Company Number 03757385) on Jan. 9

The administrators can be reached at:

         William Antony Batty and Stephen John Evans
         Antony Batty & Co.  
         3 Field Court  
         Grays Inn  
         London WC1R 5EF  
         United Kingdom
         Tel: 020 7831 1234  
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com

First Class Mortgages Ltd. can be reached at:

         Crown House
         Linton Road
         Barking
         Essex IG11 8HG  
         United Kingdom
         Tel: 020 8591 6000  
         Fax: 020 8591 2112


FITZROY GREEN: Creditors' Meeting Scheduled for February 15
-----------------------------------------------------------
Creditors of Fitzroy Green Ltd. will meet at 11:00 a.m. on  
Feb. 15 at the offices of:

         SPW Poppleton & Appleby
         Gable House
         239 Regents Park Road
         London N3 3LF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 13.
  

FONIX LTD: Taps Joint Administrators from KPMG LLP
--------------------------------------------------
Kevin Roy Mawer and Brian Green of KPMG LLP were appointed joint
administrators of Fonix Ltd. (Company Number 05043319) on
Jan. 19.

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 Sheffield, England, Fonix Ltd. --
http://www.fonixmobility.com/-- operates as a cellular phone  
distributor.


FORD MOTOR: U.S. Market Rank May Fall by Two Notches, CEO Says
--------------------------------------------------------------
Ford Motor Co. may fall from second to fourth place this year in
the American market, behind General Motors Corp., Toyota Motor
Corp., and DaimlerChrysler AG, Micheline Maynard of The New York
Times reports, citing Alan R. Mulally, the company's president
and chief executive, as saying.

Mr. Mulally's forecast of a much smaller Ford follows the
release of the automaker's preliminary financial results for the
year and quarter ended Dec. 31, 2006.

In its financial report, Ford posted US$12.75 billion in losses
against US$160.1 billion in revenues for the full year 2006,
compared with US$1.4 billion in net profit against US$176.9
billion in revenues for 2005.

Ford also posted US$5.76 billion in net loss against US$40.3
billion in revenues for the fourth quarter of 2006, compared
with US$74 million in net loss against US$46.3 billion in
revenues for the same period in 2005.

Full-text copies of Ford Motor Co.'s 2006 results are available
at no charge at: http://researcharchives.com/t/s?190d

Commenting on the results, Mr. Mulally said, "we began
aggressive actions in 2006 to restructure our automotive
business so we can operate profitably at lower volumes and with
a product mix that better reflects consumer demand for smaller,
more fuel efficient vehicles.  We fully recognize our business
reality and are dealing with it.  We have a plan and we are on
track to deliver."

                          Deep Trouble

Analysts, however, are skeptical that Ford's products are strong
enough to turn the company around, AFX News relays.

"There is no question that Ford is in deep trouble -- probably
the worst trouble they have been in since the Depression,"
Gerald Meyers, a University of Michigan business professor and
former chief executive of American Motors Corp, told Bloomberg
News.  "It is going to be a while before it gets out."

"The basic story of Ford's stunning collapse in its home-market
profitability remains the same," David Healy, Burnham Securities
analyst, told Reuters.  "Ford's finances were wrecked by the
collapse in volume and pricing of its most profitable truck
models."

Ford's losses are likely to have huge impact on its Credit-
default swaps -- financial instruments based on bonds and loans
that are used to speculate on a company's ability to repay debt,
Mark Altherr, a Credit Suisse Group analyst in New York, said.

Credit-default swap prices for Ford debt will continue to
tighten "unless there are big negative surprises to the
downside, in this market," Mr. Altherr stressed.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles  
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec.
13,2006, Standard & Poor's Ratings Services affirmed its 'B'
bank loan and '2' recovery ratings on Ford Motor Co. after the
company increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: Loss Wasn't A Surprise, Says UAW President
------------------------------------------------------
United Auto Workers president Ron Gettelfinger said Monday that
Ford Motor Co.'s loss didn't come as a surprise, Bryce G.
Hoffman of The Detroit News reports.

As reported in the Troubled Company Reporter-Europe on Jan. 26,
Ford released preliminary financial results disclosing US$12.75
billion in losses for the full year 2006 compared with a
US$1.4 billion net profit in 2005.

Detroit News further reports that, speaking to Detroit radio
station WJR, Mr. Gettelfinger said that he knew Ford was "headed
down a bad road" after reviewing the company's books a year ago.

"That's why we made the movement that we did on healthcare,"
Detroit New quotes Mr. Gettelfinger, referring to an agreement
between the company and UAW to cut some retiree healthcare
benefits.  However, he added that Ford "is in a pretty strong
position right now.  They've got financing behind them.  We're
looking forward to them pulling this thing out."

Detroit News further reports that the union is currently in
talks with the company regarding its planned bonuses for white-
collar employees.

"We have discussed the fact that we would be making concessions
and (salaried workers) would be getting bonuses.  The
discussions that we have with the corporation are between us and
them."  Detroit News relates quoting Mr. Gettelfinger.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles  
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corp.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 13,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FREIGHT CARE: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of Freight Care Ltd. confirmed on Jan. 23 the
company's resolutions for voluntary liquidation and the
appointment of I. P. Sykes of Begbies Traynor as liquidator.

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

Freight Care Ltd. can be reached at:

         Unit 3  
         Elliott Industrial Park  
         Eastern Road  
         Aldershot  
         Hampshire GU124TF  
         England    
         Tel: 01252 352 215  
         Fax: 01252 333 551  


GARDEN HOUSE: Taps Begbies Traynor to Administer Assets
----------------------------- --------------------------
Timothy J E Dolder and Neil J Mather of Begbies Traynor (South)
LLP were appointed joint administrators of Garden House Press
Ltd. (Company Number 02578132) on Jan. 9.

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

Garden House Press Ltd. can be reached at:

         G H P House
         23 Aintree Road
         Perivale
         Greenford
         Middlesex UB6 7LA  
         United Kingdom
         Tel: 0870 777 3300  
         Fax: 020 8357 3301


GAVIN CONSTRUCTION: Appoints Administrators from F A Simms
----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Gavin
Construction (Leicester) Ltd. (Company Number 4458940) on  
Dec. 20, 2006.

The administrators can be reached at:

         Richard Frank Simms and Martin Richard Buttriss
         F A Simms & Partners Plc  
         Insol House  
         39 Station Road  
         Lutterworth
         Leicestershire LE17 4AP  
         United Kingdom
         Tel: 01455 557111  
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Gavin Construction (Leicester) Ltd. can be reached at:

         13 University Road
         Leicester
         Leicestershire LE1 7RA  
         United Kingdom
         Tel: 0116 239 4276


GLOBAL HIGH: Moody's Assigns B Bond Fund Credit Rating
------------------------------------------------------
Moody's Investors Service assigned a bond fund credit rating of
B and a market risk rating of MR4 to the Global High Yield Bond
Fund of the Julius Baer Multibond Investment Company.  The
fund's credit rating reflects the high credit risk of the bond
portfolio's investments.

Moody's noted the portfolio's good diversification by sector and
issuer.  Moody's also cited the advisor's disciplined and risk-
controlled investment strategy framework, its strong risk
management capabilities and well-established team approach, the
high quality of its investment tools and the strength of its
trading, compliance processes and systems.  The MR4 market risk
rating is related to the fund's high yield credit risk exposures
and sector bets.

Julius Baer Multibond is an umbrella-type open-ended Investment
Company with variable capital organized under the laws of
Luxembourg and operating under UCITS III regulations.  The fund,
which was launched on December 17, 2002 and is sold mainly to
retail clients with a T+3 settlement period, thus reducing the
liquidity risk that could arise from large and unexpected
redemptions, is denominated in Euro.  The fund's manager, Bank
Julius Baer & Co. AG., has delegated the investment management
advisory function to New York-based Julius Baer Investments LLC.  
Dexia Investor Services Bank S.A is the fund's administrator and
custodian.

The fund's objective is to achieve above-average returns in the
long term while observing the principle of risk diversification,
through investing at least two-thirds of its assets in fixed-
interest or floating-rate securities issued by issuers with a
maximum rating of BB+ or equivalent.  In order to reduce risks,
issuers are carefully monitored and widely diversified.

The fund can invest in any security that ranks senior to the
equity of underlying issuers, including, but not limited to,
bonds, debentures, loan participation certificates, asset-backed
securities, convertible bonds, and preferred stocks.  The fund's
benchmark is the ML Global HY Bond Constr (EUR hedged) index.  
Relative to its benchmark, the tracking error can range from 0%
to 6%.  Although the index does not include issuers with less
than US$100 million outstanding, the fund can invest in such
issues.  The fund may also establish positions in convertible
bonds, asset-backed securities, and preferred stocks that are
not in the index.  In addition, the fund may invest in
securities that carry a higher rating than those assigned to
securities which are found in the index.

The basis for the fund's credit rating is predicated on its
current portfolio profile and investment strategy.  The weighted
average expected loss of the GHYBF's portfolio is comparable to
the expected loss of a fixed-income security rated B with a ten-
year maturity.

The GHBF's market risk rating of MR4 reflects its sector bets
and high yield credit risk exposure and, to a lesser extent, its
duration profile.  Duration is not actively managed, but fixed
income futures can be used from time to time to hedge interest-
rate risk.  The fund's duration at the end of September 2006 was
5 years.  The fund invests in securities denominated in Euro,
Sterling, Swiss Franc, Canadian dollars, but mainly in US
dollars.  All currency exposures are hedged back to Euro.  
Calculated since inception, the standard deviation of the
GHYBF's net asset value was 4.82% at the end of September 2006,
well within the boundaries of the MR4 rating.

Bank Julius Baer & Co. AG, established in 1890, had CHF197
billion in assets under management at the end of December 2005.  
Julius Baer Asset Management focuses on the Swiss and European
retail and institutional markets and offers a comprehensive
range of investment funds (equity funds, bond funds, cash funds,
strategy funds, alternative funds) to investors.

Moody's money market and bond fund ratings are opinions on the
investment quality of shares in mutual funds, and similar
investment vehicles that principally invest in short-term and
long-term fixed income obligations, respectively.  The ratings
are not intended to consider the prospective performance of a
fund with respect to appreciation, volatility of net asset
value, or yield.  Funds rated B are judged to be of an
investment quality similar to B-rated fixed income obligations -
- that is, they are considered speculative.

Moody's market risk ratings are opinions on the relative degree
on volatility of a rated fund's net asset value.  Funds
exhibiting the least sensitivity to market changes will receive
an MR1, whilst those exhibiting the most sensitivity will be
rated MR5.


GOLBORNE DEVELOPMENTS: Creditors' Meeting Slated for February 13
----------------------------------------------------------------
Creditors of Golborne Developments Ltd. will meet at 2:30 p.m.
on Feb. 13 at:
  
         Parsonage Chambers
         3 The Parsonage
         Manchester M3 2HW
         England
  
Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 12 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 9.
  

HOMERTON TYRES: Joint Liquidators Take Over Operations
------------------------------------------------------
John Alfred George Alexander and Patricia Kay Hartley-Mills of
Carter Backer Winter were appointed joint liquidators of
Homerton Tyres Ltd. on Jan. 19 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Homerton Tyres Ltd.
         Lukes Place  
         Green Lane  
         Stanmore  
         Middlesex HA7 3AH  
         England
         Tel: 020 8385 7928


HYTYME MANAGEMENT: Appoints Liquidators from Vantis
---------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Hytyme Management Services
Ltd. on Jan. 8 for the creditors' voluntary winding-up
procedure.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

Hytyme Management Services Ltd. can be reached at:

         261 Barry Road  
         London SE220JT  
         England
         Tel: 020 8299 3333  
         Fax: 020 8299 4120  


J W S LANDSCAPES: Claims Filing Period Ends February 9
------------------------------------------------------
Creditors of J W S Landscapes Ltd. have until Feb. 9 to send
their names and addresses with particulars of their debts or
claims to:

         Timothy Calverley
         Liquidator
         Haines Watts
         First Floor
         Park House
         Park Square West
         Leeds LS1 2PS
         England

The company can be reached at:

         J W S Landscapes Ltd.
         Unit 11  
         All Saints Industrial Estate  
         Darlington Road  
         Shildon  
         County Durham DL4 2RD  
         England  
         Tel: 01388 774 348  
         Fax: 01388 774 955  


KINGSWAY DECORATORS: Creditors' Claims Due March 2
--------------------------------------------------
Creditors of Kingsway Decorators Ltd. (formerly Horne
Construction (Liverpool) Ltd.) have until March 2 to send their
names and addresses with particulars of their debts or claims
to:

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

The company can be reached at:

         Kingsway Decorators Ltd.
         11 Hatton Garden  
         Liverpool  
         Merseyside L3 2HA  
         England
         Tel: 0151 236 2550   


LIGHTWAVE LTD: Hires Liquidator from UHY Hacker Young
-----------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young was appointed
liquidator of Lightwave Ltd. on Jan. 22 for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

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


MUSIC ZONE: Administrator Unable to Find Buyer; Closes 72 Stores
----------------------------------------------------------------
William Kenneth Dawson of Deloitte and Touche LLP, the
administrator for Music Zone Services Ltd., admitted he could
not find a buyer for the company's remaining 72 stores,
according to published reports.

"It has not been possible to find a buyer for the business in
the time available and it is no longer viable to continue
trading," a Deloitte spokesman told the Evening Standard.

An additional 800 jobs will be lost as Mr. Dawson ordered
Jan. 26, the closure of the rest of the remaining stores.  

Mr. Dawson ordered an initial 31-store closure with 325
redundancies.

"Whilst discussions continue as regards the business, trading
has ceased at this time as there is no certainty that any sale
can be achieved," Deloitte said in a statement.

Music Zone Services Ltd. and its parent company Music Zone
Holdings Ltd. went into administration on Jan. 3.

According to The Times, the problems at the 103-store chain came
a year after it almost doubled its sized when it bought rival
music chain MVC from insolvency.

According to the report, Music Zone's accounts filed with the
Companies House for the year ended May 31, 2005, showed a pre-
tax loss of GBP4,000 compared with GBP397,000 profit in 2004.  

Sales for the year ended May 31, 2005, were from GBP58.4 million
to GBP70 million.

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

Headquartered in Stockport, England, Music Zone Services Ltd. --
http://www.musiczone.co.uk/-- is a private equity-backed music  
retailer operating 104 stores across the U.K.  It employs 1,100
staff.


NASDAQ STOCK: Keeps Bid for LSE at US$24.42 Per Share
-----------------------------------------------------
Nasdaq Stock Market Inc. said it will not raise its US$24.42
offer for London Stock Exchange PLC after LSE's board failed to
agree to a new bid Saturday midnight, The Wall Street Journal
reports.

Nasdaq set Saturday midnight as the deadline for both parties to
come up with a negotiated price on the deal.

LSE has resisted Nasdaq's offer indicating it could do some kind
of a deal if the price is right, WSJ said in a previous report.  

"We have made our position quite clear that it wouldn't be in
our shareholders' interests. . . ," an LSE spokesman told WSJ.

Nasdaq, WSJ says, can only increase its offer for the LSE if,
pursuant to British takeover laws, the LSE's board recommends a
higher price or if a rival bidder appears.  However, analysts
see a rival bidder's sudden appearance as unlikely.  

Nasdaq owns a 29% stake in the London exchange.

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with around 3,200 companies.

                          *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  The 'BB+' rating on Nasdaq's existing
bank loan facility, which financed the initial 29% stake in the
London Stock Exchange, is affirmed, while the Recovery Rating is
revised to '1' from '2'.  The ratings were removed from
CreditWatch Negative where they were placed on Nov. 20, 2006.
S&P said the outlook is stable.

At the same time, Standard & Poor's has assigned its 'BB+' bank
loan rating to US$750 million senior secured Term Loan B, US$2
billion senior secured Term Loan C, and US$75 million revolver
issued by Nasdaq, as well as the US$500 million senior secured
Term Loan C issued by Nightingale Acquisition Ltd., a U.K.-based
subsidiary of Nasdaq.

The rating agency has assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's has assigned its 'B+' rating to
US$1.75 billion senior unsecured bridge loan issued by Nasdaq
and NAL.

Moody's Investors Service assigned in April 2006 ratings to
three bank facilities of The Nasdaq Stock Market Inc.: a US$750
million Senior Secured Term Loan B, a US$1.1 billion Secured
Term Loan C, and a US$75 million Senior Secured Revolving Credit
Facility.  Moody's said each facility is rated Ba3 with a
negative outlook.


NTL INC: Simon Duffy Resigns as Executive Vice Chairman
-------------------------------------------------------
NTL Inc. disclosed of Simon Duffy's resignation as executive
vice-chairman and as a member of the company's board of
directors on Jan. 15.

The board of ntl has 10 members following his resignation.

"On behalf of ntl, I want to thank Simon for his service and
dedication to our company.  Since joint ntl in April 2003, Simon
has made an enormous contribution as our CEO and board member.  
He saw ntl through our successful refinancing, our subsequent
merger with Telewest and was instrumental in driving the
acquisition of Virgin Mobile.  He has helped create a company
which is well positioned to take advantage of the huge
opportunities the digital age presents," ntl Chairman Jim Mooney
stated.

                         About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is  
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of the U.K. homes and 85% of the
U.K. businesses.

                          *     *     *

NTL Inc. carries these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3

   * Standard & Poor's:
      
      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook Positive

   * Fitch:
      
      -- Long-Term Foreign Issuer Default Rating: B+
      -- Short-Term Issuer Default Rating: B
      -- Short-Term Rating: B
      -- Outlook Stable


PRESTIGE & POWER: Names Peter Sargent Liquidator
------------------------------------------------
Peter Sargent of Begbies Traynor was appointed liquidator of
Prestige & Power Ltd. on Jan. 19 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.   

Prestige & Power Ltd. can be reached at:

         Suite 21 Royds Enterprise Park  
         Future Fields  
         Bradford  
         West Yorkshire BD6 3EW  
         England    
         Tel: 01274 355 886  
         Fax: 01274 355 772  


PROOF FOUR: Calls In Liquidator from AlexanderLawsonJacobs
-----------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
liquidator of Proof Four Print Ltd. (formerly Proof Fourcolour
Ltd. and Keyboard Consulting Ltd.) on Jan. 18 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Proof Four Print Ltd.
         37-42 Compton Street  
         Islington  
         London EC1 V0AP  
         England
         Tel: 020 7251 4047  
         Fax: 020 7608 1494  


RANK GROUP: Prudential Holds 7.62% Non-Material Equity Interest
---------------------------------------------------------------
The Rank Group Plc disclosed that as at Jan. 20, Prudential Plc
and certain of its subsidiary companies had a notifiable non-
material interest in 41,332,391 ordinary 10 pence shares of the
company representing 7.62% of the issued share capital.

As of Jan. 24, the company's issued share capital is 542,358,756
ordinary 10 pence shares.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and  
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Dec. 11, 2006, Fitch Ratings
downgraded Rank Group Plc's Issuer Default and Senior Unsecured
Ratings to B+ from BB-.

Fitch assigned a RR4 Recovery rating to Rank's outstanding
bonds.  The Short-term rating is affirmed at B and the Outlook
remains Negative.

On March 6, Moody's Investors Service assigned a Ba2 corporate
family rating to The Rank Group Plc and concurrently downgraded
the senior unsecured long-term debt ratings of Rank Group
Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.


RAVENTHORPE ESTATES: Claims Filing Period Ends February 23
----------------------------------------------------------
Creditors of Raventhorpe Estates Ltd. have until Feb. 23 to
prove their debts by sending written statements of the amounts
they claim to be due to them from the company to:

         S. Hull
         Liquidator
         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds LS1 2SP
         England

The company can be reached at:

         Raventhorpe Estates Ltd
         Common Lane  
         Welton  
         Brough HU15 1UT  
         England  
         Tel: 01482 667 376  
         Fax: 01482 667 376  


RAW ROAR: Creditors' Meeting Slated for February 20
---------------------------------------------------
Creditors of Raw Roar Ltd. will meet at 10:30 a.m. on Feb. 20
at:
  
         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham NG2 1RT
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 19 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of on Feb. 16.

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.


READER'S DIGEST: Earns US$62 Million in Second Quarter 2006
-----------------------------------------------------------
The Reader's Digest Association Inc. reported US$62 million of
net income on US$802 million of revenues for the second quarter
ended Dec. 31, 2006, compared with a US$122 million net loss on
US$765 million of revenues for the same period ended Dec. 31,
2005, reflecting stronger operating results at RD North America
and RD International.  

For fiscal 2007, reported results for the quarter included a
loss on the sale of American Woodworker of US$6 million, and
costs related to the pending merger with an entity formed by an
investor group led by Ripplewood Holdings L.L.C. totaling US$5
million, which included higher stock-based compensation expenses
as a result of increases in the company's stock price and non-
operating transaction costs.  Excluding these items, adjusted
operating profits were US$122 million.  

For Fiscal 2006, reported results included a non-cash charge of
US$188 million in connection with the write-down of goodwill
associated with Books Are Fun and a gain on an asset sale of
US$1 million.  Excluding these items, fiscal 2006 adjusted
operating profits were US$111 million. .

Free Cash Flow was US$133 million in the quarter, favorable to
last year's free cash flow by US$13 million.  The improvement is
attributable to improved operating results, proactive working
capital management across the divisions, and the final
installment of US$10 million from the sale of the Pleasantville
headquarters facility.  

"The improved operating results for this quarter were in line
with our expectations," said Eric W. Schrier, President and
Chief Executive Officer.  "We had strong performances from our
North America and International divisions, and we saw signs of
improvement at Consumer Business Services, especially Books Are
Fun.  Free cash flow increased, as we had projected, building on
our cash flow improvement in the first quarter.  In particular,
I am very encouraged by the performance of our new initiatives,
which are increasingly contributing to the company's growth."

                Reader's Digest North America (RDNA)

In the second quarter, revenues for RDNA were US$275 million, up
11 percent over last year, and operating profits were US$37
million, up 31 percent.

Revenue and profit gains were driven by the favorable impact of
investments in new businesses including Every Day with Rachael
Ray, Taste of Home Entertaining, and the acquisition of
http://Allrecipes.com/. Further driving results were recent  
cookbook launches including The Taste of Home Cookbook.  
Increased sales of U.S. Books and Home Entertainment products
also contributed to higher RDNA revenues.  These gains were
partly offset by lower advertising sales at Reader's Digest
magazine and reduced revenues from American Woodworker magazine,
which was sold in December 2006.

                Reader's Digest International (RDI)

Revenues for RDI were US$330 million, versus US$301 million in
the 2006 quarter.  Foreign currency fluctuations increased
revenues in fiscal 2007 by US$23 million.  Higher revenues
reflected strong continuous and attached mail campaigns in
Australia, and strong product performance in Germany, including
new products.  Revenues improved in many of the newer markets,
including Ukraine, Bulgaria and Romania.  These results were
partly offset by lower revenues for Books and Home Entertainment
products in the United Kingdom, Poland, Portugal and Hungary as
a result of lower response rates from outside list customers,
and postal disruptions in Poland and Portugal.

Operating profits were US$47 million, versus US$39 million in
the prior-year quarter, an increase of 22 percent, or 13 percent
currency-neutral.  Foreign currency fluctuations increased
operating profits by US$3 million.  The revenue improvement, as
well as a shift in timing of certain promotional campaigns,
contributed to the profit increase.

                  Consumer Business Services (CBS)

In the second quarter, CBS reported revenues of US$211 million,
down 8 percent from last year, and operating profits of US$49
million, down 9 percent.  At BAF, revenue declines were driven
by fewer corporate events, reflecting higher vacancies of
corporate sales representatives in certain markets due to the
departure of those sales reps in fiscal 2006, as well as the
absence of revenue from exited lines of business.  BAF has made
significant progress in replacing sales reps, as well as gaining
traction with initiatives designed to lower the cost base,
upgrade the management team, improve the effectiveness of the
sales force and strengthen cash flow.  At QSP, revenues and
profits declined principally because of lower magazine and gift
sales.  

Corporate unallocated expenses were US$13 million, versus
US$10 million in the year-ago quarter.  The increase in these
costs was driven by additional stock-based compensation expense
attributed to a 29 percent increase in the price of RDA common
stock during the second quarter of Fiscal 2007.  In addition,
the variance was driven by lower expense in Fiscal 2006 because
of the reversal of a litigation-related reserve that was no
longer necessary.

                          Merger Agreement

The company has entered into a merger agreement under which an
investor group led by Ripplewood Holdings L.L.C. will acquire
all of the outstanding common shares of RDA for US$17.00 per
share.  The transaction is expected to close by the end of
February 2007, and is subject to the funding of the investor
group's committed financing and the approval of the holders of a
majority of the outstanding shares of RDA common stock, as well
as other customary closing conditions.  A shareholders meeting
to consider adoption of the merger agreement is scheduled for
Feb. 2, 2007.

                       About Reader's Digest  

Headquartered in Pleasantville, New York, The Reader's Digest
Association Inc. (NYSE: RDA) -- http://www.rda.com/-- is a  
global publisher and direct marketer of products that inform,
entertain and inspire people of all ages and cultures around the
world, including Poland, Portugal, Hungary and the United
Kingdom.

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Standard & Poor's Ratings Services reported that the 'BB'
ratings on Reader's Digest Association Inc. remain on
CreditWatch with negative implications, where they were placed
on Aug. 15, 2006.


REFCO INC: Files December 2006 Monthly Operating Report
-------------------------------------------------------
Refco Inc. and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York a
statement of their cash receipts and disbursements for the
period from Dec. 1 to 31, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,957,687,000 cash balance at the start of the
reporting period.  Refco received US$520,999,000 and disbursed
US$1,809,093,000 in cash.  Refco's ending cash balance totals
US$669,594,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed around US$2,200,000.

Mr. James discloses that Refco paid US$504,000 in gross wages,
of which US$187,000 was paid on behalf of and reimbursed by the
Non-Debtors and Refco LLC.  Refco also withheld US$154,000 in
employee payroll taxes, of which US$10,000 was remitted to a
third party vendor.

Mr. James states that Refco has received tax notices from the
IRS and other state taxing authorities in the aggregate amount
of US$137,000.  The notices are currently under investigation by
RJM, LLC, Refco's duly appointed Chapter 11 Plan Administrator.

Refco paid US$40,327,000 for professional fees for December, and
US$145,338,000 since the Petition Date.
    
Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

Refco prepared its Monthly Report in lieu of comprehensive
financial statements.

A full-text copy of Refco's December 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?18fe  

Headquartered in New York, New York, Refco Inc. --
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 Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


ROLFE RESIDENTIAL: Ian Franses Leads Liquidation Procedure
----------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed liquidator
of Rolfe Residential (Hayes) Ltd. (t/a Peter-Rolfe) on Jan. 11
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Rolfe Residential (Hayes) Ltd.
         860 Uxbridge Road  
         Hayes  
         Middlesex UB4 0RP  
         England  
         Tel: 020 8573 7320  
         Fax: 020 8561 2296  


ROOMS WITH A VIEW: Taps Liquidators from Begbies Traynor
--------------------------------------------------------
Rob Sadler and Michael Saville of Begbies Traynor were appointed
joint liquidators of Rooms With a View Ltd. on Jan. 15 for the
creditors' voluntary winding-up proceeding.

The Joint Liquidators can be reached at:

         Begbies Traynor
         9th Floor
         Bond Court
         Leeds LS1 2JZ
         England


SIMPLITE CITY: Names Tim Alexander Clunie Liquidator
----------------------------------------------------
Tim Alexander Clunie of S G Banister & Co. was appointed
liquidator of Simplite City Construction Ltd. on Jan. 12 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Simplite City Construction Ltd.
         2 Oxford Road  
         Brackley  
         Northamptonshire NN13 7DY  
         England  
         Tel: 01280 704 100  
         Fax: 01280 704 525  


SOLUTIA INC: Balks at Panel's Intervention on Calpine Talks
-----------------------------------------------------------
Calpine Central L.P., and Decatur Energy Center LLC, along with
Solutia Inc., oppose the Official Committee of Unsecured
Creditors' request to intervene in the arbitration between
Calpine and Decatur, on one hand, and Solutia, on the other.

On behalf of Solutia, M. Natasha Labovitz, Esq., at Gibson, Dunn
& Crutcher LLP, in New York, notes that a private arbitration is
overseen by an independent panel of arbiters, and run in
accordance with Conflict Prevention & Resolution rules and
procedures.

During the arbitration proceeding, Solutia has freely and openly
communicated with counsel for the Creditors Committee on an
informal basis concerning Solutia's objections to the contested
claims of Calpine and Decatur, and significant developments in
the arbitration proceeding.

Given the Creditors Committee's knowledge of and informal
involvement in the arbitration proceeding from its inception,
the Motion to Intervene is not timely, Ms. Labovitz asserts.

Although the Creditors Committee has represented in its Motion
that it "does not seek delay," the intervention causes
substantial risk of delay either by the Committee or by other
parties-in-interest who may seek to follow the Committee's
example and intervene in the arbitration, Ms. Labovitz states.

The Creditors Committee has failed to demonstrate that its
interests are not being adequately protected, Ms. Labovitz
points out.  Solutia is aggressively prosecuting its objection
to the Contested Claims, and the Creditors Committee has
indicated no disagreement as to Solutia's handling of the case,
she maintains.

The Creditors Committee is seeking an order amending the
contract between Solutia and Calpine.  Hence, according to Ms.
Labovitz, the arbitration panel, whose power is limited by the
contract, may not recognize the Creditors Committee or
understand either the Creditors Committee's role in the
bankruptcy case or the role it proposes to play in the
arbitration.  Intervention may result in litigation and
confusion before the arbitration panel regarding issues as to
whether Solutia or the Creditors Committee is the proper party
prosecuting the objection of the Contested Claims, she contends.

Eliot Lauer, Esq., at Curtis, Mallet-Prevost, Colt & Mosle LLP,
in New York, attorney for Calpine, argues that non-signatories
to arbitration agreements have no right to participate in the
arbitration.

Neither the Rule 24(a)(2) of the Federal Rules of Civil
Procedures nor Section 1109(b) of the Bankruptcy Code alters the
general rule, Mr. Lauer asserts.  He notes, the non-signatory
may ask the parties' permission to participate, but absent all
parties consenting, may not intervene before the arbitral panel.  
Instead, the non-signatory must wait until the arbitration
enters the judicial system, Mr. Lauer says.

Moreover, the Creditors Committee has not satisfied the elements
for intervention under Civil Rule 24(a)(2), Mr. Lauer notes.  
The U.S. Bankruptcy Court for the Southern District of New York
should not permit intervention pursuant to Section 105(a), he
asserts.

Solutia and Calpine have already agreed upon a detailed
scheduling order in the arbitration proceeding.  Solutia and
Calpine have spent three and a half months engaging in discovery
and are now in the midst of depositions of witnesses to be
followed by expert discovery.

Permitting the Creditors Committee to intervene at this point in
the arbitration as a "formal party to the arbitration" will be
highly prejudicial to Calpine and Decatur, Mr. Lauer adds.

Moreover, the Creditors Committee's intervention in the private
arbitration will lead to increased expenses and inevitable
delays, Mr. Lauer insists.  Furthermore, the Creditors Committee
offers no explanation of what benefit its intervention will
provide to Solutia's estate.

Solutia is also concerned that the Court does not have the
authority to authorize the intervention, and that any order
authorizing the intervention will cause further litigation in
the arbitration.

Calpine and Solutia ask the Court to deny the Creditors
Committee's request.

As reported in the TCR-Europe on Jan. 19, before it filed for
bankruptcy, Solutia entered into a series of 20-year term
contracts scheduled to commence in 2002, with Calpine Central,
Calpine Power Services Company, and Decatur pursuant to which
Calpine built a natural gas co-generation facility on land
leased from Solutia at Solutia's plant in Decatur, Alabama.

Calpine and Solutia, however, agreed to delay commencement of
performance until June 1, 2004, because of the unanticipated
increase in natural gas prices.

In 2004, Solutia determined that the then-current and forecasted
price of natural gas rendered it more cost-effective for Solutia
to return to its historical practice of purchasing energy of the
Decatur plant from the Tennessee Valley Authority and generating
its own steam, rather than buying energy and steam from Calpine.
On May 13, 2004, Solutia filed a motion seeking to reject
certain Contracts.

The Court entered a stipulated order on May 24, 2004, settling
the motion and approving the rejection of certain Contracts.
Calpine was permitted to submit proofs of claim for damages
allegedly resulting from the rejection of the Contracts.

Solutia objected to two of the three claims filed by Calpine for
damages relating to the Rejected Contracts.  Both claims
aggregate US$382,717,333.

The Court entered an order dated November 2005, compelling
arbitration of the contested claims of Calpine Central and
Decatur.  The parties agreed to stay the Arbitration to conduct
settlement negotiations; however, no resolution materialized
between the parties and, consequently, the Arbitration will
proceed.  The Creditors Committee then sought and obtained
approval, in August 2006, to retain conflicts counsel to
represent the interests of unsecured creditors in the
Arbitration.

The Creditors Committee and the Debtors have consulted
extensively about the merits of the Arbitration, and the Debtors
have granted the Creditors Committee access to documents
produced in the Arbitration.

John J. Jerome, Esq., at Saul Ewing LLP, in Philadelphia,
Pennsylvania, conflicts counsel to the Creditors Committee, told
the Court that the outcome of the Arbitration will affect the
ultimate recoveries available to unsecured creditors, therefore,
it is essential for the Creditors Committee to become a formal
party to the Arbitration in order to assert and protect the
interests of the unsecured creditors.

The Creditors Committee's request to intervene is also timely as
the Arbitration remains in the early stages -- fact discovery is
ongoing and the deadline to disclose experts and exchange expert
reports is in late March 2007.  The Arbitration hearing is not
until Aug. 27, Mr. Jerome noted.

The Creditors Committee does not intend to raise new issues,
assert new or different objections to the Calpine Claims, or
take any other actions that would adversely affect the
scheduling order entered by the Arbitration Panel in
September 2006.  Moreover, no party will be prejudiced by the
intervention, Mr. Jerome said.  He clarified that the Committee
merely seeks to ensure that its constituents' interests are
represented.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 77; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


STANTON JOINERY: Creditors' Meeting Slated for February 16
----------------------------------------------------------
Creditors of Stanton Joinery Ltd. will meet at noon on Feb. 16
at:
  
         66 Wigmore Street
         London W1U 2HQ
         England
  
Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms, at noon on Feb. 15 at:
  
         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         England
          
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 14 at:
  
         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         England


* Europe Credit Cycle to Worsen Till Mid-2007, Moody's Reports
--------------------------------------------------------------
The deterioration in credit quality in Western Europe in 2006
was the worst since the after-shocks of the dotcom crash in
2002.  However, the scale of the weakening is not nearly as
pronounced as it was at that time, says Moody's Investors
Service in a new report entitled "European Credit Trends: 2006
Review and 2007 Outlook".

In 2006, Moody's adjusted the ratings of 190 issuers, made up of
73 upgrades and 117 downgrades.  As a result, the balance of
upgrades to downgrades stood at -44 compared to +5 in 2005 and,
at its worst, -159 in 2002.  In the fourth quarter, the
softening in quality reversed as Moody's announced 15 upgrades
and 20 downgrades.  As a result, the upgrade to downgrade ratio
recovered from the 14-quarter low scored in the September
quarter.

The creditworthiness of non-financial sector issuers softened at
its most rapid pace in three years in 2006, with the 12-month
rolling share of upgrades for the year as a whole falling to
35%.  This is its lowest level since 2003, but is nonetheless
more than double that year's 16.4% share.  In the fourth quarter
2006, however, the rolling share of upgrades recovered slightly
-- rising to 28.6%.  "With interest rates still on the rise and
the corporate appetite for borrowing remaining healthy, it would
be premature to signal a turnaround," says Paul Guest, Moody's
Chief European Economist.  "Given building malaise in the
speculative-grade segment and the available forward-looking
rating statistics, the shift in the fourth quarter is more
stabilization than rebound."

"We are in an environment of rising interest rates and a very
mild increase in speculative-grade default rates, yet high-yield
spreads continue to tighten", notes Christine Li, co-author of
the report.  Theoretically, as the cost of borrowing increases,
interest-rate-sensitive high-yield debt becomes less attractive
to investors, leading to lower demand.  In turn, prices would be
pushed down and yields would rise steeply compared to
investment-grade debt.

The spread compression in the speculative-grade sector has so
far been puzzling.  "There are reasons to be cautious.  Monetary
tightening and higher borrowing costs will impact the liquidity
of the increasingly indebted corporate sector, as merger and
acquisition activity continues apace.  As interest rates rise,
deteriorating credit quality will lead to the rebalancing of
investors' portfolios and adjustment in the risk/return trade-
off away from riskier to higher-quality assets.  The consequent
sell-off will lead to a widening of speculative-grade spreads,"
Li explains.

Based on the composition of the Western European Watchlist,
Moody's expects only a slight deterioration in credit quality
during first quarter 2007, bar another unexpected pick-up in
event risk.  Between September and December 2006, the number of
issuers on review for possible upgrade rose by four to 16, while
the number of issuers on review for possible downgrade proved
relatively constant, rising by one to 40.  "These factors,
combined with the renewed deterioration in the underlying
balance of review statistics, suggest the trough of the credit
cycle is more likely to be on the later side of mid-year.  At
the moment, momentum and review indicators are pointing to a
nadir very early in the third quarter, concurrent with the peak
of monetary tightening in much of Western Europe," concludes
Guest.

                           *********

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, Kristina A.
Godinez, and Pius Xerxes Tovilla, 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 * * *